FINANCE and COMMERCE.

Dominion, Volume 23, Issue 141, 11 March 1930, Page 14

FINANCE and COMMERCE.

STOCKS AND SHARES WELLINGTON EXCHANGE BANKS IN GOOD DEMAND i. There were five sales reported on the Wellington Stock Exchange yesterday, two of which were of bank shares, and the prices realised were fully up to market level. The demand yesterday was good, brokers having a full portfolio of buying orders.. Government securities were In fair demand 'The 51 per cents. (1941) at £O6/5/- were 10/- up; the 4J per cent. Bonds (1938 and 1939) were up 7/0 at £l)7 15/-. and the 4} per cents. (1930) were unchanged at £99/5/-. There was no demand for debentures. For bank shares the demand was good, and fairly well, spread. Bank of Australasia were unchanged at £l2/2/-; Commercial Bank of Australia at 21/0 were down 3d., English, Scottish and Australian Bank were up Gd. to £6/7/-; National Bank of New Zealand were 3d. lower at £5/19/-; National Bank of Australasia, £5 paid at £7/4/3 were 1/9 higher, and Bank of New Zealand were unchanged at 50/10. „ , , . Financial shares were steady. Goldsbrough Mort and Co. were again in demand at 30/9; and New Zealand Guarantee Corporation were a shade higher at 8/1. For Equitable Building £B/5/- was bid, and for Wellington Trust and Loan £6 18/. Gas shares were again in good demand with buyers of Auckland Gas at 23/4, Christchurch Gas at 26/-, and Wellington Gas at 30/-. National Insurance were firm at 14/-. Gear Meat were a shade lower at 38/-, but Wellington Meat Export, ordinary, were unchanged at 7/-: New; Zealand Refrigerating 10/- paid were wanted at 5/7. . ' . There was a steady demand for Huddart. Parker, preference, at 20/6 cum. dividend, and there was a bid of 48/- for P. and O. .deferred stock. Westport Coal were steady at 29/6. Kauri Timber were up 6d. at 13/6. and National Timber were 3d. up . at 8/3. New Zealand Breweries were wanted at 80/C with sales at 80/9. Burns. Philp and Co. were steady , at 36/6. and British Tobacco were a shade better at' 42/-. Colonial Sugar were wanted at £43/15/-. with sales at £44. There were blds of 17/6 for Howard Smith ordinary, and 9/9 for National Electric. Sharland and Co. ordinary were wanted at 19/6 and preference at 20/3. Wilson’s Cement were flrm at 38/6. ) • . YESTERDAY’S QUOTATIONS '■Buying and selling quotations at the final call, yesterday on the Wellington Stock Exchange were as follow:— ■ . , Buyers. Sellers.

