FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22344, 7 March 1938, Page 11

FINANCE AND COMMERCE

LONDON BLITTER MARKET FIRMER HONEY BOARD’S PAYMENT FOR 1937 Business on the various New Zealand Stock Exchanges at the week-end was limited, and most stocks held firm. A filial pay-out of 2d per lb has been announced by the N ew Zealand Honey Control Board, making a total payment for 1937 of 7d per lb. A further payment of a farthing per lb has been authorised on 1936 export, increasing the return from 61d ' to 6jd. The metals market shows practically no change. The London butter market is at the highest point since the New Year, being quoted at 116s per cwt for New Zealand, equivalent to 4s per cwt more than the guaranteed price. Values of merino breeding ewes on Saturday at the Tekapo fair, the principal auction of merinos in Canterbury and Marlborough, were disappointing and in buyers’ favour, except for a small proportion of the best.

BUTTER MARKET

RISE OF 3/- IN WEEK NEW ZEALAND AT 116/PER CWT. With choicest salted quoted at the > week-end at 116s per cwt, the market lor New Zealand butter in London is firmer. A rise of 3s per cwt has occurred during the week. Australian has advanced by 4s per cwt during the same period, and is now quoted at the same level as New Zealand. The value lor Danish has declined by 4s and the current quotations are from 122s to 123s per cwt. The current quotation is well above the values ruling at the same time last year, when the price was 90s 6d per cwt. The present London quotation is now 4s above the equivalent of the guaranteed price. Cheese also has advanced slightly during the week, current values being from 6d to Is per cwt. higher. The market is reported to be firmer. Recent quotations and those of a year ago compare as follows: Mar. 4, Mar. G, Butter— 1938. 1937. New Zealand .. 116/- 90/6 ; Australian .. 116/- 90/6 Danish .. 122/-123/- 120/Cheese—N.Z.; White .. 67/6-68.'- 55/Colourecl .. 68/- 55/Canadian: White .. 757-76/- 71/6 , Coloured .. 757-76/- 71/6 The basic rates fixed under the New Zealand guaranteed price scheme subject to quality differentials, are 123s 8d for butter, and 70s 4£d for cheese per cwt.. f.0.b.. New Zealand currency. The equivalent landed price for butter in London is 112s and for cheese 675. The guaranteed price for butter is equal to 13.25 d per lb, f.0.b., and the current London quotation is equal to 13.87 d, New Zealand ports. The equivalent price for cheese is around 7.68 d per lb, f.0.b., compared with the guaranteed price of 7.54 d. MEAT • market NEW ZEALAND SUPPLIES The Bank of Australasia has received the following cable message dated March 3 from its London office: Frozen Lambs —During the first half nl February supplies were not exceptionally heavy, and prices were maintained; subsequently larger quantities arriving from New Zealand have caused prices to weaken in spite of fair demand' for this time of year. Frozen Mutton —Available stocks of New Zealand wethers are short, and prices firm; high prices restricting demand. Ewes have been rather slow. Trade prices are slightly lower, which has adversely affected prices of Australian mutton. Frozen Beef—Stocks are very light and prices are firmCOMPANY NEWS UNITED BUILDING SOCIETY Directors of the United Building Society of Christchurch (Permanent) announce a final dividend of 6d a share for the half-year ended March SI, 1938, payable on April 1. With the interim payment made six months ago, the full rate of dividend lor the year is 5 per cent, unaltered. BONDS HOSIERY MILLS DIVIDEND (rSESS ASSOCIATION TELEGRAM.) 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. HUME PIPE DIVIDEND t - The Hume Pipe Company (Australia), Ltd., has declared an interim dividend of 3 per cent, for the halfyear ended December 31, acc'ording to advice received by the Auckland Stock Exchange. The interim dividend last year was 2J per cent. STOCK MARKETS

DUVAUCHELLE There was a fairly good yarding of cattle on Friday at the Duvauchelle monthly sale. Prices for all classes were well maintained. Fat steers sold from £8 15s to £l2 12s 6d; fat cows £5 5s to £9 17s 6d; fat heifers £6 10s fo £lO 10s 6d; bulls, large entry. £4 to £ll ss; 18-month-old stores £2 18s to £4 11s; old cows, £1 12s to £4 ss. SALE OF CITY PROPERTY Messrs Baker Bros., Heal Estate Agents, 166 Manchester street, report having sold, on behalf of the Vendors, their ■ valuable garage property situate Oxford terrace. City, to a client of Messrs Wilding and Acland’s, Christchurch, ' -6

