FINANCE and COMMERCE.

Dominion, Volume 24, Issue 48, 20 November 1930, Page 14

FINANCE and COMMERCE.

STOCKS AND SHARES ’ Wellington Exchange i VALUES REMAIN FIRM i f ■ ’ - l - "' j ' ■< There. was slightly less demand yester- ' day ■on the Wellington Stock Exchange s and only two sales were recorded. Values i of all quoted stocks and shares were Arm at late rates. , -I Government securities were In good de- ■ mand' and firm. The 4) per cent, stocks (1938) and bonds (1938 and 1939) were all wanted at £9B. The 4} per cent, bonds (1933) were sought at £99, and the 5j , per cents. (1933 and 1930) were also In a demand at £99. Wellington Racing Club - debentures were firm at £lO3/10/-, and ! New Zealand Brewery Bonds at 21/-. • Bank of Australasia at £lO/19/- were i 6d. higher, and there was a sale at £ll. % Commercial Bank of Australia were 4d. j lower, at 17/2.' National Bank of New Zea-)-land were firm at £5/12/-. Bank of New j South Wales have had another advance, 'and at £32/15/- were 7/0 higher than on T the previous day. Bank of New Zealand « were steady at> 56/6, but the . long-term ’ mortgage shares eased 3d., to 26/3. union ■ Bank were up 1/-,at £9/14/-. '■ New Zealand Investment Mortgage at ■ 10/- and Wellington Investment at 10/4 . were steady. Wellington Tiust and Loan ’ were 6d. up at £7. New Zealand Insurance were firm at 42/6 and Wellington Gas sat 28/6. Huddart Parker-preference were > again wanted-at 19/6. .P. and O. Deferred i Stock were steady at 40/-cum dividend. • Taupiri Coal were unchanged at 21/0. New • Zealand. Breweries were 3d. down at 45/6. Dominion . Investments were steady at 5 21/3. Electroyltle Zinc, preference, were, s In demand •at 18/6 with a sale at 19/1., ’ New Zealand Fertilisers were wanted at ’ 15/6 and New Zealand Paper Mills at ■lB/9. Wilson's Cement were steady at ' 39/9. Yesterday’s Quotations

Mining— Mount Lyell .. — *l2 0 •Cum. dividend. fEx dividend. •• SOUTHLAND BREWERIES A meeting of the directors of the Southland Breweries Company, Ltd., was held last Friday morning at the registered office, Invercargill. The plans of the new brewery were submitted by Str. A. C. Ford, -the company’s architect, and approved. It was stated that the bottling plant had; been ordered, and considerable progress had been made In modernising the malt house 1 and bottling■> store ' in preparation' for a new plant which was being installed. All the bride buildings had been roughcast. It was . anticipated that tenders would'be called for the new buildings during the incoming week. The appointment of a brewer would be made at, the next, meeting of directors. THE EGG MARKET l The local egg market Is firming. Prices returned to suppliers for the week ended November 15 are reported by E. N. R. Meadows and Co., Ltd., as 1/4 per dozen for first grade and 1/3 for second grade.' HIGH DIVIDENDS. EROM BANK SHARES. Latest balance-sheet figures show bank shares in a most favourable light, the dividend being in every case of a highly remunerative nature., To quote only three instances: ( Bank of New Zealand, 14 1-3 p.c. Commercial Bank of Australasia, 15 p.c. Bank of Australasia, 14 p.c. It may be pointed out that these are the usual dividends paid by the abovementioned banks, and are in no way exceptional. High dividends —with safety—explain the overwhelming popularity of bank shares' with investors, and account for the high market price asked for shares in the operating banks. But there is no necessity to pay a heavy premium for bank shares. Shares in the Australian and New Zealand Banking Corporation Ltd. are still available at par. Eor the first time in forty years, investors have the oppor-’ t tunity of acquiring bank shares without paying a premium, and on particularly easy terms of payment. The new bank has gone to allotment, the minimum of 400,000 £1 shares being reached some months ago, and negotiations are at present proceeding for the acquisition of an advantageous site for . New Zealand headquarters in Welling- ’ ton. Shares cannot always remain at par, and investors are advised to apply at once for a copy of the prospectus. This can be had, without any obligation, I from the Organising Brokers, Dominion Brokers Ltd., Box 779, Wellington.— ,Advt, AUCTION SALES TO-DAY. Upper Hutt sale. —1 p.m. 246 Lambton Quay, 2 P-m. —Sale furniture , a/c W. B. Lambie (J. F. McKenna). .' 8 Willeston St., 10.30 a.m. —Sale unclaimed cargo (El. Johnston & Co.) • 108 Cuba St., 1:30 p.m.—Sale furniture, etc., n/c Mrs. M. Tonka (I. Silverstone & Co.) " Bridge Furniture Mart, Lower Hutt, 2 p.m.—Sale furniture, etc. (Ramsey ' ' Wilson). ■■■ TO-MORROW. Ouyton St., Wanganui, 2.30 p.m.—Sale land and property, a/c S.C., Webb Rd., Wanganui (Sharpe Norton and Co.) 'Corner Brandon and Featherston Streets., 2 p.m.—Sale oil paintings, etc (J. H. i Bethune & Co.) M Webb St., 10.30 a.m.—Sale furniture etc. (Ramsey Wilson). K Manners St., 2 to 4, and 7 to 9 p.m.— Sale toys (Ramsey Wilson). • 'MO Vivian St., 10.30 a.m.—Sale home-made food supplies, stock utensils and fixtare* (X, aily«rj»toa« A

