FINANCE and COMMERCE.

Dominion, Volume 23, Issue 85, 4 January 1930, Page 12

FINANCE and COMMERCE.

THE MONEY MARKET BANK OF ENGLAND RETURN MARKET RATE DOWN . London, January, 2. The Bank ot England return for the week ended January 1 is as follows: — ISSUE DEPARTMENT. ,

£405,960,084 • £405,960,084 •i Amount of fiduciary issue.

* Proportion of reserve to liabilities, 22.60, per cent., compared with 22.80 per cent, on December 25, 27.00 .per cent, on Deceni- •. ber IS, and 24.20 per cent, on January 2, ■' The principal items of the above return compare as follow with 'those the

£35,034,000. t January 2, ’ 1029, £153,123,000. 1029: Maximum, June 12, £104,211,400; minimum, October 2, £130,343,588. SHORT LOANS AND BILLS. The Bank of England rate of discount is 5 per cent., to which It was reduced on December 12 from 5J' per cent. . Short loans are quoted at 3} per cent!; as against 4 per cent. last week. The market rate for best three months’ bills is 4 3-8. per eent., compared with 4 11-16 per cent, last ■ we ® k ’ NEW YQRK CALL MONEY. New York, January 2. The rate’ for call money to-day was 6 per cent, all day. , FOREIGN EXCHANGES (British Official Wireless,) ’ (Rec. January 3, 5.5 p.m.) Rugby, January 2. ’The following rates on foreign exchanges are current to-day, as comparer with the' cabled quotations on

GOVERNMENT STOCKS’ London, January 2. Quotations of Government stocks to-day compare with’ those of December 19 as

; PRIVATE COMPANIES NEW REGISTRATIONS Three new private companies have been registered at Wellington. Details are as follow 1— 3 ' ■ . ■ Harris's, Limited, Hanners and Taranaki Streets, Wellington. Objects: To carry bn the business of wholesale manu- \ 'facturers of and dealers in mantles and J,; costumes. Capital. £lOOO in £1 shares. Subscribers: William J. S. Harris, Joseph Sutton, Robert O'Brien and Florence M. [■’ O’Brien,, all of Wellington, each 250 shares. . 1 Lowe’s Foundry, Limited, Lower Hutt. Objects: To take over as a going concern and carry on the business of an engineer and foundry now carried ou by Hugh France Lowe. Capital, £01)00 in £1 shares. Subscribers: H. F. Low 6, Lower Hutt. 1300 shares: Albert E. Codling, contractor, Lower Hutt. 1500 shares; Arnold Ackroyd, accountant, Lower Hutt. 200 ? Hardy’s Transport; Ltd., Taupo Quay, Wanganui. Objects: To take over as a ■' going concern from G. Hardy and carry on the business of general carriers, forwarding agents, etc. Capital. £lOOO n I £1 shares.’ Subscribers: Gathorne Hardy and Ivy Hardy, each 250 shares: Albert ' R. Spiirdle and Basil A. Beswlek. each ■JSO shares; May Spurdie and Frederick ‘ Webb Jones, each 100 shares.. GRAIN MARKETS r. ' ' - ■ London, January 2. i- ■ Wheat cargoes are firm, following on good inquiry, and have advanced 3d. to Cd. Parcels are In demand at Od., to 9d. Futures, London, January, 51/3 per quarter ; March, 52/-. Liverpool: March, 0/11 7-8 per cental; May, 10/1%; July, 10/1 7-8. Spot trade In dull. Australian, ex-store, 30/0. Oats are dull. Peas and beans, quiet, f, Chicago, January 2. There were no wheat sale* to-day, a holiday being observed.

