FINANCE AND COMMERCE.

Dominion, Volume 23, Issue 55, 28 November 1929, Page 14

FINANCE AND COMMERCE.

STOCKS AND SHARES WELLINGTON' EXCHANGE A DULL MARKET (The Wellington share market was again dull yesterday, and there was a big contraction in the quotations—particularly buying quotations. Two sales were recorded during the day, one at the morning call and one at the afternoon call. There were actually only 14 buying quotations registered in the afternoon. There was a limited demand for stocks, bouds, and debentures, but prices were steady. The 4) per cent. Government bonds (1938) were in demand at par, and so were the 5i per cent, stocks (1941). The Wellington Racing Club debentures keep firm at £lO7, but the price has so far failed to bring sellers into the market. New Zealand Breweries bonds were wanted at 28/-. Bank shares were dull with more sellers than buyers. There was a bid of £23/10/for Commercial Bank of Sydney, or 20/less than was paid for them last week. Bank of New Zealand have not been in demand for some days, but yesterday, there was a buyer at 59/10, while sellers reduced their quotation 7d.„ to 60/2. Bank of New Zealand long-term were steady at 28/2. There were sellers of most other bank shares at late rates. New Zealand Guarantee Corporation* ordinary were wanted at 8/4. There was no demand for other financial shares, nor for insurance shares. Gas shares, which were in fair demand on Tuesday, were neglected yesterday. Canterbury Frozen Meat, ordinary, were steady, at £B, and New Zealand Refrigerating 10/- paid were also steady at 5/3. There were no bids for Shipping, Coal, or. Breweries. Mosgiel Woollen have again come in for attention, and were in demand yesterday at £7/10/-. British Tobacco were steady at 43/9, and Dental and Medical Supply at 11/6. Wairarapa Farmers' ordinary were up Id. at 3/3. YESTERDAY’S QUOTATIONS Buying and selifhg quotations at the final call on the Wellington Stock Exchange yesterday were as follow:—

DIVIDEND LIST Company. Per cent. Period Payable N.Z. Paper Mills . 3J Half-year Nov. 29 Australian Glass . 5 Half-year Dee. 1 P. and 0. def. stk. 7 Half-year Dec. Henry Jones Co-op. 0} Half-year Dec. 2 N.Z. Breweries 7} Half-year Dec. 2 N.Z. Loan and Mercantile 5 Half-year Dec. 6 Kauri Timber ... 3 Half-year Dec. 13 Mount Lyell .... 131 Half-year Dec. 18 PRIVATE COMPANIES ' FOUR REGISTRATIONS Four private companies have been registered at Wellington this week. Details are as follow: — Clifton Estates Ltd., Wellington. Objects: To carry on business as proprietors of residential flats, etc. Capital: £5090 in £1 shares. Subscribers: Helen Prouse, Wellington, 1700 shares; Trevor Bros., Ltdbuilders, Wellington, 800 shares; William J. Prouse, ’Wellington, 750 shares; Albert E. Robinson, builder, Wellington, 500 shares; P. E. Pattrick, accountant, Wellington. 300 shares; G. ■ Shirtcliffe, Right Hon. Sir Joseph Ward, and Charles E. Emery, contractor, Wellington, each 200 shares; John Prouse, Wellington. 150 shares: Edward T. J. Coleman and George H. Coltman. each 100 shares. Home Renovating and Beautifying Co. Ltd.. Brandon Street, Wellington. Objects: To acquire the business of builder and contractor, house-decorator, and repairer, carried on by William Herbert Hoare. Capital: £l5OO in £1 shares. Subscribers: W. H. Hoare. Wellington. SOO shares; Alice Hoare, Wellington, 700 shares. Burch Hopkirk Ltd., Rangitikei Street, Palmerston North. Objects: To acquire and carry out business of manufacturers’ agents and merchants now carried on by R. E. Burch Hopkirk. Capital: £750 in £1 shares. Subscribers: R. E. B. Hopkirk and N. H. West, Palmerston North, each 300 shares; C. V, Day, Palmerston Nortii, 150 shares. > . , L. W. Nation Ltd., Raetihi. Objects: To carry on the business pf newspaper proprietors and t publishers, and to acquire the goodwill and all rights and property of the “Walmarino County Cal!” and the “Ohakune Times.” Capital: £750 in £1 shares. Subscribers: L. W. Nation, 710 shares; Florence F. Nation, one share. AUCTION SALES TO-DAY. 8 Willeston Street, 10.30 a.m.—Sale of furniture (E. Johnston and Co.) 180 Willis Street, 1.30 p.m.—Sale of furniture (Silverstone and Co.) Dunedin, noon.—Sale of shop properties (Park Reynolds). 116 Victoria Street, Hamilton.- —Sale of freehold property (T. Mandeno Jackson),’ Waikanae. —Stock sale. 9 and 11 Bond Street, 1 p.m.—Sale of furniture (E. Johnston and Co.) Martinborough.—Stock sale. TO-MORROW. I’eilding, 2.30 p.m.—Sale of seaside residence, Motuhara Road Extension (R. P. Stevens). 30 Homewood Road, Karori, 1 p.m.— Sale of furniture (E. Jolmston and Co.) 246 Lambton Quay, 2 p.m.—Sale of oil paintings and water colours (McKenna and Co.) 46 Oroua Street. 2.30 p.m.—Sale of furniture (E. Johnston and Co.) Lower Taranaki Street, 10.30 a.m.—Sale of outfit of Kapai Cake Kitchen (Silverstone and Co.) SATURDAY. Pretoria Street, Lower Hutt, 2.30 p.m. Sale of property and two sections (H. Ernest Leighton, Ltd.)

