FINANCE and COMMERCE.

Dominion, Volume 23, Issue 221, 14 June 1930, Page 14

FINANCE and COMMERCE.

; STOCKS AND SHARES ■ WELLINGTON EXCHANGE j . • STEADY BUYING’ I ' “ Thirteen sales were recorded on the Wel'Hngton Stock Exchange yesterday, and ■while most of the sales were of what may be termed the “fashionable" stocks Investors are beginning to look for other shares. •Yesterday Wellington Woollen, Sharland & ' Co., and N.Z. Fanners’ Fertiliser met with .business. Following the heavy sales of .the past few days, the buying strength ‘eased and the buying quotations recorded yesterday were fewer than earlier In the week. ■’ Government securities were steady. The per cent, stocks (1939 and 1038) were Iflrm at £99, and the 4} per cent, bonds ((1041, 1939, and 1938) were again In demand at £99, but the 4} per cents (1930) ■were 2/8 lower at £99/10/-. < The demand for bank shares has eased ■but prices keep very firm. Bank of Australasia advanced 3/6 to £l2/12/-; Bank ,of New South Wales were steady at £4O; Bank of New Zealand long term were up (3d. at 27/6, and Union Bank were a shade easier at £l2/0/6, but there was a sale at (' £l2/1/-. New Zealand Guarantee Corporation were (steady, the ordinary at 7/10 and the preferenca at 20/6. Wellington Investment were at 10/6, and Wellington Deposit at *(9/9. New Zealand Insurance were steady .'at 46/-, New Zealand Refrigerating, 10 ( paid, were Id. higher,-at 5/4. Huddart (Parker ordinary were 3d. higher at 38/3, ((but Union Steam were Id. lower at 20/3. > - Wellington Woollen ordinary were In (demand at £5/10/-, with a sale at £5/15/-, 7-Bellers wanted £6. New Zealand Brew■*erles were 3d. down at 51/3, but Staples •'& Co. were unchanged at 47/3. British .(•Tobacco were Id lower at 40/9, and Colonial ;*Sugar were 2/6 higher at £42/7/6. Do- • minion Investments were steady at 22/6, (•but Electrolytic Zinc ordinary were 3d. -(down at 24/9, Taranaki Oil were up 2d. at .-2/-, and Wilson’s Cement were unchanged “at 45/-. — - QUOTATIONS Buying and selling quotations at the (final call yesterday on the Wellington

* DIVIDEND LIST PayCompany. Period. Percent, able.' Devonport 8. Ferry Half-year 3} To-day Bank of N.Z. . Half-year 7 2-3 June 20 Mount Lyell .. Half-year 5 June 23' ' Farmers’ Trading Co., ord. . Year 10 June 25. Farmers’ Trad- . Ing Co., pref. . Year 7 June 25 Australian Glass Half-year 7J June 25 ■ N.Z. Loan and Mercantile .. Half-year »2 June 30 British Tobacco, ord Quarter 3 June 30 N.Z. and River Plate Half-year 4} July 1 •On ordinary stock and 2} per cent, on preference stock.

GOVERNMENT STOCKS London, June 12. Quotations of Government stocks to-day compared with those of June 5 are as follow. — > Price. Variation.

AUCTION SALES TO-DAY. 162 Main Hutt Rd., 2.30 p.m.—Sale of Petone Boarding House (MacLaren & Nesbit). , c. , . Main Rd., Eastbourne, 1.80 p.m.—Sale of Household Furnishings (E. Johnston & Co) « IB Rodrigo' Rd., 1.30 p.m.—Sale of Household Furnishings (Silverstone & Co.). MONDAY. „ , , Balevards, Levin, Noon. —Special Sale of Jersey Helfers (N.Z. L. & M. A.). Mangahao. near Pahlatua, Noon.—Clearing Sale of Dairy Stock (N.Z. L. & M. A.). Jubilee Rd., Otakl, 1.30 p.m.—Sale of Furniture (C. K. Woodroofe). TUESDAY. Aria, Te Kultl, Noon—Sale of Pedigree Jerseys, a/c Reeve-Smith (Farmers’ CoOp. and Newton King Ltd.). Pahlatua, Farmers’ Yards, 1 p.m.—Sale of Land and Property,’ a/c A. E. Verry (N.Z. L. & M. A.). Karere, Palmerston North. —Dispersal Sale of Blrkland Shorthorn Stud (A. & W. and W. S. & Co.). Auction Arcade, Courtenay Place, 10.30.— Sale of Unclaimed Packages, etc. (Samson BrosJ.

