FINANCE AND COMMERCE

Press, Volume LXXV, Issue 22657, 11 March 1939, Page 12

FINANCE AND COMMERCE

SHARE MARKET REVIEW

LOCAL EXCHANGE BRIGHTER AUSTRALIAN INDUSTRIALS IMPROVE With more encouraging news of exchange business overseas, the share market in Christchurch was brighter this week. Turnover was £16,811 against £12,830 last week and covered a representative list of stocks. The shipping group, which has been neglected for some time, was the only one in which no business was recorded. Some stocks which have not been on the sales list recently were dealt in at prices firm to better. Investors again showed a preference for Australian securities, in which the trend of prices was upward. They provided most of the turnover. The volume of business in metals shares was above the average for this year and here, too, prices were firmer, in sympathy with better quotations for th'- base metals. Except for activity in Grey Rivers, the gold mining and dredging section was quiet. Dealings in the different sections were: — „ , Value.

16,811 12,830 Government loans, on the whole, were firm at late rates. The exception was the 34 per cent. 1953-57 stock, which dropped £1 to £9l 10s. The 4 per cent., 1946, stock recovered to £9B 12s 6d. Outside Christchurch the 34 per cent. March. 1943, was firm at £99 15s and £99 12s 6d; 1939-52 at £99 12s fid; the 4 per cent., 1949, at £99 10s to £99 ss, and the 4 per cent., 1949-52, at £99 12s fid. The 4 per cent., 1955, stock eased to £99 5s and .£99. Most shares in the . banking group made progress. Exceptions were E.. S.. and A., which were steady at £5 4s until Friday, when they dropped to £5 3s 3d, and New Zealand, which remained at 38s 9d. National .of Australasia (£5 paid) advanced to £6 15s and Commercial of Sydney to £2l. New South Wales scored a rise of 10s at £3O, and Commercial of Australia were firmer at 16s 6d. Outside Christchurch Commercial of Australia (preference) firmed to £9 12s 6d. National of New Zealand were steady at 44s 6d, but closed with buyers at 45s 2d. The only local business in the insurance group was .in . South. British, which remained unaltered at 44s 6d. In other centres National were firm at. 15s 9d and 15s lOd. and New Zealand recovered to 52s 9d. In the pastoral group Goldstar ough, ■ i Morts scored a rise of Is 3d to business at 29s 3d, and outside Christ- , church they reached 29s 9d. < Recorded dealings in the frozen meat section were confined to the Southland - Company, ex dividend, . which were fractionally firmer at 27s 6d. Cum dividend sales were at 28s. Sellers of New Zealand Refrigerating came down to 16s. Last business in these shares at the beginning of February was at 17s 9d. Sellers’ quotations for Canterbury also indicated a weaker market. The woollens section continued to attract buyers, and, with the possible exception of Kaiapois, prices for New Zealand companies were firm to better. Bonds Hosiery (cum dividend) were steady at 21s and Mosgiel at £9 10s. Bruce moved up to 11s. Felt and Textiles were easier at 32s 9d. Westport-Stockton Coal (preference) on a moderate turnover recovered to 7s fid, and Pukemiro advanced to 17s. Renown were steady at 8s 6d. New Zealand Breweries continued their downward movement with dealings at 38s 3d to 38s. Tooheys "rights” realised 4s 6d and 4s 9d. and Tooths were firm at 565. Miscellaneous In the miscellaneous section Australian Consolidated Industries showed considerable movement, rising from £5 15s 6d to £5 18s and easing a little at the close. Broken Hill Proprietary advanced from 58s to 595, and the contributing to 45s 6d. G. J. Coles moved up to 79s 6d and Hume Pipe to 20s 6d. Colonial Sugar were steady at £49; Dunlop Rubber at 225; and New Zealand Newspapers at 28s. Electrolytic Zinc gained Is 9d at 48s 3d and the preference went from 51s to 51s 9d. New Zealand Drugs moved up to 65s Bd. and Wool worths. Ltd., recovered from 22s 8d to 235. Sales movements in other centres were:— , Up—British Tobacco, 50s 6d (6d); Henry Jones Co-op., 51s 9d (6d); I.CJ. (Aust. and N.Z., pref.), 23s 6d (3d). Down—Consolidated Brick, 8s 9d (2d); Reid (N.Z.) Rubber, 24s 9d (3d). . Steady—Burns, Philp, 55s 3d; Milburn Lime, 345; Union Oil, Soap, and Candle, 20s 9d; Wilson’s Cement, 15s 6d; Wool worths (N.Z.), 16s 4d-16s 6d. Mining .Grey River were firm and active at 17S lOd and I7s lid, and Worksop Extended were steady at lid. Broken Hill South, at 29s 4d, scored a rise of 2s on last local business on February 9. Mount Lyells were fractionally firmer at 27s 3d and closed with buyers at 27s 9d. Mount Morgan recovered to its fid, and North Broken Hill advanced to 47s fid and closed firmer. I LONDON Buyers. Sellers. . . £ s. d. £ s. d River .. 0 1 1J 0 1 4i aiolyneux River .. 0 0 3 0 0 6

LONDON LAMB MARKET 9 SYDNEY EXCHANGE MAINTAINS IMPROVEMENT Lower prices for lamb on the London market have stimulated consumtion, which is now good for the time of the year. New season’s wethers are bringing improved prices, but the demand is quiet. Trade in ewes remains slow. Share values on the Sydney Stock Exchange yesterday generally maintained recently-improved levels. Industrials were steady to firmer.