DEAUNGS ON 'CHANGE Yesterday’s Business RETURN ON INVESTMENTS The following sales were recorded on the Stock Exchanges of the Dominion yesterday'. The first column gives the price at w.hich the sales were made. In the second column is given the returns, based on the last dividend, from investment at the quoted price. In the case of Government and other redeemable securities, the return Includes redemption.

GOLDEN BAY CEMENT CO., LTD. Small Net Profit The directors of the Golden Bay Cement Co., Ltd., report for the year ended June 30 last a profit of £42/12/10. Part of the old plant having become: obsolescent, its present book cost will need to be written oft over the next few years. This the • directors propose to do out of annual profits, which in their opinion should be more than sufficient for the purpose. During the latter part of the year the difficulties of maintaining the output of the old plant were Increased due to the fact that the Insallation of the new plant was nearing completion, but the result of the year’s working has actually been more favourable than was anticipated. The new machinery commenced manufacturing cement during August, and is proving satisfactory. Cement of the first quality is being manufactured, and the board is fully satisfied that this modern plant'will give the, favourable result' that was expected of It. The board expresses on behalf of shareholders its appreciation of the way in which the management and other personnel at the works have carried on the operating of the old plant under trying conditions during the past year. The deepest regret is expressed at the recent death of Sir Joseph-Ward, who had been chairman of the board since early An 1929. Thp valuable services rendered to the company by him during his connection with the board are duly recognised. During the year Mr. George Shlrtcllffe retired from the board, as he was proceeding overseas, and Mr. H. L. Nathan was appointed to the vacancy. On Mr. Shlrtcllffe’s return to New Zealand he was appointed to the board tq fill the vacancy caused by the death of Sir Joseph Ward, Mr. F. R. Hogarth, a shareholder-director, and Mr. C. M. Olllvler, debenture-director, are the retiring directors, and both being eligible, offer' themselves for re-election. COLONIAL SUGAR CO., LTD. Net Profit Lower

Net profits realised by the Colonial Sugar Refining. Company, Ltd., for the half year ended September 30, 1930, from the work of the factories and from other investments, after providing for depression and other charges, amount to £350,720, contrasting with £445,336 for the previous half year. The sum brought in is £390,488. The board proposes to pay a dividend Of 20/- and a bonus of 5/- per £2O share, which, together, will take £36u,625, and leave £375,589 to the credit of the profit and loss account. For tho half year ended March 31 last dividend and bonus were at the above rates. The report'of the di-> rectors states that the world’s sugar market has been greatly depressed during the past six months, and that there is no sign yet of an advance in the prices now rulj-r ing. Both in Australia and Fiji the weather has recently been favourable for the growing crops, and the cane cdt this sea-, son has been about the average in sweet-: ness. Subject to the endorsement-by the commissioner, the percentage of the dlvi-. dends and bonuses paid during, the twelve months ended Jiine 30, 1930, liable to Commonwealth income-tax i5'67.7. Comparisons of main balance-sheet items are given beneath:—