MINING

ARGO The Argo dredge return is 560z for 130 hours, and 15,000 yards. GILLESPIE’S BEACH The Gillespie’s Beach wash-up is 330z 16dwt for 85 hours and 9100 yards. NEMONA The Ncrnona return was 58 ounces for 15,600 yards dredged in 128 hours. MOUNT MORGAN For the Mount Morgan ■ preference share 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. The company invited subscriptions for £200,000 in preferene shares of £1 each, bearing 8 per cent, dividend. MATARI OUTPUT Since the Mataki dredge recommenced operations after the Christmas vacation a total yardage of 60,572 has been treated for a return of 2020z 9dwt 12gr of gold. ALEXANDER MINES The returns for the month of February were:— Battery Department: Two hundred and sixty tons of ore crushed for 114oz Sdwt of melted gold. Cyanide department: Two hundred and sixty-five tons of sands treated for 540z 6dwt of bullion. , Total estimated value, £1095. Tn addition, 6.4 tons of concentrates were saved, valued at £173 (at £7 an ounce). WORKSOP The return for the week ending March 3 was 23 ounces for 128 hours from 10,000 yards. AUSTRALIA’S GOLD YIELD HIGHEST SINCE 1917 Australia produced more gold last year than in any year since 1917. The output for the year was 1,380,431 fine ounces, valued at £9,589,488 sterling, compared with a yield of 1,178,581 fine ounces, valued at £8,163,267 sterling, in 1936. Production in December was the heaviest in that month for 10 years. It amounted to 138,874 ounces, valued at £958,469 sterling. Production for the year in each of the states was as follows: — . ~ , Quantity Value in State. (Fine oz). £ sterling. Western Australia .. 1,000,647 6.951,135 Victoria .. 145,799 1,013,206 Queensland .. 125,748 873,152 New South Wales .. 68,607 476,686 Other states .. 39,630 275,309

METALS MARKET

LITTLE CHANGE

LONDON, March 4. March 3. March 4. Copper— £ s. d. & s. d. Standard spot 40 3 9 40 3 U Forward .. 40 8 40 9 4i Electrolytic .. 44 10 0 44 10 0 to .. 45 0 0 45 0 0 Wire bars .. 45 0 0 45 0 0 Scot .. 15 6 10J 15 5 7| Forward .. 15 10 7 i 15 94J SP S e po 0 t r_ -• 13 18 U 13 18 li Forward •. 14 3 U 14 3 1J T Spot ..185 7 6 185 17 6 Forward -. 184 17 6 185 0 0 per oz. 20 3-16 d 20id

Standard, par Feb. 25. March 4, Pig iron (ton) 59 0 59 0 A B“S y ~ .. 81 10 0 81 10 0 Foreign .. 60 0 0 59 10 0 (a unit) Molybdenite .. 25 0 2 Wolfram .. 316 0 310 0

PRICE OF GOLD

LONDON, March 5. Gold is quoted at £6 19s 9d a fine ounce.

LONDON PRODUCE MARKETS

LONDON, March 5. Yesterday’s closing prices were:— Cotton: Snot, 5.13 d. per lb; April shipment, 5.01 d. , , ~ Rubber: Para, 6d per lb; plantation smoked, 7£d. , - Q Jute: March-April shipment, £8 12s 6d a ton. , . . _ Copra: March-Apnl shipment, South Sea, £ll a ton; smoked, £lO 17s 6d; plantation Rabaul, £l2. Linseed oil: £29 15s a ton. Turpentine: 31s 6d per cwt. . i.

