FINANCE AND COMMERCE.

Dominion, Volume 23, Issue 104, 27 January 1930, Page 14

FINANCE AND COMMERCE.

STOCKS AND SHARES

A WEAK MARKET BANKS STILL EASING The tendency of the sharemarket during the past week towards lower values has naturally checked buyers, and this is particularly the case in Wellington. Shares bought one day, because they looked cheap, declined the following day, and investors cannot be attracted to operate in a falling market. Gilt-edged, fixed Interest-bearing securities were slow of sale, but values showed very little change. There were ,, transfers of the di per cents, at and £99/15/-, and the 5i per cents. (1933) changed hands at £9O/5/-. Isew Zealand Refrigerating 6J per cent, debentures (1935) were sold at £O6. .... There was considerable trading in bank shares, and here the tendency for prices to decline was marked. The turnover in Commercial Bank of Australia was larger tliau in any .of the others. At the beginning of the week they were sold at -*/u, falling gradually to 23/- and then improving to 23/6 or 1/- below the opening sale of the week. The rights to the new issue shares of this bank changed hands at -/« to 1/9, from which it seems that many entitled to apply for the new shares are . unable or unwilling to take them up and are disposing of the rights for what they , will fetch. English, Scottish and .Australian Bank sold at £6/18/-, £6/18/6, £6/19/6 and £6/17/6; Australian Bank of Commerce at 26/10, 26/8 and 26/9; Union Bank at £l-, £ll/18/-, £ll/17/- and £ll/16/-; Bank of New South Wales at £4O/17/6, £4l, L4O/ 15/- and £4O/12/6: Bank of New Zealand at 57/7, 57/-, 58/-, 57/6 and 56/6; National Bank of New Zealand at £6/8/6; and National Bank of Australasia, £5 paid, at £7/16/9. Insurance and linance. A small business was done in insurance shares, for which prices kept fairly stcadv. New Zealand Insurance were transferred at 44/6. South British Insurance at 60/6 and 60/-, and Standard Insurance at 61/-. In the financial section there was heavy traffic in Goldsbrough, Mort and Co., but values showed a downward trend. The first sale of the week was at 32/6, and then they dropped 2/to 30/6, eventually falling to 30/-. In the previous week they were sold at 30/-. Dalgetv and’ Co. changed hands at £l2/o/and £l2/6/6, and New Zealand Guarantee Corporation, ordinary, at 8/6. A patchy business was done in other listed shares, except brewery shares. Staples and Co. were very active owing to the announcement of the dividend, and about twenty parcels changed hands at 55/3 to 55/6; New Zealand Breweries were transferred at 88/- and 87/3, and Tooth s Brewery at 40/6 and 40/-. Auckland Gas had quittance at 24/10, Westport Coal at , 30/6, Mosgiel Woollen at £7/10/-, and New Zealand Refrigerating. 20/- paid, at 11/-. 10/9 and 10/5, and 10/- paid at 5/1 and 4/11. A moderate business was done in miscellaneous shares, Mount Lyell receiving particular attention, sales being recorded at 36/10, 37/-, 36/3, 35/-, 30/3 30/2 ami 35/1; Wilson’s Cement at 40/9, 41/- and 40/3; British Tobacco and 44/3; Herald and Weekly Times (Melbourne) at 98/-; New Zealand Farmers’ Fertiliser at 22/1; Farmers’ Auctioneering, "B” preference, at 17/-; Dunlon Rubber at 21/9 and 21/6; Dominion Pictures, preference, at 21/-; Hill and Plummer at 21/6, and Newton King nt 11/6. Electrolytic Zinc, preference, sold at 32/-. WELLINGTON EXCHANGE SATURDAY’S QUOTATIONS

