FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22307, 22 January 1938, Page 10

FINANCE AND COMMERCE

WOOL STEADY IN LONDON STOCK EXCHANGES DULL vVool remains steady in London where the auctions have attracted excellent competition. An encouraging feature is the report of the strong Yorkshire co ipetition on Thursday. The Bradford tops market is also steady, with rather more business being done.

The Stock Exchanges this week have been very dull, with little interest in anything except metals and chain stores. There has been a much better demand for Government issues locally, and banks and insurances have also been sought. This is probably a reaction in the generally unattractive outlook for Dominion industrials.

Metals, which since mid-week have been weaker, have fallen further.

SHAKE MARKET REVIEW

GOVERNMENT ISSUES STRONGER

TURNOVER RESTRICTED

CBI OTITI COMMMCIAI XDITOB.) The Christchurch Stock Exchange this week has been very quiet, with ■business confined mainly to banking. Government, mining and chain store Etocks, and with turnover small. There appears to be little life in the market particularly for Dominion issues, and trading has continued on much the same scale as during the opening week There is. of course, generally a slack period after the reopening ol the Exchanges, but this year conditions in both this country and overseas are not conducive to any great confidence among investors. Values as a whole rose till mid-week, when there was a check, with no subsequent

Government The demand for Government issues *ras excellent, and prices were inclined to rise. The keenness to acquire this type of security is not altogether a healthy sign, as it means that canital is not attracted by the ordinary industrial outlook, and prefers safety with low returns. The 3£ per cent.. 1938-52, was done at £lOl 10s, a rise of 10s. and with two sales at £lO3 2s 6d. the 4 per cent., 1946-49, held the best of last week's rates. The 1943-46 4 per cent, showed a rise of 7s 6d, with a sale at £lO3 7s 6d. The banking and insurance sections attracted more attention than usual, a normal occurrence in a time of rising prices of Government issues. Commercial of Australia rose 2d on the week to sales at 17s 2d, and are now 4d dearer than at the opening of the year. The £lO shares were done at £9 14s 6d, and the £5 National of Australasia at £7 Is 6d. National of New Zealand showed a recession on recent sales, with business at £2 13s. New Zealands, which had one sale at £2 4s 3d, were a trifle stronger. Fair attention was paid to the insurance section, where values were higher. National had sales at 16s lOd and 17s, South British at £2 8s and £2 8s 3d. and Standard at £2 19s. Breweries were almost neglected. New Zealands had a few sales at the steady price of £2 7s. Miscellaneous Dunlop Rubbers were one of the few bright spots in a dull market for miscellaneous issues. They started at £1 3s 3d, 3d lower than they ended last week, but were done at £1 3s 8d at the end. G. J. Coles came in for a fair amount of attention, but after showing some signs at mid-week of reversing the downward trend of the opening period, they slipped, and ended with the loss of Is. Broken Hills had only a few sales, and were ■weaker at the end. Colonial Sugars, ■which have recently declined, continued the movement. Both Electrolytic Zincs were easier on the less encouraging overseas metals market. Sydney Woolworths were consistently dealt in. and improved their position on the week by 2d, to sales at £1 5s Bd. The New Zealand ordinaries ■were slightly easier, but the South African shares rose to a sale at 14s 9d. Mining 1 There was a good deal of business in the mining section, where Australian Etocks had practically all the business. Most issues followed the trend of the overseas market, and after rising till the middle of the week, fell away. Morgans were an exception, and continued to improve position, finishing at 10s 4id after falling to 9s 7d at the beginning.

YESTERDAY'S TRANSACTIONS

Markets continued active on call yesterday, and dealings were restricted. Prices of some stocks dealt in showed improvement. Apart from vestibule business, the following transactions were recorded:—

Commercial Bank of Australia were fractionally firmer at 17s 2d, sellers staying in at that price, buyers at 17s Id.

Huddart. Parker were firmer on buyers' offers 43s 6d. New Zealand Breweries remained unaltered at 475, market closing 46s lid buyers, 47s 3d sellers. Miscellaneous Broken Hill Proprietary were steady, with sellers and business at 635, buyers at 62s 9d. Dunlop Rubber were fractionally firmer, with buyers and jtealings at 23s Bd. sellers at 23s lid. •. J. Coles recovered to 84s, sellers W»ying in at that price, buyers at 83s

9d Taranaki Oilfields were fractionally weaker, with business at 6s 8d and further sellers at 6s 6d. buyers at 6s 3d. Woolworths (New Zealand) were nrm at 20s 6d. Mining Addison's Flat had dealings at Is 3d and Is 2d, and further buyers at the lower price failed to attract sellers. Mount Lyells recovered to 32s bd and 32s 9d. market closing 32s 6d buyers, 32s 8d sellers. Mount Morgans were fractionally weaker, with dealings at 10s 3d and 10s 2d. and further sellers at the lower price, buyers at 10s id. North Broken Hill declined to d4s 6d and more were wanted at 54s 9d, but sellers were reticent.