BUTTER AND CHEESE LONDON QUOTATIONS A DULL MARKET London, January 2. Butter.—The market is slow; Danish 176/- per cwt.; choicest salted, New and, 158/- to 160/-; Australian 154/- to 156/-; unsalted, New Zealand, 178/- to 184/-; Australian, 158/- to 164/-. Cheese. —The market is dull. New Zealand white, 86/- to 87/-; coloured, &>/■ to KC Joseph Nathan and Co. Ltd. have received the following market report from Trengrouse and Nathan „Ltd., London, dated January 2:—New Zealand butter, 158 s. per cwt.; New Zealand cheese, _ white, 86/- to 87/- per cwt; coloured, So/- per cwt. ■ Both markets dull. Dalgety and Company Limited have received the following market advice from their head office, London, dated January 2;—Samuel Page and Son report. —Butter: Market slow. Danish, 176/- to 178/- (168/to 172/-); New Zealand finest salted, lu6/to 160/- (156/- to 160/-); Australia finest unsalted, 158/- to 162/- (ICO/- to 16-/-); Australian finest salted, 154/- to l._>6/(154/- to 157/-); Australian >G.A.Q., luO/to 152/- (150/- to 152/-). Cheese: Market slow. New Zealand white, 86/- to 87/- (88/- to 89/-).; New Zealand coloured, 85/- to 86/-- (87/- to 88/-), Spot price Canadian white, 95/- to 98/(94/- to 98/-); Spot price Canadian coloured, 95/- to OS/- (94/- to 98/-). (Last week’s quotations shown in parenthesis.) The New Zealand Loan and Mercantile Agency Company Limited have received the following advice from their London house, dated January 1, 1930:— Dairy Produce (last week’s figures in parenthesis) .—Butter: N.Z. choicest salted, 161/- to 162/- per cwt. (160/- per cwt.). Cheese, white, 87/- to 88/'- per. cwt. (88/to 89/-). Cheese, coloured, 85/- per cwt. (87/-; markets quiet. FROZEN MEAT SMITHFIELD LAMB PRICES Dalgety and Company Ltd. have received the following report from their head office, London, dated January 2:*— “New season’s New Zealand prime lamb, 10%d. to lid.; second quality, 9%d. to lOd. Demand limited, tendency downwards, otherwise frozen meat market unchanged.’’ BRADFORD TOPS ■ MARKET QUIET <• '' t * . ■ . , London, January 2. The Bradford tops market is quiet. Very little businfess is passing, pending reorganisation in the Australian trade. Current quotations compare as follow with

METALS MARKKET • COPPER AND TIN UP / ‘ . ■’» (Rec. January 3, 8.35 p.m.) London, January 2. Metal exchange quotations are as follow, those previously cabled being given for

WORLD SHIPBUILDING BRITAIN’S BIG LEAD The ( returns 'recently issued by Lloyd’s Register of Shipping tor the.quarter ended September 30- show that the, tonnage of vessels under construction in Great Britain and Ireland at that date was rather less than the amount of-,work in hand at the end of last June. While, however, the total of 1,448,355 tons Is 5551 tons less than that at the-end of June, it is 358.595 tons greater, than was being built in British 'yards at the end of September, 1928. Furthermore. it is encouraging to see' that a moderately good aggregate of new. tonnage for overseas owners appears in the latest returns, some 65,000 tons being intended for Dominions account, about 78,000 tons for Norway, and 189,000 tons for other foreign owners or for sale. The tonnage under construction abroad at the end of September—l,3(l3,9B4 tons —is 15,335 tons less than the work which was in hand at the end of June. Seven’colintries abroad have more than 100,000 tons under construction, viz.:—Germany, 235.499 tons; Holland, 224.029 tons; Jqpan. 150,810 tons: France. 135,770 tons; Russia, 112,073 tons:’the United States, 112,010 tons: and Sweden, 111,427 tons. Th’e total tonnage under construction in the world amounts to 2,817,339 tons, of which 51.4 per cent, is building in Great Britain and Ireland, and 48.0 per cent, abroad. The average percentages in the last twelve months before the war. it is interesting to note, were 57.2 for Great Britain and Ireland, and 42.8 for abroad. In Great Britain and Ireland 360.087 tons, were commenced—a decrease of about <B,OOO tons over the similar figures for the June quarter'; and 369,445 tons were launched —a decrease of about 23,000 tons. Similar figures for abroad are 300,606 tons commenced and 345.927 tons launched. ’ Tankers anti Motor-ships. An Increase as compared with the previous quarter is shown In the tanker tonnage under construction, the present figures being 53 vessels of 400,913 tons, of Which 27 vessels of 220,412 tons are being build in Great Britain and Ireland. Of the 53 tankers under construction, 45 are motor-ships. , The tonnage of motor-ships under construction in Great Britain and Ireland (651.875 tons) amounts to over 82 per cent, of the tonnage of’Steamers building, while the motor-ship tonnage being constructed abroad (879,878 tons) exceeds by nearly 83 per ceil*. the tonnage of steamers. The continued progress in the employment of the internal-combustion engine for large vessels is indicated by the fact that while there are now building in the world 68 motor-ships each of 8000 tons and upwards, only 21 steamers of such size arc under construction. These figures include 15 motor-ships and 5 steamers each of 15.000 tons and upwards. The information in the latest returns respecting propelling machinery, unfortunately does' not show complete- world figures' for marine engines of all types, as the figures for steam turbine engines building in Germany are not available; but the table shows that the indicated horsepower of reciprocating steam engines now building or being fitted on board amounts to about 521,000 horse-power, while the figures for oil engines aggregate about 1,334.000 horse-power. AUCTION SALES . MONDAY. Chief Traffic Inspector's Office, Cuba St.. 2.30 p.m.—Sale of fruit stands (W.C.C.) Manners St., 10.30 a.m.—Sale of toys (Silverstone and Co.). CUSTOMS REVENUE. The Customs revenue collected at the port of, Wellington yesterday totalled £5734. " I