GOLD AND SILVER (Kec. January 26, 5.5 p.m.) London, January 25. Gold.—B4/11 i per ounce. Silver.—Spot, 20 0-lfld. per ounce; forward, 20 3-8(1. peroz. ■ In the first week of the current month the price of silver fell to below 1/9 per oz., the actual price in London for spot silver on January 7 was 20 11-16 d. per ounce; thus for the first time in-many years the metal has gone so low. The highest price for silver in recent years was 7/5} an ounce In 1920. in which year the average price was 5/ "per ounce. ' The average declined to 3/- in 1921, and It has declined steadily ever since then. The principal reason for the recent decline in silver prices is the diminishing use of the metal as a standard of currency in favour of gold. Japan having adopted the gold standard as from January 11 the only important nation with a silver standard of currency is China, and the lessened demand for silver is reflected in the depreciation of the tael in terms of sterling. AUCTION SALES to-day. nimn Strppt 1.30 p.m.—‘Sale of Household Furniture (C. W. Price and Co.). Adelaide Road—Sale of Co )' etc.. Machinery (Ramsey Wilson & Co ). Stortford Lodge Saleyards. 11 "•‘ l ® of Maraekakaho Stud Sheep (Dalgety & Co., Ltd.). ... Ekctahnna Saievards, Noon. —Cattle lal (N.Z. L. & M. A. Ltd.). TO-MORROW. Pahiatua, I.3o.—Sale of Land, a/c Nicholson (W.F.C.A.). WEDNESDAY. 14 Brandon Street, 2.30 p.m.—Sale of Land and Property, Miramar (H. E. Leighton, Ltd,). 14 Brandon Street, 2.30 p.m.—Sale of Land, Hutt District (H. E. Leighton. Ltd.). Plpltea Wharf.—Sale of Public Works Surplus Goods (J. D. Davidson). Johnsonville, 1 p.m.—Fat Stock Sale. Farm Woodlands. Colyton, noon—(Sale of Stock-in-trade of Furniture (A. & W . Ltd.). 246 Lambton Quay. 2 p.m.—Sale of Antiques (McKenna & Co.). Colombo Road Yards, Masterton, 10.30 a.m. —Stock Sale.

DEAUNGS ON ’CHANGE

SATURDAY’S BUSINESS DOMINION SALES SE

FOREIGN EXCHANGES (British Official Wireless.) (Rec. January 25, 5.5 p.m.) Rugby, January 24. The following rates on foreign exchanges are current to-day, as compared with the cabled quotations on January 21 and par;— Jan. 24. Jan. 21. Par. N. York, dol. to £ 4.86} 4.86 23-32 4.866 Montreal, dol. to £ 4.914 4.92} . 4.866 a Paris, fr. to £ 123.89 123.91 124.21 Brussels, bel. to £ 34.935 34.95} 35.00 Geneva, fr. to £ 25.185 25.19} 25.22 Amst’dam, fl. to £ 12.10} 12.10} 12.10 Milan, lire to £ 92.99 92.97} 92.46 Berlin, mks. to £ 20.365 20.37 20.43 St’holm, knr. to £ 18.13 18.135 18.159 C’hagen, knr. to £ 18.195 18.195 18.159 Oslo, knr. to £ 18.215 18.215 18.159 Vienna, schgs. to £ 34.60 34.615 35.58} Prague, knr. to £ 164* 164 } 24.02 Hel’fors, mks. to £ 193} 193} 192.23 Madrid, pes. to £ 37.345 37.77} 25.22} Lisbon, esc. to £ 108} 108} — Athens, drac to £ 375 375 375 Bucharest, lei to £ 818 818 813.6 Rio de Janeiro, pence to mllrcis 5} 5 15-32 , — B. Aires, p. to dol. 45 ' 45 1-16 47.57 Calcutta, p. to rup. 17 29-32 17 29-32 18 Shanghai, p. to tael 24 24} — H.-Kong, p. to dol. 18} 19 — Y’hama, p. to yen 24 9-16 24 7-16 24.58 Batavia, fl. to £ 12.13 — 12.10 HIKURANGI COAL CO. NET LOSS OVER £21,000 Dominion bPECiAi Servicf Auckland, January 23. The thirty-sixth annual report of the directors of the Hlkurangl Coal Company Limited shows that the net loss sustained by the company for tlie year ended December 31 was £21,035/11/6. Regret is expressed that the balance-sheet is such an unfavourable one. As shareholders were aware, it was due to the sudden Inrush of water which took place Inst February, and the fact that it was not until just before Christmas that the inflow was finally dealt with and the winning of coal resumed. With the additions made to the electrical and pumping power it was expected that the mine would be in a position to cope with a very much greater quantity of water than was 'now being dealt with, or might be anticipated. The offer of debentures last June was very, favourably received, and since the close of the year the balance had been placed, which made the total debenture issue £30.000. On the 7 liabilities side the balance-sheet i shows share capital at £70.000. and debentures issued nt £25,500. Debts due by the comparty total £14,265, a reduction of £l4B. On the assets side, mine property and land are unchanged at £3303. mining plant and buildings are £57.593 against £55.39(1: shafts unchanged at £19.514; works unchanged at £11.507; debts due to the company £97, against £5034. The profit and loss'account shows sales at £BlO9, compared with £103.581. which was a record for the company. In 1926 a heavy inrush of water caused a stoppage of operations, and a loss of £10.826 Jn that vear raised the deficionev to £15.356. In 1027 a net profit of £8967 was made. The dividend was passed and the whole of the profit was used to reduce the deficiency to £6389. A net profit of £9227 in 1928 completely extinguished the deficiency and left a credit balance of £2838. which has now been used to reduce list year’s net loss, caused by a secon.l flooding of the mine, to a deficiency of £18.197.

