FINANCE AND COMMERCE

Press, Volume LXXV, Issue 22796, 23 August 1939, Page 11

FINANCE AND COMMERCE

FROZEN PRODUCE LETTER

THE EIGHTH REFRIGERATION CONGRESS • (From Our Special Correspondent.) LONDON, July 27. The eighth of the series of world congresses of refrigeration Is to be held in Germany on July lof next year. The first five days will be occupied with meetings and visits in Cologne, and ■ ' thence the event will be moved to Berlin for the concluding ' sessions. / Preparations for this congress have been proceeding for some time regardless of the'tension existing in the , political ptorld, refrigerating scientists and engineers apparently being well able to keep their heads cool, and being only regretful, of their inability to attempei;ate the chancellories of Europe.

, The First International Congress of Refrigeration was held in Paris in |g)B,- the successive events being at yienna in 1910, Chicago in 1913, London jn 1924. Rome in 1928, Buenos Aires in J932, and The Hague in 1936. At Karlsruhe last month, just 12 jnonths ahead of the next congress, the celebration of a “Refrigeration Day” fas held to focus this organisation, '|nd Relegates from 10 nations attended to arrange the programme of papers to be read in the seven commissions under which the various aspects bt refrigeration will be debated at the congress. Dr. R. Plank, a leading refrigeration scientist, and bead of the Karlsruhe Technical High School where pjjfrigerating research is carried out, organised this celebration as president |f the forthcoming world congress, and success of last month’s .proceedings Jsheld to be a happy augury for next (rear’s assembly, at which 50 nations Bill be' represented. J Important papers are being prepared in all the .modern phases of refrigeration. including quick-freezing, air-con-Utioning. -and. tfie effects of very. low. emperatures. The official invitation of he Gentian Government has been ac•epted/at the headquarters of'the International Institute,; of Refrigeration in Paris, and all se'ctiohs of the refrigerating industry are. anticipating universal' t collaboration in this world event, the address of the German organising officer of which is Dr. ~G. Ruppel, WD.I. Offices, «‘ Hermann-Goefihg str. -27. feri^:^iW.7. 1 Factory-abattoirs. for Britain

' England is to have two -factoryabattoirs and Scotland is to have one," gey are to be modelled somewhat ,on e lines of the smaller meat works. In New Zealand and will follow closely tbe design approved by the . departmental committee of which Sic Francis Boys Vwas chairman. The Ministry of Agriculture has 'announced' approval of the establishment at Leeds. Leicester, end /Edinburgh of the three experiments!! slaughterhouses -authorised i-*jnder ,the Livestock Industry Act. In'; a statement, t£e- Minister said 'that »the Livestock Commission had careful consideration to 12 pro- ; posals submitted by local authorities • andv Others for the setting up of the abattoirs;' The .proposals had been discussed with the applicants -by the commisslon and .should any of the proposals not be proceeded, with by those selected, - the commission had agreed .10 give consideration to those of the Stoke-on-Trerit and the Swansea corporations. In. 1933 Sip« Francis Boys’, •committeg, report on 'the requirements qf factory-abattoirs, recommendf type of slaughterwould costs about £l2&,ooo.^Thevcommittee , Srecommenri

BRITAIN’S WOOL SUPPLIES

I LARGE INCREASE OVER • { SIX MONTHS GREATER IMPORTS FROI^ • NEW ZEALAND * pnou oil* mmr coßß*a?oiriikjre.) ,*f, ' , r . LONDON, July 24. , increase in th& supply of raw tlilroQj to Great Britain m the first six \ upnflis s o£ this year is shown in' the J f foot'd pi Trade’s figures concerning the ’■ British, wool textile industry. During ; hat period the imports; of raw wool ii jrere 101.000.0001b more than they were' luripg the first.sixmonths of 1938. * “Yorkshire Post” comments that - t l ®|f*9 c ' £B of raw materialsin Great witem are at present much ' higher i the corresponding time in any tff-^he^^last'six -or seveny ears. •'-increase includes roughly - W.QMiJOOlh'of merinos of all types; and BW, 000,0001b of crossbreds. Imports from 6: Africa increased by'B.oQo.ooolb, British India by 10,000,0001b,.fr0m ralia by 39,000,0001b, from New md by 18,000,0001b, from France by 0001b, and from the Argentine by. |,p?,000,0001b. i 1. CTfiis huge increase in raw wool supt pliitsVwas not counter-balanced, by. | greater exports,' 1 said the “Yorkshire. 'fiPosL'.’ “In fact, re-exports were less in § theMaihe six months by 10,000,0001b. m Imports of • woollen rags in the same dpepod were 46,000cwt greater and ex- & tons of woollen rags, shoddy, and $ fnungo. nearly 40,000cwt less; I; ? jlt'jnjlght be asked in this connexion | there has not been too much nfleaaor prices ..running away as a reolxeceut; substantial buying by % the* Government. No. exact figures are ir«vafiable oh the amount of wool refor the Army contracts which (already been placed, but there ia w:gpod“ reason to think that all Governfrinent contracts placed so far this year, I'lncluding the tops recently bought thrpngh the British Wpol Federation, fe WpUld not require in raw wool even /'•.the* increased weight which the figures ■?ehow . over the fir St' six months of if 11838.” . g'.'The, "Yorkshire Post” adds that- it s / *s possible that the refusal of the trade ij-jo follow the full extent of the. rise greasy crossbred values which concurred at the beginning of the current s>London sales was well founded.,lt says §ftthat in the event of further substantial li crossbred combs ihay be busy far ;« longer than the end of September .as jgfS? present called for/ by recent orders, ®put if Government . requirements are pnowimainly covered. .thereVshould * be ®poraethlng ilkerhormal supplies ayallyfible frpm the combs for civil ysera in 'few weeks 1 Kvi'■Attention is also drawn to the fact the six months’ figures ofWool exports 'there is scarcely any fe,£hghge in the total amount of fabrics of the, country. {>% ALL STREET PRICES &> >*BB3. AfISOCIATIOy—-COPTBIOHT.I; ' NEW. ■ YORK.- August 21.; ! tumbled -by asi much as three in a nervous- war ': scare. i than ' 1,500.000,000 dollars' have MSyh erased from the New York Stock market values In the last

