FINANCE and COMMERCE

Dominion, Volume 24, Issue 53, 26 November 1930, Page 14

FINANCE and COMMERCE

j STOCKS AND SHARES

ji , Wellington Exchange ; LIMITED DEMAND Stock Exchange business is ■ tending “ toward dullness, and to some extent this p la seasonal for Investors at about this 5 time decline to enter into commitment, ■’ preferring to wait until the new year, r; Apart from this, the market is slow but : values hold up well. • Government securities were in better demand than on the previous day. The ol /■'per cent. Stocks (1033) were in-demand ■it at £99/5/- and the Bonds at £99/12/6. a ' rise of 2/6. For the 5} per cents. (1936) £O9/7/6 was bid. Wellington Racing Club debentures were steady at £lO3/16/k* and Wellington Gas debentures were wauti' el ßank l sh B ares were slow, with a restricted demand. Commercial Bank of Aus--.jj tralia were a shade lower at 16/11. J National Bank of New Zealand at £5/12/6 •■/i were steady. Bank of New Zealand were slightly lower at 56/6, and the long term mortgage shares were steady at 26/3. ‘J There were plenty of sellers and some of i the quotations were lower. - i New Zealand Guarantee Corporation ,’if (ordinary) were steady at 7/-; South « British Insurance were unchanged at 56/-. 4 Huddart, Parker (preference) at 19/6 / were a shade higher. Union Steam at % 20/-. and P. and O. deferred stock at J 42/- were steady. New Zealand Breweries ItT dropped a further Od. to T®'"- Tt ?A ap^3 ■i! and Co. were firm at 39/-. For. Wilson's Cement 40/- was again bid, and for ' Hume Pipe 10/- was offered. > ,qj ■ Yesterday’s Quotations i Buying and selling quotations at yesj terday’s final call on the Wellington' < Stock Eschange WWe B Buyers/' - Sellers.

AUSTRALIAN LOANS Wall Street Sales New York, November 24. Sales of Australian loans on Wall Street to-day compare ' with those previously • cabled as follow':— Nov. 17. Nov. 24. ! Commonwealth— Doi. DoL 5 p.c„ J an.-July, 1955 .. 78 76 . 5 p.c., Mar.-Sept., 1957 .. 77} 76} ?-•>=• 4} p.c., May-Nov., 1956 .. 72} 69} New South Wales—--5 p.c., Feb.-Aug.,' 1957 * 69 6 p.c., Apr.-Oct., 1958 .. » 68} • Queensland — 6 p.c., Feb.-Aug., 1947 86} 84 7 p.c., Apr.-Oct,, 1942 .. 95} 90 . ’No sale. HENRY JONES CO-OP., LTD. . Sharp Fall in . Profits Accounts of the .Henry Jones Co-operat five, Ltd., for the. year ended October 31 ’ disclose a substantial decrease In earn- '. Ings compared with the previous year. The total net profit Was'£llB,347 compared with £160,637 for 1928-29. Interim dividend of fid. per share from Commonwealth profits 'absorbs £53,361, and final dividend from this source Is l}d. a share and from external profits 7}d. a share, together requiring £56,631. The balance-sheet items compare as under: — , ” , 1929 . 1930 ■ Net profit. £ £ Within Australia .... .115,818 71,481 Outside Australia .... 44,819 46,866 Dividend % 10 7} Amt. of Dividend .... 141,908 107,263 ■To reserve 18,729 11,084 1 Capital 1,429,473 1,430,173 < i Prem. in shares .... 58,988 59 t O3B ; General reserve ... • 305,298 324,025 , Due to subsidiaries .. 265,058 291,237 / Creditors 304 302 Assets - ! Shares and interests in , companies in Australia, New Zealand, South Africa and England 2,167,191 2,169,492 Reduction in dividend has been made necessary, the directors state, by the present position and obscure prospects of industry. No distribution of profits could ■ have been considered at present had it not been for the very satisfactory returns de'rived from Investments outside of Australia. * ' ■ , DAIRY PRODUCE London Market Amalgamated Dairies Limited on ' Monday received the following market report from their London office:—Butter . Ou* prices unchanged (Anchor 110/-). New Zealand, finest 106/- to 107/-. primary 104/-. Now some . signs slightly steadier tone. Deliveries of New Zealand, 1031 tons, stock 3400 tons. Multiple shops ’ reducing retail Danish November 24 to 1/4. New Zealand unchanged 1/2. Cheese: ■ ’’■--' Market easier. White 70/- to 71/-, coloured 66/- to 67/-. Trade slow. Canadian 75/- spot. Hardly any business passing. Retail position unchanged., AUCTION SALES

