FINANCE and COMMERCE

Dominion, Volume 24, Issue 148, 19 March 1931, Page 12

FINANCE and COMMERCE

STEADY DEMAND Wellington Stock Exchange '; • MARKET FIRM < jrirmneaa in the ehare market is being well ■ maintained. Yesterday there was Htraln a very strong demand on the Wei lington Stock Exchange lor Government securities. Bank shares were also In good demand, and there was fair Inquiry lor most of the other favoured sharesNew Zealand Government st o f cenL. 1023. changed hands at £97/11/ • The 4} per cent stocks and bonds, fOStb 1938 apd 1941, advanced “ no^® r ,f / ‘ I nn 7 £ n t tn/-* the 5 1-8 per cent, -bonas, Udf, ac £94/167- were down 7/0; the Bi per cent ~ 1941/ were unchanged at £ 94/<i/ > the H W l933 ft b The° J sf d cent stock were cents., 1933. The Oi per 5} per a a nd bo^ 0/ 1930 were at £9B/5/-. There were no sellers yester dav of Government securities. Bank “/Bank shares were Ingood demand. Bank of Australasia at «9£l/ - Bank were wanted at 15/6 with no Br FSs-E-a.Kfc/.s Trust and Loan at *,o/J-o/u, . New ton Deposit at 8/ higher at 41/6, Zealand Insurance were 9dhlgner Brß _ with a sale reported at chrlßt - Ish I “ su p“ c ® t W 24/- fi a™d Wellington Gas church Gas at Gear Meat conat 26/3 were unchanged. Ge and Q _ Wellington Woollen and Leyland O’Brien Timber we up M 20/6. New Zealand areweri oa better “t Co/werl steady “at £/-■ Sugar were firm at £3O. Yesterday’s Quotations Exchange were as Sellers.

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

Search for Oil Coal Oil (N.Z.), Limited, have received the following drilling report for the week ended March 14 from Omata Nft. 1 bore:— Recovered 395 feet 0 5-8 drill stem; hole now clean to within fifty feet of bottom of easing connestiDg to the remclndai of drill stem.

