FINANCE and COMMERCE

Dominion, Volume 24, Issue 143, 13 March 1931, Page 12

FINANCE and COMMERCE

;; STOCKS AND SHARES £ Weffington Exchange STRONG BUYING MOVEMENT i Tho share market continues to show .firmness . and buoyancy. The strength la vety pronounced, but sellers are scarce. There were eleven sales re eorded on the Wellington Exchange yesterday, seven of these being South British Insurance. This makes a dozen sales of this particular stock during the past two days which seems to Indicate that the Shares of a large holder are being dispersed. All the sales have been at 02/6. The demand for Government securities is very strong, and there are practically no Bellers. For the 4) per cent. Stocks, IJdJ and 1938, and Bonds, 1941, 1939 and 1938, .*• buyers renewed their offer of £94, the per cent. Bonds, 1937, were 5/- higher at £94/10/-, and for the Stock, £94/7/6, the 6i per cent. Stocks. 1933, were in demand at £9B/10/-, and the Bonds at £99. The 61 per cents., 1936, were 'wanted at £9B 5/-. Auckland Harbour Board, 5i per cents., 1939, were steady at £94, and £97 was offered for Wanganui Borough, a} per cents., 1944. Wellington Racing Club debentures were firm at £lO2/10/-. : Bank shares are very firm and continue v to disnlav a rising tendency. Bank or Australasia were steady at £9/15/-. Commerclal Bank of Australia, ordinary, advanced another 3d, and are now firm at 16/-; English, Scottish and Australian Bank have risen 2/- to £6/2/-; National Bank of New Zealand were steady at £4 17/- • National Bank of Australasia were unchanged at par for both issues. Bank of New South Wales were up 2/6 to £27 2/6 with a sale at £27/5/-. Bank of New Zealand were 3d better at 49/-, and Union Bank were firm at £B/10/-. Dalgetv and Co. were in demand at £7 10/-, while last week they changed hands at £6/15/-; Goldsbrough Mort and Co. have risen another 1/- to 23/-; New Zealand Guarantee Corporation were steady at 5/10, and Wellington Deposit were unchanged at 9/6. Christchurch Gas were 8d better at 24/6. New Zealand Insurance were steady at 40/-. Gear Meat were unchanged at 28/-, but New Zealand Refrigerating, 10/- paid, rose 6d to 3/-. Huddart Parker were firm at 22/-, but P. and O. deferred stock were up 2/- at 32/-. :>•' New Zealand Breweries were wanted at S6/6; Staples and Co. were 3d lower at 82/6. Tooth’s Brewery were unchanged at 21/3. British Tobacco were up 3d at 30/-. Burns, Philp and Co. at 30/- and Dominion Investments at 21/3 were unchanged. Electrolytic Zinc met with an improved demand, the preference were wanted at 17/6, a rise of 2/6, and the ordinary at 12/3, a rise of .1/3. New -Zealand Drug were In demand at 56/-; Whltcombe and Tombs,.at 54/6, and Wilson’s Cement (at 39/3 -were unchanged. There was a bld of 2/6 for Moturoa Oil, with no sellers. Mount Lyell were steady at 20/9. !- ' * Yesterday’s Quotations .. - - „ - , „ '■ y ' ■ •■ <‘ : ' 'Buying and selling quotations at yesterday’s final call on the Wellington Stock Exchange were as follow:— I Buyers. Sellers. MZ. GOVT. LOANS— £ a. (1. £ s. d.

