COMMERCIAL

Press, Volume LXXXII, Issue 25061, 18 December 1946, Page 10

COMMERCIAL

STOCK EXCHANGES INCREASED VOLUME OF BUSINESS ..The market showed more activity in the Christchurch Stock Exchange yesterand there was an increased volume of business, with the bulk of the dealings in Government loans, bank shares, and industrials. Price movements were irregular. Govt. 3 per cent. Stock, due May. 1953-56, advanced to business at £ 100 7s bd, and more was wanted at £lOO ss; 3 Pf r cent. Stock, due 1951-54, was steady with business at £lOl 10s; 3 per cent. Stock, due 1957-60. scored a rise of ss, with business at £lOO 7s 6d, and late offers of £lOO 5s met with no response; ?« P l r tnS e ?«S- ?l ock ’ due 1960-63, advanced 12s 6d, and more was wanted at £lOO 10s. The last recorded local business on December 3 was at £lOO 2s 6d. A parcel of Malvern Electric Power per cent - debentures, due May 31, 1965, changed hands at £llO. Commercial Bank of Australia were steady at 22s lOd, and closed with unsupported sellers at 235. Union Bank of Australia eased 2s 6d to business at £ll 12s 6d, buyers staying in at that price, sellers at £ll 15s. N.Z Farmers’ Co-op. (10s pd.) . remained unaltered at 9s, the market closing 3d either way. Felt and Textiles of New Zealand were nrm at 68s, the market closing at 67s 6d buyers. 68s sellers. > Ballins Breweries moved up 3d to business at 34s 6d. N.Z Breweries eased 3d f° dealings at 58s 9d, and there were at r s9s r buyers at that fi ® ure ’ an d sellers

