FINANCE and COMMERCE

Dominion, Volume 24, Issue 62, 6 December 1930, Page 12

FINANCE and COMMERCE

STOCKS AND SHARES Wellington Exchange ,’DEMAND LIMITED Tvjist• • a very limited demand fo? stoclS auTsbaJes oi the Wellington Exchange yesterday. .Nine sales, ever were registered, the prices • realised blteg Tn keeping with current securities were stow. There was a bld of £l)9/12/0 for the 5i per’ cent. 11033) with a sale at £99/17/6. Wellington Gas (debentures) were wanted at £99> but sellers asked par. Wellington Racing Club (debentures) at £l B* ) a S nk Thais’ weTslow and tending easier National Bank of New Zealand were wanted at £5, while the last sa e was at £5/10/4. Sellers reduced their National* bYdlc‘of “was were unchanged at £5/2/0. inere was a bid of £2B/5/- for Bank.of New South Wales, but sellers asked £29. Bank or New Zealand were steady at 5-A, with sales at 52/3. Sellers of Union Bank have lowered their price 3/8 to £O/®/-. Goldsbrougb Mort and Co. were wanted at 19/9. New Zealand Guarantee Corporation were 2d. down at 6/».wlUr sales at 7/-. Wellington Investment were firm at 10/3. Union Steam were unchanged at 20/-; Tauplrl Coal at 22/6 were up 3d. . British Tobacco were steady at 30/-, but sellers have come down 2/-, and now ask ' 30/6.' Dominion Investments were steady at 21/r Electrolytic Zinc preference were fir-; ,u 17 ’3. Howard Smith were 3d. up at h" National Electric, were ud- ' chant" 1 8/9. Taranaki dll were 2d. up at - '•■ ■■ Consolidated Brick and Pipe were firm at 12/6, and Mount Lyell keep steady at 20/-. ;

Yesterday’s Quotations

I Buying and selling quotations at the ■ Anal call yesterday on the Wellington Stock i Exchange were as follow:— , >.. ’ Buyers. . Sellers.

■MINING— - „ „ „ ’ Mount Lyell - ‘1 00 — . ‘Cum. dividend. jEx dividend. - ’.A ?■<’ /’• ■ ■ '' .’ ‘I, FEILDING STOCK SALE ' Decline in Prices Dominion . Special Service. Fellcllng, December 5. Prices all round were down at the stock sale to-day, when the yarding, except for cattle, was small. Fat lambs and sheen were down 1/- per head as compared with last week’s rates, and for store sheep there was no keenness. . , Only a few lines of dairy cattle were offered, and the market proved inanimate. The expected fall in the export! price of beef was partly responsible for the lack of enterprise in the fat cattle market, and it was found Impossible to quit some of the pens at vendors’ reserves. Fat lamlbs sold at 16/6; two-tooth black faces, 16/6; w.f., very good, 19/-; good, 17/- to 19/-; good hoggets, 18/2; others, 15/-; woolly fat ewes, 13/6; shorn ditto,best offering, 11/3; good, 10/- to 10/6; medium, 9/- to 9/9; fat wethers, 14/3 to 15/-. Stores!—Ewes with over 100 per cent, lambs, 23/-; good. 20/- to 21/3; four-tooth wethers, 14/-; two-tooth ewes, best, 13/6 to 14/5; poor, 8/10. Fat Cattle.—A few pens of light Jersey cows sold at up to 25/- per 1001 b. P.A. cows passed at 35/- per 1001 b., and Herefords passed at 30/- per IOMb. Store Cattle.—Jersey cows, fair condition, to £2/10/-; yearling Jersey heifers, £4/10/- to £4/15/-; three-year Hereford steers, £5/10/-; P.A. steers, £4 to £5 10/-; sixteen medium steers, £2/5/-; Holstein steers, £5/4/-; Holstein bullocks, £6 • 11/-; P.A. bullocks, £7/1/-. BASE METALS MARKET (Rec. December 5, 8.45 p.m.) !« ' London, December 4. !■“ Metal Exchange quotations are as fol'l low, those previously cafiled being given »■] for purposes of comparison:— 7 Dec. 1. Dec. 4. ii ' Per-ton. Per ton.