AUCKLAND ITHE PRESS Special Service.! A.UCKLAND, January 21. Investors are gradually throwing off some of the restraint which has marked operations on the Auckland Stock Exchange since the New Year opened, and a lair amount of business was transacted during the last week. The market is slowly losing its holiday atmosphere and is settling down to solid trading. Recent dealing has covered a wide range The exception, however, has been the quietness of popular Australian industrials and an indication is the fact that in Broken Hill Proprietary, which is generally regarded as one of the leaders of the mfrket. there has been the fewest number of transfers for many months. There is no apparent reason for this slackness, for industry in the Commonwealth has shown no signs of recession. Any particular attraction for investors during the week has been held by gilt-edged securities. Government loans have experienced their busiest period for a considerable time in spite of a continued shortage of supplies. The market for this type of issue is rising steadily and few owners are willing to part with thenholdings unless increased rates are offered. Local body debentures a so have been caught in the wave of buying. This may be taken as a promising factor in the future of the market generally, and other sections of the market seem certain to react to this confidence in due course. Both lon and short-term Government loans aie in demand, with more attention being paid to the tax-free issues. New Zealands again provided the highlight in the banking section and the turnover was particularly heavy. In contrast with the steady improvement during the latter part of last year and the first week this year, a decline set in which was not stayed during .he week. In spite of the dividend and bonus announcement, interest m Unions of Australia was still practically nonexistent. Insurances were more active South British opened the week strongly and although later business was done slightly lower, the rate showed an improvement on Previous levels. Nationals were a shade easier. There has been a noticeable lack of confidence in stock and station concerns ever since wool values opened at substantially lower levels this season. Evidence of this was given by a sale of Farmers' Auctioneering, £5 paid, at 80s, the lowest value recorded since the dividend rate was increased in September. Weakness also has been noticeable recently m Goldsbrough Morts and Dalgetys. Auckland Gas have made a bold showing. Rather more attention was paid to breweries, and New Zealands made a slight advance. The interim dividend -announcement by G.. J. Coles evidently came as a disappointment to the market Before this a sale had been put through at 86s. but the shares are now standing at about 83s, with little invest being shown Colonial Sugars continue on their downward path mainly on Sydney selling, and at the close there was little sign of improvement. After steadily easing throughout the week on the lower London quotations, metals exhibited signs of steadiness at the close. I DUNEDIN

rTHE PRESS Special Service.! DUNEDIN, January 21. There was no pronounced display of enthusiasm among buyers on the Stock Exchange at any stage of the period ended to-day. Buying interest was spasmodic and generally speaking competition was entirely lacking among buyers. Investors still appear to have a preference for Commonwealth stocks and again New Zealand securities were given scant attention. In fact, many leading Dominion shares were passed over at many of the callovers, holders rinding it.difficult to attract buyers to make a quotation. The reason for this nervousness among investors is attributed to uncertainty regarding the legislation likely to be passed at the next session of Parliament, and local sharebrokers express the opinion that it is unlikely that these shares will record any immediate improvement. The business transacted during the period was representative of most sections of the market, but Australian mining shares and chain store enterprises claimed most attention. Following the easier trend on the Australian Stock Exchanges, Australian mining shares started to recede in value on Wednesday, and when the market closed quotations in most instances were below those ruling at the close of the previous period. With the easing in values, buyers became less numerous, and operations were somewhat subdued during the final two days of the period. Broken Hill Souths end Mount Lyells were the most active stocks, the former being dealt in at prices which clearly indicated the downward trend of the market. At the close, however, there was a slightly firmer tone. Both issues of Electrolytic Zincs remained steady throughout the period, the recent dividend announcement no doubt having a strengthening effect. After dropping to a sale as low at 9s Bd, Mount Morgans picked up to business at 5d above that figure. Chief interest among miscellaneous industrials was focused on chain store enterprises, Sydney Woolworths receiving consistent inquiries at recent steady values. Several transactions were reported at £1 5s 6d and £1 5s Bd. The South African shares were also fairly well supported, and figured on the sales list with dealings at 14s 6d. Mark Foys found a buyer, a parcel changing hands at £1 6s. Broken Hill Proprietary shares leceived their cus-