Sellers of Broken Hill Proprietary came down to 495, buyers at 48s lOd. Unsupported sellers oi British Tobacco reduced their limits to 57s 9d. Dunlop New Zealand (ordinary). 5s paid, moved up a point to 6s 6d and closed firm—the preference advanced to 6s lOd. Buyers of National Electric raised their bids 9d to 4is 3d, but sellers held for 48s 6d. Woolworths advanced 3d to 29s 3d, closing quotations 3d on either side. Wm. Cable, ordinary, were firmer, buyers offering 455, sellers asking 45s 6d. Sales on ’Change.—Listed stocks: £3OO N.Z. Govt., 3 per cent. Stock. May, 195356, £lOO 7s 6d; £4OO N.Z. Govt. 3 per cent. Stock, 1957-60. £lOO 7s 6d; £4lO N.Z. Govt. 3 per cent. Stock, 1960-63, £lOO 12s 6d; 100 Commercial Bank of Aust, (ord.), 22s lOd; 100 N.Z. Farmers’ Co-op. (10s pd.), 9s; 200 New Zealand Breweries, 58s 9d; 50 Dunlop, N.Z. (ord.), 6s 6d; 75 Dunlop, N.Z. (pref.), 6s lOd. Sales Reported.—Listed stocks: £3OOO N.Z. Govt., 3 per cent. Stock, 1951-54, £lOl 10s; £2OO Malvern Electric Power Board. 4>/ 4 per cent. (31/5/65), £110; 100 Commercial Bank of Australia (ord.), 22s 10s; 10 Union Bank of Australia £ll 12s 6d, 50 Felt and Textiles of N.Z., 68s; 100 Ballins Breweries (ex div.), 34s 6d; 100 and 100 New Zealand Breweries, 58s 9d; 500 Woolworths (Syd., ord.), 29s 3d. Latest Quotations N.Z. Govt.: 2* Z 2 p.c. Inscr., 15/6/47-49, s. £99 10s; 3 p.c. Inscr., 1/8/51-54, b. £lOl 10s; 3 p.c. Inscr., 15/9/52-55, b. £lOO 15s; 3 p.c. Inscr., 15/5/53-56, b. £lOO ss; 3 p.c. Inscr., 15/12/53-56, ,b. £lOO ss; 3 p.c. Inscr., 15/2/55-58. b. £101; 3 p.c. Inscr., 15/11/5760, b. £lOO ss; 3 p.c. Inscr., 15/4/60-63, b. £lOO 10s; 3»/4 P-C. 15/9/57-60, b. £lO2 15s; 4 p.c. Bonds. 1949-52, b. £lO2 17s 6d, s. £105; 4 p.c. Bonds, 1952-55, b. £lO4 ss; Liberty Bonds, b. £1 2s; Wool Bonds, 1/2/48, b. £1 Is lid, s. £1 2s; Wool Bonds, 1/2/49, b. £1 Is 4d; Malvern Electric Power Board, 4 X A p.c. (31/5/65). b. £lO9, s. £lll. Banks: b. £l2 12s 6d, s. £l3; Comm, of Aust s. £1 3s;. Commercial of Aust, (pref.), b. £lO ss; E., S., and A., b. £7 15s, s. £8; Nat. of A’sia. (£10), s. £l6; National of N.Z. (cum div.), b. £3 6s, s. £3 8s 6d; New South Wales, s. £4O; Union, b. £ll 12s 6d, s. £ll 15s. Insurance; F.A.M.E.. b. £1 2s, s. £1 4sJ National, s. £1 8s; New Zealand, s. £5; F.A.M.E. (pref.), b. £1 ss; Standard, b. £4 Bs. Loan and Agency: W.F.C.A. (pref.), b. £1 0s 3d, s. £1 0s 9d; C.F.C.A. (pref.), b £2 13s; Dalgety, s. £lO 9s; Goldsbrough, Mort., b. £1 14s 3d; Mutual Benefit, b. £l9 7s 6d; N.Z.F. Co-op. (10s