LIVE STOCK MARKET BURNSIDE SALE PRICES DOWN ALL ROUND By Telegraph.—Press Association. Dunedin, January 3. Small entries and lower values were the rule at the Burnside sale to-day. The entry of fat sheep numbered 1150, comprising medium and light sheep with a few pens ot heavy wethers. Competition from the outset was dull, and opening values were fully 2/- below late rates. Marked reductions followed, and at the close of the sale the decline was about 3/6 per head. .Several pens were turned out unsold. The best wethers made to 41/6; prime, 36/- to 38/-; medium, 32/- to 34/-; light, 28/- to 30/-; ewes made to 32/- for best and 28/- for primes. There was only a small entry of fat lambs, but the quality was good. There was no demand, however, and values receded by about 2/- per head. The fat cattle sale was like most holiday fixtures —very disappointing. The small yarding was considerably in excess of requirements, with the result that prices for all grades fell below the inns market level. The entry comprised 140 head, mostly good steers, with a few cows and heifers. The sale opened weakly and there were several passings. Values generally were from £1 to £l/10/- below late rates. Best prime heavy bullocks made to £22/2/6, prime to £l9, medium to £l7, and light up to £l3. Good > heifers and cows were worth from £lO/10/- to £l4/10/-. There was an exceptionally dull sale for store cattle. Boning sorts were in demand, but the supply was negligible. Both fat and store pigs were in short supply, and ail pens sold readily at late rates. JOHNSONVILLE SALE At Johnsonville on Thursday Wright, Stephenson and Co., Ltd., and Abraham and Williams, Ltd., submitted a smaller yarding than usual of all classes of stock. Cattle comprised heavy-weight bullocks with a few pens of cows and heifers. A good sale-re-sulted at prices on a par with last sale’s rates. Sheep offered were of good quality and met with-a ready sale-at late rates. Lambs were yarded in smaller numbers than usual. There was no demand. The' following prices were realised:— Extra heavy bullocks, £l6/12/6, £l6/15/-, £l7/2/6; heavy bullocks, £l5, £l5/15/-, £l6/2/6; extra heavy,cows, £ll/15/-, £l2;, heavy cows, £lO, £lO/17/6, £ll/7/6; medium cows, £6/2/6, £7/10/-; heavy heifers, £10; vealers, £3. £4; small vealers, 17/-, IS/-; heavv wethers, 27/-, 27/9, 28/-; medium wethers, 25/6; extra heavy ewes, 22/3; heavy young ewes, 20/3; heavy ewes, 18/-, 18/4, 19/6; medium ewes, 17/-; hoggets, 24/6; lambs, medium, 17/6, 18/6, 19/-. SHARE MARKET s AUSTRALIAN -WEAKNESS HEAVY FALL IN VALUES • In their last Stock Exchange letter for the year Messrs. J. B. Were and Son, of Melbourne, review the effect of the year on Australian share values. The review states: — The course of events during 1929 so far as the. Stock Exchange is concerned is indicated by the following facts. The average return from all Commonwealth loans as at January 17, 1929, was £5/3/11 per cent. .Ou December 19 it was £5/13/11 per cent. “ The following small table gives a comparison of interest rates obtainable in January and December by a few representative Commonwealth loans.