CANTERBURY FARMERS’ CO-OP. IMPROVED POSITION The notification the other day from Timaru that the receiver had been withdrawn ffiom the management of the Canterbury Farmers’ Co-op. directs notice to the rapid and substantial’ recovery ot this company’s financial position. In 1923-24, the company s liability to bank and depositors was £698,544; by 1927 the total had been reduced to £549,331, comprising £207,082 in fixed deposits, £133,300 in shareholders’ current accounts, and £208,949 to the bank. The latest balance-sheet shows that at July 31 the liability to the bank was £91,907 (a reduction.of £67,444 on the preceding year), while shareholders’ current accounts amounted to £30,906, a reduction of £33,620. During the last year the remaining fixed deposits,' £203,949, were converted into 6 per eent. debentures while a reduction of capital enabled the company to write off Its accumulated deficit of £95,910. A net profit of £17,918 was declared and the preference dividends for 1928 and 1929 were paid. LONDON WOOL SALES PRICES MAINTAINED London, November 26. The offering at to-day's wool sales was 10,939 bales, of which 4369 were New Zealand. There was an average selection of greasy merinos and a large supply or scoured merinos. Also a moderate offering of greasy crossbreds. These met with steady and general competition, and prices were fully maintained. New Zealand greasy merinos. Richmond Brook sold 17d. to 16d.; Waipaoa 17d. to 16d. The following report, dated November 26, has been received by Dalgety and Co., Ltd., from their head office: —Wool sales continue active. Strong demand for all good Merinos and best Merinos, also greasy halfbred. Fine crossbred, par to 5 per cent, higher. As compared with opening, rates ' any change in price is in favour of sellers for medium and coarse crossbred greasy. SYDNEY WOOL SALES CONTINENTAL DEMAND FOR SUPERFINE • (Rec. November 27, 8.45 p.m.) Sydney, November 27. At the wool sales to-day, the market was practically unaltered, although it showed some irregularity in regard to thinlygrown and doubtful yielding wools. There • was good competition, particularly on French account. An outstanding feature was the Con-, tinental' demand for superfine wools, which sold at 36d„ making another season’s 'record. A total of 9413 bales were sold today. RABBITSKIN MARKET LONDON SALE PRICES A cabledrreport received by Dalgety and Company Ltd. from tliejr head office, London, states that at the rabbitskin sales held last week 3500 bales were offered and about 30 per cent. sold. For furriers’ sorts there was 'practically no demand, and prices ruled about 20 per cent, to 30 per eent. lower. Hatters were 35 per cent, to 40 per cent, lower.' The demand was very limited. The range of prices affords the following comparison with those of the Septem-