dations were adopted by the-Govern-ment,'and in July, 1937, the Livestock Industry Act was set up for the purpose of examining a long-term plan to rationalise the slaughtering, processing, and grading of slaughter stock. The plan included proposals for the erection of three experimental central slaughterhouses.

winter WOOL SALE

LOCAL MILLS BUY FINER i GRADES

The commission invited applications from local authorities and assistance up to £250,000 Was promised for the three schemes which, it was estimated, would cost in the neighbourhood of £500,000, provision being made for the owners of private slaughterhouses to receive compensation for their premises being closed down. There has been some opposition from the meat trade to the proposals, but it is now suggested that advantage be taken of the cold storage facilities, which will form part of the abattoirs, to be used for the emergency storage of imported meat in connexion with the Food (Defence Plans) Department’s arrangements for meat distribution in time of war.

Keeping Quality of Butter The problem of preserving the freshw ness of butter in storage has long confronted the Industry and has recently been the subject of much research. As improvements in manufacture are introduced and the quality of'fresh butter is improved, the problem of holding butter frbm the point of making to the time it may reach the consumer becomes more acute, since the finer the quality of butter the .more difficult it becomes to maintain the standard of quality. One of the major difficulties met with 7 commercially is the occurrence of stale and slightly oxidised flavours on the surface. Prom research conducted some years ago,'it was suggested that the flavour of' butter at the surface might be preserved if it were stored in an atmosphere of carbon dioxide, and the practical application of this 'suggestion is now receiving careful study., In rqcent experiments, highrgrade 93 score sweet dream butter was wrapped in 4oz. prints, since it is known ’that this size package is difficult to store Without the occurrence .of surface flavours and increases susceptibility; to Oxidation. Several lots of butter from different churnings were placed in cold chambers arid 40 degrees F. in various concentrations -of carbon dioxide, a check lot of : the butters being placed in a chamber maintained at the , same temperature l as ’ the experimental samples, but *in ordinary atmosphere. ; Por the'flrst two months of the trial, the butter was held at 0 degrees F The tests are still proceeding and It is expected that at the end of the first period the butters will be held for a ■period of 60 days at 40 degrees F. Bacterial, mould and yeast analyses, together with regular organoleptic exSninations of the surface,, of, the. butr are -being made; from time to time, and an early report will be made as to the percentages of gas concentrations and the, temperatures producing the most beneficial results * - -

LONDON PRODUCE MARKETS

BUTTER AND CHEESE PRICES AT CLOSE OP LAST ' .WEEK ‘ The .New Zealand Dairy Board, by arrangement with the Marketing Department, reports the butter market as haying improved demand at the end of'last week. • Prices, quoted for salt butters,; with those for the week before, were:—• '■ Per cwt. Per cwt. Aug. 12. Aug. 19. New : Zealand 117 to 118 Tl6 to 117 Australian .v 107 .to 108 107 to 108 .Danish, spot.. 124 to 125 124 to 125 Polish ' 104 to 105 104 Irish • .. 117 . . 117 Dutch .. 102 to 104 • 104 to 105 South African 106 106 • Unsaltcd, New Zealand, 117s per cwt; Australian, 106s to 107s; Dutch, 103s to 106s; Polish, 104s; Lithuanian, 106s to 108s. : Cheese The , New Zealand cheese market ifcas reported . as steadier, at lower prices. ' Wholesale prices for cheese compared as follows: Per cwtd Per cwt. ' - Aug. 12. Aug. 19. New Zealand— . s.. - s. s. s. White .. 59 _ 56 Coloured 59 to 60 56. Australian— '• ’ White .. 55 to 57 53 to 55 Coloured 56 to 59 53 to 55 Canadian— White' ' i* 63 > 62 to 63 Coloured .. 63 62 to 63 Old season’s Canadian'; 74s to, 755. English, farmers, finest cheese, 82s to 88s. and English factory, 56s per cwY. British Imports • The. Marketing Department’s' advice to the Dairy-Board of British imports of butter for seven months, ended July 31 shows New .Zealand, * Australian, Denmark, and Baltic countries as follows: — ./■■■■•:• -V-- .. . Tons, Tons. !1930. 1938.. ' New Zealand .. 7&728 87,090 •Australia .. 59,464 64,766 Denmark .. ... 61,103> . 71,059 Finland 6,281 6,962 Sweden .. «; ; 6,102,, 9,719 Estonia ~ 6,250 5,347 ; Latvia .. **... • ■ 9.405 8,777 Lithuania .. .. 7,326 6,300 TALLOW, HEMP, AND FRUIT HIGH COMMISSIONERS , Report The Department of Agriculture has received the following cablegram dated August 18 from ..the High Commissioner, Vj Tallow—Market very quiet. Present -Spot quotations are:—Mutton: Fine, 21s to 225; good. 20s; fair,. 15s 6d to 10s. Beef: Fine, none; good,' 17s; fair, 15s to 15s 6d. Mixed: Good, 17s; fair, 15s to 15s 6d gut, 13s to 155., Mutton: Dark -to. dull,. 14s to 165. ; Beef: :Dark to dull, 13s to 15s. ■ ■■ ■' .Market quiet early this week. “K” grade sold, AugustOctober shipment, £l6;’: now quoted sellers. £l6 Ss. • Sisal: - Market quiet.