pd.), b. 8s 9d, s. 9s 3d; N.Z.F. Co-op. (first pref.), b. £6 2s 6d; N.Z.F. Co-op. “A” pref., b. £4 4s; N.Z.F. Co-op. “B” pref., b. £4 2s 6d; N.Z.F. Co-op. (4’,2 p.c. Stock, 1955), b. £102; South Island Finance, b. Us 6d,- s. 12s; N.Z. Guarantee Corpn., s. ss; Perm’nt Investment, b. £ll 10s; United Building, b. £1 4s 6d; Wright, Stephenson, b. £1 18s 6d; Wright, Stephenson (pref.), b. £1 7s 3d; Wellington Trust Loan, b. £4 10s, s. £5. Shipping: P. and O. (ex div.), b. £4 2s; Union (pref.), b. £1 13s 6d. Woollens: Bonds, b. £3; Bruce, b. £2 4s 9d; Felt and Textiles of N.Z., b. £3 7s 6d, s. £3 8s; Kaiapoi (17s pd.), s. £1 7s; Kaiapoi (pref.), b. £1 6s; Mosgiel, b. £!<* ius. Frozen Meat: Canterbury (pref.), (ex div.), s. £8 15s; N.Z. Refrig. (10s pd.). s. 17s Gtf: Southland, s. £3 2s 6d; Waitaki, s. £8 10s. Coal: Kaitangata, s. £1 5s 6d; Westport, b. £1 12s, s. £1 12s 6d. Gas: Auckland, s. 7s; Auckland (5s pd.). b. 2s lid; Christchurch, s. £1 7s; Christchurch (10s pd.), s. 13s 4d; Timaru, b. 14s 6d. Breweries: Aust. Distillery, b. 16s 6d, s. £1; Ballins (ex div.), b. £1 14s, s. £1 14s 6d; Dominion, s. £3 10s; New Zealand, b. £2 18s 9d, s. £2 19s; Tooths, b. £3 10s; Westland, s. £2 3s. Miscellaneous: Alloy Steel (N.Z.), b. £2 12s 6d; Aust. Found. Invest., s. 6s sd; Aust. Iron and Steel (pref.), b. £1 17s; Beath and Co., s. £2 10s; Booth, Macdonald, b. 2s 9d; Booth, Macdonald (pref.) s. 12s 3d; British Tobacco, s. £2 17s 6d; Broken Hill Pty, b. £2 8s lOd, s. £2 9s; Canterbury Roller Flour, b. 14s 3d; ' Colonial Sugar, b. £55 ss, s. £55 15s; Consolidated Brick, b. 15s 3d, s. 16s; Dunlop N.Z. (ord.), b. 6s 6d, s. 6s 8d; Dunlop N.Z. (pref.), b. 6s 8d; Dom. Builders, s. 9s; Dom. Rubber, b. 16s; Donaghy’s Rope. s. £3 10s; D.I.C. (10s pd.), b. £1 8s; D.I.C. (pref.), b. £1 8s 6d; Dunlop Rubber, b. £1 13s 6d, s. £1 14s; Electro. Zinc, (ord.), b. £3 ss; Electro Zinc (pref.), b. £3 6s; Fletcher Holdings, b. £1 16s, s. £1 18s; Hay’s, Ltd. (15s pd.), s. £2 15s; Henry Jones, b. £3 2s; Hume Pipe (Aust.), s. £1 4s 30; 1.C.1.A. N.Z. (pref.), s. £1 8s 6d; McLeod Bros., s. £3l ss; Macduff s, b. £1 9s. s. £1 Us; Macduffs (pref.), s. £1 8s 6d; McKenzies (ex div.), b. £3 ss; National Electric, b. £2 7s 3d, s. £2 8s 6d; New Colosseum, b; £2 6s; N.Z. Drug, s. £5 Ils; N.Z. Forest Products, b. 4s lid, s. 5s 6d; North. Roller Milling, b. £1 10s 9d; Reid Rubber, b. £1 7s 3d, s. £1 7s 9d; Reid Rubber (contr.). b. Bs, s. 9s 9d; Selfridges, b. £2; Sharland, b. £2 4s; Silknit, b. £1 10s; United