FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22343, 5 March 1938, Page 14

FINANCE AND COMMERCE

CHAIN STORE SHARES DEARER UPWARD TREND IN WOOL MARKET Apart from a strong market for chain store shares, the Christchurch Stock Exchange was only moderately busy during the week. Metals shares were also fairly active, but the other sections were dull. Prices on the whole were weaker at the close, except for banks and Government issues, which were firm. The weekly cablegram from Bradford reports, that there is more confidence in the market, and that prices are moving upward. Quotations for tops have risen id to Id on last week. Butter and cheese in London are firm. At Smithfield, mutton prices remain steady, but trade is slow. Lamb is slightly easier. Baconers have improved in price on the higher market for bacon.

SHARE MARKET REVIEW CHAIN STORE ISSUES ACTIVE OTHER SECTIONS QUIET 'IT OtTB COUHMCIAL IDITOJU Business fon the Christchurch Stock Exchange this week, apart from a very active market for Woplworths issues, and to some extent, G. J. Coles, has been quiet, with values in most sections inclined to weaken. Metals shares have all come back as the primary market has fluctuated, and values in some cases are about on a level with those ruling a fortnight ago, before the rise began. There has been slightly more interest in general investments, but chain store and metals shares sales have provided the bulk of the reduced turnover. The market is in part suffering from the usual nervousness that is apparent while Parliament is in session, and in part from the discouraging news that has been received from overseas. The bright feature has been the consistently maintained improvement in wool, an improvement which is confirmed by the English cables, which indicate higher

Government " * v Government issues have been in keener request, but sellers appear to be holding firmly in spite of higher offers. The market is particularly firm, but little business is done. Banks had a rather better week, and though there was a slight recession at the close, quotations were mainly firmer. Commercial of Australia, National of New Zealand, New Zealand, and National of Australia, all of which had dealings during the week, were fractionally firmer on the period. Loans were neglected. A sale of Balgetys was made at £8 12s 6d early in the period, an improvement of 8s 6d. and Guarantee Corporation also made a small gain. Breweries had a dull week, and New Zealands, which remained fairly steady earlier, were a little weaker at the end. Miscellaneous The Woolworths issues provided the major interest among miscellaneous investments. The Sydney shares continued their upward movement after a pause at the end of last week, but after the middle of the period were a trifle slacker. Turnover was however, The New Zealand issue re- ,, mained fairly quiet till the close, when »;' there was a sharp improvement; sales .', being made at up to £1 3s. The South V, £* T } C $P. .issue...was also..consistently--4 traded and rose a full shilling on the ■< -week to sales at 16s Id. G. J. Coles , shared the general interest in'chairi * Stores, and though like Woolworths -xhey were slightly weaker at the close, made a gain of about 6d on the week. Lyells and Morgans were again the most active shares in the metals producers. Both declined fairly steadily throughout the week, but both retained at the end a substantial gain on the prices of a fortnight ago. Lyells at f! 10s 9d are up 9d and Morgans at 9s 9d are 6d up on the price at .the beginning of last week. Broken ■ Hill South and Broken Hill North were V«ry quiet, and both were weaker at the close. Interest in gold mines was restrained. YESTERDAY'S BUSINESS Apart from 4»alings in Woolworths, Ltd., and Woolworths, New Zealand markets were quieter on the Christchurch Stock Exchange yesterday, and recorded dealings were restricted. I»rices of several stocks dealt in showeH an easing. ' Transactions, exclusive of vestibule business, were:— ■

DEALINGS COMPLETED

Banking Commercial Bank of Australia had dealings at 16s 8d and 16s 7d, and more were offered at the lower price, National Bank of New . Zealand were weaker with dealings at 54s Id and 545, and further sellers at 54s Id, buyers at 53s 9d. Goldsbrough, Morts were firm, with sellers and business at 30s 3d, buyers, at 30s Id. Canterbury Frozen Meat preference changed hands at £6 Is 6d, and late buyers at £6 Is failed to attract sellers. Felt and Textiles, cum dividend, were dealt in at 36s 3d, and more were offered at 36s 6d Miscellaneous . Westport-Stockton Coal had business at 2s lOd, and more were wanted at that figure, sellers at 2s lid. New Zealand Breweries were easier, with sellers at 45s 6d, buyers at 45s 3d. Anthony Hordern changed hands at 18s 3d, and there were further buyers at that' price, sellers at 18s 6d. Broken Hill Proprietary were weaker, with buyers and business at 61s 3d, sellers at 61s sd. Electrolytic Zinc preference were fractionally weaker, with business at 48s 6d and 48s 7d, sellers staying in at the lower price, buyers at 48s 4d.' G. J. Coles had dealings at 82s 9d, and closed stronger, with buyers at 83s 2d, sellers at 83s 7d. Taranaki Oilfields" were a shade stronger, with dealings at 6s 6d and 6s 7d, and further buyers at the higher price, sellers at 6s Bd. Woolworths, New Zealand, rose to dealings at prices ranging from 22s 3d to 235, closing quotations 22s lid buyers, 23s sellers. Late sales of Woolworths, Ltd., on Thursday were reported at 27s 6d—dealings yesterday were at 27s 4d, 275, and 27s 3d, and more were offered at 275, buyers at 26s lid. Woolworths, South Africa, moved up to 16s Id, sellers staying in at that price, buyers at 16s. Mining Mount Lyells were fractionally weaker with business at 30s 9d, and further sellers at 30s Bd. Mount Morgans showed little variation, with sellers and dealings at 9s 9d, buyers at 9s BJd. Sellers of North Broken Hill reduced their limits to 50s, buyers at 49s Bd. Broken Hill South, cum dividend, had business at 33s 7d, but closed with sellers at 33s 3d, buyers at 32s Bd. DUNEDIN (PRESS ASSOCIATION TELEGBAM.) DUNEDIN, March 4. In spite of a few minor setbacks brought about by influences from overseas, the last week on the Stock Exchange has been particularly busy, and buying interest, which became pronounced towards the end of the previous period, was fully maintained. Business showed a big improvement. Although most sections were represented in the week's trading, the bulk of the business was provided by chain store enterprises, Wool-worths, Ltd., in particular standing out as the most active shares in the market. Australian mining stocks experienced a fairly busy period also, but towards the close, when price levels began to ease, buying interest showed a considerable slackening. All listed issues of Woolworths shares, Sydney Woolworths, Woolworths (South Africa), New Zealand Woolworths (ord.), and Woolworths (West Aust), were included in the sales list, and at practically every call-over were inquired for. The Sydney issue, which finished the week with 13 sales at prices ranging from £1 7s to £1 7s 6d, was in strong demand, and on some days bidding was particularly keen. From sales at 15s, the South African shares rose steadily to business at 16s Id, with final buyers at that figure, and holders firm at 16s 6d. Woolworths (West Aust.) had their first transaction for a considerable time, a buyer being supplied at £4 10s. Both the New Zealand issues were strongly supported, the ordinary shares rising to business at £1 2s 9d and £1 2s 103. G. J Coles were also active at from £4 Is 7d to £4 2s 6d. Other active Commonwealth industrials were Broken Hill Proprietaries, Associated News, and Dunlop Rubbers. Dominion securities had a few inquiries, but there was little animation displayed at any stage. New Zealand Drugs picked up slightly, and Taranaki Oils advanced sharply to sales at 6s 6d. Mount'Lyells led the way, in trading among Australian mining * stocks. All shares in this section experienced a fluctuating trend throughout the week. Broken Hill Souths, after business at £1 13s 9d, declined to a sale at £1 13s 3d. The preferred Electrolytic Zinc improved a'little with sales at £2 8s 6d, whiJp the ordinaries, after being sold at £2 7s 7d, dropped back. North Broken Hills also' lost ground at the close. Mount Morgans were erratic. ',:■ Renewed Interest among investors resulted in much brighter business among banking shares, which generally were fairly steady. Bank of New Zealands, which have been stationary for some time at around £2 3s, moved up to business at £2 3s 4d, and Na-