STEADY DEMAND AND GOOD CLEARANCE

, A supplementary sale of wool was' held yeteterday afternoon at Messrs Pyne, Gould, Guinness, Ltd.’s land sale room. There was a good attendance of buyers, representing local mills 'and fellmongers and overseas interests. The catalogue, which comprised 2169 bales, was-the usual off-season assortment. Crutchings and pieces formed the major proportion, although there was a moderate showing of fleece, mostly stragglers’ wool from merino and half bred flocks. The crossbred wool offered comprised practically all crutchings and pieces. The sale was a good one considering the quality of the wool offered, and quite on a par-with expectations, to a shade better for coarser crutchings. Best merino and halfbred fleece made to 12d per lb in several cases, the bulk of the fleece lots' ranging from 9d to IOJd. Merino crutchings were well represented and these sold freely * at from 7d to 9d per lb for the best, with secondary round about 6d. Pieces made up to 10Jd, and secondary lots from 6d to Bd. Crossbred crutchings sold exceptionally well, a three-bale lot from South Westland making lid per lb, with other lots from Pid to 9Jd, and the bulk of this .class ranging from 6d to 7Jd; v There was general competition. Local mills were, freely in the market for all classes* of finer wools, and took a substantial proportion of this class. Overseas representatives also operated spiritedly, and secured most of the remainder. Passings were confined mostly to the inferior lots, and in the aggregate amounted to only a moderate proportion of the catalogue. . MINING BUNDI GOLD DREDGE OPERATIONS SUSPENDED INDEFINITELY The Bundi gold dredge, owned and operated by the Bundi Tin Predging Company (No Liability) at Camerons, near Greymouth, has closed down for an Indefinite period. Thirty-one dredge workers are affected the closing down. GOLDEN DAWN - The Golden Dawn mine report for the fortnight ended August 12 says:— A start was made to sink the winze on No. 5 reef below No. 3 level on Au§ust 2, and so far a total of seven, feet as been sunk, the depth how being 25 feet. The reef is a solid body of quartz, wider than the winze, and the assays one improving in value in depth, running, at lowest point, from 12s to N £3 12s 2d a ton, and looking well underfoot. : MOSSY CREEK / Gold won by the Mossy. Creek Dredging Company for. the year ended May 31 was 13040z 12dwt 19gr, of a net realised value of £10,119, compared with 1580oz, valued at £11,775, for last year. Dredging costs were £6981, and bushfelling £1422, a total of -£8403, -compared with £7857 for the 1937r38 period. , It is not expected that bush clearing will be a heavy expense for some time to come. >. Balance brought forward from last year was £1783. After transferring' £-1159 to credit of profit afid loss account and providing for dividend in, August last and incofiie tax reserve, the balance to credit of appropriation stands at filOW.- Ground of varying quality was treated, and for one period of 10 weeks the total amount of gold produced was only 109.30z. . After stating that values have increased considerably since January last, the report says it is confidently expected the improvement will contipue as /the dredge proceeds up the valley. One dividend of Id was paid during the year, and it .is hoped' to declare a further dividend during the present month, bqU additional expenditure incurred in connexion with repairs to pontoons has delayed this in the meantime. ■ . The retiring directors are Messrs J., McLeod and P. C, Heaphy, both of whom: are eligible for re-election. LOLOMA AND EMPEROR Production of the Lploma and Emperor Companies operating -on the Tavua field, Fiji, for the four weeks ended August 9, was as follows:—Loloma: Treated 2459 tons for 3236 fine ounces of gold and 572 fine ounces of silver; residue, ■ I.2Bdwt, ■ Emperor: Treated 14,445 tons for 4086 fine ounces of gold; residue; o.63dwt, -Concentrates stacked, pending, further treatment, 18 tons, estimated-to contain 117oz fine gold. MATAKI JUNCTION , The Murchison Matakl Junction return for the week ended August 17 was 37 ounces of smelted gold for. 11l hours and 14,000 yards.' DUNEDIN SkEEPSKIN ■ * ■ , SALE - SHORT-WOOLLED SKINS APPRECIATE . [THE PRESS Special Service.] •*' DUNEDIN, August 22. The fortnightly sheepskin sale was bald to-day, when medium-sized catalogues were offered to a good attendance of buyers. There was keen competition and 'prices for full-woolled’ skins were from par to a shade easier. Short-woolled sklng,: hpwever, appreciated by i J to Jdfper lb on the previous sales’, rates.

close with better -tone. Value, ; AugustOctober shipment, £14.105. Apples-VStcnjks cleared. Current prices: Dougherty, 9s to- 12p; Sturmer, 7s, to 9s. The mid-seasori glut, ■which has such prejudicial effects on season's average prices, is hot so- pronounced as usual,. but recovery,, in prices for Sturmer was rather slow. On’the other hand, coloured varieties closed on firm note..’-". 'I

THE STOCK EXCHANGES

MODERATE LOCAL . BUSINESS

AUSTRALIAN ISSUES DECLINE

Turnover on the Christchurch Stock Exchange yesterday was moderate, with the bulk of the dealings in bank shares, Australian industrials, and, chain stores. Price levels were , irregular. Several Australian stocks showed a decided downward movement.