tomary support, and both issues appeared on the sales list at steady market prices, but a slight easing tendency was discernible when the market closed. G. J. Coles lost ground, but Dunlop Rubbers finished a shade firmer. Hume Pipes, Milburn Limes, National Electrics, and Wilson's Cements were the best-supported Dominion securities, but prices made practically no recovery. Banking shares were not as well supported as is generally the case, and business was confined to New Zealands, which after a sale at £2 4s 6d eased to business at £2 4s 3d. Bank of New South Wales appeared on the sales list at £33 ss. National Bank of Australasia at £l4 lis, and Queensland National Bank of £5 4s 6d. Apart from these transactions, however, • and the very slight strengthening in Commercials, the section was generally quiet. Among insurance stocks Nationals were given most attention and were dealt in at 17s and 17s Id. New Zealands had a sale at £3 3s. but thereafter buying interest slackened considerably. Shipping shares were firm but quiet, and in the meat preserving section the contributing shares of New Zealand Refrigerating moved up to business at 9s 4]d. These shares received strong support throughout the period. Little animation was displayed by buyers of New Zealand mining shares and no business was recorded. Loan and agency shares were dull, and coal stocks experienced a similar market, although Westport-Stocktons had a few buyers. Government loans were in good demand, prices being slightly firmer for certain issues. Two parcels of 3J per cent, stock, 1938-52. changed hands at £lOl 10s, and the 1953-57 issue was dealt in at £99.

PROPERTY SALES

WOOL FIRM IN LOXDON

STRONG DEMAND FROM HOME TRADE GOOD SELECTION OFFERED (UNITED PRESS ASSOCIATION—COPYBIGHT.) LONDON. January 20. Firm limits continued at the wool sales, but bidders were anxious to buy. A total of 6470 bales were offered, including 196 C from New Zealand and 5847 were sold. There was a fairly good selection, and a strong demand from the Home trade, which, in spite ■ oi : Continental competition, secured the bulk of the offering.

Rates were firm. Yorkshire was attentive to crossbreds of which New Zealand lots met an active demand. Withdrawals were negligible. New Zealand lots sold as follows: Greasv crossbred. Owetea, 12} d _to 12'"'d; scoured crossbred lambs, Napier 15d to 17Jd. GERMAN PURCHASES

SLIGHT RECESSION SHOWN

LONDON, January 20. The correspondent of the Australian Associated Press at Bremen says that the Bremen Chamber of Commerce, in an authoritative survey of wool purchases bv Germany, records only a slight decrease in the quantity imported for the year ended October 31, I£>37. compared with the previous year. The chamber declares: "Happily, imports from Australia increased from 14.558.000 kilos to 18,578,000 kilos, owing to the increased exports of German goods to Australia. More wool was also imported from New Zealand." Japanese purchases from South Africa increased prices, and as a result adversely affected German imports: but as German exports to South Africa were increasing, Germany would be able to buy more wool in the future.

BRADFORD MARKET STEADY

LONDON, January 20. At Bradford, the market is steady, following the trend of the London sales, and slightly more business is passing. Quotations are:— Merinos—7o's, 29d; 64"5, 27£ d; 60's, 26id.

Crossbreds—sß's, 23j,d; 56's. 22W; 50's, 18Jd: 46's, 18d (nominal); 44's 18d (nominal).

MIXING MAORI GULLY (press association tslegbam.) GREYMOUTH. January 21. The Maori Gully return is 590 z 4d\vt for 128 hours. PRICE OF GOLD LONDON, January 20. Gold is quoted at £6 19s 7Jd a fine ounce. AUCTION SALE OF FURNISHINGS

A large attendance was recorded at the clearing sale of furniture held on behalf of R. H. Morgan. Esq., 18 Paparoa street, Papanui. There was splendid bidding throughout, and a total clearance was made. The sale was well organised, fine weather prevailing, thus giving the Auctioneers the chance of displaying same in the beautiful grounds. Some of the individual prices were one self pattern carpet £BO, two suites £3O, sunblinds £lO bedroom carpet £l3 10s, small dining suite £lB 10s, chesterfield suite £l6. Over 212 extra lots sold at prices up to £7 each. The sale was acknowledged to have been the best held in the Papanui district for some time past, and was conducted by W. E. SIMES and CO., Auctioneers, 239 Manchester street (Opp. Christchurch City Council). 4262

H. MATSON and CO. report having recently sold:— On account of Mr W. A. Brockett, his section, situate Upper Riccarton, to Mr E. C. Watson.

On account Exors. James Estate, house, 248 Barbadoes street, to Mr Stewart Dudley Robinson.

On account Mr E. A. Rattray, his home, situate 3 Maxwell street, to Mrs M. Nelson.

On account Exors. Estate of Mrs Margery Kennedy, her property, situate Peverell street, to Mr C. Bramley. On account client, property, situate St. Andrew's terrace, to Mrs Gray. On account Mr E. Dalton, his modern home, situate Totara street; to Mr G. H. Dixon. On account Grand Lodge of Druids, property, situate Packe street, to a client. ~~*

OTHER QUOTATIONS

MELBOURNE Industrial stocks showed little variation. There was some profit-taking in gold shares, which have recently heen active. Commonwealth Bonds were very firm.

METALS MARKET

BERLEI (N.Z.)