The Sugar Market

n .... Sydney, December S. Over 30,000 tens of raw Queensland ?. sugar, valued at £154,000, Is being shipped / this month' to the United Kingdom. It . will require eight vessels to transport It. _ Dondon, December 4. sugar, December delivery, 5/. per ;■ AUCTION SALES TO-DAY. Pharazyn St., Lower Hutt, 2.30 p.m.—Sale sections (MacLaren & Nisbet). »•. 180 Melbourne Rd., 1.30 p.m.—Sale fur- ", niture, etc. (0 Johnston). ' MONDAY. >i Town Hall, 0 a.m.—Wellington Wool Sale (Wellington Brokers’ Assn.) Derwent St.. Island Bay 10.30 a.m.—Sale y furniture and effects, Chilton House i (Silverstone & Co.) @ Mannon Sale. ■ , • TUESDAY. r Columba Rd., Masterton, 11.30 a.m.—Cattle Fair (Dalgety & Co.) jU»m St., 10.30 a.m.—Sale of Poultry ’ (Townsend * Paul). • WTUooton St., 10.30 a.m.—Sale of goods tn oovar storage and shipping charges fB, Jobwton A Co).

DEALINGS ON ’CHANGE Yesterday’s Business DOMINION SALES The following sales were recorded on the Stock Exchanges of the Dominion yesterday : — WELLINGTON. £ s. d.

THE MONEY MARKET

Bank of England Return London, December 4. The Bank of England return for the week ended December 3 is as follows :— Issue Department. | £ •' - £ Notes issued: In circu- Govt, debt 11,015,100 lation 359,218,693 Other Govt. , In bank- securities 233,042,745 ing dept. 55,430,117 Other securities 11,477,263 Silver coin 44,464,892 ‘£260,000,000 Sold coin & bullion 154,048,810 £414,648,810. £414,648,810 ‘Ampunt of fiduciary issue. Banking Department. ££ . ; Capital 14,553,000 Govt, sejjest • 3.291,924 curitieS ■ 58,966,247 Deposits: Discounts & Public 7,843,239 advances 4,606,262 Bankers 81,858,241 Other se- . Other curlties 21,790,830 a/cs. 34,227,272 Notes 55,430,117 Seven-day, . ’Gold and sil- ’ 'etc., bills 1.764 ver coin 981,084 £141.775.440 £141,775,440. Proportion of reserve to llabllties, 45.50 per cent., as compared, with 59.50 per cent, on 'November 26, and 31.80 per cent, on December 4, - 1929. , , '■ , if -?, The principal items of the above return . compare as , follows with those ■ of the previous week:- 3 D Government 18,888,951 7,843,239 Bankers 55,901,187 81,858,241/ Other • accounts . 36,812,757 34,227,272: £111,602,895 £123,028,752 Securities* Government .... 34,596,247 58,066,247 Discounts and ’ advances ■ 6,080,597 .4,606,262 Other securities . 22,255,095 21,700,830 ‘Reserve 66,4448,259 56,412,101 Note circulation . 351,124,928 359,218,693 fCoin and bullion . 157,573,187 155,630,794 ♦Reserve on Dec. 4, 1929, was £33,183,220. fDec. 4, 1029, £134.269,209. .1930, maximum, May 7, £164,502,391; minimum, Jan. 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 3} per cent, on May 1. '! ■ Short loans are quoted at 2 per cent., unchanged on last week. The market rate of discount for best three months’ bills is 2 1-8 per cent., as against 2 3-16 pet' cent, last week. ■; ’ Call Money in New York. New York, December .4 The rate for call money stood at 2 per cent, all day.

