FINANCE AND COMMERCE

Press, Volume LXXIII, Issue 22201, 18 September 1937, Page 12

FINANCE AND COMMERCE

STOCK EXCHANGES WEAKER WOOL LOWER IN LONDON Influences on the Stock Exchanges this week have been c.-en more disturbing than they were in the previous period, and almost all sections of the market have come back in value. There has been no sharp break as has been the case in London and New York, but the trend has been definitely down. Government issues have again been strong. Wool in London continues weak and the price has moved in buyers' favour. Withdrawals have been heavy, but there is hope that Japan will eventually come in. Potatoes continue extremely dull and values are lower. There is practically no demand.

SHARE MARKET REVIEW t AN EXTREMELY DULL WEEK MOST ISSUES WRITTEN BACK (BT 01TB COMMERCIAL EDITOR.) The share markets have had an even more disturbing week this week than they had in the previous period. There has been no clarification of the international situation, either in Europe or China, and all markets have reacted unfavourably to the general uncertainty. A further complication has been the writing back of the value of wool in London, which has given investors a clear indication of the uncertainty of the commodity markets. Wool is' particularly strongly placed statistically, and has less cause than most commodities for falling. Business locally has been spasmodic, but an general turnover has been light, and values have declined. There has been no sharp break, but the reports of severe writing down in the British, American, and French markets have made investors extremely cautious. The Australian exchanges, like those of New Zealand, have not seen any disastrous writing down of values, but buying has been extremely restrained. Turnover day by day was:—

Government Government issues remained consistently strong, and as there were very few sellers in sight, dealings were restricted to one parcel. 4 per cent., due 1946, at £lO3 ss. There was a fair inquiry for Christchurch Drainage Beard debentures, the 41 per cent, 1900 Issue, being done at £lO6 to £lO7 12s 6d. Banking The banking section was weak throughout the period, practically all Issues coming back. New Zealands, which resisted the general decline well, yielded finally to lose a shilling. New South Wales, in which there were several transactions, came back from '£32 to £3l 10s, and are now £1 10s below recent rates. The clouded outlook for wool induced a cautious tone in pastorals, and values were marked back, though no great amount of business was done. Remarkable for their strength in a weak market were both issues of New Zealand Refrigerating, which made good gains. The £1 shares were done at £1 Is, and the 10s issue at 10s. Breweries No great attention was paid to breweries, which followed the general trend downward. Dominions had come back to £2 0s fid at the end of the week, and New Zealands to £2 Bs 3d, a loss of 9d. Industrials were the main preoccupation of the market in the miscellaneous section, and most of them moved erratically, though over all the trend was definitely toward lower levels. Broken Hills had a chequered week, and after touching £3 17s 3d relapsed to sales on the afternoon call yesterday at £3 16s 3d, having touched £3 14s 3d in the morning. Coles were only slightly weaker, and Btood their ground better than the majority. Dunlops, which a fortnight ago were above £1 3s, have come back steadily since, and finished at round £1 2s 3d. Both Zincs lost heavily op last week’s best rates, the ordinaries coming down to sales at £2 13s. and the preference to £2 16s. There was a slight improvement for both at the final call. Howard, Smiths and Hume Pipes were both cheaper. Taranaki Oils were actively traded throughout the week, and after slumping to 6s 3d, rose to 6s Bd. Woolworths. South Africa, lost a little more ground, and the Sydney issue was written back Bs to sales at £6 9s. Mining The volume of business in the mining section kept up very well, though interest was confined almost entirely to Australian issues. Both Broken Hill South and North were cheaper, and Lyells and Morgans followed the general trend. Grey Rivers remained firm at 7s 3d.

YESTERDAY'S TRANSACTIONS Markets moved erratically on call yesterday, and several stocks that slumped on the morning call showed recovery on the afternoon call. Industrials again accounted for the bulk of the turnover. Apart from vestibule business, the following transactions were recorded: LISTED STOCKS 1

New Zealand Government 4 per cent, bonds, due 1946, changed hands at £lO3 ss, and there were further buyers at that price. An odd parcel of Bank of New South Wales changed hands at £3l 10s. Bank of New Zealand dropped to 445, and more were offered at that figure. Sellers of Union Banks reduced their limits to £9 ss. United Building, cum dividend, were firm at 21s. New Zealand Refr.gerating. 10s paid, were steady with sellers and dialings at 10s, buyers at 9s lid. WestportStockton Coal, prefeienc, were fractionally firmer ai 5s Id. Dominion Breweries were fractionally weaker at 40s 6d. Nsw Zealand Breweries declined to 49s 3d. market closing 3d either way—unsupported sellers of ths contributing offered at 34s 3d. Miscellaneous Anthony Hordern were easier, wit'i sellers and business at 18s 6d. British Tobacco fell to 48s. closing quotations 6d on either side. Broken Hill Proprietary had dealings at prices ranging from 73s 9d to 76s 3d. buyers staying in at the highest price, sellers at 76s 6d. Electrolytic Zinc, ordinary, en the morn.ng call dropped to 53s Id and 535, but on the afternoon call had business at 54s 9d, and more were wanted at that price; the preference were firm at 58s. G. J. Coles recovered to 95s 6d, and more were wanted at that figure. Hume Pipe (Aust.alia) remained unaltered at 20s. Farmers' Trading, new issue, had business at 20s 6d. New Zealand Farmers' Co-oper-ative 4J per cent, stock, due 1940, appeared easier at £B9 lQs. Taranaki Oilfields were firm, with sellers and dealings at 6s Bd. Mining Grey River were steady, with sellers and 'dealings at 7s 3d. Broken Hill South changed hands at 455, and there were further buyers at that pr:ce, sellers at 45s 6d. Mount Lyells declined to 41s 6d and 41s 7d on the morning call, but on the afternoon call had dealings at 41s 7d, 41s 9d, and 41s lid. market closing 41s lOd buyers, 42s sellers. Mount Morgans were weaker, with dealings at 10s 9d and 10s Id, and further buyers at the high°r price North Broken Hill dropped to 71s. market closing Is either way. Rawang Tin were dealt in at lis lid. DUNEDIN [THE PRESS Special Service.] DUNEDIN, September 18. The number of sales put through the exchange for the period ended to-day was considerably below that recorded for some time. After fluctuating a good deal prices showed an all-round easing to-day. Australian mining shares, particularly, were marked down to low levels. The Far Eastern conflict and the unsettled state of Europe have had a depressing effect on stock markets. Banking shares were very dull, and were not included,in the week's sales list. Commonwealth Banks were weaker and claimed scant attention. Bank of New Zealands. which had a fair inquiry throughout the week, were slightly easier at the close, and Nationals, with buying offers at £2 17s. fell to the lowest price for some years. Unions and Bank of New South Wales were all weaker compared with the previous week's closing quotations. Insurance were dull. New Zealand Refrigerating, fully paid shares, had a steady inquiry at firming prices, but sellers very seldom entered the market. The contributing issue had a number of dealings at 9s lid, with more wanted Id above this figure. The decline in the prices for wool caused Goldsbrough, Morts to drop back to a sale at the low figure of 325. Westports and Kaitangata Coals had consistent inquiry at steady prices, but holders kept off the market. Broken Hill Proprietaries fell heavily throughout the week, the new issue of shares, following so closely on that of the previous issue, being responsible for the decline. They were dealt in at £3 16s 9d and £3 16s 6d, but the closing quotations were Is below these prices. After business at £4 15s 3d, G. J. Coles lost ground. Broken Hill Souths dropped to business at £2 4s to-day. Mount Morgans maintained their last week's levels, seven parcels changing hands at lis. Business in the unlisted section was confined to Woolworths (Sydney), with sales at £6 14s and £6 10s 6d, and Woolworths (South Africa) at 16s 3d. All issues of Government loans