COMPANY NEWS

[THE PRESS Special Service.] ; AUCKLAND. January 21. A net profit of £10.704 is shown in the accounts of Berlei CN.Z.). Ltd,, for the year ended December 19. compared with £9502 in the previous year and £6260 in 1935. The profit is struck after allowing for depreciation and income tax. The directors recommend a final dividend of 2s a share, making 3s 6d a share, or 17i per cent, for the year, against 121 ner cent, in the previous period. With £2039 brought forward, there is £12.743 available. The year's dividend requires £8750. and £2751 is transferred to the reserve account. An amount of £1242 is carried forward. The directors' report states that sales have again shown an increase. The employees have received a special bonus. Fixed assets have been well maintained, and full provision has been made for depreciation. FROZEN MEAT

LAMB STEADIER AT SMITHFIELD FROZEN BEEF FIRMER <*BESB ASSOCIATION TBLIGRAIf.) WELLINGTON, January 21. The New Zealand Meat Producers' Board advises that the following prices were realised at Smithfield on Thursday. The chilled beef prices quoted are averages for the week:—

The lamb market is much steadier with prices unchanged. Consumption continues Rood. In the mutton market, light-weight wethers are easier, and others arc unchanged. Ewes are weaker, with a slow' trade. Frozen beef is firmer on a better demand. Chiiled beef has a better trade, and smaller supplies have improved prices. New Zealand porker pigs are a shade easier owing to the warmer weather. Baconer pigs are slightly easier owing to the weaker bacon market. BUTTER MARKET SLOW NEW ZEALAND TO 113/1N LONDON

LONDON. January 20

Butter is slow. Danish is quoted at 132 s to 134 s per cwt. choicest salted New Zealand 110 s. Australian 109 s; unsalted New Zealand 113 s. Australian Ills. Cheese is quiet. New Zealand white 69s to 69s 6d. coloured 70s; Australian, white and coloured 67s 6d.

BANK OF ENGLAND RETURN

CANTERBURY MARKETS

ALL SECTIONS QUIET

(BT OUR COMMERCIAL EDITOB.) Friday Evening. Wheat is now being delivered fairly fast, and it appears that the season will be in full swing within the next fortnight. Most of the samples that have so far come to hand have been from North Canterbury, but a number have also appeared from the Rakaia district Quality is in every case excellent, and yields are reported to be better than was expected, though there is yet not enough in to make any estimate of the increase. . Oats are coming m fairly freely, mainly Algerians, though some Garlons have been handled. Quality is good, and the price for good sample is 3s for both Algerians and Gartons. No interest is at present shown in potatoes. The crops are looking exceedingly well, and the yield from the larger area promises to be heavy. The small seed crops have not yet been delivered in any quantity. Quotations

The following are the prices quoted to farmers, on trucks at .country sidings, unless otherwise indicated, for old season's crop:— Wheat—Milling f.0.b., Tuscan 5s 5d Hunters 5s 7d, Pearl 5s 9d. Fowl wheat, prompt, to 6s f.o.b. Oats—New season's A Gartons to 3s. Algerians to 3s. Ryegrass—Perennial (new season's) 3s to 3s 6d; Italian, 2s 6d to 2s 9d. Cocksfoot—Plains. 7d to 9d; Akaroa 5d to 9d per lb. Cowgrass—6d to 7d per lb.

White Clover—Bd to lOd. Potatoes —Forward, £3 15s a ton. Chaff—£4 10s a ton. Barley—Feed, 4s a bushel. Partridge Peas —4s 9d to 5s a bushel. Bran —Large. £4 15s; small, £5 ss. Pollard—Large, £6 5s a ton; small. £6 15s. ASHBURTON MARKET The recent weather has been ideal for harvesting, and several samples of wheat have been received. The moisture test in most cases has been satisfactory, and all millers are booking up supplies. Occasional offerings of oats have taken place, but farmers are showing no keenness to accept the current quotations. Oat sheaf chaff is now more difficult to sell. The only inquiry is for an odd truck for shipping. The offering of grass seed has been on the light side, and very few sales are reported. Practically no cocksfoot has been threshed, but seed should be available in about 10 days' time. It is doubtful if the yield will be up to the usual owing to the dry spell in the spring.

Potatoes are looking well, but little interest is being taken in the market in the meantime. DUNEDIN (PRESS USSOCIATIOH TELEGEAH.) DUNEDIN. January 21. The heavy rains a few weeks ago followed by the present spell of hot weather have benefited both the wheat and oat crops. Fowl wheat has shown little change during the last few weeks, supplies still being just about .sufficient to meet the demand. Practically no business is being transacted in oats at present, and the demand from the North Island seems to be practically nil. There is practically no demand for chaff and the market remains very quiet. Prices show an easier tendency and best quality is worth from £5 to £5 5s a ton. sacks extra. The small seeds market remains very quiet for last season's lines. A few lots of new season's seeds are- making their appearance. Ryegrass is coming to hand and the demand for both certified and ordinary is good. VEGETABLES AND FRUIT

