FINANCE AND COMMERCE.

Dominion, Volume 23, Issue 150, 21 March 1930, Page 14

FINANCE AND COMMERCE.

STOCKS AND SHARES 5 WELLINGTON EXCHANGE J FINANCIAL GROUP ACTIVE 'j Eicht sales were recorded- on the WelJ Huston Stock Exchange yesterday, prices 1 In all cases being fully up to current ' market quotations. Government securil! ties were in moderate demand. The 5* « per cent, stocks (1033) were wanted at £9l) X 2/6, and the Bonds at £99/o/-. lhe_si 5 ner cents. (1041) were steady at £O6/5/-. , and the 4i per cent. Bonds (1030) were in * demand at £OO. There were no sellers of t any of these stocks. Bank shares were again in good demand .. and firm. Bank of Australasia at £l-/3/-were 1/- up: but Australian Bank or Coin- ■'? mere© at 25/- were 3d. down. Commer■J cial Bank of Australia were a shade lower /at 21/6. Commercial Bank of Sydney -f were unchanged at £2l, but- there was an / advance of 1/6 to £6/8/6 in a bid for English, Scottish and Australian Bank. . National Bank of Australasia were steady, > the £lO paid at £l4/17/6 and the £5 ! paid at £7/5/-. Sellers of Bank of New •' South Wales reduced their quotation 5/to £39/15/-. and sellers of Union Bank * made a reduction of 1/- in the price to * £l2 J Goldsbrough Mort and Co. keep steady ' at 31/-, and New Zealand Guarantee Cor--1 poration hold at 8/4, with at 8/7. ; Wellington Deposit were in demand at 9/6. it National Insurance have been in firm de- " mand for some days at 14/1. The demand 4 for gas shares continues steady, with { prices firm. Auckland Gas at 23/5 were * unchanged. Christchurch Gas at 26/1 j were Id. up. and Wellington Gas at 29/6 > were 3d. higher. Wellington Meat Export t were steady at 7/-. , * Huddart. Parker were again in good ’ demand. 'tW‘ ordinary at 34/3, and the preference at 20/3. Westport Coal were ' 4(1. higher at 29/10; and Grey Valley Coal ' were unchanged at 26/-. New Zealand Breweries were wanted at 81/3 with sales j. ,at 82/-. British Tobacco were steady with "a sale at 42/-. Electrolytic Zinc were in good demand, the ordinary at 25/6, a rise of 3d., and the preference at 26/6. For Holden’s Motor Body Builders 14/3 was bid, a rise of 3d. Sharland and Co. preference at 20/3, and Wilson’s Cement at 38/6 were unchanged.

YESTERDAY’S QUOTATIONS Buying and selling quotation's at the final call,’on the Wellington Stock Exchange yesterday were as follow:—

FRUIT AND VEGETABLES PRICES AT WELLINGTON A keen demand for Cox’s and Gravenstein apples' and dessert pears Is reported for the present week by W. Burbidge and Co. All stone fruits, especially plums, are in fair demand. Potatoes and eggs are firmer with a tendency to rise, but separator butter is . very dull. Current prices are. — , Apples: Cox’s Orange, 7/8 to 11/6; Gravensteius, 7/- to 0/6: Jonathans, 5/to «/G; Delicious, 5/- to 7/-; cookers, 4/6 to 5/C. Pears: William Bon, 9/- to 12/-; Louis Bon, 9/- to 11/-; Winter Coles and Nells, 6/6.: to * 8/6; cooking, 4/- .to 5/-. Local lembiis. 12/- to 14/-, all kushel cases. Californian oranges, 42/-. Lemons, 37/6; Italian lemons, 19/- to 20/- box. Quinces, .9/- .to 10/6.. bushel. Peaches: Hobbs. 