STOCK EXCHANGES CHRISTCHURCH SATURDAY’S BUSINESS There was a moderate turnover on call on Saturday morning, and business was well spread. movements were irregular. Apart from vestibule business, the following transactions were recorded:— LISTED STOCKS Sales on ’Chaftge

Quill, Morris (1936) ' ion (£1) .. .. 017 6 100 Taranaki Oil. (24/7) .. 0 6 8 0 6 9 T. J. Richards (£1) .. Wilson’s Cement (10s) 017 10 018 1 Woolworths (N.Z.) , _ _ (£1) .. .. 13 0 13 6 Woolworths (Sydney) „ „ „ (Ist pref., £1) .. Woolworths (Victoria) , , . (pref., £1) -. •• Woolworths (Sydney) . , c n (ord., £1) .. ..168169

FOREIGN EXCHANGES

TEKAPO EWE FAIR

SURPLUS SHEEP IN THE MACKENZIE BUYERS’ MARKET FOR FINE WOOLLED SHEEP [THE PRESS Special Service.] GERALDINE, March 6. The main part of the entry of 29,000 sheep at the Tekapo fair on Saturday were merinoes, with odd pens of halfbreds. The sheep penned up in excellent condition, showing that the season has not been an unfavourable one in the Mackenzie country. The fair is the largest of merino sheep in either Canterbury or Marlborough. Though bidding was brisk for some of the better pens, the market for the great bulk of the sheep was definitely in buyers’ favour. Buyers were present from both Canterbury and Otago on Saturday, and the destinations of the sheep from the sale will be fairly widespread. The new owner of the back-country of the Mount Peel station was one of the heaviest purchasers at the sale, buying some 5000 breeding sheep for stocking his property. Good Prices For Wethers The entry of about 29,000 sheep compared with 31,451 at last year’s sale. The sale this year was made up of approximately 13,000 ewes, 8500 wethers, and 7500 lambs. There was keen competition for some pens and prices for these reached last year’s levels. There were very few passings. A feature of the sale was the high price paid for old wethers, many of which were bought to go down country for fattening for freezing. Old merino ewes were cheap, and competition was not keen for merino wether lambs. Two-tooth halfbred and merino wethers sold well, considering the prospects for wool. Merino and halfbred lambs appeared to be cheap on the sale, and it was quite usual to see lambs bringing a lower price than old sheep off the same station. A line of 592 halfbred wether lambs in from Simon’s Hill, in good condition, sold cheaply at 8s 6d, while 345 four-year halfbred ewes from the same station were knocked down at 12s 6d. At the commencement of the sale bidding was very restricted. After a time, however, buyers gained confidence, and the market firmed considerably as the sale progressed. Top Prices For Sale Top price for the sale was- 25s lOd, secured for a line of 237 three-quai'tcr-bred ewe lambs from “The Wolds.” These were some of the very few three-quarter-bred sheep in the sale. A line of 303, three-quarterbred ewe lambs from the same station topped the market last year at 33s 2d, one of the highest prices last season for lambs. In the two-tooth section, top price was secured for a line of 165 two-tooth merino ewes from Simon’s Pass station, which sold at 24s 3d. A line of 300 two-tooth halfbred wethers from “The Cairngorms” brought 19s 3d. Brilliant sunshine was experienced for the sale, which was opened by Mr T. D. Burnett, M.P., chairman of the Tekapo Saleyards Company. “For the saleyards company, Mackenzie runholder, and grafters generally, I bid you a hearty well come,” said Mr Burnett, in welcoming buyers. "You must admit.” he. said, “that we have better weather than in your fog-hidden, tax-ridden coast land.” THE SALES' Two-Tooth Ewes Glenmorc Station —192 at 23s 6d. Mount John —140 at 22s 6d. Tekapo Station —65 at 15s. Balmoral Station—222 at 21s 3d. Simon’s Pass —165 at 24s 3d. Glen Rock—22o at 19s 3d. Khoborough Downs—2s at-19s 9d. Maryburn—Bo at 20s 6d. Simon's Pass —42 at 17s 6d. Mount Hay—Bß at 14s. Simon’s Hill—2oo halfbred ewes