tionals of New Zealand were slightly firmer, with sales at £2 14s Id and £2 14s. Commonwealth issues dealt in were Commercials (10s paid), and Commercials of Sydney, the latter changing hrnds at £2O 10s. Chief attention among insurances was again focused on Nationals, which appeared on the sales list at 17s 3d, a rise of 2d. South British had their first transaction on the local market for some time, a buyer being supplied at £2 6s 9d. Ordinary Huddart Parkers (cum div.) continued their upward trend. The preference shares were also firmer with unsatisfied buyers at £1 6s. Little activity was in evidence among coal shares, and two sales of Westports at the easier price of £1 3s 3d represented the only trading. Buyers of Government loans were fairly regular again, but more sellers were in evidence towards the latter part of the period. Business was confined to short-dated issues, the 4 per cent, bonds, 1943-46, being dealt in at £lO2 10s, and the 4 per cent, stock, 1552-55, ats£lo4 2s 6d. AUCKLAND [THE PRESS Special Service.] AUCKLAND, March 4. Price movements on the Stock Exchange this week were irregular, although investment activity was particularly marked. Investors continued to show a sensitiveness to changes in market psychology overseas, and values fluctuated. Accordingly, as the week progressed and conditions in London became more uncertain, attention was directed nearer home, and added support appreciably lifted the • values of some of the leading New Zealand issues. The pressure of investment funds, aided by certain other influences, operated to the advantage of Dominion investments. Banks and insurance made the principal gains. Government loans were traded fairly freely at firm levels. It is reported that trustee funds for investment are accumulating, and that the outlet in a new loan would not be unwelcome. In banks, New Zealands were again most prominent, and had a good rise. Nationals of New Zealand, after a long period of neglect, appear to be coming into greater favour, and they also made some headway. . Australian banks were all slightly firmer, although Unions gave a little ground at the close. Insurance business was concentrated upon the three leading Dominion companies, each of which advanced to higher levels. Nationals made most progress. One of the features of the week was the decline in Auckland Gas, which fell to par, their lowest point since 1933. The market rallied later, and closed around 20s Id. Australian industrials and metal shares had a quiet week, failing to hold all of last week's gains. Responding to the general activity in chain stores, sales continued good. Woolworths issues were very active, the New Zealand shares rising sharply. Gold shares remained steady, but Barriers and Mount Lyells were erratic, moving according to sentiment in London. Mount Morgans also fluctuated, but within narrow limits. i

TIMAEU WOOL SALE

SECOND FIXTURE ON MONDAY CATALOGUE OF 23,000 BALES A big catalogue is to be offered at the second and final Timaru wool sale on Monday morning, when 2283 lots, comprising 23,075 bales, are to be put under the hammer. The offering is considerably larger than that of December last, when 15,634 bales were forward, the difference thus being 7441 The sale is to be held in the Theatre Royal, commencing at 9 a.m. The catalogue and order of sale are as follows: „ , Bales. New Zealand Loan and Mercantile Agency Company 1,411 Pyne, Gould, Guinness .. 5,109 National Mortgage and Agency Company •■ •• 6,461 Dalgety and Company .. 5,293 Canterbury Farmers' Co-oper-ative Association •• 4.0 m 23,075 WELLINGTON SALE BROKERS' OFFICIAL RETURN CPBE3S ASSOCIATION TELEOHAM.) WELLINGTON, Mar«h 4. Official returns for the February wool «ale at Wellington, compiled by the Wellington Wool Brokers' Association, are as follows: — Bales offered .. .. 26,536 Bales sold •• •• 21,513 Bales passed in •• 5.023 Bales sold to local mills .. 515 Net weight sold, 7.710,7891 b. Gross proceeds, £302,462 18s 7u. Average price a bale, £l4 Is 2d. Average price per lb, 9.414 d. BRADFORD MARKET FIRMER PRICES TREND UPWARD FOR ALL GRADES LONDON, March 3. The Bradford market is more confident, with an upward trend in prices.

BUTTER AND CHEESE FIRMER LONDON MARKET PRICES LONDON, March 3. Butter is firmer. Danish, 122 s to 1235; choicest salted, Australian and New Zealand, 116 s; unsalted, New Zealand 118 s, Australian 117 s. Cheese is firmer. New Zealand, white 67s 6d to 68s, coloured 68s; Australian, white 65s to 665, coloured 65s 6d to 66s 6d. BRITISH RETAIL SALES HIGHER (SBITISB OFFICIAL WIBELISS.) RUGBY, March 3. The value of retail sales in January was 6.2 per cent, higher than in January, 1937. Stocks were valued at 3.3 per cent, more and employment was 2.9 per cent, greater.

OTHER QUOTATIONS

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:— Buyers. Sellers.

VALUES ON STOCK EXCHANGE

CHRISTCHURCH RATES, MARCH 4, 1938

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

SYDNEY Business on the Sydney Stock Exchange yesterday was brisker than on Thursday, with a very firm undertone. Quotations for most brewery shares were stronger. Shipping shares, and WunderJich and Henry Jones, were in good demand. Morning Sales

MELBOURNE Industrials were a little irregular without any marked changes. Other sections were inclined to be easier on the news from London. Sales:—

MINING

WHITE'S ELECTRIC The White's Electric return for the week ended March 4. is 670 z in 112 hours' dredging. NEW RIVER The New River return for the week ended March 3. is 13oz from 11,000 yards in 121 hours. MAORI GULLY GREYMOXJTH, March 4. Dredging operations at Maori Gully were discontinued on Thursday, February 24, to allow blasting to be commenced on a section of the high reef blocking access to Creek. It was expected that the work would take two to three weeks, but unexpected progress has been made, enabling the dredge to get through to the creek. Dredging was resumed on Monday, February 28. The wash-up to-day yielded 440 z. lOdwt for 157 hours. BANK OF ENGLAND RETURN LONDON, March 3. The following Is the return for the week ended March 3: — ISSUE DEPARTMENT

The ratio of reserves to liabilities is 29.92 per cent. The rate of discount is unchanged at 2 per cent. GOVERNMENT SECURITIES LONDON, March 3 The following are the latest quotations for Government securities compared with the prices ruling last week:—

COMPANY REGISTERED The following notice of company registration appears in the current issue of the "Mercantile Gazette": — Jamieson (R. C). Ltd. Registered as a private company February 18. Office: 22 Caversham street. Capital: £7500 into shares of £1 e.ach. Subscribers: R. C. Jamieson 7498, D. E, Jamieson 2. Objects: Acquire business of building contractor lately carried on by R. C. Jamieson, together with assets and liabilities, including plant, stock, goodwill, book debts. SIZE OF GRAIN SACKS FARMERS PROTEST AGAINST REDUCTION (PBES6 ASSOCIATION TELEGRAM.) INVERCARGILL, March 4. A strong protest against the proposal to limit the size of grain sacks was made at a meeting of the Southland Provincial Executive of the New Zealand Farmers' Union to-day. A letter from the Invercargill Grain Merchants' Association, which did not support the reduction, stated that the proposal to limit the size of the sacks was to make working conditions easier for store and wharf workers. The project was described as ridiculous by members, one remarking that if wharf labourers were not capable of handling the present sacks men would have to be imported who were capable. It was decided to protest against the reduction in size. BRITISH WHEAT MARKETS LONDON, March. 3. Wheat cargoes are irregular and parcels are quiet. Spot trade is slow. Futures are quoted: Feb. 28. Mar. 3.

