FINANCE and COMMERCE

Dominion, Volume 24, Issue 64, 9 December 1930, Page 14

FINANCE and COMMERCE

STOCKS AND SHARES Wellington Exchange A QUIET OPENING The market opened quietly on the Wellington Stock Exchange yeaterday. Although eight sales were recorded during the day, the demand showed no Improvement on last week. The number ot buying quotations at the final'call ' was nineteen and there was double that number securities were steady. The 54 ner cents. (1041) were wanted at £9u iVwith asale at «95/5/-, and the 0i per cent. Bonds (1033) at ® 9 n 9 / 1 -/®4 lington Gas debentures at £OO, and Wei lington Racing Club debentures at 8100 shares were In fair demand. Commercial Bank of Australia were wanted at 15/7 with, no sellers. National Bank of Australasia, £5 paid, were, unchanged at £5/3/“. Bank of New South Wales were in <lemand at £2B/10/-, ■ but sellers held for £2O/5/-. Bank of New. Zealand were wanted at 50/8 ex dividend, with a sale at 50/11; and Union bank at witn SC Goldsbrough o/ Mort and Co. were 9d. lower at 10/-; New Zealand Guaran tee Corporation were wanted; at . T “ sale on ’Change at 7/-. South BrlHsh surance were in demand at 54/-, with no sellers. Auckland Gas were steady at Sx/- Huddart, Parker, preference, wer, firm at 10/7. British Tobacco were sligh,lv firmer at 20/6; Dominion Investments (were unchanged at 21/6, and Zinc preference were also nnchanged at 17/3: National Electric were wanted at 8/J and Taranaki Oil 2/4. ■

Yesterday’s Buying and selling quotations at yesterday’s final call on the Wellington stock Exchange were ™’ ow :^ o]lerB .

' FRUIT AND VEGETABLES 4 * Wellington Market Prices ; •« '■ Values of fruit and» vegetables sold at 'Wellington yesterday aro quoted by Market Gardeners Ltd. as follows: — Fruit.—Red currants, 16/6 per box; .hothouse tomatoes, Bd. ,to 1/5 per lb.; loganberries, 4/9 per case; Grey town cherries, 7/- .to 8/3 per box; gooseberries, 4/- per case; local lemons, 20/- per case; Samoan bananas, 23/6 per case; Stunner apples (good), 7/- to 8/10 per case; Sturmer apples (rough), 2/6 to 5/- per case; Delicious apples, ,5/7 to 8/9 per case. . Vegetables—South potatoes, £4 to £5 per ton; Melbourne onions, 12/6 per cental bag; cabbage, 1/- to 3/6 per case'; lettuce, 1/- to 4/- per case; cauliflowers, 2/3 to 4/per case; spinach, 1/- to 3/- per case; potatoes, 6/- per case; french beans, 2/4} per lb.; broad beans, 10/-’per box; peas, 10/6 to 13/- per sack; potatoes, 7/- to 7/6 per sack; rhubarb, 4/- to 8/- per dozen bunches; cucumbers, 2/- to 5/- per dozen; prime fowls, 8/- to 9/- per pair. AUCTION SALES TO-DAY. Columba Rd.'. Masterton, 11.30 a.m.—Cattle Fair (Dalgcty & Co.) Allen St., 10.30 a;m.—Sale of Poultry (Townsend' & Paul). 8 Willeston St., 10.30 a.m.—Sale of goods . to cover, storage and shipping charges (E. Johnston &. Co). Levin Sale. ' 206 , Coutts St., 1.30 p.m.—Sale furniture 1 (Johnston & ;Co.) Derwent St., Island Bay, 10.30 a.m.—Con-’ tinuation .Sale (Chilton'House), furni- , ture, ete. (Silverstone & Co.) Totara Rd., Trentham, 2 p.m.—Sale house- > hold furniture, etc. (Johnston & Co.) to-morrow. Rms. Bank of N.Z. Bldgs., Lambton Qy.. ; 2.30 p.m.—Seaside bungalow, situated 217 Marine Parade, Seatoun (G. G. Tolhurst & Son.) Claudelands Showgrounds. Hamilton, 1.30 . p.m,—Sale imported Jerseys ,(W.S. & Co., Ltd.) ' Cr. Brandon & Featherston Sts.. 2.30 p.m.— Salo residence, 25 Braithwaite St., Karorl (J. IL Bethune & R’. P. McCracker). Mr. Gaisfbrd’s Stables, Woodville, 9 a.m — Sale racehorses (Roake & Son). Johnsonville Sale. ; 41-43 Panama St.. 2.30 p.m.—Sale 7 bldg, sites. Khnndallah (Harcourt <& Co.) 8 Willeston St., 10.30 a.m.—Sale machinery ■ (E. Johnston). 59 Ross St., Kilbirnle, 2 p.m.—Sale contents of residence (J. F. McKenna). 78 Lamb ton Quay, 10.30 a.m.—Sale, unclaimed parcels (Kingswny, Ltd.) 1 'THURSDAY.

12 & 14 Manners St., 1.30 p.m.—Sale furs (Dalgety &LCo.) 8 Willeston . St.-,. -1.30 ■ p.m.—Salo antique furniture. (E .'Johnston & Co.)

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

MEAT TRADE LOSSES Gear Dividend Reduced _ The balance-sheet of the Gear Meat Company for the year ended November 30 mst was circulated yesterday, and for the first time for a great many years there is shown a substantiail loss on trading. A year ago the balance at the disposal of directors tor distribution among shareholders was £54,000 (including the amount brought forward from the previous year. The present balance-sheet shows a loss of. £33,496, but deducting the amount brought forward, £16,009, the debit balance is reduced to £17,487. The interim, dividend paid in June absorbed £17,250, so that the total debit is £34,737. To cover this the directors recommend the transfer of £15,000 from the general-reserve fund and £50,704 from the marine, fire, and accident Insurance fund, a total of £65,764, which wipes out the deficit and leaves a balance of £31,027. The directors’ report says that: “In view of the losses sustained, the directors have decided to recommend the payment of a reduced final distribution of one shilling and threepence per share, making with the interim dividend 2/- per share.” Last year the final distribution was 1/9 per share. The amount carried forward is £2277, against £16,009 brought in. The experience of the Gear Company shows the value of building up reserves in times of prosperity to meet such unforeseen and unforeseeable setbacks like the ■present. The annual meeting of shareholders is to be held to-morrow week, when the dividend is payable. The actual loss made on sales and manufactures is shown at £24,737. The general reservb now stands at £15,000 and the marine, fire, and accident reserve at’ £lO,OOO.

