FINANCE AND COMMERCE.

Dominion, Volume 23, Issue 31, 31 October 1929, Page 14

FINANCE AND COMMERCE.

STOCKS AND SHARES WELLINGTON EXCHANGE •;\A"bULL MARKET The Wellington‘share market was dull yesterday, and only four sales, were re-, corded; two being made on.’Change ana two .reported. Apart,.from .Government securities and debentures there were very few buyers, and 'sbeh movements as are noted;'are: all downwards.'.-The sharemarket. is .erratic and the f uture ,of values is full of uncertainty., Government securities were steady and unchanged. The 5J per cents. (1936) were wanted —the bonds at £lOl 12s. 6d., and the stock at £lOl 10s. Glaxo debentures, which have been quiet for the past two weeks were in demand yesterday at £9l ss. Wellington Racing Club debentures were firm and unchanged at £lO6 15s. Bank shares were very dull with plenty of sellers. Buyers of Bank of New Zealand have reduced their bids by 3d. to oOs. Cd., but sellers are holding out for bd. more. * Union Bank, which were transferred last week at £l4 10s. were in demand at £l4 55., and sellers were willing to accept £l4 9s. or 2s. less than on the previous day. Sellers of Bank of Australasia have lowered their quotation by 6d. to £l3 17s. 6d., and sellers; of Bank of New South Wales have reduced their price ss. to £4B. Last week Bank of New South Wales sold at £4B 10s. • Financial shares were again slow and neglected, but there "was a bid of Bs. 4d. for New Zealand Guarantee .Corporation. Insurance shares were quiet, and a seller of:National Insurance quoted IGs. 7d., or a penny less than on the previous day. Christchurch Gas were a shade easier at 265. 6d. Canterbury Frozen Meat were again wanted at £B. but New Zealand Refrigerating 10s. paid were down Id. There was a bid of 7s. for Wellington Meat Export. This company’s annual statement of accounts should be available in the course of a fortnight. Shipping and woollen shares were dull, and received no buying support. There were plenty of sellers. Buyers of National Timber reduced their bids by Gd. to Bs., but sellers are firm at 10s. Brewery shares were dull. There were no. buyers, for New-Zealand. Breweries, but for Staples and Co., there was a bid of 525. 9d., as against sales last week of 535. Gd. The miscellaneous section is very quiet. Sellers of British Tobacco have lowered their quotation by Is. to 455., and sellers of Howard Smith ordinary have come down - 3d. to 225. 9d. There are plenty of sellers in this section. YESTERDAY’S QUOTATIONS

/ PRICE VARIATIONS fovements based on yesterday’s buying .lees, compared with previous bids, wore as under:— Fall. s. d. Union Bank 3 0 Bank of New Zealand .............. 0 3 National Timber 0 ! 6 Christchurch Gas 0 ,1 N.Z. Eefrigerating, 10s. paid 0 1 DIVIDEND LIST Company. Percent. Period Payable' British Tob. (pref.) 1| Quarter To-day D.I.C. (ordinary) 10 Year To-day D.I.C. (preference) 3 Half-year To-day Australia Iron and Steel (pref.) ... 3J Half-year Nov. 1 Waihi Gold Mining Is. per share Nov. 1 Bank of Adelaide 5 Half-year Nov. C Shariand and Co. (ord and pref.i 4} Half-year Nov.,--7 Farmers’ Co-op. Auctioneering .... S Year Nov. 12 Queensland Nat. Bk. 2} Quarter >Nov. l 4 Burns, Philp & Co. 5 Half-year Nov. 15 National Bank of Australasia ... 5 Half-year Nov. 27 COLOMBO TEA SALE By Telegraph.—Press Association. Dunedin. October 30.The,quantity offered at last /Tuesday’s tea auction in Colombo.totalled 1,900,0001 b. The quality was again inferior. Commonest kinds were slightly easier, but. quality considered, the market for other grades was strong. Next week’s catalogues will approximate 2,100,0001 b. ;

DEALINGS ON ’CHANGE YESTERDAY’S BUSINESS DOMINION SALES The following sales were recorded on the Stdck Exchange, of the Dominion yes-