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

N.Z. PERPETUAL FORESTS LTD. DIVIDEND 8 PER CENT. In their report for the, year ended March 80, the directors of New Zealand Perpetual Forests, Limited, state that since the commencement of operations the company has afforested a gross area of 127,241 acres, representing .a net planting of 117,950 acres, and Is planting additional areas for the 1930 season. The difficult conditions prevailing have entailed on the board constant and careful attention, but the directors look forward with confidence to the continued prosperity of the company. In conjunction with the Australasian Forestry Bondholders Trust Company, Limited, arrangements have- been completed whereby a substantial sum of money will be made available toward the development of realisation projects at the expiry of the maintenance contracts.

The accounts for the year show that sales and miscellaneous income amounted to £320,249. Land and development requires £165,666, maintenance and administration account for £135,709, leaving a net profit of £18,874. After setting aside £lO,000 for income tax for 1029 and 1930, and transferring £5OOO to special reserve, there is available £20,670. The dividend of 8 per cent, for the year absorbs £14,739, and £5930 is carried forward, against £16,796 brought in.' The balance-sheet shows paidup capital £101,260, reserve for plantation - and • •maintenance £1,052,835, .special • re-.( serve £5OOO, and creditors £91,361, the • total -being £1,361,206.- Assets Include land’ £33,343, plant, etc., £6097, tools' seed , trees, etc., £15,590, maintenance reserve funds £455.952, Investments £58,547, bondholders £751,987, debtors £13,056, cash £11,695, and good-will £15,000.

COMPANY’S GOOD YEAR Dominion Special Service. Dunedin, June 13. The Perpetual Trustees Estate and Agency Co., which controls business amounting to £6,500,000, held its fortysixth annual meeting to-day. In moving the adoption of the annual report, the chairman of directors (Mr. W/ E. Reynolds) said: “The financial world has been subject to considerable disturbances for some years past, culminating in very serious unrest during recent months. I think the cause must be apparent to any clear-thinking mind—a steadily grow-' ing tendency on the part of all classes of the community to live more and more on one. another: in other words,’ the evergrowing tendency to devise means of mak-; ing money without working for it. . l am! pleased to be able to say that so far this company has not been adversely affected. At the same time the serio.us drop in the; value, of almost all, if not all, our natural’ products, must of necessity give concern to all who really have the welfare of the Dominion at heart. The profit and loss account discloses that the gross Income from all sources amounts to £27,412/8/10, an increase over the previous year of £lO5l/3/11, while the net profit for the year amounts to 1 £7912/17/1. It is proposed to deal with the available balance of £9547/2/1 as recommended by the directors.”

The report and balance-sheet were adopted and the retiring directors, Messrs., James. Begg and R. J. Gilmour, were reelected. GRAIN AND PRODUCE CANTERBURY MARKETS By Telegraph.—Press Association. Christchurch, June 13. The values for oats are distinctly weaker, and although there are plenty offering, buyers are few and the market very quiet. A Gartons, for prompt delivery, may be secured at 3/10 to 3/10}, and B’s at 3/9 to 3/9}. Chaff remains fairly firm, and the quotation for prompt delivery is £7 a ton f.0.b,, s.i., equivalent to £5/10/- on trucks. Chaff for June delivery is £7/5/- f.0.b., s.i., and that for July-August-September delivery is worth a little more than that figure. Practically all the free wheat has been absorbed except for a few odd lots, and the pool is the chief holder. Some business continues in next season’s crop on the basis of 5/6 for Tuscan, 5/8 for Hunters, and to 5/11 for Pearl. Fowl wheat is fairly scarce, and with the demand still quite good, the price remains firm at 6/- f.0.b., s.e. During the last few days the potato market has firmed, and to-day for prompt delivery tubers are worth £3/15/- a ton on trucks, and for the end of June delivery as high as £4 has been paid. There are not many prompts offering for July delivery. They are quoted at £5/7/6, and for July-August-September, sales have been made at £6/15/-, ftut those sellers have disappeared, and £5/17/6 is being asked. A lot of potatoes were sold forward for June delivery, and it would appear that crops have not turned out as good as was expected, with the consequence that buyers finding supplies short have been forced on to the market. The Wlngatui left to-day for Auckland carrying 6000 sacks, 5000 from Lyttelton and 1000 from Tlmaru. The onion market shows very little change. The quotation to-day Is £2/15/- to £3 a ton on trucks for good lines. OVERSEAS MARKETS London, June 12. Wheat cargoes slow; parcels Irregular, 3d. to 6d. easier. Futures: London, July 36/5 per quarter; September, 36/9. Liverpool: July, 7/10} per cental; October, 7/11}: December, 8/01. Spot trade slow, Australian, ex ship, 43/-. Flour: Dull, Australian ex store, 30/6. Oats: Slow; Australian, 16/- to 20/-. Peas: Blue neglected; New Zealand, 220/- to 240/-; Maples, better inquiry; New Zealand, 58/6 to 60/-. New Zealand beans, 37/- to 38/-. Chicago,. June 12. Forward wheat prices are: July, 10 3-8 dollars per bushel: September, 10.6 dollars; December, Lil dollars.