Commercial Bank of Australia were fractionally weaker at 16s 2d and 16s Id, and there were further sellers at the lower price, buyers at 16s. National Bank of New Zealand rose to 47s 6d, market closing 3d either way. Bank of New Zealand .were' firmer at, 40s. Sellers of Goldsbrough, Mort reduced their limits to 27s sd. Sellers of New Zealand Breweries came down to 375, buyers at 35s 9d. Australian Consolidated Industries (ex rights). were quoted at 35s 9d buyers, 36s 6d sellers. Broken Hill Proprietary dropped to 67s 6d and 66s 6d, and more were offered at the lower price. Colonial Sugar had dealings at £49 7s 6d and £49 2s 6d, ana more were offered at the higher price, buyers at £49. Electrolytic Zinc were weaker with sellers of the ordinary at 54s 6d and of the. preference at 57s 4d. G. J. Coles declined to 78s 3d. Woolworths. Ltd., dropped to 25s Id. and ’2ss, and there were further sellers at the lower price, buyers at 24s Hd. Sellers of Broken Hill South and Mount Lyells came down to 28s, and North Broken- Hill were available at 46s 6d, buyers dt 45a, Ngahere declined to 22s 6d.

FOREIGN EXCHANGES

PRODUCE AND GRAIN

POTATOES Qtr oTE D AT £ls a ton

The uncertainty over the import position is still keeping the local potato market quiet. The quotation in the city yesterday ysas £l6 a ton on trucks,. - but it'was reported'that little business was passing. ~ ■ Onions are still firm at £lB a ton, and other markets are unchanged. Quotations The president of the North : Canter*bury Grain, Seed, a!hd Produce Merchants’ -Association supplies the following quotations, prices named being to farmers on trucks at country sidings, unless otherwise , indicated:— . Wheat-Milling, f.0.b.; Tuscan 5s lOJd: Hunters 6s OJd; Pearl 6s 2Jd. (Final payment of 3d a bushel on all wheat at the end of year.) Oats—A Cartons 2s 7d to 2s Bd, B Gartonr 2s 4d., Algerians 3s to 3s 6d, Duns 3s 6d to 4s 6d. , , . •' Byagms (.good germination)—perennial up to 5s 6d (nominal). Italian Up to 4s to 4s 6d (nominal). Cocksfoot—6d to 7d (nominal). White Clover—ls to Is 3d per lb. Red Clover—Old season’s, 4d to 6d per lb; new season’s, 7d, Potatoes-?-£l6 a ton. i Onions—£lß a ton. Chaff—r£4 to £4 5S a ton. . Barley—Malting 4s 7ld, feed 3s to 3s 6d a bushel, according to quality, Bran—Large £4 15s, small £5 ss, Pollard —Large £6 5s a ton, small £6 15s. . LONDON METALS MARKET

KAIKOURA DAIRY

t COMPANY- NEWS

COX BROTHERS ■ , ,t ; • (raMni AtsocuLTiox tbmoxax.) WELLINGTON, August 22. Cox Brothers, Australia, Ltd., to-day advised the Stock Exchange Association that the directors have announced a dividend of 15 per cent, on ordinary shares for the 12 months ended July 31. They have also announced a new issue of ordinary shares at par to'ordinary shareholders, on a basis of two new, shares lot evety five now; held. The share register will close on October 4. Applications for new shares close on November 1. -

The forty-fifth annual report of the Kaikoiira Co-operative Dairy Company, Ltd., to be presented at the annual meeting of shareholders on September 4 says that the advance payment for the season was 13.88 d with', a further bonus §*£ 2d to be paid, yaking - the total 16.88 d, eomjpatad with 14.49 d the previous year. advances-'tb stippliers. amounted td £45,411, compared with £45,158 last year' Local sales'amounted to £23,455, and* export sales. £36,321, making a. tdtal of £59;777: Last - season, local sales produced £22,608, and export sales £36,168. making a- total of £60,774. ’ • '• ; . -v ■ ‘ The’ total quantity of .butter manufactured for the season amounted to 426 tons 18cwt, 2qr 151b, against 471 ton* 17cWt 171b for the previous" season; The average butter-fat test'was 39.62; agairist r 39.7l last. year.and the average - grade, of butter was 84.767, against 94.081.- • - i—.' ■ the balance in the* appropriation account stands at;£7537 and the directors propose to make a further, payment of 2d per lb to suppliers, absorbing £6543 ;sp, pay a dividend of 6 per cent, to shareholders, and’ carry forward £490 6s. Messrs W. H. Dalzell, J. J. Hamett, and H. P. Mackle are* the retiring, directors. and again, ofier their services.

Prices were as follows: Halfbred— ' d. d. Full wool ,.. • 9 85 to 94. • Three-quarter wool 85 to 9 Half. wool 7 to 8 Quarter wool - .,. 55 to 65 CrossbredFull wool 9 to 94 • , Three-quarter wool • •• 8 to 9 Half wooL- ' 41 7J to 8, . Quarter wool ..." ,# • 55 to 65 Halfbred dead . . 7 to 75 Fine-crossbred dead • 75 to 75 Crossbred dead . .. 65 to 74 Fine Crossbred— 85 to 94 Full wool ' . . Three-quarter. wool 8 to 9 Half wool ‘•9' 74 to 85 Quarter wool .. 5| to 65 Halfbred hoggets * to 84 Fine crossbred ’ hoggets , , to. 84 Crossbred hoggets .. • • • , to 85 Halfbred lambs v # # > to 75 Crossbred lambs to 7j: First pelts - .. 25 to 34 Second • pelts . ■ :> •' 15 to 24

