FINANCE and COMMERCE

Dominion, Volume 24, Issue 63, 8 December 1930, Page 14

FINANCE and COMMERCE

STOCKS AND SHARES

Last Week’s Market

WEAKER TRADING

The Stock Exchanges experienced dull last week, and the turnover was small compass. There was comparatively heavy trading in two or three fines on V lower basis of values. Geneiallv prices all round were lower, owing mainly to dividend reductions or the passlnGo^ernmenetndsecurities and tie debentures of local bodies are receiving more attention from Investors, and especially from that section who prefer fixed inter-est-bearing securities . N.Z. Gcvcrnnitnt •1 i per cent. (1938) changed hands at tJS , 10/-; the 5J per cents. (IMD at ~90/o/> and the 5J per cents. (1033) at £9.)/ir/o, and (1936) at £99/2/6 and Snrings-Ellesmere Power Board, ui pw ce P nts 5 (1935) sold at £9B/10/-; Lower Hutt Borough 6 per cents. (1944) at £lOl, Wanganui Borough 51 per cents. (1943) at £O9, and Mount Eden Borough, 5} per TO Bu;ineTiVbanT/hares was restricted, and the demand throughout the week was poor. Values of bank shares have eased, and give evidence of remaining low. The heaviest trading during the week was in Bank of New Zealand and Commercial Bank shares, both being lower than for some time past. The reduction of the Bank of New South Wales dividend from 10 per cent, to 9 per cent, per annum following upon the elimination of the bonus <rf 2} per cent, last year have made investors cautious regarding the market value of bank shares, and many are holding off in the meanwhile. The course of sales of the bank shares which changed h Bank of 1 Australasia, £lO, £9/10/-, £lO, ofAustralla, W 7 16/2, 16/1, 16/1, 16/3, 16/-. English, Scottish, & Australian Bank, £ Basc i/ of* / New South Wales, £29. National Bank of Australasia, £u paid, £6/6/-, £6/8/- cum div., £a/3/- ex div. Bank of New Zealand, 02/-, 53/-, 52/6, 52/9 52/9 52/9, 53/-, 52/6, 52/6, 52/6, 53/6, 52/9 52/-, 52/6, 52/6: 52/4, 52/6, 52/4, 52/3, 52/3. 52/3, 53/2, 53/2, 52/2, 52/4, 52/3. The Bank of New Zealand interim dividend was paid on Saturday. Financial, Insurance, and Others. On rumours of the distribution of 5 per cent, dividend the shares of Goldsbrough, Mort, & Co. showed a firming tendency, but later official Information was to the effect that -the directors had decided not to make any interim distribution, and the shares eased to 19/9, which is just below the face value of the scrip. Dalgety & Co. sold down to £7/15/-. There was fair trading in New Zealand Guarantee Corporation at 7/-. Insurance shares were slow, but firm. New Zealand Insurance changed hands at 41/9 and 52/-, • and South British Insurance at 55/9. A small business was done in Gas shares. Auckland Gas sold at 23/4 and 23/3, Christchurch Gas at 25/- and 25/1, and Wellington Gas at 29/-. The Auckland, Wellington, and Christchurch Gas Companies close their financial years at the end of the month, and uo doubt they will each distribute the usual dividend of 8 per cent, per annum. Meat shares were very dull for obvious reasons. New Zealand Refrigefratlng 20/- paid sold at 8/9 and 10/- paid at 2/5 and 2/1. A small business was done in Coal shares. Waipa Coal sold at 7/-, Pukemiro Collieries at 40/-, and Westport Coal at 26/-. A fair business was done in Brewery shares. New Zealand Breweries sold at 42/6 and 43/-, cum dividend, and at 42/down to 41/2 ex dividend. Staples & Co. changed hands at 40/- and 39/9, Tooth’s Brewery at 24/- and 23/10,. and Carlton Brewery at 24/-. British Tobacco were easier with sales at 32/- down to 30/-; Burns. Philp, & Co. sold at 29/3. Electrolytic Zinc, ordinary, at 11/9, preference at 17/6. New Zealand Farmers' Fertilizer at 16/4; Australian Glass at 27/3 and 27/1; New Zealand Paper Mills at 18/3; Robinson’s Ice Cream at 22/6; Taranaki Oil at 2/- and 2/3 and Mount Lyell at 19/3 up to 2/4, cum dividend. WELLINGTON EXCHANGE Saturday’s Quotations Buying and selling quotations at Saturday morning’s call on the Wellington Stock Exchange were as follow:— Buyers. Sellers.

