FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22389, 30 April 1938, Page 13

FINANCE AND COMMERCE

CANTERBURY MARKETS

RAIN KEEPS TRADING QUIET

(BI OUR COMMERCIAL EDITOB.)

Friday Evening. The ram continues to hold up all agricultural operations, and in consequence most of the markets are very dull. The rain, curiously enough, has caused a definite firming in potatoes ilhc North Island crops are not in condition for digging because of the rain mid a temporary shortage has occurred in Auckland. There is a, strong demand for southern potatoes, but rain here has also held up digging and the actual quantity being shipped is very .small. No signs that South America is interested in the New Zealand crop are yet visible.

There is a fair demand for the best qualify chaff from the North Island but tli is is scarce. The value for the best is up to £4 10s on trucks. Oats are very quiet, with no inquiry at all

Quotations • The following are the prices quoted to farmers, on trucks at country sidings, unless otherwise indicated:— Wheat—Milling, f.o.b. Tuscan 5s 7d Hunters 5s 9d. Pearl 5s lid. Oats—New season's A Gartons to 2s 10d, B Gartons to 2s 6d, Algerians 2s Sd to 3s.

Ryegrass—Perennial (new season's) Ss 9d, Italian 2s 9d to 3s.

Cocksfoot—Plains 8d to 9d. Akaroa 8a to 9Jd per lb. Covvgrass—6d to 7d per lb. White Clover—Bd to lOd per lb. I Potatoes—£3 10s a ton for prompt i Onions—£7 10s a ton. • Chaff—£4 5s a ton. Barley—Malting 4s 7£d, feed 3s 6d to bushel.

Brown top—M.d.. 9d to lOd per lb. Partridge Peas-~4s 3d to 5s 3d a Diishel.

Bran—Large. £4 15s; small. £5 ss. Pollard—Large. £6 5s a ton; small, !£6 15s.

ASHBURTON

The first inquiries for potatoes have ■been received from the North Island, and lines for immediate delivery are saleable. Owing to the wet weather digging Will be delayed for some days. The market for grass seed, cocksfoot, snd clovers, is firm at recent quotations.

The recent rains have delayed stack ■threshing of wheat, and several mills are held up in the paddocks. There is still a good demand for heavy Gartons, but light and inferior lines are neglected. Dark heavy Duns are in demand, but supplies are difficult to obtain. Partridge peas are practically all marked, and most samples have proved disappointing. Feed barley is in oversupply, and sales are difficult to make. The following are prices quoted to farmers, on trucks at country stations unless otherwise indicated, sacks extra, free of commission:—

Wheat—Milling Tuscan 5s 7d, Hunters 5s 9d, Pearl 5s lid. Fowl wheat 5s 7d (all f.0.b.).

Oats—A Gartons 2s lOd, B's 2s 6d; Algerians 2s 9d to 3s. Grass Seeds—Perennial ryegrass 3s 9d to 4s 3d. Italian 2s 9d to 3s, cocksfoot 7d to 81d, red clover 6d to 7d, white clover 8d to 10s. Chaff—£3 15s to £4 a ton. Partridge Peas—ss for No. 1 grade, undergrade 3s 6d to 4s 6d. Eavley—Malting 4s 7Jd, feed 3s 6d. Fotatoes—Whites and Dakotas, £3 10r.

> DUNEDIN

(PRE 33 ASSOCIATION TBLIOIAU.I DUNEDIN, April 29. O/Tcrinss of milling wheat from the country'continue very small. A shipment at* Australian wheat is dye here next month. Fowl wheat is getting into small compass in Otago. Oats continue quiet and merchants are not anxious to buy. A Gartohs are quoted at 3s sid f.0.b., and B's at 3s 2d. Sales are difficult to effect. Chaff is in short supply, but the demand is not strong. Growers have been enabled to dig large quantities of potatoes, and It is difficult to maintain prices. Best quality Arran Chiefs are quoted at £4 5s a ton, with King Edwards realising 10s a ton more. The seed markets are quiet. There is little demand from the North Island as sowing for the autumn has been completed. Owing to the shortage of supplies of all seeds, prices remain steady. Certified ryegrass is still commanding high prices and these are likely to continue. Ordinary ryegrass is also firm and the same applies to white clover and cowgrass. Brown-top has quietened down following the diminished demand from overseas. Cocksfoot is steady.