PRICE OF TOMATOES Now Zealand-growu tomatoes, which are always appreciated after the Raratongan crop has ceased, have been bringing good prices this month. At this stage of the season the product is necessarily restricted to hot-house varieties, and "outsiders” from a few warm corners in Nelson and Otaki. Now supplies are beginning to come from Hawke’s Bay, and prices, which were 1/3 to 1/6 per lb. wholesale last week, dropped yesterday to lid. and lljd.. per lb. for "coloured greens.” Still this is good money. It means 19/- per 201 b. case. It will probably be another two weeks before the market sells ’at per case instead of at per lb- but a spell of warm, bright weather, following this week's good rains, should do much to bring along increasing supplies. BIG ORDER FOR BRITAIN An order has been secured by the British General Electric Company in New Zealand from the Auckland Transport Board, which has recently taken over the tramways from the City Council, for 104 L.G.E.C. Witton tramway motors, each rated at 40 h.p., 500 volts, together with resistances, lightning arrestors, and other accessories. This is probably the largest single order placed in New Zealand for this class of apparatus, and the value is in the neighbourhood of £15,000. CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington yesterday totalled £141,638.

LIVE STOCK MARKETS ADDINGTON PRICES UP FIRMER TONE ALL ROUND By Telegraph.—Press Association. Christchurch, November 27. At to-day’s metropolitan market all the major sections —fat cattie, fat sheep, and tat pigs—showed an increase on last week's prices, and the general tone of the market for all sections was healthier. The increases were due to the giuteral rain—the ■first for two months. Store Sheep.—A moderate entry, which :met with a good sale. Wethers showed an increase of up to 1/6 a head. Other values were firmer than at the previous sale. Values were: Good 4 and 6-tootb Romney cross wethers (shorn), 23/9 to- 25/-; medium 4 and 6-tooth Romney cross wethers (shorn), to 20/6; good 4 and 6-tooth half-bred wethers (shorn), 21/6 to 23/9; ordinary 6 and 8-tooth half-bred wethers (shorn), 15/6 to 17/3; good Corriedale ewe hoggets (woolly), to 25/9; good Corriedale wether hoggets (woolly), to 22/3 good half-bred ewe hoggets (shorn), to 23/7; good half-bred wether hoggets (shorn), to 19/6; good crossbred ewe hoggets (shorn), to 22/9; good 6 and 8-tootb Romney cross ewes (shorn), to 25/9; good 2-tooth and three-quarter-bred ewes (shorn), to 25/-; good 2-tooth half-bred ewes (shorn), to 25/2; medium 2-tooth crossbred ewes (shorn),, to 22/6; failing-mouth half-bred ewes, with lambs (woolly), 14/3 to 15/6; sound-mouth half-bred ewes, with lambs (woolly), to 19/7. Fat Lambs.—An entry of over 700. The average price was 9d. per lb. The top price was 30/10. Fat Sheep.—A much smaller entry than last week. The quality was good, and prices showed little quotable change on those of last week, wethers if anything being a little easier. Values were: Show shorn wethers, to 37/1; prime wethers, 30/6 to 32/6; medium wethers, 26/6 to 30/-; light wethers, 21/- to 25/-; show ewes, to 31/1; extra prime ewes,’ to 29/7; prime ewes, 22/6 to 26/-: ordinary ewes, 20/6 to 21/6; light ewes. 17/- to 19/6; best woolly wethers to 35/10; best woolly ewes to 34/1. Fat Cattle Sell Well. Fat Cattle.—An entry ot 370, over 100 less than last week. The market showed an increase in values of up to £1 a head for steers, and of £1 to 25/- for cows and heifers. It was a good sale. Best medium weight prime beef made 44/- to 46/- per 1001 b.; good medium weight prime beef, 41/- to 43/-; heavy steer beef, 39/- to 42/-; good cow beef to 39/6; secondary, 34/- to 36/-; light and rough to 32/-. Extra prime heavy steers sold to £2l/2/6; heavy prime steers, £lB to £2O/10/-; medium weight prime steers, £l7 to £lB/10/-; ordinary steers, £l3 to £l6/10/-; light steers, £lO to £l2/10/-; prime heifers, £l4/5/- to £l6; ordinary heifers, £l2/10/to £l4; light heifers, £7 to £l2; extra prime cows to £l6/12/6; prime cows, £l4 to £l6; medium prime cows, £ll/15/- to £l3/15/-; light and aged, £7 to £ll/10/-. Vealers.—A smaller entry than last week met with a good sale. Good calves sold at late rates. The top price was £7/11/-. Good vealers made from £4 to £5; best calves to £3; and other sorts from 10/to 30/-. Store Cattle. —A smaller entry sold freely. though without any quotable change in prices. Three and four-vear steers made from £ll/16/6 to £l2/12/6; best fresh cows up to £7/13/0; 18-months heifers, £5/12/6 to £6/3/-; yearling steers, to £7/3/6. There was a poor demand for bulls.