Mount Lyell *1 0 0 — •Cum. dividend. tEx dividend. OVERSEA GRAIN MARKETS { Canadian Wheat for France , London, December 5. Wheat cargoes to-day were dull and featureless. Parcels were irregular and attracted little attention. Manltobas were 3d. easier. Futures: London—December. 22/9 per quarter; February, 23/-. Liverpool—December, 4/10} per cental; March, 5/11; May, 5/3 1-8. Spot trade is fairly active. Australian, ex-ship, 28/6 to 29/per quarter. Flour is quiet. Australian, ex store. 22/- to 22/0. Oats are lirmer. Peas and beans are quiet. New York, December 5. Chicago Wheat —December, 77 cents; March. 78 7-8 cents; May, 81 5-8 cents; July, 74} cents. Ottawa, December 5. France has undertaken to import a minimum of 7,000,000 to 9,000,000 bushels of Canadian wheat during the next four months, the Minister of Trade and Commerce announced to-day. The Minister is advised that tin early enlargement of from 10 to 15 per cent, of the amount of foreign wheats permissible in flour blends is expected which will have the effect of materially increasing the demand for foreign wheats. The Minister thinks there are good prospects of France Importing 20.000.000 bushels of Canadian wheat by May 1- . AUCTION SALES .TO-DAY. „ , B , Town Hall, 9 a.m.—Wellington Wool Sale (Wellington Brokers Assn.) Derwent St., Island Bay, 10.30 a _ m --Sa le furniture and effects, Chilton House (Silverstone & Co.) Shannon Sale. Columba Rd., Masterton, 11.30 a.m.—Cattle to cover storage and shipping charges W 4®. Jobtmton & Oo).

DEALINGS ON ’CHANGE

Saturday’s Business

DOMINION SALES

The following sales were recorded on the Stock Exchanges of the Dominion on

government stocks

London, December 4. The following table gives quotations for consols an inscribed l stocks. compared with those of November 27. Price. Variation

KAURI TIMBER CO. Decline in Profits The Kauri Timber Company, Limited, during the year ended August 31, made a net profit of £18.643, which is £2287 below that of the previous year. Dividend is being paid at the reduced rate of 21 per cent., and £282 is being carried forward. Following its reconstruction, the company paid 8 per cent, annually until 1926. In the following year, the dividend was reduced to 6 per cent., and in the next two years to 3 per cent. Following is a comparison of the results for the last three

The profits for the last year are the lowest, except those of 1927-28, in the decade since reconstruction. STERLING EXCHANGES London, December 4. The following rates on foreign exchanges are current to-day, as compared with the cabled quotations on November

LIVE STOCK MARKET Gisborne Store Sheep Down Dominion Special Service. Gisborne. December 6. At Gisborne stock sale fat sheep were a little easier. Woolly ewes, 9/5, 11/8; heavy lambs, 13/-; woolly hoggets, 12/-; shorn ewes, 7/3 to 9/6; second grade woolly ewes, 0/0 to 7/5; shorn, 7/8. Store sheep—An entry of 4000 brought an all-round decline in prices, the sale being the worst of the season. Shorn wethers, good four-tootlis, 11/8; two and four-tooths. 11/-; two-tooths, 8/6 to 9/-; medium, 7/- to 8/-; woolly ewes with lambs, best, 15/-: good, 12/7; shorn ditto, plain, 6/3; dry ewes, old, shorn, forward. 5/- to 6/4; two, four, six-tooth woolly, good, 11/6: woolly hoggets, good, 10/5; fairly good, 7/11. Fitzherbert Sale Dalgcty and Co., Ltd., held a special sale of wethers in Mr. C. T. Keeble’s yards at Fitzherbert on Thursday. Some 2000 odd were yarded, and while bidding was not animated, there was a steady demand, and a total clearanc collected at the following prices:—Cull ewes, 9/9; small two-tooth wethers, 10/7, 10/9. 11/1; good tivo-tooth wethers, 13/8; two and four-tooth wethers, 13/1, 13/6, 13/9; four-tooth wethers, 13/4, 14/4; cull woolly wethers, 12/-; a line of 640 four-tooth woolly wethers realised 16/10. \ Poultry Sale Dalgety and Co., Ltd., report having held a successful dispersal sale on behalf of the Department of Health, at Pukeora Sanatorium, Waipukurau, on Wednesday, when they sold the whole of the purebred White Leghorn poultry, comprising about 1400 birds, together with buildings, plant, etc. There was a good representative attendance, buyers being present from the West Coast, Hastings, and Napier, as well as from the surrounding districts. There was spirited bidding for the poul- • try, this year's pullets making from 5/to C/3 per head; first year laying birds from 5/- to 5/9, one buyer taking 400 of this line at 5/-; second year laying birds, from 2/4 to 3/- per head, and older birds 1/0 to 2/1 each. Roosters averaged 5/- per head, and a line of cockerels sold at 2/- each. The plant and sundries were not so keenly sought after, and were disposed of at prices which must b» in buyer’s favour.