CHRISTCHURCH MARKET Vegetables: Good supplies of vegetables of all varieties came forward to the Christchurch market this week, and ruling values are as follows: — Cauliflowers, to 5s 6d a dozen; cabbages. Is to 2s a dozen: lettuce, up to 2s a dozen; marrows, from 3s to 5s 6d a dozen; peas, up to Is 6d a peck; beans. 3d to 3Jd per lb; potatoes, up to 3s 6d a case: onions, from 3s to 4s 6d a sugar-bag; cucumbers, up to 4s 6d a box

Fruit—Apples: New season's apples, dessert up to 4£d per lb, cooking from 4s to 7s a case. Tomatoes: Increased quantities coming forward, best quality locals 5d to 6d per lb, other grades from 2d to 4Jd per lb. Grapes: Up to 2s 5Jd per lb. Stone fruits: Apricots 4s 6d to 7s a case, according to qual-

ity. Peaches, up to 5d per lb. Plum* a few special desserts realised to 7W per lb, others from 3s 6d to 6s 6d a case. New Zealand lemons: Increased quantities now coming forward. sq<j values are lower compared with l&g week.

Imported Fruit—A shipment of Ja, maican oranges and grapefruit as rived during the week. California lemons are expected next week, alsa further supplies of Samoan bananas. Eggs—First grade Is 2d to Is 3M seconds Is to Is Id, duck eggs tH Is 2d a dozen. DUNEDIN

(»SM MMGU9KW IKJ4UL) DUNEDIN, January 2k The feature of the fruit markst dia| ing last week has been the over-supl ply of tomatoes. Oranges had a bety ter sale during the week. A furthq shipment is expected ex Maungand on Tuesday week. Lemons hav* been in short supply. There has beej a good supply of bananas. The prw vailing hot weather has brought sum plies on all together, and there likely to be an acute shortage befoc« the arrival of the next shipment, which will be ex the Matua in a fortnight New season's apples continue to coma forward in heavy supply. WeK matured lines of Gravensteins haH had a belter inquiry, but immatui* lines are difficult to place. Small qua* tities of Bon Chretien pears are no* coming forward, and are readiw snapped up. Tomatoes are increasing quantities. Outside-grown from Canterbury and Central Otagd are now making their appearance During the week there has been a considerable drop in values, and 1 will take several days for prices to steady. Hothouse tomatoes, maaitf from Kakanui, have been in heavy supply. Some lines have been arm* ing over-ripe, and have had to bt sold at prices disappointing to growers. Choice quality dessert peachea have maintained good prices throughout the week. Apricots are now in full supply, and have had a good demand at prices which compare favourably with those ruling at the corresponding time last year, when growers were well satisfied with their returns. The apricot season wili be short. Several growers have alreadv reported that their crops are finished. High prices are ruling on the northern markets for Central Otago apr:ct-. and this has kept values firm at the local marts. Nectarines are oftem in small lots, and have a good demand. Choice quality dessert plums Irvbeen keenly sought, but jam pluvj have been offered at low rates. Sr.t-/ suma plums are now coming forward from Central Otago. Strawberries and cherries are definitely finished foi the season. Choice quality raspberries have experienced better demand. Loganberries are at present in good supply.

BRITISH WHEAT MARKETS

LONDON. January 20. Wheat cargoes are easier and parcels unchanged. The spot trade is quiet Futures are quoted:— Jan. 17. Jan. aft London (a quarter)— s. d. s. 4 January .. 46 4 45 el March .. 45 3 44 M| Liverpool (a cental)— March .. .. ' 7 8i 7 S May „ „ 7 8J 7 f July .» . „ 7 8i 7 1 CHICAGO FUTURES NEW YORK. January 2% Jan. 17. Jan. & Cents a busbeX May ..97| 95} July „ 91| Wf September .. 90| BSg

recovery. Business day by day • was:- £ 1,606 Saturday . ., Monday Tuesday Wednesday Thursday Friday »» •j 8,482 5,764 4,360 3.019 1,984 Total ~ .. £• 25,215 Dealings in the different sections \vere: — Shares Value No. £ Government — Banking — Insurance Loan and Agency 1,120 1,000 400 6,236 1,445 1,294 585 Refrigeration Breweries - 200 400 92 930 Miscellaneous Mining - 4,430 8,300 7,113 6,510

LISTED STOCKS Sales on 'Change «■ c ,-j 100 Comm. Bank of Aust. (cum div.) 100 N.Z. Breweries 50 Broken Hill Propty. 100 Dunlop Rubber 500 Addisons Flat z« s. 0 17 2 7 3 3 1 3 0 1 0 1 1 12 0 10 0 10 0 10 2 14 2 0 0 8 3 2 50 Mount Lvell 700 Mount Morgan f3) 200 North Broken Hill (4) 6 2 3 2 6 Sales Reported 50 G. J. Coles 'cum div.) 100 Taranaki Oilfields . . 200 Woolworths (N.Z.) 100 Dunlop Rubber 100 Mount Lycll 4 4 0 6 1 0 1 3 1 12 0 8 6 8 9 Banking