TO-DAY. Rooms, 2.30 p.m—Mortgagee's sale property, Aro Street (S. Harcourt). M Brandon St., 2.30 p.m.—Public Trust sale city and suburban properties (H. E.. Leighton). „ Corner Abel Smith St. and The Terrace, 2.30 p.m.—Sale building sites (J. H. JoWonvlHe 'Saleyards.-Fat Stock Sale, a/c Ernest Nielsen (W.S. & Co., Ltd.) Johnsonville Fat Stock Sale. 31 Nairn St., 1 p.m.—Sale furniture, etc. (Doherty Auctioneering Co.) 70 ■ g 1.30 p.m.-Sale furniture(E. Johnston & Co.). 108 Cuba Street, 1.30 p.m.-S.te entire contents 7-roomed house (J- Oliver 240 Lambton Quay, 2 p.m.—Sale furniture, etc. (J. F. McKenna). TO-MORROW. Wilf. Mexted's Yards, Tawa Flat, 1 P- 1 ". Unreserved clearing sale (W.S. & Co., 9 Onepu Road, Lyall Bay, 1.30 high-class furniture (IS. Johnstons A Co.). 3y®Atanster—State.,

DEALINGS 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 fct which the sales were made. hl tile 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. ' WELLINGTON.

WESTPORT COAL CO., LTD.

Competition Affects Profits

Dominion Special Service,

Dunedin, November 25. The annual meeting of shareholders of the Westport Coal Company, Ltd., was held on Monday. Mr. James Begg, who presided, in moving the adoption of the report and balance-sheet, said that owing to the extension of the use of oil and water power, and also to competition from new mines, the output for the year showed a reduct on on that of the previous year. Competition from the new mines, which were naturally working at less cost than the company, owing to its greatly extended operations, was very keen, and this and the lessened output had affected the profits for the year and accounted for the, reduced rate of dividend recommended by the directors.. Reference was made to the, steps being taken to oevelop a new area, which It was hoped would be worked economically and help to meet the competition referred, to. /The report and balance-sheet, wihch’provided for the payment of a final dividend of fid. per share, maknlg a total of 1/9 for the year, was adopted. The retiring directors, Mr. G. L. Denniston and Mr. Crosby Morris, were re-elected. A,PA ASSOCIATION, LTD. . Increased New Business New business written by the Australian Provincial Assurance Association, Ltd., for the year ended September 30 amounted to £562,935, carrying annual premiums of £20,766, compared with new business of £559,292, with annual premiums of £19,196, for the previous year. Total income from, premiums was £289,466 Interest, rents, and dividends amounted to £146,283, and miscellaneous receipts to £2643. Of total claims of £96,948, death claims accounted for £40,976, endowments matured for £18,875; and surrendered policies for £33,918. New business expenses were £19,761, against £27,073 last year, administration expenses were £38,736, against £43 569, and renewal'expenses were £7802, against £6852. In view of the increased income tax, a further sum of £ll,OOO Is placed to income tax reserve, this being in addition to £11,771 paid during the year. The transfer to appropriation account is £100,537. From the accident department £7044 is transferred. With £1233 brought forward, the total of appropriation account is £108,814, against £105,568 for the previous year. Bonus to policy holders is £50,922, compared with £50,736 last year. Dividend of 2} per cent, to shareholders (unchanged) absorbs £8925. Other transfers" are £23,652 to special mortgage reserve, £5OO to leasehold reserve, and £24,000 to purchase and establishment account, leaving £Bl4 to be carried forward. Life assurance funds amount to £2,347,117, compared with £2,101,350 a year earlier. Paid-up capital is £357,028. Taxation reserve stands at £28,000. Creditors account for £88,446, and bank overdraft for £10,016. Assets total £2,937,096, including £1,032,683, in Government securities. Establishment account now stands at £113,000. . - - COMMONWEALTH LOAN Some Large Subscriptions Some large subscriptions were received for the Commonwealth conversion loan of £28,01)0,000 last week. The National Mutual Life Association of Australasia Ltd. lodged cash subscriptions totalling £155,000, and conversion applications for £38.920, a total from this association of £193,920. Tiie Shell Company of Australia, Ltd., lodged a cash subscription of £lOO,OOO, and the Equity, Trustees, Executors, and Agency Company Ltd. applied for the conversion of £24,480. According to a statement issued by the Federal Treasurer, the loan of £19,778,690 which matures on December 15 is spread over 33,110 individual holders giving an average holding of £597. BASE METALS MARKET Copper Up; Tin Down / . London, November 24, Metal Exchange quotations are as follow, those previously cabled being given for purposes of comparison