EXCHANGE RATES ✓ Commonwealth Bank Notes In our Issue of December 1 It was pointed out that the exchange rate on Commonwealth Bank notes is £4/7/6 per cent., or approximately 1/- in the £l. It is understood,'however, that this rate applies only in cases where the notes have been secured by the hqlders with the object of making an exchange profit, or if the notes are sent to New Zealand for investment purposes or the purchase of London exchange through the banks or otherwise, . For ordinary 'trade transactions nnd the legitimate requirements of tourists, the notes are negotiated at 5/- per cent., with a minimum of 6d. SULPHIDE CORPORATION Reduced Dividend

Advice has been received in Melbourne from the head office of the Sulphide Corporation that the annual meeting will be held on December 23. The directors will recommend a dividend of one shilling per ■share on the preference shares, payable on January 17, in respect of the year ended June 30 last, less' income tax, at the rate of two shillings and sixpence In the £l, being four shillings and sixpence, less two shillings relief. The transfer books in respect of the preference shares will b“ closed from December 11 to December 1)1, both days inclusive. The dividends last year were 15 per cent, on the preference and the ordinary shares, as against 10 per cent, for the year ended June 30, 1028. THIS BANK OFFERS SHARES AT PAR TO-DAY—-THE “A. AND N.Z.” In purchasing bank shares, which are among the soundest securities available to investors to-day, remember that there is no necessity td pay an exorbitant premium. For the, first time in forty years, bank shares are available at par to investors. The “A. and N.Z.” Bank has been formed to meet the demand for additional banking facilities which undoubtedly exists, and has already gone to allotment with the remarkably successful subscription total of more than 400,000 £1 shares. The new bank is receiving most encouraging support from investors throughout New Zealand, and shares cannot always remain at par. There will be no delay in the commencement of business by the “A. and N.Z.” Bank. Negotiations are at present proceeding for the acquisition of an advantageous site for New Zealand headquarters in Wellington. Shares in the “A. and N.Z.” Bank are available on terms which make them particularly • attractive and easy to acquire. Payment is spread over three years, giving investors the opportunity of securing a good parcel whilst the shares are still at par. Get the full facts for yourself. A copy of the prospectus can be had, without obligation, from the Organising Brokers, Dominion Brokers, Ltd;, Box 770, —Advt

WELLINGTON’S TURN First Wool Sale on Monday CATALOGUE OF 18,000 BALES Considerable Interest will centre in the first wool sale in Wellington for the season 1930-31 to be held in the Town Hail on Monday, beginning at 9 a.m. The offerings of the several brokers and the order of sale are as under: — Bales. •Wairarapa Farmers’ Co-op 793 Wright, Stephenson and Co. and Abraham nnd Williams 2,21.) Dalgety and Co 3,521 Murray, Roberts and Co. and Johnston and Co 3,138 Levin and Co 5,343 N.Z. Loan and Mercantile 2,060 N.Z. Distributing Co 971 18,041 For many seasons it has been the rule to open the wool selling season in Wellington, but this season an alteration has been made, and the first sale was held at Auckland, followed by Wanganui and Napier. In the opinion of those interested in the trade this change has been rather detrimental than otherwise, for neither Auckland nor Wanganui can stage such uniformly good wools as Napier and Wellington, where buyers have the choice of very good crossbred wool. The opening sale at Auckland caused almost a stir because of the low prices, but those prices ruled for indifferent wools. ■ At the Napier sale there was a better tone and free buying, and the same will, characterise the Wellington sale on Monday. Still the depressed market in Auckland has had its effect on wool-growers, who again show a disposition to hold back their clips from sale. There have been comparatively heavy withdrawals at the three sales already held, and it is expected that the'same will occur at the Wellington sale. , The sheep have had to face a hard winter and a wet, cold spring, and for that reason the clips are not quite up to the standard wool men like to see. ■ Tender and wasty staples are in evidence, and the wool is not likely to be quite as good aa last year, and that year was not good, for although the wool generally was of bright colour, it lacked fullness of staple and healthy lustre. • * The New Zealand Wool Committee, representing the wool-growers, wool brokers and wool buyers, fixed the limit of offerings for the first sale in Wellington at 30,000 bales, and this was apparently based on the offerings of November and December last' year, when the quantity offered aggregated 30,367 bales. In the December sale of last year the total quantity offered -was 22,894 bales, but as there is a substantial carry-over the allotment of 30.000 bales was by no means excessive. The offerings for the sale on Monday, according to the official catalogues, total 18,011 bales, and since the catalogues were issued yesterday morning it is understood there have been further withdrawals, so that the actual offering on Monday will be below 18,000 bales. This will have the effect of" banking up supplies, for there is still the carry-over from the past season to be taken Into account. However, at the January. February and March sales the limit is 30,000 bales for each sale, and for the closing sale on April 17 there Is no limit. If there is a full offering at subsequent pales there should be very little unsold wool in store at the end of the seaS °Wobl values have shown great variation 'from season to season, and that is why wool men refrain from making predictions. Besides the movements in purchasing power, wool is subject to the vagaries of fashion. The average prices per bale and per lb. realised at the Wellington sales for each of the past seven seasons show as. under: —

