FINANCE and COMMERCE.

Dominion, Volume 23, Issue 110, 3 February 1930, Page 14

FINANCE and COMMERCE.

STOCKS AND SHARES " LAST WEEK’S MARKET DOWNWARD TENDENCY The business done on the Stock Exchanges last week was up to the volume of the previous week, but again the greater pari of the transactions was in Bank shares. The tendency of values has been downwards, except in a very few cases, and movements have been somewhat erratic, indictating that values have not yet stabilised. Rather more business was done in Government and other stocks and bonds. Government 41 per cents. (1038) changed hands at £99/5/- and £O9/7/0, and the 5J per cents. (1033) at £OB /15/-. Auckland Harbour Board 51 per cents. (1037) were transferred at £9O. and Christchurch Drainage Board 5*J per cents. (1938-73) at £lOO. During the week there were two sales of Glaxo GJ per cent, debentures (1045) at £Ol. The Decline In Banks. A good business was done la Bank shares, particularly Commonwealth Bank, Bank ot New {South, Wales, and Bank of New Zealand. Commercial Bank ordinary smil steadily at 22/9 down to 22/3 cum. dividend of 74 per cent. (Od. per share), payable on Friday. The rights to the new issue of shares, which must be exercised by the end of the month, sold down to 1/1 and up to, 1/4 Bank of New South Wales were transferred at £4O at the beginning of the week, and after two sales at that price they began to decline, and dropped as low as £3B/10/-, recovering to £3B/15/-, at' which price the yield is about £5/3/3 per cent. Bank of New Zealand met with fair business, but the prices varied from 55/9 down to 04/9, recovering to 55/6. National Bank of New Zealand sold at £6/0/-, or 2/6 less than in the previous. Week. Union Bank, ex divi(lend, were sold at £lO/17/6, £ll and —lO 18/-. Bank of Australasia were transferred at £ll/13/- and £ll/10/-, and Australian Bank of Commerce it 24/- and 23/11. hng-i lish, Scottish and Australian Bank have declined rather heavily, the course of sales during the week being £6/16/-, £6/14/3, and £6/9/-. In tlm previous week they wore sold as high asl £6/19/6. In the financial section, except for com-: parativelv good business in Goldsbrough Mort, and Co. at 30/- and 30/3, there hns been verv little doing beyond a sale of New Zealand Guarantee . Corporation, ordinary. at 8/6. and another of Dominion In- . vestment at 20/3. South British Insurance at 59/6 provided the only sale in the Insurance list, and the price shows a slight decline on the previous week. New Zealand Refrigerating, 20/- paid, changed hands at 10/6. Gas, Shipping and Breweries. Gas shares were in good demand during the week, but there was not a great deal of business passing. . Auckland Gas were transferred at 24/6, Christchurch Gas at ■26/7J. 26/6, and 26/9, and Wellington Gas at 30/6. For the first time since the opening of the year there were dealings in Shipping shares. P. and O. deferred stock '■changed hands at 48/6, and Devonport : Steam Ferry at 23/-. There was a break in ' the dullness of coal shares, with a sale .of Westport Coal at 29/6. New Zealand Breweries disclosed a pro’nounced downward tendency, selling at • 83/-, 81/-, and 79/-, with buyers offering ■75/-. Staples and Co. were steady with ■sales at 55/6. The directors of Staples and Co. have announced a dividend, but the amount of the dividend has not been published. Tooth’s Brewery (Sydney) changed hands at 40/3. In the Miscellaneous Section there was a moderate business. British Tobacco, which .are now ex dividend, sold at 39/7 and 40/-. Wilson's Cement were transferred at 40/-. Hill and Plummer at 21/-. and Robinson’s Ice Cream at, 24/3. For Farmers’ Trading Company 8/6 was paid. Electrolytic Zinc preference were inclined to ease, and changed hands at 30/9; and 30/-. -Mount Lyell shares were the “best sellers” ot the week, quite a number of sales being registered nt 33/2 to 35/7. There was a single transaction in Walhi Mining shares at 13/0. WELLINGTON EXCHANGE SATURDAY’S QUOTATIONS Buying and selling quotations at Saturday morning’s call on the Wellington Stock Exchange were as follow’