ORFORD’S SMALL CARGO. A Press Association message from Sydney reports that the Orient liner Orford, which arrived at Fremantle yesterday from London, brings the smallest quantity of cargo for Australia carried by an Orient liner Mum

VERY LOW PRICES

Auckland Wool Sale GERMANY CHIEF BUYER By Telegraph—Press Association. Auckland, November 25. Very low prices ruled to-day at the Auckland wool sale, the first of the Dominion series. One particularly noticeable feature was the remarkable caution with which Bradford interests operated. Indeed, mosj: of the competition in that quarter came from one firm. Continental buyers were ttife backbone of the sale, it being understood that a gre.at proportion Of the offering is destined for the German market. There was a representative bench of buyers. , ~ . , 4 Prices on the whole were less than halt those realised a vear ago. The average of £l5/9/- a bale then achieved)fell at successive Auckland sales to £lO/u/- in I ebruary, and £B/18/- in March, while it is probable that to-day’s average, reckoning 3401 b, to a bale, would not be much above 20,300 bales were offered, including 4000 held over from last season, <0 The r following 11 official’ range , of h prl t < ¥? for to-day’s sale was supplied by the Auckland wool Brokers’ Association, the comparative prices at the first sale last vear being obtained from the official range then given by the association This year’s prices are mentioned first in

THEN AND NOW

Contrasts in Values - Dominion Special Service, Auckland, November 25. Auckland’s opening wool , sale was held on the same date, this year as last, but owing to the later season in the South, today’s sale was the first of the New Zealand series; whereas a year ago sales at Wellington, Napier and Wanganui had preceded the one held in Auckland. The condition of the wool was very fair. However, it was particularly noticeable that some clips which have usually been well got up had not received the customary care and attention. Prices were generally on a very low level, states the brokers’ official report. Lambs’ wool met with a very erratic sale, seedy and Inferior lots being absolutely neglected. A few very attractive lots of extra super halfbred were passed In at B}d. and 10d., the latter being the highest bid of the sale. The bid of lOd. referred to was made for’ seven bales of halfbred wether wool offered on behalf of O’Brien brothers, of Waiheke Island. For tw3 lots of halfbred hoggets and ewes from the same clip B}d. was offered. It is worthy of note that at the opening sales in each of the three previous seasons O Brien brothers topped the market. Last year six ba es of fine halfbred hoggets from their clip realised 10d„ while the same growersi secured 18i'l, for eight bales of halibred ewes, and 18}d. for six bales of halfbred wethers. This sharp contrast in values tells it's own eloquent tale, hollowing the trend a little further back, the djspar ty in values Is still more striking, for at tne first sale in 1928 O’Brien Brothers gained Um top price of 25d. fqr nine bales of reolnssed halfbred wethers. In the case of another grower, Captain G A Humphreys Davis, of Sandspit, near cieved“n".’four gales of extra super Corriedale ewes, which sold at 18}d. last yea attracted a bld of only 9d. on this occasion, while for six bales °f Corriedale ewes, the best bid was B}d. The next Auckland sale will be held on January 17, when a limit of 20,600 bales Ims been imposed* and the tniru . n-r will be December 9. HAWKE’S BAY PROSPECTS Weather Affects Clip 1 Dominion Special Service. Hastings, November 23. The opening sale of the Hawke B Bay &£?£»/= be taken as the maximum of r - tations, for local conditions, in tueir feels bn the quantity and quality of th local clip, have been such that thefarmers here are without doubt prepared for a. least as great a set-back as is likely to b Wither DC cond e |Ho W ns er< this season in Hawke’s Bay have been particularly 1• A hitter and fickle winter, a spring that has carried on to the pre f se “* |!^ e ,weather almost entire absence of spring weatner, and the consequent mortality or stock auu degeneration of flesh and wool, have 5 ™" the Hawke’s Bay farmer a good deal of "Th/ mortality among sheep in .the province has been reckoned at 200,0W, ana added to that is the regrettable fact that the weight and texture of the fleece have been grealy lessened by an acute shortage of voting and tender grass. ' . Rain has fallen almost invariably to the accompaniment of winds so cold as t fail to induce growth in P a ®^, ures ’ t “ westerlies so warm and strong as to dry The rain out of the soil auickiy, thus robbing the grass of anything but the slight eS To b reaCh the yearly average rainfall of 32.80 in. In this part of the province, nearly eight inches will have to fall between now and December-31, but it will not do anv good unless It comes soon, and Is followed by warm and windless weather. SYDNEY WOOL SALES Medium and Faulty Irregular (Rcc. November 25, 9.40 p.m.) Sydney, November 25. At the wool sales to-day 10,198 bales were offered and 9221 sold at auction, also 8-2 which were disposed of privately. Prices were firm. Competition was animated and well sustained. Medium and faulty lines, however, were irregular. Greasy merino made up to 19}d. Bradford Waiting London, November 24. No business is passing in Bradford tops pending the opening of the London wool Lsales to-morrow.