DALGETY’S STOCKS London, November 18. Quotations of Dalgety’s stocks on the London Stock Exchange to-day compare as follow with those previously cabled:—

ZINC CORPORATION (Rec. November 19, 5.5 p.m.) London, November 18. The Zinc Corporation’s interim participating dividends on preference and ordinary shares are 9d. per share. Last year and for 1928 the interim participating dividends on botli preference and ordinary shares were 1/6 per share, representing 7) per cent, on the preference shares and 15 per cent, on the ordinary shares. CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington, yesterday totalled

LIVE STOCK MARKET Addington Values Down HEAVY FALL IN FAT STOCK By Telegraph.—Press Association. Christchurch, November 18. Yardings in most departments at Addington to-day were large, and a feature of the sale was ■ that values ■ in the majority of the major sections recorded a decUne. The exception was the store sheep sale. There was not such a large yarding as at the “double” market, and the sale was a satisfactory one.. Store Sheep.—This was one of the fewsections of the market which recorded a satisfactory auction. Values for dry sheep advanced a full 1/- a head. Values were: Good three-quarter-bred ewe hoggets, 20/to 21/4; medium Romney ewe hoggets to 18/10; shorn ewe hoggets to 13/1; wether hoggets (shorn), 8/1 to 10/4; good mixed sex hoggets to 16/9;' ordinary mixed sex hoggets to 11/9; good 4-tooth Romney wethers (shorn); 17/4 to 18/-; medium 4tooth Romney wethers (shorn) to 15/1; two and 4-tooth ’woolly, wethers, 8/10 to 15/-; two 4,6, and 8--tooth wethers (shorn), 8/10 to. 13/7;. medium 4-toothed ewes (shorn), 16/6 to 17/4; aged ewes to 7/6; medium 'ewes and lambs (all counted), 11/10 to 12/6; ordinary ewes and lambs, 7/3 to 10/6. Fat Lambs.—The entry was 680 head as compared with 900 at the “double” market. There was a sharp decline, and prices recorded a decrease of 4/- a head. The lambs sold at about 83. per pound. Values were: Extra prime lambs to 31/10; prime lambs, 21/6 to 24/-; medium lambs, 18/- to 21/-; light lambs, 15/- to 17/-. Fat Sheep Decline Heavily. i Fat Sheep.—The total yarding was 6200 as compared with 7200 at the market of a fortnight ago. The start of the -auction saw values for ewes down a full 2/6 a head, and at' the end of the sale that decrease was a full 5/- a head. Wethers declined throughout the sale by 1/6 a head. The range of values was: Extra prime heavy wethers, 29/10; prime heavy wethers, 23/- to 26/9; medium weight prime wethers, 19/- to 22/6; second quality wethers, 15/- to 18/9; Inferior wethers, 11/6 to 14/-; extra prime ewes, 23/7; prime ewes, 19/to 22/-; medium ewes, 15/- to 18/-; light ewes, 11/6 to 14/-; aged ewes, 7/- to 11/-; extra prime woolly wethers to 31/1; prime woolly wethers, 25/- to 29/-; medium woolly wethers, 23/- to 24/6: second quality woolly wethers, 20/- to 22/-; inferior woolly wethers, 15/- to 19/-; extra prime woolly ewes to 25/10; prime woolly ewes, 18/- to 22/-; medium woolly ewes, 12/6 to 17/-; light woolly ewes, 10/6 to 12/-; aged woolly ewes. 8/6 to 10/-. Fat Cattle Also Down. Fat Cattle.—There was an entry of 495 head of fat cattle as compared with 015 at the “double” market. There were no lines from the North Island. Forward and the outside consignments came from Otago and Southland. The sale was a very dragging one and there was a very sharp decline in values. Heavy steers were down by £2 and up to £2/10/- a head; medium weight steers and heavy cows from £1 10/- to £2 a head; and the average decline for all classes on the whole market was £l/10/- to £l/15/- a head. The size of the entry and the period of warm weather had a depressing effect on the market. Best medium weight beef made from 41/to 45/- per 1001 b.; heavy beef made from 33/6 to 37/6; cow beef from 35/- to 39/-; secondary beef, 29/6 to 33/-; and rough down to 24/-. Values wereljExtra prime heavy ateery to £2l/12/6; prime heavy steers, £l6/10/- to £l9/10/-; prime medium weight steers, £l3 to £l6; medium quality steers, £9/15/- to £l2/15/-; light steers, £7/10/- to £9/10/-; extra Trime heifers to £l5/17/6; prime heifers, £ll to £l4; medium heifers, £B/5/-‘to £lO/10/-; light heifers, £6 to £7/15/-; extra prime cows to £l7/2/6; prime cows, £lO/10/- to £l3/10/-; medium cows, £8 to £10; light and aged cows, £5/10/- to £7/5/-. Vealers. —A larger entry than usual, and the sale was .a dull one. A drop in values was recorded equivalent to 5/- a head. The top price was £B/6/-. Store Cattle.