“MARKET VERY FIRM” ■: Butter Up to 105/106/- .• Joseph Nathan and Co., Ltd., have receled the following market report from Trengrouse and Nathan, Ltd., London, dated December 6:—New Zealand butter, finest, 105/106 per cwt. Market very firm. N.Z. cheese market opened at 59/- per cwt. for white and 57/- for coloured. In the face of considerable buying, the market closed 2/to 3/- higher. , LONDON MARKETS High Commissioner’s Report The Deuartment of Agriculture has received the following cablegram, dated December 6, from the High Commissioner for New Zealand, London:— ■ Tallow.—Market quiet on spot and quotations nominally'unchanged. Hemp.—Manila market firmer on bears covering. “K" grade December-February shipments sold up to £34. Sisal: Slightly easier. Sellers first grade good marks-December-February shipments at £22 10/-, fair, average quality £22. New Zealand:, Market quiet owing to absence of offers. Nominal value December-January shipments highfair £24, fair £23, common £2l/10/-. Small business has been done in rejected at £lB/5/-, and second grade tow at £l5. ' 1 Peas.—Market weaker owing to cheap speculative offers of Tasmanian and fair quantity of poor quality • New Zealand. Portridge pressed for sale. New crop Tasmanian February-March shipment now under offer at 59/-. Value of first grade New Zealand new crop March-April shipment 50/- to 52/6. English finest obtainable at 32/-, and old crop at 42/- to 44/-, with fair supplies available. Blues: Quiet trade confined to Dutch and Japanese. Spot quotations, Japanese 16/-, Dutch 13/6. ' LINSEED MARKET '■ 'fl • Calcutta Report The following cablegram, dated 2nd Instant, has been received by the Department. of Agriculture from Landale & Clark Ltd. Calcutta with reference to the linseed market:—“We . quote £ll/7/6 per ton of 20ewt. immediate shipment. Market dull.” Moturoa Oil Well Moturoa Oil Fields, Limited, yesterday received the following report, for the week ending December 6, from: Moturoa:— “Withdrew 2500 ft. 6in. casing, bailed hole to bridge at 2285 ft.. to test for production; recovered twenty barrels of oil during baling operations.”

THE WOOL MARKET Yesterday’s Wellington Sale NO CHANGE IN VALUES The wool sale held in Wellington yesterday was up to expectations. No one anticipated that values would rise; at the same time it was not thought probable that prices would ease. The general opinion of buyers and brokers was that the sale was quite equal to that held in Napier last week. When the catalogues were issued 18,041 bales were to have been offered, but many growers on the receipt of their valuations withdrew their lots. The passings at the sale, too, were heavy. The condition of the wool was below the average. . . ‘ There was a full bench of buyers, every consuming country being represented, manv having direct representatives. Germany, France, Belgium and Italy were all represented, and there was believed to be some buying on Russian account. Representatives of local woollen mills and scourers were also much in evidence. The bidding was vigorous and animated for the limits of many of the buyers were.practically the same. The American representatives were after the super crossbred wools, much of which fell to their bids. Australia 'was taking only fine halfbreds. The average crossbred were subjected to keen competition by Germany, Belgium. France, Italy and Bradford, but the prices were about 50 per cent, lower than at the corresponding sale last year. Local scourers took in the oddments such as bellies, pieces, crutehlngs and locks. Bellies and pieces sold up to 5Jd. for good to super crossbred, and medium to good crutciiings made 3d. to 4d., locks sold up to 2d. Fine lambs’ wool realised 43d. to 63d., while a. year ago the range was lid. to 144 d„ which indicates the position of the jvool market to-day. BROKERS’ REPORTS IVAIRARAPA FARMERS’ CO-OP. ASSOCIATION. The Wairarapa Farmers’ Co-operative Association, Ltd., report that catalogues totalling about 17,000 bales were offered to a large and representative bench of buyers. “All sections of the trade were interested and bidding, especially on Continental and American account, was very spirited within limits.' We made a fairly satisfactory clearance, selling about 80 per cent.' of our offering .under the hammer. Among some of the lines we sold was the well-known Papatahl clip, which realised 73d. for 19 bales of AA hoggets and 22 bales of A ewes, these prices at the time of writing being the highest realised for the particular class.” The following are some of our sales:—

Hoggets.—Papatahi/H, 19 bales at 7}d„ 26'bales at 63d.. 7 bales at 43d.; Gorge End, 6 bale? at 53d.; Taipos, 9 bales at 5d.; MB/B, 6 bales at 53d.; PS/Manqia, 4 bales at 53d.; FP/Glenheather, 4’ bales at 53d;; WGP, 5 bales at 5Jd,; Piriaka/BWD, 8 bales at 64d., 5 bales at 'SJd.i Quarter/ Circle, 5 bales at 53d.; 'Reefhill, 6 bales at 53d.; JY/Inch, 3 bales at 53d.; MM/L, 3 bales at 52d. Ewes and Wethears.—Papatahi/H, 21 bales at Old., 22 bales at 73d.; Piriaka/ BWD, 3 bales at 6d., 6 bale's at 5Jd„ 11 bales lO bales at 43d.; Paratahi/H, 4 bales at 5-}d.; WFM/NZ/TB & S, 3 bales at s}d.; Papatahi/H, 4 bales at s}d.; WFM/ N.X/TB & S, 3 bales at 5Jd.; CB/O, 7 bales at 53d- 5 bales at 43d.; Omata, 5 bales at sjd., 11 bales at 5d., 5 bales at 43d.; Gorge. End, 14 bales-at 5d.; CH.T, 4 bales at 43d.; FB, 8 bales, at 4}d.; JJS/PHA, 6 bales at 4Jd.; Taipos, 15 bales at 4Jd., 5 bales .at- 4Jd.;. MB/B, 8 bales at 5d., 5 bales at 53d., 6 bales at 43d.; JPD/K, 16 bales at 43d.; MM/L, 7 bales at 4Jd.; YTHAN, 3 bales at 53d.; WHB, 5 bales at 4}d.: GD/K, 4 bales at 3Jd.; PS/Manaia, 5 bales at 43d.; FP/Glenheather, 4, bales at 53d.; do; 7 bales at 5d.; N, 5 bales at 53d.; Quarter/Circle, 12 bales at 5d.; JHC, 5 bales at 43d.; PC/Manaia, 3 bales at 43d.; HRJ, 3 bales at 4Jd.; WFM/NZ/TB & S, 2 bales at 43d.; Quarter/Circle, 2 bales at 43d.; BM/Mangarawa, 2 bales at 43d.; MB/B, ‘3 bales at 43d.; Omata. 3 bales at 43d.; Piriaka/BWD. 2 bales at 43d.; 88/W, 2 bales a't 43d.; CB/O, 2 bales at 43d.: DLB/, 3 bales at 43d.: CJ/Mangarawa, 2 bales at 4|d.: Taipos, 3 bales at 41(1. Lambs. Bellies and Pieces.—Piriaka/ BWD, 3 bales at sid.; Papatahi/H, 8 bales at sd„ 8 bales at sd ; , 8 bales at 31d.; Okau, 5 bales at 4d., 4 bales at 3d., MB/B, 3 bales at 33d.; Omata, 2 bales at 33d.; Piriaka/BWD, 4 bales at 3)d.; WFM/ NZ/TB &S, 3 bales at 83d. Crutciiings. Okau, 4 bales at 33d.; Waiomo/TWJ, 2 hales at 33d.; Taipos, 3 bales at 3(d.; Okau, 2 bales at 23d. CJ/Mangarawa, 2 bales at 23d.; Omata, 2 bales at 23d., Quay, 2 bales at 23d.