WALL STREET CRASH ILL-EFFECTS PASSING- . Washington, March 8.. After a careful study of the prevailing business and employment, conditions- in the United States, Mr. Hoover has expressed himself as convinced that the worst effects of the stock market crash in November last on business activity and reduction of employment will have passed within the next thirty to sixty days. FROZEN MEAT VALUES The wether market is weaker for heavyweights, and is expected to decline, according to .advce received by the Bank of New 1 Zealand produce department from its Lou- ; don office. Ewes are in short supply, and ' prices are nominal. Sellers trying to force sales have weakened values of lamb. The | market is inclined to be weaker, and supplies are more than sufficient to meet the demand. There Is a fair demand for beef. Prices are: Wethers.—Light, 7Jd. to B}<l. per lb.; heavy, Old. to 7d. Ewes.—sfd. to 6Jd. Lambs. —2’-, Old. to OJd.; B’s, o}d. to Ijd.; Us, Od. to OJd.; seconds, Od. to OJd. Beef.—Ox, hinds Cd. to Cid., fores sd. to old.; cow, hinds 5Jd. to Od., fores 4}d. to 41d. DECLINE IN WOOL VALUES (Rec. March 10, 10.20 p.m.) . Adelaide, March 10. The Government statist gives an illustration of the decline in wool values of the South Australian dtp, and estlmat.es that the value of the clip for the year ending June next will amount to £2,580,000 sterling, with an average price of 0.55 pence • per pound for greasy. Last year it was £4,654,172 sterling, with a value of 14.97 pence, compared with 17.30 for the previous season. AUCTION SALES TO-DAY. Pahintun, 11.30 a.m.—Supplementary Ewe Fair (Dalgety, N.Z. L. & M. and W. & S.). Trucks Ltd., 43 Victoria St.. 10.30 a.m — Sale of Motor-cars and Trucks (E. Johnston & Co.). B. E. Plan Ltd.. 1 p.m.—Sale Stock in Trade (E. Johnston & Co.). Levin Stock Sale. TO-MORROW. Brandon St., 2.30. p.m—Sale of Property, 82A Itintoul St. (J. H. Bethune & Co.). Booms. I) Main St.. Lower Hutt. 2.30 p.m.— Sale of Property (Justin M. Power). Begal Sweet Shop. Lnmliton Quay. 10.30 a.m.—Sale of Stock and Fittings (Silverstone & Co.). Pongaron Saleyards.—Stock Sale (W.F.C.A. Ltd.). Johnsonville. 1 p.m.—Fat Stock Sale. 87-59 Cuba St.—Sale by order of Commissioner of Police.—Various articles (Davis Bros.). M 8 Lambton Quay. 2 p.m.—Sale of Furniture and Effects (McKcnnn A Co.). THURSDAY. Upper Hutt, 1 p.m.—Stock Sal*,

DEALINGS ON ’CHANGE YESTERDAY’S BUSINESS SALES IN THE DOMINION The following sales were recorded on the Stock Exchanges of the Dominion yester-

CHRISTCHURCH WOOL SALE DISAPPOINTING PRICES 1 ’ By Telegraph.—Press Association. - - Christchurch, March 10. The fourth and final Christchurch wool sale of the season was held to-day. The catalogue comprised 8933 bales; There' was a full bench of buyers, nil the-purchasing points being represented. The catalogue was of the usual end-of-season character, being comprised for the most part of backcountry which was dull with very little bright wool through it. The sale was somewhat disappointing. It had been hoped that the better tone of the overseas markets and the rather brighter atmosphere at the Napier sale would be reflected locally, but this was not the case. Compared with the previous sale In Christchurch there was an easing in price equal to about a penny a pound in the finer fleece wools, and up to a halfpenny a pound in the coarser wools. Pieces showed very-little change. The principal purchasers were America, the Continent and - Bradford, with local scourers participating in the fellmongering lots. The sale throughout was very irregular and a big proportion of the buying circle appeared to have very little interest In it. When fair-sized lots of reclassed wool came forward , there was on occasions spirited -competition, but on the whole the sale was not what it was hoped it -would be. Passings were fairly heavy, approximating 20 per cent, of the total catalogue, and the highest price recorded was HJd. for three different lots of halfbred. The top Corriedale price was lid. and Merino sold at 10? d. Bales of another and Merino sold at 10}d, Five bales of another Merino clip were passed at Hid. The top crossbred price was fid. The following Is the-range of prices:— Feb. 13. Mar. 10.

MOULDER LINE PROFITS DIVIDEND 10 PER CENT. Revenue totalling £188,670 la shown by the accounts of the Moulder' Line for the year 1829. The previous year"s revenue was £200,318, and for 1027, £ 218,382. Revenue for 1929 Included £7336, transferred from sale of securities account. The net poflt totals £140,440. as against £174,520 for 1928, tvhen £37,500. was included from sale of securities. The directors have allocated £IOO,OOO (against £120.000) to depreciation and have-placed £15.000 (against nil) to the' insurance fund. The preference dividend again takes £12,375. and the ordinary dividend maintained at. 10 per cent, requires £44,000 resulting In the carry-forward being reduced from £67,279 to £36,344. The amount allocated to depreciation has been' utilised in writing down the book values of the fleet, and, further. £IOO,OOO has been transferred from general reserve to (depreciation. thus leaving the general reserve at £500,000. This further ' transfer has also been utilised in writing down the., book values of the fleet. Items In the balancesheet compare with those for the previous year as under: —