PERMANENT INVESTMENT ASSOCIATION In their fifty-ninth annual report, the directors of the Permanent Investment and Loan Association of Canterbury state that the uet profit for the year ended December 31 amounted to ±17372/9/8, as against ±17259/4/9 for the previous year. After paying the usual dividend of 0 per cent., and bonus of 1/- per share, making 0) per cent, for the year, there remained a surplus of £872/9/8 from the year's profits, which, added to the amount brought for- | ward from last year, left a balance of £"1430/5/6 in the profit and loss account. Of this balance £lOOO ins been transferred to reserve funds, which now stand at £16,500, leaving £430/5/6 to be carried forward. . , The balance-sheet shows capital shares fully paid up £lOO,OOO, reserve funds £16,500, deposits and accrued Interest £5O 281. The assets include loans on mortgage £167.407, interest due and accrued £3029, and Government bonds £5OO. The directors retiring by rotation and offering themselves for re-election are Mr. 11. A. Knight and Mr. J. J. Thomson. LIVE STOCK MARKET FEILDING SALE At the Feildlng sale on Friday Levin and Co Ltd had a good entry of sheep and cattle,. Fat sheep sold well, but the store was very dragging. ,' 811 . ece was clearance of lambs, which were chiefly white faces, at prices in thfe purchasers favour. The ewes entered were of iinferior quality nd were neglected. A total clearance in the cattle pens was made, at prices on a par with recent sales. B.f. two-tooths. 17/6 b.f. shorn lambs. 10/6, 13/6; b.f. shorn lambs (culls), U/ U : Romney wether lambs, 10/6 to 13/6; wethers (shorn), 24/6 to 25/6: 00/ii° r f.|t 19/1; two-tooth wethersl6/6I to -0/9. Lit heifers. £10: fat bullocks, £l2/16/6. fat cows. £B/2/6 to £B/17/6; bulls, £B/18/6, £9; weancr heifers, to £4/10/-; weaner steers, 38/6; empty cows. £3/18/6. £5/17/6; three-year steers. £8 and Company Ltd. report having a good entry of sheep and a small yarning of cattle at their Fellding sale, the yarding of sheep was comprised principally of w;f. wether lambs. There was a fairly good demand for nil classes of sheep nt prices on a !>ar ’'th fumui sales*.—Fat b.f. 2-ths, 24/., 24/6. 2i>/-. A’/'l. 26/6- fat lambs. 19/2: fat ewes. 2/23; b.f. woolly lambs, 12/7. 13/10, 14/7’: good b.f. woolly rape lambs, 17/2; w.f. wether lambs, 10/-. 10/6. 10/10. 11/2. 13/6; small owe lambs. 10/2; small wether lambs, JI/-, 6/i>, 7/6; empty cows, £3, £3/10/-, £4/10/-; Jersey cross meaner heifers 3u/-, 37/6 £2/5/-: fat cows, £g £7/10/-, £ 7/12/0,< £B, £B/7/6. dannevirke sale At the Dannevirke stock sale on Thursday the Wairarapa Farmers’ Co-op. Assn , Ltd., had a fair yarding of sheep and The quality generally was not the and any lines of lambs suitable for rope were "ought after at prices slightly IJ! P mlvnnee of last week’s values. Cull 10/9 eS l77” e store fO lO/11? 14/75 rape lambs, X, ney wether lambs, 13/8. 13/-. ewe lambs. 13/-, / r-n/io/a. «tore 11/- 5/6- fat cows, £B/15/-. £6/l-/», Kjre cows, £4/6/-. £6; t! l> rint 7!?s/io/G'. B ’ £10; forward bullocks. LL-/1-/6. l ear .tears, £B/7/6; trails, 03/10- ** e ’ l3 ’