MURRAY, ROBERTS & CO. LTD. . Murray, Roberts & Co. Ltd. Report that their catalogue consisted of oloS bales. The attendance of buyers, was very large, representing all sections of the wool trade. The sale was characterised by extremely keen bidding, but within severely defined limits, and only occasionally in v er V special lines were prices at all stretched. The condition and growth of the clip generallv. judging from the wools shown today, is not up to last season, which was not a really . good one, and in to-day s wools signs of the severe and hard spring are apparent. There were to-day very few robust wools in evidence, and the showing generally lacked the usual quality and style of the average' December sale here. Competition was well spread, and Continental buyers were extremely keen on air suitable wools, especially skirtings. America; was in the market for the best style wools, and probably secured a good proportion of these. Bradford competed freely throughout the sale. Generally speaking, prices to-day ruled much on a parity with the opening sales in other centres, with possibly a little tendency to hardening in superior sorts, and there seems at the moment little cause for anticipating improvement in the near, future. Wo offered the well known ‘Woodlands’ clip, which elicited extremely Spirited competition at the highest level of the sale. Passings and withdrawals amounted to about 33 per cent, of our catalogue, and we quote as follow some of the sales made:— , GG.T. AE. 5d.: Waione, BE, 4}d.; Li gar, BH old.. EA sfd., -AR 51d„ AW s}d., pieces 4}d.: GA, down, BJd.; Te Rua, crossbred II 51d., crossbred E 50.; AK, crossbred ,H 41d., crossbred E 43d.; AGM, hoggets'63d.,'EA 51(1., EB, 50.; Maru. AE 53d., AH 4Jd.; ES. over Parorangi. RomHA 6d.. Rom. WA Gid.. Rom. WB 6d.; HPC, Rom 11, 60.; S. & Sons. HA 530., IVA 50.; J.TB. crossbred E. 5d.: Anaru, over FP, AH 4}d., A 4Jd., lambs 5d.; Kalkuri, crossbred AA 6d., crossbred AH 5d., crossbred A 5Jd.. pieces 31d.; Mellington, crossbred AAH 630.. crossbred AH 6}d.; Tuhitarata, crossbred A 5Jd„ crossbred B 43d.; DH 'over L, crossbred H s}d., crossbred E 430.; Te Maliora, crossbred AH, 6d.: Greviile Harbour, crossbred AH 4}d., crossbred BH 4Jd.: EES over Mahua, Rom. EA.SJd.. Rom H'6ld.; Wharenui. crossbred H 5d.. crossbred E 4}d.; C2, flue crossbred, 4Jd.; L Bros., fd. crossbred, 4M1.; G. crossbred AAH s}d., crossbred AAE 5Jd., pieces 416.; Rewa Rewa. crossbred II 60.; Tynohall, crossbred AAH 63d., crossbred AW 6d., pieces 5d.; Woodlands,. HAA 7}d.. WAA 73d., EAA 7}d,. EA 7d., WA 7d., WB 7Jd. WRIGHT. STEPHENSON, AND ABRAHAM AND WILLIAMS. Wright, Stephenson, and Co., Ltd., and Abraham and Williams, Limited, report as follows :— “We offered a catalogue of 1903 bales aq,d disposed of slightly over 80 per cent, of these under the hammer. A fair proportion of our offering consisted of clips held over from last year, and in the majority of. cases this wool showed signs of deterioration. The current season’s clip, so far, as not opening up attractively, this being due to the adverse climatic conditions prevailing throughout the winter and spring. As usual at the first sale, few station clips were forward, the bulk of the offering being on behalf of smaller vendors. Our catalogue comprised consignments from Wairarapa, Manawatu, Rangitikei, and a few Marlborough and Nelson lots.

“As was expected, buyers were operating at limits practically on a par with Napier, and although’at times values seemed higher than those ruling at Wanganui, this was really accounted. for by the bigger proportion of better wools than was offered at the latter centre Buyers were, bidding freely and consistently up to their limits. The Continent absorbed the larger quantity, but there was good and steady competition from Bradford. America was ■in the market for wools suitable for her requirements, and Japan, too,, was competing. Local fellmongers ■ were competing keenly for scouring lots. Some of the realisations were as follow: — “Southdown.—Challenge, 4 bales at 71d.; FFF, 2 bales at 71d.; QD/F, 2 bales at 71d. "Halfbred.—Challenge, 6 bales at -7d., 6 bales at 63d.'; HJ/G, 4 bales at 7d;, 4 bales nt 6}d.; WJM/O, 10 bales at 6Jd.; EBUX/SBS, 5 bales at (id.; JB/.T. 11 bales at s}d.; EBUX/PIL/.N, 2 bales at CJd. “Fine Crossbred. —Challenge, 4 bales at 5Jd„ 10 bales at 5Jd., "4 bales at Old., 3 bales at«sJd.,‘ 2 bales at 5d.; Papanui, 3 bales at (Qd., 19 bales at s',‘d.; Seaforth, 7 hales at Cd.; EBUX/Te Tawa, 8 bales at 5d.; Auntsficld,: 10 bales at 53d.; WB, 18 bales at 5Jd.; Starboro, 5 bales at sjd. “Crossbred Hoggets.—Diamond within eirele/N’gakouka, 7 bales at 7d.; GH/ conjoined B’s, 4 bales at Gid.; W withiu circle,