BANK OF ENGLAND GOLD RESERVE UP MARKET RATE FIRM London, June 12. The Bank of England return for the week ended June 11 is as follows:— Issue Department. £ £ Notes Issued: Govt, debt 11,015,100 In circula- Other Govt. tlon 364,002,267 securities 232,892,247 In bank- Other seingdept. 52,259,190 curlties 11,629,173 Silver coin 4,463,480 •£260,000.000 Gold coin & bullion 156,261,457 £416,261,457 £416,261,457 •Amount of fiduciary issue. Banking Department. £ £ Capital 14,553.000 Govt, seRest 3,234,552 curities 46,310,547 Deposits: Discts. and Public 8,238.870 advances 6,804,409 Bankers 58,822,236 Other seOther curities 13,043,043 a/cs 35,383,438 Notes 52,259,190 Seven-day, Gold and siletc., bills 4,034 ver coin 918,950 £120,236,139 £120,236,139 Proportion of reserve to liabilities, 51.90 per cent., compared with 48.80. per cent, on June 4, and 58.00 per cent, on June 12, 1929. The principal items of the above return compare as follow with those for the previous week:— Deposits: £ £ Government .... 8,877,942 8,238,879 Bankers 71,081,853 58,822.230 Other accounts . 36,008,849 35,383,438 £116,868,644 £102,444,553 Securities: Government .... 58,380,547 46,310,547 Discounts and advances 6,476,057 6.804,409 Other securities . 12,716,840 13,043.043 •Reserve 57,080,483 53,178,140 Note circulation . 359,708,602 364,002,267 tCoin and bullion . 156,879,085 157,180,407 •Reserve on June 12, 1029, was £62,152,449. tjune 12, 1929, £164,211,400. 1930, maximum, May 7, £164.502.391; minimum, January 1, £146,115,719. Short Loans and Bills. The Bank of England rate of discount is 3 per cent., to which it was reduced from 31 per cent, on May -1. Short loans are quoted at 2 per cent., unchanged on last week. The market rate for best three months’ bills is 2J per cent., as compared with 2 3-16 per cent, last week. New York Call Money. New York, June 12. The rates for call money to-day were as follow: — Renewal High. Low. Close. 3 p.c. 3 p.c. 2} p.c. 2J p.c. STERLING EXCHANGES British Wireless. London, June 12.

The following rates on foreign exchanges are current to-day, as compared with the cable quotations on .June 10,

Gold and Silver. London, June 12. Gold, 85/OJ per ounce. Silver.—Spot, 16 3-16 d. per ounce; forward, 16d. per ounce. BRADFORD TOPS A-WEAK MARKET London, June 12. The Bradford tops,market is dull, with a downward tendency. Quotations compare as follow with those previously cabled: —

May 22. May 29. Jne. 5. Jne. 12. per lb. per lb. per lb. per lb.

Wright, Stephenson and Co,, Ltd., and Abraham and Williams,, report having re-ceived-cable advice from their Bradford agents as follow:—Merinos, id. down; fine and medium crossbreds, -Jd. down; coarse crossbreds, }d. down. Very little business passing. Users of tops are well covered for immediate needs, and are keeping out of the market as much as possible.

