FINANCE and COMMERCE

Dominion, Volume 24, Issue 145, 16 March 1931, Page 12

FINANCE and COMMERCE

SHARE MARKET FIRM

’ Last Week's Business HEAVY TRADING IN BANKS b'Wto '. A much larger business was done on the Stock Exchanges of the Dominion last Week’than for some time past. Deallngs were. restricted to a comparatively shires, the turnover in these being eIC( -4’ tiofial?- On the whole prices advanced, bailie shares and a few others showing a stroiig upward tendency. Investors seem to consider that their choice is limited, hence the heavy trading in the favoured was a contraction in the buslnesi .done in Government securities as Compared with the previous week bnt therh was no recession in prices. The 4} nfer' cent. Bonds, 1938, changed hands at £93/15/- or 7/6 above the closing price of thq previous veek. The 5} per cents sold at £O6/5/-, a rise of 5/-, and the 5} per cents., 1933, were transferred at £OO. Ch'rfstehiircli Drainage Board, 5} cent?.. 1938-73, sold at £94, and there vflWhsales of N.Z.'Breweries Bonds at 2-/-a °Thcre was heavy trading In a few Bank shares, and mostly on an ascending scale of nrices There was extremely active trading in Commercial Bank of Australia, Bank St New South Wales, and National Bank of Australasia, £5 paid. ine course, of sales. of Bank shares was as f °Bank'of Australasia, £l(h »««/ ’bw •&SV® KOK. V °iSSii Bail Vs'/a W> s*• K 'iStA 5/ 16/1’ 16/0 16/4, 16/4, 16/2, 16/2, 16/-, w ’ 16/1' mA; M wA • 16 ' 3 -- ~ Bank o£ Australasia, £’o paW, £5/2/6, £5/2/6, £5/2/-,. §5/2/6, er/nfa £5/2/6, £5/3/-, . £5/3/-; Union Bank, £B/10/-, fco/io/v. . .T> nn iCompared :,wlth- the Pilous \veek, Bank ZtV w“le^X r ncedJrom £26/2/6' to £27/10/-: Union Bank show a rise of 20/- on the week, but later lost 6/3... Com- . merclal Bank of Australia were 1/9 higher, than the previous week, and National Bank of Australasia, £o paid, 5/6 as compared with the preceding week. Insurance and /Financial. South British insurance maintained their position, notwithstanding ’heavy 1 sales through the-sharee a . lar ,B® ho }£®y. being placed on the market, but they were not .pressed L and most of the-sales; recorded were at 112/6, a tew being at 53/-. • New Zealand Insurance sb °w« d . tendency, with sales at 40/- and, 4i/b« Goldsbrough Mort. and Co. met with good business, and changed hands at 22/- to 23/9, while in the .previous week they sold as low as: 19/9. There. were transfers of Christchurch. Building, at £l2/5/-, and ’ Mutual Benefit Society at ~ 10/17/6. Auck land Gas sold steadily at 23/3, but there was nothing .doing in other Gas shares. N.Z. Refrigerating, 10/- paid? were free sellers at 2/5 to 3/8, but toward the weekend they cased to 2/10. Not so very long ago these shares sold down to lOd and 1/-. Westport Coal were steady at 24/-, with a restricted demand. Union Steam changed; hands at 20/-, and Devonport Steam Perry, at 21/-. Shipping shares have been dull for some time. A good d t ° h “®. in New Zealand Breweries and loothiS. Breworv, but the former were unsteady,selling at 37/4 to 38/-, then droiiping to; 36/10. and moving up again to 37/3. Tooth’s Brewery were steady, with sales Tobacco, showed a slight firming tendency, the sales of the week ranging from 20/8 to 30/9. Wilson s Cement were also slightly firmer, with sales at 30/6 to 40/-. Colonial Sugar changed hands at £3l. Holden's Motors at 9/6, Electrolytic ■Zinc 'preference at 17/3; Beath Co..at 22/1. sum. div.; N.Z. larmers Fertiliser St; 13/6; and Grey, and Menzies, preference, At 9/9, and Mount Lyell, were in active deSand,, and sold at_2o/10 to 21/2. Walhi hands at 15/6. ■?./ $ WELLINGTON EXCHANGE ;- ■ - $ Saturday’s Quotations $ ■ Z ■ - _ ■' ■ ~ ■ and selling -quotations at Satuftday morning’s call on the Wellington Stock Exchange were as follow:— „ •J - Buyers. Sellers.

