FINANCE AND COMMERCE

Press, Volume LXXIII, Issue 22111, 5 June 1937, Page 12

FINANCE AND COMMERCE

WEAKER INVESTMENT MARKETS WOOL AND BUTTER FIRM The investment market this week has been even more unsatisfactory than it was last week, and the shading of prices has continued in almost every section. An exception has been the market for Government bonds, which up till yesterday, when there was a slight check, was strong, with increasing values. Breweries have been active, and a few industrials have had good trade, but in the main prices have eased. The cabled reports indicate that though there has been a recession in the quotations for tops at Bradford, the market is firm but quiet. New Zealand butter in London is also firm, with choicest salted at 110 s. The grain and produce markets are quiet, the main interest being in potato shipments to South America.

SHAKE MARKET REVIEW TRADING FAIRLY ACTIVE * (WEAKNESS STILL APPARENT (bt ottb commercial editor.) Markets continued active on the Christchurch Stock: Exchange this week, but again there was no real strength in any section, with the exception of New Zealand hanks, and odd industrials. No spectacular movements occurred, and in general there was a continuation of the weaker tone noticed’ last week. Markets appear slow to respond after the setback which attended 'the break in the metals boom, and though the English Exchanges have now returned to something approaching normal, the cheerfulness has not spread as far as the Dominion. Breweries, banks, and some industrials were fairly active, particularly breweries. Turnover day by day was: —

■ ... Oovemment Interest Was fairlyliyely in Government loans all the weak, and prices tended to: harden farther till yesterday, when there was a* setbackThe fiiahk -of New Zealand figures published ■ ■ at' mid-week "appealed, •to encourage the market for the two New Zealand banks, and both |ose in . value. New Zealand went from £2 4s 9d to £2 5s od, and National of 1 New Zealand from £2 4s 3d to £2 ss, ! Australian issues were inclined to weaken, though the losses were not great. Loans commanded little attention, ■ and ware erratic. Goldsbrough, Morts had a fairly steady trade, but the 1 price fluctuated; and was weaker yesterday than it was at the best point, despite the Increased dividend announced. ...... V More * interest; - wee .taken in meat company shares than for Some time; ' A sale of Canterbury ordinary was made at £9 10s. an. improvement, and Gears.'changed hands at 16s .in one sale. ■ On the week the £1 Refrigerat- ,■ ing were 'Slightly firmer ..than in the last peidod, l ' and- the 10s remained firm ■ at 8s lldi “ North Canterbury rose to 1 dealings at £2 2s, an improvement of ■ 2s on, last week’s increased price. r- Turnover-in breweries was again ; heavy, hut most shares dealt ih failed ! to hold the levels of last week. The t New Zealand Breweries issue has been ; a disappointment to the market, which i 1 expected something mdre in the na- ... ture of a gift, and both the old shares, ; which are ‘‘Still quoted cum. dividend, ” 1 and the rights have slipped in Value. L The old shares were sold, ex rights, 1 on Wednesday at £2 11s 3d and £2 11s fld. On Thursday they were done r at £2 10s 3d and £2 10s, and the quoi tation yesterday, when no 1 sales were ' made, was £2 10s buyers and £2 lls ■ sellers. The rights were done on Wednesday at from £1 4s to £1 ss, i but yesterday sales were made at £1 2s 7d and £1 3s. Staples touched £2 , 15s fid- on Tuesday, but: finished at £2 1 lls 6d buyers, £2 13s sellers with no business*' c Miscellaneous Industrials were In general weaker than in the previous tenrn, but there was slight upward reaction yesterday in some of the leading issues. Anthony Hordern were about steady at 18s lOd, ‘ compared with thd high point of 19s 6d last week. British Tobacco also remained, fairly steady at a fractionally lower price than last week. Both \ the Broken’Bill .issues .were erratic. The Proprietaries were weaker at the .end of the period, but a sale of the contributing revealed a gain of 6d to £3 18s. G. J. Coles weakened stead- . ily? though slightly till yesterday, whien there was a fractional recovery. • A {contrast to the general run of industrials were D unlops, which, though somewhat erratic, gained about 8d on. fhd week’s trading. Both Zincs fluc- . tugted. but were about on the lower levels established last week. I Mining . dfhe most interesting development in the mining section was the continued downward movement of-Mount Morgans, which finished the week with safes below 13s, Fears of a decidedly reduced dividend appear to be the cause. Mount Lyells also moved down, with a distinct weakening yesterday, when sales were made as low as £3 3s fid. Broken Hill South were steadily traded, and rose on Thursday to sales at £2 lls 9d, but were yester- ' day about a shilling weaker. YESTERDAY’S TRANSACTIONS Markets continued active on the ‘. 'Christchurch Stock Exchange yesterday, and there was heavier trading in ■ industrials. Price movements were I Irregular but the trend in industrials [ generally was towards lower levels. Transactions, exclusive of vestibule . business, were:—

Banking Commercial Bank of Australia were fractionally weaker at 19s, market closing Id either way. National Bank of Australasia, £5 paid, were easier at £7 ss. National Bank of New Zealand, cum dividend, moved up to 655, and more were offered at 65s 3d, buyers at 64s fid. Bank of New Zealand were fractionally firmer, with buyers and dealings at 45s 6d. Goldsbrough, Morts were fractionally weaker, with sellers and business at,-*37s fid, buyers at 37s lOd. Ah odd parcel of Canterbury Frozen Meat ,changed hands at £9 10s. Netv' Zealalid Refrigerating, fully paid, were fractionally weaker at 195., Sellers of New Zealand Breweries reduced their limits to 50s, buyers at 47s 6d—the "rights” declined to dealings at prices ranging from 23s to 22s 7d, and more were offered at the lowest price, buyers at 22s fid. f Miscellaneous British Tobacco were steady, with buyers and dealings at 49s 3d. Broken Hill Proprietary relapsed to 80s 9d and 80s 3d; the Contributing were firm, with business at 755,' market Closing 74s 3d buyers, 74s 9d sellers. Colonial Sugar were firm at £47, market closing 5s either way. Dunlop Rubber were easier at 22s 7d and 22s fid, and these were sellers and buyers closing quotations respectively. Electrolytic Zinc, ordinary, changed hands at 56s 7d and 56s fid, but closed easier, with sellers at 56s 3d; the preference were easier, with business at 57s 7d, and further sellers at 57s fid. G. J. Cmes recovered to £5 8s 9d and £5 8s fid. Mining Broken Hill South dropped to 50s 9d, 50s Bd, ‘ and 50s 7d, and more were offered at 50s 2d, buyers at 49s 6d. Mount Lyells eased to dealings at prices ranging from 44s 4d to 43s fid, market closing 43s 5d buyers, 43s 7d sellers. Mount Morgan relapsed to 13s 5Jd to 12s lljd, closing quotations 12s lid buyers, 13s sellers. Unlisted Stocks Woolworths, Ltd., were weaker, with dealings at £7 and £6 19s, and further sellers at the lowest price, buyers at £6 18s fid. • AUCKLAND (THE PRESS Special Service.] AUCKLAND, June 4, Downward movements predominated in the Investment market this week. The setback affected all sections of the market with the exception of Government loans and insurance. Loans remained in very strong demand and the small supplies secured were taken at enhanced rates. As was to be expected buyers failing to receive satisfaction in gilt-edged securities have turned elsewhere, and rises in the leading insurance issues are a reflection of the exceptional strength of the market for fixed securities. In other classes of investment shares, “bearish” tendencies have become more marked. A general air of uncertainty has persisted and the favourable results announced by a number of companies during tne week'appear to have been lost upon the market in its present state of mind. With the rail in levels, however, many issues have become more attractive and the week closed with fairly active trading. The state of the market is still traceable to uneasiness overseas. The Australian Exchanges lack buoyancy mainly as a result of the disturbed conditions in London. It was felt that the abandonment of the profits tax would give a lift to markets, but the effect was transitory. While the tax has been dropped, there is still an intention to raise a larger sum by a method yet to be announced. Right upon this have arisen fresh doubts as to the future of gold. In banks. New Zealands provided the exception to the general shading in levels. These shares enhanced the strength they have shown in recent weeks, and following the publication of the accounts for the year. Dealing in insurance was confined to New Zealands and South British. Under strong support New Zealands rose Is 3d in a mid-week transaction at 63s 9d. and subsequently hardened to 64s 3d. South British moved up 3d to 94s 9d. Australian industrials were generally easier, even Colonial Sugars falling back a little. Gold shares were under a heavy cloud. The week opened with a severe marking down of Marthas and Walhi Junctions, but levels recovered slightly following the abandonment of ithe ,Profits Tax.