ABRAHAM AND WILLIAMS, LTD INCREASED PROFIT In their report to be submitted at the twenty-eighth annual meetings of shareholders of Abraham and Williams Ltd., to be held at Wellington on Monday, November 11, the directors state that the net profit for the year ended . September 30, 1929, after providing for land tax and income tax at 4s. Gd. in £1 amounts to £18,354 10s. 7d., to .which has to be added the amount brought forward from last year, £15,302 9s. Gd., making a total of £33,657 os. Id. From this sum has to be deducted the interim dividend for the six months ended March 31, 1929, paid in April last, £7766 25., leaving a balance available for. distribution £25,890 18s. Id, Out of this sum the half-year’s dividend on preference shares amounting to £2460 12s. was paid on October 1, and the directors recommend that a dividend of 2J per cent, for the half-year be paid on the ordinary shares, which, with the 2$ per cent, paid in April last, makes the 5 per. cent, for the year, leaving £18,124 IGs. Id. to be carried forward. During the year Messrs. R. P. Abraham,. P. S. Larcomb, 0. Monrad, and A. K. Simpson retired from the board of’directors. In. accordance with the articles of association, Messrs. R. E. Beckett and E. H. Binney are tUe retiring directors, and, being eligible, they offer themselves for re-elec-tion; The retiring auditors, Messrs. Rutherfurd and Connell and Mr. F. L. Sim, are eligible for re-election and offer themselves accordingly. The paid-up capital of the company Is £294,240; the reserve fund stands at £20,500 55., the same as a year ago. The. liabilities include. Bank of New Zealand £53,092 Ils. lOd, as against £23,267 Bs. Id. a year ago, and sundry creditors £89,308 10s. sd, compared with £80,739 3s. 2d. The assets total £483,032 ss. 4d. ( as against £450,815 7s. 9d. as at September 30, 1928, and comprise property account £61,427 6s. Bd. as against £71,336 10s. 9dz, sundry debtors (less reserves), £378,379 7s, 10d., against £340,942 165.; bills receivable £6O, against £172; goods and merchandise £10,352 ss. 4d., as against £11,802 19s. 9d.; plant £7308 10s. 6d, against £5993 45.; shares in other companies £5O-1 155., against £565 13s. 6d.; and cash on deposit at short call £25.000. as against £20,000. The net profit is £18,354 10s. 7d.,‘ compared with £16,775 3s. 4d. for the previous year. GREY VALLEY COLLIERIES A SATISFACTORY YEAR Dominion Special Service. Christchurch, October 30 The chairman of directors (Mr. Allan Smith) presided at the fifth annual general meeting of shareholders of Grey Valley Collieries Ltd. to-day. The report showed that balance transferred- from the profit and loss account to the appropriation account was £20,358 Is. 10d., which, with the credit balance of £272 3s. 7d. brought forward from . the previous year, made a total credit of £20,630 ss. 3d; Depreciation and taxation charges, and the Interim dividend of 3 per cent, paid in May last, amounted to £12,609 15s. Approval was recommended of the establishment of a general reserve account by transferring the sum of £2500. After providing for all the foregoing charges, there was a credit balance of £5520 10s. 3d., and the directors recommended the payment of a final dividend of 5 per cent, (making 8 per cent. for. the year) amounting to £4998 155., and leaving a balance of £521 15s. sd. to be carried forward. The report stated that the output had increased during the year-from'soo' tons to 700 "tons per day, and the market for the coal produced had been maintained. In moving the adoption of the report and balance-sheet, the chairman said: “At the last annual meeting I prophesied that'this year's balance-sheet would disclose a favourable position, and I am pleased to say bur hopes have been justified. We have had a wonderful sale for our production, its quality commanding a demand that, is very gratifying. It Is quite in order to state that in its class Dobson coal has no equal in the Australasian colonies. The report. and balance-sheet wore adopted. . The retiring directors, Messrs. J. ,M.. A. Hott and H. Stansfield, were re-elected unopposed. Messrs. Stewart Beckett and Co. were reappointed auditors. At a subsequent meeting of directors, Mr. C. C. Davis was elected chairman for the ensuing yean. NATIONAL INSURANCE CO. ANNUAL REPORT Dominion Special Service. Dunedin, October 30. The annual report of the National Insurance Company of New Zealand, Ltd., shows that the net income for the year ended September 30, 1929, amounts to £288,133 9s. lid. After making full provision for .losses outstanding, and adding £2500 to Reinsurance Reserve, there Is an'underwriting surplus of £16,686 Is, 2d. Interest and rents., less income tax, amount to’ £35.264 45., and the balance brought forward from last year. £36,429 10s„ amounting in all to £88,379 15s. 2d. An interim dividend was paid in May, 1929, which absorbed £16,666 13s. 4d., leaving an available balance of £71,713 Is. lOd. The directors have added £5OOO to the Reserve Fund. £2390 17s. to Taxation and Contingency Account, and £5980 9s. 2d. to Investment and Fluctuation Account, ana now recommend the payment of a further dividend of sd. per share (making the total distribution for the year fid. per share), which will absorb £20.833 6s. Bd, and the carrying-forward of £37,508 9s.' . SYDNEY WOOL SALES (Rec. October 30, 11 pan.) Sydney, October 30. At the wool sales to-day, 0409 bales were sold on a very firm market, with prices at the best point of thq series. There was a special inquiry for superfine wool. Competition was animated and excellent elear- . antes were made. Greasy merino brought up to 24id.