YESTERDAY’S BUSINESS Markets generally were firm on call yesterday with Australian industrials showing a firming tendency. There was a strong inquiry for woollen shares on the basis of recent business, and frozen meat shares other than Southland showed an easing tendency. Commercial Bank of Sydney advanced to £2l, and late offers of £2O 15s failed to attract sellers. E., S., md A. Bank declined to £5 3s 3d, and more were wanted at that price. Bank of New South Wales rose to £3O, and there were further buyers at £29 17s fid. National Bank of NeW Zealand were firmer on buyers’ offers 45s 2d. New Zealand Breweries had dealings at 38s 3d, and 38s, and more were offered at the lower price, buyers at 37s 9d. Broken Hill Proprietary were fractionally firmer at 595, market closing 58s lOd buyers, 59s 3d sellers. Dominion Fertiliser were firmer on buyers’ offers 235. Dunlop Rubber advanced to 225, sellers staying in at that price, buyers at 21s lOd. A late sale of Electrolytic Zinc on Thursday was reported at 48s 3d, and buyers yesterday offered that price without attracting sellers. An odd parcel of G. J. Coles changed hands at 79s 3d, buyers staying in at that figure, sellers at 79s 6d. New Zealand Newspapers remained unaltered with buyers and business at 28s. Buyers of New Zealand Paper Mills moved up to 20s 6d. Woolworths, Ltd., were fractionally firmer at 235, market closing 22s lid buyers. 23s sellers. There was a closer market for Whitcombe and Tombs, which was quoted at 55s buyers, 56s fid sellers. Metal company shares were firm, but no business was recorded. A late sale of Grey River on Thursday was reported at 17s lOd, and buyers yesterday offered that price, sellers at 17s lid. LISTED STOCKS

AUCKLAND [THE PRESS Special Service.] AUCKLAND, March 10. The rise in base metals and the improvement in the outlook for Australian investments were features of business on the Auckland Stock Exchange during the last week. Markets generally were dominated by more cheering news from London, and it was significant of the nervousness extant in the Dominion that New Zealand issues failed to respond to overimprovement, as was once thencustom. Trading was maintained at a steady pace on ■ recent standards, although a slackening was. noticeable at the close, when some reaction developed in metal share quotations. Th* volume

of transactions to-day, however, is in marked contrast to that of the boom perioji of 1937, when sales in Auckland numbered more than twice the number they do now. New Zealand Government loans continue to sell at a discount, but 'the market has shown a slightly firmer trend over the week. Banks and insurance were moderately active, with little movement in prices. Actually the only gain over the week on a sale was a rise of 3d in New Zealand Insurance, to 52s 9d. New Zealand pastorals found little popularity, but the improved outlook for Australian primary, industries was reflected in a sharp appreciation of Goldsbrough, Morts, which were lifted Is 9d to 29s 9d, this movement following a rise of Is a little more than a week previously. Australian industrials provided the mainstay of dealing in the miscellaneous section. Support was limited for New Zealand issues, and in the business completed levels were either steady or easier.

Dullness persisted in the mining section, with New Zealand shares almost entirely out of favour. There was a marked rise in the quotations for Mount Lyell shares and Barriers, but in spite of enhanced offers buyers were unable to procure supplies. DUNEDIN fTHE PRESS Special Service.! DUNEDIN, March 10. Encouraged by a more active trend in the overseas markets, investors this week showed that they were keener to do business. Most of the business was In stocks and bonds, and the remainder covered most other sections. Australian industrials had a fair run during the last two days, but buyers had to pay good prices. Inquiry for Dominion leaders was well sustained. Fourteen sales were made in the Government loan section, which was much more active than for many weeks. Debenture transfers were confined to a sale of Hamilton Boroughs 4J per cent., expiring 1958, at £IOO ss. It was a poor week for banking scrip, the only shares to record any movement being Bank of New Zealands, which improved slightly at the close. After being sold at 15s 9d, National Insurances came back to final unanswered sellers at Id below that figure. Standards eased after payment of their dividend, and buyers at £2 11s could not attract sellers. In the shipping section the strongest interest was in ordinary Huddart, Parkers, which were twice sold at £2 15s. Not for many weeks have there been so many buying orders for woollen shares. , Though there was a fresh wave of interest, however, there was no appreciable alteration in price levels. The one exception was ordinary Bruce Woollens, which continued their improvement of the last fortnight to finish with several offers of Hs. When holders did enter the market their lowest limits were never less than 12s fid. Goldsbrough, Morts stood out for a steady advance, selling at from £1 9s to £1 9s fid. The announcement of a bonus distribution for holders of Australian Consolidated Industries shares was followed by a sharp advance in the price levels. Two sales were made, the first at £5 16s 9d, and the second at £5 17s 3d. Other popular Australian industrials to attract attention were Broken Hill Proprietaries, which improved to business at £2 18s fid, G. J. Coles, which gained fid, to sell at £3 19s, and 1.C.1. (preference), which were marked up to sales at £ 1 3s fid. SALE OF THREE PROPERTIES MESSRS BAKER BROS. (Estate Agents), LTD., 166 Manchester street, report having sold on account of Mr T. Bennett, his bungalow property in Marshall street, OP AW A, to a client. ALSO On account of the Christchurch Building and Land Society (Permanent), five-roomed bungalow in Ferry road, Linwood, to a client. AND ALSO On behalf of Mr T. Bennett, his residential property in Aldred street. City, to Mr M. Adam. —l GOLD AND SILVER / LONDON. March 9. - Gold is quoted at £7 8s 3d a fine ounce. Standard silver is quoted at 20Jd an ounce spot and 19 15-16 d forward.

OTHER QUOTATIONS

UNLISTED STOCKS All transactions in stocks quoted in this section are subject to special brokerage and are not quoted on the official list:—

AUCKLAND

SYDNEY Share values generally held at recently improved levels on the Stock Exchange yesterday. Leading industrials were steady to firmer.

MELBOURNE Sales on the Melbourne Exchange in-

BRADFORD TOPS TRADE LONDON, March 9. The Bradford market is quiet. Merino tops are a shade easier. Crossbreds are firm.