INVERCARGILL

/' [THE PRESS Special Service.]

INVERCARGILL, April 29

Oats continue quiet. Offerings are still being made by farmers, but because of the slackness of the shipping demand and the lack of orders for milling, merchants are exercising caution in buying. Prices are weaker and values to growers now range from 2s 4d to 2s Bd. Fowl wheat of local growth is scarce and the bulk of the requirements for the current season will need to be drawn from outside centres. Chaff continues dormant. Local demand is decreasing, and there is no shipping demand. The value to growers for good bright quality, the only grade in demand, does not exceed £4. Ryegrass continues very firm, due to the shortage in production in both Southland and other provinces. Most merchants now have only sufficient seed to cover their requirements for the farmers' retail trade in the spring. The value to growers ranges from 4s 3d to 4s 9d. Supplies of Italian are more plentiful, and the value to growers is about 3s on trucks. There has been no change in the market for Chewings fescue. Overseas demand has been rather inactive for the last fortnight. Browntop continues to be firm, and machinedressed seed of export quality is returning growers up to Is 3d for certified and Is 2d for uncertified. A considerable quantity of white clover has been saved this year. The seed has been bought on a machine-dressed basis, the value for the best quality being Is to Is Id. The potato position continues to be very unsatisfactory, and the outlook at present is rather gloomy. Present indications of value for shipping purposes are about £3 a ton, and unless an overseas outlet is found there does not appear to be any prospect of much improvement in the market for some time to come.

BRITISH WHEAT MARKETS

CHICAGO FUTURES

NEW YORK, April 28. Cents a bushel. April 21. April 28. May .. 84.' f 81 July .. 82i 801 September .. 82* 81

VEGETABLES AND

FRUIT

CHRISTCHURCH MARKETS

. Good supplies of vegetables are coming forward, and values are as under: Cauliflowers, up to 12s a dozen; cabbages, up to 7s 6d a dozen; lettuce, Is to 2s 6d a dozen; spinach, up to 2s a dozen; celery, best quality up to 6s a dozen: peas, up to 5s 2d a peck; sprouts, 7d to 8d per lb; hothouse beans, up to B:id per lb; hothouse cucumbers, 6d per lb; potatoes, owing to rain supplies less plentiful, realising 2s 6d a sugarbag; onions, best quality 5s a sugarbag.

Fruit—Apples, good supplies coming forward, and values are as follows: Cox's Orange, a few extra choice up to 8s 6d, others from 4s to 6s 6d a case; Delicious, 4s to 6s 6d; Jonathans. 3s to ss; cooking apples, 3s to 4s 6d a case: pears, 2s to 3s a half-case; tomatoes, good quality lines now becoming scarce: hothouse, uo to lOd per lb; extra choice outdoor. 6d to 8d per lb, others from 2s 6d to 7s 6d a case, according to quality; grapes, steady supplies coming forward; values are from Is 4Jd to Is 9d per lb for medium quality lines, extra choice higher; New Zealand lemons, a consignment came to hand yesterday, and realised up to 20s 6d a case. A few New Zealand passion fruit arid tree tomatoes also came to hand. Values for both lines were very high. Imported fruits: Supplies of Californian lemons and oranges, also Jamaica oranges and grapefruit, are available.

Shipments arriving: A small quantity of Fiji mandarins was expected yesterday. Samoan bananas, also Niue bananas and kumeras are expected on Monday. Californian Valencias arc due later in the week.

Eggs—First grade up to 2s lOd. seconds 2s 7d to 2s B}d, duck eggs 2s 5d to 2s 7J d a dozen.

DUNEDIN

frBESS ASSOCTATIOH TXLKG»AM.)