Gilt-edged securities have declined in market price at a rate corresponding with’ the, rise in interest yields as shown above. , Company shares also have shown weakness. To take prices of a representative group of stocks (omitting mining issues) with a capital value of £44,286,199 at the beginning of the year; the end of August (at which time the market was about top), at November 14. and December 19. we find surprisingly wide fluctuations. At the beginning of the year the market placed a total value of £101,750,090 on the companies selected. By August 31 the valuation was £104,000,000, or £2,250,000 greater than 7} months earlier. On November 14 the valuation was £95,500,000. ■or a drop of £6,250,000 since the beginning of the year, and £8,500,000 since the end of August. The present valuation of £87,000,000 showed a loss of £17,000,000 since the end of August—£B,soo,ooo of this within a little over a month, i.e., since November 14. t This depreciation in value occurred on only 14 selected companies, and the total fall in value over the whole market is, of course, much greater. At August 31 the shares selected were standing at an average premium of 135 per tent. By December 19 this had shrunk to a premium of 96 per cent. The fall in value shown has been 16i per cent.; every £lOO as' at August 31 has now dwindled to £B3/10/-. , > The companies selected are:—(Banks), Australasia, National, New South Wales; (pastoral), Goldsbrough, Mort, _ Elder Smith; (brewery), Carlton; (Shipping). Burns, Philp; (motors), 'Holden’s Motor Body Builders; (general), Australian Glass, British Tobacco, Broken Hill Proprietary, Colonial Sugar, Mount Lyell and Victoria Nyanza. Discussing the causes.: of this fall in values, the review says:— Looking back over the year we can now see that the situation contained ail the dangerous elements making for the complete reversal which has taken place. Australia was out of touch with world conditions, and getting more so, especially in regard to cost of production. We were living to a great extent on borrowed money, treating it as income rather than capital, which should be put to profitable use, and we were relying, perhaps unconsciously. on nature to maintain her bounteous outpouring of new wealth, without which a continuance of the conditions at the close of 1923. even for a limited time, was not possible. KAKWARAU GOLD CO. AMALGAMATION PLANS In the July half-yearly report of the Kawarau Goldmining Company (N.Z.), the . amalgamation with claim-holders and the reasons for no satisfactory settlement having been reached between the parent company and its lessees were principally dealt with. The annual report of the company now states that the position is still indefinite, and the issue of tills report had been delayed in the hope that finality would have been reached. Negotiations are proceeding between the legal representativs of botli parties’ in an endeavour to prepare an agreement. As modifications of the terms originally proposed, it lias been agreed that every claim-holder will now be given a reasonable opportunity to become a party to the amalgamation, Ihat claim-holders who do not wisli to join or are unable to do so will be relleved of further liability under their leases, and that they in turn will release the company. It has also been agreed that £5OO will lie advanced out'of tlie £lO,OOO deposited with the Public Trustee to cover formation expenses of the amalgamated company, and that any subsequent costs of transferring the assets to tlie new company will be paid as incurred. Tlie report states that in view of tlie present negotiations it is probable thnt a settlement will lie reached in the near future. UNITED DISTRIBUTORS TO WIND UP At an extraordinary meeting of shareholders in United Distributors, Ltd., held in Melbourne last week, says the Herald, it was decided to go into voluntary liquidation. Mr. F. W. Spry was appointed liquidator, at a remuneration of 5 her cent, of the gross amount realised. Mr. J. M. Hardie, of Sydney, has been appointed receiver by the Bank ot New Zealand.