PROPERTY SALES REPORT

Messrs McKENZIE and WILLIS, LTD. report continued activity in Property Sales, particularly those places reasonably priced where possession is assured. Sales completed DURING THE WEEK include No. 528 Avonside Drive submitted at Auction on account of Mr Smart and sold immediately after to Mr R. H. Odell, also on Account Mr Ede his bungalow and 3 acres of land at Sockburn to Mr Batchelor, also on account of Mr G. Horne his superior residence Barbadoes street to Mr Beale, and on account Miss Anderson her property at 21 Hanmer street to Mr Macaulay. All the above sales being completed at satisfactory prices. McKENZIE and WILLIS. LTD.. REAL ESTATE AGENTS, i 120 HEREFORD STREET. —1

SMITHFIELD MARKET LAMB CONSUMPTION GOOD stimulated by lower PRICES (PHES3 ASSOCIATION TELEOBAM.) WELLINGTON, March 10. The New Zealand Meat Producers’ Board report on the Smithfleld Market covering the period ended March 9, states that lower prices lor lamb have stimulated consumption, which is now good for the time of the year. New season’s wethers show improved prices, but the demand is quiet. Trade in ewes remains slow. Frozen beef prices are unchanged. Trade is fair in chilled beef, but prices arc weaker on heavy supplies. In New Zealand porker pigs, lightweights are easier and heavy-weights dearer on short supplies. New Zealand baconer pigs are firmer owing to higher prices for Continental bacon. Boneless bobby veal is unchanged. with pood trade. Quotations are:—■

CANTERBURY MARKETS SUSPENSION OF POTATO EMBARGO little benefit to n.z. LIKELY tBT OVB COMMEBCIAI, EDITOR.) Friday Evening. The announcement by the F rime Minister of Australia (Mr J. A. Lyons) that the Government has decided to permit the importation of 250 tons of potatoes weekly from New Zealand for the next four weeks is regarded locally as a political move from which the New Zealand grower is likely to benefit very little. There is practically no chance of any potatoes being shipped to Australia this month, because the New Zealand crop is not ripe, and will not be ripening until well on in April. To dig potatoes for export now, before the frosts have arrived, would probably end in disaster. It is more than likely that the potatoes would not be in good condition when they arrived in Australia; and if they were not Australia would be conveniently provided with an additional excuse for not lifting the embargo altogether. What attitude the Commonwealth Government intends to adopt at the end of four weeks is not, of course, known, but the prospects for a further opportunity for export from New Zealand are not considered encouraging. Recent heavy rains in Australia may not be too late to benefit the crops there, and it is possible that New Zealand potatoes will not be wanted later in the season. Jn the meantime the local market has firmed'considerably. To-day’s quotations ranged from £6 10s to £7 10s a ton. J There has been little change in other markets over the week. Quotations The following are the prices quoted to farmers on .trucks at country sidings, unless otherwise indicated:— Wheat —Milling, f.0.b., Tuscan 5s 6d, Hunters 5s fid. Pearl 5s 10d- (Final payment of 3d a bushel on all wheat at the end qf year.) Oats—A Gartons 2s 6d, B Cartons 2s 4d. Algerians up to 2s lOd. Ryegrass (good germination)— Perennial up .to 4s 6d (nominal). Italian up to 3s (nominal). White Clover—lOd to Is Id per lb. Red Clover—fld to 6id per lb. Cocksfoot (plains and Peninsula) — fijd to 7d per lb. Cowgrasa (old season’s)—4d to 6d. Potatoes—May, June, July delivery £0 10s to £7 10s a ton. Barley—Malting 4s 7|d, feed 3s a bushel. Bran—Large £4 15s, small £5 ss. Pollard —Large £6 5§ a ton, small £6 15s. DUNEDIN DUNEDIN, March 10. Supplies of fowl wheat are still short and the market continues to be kept supplied from. Canterbury, It, should not be long before local supplies are - available, and in the meantime the market remains firm at 6s 6d a bushel, ex store, sacks,extra. There has been very little interest in oats during the week. Merchants throughout the South Island have been buying odd lots from farmers, but they find it very difficult to sell for shipment, with the result that the market is weak, prices being on the basis of 3s 2d a bushel, f.0.b., s.i., for A Gartons. Unless an qutsicfe demand develops there vyill be afLikver'Supply of oats in N&WZealapavfor milling and stocK-feeding purposes. There has been ho alteration in the market for chaff during the week. Local stocks are not heavy but the demand is very quiet and what business has passed has been done at £6 10s a ton, sacks extra, for load Jots, ex store. Chief interest in the potato market centres on the announcement from Australia that the Government has consented to a limited removal of the ’ embargo against the importation of New Zealand potatoes. It is considered that the quantities allowed will have little effect on the Australian market and will not materially alter local prices, in the meantime, the market remains firm. Most of the business to date has been for delivery ahead, but the knowledge that Australia is• prepared to accept only strictly limited quantities will make merchants less keen td operate. Prices are steady at £8 to £9 a ton, sack? included. , The volume of business being transacted In the seeds market is still limited. Cocksfoot is offering freely from Canterbury.. and merchants are buying considerable quantities. A fair volume of business Is also being transacted, for shipment, and values are steadyi white clover continues firm and fair export inquiry is being experienced. Crops are not turning out as well as was expected. The dry weather has. affected the quantity of cowgrass available, • hut there is still

a fair supply of last season’s seed in store; The fescue market is reported to be firm at Is 6d per lb for good quality machine-dressed lines., Substantial quantities of this seed havebeen sold for export. The dogstail crop is expected to be light, the seed having been affected by wind and frost. As a consequence, the market is firm. There have been some inquiries for brown top during the week, and the market is steady. Some parcels of old season’s seed have been sold for export. It is not expected that the new season’s crop will be available for two or three months yet. Crops are reported to be normal. VEGETABLES AND FRUIT CHRISTCHURCH . MARKETS Good supplies of all varieties of vegetables have come forward during the week. Ruling values are;— Cauliflowers, up to 14s a doz; cabbages, 2s to 5s a doz; lettuce, Is to 3s a doz; spinach, 2s to 2s 6d a doz; peas. Is 6d to 3s a peck; beans, 3d to 4d per lb; celery, 3s to 9s a doz; marrows, 2s 6d to 8s a doz; potatoes, 4s 6d a sugar-bag; onions, 6s to 7s a bag; cucumbers, outdoor from 2s to 3s 6d a box, hothouse to 3d per lb. Fruil—Apples; Steady supplies coming forward, and values are:—Dessert varieties 6s to 8s 6d a case, a few extra choice lines higher. Cooking apples 4s to ss. Pears: Williams' Bon Chretians up to 4s 6d half case. Peaches: Good supplies coming forward. A few extra choice dessert realised up to 5d per lb, others 2s to 3s 6d a case. Apricots: Supplies now becoming scarce, and values , have improved. Plums: l|d to 3d per lb, according to quality. Nectarines: 2s 6d to 4s a case, a few extra choice lines higher. Strawberries: Supplies scarce, values yesterday up to Is 6d a punnet. Grapes: Good supplies coming forward, best quality realising from Is 2d to Is 6d per lb, others 10id to Is Id. Tomatoes: Supplies have been short this week, and values are much firmer, compared with last week, hothouse realising from 3d to s}d per lb, outdoor from 2d to 4Jd per lb. Imported Fruits—A shipment of Queensland pineapples came to hand during the week, and realised up to 17s 6d a case. Shipments arriving: Samoan and Niue bananas, also Niue kumeras, by the Maui Pomare, are due on Monday, and ‘further supplies of Queensland pineapples about the middle of the week. Eggs—First grade Is 6d to Is Bid, seconds Is 4d, duck eggs to Is 5d a doz. DUNEDIN DUNEDIN, March 10. Another week of low prices has been experienced on the local fruit marts, and growers of fruit must be very disappointed with their returns. Many orchardists have withheld supplies from the market, and their failure to meet the position has resulted in much ■ lighter offerings towards the end of the week, with a better tone in the market. The cold snap in Central Otago has enabled growers to send some of their fruit to the northern markets, and it is expected that conditions locally should be much better next week.