ORGANISED DRIVE AGAINST FRANC

AUTHORITIES WITHDRAW FROM MARKET LONDON. September 16. The rush to sell francs is so great that the authorities have withdrawn from the market, convinced that they fcre faced with a well organised drive Jtdiich it would be futile to counterattack at present. PRICE OF GOLD OPWITEP puna* ASSOCIATION —COPTBIOHT.I' LONDON. September 16. Gold is quoted at £7 Os 5d a fine Mince. PRICE OF SILVER (xbitish omcuti wibxlxbs.) RUGBY, September 18. •pot silver is quoted at 20d a fine Mince, and forward at 19|d, ,

LONDON WOOL SALES Prices in Buyers’ Favour UNEASINESS OYER JAPAN (otitid press association: — copyright.) LONDON, Senfcmber 16. At the wool sales 8485 bales were offered, including 2906 from New Zealand; 4245 bales were sold. There was a moderate selection. Quieter demand favoured buyers, and the home trade were again the chief operators. New Zealand lots sold as follows:Scoured merinos, R. and CO/T, 30a; slipe half bred lambs. Eclipse, 19d. The “News-Chronicle” says that following heavy withdrawals on Tuesday, half of the 8500 bales offered at today's wool sales were withdrawn. The market was disturbed owing to Japan s failure to buy at the recent Australian sales and also to the possibility of Japan not fulfilling her agreement to buy 500,000 additional bales from Australia by June. . Sellers’ refusal to cut prices indicates a belief that Japan will soon return to the market.

SHARP FALL NOW CHECKED MARKETS STILL REMAIN HESITANT (UNITED PRESS ASSOCIATION —COPTRIOHT.) LONDON, September 16. The sharp fall on the Stock Exchange has to some extent been checked, but markets are still hesitant. with dealers cautious. One explanation of the decline is that large operators are discarding British industrials in order to obtain American stocks, which are considered to be at bargain levels. Consequently they have greater scope for appreciation. WOOL INDUSTRY REVIEWED SOUND STATE OF WORLD STOCKS INCREASED PRODUCTION AND GREATER DEMAND (BRITISH OFFICIAL WIRELESS.) RUGBY, September 16. A report issued by the Imperial Economic Committee shows that the position of the wool trade throughout the world is continually improving. There were increases in production in all exporting countries during the season, 1936 tn 1937. The chief increases wore in Australia, where production rose 40,000,0001 b. South Africa, with an increase of 35 000,0001 b, and Argentina, 19.000,000 lb. Prices continued to rise in spite of the advance in production, but an intensified demand from all consuming countries tended to stabilise prices and prevent, wide fluctuations. The stock in Australia at June 30 totalled 14,000,000 ib, as against 23,000,0001 b a year earlier. In »Tcw Zealand they were 11,000,000 lb, as against 17,000,0001 b a year ago. Of these stocks the greater part was sold during July and August. There is every indication that when the South A.merican season closes at the end cf September, the unsold stocks, particularly of coarse wools, will be very small.

were in good demand again, but few sellers came on the market. Little animation was displayed by buyers for shares in the New Zealand mining section. The only business recorded was ip Nokomais, which changed hands at 2s 3d. Following last week's improved return Okaritos moved up to buyers at 3s 3d, but when the market closed buyers had dropped to 3s. AUCKLAND [THE PUSSS Special Service.] AUCKLAND, September 17. The special gravity of the international situation has dealt a severe blow to the investment market. There can be no other explanation for the slump in the share values which has befallen the market this week. Uneasiness has grown to positive nervousness in spite of the larger profits, higher dividends, and brighter prospects disclosed in the balance-sheets during the last few months. As was to be expected under the conditions there was an improved support for Government securities, and one or two issues made small gains. Australian bank shares fared wery poorly, All made losses over the week, and several are now at levels below the lowest touched in 1936. Insurance also suffered a substantial South British recording business at 9os 6d, a fall of 3s 6d from their peak level, New Zealands and Nationals also lost ground. , All classes of Australian investment stocks took a severe battering. Among the heaviest falls were Australian Glass, Broken Hill Proprietary, whose troubles were increased by the threat of further trouble with its coalminers, Electrolytic Zinc, and G. British Tobaccos gave way slightly, while Colonial Sugars were steadier. Much smaller declines were registered in the case of New Zealand industrials, and in several instances gains were recorded. . Lifeless conditions existed in mining, and on several days there was no business. Metal prices closed the week on a lower level, and dependent shares were weaker. Even the _ interest kindled by Mount Morgans improved earnings was only temporary, and shares fell to 10s 9d at the close.

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;—

AUSTRALIAN SHARES FNVESTORS should not be without The Investors’ Review and its numerous services to subscribers. Particulars from—lnvestors’ Review. P.O. Box 136. Dunedin. 7272

VALUES ON STOCK EXCHANGE CHRISTCHURCH RATES, SEPTEMBER 17, 1937. FORMER LEVELS COMPARED I I m ! ;Return

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

SYDNEY With prices round late levels, there was a tendency for stocks to strengthen on the Sydney Exchange yesterday. Banking shares had moderate support. Gold and tin stocks moved mostly in buyers favour, and pastorals were steady. MnrniiiE Sales

MELBOURNE In spite of lower metal prices in London the Melbourne share market was inclined to be steadier, after the rise on the New York Exchange. Leaders show a recovering tendency.

KAIAPOI WOOLLEN COMPANY INCREASED PRODUCTION COSTS AUSTRALIAN COMPETITION Increasing production costs, brought about by legislation, and the great increase that is taking place in textile importations, particularly from Australia, were two important aspects touched upon at the annual meeting of the Kaiapoi Woollen Company, held in Christchurch yesterday. Mr A. McKellar (chairman of directors) presided. The details of the year’s operations were published in “The Press” of September 3. Mr McKellar. in reviewing the finances of the company, said that although the surplus was not as large as it was last year, owing to heavy increases in taxation, it was sufficient to pay 5 per cent, on all classes of shares, and still permitted some further strengthening of reserves. A sum of £7OOO had again been set Hside for depreciation. Compared with the previous year gross profit had improved by £6248 and stood at £92,177 for the year, but, on the other hand, the cost of operating the company's business had moved up to £67,677, an increase of £10.773. This, of course, did not represent the full increase in operating costs which the company had been confronted with during the year, the greater increases being in the manufacturing accounts. If a shorter working week had not been imposed by statute a considerably increased surplus would have been available. During the greater portion of the year the company had experienced difficulty in meeting the demands for its productions in the manufacturing time available. Greasy wools rose to a new high level during the season's soles, and the kinds most suited to the company's productions reached peak prices. Fortunately the company was well covered with good stocks of bulk wools. Taxation The company had been called upon to pay £10,385 in land and income tax during the year, an amount equivalent to 4 per cent, on the ordinary share capital of the company, or almost 3$ per cent, on the whole of the company’s capital. There was ample work available during the year to keep all divisions of the business fully employed. The pressure was uncomfortable at times; the shorter week was not helpful, and better times in the Dominion generally stimulated the demand for labour, which presented some acute problems to the management. 0 Australian Competition “At present,” continued the chairman, “there are indications that problems of a very different nature will have to be faced in the year we have now entered upon. I refer to the great increase that is taking place in textile importations, particularly from Australia. Until recently we had nothing to fear from the Australian manufacturer in this market, but with the rising production costs, brought about by legislation, etc., we are now placed at considerable disadvantage, and it behoves the Government to take the matter in hand before the position bccuncs acute. One only has to compare, for instance, the diminutive quantity of textiles and hosiery imported into Australia from Great Britain, as compa| - cd with the quantity that enters New Zealand, to realise the sheltered position of the Australian manufacturers jn their own country. Behind a favourable barrier vast industries have been built up in Australia, and our Dominion is now proving a lucrative field for Australian manufacturers.” In seconding the motion. Mr G. W. Armilage said that the balance-sheet was a satisfactory one, especially in view of the startling and bewildering problems they were nowadays called upon to solve. It was unfair that the Government, under the guise of company taxation, should confiscate 7/6 out of every 20s earned by the company in profits. One would think that a large manufacturing company, such as theirs, giving employment to many and spending tens of thousands in buying Now Zealand wools, and paying several thousand pounds a week in i wages, would receive favourable con- [ sideration. Excessive taxation was dissipating the returns from enterprise which would otherwise be saved and go into further enterprise. The Government. through taxation, held a very large interest in many business and manufacturing concerns and took a very large part of the profits without incurring any of the risks in making those profits. The motion was further discussed by Messrs J. Tait (who said that although their profit was down by some £4OOO, the direct taxation was £7OOO more), A. D. Hamilton, and B. Falck, Mr Hamilton said he thought that the directors in the near future would be finding many more difficulties to face than what had been the ease in the last two years. If reports were true that there were two million indents placed on the other side things would be very difficult’ indeed. The motion for adoption of the report and balance-sheet was carried. Directors and Auditor The directors retiring by rotation were Messrs Arnaud McKellar and J. H. Rhodes. There were no other nominations, and they were declared re-elected. Mr W. S. Newburgh was re-elected auditor. Complimentary Votes of thanks were passed to the manager and staff. Speaking of the Australian competition, the manager said this was serious. Australia had built up a very big tariff wall against all importations, even from the United Kingdom, and many inajor manufacturers of the United Kingdom had got over the difficulty by laying down plant in Australia. Australian manufacturers were now exporting goods in large quantities into the Dominion. Importations into Australia from the United Kingdom, in textiles, were about one-fourth of what they were into New Zealand, with five times the population in Australia. Strong representations have been made to the Hon. D. Sullivan, Minister for Industries and Commerce. [Extended report by arrangement.]