Provisions, b. £1 3s 6d; Weeks, s. £l3; Whitcombe and Tombs, b. £8 7s 6d; Wm. Cable, b. £2 ss, s. £2 5s 6d; Woolworths (ord.), b. £1 9s, s. £1 9s 6d; Woolworths (N.Z.), ord., s. £1 7s 4d; W. R. Cooke and Son, b. 15s 3d. Aust. Mining: Broken Hill South, b. £1 13s 6d; Bulolo «. £6 15s; Mount Lyell, b. £1 Is 6d, s. £1 2s 6d; Mount Morgan, s. 8s Id; Rawang Tin, b. 9s 3d, s. Us. New Zealand Mining: Austral (N.Z.), b. 12s 6d; Grey River (cum div.), s. 10s; Ngahere, b. 8s 9d, s. Us 3d. AUCKLAND Sales.—lns. Stock, 1/10/53, per cent. (£1000), £9B; Ins. Stock, 15/6/47-49, 2J per cent. (£400). £99 2s 6d; Bank of A’asia. (75), £l2 15s; Comm. Bank of Aust. (100), 22s 9d; Union Bank (30), £ll 13s 6d; Newton King (pref.) (£200), 265; Traders’ Finance (con.) (1125), 8s; Northern Steam (200), 12s 3d; Dominion Breweries (50), 68s 6d; Dominion Breweries (pref.) (350), 695; New Zealand Breweries (100), 58s; Broken Hill Pty. (150), 495: Colonial Sugar (10), £55 15s; Consolidated Brick (100), 15s 6d; Dental and Medical (300), 335; Dunlop (N.Z.) (ord.) (100), 6s 6d; Dunlop N.Z. (ord.) (300), 6s 7d; Dunlop N.Z. (pref.) (750), 6s lOd; Electro. Zinc (pref.) (50), 675; Farmers’ Trading (200), 34s 6d; Reid Rubber (400), 27s 6d; Silknit (N.Z.) (300), 30s 6d; Woolworths (Syd.) (100). 295; Woolworths (Syd.) (200), 28s 9d; Waihi Investment (250), 7s; Placer Development (50), £7. Unlisted: Korma (pref.) (25.0), 18s 9d; Winstone (230), 34s 6d; WhaHatane Paper Millls (150), 7s. Late sales Monday: South British (50), 88s 6d; Dunlop (N.Z.) (pref.) (150), 6s 9d. WELLINGTON Sales.—Late Monday: N.Z. Guarantee Corpn. (650), 5s (2); Ballins Breweries (ex div.) (200), 34s 3d; Natl. Electric (50) 47s 6d. Yesterday: Dominion Breweries (pref.) (350), 695; Dunlop (N.Z.), Ltd. (pref.) (525), 6s 9d: Ins. Stock, 15/2/49-50, 2\ per cent. (£500), £99 17s 6d; Ins. Stock, 1/8/51-54, 3 cent. (£2600), £lOl 10s; Ins. Stock, 1/8/51-54, 3 per cent. (£10,000). £lOl 10s (2); Bank of Australasia (40), £l2 12s 6d (2); N.Z. Guarantee Corpn. (1200), ss; Newton King (pref ) (200), 265; Manawatu Knitting Mills (500), 355, 250 34s (2); J. J. Niven and Co., 34s (2); Dunlop (N.Z.) (pref ) (100), 7s (2); Woolworths (N.Z.), Ltd. (350) 27s 6d; Turnbull and Jones (ord.) (10s paid) (200),- 19s 6d (unlisted). The sale of Woolworths Properties reported on Friday at 32s 6d should have read 32s cum div. , DUNEDIN Sale on ’Change.—Consolidated Brick (100), 15s 6d. Sales reported: Reid Rubber (old issue) (300), 27s 6d; Mount Lyell (109), 225.