DAIRY PRODUCE

LONDON MARKET BUTTER AND CHEESE STEADY The butter market is steady, and retail prices are unchanged. After heavy buying earlier in the week, the price of cheese has Increased. The retail price is now 1/- per above report was received on Saturday by the N.Z. Dairy Producers' Board from its London office, which quotes prices as at January 24 as follows,' with those for the previous week in parentheses: — BUTTER. New Zealand, salted, 154/150/- up to 158/- (152/-, 156/-; January 25, 1929, 182/-, 184/-); unsalted, 168/-, 172/-, ex. 176/(168/-, 176/-; Jau. 25, 1929, 186/-, 194/-); Ist whey, 148/- (148/-); 2nd whey, 146/(146/-). (154/-, 156/- equals upprox. 1/3 Australian, salted, 151/-, 154/- (148/-, 152/-) ; unsalted, 154/-, 158/- (154/-, 158/-). Argentine, unsalted, 150/-, 152/- (150/-, 172/- ,( 173/- spot, 166/- f.o.b. Dutch, unsaved, 174/-, 176/- (170/-, 172/-). Siberian, 148/-, 152/- ( —.). Polish, salted, 140/-, 146/- (140/-, 146/-); unsalted, 142/-, 148/- ( —.). ■ CHEESE. New Zealaud, white, 90/-, 91/-, up to 92/- (85/-, 87/-; Jan. 25, 1929, 92/-); coloured, 88/-, 89/-, up to 90/- (83/-, 84/-; Jan. 25, 1029, 94/-, 95/-). (90/-, 92/- equals approx. 8.36 d. f.0.b.). Australian, white, 89/-; coloured, 87/-, 88/- (not quoted). Canadiau. white, 97/-, 100/-; coloured, 87/-, 88/- (90/-, 98/-). English, finest farmers’, 110/-, 116/(110/-, 110/-). Deliveries and Stocks. Deliveries of N.Z. butter during the week ended Friday, were 1600 tons, the total in store being 5980 tons, compared with 3050 tons a year ago. The deliveries of N.Z. cheese were 29,853 crates, making the quantity lu store 56,271 crates, compared with 57,000 crates a year- ago. The Rangitiki finished discharging her cheese on January 17, aud her butter three days later. The Ruapehu completed discharge of her butter and cheese on January 21. The Piako and Port Hobart completed discharging their butter and cheese on January 22, aud the lonic started discharging her cheese the same day. Deliveries of Canadian cheese for the week were 4300 boxes, the quantity in store being 156,000 boxes, as against 85,000 a year ago. Brokers’ Reports. The New Zealand Producers’ Co-opera-tive Marketing Association’s weekly cabled market report from London, dated January 24, is as follows:—Butter: Market steady. New Zealand 153/- to 156/-, unsalted 168/to 172/-; Australian, 151/- to 154/-; Argentine, 146/- to 150/-; Danish, 172/- to 173/-; Siberian, 148/- to 152/-. Cheese: Market steady. New Zealand, white 90/- to 91/-; coloured, 88/- to 89/-; Canadian, white 97/to 100/-, coloured 96/- to 98/-; Australian, white 89/- to 90/-, coloured 87/- to 88/-. Amalgamated Dairies, Ltd. (Auckland), on Friday received the following message from their London office:—Butter: Our price, Anchor, 158/-, market firm; Danish, 166/-. Cheese: White, 91/-; coloured, 89/-; market quieter. Dalgety and Company, Limited, have received the following market advice from their head office, London, dated January 24:—Samuel Page and Son report: Finest New Zealand cheese, white 90/- to 91/-; coloured, 88/- to 89/-. A. H. Turnbull and Co. have received a cablegram from their principals, W. Weddel and Co. Ltd., dated London, January 24 reading: Danish butter, 172/- (169/- to 172/-); N.Z. first unsalted. 170/- to 174/(168/- to 170/-); N.Z. first salted, 154/to 156/- (152/- to 156/-); market steady. N.Z. cheese, white, 90/- to 91/- (85/- to 87/-); N.Z. cheese, coloured, 88/- to S9/(S 3- to 85/-) ; market steady. Canadian ch«|ac, white, 97/- to IfiO/- (96/- to 98/-) : coloured, 96/- to 98/- (96/- to 98/-). Last week’s prices in parentheses.