4/6 to 6/-; Crawfords, 4/6 to 5/-; Solway, 4/6 to 5/-. ‘ Dessert plums, 8/- to 9/6. Tomatoes:’ Coloured, 4/6 to 5/6; red, 5/- to 6/-, all half-bases. Red pumpkins, 6/- to 7/- sack. Potatoes: North Island, £6 to £6/10/-; South, to £5/15/per ton. : Onions', 6/- to. 0/6 cwt. Marrows, 3/- to 4/- case. ■ New-laid .eggs, 2/2 per dozen: storekeepers’ ■ lines, 2/- dozen, separator butter; lid. to 1/- lb.’ Walnuts (N.Z.). 8d; to'.Od. lb. .1 Values of fruit and vegetables sold at Wellington yesterday by Market Gardeners, Limited, are as follow:— Fruit.— Cooking apples, 3/6 to 4/6 per case; quinces, 7/0. to. 9/11 per case; local lemons, 18/ to 20/* per case; L.B.J. pears. 10/- to 11/- per case; grapes, 1/- to 1/6 per lb.: Delicious apples, 6/- to 7/9 per ease: Hutt tomatoes, 3/- to 4/6 per case; peaches, 3/- to 6/6 per case: C.O.P. apples, 6/6 to 10/- per case; tomatoes (rounds), 5/- to 7/3 per case. ~ ' Vegetables.—Local potatoes, 5/- to, 8/per sack; onions. 4/- to 5/- per cental bag; spinach, 2/6 to 3/- per case; potatoes. •>/- to 6/10 per case; lettuce, .2/8 to 7/6 per case; beans, 7/- to 11/6 per case; cauliflowers, 3/- to 4/6 per case; cucumbers. 7/6 to 12/6 per case: marrows, 1/6 to 2/6 per case; swedes, 2/- to 3/- per case: beetroot, 4/- to 5/- per case: cabbage, 2/6 to 3/6 per case; parsnips, 3/- to 4/6 per case: carrots, 6/- to 7/9 per sack; peas, 8/9 to 16/6. per sack; parsnips. 4/- to 0/per sack; kumeras, 6/- per bag; cauliflowers, 2/6 to <»/■ ver Sack; celery, 1/4 to 2/6 per bunch: spring onions, 3/- to 3/6 per. bunch; rhubarb. 4/- to 6/- per dozen; pumpkins, 6/- .to ,7/- per sack. AUCTION SALES to-day. 13 Karoa Rd., Lower Hutt, 2 p.m.—Sale of Furniture etc. (J. W. Foster and Co. and L. W. Ferguson). . . . 98 Manners St., 2 p.m.—Sale of Household Furniture (Ramsey Wilson & Co.). 91 Dixon St., 1.30 p.m—Sale of Household Furniture (C. W. Price & Co.). 10S Cuba St., 1.30 p.m.—Sale of Household Furniture (Silverstone & Co.). Rooms, Cnr. Queen and Shortland Sts., Auckland, Noon.—Sale of 8 Railway Lenses of Factory Sites (C. F. Bennett Ltd.). ■ Willeston St., 1 p.m—Sale of Quilts (E. Johnston & Co.). TO-MORROW. Cashel Street, Christchurch—Sale of Cheviot Hills Estata (Pyne, Gould, Guinness, Ltd.). MONDAY. Johnsonville. 1 p.m.—Stock Sale (W. ». & Co., Ltd.). • Pahiatua, 11.39 a.m. iCaWe M,

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

UVE STOCK MARKET WESTFIELD VALUES DOWN By Telegraph.—Press Association. Auckland, March 19. At the Westfield fat stock market beet was penned in average numbers. There was no improvement in the demand and values were again lower for all classes. Extra choice ox sold to £l/17/- per 100 lb.; choice and prime, £l/14/- to £l/16/-; ordinary and plain, £l/11/- to £l/13/-; prime young cow and heifer beef, £l/11/to £l/13/-; ordinary cow beef, £l/8/- to £l/10/-; heavy prime steers, £l4 to £l5/5/-; lighter prime, £l2/10/- to £l3/17/6; light prime,’ £ll to £l2/7/6; unfinished and small, £9 to £lO/15/-; extra heavy prime young cowb and heifers. £lO to £ll/15/-’; heavy prime, £8 15/- to £9/17/6; lighter, £7/5/- to £8 10/-; light cows, £6 to £7/2/6; other cows, £4/10/- to £5/17/6. Sheep werg yarded in average numbers and sold at late rates. Heavy prime wethers brought £l/8/6 to £l/9/9; medium prime, £l/7/- to £l/8/3; light prime, £l/5/6 to £l/6/9; small and unfinished. £l/3/- to £l/5/3; heavy prime ewes. 19/- to £l/1/-; medium prime. 17/to 18/9; light prime, 14/- to 16/9; inferiorly fatted, 8/- upwards.