SYDNEY Few shares changed hands on the Syd- - nev Stock Exchange yesterday, and those which did showed little change on recent prices. . Sales.—Associated News, 21s 6d; Associated News (pref.). 245: Australian Gas (A) £7 13s; Howard Smith, 23s ijd; British Tobacco, 565; Oil Search, ss-6d; Australian Paper. 38s 6d: W. R. Carpenter, 44s 6d, Goldsbrough, Mort, 34s 3d; Colonial Sugar, £53: Mount Lyell, 21s 6d; Broken Hill Pty., 48s; South Broken Hill, 33s 9d.

COMPANY NEWS Electrolytic Zinc.—The production statements for the four weeks ended October 16 1946, and the four weeks ended November 13, 1946, are as follows:—Risdon works, zinc., 5748 tons and 5504 tons respectively. West Coast mines: Ore treated, 9823 tons and 9992 tons; lead concentrates produced, 649 tons and 594 tons; zinc concentrates produced, 3219 tons and 3102 tons; copper concentrates produced, 214 tons and 236 tons. The output of the Risdon works was reduced to conform with curtailed supplies of zinc concentrate and calcine from the mainland, arising from shipping difficulties.

CANTERBURY FROZEN MEAT COMPANY

EMPHASIS ON LAMB QUALITY MR J. DEANS’S ADDRESS TO ANNUAL MEETING The necessity for the maintenance of the highest possible standard in the breeding of lambs for export was emphasised by Mr John Deans, chairman of directors, in his annual report to the sixty-fifth annual general meeting of shareholders of the Canterbury Frozen Meat and Dairy Produce Export Company, Ltd., yesterday afternoon. “The reputation our lamb enjoys in the markets of the world has been built up on quality, and quality alone will enable us to hold our own against those formidable rivals who are even now preparing to fight for our markets,” said Mr Deans. “During the war years, and perhaps even now, the call has been for quantity; but the time will soon come when quality will again count, and we must be ready to meet the challenge. We know that we can produce the goods, but it is vital to the preservation of our trade to see that we do not slacken our efforts to keep in the lead. Our advices from the ‘Old Country’ all emphasise the superiority of down cross lambs. “The resumption of fat lamb competitions under the auspices of the agricultural and pastoral associations, in conjunction with the New Zealand Meat Producers’ Board, is welcomed, and should do much to stimulate interest in the production of lambs of the right quality and type. The practical interest of so -many farmers in these competitions is an indication that they are fully alive to the importance of growing quality carcases, and we hope that all farmers will give their support to these competitions, which can do much for the fat lamb trade of New Zealand.” Company’s Balance-sheet Referring to the balance-sheet, Mr Deans said the major items were much the same as they had been for some years. Because of the present high building costs, the directors had decided to allocate a larger proportion of profits than usual to the repairs and maintenance fund. Earmarked for that purpose was the substantial amount of £21,000, but it had to be remembered that because of the high cost of repairs to buildings and plant that sum would only do a portion of what a similar allocation would have accomplished a few years ago. The allocation of large sums each year had enabled the company to keep its works and plant in the good order necessary for efficient operation. Wear and tear were necessarily high, especially in plant and buildings which were required to operate under conditions peculiar to the industry. Improvements in machinery were always being made, and were costly at present, but the company could not afford to lag behind in the installation of the most up-to-date and efficient plant. Another chain-grate stoker had oeen installed at Belfast, and there were additional skin wringers at Pareora. During next year it was hoped to erect a further dry rendering unit at Pareora and to install additional skin wringers at Fairfield. In the near future several cold stores would require considerable repairs in the replacement of pumice insulation by modern insulating material. Major items included in the expenditure of £16,389 were the practical completion of the installation of new fuel economisers at all works, replacing the original economisers which were worn out and consequently inefficient. Several of the freezing rooms and cool stores had had to be repiped, and extensive repairs to roofs and floors had entailed heavy expenditure. Accommodation for employees at all works had been extended and improved. Fixed assets, consisting mainly of land, works, and plant, stood at the low figure of £184,000, continued Mr Deans, who added that he did not need to point out that the figure in itself constituted a very substantial reserve when ’ compared with present replacement costs. The cash position was a normal one, and as he had mentioned on other occasions, the business required large cash resources to enaole it to tunction at all economically. A war loan amounting to £20,000 fell due during the year, and the company's holding now stood at the reduced figure of £35,000.

Profit for the year showed an improvement on last year’s figure, largely because of the reduction in taxation. The steady ana regular flow of tat stock to the works during last season made for economy in works operation, but at times shortage of labour in some departments had been very embarrassing. Producers’ Support

"Thanks to the continued loyal support of the farmers of Canterbury the number of stock dealt with, while lower than in some previous years, was satisfactory, although the weights of both sheep and lambs were light,” Mr Deans said. "It is hoped that the good conditions experienced during last winter will mean better lambs for the coming season, although the spring weather has not until recently been favourable for fattening. Lambing in most districts was better than last year, but heavy losses were incurred in some districts, South Canterbury in particular. The weights of the small number of lambs killed since the opening of the works a few days ago rather indicate that they have done better than might have been expected.” An innovation which it was hoped would help the company’s clients in the future was the sending of some of the" company's learner drafters to Canterbury Agricultural College, Lincoln, to undergo a special course. Those who had already been there had acquitted themselves with credit, and it was hoped that the knowledge gained might be of use in their future contract with producers. Thanks were due to the Director and staff of the college for their co-operation and help in year I mentioned that our general manager was then paying a visit to England and America on the business of tne company,” Mr Deans continued. “This visit has shown the great value of personal contact in furthering the mteiests of a trading company such as ®}£S’ and we intend to carry on the P oll ®V of overseas visits by officers of the company as they can be spared.