LONDON WOOL SALES LITTLE CHANGE IN MARKET (Kec. January 25, 5.5 p.m.) .London, January 24. At the wool sales, 10,113 bales were sold, 3146 were New Zealand wools. There was a good selection of greasy merino and a few lines of scoured merino, and*a better supply of greasy crossbreds. Bather better clearances were made owing to Che lower reserves. New Zealand greasy crossbred, “Tarndale,” made lOd. to Hid.; “Teviotdalc,” lid. to 14id.; slipe lamb, “Balclutha,” 15|d. . At Thursday’s / sale, 787 bales of New Zealand wools were sold. Murray, Roberts, and Co. Ltd. received the following wool market cablegram from their London agents, dated January 24:— Greasy merino, good and superior, competition good, market shows a hardening tendency. Greasy merino, other descriptions, small demand; market shows a downward tendency. Scoured merino, best, market shows no change. Scoured merino, other descriptions, market weak. • Crossbred, greasy, poor selected offered. Crossbred, greasy medium, market firm. Crossbred, greasy coarse, advanced J yer cent. Crossbred, scoured, declined 5 per cent. Slipe, crossbred, market shows no change. Quotations: New Zealand merino, yielding 48 per cent., lOjd.; halfbred, 56’s, yielding 60 per cent., llld.; halfbred, 50’s, yielding 65 per cent., lU|d.; medium crossbred, 44’s to 46/s preparing yielding 74 per cent., 10 : |d.; medium crossbred, 44’s to 46’s, yielding 72 per cent., IOJd.; coarse crossbred, 40’s to 44’s, yielding 73 per cent., 101 d.

RAW MATERIALS LONDON QUOTATIONS (Rec. January 26, 5.5 p.m.) London, January 25. Friday’s closing prices for tlie following raw materials were as follow, those for January 11 being given in parentheses:— Cotton. —Liverpool quotation, American middling upland, February delivery, 9.11 d. per lb. (9.17 d. Rubber.—Para, B}d. per lb. (8 l-8d.); plantation, smoked, 7}d. (7 9-160.). jute,—February-March shipment, £2G 17/6 per ton (£27/7/6). Hemp.—None offering. Copra.—February shipment, South Sea, £2l/15/- per ton (£2l/10/-); plantation, Rabaul, £22 per ton (£2l/15/-). Linseed 0i1.—£44/15/- per ton (£44/5/-). Turpentine. —12/6 per cwt. (42/9). ' Osmiridiuin.—Market weak; Tasmanian. £l6 per ounce (£19); South African, £l3 10/- (£l5).

CANADIAN WHEAT POOL POLICY AND RESULTS The. policy of the Canadian Wheat Pool was announced by its general manager (Mr. E. B. Ramsay) in October. Ho stated that large quantities of wheat could have been sold to Europe in the preceding two months, but that the world situation justified higher prices than those ruling. Mr. Kamsav stated that world import requirements 'for 1929-31) were 740,000,000 bushels, compared witli 920,000,000 bushels in the previous season. When the Canadian wheat crop of 1929 came on the market prices were fiillinj? us the rsult of hcftyj supplies of Argentine wheat being available, and the Canadians declined to sell at tlie prices which were offered in Liverpool. They felt confident that the situation of tlie world supplies and the shortage of the Canadian crop made possible a policy of holding until Europe was prepared to pay a better price. Europe resolutely declined to pay the Canadian price, and the result Ims been that for weeks on end tlie export outflow of Canadian wheat, which Is usually a huge flood in the autumn, was a thin stream. The terminal and country elevators were jammed to the doors with wheat, millions of dollars of credit being tied up. Stocks of wheat nt the end of November totalled the abnormally high figure of 226 million bushels. “But whatever the ultimate outcome may be," states a correspondent, “the grain blockade has already caused a great deal of financial and economic Inconvenience, anil has depressed Canadian exchange abroad.” According to official statistics all the principal field crops of Canada have shown a substantial decline in yield for 1929, and this has resulted in a serious fall in tlie purchasing power of the rural community, which constitutes almost half the population. CUSTOMS REVENUE. The Customs revenue collected nt tlio port of Wellington on Saturday totalled £3054.