Lambs were penned in average numbers and sold at late rates, prime quality realising 19/- to £l/4/6 and unfinished 11/- to 17/-. ’ • Pigs were penned in average numbers. Values were firm at late quotations. Choppers brought from £3 to £6/11/-: heavy and medium baconers, £4/8/- to £4/18/-; light baconers and heavy porkers. £3/14/- to £4/4/-; medium porkers and light porkers, £3 to £3/12/-; small and unfinished porkers, £2/5/- to £2/16/-. Store pigs sold st late quotations. Large stores brought £2 to £2/8/-; slips, £l/6/- to £l/16/-: weaners, 10/- to £l/2/-. There was a large yarding of calves, which met with a very dull sale. Runners and heavy vealers were considerably easier on last week's quotations. Runners realised from £4/6/- to £5/7/-: heavy vealers, £3/5/- to. £3/14/-: medium, £2/13/- to £3/3/-; light. £2 to £2/11/-; smaller £l/8/- to £l/18/-; small and f “th dropped, 7/- to £l/6/-; rough calves, 15/- to £l/5/-.' DEMAND FdR GOOD EWES Dalgety and Company, Ltd., report that at the Masterton sale a medium entry of sheep was submitted to a good attendance of buyers. The demand for good ewes was quite on a par with recent sales, but there was a considerable drop in the poorer sorts. The range of prices is as follow:— Four-year ewes, 23/8; s.m. ewes,18/-: eull ewes, 6/9 to 11/6; four-tooth wethers, 21/6 to 22/6; cull wethers, 18/-. ASHHURST QUOTATIONS A medium yardllng of sheep and a fairly large yarding of. cattle at the. Ashhurst sale on Wednesday is reported by Abraham and Williams, Ltd. Cattle found a better market than sheep, and most of the try changed hands. Prices are: B.f. lambs, 7/6 to 11/-; woollv w.f. lambs, 9/7; aged ewes, 7/-; S.D. rams, 2gns'„ ’ 2}gns., Signs., to 3}gns.;> weaner heifers, £2/7/6 to £3/12/-; weaner steers, £2/5/-; store, cows, £3 to £3/17/-; light fat cows, £4/15/-, £5/6/-, £5/10/-, £5/15/-, £6/16/-, £7. to £7/6/-; springing cows, £l2; bulls/£3/7/6, £6, to £7/5/-; weaner pigs, 15/6.' , PRICES AT EKETAHUNA Dominion > Special Service. Masterton, March 20. •; The Wairarapa Farmers’ Co-operative Association report that at to-day’s Eketahuna sale there was a medium entry of sheep and a few pens of cattle offered to the usual attendance. Prices were on a par with recent sales. Quotations: 160 5-year ewes, 16/-; store ewes, 9/7 to 11/9; medium b.f. lambs, 10/6 to 11/4; cull lambs, 5/4; Romney rams, 2gns.; S.D. rams. 2gns. to sgns.; dairy heifers, in calf, £5/7/6; store cows, £2/10/-. LONDON TALLOW MARKET London, March 19. The tallow sales will be resumed on April 2. According to cabled advice received by Dalgety and Co., Ltd., the market is unchanged. SALES OF PROPERTY On the Instructions of the Guardian Trust and Executors Company, the trustees in the estate of’the late Mr. W. H. S. Moorhousg. Messrs. J. 11. Bethune and Co., and Mr. H. A. Shepherd offered at public auction yesterday afternoon a vacant section in Evans Bay road, containing 33.7 perches, which was bought by Mr. Burke, as agent, for £700; "Te Tumu,” Seaview road, Golden Gate. Paremata.' a five-roomed concrete house, with outbuildings, and over three acres ,of land, bought by Mr. W. Duncan for £2100; and the eight-roomed residence. No. 8. Upland Road, Kelburn, withdrawn at £3700, the reserve not being reached. There were also offered for sale the fiveroomed dwelling, No. 19 Plunket Street, Kelburn, withdrawn at £7OO, and the nine-roomed two-story residence, No. 118 Hataltal Road, Hataltal, withdrawn at £2OOO. VALUE OF GOLD London, March 19. She j»o4m 40U fa