SALE OF CITY PROPERTY Messrs Baker Bros., Real Estate Agents, 166 Manchester street, repo.t having sold (in conjunction with Messrs Ford and Hadfield.VLtd.), on account of Messrs J. J. Niven and Co., Ltd., two valuable sections, being part of their recent subdivision in Colombo and Belfast streets, to a client. —1

COMPANY NEWS

HUME* PIPE The Hume Pipe Company (Australia), Ltd., announces an interim dividend at the rate of 6 per cent, per annum for the six, months ended December 31. Six per cent, was the distribution for the last financial year. BONDS HOSIERY (PRESS ASSOCIATION TELXOBAU.) WELLINGTON, March 4. The directors of Bonds Hosiery Mills have decided to recommend at the annual meeting on March 31, a dividend for the 12 months to January 19, of 6 per cent. MOUNT MORGAN (PEES 9 ASSOCIATION TELEGRAM.) WELLINGTON, March 4. For the Mount Morgan preference issue, applications of 100 have been allotted in full, up to 4000, 50 per cent., and more' than 4000 slightly less than 50 per cent. METALS MARKET

PRICE OF GOLD LONDON, March 3. Gold is quoted at £6 19s 9d a fine ounce. PRICE OF SILVER (BEITIBB OFFICIAL WISILIS*.) • RUGBY, March 3. Spot silver is quoted at 20 13-16 d a fine ounce and forward at 19! d. FOREIGN EXCHANGES

BANK OP NEW SOL'TH WALES The Bank of New South Wales quoted the following exchange rates yesterday:— Buying. Selling. M.Z. on

ASSOCIATED BANKS* DOLLAR 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. U.S.A. Canada.

STORTFORD LODGE EWE FAIR tPBBS» iSSOCIATIOH TELEGRiU.) HASTINGS, March 4. Only 11,000 sheep were yarded at the Stortford Lodge fair to-day, making a total for the three fairs of 97,000, 3000 below the total last year. Considering the lower quality of the entry, the market was firm at late rates and a good clearance was effected. Prices were: Good two-tooths to 34 = 3d, medium 25s 6d to 30s. inferior down to 225; good 5-year ewes to 27s 6d~ medium 20s to 22s 3d: one-year ewes up to 23s 6d.

CANTERBURY MARKETS ALL /SECTIONS REMAIN ■>'' FEAT I'RE LESS (liv Um COILMKItt'IAt. EDITOR.) Friday Evening. ' The gain and produce markets this week h:ivc remained featureless, with no new development in any section. Deliveries of wheat continue to be made freely, but there is now a definite slackening off in the amount bciny handled. The sample is increasingly good as times goes on. . are dull, but reports of Wight iii i hc crops are receiving a good deal of attention. As usual, the reports are highly conflicting, but it appears Ilia! though blight is fairly general, it has not' yet reached the proportions of a tragedy. Most districts '.appear to be affected more or less. No indication has yet been received of possible developments in the South American market. There is considerable disappointment that the completion of the Australian trade agreement appears to have removed that market ;is a possibility, at any rate for some time. North Island interest in the small seed market appears to have faded in the meantime, and little business is passing. Merchants are buying most of the seed that is offering from the country, and prices are unchanged. Quotations The following are the prices quoted 1o farmers, on trucks at country sidings, unless otherwise indicated:— Wheat—Milling, f.0.b., Tuscan 5s 6d, Hunters 5s Bd, Pearl 5s lOd. Oats—New season's A Gartons to 2s 10d, B Gartons to 2s Bd. Algerians 2s 9d to 3s. Ryegrass—Perennial (new season's) iSs 9d, Italian 2s 9d to 3s. Cocksfoot —Plains Bd-to 9d, Akaroa 8d to per lb. Cow'grass—6d to 7d per lb. White Clover—Bd to 9d per lb. Potatoes—Forward, £3 5s to £3 7s ifd a ton. Chaff—£4 a ton., Barley—Malting 4s 7£d, feed 3s 6d m 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. ASHBURTOX . Ashburton grain, seed.. and produce 'merchants report that all deliveries of *lgrain have been held up owing to the weather for threshing. ; Millers are still keen buyers of all of wheat conforming to the standards. There is a keen demand :fof fowl wheat, but supplies are difficult to obtain. Garton oats of heavy weight are in»quired for, but light and inferior lines s are neglected. Algerians have not 'been offered in any quantities and igood, dark Duns appear to be scarce. The demand for all lines of grass seed 'is being maintained, and cocksfoot is also in demand. Several lines of partridge peas have been offered, but most lines arc below the No. 1 Oatsheaf chaff that will pass as good bright quality is inquired for, but undergrade chaff is difficult to sell. The following are prices, quoted to farmers, on trucks, at country stations unless otherwise indicated, sacks extra, free of commission:— Wheat—Milling Tuscan 5s fid, Hun-t»:-s 5s Bd. Pearl Os lOd. Fowl wheat Ss 5d <all f.0.b.). „, „ B , Oats—A Gallons 2s lOd, Bs 2s 6d; Algerians 2s 9d to 3s; Duns, 2s 6d to Ss 3d, according to quality. ( Grass Seeds—Perennial ryegrass 3s 9d to 4s 3d, Italian 2s 9d to 3s, cocksfoot 7d +o Bid, red clover 6d to 7d, white clover - 8d to lOd. Chaff— £3 15s a ton. Partridge Peas—4s 9d to ns for No. J grade, undergrade, 3s 6d to 4s 6a 8 Barley—Malting, 4s 7id; feed, 3s 6d. DUNEDIN (PEBS3 ASSOCIATION TELEGBAM.I DUNEDIN. March 4. Threshing of wheat is proceeding steadily throughout the growing districts, and with the continuance of the hot, dry weather a great deal more ] \ crop than usual is being threshed out of stook. Whereas last year^there• was very little wheat of. milling quality, the reverse is the case this year and the wheat on the whole is excellent. From Dunedin South, Garton oats have been saved in exceptionally good condition, the grain being bright ana,; ; heavy. It is common to And lines of ' Gartons weighing up to 46 and 471b.t0 the bushel. Owing to high labour costs, and also to the difficulty of getting suitable labour, growers are dis- ■ inclined to put their oats into stacKJ this year. Up to 2s lOd a bushel, on trucks at handy country sidings, has been given for really heavy lines of A Gartons, and 2s Gd and 2s 9d for or- { ' dihary lines. Chaff is in poor demand. 1 Prices are unchanged from last week. I Reports from South Otago indicate that , 'the potato crop is looking very well, but so far there are very few lines i coming on to the market. Prices are ] unchanged at from £5 to £6 a ton. | There has been little activity in seeds during the week. The quality of the ryegrass generally is good, but growers are disinclined to meet the market. Cocksfoot and dogstail are both steady, and Chewing's fescue is still quoted at high levels, with an absence of business. SOUTHLAND TTIIE PRESS Special Service.] INVEPvCARGILL, March 4. Supplies of oats are now coming forward freely. The quality is good, the colour bright, and the weight satisfactory. Business is inclined to be quieter through lack of shipping orders, however. Values' to farmers range from 2s 6d to 2s 9d. All the Wheat offered this season has been acceptable for milling. Chaff is quiet, and with no possibility of shipping business at present merchants' interests are only in good, bright quality, for which the value to farmers is £4 10s. The marketing of ryegrass by farmers is proceeding. The crop is small, and the quality cf a high standard. A firmer tone is noticeable and the value for V good quality heavy-weight seed can now be quoted at about 4s, with occasional lines of special quality commanding a slight advance. Business in Chewings fescue is quieter, as most lines are in merchants' hands or in stack, The overseas demand has been disappointing, and has not responded satisfactorily to the higher prices failing here. Mainly because of the small production, the value to growers is about Is Gd for machine-dressed seed of export quality, or Is for lines off the mill. Brown top continues dull, because of the lack of overseas inquiry, and also because a fair quantity of last year's seed is being held by merchants. The seed is being purchased on a machine-dressed basis, the value to growers for which is lOd for export quality certified, and 8d to 9d tor uncertified. The white clover crop is fairly extensive. Quality generally is good and compares favourably with any clover grown in New Zealand. Already some lines are in store for dressing. Practically all of the seed will be dealt with on a machinedressed basis. Business in potatoes is cunfinea to the supply of early lots to fill local requirements.