' SYDNEY SHARE MARKET Spectacular Rise in Values ■ * (Rec. Marell 12, 8.40 p.m.) Sydney, March 12. The spectacular rise In share values continues'on ,the Stock Exchange. The new confidence of buyers Is forcibly demonstrated by the fact that no fewer ‘than 38 Issues recorded rises on the first two 'calls tiPday. . Exclusive of bonds and vestibule deals 22,000 Shares changed hands. Bank of New South 'Wales shares found an active market, fifty being bought for £3O/13/-. Other banks were firmer than usual.*,r" : — / Victoria Nyanza Sugar . ■ The of the Stock Exchange Asioclatton of New Zealand received the Joiowing? cablegram from the secretary of the Victoria Nyanza Sugar Company:— Cabld' from plantation reads > February sugar manufactured 6052 tons.” e N.Z. Stock Exchange Gazette Many-Interesting article® and other features enter into the make-up of the March issue the "N.Z. Stock Exchange Gazette'/’ which is now appearing in an enlarged’and Improved form. In addition to "Active Stocks and Immediate Returns,’Vwhich gives a tabulated summary of most, of the stocks listed on the exchanges'; there are informative analyses of company balance-sheets and notes on the financial and trade outlook. The "Investors* Notebook”. is a feature dealing with tile investment market in an informative style. j AUCTION SALES f. . TO-DAY. - Courtenay Place, 1.30 p.m.—Sale drapery (Ji M. Samson). 88 Manners St., 2 p.m.—Sale furniture (Ramsay, Wilson). * Willeston St., 10.30 a.m.—Sale hair mattresses (E. Johnston & Co.) TO-MORROW. • Rotherham Terrace, Miramar, 1.30 p.m. —Sale household furniture (Silverstone & Co.) MONDAY. Trcnthhm Sales Stables, 1.30 p.m.—Sale bloodstock (W.B. & Co.,'Ltd.)

DEALINGS ON ’CHANGE Yesterday’s Business DOMINION SALES The following sales were recorded on the Stock Exchanges of the Dominion