5 bales at 6d.; ABM/Waitawa, 6 bales at 61d.. 10 bales at 61d.; QD/F, 16 bales at 51d • H within diamond/HC/P, 7 bales at 51d ’ JG/L, 5 bales at 5Jd.; Seaforth, 4 bales at od.; AB/Opaki. 4 bales at utd.; HCW, 6 bales at 6d.; WCS/Warehorne, 9 bales at 5Jd.; Wharehau/JHM, 6 bales at 64d 5 balls nt 5d.; KO, 4 bales at sid.; WW/C, 4 bales at s}d.; AJW/Mahoe, 17 bales at 53d.; Bonavaree, 10 bales at 53d.; JWM, 4 bales at s}d.; ARMc, 6 bales at 5d.; Kaiwaka, 11 bales at 5d.; Ranui, 4 bales at 5d.; Anchor. 4 bales at 5d.; Landsend, 4 bales at 53d., 4 bales at 51d ; K. Bros., 8 bales at 5Jd.. 11 bales at 5d.; HDC/ OHAU, 4 bales at 53d.; RRT/Papaw-ai, 3 bales at 53d.; WR/B, 3 bales at 53d.; GM/F, 2 bales at 5Jd. “Medium Crossbred.— Challenge, 4 bales nt 51d. 10 bales at 4Jd.; GH/L, 4 bales, at s?d • Papanui, 26 bales at sid.; Wharenaku 28 bales at Gid., 16 bales at 5d.; ABM?Waltawa, 10 bales at 5Jd.; Seaforth, 8 bales at s}d.; ON, 5 bales at 43d., 7 bales at 4?d • TT, 6 bales at 5d.; CBRO/Haroto, 4 bales at 53d.; Wharehau/JHM, 8 bales at Bid., 16 bales at 5d.; AJW/Mahoe, 4 bales at 5d.; MP, 5 bales at s}d.; K. Bros., 5 bales at 51d.: JWM 10 bales at Bid.; Landsend, 11 bales at Bid., 23 bales at 4Jd.; Bonavaree, 12 bales at 4Jd.; Kaiwaka, 6 bales at 4{d.; H/HC/P, 17 bales at 4Jd.; WR/B, 13 bales at 41d.; GB, 10 bales at 44d.; C/RC, 4 bales at 4Jd.; GHM, 11 bales at 4Jd.; Lochmoigh, 46 bales at 4Jd.; Awa, 9 bales at 4Jd.

NZ. LOAN, AND MERCANTILE AGENCY CO.

The New Zealand Loan and Mercantile Agency Company, Ltd., report as follows: A total catalogue of approximately 18,000 bales was submitted to a full and representative bench of buyers, and of which our quota was 2060 bales. Competition right from the start was most animated, and well spread. Both Continental and Bradford representatives were very keen, and while the Continent secured the major portion of the offering, still for the better sorts Bradford would not be denied and secured a fair share. The wool did not open up as well as is usual at the first sale in this centre, most lots showing evidence of the severe winter and spring. Nevertheless a few super lots were Included, and for these competition was most animated and on the market realised fair prices. For the finer qualities Dominion mills’ representatives were prominent, and they secured quite a lot, but it was only on the very finest of the lots that they were interested. Lambs’ wool was in ■ greater supply at to-day’s sale than at any previous one this season, and this section elicited keener competition than was expected, consequently prices realised were slightly in advance of what they have been lately. Comparing prices with those ruling at Napier last week, the market is firm, but shows no quotable change. The following are a few of the prices realised:—Stockwood, first ' crossbred, 5d.; CC/T, halfbred 5Jd.; Torohanga, lambs, 6d., W s}d.; KKK, A hoggets, 5Jd.; AAE, 44d.; JT/W, crossbred, 5d.; D & NAT, halfbred, 6d.; KDJ/WAK, crossbred, 4}d. to 43d.; FK/Otari, crossbred, 45d. to 5d.; PME. crossbred, 4d. to 4Jd.; WAS/Wakapata, first H, 4}d.; PAI, crossbred, 4d.; C in diamond, halfbred, 6Jd.; Maniaroa, halfbred, 63d.; WFJ/K, H 6d., E 53d. WAB, Corriedale, 6d., half bred 43d.; JW/P, crossbred, 5d.; CDW, crossbred, 4id.; Huiawa, Romney, 53d.; JT/Omaka, crossbred, 4Jd.; Highrange, crossbred, 53d.;' BL/Wainella, AH :5Jd.; Oddstone, Merino, 7d., c. bk. 6Jd., halfbred 6d.; THP,‘, crossbred, 43d.; Cralgileuk, half bred, 63d.; Corriedale 6d., three-quarter-bred sd. to 53d., crossbred 43d.; Moerakl, halfbred 63d. to 73d., Corriedale s}d., three-quarter-bred 5d.; AD/F, crossbred, 43d.; Swansdown, crossbred, 43d. to 5Jd.; Timara, half bred, Bid. to 6td., Corribdale 5Jd., crossbred 43d.; B/WR in triangle, Romney H 53d.; JL/D, crossbred, sid. to 5Jd.; The Glyn, hoggets, 43d., E 43d., lambs ssd.; WH/Tauanui„ AE aid.; TL/T, crossbred, 5Jd.; Lionsback, halfbred 5Jd. to 63d., three-quarter-bred’ 5Jd.; Waipawa/MPC„ crossbred, 5d.; Burnlea, halfbred 63d, tcL 63d., three-quarter-bred 53d., crossbred 3Jd. to 43d.; Dot in triangle, Sdn., 53d.; halfbred, 6d. to 6|d., three-quarter-bred 53d.; JHS/Kilmarnoeh, halfbred 6}d„ three-quarter-bred 6d.; Maklekle, crossbred, '4Jd. to Gd.; bln wools, Southdown Bd.;' Merino, sd. to 63d.; halfbred, Gd. to 63d.; Corriedale, 53d. to 6d.; fine crossbred, 4}d. to 53d.; medium crossbred, 4d. to 4Jd. j crossbred, 3d. to 43d.; halfbred, bellies and pieces, 33d.; crossbred, B & P, 13d. to 3d.; dead, 2Jd. to 4d.; lambs, 2d. to 63d.; crutehlngs, IJd. to 2Jd. - LEVIN AND CO., LTD. Levin and Co., Ltd., report:—The benches were full, of buyers from all consuming centres—Great Britain, United States, Canada, France, Belgium, Italy, Germany, Switzerland, Japan, Australia, and Dominion mills. The winter has been a most unsatisfactory one for farmers—climatically one of the hardest for many years. The absence of warm rains from early autumn and the continual harshk winds in the spring left the pastures as a rule bare of good feed, and stock has not done well. The clip generally, more especially the ewe wool, is much under average; the staple has not the length or body and lacks lustre, and in many instances shows a break. It is evident that the weight per head is going to be appreciably less, and the outturn of woo! from this district considerably short of what an average yield should be. Added to this, prices have been falling rapidly since July, and although we are not back to the slump prices of the early part of 1921, conditions to-day are much more difficult, universal, and inscrutable. That prices will improve all will admit, but no one is bold enough to say when. The offering was 18,040 bales, to which we contributed 5313 bales. Buyers were bidding freely, and all sections of the trade were competing, excepting possibly Australia, which quarter has been a supporter of good crossbreds for some years past. Competition was more distributed than at earlier sales at other centres, and generally speaking the sale was better than was expected. The merino offering was not of the best quality, but what there was reached 7Jd. to 83d., and was taken by Dominion mills.