—There was a very dull and dragging sale in the store cattle section, partly due to the fact that the quality of the entry was very much below standard, being in the main made up of cattle of uneven quality and bad colours. The major proportion of the entry was made up of yearling and 18 months old cattle. A pen of. 2-year-old Jersey cross heifers made £4/10/-, while a pen of 2-year-bld shorthorn heifera made £5/16/-. A pen of 18 months old shorthorn steers brought £5/6/-. Yearling valves made up to 45/-, and fresh cows to £6. The sale was very disappointing, and there were a great many passings. Dairy Cattle.—The entry of dairy cattle totalled 65, and the demand was poor, especially for backward springers and cows -In profit. The following were the prices:—Good third and fourth calvers, £8 to £lO/10/-; medium, £5 to £7; inferior, £3/10/- to £4/10/-; good springing heifers, £8 to £10; medium, £6 to £8; inferior, £4 to £5/10/-; cows in profit, according to condition, £5/10/-. Fat Pigs.—The entry of fat pigs was a heavy one, and included a number from the North Island. There was a fair demand for porkers and baconers, but prices for both sorts were easier than a fortnight ago. Values were: Porkers, 45/6 to 55/6; heavy porkers to £3/3/8; average price a lb. 7}d. to Bd.; choppers, £3 to £6; baconers, £3/6/6 to £3/18/6; heavy baconers to £4/6/8; average price a lb., 6d. to 7d. Store Pigs.—A medium snpply( the yarding consisting largely of good weaners and slips. The market, was a keen one. Values were: Large stores, 42/- to 45/6; medium, 35/- to 38/6; small. 29/- to 33/6; slips and good weaners, 23/6 to 28/6; inferior weaners, 16/6 to 20/-. JOHNSONVILLE SALE All-round Decline in Prices Prices for all classes of stock showed a dttcliue yesterday at the Johnsonville sale. Wright. Stephenson and Co., Ltd., and Abraham and Williams offered a medium yarding of cattle and a large yarding of sheep and lambs to an average attendjince of buyers. Cattle. —The .yarding comprised good quality bullocks. No cows or heifers came • forward. -Prices showed a- decline of up to 10/- per head. as compared with last . week’s rates. . Ruuners and vealers met with a good sale at late rates. Sheep—Those penned comprised mostly good quality shorn sheep with a few pens of woolly sheep. Competition was good nt prices for wethers 3/- below last week's rates; ewes declined 2/- to 3/-; hoggets down 2/-; while spring lambs were easier to the,extent of 2/- to 3/- per head. Prices ranged as follow: —Bullocks, heavy, £l6/10/-. £l6/5/-, £l6. £l5/15/-; bullocks, £l5/5/-, £l5, £l4/10/-, £l4 7/6, £l4/2/6: runners. £5/2/-. £4/17/6. £4/15/- to £4/1/-: vealers. £2. £l/15/-, £l/10/- to £l/6/-; woolly wethers, 24/5, 22/6: shorn wethers. 23/7, 23/-. 22/6, 22/-, 21/9 to 18/9: shorn hoggets. 20/6, 19/3. 19/- to 17/4; woolly ewes. 10/6. 16/-. 15/6 to 14/7; shorn ewes. 14/2, 13/o.'- 13/- If 12/-; spring lambs, 19/4. 19/-, 18/9, 18/0. 17/-. 16/3 to 12/6. BURNSIDE DOUBLE SALE Values Generally Steady By Telegraph—Press Association. , Dunedin, November 19. A double sale was held at Burnside to-day. and large yardings of fat stock were offered. There was a good demand for all prime quality animals, and there was little change in the tone of the market. The fat cattle entry comprised over, 320 head. The quality was very mixed, but a number of extra prime cattle were penned. The yarding included some extra prime show bullocks from Crookston and two trucks of extra prime animals from Stirling. The balance of the entry was of medium quality. Prices realised for prime quality bulocks were about the same as at last week’s sale. Sheep.—An entry of about 2500 were penned. The best of the yarding was sold early. Good quality sheep were forward, including a large number of heavy sheep, both ewes and wethers. The sale opened quietly, but bidding was more spirited later. One truck of extra prime Corriedales sold to 41/-, while a number of trucks of shorn sheep of good quality sold to 39/-. Extra prime ewes sold to 33/-. An improvement of about 2/- a head made values equal to those which ruled two weeks ago. Shorn sheep were worth 4}d. a lb., heavy woolly wethers s}d. a lb., and light woolly wethers 5Sd. a lb. Extra heavy wethers sold to 44/-, and extra heavy ewes to 31/6. The lamb entry comprised about 400 head. The quality was fairly good, with a sprinkling of prime lambs and a number of medium-weights and young animals. Prices realised were about on a par with those of last week. There was a fairly large entry of store , eaUkt, tnoludina about 109 good station