ADDINGTON LIVE STOCK BEEF VALUES DOWN LAMB AND FAT SHEEP FIRM By Telegraph.—Press Association. Christchurch, October 30. Store sheep entries were larger at Addington market to-day, and those in most other sections smaller. Beef values declined still further, but fat sheep and spring lambs sold soundly. Store sheep had a much heavier entry mostly of hoggets and wethers. These sold slowly, and were down by about Is. 6d. a head. Ewes and lambs showed little change. Passing of dry sheep were numerous. Good half-bred ewe hoggets, 225. 6d. to 265. 5d.; good halfbred wether hoggets, to 225. lid.; good halfbred wether hoggets (shorn), 15s. fid. to 16s. fid.; medium halfbred hoggets (shorn), 13s. to 14a. 6d.; good mixed sex hoggets, 20s. to 235. 6d.; good three-quarter-bred ewe hoggets, to 345. Cd.; good three-quarter-bred wether hoggets to 235. Id.; .sound-mouthed half-bred ewes (shorn), with lambs, to 18s. 3d.; aged and falling-mouthed half-bred ewes, with lambs, Bs. 10<l. to 15s. 6d.; good fourtooth half-bred wethers, to-275. 3d.; good four and six-tooth half-bred wethers, to 255. Bd.; good four and six-tpoth half bred wethers (shorn), to 21s. 4d.; backward half bred wethers, Ils. Id. 'to ,17s. 3d. Spring Lambs. —490 were ygrded, and there was a brisk sale, values averaging about’lOd. a lb. The bulk of lambs averaged from 275. to 315., with specially good up to 345. Fat Sheep.—An entry of 4500, compared with 6000 last week. Though prices Were Irregular, the market showed a slight recovery on last week. Lines were forward from the North Island* Otago and Southland. Extra, prime heavy .wethers, to 495. Id.: prime heavy wethers, 395. to 44s;t medium weight prime wethers. 345. to 385.; ordinary wethers. 30s. to 335. 6d.: light wethers, 28s. to 295. 6d.; best shorn wethers, 325. fid. to 355.'10d.; ordinary shorn wethers. 255. 6d. to 2Ss.: extra prime heavy ewes, to 41s. lOd.; prime heavy ewes. 355. to 395.: prime ewes, 325. to 345.; ordinary ewes. 275. to 315.: light, and aged ewes, 245. to 265. fid,; shorn ewes, to 275. 10d.! ordinary shorn . ewes, 225.. to. 245. Fat Cattle, again Easier. Fat' Cattle.—36o were yarded, over 100 coining from the North Island. There was a further easing from 20s. to 30s. on big cattle, and about 20s. on other sorts. Best beef made 48s. to-515.; heavy, 41s. to 44s*. Id.; medium quality, 435. to 465.,; best cow, to 455., and secondary down to 355. per lOOlbs. Extra prime heavy steers made to £24 2s. 6d.; heavy prime steers, £lB 10s. to £2l 10s.; medium prime steers, £l7 15s; to £20.; ordinary quality steers, £l4 ss. to £l7 10s.; light steers, £ll 10s. to £l4; e-tra prime heifers, to £l7 17s. 6d.; prime heifers. £l5 to £l7 55.; ordinary heifers, £l3 ss. to £l4 155.; light heifers, £9 to £l2 155.; extra prime cows to £l6 17s. Cd.; prime cows, £l4 15s. to £l6 10s.; medium cows, £l2. 13s. to £l4 10s.; light and aged cows, £8 to £l—- —. —The best brought to £8 65.; good calves, to £3; others, 14s. to 30s. Store Cattle. —A few good coloured lines. Forward-grown bullocks made to £l3 16s. Cd.; 20m.0.5. to 2-yrhelfers, to £8 Os.; yearlings to £4 Is.; and fresh cows, £8 Bs. to £lO las. „ x Dairy Cattle.—an easier sale. Best second to fourth calvers, £ll to £l3 10s., good, £9 to £lO 10s.; best heifers, to £ll 10s.; others, £8 to £lO. „ Fat Pigs.—A slightly easier sale. Choppers, £3 to £7 Ils.; baconers. £3 15s. to £5 Os.: average price per lb., 7d. to Bd., porkers, 48s. to 58s. Gd., average price per lb., Bd. to 9}d. , Store Pigs.—A brisk sale with hardening prices. Large stores 40s to o-s., others, 28s. to 295. 6d.; slips, 2us. to 295., weaners, ISs- to 295.