FROZEN MEAT TRADE Regarding the frozen meat market, Dalgety and Co., Ltd., have received the following cable, dated June 12, from their head office, London.—Any change in prices is in favour of buyers; demand limited. , M. A. Eliot, Ltd., of Palmerston North, have received cable advice of the following Smithfield prices for the past week ending June 13:— Best North Island prime lambs, under 361 b., 9d.; 36/421b„ 8 3-Bd.; 42/501b., B}<l. Ordinary North Island lambs, under 421 b., B}d.; second quality, under 421 b., B}d.. Best North Island wethers and/or maiden ewes. 48/561b. and 56/641b., 4 7-Bd.; 64/721b. and over 721 b„ 4 5-Bd. Ordinary North Island and/or maiden ewes, 48/561b. and 56/641b., 4}d.; 64/721b. and over 72!b., 4}d. North Island ewes, under 041 b., 3 l-Bd.; 64/721b. and over 721 b„ 3d. New Zealand prime ox beet (equal fores and hinds), 160/2201b., 4Jd. Remarks: Lamb, par to }d. higher; wethers, no change; light ewes, l-Bd. higher; beef, no change.

DAIRY PRODUCE TRADE BUTTER PRICES AT HOME MARKET’S UPWARD TREND Reports received yesterday by Wellington merchants indicate an upward tendency in the market for New Zealand dairy produce at Home. Finest quality butter is selling from 132/- to 134/-, and the market is firm at these prices. The cheese market is steady at present prices—77/- to 78/- for New Zealand white and 83/- to 84/ ( - for coloured. The movement in prices during the past month is set out in the following able, supplied by A. H. Turnbull and Co.: — May, May, May, May, June, 9. 16. 23. 30. 6 Danish butter 132/- 133/- 132/- 132/- 133/N.Z. salted .. 130/- 128/- 128/6126/- 126/N.Z. cheese — White .... 82/6 81/6 80/6 75/6 76/6 Coloured .. 87/6 86/- 86/6 82/- 83/Cabling to A. H. Turnbull and Co. on June 3, W. Weddel and Co., Ltd., state:— The statistical position of butter is certainly a little better, in spite of the fact that the estimated arrivals of New Zealand butter for May, June, July, and August show an increase of approximately 60u0 tons over the same period last year. However, the stocks in New Zealand have been gonslderably reduced during the month, and the May gradings are only on a par with last season. The position of stocks in America shows a slight improvement, although they still have a surplus over and above their usual stocks at this period of the year from 6000 to 8000 tons. There has been a slightly better demand for butter during the month, and it is to be hoped that this will be maintained. Quite a fair interest was shown in forward butter for Canada during the first half of May, and a number of sales were made, but just when the business seemed to be getting on to a steady footing, the buying suddenly ceased. The cheese market has weakened throughout the month, chiefly on account of unfavourable wetther conditions. However, since the beginning of June the consumptive demand has increased and the position looks a little brlgnter. The statistical position of cheese is sound, but with the general bad trading conditions one must not be too optimistic.” Cabled advice received by Mr. G. A. Mills from A. J. Mills and Co., Ltd., London, gives the following market prices ruling as at close of business on Thursday:— Butter.—The market is firm. New Zealand finest, 132/- to 134/-; New Zealand first, 130/-, to 132/-; Danish, 134/- to 136/-; Australian, 126/- to 130/-. Cheese: This market is quiet. New Zealand white, 77/- to 78/-; coloured, 83/- to 84/-. Joseph Nathan and Co., Ltd., nave received the following market report from Trengrouse and Nathan, Ltd., London, dated June 12:—New Zealand butter, 134/- per cwt.'; firm. New Zealand cheese, white, 78/-, coloured 84/-; quieter. Dalgety and Co., Ltd., have received the following cable from their head office:— Samuel Page and Son .report under date of June 12—Butter: Market firm, holders asking 2/- more. Danish, 134/- to 136/(132/- to 134/-); New Zealand finest salted, 130- to 132/- (124/- to 126/-); Australian finest unsalted, 126/- to 128/- (122/- to 124/-); Australian finest salted, 126/- to 128/- (120/- to 124/-); Australian, g.a.c.q., 120/- to 124/- (116/- to 118/-). Cheese: Market steady at present prices. New Zealand white, 77/- to 78/- (75/- to 77/-); coloured, 83/- to 84/- (81/- to 83/-). Spot price for Canadian white, 04/- to 104/(95/- to 105/-); coloured, 94/- to 104/- (94/to 104/-); c.if., price for Canadian. 78/- to 80/- (80/- to 82/-). (Last ween-s quotations shown in parentheses.) London, June 12. The butter market is firmer, with improved demand. Danish, 138/-; choicest salted New Zealand, 134/-; Australian, 130/-; unsalted New Zealand, 140/- to 144/-; Australian, 126/- to 128/-. Cheese is firm. New Zealand, white 78/-, coloured 84/-. Australian, 76/- to 82/-. FEILDING STOCK SALE Dominion Special Service. Felldlng, June 13. Fat lambs showed a rise of about to 1/6 per head at the Feildlng stock sale today, when a heavy yarding was offered. The prices given were 3/- better than the paddock sales outside, buyers operating freely. Store sheep were yarded in average numbers. Breeding ewes were not particularly sought after, several lines going cheaply; rough good ewes sold quite well. Fat chttie made a heavy yarding, and sold well, with prices probably a little better, good beef making up to 35/- per 1001 b. Dairy cattle were yarded in increasing numbers, though th'ere were some rough cows and heifers which brought down the average. Good lines sold firm at late rates. The range of prices is as follows:— Fat lambs, b.f. woolly, prime, 21/9 to 22/3; good, 20/- to 20/7; medium, 17/2; lambs, not classed as woolly, prime, 17/4 to 17/6; good, 16/4 to 17/-; medium, 15/-; poor condition, 13/5. Fat ewes, prime, 16/9 to 17/6; good, 15/- to 15/9; medium, 12/6 to 13/9; fat two-tooth, good, 19/- to 22/9;. fat wethers, prime, 29/-; good, 26/8. Store Sheep.—Four and six-tooth ewes, r.w. S.D. rams, 24/-; four and five-year ewes, r.w. S.D. rams (very good), 23/-; poor ditto., 15/-; four-yfear ewes, r.w. Romney rams, 18/4; two-tooth ewes, r.w. Romney rams, 20/-; two-tooth wethers, good, 17/2; poor, 13/6; b.f. woolly lambs, 9/6 to 12/5. Fat Cattle. —P.A. two-year steers, £8 15/- (35/- per 1001 b.); Shorthorn cows, £8 7/6; Shorthorn cows, £7/12/-; Jersey cows, good weights, £7/10/- to £B/9/-; lighter, £5 to £7. Dairy Cattle. —Springing cows, £ll/15/-, £lO, £B/10/-, £B/5/-, £7/10/-, down to £6/5/-; springing heifers, £7/10/- to £6; heifers, in milk, £7/10/-. Store Cows.—Jersey, good condition, £3/16/- to £4/10/-; others, from £2/5/to £3/7/6. MARKET FOR METALS