SEARCH FOR OIL The Taranaki (N.Z.) Oil Fields report issued for January 30 is as follows:—Gisborne No. 2 well; Cemented oft’ leak in »t-lnch diameter casing yesterday. Expect to resume drilling Sunday. Tlie Blennheim Oil Well Reclamation Company, Limited, issued the following report for the week ending January 25:—The bore Is now reamed to the bottom of the pilot hole, namely, 1627 feet. Continuing to drill the bore to full size, 61in, by the rotary process of drilling.

DEALINGS ON 'CHANGE SATURDAY’S BUSINESS DOMINION SALES The following 4ales were reported on the Stock Exchanges of the Dominion on

NATIONAL MORTGAGE AND AGENCY CO. NEW SHARE ISSUE In a circular to shareholders, dated Dunedin, January 30, 1930, tlie general I manager of the National Mortgage and Agency Company of New Zealand, Ltd., states: On July 29, 1914, the capital of the company was increased to £1,500,000 by the creation of 250,000 preference shares of £1 each (carrying the right to a fixed cumulative preferential dividend at the rate of 6 per cent, per annum and to priority of repayment of capital and accrued dividend over the ordinary shares in. a winding up), and of 25,000 new ordinary shares of £lO each. The said new ordinary shares have since been Issued and paid up to the extent of £2 per share like the previously issued ordinary shares; but the said preference shares have never been issued, and these have by ( a special resolution of the company passed on January 15, 1930, been now converted into £1 ordinary shares. The £lO ordinary shares will in future be known as A ordinary shares, and the £1 ordinary shares as B ordinary shares. The directors have now decided in accordance with the resolution passed at the above-mentioned meeting to offer IJo.OOO of the B ordinary shares to the shareholders at a premium of fifteen shillings per share, In the proportion of one B ordinary Jihare for every £lO A ordinary share Ireld. The payments to be made by applicants for the shares now offered will become due as follows: — £0 10 0 per share on application. 010 0 per share (including ss. prepremium) on allotment, on February 26, 1030. 015 0 per sare (including 10s. premium) on March 31, 1930. £1 15 0 . The directors have the right to dispose of any shares not taken up. in response to this offer to such persons on such terms (but not at a less premium than fifteen shillings per share) and in -such manner as they may think expedient. FERTILISER SUPPLIES NEW WORKS AT DUNEDIN In this issue appears an announcement concerning the formation of the Dominion Fertiliser Company, Ltd., which is buildng an up-to-date fertiliser manufactory at Dunedin. The capital is £300,000. The proposed works will be the only fertiliser factory in New Zealand with deep-water berthage facilities, enabling delivery of raw materials direct from the ship’s hold. It is stated that the directors have the assurance of the British Phosphate Commission that supplies of raw material will be available at same prices and terms, as apply to other manufacturers; and sulphur supplies are also assured. The board state that the contract for the erection of the works and plant ensures-, a '.fixed, cost and no extras. Expert and capable supervision of the works has been arranged for. The chairman of directors is Mr. R. Hudson, and the board comprises business men and farmers of wide experience. The company’s offices is at Security Buildings. Stuart Street, Dunedin. Particulars of the share issue may lie obtained from Dymbck, Mac Shane, and Sclauders, 13 Grey Street. Wellington, or any. member of a stock exchange affiliated witli the Stock Exchange Association of New Zealand., SYDNEY SHARE VALUES Sydney, February 1. The weakness which has characterised' the investment market of the Stock Exchange lately was further evidenced yesterday when Barrier mining shares were lower, and also tin and gold ventures. Taranaki Oil shares were 1/- down at 3/11. and Colonial Sugar shares receded by 7/6 to £42/17/6. ■ THE WOOL MARKET LONDON SALES London, January 31. ■ At Thursday’s wool sales 6169 bales were , sold, 1986 beiug from New Zealand. To-day's offering comprised 6886 bales, ot which 733 were from New Zealand. There was a good selection of greasy Merino, principally super style spinners’ sorts. The market, continues firm at late rates. New Zealand greasy crossbred, Pustai, lid., 12u. Murray, Roberts and Co., Ltd., are in receipt of the following cablegram from their London agents, dated January 31.— Greasy Merino, .best descriptions, par to 5 per cent, advance: crossbred greasy, opening fates arc barely maintained; crossbred scoured advanced 5 per cent.; all other descriptions of wool, market firm. AUSTRALIAN POSITION Melbourne, February 1. Owing to a further decline in wool values this week, arrangements have been made for a joint meeting of the Australian Wool-growers' Council and the National Council of Wool-selling Brokers in Melbourne next Wednesday to review the positio.n II Is likely a further curtailment of offerings will be discussed. The sales in Adelaide have been postponed. Growers are very dissatisfied with the present position and would welcome any proposal for restoring confidence in the market. Sydney, February 1. The total amount ot .wool sold this week in Sydney was nearly 24.00(1 bales. Prices declined 10 to 15 per cent. . DUNEDIN WOOL SALE The second Dunedin wool sale of this season will take place to-morrow, when the following catalogues will be offered: — Bules. Donald Reid and Co 2913 Otago Farmers’ Co 160 S National Mortgage Company 4161 New Zealand Loan Company ...... 1501 Wright. Stephenson and Co. ........ 6253 Stronach, Morris, and Co 1566 Dalgety and Co. -. 4921 Total 22.923 At, the second sale in Dunedin last year 27,200 bales were offered. PRICE OF SILVER LOWEST ON RECORD British Official Wireless. (Rec. February 1, 5.5 p.m.) Rugby. January 31. Tim price of sliver to-day fell 3-Bd. to 1/8 per ounce, which is the lowest price I iiehcd. The Chinese markets are closed tortile New Year holidays, and no «I!OD rt Is being received from that quarter, \vhlle the Continent and America have been freely selling the metal.