BURNSIDE VALUES DOWN

FAT CATTLE AND LAMBS SLUMP ■ . ■ i ■ ■ Dunedin, October 30. To-day’s stock sale at Burnside was by no means in favour of the producer. I'at cattle and fat lambs slumped rather badly, and fat sheep held their own with difficulty. Store' cattle were not in very keen demand, but pigs experienced a firm B!l The fat cattle yarding numbered 190 head, comprising fair quality and a large proportion of medium-weight steers. It was an extraordinary sale, particularly in view of the short supply. Opening values were fully 15s. in advance of last week, but as the sale progressed the brisk inquiry disappeared until some of the final offerings were bringing from oOs. to ,>os. per head below par. Instead of a hardening of price there was a slump, and several races were passed. Prime heavy bullocks made from £23 to £2o; prime to £2l; medium to £18; and light to £l6. The best heifers were worth £l6, medium from £l2 to £l3 10s., and prime cows to £l5 The present-day spell made graziers extremely cautious when the store cattle were put up. Butchers’ sorts sold well, but all other lines 'were distinctly easier. There were only 1600 fat sheep penned, this fact probably saving the-market. The duality was -good, but heavy sorts weie not plentiful; Medium weight wethers and ewes with a few shorn sheep made up the-penning.- Good, prices were expected, but the opening races dashed such hopes to the ground. Early values were up to 2s. below late rates, but there was a later recovering which kept the average price up to last week's level. Prime heavy wethers made from 60s, to - «>4s.: . prime, 465. to. 485.; handy weights, to. 4-5.., and light and medium from 28s. to 38s. the best ewes made up to ? Ba - ; a heavies bridging 435. Prime made 325. fid., and light from 28s. to 30s. Shorn wethers were worth 335. 3d.: light and medium shorn. 245. to 28s. Shorn ewes made to 275, light sorts going at from —s. to -■>*■ A larger entry ‘of fat lambs, l.>om all, was greatly tn excess of requirements, with the result that values fell early by from 3s. to 4s. Closing quotations were fully 5s below par. The best prime heavies made only 355. fid, and light and medium were worth from'23s* to 31s. The pig market, was the one brunt spot in tlie sale,'fats’ being dearer by fromos. to 10s. a head, and stores remaining firm at late rates. MASTERTON CATTLE FAIR ■/. .. ■['•■■■ ' .. , •’ ‘ At their cattle fair in the Columba-Road yards. Masterton. the N.Z. Farmers _.£?,* op. Distributing Co., Ltd., offered a Rood yarding of cattle well up to advertised numbers. The bidding at auction was not brisk for grown steers or two-year heifers, but 1 yearlings and forward station cows sold particularly well at advanced prices on recent sales. Buyers were present from Manawatu, Wanganui, and the Lower Valley, and. although several pens were passed in-at auction the whole, yarding (with the exception of three pens) was disposed of at the following prices:— Account Groves Bros., “Bushgrove.’ 3 and 4-year S.H. bullocks, £W 6s. to £l2 35.; cows with calves at foot, £7 145.; fat cows, £9 18s. 6d.: store cows, £7 10s. Ace.' D. H. Speedy, "Flag Creek”: 2-year 11. steers. £7 Bs. to £8 Os.; yearling H. steers. £6 Ils. Acc. A, J. Speedy, “Awat?a": Fat cows. £lO 10s. to £ll Is.; forward cows, £8 18s. Acc. 11. Bennett, Tlnui: Yearling P.A.’steers. £6-2s. to £7; store cows, £6. Ace. W. 11. French. Tlnui: Yearling P.A. steers, £6 45.; fat heifers, £9 Is. to £ll Ils.; yearling P.A. heifers, .£4 155.; stbre cows, £6 2s. Acc. C. H. McKenzie, “Hill End”: Fat cows, £ll 14s. Acc. A. Ross. Longbush: Fat cows. £lO 18s. Acc. J. 11. Cameron, Tlnui: 3-year H. steers, £lO. Ace. Robt. Judd, Iluiraua: 2-year J’.A. heifers. £6 15s. Acc. "Triangle”: Cows and calves. £9 ss. Acc. H. W. Lee and Son: Two 2-ycar P.A. bulls, 241gns. Acc. other vendors: Store bullocks, £lO to £ll 7s. Cd.; forward station cows, £6 to £8 25.: 2-year H. and P.A. heifers, £5 Mis. to £6 155.; small yearling steers, £5 to £5 175.; yearling heifers, £4 Is. to £4 145.; springing heifers, £6 to £8; Jersey bull, £8 15s. JOHNSONVILLE PRICES At Johnsonville sale a full yarding of all classes of stock was offered by Wright, Stephenson and Co., Ltd., and Abraham and Williams. Ltd., to a large attendance of buyers. The quality of the cattle offered was good, and competition was keen at reduced limits Prices showed a decline of 20s. per head ns compared with last weeks sale. A consignment of vealers met with n brisk demand. The sheep offered were mostly shorn wethers and ewes, with a few pens of woolly ewes. Prices for shorn wethers and ewes were slightly easier than late rates. Woolly ewes showed a decline to the extent of 2s. Cd. to 3s. per head. Spring lambs met with a ready sale on late rates. The range of values was as follows: — Extra heavy bullocks, £l7 10s. to £18: heavy bullocks, £l5, £l5 105.,' £l5 17s. 6d., £l6, £l6 10s.; medium bullocks, £l3 10s., £l3 155., £14.; medium heifers, £ll. £ll 10s„ £l2 10s.; vealers, £1 17s. Cd., £2 155., £3 10s., £4 7s. Cd., £4 10s.; woolly wethers, 395.; heavy shorn. wethers, 315., 325.; medium shorn wethers. 285.: heavy woolly ewes, 305.; medium shorn ewes, 20s. 9d„ 21s. Cd.; shorn hoggets, 245, 265. 6d.; I spring lamba, 275. 6d., 284« 305., 325.