Apricots are now practically finished. only very small lots are now offering, and there has been an advance in price. Nectarines are in oversupply, and even choice lines are low in price. With the quantities coming forward at the moment, it seems unlikely that the season for this fruit will last very long. Freestone peaches have been coming forward in large quantities, and there has been a poor demand. Supplies are likely to be heavy for the npxt few weeks. With apricots and nectarines about finished, the demand fox peaches should improve. Plums are In very heavy supply, and prices are low. Inferior lines are unsaleable.

Bon Chretien pears have been in shorter supply this week, and a sharp rise in price has been recorded. The season for this class of fruit looks like being much shorter than usual, owing to the hot weather, which has brought supplies on to the market all at once. Greengages are now finished. The tomato market has advanced almost daily during the last week, and high prices were ruling to-day. Bananas are in short supply. A small shipment will arrive on the local market on Tuesday, transhipped ex the Maui Pomare at Lyttelton. The consignment will comprise about 2000, which is 500 cases fewer than the last shipment. Another small shipment is due ex the Matua, in about a fortnight, and this will be about the last supply before Easter. Jamaican oranges are being taken out of cool store as required. The condition of this fruit is poor, and it must all be repacked before sale. Californian lemons advanced ip price by 15s a case during, the week, Supplies of apples have been less heavy. Nelson and Central Otago growers are very busy at the present time packing lor export, but when this operation is completed there should be ample supplies for the local market. It is not anticipated that. Nelson consignments will be as large as those of last season. The Government has this year decided to discontinue the local market guarantee, which last season cost a'’very substantial sum.

MINING MATAKI GOLD LTD. [THE PRESS Special Service.] AUCKLAND, March 10. A net profit of £IBOO against a loss of £441 in the previous year is shown in the' accounts of the Mataki Gold Dredging, Ltd., Murchison, for the year ended December 31, 1938. With £991 brought in, there is £2891 available for distribution. A dividend of Id a share absorbed £1406, leaving £1485 to be carried forward. Gold won was valued at £14,251, compared with £10,422 in the previous year. The directors’ report states that the returns showed a considerable improvement on the two preceding years up to November, when returns fell away. “The time is approaching when the dredge can operate in its own pond, thus controlling the depth of water making for more consistent returns. The total increase in wages was £B9O. At one stage during the year the directors seriously considered calling! the shareholders together to discuss the advisability of ceasing operations. An improvement in the value of ground being worked saved the necessity for this drastic step.” The amouht paid in gold tax was £1075, or only £330 less than the amount distributed to shareholders. In the previous year £BO6 was paid, MOUNT LYELL Mr P. C. Holmes Hunt, chairman of the. Mount Lyell Company, after a recent visit of directors to the mine, when interviewed, stated that the major operations of the undertaking had been inspected. There has been considerable gratification that the recent rains had allayed the anxiety regarding a shortage of water for treatment operations, which only a few days ago threatened to cause a partial interruption. Great changes were noted at the West Lyell mines, evidence of the

large quantity of ore removed during the last 12 months being apparent. The open cuts appeared to be developing in a satisfactory manner. Mr Holmes Hunt added that operations at the mill continued satisfactory, the quantity handled occasionally reaching as high as 3500 tons a day. To increase efficiency and capacity additional plant was required, and would be installed this year. This was in accordance wjth

the programme being followed to maintain the output of copper at 13,000 tons per annum while treating ore of diminishing grade. While the outlook in regard to mining and treatment operations was satisfactory, the fall in the price of copper since the beginning of the company’s financial year was disappointing. He and his colleagues were particularly pleased with what they had seen and the manner in which operations generally were being carried out under the direction of the general manager. MARTHA The following information has been cabled to London from the Martha Mine. Waihi: — No. 3 Level—H. branch: The vein is at 102 feet in the Lovett south crosscut. Drove to west on this 36 feet. The reef is of small value, and driving is stopped. K branch: The vein is at 270 feet in Lovett south crosscut. The next 12 feet of driving east assays 45s a ton, based on a sloping width of four feet. Driving west, the next 19 feet assays 25s Od a ton, based on a sloping width of four feet. MOSSY CREEK The Mossy Creek dredge return is 370 z 6dwt for 8859 yards and 130 hours. WHITE’S ELECTRIC The return of White’s Electric Company's dredge during the week ended March 9 was 270 z from 6000 yards treated in 124 hours’ dredging time. MOONLIGHT RETURN The wash-up at the Moonlight Company’s claim on March 9 was 133J0z for 400 hours’ sluicing. BUTTER AND CHEESE # PRICES ON LONDON MARKET (vbitsd pazaa association— oorrjaauT.) LONDON, March 9. The London butter market is slightly more active Choicest salted New Zealand, HBs; Australian. 115 s, Unsalted New Zealand 1225, Australian lljs. Danish is easier at 140 s. The cheese market is dull. New Zealand white and coloured, 625; Australian white 56s to 58s, coloured 59s 6d to 61s.