passed at 245. Miscellaneous Ewes Irishman's Creek —880 at 6s 9d, 60 at “ S Ruataniwha—l2o s.m. at 2s Dd, 80 s.m. at Is 6d. Maryburn—36s at 3s 6d. Simon’s Pass—274 at ss. Pukaki Downs—l 43 mixed at 3s 3d, 23 Glenmore Station—3ls 3 and 4 at 19s, 301 at 17s. Mount John —171 at 5s 3d. Benrose—347 at 2s lOd. Cox’s Downs —130 merino at 9s 9d. Glen Tanner —646 at Bs. „ _ , Ben Ohau—B3 at 3s 9d. 353 at 3s 7d. % The Wolds —294 syr at 4s 9d, 158 4-6-8 Mount Gerald —83 at 4s, 231 at 3s 6d, 86 at 2s 9d. Tekapo—s9 at 7s, 268 at 3s 9d. Balmoral—3ll merino at 7s 6d. Braemar —216 4-syr at 4s. 129 merino at 2s 3d. . _. Mount Hay—2s6 s.m. at 10s 3d. Lilybank—2so at ss. Simon's Hill —489 Syr at ss, 345 4yr at 12s 6d. . Glenrock —271 f.m. at 3s 2d. Richmond —471 f.m. at 2s. Streamlands —97 at 2s 9d, 352 merino at 3S Downs—3Bß at 4s 2d, 289 merino at 6s Id. Mount Cook—34B g.s.m at 14s Id. Mount Gerald—273 halfbred at 9s 9d. Sawddn—433 f. and f.m. at 13s. Mackenzie’s Peak—292 6-8-tooth at 5s 4d. Guide Hill—B6 aged merino at Is 9d. Tasman Island—73 s.m. at 18s 6d, 15 cull at Ewe l< Lambs— Rhohorough Downs: 20 at 10s 6d. Richmond: 175 qu arterbred at 12s, 370 quarterbred at 12s 6d. Tekapo. 22 small at 4s 3d. The Wolds: 237 threequarterbred at 25s lOd. 48 at 17s 3d. Mount Johnt 26 st 9s. , • . , n/. Q i. Two-Tooth Wethers—Mount John. 36_at 15s Simon's Pass: 400 at 14s 9d. Brae mar: 251 at 17s 6d. 70 at Cairngorms. ->nn at 19s 3d. 100 at 18s 6d, 150 at 17s 90, US It 17s 3d. 253 at 18s lOd. Glen Rock: Wethers—Ruataniwha: 97 6-8-tooth at 5s 6d, 101 8-tooth at 6s. Pukaki Downs; 70 wethers at 9s. Benrose. 232 merino at 10s. Cox’s Downs. 124 f. and f at 13s The Wolds: 47 at 12s Id. Mount Gerald: 04 merino at 4s 3d, 257 merino at 3s 9d. 309 halfbred at ICs 330 fat and forward at 9s lOd. Omahau. 230 fm. at 10s, 131 4-6-tooth at 15s. Lily bank: 342 at 12s 6d. Streamlands. 282 quarterbred at 12s. Mount Cook. 114 4yr at 14s Id, 277 g.s.m. at 14s td-4-tooth at 17s 2d, 211 at 17s 6d. San don; 386 6-tooth at 14s 10d. Peak: 119 at 7s 6d. Dusky Station. 158 f. and 'f. comeback at 5s 6 , d ’ I F erl P n to |nt at fat at 14s 2d. 130 fat at 14s, 50 fat at 12s 7d, 63 fat at 12s 3d. , . , fiRO Wether Lambs—lrishman s Creek. 88at 9s 3d, 239 at 5s 10£. Mount John. 561 halfbred at 10s 3d. Tekapo: 30 small at 4s 3d, 641 at 8s 3d. Maryhill. SXI at Bs 6d. Simon’s Hill: 592 halfbred at 8s 6d. Glenrock: 460 at 6s 6d. Richmond. 269 halfbred at 9s, 553 at 7s 6d. HONEY PAY OUT SEVENPENCE PER LB. FOR 1937 (PRESS association telegram.) AUCKLAND, March 6. A final pay-out of 2d per lb, pro rata, will be made by the New Zealand Honey Control Board, according to an announcement by the chairman, Mr J. R. Rutland. With 5d per lb already paid, this brings the total for 1937 to 7d per lb, pro rata. Mr Rutland said that the 1936 realisation had been finalised, and the board had decided to pay a further Jd per lb on the 1936 export, increasing the return from 6Jd to 6£d, pro rata. This was in keeping with the past policy to adjust the prior season’s payouts when the realisation figures were completed. “In addition to securing the maximum return, the Producers’ Board s policy has been to increase initial advances as finances permit, obviating the necessity of producers accepting low prices on the local market to enable financing between the time of export and the realisation in London, Mr Rutland continued. “The progress in this direction enabled the board’s advance last season to reach the high figure of 4d on a flat rate, equivalent to 4£d pro rata.” , „ The changed method of finance recently announced by the Government would necessitate delaying the actual payments for some time until the realisation was completed, and funds were received from London. * “The figures, when compared with the return of 2d and 3d per lb for similar honey of other countries sold in England speak for themselves.” Mr Rutland added.