Britain’s Food Shortage “When we last met in this room, I had occasion to refer to world conditions, and more particularly to the position of our Mother Country. Unfortunately, the improvement which we had all rea^°nab^ t hoped would follow victory has not materialised. Britain’s especially as regards her food ’ s more desperate than ever, and I cannot help feeling that many in this countiy have little appreciation of the sufferings and privations still endured by the peoples of Britain and other European C °-Tt tr should be our constant endeavour to increase our primary production by every .means at our disposal, so that in creased quantities of food can be sent to Britain at a time when they are most urgently wanted. Tribute to Staff “I cannot close without referring to the work of our staff. At all our works the staff have given good service in the handling of farmers’ stock, and the workers, both permanent and seasonal, during the past season deserve our thanks for the work they have put through when at times we experienced considerable difficulties in securing sufficient labour to fully staff all departments. “We are inclined to take it for granted that everything will run smoothly, that the books will be balanced, and that the balance-sheet will be produced shortly after the close of the financial year. That, gentlemen, cannot be done without a willing and capable staff, in which we are fortunate. The board are at present engaged in working out the details of an improved and liberalised superannuation scheme for the benefit of the permanent staff, and I know we will have your support. “Those ’members of our staff who were on overseas service at this time last year have now returned, and to them we extend our good wishes and pleasure that they have resumed their duties in the company’s service.” Mr Deans’s motion that the report and balance-sheet should be adopted was seconded by Mr L. D. Cotterill and carried without discussion. Re-election of Directors The chairman announced that as no other nominations had been received the retiring directors. Messrs L. D. Cotterill and S. E. Mair, were re-elected. They returned thanks. Messrs Stewart, Beckett and Company were re-elected auditors on the motion of Mr S. D. Atkinson, seconded by Mr Charles Bean Mr Arthur Stewart thapked shareholders for the reappointment. Directors and Staff Thanked “It gives me great pleasure to propose a hearty vote of thanks to the directors, the management, and the staff,” said Mr A. C. Bretherton. "The last few years have not been easy, and we as share- ' holders owe a great debt of gratitude to ' the wonderful work that has been done It was a great achievement that a company of such size should have its balance-sheet printed and distributed to shareholders so promptly after the close of the financial year, said Mr Bean, who seconded Mr Bretherton’? resolution. The staff deserved the highest praise and credit for the way it had stood by the com- |

SEARCH FOR OIL

BIG AREA COVERED IN 25 YEARS “ The Press ” Special Service AUCKLAND, December 17. An account of the search by the company and its subsidiaries for oil in Australia, New Zealand, and the Pacific! islands, is contained in an article on oil recently published by the Vacuum Oil Company Proprietary, Ltd. During the last 25 years an area nearly 4000 miles long and 3000 miles wide, from Western Australia to Gisborne, and from the Sepik river. New Guinea, to South Cape, Tasmania, has been searched and approximately £1,250,000 spent. The first step was taken in 1917, when certain areas in Australia were examined, and in 1924 New Zealand was also examined. The New Zealand Petroleum Company, Ltd., was incorporated in 1938, and commenced drilling at the Totangi Dome, about 20 miles inland from Gisborne. The well was drilled to 5700 feet without striking oil, and subsequently seven other wells were put down, ranging in depth from 1173 feet to 10,925 feet. In 1936 a survey was made of about 20,000 square miles in Papua and about 20,000 square miles in New Guinea. To carry out this work facilities were set up by the company and a fleet of ships was built. m Machinery which was erected at Kanva, Papua, in 1941, was said to be the most up-to-date in the Southern Hemisphere and included drilling machinery capable of reaching depths of 10,000 feet. Work was suspended there when Japan enterea the war.