THE WOOL MARKET London Sales Open Tuesday ESTIMATED OFFERINGS London, November 18. Arrivals of wool for the sales opening in London on November 25 are: Australian, 63,500 bales; New Zealand, 27,500 bales. Held over wools are 77,500. Offerings are likely to be about 160,000 bales. The following ships from New Zealand have arrived in London in time for the consignments of wool by them to be offered in the sales opening next Tuesday: Ferndale, Corinthlc, Limerick, Mamillus, Taranaki, Rangitiki, lonic, and Middlesex. Dalgety and Co., Ltd., are advised by their head office that the list of arrivals closed on November 17. The quantity available is as foliotvs: — Bales. Australian 63,500 Cane . 2,000 New Zealand 27,500 South America 5,500 Carry forward 77,500 Total 176,000 Brokers expect to offer 166,000 bales. Dalgety and Company will sell on December 1, 9 and 10. In view of the opening of the New Zealand selling season with the first sale at Auckland next Tuesday, considerable interest centres on the course of the market in London. The range of prices for the last series ended on October 7 compares as follows with that for the July sales:—

Commenting on the October series, Dalgety and Co., Ltd., in a circular dated London, October 10, remarked:—“lt really looked a little while ago as if some degree of confidence had been restored to the wool trade, but the present fall seems to have made 'matters worse in this respect, and we are not sure now that we shall not have to go still lower before a steady buying basis is established. However, we must surely be very near bottom now, with present prices on average below the cost of production. Stocks of raw wool In manufacturers’ hands cannot be heavy, but the- fact that the carryover is bigger than usual and consists largely of faulty and inferior wools, is not a very helpful sign. Those growers who are able to produce fine wools are at the present time in a better position than the breeders of the stronger typed sheep, as the demand in these days is principally for the finer qualities.” , SYDNEY WOOL SALES Very Strong Competition (Rec. November 19, 10 p.m.) Sydney, November 19. At the wool sales to-day 10,166 bales were offered, of which 9447 were sold at auction as well as 556, which were disposed of privately.. There was vejy strong competition from the Continent, Japan and Yorkshire, find in a lesser degree from the United States. The market was on a par with the previous day’s rates. Greasy Merino made up to 18jd. WANGANUI WOOL SALE Dominion Special Service, Wanganui, November 19. The Wanganui wool 'sale, to be held on Friday, November 28, will be the second sale of the season In the Dominion, the first one being held in Auckland next Tuesday. The wet weather experienced in the Wanganui district lately has Interfered considerably with shearing, many sheds only starting last week, and the quantity offered will not be up to expectations. It is estimated that approximately 15,000 bales will be offered In Wanganui, half of which will comprise wool carried over from last season. [The allocation made by the New Zealand Wool Committee for the Wanganui sale was 22,000 bales.] BUTTER WEAK AT 104/110/Cheese Slow at 68/72/Dalgety and Co. 4 Ltd., have received the following report, dated November 18, from Samuel Page and Son, London: —Butter market depressed, especially stored, which is quoted nominally 104/- and 100/-; new season’s 106/- and 110/-. The New Zealand Producers Co-opera-tive Marketing Association’s weekly cabled market report from London, dated November 18, is as follows:—Butter: Market weak; New Zealand finest, 110/-; first grade. 106/-; Danish, 139/-. Cheese: Market slow; New Zealand white, 72/-; coloured, 68/-.