GRAIN AND PRODUCE CANTERBURY MARKET SEASON’S OUTLOOK By Telegraph.—Press Association. Christchurch, January 3. The local grain and produce markets will not assume auy considerable proportions until well on in January. A little forward business has been done in "free” wheat at prices ranging from 5/9 per bushel for Tuscan, 6/- for Hunters, and 6/3 for Pearl, on trucks. These prices are obtainable now, but millers are not keen buyers at. present, having bought sufficient to carry them on for two or three months from tlie poo! quite recently. In addition to these purchases of new wheat, millers have a fair quantity of old wheat for mixing purposes. A few o-at crops have been cut. Oats are now worth about 3/- per bushel on trucks for A Gartons. Prior to the holidays the price of chaff was high, up to £6 per fon being paid. It is still worth £5/10/- per ton, on trucks. The area in peas this year shows a considerable reduction compared with that of last year. Very little interest seems to be taken in peas at present. The nominal value is 4/6 per bushel. The linseed crops are looking well, but the area Is restricted. The crop is nearly all grown under contract, the minimum contract prices being £l4/10/- per ton for one variety, and £l5 per ton for another. The barley crops are looking fairly well. These crops, like those of linseed, are nearly all grown under contract. Seeds Market Inactive. The market for small seeds is at present charaelerised by inactivity. Prior to the rain very few fields had been closed for seed, but since the rain there has been a change, and it looks now as though a fair quantity of seed will be saved. There is a big carry-over of red clover from last season, and the price is so low that it is thought unlikely that farmers will pay much attention to it this season. Prices indicated as probable this season are:— Italian and western Wolths, 4/-; perennial, good and clean, 4/8 to 4/9! cocksfoot, 74d. per lb. for Plains, and 9d. for Akaroa; red .clover, 4d.; white clover, Bd. to lOd. There is every Indication that there will be some good crops of white clover this season, though the area closed for seed does not appear to be as large as usual. Potato Prospeets. Potatoes are making good growth since the recent rains, and the indications point to a big crop. Forward sales have been made at £5 to £5/2/6 per ton for whites, April-Jlay-Jupe delivery, and at £5/7/6 for Dakotas; f.0.b., sacks in. Onions for March-April delivery are quoted at £3/15/per ton, on trucks. The crops are looking well and have had sufficient rain. ( FRUIT AND VEGETABLES WELLINGTON MARKET VALUES Very heavy supplies of fruit and vegetables are reaching the Wellington market this week, and fair values are being Realised. Market Gardeners, Ltd., quote the following prices for supplies sold at their market yesterday:— Fruit.'—Californian oranges, 35/- per ease; Californian lemons, 60/- per case;, Fiji bananas, 43/- per case (famine price); Hutt to’matoes, fld. to lid. per. lb.; Nelson tomatoes, 8/6 to 15/0 per case; black currants, 7/3 to 8/1 case (101 b. loganberries, 74d. per. chip; gooseberries, 2/0 case; Dougherty apples, 8/9 to 11/per case; Stunner apples, 14/9 case; red currants, 8/9 case (141 b. peaches, 7/- to 13/6 case; plums, 2/6 to 4/- case; cooking apples, 5/5 to 6/- half case; raspberries, 1/- lb.; loganberries, 4/3 tin. ' Vegetables.—Potatoes, 5/- bag; Hutt -potatoes, 2/6 to 5/6 case; swedes, 2/- to 2/0 case; lettuce, 1/0 to 5/- case; cabbage, 1/6 to 4/10 case; beans, 7/0 to 9/9 box; cauliflower, 5/- to 7/6 case; green peas, 5/- to 11/6 sack; marrows, 5/- case; spring onions, fid. to 1/- bunch; carrots, 4d. to Sd. per bunch: beetroot, 2Jd. to 4d. per bunch; parsnips, 9d. bunch; rhubarb, 4/dozen. OTAGO SUPPLIES Dominion Special Service. Dunedin, January 8. Broken weather has affected the quality of fruit, and prices have been irregular during the week. Some nice cherries arrived from the Alexandra and Clyde districts and realised high prices. Medium quality are hard to place. Supplies of both cherries and strawberries are expected to last until the end of the month. Plums of early varieties have been arriving from Canterbury and Otago Central. and have met a sound inquiry. Choice peaches have a good sale. Small fruit is hard to quit. New seasons anples will not be available until the end of the month. Samoan bananas are due on January 23. There is no advice regarding Fijians, and it is thought that the recent storms there have affected the crops. A shipment of Italian lemons is due on the market next week. . , ... - The nectarine and apricot season will be late owinpr to lack of sunshine in Central Otago. Pair supplies of hothouse tomatoes are arriving from Canterbury.