WESTFIELD MARKET YESTERDAY’S SALE VALUES FIRM ALL ROUND By Telegraph.—Press Association. Auckland. October 30. At Westfield, beef was penned in average numbersthere was a steady demand with values on a par with last week. Extra choice ox sold to £2 3s. per 1001 b.; choice and prime, £2 to £2 25.; ordinary and plain, £1 17s. to £1 195.; prime young cow and heifer beef, £1 18s. to £2; ordinary cow beef, £1 14s. to £1 17s. Heavy prime steers made £l5 ss. to £l6 10s. per head; lighter- prime, £l4 to £l5 2s. fid.; light prime, £l2 15s. to £l3 17s. 6d.; unfinished and small, £9 to £l2 10s.; extra heavy prime young cows and heifers, £l2 to £l3; heavy prime, £lO to £ll 155.; lighter £8 10s. to £9 17s. 6d.; light cows, £7 to £8 7s. Cd.; other cows, £5 to £6 17s. 6d. Sheep were yarded In average numbers. There was a steady demand with values firm at late rates. Shorn heavy prime wethers ma'de £1 9s. to £1 9s. Od.; shorn medium prime. £1 Bs. to £1 Bs. 9d.; shorn light prime, £1 6s. 9d. to £1 7s. fid.; shorn small and unfinished, £1 4s. fid. to £1 6s. 6d.: prime wethers in wool, £1 13s. 9d. to £1 165.; prime woolly ewes, £1 4s. to £1 95.; prime shorn ewes. 18s. to £1 25.; prime shorn hoggets, £1 2s. to £1 Bs. 6d. Spring lambs were penned in average numbers and sold at late rates. Heavy prime, £l7s6d to £lBs 9d: lighter prime,, £1 ss. to £1 7s. 3d.; light prime, £1 2s. to £1 4s. fid.; smaller and unfinished lambs from 15s. to £1 Is. fid. Pigs were penned in largo, numbers. Values were firm at late quotations. Choppers sold from £2 to £3 165.; medium baconers, £4 to £4 145.; light baconers and heavy porkers, £3 Bs. to £3 165.; medium and light porkers, £2 16s. to £3 65.; small and unfinished porkers, £2 ss. to £2 Bs. Store pigs were penned in average numbers. Large stores, £1 15s. to £2 75.; slips. £1 7s. to £1 145.; weaners, 10s. to £1 7s. Calves were penned in average numbers. Values for good quality calves were on a par with last week’s quotations, but for rough calves were easier. Runners, £6 to £8 10s.; heavy vealers. £4 to £4 165.; medium, £3 6s. to £3 165.: light, £2 10s. to £3 35.; smaller, £2 to £2 Bs.; small and fresh dropped, 7s. to £1 18s.; rough calves, £1 to £3 Bs. RED POLLS IN DEMAND Dominion Special Service. Miuterton, October 30. The Wairarapa Farmers' Co-operative Association, Ltd., held a successful clearing sale on account of Mrs, M- Escott, Putara, to-day, when they offered the whole of her sheep and dairy herd to a big attendance. A special feature of the sale was a number of pedigree Red Poll cattle, which attracted buyers from Levin, Feilding, Walrarapa, and all parts of the Bush district. These cattle met with spirited competition, showing