Dairy Cattle.—There was the usual entry, and values much the same. Best second, third and fourth calvers made up to £l4; others £6 to £l3; best heifers made up to £l3: others, £6/10/- to £lO. Fat Pigs.—-A good supply, and a good demand. Both porkers and baconers showed Improvement on late rates. Values were: Choppers. 50/- to £7/8/6; baconers, £3/12/- to £5/6/6: average price per lb., Old. to 74d.: porkers. 45/- to £3/8/6; average price per lb., 74d. to 84d. Store pigs were in big supply. The sale opened badly, but recovered to fully up to last week’s rates. Values wore: Best sorts, 36/- to 45/-• others, 28/- to 35/-: slips. 22/to 27/-; good wethers. 20/- to 24/-; others, 15/- to 19/-. WESTFIELD VALUES SHEEP SLIGHTLY EASIER By Telegraph.—Press Association. Auckland, November 27. At Westfield to-day beef was penned in average numbers, and sold at late rates. Competition .was steady. Extra choice ox sold to £2/2/- per 1001 b.; choice and prime, £l/19/- to £2/1/-; ordinary and plain. £l/16/- to £l/18/6; prime young cow and heifer beef, £l/17/- to £l/19/-; ordinary, £l/14/- to £l/16/-. Heavy prime steers sold at £l5 to £l5/17/6; lighter, £l4 to £l4/17/6; others, £l2 to £l3/15/-; unfinished and small, £lO to £l2; extra heavy prime young cows and heifers. £lO £lO/- to £l2; heavy, £9 to £lO/7/6; lighter, £7/15/- to £B/15/-; light, £6/10/to £7/10/-; other cows, £5/10/- to £6/7/6. Sheep were yarded in large numbers. There was a steady demand throughout, with values slightly easier on late quotations. Heavy prime wethers made £l/8/to £l/8/9; medium, £l/7/- to £l/7/9; light, £l/6/- to £l/6/9: small and unfinished, £l/4/- to £l/5/9: heavy prime ewes, £l/1/- to £l/2/6; medium, 19/9 to £l/0/9; light, 18/- to 19/6; inferiorly fatted, 15/- to 17/9. Prime hoggets in wool made £l/7/9 to £l/11/3: prime shorn hoggets, £l/4/- to £l/7/. Lambs were penned in average numbers, and sold at late rates, realising 21/- to 25/for prime, to 15/- and £1 for small and unfinished. ' There was a large yarding of pigs, which met with a steady demand. Values were firm at late quotations. Choppers,’ £2 to £3/12/-; heavy and medium baconers, from £3/6/- to £3/18/-; light baconers and heavy porkers, from £2/14/- to £3 3/-; medium and light porkers, from £2 2/- to £2/12/-; small and unfinished, £1 12/- to £2. Store pigs were penned in small numbers. Large stores, £l/18/- to £2; slips, 6/- to £l/12/-; weaners, 10/- to £l/2/-. Calves were penned in-less than average numbers. There was a slack demand for heavy vealers and runners, while lighter calves improved in values. Top price for runners was £7/10/-, and for vealers £6 13/-. Medium vealers wore done at £3 10/- to £4/8/-; light, £2/10/- to £3/8/-; smaller, £2 to £2/8/-: small to fresh dropped, 7/- to. 28/-; rough calves, 21/- to 35/-. MASTERTON SALE Dominion Special Service. Masterton, November 27. W F C.A. Ltd. report: ‘‘We held our weekly ’ Masterton sale to-day when we offered a medium yarding of sheep to a good attendance. Sheep were in good demand and we made the following sales: Medium b f. hoggets. 22/6; good ewes with b. f. lambs, 20/2 (all counted). ” ■JOHNSONVILLE SALE 'At the Johnsonville sale on Tuesday -Messrs, Wright, Stephenson and Co., Ltd., and Abraham and Williams Ltd., submitted an average yarding of sheep and cattle to the usual attendance of the public. The weather conditions were the worst experienced in Johnsonville for years, heavy rain falling throughout the sale. The cattle offered comprised good quality bullocks, but a dull sale resulted, prices showing ft decline of 10/- to !•>/- pel head as compared with last week’s rales. The drop in beef values is no doubt accounted for by larger supplies coming on to the market and the fact that hides have shown such a heavy fall in value. The sheep yarded comprised good quality wethers and ewes, i’riees tor wnhers were on a par with last week’s rates, out ewes showed' a decline of fid. to 1/- per head. Lambs came forward in large uumbers, the quality generally was good, and a good sale resulted at prices above export Prices were as follow:—Heavy bullocks, £l4, £l4/10/-, £l5/10/-, £lO. £lO/2/6, £lO/10/-; heavy cows, £lO/12/6. £ll, £ll/12/0; Heavy shorn wethers, 27/6, 28/-; medium shorn wethers, 20/-, 26/1), 27/-; heavy shorn young ewes, 22/6, 23/3; heavy shorn ewes, 20/6, 21/-: medium shorn ewes, IS/-, 19/-; shorn hoggets good. 27/3; lambs. 18'-, 20/-. 21/-. 22/6, 22/9, 23/-, 24/-.