BANK DIVIDENDS

'Australasia and Union PAYABLE IN STERLING The directors of the Bank of Australasia S 1X «w* M Sy branch of We Bank of Australasia at the current rate of exchange quoted by hanks for buying demand drafts on London, namely £lOB/10/- per £lOO London Thus shareholders will receive the benefit of the premium on the bank’s buying side of £B/10/- Per cent. The dividend, which te at the rate of 13 per cent., Is payable on directors of the Union Bank of Australia have made a like decision In respect of the dividend at the rate of 10 per cent, per annum declared in January. Insurance Deal The offer of the Phoenix Assurance Comnanv Ltd., to purchase the goodwill In iustralia of the Southern Union General Lieurance Co., of Australasia, at one shilling per share, will be considered by a general meeting of the shareholders of t Southern Union, to be held on March 31. If the proposal Is agreed to, the name of the Southern Union will be changed to Union Investment Company, Ltd., and it will carry on as an investment company. The Insurance business will then be taken over by the Phoenix Company. The insurance business in New Zealand of the Southern Union Co. was purchased threeyears ago by the Royal Exchange Assurance Company. FIXED INTEREST CHARGES “Sharing the Sacrifice” The subject of “Fixed Interest Charges and the National Income Is fully ais cussed In the latest monthly circular of the Bank of New South Wales. Dealing with the critics who argue> that the burden that is destroying industries and creating unemployment is of the fixed interest charges which it is said have not shared in tbe, common sacriflcp the writer says It is not even true that these charges have escaped the burden of sacrifice. Taxation has been imposed upon them in increasing measure in recent years, and even before the depression taxa tion in most States had been raised, possibly as high as it could profitably be carri Moreover, these' securities are not genorallv held by people whose entire resources are so invested. In some cases they are held by financial and commercial companies whose profits have been reduced by much mor§ than any reduction the wage earners are being called upon to bear In other cases they are held by individuals who distributed their assets over many types .of investments, some speculative, and some which they regarded as “gilt edged” upon the income from which they believed they could rely, whatever happened to their more speculative investments. While the income obtained by these individuals from government securities remains fixed, they have, nevertheless, borne their full share of. the loss in the national income through reduced dividends. Moreover, in many instances,, holders or mortgages and other liens are unable to collect all the Interest due to them, and in some cases have had to forgo the whole at their Income. . ' There are a few remaining cases of people who Invested their money only in Government securities. Even these have not all benefited. Many of them had made their . investments before the war. lhe public debt of Australia in 1914 held in Australia, was £112,000,000, and there were substantial investments In local government securities, mortgages, debentures, and other classes of fixed interest-bearln o securities. These investments suffered very heavily during the war, and even to-day show a disastrous loss. A table is given showing the fall In market value and dividends of shares in some well-known comP During the period of rising prices the returns from all these investments were greatly reduced in purchasing power, at one time being worth in goods not much more than one half their value before the Constructive Proposals Needed. After dealing at length with several proposals advanced for the solution of the problem, the circular sums up by declaring that “it is not sufficient, however, merely to make a destructive attack upon suggestions for preserving equity in the common sacrifices required of the people in order to distribute the loss In the national Income as evenly as possible. It is also necessary that some constructive proposals should be put forward whereby even the holders of fixed interest-bearing securities may share in the loss. But the proposals should be of such a kind that they will not do more damage than they will bring benefits. ‘‘lf economic forces are allowed to work themselves out naturally, it will be found, in the course of a few years, that the burden will, in the main, have been equltaoly distributed. With the lower prices uow prevailing a much smaller volume of loans will be necessary in order to meet the requirements of Governments and industry With the restoration of confidence a considerable additional quantity of funds will be available for investment in fixed Interest-bearing securities, provided trust in them is not shaken by any action taken at this time. Rates of interest on bonds will, therefore, be materially reduced as soon as confidence revives, and with over £265,000,000 of Commonwealth and State securities maturing in Australia in the next five years, out of a total of £527,000,000 a very substantial relief will soon accrue to the finances of Governments from conversions at lower Interest rates. Falling Interest Rates. “Relief will thus be obtained by Governments, and, by the same act, the incomes of the holders of fixed interest-bearing securities will be reduced. It will not, therefore, be long before holders of Government .bonds begin to share in the loss in the national Income. The holders of many other fixed interest-bearing securities will share much more rapidly, as mortgages and debentures fall due, while bank overdraft and deposit rates cannot fail to fall. Natural conditions, may, therefore, be relied upon to bring about rapidly an equitable distribution of the burden, but there is no reason why action should not be taken to expedite this process. The Governments, the banks, and the savings banks could, by agreement, bring about an immediate reduction of interest. The Governments’ share in the task would be, by balancing their budgets, to refrain from making demands upon the limited credit available. With this done, and the imminent danger of inflation removed, banks could proceed to reduce interest rates on both deposits and advances. It would then not be long before all classes of investors would be compelled to take lower rates of interest on new investments and on conversions. Furthermore, by this method some of the loss in the national income would -e thrown upon external bondholders, for restored confidence would result in lower rates being secured on conversions in London. "This is the simplest, quickest, and most equitable way in which the holders of fixed interest-bearing securities can be made to share in the loss of the national income. If Governments attempt to force them to share, either by an arbitrary reduction In rates of interest on existing contracts, by debasing the currency, or by special taxation, the resulting lack of confidence will be so great that materially higher rates of interest will have to be paid and Instead of the burden on industry and Governments being reduced it will be increased. Furthermore, if Governments take action calculated to destroy the confidence of Investors, it is possible that they will find themselves unable to secure the funds necessary to finance their operations. With such a large volume of loans falling due for renewal in Australia and London in , the next few years, it is essential that the Governments take action calculated to make conversions possible at a reasonable I rate of interest.”

In their fourth annual report, Metters (N.Z.), Ltd., state that the net profit for the year ended December 31 was £3725. The balance at debit of profit and loss account at the end of 1929 was £11,069, which is now reduced to £7344 Sales were lower than for the previous year, this being attributed to the general condition of trade and to the severe restriction in building operations. It had not been possible to give full time employment at the Petone works, and It appeared Inevitable that this condition of affairs was likely to continue In the meantime. The company has a paidup capital of £90,950, chiefly represented In land, buildings, roadways, plant, and stock. At balancing time there was £6388 In the bank, with outside liabilities £1133,