that the breed is coming into favour with dairy farmers. „ „ „ The prices realised were: Red Poll pedigree bulls, 20 to 34 guineas; Red Poll pedigree cows, in profit, and to calve, 18} to 26} guineas; pedigree Red Poll yearling heifers, 9 to 11 guineas; Red Poll heifer calves, 3} to 6 guineas; 13 Red PollJersey cross -yearling heifers, £9; three two-year Red. Poll steers, £8 Ils.; small cross-bred weaner heifers, £4 2s. 6d. to £4 155.; best spg. Jersey cross, £l2 ss. to £l3 10s.; later calvers, £8 to £lO 10s.; heifers and cows in milk, .£9 10s. to £ll ° S The sheep were keenly sought after, and realised full market rates. Prices were as follows:—117 ewe hoggets. 315.: 56 wether hoggets, 265.; 11 wethers, 80s. 2d.; 47' M.A. ewes, 19s. 3d.; small ewe hoggets, 20s. Pigs: Sows to farrow. £2 to £3; slips, 28s. Implements, sundries, and a quantity of timber sold at good clearing sale rates FOREIGN EXCHANGES LATEST CURRENT RATES (British Official Wireless.) (Rec. October 30, 5.5 p.m.) Rugby, October 29. The following rates on foreign exchanges are current to-day, compared with the cabled quotations on October 25 and

FROZEN MEAT TRADE NEW SEASON’S EXPORTS According to a return compiled by the New Zealand Meat Producers’ Hoard shipments of frozen meat from the Dominion from October 1 to 15 were as follow :—

To the West Coast, U.K., there were also shipped 976 bags of boneless beef. The exports for the corresponding period of 1928 were—London: 38 quarters beef, 9475 carcasses mutton, 4476 carcasses lamb, and 8921 carcasses of pork. Killings nnti Stocks. The killings of stock for export at all Dominion works from October 1-15. 1929,

Australian Lamb Exports. The New Zealand Meat Producers' Board has received a cablegram from its representative in Australia advising that 163,113 carcasses of Jamb were exported from Australia fo.r the fortnight ended October 2a. 1920,

DAIRY PRODUCE CHEESE FIRM Dalgety and Company, Ltd., have received Hie following market advice from their head office, London, dated October 29:— Messrs. Samuel Page and Son report: New Zealand cheese is Is. per ewt. higher, but there is little activity in the market. Amalgamated Dairies, Ltd., on Tuesday received the following market report from their London officeßutter: Our prices and market unchanged (finest 1845.), but some signs of improving demand. Danish, 1945. to 1985.; spot, 188 s.. f.o.b'. Cheese firm, with good demand at 945. for white, 935. for coloured TALLOW MARKET Dalgety and Company. Ltd., have received a cable, dated October 29, from their head office, London, as follows:—Tallow.— expect that if any change in price takes place, it will be in lavour of buyers at to-morrow's sale.