DUNEDIN [THE PRESS Special Service.] DUNEDIN, June 4. A steady market in most sections and a large increase in the number of sales were the main features of the Stock Exchange during the week. News that the British Government had announced the withdrawal of the proposed national defence contribution by graduated tax on the growth of profits was responsible for increased activity among buyers on Wednesday afternoon, metal shares, particularly showing an upward trend. The marxet brightened only momentarily, however, for by the end of the week prices had receded again. Uncertainty about the future of gold also had a depressing effect on the metal market and to-day’s quotations for Mount Lyell’s represented the lowest figures at which these shares have been inquired for for many weeks. Business was well divided, miscellaneous, industrials, breweries, and Australian mining shares comprising the bulk of the recorded transactions. The market closed with a slackening of buying interest and was generally unsettled. Until Thursday all issues of Government loans met with steady inquiry, increased prices being offered in several cases, but there was a noticeable hesitancy on the part of buyers to-day. The quotations received, how ever, remained firm with those offered throughout the week. The 4 per cent. Stock, 1952-55, was dealt m at £lO4 10s, and a parcel of 3J per cent. Stock changed hands at £99 10s. Slightly more attention was given to New Zealand mining shares throughout the period and’business was recorded in Marthas at 16s Bd. Nokomais at 2s Bd, and Gillespie’s Beach at Is sd. The banking section was much quieter than usual, but in Bank of New Zealands wao well maintained. The long D issue was the subject of business at £1 7s 6d. Buyers secured a parcel of Commercial Banks at the cheap price of 18s lid. Bank of Australasias and E., S., and A. Banks were dealt in at £l2 12s and £6 5s respectively. Buyers showed lack of interest in the insurance. shipping and meat preserving .. sections, but National Insurances, which changed hands at 17s. were slightly firmer. Paid shares of New Zealand Refrigerating changed hands at 19s Id. The preferential issue of Kaiapoi Woollens were the subject of business at 17s. Buyers showed practically no interest in the loan and agency section, but during the period business was recorded in Goldsbrough, Mort at £1 17s 9d, and in National Mortgage (A’s) at the better price of £2 13s. Wright, Stephenson preference shares were also dealt in at the market quotations of £1 Is. Broken Hill Proprietaries contributing issue had business at £3 14s 9d. The improved figures revealed in the balance-sheet of the Dunlop Perdriau Rubber Company were responsible for the shares rising from £1 Os lOd to £1 2s 3d. Dominion Fertiliser shares were slightly firmer, and changed hands at £1 4s, which was 3d in advance of buyers’ final offer. G. J. Coles weakened. Though brewery shares comprised a fair number of the week’s sales, at the close of the market they revealed an easing tendency. After fluctuating a good deal, prices for Australian mining shares showed a weakening tendency at the close of the market.

THE OTTAWA PACTS HOSTILITY IN FOREIGN COUNTRIES PLEA FOR REVISION Discussing the movement toward freer trade that is apparent in several quarters, the “Economist” of April 10 says the numbing effect of British policy can fie illustrated in many ways. It is obvious, for example, that an Anglo-American trade agreement cannot be concluded unless it includes some concessions by Great Britain on American agricultural produce. But in the face of all the advantages, political and economic, that would flow from such an agreement, the British Government are apparently still tied to the slogan of “the home farmer first, the Dominions second, and the foreigner (including the American) nowhere.”

Is there no other way of protecting the British farmer from ruin than by holding up the whole movement of world commerce, snubbing the friendliness of the American Government, and condemning our own export'trades to lasting stagnation? asks the “Economist.” Is it certain that the Dominions would object to any concession being made to America? The Dominion most closely affected would be Canada, and it should not he beyond the wit of man, or outside the reach of American goodwill, to find some triangular method of bringing advantage to all three parties. It is doubtful whether the British public realises Ihe depth of foreign dislike of the Ottawa Agreements. Even those foreign countries who are willing to concede to the British notions the principle of Imperial preference, object to the restrictive manner in which it is apnlied. They remember that the British delegation to Ottawa promised that there should be no increases of tariffs to foreigners, and then agreed to the precise reverse. So long as the Ottawa Agreements do not encourage trade, but merely divert and distort it; so long as they make it impossible for Great Britain to give anything in return for what foreign countries can offer, so long will they be regarded by the world at large as one of the major handicaps to commercial reconstruction.

Insult is added to injury when Great Britain, invoking the sacred name of the most-favoimed-nation clause, prevents other nations from doing what she and the Dominions did at Ottawa. The Ouchy Convention between Holland and Belgium was brought to naught by a British veto in 1932, although no duties were to be increased to anybody. A similar convention between all the Oslo States would be well within the realm of possibility to-day if it were not for the British attitude. Britain not only suspends the most-favoured-nation clause within the Empire, but in her dealings with foreign countries she virtually compels them to break it in her favour. What else are the coal clauses of the British agreements with the Scandinavian countries but deliberate evasions of the most-favoured-nation clause? Yet these same countries are not allowed to suspend the clause in their own favour or in that of allround freer trade.

“We repeat that we do not believe this attitude to be one of perversity. Ministers are honestly of the belief that British restrictions are very moderate. So they are; but a low hedge across a highway may be more obstructive than an unrcalable wgll on a remote mountainside. The time come for an act of high policy, for a deliberate decision by the British Cabinet to do all that it can to further the promising movement. As always, the disadvantages of such a course will lie on the surface and the advantages will be less direct. But there will never be - a time when a more overwhelming measure of indirect benefit can be purchased for so little direct cost. It is now or never.”