GROCERY TRADE PttOSPECTS AND PRICES Although some retailers stale that trade during the week has been slack, others report that turnover has been quite good and trade brisk. Prices generally are steady, and no alterations of importance have occurred during the week. The new tariff introduced recently on certain Australian manufactured I goods will not affect the grocery trade to any great extent. The chief items affected are jams, marmalade, pickles, and soap, as well as canned provisions] (mainly canned peas). The additional duty on jams and marmalade will be welcomed by the Dominion manufac-! turers, as it will offset the export i bonus of £7 4s a ton handed out to ■the manufacturers in Australia by the Commonwealth Government on all i such products shipped to New Zealand, the bonus being based on the! sugar content of the goods exported. Very small consignments of pickles i come from Australia for this market, j but in certain seasons fair quantities of preserved provisions are imported. Merchants' prices will of necessity be adjusted in due course to meet the added costs of the lines affected. Currants and Sultanas Prices for new season's Australian currants and sultanas had not arrived at the close of business yesterday. These quotations are very late considering that the new crop currants are due on the Australian markets about March 7, and sultanas about March 16. Prices have already been named for Australian buyers, but these have no bearing, on export values, which are generally much below what the Dried Fruit Board of Australia charges the Australian trade. Cocoa The value of bulk cocoa is down—for one particular line by 4s 8d a cwt—according to a recent price list just issued. Butter A special report issued by one of the chief dairy companies in Canterbury states:—''Complaints as to quality are general throughout the Dominion this year, yet if anything the quality of the butter produced is better than in previous seasons. The cause of the trouble is exceptional heat and the effect of light on butter when it is in a very soft stale." All butter produced for the domestictrade is either finest or super fine quality, and it is sent out in a firm and fresh condition. If retailers and the public keep butter covered, then this will prevent to a large extent the oxidisation and the consequent peculiar taste which is the cause of the recent complaints. Peas and Maize Late quotations name milling peas Gs 2d and maize 5s 9d. both f.o.b. Melbourne. Dried Apricots The exceptionally heavy demand for canned apricots in Australia for export this season has had an effect on the dried apricot industry. The farmer when selling to the canners has only to deliver the fruit and his work is over, but if he decides to sell dried apricots, he has to do the processing work himself, and this entails care and attention. Added to this is the risk of riin, as drying is done out of doors, and takes some time. Reports from Australia just to hand advise that dried apricots this season are likely to be short, and already one packing house has withdrawn its selling agents, as stocks are exhausted. Caustic Soda An advance in the price of caustic soda. Is and 2s, must eventuate in the near future. Prices of this commodity j advanced in England some time ago j and importations at the increased cost are now due. Olive Oil Slight fluctuations in the price of olive oil in France arc evidenced by recent quotations. The latest prices show a downward move to a slight extent, sufficient to cause uneasiness amongst importers who, when the market firmed recently, thought it advisable to place limited orders. Prunes Prices have been named. for new season's Australian prunes, and they are practically the same as last season. Both bulk and 71b tins are quoted for early shipment. The prices quoted are higher than for corresponding lines quoted from California, but this position will probably be adjusted before long, as the Australian shippers usually arrange export prices to compete with the Californian fruit. Disinfectant Fluid A disinfectant fluid, manufactured in New Zealand and enjoying a good sale, has been advanced slightly in price, the increase being due to higher production costs. Salmon Reports from Canada advise that certain packers are very short of Is Cohoe grade, and accordingly short shipment can be expected in the J future. Tea The quality of Ceylon tea sold at auction last week in Colombo was slightly below expectations, and thus prices for several grades eased 1 to 2 cents, especially for commons and medium broken orange pekoes. There was a brisk demand for the better grades, which held previous price levels. The Ceylon tea market is expected to be irregular for the next one or two sales. , In Java supplies of tea are short, and the selection is of a very limited range Quality is above the average for this neriod of the season, and accordingly prices are maintaining their previous level. Coconut Desiccated and shredded cocnut in Ceylon this week are slightly easier in price. Eggs The egg market has been fairly well supplied during the week, supplies being more plentiful than was expected. Yesterday buying prices being paid by city stores to farmersfor supplies were: Firsts Is sd, seconds Is 4d, ducks Is 4d, all prices being net, and free of commission. RaiSins The Californian market for seeded raisins has advanced from 6d to 9d i per cwt, for both packets and bulk. Golden b cached have advanced by 2s 3d per cwt, and Thompsons seedless (naturals) by Gd per cwt . The very severe weather in California may affect the market there . for dried, and other fruits especially if the damage has occurred in the fruit growing areas, • and from reports this appears to be the case. Figs and Dates Inciuiries made recently show that the London market for both figs and dates is stationary at previous levels. KANCIORA HOH3E FAIK The horse" fair at Rangiora yesterday was a typical autumn sale, and attracted a large attendance of buyers. There was a fair demand for horses at lower prices. Most of the horses were sold but prices were considerably down on the ruling rates a year ago. The yarding included 83 working horses and 45 unbroken horses. The draft from St. James station of three and four-year-olds made from £l4 to £2O 10s. Other prices realised were as follows:—Good three-year-olds, to £2o, two-year-olds, to £25; yearlings, from •ofi to £l4; good draughts, from three to six years from £3O to £4O; from seven to nine years. £2O to> £25; good aged "draughts. £lO to £18; inferior aged draughts, £3 to £7; hacks, £3 to

FROZEN MEAT SMITHFIELD PRICES MUTTON REMAINS STEADY The New Zealand Meat Producers' Board advises that the following are the ruling prices of wholesale quantities of the descriptions of frozen meat mentioned, and are for representative parcels of the goods, sold on Thursday. March 3. Chilled beef prices are averages of the week on which this list is issued. All prices are on the basis of delivered to Smithfield market (previous prices are also/

Mutton—The market lor wethers and ewes is steady with slow trade. Frozen Beef —The market is firmer owing to better demand. Chilled beef is slightly easier this week, owing to the irregular trade. New Zealand Porker Pigs—Heavyweights are unchanged, but others are slightly easier owing to the slow demand. Now Zealand baconer pigs are firmer owing to better bacon prices. DINEDIN FRUIT MARKET DUNEDIN. March 4. The very hot weather early this week and at the end of last week caused an over-supply of late peaches, and these had to be offered at very low prices. Even so, sales were difficult to effect, as many lines were, marketed in over-ripe condition. The colder nights now being experienced in Central Otago have resulted in firmer fruit, and the demand towards the end of the week was much brighter. The hot weather has also affected tomatoes, and many lines have had to be sold at sauce prices to clear. Ripe bananas are in over-supply. The shipment of green bananas that arrived at the end of last week has already ripened, and as a result there will be a definite shortage of bananas next week. Any of the fruit not sold this week will not be saleable later on. Oranges are in short supply just now, but a small shipment of Californian lemons and grapefruit came to hand during the week. Bon Chretien pears are in good demand, but this line is now practically finished for the season. Apples are in over-supply, and the prices now ruling will hardly pay growers' expenses. This applies particularly to Cox's Orange. More Nelson Cox's Orange have reached the local market this season than for several years, and when the freight charges, amounting to nearly 2s 3d a case, are deducted from the price of the fruit, apples at 5s a case cannot show growers any very great margin of profit. Nectarines are practically finished for the season. The odd lines that are coming forward are realising high values. Hothouse grapes, mainly from Kakanui, have been meeting with a fair demand. There is a good inquiry for dessert plums, but jam sorts are selling at low rates. Cultivated blackberries are fetching good prices, but the small lots of raspberries that are coming in are meeting with a poor inquiry.