The Taranaki (N.Z. Oil Fields N.L. report for the week ended November 23, 1929. is as follows: "Gisborne No. 2 well.— Engine and boilers on site. Good progress has been made the eompletion of the erection work. Kotuku No. 1 test hole.—Drilled to 500 feet in sandy shale. Work delayed by bad weather and difficulty In transporting supplies.”

DAIRY PRODUCE EXPORTS PIAKO’S RECORD CARGO BIG SHIPMENT FOR HALIFAX A record shipment of butter left Auckland yesterday morning by the New Zealand Shipping Company’s steamer Piako for Halifax and London. Complete details of the ship’s cargo are not yet available, but the ship had under hatches approximately 160,000 boxes, or 4000 tons, of butter and 16,000 crates of cheese.- It is estimated that the f.o.b. value of the 1 iako s shipment of dairy produce is approximately £700,000. , . . Of the vessel’s butter shipment, about 120 000 boxes are for Halifax, the balance, with the cheese, being for London. Ihis is the fourth large shipment of butter that has left the Dominion since the beuinnlng of this season for Eastern Canada. The Port Gisborne took 23,934 boxes in August, the Hororata 56,696 boxes in September, and the Raranga 94.926 boxes last month. Thus, with the Piako’s shipment, approximately 395,500 boxes of butter have left New Zealand for Eastern Canada since August 1. Last season the first shipment for that market did not leave New Zealand till November, and the total export to Eastern Canada for the whole 1928-29 season was 307,713 boxes, a quantity which is already' greatly exceeded by the first four shipments of this season. The bulk of the Piako’s shipment was loaded at Auckland. Previous Big Shipments. In claiming the Piako’s shipment of 160 000 boxes of butter and 16,000 crates of cheese as a Dominion record, it is of interest to compare it with previous big cargoes of dairy produce. The Shaw, Savill and Albion steamer Gallic in December, 1920, took 137,000 boxes of butter; the Mahia in December, 1920 had 106,063 boxes of butter and 20,383 crates of cheese: the same ship in November, 1922, sailed with 101,876 boxes of butter and 35,323 crates of cheese. In November, 1923, the Remuera sailed for London with 111,554 boxes of butter and 18 310 crates of cheese; and the Rotorua in October, 1924, took 110,642 boxes or butter and 29,949 crates of cheese. On October 7, 1925, the Ruahine sailed with 135,643 boxes of butter and 625 crates of cheese. In November, 1927, the Rotorua with 122,910 boxes of butter and 24,3ul erates of - cheese had what was then regarded as the record cargo from the value point of view, the f.o.b. value of her shipment being estimated at £ 67a,000. What is believed to be the record shipment of cheese in a single ship from the Dominion was that carried by the■ Hororata in May, 1923. The ship had 49,488 crates of cheese, in addition to 12,887 boxes of butter. A Good Season. Several other big shipments of dairy produce are being loaded this month tor Britain. The C. and D. liner Port Hobart recently loaded at New Plymouth 27,443 