Halfbreds were in fair supply, the better quality being taken by Dominion mills, France and Bradford taking the balance. The best grades reached Bd. to Bid., and averages grades 6d. to 7|d. Inferior brought 4d. to 5-ld. Good super crossbreds brought in American competition freely; 48/50’s brought 6Jd. to 7‘ld., 46/48’s OJd. to 7sd., 44/46’s 6d. to 74d., 40/44’s s}d. to 6Jd. Many of the clips which in a good season would have gone into this category proved disappointing, owing to lack of growth, and had, to fail into the average grades, thus eliminating the American competition. Average crossbreds met with the widest spread demand, all sections joining in, and ranged as follows:—48/50’s sd. to 6£d., 46/48’s 4}d. to 6jd., 44/46’s 4id. to sjd., 40/44’s 4(d. to 5Jd., and inferior grades at a lower range, according to condition. Lambs’ wool was sparsely supplied and ranged from 4}d. to 6}d. The staple was short. France and Dominion mills lifted what was offered. Good necks sold comparatively well at from 4d. to 6d. Bellies and pieces-ranged from IJd. to 54d, according to condition, and locks Id. to 2d. Crutchings ran from'Ad. to 4Jd. We had a comparatively good clearance, selling 4300 bales under the hammer. The following are some off the results:—

Merino.—Leefield, 22 bales, 7Jd.; Patriarch, 4 bales, 6}d.; Ranelagh, 6 bales, 7Jd. Halfbred.—Hillwood, 5 bales, s}d.; Waihopai, 5 bales, 7}d.; FEF, 6 bales, 6}d.; AH conjoined, 5 bales, 6}d.; GH underlined, 9 bales, 41d.; NBH, 7 bales, 6dj; RT/A, 4 bales. s}d.; Leefield, 15 bales 6?d.. 4 bales 6}d., 10 bales II 6Jd., 11 bales H. s}d., 5 bales 11. 5Jd.; Waiua, 14 bales. 6d.: Em/F3, 6 bales, Gd.; AMcG, 5 bales, 6jd.; Maeburn, 4 bales, Gid.; Kaiwarra, 5 bales 6Jd., 9 bales 7}d. Down:—Puketiri; 4 bales, 9d.; Tl/Waitlro, 5 bales, 7d.; Brancepeth, 4 bales 7-}d., 7 bales Od.; Various, 17 bales 7}d., 8 bales 6d.; Kaiwarra, 9 bales, 7}d._ Crossbred.—AEA, 4 bales 51 d., 6 bales s}d.; DC/Glendhu, 20 bales (ijd., 6 bales H. s}d., 4 bales H 43d.; JB/TE Apiti, 11 bales 6}d., 7 bales s{d.; TW/Korlri, 8 bales 43d.; Turangantii, 6 bales H., s}d.; Hillwood, 7 bales. 41d.; SB/T. 4 bales, -4}d.: ML, 38 bales 5d., G bales 43d., 6 bales H. 51d.; Whitau, 13 bales. 4Jd.; Broadlands, 14 bales 11., 7d.; Flagstaff, 7 bales, 5)d.; AM/Burnside, 9 bales 11., 4}d.; T/Nga-ana, 13 bales 6Jd., 16'bales s}d., 4 bales old., 12 bales Sid., 6 bales H. 6jd., 4 bales II 5Jd.; AL/R, 6 bales, 43d.; Langdale/Pa-, 10 bales 6d„ 10 bales s}d., 7 bales 11. Gid.; Moutere, 5 bales H. 53d.; Rahiwi, 6 bales 4}d„ 4 bales s}d.; JC/Takarau, 8 bales, s}d.; R/Tunstall, 17 bales, 4Jd., 9 bales s}d.; GZ, 12 bales, 4id.; .Q/Tawera, 8 bales, H., 5Jd.; TT2, 9 bales, 43d.; WA, 5 bales, 4}d.; NK/Waiknnapa, 4 bales 5Jd., 9 bales 11. 5Jd.; Ongaha, 10 bales Gid., 12 bales 5Jd., 8 bales 6Jd.; Ilerenga, 4 bales, 4d.; Arapaka, 6 bales 11., 6d.; B/Fernglen, 4 bales 11., 7}d.; Mataa Bay, 16 bales 4}d., 4 bales H. s}d.; Rewanui, 19 bales 6}d., 21 bales 53d., 13 bales H, 7d.; Mamaku, 39 bales 7d„ 18 bales Old., 22 bales H 7d., 9 bales H, Gd., 4 bales 5d.; JM/Tnratahi, 10 bales, 4}d.; FLK, 8 bales H, 51d.: CCH, 8 bales, 4}d.; RAS, 5 bales, 43d.; EWBH, 17 bales, 4}d.; JLA/K, 5 bales 4d.; WWS, 11 bales H, s}d.; JA/K, 9 bales, 4)d.; K/W, 13 bales, 5d.; JHT/Homewood, 12 bales (Id., 32 bales sid., 6 bales 51d., 6 bales 43d., 28 bales 5d., 3 bales sjd., 11 bales H, 6}d., 13 bales 11, 5Jd., 5 bales H, 5:3d.; Hillend, 7 bales H, 5d.; Stratheden, 29 bales A. 5d., 9 bales H 5.1'd., .6 bales: H 4sd.; Ti/Waitiro, 8 bales ■4}d., 15 bales 4d.; AMK/OE, 10 bales 4Jd., 6 bales H 5d.; B in circle, 5 bales II 4}d., Woodendean, 14 bales, 4d.; Beaumaris, 6 bales 5Jd., 9 bales s}d.; Rewa Rewa, 10 bales lid., 9 bales 4}d.; AW/R, 5 bales, •id.; Ardlelgli/VD, 7 bales, s}d.; EB/ Gowan, 5 bales, 4d.; B & T/Glentui, 8 bales H Gd., G bales 11 5Jd.; WEKA. So