ADDINGTON MARKET Beef and Fat Sheep Easier STORE SHEEP ADVANCE By Telegraph—Press Association. Christchurch, March 18. With the exception of the fat cattle section, entries at the Addington market today were very heavy. Beef prices eased further. The fat sheep market weakened. Fat lambs, store lambs, and store sheep, sold at advanced rates. Store Sheep.—A very keen sale at late rates for the better quality sound-mouthed sheep, and for coarse-woolled two-toothg a rise of one shilling. Values were: Extra good two-tooth Romney ewes, .to 19/-; good two-tooth, to 15/8; good four and six-tooth, 14/- to 15/9; ordinary four and six-tooth, 10/- to 13/10; good six and eight-tooth, 9/6 to 11/-; sound-mouthed, to 5/9; extra good two-tooth three-quarter-bred ewes, to 18/-; good two-tooth, to 15/-; extra good four and six-tooth, to 17/7; good six and eight-tooth, 8/6 to 10/-; sound-mouthed, 4/- to 6/-: extra good twotooth halfbred ewes, 15/- to 17/3; good two-tooth, to 14/6; good four and sixtooth, 12/6 to 13/10; ordinary four and six-tooth, 8/3 to 9/7; good six and eighttooth, 9/- to 10/-; good sound-mouthed, 6/0 to 8/0; aged and Inferior ewes, 9d. to 3/9; extra good two-tooth halfbred wethers, to 12/4; good four-tooth half bred wethers, 7/8 to 9/3. ' _ Store Lambs met a free sale at an advance of 1/- to 1/0 a head. Values were: Extra good rape lambs, to 13/-; ordinary rape lambs, 7/0 to 9/4; small and backward, 2/9 to 6/6; ordinary ewe lambs, 7/7 to 8/4; medium wether lambs, to 8/3. Fat Lambs.—A keen sale throughout at a slight advance on late rates. Export buyers were operating freely. Values were: Prime lambs, to 10/10; medium lambs, 13/3 to 15/-; light lambs, 11/- to 13/-; store lambs, 8/- to 10/0. Fat Sheep.—The entry was suoo head. Values were: Prime heavy wethers, 14/to 15/10: medium, 12/3 to 13/6; second quality, 8/6 to 12/-; light, 6/- to 8/-; prime ewes, 8/9 to 9/7; medium, 7/- to 8/6; light, 5/- to 6/6; aged, 2/6 to 4/6. Fat Cattle met a dull market, with a decline in values of up to £1 a head. Choice beef made from 27/- to 30/- per 1001 b.; good medium weight, 26/- to 29/-; plain heavy beef, 21/- to cow beef, 19/- to 22/-; secondary beef, 16/- to 19/-; rough, down to 12/6 per 1001 b. Values were: Extra prime heavy steers, to £l3 17/6; prime heavy, £lO to £l2/10/ : ; prime medium weight, £7 to £9/10/-; medium quality, £5/5/- to £5/15/-; light, to £5; extra prime heifers, £lO/17/6; prime, £6 15/- to £9; medium, £4 to £6/10/-; light, £3/10/-; extra prime cows, £lO/2/6: prime, £6/10/- to £B/10/-; medium, £3 10/- to £6; light, £3. WESTFIELD SALE Fat Cattle Cheaper By Telegraph.—Press Association. Auckland, March 13. There was a heavy yarding of fat cattle at Westfield to-day, but the market was decidedly easier, prices showing a decline of 2/- per 1001 b on last week. Prime ox and heifer beef averaged 20/- to 21/- per 1001 b., and cow beef from 10/- to 17/-, according to quality. Heavy prime steers made £8 to £10; medium, £6/15/- to £7 15/-; cows and heifers, to £6/15/-. The calf market was slightly firmer, good vealers making 35/- to 50/-. Fat sheep were firm to slightly in advance of late rates. Prime wethers, 11/- to 14/6; ewes, 6/- to 8/9. Lambs sold at prices equivalent to 4Jd to 4 l-3d a lb. Fat pigs were firm, porkers making 4d and baconers 4Jd a lb. Stores dragged from 4/- to 20/-. JOHNSONVILLE VALUES Ewes Advance At Johnsonville yesterday ewes were in keen demand at an advance ol 1/- a head. A heavy yarding was offered by Wrignt, Stephenson, and Co., Ltd., and Abraham and Williams, Ltd. Cattle.—The yarding comprised 217 head of prime bullocks,, cows, and vealers. Bullocks met with a good demand at last week’s rates, cows and heifers being slightly easier. Vealers were keenly sought after at slightly reduced limits. Sheep.—2o74 wethers, ewes, and lambs were offered and a total clearance was effected at auction.. Wethers were dull of sale at last week’s rates, while ewes were keenly competed for, prices showing an advance of up to 1/- per head. Lambs, the quality of which was better than usual, met with a ready sale at prices on a par with late rates. Prices were as follow: —Heavy bullocks, £lO, £9/17/6, £9/15/-, £9/7/6, £9/2/6, £9; bullocks, £B/10/-, £B/7/6, £B/2/6, £B, £7 15/-, £7/7/6, £7/5/-; heifers, heavy, £6 5/-, £O, £5/15/-; heifers, £5/7/6, £5/2/6, £5; cows, heavy, £6/5/-, £5/15/-, £5/10/-, £5; cows, £4/15/-, £4/10/-, £4/2/6, £4, £3/10/-; runners, £2/15/-, £2/11/- £2/3/-, £2/1/-, £2; vealers, 35/-, 32/-, 31/-, 30/-, 27/6, 27/-, 25/-, to 20/-; wethers, heavy, 12/-, 11/6, 11/-; wethers, 10/3, 10/-, 9/9, to 9/6; ewes, extra heavy, 8/1, 8/-, 7/9, 7/6; ewes, 7/-. 