Taranaki (N.Z.) Oil Fields The secretary of the Stock Exchange Assocatlon of New Zealand was advised by cable yesterday by the head office in Melbourne of Taranaki (N.Z.) Oil Fields., No Liability, that all shares forfeited for non-payment of fifth call due February 11 will be sold in Melbourne on March 31 unless previously redeemed. Payment of call may be made t 6 Melbourne or Gisborne office. DAIRY PRODUCE ,* • ; London Markets Quiet The New Zealand Loan and Mercantile Agency Company. Limited, have received the following advice from their London house dated March 11: —Dairy produce (last week’s figures in parentheses): Butter' New Zealand choicest salted, 118/to 120/- per cwt (121/- to 122/-). Cheese, white, 55/- to 57/- per cwt (57/- to 58/-); coloured, 58/- to 59/- (59/- to 60/-). Markets quiet. Australian Export Bounty Sydney, March 12. Owing to production of butter being 2500 tons greater in January and February, as compared with the corresponding period of last year, the Australian Stabilisation Committee to-day decided to reduce the export bounty by id to 3d per pound.- , , Recent floods in dairying areas have so improved the pastures that the heavy output is likely to continue. The levy on producers of 1-Jd per pound is to remain. LIVE STOCK MARKET Masterton Sale Dominion Special Service. Masterton. March 12. A big yarding came forward at the Masterton stock sale yesterday. Iliere was a large attendance, and bidding was keen Wright, Stephenson and Co.. Ltd., yarded over 3000 head. Good class ewes met with animated competition.- Medium ewes, wethers, and lambs also made good values. Following are particulars of this firm’s sales Account Te Parse Station: Two-tooth ewes. 15/6 (top price of day); five-year ewes. 6/4. Account Elliot Bros.: Four and five-year eWes, 7/-. Account David ‘Donald: Four and six-tooth ewes, 10/7. Account G. Thomson: Ewes. 7/6. Account Brancepeth: Ewe lambs. 4/10-to 6/9: wether lambs. 3/10; two-tooth wethers,'7/10. Account W. H. Gordon: B.f. lambs. 4/9. Other vendors: S.iu. ewes. 3/6 to 5/8; cull. 2/6; b.f. lambs. 7/2; medium, 3/8 to 4/-; W.f. cull lambs. 2/- to 2/10: Southdown rains, 1- to llgns. The range of prices of Dnlg-ty and. Company’s saley was:—Account K. O. Smith: 381 four-year ewes, 11/- to 11/1. Account W. T. Wiiton: 112 four-ycar do.. 10/4; five-vear do.. 6/-. Account. Auncdale Station: 383 s.m. ewes. 7/6: 216 four-tooth do., 10/10; 162 cull ewes. 4/8. Account S. L. P. Free: 169 six-tooth ewes. 10/'.).. Account Matahiwi Estate: IS6 two-tooth ewes. 9/1. Account B. V. Sheet: 72 two-tooth ewes, 11/6. Account Weraiti Estate: 400 twotooth, wethers. 9/1. Account W. R. Birch: 279 w.f. wether lambs. 6/3; 90 do.. 4/2. Account .1. A. McLean-: 120 b.f. lambs. 7/3. The New, Zealand Farmers' Co-operative Distributing Company’s entry amounted to 5875 head. Their sales included:—Fouryear ewes: Account H. West, 200 at 8/0. Four and five-year ewes: Account C. L. Welch. 236. at 8/5; Five-year ewes: Account R. Judd. 216 at 5/7; account Lewis Welch, 59 at 5/C: account D. McLeod. 209 a-t 5/-; account Walhl Station, 121 at 4/8; account Talnui Station, 4/6. Two-tooth ewes: Account J. Campbell,- jun.. 118 at 13/4; account Mrs. Small. 113 at 10/-; account A. J. Speedy, 3'23 at 9/7; account R. WiTtou. 20 at 9/6: account N. R. Wyeth, 100. at 9/1; account Walhl Station. 60 at 8/6; account Tinul Station, 268 at 7/11. Two-tooth wethers: Account N. R. Wyeth. 85 at 8/5; account D. McLeod, 2-50 at 7/4. Four and six-tooth and fouryear ewes (mostly showing the effects of the dry weather). Pahiatua Sale About 2000 head of sheep were offered by the New Zealand Loan and Mercantile Agency Company at the Pahiatua sale. The demand for ewes was on a par with recent sales, and there was a keen inquiry at increased values for wethers and b.f. lambs. Sales were:—Account A. H. Ahrens: Twotooth wethers, 8/9; best lines of b.f. lambs, 6/10 to 8/4; best two-to-o-th ewes. 10/4 to 12/3; small do., 8/10 to 9/3; four and fiveyear ewes. 5/0 to 7/4. Eketahuna Prices A good entry of about 1000 sheep was offered by the New Zealand Loan and Mercantile Agency Co., Ltd., at (lie Eketnhuua sale. There was a good inquiry for best lambs and wethers. A few pens of good ewes also made increased rates on last sale. One hundred and twenty-one woolly wether lambs (good), 7/7; 154 do., 5/3 to 5/4; other lines, 2/7. 2/8, 3/1. 3/5. 3/9. t0.4/9, according to quality; best b.f. lambs. 6/7, 7/3. to 7/9; 132 five-year ewes, 5/2; 164 four and five-year do., 0/9; fan. ewes, 3/11 to 5/10; two-tooth wethers, 7/7; small ewe lambs, 4/0. Chicago Wheat New York, March 11. Chicago Wheat.-—March, 791 cents; May, 82| cents; July, 84 5-8 cents; September, 64i cents.