(Rec. June 13, 8.35 p.m.) London, June 12. Metal Exchange Quotations are as follow, those previously cabled being given

for purposes of comparison:— June 5. June 12.

'Stock Exchange were as follow — p Buyers. Sellers. I N.Z. GOVT. LOANS— £ s. d. -, 4i p.c. Ins. Stk.. 1939 99 0 0 & s. d. . 4} p.c. ditto, 1938 ... 99 0 0 ;J;5i p.c. ditto, 1941 ... — - 4} p.c. Bonds, 1941, 1939, - 1938 99 0 0 >4i p.c. ditto. 1930 ... 99 10 0 'DEBENTURES— 99 7 6 96 17 6 . Golden Bay Cement . \ — /BANKS— 0 17 0 J0 Australasia 12 12 0 12 17. 0 < Aust of Commerce ... — Si Comm, of Aust, ord. . — S? English, Scot. & Aust. — _ 1 5 6 1 2 8 6 9 0 4 National of N.Z 6 9 0 ® National of Australasia 6 12 0 Q (£10) — 15 15 0 & Ditto, £5 — •i'New South Wales .... 40 0 0 S New Zealand — _ 15 Ditto, long term .... *1 7 6 7 15 0 3 0 3 V Union of Australia .. 12 0 6 7’ Ditto Meib. reg 12 1 0 FINANCIAL— - „ ■ „ 12 2 6 'J N.Z. Guar. Corpn., ord. 0 7 10 Ditto, pref. 1 0 8 0 8 0 W Well. Invest., T. & A. 0 10 -8 0 11 6 Well. Deposit & Mortg. ,0 9 9 "itGAS— i-A Auckland (contrlb.) .. 0 17 9 0 10 3 9 » Christchurch — 1 6 Gisborne ord , 14 1 11 0 0‘ Ditto, pref *0 17 4 INSURANCE— „ „ „ New Zealand 2 6 0 South British — MEAT PRESERVING— 3 0 6 N.Z. Refrigerat. (10/-) 0 5 4 TRANSPORT— „ Huddart, Parker, ord. 1 18 3 Union Steam, pref. ..103 1 17 6 P. and O. def. stock .. — WOOLLEN— B „ 2 8 0 Wellington, ord. .... 5 10 0 COAL— 6 0 0 Taupiri, ord — TIMBER— 1 6 0 National ............ — to 10 0 Leyland-O’Brien .... — BREWERIES— „ „ _ 1 9 6 New Zealand 2 11 3 2 12 0 Staples and Co 2 7 3 —- Carlton — MISCELLANEOUS— 1 14 6 Burns Philp & Co. ... — 1 17 9 British Tobacco (Aust.), ftord •. 2 0 9 2. 1 2 Colonial Sugar 42 7 6 42 15 0 Dental and Medical . — Dominion Investments 1 2 .8 Electro. Zinc, ord. .. 1 4. 9 0 12 0 Ditto, pref. — 1 8 9 N.Z. Farmers’ Fertiliser — 1 1 0 N.Z. Paper Mills — 19 9 Sharland ; & Co., ord. — 19 3 Ditto, pref. .......... — 0 19 6 Taranaki Oil 0 2 0 Wairarapa Farmers’ 0 3 6 pref. — Wellington Cordage . — Wilson’s Cement 2 5 0 MINING— Walhi 0 13 8 0 15 0 11 0 6 Mount Lyell ........ — ’1 9 •Cum. dividend. tEx. dividend. 3