DUNEDIN, April 29. Few lines of apples have reached the market during the week from Nelson, and a good clearance of stocks has ! been made. Supplies are now coming forward from Central Otago. The demand for all classes of apples is a little brighter, with preference being shown by buyers for Delicious and Jonathans from Central Otago. and Sturmers and Delicious from Nelson. Small lots of Cox's Orange Pippins from Otago Central and Nelson are still reaching the marts, but this variety of apple is now past its best and the demand is poor. Dessert pears have been offering at low prices. The keeping quality of pears this year is not satisfactory and sales have to be made quickly at low prices to clear. Small lots of quinces are available. Outside-grown tomatoes are still arriving from Central Otago and Canterbury. The almost complete absence of frosts has resulted in a longer season than for a number of years, and some really choice lines of outsidegrown are available. Inferior grade are hard to place. A shipment of Californian oranges and lemons is expected on Monday. Grape fruit is •!! short supply. Bananas are in plentiful supply as a shipment arrived at the end of last week, transhipped ex Matua at Auckland, and a further shipment is due on Tuesday, railed from Lyttelton. ex Maui Pomare. The colder weather is affecting the demand, and prices are lower than for some time. Some choice lines of locally-grown Gros Colmar grapes are on the market and are realising high prices. Supplies are also arriving from Central and North Otago.

DAIRY PRODUCE MARKET

BUTTER FIRM IX LONDON

LONDON, April 28,

The butter market is firm. Danish, 1275; choicest salted, New Zealand and Australian, 1275; unsalted, New Zealand 120 s, Australian 128 s. The cheese market is weaker. New Zealand, white-68s, coloured 68s 6d; Australian, white 675, coloured 68s.

METALS MARKET

GOVERNMENT SECURITIES

METHVEN HORSE FAIR

The most successful sale of farm horses for some months was held at Methven saleyards on Thursday, when Dalgety and Company, Ltd., offered 87 horses. The large entry attracted buyers from all parts of Canterbury, as well as others from the West Coast and the North Island, and bidding throughout the sale was consistently good, while for especially good horses there was quite spirited competition. The top price was secured by Mr A. H. Sandrey. Barrhill, for a nice six-year-old mare, which brought £3B 10s, while for a four-year-old gelding Mr R. Molloy, Cairnbrae, secured £37.

GROCERY TRADE

PRICES AND PROSPECTS

Despite the weather, business in the wholesale and retail grocery trade has been very brisk during the week. Turnover has been gratifying, and the outturn of goods covers the whole range of grocery lines. There is a steady and encouraging demand for luxury lines of all descriptions. Dried Apples Tasmanian dried apples, new crop, are now ready for shipment, and importers who have placed orders can look forward to arrivals about the second week in May. Almonds The lower prices for Sicilian almonds in London have caused a drop in the f.o.b. value of ground almonds to the extent of nearly £3 a ton. The almond market generally in Europe is weak, and London shippers are endeavouring to book present stocks for spread delivery up to June dispatch for Sicilian (whole) almonds. Linseed The present price of linseed is high, and this is due to very short supplies. Both whole and ground are at present bringing very high prices, and this position looks like continuing for some time. The present high value is due to the very small acreage planted last season. Shipments of linseed from overseas may later on weaken the market, as some users of linseed may be compelled to import. Oatmeal Although the market for oats does not justify the present low quotations for oatmeal, the fact remains that oatmeal is being sold by millers at prices which are said to be unprofitable. This action is due, according to a report, to differences between various millers, the trouble having originated in Otago several weeks ago, when prices of oatmeal in Dunedin dropped unexpectedly. Retail prices in Christchurch will be adjusted next week to bring them into line with the lower wholesale costs.

It is quite possible that the present cheap prices for oatmeal will not last long; in fact, the opinion is held in the trade that prices will be back again to a profitable level for millers as soon as their domestic affairs are settled. Arrowroot

Queensland arrowroot now landing is costing a considerably higher price to land than was the case this time last year. Since last season the f .o.b. cost of arrowroot has advanced markedly, and these increases are now reflected in the higher landed costs. Eggs

The market for fresh eggs continues very firm, with supplies short, except duck eggs, of which there are a fair quantity available. Yesterday, city stores were paying farmers and others for supplies as under:—Firsts 2s 7d, seconds 2s 4d, pullets Is Bd, ducks 2s, all prices being net, and free of commission. The demand for chilled eggs had set in in earnest, and with retailers selling to the public at Is lOd a dozen, this line is bound to command an exceptionally good demand. Sago and Tapioca