BEATH AND CO. NET PROFIT OF £7421 DIVIDEND OF 5 PER' CENT. FOR YEAR The annual report and balance-sheet of Beath and Company, Limited, for the 12 months ending August 19, has been issued. The report states that it has again had a satisfactory _ trading year. Business continues to improve in value and volume. Stocks are abundant. well bought, and saleable. World and local markets are lirminß consjd erably. The sum of fSaBo has b-cn provided for depreciation. Tne provis ion for land and income taxjs 13s 7d. The directors recommend paj ment of a dividend of 5 per tne vear on the ordinary thares. tne dividend of 5 per cent, on shares will be paid as usual. The counts shew a net profit the year of £7421 10s lOd, wmch, added to me carry forward of £10,956 14s, |ivcs total for disposal of £18,3(3 4s 10d, the allocation of which the directorlecommend as under; — £ s d Interim dividend on preference shares, already paid •• 250 U u Interim dividend on ordinary shares. already n g Final dividend on preference shares ... 250 0 0 Final dividend on ordinary shares •• 2,797 11. 8 6,095 3 4 Carry forward • • 12,283 1 6 £18,378 4 10 Mr C. Ogilvie retires from the board by rotation, but offers himself for reelection. Messrs Wm. Jameson and Son also offer themselves for re-elec-tion as auditors. If sanctioned by the meeting dividends will be paid on October 1. 1937. The balance-sheet, on the liabilities side, shows capital paid up at £121,903, plus calls paid in advance £60,216. Sundry creditors amount to £50.613. bank £25,767, mortgages on freehold £101.895. The reserve account is £20,000. Assets include freehold property at cost (less depreciation), £216.740: stock, £87,373, sundry debtors £33,338, cash paid in advance against shipments, £9192 17s, and cash in hand £357. The profit and loss account shows gross profit at £97,732 and net profit at £7421 10s. HAY’S, LIMITED SUCCESSFUL YEAR DIVIDEND OF SIX PER CENT. The directors of Hay's, Ltd,, in presenting the fourth annual report and balance-sheet, for the year ending August 19, 1937, report with pleasure the continued progress of the comoany. The result of the year’s opera- ] lions indicates the substantial nature I of the growth made during the year I under review. The turnover of the 1 business has been much increased, and the directors are pleased to report a correspondingly increased net profit. As intimated in the circular recently issued to shareholders, in which the remaining 15,000 shares of capital are offered to shareholders, the directors were able to conclude arrangements whereby access will be given between the premises and Colombo street. This development will be carried out during the coming year, and when completed should help materially to further the company’s advancement. The accounts show a net profit of £4,079 12s Id, which with the amount carried over from last year makes a sum of £6242 3s 3d available for distribution. The directors recommend allocating this sum as follows; £ s. d. To pay a dividend at the rate of 6 per cent, on the paid-up capital .. 1789 15 4 Transfer to income tax reserve .. .. 950 0 0 Carry forward to next year 3502 7 11 £6242 3 3 Mr W. H. E. Flint retires from the board by rotation, but offers himself for re-election. Messrs W. E. Best and Wilkinson also offer themselves for reelection as auditors. The balance-sheet shows on the liability side authorised j capital at £50,000, of which £25,912 10s is paid up, exclusive of calls paid in advance, £3917. Sundry * creditors amount to £5552 14s, and bank to £9789 2s 9d. Assets show land and buildings at cost (less depreciation and mortgage) at £8925, sundry debtors £7593 10s, and stocks on hand and afloat £31,140 13s. COMPANIES REGISTERED The following notices of company registration appear in the current issue of the "Mercantile Gazette":— Third City Estates, Ltd. Registered as a private company September 7. Office--149 Hereford street. Capital: £IO,OOO into shares of £1 each. Subscribers; Christchurch—T. N. Gibbs ‘3OOO, E. C. Trewin 1000, A C. Wilson 500, Nisbet House. Ltd" 4600. Wellington—E. A. Ogilvie 900. Oblects: Acquire freehold property and buildings in High street, belonging to Fishers, Ltd., and freehold property adjoining same. J Kennedy Transport Services, Ltd Registered as a private company September 7. Office: Liverpool Chambers, enr Liverpool and Hereford streets. Capital- £7OO into shares of £1 each. Subscribers • Christchurch-A. B. Kennedy 400 A r' Allan 300. Objects: Transport operators cartage contractors and incidental ’ New Zealand Migration Association. Ltd Registered September 2. Capital- fsoori into 5000 ordinary shares of £1 each SubCambridge—H. S. Duncan 50. Wellington R. A. Glen, F. Kingsford H* McCormick, A. P, O’Shea. J. D. McMillan B. E. Pike, one share each. Objects 1 - To organise, direct and carry on a pro” gi a mine of migration of individuals with or without families or deDcndent*; Qrkr i whether with or without suppHesof vate capital, who can be absorbed mtn agncultural, industrial, or economic life MINING MOUNT MORGAN ~ Th . e Exchange has received Morgan Ltd.?- Cablegram from Mount Production report for the four weeks ended September 15 shows- Ore 8,873 t0 ?l s . ; ore Seated, sulphide 27,500 tons oxidised 22,352 tons; estimated production of gold 4000 oz, and of copper 162 tons.

BANK OF ENGLAND RETURN LONDON, September 16. The following is the return for tfaa week ended September S;— ISSUE DEPARTMENT

GOVERNMENT SECURITIES (trXITBD PMIS ISBOCHTTO* —COPTBI VKIJ LONDON. September 16. The following are the latest quota* tions for Government securities compared with the prices ruling last week;—

FOREIGN EXCHANGES (BRITISH OFFICIAL WIRELESS.)