The report states that during the latter ■ part of the year a sudden and severe col lapse occurred in homeward freight rates from South America, with unfavourable re actions in the trading results of some of the company’s vessels. Some recovery hos since taken place, but prospects continue unfavourable. SOUTH AFRICAN ORANGES POSSIBLE MARKET IN NEW ZEALAND Noting the great quantity of oranges reaching New Zealand from the United States and South America, Mr. Alan V. Allan, of Natal, leader of the South African party of Empire farmers, suggested yesterday that he would very much like to see New Zealand receiving shipments of oranges from South Africa. He was a great advocate of inter-Dominion trade, and he failed .to see why the Dominions | should continue to trade with those counI tries which would only sell, but would not buy Dominion products, putting up tariff walls against them. South Africa was an agricultural and pastoral country, said Mr. Allan, and while at one time they used to import New Zealand butter, they had now reached a stage of over-production and had to find a market for their surplus. The large mining population of South Africa at one time enabled them to find a home market for all they could produce, but they had now gone beyond that stage in production. The primary producers in nil Dominions ) were not yet as well organised as they I should be, added Mr. Allan, and so were I not getting the best out of the market. I He was convinced that the British Nn- , tioual Union would be a powerful influI ence for inter-Empire trade, for it had 1 enabled them to know each other better and get a better understanding of each other's difficulties.