BUTTER FIRMER Market Active at 102/106/CHEESE STEADY AT 56/60/ Week-end reports indicate a somewhat better tone in the London, dairy produce market. The price of New Zealand salted butter is up to 102/-, 106/-, an improvement of 2/- to 4/- on the week. The Dairy Board’s report from its London office says the market is firm following an active demand, but retail prices are unchanged. Cold-stored stocks are now all practically cleared, and current arrivals of New Zealand and Australian butter are being closely sold up by deliveries each week. The discharge of vessels was being delayed owing to dense fog. It is estimated that December imports of butter into Britain will be from 30,000 to 31,000 tons as compared with 27,000 tons in December, 1929. ... .The Empire Marketing Board’s estimate of stocks of all butters as at December 1 was 320.380 boxes, which compares with previous dates as follow: — Boxes. August 22 .. 1,002,346 September 6 967.442 September 20 887,610 October 4 828,584 October 18 743,389 November 1 613,645 November 15 438,361 December 1 320,380 Rather more is doing in the cheese market at lower prices, which are 5/- to 6/a cwt. below those ruling at the end of the previous week. » Prices current as at Friday, with those for the previous week in parentheses, are quoted in the Dairy Board's report as follow: — BETTER. New Zealand, salted. 102/-, 106/- (98/-, 104/-: December 6, 1929, 162/-, 168/-); unsalted, 110/-, 116/- (124/-, 130/-; December 6, 1929, 182/-, 188/-); first whey, 94/- (92/-); second whey, 92/- (88/-). Australian, salted, 100/-, 104/-; unsalted, 106/-, 110/-. • Argentine, unsalted, 98/-, 104/-; ex. 110/(96/-, 104//-, ex. 110/-). Danish, 119/-. f.0.b.; 130/-, 132/- spot (119/-; 130/-, 132/-). Dutch, unsalted. 128/-, 130/- (136/-, 138). Polish, 90/-, 94/- ( ). CHEESE. New Zealand white, 58/-, 60/-, ex. 61/(63/-, 66/-, 67/-; December 6, 1929, 91/-, 92/-); coloured, 56/-, 58/-, ex. 59/- (59/-, 63/-, 64/-; December 6, 1929, 90/-, 91/-). Australian, white, 58/-: coloured, 56/-. Canadian, white, 74/-, 78/-, ex. 80/- (76/-. 78/-, 80/-); coloured, 74/-, 76/-, ex. 78/(75/, 78/-). English finest farmers, 100/-, 106/- (100/-, 106/). Deliveries and Stocks. Deliveries of New Zealand butter for the week ended December 4 were 2527 tons as against 1140 tons for the corresponding week of last year. The quantity in store was 3626 tons as against 3700 tons a year ago. Deliveries of Australian butter for the week were 1423 tons as against 561 tons a year ago. The quantity in store was 824 tons as against 796 tons a year ago. Deliveries of New Zealand cheese for the week were 19,000 crates, as against 10,500 crates a year ago. The quantity in store was 43,900 crates, as compared with 21,000 crates at this time last year. The position of recently-arrived shipments from New Zealand Is as follows:— Ruapehu, completed discharging