Ai CURRENCY PROBLEM

Dividends and Exchange BANK OF NEW SOUTH WALES Last month resolutions of protest against the decision of the directors of the Bank of New South Wales to pay dividends in Australian cur- • rency were passed at meetings ox shareholders convened by the Stock Exchanges in Wellington, Auckland, Christchurch, and .Dunedin. The following considered- statement on the question by Mr. A. C. Davidson, general' manager of tho Bank of New South Wales, was received this week by Mr. R. C. Addison, resident Inspector of the bank in kew Zealand. The confusion into which shareholders and sharebrokers in New Zealand have been thrown by the decision of the Australian banks to pay dividends in Australian currency is typical of the obscurity which surrounds problems of currency and exchange, says Mr. Davidson. Much of the bewilderment arises from the fact that the units of account In London, New Zealand, and Australian bear the same name, a pound. This bewilderment is increased because of the fact that, in normal times, the pound in each country has much the same value as in the other two. To-day, however, with Australia and New Zealand no longer on the gold standard, the .Australian pound is not only something different from the English and New Zealand pounds, but the three units of account are not even approximately equal in value. Much of the confused controversy which has arisen in New Zealand over the matter has been due to a failure to recognise this simple fact—that the New Zealand and Australian pound are no longer equal in value any more than either is equal in value to the French franc or the American dollar A Matter of Law. Ae a matter of law the directors of a trading company divide its profits among the shareholders on the basis of equality and equal treatment of all members. It is expressly provided in clause 17 of the constitution of the Bank of New South Wales that every proprietor “shall be entitled to and interested in the profits. . , . In proportion to the number of shares held by him.” Now, if the capital of a company were in, dollars no one would expect that equal treatment of members would require the directors after declaring a dividend of 9 per cent, to pay 9 dollars for every 100 dollars share capital held In America, but 9 pounds for every 100 dollars share capital held in New Zealand. Yet, because the Australian unit of account is called a pound, shareholders do suppose that a dividend of 9 per cent, means a payment of £9 (Australian) for every £lOO (Australian) share capital held In Australia, but £9 (New Zealand)- for every £lOO (Australian) share capital held in New Zealand. Factors in Exchange Problem. Thus it has been argued that it is not equal treatment as between the Australian and New Zealand shareholders, that the former should receive £9 while the latter received only £B/12/3 after exchange has been deducted. This argument, however. ignores the fact that the £9 is Australian currency and the £B/12/3 New Zealan.d currency. The idea that exchange, to-day, is merely the cost of transmitting money is an illusion. The fact is that £lO4/10/- (Australian) has only the same value as £lOO (New Zealand), just as a pound sterling has the same value as 124 francs or 4.87 dollars, Perhaps a better illustration is the fact that one franc (Geneva) has the same value as 4.92 francs (Paris), although the Swiss and the French francs once were approximately the same value. The argument given above sounds well enough until it is put the other way, says Mr. Davidson. Suppose the directors decided to declare a dividend at the rate of £B/12/3 per cent., payable in New Zealand currency. No one could then argue that the Australian shareholder received preferential treatment when he was paid £B/12/3 in New Zealand, or the. same as the New Zealand shareholder. The Australian shareholder, however, would sell his £B/12/3 (New Zeaalnd) for £9 (Australian), receiving in Australia the same dividend as he is now being paid. The New Zealand shareholder, could, of course, and can now, do precisely the same thing. In the above calculation the “turn” or margin of the exchanges of about 10/- to cover the banks’ costs of buying and selling exchange has been ignored. The Banks’ Margin. Another mistaken notion which has arisen is that the Australian banks “save” the exchange deducted from the shares of ' New Zealand shareholders. This error is of the same kind as that of people who suppose* that the banks in Australia, “make” £3O/10/- on every £lOO of Lon’don funds which they sell. While they sell £lOO in London for £l3O/10/- they can only accumulate funds there for sale by buying it from exporters, and they must pay £l3O for every £lOO they buy in this way. The margin to meet the expenses incurred by the banks in carrying out these operations is, therefore, only 10/- for every £lOO in London which they buy and sell. For the same reason the banks do not “save” the exchange deducted from the dividends of New Zealand shareholders. On the contrary, If the deductions were not made the bank would have to pay the cost of buying funds in New Zealand with which to provide dividends for New Zealand shareholders. This, would be an unfair charge against all other shareholders. Some Anomalies. Imagine the anomalies which would arise if the directors adopted the views of the members of certain New Zealand Stock Exchanges and paid a dividend of £9 (sterling) in London. £9 (New Zealand) iu New Zealand, and £9 (Australian) in Australia for every £lOO of share capital. A shareholder who had distributed his investments in shares of the Bank of New South Wales so that he held £lOO on the London register, £lOO on the Wellington register, and £lOO on the Sydney register, would receive in Australian money £ll 14/- for his London Investment, £9/8/1 for his Wellington investment, and £9 for his Svdney investment, or three widely different rates of dividend for equal holdings of shares in the one company. Or consider the New Zealand shareholder who decided to transfer his residence to Sydney. If he had his shares transferred to the Svdney register he would receive a dividend of £9. but if he left them on the Wellington register he would receive a dividend of £9/8/1 iu Australian currency. Slm'larly, a New Zealand shareholder would receive £9 if his shares were on the Wellington register, but only £B/1-/3 if thev were on the Sydney register. If an attempt were made to overcome these anomalies by permitting shareholders to transfer their shares from one register to another without restriction, every share would be promptly transferred to the Lon don register. Shareholders would then receive equal treatment—but this method of securing equality would be wasteful and undesirable. A Binding Rule.