DAIRY PRODUCE PRICES LONDON MARKET QUIET BUTTER VALUES LOWER The New Zealand Loan and Mercantile Agency, Company, Limited, have received the following advice from their London House, dated March 19 (last week s figures In parentheses)Butter, New Zealand choicest salted, 138/- per cwt. (140/- to 141/-). Cheese, white, 82/- to 83/- per cwt. (83/- per cwt); cheese, coloured, 83/- to 84/- per cwt. (85/- per cwt.). Market very Dalgety and Company, Limited, have received the following market advice from their head office, London, dated March 1J (last week’s. quotations in parentheses):— Butter and cheese markets very slow. Danish butter, 156/- to 158/- (156/- to 160/-); New Zealand finest salted, 130/- to 138/(139/- to 142/-); Australian finest unsalted, 138/- to 140/- (138/- to 140/-); Australian finest salted, 132/- to 135/- (134/- to 138/-); Australian g.a.q., 128/- to 130/- (130/- to 132/-); New Zealand cheese, white, 82/- to 83/- (83/- to 84/-); New Zealand cheese, coloured, 83/- to 84/- (84/- to 85/-); spot price for Canadian white, 94/- to 98/- (94/to 98/-); spot price for Canadian coloured, 94/- to 98/- (94/- to 98/-). . . Joseph Nathan and Co., Ltd., have received the following market report from Messrs. Trengrouse and Nathan, Ltd., London, dated March 19:—New Zealand butter, 136/- per cwt.; weak. New Zealand cheese, white, 82/- per cwt.; coloured, 83/per cwt.; quiet. BRITISH BUTTER IMPORTS Imports of butter by Great Britain in 1929 were considerably greater than those for the previous year, and the Board of Trade figures for the 12 months provide an explanation of the collapse in prices in the last quarter of the year. Supplies from Denmark were exceptionally heavy, and other Baltic countries shipped large quantities, especially later in the year, when milder weather contributed to heavy production. Supplies from New Zealand were heavy, and Australian shipments increased towards the end of the year. In December British Imports amounted to 538,764 cwt., compared with 441,469 cwt. in December, 1928. In spite of the low prices established in December, and the general clearance of stocks, the market has been unable to recover owing to the receipt of unusually heavy supplies. Arrivals from Denmark In December amounted to 189,707 cwt., an increase of 39,000 cwt., compared with the. amount received in the previous month, which indicates the unusually satisfactory condition prevailing in midwinter. Arrivals from New Zealand In December amounted to 124,301 cwt., an increase of: 8200 cwt. compared with the figures for November; while Australian shipments were 99,930 cwt., an increase of 43,100 cwt., compared with the previous month. Reports written in the middle of January suggested that there was little prospect of a steadier market for some time, owing to the heavy supplies arriving, especially from New Zealand and Australia, and because of large production throughout Europe. Storing of butter was not recommended, although it was probably the only way in which prices could be supported. Both Germany and France were producing large quantities, and as the economic position in Germany was unsatisfactory, it was importing little butter, and supplies were being diverted to Great Britain. Similar conditions still affect the market, because increased production in Europe will be supplemented by the arrival of, large quantities of butter sent from New Zealand and Australia in the last two months. So far the low prices have done little to stimulate the demand, although consumption must be in excess of that in previous years. Imports of butter into Great Britain for the year ended ' December- 31. 1929, compare with those of the two previous years as fol-