bales 4}d., 37 bales 4}d., 18 bales 4}d., 8 bales 3*d., 20 bales H s}d., 6 bales H 5d.; MOA, 7 bales 6ld„ 9 bales 7Jd., 7 bales Bid., 10 bales ,6d., 6 bales Bid., 19 bales 7d., 15 bales 6(d., 10 bales’s}d.; AWA, 26 bales sd„ 6 bales 44d., 4 bales 3id.; Morland/ Feathers,, 6 bales H 7d., 5 bales H Old., 18 bales H 6Jd.; OF/K, 5 bales, 5d.; Tirltea. 4 bales H, 6d.; LS, 5 bales, 4d.; IGA, 33 bales s}d., 20 bales sd„ 7 bales 5Jd., 11 bales 6d„ 8 bales H 4Jd.; BEA, 11 bales, 4|d.; Brancepeth, 5 bales 6jd„ 18 bales 7Jd., 24 bales 6d„ 9 bales 6}d., 8 bales 5d., 6 bales 4|d., 3 bales H 7jd., 6 bales H OJd., 19 bales H 6}d.; RHL, 10 bales, 3id.; Hudson/Crosskeys, 16 bales Old., 16 bales Bid., 14 bales 5d., 9 bales 4jd., 15 bales H 6-Jd., 10 bales H 6d., 4 bales H 5Jd.; H&CM,.. 12 bales 4Jd., 7 bales H 5d.; Whare, 20 bales, 5d.; Bowood, 23 bales 44d., 16 bales 5Jd.; RB/OKAWA, 13 bales, sjd.; RB/Okawa, 4 bales, 5d.; JCJM, 4 bales, 4Jd.; Westella, IQ bales 4id., 6 bales 5d.; WL, 57 bales 5Jd„ 23 bales H 54d.; Rawahi, 5 bales H, 5Jd.; Waipuna/ DH, 11 bales H s}d., 6 bales H 5d.; Orui, 5 bales 6Jd„ 17 bales 5Jd., 20 bales 5(d., 4 bales Bjd., 6 bales 9 bales H 61d., 18 bales H sid., 8. bales H Bid., 8 bales 44d.; RT/A, 7 bales, 4d.; EPCS, 12 bales, 4?d.; Rungahiwi, 5 bales, 5Jd.; Riversdale, 7 bales 6d., 11 bales 5Jd., 5 bales H 7id., 9 bales H 6jd., 4 bales H Bid., 4 bales H 4d.; Tapowai, 6 bales H, 5Jd.; Vald’or, 8 bales, sid'.; Opunake, 12 bales 5d., 15 bales 41d., 5 bales 4id.; NWI/Bushglen, 11 bales, 4Jd.; B/Fernglen, 7 bales sid., 19 bales s}d., 18 bales 4id., 8 bales 4d.; HER, 9 bales, 4(d.; Seven Oaks, 9 bales, 4d.; Okoha, 25 bales sid., 5 bales 4|d., 7 bales H 5Jd.; CR/Claremont, 10 bales H, 31d.; Tawa Tapu, 18 bales H. ssd.; Marua, 4 bales, 31d.; LPL/Rosklld, 26 bales, 4Jd.; WWS, 4 bales, 4id.; MB/Rayneville, 13 bales H, s|d.; Riversdale, 3 bales 6id., 4 bales 4Jd.; KS/Aorangi, 20 bales,' 4td.; WJ/W, 9 bales, 4Jd.; Opiki, 28 bales, 4|d.; Waimahoe, 19 bales 6d„ 6 bales H 5d.; Wharepapa/CM, 7 bales 7Jd., 15 bales 6}d., 4 bales 6}d., 6 bales H 7id„ 5 bales H 7d., 5 bales H 6id., 5 bales II sid., 4 bales s}d.; HH/Oporua, 6 bales Cid., 10 bales sid., 7 bales 4Jd., 7 bales H 6id.; GW, 5 bales Bid., 6 bales 4Jd., 5 bales 4Jd.; Kalwarra, 9 bales F preparing 6d., 10 bales med. preparing 7dl, 10 bales coarse preparing 6}d., 12 bales H 5Jd., 9 bales F carding 6d., 7 bales F carding 5d., 10 bales med. carding 42d., 9 bales Gd., 11 bales 5Jd., 8 bales 5Jd., 9 bales sd„ 6 bales s}d„ 5 bales F sid., .4 bales. Bid.; Kaiwarra, 9 bales Bid., 14 bales 4Jd., 6 bales II s{d., 14 bales med. 5d., 13 bales med. 4}d., 4 bales med. H 4|d., 9 bales coarse 4Jd„ 11 bales coarse 4|d„ B bales low sd.

Lambs.—AJß/Pahiatua, 6 bales, 31d.; JHT/Homewood, 10 bales, 5d.; Weka, 8 bales 6Jd., 20 bales 5Jd., 6 bales 3jd.; Brancepeth, 8 bales, s}d.; Morland/Feathers, 8 bales, 6Jd.; T/Ngaiana, 4 bales, 5Jd.; B/Fernglen, 4 bales, 4d.; Waimahoe, 5 bales, sid. , . ,

. J3ALGETY AND CO., LTD. Dalgety and Company, Limited, report:— The total offering comprised about 16,500 bales, a fair number ot withdrawals having taken place since brokers sent out their valuations. As three sales were held in the Dominion previous to the one now under review, growers should have been well versed as to present market rates, and it is a pity that wool should have to be stacked and catalogued, and then withdrawn at the last moment. Buyers who spend many hours valuing wool must be naturally disappointed'to find that just before auction takes place many clips are withdrawn. Unless a grower at the present time is prepared to sell at present ruling values, it would be much better if the wool was withheld from the catalogue. “The usual large bench of buyers was in attendance, and bidding throughout the sale was exceptionally keen. Buyers were more general and better spread than at Auckland and Wanganui, and although the Continental section, especially Germany, secured the largest portion of the offering, still Bradford were very interested in all lines suitable for their trade.