LISTED STOCKS Sales on ’Change Z s. d. 300 Comm. Bank of Aust. (ex div.) 0 16 2 (2] 0 16 1 300 Natl. Bank of N.Z. (2) 2 7 6 100 Bank of N.Z. 2 0 0 100 Broken Hill Pty 3 7 6 3 6 6 5 Colonial Sugar 49 2 6 50 G. J. Coles 3 18 3 300 Woolworths (Syd. ord1 5 1 (2) 1 3 0 200 Mount Morgan 0 10 0 50 Ngahere 1 2 6 Sales Reported 50 Broken Hill Pty. 4 , 3 7 6 10 Colonial Sugar •• 49 7 6 LATEST QUOTATIONS ■ N.Z. Govt. Debentures . Buyers. Sellers. £ s, d. £ s. d. 31 p.c. Ins., 1939-43 i .. 99 10 0 — 3 p.c. Ins- 1939-41 ... 97 0 0 — 35 p.c. Ins- 1983-57 '.. 90 10 0 — 35 p.c. Bonds, 1953-57 90 10 0 4 p.c. Ins- 1946 98 0 0 — 4 p.c. Ins., 1940-43 99 10 0 — 6 4 p.c. Ins- 1949 , 98 17 6 99 7 4 p.c. Ins- 1954-58 96 10 0 M'l 0 0 4 p.c. Bonds, 1946 98 0 0 — 4 p.c. Bonds, 1949 98 15 0 99 15 0 Rural Bonds, 5 p.c., 15/9/47 98 5 0 — Other Debentures South Cantby. Electric Power Board, 41 p.c1/3/56 — 102 0 0 South Cantby. Hospital Board> 41 p.c., 1/2/56 —* 91 10 0 C.P.C.A., 45 per cent0 21/10/42 .. 81 0 0 87 0 Dominion Fert. 6 p.c.. 1/2/41 ,. 100 0 0 —— Gisborne Sheep- 65 p.c31/8/41 .. • .. 102 — 0 0 , Banks 1 Comm, of Aust. (ex ' div- 10s) 0 16 0 0 16 1 Comm, of Australia (pf- . ex div- £10) 9 4 0 Australasia (£9 paid) 9 2 « 9 9 0 Comm..of Sydney (£12 10s paid) . . .. _ 20 10 0 E.. S- and A. (£3 pd.) 4 17 0 9 0 0 Natl, of A'asla, (CIO 13 0 paid) > Natl, of A’asia. (£5 0 paid) 6 17 0 Natl, of N.Z. (£2 10s . paid) .. 2 7 3 2 7 9 New Zealand (£1) .. 2 0 1 Union of Aust. (£9 pd.) 7 17 0 7 19 9 Insurance • National (7s paid) .. 0 16. 6 New Zealand (£1) 2 12 0 — South British (10s) .. 2 2 3 2 2 6’ Standard (cum. div- £1 paid) r .+ A. 2 19 0 — Loan and Agency Ch.Ch. Building (£10) 14 10 0 — Dalgety .and Co. (£5 paid) • 6 4 5 0 "'A 15’ Goldsbrough, M. (£1) 1 7 3 1 7 0 N.Z. Guar, Corpn. (3s). 0 4 0 — Perm. Invest. (£10) 1 — 10 0 0 United Building (£1) ... 1 0 3 1 0, 9 Wright, Stephenson • '(cum div- £1) — 1 1 0 Frozen Meat Cantby. (£7 10s paid) 8 17 ;fl 9 10 0 Cantby. (pref- £5) 6 12 0 N.Z. Refrig. (£1 paid) — 0 16 6 N.Z. Refrig. (10s paid) 0 7 9 0 8 2 North, Cantby. Freezing (pref- £1) .. 0 15 0 —* Southland (£1) .. ‘ 1 7 6 — v Woollens Felt and Textiles (£1) 1 13 0 Kaiapoi (17s paid) 0 12 1 Kaiapoi (7s'paid) , ., — , 0 5 0 Kaiapoi (pref- 17s) .. 