Notes Issued: £ . n .,£' r . lu clrcu- Govt. debt, 11,010,100 latlon 360,782,581 Other Govt. lu banking securities 233,810,364 dept. 30,177,503 Other ee1 entities 10,09o,3t>2 Silver poin 4,473,184 t £200,000,000 Gold coin & bullion 145,000,084

BANKING DEPARTMENT. . / £ Capital 14,553,000 Best 3,450,561 Govt, securities 81,658,618 Deposits: Public 12,350,138 Discts. and advances 42,170,602 Bankers’ 110,297,026 Other securities 18,013,503 a/cs. 37,522,803 Notes 30,177,503 Seven-day, Gold and 155,662 etc., bills 2,360 silver coin £178,175,888 £178,175,888

week ended December 25: — Dec. 25.. Jan. 1. £ • 12,350,138 Deposits: Government s 8,829,208 Bankers . 71,048,531 110,297,020 Other accounts • 35,788,939 ' 37,522,803. 115,660,738 100,109,907 Securities: Government 67,123,618 81,658,618 Discounts and advances .... 22,300,076 42,170,602 Other securities 17,735,120 18,013,503 ♦Reserve 20,453,746 30,333,165 Note circulation .. 379,573,841 309,782,581 -.Coin and bullion . 140,027,587 140,115,746 ♦Reserve on January 2, 1929, was

27, and par:— ■X 1 Jan. 2. Dec, 27. Par. N. York, dol. to £ 4.8S. 4.88 7-32 4.866 Montreal, dol.-to £ 4.93-5-16 Paris, fr. to £ ‘123.91 4.92} 4.806 123.85 124.21, Brussels, bel. to £ .30.885 34.855 35.00 Geneva, fr. to £ 25.125 25.095 25.32 sAmst’dam. fl. to £ 12.09} 12.085 12.10 . Milan, lire to £ 93.21 .93.25 . 92.46 Berlin, inks, to £ 20.435 i 20.385 20.43 St’holm. knr. to £ 18.135 18.10 18.158 Chasen, knr. to £ 18.205 18.19 18.159 Oslo, kiir. to £ 18.205 18.19 18.159 Vienna, schgs. to £ 34.6(1 .34.05 35.58} Prague, knr. to £ 164} 164124.02 Hel’fors. inks, to £ 194J 194f, 192.23 Madrid, pes. to £ 36.01 — 25.22} Lisbon, esc. to£ ‘ 108.25 — i —-- . Athens, drac to £ 375 375 . 375 Bucharest, lei to £ S18 817 813,6 . Hio de Janeiro, pence to milreis — 5 7-16 —■ B. Aires, p. to dol. . 45 11-16 47.57 Calcutta, p. to rup. — — 18 Shanghai, p. to tael — 25} —— H.-Kong, p. to dol. —' 10} — Y'hama., p. to yen 24 3-10 24 3-32 24.58 Batavia, fl. to £ '12.13} : 12.10 —