Buver 5. Seller < £ s. d £ s. d. N.Z. Govt. Debentures 3J p.c. Ins., 15/3/39-43 101 0 0 1 01 15 0 Si pc. Ins., 15/9/39-43 101 0 0 — 3J pc. Ins., 1938-52 and 1039-52 101 2 6 — 34 p.c. Ins.. 1953-57 97 0 0 — 4 p.c. Ins., 1943-46 and i 1046-49 103 5 0 — 4 p.c. Ins., 1952-55 .. KC! 0 0 — 4 p.c. Bonds. 1955 103 0 0 — 3 p.c. Ins., 1939-41 97 0 0 — Other Debentures Gl'-bnrne Sheepf armors. 6J p.c. 31/8/41 102 0 0 — Loan and Agency Mutual Benefit (£10) .. 13 10 0 — N Z. Loan and Merc. lord.. £1001 — 51 10 0 Wricht, Stephenson (pref.. £1) 1 0 9 — Newton King (pf., £1) — 0 10 6 Shipping Adelaide (£1) 1 12 6 — Frozen Meat Cantby. (£7 10s paid) 9 14 6 11 0 0 Waitaki (£5) .. — 5 0 0 South Otago <£5) — 6 2 6 Woollens Kaiapoi (17s paid) — 0 13 0 Kaiapoi (pref., 17s) — 0 17 0 Coal Stockton (10s) 0 2 3 0 3 2 Stockton (pref., 10s) .. 0 5 8 0 6 0 Miscellaneous Amalg. Wireless (con., 14s paid) — 2 12 6 Anthony Hordcrn (£1) — 0 13 10 Aust. Iron and Steel (pref.. £1) .. 1 7 0 — Beam and Co. (Is pd.) 0 1 1 — Booth. Macdonald (pf.. £1) 0 1 10 0 2 1 Broken Hill (new) .. 1 14 10 1 15 3 Consohd. Brick (£1) .. 0 7 0 — Dom. Builders (10s) .. — 0 3 6 D.I.C. (IDS) 0 14 0 0 15 0 Evans Atlas Flour (10s) 0 19 0 — G. J. Coles (cum div., £1) 4 3 9 4 4 0 Howard Smith (£1).. 1 1 1 1 1 4 Hume Pipe (Aust.) (£1) 1 0 11 1 1 0 McKenzie's Department Stores (£1) 3 11 0 3 12 .6 N.Z Farmers 1 Co-op. (£2 10s paid) — 0 15 0 N.Z. Farmers" Co-op. (1st pref.. £5) — 3 10 0 N.Z. Farmers' Co-op. ("A" pref., £4) 1 10 0 2 0 0 N.Z. Farmers' Co-op. ("B" pref., £4) — 2 0 0 N.Z. Farmers' Co-op. (4J p.c. Stock, 1940, £100) 92 0 0 — Quill, Morris (1336) (£1) 0 16 9 — Radio (1936) (10s) .. — 1 3 0 Standard Cement (£1) — 0 19 0 Taranaki Oil. (24/7) .. 0 6 3 0 6 6 Wilcox, Mofflin (lis) — 0 11 0 Woolworths (N.Z.) (5s paid) — 1 0 9 Woolworths (pref., £1) 1 17 0 — Woolworths (Sydney) (1st, pref., £1) 2 0 0 — Woolworths (Sydney) (ord., 5s) 1 5 7 1 5 8 W. R. Carpenter (£1) 2 6 9 — Overseas Listing Woolworths (S.A.) (5s) 0 14 5 0 14 9 Mining Addison's Flat . (Is) 0 1 2 — Argo (Is) 0 1 7 — Argo (6d paid) 0 1 2 0 1 9 Barrytown (£1) 1 1 6 — Big River (Is) 0 1 0 0 1 31 Austral N.Z. Mining (£1) 0 13 0 — Gillespie's Beach (Is) — 0 1 3 GoIdBelds Dredg. (Is) 0 0 U — Grey River (8/9 pd.) 0 11 7 0 11 9 Maori Gully (Is) 0 0 41 — Martha (5s) 0 14 9 — Moonlight Gold. (8d paid) 0 0 41 0 0 61 Mossy Creek (Is) — 0 1 6 Nemona (Is) — 0 1 6 Nokomai (5s) 0 2 0 0 2 6 Skippers (Is) — 0 0 21 Waihi Grnd Jun. (2s) 0 2 111 — Worksop Extend. (Is) — 0 1 4