boxes of butter and 15.152 crates of cheese, which is a record shipment in the vessel from the Taranaki port. It is reported that there is some activity in the cheese market just now, and there are inquiires for firm offers for prompt shipment up to early next month. The gradings of butter for export are already 10 per cent, up on those for the corresponding period of last season, while cheese gradings are equal to a slightly better than last season. The recent '"'arm rains should have a further stimulating effect on production. LONDON MARKET BUTTER DULL Dalgety and Company, Limited, have received the following market advice from their head office, London, date November •>G-—Messrs. Samuel Page and Sou report : N.Z. butter 168/- to 172/-; Australian, 16S/to 170/-; poor demand. BRITISH CHEESE MARKET London, November 26. The Empire Marketing Board, reporting ori the demand for cheese, states that Gorgonzola holds sway in Central London, representing a third to half the total trade, but the staple of trade for the mass of Londoners is New Zealand and Canadian Cheddar, white being preferred to coloured. Eighty-four per cent, of the cheese imported into Britain comes from the Overseas Empire. The popular taste is for a mild cheese, but the demand for matured stronger cheeses is increasing. FROZEN MEAT TRADE AUSTRALIAN LAMB EXPORTS The New Zealand Meat Producers’ Board has received a cable from its representative in Australia advising that 206,142 carcases of lamb were exported from Australia for the fortnight ended November 22. .' FOREIGN EXCHANGES (British Official Wireless.) Rugby, November 26. The following rates on foreign exchanges are current to-day, as compared with <tlie cabled quotations on November 21 and

N.Z. GOVT. IOANS— Buyers. £ s. d. Sellers. £ s. d. 5J. p.c. Ins. Stk., 1011 : 41 p.c. Ins. Stk. and 100 a 0 — Bonds, 1938 : DEBENTURES— 100 0 0 — Well. Racine Club .. 107 0 0 — N.Z. Breweries (bonds) BANKS— 18 0 —■ Australasia Australian Bank of — 13 15 0 Commerce Commercial of Aust. — 1 11 3 ;(ord.) Commercial Banking ‘Co. (Sydney) ....... National of Australasia —• 17 0 23 10 ’ 0 — (£5) —— 18 12 6 New South Wales ... — 48 5 0 New Zealand 2 19 10 3 0 2 Ditto (long term) ... 18 2 —— Union of Australia .. FINANCIAL— — 14 8 0 Goldsbrough Mort .. — 12 1 6 Ditto (rights) N.Z. Guarantee Corp. — 0 8 2 (ord.) INSURANCE— 0 8 4 — National MEAT PRESERVING— — 0 15 10 Gear Canterbury Frozen — 2 4 0 Meat (ord.) 8 0 0 — N.Z. Refrigerat. (£1) — 0 13 0 Ditto (10s.) TRANSPORT— 0 5 3 0 5 10 P. and 0. def. stock.. WOOLLEN— — *2 16 0 Kaiapoi (ord.) — 0 13 3 Wellington (ord.) .. — 6 9 0 Mosgiel COAL— 7 10 0 — Westport — fl 12 0 Waipa TIMBER— > — • 0 15 0 Kauri — •0 18 0 Leyland-O’Brien •••• BREWERIES— — fl 9 6 Staples and Co MISCELLANEOUS— British Tobacco (Aust.) — 2 13 9 (ord.) 2 3 9 2 5 0 Dental and Medical .. 0 11 0 Electro. Zinc (pref.) . — 1 15 6 N.Z. Drug Wairarapa Farmers’ — 3 15 0 "'(ord.) 0 3 3 — Wilson’s Cement .... MINING— — 12 2 0 Mount Lyell —- *2 2 9 ♦Cum. dividend. tEx dividend. JEx rights.