prices there. Turnover, day by day, was i:— This Last week. week. £ Saturday ,. 2.424 4,550 Monday .. 8,398 4,081 Tuesday .. 7,791 4,517 Wednesday .. 6,333 7,647 Thursday ,. 3,747 13,862 Friday Y t 5,612 4,642 Total .. 34,305 39,299 Dealings in the different sections ■were: — Shares. ' Value. No. £ Government «« — ' 490 Debentures M ' — ' 733 Banking * 1,925 3,817 Insurance 329 995 Loan and Agency 780 VU03 Refrigerating - 114 ■ 703 Breweries 350 800 Miscellaneous .. 16,920 25,206 Mining .. 5.075 . 2,457

LISTED STOCKS Sales on 'Change £ s. d. 200 Comm. Bank of Aust. 0 16 8 0 16 7 100.National of N.Z. 2 14 1 2 14 0 100 Goldsbrough. Mort - .. 1 10 3 100 Anthony Hordern 0 18 3 50 Broken Hill Propty. .. 3 1 3 100 Electro. Zinc (pref) 2 8 6 2 8 7 100 G. J. Coles (2) 4 2 9 300 Taranaki Oilfields (2) 0 6 6 0 6 7 800 Woolworths (N.Z-> .. 1 2 9 (2) 1 2 10 1 2 11 (3) 13 0 300 Woolworths (Sydney, ord.) 17 4 (2) 17 0 300 Woolworths (South Africa) (3) 0 16 1 100 Broken Hill South 1 13 7 50 Mount Lyell 1 10 9 150 Mount Morgan (2) 0 9 9 Sales Reported 114 Canterbury Frozen Meat (pref.) 6 16 100 Felt and Textiles (cum div.) 1 16 3 300" Westport-Stockton Coal 0 2 10 600 Woolworths (N.Z.) (2) 1 2 11 12 3 300 Woolworths (Sydney, ord.) (late sale, Thurs.) (3) 17 6 100 Woolworths (Sydney) 17 3

Quotations:Last Last year. week. Mar. 3 Merinos — d. d. d. 70's .. 38 271 28 64's .. 36 251 261 60's .. 35 241 251 Crossbreds — 58's .. 311 21 22 56's .. 28 181 191 50's .... 24 17 171 46*s .. *22i *16i ♦17 44's > .. *22 ♦Nominal. •161 •17

Buyers. Sellers. £ s. d. £ s. d. N.Z. Govt.'Debentures 3 p.c. Ins., 1939-41 .. 97 5 0 3J p.c. Ins., 15/3/39-43 101 15 0 — 3$ p.c. Ins., 15/9/39-43 101 17 6 — 3J p.c. Ins.. 1938-52 .. 101 15 0 — 4 p.c. Ins., 1943-46 — 102 12 6 4 p.c. Ins., 1952-55 103 10 0 — 3} p.c. Ins., 1953-57 97 17 6 — 3j p.c. Ins., 1941 101 0 0 — 4 p.c. Bonds, 1946 102 5 0 102 15 0 4 p.c. Bonds, 1955 103 10 0 — Other Debe ntures Gisborne Sheepfarmers. 6i p.c, 31/8/41 103 0 0 — Loan and Agency Natl. Mort. A (ex div.) 2 2 0 2 7 6 N.Z. Guar. Corpn. (3s) 0 4 5 0 4 8 N.Z. Loan and Merc. (ord., £100) — 47 0 0 Wright. Stephenson (pref., £1) 1 0 9 — Newton King (£1) .. 0 1 0 — Frozen Meat Cantby. (£7 10s paid) 10 0 0 — Cantby. (pref.. £5) .. 6 1 0 — North Cantby. Freez. (pf.. cum div. £1) — 0 18 6 Woollens Felt and Textiles (cum div., £1) —— 1 16 6 Kaiapoi (17s paid) .. — 0 12 9 Kaiapoi (7s paid) — 0 4 3 Kaiapoi (pref., 17s) .. 0 16 3 0 17 3 Coal Westport-Stockton (10s) 0 2 10 0 2 11 Westport-Stockton (pf.. cum div., 10s) 0 6 1 0 6 11 | Gas Timaru (£1) — 0 17 0 Breweries Dominion (£1) i n 9 1 19 9 Timaru (in liqdn.) 0 1 0 — Melbourne Co-op. (10s) 2 16 0 2 18 0 Miscellam IOUS Amalg. Wireless (con.. (14s paid) 2 5 0 2 9 9 Anderson (pref., £1) —• 0 19 0 Anthony Hordern (£1) 0 18 3 0 18 6 Broken Hill Pty. (con.) 1 12 1 1 12 6 Consolid. Brick (£1) 0 7 0 0 8 0 D.I.C. (10s paid) 0 14 0 0 14 7" G. J. Coles (£1) 4 3 2 4 3 7 General Indust. (12/6) 0 19 0 0 19 11 Hay's. Ltd. (con.), (15s paid) 0 14 9 — Howard Smith (£1) .. 1 1 10 1 2 2 Hume Pipe (Aust.) (cum div., £1) 1 0 8 1 0 10 Morts Dock (£1) 0 10 1 0 10 5 McKenzies. Ltd. (£1) 3 8 0 3 10 9 National Electric (£1) — 0 15 9 N.Z. Farmers' Co-op. (£2 10s paid) — 0 12 6 N.Z. Farmers' Co-op. (10s paid) .? — 0 0 3 N.Z. Farmers' Co-op. (1st pref., £5) 3 5 0 — N.Z. Farmers' Co-op. (A pref., £4) 1 10 0 1 16 0 N.Z. Farmers' Co-op. (B pref., £4) — 1 15 0 N.Z. Farmers' Co-op. (4J p.c. Stock, 1949, 1950, and 1955, £100) 93 10 0 — Quill, Morris (1936) (£1) 0 17 8 ■— Taranaki Oil. (24/7) .. 0 6 7 0 6 8 T. J. Richards (£1) .. — 1 12 0 United Provisions (£1) 0 6 1 0 6 4 Woolworths (N.Z.) (5s paid) 1 2 11 1 3 0 Woolworths (Victoria) (£1) — 1 10 0 W. H. Carpenter (£1) 2 6 0 — i Woolworths (Sydney) | (ord., 5s) 1 6 11 1 7 0 Overseas Listing Woolworths (S.A.) (5s) 0 16 0 0 16 1 Mining Argo (Is) 0 1 6 0 1 9 Argo (con.) . .. 0 1 0 — Big River (Is) — 0 1 4 Barry town (£1) — 1 6 0 Gillespie's Beach (Is) — 0 1 2 i Golden Sands (Is) 0 1 1 .— Goldfields Dredg. (Is) 0 0 2 0 0 31 1 Grey River (IDs p<3.) 0 12 5 0 12 11 New River (Is) 0 0 5 0 0 6 Maori Gully (Is) 0 0 4 0 0 5 Mossy Creek (Is) — 0 1 2 Nemona (Is) .. — 0 1 7 Nokomai (5s) .. 0 1 10 0 2 2 Okarito (5s) — 0 4 0 Skippers (Is) 0 0 01 0 0 2 Waihi Grand Junction (2s) 0 2 8 0 3 0 Waitahu (5s) — 0 1 5 Worksop Extend. (Is) 0 0 Hi 0 1 0 Australian Mining / Broken Hill South (5s) 1 12 8 1 13 3 Mount Morgan (2s 6d) 0 9 81 0 9 9 North Broken Hill (5s) 2 9 8 2 10 0 Rawang Tin (10s) 0 9 3 0 9 4 Wellington Alluv. (2s) 0 4 9 0 5 9