FOREIGN EXCHANGES (bxztiix ornciAL irutxusaj

QUOTATIONS FROM BANK OF NEW SOUTH WALES The Bank of New South Wales quoted the following exchange rales yesterday;— N.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 nc‘ice:—

CONSOLS AND STOCKS QUOTATIONS ON LONDON MARKET - FIRMING TENDENCY IS CONTINUED (tJJTIT*D FRBSa ASSOCIATION —COPYRIGHT.) LONDON, March 9. The following are the latest quotations for Government securities compared with quotations ruling last week:— March 2. March 9.

•Ex Interest. Bury Town Council has forbidden tenants of its council houses to erect outside wireless aerials, idea being that modern sets do not need them, and ugly poles are unnecessary.

COMPANY NEWS BOND’S HOSIERY MILLS (PaiSS ASSOCIATION TELIGBAM.) WELLINGTON, March 10. In their report to be presented at the annual meeting on March 24, the directors of Bond’s Hosiery Mills (N.Z.), Ltd., state that the usual conservative policy has been followed in the valuing of the company’s assets. As the result of better equipment both in manufacturing facilities and.. the 'selling organisation, the year resulted in an increased turnover and trading results. After the payment -of last year’s dividend there remained a balance at the credit of the profit and loss appropriation account of £l6lO, to which has been added a net profit for the year of £4264, making a total credit of £5874. The directors recommend payment of a dividend of per cent., amounting to £3760, and carrying forward £2124. “The last year,” states the report, “was again a year of rising costs, but again these have been overtaken by increased output, more efficient manu-

facture arid processing, and by increased sales. Success in the current year must depend on increased efficiency in manufacture and distribution., To this end further necessary additions to our plant are in hand.” The dividend last year was at the, rate of 6 per cent., and that for the previous 13 months 5 per cent. LONDON METALS MARKET

£ Government 900 Shares No. 853 Banks 675 2,380' Insurance 100 223 Loan and agency 200 290 Frozen meat 350 481 Woollens 100 105 Coal 500 187 Gas 200 227 Breweries 750 1,174 Miscellaneous . 4,735 8,181 Mining . 2,200 1,710 Turnover day by day was:This Last Week. Week. £ £ Saturday . 1,143 985 Monday . 3,469 1,134 Tuesday . 3,062 2,115 Wednesday • . 3,515 5,455 Thursday . 2,666 1,654 Friday . 2,956 1,487

Sales on ’Change £ S. d. 25 E., S., and A. Bank .. 5 3 3 300 N.Z. Breweries (3) 1 18 0 200 Broken Hill Proprietary .. (4) 2 19 0 30 G..J. Coles (odd parcel) 3 19 3 80 N.Z. Newspapers (odd parcel) 1 8 0 100 Woolworths (Sydney, drd.). (cum div.) 1 3 0 Sales Reported 20 Comm. Bank of Sydney 21 0 0 5 Bank of New South Wales 30 0 0 100 New Zealand Breweries 1 18 3 100. Dunlop Rubber (cum div.) • 1 2 0 150 Electro. Zinc (cum div.) (late sale Thursday) (ord.) .. (2) 2 8 . 3 100 Grey River (late Thursday) 0 17 10

N.Z. Govt. Debentures. Buyers. Sellers. £ s. d. £ s. d. 3i p.c. Ins.. 1953-57 — 91 10 0 3J p.c. Ins., 1938-41 .. 98 10 0 4 p.c. Ins., 1946 98 7 6 98 12 6 4 p.c. Ins., 1949 99 0 0 4 p.c. Ins., 1955 — 99 10 0 Other Debentures Brighton Borough, 4J p.c., 1/10/52 Sumner Borough, 4i — 102 10 0 p.c., 1/10/52 _ 102 10 0 North Canty. Electric Power Board, 4i p.c.. 1/5/59 100 0 0 103 0 0 Booth. Macdonald. 5 p.c., 1/6/47 — 69 0 0 Dom. Fertiliser, 6 p.c.. 1/2/41 100 15 0 — N.Z. Refrig., 4J p.c.. 1/8/40-45 97 10 0 100 0 0 CJ'.C.A., 41 p.c., 21/10/42 * — 96 0 0 Loan and Agency Natl. Mortgage A (£2 paid) — 2 0 0 Natl. Mortgage B (£1 paid) — ft 1 8 0 Frozen Meat • Cantby. (£7 10s pd.) .. 10 0 0 Cantby. (pref., £5) — 5 19 0 North Canty. Freezing (pref., £1) Southland (ex div., 0 15 9 .— £1) — 1 8 0 Southland (pref., ex div., £1) 1 7 0 1 8 0 Woollens Yarra Falls (£1) 1 17 3 Bonds Hosiery (cum div., £1) _ 1 1 3 Felt and Textiles (cum div., £1) 1 12 7 1 13 4 Kalapoi (17s paid) 0 10 3 0 11 11 Kaiapoi (10s paid) 0 4 6 Kalapoi (pref., 17s) .. 0 15 0 _ Manawatu (£1) 1 3 0 Mosglel (£4 paid) 9 5 0 Oamaru (£1) 0 15 6 — Wellington (£5) — s 1 0 Timaru (£1) — 0 12 6 Coal Westport-Stockton (10s) 0 3 9 Westport-Stockton (pf.. cum div., 10s) 0 7 3 0 7 6 Gas Napier (£5 paid) — 5 0 0 Breweries Castlemaine Perkins (£1) 1 3 0 Dominion (£1) _ 1 10 11 Queensland (£ 1) 1 6 6 Swan (5s) 1 7 6 Timaru (in llqdn.) 0 0 9 0 1 0 Tooheys (rights) 0 4 6 — Wards (In llqdn.) 0 0 3 Melbourne Co-op. (10s) 2 15 6 ■— Miscellaneous Alloy Steel (Aust., £1) 0 7 6 Anthony Hordern (£1) 0 14 10 0 15 6 Consolid. Brick (£1) _ 0 8 11 Evans Atlas Flour (10s) 1 0 3 1 0 4 General Indust. (cum div., 12s 6d) Q 19 0 0 19 6 Electric Plumbing (£1) 0 12 6 Howard Smith (cum div., £1) 1 0 0 _ Hume Pipe (Aust.), (cum div., £1) 1 0 3 1 1 0 I.C.I. (Aust. and N.Z.), (pref., £1) Mllburn Lime (cum 1 3 6 1 3 8 div., £1) _ i 14 3 Morris Hedstrom (£1) 1 6 0 Morts Dock (£1) 0 14 9 0 15 0 Moturoa Oil (5s) — 0 4 6 McLeod Bros. (£10) .. 26 10 0 Macduffs (pref., £1) — 0 1 9 McKenzies, Ltd. (£1) 2 3 0 N.Z. Farmers’ Co-op. (£2 10s paid) _ 0 7 6 N.Z. Farmers' Co-op. (10s paid) .. _ »° 0 1 N.Z. Farmers’ Co-op. (1st pref., £5) 3 0 0 N.Z. Farmers’ Co-op. (A pref.,* £4) — 1 10 0 N.Z. Farmers’ Co-op. (4J p.c. Stock, 1950, £100) 84 10 0 N.Z Farmers’ Co-op. (4i p.c. Stock, - 1955, £100) — 85 0 0 N.Z. Paper Mills (£1) 1 0 6 1 5 0 Standard Cement (£1) 1 1 9 Smith and Smith (£1) 1 0 6 Taranaki Oil. (24/7 pd.) 0 ~8 8 0 9 0 Victoria Nyanza (£1) 0 6 0 0 13 6 W ool worths (Sydney), (1st pref., £1) 2 0 0 2 4 0 Woolworths (N.Z.) (5s) 0 16 6 0 16 8 Woolworths (N.Z.), (pref., £1) .. — 1 18 0 Overseas Listing Woolworths (S.A.) (5s) 0 14 6 0 15 0 Australian Wining Broken Hill Sth. (cum div., 5s) 1 9 0 1 9 6 Mount Morgan (2s 6d) 0 11 2 Nth. Broken Hill (cum div., 5s) Mt. Morgan (pf., £1) 2 9 6 1 0 9 Placer Develop. (1 dol) 3 15 0 * N.Z. Mining Addison’s Flat (Is) ..' 0 0 10 Argo (cum div.. Is) .. 0 1 9 Argo (contr.) 0 1 1 Austral-N.Z. (£1) .. 1 2 3 1 4 0 Big River (Is) _ 0 1 0 Gillespie’s Beach (Is) 0 0 7 0 0 11 Golden Sands (Is) 0 1 0 0 1 4 Goldfields Dredg. (Is) 0 0 22 Grey River (10s) 0 17 10 0 17 11 Kanleri (£1) 1 16 0 Maori Gully (Is) 0 0 7 0 0 8 Mossy Creek (Is) 0 0 9 New River (Is) 0 0 7 0 0 8 Okarito (5s) — 0 3 0 Skippers. Ltd. (Is) —- 0 0 1 Skippers, Ltd. (pf., ls( — 0 0 5 Waihl Invest. (5s) 0 8 0 Waihi Grd. June. (2s) — 0 4 0 Worksop Extend. (Is) — 0 1 0