EXCHANGE RATE UP

AUSTRALIA ON LONDON INCREASE OF 20s. PER CENT. (Rec. March 10, 11.50 a.m.) Sydney, March 10. As from to-day there will be an increase in the cost of transferring money from Australia to London. The trading banks have decided to raise the premium now charged by 200- per cent., making the rate for telegraphic transfers 82/6 per £IOO. For all other usances a similar increase has been fixed; buying rates are reduced by 20/- per cent. Clients of the banks in New Zealand have not yet been advised of any advance in the selling rates, and the telegraphic transfer rate New Zealand on London remains at 62/6 per cent. In view of the Increase in the Australia rate, however. It Is highly probable that the banka in the Dominion will also raise their exchange rates as was done on February 18, when the advance was made practically simultaneously with the rise in Australia. If the banks In this country conform to the new Australian rate the effect will be a further check on imports, while exporters will get a further benefit of 20/- per The present advance in the selling rate, which means that the Australian merchant will be required to pay £4/2/6 on every £IOO required to pay for imports, was more or less expected In financial, circles in Australia. After referring to the Increase of 10/- per cent, in Australia on London exchange rates, which took place on February 17, the “Melbourne Argus,” in its financial columns two days later, said. “There is evidence that a further advance may take place in the near future. Before the alteration, and when the official rate for cable transfers on London was 52/6 per cent, considerably higher rates were being obtained In Melbourne, a premium of 65/ not being unusual. The official rate Is now 62/6 per cent., but already outside transactions have taken place In Melbourne at 80/-. Private cable messages from London indicate that £3/12/6 per cent, has been paid there fore Australian money In London.” LARGER DAIRY OUTPUT SEVEN MONTHS’ YIELD An increase of 8.68 per cent, in the butter-fat production of New Zealand for the seven months ended February 28 when compared with that for the corresponding period of the preceding season Is recorded In the statistics Issued by the Dairy Division of the Department of Agriculture. The figures show that the salted butter graded In February was 11,050 tons, and the unsalted 180 tons, a total of 11,230 tons, compared with 8363 tons salted and 335 tons unsalted, a total of 8698 tons for February, 1929, an increase of 29.11 per cent. For the seven months ended February, the respective quantities were 72,369 tons and 1186 tons, a total of 73J555 tons, compared with 62,849 tons and 1684 tons, a total of, 64,533 tons, for the corresponding period of the preceding season, an increase of 13.98 per cent. The cheese graded in February consisted of 7365 tons of white and 3248 tons of coloured, a total of 10,613 tons, compared with 7007 tons of white and 3208 tons coloured, or a total of 10,215 tons in February, 1929, an Increase of 3.89 per cent. The quantities for the seven months ended February were 40,101 tons of white and 21,104 tons of coloured, a total of 01,205 tons, compared with 43,170 tons of white and 19,760 tons of coloured, a total of 62,930 tons for the corresponding period of the preceding season, a decrease of 2.74 per cent. . . Converting these figures Into butter-fat equivalent there is an increase of 8.08 per cent, in butter-fat production for the seven months as compared with the corresponding period of the preceding season. Stocks held In the various grading ports at February 28, 1930, wereßutter,' 12,784 tons: cheese. 12,731 tons; as compared with 5024 tons of butter and 10.874 tons of cheese held on February 29, 1929. BLENDING OF BUTTER DENOUNCED BY THE PRESS (Times” Cables) (Rec. March 10. 10.20 p.m.) London, March 10. The "London Times,” in a leader denouncing the blending of butter as a deception, emphasises the excellence of Australian and New Zealand butter, and the high standard of the dairy Inspection in the Dominions. It adds: "The public should be protected from buying blended butter under a false name.” LONDON BUTTER PRICES Joseph Nathan and Co., Ltd., have received the following market report from Messrs. -Trengroiise and Nathan. Ltd., London, dated March 8: —New Zealand butter. 138/-. 139/- per cwt.; market weak. New Zealand cheese, 92/- per cwt.; market slow. ’ , , , . Tlie Bank of New Zealand produce department has received the following advice from Its London office as at close of the business last- week.: —Butter, weak, 140/pcr cwt. Cheese, weak. 82/- per cwt. M. A. Elliott, Ltd., Palmerston North, have received the following cabled advice from their London agents:—Butter, demoralised. 138/- to 140/-; unsalted, 148/- to 156/-. Cheese, very quiet; white and coloured, 82/- to 83/-. FRUIT AND VEGETABLES WELLINGTON PRICES Values of fruit and vegetables .sold by them at their market yesterday are reported by Market Gardeners, Ltd., as follow:— Fruit.—Winter Cole pears, 5/9 to 7/- per case; W.B.C. pears, 9/- to 10/9 per case; L. B. Jersey pears. 5/9 to 7/0 per case; cooking apples (coloured), 4/- to 5/- per case: Gravensteln apples. 0/- to 7/- per case: local lemons, 20/- per case; quinces, 9/- to 11/- per case: grapes, lid. to 1/2 per lb.; Hutt tomatoes. 3/6 to 7/- per case; plums, 3/0 to 8/- per ease ;■ nectarines, 4/6 to 5/11 per case; peaches. 4/9 to 7/9 per case; greengages. 9/- per case. Vegetables.—Potatoes, local. 5/- to 8/6 per sack; onions. 5/- per cental bag; potatoes. 4/- to 4/9 per case: cabbage, 1/to 2/3 per case.: beans. 12/- to 16/6 per case; lettuce, 2/- to 6/6 per ease: swedes, 3/6 to 5/- per case: beetroot, 5/6 per case; cueumbers. 9/- to 12/6 per case: butter beans, 12/6 per case; cauliflowers. 3/6 to 8/9 per case; mnrows, 3/- to 3/6 per case: cabbage. 3/- to 3/6 per sack: peas, 8/9 to 12/- per sack: celery. 1/- to 1/6 per bunch: encumbers, 3/- to 6/- per dozen. ENGLISH MARKETS TALLOW RATES LOWER The Department of Agriculture has received the following cablegram, dated March 8, from the High Commissioner for New Zealand, London:— Tallow.—Moderate demand at auction this week at prices 1/- to 1/6 below previous sale rates. Packages offered totalled 627. and 332 were sold. Present quotations are: Mutton: Fine, 40/- per cwt.; fair to good, 36/- to 38/- per cwt.; dark to dull, 33/- to 34/- per cwt. Beef: Sweet, and/or mixed. 37/- to 42/- per ewt.; fair to good. 34/- to 36/6 per cwt.: dark to dull, 32/- to 33/per.cwt.: fine, 37/- per ewt. Mixed: Fair to good, 33/6 to 36/- per ewt.; dark to dull. 32/- to 33/- per cwt.. Gut, etc,: 30/- to 32/- per cwt. Hemp.—Manila easier, with moderate business at the decline. “J” grade March/ May shipment sold at £29/10/-. The Sisal market Is quieter and easier. Fair average quality, No. 1, for March/Aprll shipment, sold nt £33/10/-, and good marks were offered at £34/10/-. No buyers at present. No. 2: Value of good marks Is setting at £33/10/-, and fair average quality at £33 More of New Zealand Is offering, but buyers are holding back. Mnrch/May shipment position as nt last week. No first band sales reported. Apples.—Demand slow, and prices Inclined to be easier. Californian Newton, 14/-: Oregon Newton (very little offering nt present), 10/-; American Stayman’s •Wlncsap, 9/- to 11/-. Wool.—Bradford market weak. Present quotations arc:—64’s. warp. 2/4 per lb., average. 2/3 per lb.: 56’s. 1/8 per lb.: 50’s, prepared, l/5i per lb.; 4Q’s, prepared, 1/3 per lb.