£ s. . d. £ s. d Apex Mills — 0 17 6 Apex Ice 0 15 0 — Apex Ice (pref.) 0 18 0 — Assoc. Motorists' Petrol (pref.) 1 4 0 — A.P.A. 0 9 0 — Ballins Breweries 0 12 3 0 12 5 British Pave, (pref.) — 1 2 6 Cantby. Roller Flour 0 5 0 — Christchurch Press .. 8 10 0 9 5 0 Mt. Cook Tourists .. 0 3 0 0 8 0 National Tobacco 2 17 6 N.Z. Perpetual Forests 2 0 0 2 3 9 N.Z. Perpetual Forests (4s paid) 0 10 0 0 17 9 Paparoa Coal 0 3 9 0 9 0 Selfridges (A/asla.) .. — 1 8 6 Selfridges (N.Z.) — 1 0 6 Selfridges (N.Z.), (lis paid) — 0 12 0 Timaru Lime m. 1 1 0 1 8 0 Woolworths (W.A-J a 4 13 6 i 2 6

FORMER LEVELS COMPARED 1 —r ■ 1 CO Return L Approx. q on investAm't. n market c ""VW Div. ment at paid Approx. price E £ payable. approx. a market a year s .«« market Companies. 6h'e. Buyers. Sellers. 1 price ago '■ |c 'll price. *l & 8. d. & B. d. £ S. d. | £ S. d. | £ s.d N.Z. Banks — Australasia Comm. of Aust. 5 10s 0 16 6 10 6 0 16 0 7 10 5 0 16 1 7| 13 2 0 19 6 4 ( 8 5 2-3 1 Feb.-Aug. Oct.-Mch. curr. 3 18 0 4 0 4 Comm. of Aust. (pref.) Comm. of Syd. 10 121 20 12 6 21 0 o 9 10 20 15 el 9 4 0 ) 22 0 6 R 0 / 4 I Oct.-Mch. 6} Jan.-July 7 (Nov. -May 52 | Nov.-May 4 3 H 3 18 3 3 18 8 E., S., and A. .. Natl, of A'asia. 3 10 5 3 14 12 0 6 5 7 6 5 4 14 14 01 6 8 15 18 6 0 3 18 3 Natl, of A'asia. (con.) Natl, of N.Z. .. N.S.W. Union N.Z. 5 21 20 5 1 7 2 2 13 32 0 8 17 2 3 0 9 0 0 0 7 4 2-14 32*12 9 1 2 3 6 1 6 0 3 7 2 2 14 32 0 8 18 2 3 1 61 01 o 1 61 3! 7 19 3 2 36 10 11 0 2 2 0 0 0 0 3 52 4 6 7 10 Nov.-May Jan.-July Jan.-July Jan.-July Jan.-July 4 0 8 3 14 0 3 15 0 3 18 9 4 12 5 Insurance — National 7s 0 17 2 0 18 0 0 17 3 1 0 18 0 1 L0 5-' 7 May-Nov. 4 6 11 3 6 1 2 18 9 4 3 4 New Zealand .. South British .. 1 10s 3 0 2 6 0 0 3 1 2 7 0 0 3 0 2 6 6| 91 3 1 4 17 0 3| 10 | I'eo.-Aug. 12J | Apl.-Oct. Standard 1 3 0 0 3 2 0 3 0 0 ' 2 16 91 121 '" " "■""" Mcn.-sep. Loan and Agency— 1 1 4 12 9 5 5 9 4 15 2 Dalgety and Co. 5 8 10 0 8 12 6 8 12 6 10 10 0 8 May-Nov. Goldsbrough, M. 1 1 10 1 i X X ? 3 1 10 3 1 18 0 8 Dec.-June United Building 1 1 0 7 1 1 1 0 1 1 0 1 0 3 5 Oct.-Apl. Frozen Meat — * | Gear N.Z. Refrig. 10s 0 15 0 18 9 0 0 16 0 18 6 5 0 16 0 18 0 8 31 3 1 0 17 0 18 0 9 1 71 51 July-Oct. Feb. 4 12 3 6 0 6 N.Z. Refrig. con. 10s 0 8 0 0 8 4 31 0 8 7 51 Feb. 6 13 4 GasAuckland ! l __ ! 1 0 9 1 0 0 14 1 8 0 13 1 17 1 l\ 91 0 | 1 2 1 0 51 July-Feb. 5 9 6 Auckland (con.) 15s — — 0 16 9 51 July-Feb. 5 11 10 Christchurch .. 1 1 8 3 1 8 9 1 8 5 7 Aug.-Feb. 4 17 4 Ch.Ch. (con.) .. 10s — — 0 13 6 7 Aug.-Feb. 5 7 8 Wellington 1 — ~~ 31 1 18 0 8 Aug.-Feb. 4 5 10 Shipping— 1 | Huddart-Parker 1 — — 2 5 1 9 1 7 9 1 1 10 6 11 May-Dec. 4 16 2 P. and O. Def. 1 — — ol 2 1 0 4 May-Dec. 2 15 2 Union (pref.) .. 1 1 6 9 — ttl 1 6 6 51 May-Dec. 4 15 Coal — 1 Taupirl 1 — — 0 17 0 1 0 14 0 5 Nov.-May 5 17 8 Westport .. 10s — 1 3 3 1 3 31 1 4 0 10 May-Nov. 4 5 8 Breweries— 1 | Carlton 1 — — 3 8 0 1 3 4 9 15 f Oct.-Mch. 4 8 2 New Zealand .. 1 2 5 3 2 5 6 2 5 6 1 3 0 0 81 1 Jan.-July 3 14 8 Tooheys 16s — — 1 11 3 1 1 17 0 9 Mch.-Sep. 4 12 2 Tooths 1 2 15 # 10 1 2 16 2 2 16 01 2 16 6 101 1 May-Nov. 3 14 11 Miscellaneous — 1 | j Aust. Glass 1 4 12 0 4 12 9 4 12 9 1 4 12 9 15 1 Dec.-June 3 4 8 Beath and Co. 1 ■— — 1 0 6 I 1 2 6 5 | Mch.-Sep. 4 17 6 British Tobacco 1 2 8 9 2 9 2 2 9 0 1 2 13 0 10 March 4 1 7 Broken Hill Pty. 1 3 1 3 3 1 5 3 1 31 4 9 0 121 I Nov.-May 4 1 3 Burns, Philp .. 1 — — 2 12 61 4 0 0 10 Nov.-May 3 16 2 Colonial Sugar 20 45 10 0 46 10 0 46 2 61 43 0 0 71 | Nov.-May 3 5 0 Dom. Fertiliser 1 1 3 6 — 1 3 61 1 3 9 5 June 4 5 1 Dunlop Rubber 1 1 3 1 1 3 3 1 3 21 1 0 4 7 Apl.-Oct. 6 0 10 Elec. Zinc (ord.) 1 2 5 6 2 5 10 1 2 5 PI 3 3 4 171 Mch.-Sep. 7 13 0 Elec. Zinc (pf.) 1 2 8 4 2 8 6 2 8 61 3 4 5 171 Mch.-Sep. 7 4 4 Henry Jones .. 1 2 9 0 — . 2 9 91 2 6 B l 10 June-Dec. June-Dec. Kauri Timber .. 25s 1 1 0 1 1 9 1 1 91 1 3 3| 6 6 17 11 N.Z. Drug Co. 2 — — 3 9 01 .i 17 0 8 Scp.-Apl. 4 12 9 Mount Lyell .. 1 1 10 7 1 10 5 1 10 81 2 13 7 1 171 June-Dec. 11 8 3 Farm. Fertiliser 1 0 17 0 0 19 0 0 18 61 1 0 01 6 1 August !6 9 8 N.Z. Newspapers 16/8 1 18 0 1 18 9 1 18 Gi 2 0 0 71 | Nov.-Mav 13 4 10 Whit. & Tombs 21 — — 3 3 01 3 3 4 6 Mch.-Oct. 14 15 2 Wilson's Cement 10s | — — 0 18 01 1 16 o 71-Nov.-June 4 3 4