DEALINGS ON 'CHANGE —.—— YESTERDAY’S BUSINESS — DOMINION SALES 1 ~~ . The following sales were reported on the Stock Exchanges of the Dominion yes-

terday: - WELLINGTON. £ s. d. New Zealand Breweries (bonds) 1 8 4 Goldsbrough Mort (rights) .... 0 7 10 AUCKLAND. £ s. d. Bank of New South Wales (2) .. 47 o u N.Z. Insurance 2 6 0 South British Insurance 3 4 6 Renown Collieries, pref., new fully paid (2) 0 3 0 Auckland Gas contributing ...... 0 18 9 p. and 0. deferred stock 13 0 Wilson’s Cement 2 1 0 Wnihi 0 13 0 ■Mount Lyell (2) 2 - 0 CHRISTCHURCH. £ s. d. N.Z. Govt. 4} p.e. Bonds, 1038 100 0 0 Commercial Bank of Australia 1 7 a. Goldsborough Mort., ex rights 2 0 9 do., do., 0 '8 Mount Lyell, cum. div. (4) .. 2 • 2 3 Mahakipawa — —— 4 Sales reported:— Australian Bank of Commerce .. 1 11 3 Kaiapoi Woollen, 17/- paid ... 12 6

her sales: — Description. Sept. Nov. d. d. d. d. Full winters prime, thin pelts Full winters prime, thin pelts (slightly ♦ 120 spotty) Second and. late 110 to 125 SO winter (thin pelts) Second and late win70 to 05 40 to 56 ter (stout pelts) Early winter and 55 to 60 30 to 40 first incoming ..' • 50 to 07 Late autumn 02 to 64 40 to 46 Early autumn .... 50 to 56 28 to 40 Outgoing & springs •to to 50 20 to 33 Autumn racks .... 50 to 28 Light racks Spring and summer 52 to 55 40 to 45 racks (thin and/or medium and stout pelts) 30 to 36 19 to 25 Inferior and damaged (fair to good) 50 to 32 to 35 Interior aud damaged (medium to poor) 30 to 45 16 to 26 Milky (fair to good) ■IS to 55 « Milky (med. to poor) 30 to 40 * ■ •Not Quoted.

par:— Nov. 20. Nov. 21. Par. N. York, dol. to £ 4.ST 29-32 4.87 19-32 4.800 Montreal, (lol. to £ 4.93} 4.93? 4.800 Paris, fr. to £ 123.811 123.875 124.21 Brussels, bel. to £ 34.87 34.80 35.00 Geeva, fr. to £ 25.131 25.13 25.32 Amst’dam, fl. to £ 12.088 12.08? 12.10 Milan, lire to £ 93.111 93.155 92.40 Berlin, inks, to £ 20.38 20.39 20.43 St’liolm. knr. to £ 18.135 18.145 18.159 C'hagen. knr. to £ 18.205 18.20 18:159 Oslo. knr. to £ 18.205 18.20 18.159 Vienna, shgs. to £ 34.075 34.055 35.58} Prague, knr. to £ 1048 104} 24.02 Hcl’fors inks to £ 194} 194 192.23 Madrid, pes. to £ 35.595 35.075 25.22} Lisbon, esc., to £ 108.25 108.25 — Athens, drac. to £ 375 375 375 Bucharest, lei to £ 817 . 818 . 813.6 llio de Janeiro, pence to milreis B. Aires, p. to dol. 5 25-32 5 25-32 — 4(1 5-10 40 3-10 47.57 Calcutta, p. to rup. 17 27-32 17} 18 ‘ Shanghai, p. to tael 26* 20* ■— II.-Kong, p. to dol. 20} 20} —— Y’hania, p. to yen 24 1-10 24 5-32 24.58 Batavia, fl. to £ A PRICE — 12.12} 12.10 OF SIL iVEIl. Silver.—Spot, 22 llJOd. per ounce ; forward, 22 13-lOd.