RANGIORA HORSE FAIR Horses offered by the Molesworth Station brought particularly high prices at the monthly horse fair at Rangiora yesterday. Prices for other horses were low, although there was a strong demand and nearly all were sold. The range for Molesworth horses was:— Mares with foals £l3 to £29 10s, yearling draughts £l3 to £27, pack horses, four to 10 years, £l3 to £2O; hacks £6 to £2O. Other prices realised were:—First-class draughts £25 to £4O, draughts, six to eight years, £lO to £25; aged draughts

OTHER QUOTATIONS N.Z. Government Debentures

UNLISTED STOCKS All transactions in stocks quoted In this section are subject to a different rate of brokerage from listed stocks and are not quoted on the official list.

SYDNEY On the Sydney Stock Exchange yesterday several leading industrials showed a disposition to ease, but the market was fairly active and sound. There was an extra volume of New Zealand trading in good class Investments. Morning Sales

NEW YORK CALL MONEY NEW YORK, June 3. Call money is unchanged at i per

MELBOURNE Bonds were strong In Melbourne and industrials were quiet. Barriers easier.

GOVERNMENT SECURITIES (tTNITND PBESS ASSOCIATION—COPT&IGBI.) LONDON, June 3. The following are the latest Quotations for Government securities compared with the prices ruling last weeK.

BANK OF ENGLAND RETURN • (UNITED PEI 3 8 ASSOCIATION—COPYRIGHT.) LONDON, June 3. The following is the return for the week ended June 2:— ISSUE DEPARTMENT

The ratio of reserves to liabilities Is 29.63. The rate of discount is unchanged at 2 per cent. FOREIGN EXCHANGES (BRITISH OFFICIAL WIRELESS.)

1 DOLLAR MARKET RATES The Associated Banks (other than the Bank of New . South -Wales) quoted the following dollar rates yesterday, on a New Zealand currency basis. They are subject to alteration without notice:—

STOCK SALES METHVEN Smaller entries than usual were yarded at the Methven sale. For the fat stock sale there was good competition at prices well up to previous sales, but store sheep dragged and several lines were turned out unsold. OXFORD STOCK MARKET At the Oxford market on Thursday there was a yarding of 825 fat lambs, 310 fat ewes, mostly in very small lots, and eight fat wethers. The top price for lambs was 27s lOd for a line of 74 sent in by Mrs C. C. Early. The same vendor got 24s lOd for another line of 74. Ewes fetched from 11s to 18s Id, and fat wethers fetched up to 26s lid. i DAIRY PRODUCE LONDON, June 3. The butter market is firm. Danish 112 s. Choicest salted New Zealand 110s,' Australian 109 s; unsalted Is •

COMPANY NEWS

ROBINSON ICE CREAM (p*BSB ASSOCIATION TKLIOEAK.) AUCKLAND. June 4. Net profit of £3559. compa* £3773 in the Previous is 0 n Ice in the accounts of the Robinson Cream Company, Ltd., for ended April 30. Profit is for providing 'agamrt «5616) a .M t ta£ 2 WljjJJJJc°Ln|od d ‘ V,d^^^;re C ?2i-60. grey river dredging The statutory meeting of the Grey River Dredging Company, Ltd was held in Wellington on May 2 | f ?P° were read from Mr E. L. Rossm, New York, managing director, and Mr Watler J. Radford, of Hokitika, genera manager of the company. In addition the chairman outlined the Posihon o the company at date. The Rimu Gold Dredging Company. Ltd- has «« scribed, and will pay for JP 120,000 contributing shares, and in ad dilion the 250.000 contributing shares offered to the public have been fully subscribed for. The reports showed that the contract for the steel was placed early enough to anticipate tne “harp rise in steel prices both in h.ngland.and the United States The contract to fabricate the steel, construct the pontoon, erect the bucket hue and gold-saving equipment, and launch tne completed dredge in the pond on the ground, has been let with Andersons. Ltd., Christchurch, who undertake to complete their work within 10 months of the arrival in Lyttelton of 90 per cent, of the total steel required. Andersons, Ltd., have made all preliminary arrangements to start wo'k on arrival of the steel, including Hie provision of a diesel express caterpillar crane end an electric jib crane for use at the site. *An experienced foreman and an engineer, who have been constructing dredges in New Guinea, have also been engaged to supervise the erection of the dredge. A contract has been entered into with the Go crnment to equip power lines to thdredge site and to supply the necessary power. We do not anticipate y hold up on account of power, as the necessary work in this connexion i well advanced. The location of erection site and launching pond has been definitely decided upon and the work of grading and preparing the building site is now in progress. Negotiations are being carried on with a We-t Coast contractor for the excavation of the launching pond, which will he by drag line, the spoil from the pit being used for dams whereby the water level will be raised to the r-nroxir-ate elevation of the erection site, so that the pontoon may be slid into water with a minimum of drop. Mr Radford in his report states that he sees n reason at present whv the dredge and its machinery should not be fully equipped and. assembled to commence digging by June. 1938The meeting re-e’epted the present directors, arid in addition Mr Marcus L. Hurley, consuming engineer, of New York, was appointed to the board. MOUNT MORGAN DIVIDEND (united press association—copyright.) SYDNEY, June 4. The directors of Mount Morgan, Ltd., announce an interim dividend of 4Jd a share in Australian currency, payable on July 10. [The -last dividend was paid in July, 1936, and was also of 4Jd, equivalent to 15 per cent.] COMPANY REGISTERED The following notice of a company registration appears in the current issue of the “Mercantile Gazette”:— Blackball Creek Gold Dredging, Ltd. Registered May 25. Capital, £20,000 in 400,000 shares of Is each. Subscribers: Greymouth—T. Learmont, J. Wilson. A. V. McLuskie, J. W. Hannan. C. R. McGinley. J. S. Robertson. Roa —A. O’Donnell, one share each. Objects: Mining and incidental. SALE OF ST. ALBANS BUNGALOW Messrs Ford and Hadfield, Ltd., have to report having sold, on behalf of Mr Parker, his tiled-roof bungalow of 5 rooms, kitchenette, and motor garage, situated 49 Bishop street, to a ' client. —1