AUCKLAND Sales on 'Change e s. d N.Z. Govt. Stock, 1953-57, 3J d.c. 98 7 6 N.Z. Govt. Stock. 1943-46, 4 p.c. 102 5 0 N.Z. Govt. Stock. 1939-43, 3J p.c. 101 17 6 Mount Albert, 1947, 4J p.c 103 in n Bank of New Zealand 2 3 3 Union Bank 8 18 fi National Insurance o n 0 17 0 3 South British (2) 2 n n Farmers' Auctioneering (A pf.) 1 2 4 Dominion Breweries 1 18 0 Electrolytic Zinc (pref.) 2 8 p G. J. Coles (2) 4 3 n Henry Jones 2 9 n Hill and Plummer 0 19 n Farmers' Fertiliser 0 17 0 Peters Ice (N.Z.) 1 12 6 Taranaki Oil 0 R « Woolworths (N.Z.) 1 3 0 Woolworths (Sydney) (2) 1 7 0 Martha 0 15 3 Mount Lycll 1 10 6 Mount Morgan .... (2) 0 9 10 Woolworths Holdings (S.A.) 0 16 3 Unofficial List Selfridses (Aust.) 1 8 3 Whakatane Paper 0 6 0 WELLINGTON Sales on 'Change Woolworths. Ltd. 1 7 d 4 G. J. Coles (2) 4 3 6 (Both late Thursday). N.Z. Govt. Stock, 1946 102 5 0 South British Insurance 2 6 9 2 6 10 Carlton Brewery 3 5 8 Broken Hill Pty. (2) 3 1 6 Colonial Sugar 46 5 0 Australian Paper Manufacturers (pref.) 1 6 1 Felt and Textiles 1 16 3 G. J. Coles 4 3 0 (2) 4 3 6 4 3 9 Taranaki Oil .. (4) 0 6 6 Woolworths, Ltd. (5) 1 7 3 Woolworths (N.Z.) 1 2 10 (3) 1 2 11 Woolworths Holdings * 1 0 3 16 u 4 DUNEDIN Sales on 'Change £ s. d. Commercial Bank of Sydney .. 20 10 0 National Bank (2) 2 14 0 Westport Coal (2) 1 3 3 Dunlop Rubber (3) 1 3 0 Woolworths (Sydney) (2) 1 7 3 Woolworths Holdings 0 16 1 0 16 0 Electrolytic Zinc (pref.) (3) 2 8 6 Sales Reported Associated Newspapers (pref.) 1 5 0 Taranaki Oil (2) 0 6 6 Woolworths (N.Z.) (ord.) 1 2 9 1 2 10 Woolworths (Sydney) (2) 1 7 4 Woolworth's Holdings 0 16 1 North Broken Hill .. 2 in 0 Broken Hill South (after call) 1 13 3

Bank of New South Wales 32 17 6 Associated Newspapers (pf.) .. 1 5 0 Anthony Hordern 0 18 9 British Tobacco 2 9 6 Howard Smith 1 2 n Marcus Clark .. .. 0 4 9 Afternoon Sales Comm. Bank of Sydney21 1 0 National Bank (£5 paid) .. 7 5 0 Colonial Sugar 46 12 6 Associated Newspapers 1 2 3 Automatic Totalisators ,. 0 19 0 Adelaide Steam. .. 1 14 2 Howard Smith .. .. 1 2 u British Tobacco .. .. 2 9 6 Tooths 2 16 9 Australian Glass 4 14 0 Farmers 1 13 0 David Jones (old, N.Z. delivery) 2 3 6 Anthony Hordern 0 18 9 General Industries 1 0 0 Mauri Bros. .. .. 3 12 6 Goldsbrough, Mort .. .. 1 10 6 Wilcox, Mofflin 0 10 11 Henry Jones .. 2 10 6 R. Fowler 0 13 0 Woolworths .. 1 7 3 Newcastle Gas C 0 12 3 Australian General Insurance 0 16 6 Electrolytic Zinc 2 6 3 New Broken Hill Consol. 0 15 9 South Broken Hill 1 13 3 North Broken Hill 2 10 9 Rawang Tin .. .. 0 9 5 Emperor Gold .. .. 0 13 8 Taranaki Oil .. 0 6 7

Comm. Bank of Australia £ s. 0 16 d. 9 National Bank (£5 paid) ' .. 7 4 6 National Bank (£10 paid) .. 13 14 0 Union Bank 9 5 0 Carlton Brewery 3 6 0 G. J. Coles 4 4 6 Dunlop Perdriau 1 3 6 Dunlop Perdriau (pref.) 1 19 0 Goldsbrough, Mort 1 10 9 Australian Foundation Investment Trust 0 5 6 Mount Lyell .. .. 1 11 H North Broken Hill 2 10 0 South Broken Hill .. .. 1 13 0 Emperor Gold *. •• 0 13 6 Loloma «* m 1 2 a

Notes issued— In circulation In banking department .. 478,300,000 .. 43,100,000 526,400,000 Government debt Other Govt, securities Other securities 11,000,000 .. 188,600,000 400,000 Silver coin •• «• — Fiduciary issue Gold coin and bullion .. 200,000.000 .. 326,400,000 526,400,000 BANKING DEPARTMENT Capital .. .. •■ 14,500,000 Rest .. .. .. 3,700,000 Public deposits 11,400,000 Bankers .. .. .. 115,700,000 Other accounts .. .. 36,000,000 181,300,000 Government securities Discounts and advances Other securities Notes and coin .. 104,400,000 7,000.000 .. 21,000,000 48,900,000 181,300,000

Feb. 24. March 3. £ s. d £ s d BritishConsols 78 0 0 75 15 0* Funding Loan, 4 p.c, 1960-90 .. 111 0 0* 114 10 0 War Loan, 3J p.c. 103 10 0 102 15 0 Con. Loan, 3J p.c. 102 10 0* 102 0 0 Victoiy Bonds, 4 p.c. 110 0 0* 110 10 U Commonwealth— 5 p.c, 1945-75 108 12 6 108 10 0 4 p.c. 1943-54 103 15 0 104 5 0 33 p.c, 1934-53 .. 101 2 6 101 10 0 3J p.c. 1936-47 .. 93 12 6 93 12 6 3 p.c, 1958-60 90 10 0 90 17 6 New South Wales— 4i p.c , 1935-53 98 10 0 98 10 0 Victoria— 3 p.c, 1929-40 95 8 9 95 15 0 4J p.c, 1940-50 104 7 6 104 10 0 5 p.c, 1945-75 .. 108 5 0 108 5 0 Queensland— 3 p.c, 1932-47 96 8 9 96 12 6 5 p.c, 1940-60 106 17 6 104 12 6* South Austi'alia— 5 p.c, 1942-62 108 10 0 103 8 9 3 p.c, 1945-75 79 7 6 79 5 0 Western Australia— 4 p.c, 1942-62 101 2 6 101 5 0 Tasmania3J p.c, 1938-40 102 3 9 102 6 3 4 p.c, 1940-50 101 15 0 101 10 0 New Zealand— 4J p.c, 1948-58 .. 103 13 9 103 10 0 3J p.c, 1940 101 6 3 101 3 9 3 p.c, 1945 97 12 6 97 8 9* •Ex interest.