An investor in the shares of Australian banks knowingly buys an interest in the cnnital of a company whose headquarters and whose main business fir outside New Zoaland. He should know that £lOO so invested becomes £lOO (Australian) jus as he would know that £lo6‘invested company whose head<ll lQ7 tC nnn Bra He America would become 487 dol ars He should also know that when thereafter declared at the rate of x per cent, he is entitled to £x in Aus tralia just as he would know that. In the case of the American company, he was euUtled to 4.87 x dollars. He is Protecta'l and bound by the rule of la w which re quires any trading company (in the ab sence of express provision to the contrary) to divide its profits among its monibers and to make the division on the basis of equality and equal treatment for all members. each member receiving a share ot the profits proportioned to his interest, m the company.

This rule is binding upon the directors of Australian companies, and under it they are not only entitled to pay in Australian currency, but they are not entitled to pay in any other wav. If they did pay dividends free of exchange the difference caused by the rate of exchange would have to be paid out of the bank's funds, and would benefit one class of> shareholders nt the expense of the others. The Bank of New South Wales has taken counsel's opinion both in London and Australia, and altogether holds the Independent opinions of five.learned counsel to the above effect. This, holvever, is not only a matter of law. It is also a matter of common sense. This rule would bind in a like manner directors of New Zealand companies in the distribution of dividends to Australian and British shareholders -in those eases where the companies have /separate registers abroad. A Suggestion Refuted. The unwarranted suggestion has been made, says Mr. Davidson fn conclusion. that the Bank of jjow South Wales might pay de-

WOOL MARKET FIRM

Bradford Busy in London OPENING PRICES HOLD London, March 11. Offerings at the wool sales to-day were 7050 bales, including 1597 New Zealand. Aproximately 6590 were sold. There was a moderate selection of all classes, and the offering met with excellent competition, Yorkshlremen were the chief operators. Opening prices were well maintained. Realisations: New Zealaud greasy crossbreds, “Tare,” lOd to 9Jd. Wright, Stephenson and Co., Ltd., and Abraham and Williams, Ltd., report havInc; received cable advice from their London house regarding the London wool sales reading as follows:—Wool sales contlGUrea'sy fine halfbred, 56/58’s, 9Jd. Greasy half bred, 50/56’b, 9d. Greasy three-quarter-bred, 48/50 s Bd. Greasy fine crossbred, 46/48 s, 7|d. Greasy medium crossbred, 44/46 s, TU. Greasy crossbred, 40/44’s, 7d. Greasy coarse crossbred, 36/40 a, 6!d. Crossbred lambs, 46/50’s, Bd. INVERCARGILL SALE , A Good Clearance By Telegraph—Press Association. Invercargill, March 12. The second Invercargill wool sale opened last night, when a catalogue of 16,000 bales was offered to spirited competition from all sections. The sale was exceedingly brisk, one of the best quality wools showing a rise of 3d. compared with the ' first sale at the end of January. Passings were infinitesimal. Competition was well distributed, but it was soon apparent that Japan was exercising a dominating Influence, and secured a fair amount of wool suitable to her requirements. The Continent secured a fair proportion of fleece wools. Bradford appeared to be /In the market and bought steadily. France competed keenly for bellies and particularly for pieces. Local buyers’ operations were naturally restricted in view of the sudden rise, but a certain percentage or suitable wools were secured by these interests. The range of prices was as follows:—