GRAIN AND PRODUCE

Auckland Supplies NEW POTATOES PLENTIFUL Dominion Special Service. Auckland, November 25. There have been no important movements in the local grain and produce mar* kets since last report. Old season s potatoes are practically finished. The clean-up in merchants* stores has been very complete and their combined stocks to-day are probably under 100 sacks. New season's from Pukekohe and other local centres are now in plentiful supply, and are of excellent quality, with practically no trouble from blight. Current quotations, ex city stores, are 9/6 per cwt., but lower prices are offered direct from trucks at Pukekohe. „ 1 . The consumption Jboth of oats and chaff is limited, and the market is weak. The price of B Gartons is unaltered at 4/7 per bushel, but southern chaff is cheaper, being now available at £lO per ton, ex store. Fowl wheat is; steady at 8/- per bushel, and merchants continue to buy their requirements from hand to niouth as the southern rates are fixed. Maize is unaltered at 6/- per bushel, but the demand is not quite as keen as it was last month, z Onions are a scarce commodity at the moment, and the few merchants holding stocks of Canadian or Californian can command up to 27/- per bag or case. Victorian Globes are expected about the middle of next week. The price of bran and pollard are unaltered, and even at the low levels now ruling, consumption is only moderate. Wholesale current prices are:— Pollard and Bran.—Mill prices, pollard, £C/iO/- per ton; bran, £7 per ton; marchants’ prices, Australian pollard. £6/10/to £7 per ton; bran, £7. Oats,—Feed, B Gartons, 4/7 per bushel; A Gartons, 4/9; clipped Duns, 6/9; clipped Algerians, 6/3; clipped Gartons, 5/5. Fowl Wheat—B/- per b.ushel. Maize—Local, 6/- per bushel, ex store. Barley.—Feed, 5/- per bushel; seed, Cape barley, 6/6 per bushel. Maize meal. 11/6 per 1001 b.; barley meal, 11/- per 1001 b. Chaff.—G.b.o.s., £lO per ton, Blenheim or Canterbury; Tasmania, £9 in hessian bags, £9/10/- in New Zealand sacks. Potatoes, 9/6 per cwt., ex store; 8/6 on trucks, Pukekohe. i Onions—Californian and Canadian, 27/per bag or case. CANTERBURY MARKETS Merchants Holding Off By Telegraph.—Press Association. Christchurch, November 25. Merchants are displaying an unsual reserve in quoting prices for next season’s produce. Values are so depressed In some products, and the future is so uncertain generally, that there is little encouragement for forward sellers to do business; and on the other hand the trend of prices is Influencing northern merchants to wait and see. It is an unusual position for this period of the year, when speculation in such commodities as potatoes, oats, and, to a lesser extent, wheat, is fairlyactive as a rule. However, there has been an odd deal or two. A few lines of potatoes have been bought at £3 a ton on trucks, but farmers are no more inclined to sell at this price than merchants are, to buy. Auckland operators point to the Increased area in tubers as a sqund reason for their non-entry into the speculative field. One northern offer has been £4 f.0.b., s.i., but the general idea ranges around £4/5/-. A few old potatoes are drifting up to Auckland, and farmers are quitting their stocks at anything from 30/- to 35/- a ton on trucks, and this after being picked over. A sale of milling wheat, Tuscan, Hunters, and Pearl, has been made at 5/3 on trucks at a 50-mlle rail. There have been a few sales of fowl wheat at 5/3 f.o.b. Oats are being mentioned at 3/2 per bushel, f.o.b-., s.i., for A Gartons, and 3/for B’s, but there is no actual confirmation of sales. There is a general impression that the seed crop will be light, due to the backward season and to the necessity of far* mers having to graze paddocks that were intended for closing up. This condition Is expected to apply both to ryegrass and cocksfoot. In the meantime there is no mention of quotations. THE WHEAT MARKET Position in Canada, and U.S.A-. 