butter November 28; Ruahine finished discharging cheese December 4 and started discharging butter December 3; Mataroa, finished unloading butter December 3; Somerset finished unloading butter, December 4. Deliveries of Canadian cheese for the week were 18,488 boxes, as against 18.331 boxes a year ago. The quantity in store was 250.150 boxes as against 184,816 boxes a year ago. Big Shipment for London. A shipment of 76,860 boxes of butter and 22,001 crates of cheese was taken by the C. and D. Line steamer Port Nicholson, which left Auckland last Thursday for London, where she is due about January 7 or 8. Agents’ Reports. The New Zealand Producers’ Co-operative Marketing Association’s weekly cabled market report from London dated December 5 is as follows—Butter: Market active and steady. New Zealand, 102/- to 106/-; unsalted, 100/- to 116/-; Danish, 130/- to 132/-. Cheese: Market steady with more inquiry. New Zealand white, 58/- to 60/-; coloured, 56/- to 58/-; Canadian, white, 74/- to 78/-; coloured, 74/- to 76/-. Cabled advice received by Mr. Thomas Gray from his principal, Mr. A. C. Rowson, London, dated December 5, is as follows—Cheese: Deliveries, New Zealand and Australian, 19,938 crates: Canadian, 18,488 boxes. Stock, New Zealand and Australian, 40,585 crates; Canadian, 250,150 boxes. Price, New Zealand, white, 59/-, 60/-; coloured, 57/-, 58/-. The demand is good, and the market steady. Butter: First grade, 104/-; finest, 106/-; unsalted, 110/- to 116/-. The demand is good and the market steady. Amalgamated Dairies, Ltd., have received the following reports, dated December 4 from their London office—Butter: Market steady, but quiet. “Anchor.” 106/-; other New Zealand finest grade 105/-; Danish, 123/-, f.o.b. Cheese: Coloured, 56/- to 57/-; cheese, white. 58/- to 59/-; some quantities sold at 57/-. Increased demand at these prices. A. H. Turnbull and Co. have received the following cable from their principals, W Weddel and Co.. Ltd.. London:—Danish butter, 130/- to 132/- (130/132/-); New Zealand unsalted, 110/- to 116/- (124/30/-)-New Zealand salted, 102/- to 106/- (98/to 104/-); market firm. Cheese, white, 58/to 60Z- (63/66/-); coloured. 56/- to 58/(59/63/-): good inquiry. Canadian, whit.e 74/- to 78/- (76/78/-): coloured, 74/- to 76/- (76/78/-). WELLINGTON WOOL SALE To-day’s Offerings The first Wellington wool sale of the 1930-31 season will open in the Town Hall at nine o’clock this morning. The offerings and the order of sale are as follow:— Bales Wairarapa Farmers’ Co-op 793 Wright, Stephenson and Co. and Abraham and Williams 2.215 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 After the sale brokers will, as usual. Issue an official range of prices and these prices must be compared with the official range of prices for the last sale last season. which was held on March 21. The prices ut tlmt sale were as under:—