DEALINGS ON ’CHANGE Saturday’s Sales The following sales were recorded on the Stock Exchanges of the Dominion on Saturday: —

Tho contractors for the work of borine for oil at Kuaria for the. Southland Oil Company, Ltd.,'' have -made satisfactory progress with ■ the erection of the plant, buildings, etc, and the actual boring has been expeditiously put ip hand, with the result that the bore last .Friday week was down to a depth of approximately 209 ft. No (treat dlSlculty has so far been encountered, and It Is fully anticipated that within the next week the plant will be workliur 'at ita-normal -oapadtjw ■. '

BETTER DEMAND

Butter Steady at 118-120/-CHEESE IMPROVING AT 56/59/Following a weakness early In the wool?, the Loudon butter market closed steady on Friday with an improving demand at 118/120/-, a decline of 2/- on the week.’ Conditions in the cheese market were much the same as for butter. Full cream cheese still commands a premium of 1/- per cwt on “standardised.” The market closed at 55/59/-, or one shilling down on the week. The retail price of butter is unchanged at 1/5 for Danish and 1/3 per lb for New Zealahd; that fob New Zealand cheese standing at 9d. Current prices, with those for the previous week in parentheses are reported by the Dairy Boards London office as follow:— Butter. New Zealand, salted, 118/12<V- (120/122/-; March 14.- 1930, 139/142/-); unsalted 124/ 1 9 8/- (124?128/-; March 14, 1930, 148/154/-), first whey, 114/- (116/-); second whey, 12 AustraUam salted, 117/119/- (not quoted); unsalted, 122/124/- (not Quoted). 1 Argentine, unsalted, 118/122, ex 124/Danish, 133/-. f.0.b.; 140/142/-, spot (I Dutih, l4 u^ne<j fc Maa3B/- (136/138/-). New Zealand, white, 55/57/- (56/57/-; March 14, 1930, 83/84/-); coloured, 57/59/(58/60/-; March 14, 1930, 85/86/-). ■ Canadian, white and coloured, 74/78/(74/76/-; coloured, 74/78/-). ' English finest farmers, 100/10/6 (100/ 106/ ). D e n vcl .i es and Stocks. The Empire Marketing Board’s estimate of stocks of all butters as at March 7 was 266,695 boxes, which compares with previous dates as follow:— August 22 September 6 September 20 ...» §87,614 October 4 828,8a4 October 18 h 743,389 November 1 613,645 November 15 . 438,361 December 1 320,380 December 15 276,010 December 27 252,141 January 10 235,114 January 24 301,312 February 7 280,514 1 February 21 300,618 March 7'.' 266,695 Deliveries of New Zealand butter for the week were 2350 tons as against 1500 tons a year ago. The quantity in store, Including 275 tons ex Rangitiki, and 150 tons ex Port Fairy, is 5050 tons, as compared with 6650 tons a year ago. Deliveries of Australian butter were 1062 tons as compared with 1287 tons, and the quantity in store 750 tons, as against 2450 tons a year ago. Deliveries of New Zealand cheese, last week were 19,000 crates, as against 29,500 crates a year ago. The quantity In store Is 140,000, crates as compared with' 90,380 crates a year ago. ■ Deliveries of Canadian cheese last week were 2005 boxes as against 3600 boxes, tho quantity in store being. 103,000 boxes as ’compared with 126,194 boxes a year ago. Shipments for London. Four shipments totalling 121,647 boxes of butter and 43,656 crates of cheese left New Zealand last week for London. The Ruapehu which left Wellington on Tuesday took 594 boxes of butter and 8730 crates of cheese. The Mataroa which left Wellington on Wednesday had 40,350 boxes of butter and 11,783 crates of cheese. Tho Mamilius sailed from Auckland on Thursday with 40,034 boxes of butter and 11,764 crates of cheese, and the Port Victor left Wellington on Friday with 40,069 boxes of butter and 11,379 crates of cheese. '■/•_' Agents’ Reports. The New Zealand Producers’ Co-operative .Marketing Association’s weekly cabled ,market report from London, dated March ■l3, Is as follows —Butter: Market steady with more inquiry. New Zealand, 118/- to 120/-: unsalted, 124/- to 128/-; Danish, 140/to 142/-. Cheese: Market steady. New Zealand white, 55/- to 57/-; coloured, 57/to 59/-; Canadian white and coloured, 74/to 78/-. ' Mr. Thomas Gray has received the following report from Mr. A. C. Rowson, London—Cheese: Deliveries, New Zealand and Australian, 19,134 crates; Canadian, 2669 boxes: stock, New Zealand and Australian, 140,117 crates: Canadian, 155,261 boxes. Price, white, 55/- to 57/-; coloured, 58/- to 59/-. The demand is improving and the market steadier. Butter: First grade, 118/-; finest, 119/-. The demand is improving and the market steadier. Amalgamated Dairies, limited, report having received the following market cablegram from their London manager— Butter: Market steadier. Rather better demand. Anchor. 122/-. Other finest now generally, 110/-. Market improving. Danish, 134/-, f.o.b. Retail position unchanged. Cheese: Market quietly steady, after a good demand. White, ' 56/- to 57/-. Coloured, 58/- to 59/-. Retail position unchanged. , p i ■■ •'■■ ■■“ ~~ HAWKE’S BAY FREEZING CO. Proposed Amalgamation By Telegraph—Press Association. Hastings, March 15. ■ The Hawke’s Bay Farmers’ Meat. Company is calling an extraordinary general meeting of sharheolders to consider a suggested amalgamation with Nelson’s Limited, Tomonna, the idea being to form a new company for economy and efficiency. NEW BREWERY COMPANY Manufacture of Lager Beer Arrangements .are well in hand for tho formation of a new brewery company to be called Lager Breweries (N.Z.), Limited. The brewery will be located near Pigeon Mountain, near Pakuranga, and will specialise in , the manufacture ot lager beer. Negotiations for a license haye been practically completed. The promoters have had the services of a Copenhagen expert in the manufacture of lager beer, and it Is as a result of his investigations in several parts of New Zealand that the site near Auckland has been selected for the brewery. The water there is considered to be very suitable for lager beer-making. The company will have a nominal capital of £150.000, of which £lOO,OOO will be offered to the public within the next week or so. RAW MATERIALS Markets Irregular * (Rec. March 15, 5.5 p.m.) London, March 14. Friday’s closing prices for the following raw materials werg as follow, those for March 7 being given in parentheses :— Cotton.—Liverpool quotation, American middle upland, April delivery, 5.83 d per lb (o.OOd). Rubber. —Para, 4 3-8 d per lb (4}d); plantation smoked, 4d (4 l-16d). Jute. —Marcli-J'prll shipment, £l4/15/per ton (£l5 to £l5/2/6). Hemp. —None offering (nominally £2O 10/- per ton). Copra. —April shipment, South Sea, £l4 17/6 nor ton (same): plantation Rabaul, £l5/2/6 per ton (£ls).' Linseed Oil—£2o per ton Turpentine—lo/9 per cwt (40/-). AUCTION SALES TO-DAY. Tremtham Sales Stables, 1.3. Q n.m.—Sale bloodstock (W.S. and Co.. Ltd.). Woodville sale, 11.30 a.m. (W.S. and Co., Ltd.). 16 Dawson St.. 1.30 p.m—Sale furniture (R. Silverstone). Upland Rd., Kclburn, 1.30 p.m.—Sale furniture (E. Johnston). Autumn Cattle Fair, 11.30 a.m. (Dalgety and Co., etc.). TUESDAY. Grand Theatre.. Wanga'nul, 10 a.m.—Sale plant and fittings (Williams and Harper), , AID— St., 10.30 a.m.—Poultry sale (Town~md and Paul). Levin Sale. WEDNESDAY. 43 Panama St.. 2.30 p.m.—Sale of property, 129 Coromandel St. (Harcourt & Co.) Dominion Farmers’ Institute, 2.30 p.m.— Sale ot property 8 Houghton Bay Rd. (McLaren & Nisbet.) Dominion Farmers' Institute, 2.30 p.m.— Salo of properties (Longmore & CoJ Johnsonville Fat Stock Sala. 1 pun.