BIG ADVANCE AT BRISBANE Japan Boosts Coarse Wools (Rea. March 12, 10 p.m.) Brisbane, March 18. At the wool sales to-day, 11,075 bales were offered and excellent clearances made. Competition was particularly keen. Values for stylish sorts were 10 per cent, higher than at earlier auctions. The top price for greasy merino was 17Jd., and for scoured 25d. ' Japanese buyers competed wildly for coarse wools, which showed an increase of nearly 100 per cent, on the January rates. AUSTRALIAN POUND WEAK Outside Exchange Dealings (Rec. March 12, 9.25 p.m.) London, March 11. The Australian pound has developed weakness again, says the "Financial Times.” On the “outside” market dealings have increased. Business has been transacted on the basis of £l3l and £l3l/10/for £lOO London, with buyers less in evidence. At the same time wool trading is still improving, with the increased prices. If the movement continues there is little fear of a decline in the sterling balances of the associated Australasian banks. AN UPWARD TENDENCY London Tallow Market The New Zealand Loan and Mercantile Agency Co., Ltd., have received the fol- ■ lowing report from their London house, dated March 11:—Tallow: We quote present c.l.f. and e. values for the following descriptions of tallow (prises at March 5 in parentheses): Fine mutton, 23/- per cwt (22/6): good beef, 23/- per cwt (22/-); mixed, 22/- per cwt (20/9). Market upward tendency. Dalgety and Company have received the following report from their head office: — London tallow sales: Tallow prices are -1/- to 2/- per cwt higher, except for mutton (in general), which is 1/- per cwt lower. Current quotations are: Fine mutton, 24/- per cwt: good mixed, 22/- per cwt; Inferior, 19/- per cwt. GRAIN AND PRODUCE Australian Markets (Rec. March 12, 8.10 p.m.) Sydney, March 12. Wheat.—The market Is quiet; ex trucks, Sydney, 2/2 per bushel; at country stations, 1/7. Flour, £7/10/- per ton. Pollard and bran, £3/15/- per ton. Potatoes: Tasmanian, £7/10/-; Victorian, £O/10/- per ton. Oats, white and Algerian, 2/6 per bushel. Onions, Victorian, brown Spanish, to £4/10/- per ton; white, £l3. Maize, 3/6 per bushel. Adelaide, March 12. Wheat, 2/0) per bushel; flour, £O/10/per ton; pollard, £4/10/- per ton; bran, £3/15/- per ton; oats, Algerian, 1/6 per bushel.

positors in Australian currency, and the Christchurch Stock Exchange passed a startling resolution requesting “the Stock Exchange Association of New Zealand immediately to approach Parliament with a view to taking such steps as may be deemed necessary to protect New Zealand depositors iu Australian banks against the possibility of the underlying principle being carried further.” Ths resolution was wholly unnecessary and was mischievous in its implications. The members of the Christchurch Stock Exchange should have known, if they did not, that depositors in New Zealand are already completely protected at law. It is a well-known rule that the currency specified In a contract relates to the currency of the country in which the contract is made, unless there is express provision to the contrary. Furthermore, where a payment originating in one country is to be made in another, and the currency denomination specified Is the same in both, the rule is that the payment must be made in the currency of the country where the money Is payable, unless by express terms or necessary implication payment in some other currency is required. Any suggestion that the Bank of New South Wales is likely to pay New Zealand depositors in Australian currency is not only a slander against an institution which has an unbroken record of 114 years for honourable dealings with Its clients, but’ is made in ignorance of the fact that it Is legally Impossible for the hank to do any such thing.