FROZEN MEAT TRADE

SMITHFIELD MARKET VALUES FIRM ALL ROUND ißec. February -• 5.5 p.m.) x-oudou, 1' ebruary 1. Weekly quotations lor lue uudeimeulioned Classes ui h ~eu meat, based on actual snares oi quantities ui carcasses oi mutton or laiuo, or quarters of beer, delivered to jSimtnnelU market, and/or ex London stores, nave ueen compiled as roiluns toy uie committee ul omuhucid Aiarxd. xo arrive at me equivalent ex snip vuiues, -jL. pel- in. sbouiu uc ueuucteu iruui rue average lor me veek, and arc not lor seieetcu lines, nut lor parcels Xairiy representative or bulk vi uUipniuuts now on oner:— mw Zealand onuep.-Canterbury auu Norm isiand seiecLeu urossoreu wetners and maiuen ewes, dti/abib., per lb., uitio, ui/oiw.j <id.; unto, bo/ 1 -in., b 7-bU.; jsurin isianu erussured wetners and maiden ewes, tio/abiu., <su.; ditto, oi/biib., «IU.; ditto, ba/ 6 ; remand ewes, to/uiio., a b-Bd.; Ga/i-iU., ad. Australian ’oneup. —x irst quality, crussbreus auu/or menno wetners, 4v/oaib., b 1-BU.; ditto, second quality, 3U/oalb., a (-BU.: Australian ewes, JO/aaib., aid. Argentine- Sheep.—hirst quality, crossbred wethers, ab/041b., U|d.; ditto, over 721 b., 5 u-bd. . , . New Zeaiaud Lambs.—bciected North Island brands, second quality, average not offering; other .oori.li Island uruiids, second quality, average, 311 b., not offering. Australian immbs.—V ictormn, first quality, 361 b. and uuuer, 9 o-Bd.; ditto, oj/4-lb., 0 u-Bd.; other States, first quality, JUlb. and under, 9 3-Bd.; ditto, 37/421b, 9 3-Bd. Argentine Lambs. —First qualit), “mband under, B,}d.; ditto, 37/421b, B}d.; ditto, Chilled Beef.—Ox l6O/ 2201 b, 5 3-Bd.; ox hinds, 160/220111., <d. Now Zealand Pigs.—First quality, 60 1001 b., lid.; ditto, 101/1201b., 10{d.; prime baconer pigs, 121/1801b., 9Jd. Meat Board’s and Other Reports. Lamb market: Very firm owing to small arrivals. Mutton: Small stocks ot botli wethers and ewes keeping market very firm Beef:-Good demand; market steauj. N.Z. porker pigs: Market keeps firm, with good trade. N.Z. baconer pigs: Nominal P The'above report,'dated January 30, was received on Saturday morning by the: Nev Zealand Meat Producers Board from its London office, which <l u , otca . a l’P'° x ’ ma I t < ; average prices realised for the week the same as the foregoing Press Association cable message, but with the following additl°N.z:.- ’ Lambs.—Selected North Island brands, Including Downs, 301 b. and itterV^h l^Ll°and r -b/an R ds, S 'fi n rst quality: 1001 b , 5 1-Sd.; ox hinds, over 1601 b., 64d. N.IA Beef—Not quoted. T nvin null Co. Ltd., have received the following cable from their London agents, da Frozcn n mcat quotations (pices on a “delivered” basis, i.e. including storage charges, cartage, market tolls, cte '.'2 / „„.. North Island Down lambs, 28/361b., 36/421b„ 11 3-Sd. per lb. . Best North Island crossbred lambs, -8/36 lb., 30/421b., lid. North Island second quality lambs, average 30/311b.; none offering. Best North Island wether sheep, under 481 b. Bd. per lb., 48/561b. 7-Jd., 06/641b. 7Jd., 61/721b. 6 7-Bd. r r North Island ewes, under 481 b. o o-Bd., 48/561b. 54d„ 56/6411). 5 3-8 d ;, 61/721b 516New Zealand prime ox beef, 160/2-olb., none offering. t n As compared with last week s quotations, lamb is unchanged. Best North Island wethers under 481 b. |<l. per lb. higher; others unchanged. Ewes, 1-8(1. per. Id. higher. The market for lamb is steady. There is a fair demand for mutton at ruliug prices.

PRICE OF CORNSACKS

MILLERS AND MERCHANTS

As a result of a difference of opinion between grain merchants and flour millers over the price of cornsacks for this season's harvest, millers are entering the field as sellers of cprnsacks direct to those farmers whose wheat is consigned to their repectlve mills, whether direct or through merchants, says the Christchurch "Times."

The position has arisen through the recent fall in tlie Calcutta jute market. Most of the merchants bought their supplies of sacks at various stages through the year, ou, an average basis which, it is stated, would require them to sell to farmers at 1/2 a sack, new, in order to cover their buying. Most of the orders were filled before November. A shipment arriving that month from Calcutta would have had cheaper sacks on board, owing to a decided fall in the jute market. Had merchants bought all tlv’lr supplies at the last moment, and after the fall, they would probably have been able to hand them on to farmers at 1/1 each, instead of 1/2. This would have nieayt that farmers would have received lid. back from the merchants as the price ot the used sack when the wheat was delivered, twopence being the usual deduction for use of the sack. Millers, who received the sacks of wheat from the merchant, would have been called upon to pay lid. for each Sll Th'e millers’ viewpoint is that they should not be called upon to pay more than Hd. for used sacks, as such is tlie present market' value for this season if supplies could be obtained from Calcutta In time for harvest. Millers contend that it merchants credit the farmer witli only I’d. for used sacks, having sold them new at 1/2, the merchants are making a profit of 3d. a sack, instead of the usual 2d. They do not want to see tho farmer, suiter;’and therefore will sell what'supplies tliev have, or are able to get, at 1/1. h urther, if tlie merchant sells to the farmer at 1/2 and charges him only twopence for tlie sack, tlie miller will be called upon to pay 1/- for used sacks, which is Id. above the present value. The. miller, it is urged, should not have to bear tlie brunt of whaIs described as poor buying by the merchants. i