Recent cablegrams from Singapore show the sago and tapioca market there as still lifeless, and the market generally is very flat. Prices appear to be in buyers' favour at present, and values are on a low basis. Coconut The market in Colombo for desiccated and shredded coconut is weak t.nd slightly lower quotations arc now available. Raisins New season's Australian seeded Lexia raisins will land next week. Stocks at present arc very low: in fact, no 16 ounce packets have been available locally, and only a very small quantity of 12 ounce are held by merchants. The landings next week will relieve a very short market, and what quantity is available after deliveries of ex ship sales are made will, it is expected, not last very long. Further arrivals are due later iu May. Epsom Salts

There is at present a phenomenal demand for Epsom salts for stock medicine. Inquiries made in the North Island disclose a famine there, but relief is in sight with shipments of bulk supplies from South Australia as well as British-made parcels now afloat. Sugar Inquiries made yesterday in the city disclosed that no alterations had been made in the retail price of sugar in small lots—up to 121 b. The- price charged by the principal retailers is still 17s Sd a bag, with no suggestions of lower rates. A rumoured drop of 2d per 121 b parcel was contradicted, and in any case such a drop, small as it would be, would be greater than the recent reduction in the wholesale price of sugar, as 2d per 121 b is 31s Id a ton, and sugar prices have fallen only 20s a ton of recent times. Barley and Peas

The following quotations are available, f.0.b., Melbourne, prompt shipment:—Barley: Cape feed 2s 104 d, Cape mr.lting 3s Id, English malting 3s Bd. Peas: 6s 6d. Currants Limited supplies of Greek currants aro available and prices are attractive, for grocers prefer this grade of fruit. Brazil Nuts The prompt-dispatch price of shelled Brazil nuts in London is slightly higher than last report, whilst the same nut in shell is at present tirm on this market. Last year very heavy buying by Continental operators pushed this market up considerably, but it has now settled down again, and values are once more attractive to buyers.

GERMAN PUBLIC DEBT

INCREASED SHORT-TERM COMMITMENTS

The high level- of industrial production in Germany is reflected in the figures of the amount of money in circulation in the country given in the annual report of the Reichsbank. The total at the end of 1937 was put at 7.478,000,000 marks (£598,240,000 sterling), or 533,000,000 marks more than at: the end of 1936, and the highest total since 1924.

The net profit was 40,100,000 marks (£ 3,208,000), against 40,000,000 marks (£3,200,000). Of the proposed dividend of 12 per cent., only 8 per cent, will be distributed, the balance being paid into a special fund, in accordance with the law limiting dividend payments in cash.

Speaking at the annual meeting, Dr. Schacht, president of the bank, said that the German currency had been protected by stringent foreign exchange laws from outside attack, and Germany could therefore afford to wait further developments of the world currency situation. It was no secret, said Dr. Schacht, that the short-term debts of the Government had greatly expanded in recent years, and that it had not yet been possible to cover them fully or to fund them. This increase in public debt had. however, been accompanied by a reduction of private indebtedness. For purposes of financing State undertakings, said Dr. Schacht, it was now necessary to abandon the use of special bills of exchange for mediumterm financing, and to draw funds not included in ordinary estimates from the credit market by the issue of Treasury bonds or State loans. The former would to some extent be consolidated upon maturity. Dr. Schacht said that business development in recent years had been made possible by the co-operation of the whole German people. The people, for whose protection the rearmament programme was . undertaken, must place their savings at the disposal of the State for this purpose, and postpone for the moment the satisfaction of their own desires.

FROZEN MEAT

SMITHFIELD PRICES

LAMB AGAIN HIGHER i

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, April 28. 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 shown):— ~ A ~ , ~ April April April 13. 21. 28. Per lb. d. d. d.

Lamb is still meeting with a good demand on the Home market, and prices for all descriptions have further advanced. On the mutton market, wethers are steady and unchanged. The tendency in ewes is easier. There lire again no quotations for frozen beef. Chilled beef is easier on extremely heavy supplies. New Zealand, porker pics are firmer on short stocks, while New Zealand baconcr pigs are steady and unchanged.