bullocks. There was fair competition for this class. Forward thre-year-old bullocks sold from £l2 to £l3, and medium three-year-olds from £9/15/- to fall.; The pig entry was smaller than usual, there being a shortage of stores. ■ lhere was a fairly brisk sale, and prices were well maintained, prime porkers being equal to about 9d. a lb. and prime baconers about Bd. a lb. HAWKE’S BAY VALUES. Stortford Lodge Sale Dominion Special Service. Hasting*,. November 19. There was an improved but not nuuierOtis attendance of buyers at the Stortford Lodge sale to-day. The fat sheep yarding declined in numbers, and competition was fairly good. The yarding of fat bullocks and cows was large and a few pens of prime fat bullockse were offered, meeting with an encouraging demand. The offerings of beef cows were not of the best quality. Store cattle yarded well, but were not in all cases up to the standard in demand. Fourteen prime three-year bullocks from Clifton Station averaged £l3/4/-, the highest bringing £l4. The following is the range of prices:— Fat cattle: Bullocks, unfinished, £B/10/- to £10; prime light bullocks, £lO/12/6 to £l2 15/-; prime heavy, £l3 to £l4; heifers, unfinished, £6 to £l2; prime light, £7/11/-; prime heavy, £O/7/6. Vealers: Light, 10/to 2S/6: heavy, 35/- to £2/12/6. Dairy: Unfinished, £3/10/- to £5; prime, £6 to £7 6/-. Stores: 2-year steers, £4/15/-; 3-year ditto, £7/2/6; P.A. cross bullocks. £9/7/6; heifers, £3/16/-; 4-year bullocks, £9; other sorts, 14/- to £6/15/-. Fat sheep: Prime shorn wethers, 19/-: ditto, woolly, 22/6; maiden shorn ewes, 17/6; prime shorn ewes, 13/- to 14/6; light ditto, 10/6 to 12/-; fat shorn hoggets, 15/3; • ditto woolly, 22/- to 24/-. Spring lambs, 19/- to 21/-. Store sheep sold from 3/7 for 67 badly conditioned ewes, to 18/- for 406 4-tooth turnipfed woolly wethers. WESTFIELD SALE Sheep Prices Easier By Telegraph—Press Association. Auckland, November 19. At Westfield sale to-day the quality of the ox beef yarded was again first class. There was a steady demand throughout, with values on a par with last week's sale. Extra choice ox sold at £l/18/- per 1001 b.; choice and prime or, £l/16/- to £l/17/-; secondary and plain ox, £l/13/- to £1 14/-; prime young cow and heifer beef, £1 13/- to £l/10/-; ordinary cow beef, £l/5/to £l/12/-. Extra heavy prime steers ranged from £l5 to £l5/12/6 heavy prime atoera, S 13/IV- to £IVH/Oj Ushtar prime.

steers, £l2/15/- to £l3/12/6; light prime steers, £ 11/10/- to £l2/12/6; small and unfinished steers, £7/5/- to £ll/7/6; extra heavy prime young cows and heifers, £lO 10/- to £ll/5/-’; heavy prime cows and heifers, £9 to £9/7/6; lighter prime cows and heifers, £7/10/- to £B/17/6; other killable cows, £4 to £7/7/6. Sheep.—There was again a heavy yarding. Competition was not keen and generally values were easier. Extra heavy prime wethers, shorn, realised £l/3/- to £l/3/9; heavy prime wethers, shorn, £l/1/6 to £1 2/9; woolly, £l/4/- to £l/4/9 medium to heavy prime wethers, shorn. £1 to £l/1/3; woolly. £l/3/- to £l/3/9; light to medium prime'wethers, shorn, 17/6 to 19/6; unfinished wethers, shorn, 15/6 to 17/3; extra heavy prime young ewes shorn, 15/- to 17/3; heavy prime ewes, shorn, 13/6 to 14/9; lighter prime ewes, shorn, 12/- to 13/3; other klllable ewes, shorn, 'lO/6 to 11/9; other ewes, shorn, 8/- to 10/3. Lambs.—Spring lambs met with a spirited sale at slightly firmer figures. Extra heavy prime lambs made £l/3/- to £1 3/6; heavy prime, £l/1/6 to £l/2/9lighter prime, £1 to £l/1/3; light prime, 18/- to 19/9; small and plain, 16/6 to 17/9. Calves.—For a full yarding of fat and •voting calves, competition was not keen, and although in some cases late values ruled, prices generally were again lower. Runners made £4/5/- to £B/10/-; heavy vealers, £3/14/- to £4/5/-; medium, £3 3/- to £3/8/-; light. £2/10/- to £2/18/-; small vealers, £l/12/- to £2: bucket-fed calves, 18/- to £l/4/-; fresh-dropped and small. 3/- to 10/-.