/ The’ Wellington averages were consistently above the averages for the whole, of New Zealand which were as follow:—

Dealing'' oplywith the Wellington December sales, the realisations, over the past three seasons were as follow:—

What the average realisation vrill be at Monday’s’ sale it is hard to predict, but if it works out at 7d. per lb. it will, under present conditions, prove to be an excellent figure. Growers apparently anticipate that there will be an improvement in values later in the season, hence the restricted offerings. Those Bradford combers wao bought wool last vear must have lost heavily and this can be seen in the quotations for Bradford tops, a comparison of winch

SALES AND EXPORTS

Five Month's’ Figures The total quantity of Auckland last month was 20,-84 bales, of which 15,144 bales, or 74.65 per cent., were S °According tb returns compiled by Dalgetv .and Co., Ltd., offerings and sales of wool in New Zealand during the five months ended November were much below the quantities for the corresponding period of last year, the comparison being as follows:—

Exports of wool from New Zealand last month totalled 15,508 bales. The total exports for the five months ended November were 96,762 bales, as against 68,055 bales for the corresponding period of last year, an increase of 28,707 bales, or over 42 per cent.

LONDON WOOL SALES Prices Unchanged London, December 4. Offerings at the wool sales to-day were 0432 bales, of which 3062 were New Zealand. About 8325 were sold. There was a large offering of greasy Merinos and a good supply of scoureds. with a medium lot of crossbreds. Good general competition was shown, but prices were unchanged. Realisations: New Zealand scoured Merino. “Dunstan Downs,” 18d. to 173 d.; greasy crossbred. “Candh,” 7}d. to 7d. Dalgety and Company have received the following report from their head office, dated London, December 3:—London wool sales close December 12. Our selling dates are December fl and 11. As compared with closing rates of last series, average greasy merino, topmaking. 7J per cent, lower: inferior and faulty. 10 per cent, lower: scoured Merino irregular, opening rates are not fully maintained: bulky combing. 10 per cent, lower; pieces, short and faulty, 15 per cent, lower; fine crossbred. 15 per cent, lower; medium and coarse crossbred, 15 to 20 per cent, lower. Bradford Tops Market London, December 4. The Bradford tops market is quietly steady. _ „ To-day's quotations compare as follow with those previously cabled:—