MINING

NEMONA RETURN (FBESB ASSOCIATION TSUOSAII.) GREYMOUTH, June 4. The Nemona dredge return was 41| ounces for 115 hours, from 14,700 yards. WORKSOP The Worksop Extendfed return fo * the week was 21 ounces for 132 hours, from 12,000 yards. NEW RIVER RETURN The New River return on Thursday was 48 ounces from 12,000 yards, treated in 127 hours. , NEW QUARTZ CLAIM The New Welcome Gold Mining Company. Ltd., has just been floated to provide capital to reopen the old Welcome mine, worked in, the Boat- , man’s Field in the early history of quartz mining in the Reefton district It is intended to drive a tunnel to intersect the Welcome “West” lode, which is a parallel lode to the Welcome “East” reef. The company has gone to allotment the greater part of the shares having been taken up by West Coast investors. TALISMAN DUBBO (PRESS ASSOCIATION TELEOEAK.) AUCKLAND, June 4. The accounts of the Talisman Dubbo Gold Mines, Ltd., for the year ended December 31 show a net profit of £5370. against £6539 in the previous year. After writing off £l5O for depreciation and £2500 for development £3603 is available, including £BB3 brought into the accounts. This amount is retained against the cost of a new treatment mill. PROPERTY SALES < Messrs Baker Bros., Real Estate Agents, 166 Manchester street report having sold, on account of Messrs Gresson and Carter, superior bungalow in Springfield road, St. Albans, to Mr Price. —fl

CANTERBURY MARKETS

POTATO PRICES WEAKER HEAVY EXPORT ACTIVITY (BT OUR COMMEECIAI, EDITOR.) Friday Evening. The chief activity in the grain and produce markets at present is the assembling and packing of potatoes for shipment to South America. Most of the produce stores are very busy with this work, which, incidentally. Has given employment to roughly 200 men. Four boats will sail within the next three weeks, and by the end of the month about 13,400 tons will have been shipped. The Hororata, the first boat to leave with potatoes, arrived on Monday, and landed her cargo in excellent condition. Some orders have beeit received for shipment after the end of this month. The market, after a flutter at mid-week. Is distinctly easier, as apart from the export Inquiry there is very little business offering. Shipments to the North Island recently have been substantial, and it will take about a week or 10 days to clear the stocks at present held The price on trucks is now about £6, but, .earlier in the week, sales were inddo at as high as £6 10s. With the reduction In the quotation, farmers have been more willing to sell. The following table shows shipments from Lyttelton to New Zealand destinations this year and last:—

Shipments to New Zealand ports from Timaru have been 34,596 sacks up to May 29. The rest of the markets are very quiet, but are firm. Chaff is difficult to.get, and Is worth £4 5s on trucks. There Is a fair Inquiry for seed wheat, but sowing has to some extent been held up by the wet weather. Quotations The following are the prices quoted to farmers, on trucks, at country sidings, unless otherwise indicated:— Wheat—Milling, May, f.0.b., Tuscan 6s 3d, Hunters 5s ,sd, Pearl 5s 7d. Fowl wheat, prompt, to 5s Id, f.o.b. Oats— A Gartons to 3s sd; B Gartons, 3s 2d; Algerians, to 2s lOd; Duns, 2s 9d to 3s 3d. Ryegrass—Perennial, 2s 6d to 3s; Italian, 2s 6d to 2s 9d. Cocksfoot—Plains, 7d to 8d; Akaroa, 6d to 9d per lb. Cowgrass—6d to 7id per lb. White Clover—To 10id. Chaff—To £4 5s a ton. Barley—Feed, 4s a bushel. Partridge Peas—4s 9d to 5s a bushel. Potatoes—£6 a ton. Bran—Large, £4 15s; small, £5 ss. Pollard — Large, £6 5s a ton; small, £6 15:;. DUNEDIN (pazss ASSOCIATION TZLEOEAM.) DUNEDIN, June 4. The position of the milling market is unchanged. Offerings are now, as is usual at this time of the year, more , or less spasmodic. Southern-grown wheat shows market variation in quality. Some of it is suitable for milling, but the bulk is only of fowl wheht quality. The fowl wheat market shows little if any change. The local market is being kept supplied from the south and the ruling price may be given as 5s 2d, sacks extra, on trucks, country sidings. Small lots, ex store, are worth from 5s 6d to- ss- 9d, sacks extra, according to quality. The oat market is more or less governed by purchases made by millers. Heavy-weight Gartons are readily placed and transactions have been recorded at 3s fid to 3s fid. sacks extra, on trucks, country sidings. The shipping market shows little change with A Gartons worth 4s 3d, f.0.b., s.i., and B’s 4s, The chaff market is firm with supplies just about equal to the demand. Only odd lots are available from the surrounding districts. The potato market is firm, and it is inclined to ease as buying ceases. The local demand is being mostly filled from Canterbury with little change in values, Arran Chiefs are selling at about £6 5s 4 ton, sacks included. Most, supplies coming are of indifferent quality. With practically no offerings, the ryegrass and cocksfoot markets con- - tmue firm and the same position applies ! to white cloVer and dpgstail. Cowgrass is firmer as it is now apparent that yields axe not up to expectations, SOUTHLAND [THE PRESS Special Servlce.l INVERCARGILL, June 4. Oats—Offerings are coming forward from farmers slowly, but in many cases the grain is discoloured and light In weight. The value of heavy-weight oats suitable for milling or seed Is about'Ss 2d a bushel, and othef lines range In value from 2s fid to 3s Id. Wh6at-*Fowl wheat lines are in demand and are worth approximately milling values. Chaff—Supplies of good bright Quality are now getting scarcer, and it looks as if the market will shortly have to rely on the new season’s crop, which is expected to be darker in colour. The value of good bright lines of old season’s is about £4 ss. .Ryegrass—There are no offerings from farmers, ands stocks of last season’s seed held by merchants will be needed to fill shipping requirements as well as the local seed demand. There have been very few offerings of white clover, and so far as Invercargill is concerned very little crested dogstail has been submitted. Offerings of brown top have been much smaller than for many seasons past, and it seems doubtful if some of the lines which are offering will come up to the necessary standard of germination. The value to growers of machine-dressed seed of quality is about Is for certified seed and lOd to- lid for uncertified. . .. Because of the wet spring in the northern hemisphere and the cheaper quotations for German hard fesque, me market has been quieter, and in view of the restricted demand merchants are not keen to operate at the Prices recently offering to growers Potatoes—The market is short of supplies for local use, and as a consequence fairly high prices are ruling- Values range from £6 10s to £6The digging of main crops has oeen seriously delayed through the wet weather.