BACK COUNTRY' RUN LAND

SALE OF LEASE IN MOUNT PEEL AREA MORE THAN 40,000 ACRES INVOLVED A sale of 40,000 acres of back-country run land in the Mount Peel area was negotiated recently by Messrs Pyne, Gould, Guinness, Ltd., who sold the block to South Canterbury buyers. The land was a portion of out-back grazing on Mount Peel station, and the lease had been held by theAcland family for more than 80 years. The homestead block of about 14,000 acres of leasehold and freehold at Mount Peel will be retained by the Acland family, and the leasehold land which has been sold will be renamed. The land was sold in two blocks, one of 28,000 acres and one of 12,000 acres. NEXT YEAR’S WHEAT PRICE SOUTH CANTERBURY REQUEST (THE PRESS Special Service.] TIMARU, March 5. A suggestion that the Government be asked to reveal the price to be paid for the next year’s wheat was made at a meeting * of the Temuka branch of the New Zealand Farmers’ Union. Mr W. Buchan, who is provincial president for South Canterbury, said that many wheatgrowers in the south had had poor yields, and that it a higher price was not coming for the next harvest, they would not grow wheat. It was worse in South Canterbury than north of the Rangitata, where it had been possible to use headers, but even there the returns had not been good. “South Canterbury is handicapped by not being able to head,” said Mr G. A. Davey, president of the branch. “Farmers are definitely not prepared to grow wheat for the price they are getting now.” When one member suggested that a higher price be asked for farmers south of the Rangitata, Mr L. V. Talbot said that such a move might cause a split among farmers, for the price of bread would still have to be uniform, and if a zone was set aside for a higher payment, growers outside the zone would suffer. The motion which was eventually passed was that a recommendation be made to the provincial executive that the Government be asked what price it proposed to pay. A further suggestion, that the provincial executive press for wheat payments to be made in full with the first payment, was put forward by Mr C. R. Barnett, who said that it was two years before the wheatgrower received his final payment. “We have already made such a request, and been told that it is impossible,” said Mr Talbot, who contended that the Government did not buy the wheat, and was not financing the scheme. , BRITISH WHEAT MARKET LONDON, March 5. Wheat futures are quoted as follows: March 3; March 5. s. d. s. d.