'Winnipeg, November 24. The Canadian Wheat Pool has announced that there has resulted a decline In the return to wheat farmers “from 20 dollars 40 cents per acre in 1925 to 6 dollars 92 cents per acre in 1930, on the basis of the present prices of wheat.” Toronto, November 24. Should present prices for wheat hold or reach higher levels, orderly marketing of Canada’s wheat will continue, even without the co-operation of the Dominion Government, said the Premier of Manitoba (Mr. Bracken). Improved prices in the latter part of last week, he said, had cleared the situation temporarily. Washington, November 24. Mr. A. Legge, chairman of the Farm Board, informed , the Senate Agricultural Committee meeting with representatives of the farmers’ organisations, that the Farm Board could stabilise American wheat prices at 76 cents per bushel, or approximately 22 cents above Liverpool quotations, and that the board was considering purchases of more wheat. The conference was summoned to obtain farmers’ organisations’ support to a proposal that the Farm Board be given a free hand with its wheat buying programme before Congress Is asked to act on any other measures for farm relief. LIVE STOCK MARKET Waipukurau Sale Prices Dominion Special Service. Waipukurau, November 25. There were heavy entries of sheep and cattle at the weekly stock sale to-day. Prices were on a par with those of recent sales, except that store sheep eased a little on ruling rates. Cattle: Jersey S.H. cross cow and Friesian, ’ £3/6/- and £6 12/6; Jersey cow, unfinished, £3; prime P.A. stag, £3/15/-; good heavy line of eight R.P. bullocks, well-finished and prime, £l4/10/-; nine fat cows and heifers P.A. Hereford and R.P., carrying plenty of condition, £7/15/-; fat P.A. bullock just on prime, £11; S.H. heifer, £B/5/-; P.A. and Jersey cross eotv, £7; Jersey S.H. cross eow, £7/7/6; six fat cows and heifers R.P., £6/12/6. Store cattle: P.A. bullocks, £B/12/-; 14 light P.A. cows and ■heifers, £5/5/-; 15 P.A. yearling steers, £3/18/-;, 17 P.A. weaner steers, £4/16/-; 14-light P.A. steers, ‘£B/8/-; 11 ditto light, £3/18/-; three P.A. bullocks, £6/17/6; yearling Jersey heifers, £4 and £3/10/-; two Jersey cows, light and rough, £1; two Jersey cross steers, 30/-; four small P.A. weaners, 27/-; Jersey cow, £7/5/-: purebred Jersey bull, £5/10/-; Jersey cow, £6; Jersey bull, £3/10/-; three two-year P.B. Jersev bulls, 4}gns. Fat sheep: Thirty-six M.A. ewes, 12/7; 24 ewes, 10/9; 17 ewes, 10/9; 11 ewes, 10/9; woolly wether, 10/6; nine shorn wethers, 15/9. Store sheep: 343 two-tooth wethers, 10/4; 305 ditto, 0/-; 02 f. and f. wooly ewes. 6/11; 110 shorn two-tooth ewes, 14/-; eight small two-tooth ewes, 6/6; 18 ditto, 6/7; four two-tooth ewes and four lambs, 23/-; 11 woolly two-tooth ewes, 15/-. Bulls Sale . 1 t At Bulls on Monday Dalgety and Co., Ltd., offered a small yarding of sheep and pigs and a fair, entry of cattle, prices lor which ranged as follows:—Fat ewes, 10/6; light fat woolly. wethers, 21/2; fat 2-tooths, 17/6; prime fat hoggets, 25/4; store ewes, 5/-; empty 2 and 3-year heifers, £4; light fat heifers, £5/17/6: fat cows, £5, £7; heifers in milk, £5/2/6 springing heifers, £8 2/6; 15-months rough steers, £2/15/-; crossbred yearling heifers, £2/5/-; empty store cows, £2/7/6; weaner pigs, 20/6. 21/-; slips, 20/-; large stores, 30/-; porkers, 34/-, 35/-. 30/-, 33/-. CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington yesterday totalled £8825.