FIRMING TENDENCY

London Wool Sales WITHDRAWALS NEGLIGIBLE London, March 14. Offerings at the wool sales to-day were 11,016 bales, including 1741 New South Wales, 539 Queensland, 552, Victorian, 172 West Australian, and 3251 New Zealand. Withdrawals were negligible. There was a representative but limited supply of Merinos, but a good selection of greasy crossbreds, and a few sllpes. Strong demand was experienced for all descriptions at full late rates. Greasy combings. New South }Z. a , f ; a ' "Sterling,” sold 133 d to 13d; Bjßy Brewan” Hid to 10}d. Queensland, Terrick,” 121 d to 12jd; New Zealand greasy crossbreds, “Akitlo,” 10id to IOJd, “Rukumoaua,” Hid to Hid. Murray, Roberts and Co., Ltd., are in receipt of the following wool market cablegram from their London agents, dated March 13:—Sales continue with a good tone - Improved Continental competition; greasy Merino par to 5 per cent advance. All other descriptions of wool show a hardening tendency. London Rabbitskin Sales London, March 18. Offerings at the rabbit skin sales were 2516 bales, of which 1371 were sold on an erratic market. Hatters, good, declined ■by 10 to 15 per cent., poor were firm to 10 per cent, advance. Furrier bucks advanced 20 to 25 per cent. G ° od h d ° t ea (,? t 0 per cent. Spotty does fetched about hat ters’ prices. Dalgety & Co., Ltd., have ‘received the following report, dated March 13, trom their head office: —London rabbitskin sales: Offered 2516 bales; sold 1370. Market very irregular. Furriers bucks and tate winters 20 per cent, higher; furriers’ does firm to rather dearer; spotty does neglected, when sold fetched hatters. nriees- light racks, 25 per cent, lower, no demand, very little sold; pulling hatters, 10 per cent, to 15 per cent, lower, poor demand; inferior descriptions hatters, par to 10 per cent, higher, with good competition Dalgety & Company have received-the following report from their head office, dated London, March 13:—London wool sales continue with strong competition. Prices show hardening tendency. GRAIN AND PRODUCE Christchurch Markets Dominion Special Service. ■’ Christchurch, March 14. Deliveries of milling wheat are slowing down. Most millers are stocked up for some time, and though the market is firmer little wheat Is being purchased. The reduction in the deliveries is probably due to forward sellers fearing a rejection on account of the wheat being under grade, and they are consequently giving it time to condition. The quotation for grade wheat Is 5/3 on trucks. Fowl wheat has firmed appreciably during the week for spread deliveries. MayDecember is quoted at 5/3, f.0.b., and this figure has also been paid up to September In one or two cases. Prompt delivery fowl wheat is quoted at 4/10} to 4/H. The oats market is very dull, little offering at the low prices ruling. A big proportion of the crop is being stacked, in view of a chaff outlet developing. Chaff is quoted at £3 on trucks, or £4/5 f.0.b., s.i. The potato market shows little change. April-June deliveries are quoted at £4/2/6, f.0.b., s.i., the on-truck price remaining at £3. Northern merchants are showing little interest in the forward position. Many of them sustained losses last year through forward buying deliveries materialising when heavy consignments were being sent north. So far, the policy of depending on consignments Is likely to be followed. Seeds are not inquired for, and prices as a result are showing no Improvement. Farmers are accepting the market for all classes except perennial ryegrass, for which they are asking 3/-, merchants’ ideas being about 2/6. Italian is worth 2/- a bushel. Akaroa cocksfoot is quoted at 3d. to 3}d. a lb., and Plains at 2d. to 2}d. The Akaioa seed this year Is exceptionally clean, with practically an entire absence ot fog and goose grass. » There are heavy stocks of cowgrass carried over from last season—one of tho few products in which this is the case—and in spite of the prospects of a very moderate crop, there Is no demand. Otago Supplies Dunedin, March 