METALS MARKET COPPER AND TIN UP

AUCTION SALES TO-DAY. McKi-m.ie Tec, LJO.-Siile ot Furnishings (E. Juiinson & Co.). .lohiison. Jic, p.m. r».cep I’Rir. Pou-'aroa, 11 a.m.—l■»reserved ( learmg Sale (W.F.C,.. Ltd.). Shannon Stock Sale. 237 Culm St, 1.15 p.m.—Stuck ami loments of Wood’ll Gramophone Shop (Silverton & Co.). / TO-MORROW. Tauimirunui, 10 mm.—Sale of Property (Dalgety ami Co.). Levin Stock Sale. Pahiatua Stock Sale. WEDNESDAY. Upper Hutt, 1 p.m.—Stock Sale. 111 . lelbourne Road, 1.30 p.m—Sale ot Furniture (Rumsey Wilson & Co.). Panama St, 2.30 p.m.--Sale of Propeity J. W. Foster & Co.). Main Street, Otaki, 1.30 p.m.—.Sale of Furniture and Fish Restaurant (E. K. Woodrofe). 174 Lmnblim Quay, 10.30 a.m.—Sale ot Irish Linen (Kingswny Ltd.). Allen : . , 11 a.m—Sale of Salvaged Mercimmlise (Townsend Paul). Johnsonville Fat Stock Sale. CUSTOMS’ REVENUE. The Customs revenue collected at the I’ort of Wellington ou Saturday totalled £2398.