LAMBS FOREXPORT Offering Rather Erratic Although most North Island freezing works are now operating on the new season’s lambs, the continued tinsettled state of the weather is affecting the numbers offering. Daily tallies are most erratio (says the Auckland ‘‘Herald”), and, at the Westfield works, for instance, although up to 3000 lambs may be available ’one dav, on others well under 1000 come forward. It is not expected that the season will reach its full strength until about the first or second week in DecembCp"rospects for lambs from the Waikato continue good, and there is every prospect that there will also be an increase In the number coming forward from North Auckland. Heavy mortality among both the ewes and the lambs in Hawke’s Bay during the late winter and spring months have handicapped prospects for a record season there. Prospects in Gisborne and East Coast districts nre considered satisfactory. . , , At the moment the price remains fairly stationary about £1 a head for November shipment. No price has yet been published for December or later shipments.

w •* N.Z. GOVT. LOANS— £ 8. 44 p.c. Insc. Stk., 1038 and 1941 — d. £ s. d. 99 5 0 54 p.e. ditto, 1933 ... 99 5 0 99 la .0 u • 54 p.e. Bonds, 1933 ... 99 12 6 100 0 0 s 5} p.e. ditto, 1938 ... 00 7 DEBENTURES— „„ „ 6 — Well. Racing Club . 103 10 0 . —— ri N.Z. Breweries (stock) — . 1 2 0 Wellington Gas Co. . 98 10 BANKS— 0 99 15 0 Australasia — 10 17 . 6 Aust, of Commerce .. — Commercial of Aust. 0 19 4 * Commercial Bank Co, 0 17 4 '.4 (Sj'dney) ~ 18 10 0 English, Scot. &Aust. — 5 8 6 National of N.Z 5 12 6 *5 14 0 Nat.’ A/asia. (£5) .. — *C 5 0 New South Wales ... — 32 7 6 New Zealand 2 16 6 *2 17 0 ,1! '!( Ditto, long term .... *1 6 FINANCIAL— 3 — i'f Equitable Bldg; Co. . — N.Z. Guarantee Corp. 8 1G 6 (ord.) 0 7 0 0 7 5 "T Well, invest., T. & A. — INSURANCE— 00 11 0 / South British 2 10 MEAT PRESERVING— . — Gear — 1 15 9 N.Z. Refrigerat. (10/-) — TRANSPORT— fl 0 3 3 Huddart, Parker (pref.) 0 19 —- j Union tSeam (pref.) . 1 0 0 — f P. and O. stock ..... 2 2 WOOLLEN— 0 *2 5 6 'i Wellington (ord.) ... — BREWERIES— 5 5 0 New Zealand ‘2 0 0 —— J* Staples and Co 1 19 MISCELLANEOUS— 0 — Dental and Medical .. — 0 12 0 •f Taranaki Oil — Wafrarapa Farmers’ (pref.) — Wilson's Cement ,2 0 0 2 G 0 13 6 t 0 *2 1 8 1 Hume I)lpe .■ 0 10 t . ’Cum. dividend. 0 —-• f. ' : r