COLD STORAGE OF MEAT

PROBLEM OF “BLOOM” RESEARCH BY DR. VICKERY Now that refrigeration has reached its present state of perfection, attention is being paid to the minor questions that effect the market value of produce. All the foodstuffs that New Zealand ships away from its shores to the markets of the world have their own peculiar problems, but by the aid of science these difficulties of preservation and transport are being ruthelessly attacked. During the curent season an Investigation has been made in New Zealand into the preservation of what is known as “bloom” on carcasses of frozen mutton and lamb by Dr, E. Griffiths, physicist, of the National Physical Laboratory, Teddlngton, and Dr. J. R. Vickery, biochemist, of the Low Temperature Research Station, Cambridge, who both visited the Dominion by arangement with the Empire Marketing Board, the New Zealand Meat Producers’ Board,, and the Department of Scientific and Industrial Research. Meat is described as having good or bad "bloom” according to how It compares with similar meat when freshly killed, and the question is therefoe one. of the greatest importance to the frozen and chilled meat trades. Briefly, “bloom” Is a fine sheen on the outer membrane, most readily seen upon the shoulders. With it goes a healthy pink colour in the patches of external muscle” on either side of the spine. If “bloom” is lacking'there is frequently a yellowish tinge on the muscle. Dr. Griffiths, who travelled to London by the Ruahine, in the chambers of which elaborate electrical apparatus for recording temperatures and other data had been installed, has reached bis destination, and advice has been received by the Department of Scientific and Industrial Research that he Is continuing bls observations during the unloading and the transport of the carcasses to Smithfield. Arangements have been made for Dr. Vickery to travel by the Middlesex, which sails for Rotterdam, Hamburg, and London from Napier on 'April 8. On the Middlesex will be carried carcasses which have received special feeding, including 40 beasts from the Taupo pumice district. Two more such shipments, making four In all, are also to be sent Home, and it is expected that the names of the two scientists who will travel with them will be announced in the course of a day or The investigations carried out will trace every factor that influences the nature of the finished product as unloaded as a frozen lamb carcass in London, and these Include breeding, pasture, slaughtering, cooling, freezing, shrouds, storage ashore and on shipboard, and all phases of transportation and handling, whether of the live animal or the carcass. To this end extensive questlonaires were Issued to freezing works managers and others In the trade, and those who make the investigation have also witnessed the treatment of certain selected batches of lambs right from pasture to ship’s hold. In this manner the history of selected lambs will be traced from the field to the London conSU WMIe it Is practically Impossible to reproduce experimentally the conditions elxstlng in commercal practice, small scale experiments are also being made to demonstrate the Importance of the more obvious practical factors during storage and transport which can Influence “bloom.” These factors Include extent of swabbing at dressing, the rate of and loss by evaporation during cooling, the temperature of freezing and storage, the conditions obtaining In the freezing and storage chamber. Including air circulation, humidity, and type of refrigeration, variations in temperature, particularly the effects of sweating and freezing during transport, and the extent of bacterial contamination in Its effect on the surface of the meat. , ~ , The effect of humidity on cheese In ships holds Is also to be Investigated during the journeys from New Zealand to Great Britain. LIVE STOCK SALES FEILDING QUOTATIONS Levin and Company report a very big entry of sheep at the weekly Felldlng sale. The quality of the yarding was not up to the usual standard. The ewes penned in the majority of cases were very rough. Lambs were slightly easier than previous sales. Fat sheep sold at ruling rates. The cattle entry was very slack. Dairy cattle sold well, but the entry of bullocks was passed. Weaner heifers were also hard to' quit. In the fat pens cows sold on a par with recent rates. Quotations: — Fat lambs, 17/-; fat ewes, 17/3, 17/10, 21/-; fat wethers. 