Australian Mining Broken Hill South (5s) 1 15 3 1 16 2 Mount Morgan (2/6) .. 0 10 1 0 10 2 North Broken Hill (5s) 2 14 9 — Wellington Alluv. (2s) 0 5 9 — UNLISTED STOCKS All transactions in st> ocks quote d In this section are subject to a diflfe renl t rate of brokerage from listed stocks and are not quoted on the official 1 ist. 3uy< ?rs. Selle :rs. £ s. d. £ S d Alloy Steel (Aust.) .. n in 0 0 15 0 A.P.A. 0 9 0 — Brunner Collieries .. — 0 12 0 Christchurch Press 8 10 0 — Coulls, Somerville 0 14 0 — N.Z. Mining Invest. .. — 0 0 5 N.Z. Perpetual Forests 2 3 6 2 10 6 Self ridges (A'asia) .. — 1 7 6 Selfridges (N.Z.) — 1 1 0 Selfridges (N.Z.) (con., 14s paid) ■ •. . — 0 14 0 Westland Breweries (contr.) 1 0 0 ~ DUNEDIN Sales Reported £ S. d. Queensland National Bank .. 5 4 6 National Insurance 0 17 0 Woolworths (Sydney) 1 5 8 Woolworths (South Africa) 0 14 6 N.Z. Breweries (2) 2 7 0 Mount Lyell 1 12 0 Sale After Call Broken Hill South .. — 1 15 8

AUCKLAND Sal«fi on 'Change d. Ins. Stock, 1953-57. 3} per cent. 97 5 0 Bank of New Zealand .. 2 4 0 Farm. Aust. (£5 paid) 4 0 0 United Building (Auck.) 1 0 3 Auckland Gas .. ». 1 0 1 9 o Auckland Gas (15s paid) .. 0 15 0 British Tobacco .. — 2 in 0 Broken Hill 'con.) 1 15 3 F.loclrnlvtic Zinc (pref.) 2 12 0 r;™- Meat .. ~ n 16 R McKenzic's .. — 3 13 1) Wil-nn's Cement 0 ia 2 Wool wort lis (N.Z.) 1 n 6 Woolworths (Sydney) 1 -.5 R Martha Broken Hill South (3) 1 15 0 WELLINGTON Sales on 'Change £ s. d. Dominion Breweries 1 18 0 British Tobacco 2 9 10J (All above late Thursday.) 35 p.c. Ins Stock. 1957 97 5 0 Commercial Bank 0 17 1 Gear Meat 0 16 9 Bond's Hosiery Mills .. 0 18 0 Westport Coal .. (2) 3 6 New Zealand Breweries 7 1 Broken Hill Pty. 3 0 Electrolytic Zinc (ord.) R 9 Dnnlop 3 9 Tarannkl Oil 6 6 Woolworths. Ltd (ord.l (2) 5 8 Woolworths (N.Z.), Ud. ford.) 0 3 Unofficial List N.Z. Perpetual Forests 2 9 2 SYDNEY Onlv minor fluctuations in prices V ere noted in all departments of the Sydney Stock Exchanee yesterday. Morning Sales £ s. d. Associated Newspapers (pref.) 1 '4 4J Huddart-Parker 2 4 0 Tooths 2 15 9 Broken Hill Pty. 3 4 0 Burns, Philn 2 17 0 Colonial Suear 46 15 0 General Industries 1 0 1J Howard Smith 1 1 6 Afternoon Sales Commercial Bank of Sydney .. 20 17 0 Commercial Bank of Australia 0 17 3 National Bank (£5 paid) 7 3 0 Bank of New Zealand 2 4 0 Colonial Sugar 46 15 0 Associated Newspapers 1 3 0 Associated Newspapers (pf.) .. 1 4 fi Automatic Totalisator 0 19 0 Hud dart-Parker 2 4 0 Burns, Philp 2 17 0 British Tobacco 2 10 6 Toobeys (riehts) 0 5 10 David Jones 2 1 3 General Industries 1 0 3 Felt and Textiles 1 1R 41 .1. McGrath .. ~ 2 2 0 Standard Cement .. „ 0 19 0 Perpetual Trustees 4 15 6 Victoria Nyanza Sugar 0 17 2 United Provisions .. „ 0 7 1 Winchmore. Carson 1 12 6 Henry Jones 2 10 0 Fairymead Sugar .. — 1 15 9 Pcrmewan. Wright .. .. 1 13 11 Wright, Heaton 7 12 fi Metropolitan Gas 13 15 0 Woolworths „. ►. 1 5 9 Mount Morgan .. ' „ 0 10 2 Mount Lyell — .. 1 12 10J South Broken Hill 1 15 75 Kuala Kampar Tin 0 19 0 Placer Development .. 3 15 6