DOLLAR MARKET RATES Associated 3anks (other than the South Wales) quoted the following dollar rates yesterdav. on a New f P rt la ?„ d currency basis. They arc subject to alteration without notice;—

CANTERBURY MARKETS POTATOES AGAIN LOWER SMALL SEED STOCKS UEASONABLE (nr ws,b coMuasriit, eihtob.? Friday evening. The potato market, remains entirely Inactive. Jutt the announcement about stocks has had the effect of depressing the nominal quotation stilt further. The value is nominally ,£5 IDs on trucks, hut it is very doubtful if anything but the barest minimum of business could be done even at this figure. There are no buyers in the market, and orders from outside have ceased entirely. A number of farmers who are .still in possession of part of their crops have been anxious to quit, but buyers are very difficult to find. There has been a rather better demand for chaff, but the price has not responded and remains about £3 17s €d to £4 on trucks. Oats are dull, but they still meet a small inquiry. The retail trade in small seeds remains small still, but there is an increased interest in perennial ryegrass, particularly for certified seed. Stocks of seeds are not largo in any variety. Perennial rye is very short, particularly certified lines, but Italian and western wollhs are plentiful. Cowgrass is in fair supply, and stocks of white clover are also reasonable. Good cocksfoot is short. There is a lot of light-weight seed about, for which it is difficult to find a market. Montgomeryshire red clover is practically unobtainable as the crop was a failure. Quotations The following arc the prices quoted to farmers, on trucks, at country sidings. unless otherwise indicated;— Wheat—Milling, September, f.0.b., Tuscan 5s sd, Hunters 5s 7d, Pearl 5s l»cl. Fowl wheat, prompt, to 5s Id. to.b. Oats—A Cartons to 3s 2d, B Gartons 3s; Algerians, to 2s 10d; Duns, 2s 8d to 3s 3d. Ryegrass—Perennial, 2s 6d to 3s; Italian, 2s 6d to 2s 9d. Cocksfoot—Plains, 7d to 8d; Akaroa, fid to 9d per lb. . Cowgrass—6d to 7£d per lb. White Clover—To 10id. Chaff—To £4 a ton. Barley—Feed, 4s a bushed. Partridge Peas—4s Od to 5s a bushel. Potatoes—£s 10s a ton. Bran—Large, £4 15s; small, £5 ss. Pollard —Large, £6 5s a ton; small, £G 15s, DUNEDIN ITHE PRESS Special Service.] DUNEDIN. September 17. Supplies of fowl wheat are sufficient to meet the demand, but the quality of offerings is very irregular. Prices range from 5s 9d, sacks extra, Dunedin, for best quality, with lines ex stores worth a little more. Poor quality fovyl wheat is saleable at irregular figures. The oats market is decidedly weaker. There is no demand from the North Island, and local merchants are disinclined to quote for offerings from the country. These are fairly plentiful. Merchants are holding fair stocks, but they cannot find an outlet for them, find consequently they are disinclined to operate further. In the meantime A Cartons are worth 3s Bid, f.0.b., s.i., and B’s 3s sd. There has not been much demand so far for seed oats, but inquiries are now being received. Supplies of chaff are in excess of the demand, and sales are slow. The nominal value of truck loads is £5 5s to £5 7s 6d a ton. The local potato market now has an easier tone, with whites worth round about £9 to £lO a ton. King Edwards are in very short compass, and high money is obtainable for the small lots available. The market for Chewings fescue continues to show a firming tone, consequent on the demand from overseas. A fair quantity of this seed is still held by merchants. The cocksfoot, cowgrass, and ryegrass markets also continue firm, with little, if any. change in prices. Brown top is not meeting with any inquiry from overseas and values are unchanged. SOUTHLAND fPBJESS ASSOCIATIOir TIXBOBiM.) INVERCARGILL, September 17. The oats market continues quiet. There is dullness in the shipping demand, and only exceptional lines appeal to millers. Offerings are now very small. Values to farmers range from 2s 3d up to 3s. Fowl wheat lines are scarce, and good quality are commanding at least equal to the milling price. There is a fair quantity of chaff offering, but a big proportion of it is discoloured and of inferior quality. The value to farmers for good bright catsheaf is about £4 10s. Because of the exceedingly short crop last year there is very little ryegrass available for shipment, and stocks held will probably all be required for the local seed trade. Most of the farmers’ lines have either been sold or dressed on their account. Values to farmers for quality machinedressed seed of good germination range from 3s 6d to 4s. Inquiries for fescue from the overseas market are still coming to hand and merchants’ stocks are steadily being disposed of. All growers’ lines have now passed into merchants’ hands. The market for brown top continues dull because of lack of overseas orders. Values for machine-dressed seed of export quality are about lOd Per lb for certified and. Id less for Uncertified. Values to farmers for good quality white table potatoes are from £7 10s to £B, and good lines of King Edwards, which are practically unprocurable, are commanding higher rates.

j VEGETABLES AND J FRUIT j CHRISTCHURCH MARKETS j Good supplies of vegetables came i forward to the Christchurch market : this week, and best quality lines met j with a good demand. Cauliflowers up j to 6s a dozen, spring cabbage 3s to 6s ! a dozen, according to quality; savoy | cabbage, very scarce, realised up tb j9s 3d a dozen; lettuce, good supplies available, realised from 2s to 5s a dozen, according to quality; spinach, Is ! to Is lOd a dozen; rhubarb, 4s to 6s 6d i a dozen; potatoes, market easier. 3s to j3s 6d a sugar-bag; onions, supplies ; scarce, up to 7s a sugar-bag. | Fruit—Apples: Choice quality des- , sort and cooking varieties are realis|mg satisfactory prices. Inferior grades now practically finished. Delicious 8s to 10s: Jonathans. 7s to 9s; SturmerK, I 4s to 7s; cooking apples. 5s to Gs Cd a .; case. Pears: Choice dessert up to 6s; I cooking, 3s to 4s 6d a half-case. New Zealand lemons: Good supplies coming I forward, and values are from 8s to 14s; i Meyer lemons up to 27s Gd a case, (Passion fruit: Up to 18s for extra 1 choice, others 10s to 15s a box. \ Imported Fruits—A shipment of Cali- | Lovnnm lemons, grapefruit, and grapes arrived during the week. Lemons reali ised 67s Gd, grapefruit up to 455. and I grapes up to 35s a case. Queensland | pineapples also arrived, and realised up :to 18s 6d a case. Owing to the Matua being laid up for overhaul, there will I be a big shortage of bananas during the ■ next fortnight. j Eggs—First grade Is Id to Is 3d. sec- ; onds Is, duck eggs Is to Is l£d a dozen. 1 DUNEDIN (TBESS ASSOCIATION TELEGRAM.) j DUNEDIN, September 17. I Another shipment of South Austraj Man oranges will arrive by the Waitaki I from Melbourne on Wednesday. The j previous shipment has been practically j all sold. A small shipment, of manj darins will also be landed ex Waij taki. Ripe bananas are practically unobtainable at present, and no further ; supplies will be available until next [Tuesday week, ex Maui Pomare, from ! Samoa. The portion for the local mar- ; ket will come by rail from Lyttelton. , A small quantity of Fiji bananas is expected in Auckland next Monday, but as there is no connecting steamer with the South Island, it is unlikely that supplies will be available for the local market. The Matua is not due in Auckland till October 4, and it is I understood that she will bring a larger shipment than usual of Samoan bananas. A shipment of Californian grapes arrived during the week. The same vessel also brought Californian lemons and grapefruit. Choice quality dessert and cooking apples have a better inquiry. The market is still overstocked with inferior grade apples, which have now to be repacked before being placed on offer. Dessert and cooking pears are in short supply. STANDARDISATION OF SACKS j CONFERENCE HELD AT ! ASHBURTON RECOMMENDATIONS TO ME MADE In an endeavour to arrive at standard sizes of sacks for farm produce, a conference was held at Ashburton yesterday, between representatives of the Standards Institute and representatives of the provincial executives of th Farmers' Union and Agricultural and Pastoral Associations of Canterbury. Mr H. Worrall (representing the Wheat Committee), Mr H. F. Nicoll (United Wheatgrowers' Association), Mr J. Roberts, of Wellington (Transport Workers' Federation), and Mr Morgan Williams, M.P., were also present. Mr W. W. Mulholland, a member of the Standards Institute, and Dominion president of the New Zealand Farmers' Union, presided. The discussion was held in committee, but it was reported after the conference that the question of weights and sizes of sacks had been fully discussed from the points of view of the farmers and the transport workers. The conference made recommendations which would be referred to the bodies represented at the meeting. If necessary a further conference would be called. BRITISH WHEAT MARKET (BRITISH OFTICIAI. WIHELEBS.) RUGBY, September 13. Wheat cargoes are uncertain and parcels are unchanged. The spot trado is slow.