follow: — - VariaPrice. tion £ 8. d. i; s. d. Consols, 24 p.c., 53 0 0 10 of Fund. Loan, 4, 1960-90 85 10 0 6 3y /"■ War Loan, 5, 1929-47.. Conversion Loan, 3£ .. 100 5 0 10 or 74 5 0 or Victory Bonds, 4 91 10 0 same Com’wealth, 54, 1922-47 91 2 6 5 0* Confwealth, 6, 1931-41 99 0 0 o 0* Victoria, 3, 1929-49 .. 66 0 0 12 6t Victoria, 34 f 192JN49 ,. 70 ' 0 0 15 0* Victoria, 5j, 1930-40 .. 97 0 0 3 9* Victoria, 5, 11132-42 .. ’90 1 3 - 13 9* Victoria, 4j,- 1940-80 .. 84 2 6 2 6t . N.S.W., 4, 1933 91 7 6 5 o.N.S.W., 3, 1935 .;.... 84 15 0 13 Of N.S.W., 3», 1930-50 .... 69 15 0 7 6* N.S.W., 5J, 1922-32 .. 97 10 0 7 6t N.S.W., (if, 1930-40 ... 98 10 0 o 10 0* ’ N.S.W., 0, 1930-40 .... 97 15 0 y 0» Q’land., 3J, 1930 .• 98 5 0 1 37 Q’land., 3. 1922-47 .... 66 15 0 1 5 ii* Q’land., 0. 1930-40 ... 97 0 0 2 0 0* N.Z., 44, 1949-58 92 17 6 o 6t N.Z.. 3», 1940 85 15 0 y 07 N.Z., 3, 1945 77’10 0 12 6+ •N.Z., 0, 1936-51 102 5 0 2 5 0‘ S. Austr., 3A, 1039 .... 81 0 0 y 0* S. Austr., 3, 1910/at’ter 54 10 0 y 0* S. Austr., 64, 1030-40 99 '0 0 2 0 0* Tasm., 31, 1920-40 .... 80 0 0 10 Of Tasm., 3,, 1920-40 .... 76 0 0 1 0 Ct Tasm., 61, 1930-40 .... 09 0 0, 2 0 o w W. Austr., ,3J, 1929-35 8IS 10 0 1 r. 0‘ W. Austr., 3, 1915-35 86 0 0 lb • ot W. Austr., 6. ... 1930-40 tHighcr.- * 98 O' Lower. 0 tame

those of previous weeks: — Dec. 19 Per lb. ■Tan. 2 Per lb. : ■ ■ y.- : ■ . Dec. 12 Per lb. Sixty-fours 32(1. 31(1. 31(1. 30(1 29d. 29(1. Fifty-sixes .... 25%d. 24%d. 24%d. Fifties ' 21 2oy 2 (i. 21(1. Forty-sixes 19%d. 18’/j(l. 18(1. Forties IS’/jd. 17%d. 17%d.

purposes of comparison:— Dec. 30. Per ton. Jan. 2. Per ton. £ 8. d. £ s. d. Copper— Standard, forward 67 5 0 71 8 9 Standard, spot ... . 66 10 104 70 1 3 Electrolyti 82 10 0 83 0 0 to S3 10 0 83 15 0 Wire bars 83 10 0 83 15 0 Lead— . Spot 21 13 9 21 8 9 Forward ' f 21 10 0 21 10 0 Spelter— Spot 19 16 10} 19 15 0 Forward 20 7 6 20 7 0 TinSpot 175 3 9 180 6 3 Forward 178 13 9 183 13 ■J Silver— Fine, per oz 215 -16d. 21 5-8d 23 3-8d Standard, per oz. . 23d.

. Return per cent, as at Jan. 17. Dec. 19. £. s. d. £ s. <1. Loan — 1033 per cent. per cent. C’wealth, bi P-c., 5,4 3 5 17 5 Ditto, Bi, p.c., 1031 5 4 6 5 16 2 Ditto, Bi p.c., 1941 5 5 3 5 13 9 Ditto, 6 P.c., 1930 5 11 5 15 1