LONDON WOOL SALES Delayed by Fog Dalgcty and Co. have received the following report from their head otlice. dated December s:—London wool sales: No sales have been held to-day owing to thick tog.

FROZEN MEAT TRADE Wether Mutton & Beef Weaker LAMB MARKET STEADY Lambs: Market is steady, prices remaining unaltered; meeting strong competition from new season’s Australian and South American. Mutton market: Wethers, weaker through increased pressure to sell ; ewes, steady, with no change in nrlccs Beef: Market is depressed through iow prices of Argentine chlUed beef New Zealand porker pigs : Trade slow, especially for heavy-weights owing to heavier supplies of Home-killed. The above report was received on Saturday bv the Now Zealand Meat J’ r0 ‘ Queers’ Board from its London office, which advises that the following are the approximate average prices, realised for the week ended December based on actual transactions ot wholesale quantities of the descriptions of meat mentioned, ami are for representative parcels of the goods offering during the week, being for business done on the bus is of delivered to Smithfield market and/or ex London stores (prices for the two previous weeks are also shown) New Zealand Sheep.—Canterbury and North Island selected crossbred wethers and maiden ewe.s: 48/u6lb.. 5M (a 3-Bd., 5»d.): 57/641b.. a l-8d (aid.. sid.), to/71 lb., 5 l-Bd. (aid., sid.). North Island crossbred wethers and maiden ewes: 48/ Sfilb 5 l-Bd. (uld., 51(1.)» 57/5410.. od. (5 1-Sd 5 1-Sd.); 05/721b.« sd. (5 l-Bd., 5 18d )'. Ewes: 48/Mlb., 3Jd. (3Jd., 3 5-Sd.); 05/721b.. 3id. (same). New Zealand Lamb.-Canterbury■ 361 b. and under. B}d. (same): 4</4-lb 8 3-Bd. (same); 43/501b., 7 a-Sd. (7 a Bd.. <«d-)-Second quality, average 331 b.. 7 7-Bd. (same). Other South Island brands: 361 b. and under. Sid. (same); 37/421b., Sid. (same): 43/501b.. 7 5-Bd. (7 5-Bd.. 7|d.). Selected North Island brands, including downs: 36lib. and under, B*d. (Sid., (S4d.. 8 5-Sd.); 37/421b. Sid. (SJd.. 8 3-8 d.); 43/sffib„ 7 5-Bd. (7 5-8 d„ 7id.); second oualitv average 311 b., not quoted. Other North Island brands, first quality: 361 b. and under, not quoted; 37/421b„ not quoted; second quality, average 311 b„ not qi Australlan Lamb.—Victorian first quality, new season’s: 361 b. and under, 8 3-Bd. (B>d„ Sid.): 37/421b.. 8 1-Sd. (Bid.. Bid.). Argentine Lamb. —-First quality, new season’s: 361 b. and under. Bd. (same); 37/ 421 b., 7Jd. (same). „ . „ „. New Zealand Beef.—Ox fores. 3 7-Bd. (4d„ 4d.); ox hinds, sd. (5 l-8d„ sid.); cow fores and hinds, not quoted. Argentine Chilled Beef.—Ox fores 4id. (4id.. 4Ad.); ox hinds. s}d. (sid., 6}d.). Australian Frozen Beef. —Ox crops, over 1001 b., 3 7-Bd. (4d., 4 l-8d.); ox hinds, over 1601 b.. 4 7,-Bd. (5 l-Bd., aid.). New Zealand Prime Porker Pigs.—6o/ 1001 b., Bd. (Bd., 8 l-8d.); 101/1201b„ 6Jd. ' Zealand Baconer Pigs.—l2l/lSOlb., Gid. (6id„ Gid.). „ , „ . . r . New Zealand Frozen teal. —-Not quoted. Spot Market Quiet. As compared with last week’s quotations, best North Island crossbred lamb, 36/42 lb 1-Sd. per lb. lower; best North Island wethers, 48/721b„ l-Bd. per lb. lower: North Island ewes. 64/721b., l-Bd. per lb. lower; New Zealand prime ox beef. 1-B<l. per lb. lower. The spot market is quiet. This report was received on Saturday by Levin and Co., Ltd., from their London agents, who quote Smithfield "delivered” prices as follow: —North Island down lambs: None offering. Best North Island crossbred lambs: 28/361b„ BJd. per lb.; 36/421b.. Bid. North Island second quality lambs, average 30/311b.: None offering. Best North Island wethers: Under 4Slb.. 5Jd. per lb.-; 48/561b., 5 l-Bd.; 56/G4lb.. 5d.; 64/7211)., ad. North Island ewes: Under 431>b.. 4d.; 4S/561b.. 3Jd.; 56/G4lb., 3 3-Bd.; G4/721b„ 3 l-Bd. New Zealand prime ox beef, 160/ 2201 b,, 41d. The Bank of New Zealand, produce department, has received the following advice from its London office, as at close of business last week:—Weaker values are ruling for wether mutton owing to lack of demand. The demand for ewes is moderate, but prices are a shade lower. The demand for lamb is good for the time of year. The market for beef is depressed owing to heavy supplies of Argentine. Low prices of other foodstuffs are checking the demand for New Zealand meat. Wethers, light. 