LEADING BRITISH BANKS decrease, in deposits A compilation of the balance-sheets issued by the five leading joint stock DariKs in England shows that their paid-up capial aggregates £63,901,010 and their reserve funds £52 482,541. Declared nett profits, compared with those for the previous year, were as follow:- ia29 _ 192 g £ £ Westminster ..: 1:... 2,160,3 M 2,148,408 Totals 11,888,793 11,743,054 All the banks maintained their previous rates of distribution. Of. the total net profits over £3,250,000 were set aside for various purposes, such as contingencies, pensions, premises, etc., while £3,-00,000 were, carried ■ forward, about the same amount as was brought into the accounts from 1928. , . . ... The ag’srega.te balance-sheet shows that the rise in deposits has been checked, the total having fallen from £1,666,226,702 to £1625 579,584, the decrease of £40,600,000 being equivalent to 2.4 per cent. The total is however, still about £20,000,000 more than at the end of 1927. In spite of the falling-off in deposits the advances show an appreciable increase, nearly £15,000,000 to £893,775,171, and the ratio to deposits has risen from 52.7 to 54.2 per cent. Both bills and investments arc appreciably lower and so also is the money employed in .the short loan market. On the other hand, cash is higher, both absolutely and relatively, the total of £210,066,717 showing an increase of £2.387,000,' while the ratio to deposits is 12.91. per cent., as against 12.46 for 1928. • “It the banking figures are scrutinised with the purpose of reading their broad significance in relation to our economic progress it must be confessed that theyare somewhat disappointing,” the “Financial News" remarked. “That despite the growth in population and in the banking habit, stimulated by the constant offer by the. banks of some additional facility, the total of deposits should have fallen must reflect both the influence of gold shortage and of the want of resilience in business. The banks are apparently not at the point of saturation in respect of advances. seeing that the cash ratio is somewhat higher than last year; but there is some failure to find profitable use for such margin of unemployed credit as there is, and this is not a good sign.” DAIRY CONTROL BOARD criticism by farmers Dominion Special Service. Palmerston North, March 20. A remit to be placed before the next meeting of the Dominion Executive of the New Zealand Farmers' Union is: "That the personnel of the New Zealand Dairy Produce Control Board consist of dairy producers’ representatives only, and that the salaries and fees paid be considerably reduced.” The executive of the Dairy Farmers’ Union discussed the remit this afternoon and decided to support it. HEAVY WHEAT CROP Dominion Special Service. FeHding, March 20. A yield of 63 bushels of wheat per acre has been harvested by Mr. L. C. Fergusson, of Halcombe Road, near Feilding. Mr. Fergusson sowed 17 acres of Major variety, which gave him this splendid result. On another paddock he sowed 15 acres of Jambuck,, which gave a return of 59 bushels per acre. MELBOURNE HIDES SALE (Rec. March 20, 9.10 p.m.) Melbourne, March 20. At the hides sales to-day light weights, badly conditioned parcels, were fully a farthing lower. The values of other grades jkon hard to matokaiifa

LONDON WOOL SALES POOR MERINO SELECTION SECOND DAY’S OFFERINGS ■ London, March 19. For to-day’s wool sales the offerings were 8902 bales, Including 1500_ New Zealand. Approximate sales were 7650 bales. There was a large selection of greasy merinos, principally of Yorkshire stylo, and a moderate lot of New Zealand slipes. Steady competition at opening prices was maintained. (Rec. March 20, G. 45 p.m.) ....London, March 19. The New Zealand offerings were mainly slipes. Best halfbred lambs, Toinoana/Wikau, brought 13)d. Several parcels of the Forest Downs scoured Merino combing realised 22jd. m London, March 19. There were sold at yesterday’s wool sales 922 bales of Victorian, 627 bales of New South Wales, 325 bales of Queensland, 75 bales of South Australian, 98 bale? of West Australian, and 1968 bales of New Zealand. Messrs. Murray, Roberts, and