0 14, 1 — • Oatpar.u (£1)/ 0 14' 11 0 16 9 » Coal Grey Valley ?£1) — 0 6 9 ' Gas ■ Christchurch (£1) . — 1 9 0 Christchurch (10s paid) . — 0 12 6 , , Breweries' Ballins .dSs paid) 0 10 ;0 0 11 a Dominion (£1) .. / 1 14 6 New Zealand (£1) .. Queensland (£1) • . . . 1 15 9 1 17 0 1 7 6 — Swan (5s) .. 1 12 3 1 13 3 Tooths (£1) 2 15,0 2 17 0 Melbpurne Co-op, (10s) — 3 8 0 MisceUaneous Aust. Con. Industries (ex rights. £1) 1 15 9 X 16 6 Aust. Con. . Industries (rights) 0 9 6 0 7 9 Booth, Macdonald (pf£1) .. ... 0 2 0 0 2 2 British Tobacco (£1) Broken Hill Pty. (£1) 2 10 1 2 10 5 3 6 2 3 6 6 Colonial Sugar (£20) 49 0 0 49 7 6 Donaghy Rope (£1) 2 9 0 Dunlop Rubber (£1) . / - 1 0 5 Electro, Zinc (cUm div- £1) .. . .. 2 13 2 2 14 6 Electro. Zino (pf- cum div- £1) .. ... ,2 17 0 2 17 4 G. 3. Cb\6s (£1) \ *— 3 19 0 G. J. Coles (£1 paid, new) .. « • .. 3 17 9 G. J, Coles (10s paid. 6 new) 3 7 Hay’s, Ltd. (£1) ' .. 0 19 0 — Hay’S, Ltd. (con- 15s paid) v ' .:.' 0 14 0 Milburn Lime (£1) 1 16 1) Millaquin Sugar (£1) .. 2 1 0 — Morris, Hedstrom (£1) 1 6 3 — N.Z, Farmers’ Co-op. (10s paid) ..' . .. 0 0 1 N.Z) Farmers’ Co-op/ (45 p.c. Stock, 1950, 82 £100) 78 0 0 0 0 N.Z. Farmers’ Co-op. (45 p.c. Stock. 1955, £100) .. .. 78 0 0 — N.Z. Newspapers (16/8) 1 11 3 1 13 6 N.Z.;Paper t Mills (£1) — 1 8 0 Procera Bread (10s) .. 0 7 6 Quill, Morris (1936) 0 17 ‘e : (£1) 6 0 19 Kadlo (1936) (10s) — 0 18 0 Simpson and Williams (£1) . . 'l 14 6 Taranaki Oil. (24/7 pd.) 0 9 6 0 5 ii Wilson’s Cement (10s) 0 17 0 —— Woolworths . (Sydney) (ord., 5p) 1 4 11 1 5 0 Woolworths (N.Z.) (5s) 0 18 ,0 Woolworths • Properties (£1) .. ' .. 1 4 0 1 5 0 Woolworths Properties b (£1 paid, new) ' — 1 5 Woolworths Properties 6 (10s paid, new) ’ ... •s — 0 14 ‘ Overseas Listing Woolworths (S.A.) (5s> 0 14 ' 4 0 14 8 Australian Mining Broken Hill Sth. (cum 1 div- 5s) , .. v., 17 0 8 0 Mount Lyell (£1) .. 1 7 ’ 9 1 8 0 Mount; Morgan (2s 6d) 0 9 1 . 0 9 11 Mt. Morgan ’ (pf.. £1) - — 1 4 0 Nth. Broken Hill (5s); 2 9 0 2 6 6 , „ N.Z, Mining, Argo (Is) .. . t. 0 1 6 Argo (contr.) ; 0 0 B Austral (N.Z.) (£1) 13 S’; 1 5 0 Gillespie’s Beach (Is) '< ■— 0 0 10 Golden Sands (Is). A 0 65 0 0 85