13. More activity is now shown in the wheat market, which has been affected by cheaper offerings from Canterbury, where Tuscan Is being sold nt 5/3 per bushel, sacks oxt-a, on trucks, with Hunters realising very little more. Fowl wheat is quiet, with merchants still content to work from hand to mouth.. Lines rejected by the millers as not being up to standard are more than sufficient to meet the demand, the price being a/- per bushel, sacks extra, ex store. ■Owing to the unsuitable weather during the past few weeks, the threshing of oats has not yet started in this district. It is too early yet to say what the total returns will be from the oat crops this season. The new season’s chaff is now available from Canterbury at considerably lower valued than those ruling this time last year. The local market is at present in a state of Values are ab °ut £5 Per ton,;but supbl 1 nv?n» V M On V l6 way t 0 the market will be available at round about £4/107- ner °m’u ex “T. ck Danediu. sacks extra. . ape " 6 ne weather is resulting In mnrVnr supplies of potatoes being eent to ner ton ’r!!° d <lu , al ' ty are up to £5 per ton. 'J?he market is weak. Overseas Grain Markets (Rec. March 15, 5.5 p.m.) London, March 14 Wheat. The demand for cargoes to-dav was inactive, sellers being wining to aZ cept lower terms owing to the liberal clearances and increased quantities afloat ■ JuneTlv o^ 000 tOnS . of West AnsDallak June-July shipment for Shanghai sold at a price which is secret. Parcels were quiet and prices unchanged. Futures’ r'l \ 9 /° per <l uar ter; ’ Biverpool, March, 4/1} nor centalMay, 4/3; July,’4/5 5-8; October” 4/6} ’ A “BARTER” CRISIS Banker’s View of Depression tbl n iv ls f a< ? dr ? 3s the ann ual meeting of the Westminster Bank, Ltd., the chairman, the Hon. Rupert Beckett, said: “I cannot help thinking that the effect of these ?i°H! I n« aCCU^ llllation s on tbe B en eral trade situation has perhaps been overstressed. We a re through, not so much a whni T r \nn’ n 4 or yet credit crisi8 ’ but what I may term a ’barter’ crisis. The majority of the population of the world are P ro( \ u cers of the primary commodi-ties-—foodstuffs, minerals, animal, products such as wool, and vegetable products such as cotton and rubber. In almost all of these. Nature has yielded, a series of bumper harvests and gatherings, with the natural consequences of a plethora of supplies and constantly falling prices. Now, international trade is fundamentally an interchange of raw materials and manufactured products. It follows, then, that the quantity of the latterZjvhich the primary producing countries dre able to take from the manufacturing countries will depend upon the relative cheapness or dearness of the two classes of goods. Between the raw material and the finished product there are numerous preparatory and finishing processes, at each stage of which production costs of all kinds have to be added. When a violent fall occurs (as it now has) in the value of the raw material, because these intermediate costs cannot be reduced simultaneously, their weight becomes disproportionate, and the price of the finished product is thrown completely out of harmony with that of its basic constituent, The primary producer is thus unable to take in exchange for his commodity as large a quantity of manufactured goods as that to which he has been accustomed—to - tho impoverishment of himself and the manufacturer alike. This disequilibrium is a feature of all abrupt price movements,’ but its seriousness for the British Industrialist is aggravated at the present time by the already swollen expenses which he has to meet, and much of which It is not in his power to alleviate. For a number of reasons, our manufacturing costs are substantially higher than those of our competitors. If we are to sell our goods to the primary producers of the world, it is of urgent necessity to explore every possible avenue qf economy and to put into immediate operation every means, this search may reveal o£ reducing cmjt ‘ coata. 1 !