. ——— Buying and selling quotations a final call on the Wellington Stock the Exchanze were as follow: — Buyers. Seilers. N.Z. GOVT. LOANS — £ s. d. £ s. d. 4i p.c. Ins. Stk.. 1938 —— 100 5 0 r.h P.c. ditto, 1933 ... — 101 o 0 5+ n.c. ditto. 1936 101 10 0 — 51 p.c.;- ditto,., .1941... 99 10. 0 — 51 D.C. .Bonds, 1936 .. 101 12 6 ' DEBENTURES— Glaxo i. 91 0 ■ Well. Racing Club . 106 lo 0 —• 6 N.Z. Breweries (bonds) 1 7 9 1 S, BANKS13 o’ Australasia —— 17 Australian Bank of . Commrece —— 1 11 3, Commercial of Aust. . (ord.) ,v. 1 6 3‘ Commercial Banking 24 Co. (Sydney) o 0 English, Scottish, and (Australian — 7 19 0 National of N.Z.- —■ 6 16 0 National of Australasia 0. (£5) ♦9 0 New South Wales ... —— 48 0, 0 New Zealand 2 19 6 3 0 0 Ditto (tong term) ... 1 s 3 1 9 0 Union of Australia ...14 vJ 0 "14 9 0 FINA'NCTAE— Goldsbrough Mort ... —— 4 0 Dalgety and Co. (Melbourne register) ... — 14 0 0 N.Z. Guarantee Corp. (ord.) 0 8 4 0 9 0 GAS— Christchurch 1 6 6 —— 0. Wellington (ord.) ... —— 1 14 INSURANCE— National 0 16 7MEAT PRESERVING— Gear —■■■ 4 3 Canterbury Frozen. Aleatf (ord.) 8 0 0 —- N.Z. Kefriger.it. (10s.) 0 i) f) 0 6 0 Well. Meat Exp. (ord.) 0 7 0 ——• WRANSPORT— Huddart. Parker (ord.) — ' ■ 2 3 9 Union Steam (pref.) . —— 1 1 3 1*. and O. def. stock.. —— 17 0 WOOLLEN— 14 Kaiapoi (ord.) — 0 0 Wellington (ord.) .... —— G 13' 0 TIMBER— National 0 8 0 . 0 10 0 Leyland-O’Brien — 1 12 0 BREWERIES— New Zealand —— 4 9 0 Staples and Co 2 12 9 —— MISCELLANEOUS — Burns, Philp, and Co. —— ♦2 5 0 British Tobacco (Aust.), (ord.) —— 2 5 0 Dental and Medical .. — 0 11 0 Dunlop Rubber ...... 19 1 6 9 Electrolytic Zinc (pref.) —— 1 15 0. Howard Smith (ord.) 1 aS 9 N.Z. Drug Co —— 3 16 0 N.Z. Paper Mills *1 0 G Taranaki Oil — 0 3 6 Wairarapa Farmers’ (ord.) 0 o 9 —— Wilson's Cement .... — 2 3 0 MINING— Mount Lyell — 2 9 Waihi ■ i. •0 13 8 ■> *Cum dividend.