56. to 54d. per lb. r wethers, heavy. 4Jd. to 5d.; ewes; 3d. to 4d.; lambs, 2's, Bd. to 8 3-Bd.: lambs, B’s, Bd. toB-3-Bd.; lambs, 4’s, 74d. to 7jd.; lambs, seconds, 7id. to 7id. Beet: Ox hinds, sd. to s|d.; ox fores, 3?d. to 4d.; cow hinds, 4id. to 4?d.; cow fores, 3id. to 3Jd. FRUIT AND VEGETABLES Wellington Markets The Director of the Horticulture Division, Department of Agriculture, has received the following report from the local fruit inspector on the condition of fruit and vegetables in shops and auction rooms and the market conditions for November: — During the month good supplies of apples have been coming forward mainly ex cool store. Some choice lines of Delicious and Stunners have been offering, though there has been a fair quantity of inferior fruit coming forward mainly affected with flesh collapse and wilted. Any choice lines offering have realised good values, otherwise prices during the month have only been on a par with previous month. Toward the end of the month the demand has eased considerably, no doubt due to new season’s small fruits now arriving. Pears: Only small consignments have been coming forward, which have met with readi’ demand and realising good prices. Cherries: New season’s cherries arrived from Blenheim on the 20th inst. Later in the month supplies were coming forward from Greytown and Hawke’s Bay. TJie condition generally has been good and quality fair. Plums: Small consignments have been arriving from Hastings, which have only been of fair quality, being small and green. Gooseberries have been coming forward in fair quantities and realising good prices. .Strawberries are now coming forward from Auckland and Motueka districts and opening up in fair condition. Vegetables of most classes, both green and root, have been in fair supply during the month. Cauliflowers have been in medium supply of only fair quality and prices have ruled accordingly. Cabbages and lettuce have been in heavy supply of fair quality, the supply being more than equal to the demand. Rhubarb has been in gond supply, but has eased off slightly toward the end of the month. New potatoes and green peas have been in fair supply and realising good prices; with increased supplies of green peas toward the end of the month prices have receded accordingly. All other varieties have been in fair supply of fair quality. The packing and grading of fruit and vegetables has been satisfactory during the month. The following prices may be taken as a fair average of those obtained at auction during the month: — Apples.—Sturmcr, choice. 7/- to 10/- per 401 b. case; others, 4/- to 6/6: Delicious, choice. 8/- to 11/-: others, 5/- to 7/6 Tasma, 7/6 to 9/-: Dougherty. 5/- to 7/-. pears .—Winter Cole, 10/- to 14/- per 401 b. case: Winter Nelis, 7/- to 10/-; P. Barry, up to 10/-. Plums. —Chcrrv. up to 5/9 per 201 b. case; cooking, up to 7/9. Cherries. 8/- to 15/per 1011). case. Strawberries. Auckland, 1/6 to 2/8 per punnet; Nelson, 6d. to 1/6. Gooseberries, early i nmonth, up to 7/3 per 121 b. case: later in month. 2Jd. to 4d. per lb. Poorman oranges. 7/6 to 11/6 per case. Lemons, up to 13/- per case. Tomatoes. hothouse, 1/- to 2/4 per lb. Cauliflowers, choice, up to 7/6 per bag; others, 2/- to 3/(! per bag. Cabbages, 1/to 4/- per bag: 1/- to 3/- per case. Lettuce 1/- to 6/- per case, according to qualify. Spinach. 1/6 to 4/- per case. Beetroot. un to 5/6 per case. Spring onions. 6d. to 1/6 per bunch.- White turnips. 2d. to sd. per bunch. Rhubarb. 3/- to 6/- per doz. bunehes. Carrots, 6d. to 1/4 per bunch. Parsnips, 6/- to 8/- per sack. Radish. 2d. to 4d. per bunch. New potatoes. 5/6 to 8/6 per sugar-bag. Cucumbers, 6/- to 10/- per doz. Green pens 2d. to 4d. nor lb. Asparagus. 8/- to 12/- per doz. 11b. bundles. Swedes, new season s, 4U. to lOd. per bunch.