Pigs.—A smaller offering of fat pigs sold at equal to Iqst week’s rates. No heavy choppers were penned. Lightweights made £2/5/- to £2/15/-; heavy baconers. £3/2/- to £3/7/-; light and medium. £2 13/- to £2/18/-; heavy porkers. £2/10/to £2/12/-; light and medium. £2/4/- to £2/8/-; small and unfinished. £l/13/- to £l/18/-; stores, £l/10/- to £l/15/-; good slips, £l/6/- to £l/8/-: weaners, £1 to £l/3/-.

'iBx'fihange were as follow:— /. Buyers. N.Z. GOVT. LOANS— £ B. d. Sellers. £ s. d. ' 44 p.c. lose. Stk., 1938 98 1U 44 p.c. ditto, 1941 ... ~ u yy o u 99 5 0 5} p.c. ditto, 1933 >...99 0 0 99 15 0 51 p.c. ditto, 103(5 ....99 0 4} p.c. Bonds, 1039 and 0 1038 98 10 0 — 41 p.c. ditto, 1933 99 0 DEBENTURES— 0 Well. Racing Club .. 103 10 0 —— N.Z. Breweries (bonds) 1 1 0 — BANKS— „ Australasia 10 19 0 11 8 0 ■Aust, of Commerce .. — 1 0 6 a Commercial of Aust. (ord.) 0 17 2 0 17 10 English, Scot. & Aust. — f5 10 6 National of N.Z. ...... 5 12 0 »fl 0 0 Nat. A/asla. (£5) ... - *6 10 0 «New South Wales ... 32 15 0 — *New Zealand ........ 2 16 0 — 'IDitto, long term 16 3 — « Union of Australia .. 9 14 FINANCIAL— pGoifisbrough 'Mort ... — N.Z. Guar. Corp, (ord.) — •N.Z. Invest’, Mtg. and 0 9 17 6 1 3 0 7 6 5 Deposit , 0 10 0 —— Well. Invest, T.. & A. 0 10 4 0 11 0 Well. Trust and Loan 7 0 GAS— 0 7 2 8 Christchurch — 1 5 4 Wellington (ord.) ... 1 8 INSURANCE— _ fl — New Zealand 2 8 MEAT PRESERVING— 6 . — • Gear — 1 10 0 - N.Z. Refrfgerat. (10/-) — Well. Meat Exp. (pref.) — TRANSPORT— 0 3 4 0 19 0 . Huddart, Parker (ord.) — 1 8 0 s! Ditto (pref.) ■ 0 19 6 —- P. and O. stock .... 2 0 COAL— . . 0 •2 5 0 Taupiri (ord.) ...... tl 1 BREWERIES— 8 — 3 . New Zealand 2 5 0 2 2 ■ Tooth’s — MISCELLANEOUS— 1 fl 6 British Tobacco (ord.) — 1 14 3 Dental and Medical .. — Dominion Investments 1 1 3 0 12 0 Electro. Zinc (pref.) . 0 18 . N.Z. Partners’ Per6 0 19 8 tliiser 0 15 0 — N.Z. Paper Mills .... ‘0 18 Wairarapa Farmers’ , 9 — « (pref.) — Wilson’s Cement .... *119 0 13 6 9 . .. -