BUTTER STEADIER London Price Up to 104/106/CHEESE WEAK AT 57/60/- • London, December 4. Butter is in rather more demand. Danis, 130/- per cwt.; choicest salted New Zealand, 104/- to 106/-; Australian, 98/- to 102/-, with exceptionally good 104/-; unsalted New Zealand, 124/- to 130/-; Australian, 114/- to 118/-. Cheese is weak. New Zealand, coloured 56/- to 57/- per cwt., white 58/- to 59/-; Australian., coloured 55/-. white 57/-. A. S. Paterson and Co., Ltd., Wellington. report having received cabled advice from J. and J. Lonsdale and Co.. Ltd., London, dated December 4, as follows:— Butter: Market steady; better demand; Danish. 128/-; New Zealand, 104/- to 106/-; Australian, 100/- to 102/-. Cheese: Market dull; prices irregular; white, 58/to 60/-; coloured, 57/- to 58/-. Cabled advice received by Mr. G. A. Mills from A. J. Mills and Co.. Ltd.. London, under date December 4, gives the following market prices as ruling at the close of business on Thursday:—Butter: The market is firm; New Zealand, finest, 105/to 106/-: first, 104/-; Danish, 126/- to 128/-; Australian. 100/- to 104/-. Cheese: The market is very slow. New Zealand white, 59/- to 62/-; coloured, 58/- to 61/-. Joseph Nathan and Co., Ltd., have received the following market report from Messrs. Trengrouse and Nathan. Ltd., London, dated December 4:—New Zealand butter, 105/- per cwt.; better feeling. New Zealand cheese: White, 58/- per cwt.; coloured, 56/- per cwt.; better demand.

FROZEN MEAT WEAK Smithfield Market Prices The frozen meat market shows a weaker tone all round, according to a cable message received by Dalgety & Co. Ltd. from their head office. Smithfield market quotations are given as follow:— Lamb.—New Zealand prime Canterbury lamb, 28/361b., 8 3-Bd.; 36/421b., BJd.; second quality, 7 3-Bd.; 42/5010., 7Jd. Market for New Zealand lamb weak; demand poor owing to cold weather. No stocks of New Zealand North Island lamb. Mutton. —New Zealand prime: Canterbury, 48/561b., 5 l-Bd.; North Island, 48/561b., 4 7-Bd.; Canterbury, 56/641b., 5d.; North Island, 56/64-lb., 4}d.; Canterbury, 64/721b., 5d.; North Island, 64/721b., 4fd.; Canterbury ewes, 48/6410., 3}d.; North Island, 48/641b., 3ld. Market for New Zealand mutton weaker; demand limited. Australian Lamb.—G.A.Q. Australian,, 28/3610., 8 l-Bd., 36/4210’. 7 7-Bd.; F.A.Q., 28/3610., 6Jd.; third quality, 28/3610., 6}d. Market for Australian lamb weak; demand moderate.

Australian Mutton.—G.A.Q. Australian, 40/601b„ 4 l-Bd.; F.A.Q., 30/5510., 3 7-Bd.; Australian ewes, 3 3-Bd. Market for Australian mutton weaker; demand limited. . Beef.—New Zealand prime ox, hinds sid., fores 4d.; Argentine chilled, , hinds sjd., fores 4{d. Market for New Zealand beef unchanged; demand fair. Pork.—English porkers, 80/1001b., 9d.; New Zealand porkers, 80/1001b. Bd., 100/ 1201 b. 6Jd. Market for New Zealand pork weaker; demand better owing to cold weather.

Advice has been received by M. A. Eliott, Ltd., Palmerston North, from Gordon Woodruffe and Co., Ltd., London, that heavy-weight lamb, wethers, and ewes are l-Bd. lower. There is no change in the price of light-weight lamb or beef. Smithfield “delivered” prices are quoted as follows:— Best North Island prime lambs, under 36 lb., BJd., 36/421b. Sid., 42/501b. 7 5-Bd.; ordinary North Island lambs, under 421 b. Bd., second quality under 421 b. 7 7-Bd.; best North Island wethers and/or maiden ewes, 48/561b., 56/64!b., sjd.; (J4/721b., over 721 b., 5 l-Bd.; ordinary North Island wethers and/or maiden ewes, 48/56ib., 56/641b. 5 l-Bd., 64/721b., over 721 b. 5d.; North Island ewes, under 641 b. 3Jd., 64/721b., over 721 b. 3d.; New Zealand prime ox beef (equal fores and hinds), 160/2201b., 4id.