GROCERY TRADE

PRICES AND PROSPECTS week in the retail 2J'° cer Y trade was reported yesterday, and the unfavourable weather last evening spoilt what was expected to be a good business day. v,r,nn rke ! S Senerally are steady, and holding to the higher prices to which au commodities (except pepper) have exC u pt in ,. a * ew isolated instances. where slight reactions are noticeable. Jordan Almonds > A, messa g e from London reporting on the almond market states that this coming season there will be practically no chance of obtaining any new season _ Jordan almonds. The chief producing areas are in Spain, and the war there, it is stated, will prevent any of these almonds coming on to the market next September, when the new crop is usually harvested. * London shippers are holding small quantities of last season’s Jordans, but prices asked are prohibitive. Resin, Turpentine ™;E?Jf*i oVer£re ? market for resin which recently weakened slightly, has again rirmed, and sellers are quoting at slight advances on prices ruling last month The turpentine market in the United States remains unchanged. Dry Peaches Deliveries of new crop Australian ar y peeled peaches have been made, and with this came a surprise for many importers. One of the chief suppliers has advised that orders far exceeded the pack, and a pro rata delivery had to be made. This is only da per cent, of orders booked; and will necessitate importers cabling to California for further supplies. The foreign line will land in about a month or six weeks at prices somewhere level with the cost of the Australian article. Bairs With increased overhead added to dearer materials, many retailers are stocking up paper bags against expected price advances. Prunes * A cable message from San Francisco notifies a small reduction of Is 3d per cwt in the price of Californian prunes for prompt shipment. Eggs Supplies of fresh eggs have been fairly plentiful during the week. Yesterday the city stores were paying for supplies: Firsts Is lOd, seconds Is 7d, ducks Is 7d, all prices net, free of commission. White and Red Lead Quotations from Australia for white lead are still the same as previously, but red lead has declined by £3 a ton. Asparagus New season’s Californian asparagus has been quoted by cablegram at approximately Is a dozen dearer for the best-selling size than prices last season. The Australian pack of asparagus is now exhausted, and it will be December bfeore the first of the new Australian pack will be available. It seems fairly certain that retail prices of asparagus must increase before long, as stock to land will carry the new advance. Sulphur Supplies of sulphur for New Zealand —ln fact, for the British Empire—practically all come from foreign countries. For some time past the Imperial Chemical Industries of Great Britain have been endeavouring to produce sulphur, and success has now been attained. Sulphur is being obtained by treating the hot flue gases from smelter furnaces, which are passed through a solution that absorbs the sulphur {lioxide (pure sulphur), and this is then recovered by a heat process. The sulphur obtained is chemically pure, and as soon as this method of manufacture gets properly established, British-made sulphur may be quoted on this market. Salmon Agents in New Zealand for Canadian salmon packers are now soliciting business for new season’s salmon. Prices have so far not been named, and buyers who are now operating are doing so subject to confirmation by themselves when prices are available. It is stated that’ London operators have placed very heavy orders with Canadian packers, and this, coupled with a possibility of a short pack in some grades, notably pinks, is all tending toward higher prices. Tea Last week at Colombo the usual tea auction was held, when prices for broken Orange Pekoe were slightly weaker than the previous sale. Broken Pekoe, medium, advanced two cents, and broken tea, medium, did likewise. The following prices were obtained at this sale: Broken Orange Pekoe, common 72-73 cents, medium 78-82 cents, fine 85 cents. Broken Pekoe, common 70-71 .cents, medium 80-82 cents. Broken tea, common 68-69 cents, medium 73-74 cents. The Calcutta market is still closed, but will oijen again before very long With the advent oi new tea. Cloves It has been found necessary by grinders to make a fair advance in the price of ground cloves, and new price lists are now out. Coconut The market" for desiccated and shreaded coconut in Ceylon is still on the weak .side, and showing further slight declines. This weakness is apparently due to an easier tone m Europe for copra (the same material from Which desiccated coconut is produced). Prices for this product have declined and although the market is reported to be now steady, it is nevertheless below that of some weeks ago, and coconut has naturally followed the same course. ». Honey The demand for honey Is at present very brisk, the excellent sample tins season assisting sales. Last year there was a considerable quantity of badcoioured honey about, but the almost entire absence of discoloured honey this' Season is a very noticeable feature. This has caused increased sales, in one case up to 30 per cent. Seeded Lexia Raisins

New season’s Australian lexia raisins have landed, and the sample is excellent. As this line offers a profitable article for grocers’ trade, and is easily replaced in two weeks from Australia, when required, it is worth attention as a competitor against the foreign pack seeded raisin, which has in the past had such a large sale in New Zealand. BRADFORD TOPS MARKET LONDON, June 3. The Bradford tops market is quietly

PIG BREEDING

SUCCESS OF RECORDING SYSTEM N.Z. ASSOCIATION ELECTS OFFICERS (PBES3 ASSOCIATION TELEQBAM.) AUCKLAND, June 4. • “It is my pleasure to report that our association has once again had a most successful year, and I feel that members will be gratified at the great progress that has been made by the industry during the last year, both from the breeder's and from the commercial point of view,” said the president of the New Zealand Pig Breeders’ Association (Mr J. A. Russell), in his address to the annual meeting. At last a national scheme of recording had been introduced, and the scheme was operating successfully, Mr Russell continued. It had been realised by the council of the association and recording clubs that the average farmer had much to learn about pig raising, and the industry had signified its willingness to submit to a levy of twopence a pig to provide a fund which could bo used to provide a practical and qualified instructional service. This would do much to improve the general type and quality of the pork and bacon pig produced, to ensure bettor housing conditions, and to improve feeding methods. At the suggestion of Mr W. D. Lane, of Auckland, it was decided to urge the Royal Agricultural Society to press for the lifting of the embargo on all stock, and also to use its best endeavours to secure Government co-opera-tion in the provision of cheaper stock foods. It was also decided that a recommendation be made to the council of the association that when funds permit, all pigs should be inspected before they are accepted for registration. A remit that an annual return of breeding stock should be made by every pedigree breeder each year was carried without dissent. The following are the officers for the coming year:—President, Mr J. A. Russell (Palmerston North); vice-presi-dents, Mr R. C. Clark (Paerata) and Mr F. Ogle (Normanby); councillors, Messrs G. Jamieson (Hamilton), W. P. Bickers (Feilding), A. R. Gudopp (New Plymouth), D. G. Morrison’ (Whangarei), W. L. West (Woodville), G. S. Ross (Te Puke), and J. Simpson (Canterbury); auditor, Mr A. H. Maguire (Feilding); secretary, Mr K. S. Glendinning (Palmerston North).

dinning (Palmerston North). VEGETABLES AND FRUIT CHRISTCHURCH MARKETS The following is a report of the Christchurch fruit and vegetable markets for the week ending June 4:— Vegetables—Plentiful supplies of cabbages and cauliflowers are coming forward, best quality realising:—Cauliflowers to ss, cabbages to 4s. Green peas: Good quality lines scarce, realising to 2s lOd a peck. Celery: There has been a keen demand throughout the week, best lines realising up to 7s a dozen, others from 2s to 4s a dozen. French beans: To 8d per lb. Brussels sprouts: A small consignment arrived on the market and met with a ready sale at 7]d per lb. Marrows: Supplies scarce, realising from 10s to 14s a dozen. Lettuce; Supplies of good quality are scarce, best lines realising up to 3s Id a dozen. Onions: Market unchanged. Potatoes: The market has improved during the week and good lines are realising from 3s 3d to 3s 6d a sugar-bag. Cucumbers: Local hothouse OJd to 8d per lb. Fruit—Apples: The market is unchanged from last week. Pears: The market, if anything, is a little stronger. Tomatoes; A few local outdoor are still coming forward, best quality realising por Ik- glasshouse as high as per lb. New Zealand passion fruit: To 15s a box.