For an early sale the general condition and quality of the offering was disappointing, many clips showing signs of a hard winter and spring, the staple being thinly grown, tender, and a little off-colour. The held-over wools opened out most disappointing, in' many cases being dull and carrying a bad yellow stain— these heldover wools were easily detected from the new season's clip. Prices, when compared with the three sales lately held, showed very little alteration, excepting super crossbreds of U.S.A, style. Very keen competition took place for these, Bradford and Canadian operators being the principal buyers. As far as the sale has go'ne, these super wools are selling from 6d. to 7d., with a few extra super lines carding hoggets bringing a slightly higher range. We catalogued a number of halfbred and merino clips from the Marlborough district, but we regret to say that prices bid for these were generally disappointing, especially for ordinary topmaking sorts. The super lines from such clips, when they were bought for local mill trade, sold well, and brought considerably above present London parity. For merinos we made IGd. and 9}d. for the two top lines, Benopai,' both lots being excellent quality, well grown, fairly light in condition, and of good colour. For an extra super line of Comeback brand, FYVIE, we made 103 d. and 9}d. This clip was one of the best of the quality we have catalogued for some years, being very fine, sound, light, and of excellent colour. Alp these merinos and comebacks were purchased for local mill trade. The pieces from the FYVIE clip mad" the satisfactory price of 7d. In crc — reds we sold B and L/Mayfield, 63d.; FD. ,'airewa, GJd.; Maringi AA ewes, Gid.; Branseombe AA hoggets, 6}d.; ,A hoggets, 63d.: necks from same clip making 6}d.; WBX super wethers, 61d. Ordinary halfbreds and merinos sold at from 6}d. to 73d: shabby and inferior parcels making from sd. to 6d. French competition for skirtings was not quite so pronounced ns usual, but Germany were extra keen buyers. Growers up to time of writing are generally meeting the market, and out of our catalogue of 3400 bales we sold 85 per cent, under the hammer. It is unfortunate that the latest advices from London record a weak and erratic market, and it does not appear as if we can look for any pronounced rise in textile prices throughout the remainder of the selling year. “We think that it would be hotter for the growing and purchasing side of the trade if the present held-over wools were disposed of at present ruling rates, for so long as any heavy carry-over is in sight, it will have a tendency to keep off the time for confidence to be restored. The offering at to-day’s sale was one of the smallest that we can remember for a December fixture, and it is quite likely that the January limit of 30,000 bales will be fiillv taken up. Owing to the continued break in the weather, shearing has been retarded considerably this year, and numbers of growers have been unable to get. their clips forward for this fixture. There was a slightly better demand for lambs’ wool. Bradford and Australian buyers beJ Ing the principal purchasers. Crutchings sold freely, local scourers and English operators buying the majority of the offering. Best lambs’ wool brought from GJd. to 7d., medium lines selling at from sd. to. 5Jd., seedy lambs 2Jd. to 3Jd. Good bellies and pieces sold at from 4d. to 43d. Mediums sold 21d. to.3Jd. "The following is our range of principal realisations:— Merino. —8 Benopai lOd. and 17 at 9}d.; 4 Spravpolnt, 71<1.: 18 Ilillersden, 7Jd. and 15 at 7d.; 4 RET. 7d. Halfbred.—lo Fyvle 101 d. and 5 at aid.:

7 JO 6d.; 19 Ketu 73d. and 27 at 63d.; 6 WGR 6d.; 5 JCB Old.; 6 JS under eyebrow 6jd.; 14 Happy Valley 6}d. and 12 at 5Jd.; 6 AA/E 6}d.; 6 Gowanbrae, 7d.; 7 TNI Gd.; 5 HW 53d.; 5 GFW 6id.; 5 Terracedale 53d.; 6 Flag 6}d.; 3 JRW 7d.; 11 B & W/Pelorus 6Jd: and 8 at 6}<l.; 15 Wyehills 83d.; 21 Lakeview 6Jd.; 4 Übique 6Jd.; 4 Bar/ton 61d.; 4 Rocklands 61d. Crossbred.—ll WFM/New Zealand/TB & S Old.; 12 Branscombe 6d.; 18 Opau 6d.; 4 JWH/M 5Jd.; 4 RH 4}d.; 6 Waiplpi ssd.; 5 B/TK 53d.; 15 RS/M 4Jd.; 12 WP/H 5Jd.; 10 Tablelands 43d.; 10 TM/Wainui 43d.; 20 JWM/Linside 43d.; 11 Craigleburn 4Jd.; 7 Nockmor 43d.; 6 TFM 4d.; 5 AA/E 4d.; 7 GNB/0 5d.; 19 FG/Fairburn 4{d.; 7 Benmore 43d.; 42 Nlrvarna 5d.; 4 LJM/S 43d.; 14 Z in' circle over K 43d.; 4 Lesliedale 43d.; 12 EH/K 43d.; 16 WM/K 43d.; 7 WBX 63d.; 5 E reserved conjoined V 5Jd.: ”WG/K 53d.; 17 PL/C 53d.; 24 JW/Rakanui 43d.; 5 PPP 5d.; 4 ACK 6d. and 6 at 63d.; 8 Waireka 5d.; 6 RP/SC 4}d.; 4 VD 43d.; 10 AW 43d.; 6 CNZ 44d.; 17 OAB 4}d.; 7. JRW 43d.; 5 RH/W 44d. • 4 Maringl 63d. and 20 at 5d.; 4 FW/Aotea 43d.; 5 Horoeka 4jd.; 6 RNP 44d.; 10 Tirltea 4?d.; 12 Mount/Erin 43d.; 7 TTB 44d.; 4 JSM 4d.; 35 Waitoru 43d.; 8 NNN 33d.; 15 KW 5d.; 6 E & ES 53d. and 9 at 51d.; 4 FN/Pohanglna 53d.; 13 FD/Walrewa 63d.; 51 Makahu 43d.; 8 MRC 4jd.; 5 Terrace/Dale 5Jd.; 6 Cet/Aria 4Jd. Hoggets.—6 B & L/Mayfield 6Jd.; 12 Branscombe 6Jd. and 20 at 61d.; 4 WBX 63d. and 4 at 53d.; 12 Jah/Maire 54d.: 7 Übique 6d.; 7 WP/H 6d.: 5 Tablelands 53d.; 4 RP 53d.; .4 WRH/Wairenga 4Jd.; 8 Cralgieburn 43d.: 6 AIP 53d.; 14 JWM/ Linside 53d.; 5 Thorplands 5d.; 9 Opau old.: 16 Valhalla/HC/Arrow 5Jd.: 5 FG/ Fairburn 44d.; 5 AH/PN 53d.; 9 Nirvarna 5d.; 4 Nulwai 53d.: 6 Wantwood 63d.; 26 JW/Rakanul 43d.: 5 JB 53d.: 8 Rameslle 2 i^L 5 ,jy a . , r e , ka 0 FD/Wairewa 63d.; 3 RH/D. 43d.; 3 Palm/Grove 6d.; P reserved 3/p 53d.: 16 Maringl 53d.; 3 RNP od.;-8 Tirltea 53d.; 3 Mount/Erin 43d.: 13 , 5}d ’ : 0 E * ES 6d. and 6 at 5S<l.; 5 FN/Pohanglna 53d.; 4 RTP 4Jd.; 6 Muteroa 5d. ; 3 Waiplpi 63d.; 6 SW/R 53d. Bellies and Pieces.—l 3 Happv Valiev 3 r v « lh « u /HC/Arrow 3d.: 6‘Nlrvarna 33d.; o E & ES 4d.; 9 Maringl 43d.: 13 Muteroa 3Jd.; 5 Walrewa 4d.: 5 FG/Fair6 Ke'tli 6d M “ UI1S " /RnW 4d ' : 6 Kyvie

N.Z. FARMERS’ CO-OP. DISTRIBUTING CO.