LAMB MORE ACTIVE

Smithfield Market TRADE GENERALLY BRIGHTER The Bank of New Zealand produce department has received the following advice from its London office as at close of business last week:—lf present demand for wether mutton continues prices may • go higher. Smaller supplies of ewes have caused prices to harden. The market for lamb is more active owing to tho increased demand. The market for beef is dull. Trade generally is brighter with better demand. Wethers, light, 3d. to 4}d. per lb.; heavy, 3d. to 3}d.; ewes, 2}d. to Kid.; lambs, 2a, fid. to 63d ’ B’s 6d. to 63d.; 4’s, 6d. to 63d.; seconds, Bid. to s}d. Bek: Ox hinds, 3id. to 3jd.; fores, 2}d. to 23d.; cow hinds, 3d. to 3}d.; fores. 2}d. to 2}d. Lamb market: More active. Mutton: No change in prices for wethers, but market is firmer. Ewes: Prices slightly better owing to lower stocks. New Zealand beef: Market is dull with poor trade. New Zealand porker pigs: Better demand for light weights, but trade slow for heavy weights. New Zealand baconer pigs: There is practically no demand owing to over supplies of Continental bacon. The above report was received on Satur day by the New Zealand Meat Producers' Board from Its London office, which advises that the following are the approximate . average prices realised for the week ended March 13, based on actual transactions of wholesale quantities of the descriptions of meat'mentioned, and are for representative parcels of the goods offering during the week, being for business done on the basis 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 ewes, 48/561b., 3 7-Bd. (3 7-Bd., 3 7-8 d.); 57/641b., 3Jd. (3id., 33d.); 65/721b., 33d. (33d,. 33d.); North Island crossbred wethers and maiden ewea, 48/561b., 3 5-Bd. (3 5-Bd., 3Jd.); 57-G4lb., 3}d. (3}d„ 3}d.); 65/721b., 3 3-Bd. (3 3-Bd., 3 3-8 d.); ewes, 481 b. and under, 2 5-Bd. (2}d., 23-8 d.); 47/641b., 2}d. (2 3-Bd., 2}d.); 65/721b., 2}d.. (2Jd., 2 l-Bd.). New Zealand Lamb.—Canterbury, 361 b. and under, 6}d. (6}d., 7d.); 37/421b., G}d. (6Jd., 7d.); 43/501b„ 6}d. (0 5-Bd., 7d.); second quality, average 331 b„ s}d. (s}d., 6d.); other South Island brands, not quoted. Selected North Island brands, including Downs, 361 b. aud under, 6 5-Bd. (6 5-Bd., 7d.); 37/421b., 6}d. (6 5-Bd., 7d.); 43/501b., 6}d. (6 5-Bd., 7d.): second quality .average 311 b., s}d. (s}d., s}d.); other North Island brands, first quality, 361 b. and under, fid. (fid., 0 3-8 d.); 37/421b„ fid. (fid., 0 3-8 d.); second quality, average 311 b., 5 l-Bd. (5 l-Bd., 5Jd.). Australian Lambs.—Victorian, first quality, 361 b. and under, sd. (same); 37/421b., sd. (same). Argentine Lamb.—First quality, 361 b. and under, sd. (same); 37/421b., 43d. (same). New Zealand Beef.—Not quoted. Argentine Chilled Beef.—Ox fores, 3}d. (3id., 3 3-8 d.); ox hinds, 5 5-Bd. (s}d„ 53d.). Australian Frozen Beef.—Ox crops, over 1001 b., 2 5-Bd. (2}d., 2}d.); ox hinds, over 1601 b., 3}d. (3}d., 33d.). New Zealand Prime Porker Pigs.—6o/100 lb., s}d. (same); 101/1201b., 4}d. (same). New Zealand Prime Baconer Pigs.—l2l/ 1801 b., sd. (same). New Zealand Frozen VeaL—Not quoted. By Telegraph—Press Assn.—Copyright. (Rec. March 15, 5.5 p.m.) London, March 14. Australian Sheep.—First quality crossbreds and/or merino wethers, 40/Cslb., 2Jd.; second quality, 30/551b., 2 7-Bd.; ewes, 30/55 lb., 2}d. Argentine Sheep.—First quality crossbred wethers, 48/641b., 3 5-S<l. Argentine Lambs.—First quality, 43/501b., 4}d. Patagonian Lambs.—First quality, 37/42 lb., and second quality average 301 b., 4}d. [All other meats are as quoted in the Meat Board's report.) Market Steadier. As compared with last week’s quotations, North Island Down lambs, 36/421b., and best North Island crossbred lambs, 28/361b_ l-Bd. per lb. lower; North Island eWes, under 481 b. and 50/721b., l-Bd. per lb. higher. Others unchanged. This report was received on Saturday by Levin and Co., Ltd., from their London agents, who quote Smithfield market prices qs follow:—North Island Down lambs, 28/361b., 7d. ner lb • 36/421b., 6 5-Bd.; best North Island crossbred lambs, 28/36!b., o}d.; 36/421b„ 6}d.; r on/J? lant L, s , ec °? d Q UBli ty lambs, average 30/311b., s}d.; best North Island wether , sbee P’ under 481 b., 41 d.; 48/561b„ 35d.; 56/64 lb., 3}d., 63/721b., 3}d.; North Island ewes, under 481 b., 3d.; 48/561b., 2?d.