FLAX-MILLING INDUSTRY

Hemp and Tow Gradings The depressed state of the fiaxmilllng industry and the export trade In hemp and tow is evidenced by the grading returns for February. The gradings of hemp last.month were only 1110 bales, or 16.76 per cent, of those for February, 1939, when 6621 bales were dealt with, the decrease being 5511 bales. Tlie gradings of tow last month were only 14.66 per cent, of the quantity dealt with In February, 1930, being 295 bales, as against 2011 bales, a decrease -of 1716 bales. No stripper tow was graded last month, and only 16 bales of stripper slips were dealt with, as against 176 bales In February, 1930. FRUIT AND VEGETABLES Wellington Market Prices W. Burbidge and Company report having obtained the following prices for fruit, vegetables, etc, at yesterday morning’s sale: — Fruit.—Apples: Cox’s Orange, 5/6 to 8/-; Gravensteins, 6/-'to 8/-; Scarlet and Worcester Pearmalns, 4/- to 6/-; Bibstones, 6/-; cooking apples, 4/ to 5/- per bushel case Pears: Williams, 6/6 to 8/-; L.B. Jerseys, 5/6 to 8/-; Fertility and others, 4/- to 6/-: cooking pears, 4/- to 5/ -per bushel case. Plums: Blue Diamonds, 6/to 6/9; Ponds, 4/6 to 5/-; Octobers, 6/6 to 7/-; Doris, 7/- tp 7/6. Peaches: Kalamazoos. 5/- to 8/-; American Pounds, 6/- to 8/-; Hobbs’ late, 6/- to 7/-. Otago apricots, 6/- to 7/-: nectarines, 6/6 to 7/6; Nelson tomatoes, from 2/6 to 4/4 per half-case; quinces, 7/- to 9/- per bushel; Bay View tomatoes, 2/- to 2/6 per quarter-case; Californian oranges, 30/- per case. Vegetables.—Local potatoes, 7/- to 8/6 per cwt; onions. Melbourne 8/- cwt, Pukekohe 6/- per 601 b bag; swedes, 4/6 to 5/per cwt; red pumpkins, 8/- to 9/- sack; marrows, 2/6 to -3/- per banana case; french beans, 3d per lb; mushrooms, 6d to 10d per lb. New-laid eggs: These are very plentiful and prices are being cut a lot. First grade 1/9 to 1/H; others, 1/75 to 1/9 per dozen Separator butter, bulk 81d, pats Ort to lOd per lb; New Zealand walnuts, small. 8d to 81d per lb; chaff, g.b.0.5.. new £7, old £8 per ton.

4} p.c. Insc. Stk., 1039 ' land 1038 04 0 0 5} p.c. ditto, 1033 ... 98 10 0 Si p.o/ditto, 1036 ... 98 5 0 —■ BJ p.c/ditto, 1051 ... — 98 5 0 5} p.c. ditto, 1041 ... 93 17 6 •— BJ’P-C; ■ ditto, 1937 ... 94 7 6 —- if p.ci Bonds, 1041, 1939, 1938 94 0 0 —— • Bi p.c. ditto, 1033 ... 99 0 0 —— Bi p.c. ditto, 1937 ... 94 10 0 DEBENTURES— Weil.'Racing Club 102 10 6 —• Auckland Harb. Board, 5i'P-’p., 1939 94 O 0 Wanganui Borough, 5} K&/1944 97 0 Otago-Harbour Bd., 51 — 0 .104 0 0 BANKS—. • Australasia ' *9 15 0 —— Commercial of Aust. f (ord.) 0 16 0 — ■ Commercial Bank Co. (Sydney) — 16 10 0 English, Scot & Aust 5 2 0 —■ National of N.Z 4 17 0 —— National A/asia (£10) 10 0 0 —— Ditto (£5) 5 0 0 —— New South Wales ... 27 2 6 —— New Zealand 2 9 0 —— Union of Australia ... 8 10 V «—» FINANCIAL— Dalgety and Co.. 7 10 Goldsbrough Mort ... 1 3 0 0 — N-Z. Guarantee Corpn. * (ord.) 0 5 10 0 6 6 N-Z. Loan and Merc. i (ord.) :..... 56 0 0 75 0 0 Well. Deposit & Mortg. 0 9 6 — Christchurch 1 4 6 1 6 7 0 10 0 INSURANCE— New Zealand ......... 2 0 0 2 1 10 South British — 2 13 0 MEAT PRESERVING— Gear 1 8 0 N.Z. Refrigerat. (10/-) .03 0 0 3 9 TRANSPORT— Huddart. Parker (ofd:) ' *1 2 0 —— P. and O. stock .... 1 12 0 —- WOOLLEN— Wellington (ord.) ... — 5 0 0 BREWERIES— New Zealand 1 16 6 1 17 6 Staples and Co; 112 6 — Tooth’s 1 1 3 1 2 6 MISCELLANEOUS— Burns, Philp and Co. 1 10 0 —— British Tobacco (Ord.) 110 0 *1 12 0 Colonial Sugar — 32 0 0 Dental and Medical .. — 0 10 0 Dominion .Investments 1 1 3 — Electro. Zinc (ord.) . 0 12 3 0 15 0 Ditto (pref.) 0 17 Howard Smith (ord.) — 6 0 9 0 National Electric — 0 10 6 N.Z. ■ Drug ........... 2 16 0 *3 1 3 Well. Queen’s Theatre 0 19 0 Whltcombe and Tombs 2 14 6 Wilson’s Cement 1 19 3 —- OIL— Blenheim — 2 6 0 Moturoa ....k.. 0 2 6 Taranaki — 0 3 0 MINING— Mount Lyell 1 0 9 —— >4 *Cum. dividend.