. Buyers. Sellers. ' / . ' JE s d. £ s. d. ■Grey River (10s) .. — 0 17 0 Maori Gully (Is) ., 0 0 7 — New River (Is) 0 0 9i 0 0 101 Ngahere (£1) ■ .. — ,13 0 Skippers, Ltd. (Is) .. — 0 0 1 Worksop Extend. (Is) 0 0 7 O' 0 8J Walmumu Sluicing .. — 0 0 2 UNLISTED STOCKS All transactions in stocks quoted In this section are subject to special brokerage and are not quoted on the official list:— Buyers. Sellers. £ s. d. £ s. d. Ass. Mot. Petrol (pf.) 1 4 0 \ Aust. Mot. Petrol • ■ 0 12 0 . __ - Carbonic Ice .,17 6 — • .Olympia Parking (17s 6d paid) .. .. — 0 15 0 \ Paparoa Coal — 0 7 0 Self ridges (A/asJa.) .. 0 6 0 — South Seas Pishing .. 0 2 0 0 10 0 Securities Finance .. — 0 14 0 AUCKLAND Sales on ’Change ■ £ s. d. 4 p.c..Ins. Stock, 1954-58 96 15 0 National Bank of N.Z. 2 7 6 Bank of N.S.W. L, 30 10 0 Bank of New Zealand 2) 2 0 0 Auckland Gas .. 0 15 3 Brjtish Tobacco •*. 2 10 6 2 10 0 Broken Hill Pty, „ 3 8 0 3 7 6 3 5 6 Electrolytic Zinc M 2 18 3 G. J. Coles (late sale) «• 318 9 Radio (1936) . .» 0 13 4 Sanford (ord.) » 0 >3 10 Woolworths (N.Z.) ■» 0 18. 0 Martha (late sale) «. 0 0 5 Mount Morgan (ord.) .. * 0 9 10 Emperor .. .. 0 10 6 - Overseas List Woolworths Holdings (S.A.) .. 0 14 6 Unofficial List Aust. Motorists’ Petrol 0 13 3 Taranaki Oil Development •• 0 2 1 WELLINGTON Sales on 'Change £ s. d, Union Bank (late Monday) 8 0 0 4 p.c. Ins. Stock, 1946 98 7 6 4 p.c. Ins. Stock, 1988 97 0 0 Comm. Bank of. Australia 0 16 3 National Bank of N.Z. 2 7 6 N.Z. Guarantee Corpn. M ' 0 4 2 Westport Coal 1 13 N.Z. Bi-ewerles .. 1 17 0 British .Tobacco 2 10 9 G. J. Coles .. .. ' • • • 3 18 ,3 Unofficial List Metiers (N.Z.) ' ' .. 0 14 0 Aust. Motorists* Petrol (ord.) 0 13 0 Golden Bay Cement (A debs.) 0 17 6 DUNEDIN \ ‘ ■ ’ Sales on ’Change £ S. d. 31 p.c. Ins. Stock, 1939-43 99 12 6 Bank - of New Zealand (3) 2 0 0 Commercial Bank .. 0 16 2 0 16 3 E., S., and A. Bank .. 4 IB 0 Otagd Partners .. • , 0 2- 0 N.Z. Drugs .. 12) 3 0 6 Broken Hill Pty. ## 3 7 0 Woolworths (S.A.) .. 0 14 6 SYDNEY The news of the non-aggression pact between Germany and Russia depressed the Sydney Stock Exchange yesterday, resulting In sharp falls In practically all de* partments. Some buyers took advantage of ■ the situation and acquired shares at the lowered cates, and a notable expanslon of business was recorded. ■Morning Sales „ ’ £ s. d. Tooheys .. .. • • ,1.8-8. Tooths ■ .. ■ 2 10. 6 Australian Consolid. . Industries - • (ex rights) .. 0 • 1 13 0 Broken Hlil Pty. .. _ T • 2 19 0 Cash Orders (ex div.) .. • • 0 16 0 Afternoon Bales Bank of New . South Wales . ■ 27 10 0 Comm.. Bank of Australia 0 14 4 E., S., and A. Rank .. 4 6 3 Colonial Sugar ... ' 43 15 JO United Insurance 10 5 0 Associated Newspapers ■ 0 17 6 Associated Newspapers (pref.) 1 0 0 Howard Smith' ,. 0 19 7 Burns,. Philp ■ ... '•-m '■ 2 10 3 British Tobacco .. „ . 2 5 0 Tooths .. .. 2 10 3Tooheys ‘ .. ■' 1 8 P Woolworths 11 7J Aust. Consolid. Industries' 1 12 6 Aust. Consolid. Industries (rts.) 0 5 3 Dunlop Perdriau (pref.) ,14 0 Anthony Hordern M . 0 13 2 James Stedman '■ „ 0 13 0 Morts Dock ... « • 0 13 11 Meggltts .. „ 1 10 0 Sydney Perr'les «• 0 4 -J) Hackshalls .. ,, 0 12 ,lr Standard Cement .. 1,10 Electrolytic Zinc , ■ 2 8 0 Electrolytic Zinc (pref.) , 2 10 3 Mount Morgan - • .. 0 8 9 Mount Lyell .. 1 4 10 Zinc Corporation . ,, 3 14 0 Broken Hill Pty. • • -* 2 17 6 North Broken Hill .. 2 1 6-* Larut Tin .. ,, 0 .5 0 Emperor' .. , 0 0 0 Loloma .. ... •r 14 8 MELBOURNE Sales G. J. Coles .. 3 11 6 Dunlop Perdriau .. 0 17 9 Dunlop Perdriau (pref.) •lA 1 14 0 Herald and Weekly • 3 0 0 Myers Emporium ■ .. 1 7 3 Hume .Pipe .. •.. 0 18 6 Drug Houses 12 0 ■Melbourne Investment Trust 0 5 4 Howard. Smith .. 0 19 6 Electrolytic Zinc .. 2 8 6 Mount Lyell ... .. M 1 4 10 North Broken Hill 2 2 6 Emperor o a io Loloma .. .. 14 4' CALL AND DIVIDEND LIST Dividends r Due Grey and Menzles—pref. and ord.. 8 p.c. p.a. To-fh’w. Radio (1936), Ltd. — Is a share Aug. 25 Queensland Brewery — final, - ord.. 3i p.c.; pref., 2* p.c. Aug. 25 Dominion Investment — final. A, B, C, 5 p.c. p.a.; B, C 3rd issue), 4 p.c. p.a. V Aug. 28 Silverton Tramways — final. Is • a share .-. ..! Aug. 30 Bank N.S.W. — int., quarterly 6S a share (Aust. currency' .Aug. 31 Emperor - Mines—fourth, 6d a share .. Aug. 31 Standard Insurance—final. Is 3d a share ,. Sept. 4 Loloma—sixth. Is a share - Sept. 8 Huddart-Parker—int., pref.. 3 p:C.; ord., 7 p.c,- ., Sept. 14 Electro. Zinc—pref. and ord.. final, 9 p.c. .. . Sept. 15 Broken Hill South—Od a share Sept. 15 D. and W.. Chandler—int., pref., 6 p.c. p.a. ■ Sept. 15 Auckland Farmers’ Freezing—fl p.c. p.a. .. Sept. 23 North Broken Hill—quarterly. 6d a share ,, Sept. 27 ... Calls Tooheys—new. 8s a share . Sept. 21 G. J. Coles—new, 10s a share ... Jan. 31 GOLD AND SILVER . -LOND.ON, August 21. Gold is quoted at £7 8s 7d-a fine ounce.Standard silver is quoted at 17 9-10d an ounce spot, and 17|d forward.