23/-: four and five-year ewes, 13/-. 14/-, 17/-', 18/1; four-tooth ewes, 31/3; two-tooth wethers, 22/-; Romney wether lambs. 12/3: Romney ewe lambs, 18/-; b.f. lambs, 14/9, 15/4-; 3}-vear Hereford steers. £9/6/-: store cows. £3/10/to £4/17/0: fat cows, £7 to £B/12/6; potter bulls, £B/12/6 to £lO/17/6. Dalgety and Company, Ltd., report having a good entry of both sheep aud cattle at their Felldlng sale on Friday. The demand for breeding ewes was not so keen as at previous sales and prices showed a decline. Fat cattle were penned In fair numbers and prices were up to last week’s rates. Quotations: —Fat ewes, 16/4, 17/10; fat wethers. 26/-. 26/6; fat wethers and maiden ewes, 24/-; fat b.f. two-tooths, 25/6; two-tooth ewes, small. 23/8, 24/-; good two-tooth ewes, 30/-, 33/1,.34/-; fourtooth and five-year ewes, 24/6, 25/6; fiveyear ewes, 18/1, 18/0, 20/1; wpolly b.f. lambs, 14/1, 15/10; b.f. shorn lambs. 9/9, 10/0, 10/9, 13/-; small ewe lambs, 14/4. 16/4; small m.s. lambs, 11/4; cull lambs, !8/-, 8/2; store ewes, 8/-, 8/6, 9/-, 9/9; empty cows, £3/10/-,'£4, £4/10/- to £5; small two-year heifers r.w.b., £4/17/0; 18months P.A. steers, £7/18/-; 31-year Hereford bullocks, £ll/14/6; 3}-year Shorthorn bullocks, £11; fat cows. £O, £6/10/-, £7. £7/10/-, £7/15/-, £B/2/6; fat heifers, At the Felldlng sale Abraham and Williams, Ltd., yarded sheep in heavy numbers, the entry consisting mainly of medium breeding ewes, the quality of which generally was not of the best. The feedgood lines which came forward sold well, but generally the prices for ewes showed an easy tendency. Young ewes were plentiful, but passings were fairly frequent. especially for inferior sorts. Lambs were pdnncd In fair numbers, and they met with a consistent demand, prices remaining steady with previous quotations. Southdown rams were in good demand. The cattle pens were fairly well filled and Included In the entry were a few pens of aged forward conditioned bullocks, which met with good competition and sold satisfactorily. Prices for fat cattle showed little alteration on late rates. Little in the way of dairy stock came forward, but what did sold well. Quotations:—Sheep: Fat two-tooths, 25/0: fat ewes. 17/-, 17/3 to 17/7; fat b.f.’s. 23/3; two-tooth wethers, 18/8 to 22/10; forward two and four-tooth wethers, 24/7: two-tooth ewes. 24/-. 25/to 33/9; .'two and four-tooth ewes. 28/-; four-year-old ewes. 25/1;' four and fiveyear ewes. 17/-. 18/3, 18/8 to 21/1; aged ewes, 9/0. 10/-. 13/1 to 14/10; forward conditioned ewes. 11/4. 12/- to 15/6: wether lambs. 9/5. 12/1 to 14/-; shorn ewe lambs, 20/6; b.f. lambs, 11/-. 11/4. 12/2. 12/8 to 13/9: Southdown rams. Ijgns.. 3}gns.. 4) gns„ sgns„ Signs, to 6gns.; Romney rams, IJgns.. 2Jgns. Cattle: Light fat bullocks, £l2/17/6: fat cows (medium). £B/2/0 to £9: do. (light), £O/5/-. £6/2/0. £7/5/- to £7/10/-: fat heifers (heavy), £lO/17/6 to £11; do. (medium). '£6. £6/5/-, £7, £7/2/6 to £B/5/-: forward cows. £4/12/6 to £5/16/-: store cows. £3/7/6, £3/17/6 to £4: aged P.A. arid Hereford bullocks, £lO/10/- to £l2/7/6: three-year P.A. steers, £lO/11/-: P.A. cows with calves at foot, £lO/5/-; springing cows. £9/2/6, £lO to £lO/7/6; cows in milk. £B/15/-, £B/17/6 to £ll/10/-: heifers r.w.b.. £4/5/-: weaner belfers, £2/10/-. £2/12/- to £2/16/-; weaner steers. £2/7/- to £3/14/-: bulls. £7/15/-. £B/5/-, £B/10/-, £B/12/0, £9/7/6 to £lO/10-. NEW ZEALAND BREWERIES A further Interim dividend of 74 per cent, will be payable by New Zealand Breweries, Limited, on April 14 to shareholders In respect of shares standing in their names on Marell 31. 1930. NEW CONVERSION LOAN In the House of Commons, the Chancellor of the Exchequer, Mr. Snowden, said that the amount of the new conversion loan Issued for cash was £155,325,000; by conversion of 5} per cent. Treasury bonds, £30,372,000. Additionally £33.500.000 worth of war loan 1029-47 was converted into the new conversion loan. CUSTOMS REVENUE The Customs revenue collected nt the port of Wellington yesterday totalled £.22481.