FROZEN MEAT TRADE

SMITHFIELD PRICES MARKET GENERALLY FIRM (Rec. January 26, 5.5 p.m.) London, January 25. Weekly quotations for the undermentioned classes of frozen meat, based ou actual sales of wholesale quuutities of carcasses of mutton or lamb or quarters of beef, delivered to Smithfield market, and/or ex Loudon stores, have been compiled as follows by the Quotations Committee of Smithfield Market. To arrive at the equivalent ex ship values, -jd. per lb. should be deducted Irom the average for the week, aud are not lor selected liues, but for parcels fairly representative of bulk of siiipiueuts uow ou offer:— New Zealaud Sheep.—Canterbury and North Islaud selected crossbred wethers aud maiden ewes, 481 b. to 561 b., < 3-Bd. per lb.; ditto, 571 b. to 641 b., 7 l-Bd.; ditto, 6blb. to 721 b., 6}d.; North Islaud crossbred wethers aud maiden ewes, 481 b. to 561 b., 7 3-Bd.; ditto, 571 b. to 641 b., 7 _l-Bd.; New Zealaud ewes, 481 b. to 641 b., s}d.; ditto, 651 b. to 721 b., sd. Australian Sheep.—First quality, crossbreds aud/or merino wethers, 401 b. to 651 b., 5 7-Bd.; ditto, second quality, s}d.; Australian ewes, 301 b. to 551 b., 5 l-Bd. New Zealand Lambs. —Selected North Islaud brands, 361 b. and under, 11 l-Bd.; ditto, second quality, average 311 b., 9 7-Bd.; other North Island brands, first quality, 361 b. aud under, 10}d.; ditto, second quality, average 311 b., 9 5-Bd. Australian Lambs.—Victorian, first quality, 361 b. and under, ‘J}d.; ditto, 371 b. to 421 b 9}d.; other States, first quality, 361 b. and under, 9}d.; 371 b. to 421 b., 9}d.; Victorian, second quality, 361 b. and under, Bd.; other States, second quality, 361 b. and under, 7 7-Bd.; all States, third quality, 7}tl. Argentine Lambs. —First quality, 361 b. aud under, B}d.; ditto, 371 b. to 421 b., B}d.; ditto, 431 b. to 501 b., B}d. ■Australian Frozen Beef. —Ox crops over 1001 b., 5 l-Bd. „„„„ Argentine Chilled Beef.—Ox fores, 1601 b. to 2201 b., s}d.; ox hinds, 1601 b. to 2201 b., 7 New Zealand Pigs.—First quality, 601 b. to 1001 b., 10}d.; ditto, 1011 b. to 1201 b., 10d.; others unchanged. MEAT BOARD’S REPORT. Lamb Market.—Very firm owing to light arrivals. Mutton Market.—Wethers and ewes are both firm, as stocks are light. N.Z. Porker Pigs.—Market firm. Demand is good. . N.Z. Bacoucr Pigs.—Nominal prices, St The above report was received on Saturday morning by the New Zealand Meat Producers’ Board from its London oilice, which also advises that Smithfield delivered nriees for the week ended January 23 averaged as follow, those for the two previous weeks being shoi/n in parentheses;— New Zealand Wethers and Maidens.— Canterbury quality, selected brands ofilb. and under, 7 3-Bd. (7}d., 7 l-Bd.), 571 b. to 641 b. 7 l-Bd. (7d., 6 7-Bd.), 651 b. to 721 b. 6*d. (6 5-8 d„ 6}d.) ; other brands (new season’s), 561 b. and under 7 3-Bd. (7}d., —), 571 b. to 641 b. 7 l-Bd. (7d., —), 651 b. to 7-lb. Neiv Zealand'Ewes. —641 b. and under, 51d (5 l-Bd., 5 l-Bd.). New Zealand Lambs.-Canterbury quality 361 b. and under not quoted, 371 b. to 421 b. not quoted, 431 b. to 501 b not quoted, seconds not quoted; selected brands (nbw season’s), 361 b. and under 11 l-Bd. (lie., 10 7-8), 371 b. to 421 b. not quoted; other brands, first quality (new season s>. “6R’• and under 10}d. (10 5-Bd., 10}d. , 371. to 421 b. not Quoted; second Quality, 301 b. to 321 b. average 9 7-8(1. (9}d., 9}d.). ( Australian Lambs (new seasons). Victorian, first duality, 361 b. and under J}d. (Oil., B}d.). 371 b. to 421 b. 9}d. (9d., B}d.). ( Argentine Lambs ('lew- season s). lir. t quality, 361 b. and under 8)6- (Sd., 7 7 Sd.), 3711> to 421 b. B}d. (Sd., 7}d.). 3 New Zealand Beef.-Ox fores, not quoted (4}d. t 4}d.), ox hinds not quoted (bid., 61d.); cow fores and binds not quoted. “Argentine Chilled Buef-Ox f ores s}d. (5*0., 5 3-8(1), hinds < l-Bd. (<}d., 7 3-80.). Australian Frozen Beef. —Ox crops oxer 1001 b.. 5 l-Bd. (sd„ 5d.), hinds over 1601 b. 61(1. (6sd., 61(1.)