GRAIN AND PRODUCE Canterbury Potatoes Weak By I'elegrnoh -I’ress ' Christchurch, December 5. There is very little to report concerning the Canterbury grain and produce market, and among both merchants and sellers there is a marked disinclination toward forward business as to the potato market for next year. There is still a definite offer by sellers to-day of £4/2/6 a ton, f.0.b., s.t., for April-May delivery, but buyers’ ideas of values is £4 a ton, and consequently there is no business passing. Supplies for April-May-June delivery are quoted by sellers at £4/5/-, but they are above the figure at which buyers will do business. Odd lots of old potatoes are being sold still and the price is from 30/to 35/- a ton on trucks to growers. In regard to oats there is very little to report, except that sellers’ quotations for forward business are 3/- f.0.b., s.i., for A’s and 2/11 for B’s, and the market continues lifeless. Otago Values Dominion Special Service. Dunedin, December o. Markets are now beginning to develop a holiday tone so far as milling wheat is concerned. Little business is passing in the local market as millers are holding ample stocks and are not prepared to operate further till the new season’s wheat commences to come forward, and market prices are unaltered. Tuscan is worth 6/6J, f.0.b., sacks extra, with the usual advances for other varieties. Stocks of fowl wheat are getting into small compass, and the market is firm. Sales have been made at up to 6/6 peY bushel, sacks extra, ex store, for good quality. • , Little business Is passing in oats. A small line is occasionally wanted for shipment to the North Island, and the current quotation for shipment is 3/6, f.0.b., s.i,, for A Gartons, and 3/4 for B’s. Prices quoted for new season's oats, spread delivery, April to September, are 3/- for A’s, f.0.b., s.i., and 2/11 for B’s. The demand for chaff on the local market is very limited. There are ample supplies in the stores to meet all required inquiries, but although prices have declined in other centres, there is no appreciable change here, and good quality is selling at £5/10/- per ton, sacks extra, ex store. Farmers who are holding stocks for chaffing have been unable to cut owing to the broken weather, and now that the weather shows signs of improvement, they have to devote their attention to other farming operations. There is still a market for old potatoes, but it is not very buoyant. Buyers are obtaining .supplies from Canterbury. and freshly picked over lots are ’ worth about £3/10/- per ton, sacks included, ex truck. Now that the weather is more seasonable for sowing, the retail demand for seeds is increasing, and deliveries to the country during the week have been good. Overseas Grain Markets Melbourne. December 5. Wheat, 2/8 per bushel; flour, £8 to £8 5/- per ton; bran, £4 per ton; pollard, £4 15/- per ton; oats, 1/9 per bushel; barley, English, 2/10 to 3/-;. maize, 4/- to 4/1. Chicago, December 4.

Forward prices for’ wheat: December, 76 7-8 cents per bushel; March, 78}; May, 811; July, 74 5-8.

SHEEPSKINS AND HIDES Wellington Sale Prices The fortnightly sale of sheepskins hides, and tallow was held yesterday by the combined Wellington brokers There was a fair demand for all descriptions of sheepskins at a decline on last sale’s rates. Good pelted skins were lower bv id. to Id.; damaged, seedy, and inferior, id. Salted skins showed a corresponding decline. Fair supplies of hides were brought forward, prices being round about last sale’s quotations, well-conditioned ox hides 701 b. and over selling up to 6d. per lb. Kip and yearling sold well up to previous quoted rates, while calf were slightly easier. The tallow market was unchanged, and Inferior descriptions are Still difficult of sale. The range of prices is as follows:— Dry Sheepskins.—Halfbred, 4}d, to old.; fine crossbred. 3}d. to s}d.; medium crossbred, 3Jd. to 41d.; coarse crqssbred, 2}d. to 4}d.: half wools, 2d.to 3}d.; quarter wools, l}d. to 3d. pelts, l}d. to 3}d. Salted Skins.—Pelts. lOd, to 1/8: quarter wools, 6d. to 1/4; full wools, 2/9 to 3/1; lambs, lOd. to 12d. Hides.—Ox, 331 b. to 441 b., 3}d. to 4}d.,’ ox. 451 b. to 521 b., 3 7-Bd. to 4}d.; ox., 531 b. to 591 b., 3itd. to 5 3-Bd.; ox, 601 b. to 691 b., 5d to 5 7-Bd.; ox, 701 b. and over, 5 5-Bd. to 6d • cow, 31b. to 391 b„ 2}d. to 4 7-Bd.; cow, 401 b. to 481 b., 3 5-Bd. to 4 7-Bd.; cow, 491 b. and over, 2d. to 4}d.; kip, 251 b. to 321 b., 31d. to 5d.; kip. 171 b. to 241 b., 3d. to 6 7-Bd.; vearllng. 111 b. to 161 b.. sd. to 71d.; calf, bib. to 101 b„ 7 3-Bd. to 7 5-Bd.; calf, 61b. to 81b , fl l-Bd. to 10}d.; calf, 11b. to 51b., 6 7-8(1. to 10 1-8(1. Tallow. —In casks, 19/6; in tins, etc., 12/to 19/-. Sundries.—Cow tails, 12}d.; horse hair, 12ld. to 12}d.