yesterday:— WE1MNGT0N . . d. 1 £ B. Bank of New South Wales . 27 5 0 South British Insurance (7) ... 2 12 6 British Tobacco 1 10 0 Tooth’s Brewery 1 1 9 AUCKLAND. £ s. d. Commercial Bank of Australia .. 0 10 6 Nat Bank of Australasia, £5 pd 5 2 6 Auckland Gas 1 .3 3 do. contr 0 10 . 9 Waihl Gold Mine 0 15 . 6 Mount Lyell 1 1 3 King Solomon 0 1 9 CHRISTCHURCH. N.Z. Breweries, bonds £ 8. d. 1 2 0 Commercial Bank of Aust 010 0 10 4 3 National Bank of Australasia, 4 £5 paid (2) 5 3 0 Goldsbrough Mort Po 1 3 3 1 3 6 Do (2) 1 3 8 1 3 9 N.Z. Refrigerating. 10/- pd. (2) 0 3 5 Do 0 3 7 Do (2) 0 3 6 N.Z. Breweries 1 16 10 Do. 1 17 0 Tooth’s Brewery 1 i : 10 Beath and Co., cum. div 1 2 1 Do., 1/- paid 0 2 6 British Tobacco. cum. div. (2) 1 10 6 Mount Lyell (2) 1 1 1 Do . 1 1 2 Mahaklpawa 0 0 a Do • ••• 0 0 7 ' Sales reported: N.Z. Breweries bonds . 1 2 3 Commercial Bank of Aust. (2) 0 10 1 Do 0 16 6 Nat. Bank of Australasia, £5 pd. 5 4 ■0 Do. . .. 5 4 6 Do .• 5 6 0 DO 5 4 0 South British Insurance 2 12 6 Goldsbrough Mort 1 2 9 N.Z. Refrigerating, 10/- pd 0 3 8 Mount Lyell 1 1 2 Bank of New South Wales 27 10 0 Union Bank of Aust 8 17 6 DUNEDIN. t Sales on ’Change: £ s. d. Bank of New Zealand 2 10 0 0 1 1 Sales reported: Nat. Bank of Australasia, £5 pd. 5 4 0 Goldsbrough Mort 1 2 9 Union Steam, pref 1 0 0

d. d. Half bred: .. 9 to Hi Super Medium .. 7 to 84 Inferior .. to Gi Fine Crossbred: ,. 8 to 11 Super Medium ..,7 to 84 Medium Crossbred: .. 7| to .84 Super .. 7 to 7j Inferior .. 4J to 65 Coarse Crossbred: Super .. 7| to 84 Medium »• 6 J to 7| Inferior .. 5| to 6 Hogget: .. 84 to 94 .. 74 to 84 Inferior .. 6 to 7i Pieces: Extra good .. 64 to 65 First crossbred .. 44 to 64 Second crossbred 3 to 4| Bellies: First crossbred .. 4 to 54 Second crossbred ..... .. 34 to 4} Crutchingis: First crossbred .. 4 to 4} Second crossbred ,. 8 to 3{ Necks: 1 First fine . to frl Seconds .. to 5 .. 24 to 2 Pead .. 5 to 64