DAIRY PRODUCE

LONDON MARKET BUTTER AND CHEESE STEADY The butter market is quiet, and the cheese market steady, with retail prices unehanged. The above report was received on Saturday morning by the New Zealand Dairy Producers’ Board from its London office, which gives current quotations as at January 31, with those for the previous week in parentheses, as follow: — BUTTER. New Zealand: salted, 151/- to 154/- (lu4/to 15(1/-; February 1. 1929, 181/- to 184/-); unsalted, 168/- to 172/- (168/- to 172/-; February 1, 1929, 186 s. to 190/-) ; first whey, 146/- (148/-) ; second whey, 144/- (146/-). Australian: Salted. 150/- 152- (151/to 154/-) ; unsaltcd, 152/- to 156/- (154/- to unsaltcd, 148/- to 150/- (150/to Da°nish’: 165/- f.0.b., 172/4 spot (IG6/- to Dutch: Unsalted, 182/- to 184/- (174/- to Iberian: 150/- to 152/- (148/- to 152/-). Polish, 140/- to 146/- (142/- to 148/-). CHEESE. New Zealand: White, 90/- to 91/- (90/to 91/-' February 1, 1929, 92/-; coloured 88/- to 89/- (88/- to 89/-; February 1, 1929, White, 89/- (89/-); coloured, 86/- to 87/- (87/- to 88/-). Canadian: White, 9(1/- to 100/- (97/- to 100/-) ; coloured, 06/- to 98/- (9i/- to 98/-). English: Finest farmers, 110/- to 1-0/-(110/- to 116/-). Deliveries and Stocks. Deliveries of New Zealand butter during the week were 1310 tons, the total in store being 6240 tons, compared with 3600 tons a year ago. Deliveries of New Zealand cheese last week were 28.237 crates, the total in st °re being 75,258 crates compared with 63,500 crates a year ago. The lonic completed discharging her cheese on January 23, and her butter on Januuaty 28. Ihi. Plako linlslied discharging her cheese on Tnnuary 25. The Taranaki started discharging her cheese on January 28 and her butter next day. , . n ~ Deliveries of Canadian cheese during the 'ndnii Friday were 6305 boxes, the total quantity in store then being 149,943 boxes with 81,083 a year ago. Agents’ Reports. The New Zealand Producers’ Co-operative Marketing Association’s weekly cabled market report from London, dated January 30, is as follows :-Butter: Market <l™ . Ne'v Zealand, ( 152/- to 154/-; uasaM, 168/- to 172/-; Australian, luO/- to . tine, 146/- to 150/-; Danish. 168/- to 170£, Siberian, 148/- to 152/-. Cheese: Market steady. New Zealand, white 90/- to 01/-, coloured, 88/- to 89/-; Canadian, white 96/to 08/-; coloured, 96/- to 98/-; Australian, white, 88/- to 89/-; coloured, 86/- to 87/-. Amalgamated Dairies, Limited, report having received the following market cable from their London house dated January 30;—Butter: Anchor. 156/-; market steady; generally. 154/-: For finest, after sales, 152/- to 153/-; Danish. 166/-, f.o.b. Cheese: White 90/-, coloured 88/-. Market quieter, but firm. , , , M. A. Eliott, Ltd., have received the following cabled advice from their_ London agents:—Butter: Steady; 151/- to 154/-; unsalted, 168/- to 170/-. Cheese: Steady, white, 90/- to 91/-; coloured, 88/- to 98/-. DAIRY PRODUCE EXPORTS BUTTER FOR HALIFAX Three shipments of dairy produce left the Dominion during last week for Halifax, London, and West Coast U.K. ports, totalling 174,206 boxes of butter and 38,569 crates of cheese. The Federal liner Surrey, which'sailed from Auckland on January 25, took a very large shipment of butter, totalling 107,163 boxes, all of which was for Halifax, with the exception of 100 boxes for Jamaica and 990 boxes for London. The Federal liner Kent, which sailed on January 29, took 23,705 boxes of butter and 20,652 crates of cheese for London and 2527 boxes of butter and 5313 crates of cheese for West ot England ports. The C. and D. liner Port Sydney, which sailed front Napier on Friday, took 40,811 boxes of butter and 12,604 crates of cheese for