N.Z. GOVT. LOANS— £ s. a. £ s. d. 41 n.c. lose; • Stk,, 1339 98 15 and 1938 .......... —— 0 51 p,c. Bonds, 1933 •!. 19 12 6 —“ DEBENTURES— 0 0 ioo 6 Wellington. Gas Co. ..99 Well, Racing Club . 103 0 0 0 Well. Amal. Brick and 100 0 Pipe —- t 0 BANKS— 10 0 Australasia ......... —- 0 Aust, of Commerce .. — 0 19 4 Commercial of Aust. 0 16 (ord.) —<• 3 English, Scot. & Aust. —— 5 3 6 National of' N.Z. .... .5 0 0 ’5 8 U Nat. A/asla. (£5) ... b 2 6 New. South Wales .. !8 5 o„, 29 . O 2 12 0 1 New Zealand *2 12 0 6 Union of Australia .. —— 9 9 0 FINANCIAL— 8 15 Equitable Bldg. Co. .. —— 0 Goldsbrough Mort ... 0 19 9 1 0 1 N.Z. Guarantee Corp. ,0 7 WelL d ’lnvest‘,‘ T." ’ & A. 0 6 0 10 9 3 0 GASPAuckland .......... — 1 3 6 Christchurch ........ — 1,5 6 Gisborne —— 0 11 6 INSURANCE— ■ 0 14 National ............ i 0 New ZealandIII Illi ■ /' 2 2 6 MEAT PRESERVING— Gear — 1 15 4 N.Z. Refrigerat. (10/-) Well. Meat Exp. (ord.) —• 0 2 0 19 9, 0 TRANSPORT— Huddart, Parker (ord.) •— 1 6 6 Union Steam (pref.) . 1 0 <0 i .. COAL— Taupiri (ord.) 1 2 6 Waipa ' ’ — 0 9 0 BREWERIES— f2 2 New Zealand 0 Staples and Co —- 2 0 1 MISCELLANEOU S— 1 10 LBritish Tobacco (ord.) 1 10 0 6 Burns, Philp and Co. —— 1 12 0 Dominion Investments 1 1 6 —- Electro. Zinc (pref.) . 0 17 3 —— Farmers' Auctioneer6 18 ing (“B” pref.) ... — 0 Howard Smith (ord.) 0 7 9. 0 10 3 National Electric ... Newton King (pref.) 0 8 9 —— 0 12 6 N.Z. Drug — 3 2 0 Taranaki Oil c 2 4 0 2 7 Wairarapa Farmers’ • 0 13 pref —* 6 Consol. Brick & Pipe 0 12 6 0 15 0

Copper— £. a. d. £ 8, d. Standard, spot .. 48 18 14 48 18 9 Standard, forward ' 48 18 1J 48 19 4J ,r Electrolytic . 51 10 0 53 0 0 s .'to 53 0 0 WOO Wire bars 53 0 0 54 0 0 Lead— Spot 15 17 6 15 17 6 Forward 15 18 9 16 0 0 Spelter— Spot 14 6 3 14 11 3 Forward ' Tin— 14 15 7} 14 11 3 Spot ....... 113 11 10i 112 17 6 i>, Forward ?> Silver— 116 3 9 114 3 0 ■" Standard, per oz. ., 16}d. 16d. Fine, per oz 17 7-8d. 17id.