£ s. d. £ s. d. Consols. 2} p.c. ...... 54 15 0 5 0* Fund. Loan, 4, 1900-90 88 15 O 15 0* War Loan. 5, 1929-47 . 102 5 0 5 01 Convers. Loan, 3} p.c. 77 5 0 10 0* Victory Bonds, 4 p.c. .. 94 10 0 2 6t Com’wealth., 5, 1945-75 86 7 6 12 6* Com’wealth., 6, 1931-41 99 O 0 1 3* Victoria, 3. 1929-49 .. 62 10 0 10 0* Victoria, 34, 1929-49 .. 08 0 0 2 6* Victoria, 54, 1932-42 .... 97 0 0 1 5 Of Victoria, 5, 1932-42 .. 87 10 0 5 0* Victoria, 4J. 1940-60 .. 80 17 6 1 10 0* N.S.W., 4, 1933 91 7 6 2 6* N.S.W.1 3,' 1935 84 5 O 5 Of N.S.W., 34, 1930-50 .... 65 7 6 1 2 6* N.S.W., 5J, 1922-32 .... 97 7 6 3 9* N.S.W., 64, 1930-40 .... 99 10 O 5 0* N.S.W., 6, 1930-40 .... 97 2 6 7 6t Q’land., 34, 1930 100 0 0 10 Of Q’land., 8, 1922-47 .... 62 0 0 10 0* Q’land., 6, 1930.40 .... 98 5 0 . 5 0* N.Z., 4J, 1949-58 94 5 0 3 9t N.Z 34, 1940 88 17 6 N Z ’ 3,’ 1945 79 10 0 N.Z, 6, 1936-51 105 10 0 2 6f 3. Austr., 34, 1939 81 0 0 same S. Austr., 3, 1916/after 49 10 0 same 3. Austr., 6, 1930-40 .. 99 8 9 13 9* Tasm., 34, 1920-40 .... 79 0 0 10 0* Tasm., 3, 1920-40 ;.... 78 0 O 10 0* Tasm., 1930-40 .... 100 15 0 5 0* W. Austr., 34, 1929-35 . 86 0 0 10 0* W. Austr., 3, 1915-35 .. 83 10 0 1 10 0* W. Austr., 6, 1930-40 .. 96 0 0 10 0* fHlgher. •Lower.