Salo price. Yield p.c. £■8. 1 d. £ s. d. Aust. Bank of Comm. 1 . 0 19 0 '7. 7 4 N.Z. Breweries ...... ,• 2 2 3 AUCKLAND. . £ 8. d. £ 8. d. Inset. Stk., 4$ p.c., 1939 98 17 6 4 13 4 Do., 5i p.c., 1938 (2) 99 5 0 5 13< 0 Comm. Bank of Austr. Bank of N.Z Po .,.. 0 17 2 10 2 16 0 6 9 8 18 5 5 1 5 5 10 N.Z. insurance 2 3 6 5 10 1 1 3 8 British Tobacco (2) .. 1 12 0 7 10 0 Consol. Brick & Pipe 0 14 6 — Kawarau Gold (2) . ■ o . 0 G CHRISTCHURCH. £ s. d. £ s. d. Com. Bk. of Austr. (4) 0 17 0 17 1 0 8 15 9 8 16 5 Bank of N.Z., cum div. Goldsbrough, Mort .. 2 16 7 5 13 1 1 6 5-18 7 5 18 9 7 10 0. 7 11 2 N.Z. Breweries (4) .. p Q (7) 2 2 2 2 1 . British Tobacco (2) .. 1 12 ' 1 11 0 9 .Mount Lyell, cum div. 1 .0 0 10 0 .0 King Solomon (2) .. 0 0 Winding Creek, 9d. pd. o o Sales Reported— Bank of Australasia . N.Z. ' Breweries ...... Tooth's Brewery .... 10 15 0 6 10 2 2 2 1 5 1 0 10 . 0 .0 8 0 0 0 Colonial Sugar 34 5 0 7 5 11 DUNEDIN. , 1 10 6 6 11 1 AlllLjuru jjiiuu ••••••••■< , 2 2 0 5 19 0 Do ••••• . 2 2 2 5 18 7

Copper— Nov. 21. Per ton. Nov. 24. Per ton. £ s. d. £ s. d. Standard, spot .. 45 0 4i 47 16 104 Standard, forward Electrolytic 45 11 lOj 47 16 lOi 49 0 0 52 0 0 to 51 0 0 52 10 0 Wire bars Lead— 51 0 0 52 0 0 Spot 16 1 3 15 18 9 Forward ....... 15 18 0 , 15 17 6 Spelter— . Spot 14 15 0 14 13 9 Forward 15 5 0 15 A 6 Tin— Spot 116 2 6 113 18 9 Forward Silver— 117 7 6 114 18 9 Standard, per oz. . 16 ll-16d. 10id. Fine, per oz 18d. 17 13-16(1.

each case: — d. d. d. d. Medium halfbred, 50/56: Super • 61 to Average 8$ t0 . 7 6 14 12 to 15} to 13} Coarse half bred, 48 s to Du s: Stinni* ......... 6 10 7 12} to 13} Average , Inferior ...... 5 4 to to T 11 01 to to 12 10} Fine crossbred, 46 s to 48 s: Cunor 5? tO fit 121 to 13} Average Inferior 5 to 3| to 5} 44 10} 9 to to 12 10} Medium crossbred, 44’s to 46 s: Rimer ......... 5 to 5 J Hl to 12} Average 4 to 43 10} to 11} Inferior 3} to 4 8$ to 10 Coarse crossbred, 40’s to 44 s: Super ......... ■ Average 4} to 4 to 5 41 11 9| to to 12 lot Inferior ' 3 to 3i 8 to Low crossbred, 36’s to 40 s: Average 4 to 9| to 10} Inferior 3} to 4 7} to Hoggets: Halfbred .... 6} to 71 ■ — — bj td 13 to 14 5 to 6 12 to 13 4 to 5 11} to 12} Lambs: Fine (44 to 50) . 5 to 01 — Med., (40 to 44) 5 to 6 —■ See’dy and inf. . Bellies and pieces: 1 to 3 • — Crossbred, good to super ....... Low to medium 3 1 to to 4} 21 8 61. to to 9} 7} Crutchings. Medium to good 2 to 31 7 to 8$ Inferior to seedy 1 to 2 4} to I Locks: Crossbred .... to 1 43 to 7} The. closing sale at Auckland last season was held on March 28 and the prices realIsed at that sale for the averages of the various qualities were as under: — d. Halfbred (50/50) — d. Average 7} to 3} Halfbre'd (48/50)— Average 7} to Rf Crossbred (40/48) — Average 6} to 7} Crossbred (44/40) — 61 to 71 Crossbred 40/44) — Average 01 to 4? Crossbred (30/40) — Average 5} to 0}