EFFECTS OF WEATHER ON WOOL

SHORTER CLIP AND SMALLER

DEMAND

Weather has been a bugbear to the Australian sheep industry this year, states the latest report of Winchcombe. Carson, Ltd. Over a wide area of the Commonwealth and particularly during the last few months in New South Wales and portions of Queensland, absence of rain has caused heavy expense to pastoralists in hand feeding and agistment for stock. In Great Britain mild winter weather curbed sales of woollen goods. Turnover at the United Kingdom mills was satisfactory up to September, but absence of the usually cold October and November conditions gave a check to business. That period of the year is normally an excellent time for making sales owing to the public demand for warm apparel. Seasonal circumstances throughout the world, therefore, exercise a consfderable influence on the fortune of the wool industry. The maintenance of Japanese buying has been a most favourable factor at recent Australian auctions. Generally the trend of world commodity prices has not been upward. Metal values have been on a low basis compared with some months, ago, but wool has not varied In price to any marked degree during the last few months. The countries using artificial fibres to the greatest extent have increased their wool purchases owing to the reduced prices at which the raw material can be obtained.

In Sydney the wool selections nre Knowing an end-of-season character. Spinners' wools are now becoming scarce; at the close of last week, sales on the market were about 960.000 bales. The experience shows that provided wool can be profitably produced at prices within limits which enable it to withstand competing fibres, it is likely to find buyers for as far ahead as can be seen. The condition of the late-summer *horn wools of New South Wales which have been recently offered in Sydney supplies a guide to the growing clip. The sheep have produced considerably less wool a head than a year before. Except in a few districts of the state, pastures, owing to lack of rain and the grasshopper invasion have been more, or less scanty for months. A smaller clip is certain to be shorn in New South Wales. As the state produces 50 per cent, of the wool grown in Australia the position is likely to influence appreciably the coming season's supplies available in the Commonwealth. That situation should assist in the maintenance of current values.

If prospects were brighter for the sale of the sheep's staple to America, a rise in prices might be expected. Unfortunately the United States mill industry shows no sign at present of wanting Australian wool in any appreciable quantity. Millmen have experienced much reduced turnover and the domestic clip, plus the surplus supplies from the large imports made a year previously, is likely to prove ample for requirements during the months ahead.

At figures approximately on the levels recently prevailing, however, the sheep's staple is likely to find an adequate number of buyers. We hope that the quantity of wool on hand at June 30 next will be small. This season's prices have been moderate enough to enable millmen to produce goods at prices which should ultimately stimulate trade and pave the way for some improvement in results for growers.

FROZEN PRODUCE LETTER

N.Z. LAMB COMPETITION

EMPIRE FRUIT SUPPLIES

(From Our Special Correspondent.)

LONDON. March 31

Considerable interest was shown by wholesalers and retailers in the display on the Smithfield stand of Messrs W. Weddel and Company, Ltd., of the exhibits in the North Island District Lamb Competition, which were judged on the hooks by Messrs D. C. Messent, F. H. Dennison, and C. Woodward, Ihree of Smithfield's leading experts. Entries were received from Fending, Hawera. Hawke's Bay, Manawatu, Poverty Bay. Southern Hawke's Bay, Waikato, Wairarapa, Wairoa, and Wanganui, giving a total of 450 lambs in pens of three. The judges' task was to determine the best district display as a whole,,the best three pens in each district's entries and the best three pens in the entire exhibition,, the judging being based upon suitability for the London trade. Although some of the lambs were of outstanding quality the general standard was not quite up to that of last year's event. Wairarapa took premier honours for the shield, awarded by the New Zealand Meat Producers' Board, with Manawatu second, Feilding third, and Poverty Bay fourth. The Wairarapa group were splendid carcases and were in every way top-grade competition lambs. The Manawatu entries were not very far behind, and lost a few points because of a little excess fat on one or two of the carcases. Feilding put up a highly creditable display and the pens from this district carried good shape and fleshing, with Poverty Bay running them very close. In the contest for the best three pens in each district entry, the judges placed Pen No. 42 the best of the Feilding group. Pen No. 167 the best from Hawera, Pen No. 921 Hawke's Bay's best, Pen No. 709 the best from Manawatu, Pen No. 27 best of the Poverty Bay entries. Pen No. 10 as the best from Southern Hawke's Bay, Pen No. 13 as the best from Waikato; the leading pen from Wairarapa and the best in the show was Pen No. 12, Pen No. 358 led the Wairoa entry, and the leading pen from Wanganui was Pen No. 329. The four best pens in the whole Exhibition were Pen No. 12 from Wairarapa. Pen No. 709 from Manawatu, Pen No. 1 from Wairarapa, and Pen No. 10 from Southern Hawke's Bay. Judging on the Hooks