£ s. d. 100 United Building (cum div.) 10 9 100 Westport - Stockton Coal 0 2 10 50 N.Z. Breweries 2 5 3 100 Broken Hill Propty. (contr.) 1 12 9 50 G. J. Coles 4 3 7 800 Taranaki Oilfields (6) 0 6 8 300 Woolworths (N.Z., ord.) (3) 1 3 1 100 Woolworths (Sydney, ord.) 1 6 10 1000 Skippers .. (3) 0 0 14 50 Broken Hill South .. 1 13 3 100 Mount Lyell 1 10 7 300 Mount Morgan (2) 0 9 8 Sales Reported 50 Tooth’s Brewery 2 16 3 100 G. J. Coles 4 3 0 4 4 0 100 N.Z. Farmers’ Fertiiser 0 17 0 200 Woolworths (Sydney, ord.) 1 6 10 300 Mount Morgan 0 9 84 50 North Broken Hill .. 2 9 3 50 National Bank of New Zealand 2 14 0 200 Woolworths (N.Z.) (2) 13 1 Gilt Edgeds Firm National Bank of New Zealand were firm at 54s, and further sellers at 54s 2d, buyers at 53s 9d. United Building Society were firmer, with business at 20s 9d, closing quotations Id on either side. Wcstport-Stockton Coal remained unaltered at 2s lOd, market closing Id cither way. New Zealand Breweries were weaker with buyers and business at 45s 3d, sellers at 45s 6d. Tooth’s Brewery rose sharply to 56s 3d, sellers staying in at that price, buyers at 56s. Broken Hill Proprietary contributing were firm at 32s 9d, and more were offered at that price. buyers at 32s 7d. G. J. Coles advanced to dealings at 83s, 83s 7d, and 84s, sellers staying in at the highest figure, buyers at 83s 9d. New Zealand Farmers Fertiliser had business at 17s. Taranaki Oilfields were fractionally firmer with buyers and dealings at 6s 8d, sellers at 6s 9d. Woolworths, New Zealand, were a shade stronger at 23s Id, market closing 23s buyers, 23s 6d sellers. Woolworths, Ltd., relapsed to dealings at 26s lOd, closing quotations 26s 8d buyers, 26s 9d sellers. Mining Skipper's were fractionally firmer at ltd. Broken Hill South dropped to sellers and business at 33s 3d. buyers at 32s 7d. Mount Lyell eased to 30s Td. and more were wanted at that figure, sellers at 30s 8d. Mount Morgans were easier at 9s 8d and 9s 8id, sellers staying in at the lower price, buyers at 9r. 7id. North Broken HiH declined to buyers and business at 49s 3d, sellers at 50s. LATEST QUOTATIONS 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 and 15/9/39-43 101 17 6 — 3i p.c. Ins., 1938-52 .. 101 10 0 — 3J p.c. Ins., 1953-57 97 17 6 — 33 p.c. Ins., 1941 101 0 0 102 12 6 4 p.c. Ins., 1943-46 102 0 0 4 p.c. Ins., 1946-49 — 104 7 6 4 p.c. Ins.. 1952-55 103 10 0 15 4 p.c. Bonds, 1946 102 10 O'102 0 4 p.c. Bonds. 1955 103 15 0 — Rural Bonds, 5 p.c.. 10 15/9/47 103 0 — Banks Comm, of Aust. (10s) 0 16 6 0 16 7 Comm, of Sydney (£12 0 21 0 10s) 20 15 0 E„ S., and A. (£3) .. 5 4 3 5 5 6 Natl, of A/asia (£10 paid) .. • ■ 14 12 G — Natl, of A/asia. (£5 3 9 paid) 7 1 6 7 Natl, of N.Z. (£2 10s) 2 13 9 2 14 2 N.S.W. (£20) — 32 15 0 New Zealand (£1) 2 3 0 2 3 2 N.Z. (mort shares, £1) 1 9 0 1 9 11 Union of Aust. (£5) .. 8 15 0 9 0 0 Insurance New Zealand (£1) 3 0 3 3 1 0 South British (10s) 2 6 0 2 7 0 Standard (cum div., £1) 3 0 0 3 2 0 Loan and Agency Dalgety and Co. (£5) 8 10 0 8 12 0 Goldsbrough, Mort (£1) M 10 2 1 10 4 National Mort. A (ex div., £2) .. N.Z. Guar. Corpn. (3s) 2 2 6 2 7 G 0 4 5 0 4 8 N.Z. Loan and Merc. (ord. stock, £100) .. — 47 0 0 United Building (cum 10 div., £1) 1 0 8 1 0 Wright. Stephenson (pf., £1) 1 0 6 — Shipping Huddart-Parker (cum 8 div., £1) 2 6 6 2 0 Huddart-Parker (pref.. 8 cum div., £1) 1 0 — P. and O. Deferred Stock (£1) .. 1 5 0 1 8 6 Union (pref., £1) 1 6 9 1 8 0 Frozen Meat Canterbury (£7 10s) .. 10 0 0 17 Gear (10s) — 0 0 N.Z. Refrig. (£1 paid) * — 0 18 8 Woollens Manawatu (£1) — 1 17 0 Coal Westport-Stockton (10s) 0 2 9 0 2 11 Westport-Stockton (pf./ 10s) 0 6 1 0 6 6 Gas Christchurch (£1) 1 8 0 1 8 9 Breweries Dominion (£1) 1 18 0 1 19 11 New Zealand (£1) - - 2 5 3 2 b Queensland (cum rts. £1) — 1 ■ 7 0 Tooheys (£1) . • 16 0 1 12 0 Tooths (£1) -• 2 2 16 3 Timaru (in liqdn., £1) 0 1 0 0 1 4 Miscellaneous Amalg. Wireless (cont.. 0 10 0 £1) 2 6 2 Andersons (pref., £1) .. — 0 19 0 Anthony Hordern (£1) 0 18 2 0 18 6 Aust. Glass (£1) 4 12 3 4 13 U British Tobacco (cum 8 ,2 div., £1) 2 7 9 1 Broken Hill Pty. (£1) 3 1 3 3 1 6 Broken Hill Pty. (con., 12 12 9 10s) 1 7 1 Colonial Sugar (£20) .. 45 17 6 46 10 0 Consolid. Brick (£l) .. 0 7 0 0 8 0 Cox Bros. (£1) •• 0 14 9 — Dominion Builders (£1) 0 2 0 0 3 0 Dominion Fert. (£1) 1 3 4 — Dominion Rubber (£1) — 1 6 0 D.I.C. (10s) .. 0 14 0 0 14 7 D.I.C. (pref., 7/6) .. 1 3 7 — Dunlop Rubber (£1) 1 3 1 1 3 2 Electro. Zinc (ord., £1) 2 5 3 2 6 0 Electro. Zinc (pref., £1) 2 8 4 2 8 7 Evans Atlas Flour (10s) 0 18 0 G. J. Coles (£1) 4 3 9 4 4 0 Hay’s. Ltd. (con., 15s) 0 14 9 Henry Jones Co-op. (£1) 2 9 3 2 11 6 Hume Pipe (Aust.) (£1) McKenzie's (£1) 1 3 0 a 9 0 1 1 0 N.Z. Drug (£2) NiZ. Farmers’ Co-op. 3 7 6 3 10 0 11 15 (A pref., £2 10s) 1 0 1 0 N.Z. Farmers' Co-op. 15 •(B pref., £4) — 1 0 N.Z. Farmers’ Co-op. (41 p.c. Stock, 1949, 93 10 £100) •; •• 0 — N.Z. Farmers Co-op. (4J p.c. Stock. 1950. 99 0 £100) 93 10 0 0 N.Z. Farmers’ Co-op. (41 p.c. Stock, 1955, 93 15 £100) 0 — Procera Bread (10s) .. , - —- 0 13 0