Imported Fruits—A shipment of Island oranges came to hand during the week, the condition being mixed. The majority were absorbed at regulated prices or less. A small consignment of Queensland pineapples realised to J s a case for best counts. Shipments Arriving—Further supplies of Island and Australian oranges are expected next week, also Queensland pineapples. The Maui Pomaro is due early in the week with supplies of bananas and kumeras. Eggs—First grade Is lOd to 2s. second grade Is 8d to Is 9d a dozen.

DUNEDIN (T’Rt.sa ASSOCIATION TELEGRAM.) DUNEDIN, June 4. The first shipment of new season’s Cook Island oranges under Governincnt control arrived ex Waimarino on Thursday. The allotment for Dunedin was 700 cases, and the fruit was in poor condition, approximately oneihird of it being waste. Retailors were not prepared to pay the prices fixed, namely 14s fld to 19s 6d. Communication was opened with Wellington and instructions were then received that the Rarotongan portion of the shipment was to be disposed of by auction, and it was cleared at values ranging from 8s to 14s. Most of the other portion—from Mauke—is still on the floors of the auction marts awaiting buyers at the prices named. The position has proved most disappointing to merchants and retailers. Merchants claim that they were practically guaranteed that there would be better grading of Cook Island oranges than in previous years. A further supply of South Australian .oranges will be in the marts next week, ex Waitaki, from Melbourne. The quantity is not yet known. Prices are expected to rule at from 17s to 23s a case according to count. Cases are of a bushel and a half. Heavy supplies of poor quality dessert and cooking apples are still In the markets and they are slow of sale even though prices are low. Only limited supplies of choice dessert lines are on offer. Winter Nelis pears are still in oversupply and the market has again eased. Most lines are arriving too ripe. Bananas have a fair inquiry. The only further shipment of Samoan grown will arrive on Tuesday.

BRITISH WHEAT MARKET LONDON, June 3. Wheat cargoes are lower. Parcels are easier.

CHICAGO FUTURES CHICAGO. June 3. Cents a bushel. . May 27, June 3. July .. .. 118| 110 J September .. 117 109| December .. 118 J HI PRICE OF GOLD LONDON, June 3. Gold Is quoted at £7 Os 9d a fine oimco.

PRICE OF SILVER LONDON, June 3. Silver is quoted at 20|Sd a fine ounce spot, and 20 7-16 d forward. NEW YORK TIN NEW YORK, June 3. Tin is quoted at 56.00 cents per lb.

This week. Last week. £ ■ £ Saturday .. 6.137 2,967 Monday ..i 6,783 ' 9,566 Tuesday 11,456 8,865 Wednesday 14,092 15,238 Thursday .. 12,657 12,553 Friday .. 12,089 13,150 Totals .... 63,214 62,339 ' Business in was:— . the different sections Shares. Value. No. £ Government • « 3.018 Banking .. 2,612 5,965 Loan and Agency .. 832 1,674 Eefrigerating ,, 1,282 1,246 Breweries 5,008 9,546 Miscellaneous .. 13,791 29,765 Mining .. 8,925 11,999

LISTED STOCKS Soles on 'Change >£ s. d. ■ * 100 Comm. Bank of Aust. 0 19 0 * 00 National Bank of A/asia 265 PaidJ 7 5 0 2 5 6 •1 17 11 0? 19 0 13 0 1 2 9 1 3 0 1 2 10 1 2 9 12 8 * O T

£ s. d. 100 British Tobacco (cum div.) .. (2) 2 9 3 150 Broken Hill Propty. (ex div.) 4 0 9 (2) 4 0 3 50 Broken Hill Propty. (contr.) 3 15 0 5 Colonial Sugar 47 0 0 800 Dunlop Rubber (2) 1 2 7 (3) 1 2 6 (2) 1 2 7 • (2) 1 2 6 200 Electro. Zinc (ord.) (2) 2 16 7 2 16 6 50 Electro. Zinc (pref.) .. 2 17 7 175 G. J. Coles (2) 5 8 9 (3) 5 8 6 300 Broken Hill South (cum div.) (2) 2 10 9 (2) 2 10 8 (3) 2 10 7 700 Mount Lyell 2 4 4 (4) 2 4 3 2 3 8 (3) 2 3 7 (2) 2 3 6 950 Mount Morgan' (cum div.) (4) 0 13 5 (2) 0 13 5J (2) 0 13 0 (5) 0 12 11J Sales Reported 150 National Bank of N.Z. (3) 3 5 0 32 Canty. Frozen Meat (odd parcel) 9 10 0 300 Dunlop Rubber (3) 1 2 6 450 Bank of N.Z. (3) 2 UNLISTED STOCKS 5 6 Sales ora 'Change 55 Woolworths (Sydney, ord.) 7 0 0 6 19 0