Dominion senders are often at a loss , to know why pens of lambs, entered for district or inter-island competitions, which win prizes when judged on the hoof, are unplaced when judged on the hooks at Smithfield. Indeed, it rarely happens that the two verdicts agree, and if the broad view is taken of this apparent discrepancy the real value of judgment on the hooks becomes emphasised. Thus, in the case of the recent North Island district lamb competition, we find that the Feilding pen. awarded a prize in New Zealand, was unplaced in London because a maiden lamb, with a little too much fat at the fore-end and not enough "eye" in the loins, spoilt the effect of the symmetry of the other two perfect carcases in the pen. The same defect was noticeable in the Hawera pen which was placed in New Zealand and turned down at Smithfield. Three good lambs from Hawke's Bay which scored on the hoof failed at home because of uneven conformation. Excess fat across the loins failed a Manawatu pen, which won well in the live judging, and a defective carcase ruined the Smithrield chances of Poverty Bay's first prize pen. A maiden carcase with uneven distribution of fat resulted in Wairarapa* pen, which look second prize alive, being unplaced, and a slightly wasteful carcase caused the judge.; to pass over the excellent points of the remaining two in a pen which took second prize in Wanganui. So the tale goes on. and it is the common event for lambs which hnr.dle well aiive to dress out disappointingly. This does not mean that the judges at either end are at fault, but a comparison of the results of each phase of the contest should assist tho compilation of a formula leading to the production of lambs best suited in every way to the London trade. A Year's Fruit Imports According to official returns, just issued, the imports of raw fruit into the United Kingdom from Empire countries in 1937 amounted to 18,237,000c\vt, an increase of 4,645,000 cwt over the figures for 1936 and of 3,331,000 cwt over the 1935 total, the previous record year. New high levels were reached for bananas, oranges, grapefruit, grapes, and apricots, while imports nf pears were almost as heavy as in 1935 and 1936. In comparison with the previous record figures of 1935, imports of oranges and grapefruit from Empire sources increased by as much as 55 per cent, and 38 per cent, respectively, while those of bananas increased by 30 per cent. Imports of apples were lighter than in any of the four previous years. The declared value of Empire fruit imported was £15.445,000, or £2,830,000 more than in 1936, the leading lines in value being oranges £4,871,000; bananas, £4,444,000; apples, £3,670,000; grapefruit, £783,000; pears, £607,000: grapes, £633,000; plums, £179,000, and peaches, 4.123,000. Imports from Empire sources represented more than 61 per cent, of the total value of the t-ggregato imports, easily surpassing the record set up during the previous year. Imports of raw fruit into the United Kingdom from all sources in 3937 reached the record total of 29,723,000 c wt, an increase of 3,781,Q0Q cwt over the figure for 1936, and of t;ss,Ooocwt over the figure for 1935. the previous record year. The declared value of the imports, at £24.720,000, was £1,349,000 more than in 1936. but was less than in 1935, and all other recent years except 1934. Imports from foreign countries showed a further marked decline. There has- been a decline in the overage declared value of raw fruit as a whole, interrupted only in 1935 and 1936, from 26s 2d per cwt in 1928 to 16s 8d per cwt in 1937, but as from 1932 imports of fruit from foreign countries have been subject to duties, declared values cannot be taken as an accurate indication of the trend of wholesale market prices. The average declared valu.e of apples and citrus fruits declined, while imports from Australia, New Zealand, and Canada were lighter than in 1935, ihe record year.

NEW YORK TIN

NEW YORK. April 28 Tin is quoted at 27.25 cents per lb.

LONDON. April 28. Wheat cargoes are easier and parcels quiet. The spot trade is quiet. Futures are quoted:— April 21. April 28. London (a qr.)— s. d. s. d. May . 42 34 39 3 November . 33 11 32 4 Liverpool (a cental)- — May . 6 11 6 9 July . 6 103 6 11 October . 6 84 6 6i

• LONDON, April 28. April 27. April 28. £ s. d. £ s. d. Copper— Standard, spot 39 15 0 39 16 3 Forward 40 0 7i 40 1 10i Electrolytic 43 10 0 44 15 0 to , 44 10 0 44 15 0 Wire bars 44 10 0 44 15 0 Lead— Spot .. 15 0 7i 15 4 4J Forward 15 3 li 15 6 10J Spelter— •9 Spot 13 12 6 13 13 1J Forward 13 14 4i 13 14 4J Tin— Spot 184 15 0 164 12 6 Forward 165 7 6 163 1 3 SilverFine, per oz. IB 13-16d 18id Standard, per ot. 20 5-lGd 20|d