Apex Ice ' — 1 0 0 Apex Ice (pref.) —— 1 2 6 Assoc Gold Dredges . 0 7 0

Buyers. Sellers. £ 8. d. £ s. d. Assoc. Motorists’ Petrol (pref.) _ 0 16 0 Ballins Breweries —i0 10 0 Blackball Creek 0 0 9 0 1 1 Christchurch Press .. 8 10 0 8 17 6 British Developments (£1 paid) — 3 0 0 Canty. Roller Flour 0 6 0 — National Tobacco 1 16 0 — Ngahere 1 2 9 1 3 6 N.Z. Perpet. Forests .. 1 10 0 1 18 9 Motor Improvements (N.Z.) —— 0 19 6 Coults Somerville — 0 19 0 Riley. Arthur D. (pf.) — 0 19 0 Timaru Lime 0 15 0 1 0 0

Sales Reported £ s. d. Stock. . 1943-46, 4 p.c. (late sale) 98 10 0 Stock, 1952-55, 4 p.c. 99 0 0 Commonwealth Stock. 1959, 4 p.c. 107 16 3 Bank of New Zealand .. 1 18 9 South British 2 4 6 Con. Brick (late sale) 0 8 9 Dunlop Perdriau (late sale) 1 2 0 Electrolytic Zinc (late sale) .. 2 9 3 Farmers’’ Trading (B pref.) 0 19 0 G. J. Coles 3 19 6 Grey River 0 17 10 Rawang Tin (late sale) 0 Unofficial List Sllknlt .. (2) 0 2 6 WELLINGTON Sales on ’Change £ s d. Stock, 3J n,c., 1939-43 99 12 6 Bank of New Zealand 1 18 9 Bank of New Zealand (2) 1 18 9 Bank of N.Z. ("D“ long term) 1 6 1 Bonds Hosiery Mills 1 1 0 (All above late yesterday.) Maori Gully 0 0 7s Stock. 4 per cent., 1955 Bank of New South Wales 99 5 0 30 0 0 Feildlng Gas 0 2 0 Gear Meat .. .. (2) 0 13 0 Tooth and Co. 2 16 3 Macduffs, Ltd. (ord.) .. 0 2 8 G. J. Coles .. .. (2) 3 19 6 Woolworths. Ltd. (ord.) 1 2 11 1 3 0 Woolworths (N.Z.) (ord.) 0 16 6 Grey River 0 18 0 Walhl Investments 0 8 0 Overseas Listing Woolworths Holdings (S.A.) (2) 0 15 0 DUNEDIN Sales on ’Change £ s. d. Imperial Chemical Industries (2) 1 3 6 Sales Reported Stock. 1939-43, 3J p.c. 99 12 6 Bonds Hosiery .. .. 1 1 0 Sandhills Gold 0 0 14 Milburn Lime 1 14 0 N.Z. Breweries 1 18 3 Woolworths (N.Z.) (ord.) 0 16 6 Woolworths (Sydney) I 3 0