Buyers. Sellers. £ s. d. £ 8. a. Overseas Listing Woolworths (S.A.).. 0 1G 1 0 16 4 Mining Argo (Is) .. .. 0 17 0 1 9 Argo (con., 6d) .. Oil “T Barry town (£1) .. — I Big River (Is) .. — Golden Sands (Is) .. 0 1 7 0 New River (Is) .. 0 0 4 0 Maori Gully (Is) •• 0 0 4 Skippers (Is) .. 0 U 14 Waihi Grand June0 0 tion (2s) •• 0 2 8 Worksop Extend. (Is) 0 0 Ua 0 Australian Mining Broken Hill Sth. (5s) 1 12 7 1 13 3 Mount Lyell (£1) .. 1 10 7, 1 10 Mount Morgan (2/6) .. 0 9 7 a 9 Nth. Broken Hill (5s) 2 9 3 Rawang Tin (10s) .. 0 9 2 Wellington Alluv. (2s) 0 4 9 UNLISTED STOCKS All transactions in stocks quoted in this section are subject to a different rate OI brokerage from listed stocks and are Quoted on the official list. not Buyers. Sellers. £ s. d. £ s a. Ballins Breweries .. 0 12 3 0 12 5 Christchurch Press .. 8 10 u 0 National Tobacco .. 2 0 U 2 15 8 Selfridges (A’asia.) .. 16 0 Selfridges (N.Z.) .. _ — 0 0 White’s Electric .. 0 0 »! Woolworths (W.A.) .. 4 13 6 5 AUCKLAND Sales on ’Change d. £ S. N.Z. Insurance 3 0 9 Taupiri Coal 0 0 6 7 Taranaki Oil. 6 Broken Hill Pty. 3 i 6 Woolworths (Sydney) X 7 0 WELLINGTON Sales on ’Change £ s. d. Bank of New Zealand 2 3 3 Carlton Brewery .. (2) 5 6 Swan Brewery 1 Colonial Sugar .. • • 46 David Jones .• (2) G. J. Coles Woolworths, Ltd. .. 1 Woolworths (N.Z.) .. (2) i 3 3 0 (All above late Friday) 5 Goldsbrough, Mort .. (2) 1 10 Colonial Sugar 46 10 G. J. Coles 4 4 Woolworths (N.Z.) 1 3 Woolworths Holdings 0 0 16 16 4 5 DUNEDIN Sales on ’Change 10 8 Mount Lyell .. ■• •• 1 Sales Reported 3 Broken Hill Pty. dale Friday) 1 4 Woolworths’ Holdings (late Friday) •• <2) New Zealand Breweries (2) 0 2 16 5 3 6 North Broken Hill (after call) 2 9 6 SYDNEY Bank of New South Wales 32 17 6 Tooths 3 lb Associated Newspapers 1 4J Australian Iron and Steel (pf.) 1 8 7J British Tobacco 9 6 Colonial Sugar 4b 12 6 Farmers 1 13 0