LONDON, , April 28. The following are the latest quotattons for Government securities compared with the prices ruling last week:— April 21. £ s. d April 28. . £ s. d. BritishConsols 75 0 0 74 10 0 Funding Loan. 4 p.c. 1960-90 .. ,113 0 0 112 IS 0 War Loan, 31 p.c. 103 0 0 101 5 0 Con. Loan, 3i p.c. 102 0 0 102 0 0* Victory. Bonds, 4 . p.c. 111 0 0 111 0 0 Commonwealth— 5 p.c, 1945-75 107 10 0 107 5 0 4 p.c, 1943-54 ... 32 p.c, 1934-53 .. 102 2 6 102 0 0 100 15 0 100 17 6 31 p.C, 1936-47 93 7 6 93 10 0 3 p.c. 1958-60 89 0 0 88 15 0 New South Wales— 4} p.c, 1935-53 .. 97 15 0 97 12 6 Victoria— 3 p,c, 1929-40 95 0 0 94 17 6 4} p.c, 1940-50 .. 103 8 9 103 10 0 5 p.c. 1945-75 ... 107 6 3 106 15 0 Queensland — 3 p.C, 1932-47 97 0 0 97 2 6 5 p.c. 1940-60 .. South Australia — 103 8 9 103 7 6 5 p.c, 1942-62 107 0 0 107 2 6 3 p.c. 1945-75 75 10 0 76 0 0 Western Australia — 4 p.c. 1042-62 100 17 6 100 17 6 Tasmania— 31 p.C, 1938-40 101 7 6 101 10 0 4 p.c, 1940-50 101 15 0 101 15 0 New Zealand— 41 p.c, 1948-58 .. 31 p.c, 1940 100 10 0 100 10 0 100 6 3 100 7 6 3 p.c, 1945 93 10 0 93 5 0 •Ex interest.

New Zealand SheepCrossbred wethers and/ or maiden ewes: 481b and under 53 51 51 49-561b 51 54. 54 57-(541b 54 5k 54 65-711b 43 .45 4J Ewes: 481b and under 44 4 4 4f»-561b 33 32 34. 57-641b 32 32 33 65-721b 3i 3i 3i N.Z. LambsCanterbury: 36Jb and under 74 73 72 37-421b 7ii 74 n 43-501b 74 7] 7i Second quality: Aver, about 311b 7i 72 7J Other South Island: 361b and under 74 72 73 37-421b 7g 74 7g 43-501b 74 7i 7i North Island Downs: 361b and under 78 73 72 37-421b 72 n 78 43-501b 74 7.1 74 Second Quality— Aver, about 301b 72 72 72 North Island. 1st quality: 361b and under 7g 74 78 37-421b 7.1 72 74 Second quality: Aver, about 311b 7i 71 7i Australian Lfmbs— Victorian fi.V quality: 29-361b 64 74 74 37-421b Ci 7 • 7 Argentine Lambs— First quality: 361b and under 6? 6J 7 37-421b 62 62 62 N.Z. Porker PigsFirst quality: 61-801b 6J 61 7 81-1011b 61 61 7 101-1201b 61 61 7 N.Z. Baconer Pigs— 121-1601b 62 7 7 (Chilled beef prices are approximate average prices realised for the week.) N.Z. Chilled BeefOx hinds. 145-2101b 48 5 n Ox fores, 145-2101b 31. 3J Australian Chilled Beef Ox hinds. 145-2101b 44 43 42 Ox crops, weights corresponding 38 33 32 Southern Rhodesian — Chilled beef: Ox hinds. 145-2101b 41 44 41 Ox fores. 145-2101b 3i 3 32 Argentine Chilled Beef — Ox hinds. 145-2101b 53 6J 6 Ox fores. 145-2101b 4 4 34 Uruguayan Chilled Beef- — Ox hinds. 145-2101b 44 51 54 Ox fores. 145-2101b 33 33 34 Brazilian Chilled BeefOx hinds. 145-2101b 42 5 44