Sales:— Commercial Bank of Australia 0 17 3 E.. S.. and A. Bank 5 6 n National Bank (£5 paid) 7 5 0 lasnBSMuusnaSS^^^^^^^^^^n 2 10 0 Carlton Brewery 3 5 9 Dunlop Perdriau 1 4 0 Goldsbrough. Mort 1 12 0 Australian Foundalion Investment Trust 0 6 2 Mount Morgan 0 in 1 Mount Lyell 1 12 9 North Broken Hill 2 16 3 Emperor Gold 0 12 9 Loloma 0 18 1

LONDON, January 20. Jan. 19. Jan. 20. Cooper— Standard. spot £ s. d. 42 6 104 £ s. d. 41 13 14 Forward 42 11 10J 41 16 104 Electrolytic .. 46 10 0 45 10 0 to 47 10 0 46 10 0 Wire bars 47 10 0 46 10 0 Lead— Spot 16 1 104 15 16 104 Forward 16 10 74. 15 18 V, SpelterSpot Forward 15 1 10J 15 5 7i 14 13 9 14 18 1J TinSpot 184 7 6 182 7 6 Fo: ward 185 2 6 183 7 6 SilverFine, per oz. 20gd 20 3-16d Standard, oz. per . 22d 21 13-16d

New Zealand sheep— Crossbred wethers and/or maiden ewes: 481b and under .. ~. 53 Ewes: 481b and under M «. 4J 49 10 56lb 31 New Zealand Lambs— North Island, second quality: Average about 311b 7i Australian Lambs—■ Victorian: First quality, 29 to 3GIb .. 7J 37 to 421b 71 Argentine Lambs— First quality: 361b and under 61 37 to 421b 63 Now Zealand Frozen Beef— Ox hinds, 145 to 2101b 4i Australian— Ox hinds. 145 to 2101b 4| New Zealand Porker Pigs— First quality; 61 to 801b 7? 81 to 1001b 11 New Zealand Baconer Pigs— 121 to 1601b 62 Chilled BeefAll weights. 145 to 2101b, unless otherwise stated: Australian hinds 5a Crops (weights corresponding* 3>i Southern Rhodesian— Hinds 5i> Fores U Argentine—• Hinds 6g Fores 44 Uruguayan— Hinds 6 Fores 3;i

LONDON, January 20. The following Is the return for the week ended January 20:ISSUE DEPARTMENT Notes issued— £ In circulation 475.700,000 In banking departi nent 50,700,000 526,400,000 Government debt 11,000,000 Other Govt, securities 188,700,000 Other securities 300,000 Silver coin •• — Fiduciary issue 200.000,000 Gold coin and bullion 326,400,000 526,400,000 BANKING DEPARTMENT Capital 14,500,000 Rest 3,500,000 Public deposits .. 11.100,000 Bankers ». 124.400,000 Other accounts ** 36.300,000 180.800,000 Government securities 104.400.000 Discounts and advar ices 12,900,000 Other securities .. 21,800.000 Notes and coin 50,700,000 189.800,000 The ratio of resei ~ves to liabilities is 29.77. The rate of discount is unchanged at 2 per cent. GOVERNMENT SECURITIES (tnrrTED pbess a.sso< nATIOK—COFTOIOHT.) LONDON, Jar mary 20. The following are : the late :st quotations for Government securities compared with the price: s rul ing la st week:— Jan. 13. Jan. 20. £ s. d. £ s. d. BritishConsols 75 0 0 76 0 0 Funding Loan, 4 p.c. 1960-90 . . 113 0 0 114 0 0 War Loan, 3J p.c. 102 0 0 102 10 0 Con. Loan, 3i p.c. 103 0 0 103 10 0 Victory Bonds, 4 p.c. 111 10 0 112 0 0 Commonwealth— 5 p.c, 1945-75 107 10 0 107 10 0 4 p.c, 1943-54 102 15 0 102 15 0 33 p.c 1934-53 100 7 6 100 5 0 33 p.c. 1936-47 96 13 9 99 18 9 41 p.c. 1953-60 89 10 0 89 10 0 New South Wales— 4J p.c, 1935-53 97 13 9 97 10 0 Victoria— 3 p.c. 1929-40 '" 94 10 0 94 12 6 4J p.c, 1940-50 104 0 0 103 17 6 4 p.c, 1945-75 107 2 6 107 1 3 Queensland — 3 p.c, 1932-47 95 12 6 95 12 6 5 p.c. 1940-60 106 6 3 106 7 6 South Australia— 4 p.c. 1942-62 107 2 6 107 5 0 3 p.c, 1945-75 78 7 6 78 10 0 Western Australia— 4 p.c, 1942-62 100 7 6 100 13 9 Tasmania— 3} p.c. 1938-40 101 12 6 101 10 0 4 p.c, 1940-50 101 8 9 101 7 6 New Zealand— 4i p.c. 1948-58 103 17 6 104 12 6 3J p.c, 1940 100 17 6 101 0 0 3 P.O., 1945 26 15 0 96 12 6