CHICAGO FUTURES CHICAGO, September 16. Sept. 13. Sept. 16. Ccats a bushel. September .. 10H 102 December .. 103 1031 May . . 105 105 g POTATO CERTIFICATION Entries for the potato certification scheme of the Department of Agriculture close on Monday, September 21. Entries received after that date will bear a late fee of 10s.

GROCERY TRADE PRICES AND PROSPECTS Except for the receipt of new season salmon prices there have been no outstanding features in the gi’ocery trade during the week. Turnover is still very satisfactory, both in the wholesale and retail trade, and luxury lines are selling very well. Onions The first shipment of new season’s Canadian onions is due at Auckland by the Aorangi on October 18. This caigo should be on the local market about a week later. No indication is yet available as to prices, and it is understood that further shipments are coming by later vessels. Australian onions are quoted £ll 5s f.o.b. for prime brown Spanish. A trade report from Melbourne states that the quantity of onions purchased on that market by the New Zealand Government was approximately 1000 tons for shipment to New Zealand. Clothes-Pegs There has been a fair advance in the price of clolhes-pegs oversea, which will later reflect itself on importations landing hero. Dried Fruit The present firm market for Australian currants and sultanas was caused, according to a recent report issued by the Commonwealth Dried Fruit Control Board, to the improved buying by Canada and New Zealand. Those two countries for the last season booked 20.000 tons of dried fruit from Australia out of a total production of 70.500 tons. The British market can absorb 45,000 tons; thus the | activity of the Canadian and New ZeaI land buyers removed the nossibility of a glut. and. in fact, stiffened the market, enabling the Control Board to command the export prices to the advantage of the industry generally. Last year £20.000 was spent by the board in advertising, and some of those connected with the export trade look to a bigger allocation for advertising next year. Advertising appears to have put the dried fruit industry of Australia on to its present sound basis. Advices from Australia state that no further supplies of three or four crown currants are available, and as regards two crown grade, only limited quantities are on offer, and irnuorters in want of supplies are advised to cover their requirements without delay. This situation was predicted in this column in July, when it was reported that stocks of the higher grade currants were getting short in Australia, also that it was expected that currant stocks would be all exhausted before Christmas. Nub The peanut market in Java is definitely firmer, and heading toward higher levels. Nows was received during the week that shipments of Chinese peanuts could not be made from that country. This will now put the full weight of the demand on to the Java produce, and this in turn is bound to firm prices. The Narbada is due shortly with peanuts from Java. Next arrivals look a certainty to be at higher levels. There is no advice regarding walnut pieces from China, and here again the possibility of getting shipment seems remote. Locally, stocks of Chinese walnuts are short, and supplies now on hand will in all probability be sold out well before Christmas. Bags A new price list has been issued for all types of bags ( satchel, cake, fruit, etc.), showing increases of7i oer cent, to 10 per cent, in all lines. There has also been an advance of £2 a ton in henvv paper hags. These advances followed on the recent advance in the value of paper. Prunes Stocks of prunes on the local market are reported to be short. This situation will be relieved shortly as fair stocks are due to land next week from California. Eggs Supplies of fresh eggs arc still plentiful. Yesterday city stores were paying and obtaining all supplies required at lid a dozen net all in. Dates Definite information is now to hand about the dispatch of new season's dates from Busrah (other than small consignments sent by mail steamer at high freight rates). The great bulk of the new crop dates for New Zealand will leave Busrah on October 80 by the steamer Nardana. This vessel is due in Sydney on November 30, where she will tranship her New Zealand cargo. Given favourable transhipping opportunities, New Zealand merchants should receive their supplies in time for Christmas trade; but in any case, even with everything in importers’ favour, there will be very little time available for distribution between arrival of new dates and the Christmas holiday demand. Muscatels Small parcels of Australian muscatels are again available for shipment from Australia. Recently prices were withdrawn as the possibility of overselling was likely, but now that the sales position has been clarified, advices state that there is still a small quantity available for export, subject to sales. Cap Paper Following the higher price level for paper, the price of cap paper has advanced by 2s per cwt. Tea At Calcutta last week almost 2.700,0001 b of Indian tea was offered at auction. Quality was fair average for this period of the year, and demand was brisk at rates similar to those of the previous sale. There was a good demand for fannings, but several lines of leaf tea were barely steady. The London market for Indian tea last week was reported as being active, and prices firm. At the sale referred to above, the following average prices were obtained:—Broken orange pekoe, common 11 annas 3 pies, medium, 12 annas, good 1 rupee. Broken pekoe, common 11 annas, medium 11 annas 3 pies, good 12 annas. Fannings, common II annas, medium 11 annas 3 pies, good 14 annas. Salmon New season’s Canadian salmon prices have been cabled from Vancouver by the chief packers constituting the main exporters of salmon from Canada. Values are all in advance of opening rates of last season, the rise being 2s 6d to 3s a case. Spread delivery can be had on contracts up to next March, and a fall clause is included in the quotations. According to reports there seems little chance ol cheaper rates for salmon, and this opinion is fortified by unfavourable reports about the fishing off the West Canadian coast. Salmon packed in Asiatic-Russia will be quoted again this season, and the prices are now awaited: but it is not expected that they will be cheaper than the Canadian pack. Barley and Peas English barley is being offered at 4s 4d, Cape at 4s, milling peas 6s 6d, all f.o.b. Melbourne, prompt shipment. Paint Australian paint manufacturers have reduced the prices of ready mixed paints by Is a gallon. This is the result of weaker prices lor lead, which has fallen in Australia by £6 a ton for manufactured sheet. BETTER QUIET IN LONDON LONDON, September 16. The butter market is quiet. Danish, 1355. Choicest salted Australian and New Zealand, 117 s; unsalted, New Zealand, 118 s, Australian 117 s. The cheese market is steady. New Zealand, white 67s 6d, coloured 68s 6d; Australian, 66s 6d and 67s 6d.

\ This Last Week. Week. £ £ Saturday 4,353 — Monday 3,800 6,038 Tuesday 8,060 9,755 Wednesday 7,751 8,780 Thursday 5,225 7,515 Friday 8,125 7,793 Total 37,314 39,886 ""Dealings in the different sections Were: — Shares. Value. No. £ Government — 516 Debentures 1,929 Banking 958 2,970 Insurance 125 213 Loan and agency J20 2,604 Refrigerating 1,800 967 Breweries 750 /I Miscellaneous 11,120 18,863 Mining 7,775 7,702

Sales on ’Change £ s. d. 100 Bank of N.Z. (2) 2 4 0 400 N.Z, Refrig. (10s pd.) (2) 0 10 0 200 Dominion Breweries (2) 2 0 6 100 Anthony Hordern 0 18 6 50 British Tobacco 2 8 0 250 Broken Hill Prcpty. 3 14 6 3 14 0 3 13 9 3 16 0 3 16 3 150 Electro. Zinc (ord.) .. 2 13 1 2 13 0 2 14 9 100 Electro. Zinc (pref.) (2) 2 16 0 50 G. J. Coles 4 15 6 300 Taranaki Oilfields (3) 0 6 8 300 Grey River (6s 3d pd.) (2) 0 7 3 200 Broken Hill South (2) 2 5 0 575 Mount Lyell (2) 2 1 6 (2) 2 1 7 2 1 9 (2) 2 1 11 300 Mount Morgan (cum div.) 0 10 9 (2) 0 10 10 100 North Broken Hill .. 3 11 0 100 Rawang Tin 0 11 11 Sales Reported £500 N.Z. Govt. 4 p.c. Bonds, 1946 103 5 0 4 Bank of N.S.W. (odd parcel) 31 10 0 150 United Building So ciety (cum div.) 1 1 0 500 Westport - Stockton Coal (2) 0 5 1 100 N.Z. Breweries 2 9 3 150 Broken Hill Propty. 3 14 0 3 14 4J 100 Hume Pipe (Aust.) .. 500 Farmers’ Trading (new issue) 1 0 0 1 0 6 £300 N.Z. Farmers’ Co-op. (4J p.c. stock, 1940) 89 10 0 200 Mount Morgan 0 10 10 Government