RAW MATERIALS Markets Steadier London, December 6. Friday’s closing prices for the following raw materials were as follow, those for November 29 being given in parentheses:— Cotton— Liverpool quotation, American middling upland, December delivery, 5.51 d. per lb. (5.58i1.). Rubber.—Para, 6}d. per lb. (same): plantation smoked. 4 5-Bd. per lb. (4 9-16 d.). T , ~i n j u t e ._December-January shipment, £l6 10/- per ton (£1(1/5/-). Hemp.—Restricted business, NovemberDecember shipment £24/10/-. Copra.—December shipment, South Sea, £l5/15/- per ton (same); plantation Rabaul. £l6 per ton (£l5/17/0). Linseed OH—£27/10/- per ton (same). Turpentine—34/6 per cwt. (35/6).

N.Z. GOVT. LOANS— £ *8. d. £ s. d. 4i p.c. Insc. Stk., 1939 98 15 ■O 4J p.c. ditto, 1933 ... — 98 12 6 5* p.c. ditto, 1933 ... — 99 10 0 5j P-c. ditto, 1941 ... DEBENTURES— 95 t O 0 Wellington Gas Co. .. Lower Hutt Borough, 99 0 0 99 17 6 C p.c., 1944 190 0 BANKS— 0 101 5 0 Australasia __ 10 0 0 Aust, of Commerce .. Commercial of Aust. 0 19 6 (ord.) — 0 10 2 English, Scot. & Aust. — 5 5 0 National of N.Z *5 10 0 Nat. A/asia. (£5) ... 5 3 (1 5 10 0 New Zealand 2 10 8 .12 11 3 Union of Australia .. FINANCIAL— — 9 10 0 Equitable Bldg. Co. .. 8 15 0 Goldsbrough Mort ... N.Z. Guarantee Corp. 0 19 9 0 19 10 (ord.) N.Z. Invest., Mtg. and 0 6 10 0 7 0 Deposit .; — 0 11 0 Well. Invest., T. &.A, Well, Deposit & Mortg, GAS— 0 10 3 — — 0 11 0 Auckland — 1 3 fl Gisborne INSURANCE— 0 11 6 New Zealand MEAT PRESERVING— — 2 2 6 Gear —— 1 15 4 N.Z. Refrigerat. (10/-) TRANSPORT— — 0 2 3 Huddart, Parker (pref.) 0 19 7 Union Steam (pref.) . COAL— 1 0 0 — Tauplri (ord.) 1 2 6 — Waipa BREWERIES— 0 6 0 0 8 9 New Zealand ........ Staples and Co MISCELLANEOUS— _■ t2 1 7 — 2 0 0 Burns, Philp and Co. 1 9 fl 1 12 0 British Tobacco (ord.) 1 9 9 1 10 0 Electro. Zinc (pref.) . Farmers’ Auctioneering (“B” pref.) ... 0 17 3 — 0 18 0 Howard Smith (ord.) 0 3 (1 0 10 3 National Electric ... 0 8 9 —— N.Z. Drug 3 1 0 Taranaki Oil Walrarapa Farmers’ 0 2 4 0 3 0 pref — 0 13 1! “N.Z. Truth” (pref.) . — 1 1 0 Consol. Brick & Pipe MINING— 0 12 6 0 15 0

Saturday:— WELLINGTON. £ s. d. Bank of New Zealand 2 12 3 Goldsbrough. Mort and Co. .... 10 0 19 0 CHRISTCHURCH. £ s. d. Commercial Bank of Austr. (2) 0 15 9 Union Bank of Australia Auckland Gas (2) Tooth’s Brewery (3) Tooth’s Brewery Australian Glass 9 2 0 13 4 2 10 14 0 1 3 11 16 6 British Tobacco (2) 1 9 11 1 9 10 Electro Zinc., pref 0 17 6 0 0 74