N.Z. GOVT. LOANS— £ 8. d. £ s. d. M p.c. Ins. Stk.. 1933 __ 99 10 0 5} p.c. ditto, 1936 ... —. 99 7 0 5* p.c. ditto, 1941 ... 96 5 0 .4J p.c. Bonds. 1939 and ’ 1938 ............... 97 15 0 .41 p.e. 'ditto, 1930 .... 99 5 . 0 . DEBENTURES— Nanier Borough, 5J p.c., 1966 — 98 0 0 BANKS— Australasia 12 2 0 •12 5 0 Bank of ■ Commerce — 1 5 1 Commercial of Aust. 1 6 1 2 0 English. Scottish and 7 0 6 10 0 National of N.Z 1 6 19 0 6 1 0 National of Australasia (£3) 7 4 3 - New South Wales ... 40 5 0 N Zealand 2 16 10 2'17 2 V.i.oji of Australia .. — 12 2 6 FINANCIAL— Goldsbrough Mort .. 1 10 9 — Equitable Building Co. 8 5 0 N.Z. Guarantee Corp. 8 1 ~ — Well, invest. T. & A. 0 11 6 Well. Trust and Loan 6 18 0 — GAS— Auckland (paid) 1 3 4 1 4 0 H 0 1 6 2 Wellington (ord.) ... 110 0 INSURANCE— National 0 14 0 South British 3 1 0 MEAT PRESERVING— 18 0 - N.Z. Refrlgerat. (10/-) 0 5 7 0 5 10 Well. Meat Exp. (ord.). 0 -7 0 — Transport— a •; Huddart. Parker (ord.)f —r— •1 18 0 Ditto (pref.) ......... 0 6 —— P. and (>. def. stock .. 2 8 0 2 13 0 WOOLLEN— V Wellington (ord.) ... 11 ■ ■ 6 0 0 COAL— Wai pa - 0 14 0 9 6 TIMBER— 8 3 . ■ 13 6 0 15 6 BREWERIES— New Zealand ........ 4 0 6 4 1 3 Statiles and Co —— 2 8 0 MISCELLANEOUS— Burns. Philp, and Co. 116 6 British Tobacco (Aust.). (ord.) 2 2 0 2 2 6 Colonial Sugar ...... 43 15 0 44 7 6 Dental and Medical . — 0 13 6 Holden's Motor HIdrs. — •0 16 0 Howard Smith (ord.) 0 17 6 — National Electric .... 0 9 9 0 10 9 N.Z. Farmers* Fertiliser — 1 0 6 Sharland & Co. (ord.) 0 19 6 1 0 6 DIito (pref.) 1 0 3 — -- Wilson's Cement .... 1 18 6 1 10 6 MINING— i Mount Lyell —-- 1 13 0 *Cuin. dividend.