Morning Sales Bank of Australasia £ 9 s. 8 d. 0 Australian Gas A. 7 0 0 Associated Newspapers 1 0 0 Colonial Sugar • 46 10 0 Dunlop Perdriau X 1 0 Electrolytic Zinc 2 7 0 11 Woolworths 1 2 Afternoon Sales Bank of New South Wales £ 29 s. 7 d. 0 Comm. Bank of Sydney 20 s 0 Comm. Bank. of Australia 0 15 10J Union Bank 7 19 0 Bank Australasia 9 8 0 South British Insurance 2 2 0 Associated Newspapers (pref.) 1 3 0 Adelaide Steam 1 12 3 Howard Smith 1 0 0 Burns, Philp 2 12 0 Birtish Tobacco 2 9 0 Tooths ' 2 13 9 Carlton 3 5 6 G. J. Coles 3 16 8 Woolworths 1 2 H Drug Houses of Australia 1 2 6 Dunlop Perdriau 1 0 11 Anthony Hordern 0 14 8 Anthony Hordern (pref.) i 1 3 Lustre o la 6 General Industries 0 18 6 Moris Dock .. 0 14 3 Felt and Textiles 1 11 9 Sargents 1 8 9 Standard Cement 1 1 6 Mauri Bros. Goldsbrough, Mort 3 8 0 1 8 7i Henry Jones 2 8 9 Colonial Sugar 46 10 0 Electrolytic Zinc 2 7 Electrolytic Zinc (pref.) 2 9 9 Mount Morgan 0 11 Broken Hill Pty. 2 17 3 Broken Hill Pty. (con.) 2 5 0 North Broken Hill 2 6 Broken Hill South i 8 3 Rawang Tin 0 7 Larut 0 5 Arahura Gold 1 7 3 Emperor 0 Taamaki Oil 0 Kanieri 1 14

eluded: — £ S. d. Emperor 0 8 10 Broken Hill South 1 8 6 Electrolytic Zinc 2 6 9 Dunlop Perdriau 1 1 0 National Bank (£10 paid) 13 1 0 Mount Morgan 0 11 0 Mount Lyell .. 1 6 9 North Broken Hill 2 7 0 Woolworths 1 2 0 Mihaquin Sugar .. 1 18 6 G. J. Coles •• 3 lo 0

Quotations are:— Last Last .Year. Week. Mar. 9. Merinos — d. d. d. 70’s .. 284 26 26 64’s .. 264 25 25 60’s Crossbreds — .. 25i 24 24 58’s .. 22 i 21 21 56's .. 19i 19 19 50's .. 164 17 17 46’s .. *154 •16 *16 44’s .. *154 *16 •Nominal. *16

Feb Mar. Mar. 23. 2. 9. d. d. Per ib d. New Zealand Sheep— Crossbred wetherg and/or maiden ewes: 48lb and under 41 4| 43 49-561b n 33 44 57-641b 34 31 4 65-721b 3i 34 33 Ewes: 481b and under 25 23 23 49-561b 23 23 23 57-641b 21 2 I 21 65-721b 21 2] 24 N.Z. Lambs — Canterbury: 361b and under 7 71 74 37-421b n 74 7 43-5Qlb Second quality: 7 65 .65 Aver, about 311b 7 7 — Other South Island: 361b and under — — 71 37-421b — — 7 43-501b —« —t — North Island Downs: 361b and under 71 74 74 37-421b 71 7 65 43-501b 7 65 65 Aver, about 301b 7 7 7 North Island: First quality: _ _ _ 361b and under 7 7 Y 37-421b 7 7 7 Second quality: _ Aver, about 311b Australian Lambs—’ _ 7 Oi Victorian (First quality): 29-361b 61 61 — 37-421b Argentine Lambs — 6J 61 6 First quality (new season's): _ _ 381b and under (i Q D 37-421b 53 n 5i N.Z. Porker Pigs— First quality: Bl-SOlb 71 71 74 81-1001b 61 61 6i 101-1201b N-Z. Baconer Pigs— 6J 61 6i 63 121-1601b 61 '61 Boneless Bobby Veal — (new season’s), ex store in parcels 41 44 (Chilled beef prices are approximate average prices realised for the weeKJ N.Z. Chilled Beef— ■. Ox hinds. 145-2101b 5 5 Ox fores. _. „ 145-2101b 31 ... 3 Australian Chilled Beef • x .’liGucahiads, 145-2I01b 4J ' 45 44 Y)X crons weights __ „ I corresponding 34 34 3 Untoon of South Africa: / Ox hinds. / 145-2101b 51 hi / Ox fores. f 145-2101b South Rhodesian 31 34 Chilled Beef — = Ox hinds. ■41 31 145-2X01b 4 • Ox fores. - i45-2101b 23 3 21 Uruguayan Chilled Beef— Ox hinds. 145-2iaib 51 as Ox fores, . _ . - 145-2101b Argentine Chilled Beef33 31 3S Ox hinds, _ . 145-21(Ub 6 6 Qx fares. 145-210}b N.Z; Frozen Beef — 3* 4 ., (second quality) — ( ; Ox hinds 4 4 4 Ox fores Australian Frozen Beef 3 3 3 (second quality); .. . . Ox hinds 44 • *± . •* ; Ox crops 3 a 3

Paris, fr. to £1 RUGBY, March 9. Par, March 8. March 9. 178.60 176 57-64 176 57-64 New York, dol. to £1 4.866 4.69 4.69 1-16 Montreal, dol. to £1 4.866 4.702 4.701 Brussels. helgas to £1 35 27.884 27.88 Geneva, fr. to £1 22.2215 20.611 20.63 Amsterdam. fl, to £1 12.107 8.821 8.83 Milan, lire to £1 02.0 89 3-16 89 3-16 Berlin, retchmarken to £1 20.43 11.69 11.69 Copenhagen, kr. to £1 18.158 22.40 22.40 Stockholm, kr. to £1 18.159 19.42 19.42 Oslo, kr. to £1 18.159 19.90 19.90 Vienna, schgs. to £1 34.585 Prague, kr. to £1 164.25 137 137 Helsingfors, marks to £1 193.23 2262 2262 Madrid, pesetas to £1 25.2215 — Lisbon, escudos to £1 110 1101 1101 Athens, drach to £1 375 5471 5471 Bucharest, lei to £1 818.60 660 660 Belgrade, dinars 376.3 209 209 Rio de Janeiro, ponce to milreis 5.899 3 1-16 31-16 Buenos Aires. pence to dol. 11.45 20.291 20.29 Montevideo, pence to peso 51 181 m Bombay, pence to rupee 18 17 31-32 17 31-32 Shanghai, pence to yen «. __ Hong Kong, pence to yen • 14 15-16 14 15-16 Yokohama, > pence to yen 24.58 14 14 Batavia, guilders 12,107 8.81 8.81 Warsaw, par zlotys to £1 43.33 24.87 24.90 •Determined by price of silver.