LONDON WOOL SALES

The Bank of New Zealand has reported that advice has been received from its London office that the London wool sales closed on December 13 with the market firm when compared with that at the end of September. Prices for better qualities were maintained and the inferior and average were easier. Current quotations for wools of average

STOCK SALES

RANGIORA No cattle were sold at the weekly stock sale at Rangiora yesterday. There were small yardings of sheep and pigs. Prices ranged as follows: Sheep.—Fat wethers,' 30s to 335; two and four-tooth wethers, 25s 6d to 28s 9d; ewes and lambs, 18s 3d, all counted. Pigs.—Large stores, 55s to 61s; slips, 435. ASHBURTON There was a heavy yarding yesterday at the Ashburton stock sale, which was the last until January 7. The market was rather erratic, and wethers did not sell particularly well, there being a large entry otf this line of sheep. Fat ewes sold up to 17s 6d for medium lines, to 20s for good quality, and up to 28s Id for prime heavy two-tooth ewes. Fat wethers realised up to 29s for lightweights, to 30s for medium grade, to 31s 6d for good quality, and up to 35s lOd for prime heavy quality. Hoggets sold at prices ranging from 29s 7d to 32s Id. Nineteen spring lambs brought from 29s 7d to 31s lOd. In the store section, 87 fat and forward lambs sold for 24s 6d, and 11 two-tooth wethers realised 265. One cow brought £8 ss, and a fat heifer sold for £l3 17s 6d. LORNEVILLE (P.A.) INVERVARGILL, December 17. A large yarding of fat cattle totalling more than 400 at Lorneville to-day included a good offering of bullocks, and a few pens of good quality cows. There was also a fairly large number of cows of only fair quality. The market opened easier, values being about 30s to £2 below those at the close of last week’s sale. As the sale progressed the market firpied until the closing stages, when it eased again. Extra prime heavy bullocks sold to £3l 7s 6d, prime £26 to £2B, medium £lB to £2O, lighter £l5 10s to £l7; prime heifers £l6 to £lB. medium £l4 to £l5, lighter £ll 10s -to £l2 10s; extra prime heavy cows to £l9, good £l5 to £l6, medium £ll to £l2 10s, lighter to £9. There was an exceptionally large yarding of fat sheep, and the biggest proportion consisted of good quality wethers. The sale generally was down about 2s to 3s on the previous sale, due chiefly to lack of outside buyers. Prime woolly wethers sold to 545, extra prime shorn wethers to 445, prime 40s to 425, medium to 365; extra prime shorn maiden ewes to 325. prime 30s, extra prime shorn ewes to 295, prime 25s to 275, medium 22s to •245, lighter 20s; prime woolly hoggets to 445, prime shorn hoggets to 345. There was a fairly large yarding of lambs, and prices were a little better than schedule.

OPOSSUM SKIN SALE SHARP DROP IN VALUES “ The Press ” Special Service DUNEDIN, December 17. At the opossum skin sale held to-day there was an offering of more than 350,000 skins, mostly from the North Island There was an entire absence of demand from London, and American interest was very restricted. Values were lower by 33 1-3 to 50 per cent. Following is the range of prices:— Super red browns 4s 6d to 5s 6d, first red browns 3s 6d to 4s 6d, second red browns 2s to 2s lid; super browns 5s to 6s. first browns 4s 3d to ss, second browns Is 6d to 2s lOd; super blacks 4s to 4s 9d. first blacks 3s to 3s 7d, second blacks Is 6d to 2s 7d; super red necks 5s 7d to 6s, first red necks 4s to 4s lid, second red necks 3s to 3s 8d; super rusty 5s to 6s . 7d, first rusty. 4s to 4s 7d, second rusty 2s 4d to 2s 9d; super greys 7s 2d to 7s lOd, first greys 4s 3d to 5s 4d, second greys 3s to 3s 6d; super blues 16s 8d to 17s Ud, first blues 12s to 13s Id, second bluet, 6s 6d to 9s lOd; first medium blacks 9d to Is, second medium blacks 6d; first medium blues 4s to 5s Ud. second medium blues 2s lOd to 3s; first small blacks 6d. second small blacks 3d; first small blues and greys Is 9d to 2s 6d, second small blues and greys 9d to Is, damaged 3d to Is; first ferrets 4s, second ferrets Is 3d to 2s; first stoats 7s Id to 7s sd, second stoats Is to Is lid. MINING Slab Hut.—The return from the dredge ot the Slab Hut Creek Gold Dredging Company, Ltd., for the week ended December 13, 1946, was 28oz from 21,890 yards in 129 hours. Of this, 10,066 yards was solid ground and 11,824 yards old tailings. Pato Consolidated.—For three months to November 1, Pato Consolidated Gold Dredging, Ltd., dredged 4,290,000 cubic yards for a recovery of 23,904 ounces of fine gold, and recovered hydraulically 796 ounces of fine gold, the value of the total production being 864,500 United States dollars. Asnazu.—During the three months to November 1, the Asnazu Gold Dredging Limited, handled 1,485,000 yards, and recovered 6427 ounces of fine gold, equivalent to 224,945 United States dollars. Slab Hut Dredge.—The return for the week ended December 13, 1946, was 28oz from 21'890 yards in 129 hours (10,066 yards solid and 11,824 old tailings). Clutha.—The Clutha River dredge, for the week ended December 13, worked 121 hours for 218 ounces. The yardage for four weeks was 182,000.—(P.A.)