(BBIT1SH-OITICISX. WIRELESS.) RUGBY. August 21. • Par. Aug. 19. Aug. 21 Paris, fr. ta £1 179.00 . 176| 176 45-64 New York, ■ ■ dol. to £1 4.866 4.684 4.684 ' Montreal, V 6.684 dol. to £1 4.866 4.681-16 « w •- Geneva. - > >.* '■ .. ■ . fr. to £1 252216 20.724 _ Amsterdam. * 1 fr > • fl. to £1 '12.107 . 6.714 ;«. 1 »2j. v lire to £1. 92.0 ... : 88 v \89» V. v Berlin; reich— - i marken to £1 20.48 , 11.664 ; 11.664;. Copenhagen.' • , kr. to *1. 18.159, • T 2024 : Stockholm,-.- . ’ ' -r- ■ - , ■ t ;. Icr. to £1 18059 ' - 19.40 . 19140:Oslo, kr. to. £1 18.159 ,. 19.901.. Helsinki. " I9£0, .t; .227' fharks to £1 193.23 227 Madrid, pese- ' . - tas to £1 252215 421 «i; * Lisbon,! escuv, \ ;. • dos to-£l HO t 110J •.1164.', »■ Athens, drach - . . . . - - <75 - to £1 375 ' 5434 ■ 5474v- v Belgrade, ■•■■■; dinars 276.31 210 ,210 ,* r Bucharest.'.; 1 • ' ,'•* ■ : lei to £1 813.6 ... 660 ~ 660 Rio-de Janeiro. • pence to SI ■ -mllrels ’ . , ., 4.899 ', .2J- ‘ Buenos Aires, - pence to dol. 11,45.'20.184 . Montevideo.'. ■; ' ■ 20.194 r; pence .to peso ;.51 / .. 10| Bombay,'pence - i- -' 184to rupee 18 > ; i 17 13-16 ; 1716-16 Shanghai, -f ■ - ■. • ' pence to. yen ■ •. — ' Hong Kong, pence to yen * ■ ■ , Y 1 14H-M 141U16 Yokohama, v. - ’ pence to .yen 24.58;. -'■ 14 . 14V .;«v. Batavia, I _ ‘: guilders 12.107-' 8.72 8/724 ; Warsaw, par zlotys to £1 43.38 24.87 24.87 ’Determined by price of silver. - QUOTATIONS WoM BANK OP NEW SOUTH WALES The Bank of \New South Wales quoted the following exfchaiige rates yesterday;— Buying. Selling. N.Z. on London — £N.Z. to £100a ate. T.T. 124/7/6 12S ' O.D. 123/18/0 124/10/6 Australia—' £A. to £100 N.Z. 't.T. 100/10/ 100 O.D. 100/10/ Fiji— - ; • ! £F. to £100 N£. T.T. 90 100 88/12/8 O.D. 90 ■ 88/12/6 Union of South; Africa — ' £N.Z. to S.A, £100 T.T. 123/4/fl 124/17/O.D. 122/17/ - 124/17/New York — Dol. to £1 N.Z, T.T. 3.7742 3.7310 , OJ3. 3.7792 3.7320 Montreal — Dol. to £1 N.Z. T.T. 3.7725 3.7326 O.D. 3.7812 , 3.7336 Belgium— Belgas to £X N.Z. T.T. 22.262 21.952 O.D. 22.337 21.OT7 Denmark — Kroner to £1 N.2. T.T. 18.140 17.830 O.D. 18.200 17.832 Finland — , Marks to £1 N.Z. • T.T. 184.87 179.07 , O.D. 185 £7 179.17 . . Francs to £1 N.Z. T.T. 142.96 140.46 OD, 144.21 140.48,; Germany — . , • : Reichsmarks f . ' to £1 N.Z. T.T. — . 9.267 O.D. — 9.269 Greece— Drachmae ■ - ‘ to £1. N.Z. T.T. — / 429i0 OD. — 429.35 Holland— Florins to £1 N.Z. T.T, 7.089 ■ 6.939 O.D. 7.129 6.041 Italy— Lire to £1, N.Z. T.T. — 70.644 ' O.D. — Java— 70.9(19 Florins to £1N.Z, T.T, 7.069 . 0.919 O.D. 7.109 6.921 Norway— Kroner to £1N.Z. T.T. 16.130 15.840 O.D. 16.190 15.843 : Noumea— Francs ter £1 N.Z. T.T, 145.46' • ! O.D. 146.96 138.71 : 138.75 Papeete— Francs to £1 N.Z. T.T. 144.86 • 138.86 O.D. 146.36 138.90 Sweden— Kronor to £1 N.Z. ,T.T. 15.730 15.435 /O.D. 15.790 15.438 Switzerland— Francs to £1N.Z. T.T, 16.777 16.507 „ ,, OD. 16.877 . 16.610 ; Hong Kong— N.Z. pence to dol. .T.T. 184 , 184 \i.yjnti ;'J'0J>':-183^32‘ ' 181 , India and^Ceyloivr^.v. v w N.Z. pence to rup, ' T.TV 22 7-32 221 . , OX3. 22 3-16 ,221 Japan— N.2. pence to yea T.T. — Z7J ■ . OJ>. — 17i Manila— : N.Z. pence to peso "T.T. 3133-64 32 7-32 : ’ O Jl. 8127-64 Shanghai— -327-32 N.Z. pence to dol. TiT, — : aM - > i O.D. — • Singapore— . N.Z. pence to dol. T.T. 3427-32 3521-64 O.D. 34| 3521-64 ASSOCIATED BANKS* DOLLAR RATES The Associated Banks (other than the Bank of New South .Wales)?/quoted the following dollar rptes > yesterday on - a New Zealand currency' basts,; They 'are subject to alteration without notice:^-. U.S.A. Canada. (Per £1_N.Z.) Dol, Dol. Selling— T.T. .. 8.721-16 3.72 1-16, OD. 3.72 5-16 3.725-18 Buying— . -T.T. .. 3.774 3.774 O.D, . ' , ; 1 ~ , •• , 3.781-16

LONDON, August 21; . The' official quotations.-on the London metals market compare with those previously cabled ai foIlo-Ws:— v *-V. Augt. IS. •Aug, 2lV Copper— £r sx d.; £ s, ■ d; Standard, spot 44 19 4J 45 0 7* Forward . 4A 18 -1* 44 -17 8 ; Electrolytic .. . 50.0 0 50 15 0 " to ' ... ,81 0 0 51 .0. 0 . Wire bars , . 51 0 0 51 0.0 Lead- . < Spot • . .. . IS 19 .4* 16 4 4| «Forward ;,»■ 15 16 10| 16 0 7| Spelter— . ■ Spot .. 14 10 0 14 8 9 ■ Forward .. 14 13 If 14 12 ,6 Tin— . ' Spot 229 18 9 ‘ 229 18 9 Forward *. 225 8 9 224 17 0 SilverStandard, per <sz. f 17. l-lfid 17 9-10d Fine, per dz. isit-iaa. 18 15-16d