London. LIVE STOCK MARKET CARTERTON PRICES / At the Carterton sale on Friday the Walrarapa Farmers’ Co-operative Association Ltd offered a big yarding of sheep,' cattle, and pigs. Competition was good for all lots, and a total clearance was made at prices on a par with recent markets. Fifty-five m.s. lambs, 17/9; 47 med. ewe lambs, 16/6; 84 good b.f. lambs, 17/1; 33 do., 16/10; 15 do., 18/-; 133 medium b. f. lambs, 15/3; small b. f. lambs, 12/-, 11/4, 11/-; 8 forward wethers, 23/9; 20 b. f. twotooths, 21/6; 10 do., 19/3; 108 s.m. ewes, 15/6; 59 aged ewes, 9/8; 8 fat ewes, 15/10; springing heifers, £B/10/-; weaners heifer calves, £3/5/-, £2/17/-; store cows, £5 12/6; heavy potter bulls, £l3/10/-, £l2 15/-, £l2; light bulls, £O/15/-, £6/10/-, '£({; heavy porkers, £2/8/-, £2/11/-, to £3; light porkers, 32/- to £2/5/-; slips, 24/- to 27/6; weaners, 22/-. OTAKI SALE At Otaki last Thursday, Dalgety and Co. Ltd. held their usual stock sale, when they offered a small entry of cattle to a fair attendance of buyers. Values gener’all.v were on a par with recent sales. The following is a range of prices realised:— Yearling heifers, small, £>/!/-; 18 months coloured steers,. £4/7/-; • weaner Jersey cross heifers, 37/-; light fat cows, £6; store cows, £3/19/-. UPPER HUTT SALE At Upper Hutt on Thursday Dalgety and Company had a large yirdlng of cattle and a small yarding of theep. All lines of cattle met with a ready sale at late rates, a good clearance being effected. Fat two-tooth ewes, 26/3; fat hoggets, 21/6; fat wethers, 27/-; prime bullock's, .£l5; light-weight bullocks, £ll/10/-; jat cows, £7 to •£B/15/-: forward cows, £5 to £5/10/-; store cows, £3/10/- to £4/5/ ; yearling heifers, £3/17/6 to £4/5/-; twovear empty heifers, £6 tn £7/2/6; springing cows, £ll/15/- to £l3/10/-; springing heifers, choice, £l5; Potter bulls, £ u. AT HUNTERVILLE At Hunterville on Tuesday Abraham and Williams, Limited, had a good yarding of sheep and cattle. Prices generally were slightly easier than recent values, but most of the yarding found new owners. Fat ewes, 16/10; , fat wethers, 25/- to 27/-; woolly b.f. limbs. 10/8, 11/7 to 13/6; ewe lj.nibs, 12/7: wether lambs (small). 0/4; cull lambs. 5/3 to 8/8; forward ewes, 8/1 to 13/6: forward cows, £4/4/6 to £6/14/6; 18-montlis steers, £2/16/-, £5/10/- to £(W-’, IS-months heil'ers, £3/7/-; vealcrs, £2/1/- to £3; hack, £7/5/-. HAWKE’S BAY RAM FAIR By Telegraph.—Press Association. Hastings, February 1. Tlie Hawke's Bay ram fair concluded fids morning witli tile sale of llomney and Southdown studs. Tlie bidding for tlie Romneys was fair. Top [irlce was realised by n slu arliiig sold to Mr. Fred Douglas. of Elsthnrpe. on aceonnt of Messrs. Perry mid Son. Mnsterton, for 55 guineas Eighty guineas topped tlie nnrket in Soutlidnwns, wltli a shearling snlil on account of Mr. W. J. Glmbiett. of Hastings, to Messrs. Thompson Bros., of Hustings. Tlie Southdown bidding was poor, many lines being passed in. Only one pen of stud ewes was offered. . RAW MATERIALS LONDON QUOTATIONS (Rec. February 2, 5.5 p.m.) London, Ihjbrmtry 1. Friday's closing prices for the following raw materials were as follow, those for January 24 being given In parentheses:Cotton.— Liverpool quotation, American middling upland, Marell dellveiy, 8.59 d. per lb. (9.11(1.). Rubber.—Para, 8 3-Bd. per 111. (8 t-Bd.) ; plantation, smoked. 7 5-Bd. per Hi. (7Jd.). Jute.—Felirimr.v-March shipment, £27 11/3 tier ton (£26/17/6). Hemp.—None offering. Coi>ra.— February -March sliipiuent, South Sea £2l/12/6 per ton (£2l/15/-); plantation Rnbmil. £2l/17/6 per ton (£22). Linseed 0i1.—£44/10/- l”’i' ton (£44 42/9.per cwt. (42/6). Osmlrldium.—Tasmanian, £l6 per ounce (game); South African, £313/10/- (game).