BRADFORD MARKET EASIER ALL CLASSES MARKED BACK LONDON. September 16. The Bradford market is quiet and yarns are easier. Quotations are:— Last Last Sept. year. week. 16. Merinos — , d. d. d. 70's .. 34 39 J 37 64's .. 32 J 374 35 60's .. 31i 36 34 Crossbreds— 58's .. 25J 32 i 31 56's .. 20 J 30 23J 50's .. 16 26 25* 46's .. 14i *25i 25 44's .. 13i *25i 25 'Nominal quotations.

! i | Approx. market 1 4 i c.-*-* • V u Div. on investApprox price payment at I market a year; >’ ra 2 Companies. sh'e i Buyers. 1 j Sellers. price. 1 ago. I s a" narket price. £ 1 £ s. d. 1 1 £ s. d. ' £ s. d. £ 5. d. i 1 £ s. d. 1 N.Z. I 1 curr. Banks— Australasia Comm, of Aust. 5 10s 1 o 17 0 H 0 15 17 0 3 0 17 3 12 0 2 18 0 4 8 6 2-3 Feb. -Aug. Oct.-Mch. 3 8 1 3 17 3 Comm, of Aust (pref.) Com. of Sydney K,. S.. and A. .. Natl, of A’asia 10 12J 3 10 9 3 6 9 20 14 6 0 10 6 0 0 9 5 20 0 5 7 0 0 6 9 19 5 14 2 16 17 6 01 4 6 | 6J 6 | 5 0 53 Oct.-Mch. Jan.-July Nov.-May Nov.-May 4 6 5 4 13 2 15 9 3 19 3 Natl, of A’asia (con.) Natl, of N.Z. .. New Zealand .. N.S.W. Union 5 2J 1 20 5 6 2 31 8 10 3 0 10 6 6 0 0 6 2 31 9 16 4 15 5 0 0 0 0 6 15 2 18 2 4 31 10 9 5 0 3 0 0 0 7 3 1 32 9 0 19 10 9 0 0 3 0 6 5J 4 10 6 6 Nov.-May Jan.-July Jan.-July Jan.-July Jan.-July 4 4 2 3 8 8 4 10 10 3 16 2 3 4 10 Insurance — National New Zealand .. South British .. Standard 7s 1 1 1 3 2 1 16 6 0 0 4 2 18 2 15 19 i! o° 0 18 3 2 4 15 2 17 2 9 0 6 0 3 4 3 18 2 9 1 6 6 3 0 10 5-7 10 2/8 12J i May-Nov. Feb.-Aug. Apl. Oct. Mch.-Sep. 4 2 6 3 3 8 2 16 1 4 6 11 I,oan and Agencj Dalgety and Co. Goidsbrough, M. United Building ~5 1 1 10 1 1 1 12 1 0 6 ° 10 1 1 4 13 1 0 6 6 l0 1 1 13 1 1 6 0 0 9 1 1 0 13 0 0 9 6 6 s May-Nov. Dec.-June Oct.-Apl. 2 19 6 4 16 11 4 15 2 Frozen Meat— Gear N.Z. Refrig, N.Z. Refrlg. , con. 10s 1 10S 1 0 0 9 .! 1 0 1 10 0 0 0 19 1 1 0 10 0 0 0 0 0 0 13 19 9 0 5 3 n 5J 5i July-Oct. Feb. Feb. 3 18 11 5 4 9 5 10 0 Gas — Auckland Auckland (con.) Christchurch .. Ch.Ch. (con.) .. Wellington 1 13s 1 10s 1 1 1 6 1 1 2 9 0 6 1 1 0 15 1 9 0 13 1 16 9 1 6 3 0 1 0 1 0 .1 3 17 8 14 17 0 6 0 6 6 5i 5J 7 8 8 July-Feb. July-Feb. Aug.-Feb. Aug.-Feta. Aug.-Feb. ! 5 1 1 5 9 4 4 14 10 6 0 9 4 8 10 Shipping— Huddart-Parker P. and O. Dcf. Union (pref.) .. 1 1 1 2 4 0 1 6 9 1 1 1 16 12 6 6 § 71 4 51 May-Dec. May-Dec. May-Dec. 1 3 8 2 4 2 2 Coal— Taupiri Westport .. 1 10s - - 0 16 1 4 0 0 0 1 17 2 0 ° 5 1 Nov.-May 10 1 May-Nov. 1 16 5 0 14 3 4 1 Breweries— Carlton New Zealand .. Tooheys Tooths 1 1 16s 1 2 2 9 14 0 9 2 2 9 15 6 6 2 9 1 12 2 15 3 0 3 2 2 1 2 19 12 13 16 0, 6 3 0 12 81 8 10 Oct.-Mch. Jan.-July Mch.-Sep. May-Nov. 3 9 0 4 0 0 3 12 4 Miscellaneous— Aust. Glass Beath and Co. 1 1 1 4 2 9 7 0 6 4 1 2 12 2 8 0 6 6 4 12 1 2 . 2 8 0 3 0 4 1 2 14 6 3 0 0 15 5 7 Dec.-June Mch.-Sep. March 3 5 2 4 9 10 2 18 4 3 5 6 3 3 9 Broken Hill Pty. Burns, Philp .. 1 1 20 3 46 16 10 3 0 3 47 16 2 6 6 3 16 47 0 3 0 3 3 43 16 14 0 0 0 0 121 10 71 Nov.-May Nov.-May Doin. Fertiliser. 1 1 1 2 1 1 2 3 1 3 1 2 6 3 1 0 4 18 3 0 5 7 Apl.-Oct. 6 5 10 Elec, fcinc lord.) Elec. Zinc (pf.) Henry Jones .. 1 1 1 25s 2 2 14 15 9 10 2 2 1 15 16 2 6 6 0 2 14 2 16 2 8 1 2 9 0 0 0 2 2 2 1 3 4 2 4 3 6 0 0 m 171 10 5 Mch.-Sep. Mch.-Sep. June-Dee. June-Dee. 6 5 0 4 3 4 5 13 7 4 6 3 2 3 14 0 3 16 0 8 Sep.-Apl. 1 2 1 10 2 2 0 2 2 0 1 9 3 10 June-Dcc. 1 — — 1 0 6 1 1 6 6 August 3 5 9 4 12 3 N.Z. Newspapers 16/8 2J 1 3 17 3 3 0 1 18 3 1 18 3 5 0 0 2 3 0 2 0 0 a 1 g, Nov.-May Mch.-Oct. Wilson’s Cement 10s 1 0 6 1 1 0 1 0 9 1 16 0 71 Nov.-June