Co., Ltd., are in receipt of the following wool market cablegram from their London agents, dated March 19:—Compared with last London sale’s closing rates, greasy Merino, best descriptions, showed a par to 5 per cent, decline; greasy Merino medium to good declined 5 per cent.; greasy Merino inferior declined 5 per cent, to 10 per cent.; scoured Merino market shows no material change; scoured Merino skin wool declined 5 per cent.; for crossbred scoured wool, suitable for Scotch trade, the market is firm; crossbred scoured, other descriptions, declined 5 per cent. The Department of Agriculture has received the following cablegram, dated March 19, from the. High. Commissioner for New Zealand, London: —The wool sales opened yesterday with a large attendance of Home and Continental buyers. The Merino selection was poor; crossbred was well represented with the exception of fine halfbreds. Following the decline overseas, Merino was 5 per cent, to 7} per cent., and crossbred fully 10 per cent, below last series’ closing rates, . but competition was keen on the lower basis, and good clearance effected. For the series 164,000 bales are available, of which Australia has 78,000 bales; New Zealand, 51,000 bales; South Africa, 30,000 bales. REGULATION OF SALES Discussing the movement on foot in Australia to secure the better organisation of the industry and trade In wool? the financial editor of "The Times” says apparently there are two schools of thought in regard to the marketing of wool. One holds that the clip should be sold as soon as It is ready, while the other believes that it would be more satisfactory to sell it over a longer period, regulating the offerings according to the requirements of the market. The’ former method may be crude but it has the advantage of disposing of the whole of the clip and thus prevents any accumulation of stock, which is the bugbear of the coffee market. The other 'method would be more scientific provided that those in charge of regulated selling were clever enough : to dispose of the wool before the new season’s clip came forward. The question whether their methods of sale and distribution are in keeping with the altered conditions of trade which followed the great commodity crisis of 1920-21 deserves very careful study by those interested in the Australia.? wool industry. It is not improbable tjiat producers would derive advantages in various ways from a carefully evolved scheme of co-operation. It will have been observed that when commodity prices fall heavily schemes are frequently put forward by those concerned to raise prices—in other words, to contract out of the inevitable consequence of an excessive supply. Most of these schemes are unsound) Price is the natural restricting or stimulating factor. .An excess of supply over. demand necessarily brings about a decline in price, and if price did not fall in such circumstances there would be nothing to restore an equilibrium of supply and demand. A fall in price rarely if ever falls to stimulate consumption and also to check production on the part of the least efficient and more expensive producers. Therefore, producers should be very chary of price-regulating schemes. They can only succeed If economically sound and wisely administered. To fulfil these conditions such schemes must aim always at cheapening cost and reducing price to the lowest level consistent with profitable production. A monopoly may have power to maintain price, but if the price is excessive it will only retard Its growth and development. A monopoly in wool, if such a thing were possible, might keep prices high, but that would not help to devejop the Industry. To the ultimate consumer the heavy fall in wool prices has brought little if any benefit. If the price of a suit of clothes