terday. WELLINGTON, £ R. d. Bank of New South Wales 47 15 0 Bank of New Zealand 2 19 9Dunlop Rubber 10 0 Wilson’s Cement AUCKLAND. £ «. d. Commercial Bank of Australia 16 2 Commercial Bank of Australia 16 1 Commercial Bank of Australia English, Scottish and Australian 15 8 Bank 7 16 6 Bank of New South Wales .... 47 17 6 Bank of New South V ales .... 47 10 0 Newton King (pref.) (2) 0 12 0 Auckland Gas 14 8 British Tobacco 2 4 71 Paper Mills 10 3 Ohlnemuri 0 9 10 Waihi 0 13 7 CHRISTCHURCH. £ a. d. Commercial Bank of Australia (seven) 16 0 Commercial Bank of Australia .. 15 9 Bank of New Zealand (four) .. 3 0 0 2 19 9 N.Z. Refrigerating, 10s. paid .... 0 5 11 Kildare Mining 0 2 9 Victoria, Nyanza Sugar Sales reported:— Commercial Bank of Australia 2 2 9 (late sale, Tuesday) 1 6 101 N.Z. Refrigerating, 10s. paid ..... 0 5 11 DUNEDIN. Kildare Mining 0 3 3 do. do. 0 3 2 do. do. 0.3 0 do. do. ............ ■ 0 2 8 do. do. 0 2.7 Australian Bank of Commerce (re 1 16 10 ported)

par:— Oct. 29. Oct. 25. Par. Paris, francs to £1 123.S30 123.855 124.21 New York, (lollars to £1 .. 4.87 15-16 4.881-32 4.866 Montreal, dollars to £1 4.98} 4.95} 4.806 Brussels, belgas to £1 34.865 34.875 35.00 Geneva, francs to £1 25.17 25.17 25.22 Amsterdam, florins to £1 . 12.09 1-8. 12.09 7-8 12.10 Milan, lire to £1 93.12 93.105 92.46 Berlin, reichsmarks to £1 .. 20.38 20.405 20.43 Stockholm, knr. to £1 18.165 18.155 18.159 Copenhagen, knr. 18.200 18.205 18.159 Oslo, knr. to £1 18.200 18.205 18.159. Vienna, schillings; to £1 34.71 34.71 35.58$ Prague, knr. to £1 164} 164} 24.02 Helsingfors, marks to £1 ... 194} 194} 192.23 Madrid, pesetas to £1 34.06 34.20 25.22$ Lisbon, escudos to £1 108.25 108.25 —• Athens, drachma 375 375 Bucharest, lei to £1 816 817 813.6 Bio de Janeiro pence to milreis ,5 27-32 55’ —— Buenos Aires, i pence to dollar 46} 46* 47.57 Bombay, pence to rupee ........ 17 13-16 17 27-32 18 Shanghai, pence to tael 26} 26} Hong-Kong, pence to dollar 20} 2317-32 —— Yokohama, pence to yen 23 23-32 2317-32 24.58 Batavia, florins to £ 1 12.13} 12.14 12.10

Beef, Mutton, Lamb, Pork, qrs. c/cs. c/cs. c/cs. London . 978 28,097 22,161 4,357 W. Cat., U.K. 292 3,850 9,577 180 1,270 32,447 31,738 4,537

J/VU1U1IU1I ,, --- -- ,, - compared with those for the corresponding period of last year were Oct. Oct. 1929. 1928. 2,927 Wether mutton (e/cs.) .. 4 336 7,176 Ewe mutton (c/cs.) .... .. 508 1,130 280 841 Pork (porkers), c/cs. .. 670 1,814 Pork (baconers), c/cs. 4 183 Boneless beef (frt. c/cs.) . 2,644 947 Sundries (freight c/cs.) .. 11,825 9,275 The stocks of meat on hand in cold stores in New Zealand as at October 15, 1029, compared with those of a year before were: — 15/10/29. 15/10/28. Beef (quarters) 2,628 12.175 Wether mutton (c/es.) .. 23,094 21,909 Ewe mutton (c/cs.) ... .. 31,.149 44,315 .. 25,001 28,672 Pork (porkers), c/cs. .. .. 1.311 6,033 Pork (baconers), c/cs. .. 1,309 5,627 Boneless beef (frt. c/cs.) . 5.669 15.482 Sundries, (freight c/es.) .. 31,0(18 47,390 The stocks of frozen meat loaded into steamers not departed rom New Zealand compare as follow:— 15/10/29. 15/10/28. Beef (quarters) 1,877 Wether mutton (c/cs.) . .. 17,710 22,037 Ewe mutton (c/cs.) .... .. 23,881 34,639 Lamb (c/cs.) .. 74,059 90,895 Pork (porkers), c/cs. ... .. 4,412 483 Pork (baconers), c/cs. .. 19 —