OTHER QUOTATIONS Buyers. Sellers. £ s. d. £ S. d. N.Z. Government Debentures 3J p.c. Ins.. 15/3/3D-43 101 5 and 15/9/39-43 0 — 3i D.c. Ins., 1953-57 . . 98 10 0 — ai D C. Ins., 1941 101 5 0 — 4 p.c. Ins., 1943-46 103 0 0 — 4 p.c. Ins.. 194C-49 104 15 0 — 4 p.c. Bonds, 1946 103 5 0 — Rural Bond.:. 5 p.c.. 100 15 15/9/47 0 — Other Debentures Ch.Ch. Drainage Board. 102 5 4i p.c.. 30/9/38-60 . . — Booth. Macdonald, 5 75 0 0 p.c., 1/6/47 — N.Z. Rcfrig., 41 p.c.. 101 10 1940-45 0 Loan and Agency Natl. Mort. (A) (£2) — 2 9 0 N.Z. and River Plate 0 19 0 (£1) — N.Z. Guar. Corpn. (3s) 0 4 3 0 5 0 Shipping 0 Devonport Ferry (£1) — 1 0 Frozen Meat Canterbury (£7 10s pd.) 10 0 0 — Woollens Felt and Textiles (£1) — 2 0 0 Kaiapol (17s paid, cum div.) 0 13 8 0 14 2 Kalapoi (7s paid, cum r dlv.) Manawatu (£1) 1 10 0 — Breweries Dominion (£1) 2 0 3 — N.Z. (con.) (10s paid) 1 14 3 — Tui (£1) — 2 16 0 Miscellaneous Anthony Hordern (£1) 0 18 3 0 18 6 Boath and Co. (Is pd.) — 0 3 0 Booth, Macdonald (pf., £1) — 0 2 B Cox Bros. (£ 1) — 6 1 2 0 G. J. Coles (£1) 4 15 4 16 0 Gen. Indust. (12s 6d) 0 19 0 — Hay’s, Ltd. (con., cum 17 rights, 15s paid) .. 0 15 0 0 0 Howard Smith (cum 0 div., £ 1) — 1 6 Hume Pipe (Aus.) (cum 0 19 10 0 div., £1) 1 3 Macduffs (pref., £1) .. Farmers’ Trading (con.) 1 0 7 6 0 3 McKenzie’s Department Stores (£ 1) — 4 6 0 Morris Hedstrom (£1) — 1 10 0 Morts Dock (£1) 0 11 0 0 11 8 Malleys (£1) — 1 3 6 N.Z. Farmers’ Co-op. (£2 10s paid) N.Z. Farmers’ Co-op. — 0 16 0 (10s paid) — 0 0 3 N.Z, Farmers’ Co-op. (1st pf., cum div., £5) —• 3 13 6 N.Z. Farmers’ Co-op. (A pf., cum div., £4) — 2 8 0 N.Z. Farmers' Co-op. (B pf., cum div., £4) — 2 1 0 N.Z Farmers’ Co-op. (41 p.c. Stock. 1940 and 9/2/40, £100) .. — 90 0 0 N.Z. Malay Rubber (pf.. £1) 1 5 0 N.Z. Paper Mills (£1) 1 7 0 — Otago Daily Times (£1) 2 5 0 — Shillings, Ltd. (£1) .. 0 18 9 0 19 9 Taranaki OH. (24/7) .. 0 6 7 0 6 8 Standard Cement (£1) — 1 1 0 Wilcox, Mofilin (11s) 0 13 5 0 13 8 Woolworths (N.Z.) (ord., £1) .. 5 0 0 5 7 0 Woolworths (pref., £1) — 1 13 6 Woolworths (Sydney) (2nd pref., £1) — 1 8 0 Woolworths (Vic.) (pf., £1) — 1 10 0 W. R. Carpenter (£1) — 2 7 3 Radio (1936) (10s) — 1 3 3 Overseas Listings Woolworths (South Africa, 5s) — 0 16 0 Mining Alexander (15s pd.) .. — 0 14 0 Argo (Is) 0 1 6 0 1 11 Argo (6d paid) 0 1 3 Barry town (£ 1) 1 5 0 1 10 0 Big River (Is) -* 0 1 bi Bundi (£1) .. 0 6 0 Clutha (2s) .. — 0 3 9 Gillespie’s Beach (Is) — 0 1 5 Golden Dawn (5s) .. 0 1 11 . 0 2 6 Golden Point (6d) 0 0 1 Golden Sands (Is) .. 0 1 7 Goldfields Dredg. (Is) 0 0 2 Grey River (6/3 paid) 0 7 2 0 7 3 Nemona (Is) — 0 1 6 Skippers (Is) 0 0 13 0 0 23 Waihi G’and Jun. (2s) — 0 3 0 Waimumu Sluic. (Is) 0 0 4 0 0 Waitahu (5s) — 0 1 6 Worksop Extend. (Is) 0 1 0 0 1 4 Australian Mining Broken Hill South (5s) 2 5 0 2 5 6 Mount Morgan (2/6) .. 0 10 10 North Broken Hill (cum div., 5s) 3 10 0 3 0 Rawang Tin (10s) 0 11 10 0 12 1

Assoc. Motorists’ Petrol (pref.) 1 10 0 Arahura — 0 17 0 Ballin's Breweries (15* paid) — 0 14 6 Ashby, Bergh — 2 0 0 Ashby, Bergh (pf.) .. — 7 0 0 Coulls, Somerville. Wilkie 0 14 0 0 16 0 Jones Nevis — 0 0 6 N.Z. Perpetual Forests 2 2 0 — Sclfridges (A’asia) .. 1 11 0 — Selfridges (N.Z., 12s paid) 0 9 6 0 12 0 Selfridges (W. Aust., 10s paid) .. -** 0 17 9 Temuka Flour — 0 19 0 Thyrodone — 1 10 0 Woolworths (Sydney) (ord.) 5 15 0 6 10 0 Woolworths (W.A.) .. 6 10 0

AUCKLAND Sales on ’Change £ s. d. 4 per cent. Bonds, 1943-46 103 5 0 Commercial Bank of Australia 0 17 3 National Bank of New Zealand 2 18 3 Bank of N.Z. (D mort.) 1 9 I"! National Insurance 0 18 New Zealand Insurance 3 3 0 Farmers' Co-op. Auct. (£5) .. 5 0 0 North Auckland Farmers (3 pf.) 0 10 6 Taupiri Coal 0 16 0 Westport-Stockton (pf.) 0 5 Auckland Gas (con.) .. (2) 0 15 1 Dominion Breweries 2 0 6 Broken Hill Pty. 3 34 0 Electro Zinc (pref.) 2 16 0 Farmers' Trading 1 1 0 9 Hume Pipe 0 0 N Z. Newspapers .. (2) 1 18 0 NZ Refrig. (con.) 0 10 0 Taranaki Oil .. 0 6 VI 0 6 V Martha .. 0 15 3 Mount Lycll 2 1 6 2 2 0 Mount Morgan .. (2) 0 10 9 Overseas List Woolworths Holdings (S.A.) .. 0 16 1 Unofficial List Woolworths (Sydney) 6 5 0 WELLINGTON Sales on ’Change £ S. d.' 4 per cent. Stock, 1955 105 0 0 4 21 (Both late Thursday) 4 per cent Stock. 1046 103 5 U Bank of New Zealand 2 4 6 Colonial Sugar .. • • 46 15 Broken Hill Pty. (*) 3 3 14 15 6 Dominion Fertiliser .. i 3 n Woolworths (N.Z.) (pref.) .. 1 13 3 Unofficial List Woolworths, Limited .. 6 5 0 National Tobacco 3 4 0 DUNEDIN Sales on ’Change £ s. d. Mount Lycll 2 i 10 Electrolytic Zinc (2) .. 2 14 Sales Reported 4 per cent. Stock. 1943-45 (2) 103 5 0 Broken Hill South .. • • 2 4 0 Mount Lycll •• ' z ' 2 i. 10 Mount Morgan (cum div.) 0 11