bore a proper relation to the pre-war price —that is to say. to the average increase in prices generally—there would be a larger consumption of wool, for more suits would be bought. It would therefore appear that the benefit of the fall in the price of wool has gone largely to Intermediaries, so that there should be ample scope for co-oneration on the part of wool interests to secure a better organisation of their industry from the producer to the consumer. The high level of production costs is, as in this country, the great problem of Industry in Australia, and any sound scheme of co-operation must be designed to secure a reducf ion of wool costs. INDUSTRY AT HOME ENGLISH BANK’S POLICY The Bank of England has decided upon a policy of participating in industrial reorganisation and rationalisation schemes under, which it will grant financial assistance and guidance in approved cases. The Securities Management Trust, a subsidiary company, was formed recently by the bank to carry out this policy. The business of the trust will not place it in competition with other banks in the financing of industry. It will aim at the coordination of the basic industries, and this will entail investigations and consultations as to asset valuations, the suitability of given businesses for amalgamation, and possibly the grant of temporary financing, aud the sponsoring of Issues of capital. It is considered that the carrying through of co-ordination schemes to their final stages will be facilitated by the Trust’s ability both to operate as described above and to raise capital where necessary for re-equipment and reconstruction, not merely on behalf of individual units, but of group. Professor Henry Clay, the distinguished economist, has been appointed bv the Bank of England to carry out this policy. Professor Clay, who Is 46 years of age, went to Manchester University in 1922 as Professor of Political Economy, In 1927 he took over the new Chair of Social Economics. Early in January it was announced that the bank had come to an arrangement with the United Dominions Trust for the subscription of £500,000 additional capital of the latter. The. United Dominions Trust, is engaged in the financing of purchases on the instalment plan, of engineering products and goods of a capital nature, rather than with articles of domestic use, or with "luxury” articles. The action of the bank places, the seal of approval on the principle that credit for distribution is an essential part of the industrial and economic structure. The finpneing of distribution . credit is the function of the specialist hanking company—it is a Bystem of credit which demands its own —and specialisation and are both in accord with the spirit and the needs of the times. AUSTRALIAN PRODUCE (Rec. March 20, 8.40 p.m.) Sydney, March 20. Wheat: In bulk, 4/5 per bushel; bagged, 4/7 Flour, £ll per ton. Pollaid, £7/10/per ton. Bran, £B/10/- per ton. Potatoes. Tasmanian, £8 to £lO per ton; 'tetor £7 per ton. Onions: Victorian Globe and Brown Spanish, £5 per ton. Oats: White, 4/9 per bushel; Algerian, 4/3 per bushel. Maize, 0/- per bushel. Adelaide, March -0. Wheat, 4/1 per bushel. Flour, £lO/15/per ton. Bran, £6/15/- per ton. Pollard, £7/17/6 per ton. Oats, Algerian, 2/8 to 2/10 per bushel. NEW YORK CALL MONEY Now York, March 19. Call money closed at 2 per cent., the lowest rate since 1925. The fact encouraged a strong speculative spurt on the Stock Exchange with a "bull" market, resembling that of the days before the break last autumn. The tickers were thirty minutes behind. Many small traders came back, and prices jumped precipitately. United States Steel gained two points to reach 187, and industrials and railway shares moved up similarly. Profit-taking late fa Um day oaaead only » email raaettw.