' Buyers; ■ N.Z. GOVT1 T.OANS— . £ S. d.. Sellers. £ s. d. 4J p.c: 'Ins. Stk.Z 1938 i—> ' 99 la u 51 p.c. ditto, 1941 ... —— 97 15 0 5J p.e. . ditto, 3O3ST —- ’ 98 0 0 51 p.c. Bonds. 1933 ... 98 DEBENTURES— 10 0 99 2 G Well. Racing Club . 105 Wanganui Boro., Gt 10 0 — p.c.. 1945 00 0 0 — BANKS— Australasia 11 2 6 11 15 0 Australian Bank of Commerce 1 3 3 tl 3 11 Commercial of Aust. . (ord.) 1 2 0 ♦1 2 (J Ditto (rights) .0 Commercial Banking 1 1 . — Co. (Sydney) English, Scottish, and — 22 5 ,6 1G 0 0 National of Australasia- • (£10) 15 5 Ditto (£5) — . 7 8 0 New South Wales ...37 10 0 38 5 0 New Zealand 2 14 0 2 15 3 Union of Australia .. FINANCIAE— — 2 0 Goldsbrough Mort .. 1 N.Z. Guarantee Corp. 9 10 (ord.) , — 0 8 6 Well. luvest,, T. & A. 0 10 9 0 ,0 . ■ Christchurch .. *1 Ditto • •(contr.) *0 13 0 —— Wellington (ord.) ... — •1 11 0 INSURANCE— National. . 0 15 0 South British ■.. NEAT PRESERVING— — 2 19 6 .. 2 0 -o N.Z. Refriget it. (10/-j 0 4 3 0 4 11 Well. Meat Exp. (ord.) 0 TRANSPORT— 3 9 — Hiiddart, Parker (ord.) 1 17 0 ■ 1 19 9 Union Steam (pref.) . 1 0 , 0 7 0 —— P. and O. Jef. stock . , 2 2 10 0 Kelbirrn Trjim ...... 1 G 0 .. woo been—< Kaiapol (contr.) .... 0 2 10 Wellington (ord.) ... CO AT.— —. G 0 0 15 0 0 Westport-Stockton 0 3 1 Ditto (pref.) TIMBER— Kauri 0 0 4 1 10 0 . —— — 0 10 .0 BREWERIES— 17 6 4 0 0 Staples and Co: M 1 SUELTiANEOUS— Burns. Philp, and Co. 2 15 0 — 1 18 9 JJr’Msh Tobacco (Aust.), lord.) 2 0 0 2 0 9 Colonial Sugar 44 2 6 Dental and Medleal .. — 0 13 Electro.. Zinc (ord.) . ♦1 10 0 Ditto (pref.) *1 10 Holden’s Motor Bldrs. — 1 4 0 Howard (Sihith (ord.) —— 0 19 0 Newton. King (pref.) 0 11 8 —— N.Z. Drug Sharland and Co. (ord. 3 14 0 —— 1 1 0 Wilson’s, Cement .... MINING— 1 19 0 Mount Lyell ......... 1 14 0 1 15 3 Wnlh! —— 0 13 7 ♦Cum. dividend. tEx dividend. DIVIDEND LIST Kate Company . p c. Period Payable Equitable Building.. a 4-year To-day Wel’toh Trust and N.Z. Insurance * i-year Feb. 12 Queensland National Bank 2 i Quarter Feb. 13 Victoria N y a n z a J-year Feb. Sugar- P. Electrolytic Zinc .. 6 4-ycar Mar. 6 -J-year To-uay Christchurch Gas .. ,4 4-year Deb. 4 4-year Feb. 4 Wellington Goa ... 4 Commercial Bank of 4-year Feb. 11 Australia— Preference - J-year Feh. 7 Ordinary H i-ycar Feb. ♦lid. per share. 10/- paid.