New York.—Dow Jones (1926 equals 100). 1939, Highest (Sept.), rails, 35.90; industrials, 151.22. Lowest (April), rails. 24.15; industrials. 121.4.

pany. he added. The resolution was carried by acclamation. On behalf of the directors, the chairman expressed thanks. Mr R. D. Iles, the general manager, said he would be pleased to pass on the vote of thanks to members of the staff. The efforts of the whole works staff in particular had assured that the season's operations had been conducted so well. —Extended report, published by arrangement.

conditions were:— Halfbred— d. d. 56/58’s .. .. .. 20 to 22 56’s 19 to 20J 50/56’s .. .. .. 18 to 19 Crossbred— 50’s .. .. .. 18 to 181 48/50’s .. .. .. 174 to 181 46/48’s .. .. .. 17 to 174 44/46’s .. .. .. 17 to 174 40/44’s .. .. .. 17 to 174 36/40’s .. .. .. 164 to 174

—' SHAREMARKET INDICES London.— •‘Financial Times” (1926 equals 100) Govt. Rails. Indus. Gold. July 30 . 118.6 62.8 154.0 145.1 Aug. 30 . 118.9 63.5 157.7 142.7 Sept. 30 . 119?7 64.3 148.8 134.8 Oct. 30 . 126.0 68.5 154.5 127.0 Nov. 29 . 120.6 68.8 160.3 130.5 Dec. 2 . 120.6 68.6 160.9 130.6 Dec. 4 . 120.6 68.6 161.3 130.2 Dec. 6 . 120.7 68.4 160.7 129.5 Dec. 9 . 120.7 68.2 160.9 129.3 Dec. 10 . 120.7 68.1 — 129.2 Dec. 16 . 120.2 68.5 162.5 129.1

July 31 Aug. 30 Sept. 4 Sept. 30 October 30 November 6 November 12 November 19 November 25 November 26 November 27 December 2 December 3 December 4 December 6 December 11 December 16 Shares Rails. Indus. sold. . 61.86 201.56 1,020,000 . 57.29 198.19 1,160,000 . 52.24 176.72 3,620,000 . 47.72 172.42 1.606,000 . 46.64 164.20 1,940.000 . 48.62 168.88 2.000.000 . 50.12 170.87 1.360.000 . 48.16 167.88 910,000 . 47.89 165.23 790,000 . 48.51 166.94 1.080,000 . 48.90 168.34 1,070,000 . 48.53 167.50 810,000 . 48.72 168.05 950,000 . 49.42 170.33 1,440,000 . 50.85 171.01 860,000 . 52.27 176.07 1,230,000 . 51.88 174.85 1,010,000