London — Buying. Selling. £N.Z. to £100 stg. T.T. 124/7/6 125 O.D. 123/18/9 124/J9/6 Australia— £ A. to £100 N.Z. T.T, 100/10/100 O.D. 100/10/100 Fiji— £F. to £100 N.Z, T.T. 90 88/12/6 O.D. 90 88/12/6 New York— 3i386 Dol. to £1 N.Z. T.T. 3.7818 O.D. 3.7868 3.7396 Montreal — Dol. to £1 N.Z. T.T. 3.7888 3.7489 O.D. 3.7975 3.7499 Belgium— 23.212 Belgas to £1 N.Z. T.T. 22.522 O.D. 22.597 22.217 Czechoslovakia — Korunas to £1 N.Z. T.T. — 108.62 O.D. — 108.64 Denmark— Kroner to £ 1 N.Z. T.T. 18.140 17.830 O.D. 18.200 17.832 Finland— Marks to £1 N.Z. T.T. 184.78 178.98 O.D. 185.18 179.08 France— Francs to £1 N.Z. T.T. 143.11 140.61 O.D. 144.36 140.63 ' Germany— Reichsmarks to £1 N.Z. T.T. — 9.285 O.D. — 9.287 Greece— Drachmae to £1 N.Z. T.T. — 429.20 O.D. — 429.35 Holland — Florins to £1 N.Z. T.T. 7.172 7.022 O.D. 7.212 7.024 Italy— Lire to £1 N.Z. T.T. —. 71.065 O.D. — 71.090 Java— Florins to £1 N.Z. T.T. 7.146 6.996 i O.D. 7.186 6.998 Norway— , Kroner to £1 N.Z. T.T. 16.126 15.836 O.D. 16.186 15.839 Noumea— Francs to £1 N.Z. T.T. 145.61 138.86 O.D. 147.11 138.90 Papeete— Francs to £ 1 N.Z. T.T. 145.01 139.01 O.D. 146.51 139.05 Sweden— Kronor to £1 N.Z. T.T. 15.753 15.458 O.D. 15.813 15.461 Switzerland— Francs to £1 N.Z. T.T. 16.693 18.423 O.D. 16.793 16.426 Chefoo— N.Z. pence to dol. T.T. _ ■O.D. — —. Hong Kong— N.Z. pence to dol. T.T. 18 27-64 18 51-64 O.D. 18 25-64 18 51-64 India and Ceylon— N.Z. pence to rup. T.T. 22 9-32 22 9-16 O.D. 221 23 9-16 Japan— N.Z. pence to yen T.T. — 17§ O.D. — m Manila— N.Z. pence to peso T.T, 31 35-64 321 O.D. 31 29-64 321 Shanghai— N.Z. pence to dol. T.T. — O.D. —. — Singapore— N.Z. pence to dol. T.T. 34 33-64 35 O.D. 34 27-84 35

U.S.A. Canada. (Per £1 N.Z.) dol. dol. Scllinc— T.T. .. 3.72 J 3.73 13-16 O.D. .. 3.73i 3.74 1-16 Euying— T.T. .. 3.77 15-1G 3.78J O.D. 3.7811-10 S.79 13-16

British— £ S. d. £ s. d. Consols, 21 p.c. .. Funding Loan, 4 •70 0 0 70 2 6 p.c., 1960-90 .. War Loan, 3J p.c.. 108 10 0 109 0 0 1952 Con. Loan, 31 p.c. 97 15 0 98 5 0 1961 Victory Bonds, 4 96 10 0 97 0 0 p.c. Commonwealth— 106 2 6 106 17 6 5 p.c., 1945-75 103 5 0 103 15 0 4 p.c., 1943-48 100 15 0 101 0 0 3J p.c., 1948-53 .. 95 15 0 96 10 0 34 p.c., 1956-61 .. 85 17 6 86 5 0 3 P.c., 1955-58 New South Wales— 85 0 0 85 15 0 31 p.c., 1930-50 .. 93 5 0 93 7 6 Victoria— 3 p.c., 1929-49 91 2 6 91 15 0 4J p.c., 1940-60 .. 100 15 0 101 5 0 5 p.c., 1945-75 103 0 0 103 5 0 Queensland — 3 p.c., 1922-47 92 7 6 92 10 0 5 p.c., 1940-60 •100 7 6 100 17 6 South Australia — 5 p.c., 1940-60 103 0 or 103 5 0 3 p.c., 1916 (opt.) 72 7 6 72 10 0 Western Australia— 4 p.c., 1942-62 Tasmania— 97 7 6 98 7 6 31 P.&, 1920-40 .. 100 15 0 101 0 0 4 p.c, : 1940-50 New Zealand— 99 5 0 99 15 0 41 p.c., 1948-58 .. 98 5 0 98 5 0 31 p.c., 1940 100 10 0 100 6 3 3 p.c,, 1945 91 7 6 91 0 0

LONDON, March. 9. March 8. March 9. Copper— £ s. d. £ s. d. Standard, spot 43 7 6 43 11 10* Forward 43 13 n 43 18 1*, Electrolytic .. 48 10 0 48 10 0 f to . . 49 0 0 49 5- 0Wire hairs 49 0 0 49 5,0 Lead— . ■ f . Spot .. 14 IS li ' 14 15 7* Forward ,. 14 19 4J 15 . o n Spelter— Spot 13 16 10J 13 jta . 1J Forward 14 1 10£ 14’ 4 ; 4i Tin— Spot ... 215 12 6 216 17 6Forward 215 2 6 215 17 6 , Silver— Standard, per oz. 20 9-16d 20Jd - Fine,, per oz 22 S-ied 22Jd