Saturday:— WELLINGTON. £ s. d. Wellington Gas, ordinary .. 1 10 0 8 C Leyland O’Brien Timber .. 1 AUCKLAND. ■ I- ',' . ( A. s. u. Commercial Bank of Australia .. .. 1 2 1 Bank of New South Wales 10 0 .. 0 3 4 CHKISTC11UKCH. Goldsbrougli, Mort 1U u Sales reported:— t British Tobacco ...«4...... 0 3 Mount Lyell ■ .. 1 14 0 DUNEDIN, h. d. Bank of New Zealand 15 0 Sales reported : — Huddart-l’arker preference .. 1 U O British Tobacco 0 0 Milburn Lime and cement .. 1 15 ,U

London. January 31. .Tan. 27. Jan. 31. I’er ton. I’er ton. £ s. d. .42 s. d. Copper— Standard, forward 71 It 3" 72' 1 3 Standard, spot. ... 08 3 0 68 16 10A Electrolytic .... to 83 5 0 ' 83 15 0 S3 10 0 84 5 0 5Virft bars ........ 83 15 t) 84 5 0 Lead— 22 12 0 21 13 9 Forward' 22 12 6 21 12 0 Spelter— 19 17 (i 20 1 • 3 20 7 (i 20 10 0 Tin— 174 12 0 178 2 0 Forward . Silver— 177 17 6 181 5 0 203d. Fine, per oz . 20jd. ■ , Standard per on., . . 22 |d.