• 56/641b 2 21d '= New Zealand prime ox beef, 160/2201b., none offering, LIVE STOCK MARKET Gisborne Sale Prices Dominion Special Service. « r.. , Gisborne, March 14. At the Gisborne stock sale prices for Fto? V e \ e n aza’" IV th po , or Ewes, 3/- to 4/8; wethers, 0/- to 9/1; mixed two-tooths, 7/6 to 8/1; lambs, 0/6 to 8/-’ second grade ewes, 2/2 to 3/1. ’ AT Ca i5L e ' — For beof there was no demand. cow^ l4s Were made fOr 50 Pollod Angus ,St ore S, liee P’ —There was an entry of 7000 head. The market had a better tone and' there was a small improvement In prices, particularly for wethers. Five-year ewes with quality, C/9 to 7/-; fair, 3/4; five and slx-year mated down rams, 4/7; slx-year fairly good, 3/7; four, six and eight-tooths, moderate condition, 5/4; two-tooths, good, 7/10: fairly good, 6/3; wethers, solid fourtooths, 6/4; fresh-conditioned two-tooths, 6/2; good two-tooths, 5/7 to 6/-. Lambs.—There was an indifferent offering. Best sorts made 3/7 to 4/-; medium, 2/3 to 3/-. Weather conditions are still droughty. Feilding Prices Firm A distinct firming in the prices for all classes of sheep is reported by the New Zealand Loan and Mercantile Agency Co., Ltd., who sold a heavy yarding at the following prices:—Sheep: Five-year ewes, 5/3, 5/9, 6/6, 7/1; four-year ewes, 7/3, 7/9, 8/3, 8/9, 9/-; four and five-year ewes, 6/6, 6/9, 7/1; do., poor; 4/-, 4/6, 5/3; four aud six-tooth ewes, 9/6. 10/-, 10/6, 11/-; twotooth ewes, small, 8/6, 9/-, 9/3; two-tooth ewes, medium, 10/-, 10/6, 11/-, 11/6, 11/10; two-tooth ewes, good, 13/-, 13/6, 13/9; w.f. ewe lambs, 0/6, 7/3, 7/6, 7/9; w.f. wether lambs, shorn, 5/-, 5/6, 6/-, 6/4; w.f. wether lambs, woolly, 5/6, 6/3, 6/0, 0/10; b.f. woolly lambs. 5/6, 8/-, 0/4, 6/9, 7/-; store b.f. two-tooths, 7/- to 8/7; cull lambs, 3/to 4/-; one-shear Southdown rams, l}gns. to 2}gns.; Southdown ewes, two and threeshear, 15/9. Cattle: Dairy cows, £6/10/-, £7/15/-, £B/5/-, £9/7/6; In-calf heifers, £4/15/- to £5/4/-; forward cows, £3, £3 5/-, £3/12/6; cull cows,"2s/- to 37/6; bulls, £2/10/-, £4/15/-; 2}-year steers, £4/10/-; 20-months P.A. heifers, 36/- to £2. Levin anj] Co., Ltd., report the following prices at the Feilding sale: —Fat ewes. 6/6 to 7/0; fat lambs, 11/- to 12/-; wether lambs, 3/1 to 4/0; four and fiveyear ewes, 0/- to 7/6; m.a. ewes, 11/6; Ryland rams, 2gns.; Southdown rams, 13/- to 2gns.; Bomnev rams, 2/6 to Ign.; springing heifers, £3/10/- to £3/15/-; springing cow’s, £3/12/0 to £4/5/-. Sales made bv Abraham and Williams, Ltd., were as follow:—Fat wethers, 10/6 to H/2; fat ewes, 5/1, 5/11, 6/-, 6/4, 7/9 to 8/-; fat b.f. two-tooths. 12/6; fat lambs, 10/-, 10/11, 13/- to 13/1; two-tooth ewes (small), 7/3, 9/6 to U/9: two-tooth ewes (good), 13/8, 13/9, 14/-, 17/2 to 20/-; fourtooth ewes. 18/-; four and five-year ewes, 5/-, 6/9, 7/-, 7/1, 8/- to 8/6; five-year ewes, 7/1, 7/3, 8/10 to 0/-; two-tooth wethers (good line), 9/-; b.f. rape lambs, 7/- to 9/2; b.f. rape lapibs (medium), 4/4, 5/to 5/2; ewe lambs, 8/6 to 9/-; wether lambs 7/-, 7/9 to 10/-; store ewes, 4/8; Ryland ewes (studs), 25/-; Ryland ewe lambs, Ign.; Ryland ranj lambs, 5 to Bgns.; Southdown rams, Ign., ligns., 2}gns„ 3gns„ 4gns. to 4Jgns.; rams (Romney), Ign. to ISgns.; fat cows, £2/10/-, £3 2/- £3/14/-, £4, £4/7/-, £4/11/- to £5; vcalcrs, • 20/-; bullocks '(good condition), £4/10/-; 18-months P.A. heifers, 35/-; 18months P.A. steers, £2/15/-; 18-months P.A. steers (mixed), 23/-; store cows, 30/-, 33/- to 35/-; wcaner Jersey heifers, 27/- to 50/-: heifers r.w.b., £3/.,/-; springing heifers. £5/5/-; dairy eows, £3, £4 2/- to £5/5/-: bulls, £l/I’>/-, £2/o/-, £- 10/-, £3, £3/5/-, to £5Dalgety and Co., Ltd., sold as follows. Fat lambs 10/9: fat two-tooths, 10/-, 10/3, Fo/9 tot ewes. 5/4, 5/10, 6/9, 7/-, 8/3; cull lambs 2/10 3/-. 3/3, 3/6, 4/-; smaU wether lambs. 5/- to 5/6; b.f. .'a" ll )®’ 7 /*’ 7/3 8/- to 8/2; small b.f. lambs, 5/- to 5/7’; medium ewe lambs, 7/2. A pen of extra good woolly ewe lambs realised 14/-j five-vear ewes, 5/0. 5/0, 6/-, 6/1 to «/"» small four-year ewes, 6/2 to 7/11: small “ix-tooth ewes, 8/7; small four-tooth ewes, 8/”’ cull two-tooth ewes, 6/6 to 7/6; small two-tooth ewes, 9/6, 9/8 to 10/4; medium two-tooth ewes. 13/-; good two-tooth ewes, 15/8 to 17/-; Romney rams, Ign.; Southdown rams, Signs.; springing heifers, £3 W- to £5/5/-1 6hrlMlw£ sowft, £5/10A