The New Zealand Farmers’ Co-operative Distributing Co., Ltd., report:—We subPJiV'w catalogue of 971 bales (of uhich 174 bales were withdrawn before the sale) to a full attendance of buyers representing all sections of the trade. The bulk of our offerings were' last season’s clips, and these, when displayed for buyc«s inspection, showed a certain amount of discolouration and appeared stale and unattractive after being baled up for suc’i a lengthy period. Very few of the new season’s wools were as stylish or well grown as last year’s first sale offerings, the hard late winter and cold spring conditions experienced by stock in this province being distinctly reflected in the elip. Bidding whs extremely animated and well spread up to limits, Bradford and Continental representatives being the principal buyers, while local scourers and mills were keen competitors for lots suitable for their requirements. Prices were firm throughout on late Dominion sales, and we were successful in disposing of 82 per cent, of our offerings at auction. The following are some of our principal realisations:—

Hoggets.—Walngaio 7id., JD/Ngatawa 7id., Glenstrae GJd., Rock Gid.. WP/Penrose GJd., Sandyford Gid., Ahau 6d„ Kuru Gd., Braemar/L 5Jd., Motu Kowhai 53d.. Various 5?d.. Glenstrae sid„ RWT sjd., GEO/T .Old., Tokoroa 5Jd.. AC/F in diamond s}d„ T3S 5Jd., T/KK 5Jd., Ngahue 53d., JS/S9 s}d.

Ewe.—Kuru GJd., Ahau 6d., Waingaio 6<L. Glenstrae 5Jd.,- Tol;or6a 5Jd„ Co-op. sfil.-5Jd., TWB/Elephant 5d., Ngakonul/P sd„ Glenstrae 5d., AC/I? in diamond 5d., Ngahue sd. Lincoln. —Otawhao sd. Lambs.—Glenstrae 5Jd. Southdown.—RMP/Kohatu 8d„ Co-op. 7Jd.-Bd., Westwood 81d. I’ieces.—Glenstrae 4}d„ Waingaio 4Jd.

N.Z. GOVT. LOANS—s. d. 3J .S’ d. ■ 4} p.c. Insc. Stk., 1939 and 1938 ...• • • 51 p.c. ditto, 1933 ... 51 p.c. ditto, 1911 ... 5f p.c. ditto, 1933 ... 51 P.c. Bonds. 1933 ... 95 ~s 0 98 ■ 99 ■ 98 15 15 0 0 0 99 12 6 — debentures— Well. Racing Club . 103 0 0 — Lower Hutt Borough, 6 p.c., 1944 • N.Z. Breweries (stock) WelUngtno Gas Co. . 99 0 0 101 1 99 2 17 0 0 6 BANKS— o Australasia 19 3 Aust, of Commerce .. Commercial Aust. (ord.) English, Scot. ‘ & :Aust. National of NZ. 0 15 3 10 7 5 1 10 30 0 0 0 Nat. A/asla. (4.5) ••• New South Wales ... 28 0 t 29 0 New Zealand,. 10 Union of Australia .. 8 19 0 9 financial— „ 15 19 Equitable Bldg. Co. .. Goidsbrough Mort ...i 0 li) 0 0 8 N.Z. Guarantee Corp, (ord.) 0 6 11 0 ~7 Well. Trust and Loan Well. Deposit & Mortg. •— 0 10 GAS— , 1 3 0 . 1 3 6 6 Gisborne Wellington (ord.) ... — 1 9 6 INSURANCE— New Zealand — 1 6 6 National South British •••••”• 0 MEAT PRESERVING — — ♦1 15 ■<3 ■ N.Z. Refrigerat. (10/-), —— .Well. Meat Exp. (pref.) —— COAL— 0 Q 0 Waipa TRANSPORT— Huddart, Parker (pref.) 0 19 7 breweries— .New Zealand 1 o 19 Staples and -Co. MISCELLANEOUS— ■Bums, Philp’ and Co. British Tobacco (ord.) i 9 6 1 12 ' 1 10 34 ,0 .9 4 Colonial Sugar 6 Dominion Investments 1 1 — Electro. Zinc (pref.) . U 1Y 3 Farmers’ Auctioneering J (‘1B” pref.) .... — 0 18 0 Howard Smith (ord.) —— 0 9 National Electric ... 0 8 9 t N.Z. Drug Taranaki Oil ... 0 2 4 3 JWalrarapa /Farmers* >W?lson’s Cement ..... — 0 13 1 19 6 9 mining— _ „ Un »Cum. e dividend. fEx dividend. 0 0

N.Z. 'Govt. 5J p.c. stock (19-11) 95 5 0 Bank of Australasia •.. 9 15 6 Do 0 15 0 Bank of New Zealand .... .2 10 11 0 19 9 N.Z. Guarantee Corporation ..... 0 7 0 1 3 3 0 2 4 AUCKLAND. £ s. rL ■ 2 11 0 0 19 G 1 6 0 AuckFand Gas ............ 1 3 3 Electro. \Zinc. pref, (late Sat.) ... 0 18 0 N.Z. Breweries (2) 2 0 0 CHRISTCHURCH. £ s. d. Commercial Bank of Austr., pref. 6 6 0 N.Z. -Guarantee’ Corporation .... . . .0 6 11 0 0 8 Sales reported— . Commercial Bank of Austr. (2).. 0 15 11 Do ... 0 15 9 -National Bank-of N.Z., cum div. 5 5 0 N.Z. Breweries 2 1 1 Goldsbrough, Mort (2) .; 0 19 9 Do .... 0 19 6 Do, ...... 0 19 3 , DUNEDIN. £ s. d. N.Z. Refrigerating, 10/- 'paid .... 0 2 0 0 4 9 Do. (1) ... 0 4 8 Do. (2) ..... 0 4 8