London (a qr.)— s. d. s. d. March .. ... 44 1J 43 10J May .. .. 43 8£ 43 6i Liverpool (a cental) — March .. .. 7 5J 7 5| May .. .. 7 4i 7 45 July .. .. 7 3i 7 3| CHICAGO FUTURES NEW YORK, March 3. Cents a bushel— Feb. 28. Mar. 3. May .. .. 93i 92| July .. .. 88| 87i September .. 88J 87|

LONDON, March 3. March 2. March 3. Copper- £ s. d. £ s. d. Standard, spot 40 5 74 40 3 9 Forward 40 10 74 40 8 1J Electrolytic 44 0 0 44 10 0 to 44 15 0 45 0 0 Wire ba*s .. 44 15 0 45 0 0 Lead— Spot 15 6 10J. 15 6 10J Forward .. 15 10 74 15 10 7* SpelterSpot 14 8 li 13 18 li Forward .. 14 13 li 14 3 14 Tin— Spot 186 11 3 185 7 6 Forward 186 5 0 184 17 6 SilverFine, per oz. 20 l-16d 20 3-16d Standard, per oz. 21£d 21 13-16d

(BKr-ISH orricux WIBZL3S8.) RUGBY, March 3. | Par. Mar. 2. Mar. 3. Paris, fr. to £1 124.21 153 15-16 154 1-32 New York, dol. to £1 4.866 5.01 13-16 5.01 13-16 | Montreal, dol. to £1 4.866 5.01 13-16 5.01 13-16 | Brussels. belgas to £1 35 29.56 29.561 Geneva, fr. to £1 25.2215 21.60J 21.61 Amsterdam, fl. to £1 12.107 8.96J 8.962 Milan, lire to £1 ST.43 95 11-32 951 Berlin, reichmarken to £1 20.43 12.40 12.40 Copenhagen, kr. to £1 18.159 22.40 22.40 Stockholm, kr. to £1 18.159 19.411 19.411 Oslo, kr. to £1 18.159 19.90 19.90 Vienna, schgs. to £1 34.585 26} 261 Prague, kr. to £1 164.25 1422 142 11-16 Helslnefors, marks to £1 193.23 226J 2261 Madrid, pesetas to £1 25.2215 — — Lisbon, escudos to £1 375 110 3-16 110 3-16 Athens, drach to £1 375 547J 5471 Bucharest,' lei to ILl 813.60 677J 6771 Belgrade, dinars 376.3 216 216 Rio de Janeiro, pence to milreis 5.90 2 13-16 2 13-16 Buenos Aires, pence to dol. 51 — — Montevideo, pence to peso * 21.75 21J Bombay, pence to rupee 18 181 181 Shanghai, pence to dol. « , 14 3-16 14 3-16 Hong Kong, pence to yen * 15 15 Yokohama, pence to yen 24.58 13 63-64 13 63-64 Batavia, guilders 12.107 8.941 8.941 Warsaw, par zlotys to £1 43.36 — 26.40 •Determined by price of silver. |

London— £N.Z. to £100 stg. T.T. 124 124/10/O.D. 123/10/- ■ 124/8/9 Australia— £A. to £100 N.Z. T.T. 101 100/10/O.D. 101 100/10/Fiji— £F. to £100 N.Z. T.T. 90/7/6 89 O.D. 90/7/6 89 New York— Dol. to £1 N.Z. T.T. 4.0568 4.0221 O.D. 4.0668 4.0261 Montreal— Dol. to £1 N.Z. T.T. 4.0564 4.0240 O.D. 4.0684 4.0280 Austria— Schgs. to £1 N.Z. T.T. — 21.03 O.D. — 21.04 Belgium— Belgasto £1 N.Z. T.T. 23.953 23.643 O.D. 24.028 23.654 Czechoslovakia— Korunas to £1 N.Z. T.T. — 113.77 O.D. — 113.82 Denmark — Kroner to £1 N.Z. T.T. 18.203 17.893 O.D. 18.263 17.899 Finland— Marks to £1 N.Z. T.T. 184.95 179.15 O.D. 185.35 179.25 France — Francs to £1 N.Z. T.T. 125.22 122.72 O.D. — 122.76 Germany— Reichmarks to £1 N.Z. T.T. — 9.892 O.D. — 9.897 Greece— Drachmae to £1 -N.Z. T.T. 429.54 O.D. 429.84 HollandFlorins to £1N.Z. T.T. 7.307 7.157 O.D. 7.347 7.161 ItalyLire to £1 N.Z. T.T. — 76.44 O.D. — 76.49 Florins to £1 N.Z. T.T. 7.279 7.129 O.D. 7.319 7.133

Norway— Kroner to £1N.Z. T.T. 16.1S2 15.592 O.D. 16.242 15.838 Noumea— Francs to £1 N.Z. T.T. 126.47 121.47 OX). — 121.51 Papeete— Francs to £1 N.Z. T.T. 126.32 121.52 O.D. — 12136 Sweden— Kronorto £1N.Z. T.T. 15.804 15509 O.D. 15.864 15.515 Switzerland— Francs to £1 N.Z. T.T. 17.542 17.272 O.D. 17.647 17.277 Cheefoo— N.Z. pence to dol. T.T. — 184 ■ O.D. — 18 7-6* Hong Kong— N.Z. pence to dol. T.T. 18 29-64 18 53-64 O.D. 18 27-64 18 53-64 India and Ceylon— N.Z. pence to rup. T.T. 221 22 21-32 O.D. 22 11-32 22 21-32 Japan— N.Z. pence to yen T.T. — 17 31-64 O.D. — 17 31-64 Manila— N.Z. pence to peso T.T. 29 5-16 29 13-16 OJ). 29 7-32 29 13-16 Shanghai— « N.Z. pence to dol. T.T. — 18 9-64 OJD. — 18 9-64 Singapore— N.Z. pence to dol. T.T. 34 43-64 35 5-32 OJ?. 34 37-64 35 5-32

(Per £1 N.Z.) dol. doL Selling— T.T. .. 4.02 5-16 4.02g O.D. .. 4.022 4.023 Buying— T.T. -. 4.05| 4.05 9-16 O.D. .. 4.06g 4.06 13-16 RUBBER STATISTICS LONDON, March 2. Rubber stocks are as follows: — January. February. Tons. Tons. London .. 39,822 46,464 Liverpool .. 21,708 24,761

shown): — Feb. Feb. Mar. 17. 24. 3. d. d. d. Now Zealand Sheep— Crossbred wethers and or maiden ewes: 481b and under 52 52 55 49-561b 5S 5* H 57-641b 51 51 51 65-721b 43 42 42 Ewes: 481b and' under 4} 4-1 41 49-50lb 3* 32 32 57-64113 3ii 3fi 33 65-721b 31 31 3a N.Z. Lambs — Canterbury: 361b and under — 71 7.1 37-421b 7S 71 7.1 43-501b 7S 7 8 7 Second quality: Aver, about 311b 71 Ik 7 Other South Island: 361b and under — — 7& 37-421b — — 74 North Island Downs: 361b and under 71 7g 71 37-421b 71 73 71 43-501b 71 Ik 7 Aver, about 301b 7& 71 — *North Island. 1st quality: 361b and under 71 7i 7ft 37-421b 71 71 71 Second quality: Aver, about 311b 7k 7 7 Australian Lambs— Victorian first quality: 29-361b 62 6J 68 37-421b 65 62 65 Argentine Lambs — First quality: 361b and under 63 64 — 37-421b fii 61 6g N.Z. Frozen BeefOx hinds. 145-2101b 41 42 5 Ox Cores, 145-2101b 3i 32 31 Australian Frozen Beef- - Ox hinds, 145-2101b 41 42 5 Ox crops, weights corresponding .. 31 32 H N.Z. Porker PigsFirst quality: 61-801b 71 7A 7 81-1001b 62 62 6* 101-1201b 6;"; 6g 68 N.Z. Baconer Pigs— 121-1601b 62 61 63 N.Z. Chilled BeefOx hinds. ' 145-2l01b 51 6 52 Ox fores. 145-2101b 4 41 4 Australian Chilled Beef — Ox hinds. 1 145-2101b 51 . 52 52 | • Ox crops, weights corresponding 31 41 4i! Southern Rhodcsian— 1 Chilled beef: ] Ox hinds. 145-2101b 5 a 5ii Si ! Ox fores. 1 J45-2101b 31 32 31 j Argentine Chilled Beef— 1 i Ox hinds. 1 145-2101b (51 65 611 Ox fores. j 145-2101b 4 i! 4g 43! Uruguayan Chilled Beef- — Ox hinds. 145-2101b 61 62 64 Ox fores. 145-2101b 4 43 4i Brazilian Chilled BeefOx hinds. \45-2101b G 6i 6