Buyers. Sellers. £ s. d. £ S. d. 3J p.c. Ins., 1938-52 .. 100 0 0 — 3i p.c. Ins., 15/1/53-57 99 17 6 101 0 0 4 p.c. Ins., 1946-49 103 10 0 104 5 0 4 p.c. Ins., 1932-55 .. 104 10 0 — 4 p.c. Bonds, 1946 103 10 0 — Rural Bonds. 5 p.c.. 15/9/47 101 5 0 — 3 p.c. Ins.. 1939-41 97 0 0 — Other Debentures N.Z. Refrig.. 44 p.c.. 1940-45 101 17 e — Loan and Agency Christchurch Building Society (£10) — 15 0 0 Natl. Mortgage "B” (cum div., £1) — 1 12 6 N.Z. Guar. Corpn. (3s) 0 4 10 0 5 1 PeVm. Invest. (£10) .. 9 15 0 — Wright, Stephenson and Co. (£1) .. 1 X 0 — Wright. Stephenson (pref., £1) — 1 1 6 Newton King (pf„ £1) 0 7 3 — Frozen Meat Canterbury (£7 10s paid) 0 7 6 9 15 0 North Canty. Freezing (£3 paid) 2 1 0 — Woollens Kaiapol (17s paid) 0 13 3 0 14 0 Kaiapol (pref., 17s) .. 0 16 10 — Coal Grey Valley (£1) 0 7 0 — Westport (10s) 1 3 1 1 3 6 Stockton (10s) 0 2 6 0 2 9 Stockton (pref., 10s) .. — 0 4 10 Breweries Dominion (£1) ■ 2 4 3 — Dominion (pref., £1) — 2 6 0 Dunedin (£1) 1 8 6 — N.Z. (rights) 1 2 6 1 2 7 Miscellaneous Anthony Hordern (£1) 0 18 6 0 18 9 Assoc. Newspapers (£1) 1 2 6 — Aust. Iron ana Steel (pref., £1) — 1 7 6 Beath and Co. (Is pd.) 0 1 6 — Berlei (N.Z.), (£1) .. 3 3 0 3 8 0 Bootn, Maccionaid (pf., £1) 0 1 3 0 3 0 Broken Hill (cont., ex div.) 3 14 3 3 14 9 Claude Neon (N.Z.), (rights) — 0 8 0 Consolid. Brick (£1) 0 8 3 — Dental and Medical (£1) 0 10 6 0 14 0 D.I.C. (10s paid • .. 0 17 0 — G. J. Coles (£1) 5 8 3 , 5 8 9 Gen. Industries (12/6) 0 19 11 1 0 5 Greater Crystal Palace (£1) 0 7 0 — Hays's, Ltd. (cont., 15s paid) 0 15 6 — Hume Pipe (£1) — 0 19 4 Millaquin Sugar (£1) 2 4 6 — Macduifs (pref., £1) ., 1 3 0 — Macky Logan (£1) .. 1 3 0 — Felt and Textiles (£1) 1 14 9 1 16 0 Morris Hedstrom (cum div.. £1) 1 9 0 Morts Dock (£1) 0 12 8 0 13 0 National Electric (£1) 0 13 6 N.Z. Farmers’ Co-op. £2 10s paid) 0 17 0 N.Z. Farmers’ Co-op. (10s paid) _ 0 0 5 N.Z. Farmers’ Co-op. (B pref., £4) _ 2 2 6 N.Z. Farmers’ Co-op. (4J p.c. Stock, 1939, £100) 92 0 0 N.Z. Farmers’ Co-op. (4i p.c. Stock, 1940, £100) 91 15 0 N.Z. Farmers' Co-op. (4J p.c. Stock, 1945, £100) 91 5 0 N.Z. Paper Mills (£1) 1 7 6 Procera Bread (10s) .. 1 7 6 Quill Morris (1936), (£1) 0 16 8 0 18 6 Shillings, Ld. (£1) 0 18 9 Taranaki Oil. (24/7) .. 0 3 7 0 4 0 United Provisions (£1) 0 10 u Woolworths (N.Z.) (ord., £1) 7 18 0 8 1 0 Mining Alexander (£1) 0 10 0 0 16 0 Argo (Is) 0 1 11 Argo (con.) 0 1 8 Barry town (£1) 1 e’ 0 1 13 0 Big River (Is) 0 1 5 Gillespie’s Beach (cum div.. Is) 0 1 5 Maerewhenua (Is) 0 0 01 0 0 03 Maori Gully (Is) 0 0 5 Moonlight Gold. (Is) 0 0 5 Mossy Creek (Is) 0 0 8 0 0 10 Nemona (Is) 0 1 8 Skippers (Is) 0 0 2i 0 0 3 Waimumu Sluic. (Is) 0 0 3 0 0 7 Worksop Extend. (Is) 0 1 3 0 1 5 Australian Minins Broken Hill South (cum div., 5s) 2 9 6 2 10 2 Mount Morgan (2s 6d) 0 12 11 0 13 0 North Broken Hill (cum div., 15s) 3 15 0 Rawang Tin (10s) 0 11 9 Upper Watut (5s) 0 0 5 0 0 11 Wellington Alluvlals (2s) 0 5 9

Andersens, Ltd. (pref.) Assoc. Motorists Petrol Buyers. £ s. d. 0 18 0 Sellers. £ s d. (pref.) Ballins Breweries (15s 1 10 9 1 12 0 paid) 0 13 1 0 13 9 Christchurch Press .. 9 0 0 Grey River (3s 9d pd.) New Rives .. ,. 0 4 3 0 0 8 0 4 5

N.Z. Perpetual Forests 1 10 0 2 5 0 N.Z. Perpetual Forests (4s paid) .. ... 0 18 1 — E. Reece, Ltd. (pref.) 0 2 6 — Selfridges (N.Z.) (£1 19 paid) .. •• — 0 0 Selfridges (N.Z.) (Os •a paid) .. •• — 0 7 0 Westland Breweries (con.) .. .. 0 19 0 — Woolworths (Sydney) 19 (ord.) .. .. 6 18 6 6 0 Woolworths (W.A.) .. — 6 14 9 Woolworths (Sydney) 10 (rights) .. .. — 4 0 AUCKLAND Sale on ’Change £ s. d. 3i per cent. Stock. 1953-57 99 10 0 4 per cent. Stock, 1946-49 104 0 0 Bay of Plenty Power Board, 1965, 41 per cent. 105 10 0 Booth. Macdonald. 1947, 5 per cent, (ex Int.) 72 10 0 Commercial Bank of Australia 0 19 1 National Bank of N.Z. 3 4 6 Bank of New South Wales (odd lot) 36 10 0 Bank of New Zealand .. 2 5 6 New Zealand Insurance 3 4 3 South British 4 14 9 Auckland Gas 1 1 10 Dominion Breweries 2 5 2 Broken Hill Pty. 4 0 3 Colonial Sugar 46 15 0 McKendrick Bros, (pref.) 0 19 3 Morts Dock 0 12 10 N.Z. Newspapers 1 15 6 1 15 0 Maori Gully 0 0 51 Martha 0 14 10 0 15 0 Matakl .. (2) 0 0 7 Mount Morgan 0 13 4 Taranaki Oil 0 4 0 Unlisted Stocks National Tobacco 2 17 6 Woolworths (Sydney) 7 0 0 N.Z. Perpetual Forests 2 0 6 WELLINGTON Sales on ’Change £ s. d. 4 per cent. Stock, 1940 104 0 0 N.Z. Refrigerating (10s paid) 0 8 11 N.Z. Breweries (rights) 1 3 8 Broken Hill Pty. 4 0 10i G. J. Coles .. (2) 5 8 6 (All above late Thursday.) 4 per cent. Stock, 1955 104 10 0 Bank of New Zealand .. (7) 2 6 6 N.Z. Guarantee Corpn. 0 5 0 Huddart-Parker (pref.) 1 7 9 N.Z. Breweries 2 9 9 N.Z. Breweries (rights) (3) 1 2 9 Broken Hill Pty. 4 1 6 4 0 9 Electrolytic Zinc (ord.) 2 16 6 G J. Coles 5 9 0 Woolworths (N.Z.), Ltd. (pf.) 1 19 0 Mount Lyell 2 4 5 Mount Morgan 0 13 3 Unlisted Stock New River Gold (late Thurs.) 0 0 41 DUNEDfN ' Sales on ’Change £ s. d. Mount Morgan 0 13 6 4 per cent. Stock, 1952-55 104 10 0 Bank of New Zealand (long D) 1 7 6 Kaiapoi Woollen (pref.) 0 17 0 Associated Newspapers (pf.) 1 3 41 Stock Exchange Propty. 2 0 0 N.Z. Breweries (rights) 1 2 6 Broken Hill Pty. (cont.) 3 14 9 Mount Lyell 2 4 3 Unlisted Stock Woolworths (Sydney) .. 7 0 0