(BRITISH OFFICIAL mtRELBSS.) RUGBY, March 5. Par. Mar. 3. Mar. 5. Paris, fr. to £1 124,21 154 1-32 153 31-32 5.012 dol. to £1 4.8G6 5.0113-10 dol to £1 4.8GG 5.0113-16 5.01 7-16 belgns to £1 35 29.564 29.573 21.604 fr. to £1 25.2215 21.01 fl. to £1 12.107 8.962 8.961 , Milan, lire to £1 92.43 953 U5q Berlin, rclehmarkento£l 20.43 12.40 12.40 Copenhagen, kr. to £1 18.159 22.40 22.4U Stockholm, . ... kr. to £1 18.159 19.411 19.411 Oslo. kr. to £1 18.159 19.00 19.80 Vienna, schgs. to £1 34.585 261 2GJ, kr. to £1 164.25 142 11-16 142g Helsingfors, marks to £1 193.23 \ 2261 2261 Madrid, pesetas to £1 25.2215 — — Lisbon, cscu110 3-16 dos to £1 375 110 3-16 Athens, drach to £1 375 5471 5471 Bucharest. lei to £1 813.60 6771 677J Belgrade, dinars 376.3 216 216 Rio de Janeiro, pence to milreis .. 5.90 213-16 2 13-16 Buenos Aires, pence to dol. 51 — — Montevideo, pence to pcco • 211 212 Bombay, pence to rupee 18 184 181 Shanghai. pence to dol. * 14 3-16 14 3-16 Hong Kong, pence to yen * 15 15 Yokohama. pence to yen 24.58 13 63-84 14 Batavia, guilders 12.107 8.941 — Warsaw, par zlotys to £1 43.36 26.40 — •Determined by price of silver. BANK OP NEW SOUTH WALES The Bank of New South Wales quoted the following exchange rates on Saturday:— Buying. Selling. N.Z. on 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 B9 New York — Del. to £1 N.Z. T.T. 4.0550 4.0203 O.D. 4.0650 4.0243 Montreal— Dol. to £1 N.Z. T.T. 4.0546 4.0222 O.D. 4.0666 4.0262 Austria— Schgs. to £1 N.Z. T.T. ► 21.03 O.D. — 21.04 Belgium— Belgasto £1 N.Z. T.T. 23.967 23.657 O.D. 24.042 23.668 Czechoslovakia — Korunas to £1 N.Z. T.T. — 113.82 O.D. — 113.87 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. 125.24 122.74 O.D. — 122.78 Germany— Reichmarks to £1 N.Z, T.T. — 9.890 O.D. — 9.895 Greece— , Drachmae to £1 N.Z. T.T. — 429.54 O.D. — 429.84 Holland— Florins to £ 1 N.Z. T.T. 7.307 7.157 O.D. 7.347 7.161 Italy— Lire to £1 N.Z. T.T. — 76.44 O.D. _ 76.49 Java — Florins to £1 N.Z. T.T. 7.279 7.129 O.D. 7.319 7.133 Norway — Kroner to £1 N.Z. T.T. 16.182 15.892 O.D. 16.242 15.898 Noumea — Francs to £1N.Z. T.T. 126.49 121.49 O.D. — 121.53 Papeete— Francs to £ 1 N.Z. T.T. 126.34 121.54 O.D. — 121.58 Sweden — Kronor to £1 N.Z. T.T. 15.805 15.510 O.D. 15.865 15.516 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. — 18A O.D. — 18 7-64 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. 222 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 O.D. 29 7-32 29 13-16 Shanghai— N.Z. pence to dol. T.T. — 18 9-64 O.D. — 18 9-64 Singapore— N.Z, pence to dol. T.T. 34 21-32 35 9-64 O.D. 349-16 35 9-64

Liverpool (a cental) — March .. 7 -5g 7 4 May .. ..74% 7 3% July .« «. % 3| 7 115-16