£ s. d. 0* Consols, 2J p.c. • 57 15 0 1 0 Fund. Loan, o, IJw95 0 0 0 2 6* War Loan, 5, 1929-47 . Conversion Loan, 3J 102 17 6 Same 81 10 0 0 10 0* Victory Bonds, 4 p.c. Com’wealth, o, 1945-4 a Com’wealth, 6, 1031-41 Victoria, 3, ••• Victoria, 3£, 1929-49 .. Victoria, 5}, 1930-40 .. Victoria, 5, 1932-42 ... Victoria, 4$, 1940-00 .. N.S.W., 4, 1933 , 96 ; 83 93 56 (X) 88 80 76 87 76 10 17 0 0 0 "*0 10 0 0 6 0 0 0 0 6 0 0 0 2 1 2 1 2 1 3 2 0 10 5 12 10 0 10 15 7 0 15 0* 0’ 6» 0* or or or 6* 0* 0* nJLwm 3i, 1930-50 ... N.S.W. 5i, .. N.S.W., 6J, 1930-40 ... 57 92 92 0 10 12 0 0 6 6 0 0 10 15 17 or or 6* NS.W. 6, 1930-40 ... 86 10 0 1 0 Of Q’land, 5, 1940-60 ... O’land, 3, 1922-47 .... 78 58 10 0 0 0 0 2 10 10 0* 0* Q’land 6 1930-1940 .. 90 0 0 1 0 N.Z., 4}, 1948-58 97 10 0 N 7. 24 1940 89 0 0 1 81 12 6 0 or JLZ7. (L 1936-51 106 0 0 0 7 6* 75 10 0 2 0 0* S. Ansi.. 64.1916 or after 48 15 0 5 0* S. Aust.. 61, 1930-40 .. 93 o 0 5 la or Tasm., 31. 1920-40 .... 74 10 0 1 10 0* Tasm.. 3, 1920-40 74 0 0 same. Tasm.. 64, 1930-40 .... 98 0 0 0 a ui W. Aust.. 31, 1929-3o . 80 0 0 1 0 0* W. Aust., 3, 1915-35 .. 78 0 0 1 0 OT W. Aust., 6, 1930-40 .. 91 0 0 2 0 0* tHigher. *Lowor.

years Brought forward . Net profits From reserves . • • • • 1928 £ . 3,221 . 4,993 . 15,000 1929 £ 654 20,731 1,500 1930 £ 388 18,643 23,154 22,888 19,032 Dividend, p.-c. ••••• 3 3 2i Amount . 22,500 22,500 18,750 Carried forward ... 054 388 282

25 and par:— Dec. 4. Nov. 25. Par. N. York. dol. to £ 4.85 15-32 — 4.866 Montreal, dol. to £ 4.85 13-32 4.84 29-32 4.866 Paris, fr. to £ 123.545 123.615 124.21 Brussels, bel. to £ 34.80 34.825 35.00 Genev, fr. to £ 25.065 Amst’dam.; fl. to £ 12.065 25.075 25.221 12.06} 12.107 Milan, lire to £ 92.655 1. ■ 92.46 Berlin, inks, to £ 20.36 20.365 20.43 St’holm., knr. to £ 18.095 18.105 18.159 C’hagen., knr. to £ 18.155 18.155 18.159 Oslo, knr. to £ 18.16 18.16 18.159 Vienna, schgs. to £ 34.495 34.495 . 34.5S5 1'ramie, knr. to £ 163.75 . 163.75 164.25 Hel’fors., inks, to £ 192 7-8 192 7-8 193.23 Madrid, pes. to £ 43.60 43.25 25.221 Lisbon, esc. to £ 108.25 108.25 —— Athens, drach to £ 375 375 375 Bucharest, lei to £ 818 818 813.6 Rio de J., p. to mil. 4 25-32 411-10 16 B. Aires, p. to peso 38 9-16 3811-16 47.62 M. Video, p. to peso 33 13-16 39 51 Calcutta, p. to rup. 17} 17} 18 •Shanghai, p. to tael 18 3-8 18} H.-Kong, p.to.dol. 119-16 151-8 Y’hama, p. to yen 2417-32 2417-32 24.58

Fine halfbred— d. d. Average 81 to 8J Inferior Gf to 81 Medium halfbred — Average 71 to 8 Inferior GJ to 7 Extra line crossbred — Super to 9| Average . • Ti to 8| Inferior 6 to 7 Fine crossbred— Super ....... 81 to 9 Average to 7T Inferior . r>j to 61 Medium crossbred— S ti hbv 8 to 8’ 1 to 71 Inferior to Of Conr-c crossbred— Average GJ to 71 Inferior to 6 Low crossbred— 6I to 71 Inferior . to 6 Hoggets— 48-50 71 to 9 46-48 7f to 81 44-46 7 to 7} Lam bs — 71 to 9 71 to 10} 6’ to 8 Seedy and inferior .... 2i to 51 Bellies and pieces— Crossbred, good to super.. •Fl to 6 Crossbred, low to medium . 21 to 4 Crutchings— Medium to good 4 to Inferior and seedy 2 to 3 Locks — Crossbred < 2 J to