• l’nrl'pr«? ‘\w Zealand Frozen Pork. —I orkers, i“o*d. 1 (io°}d.; (10d., 106.) : baconers, 1211 b. to 1801 b. via. 5 Veal.—Not quoted. Brokers’ Advices. As compared with last week’s quotations, down lamb is l-Bd. per lb. lower; otlmcs unchanged. Mutton is l-Bd. per lb. higher, w"th the exception of heavy wethers and ewes- these are unchanged. The demand for lamb is restricted, principally on account of the high prices asked by seller and the prospects of increased arrivals. Tlie market for new season s mutton is finict Tlie above report was received on Saturda? bv Levin and Co. Ltd. from, the ir London ‘ agents, who quote Smithfield PI No e r S th S ls f land"’d7wn lambs, 281 b. to 361 b North d is?a e n’d mossbred o lambs. 2811,. ‘to 36W. 1W 36Tb to 421 b. lid.; North Island see701 b 5 1-Sd. New Zealnand prime ox beef, IGfflb. to 2201 b., none offering. LONDON HIDES MARKET (Rec. January 26. 5.5 p.m.) ' ... London. January -o. Hides.—Meatworks, dry-salted, Our®"®’ land 35/4511... 30/4011... 25/3.>1b., and 20/30 «»n 7 r >-Rd nor lb. J New South YS ales, 35/’4slb„ S*d.: 30/401b., B}d.; 25/3511.., B}d.: 00/3011. 9d. Wet salted: Queensland. 50/60 5 5-Bd.: 40/5011... s*d.; New South Wnlns 50/(»01b.. 6 3-8(1.: 40/501b., 6 *t-8(l.; Victorian abattoirs, 50/Golb., Gil.; 40/501b., 6(1. GRAIN AND PRODUCE WELLINGTON VALUES Current, values- of grain and produce, b itter, poultry, and other lines are quoted by Laery and Co., Ltd., Wellington, llS WheaL—6/8 to 7/C bushel, sacks iu for ten-sack lots or over. Smaller quantities 2(1. bushel extra. Broken wheat for mash, 1- ’oats a —Machine dressed Algerians seed 5/9, Gartohs 3/9 to 4/9, farmers dressed Algerians 4/10, rushed oats 4/11, Dun oats 5/9 bushel, sacks in. Barley.—Cape barley 5/- bushel, Chevalier 4/9 bushel. ~ , , ’ , Mixed Fowl Feed.—Tikaka brand, 6/bushel. Less than five-sack lots 0/3 bushel, sacks in. ~ , Pollard.—NZ., £lO/10/-. Less than halfton lots 10/- ton extra. Bran, £9 ton. Less than half-ton lots 10/- extra. Peas. —Crushed for fowls. 6/6 bushel. Feed peas 5/6, Partridge peas 5/9 and 6/bushel. , . , Maize.—N.Z. whole 7/2, crushed maize 7/10. Less than ten-sack lots 2d. bushel extra, Maizenieal, 8/- bushel. linseed, whole 25/-, crushed 27/6 cwt., sack lots, Meals.—Farro food, £10; barley meal, £8; nieatmeal, £l3; sucrosine, £ll/10/-; wheatmeal, £l2/10/-; pigweal, £B/5/-; peameal, £lO. Less than ton lots 10/- extra. Linseed. —Moose brand linseed meal, £l7; nuts, £l5. Less than half-ton lots 10/- ton extra. Chaff.—Prime Blenheim, £9 per ton. Smaller quantities, 9/6 per cwt., sacks in. Cow chaff, £7 per ton. Smaller quantities, 6/6 sack. Farm Produce and Poultry. Eggs.—l/5 to 1/7 per dozen. Butter. —Dairy* pats and bulk, 1/- to 1/1 per lb. Pigs.—6o’s to 90’s, Bd. to Bld. per lb. Fowls.—White Leghorns, 5/- and 4/6 per 1 pair. Black Orpingtons and heavy table breeds, 6/- to 8/- per pair. Geese.—l 4- to 16/- per pair. Turgeys.—Live or dead, 1/2 to 1/3 per lb. Turkeys.—Live or dead, 1/2 to 1/3 per lb. breeds, 11/- to 13/- pair; old, 6/- to 6/6 pair. Sundry Linen. Salt.—Rock. £6. Less than ton lots 10/ton extra. Shell Grit. —Tikaka brand oyster or pipi, five-bag lots 5/- bag. Smaller quantities, 5/6 bag. Molasses.—ln cases 2/561b. tins, 10/6 case. In casks, about scwt., 40/- drum. Mutton Birds.—Tasmanian, in casks, 300/400 birds. 7d. per bird. Black Leaf 40.—101 b. tins, 55/-; 21b. tins, 14/6; ill), bottles, 5/3 each; loz. bottles, 14/6 dozen. Basic Slag.—l7/20 per cent, and 20/22 per cent., to arrive about February, prices on application. Superphosphates. — £4/17/6 ton, f.o.r. Smart Road. Smaller quantities through store, 7/-. Blood and Bone Manure.—9/6 cwt.; potato, 8/6; bonedust, 8/6 cwt. Cowgrass.—Sack lots, Gd. Jb. Smaller quantities, 7d. per lb. Peanuts.—Java shelled peanuts, Id. per lb. Chinese, In shell, 4d. per lb. Less than [ sack lots id. per lb. extra.