terday:— WELLINGTON. £ s. d. Bank of New South Wales .... 40 2 6 Bank of New Zealand (2) 8 0 0 Union Bank 12 1 0 Wellington Woollen, ord 5 15 0 Queensland Insurance (2) 2 10 0 N.Z. Breweries 2 11 0 Tooth's Brewery 1 15 6 British Tobacco 2 11} N.Z. Farmers’ Fertiliser (2) .... 10 8 Sharland and Co. preference .. 0 19 3 AUCKLAND. £ s. d. War Bonds, 1939, 44 p.c......... 99 10 0 Inscr. Stock, 1932, 5i p.c 98 15 0 Comm. Bank of Australia 115 N.S.W., Sydney Register 40 2 6 Bank of New Zealand (2) 3 0 0 Tauplri Coal 15 6 Kauri Timber 0 14 0 Australian Glass 2 3 0 British Tobacco 2 10 Farmers’ Trading 0 8 10 Wilson’s Cement 2 5 3 Waihi 0 13 9 Mount Lyell 18 6 18 4 Northern Steam Ship (contrib. 0 6 6 CHBISTCHUBCH. £ s. d. A.P.A. Insurance 0 8 3 A.P.A. Insurance 0 8 9 Aust. Bank of Commerce 15 0 Comm? Bank of Aust. (2) 12 6 National Bk. of A/asla (£10 pd.) 15 8 0 Bank of New South Wales 40 0 0 Union Bank of Aust *;.. 12 0 0 N.Z. Refrig. (10/- paid) 0 5 9 Christchurch Gas (10/- paid) ... 0 13 0 British Tobacco (2) 2 0 10 Colonial Sugar 42 5 0 Mt. Lyell (cum div.) 18 6 Sales Reported— Nat. Bank of A/asia (£10 paid) 15 8 6 Bank of N.Z. (cum div.) (2) .. 3 0 0 N.Z. Refrig. (10/- paid) 0 5 9 British Tobacco (5) 2 10 Mt. Lyell (cum div.) 18 4 Mt. Lyell (cum div.) .......... 19 5 Union Bank of Aust 12 1 0 Nat. Bank of A/asla (£10 paid) 15 12 0 DUNEDIN. £ S. d. Okarito (paid) 0 7 8 do. (2) 0 7 9

and par:— June 10. Par. June 12. N. York. del. to £ 4.85 27-32 4.85 27-32 ; 4.866 Montreal, dol. to £ 4.85} 4.866 Paris, fr. to £ 123.78 123.825 124.21 Brussels, bel., to £ 34.815 34.815 35.00 Geneva, fr. to £ 25.075 25.085 25.221 Amst’dam., fl. to £ 12.081 12.08} 12.107 Milan, lire to £ 02.74 92.78 92.46 Berin, mks. to £ 20.30 20.305 20.43 St’holm., knr. to £ 18.095 18.105 18.159 C’hagen., knr. to £ 18.16 18.16 18.159 Oslo, knr. to £ 18.155 18.15} 18.159 Vienna, schgs. to £ 84.44 34.445 34.585 Prague, knr. to £ 163} 183} 164.25 Hel’fors., mks. to £ 192} 192} 193.25 Madrid, pes. to £ 41.25 40.225 25.2215 Lisbon, esc. to £ 108.25 108.25 Athens, draeh. to £ 375 375 375 Bucharest, lei to £ 818 818 813.6 Bio de Janeiro, pence to milreis 511-16 ' 5 25-32 5.899 B. Aires, p. to dol. 42 5-16 42 7-16 47.577 Calcutta, p. to rup. 17} 17} 18 Shanghai, p. to tael 18}.. 18} —. H.-Kong, p. to dol. 15} 15 3-16 —— Y’hama., p. to yen 2413-32 2413-32 24.58 Batavia, fl. to £ 12.07} — 12.107

d. <1. <1. d. Sixty-fours 30 29} 20 28} Sixties 28 28 28 27} Fifty-sixes . \ 22 22 21} 21} Fifties ..18J 18} ' 18} 18 Forty-sixes . 16 . 16 16 } 15J Forties 15} 151 15} • 15}

Copper— Per ton. Per ton. £ s. d. £ s. d. Standard, spot 52 16 101 49 10 0 Standard, forward 53 1 3 50 1 3 Electrolytic .60 10 0 58 0 0 to 01 10 0 60 0 0 Wire bars 61 10 0 60 0 O Load— Spot 17 18 9 17 7 6 Forward 18 2 6 18 0 0 Spelter— Spot 16 15 0 16 11 3 Forward 17 10 0 17 2 6 Tin - Spot 137 11 3 134 18 9 Forward 139 11 3 136 16 10J Silver— Standard, per oz. , IGJd. 16 3-16d. Fine, per oz 18 l-6d. 16Jd.