N.Z. Govt. Bonds, 5} p.e. (1933) 99 17 0 Bank of New Zealand (3) 2 13 2 N.Z. Guarantee Corporation (3) 0 7 0 Staples and Co. (2) 1 19 0 AUCKLAND. £ s. d. Bank of Australasia (2) 9 15 0 Bank of New Zealand 2 12 4 New Zealand Insurance 2 2 0 Burns, Philp • •• 1 9 3 0 0 6 Taranaki Oil (2) » 0 2 3 CHRISTCHURCH. £ s. d. Bank of Australasia 10 0 0 Comm. Bank of Oustralia 0 16 0 Bank of New Zealand, cum div..... 2 12 3 Bank of New South Wales 29 0 0 N.Z. Refrig. (10/- paid) 0 2 1 N.Z. Breweries 2 1 3 N.Z. Breweries (2) 2 1 2 Mount Lyell, cum div . 1 0 1 Do. Do . 1 0 0 Do. Do. , 1 0 1 Mahakipawa i;... ,0 0 7} Sales reported— Christchurch Gas . 1 5 1 Mount Lyell, cum div. (2) ......... . 1 0 1 DUNEDIN. Sale reported— £ s. - 1 6 tl. Westport Coal 0

Season ■ Per bale. Per lb. £ s. d. d. 1023-24 .......... 22,15 0 14.780 1924-25 30 3 1 19.044 1925-20 , 11.849 1920-27, 19271928- 1 ,18 5 .8 ■" ■’ 24 10 5-' ‘•l.'S;’. 22 9 1 • • 12.301 16.511 15.149 1929-30 ..i.; 13 11 4 9.204

Season c . / Per bale. Per !b. d. £ s. d. 1924-25' .......... 29 15 0 20.20 1925-28' < . • 17 1 8 11.93 1020-27 . ........... 18 3 1' 12.00 1927-28 .......... 24 5 0 16.89 1928-20 '■'21 8 O' 14.99 1020-30 ’ "/■'•12 • 2 ■ 2 8.59

Season • ...Per.bale. 1 S s. d: Per lb. d. 1f)27-2R 23'1,51 15.389 1028-29 .... 23 8 81 16.005 1929-30 ...... 15 19 3 10.749

is given below Tops. Sixty-fours ■' Sixties Fifty-sixes Fifties ..... ’ Dec. 1920. d. 33 31- ... 23} oo t Dec. 1930. Fall d. d. 23} 9} < 22 9 15} 10 ■ 13 9 Forty-sixes . ■ Si io ’ 10} 10 y 9

Dunedin ... Tiinnrn 1930. 1929. Offered. Sold. Bales. Bales. Offered. Bales. . 3090 . 498 Sold. Bales. 3002 482 1914 576 1491 474 Christchurch . 3579 3037 1937 1760 Blenheim .. 50 43 oO 23 Wellington . 4223 3453 10,164 9287 Wanganui . . 2393 2003 10,302 8995 Nnpier . • • • . 2413 1881 10,499 9652 Gisborne 32 32 14 14 Auckland . 21,350 10,097 18,377 16,488 38,528 30,090 53,819 48,184

No. 13. Nov. 20. Nov. 27. Dec. 4. Per lb. Per lb. Per lb. Per lb. <1. d. (1. d. Sixty-fours .. 24 24 23} 24 Sixties .. 22 22 22 21| Fifty-sixes .. 1BJ 16 15} IS} Fifties .... .. 14 135 13 13 Forty-sixes .. 12 11 10} 10} Forties .... 12 10i 10 10