Buying and selling quotations at Sattirdav morning’s call on the Wellington Stock Exchange were as 1 1 oliow:Buyers. Sellers. i s. d £ S. (J I. N.Z. GOVT. LOANS— 4J p.e. Ins. Stk.. 1938 —— 1(X) 0 0 51 p.c. ditto, 1941 ... — 98 0 0 '51 p.c ditto, 1933 ... —— 98 0 4! p.e. Bonds. 1938 ... —» 99 15 0 DEBENTURES— Gisborne Sheep Farmers — 90 10 0 BANKS— Australian Bank of Commence — 1 7 6 Commercial of Aust. (ord.) Ditto ' (rights) 1 2 6 ‘fl 3 G 0 ' 1 J LI — English, Scottish, and Australian G 17 0 7 0 0 National of N.Z — 0 National of Australasia 15 IS. (£10) ■— 0 . Ditto (£5) — 7 17. .H New South Wales ... —— 41 0 0 New Zealand o Ill 0 w 1(5 6 Ditto (long term) ... 1 G 0 1 7 3 Union of Australia .. . 11 15 0 11 17 0 FINANCIAL— Goldsbrough Mort .. 1 10 0 — Abraham and Williams (ord.) — 4 10 0 N.Z. Guaranteq Corp. (ord.) 0 8 3 0 8 7 INSURANCE— 15 National 0 0 South British —— 3 0 9 MEAT PRESERVING— Gear —— 1 3 N.Z. Itefrigcrat. (10/-) ■ ' 0 o A. Well Meat Exp. (ord.) 0 3 6 —— TRANSPORT— Huddart. Parker (ord.) — 2 0 0 Union Steam (pref.) . 1 0 1 — P. and O. def. stock.. —• 1j 0 WOOLLENWellington (ord.) ... —— 6 1 0 COAL— Wai na — 0 15 0 TIMBER— ■ i National — 0 10 0 Lwland-O’Brien ... BREWERIES- 4 - 1 8 0 — New Zealand 4 7 0 Staples and Co o 15 0 w 15 9 MISCELLANEOUS— Burns, Philp, and Co. — 1 19 6 British Tobacco (Aust.), (ord.) 2 0 3 0 Colonial Sugar — 45 0 0 Dental and Medical .. 0 13 G Electro. Zinc (pref.) . —• *1 13 0 Howard Smith (ord.) — 1 0 0 N.Z. Drug — 3 14 9 N.Z. Paper Stills .... — 1 0 0 Sharland and Co. (ord. and pref.) —— 1 1 0 Wellington Cordage . — 0 14 (J Well. Queen's Theatre AViIson’s Cement 1 3 0 —— 6, — 0 1 3 0 — MINING— 9 Mount Lyell — 1 15 Waihi —— 0 .13 8 •Cum dividend. fEX > ng) hts.

Saturday: — WELLINGTON. £ s. <1. Union Bank of Australia (two) 11 0 16 4 0 0 Wellington Meat Bxport AUCKLAND Moanataiari, 1/6 paid • • 0 1 6 CHRISTCHURCH 4 Ft 0 4 4 i) J 1 0 1 15 3 Sales reported:— . Staples’ Brewery (late sale I<ri2 15 4 Staples’ Brewery (-) ••••♦••»»• 2 15 3