Morning: »aies £ s d. Bank of New South Wales 32 12 b Bonk of New Zealand 2 6 0 Tooths Brewery 2 15 6 Associated Newspapers i 2 • Anthony Hordern 0 19 0 3 16 6 Burns, Philp (rights) 1 15 0 Electrolytic Zinc 2 15 Electrolytic Zinc (prcf.) 2 16 0 Howard Smith 1 0 6 Afternoon Sales Rank of New South Wales 32 17 G Comm. Bank of Sydney (N.Z. 20 10 0 Notional Bank (£5 paid) 6 16 0 Colonial Sugar ■ ■ 45 7 6 Bonk of New Zealand • •• 2 6 0 Associated Newspapers 2 2 Associated Newspapers (pref.) i 2 10* Burns, Philp (rights) 1 14 U Australian Gas (A) .. 7 3 0 British Tobacco 2 9 6 Tooths Brewery 2 15 0 Toohcy’s Brewery 1 12 3 Wilcox, Mofflin 0 13 Henry Jones 2 8 3 Electrolytic Zinc 2 15 6 Farmers 1 14 Anthony Hordern .. 0 10 0 Anthony Hordern (prcf.) 1 2 9 Cash Orders 0 17 9 Australasian Paper., 1 12 9 Morts Dock 0 ii 6 Gordon and Gotch 2 13 9 John McGrath 1 18 6 Newbold Brick 1 15 0 Taubmans 3 9 6 Paul and Gray 1 1 9 Hume Pipe 1 0 0 Victoria Nyanza 18 0 Mercantile Mutual Insurance i 11 0 Mount Morgan 0 11 0 Mount Lyell 2 2 0 South Broken Hill 2 6 0 North Broken Hill 3 12 3 Rawang Tin 0 12 1 Puchong Tin 1 15 6 Pungah Tin 1 11 1 0 Burma Malay 2 6

Sales;— Comm. Bank of Australia £ 0 17' d. 4 Adelaide Steam 1 11 0 British Tobacco 2 9 3 G. J. Coles • ■ (Pf.) 4 16 6 Australian Iron and Steel 1 7 9 Dunlop Perdriau 1 2 7 Dunlap Perdriau (pref.) 1 18 9 Goldsbrough, Mort 1 13 4* Electrolytic Zinc 2 15 9 Electrolytic Zinc (pref.) 2 16 6 Felt and Textiles 1 19 9 General Motors .. 1 4 6 Melbourne Electric Stock 0 19 0 Mount Morgan 0 11 0 Mount Lyell 2. 2 0 Broken Hill Pty. 3 18 0 North Broken Hill 3 12 0 South Broken Hill 2 6 0 Loloma • • *• 1 1 6

METALS MARKET (UNITED PRES3 1 LSSOC1ATION- C OPYEIOBT.i LONDON, September 16. Sept. 15. Sept. 16. £ s. d. £ s. d. Copper— Standard, spot 54 11 lOi 53 3 9 Forward 54 13 V 2 53 6 10«i Electrolytic .. 61 0 0 53 10 0 to 62 0 0 60 10 0 Wire bars .. 62 0 0 60 10 0 Lead— Spot 21 3 H 20 11 3 Forward 21 3 U 20 10 7»i Spelter— Spot 21 is n 21 6 3 Forward 22 1 10i 21 11 3 TinSpot 264 10 0 262 12 6 Forward 263 17 6 252 2 6 SilverStandard, per oz. 19 15-16d 20d Fine, per oz. 2Ud 21 9-16d NEW YORK TIN (UNITED PRESS ASSOCIATION—C0P7RIGHT.) NEW YORK, September 16. Tin is quoted at 59.28 cents per lb

Notes Issued— In circulation •• In banking department £ .. 488,100,000 38.300.000 526.400.000 Government debt .. Other Govt, securities Other securities Silver coin .. 14.000.000 .. 188.700.000 300.000 Fiduciary Issue .. Gold coin and bullion .. 203.000.000 .. 323.400.000 526.400.000 BANKING DEPARTMENT Capital Rest •• -• 3,708.000 Public deposits .. •• Bankers • • • • • • Other accounts .. •• -*,100,000 173,200,000 Government securities Discount and advances Securities Notes and coin .. 107,100.000 5.000.000 21.200.000 .. 30,900.000 The ratio of reserves to 23.41. The rate of discount at 2 per cent. 173,200.000 liabilities la is unchanged

Sept. 9. Sept. 16. £ s. d. £ s. d. British — __ . Consols 73 10 0 . 73 Id 0 Funding Loan, 4 p.c., 1960-90 .. 110 10 0 110 15 0 War Loan, 3J p.c. 100 2 6 100 7 6 Con. Loan, 34 p.c. 93 5 0 99 5 0 Victory Bonds, 4 D.C. 107 5 0 107 lo 0 Commonwealth— 5 p.c., 1945-75 107 15 0 107 la 0 4 p.c.. 1943-54 103 15 0 102 5 0» 3J p.c., 1934-53 .. 100 3 9 100 5 0 32 p.c., 1936-37 91 2 6 91 5 0 41 p.c., 1959-60 89 15 0 88 10 0* New South Wales — 44 p.c., 1935-53 97 7 6 97 10 0 Victoria— 3 p.c., 1929-40 93 17 6 94 ,D 0 42 p.c., 1940-50 103 S 0 103 7 6 4 p.c., 1945-75 107 15 0 107 13 9 Queensland — 3 p.c.. 1932-47 94 13 9 94 15 0 5 p.c., 1940-60 103 11 3 103 15 0 South Australia— 4 p.c., 1942-62 108 0 0 107 10 0 3 p.c.. 1945-75 73 0 0 78 0 0 Western Australia — 4 p.c., 1942-64 101 5 0 101 3 9 Tasmania— 3J p.c., 1938-40 101 15 0 101 17 6 4 p.c., 1940-50 101 15 0 101 13 9 New Zealand— 44 p.c., 1948-58 .. 103 18 9 104 7 6 34 p.c., 1940 101 11 3 101 11 3 3 p.c., 1945 .. 96 5 • Ex Interest. 0 96 5 0

RUGBY, September 18. Par. Sept. 15. Sept. It. Paris, fr. to £1 124.21 1461 l«l New York, dol. to £1 4.863 4.941 4.95 7-18 Montreal, dol. to £1 4.866 4.941 4.951 Brussels, belgas to £1 35 29.391 29.441 Geneva, fr. to £1 23.2215 21.541 21.S6| Amsterdam, fl. to £1 12.107 8.992 9.00 Milan, lire to £1 92.43 94 »4i Berlin, reichmarken to £1 20.43 12.331 12.34| Copenhagen, 18,159 kr. to £ 1 22.40 22.40 Stockholm, kr. to £1 18.159 19.391 19.38| Oslo, kr. to £1 18.159 19.90 19.90 Vienna, schgs. to £1 34.585 261 261 Prague, kr. to £1 164.25 141| 1411 Helsingfors. marks to £ 1 193.23 2261 2251 Madrid, pesetas to £ 1 25.2215 , Lisbon, escudos to £ 1 HO 110 3-16 110 3-1* Athens, drach to £1 Bucharest, 37^ 5471 5471 lei to £1 813.60 670 670 Belgrade, dinars 276.3 216 216 Rio de Janeiro, pence to milreis 5.90 41 41 Buenos Aires, pence to dol. 51 Montevideo, pence to peso Bombay, pence • 39 13-16 39 13- If _ to rupee Shanghai. 18 18i 181 pence to yen • 14g 142 Hong Kong, pence to yen • 15 15 Yokohama, pence to yen Batavia, 24.58 14 14 guilders Warsaw, par 13.107 8.97 8.93 zlotys to £ 1 43.38 Determined by price of silver.

U.S.A. Canada. (Per £ 1NZI Selling— Dol. Dol. T.T. O.D. Buying— .. 3.97 .. 3.97a 3,97 1-1* 3.97 1 T.T. O.D. .. 4.00 9-16 .. 4.019-16 4,noj 4.01|

Futures are quoted:— Sept. 13. Sept. 16. London (qr.)— s. d. s. d. October -. 45 0 45 5 November .. 44 7 44 7 Liverpool (cental; — October .. 8 61 8 73 December . ..8 6! 8 March . . 8 2g 8 2L