£ s. d. Bank of New South Wales 36 10 0 Golclsbrough, Mort 1 18 6 Tooths Brewery 2 16 6 Anthony Hordern 0 19 0 Farmers 1 13 9 Broken Hill Prop. 4 1 6 Broken Hill (contr.) 3 15 6 Morts Dock 0 13 1 Afternoon Sales Bank of New South Wales 36 10 0 Bank of Australasia 12 18 6 Colonial Sugar 47 5 0 Australian General Insurance .. 0 17 0 British Tobacco 2 10 3 Tooths Brewery Z 16 3 Tooths Brewery (N.Z. delivery) 2 16 3 Carlton Brewery 3 4 0 Australian Glass 4 11 6 Dunlop Perdriau 1 2 10} Goldsbrough. Mort 1 8 6 Winchcombe, Carson (N.Z. delivery) 1 17 9 Morris, Hedstrom 1 8 9 Australian Paper X 14 6 W. R. Carpenter 2 3 6 Mount Morgan 0 13 3 Mount Lyell 2 4 3 Mount Lyell (N.Z. delivery) 2 4 3 Placer Development 4 9 0 Loloma 0 19 10}

Sales: — £ s. d. Comm. Bank of Australia .. o 19 o 3 o National Bank (£5 paid) • • *7 o 3 g Carlton Brewery R 10 6 G. J. Coles 1 R o Drug Houses All 3 Australian Glass • • •* 2 Dunlop Perdriau • • 1 1 R g Electrolytic Zinc • • 2 ID o Electrolytic Zinc (pref.) • • 2 18 n o 6 Yarra Falls • • 2 u g Cox Bros. ■ • 3 A Kauri Timber . • 1 4 u 1 Mount Morgan .. •. o 13 X Mount Lyell .. 2 3 9 Broken Hill Prop. • . 4 1 3w North Broken Hill • • 3 13 3 South Broken Hill .. 2 10 3 Emperor Gold .. o 16 1 Loloma . • 0 19 5

May 27. June 3. £ s. d. £ s. d. Br’tish — Consols 76 10 0 75 10 0 j; unamg Loan, 4 per cent. 110 15 0 110 5 0 War Loan, 3i p.c. 102 0 0 101 10 0 Con. Loan, 3i p.c. 102 0 0 A U1 1U 0 Victory Bonos, 4 p.c. 110 0 0 109 5 0 Commonwealth — 13 9 5 p.c., 1945-75 103 106 10 0* 3 p.c., 1955-58 100 10 0 100 10 0 4 p.c., 1943-54 102 17 6 102 15 0 32 p.c., 1934-53 100 5 0 100 1 3 32 p.c.. 1936-37 .. 42 p.c., 1959-60 93 15 0 93 17 6 89 17 6 89 IS 0 New South Wales — 98 6* 4J p.c., 1935-53 .. 99 17 6 7 Victoria— 95 6* 3 p.c., 1929-40 96 10 0 7 42 p.c., 1940-50 104 7 6 102 2 6* 4 p.c., 1945-75 108 5 0 106 5 0* Queensland — 17 6 95 153 p.c., 1932-47 96 0* 5 p.c., 1940-60 South Australia — 104 8 9 104 8 9* 106 4 p.c., 1942-62 108 5 0 5 0* 3 p.c., 1945-75 81 7 6 79 17 6* Western Australia— 10 0* 4 p.c., 1942-64 Tasmania — 102 0 0 100 31 p.c., 1938-40 .. New Zealand — 102 1 3 100 5 0* 41 p.c., 1948-58 .. 103 7 6 103 0 0* 31 p.c., 1940 100 17 .6 99 17 6* 3 p.c.. 1945 94 10 0 94 15 0 •Ex interest.

Notes Issued — In circulation In banking department £ ., 475.600,000 .. 45.700,000 521.300,000 Government debt Other Govt, securities Other securities Silver coin .. 14,000,000 .. 183,700,000 ,. 5,300,000 Fiduciary issue Gold coin and bullion .. 213.000.000 .. 308,300.000 521,300,000 BANKING DEPARTMENT rnoital I4.5flo.noo Rest .. .. .. - 3,300,000 Public deposits .. . - 10,200,000 Bankers .. . > .. 109,500,000 Other accounts .. .. 37,300,000 Government securities Discounts and advances Securities Notes and coin . .. . 174,800,o6o .. 102.900.000 ,. 4,700,000 i. 20,700,000 .. 46,500,000 174,800,000

Par. RUGBY, June 3. June 2. June 3. Paris, fr. to £1 124.21 110 37-64 1101 New York. dol. to £1 4.866 4.92 11-16 4.92 9-32 Montreal. dol. to £1 4.866 4.92g 4.921 Brussels. belgas to £1 35 29.25| 29.252 Geneva, fr. to £1 25.2215 21.58 21.57 Amsterdam. fl. to £1 12.107 8.96} 8.952 Milan, lire to £1 92.45 932 93 9-16 Berlin, reichmarken to £1 20.43 12.291 12.282 Copenhagen, kr. to £1 18.159 19.392 19.392 Stockholm kr. to £1 18.159 22.40 22.40 Oslo. kr. to £1 18.159 19.90 19.90 Vienna, schgs. to £1 34.585 262 262 Prague. kr. to £1 164 £5 141 7-16 141 7-16 Helsingfors, marks to £1 192.23 2262 2262 Madrid, pesetas to £1 25,2215 Lisbon, escudos to £1 110 110 3-16 110 3-16 Athens, drach to £1 375 5472 5472 Bucharest. lei to £1 843.5 6722 6722 Belgrade. dinars 276.3 215 215 Rio de Janeiro, pence to milreis 4.899 41 41 Buenos Aires, pence to dol. 51 Montevideo, pence to dol. « 39b 39J Bombay, pence to rupee 19 182 182 Shanghai, pence to dol. * 14 25-32 14 25-32 Hong Kong, pence to yen * 14 27-32 14 27-32 Yokohama, pence to yen * 14 14 Batavia. guilders 12.107 _, Warsaw, zlotys to £1 43.36 ♦Determined by price of silver

U.S.A. Canada. (Per £1 N.Z.) Dol. ' Dol. Selling— T.T. .. 3.943 3.94 11-16 O.D. . .. 3.953 3.95 3-16 Buying— T.T. . .. 3.983 3.98 3-16 O.D. . .. 3.993 3.99 7-16

To May 29, To May 30, ; 1937, 1936. Sacks. Sacks. Auckland .. 20,534 16,584 Wellington - ' 11,124 17,307 Napier and Glsborne 3,674 6,856 West coast, North Island 6,726 6,397 West Coast, South Island 475 72 Total .. 41,443 47,216

Arm. are: — Quotations Last Last June 3. week. year. d. d. d. Merinos —• 70’s 64’s 60’s 39J 38 364 404 384 37 34 32 31 Crossbreds — 33 244 56'S ■■ 31 311 50’s • • 36 364 46’s 25*; 2o 44 8 * Nominal quotations. 204 16 14 134

Futures:— May 31. June 3. London (qr.)— s. d. s. d. July . 44 1 42 4 November . 41 1 39 4i Liverpool (cental) — July . 9 2 8 llfi October . 8 4? 8 31 The spot trade is quiet. Australian, ex ship, 48s.