' .. . ■ Buyers. Sellers. N.Z.' GOVT. .-LOANS— £ s. d. £ 8. d 4} p.e. Ins.' Stk.. 1938 — 97 15 .0 54 p.e.ditto,--193G ... — 99 7 6 54 p.C. ditto,’ 1933 ... 99 •6 — 5} p.e.• ditto, 1941 ... 90 i> 0 — 4J p.e: Bonds, 1930 ... 99 0 0 —— p.e. ditto? 1933 ... 09 0 —— DEBENTURES-? ■ Golden Bay Cement .. . — 0 1G 3 BANKS— . j - Australasia ........ 12 3 0 —— Australian Bank of Commerce .1 y 0. 1 ■ & 9 Commercial, of Aust.' . . (ord.) 1 1 G —— Commercial Banking . ,Co. (Sydney) 21 0 0 — English. Scottish, and , ’• Australian . 6. 8 6 — National of Australasia (£10) 14 17 6 15 ,0 0 pitto (£5) .. 7 y 0 7 7 0 'New Soutli Wales .... — 39 15’ 0 New Zealand ......... ——» 2 17 1 Union of Australia .. — 12 0 0Ditto (Melbourne reglster) — 12 1 0 FINANCIAL— Goldsbrough Mort .. 1.11 0 — N.Z. Guarantee Corp. (ord.) 0 8 4 0 8 7 Ditto (pref.) — 1 2 0 Well. Invest., T. & A. . —- 0 It. 6 Well. Deposit & Mortg.. 0 0 6 •— gas— Auckland (paid)'... ... 1 3 5 1 , 4 0 Christchurch 1 6 1 1 6 6 Wellington (ord.) ... 1 9 6 1 11 3 Ditto (pref.) 0 17 3 0 18 3 INSURANCE— 14 1 — New Zealand 2 4 0 MEAT PRESERVING— - o fl r —— 1 18 3 N.Z. Refrigerat. (10/-) — 0 5 6 Well. Meat Exp. (ord.) 0 7 0 — TRANSPORT— Huddart, Parker (ord.) tl 14 3 — Guion Steam (pref.) . tl 0 3 — P. and O. def. stock.. —— 2 15 0 WOOLLEN— ; ■> ■•) ■ Kalapoi (ord.) ....... — 0 12 0 Wellington (ord.)....- ■ —— 6 0 0 COAL— Westport ............ 1 0 10 — Walpa .......• —— 0 14 0 6 •0 1 8 G Westport-Stockton (ord.) ’ ........ .... — 0 3 0 Ditto (pref.) ......... 0 3 .0 : 0 3 9 TIMBER— National , — 0 9 6 BREWERIES— New Zealand ■ .-..... *4 1 3 — MISCELLANEOUS— British Tobacco (Aust.), (ord.). 2 1 10 0 Dental and MediCal .. ■ —- 6 13 6 Electro. Zinc- (ord.) . 1 y ■ 6 — Ditto (pref.) ... 1 6 6 — Holden’s Motor Bldrs., 0 14 3 0 15 6 Howard Smith (ord.) — 0 18 0 N.Z. Drug ............ —- *3 11 6 N.Z. Farmers’ Fertiliser —— 1 0 8 Sharland & Co. (ord.) — ■. 0 6 Ditto (pref.) 1 . 0 3 1 1 0 Wilson’s - Cement .... 1 18 0 —— MINING— Mount Lyell ......... 1 Ij; 6 Waihi — 0 14 0 ♦Cum., dividend. •’ fEx dividend

day ‘ WELLINGTON. £ s. d. 44 per cent. Government Bonds (1030) (2) 99 5 0 Bank of New Zealand (2) 2 16 9 2 3 9 1 6 3 4 2 0 2 2 0 AUCKLAND. Inscribed Stock, 1938, 4} per cent. 97 5 0 Inscribed Stock, 1938, 4J per cent. 07 10 0 Commercial Bank of Australia (2) 1 1 10 Bank of New South Wales 39 8 6 South British Insurance 3 1 1 3 6 Auckland Gas (contrlb.) 0 17 0 Auckland Gas . o 16 10 2 8 0 3 0 British Tnhnnco ................ 2 2 0 44 0 0 1 13 6 CHRISTCHURCH. National Bank of New Zealand .. 5 19 9 Bank of New South Wales 39 7 6 Goldsbrough, Mort 1 11 3 1 6 1 New Zealand Breweries (cum div.) 4 2 1 British Tobacco (cum div.) .... 2 2 0 British Tobacco (3) 2 1 11 Dunlop, Perdrlau Bubber (cum div) (2) . •.. 0 17 7 Mount Lyell (2) 1 13 3 Stoney Creek (Cd. paid) (2) 0 0 8 Winding Creek (1/- paid) 0 0 11J Ditto 0 0 11 Sales reported:— Bank of New South Wales 39 7 6 Bank of New Zealand 16 9 Dalgefcy and Co. 11 2 0 Auckland Gas (late sale, March 19), (odd parcel) 1 3 fi 1 6 3 Commercial Bank of. Australia.. 1 111 Goldsbrough, Mort 1 11 3 British Tobacco 2 1 11 Dunlop Rubber (cum div.) 0 17 7 DUNEDIN. £ t j. d. Mount Lyell (2) 1 13 6 Sales reported:— , Bank of New Zealand 2 IB 9 Union Bank 12 0 0

low: — 1929. 1928. 1927. Cwt. , Cwt. Cwt. ■Russia ...... 290,314 336,252 350,422 Finland Sweden _ A 4 ?^2r 1 Denmark .... 2,204.027 Netherlands .. France 44,693 United States 70 Argentine . • ■ • 302,88Irish Free State 566,177 Australia .... 7(®,173 New Zealand 1,313,139 Canada ® Other countries 305,739 198,883 175.570 2,010.045 129,445 69,400 2,151 360,015 559,107 872,885 1,222,277 1,646 163,176 165,951 1,994,764 170,235 65,994 672 420,058 • 586,485 488,721 1,252,475 423 117,234 Total ,..< 6,406,623 6,112,972 5,818,611