to £6/15/-; emptv cows, 22/6, 27/6, 85/-; heifers r.w.b., £3/5/-, £4; small 18months steers, £2/15/-; P.A. cows nnA calves, £3/1/-, £3/17/6; fat cows, £4 to £4/5/-; Jersey bulls, £2/10/-, LJ, £3/5/-, £4. Carterton Sale At the Carterton stock sale, Wright, Stephenson and Co., Ltd., offered a good yarding. Sheep were in fair demand, and sold at par rates. Pigs were only saleable at low values, and store cattle were also back. . This firm’s sales realised:—Ewe lambs, 7/2; ewe lambs (small), 3/8 to 4/2; wether lambs, 3/10; wether lambs (small), 3/- to 3/2;’ m.s. cull lambs, 2/4; b.f. lambs (small), 4/- to 4/11; cull ewes, Bd.; forward cows, £3 to £3/9/-; store cow, £1; wcaner pigs, 5/- to 8/-; baconer, 30/to 34/-: good woolly wether lambs, 6/-; good shorn do., 6/8; medium do., 4/9; small lambs, 3/5 to 3/10; five-year ewes (low condition), 4/-J s.m. ewes, do., 2/- to 2/1; cull do., 1/-.

JiftZ. GOVT. IOANS— £ s. d. £ s. d. p.c. Insc. Stk., 1939 1938 95 0 0 5} p.c. ditto, 3933 ... 98 17 6 —•• '• n.<J. ditto, 1930 ... 98 5 0 is p.c. ditto, 1941 ... 94 0 0 —- 5j p.c; ditto, 1937 ... 94 10 0 — 4$ p.c. Bonds, 1939 and >1938 95 0 0 — M p.c. ditto, 1933 ... 98 17 .6 iliS P.c. ditto, 1930 ... 98 10 0 !» p.c. ditto, 1937 ... 94 12 6 DEBENTURES— * Auckland Harb. Board 94 0 0 . Wanganui Borough, 51 , _ ;r/,p.c., 1944 97 U U — B&NKS— •9 16 0 (Commercial of Anst. 0 16 5 Jjjatlonal of N.Z 4 19 0 — - National A/asia. (£5) 5 0 0 • N-qw South Wales ... 27 10 0 28 0 0 New Zealand ........ ' 2 10 0 TStto, long term Union of Australia .. ■ '—; 1 6 6> 8 12 6 FINANCIAL— Abraham and Williams Gife*’ ; 4 10 0 ■ 0 10 0 ISSUKANCE— 0 12 9 Zealand —— 2 16 South British 2 12 0 — MEAT PRESERVING— 18 0 ■ TRANSPORT— middart Parker (ord.) —— tl 5 0 WOOLLENWellington (ord.) ... 4 0 0 5 0 0 Ditto (pref.) 4 5 0 — TIMBER-LCyland-O’Brien .... 10 6 — BREWERIES— New Zealand 1 16 6 ■ ■■ I. 12 6 MISCEIZLANEDUS— British Tobacco (ord.) . 1 0 9 •1 10 9 Burns, Philp and Co. 1 10 6 . — Dental and Medical .. —— 0 10 0 Electro. Zinc (ord.) . 0 12 6 —• National Electric — 0 10 6 Wilson’s Cement «... 1 19 6 — MINING— 10 9 •Cum. dividend. tEx dividend.

WELLINGTON. £ s. d. Bank of New South Wales . 27 10 0 Union Bank of Australia . 8 15 0 Ditto . 8 13 9 AUCKLAND. £ 8. d. Bank of New Zealand •«. . 2 10 8 Union Bank . 8 15 0 CHBISTCIIUBC1I. £ s. <1 Commercial Bank of Australia . . 0 10' 0 Union Bank of Australia . 8 11 6 N.Z. Guarantee Corpn. (2) . 0 3 7 N.Z. Refrigerating, 10/- pd. (3) . . 0 2. . 117 10 New Zealand Breweries 8 British Tobacco, cum. div. ..... . 1 10 . 2 Electro. Zinc, ord. .■ 0 11 11 0 Sales reported: New Zealand Breweries . 1 17 6 Mount Lyell (2) ..... . 1 1 4 Beath and Co., cum. div . 1 2 9 British Tobacco, cum. div. ..... . 1 10 4 Ditto . 1 10 9 Commercial; Bank of , Australia . . 0 15 9