WELLINGTON. Sale price. yield p.c. £ B, d. £ s. d. Bank of Australasia • 11 0 0 6 7 3 Electro. Zinc i(pref.) . 0 19 1 10 9 7 AUCKLAND. £ s. d. £ S. d. Inscr. Stock, 5i p.c., 1938 99 7 6 8 12 6 Comm. Bank of Austr. 0 17 7 8 10 7 Do 0 17 6 8 11 5 Union Bank 9 16 6 6 7 2 N.Z. Insurance , i 2 2 9 5 12 1 Colonial Sugar 34 17 6 7 3 4 Electro Zinc, pref. .. 0 19 1 10 9 7 Waihl G.M 0 14 0 —— Mount Lyell (late sale Tuesday) 1 1 3 9 8 2 CHRISTOHUKCn. £ s. d. £ s. d. Comm. Bk. of Aust, (3) 0 17 7 8 10 7 Ditto Bank of N.Z., cum. div. 0 17 6 8 11 5 2 16 11 5 0 8 Ditto (3) 2 17 0 5 0 7 Dalgety and Co 8 9 0 5 18 4 Goldsbrough Mort ... 1 3 1 8 13 3 Ditto ........... 1 2 6 8 17 9 Christchurch Gas .... 1 6 1 6 7 6 Carlton Brewery . 1 4 0 11 13 4 N.Z. Breweries (4) ... 2 6 0 6 10 5 Ditto (2) 2 fi 10 fl 10 10 Ditto 2 5 6 6 11 9 Tooth’s Brewery (2) . 1- 5 0 10 0 0 British Tobacco 1 14 <) 7 1 2 Ditto 1 13 1 7 5 1 Ditto 1 13 0 7 5 Mount Lyell ■.. 1 1 2 9 8 11 Ditto 1 0 2 9 18 4 Mahakipawa (4) ...... 0 0 9 — Sales reported:— Insc. Stk., 4J p.c., 1938 (2) 99 0 0 4 13 0 N.Z. Breweries (2) ... 2 6 3 8 9 8 Tooth’s Brewery (2) .. 1 5 0 10 0 0 British Tobacco (3) .. 1 14 0 7 1 ,2 Colonial Sugar 34 17 6 7 3 4 Electro. Zinc (ord.) .. 0 13 6 14 16 -3 Aust. Bank of Comm. . 0 19 1> 7 1 9 E.S. and A. Bank 5 9 6 6 16 11 DUNEDIN. Sale reported:— £ s. d. £ 0. d. N.Z. Breweries 2 a 3 6 9 8

Mar. 31. Sept. 30, 1029. 1930. £ £ Liabilities— Capital paid up .... 5.850,000 5,850,000 Reserve fund 975,000 1,075.000 Replacement and depredation fund .. 2,189,883 2,240,195 Sundry creditors ... 1,310.479 586.027 Expense accounts .. 3.015.826 3.017.129 \ssets— Refineries —Australian and N.Z 2,942,390 2,980,183 Distillery 119.880 120,169 Sugar mills in Aust. with plant, etc. . 2,351,449 2,484.100 Sugar mills in Fiji with plant, etc. . 1,391,011 1.271,778 Stock of material .. 330,914 353,659 Ocean steamers 100,000 100,000 Stocks of sugar .... 2,473,175 2.476.990 Office premises 66.849 56,010 Suntlxy debtors 1,813,655 2.039.032 Cash, etc 2,628,029 1,673.695

Sept. 23. Nov. 4. Nov. 18. £ s. <1. £ s. .. 8 15 0 8 5 d. £ H. d. Shares .... 0 7 12 6 4 p.c. stock ..70 0 0 *60 0 •Ex interest. 0 68 10 0

October series. July series. Merino— d. d. d. d. Good to super .. Hi to 14 13 to 14} Low to medium 8* to 11 10 to 12j Halfbred, 56/58— Good to super .. 11 to 14 121 to 14 Low to medium 8 to 101 0J to 11} Halfbred, 50/58— Good to super .. 10 to 11 Hi to 124 Lew to medium 7} to 05 01 to 11 Fine crossbred, 48/50 — Good to super .. 0J to 104 11 to 12 Low to medium 71 to 01 0 to 10} Crossbred, 44/46 — Good to super .. 8j to 0* 104 to 114 Low to medium 7 to 8i 81 to 101 Crossbred, 40/44 — Good to super .. 8J to 9 101 to 11 Low to medium 61 to 91 84 to 10 Coarse crossbred,36/40 — Good to super .. 84 to 81 10 to 101 Low to medium 64 to 8 81 to 91