day:— WELLINGTON £ 8. d. Bank of New South Wales .... 40 0 0 Union Bank 12 1 0 New Zealand Breweries 4 0 9 Colonial Sugar (2 lots) 44 0 0 AUCKLAND £ s. d. Auckland Harbour Board, 5} P.C., 1945 100 10 0 Commercial Bank of Australia 1 1 11 Balgetv and Co 11 7 6 Grey Valley Coal 1 ‘ 6 9 Mount Lyell 1 12 0 DUNEDIN £ s. d. E.S. and A. Bank 6 10 0 Mount Lyell 1 12 4 Sales reported:— Bank of Australasia, cum div. 12 2 u Union Bank, two 12 1 0 New Zealand Breweries ....... 4 0 9

d. d. d. d Merino— to Ex. super to 11? 10J Medium 9? to 10} 81 to 9? Inferior H to 9 61 to « Corriedale — Ex. super to 134 to 11 Medium . 10 to ill 91 to 10? inferior 8 to 94 74 to 9 Fine halfbred— Ex. super —- — — Super 11? to 134 to 114 Medium 10 to 114 9 to 10? Inferior 8 to 9 71 to 84 Medium halfbred— Ex. super lit to 12} to 11 Medium 94 to 11 81 to 10 Inferior 8 to 9 7 to 84 Coarse halfbred — Super to 11 to 101 Medium 8J to 10 8 to oi Inferior 71 to 84 »4 to 71 Three-quarter-bred-Super to 10J to 94 Medium 8 to 9 7 to 8 < Inferior ...... 7 to 8 6i to 7 •Medium crossbred— Super ........ 84 to 9 to 84 Medium 74 to 8} 8? to 7? Inferior ...... 61 to 7i 6 to Of Coarse crossbred— Super ........ 8 to 8? 71 to 7J Medium 71 to 8 ' 6? to . 7 Inferior 6 to 7 51 to 6 Pieces — Best lialfbred . 8 to 9 71 to 8* Medium 54 to 74 - 54 to '7 ■ Crossbred .... 4 to 61 • 4 to 5? Crutcliiugs— Best to 7 7 to 01 Low to medium 24 to 44 3 to 44 Bellies— Best to n tn 71 Low to medium 4 to • 54 44 to 54 Locks— Best to ■Hi n? tn 5 Low to medium 2i to 31 3 to 34

1928 1929 £ Capital .775.000 775J)00 Current account .... *231,719 , 135,209 Insurance fund ..... 109.0(H) 100,(H)0 General reserve .... 900,000 500,000 Steamships, etc. .... 1,704,73+ 1,269,274 Investments — 2+4.091 Debtors ..... 61,804 28,882 Cash +8.248 44,237