6/9, 0/6, 6/3, 6/-, 5/0; lambs, 11/10, 11/1, 11/-, 10/10, 10/6, 10/-, 9/6, 9/-, 8/10, to 8/6; porkers, 35/-. BURNSIDE SALE Fat Cattle Easier; Sheep Firm By Telegraph.—Press Association. Dunedin, March 18. Fat cattle again sold at reduced prices at the Burnside sales to-day. The sale opened quietly at prices equal to those of last week, but the market was affected later and closing quotations showed a reduction of about 10/- a head. The sheep sale was very irregular, the opening prices being easier, only to firm later, finishing with a rise of fully 1/- a head. Lambs were in fair demand at late rates. There was a noticeable improvement in the store cattle section, several good lines of bullocks selling at. very satisfactory prices. There was an over-supply of pigs, and prices showed a drop of about 5/- a head for baconers and porkers. Fat cattle numbered 181 head of fair to good quality, including several pens of prime bullocks, heifers, and cows, and a large number of plain sorts. Prime bullyoeks sold to £l4/5/-, medium £l3, light £11; medium heifers £B, light £6/5/-; heavy cows, £9, medium £7/15/-, light £6/10/-. About 3000 sheep were offered. The entry Included a fair proportion of good wethers. The quality of the ewes forward was an improvement on late yardings. Prime wethers sold to 15/6, medium 14/-, light 8/-; extra pjlme ewes 11/3, prime 9/-, medium 7/-, light 4/6. The lamb entry numbered 1400 head. There was a wide range of quality. The yarding' included several pens of heavy lambs, but the balance consisted of mixed sorts. Extra prime lambs sold to 14/9, prime 14/1, medium weights 12/6, light 10/9, unfinished sorts 8/3. About 100 three and four-year-old station bullocks were included in the yarding of 200 store cattle. The bullocks were in very forward condition ,and met with a good sale. Twenty-five sold at prices ranging from £9/15/- to £lO/7/6; 40 from £8 to £B/12/6; 30 from £7 to £7/15/-; two-year-old steers Bold to £3/5/-. The pig entry was larger than usual, consisting of 88 fats and 77 stores. Porkers sold up to £3, and baconers to £3/10/-. The prices obtained for porkers were equivalent to about Old. and for baconers about 5) cl. a lb. HAWKE’S BAY PRICES Stortford Lodge Sale Dominion Special Service. Hastings, March 18. A large entry of fat lambs and sheep, about 5000 stores and nearly 300 cattle were offered to a very few buyers at Stortford Lodge to-day. Most of the beef was light and unfinished. There were few attractive store sheep, while fats also showed the effects of the extreme shortage of feed. Three pens of prime cows on account W. G. Stead, Flaxmere, topped the market at £5/10/- to £6/14/-. Extra prime cows and heifer beef sold on a par with recent rates, prices equalling 19/- per 1001 b with inferior 5/- less. Bullocks: Prime fat, £7/17/- to £8; light, £5 to £6/5/-: unfinished. £4/7/6 to £4/10/-; cows, prime fat, £5/10/- to £6/14/-; light, £4 to £4 7/-: unfinished, £3 to £3/10/-. Helfers, prime fat, £5/7/6; light, £4/7/6; unfinished, £3 to £3/10/-; dairies, prime, £2/7/- to £2/15/-; unfinished, £l/5/- to £l/12/6. Vealers, light, 5/- to 7/6. Sheep: Stores, top, 6/7 to 7/6 toe

year and five-year breeding ewes. Other lines averaged 3/9.. For four-year ewes, good frames, low condition; to 7/2 for forward wethers ex Pohue. Fat sheep: Ewe lambs, 4/- to 4/5; lambs, 6/6 to 12/-; many lines averaged 7/6 to 9/6; ewes, 4/6 to 7/8; wethers, 7/- to 9/3 9/6, 10/-; two and four-tooth wethers’ 5/- to 6/7; four and five-year ewes, 3/- to 6/6; wether lambs, 2/6 to 5/1; c. lambs. 2/10 to 4/6. Waipukurau Sale Prices There was a good attendance, as usual, %t the weekly Waipukurau stock sale, a number of outside buyers operating. The yarding of cattle was confined to two small entries—a sound dairy cow (Jersey cross), passed at £3/5/-, and two fair quality store Jersey cows, which also failed to sell, being the highest bld. Fat sheep were represented by only one pen of 25 wether lambs which were passed in at 6/10. Of the fairly large offering of store sheep (about 6000), but few lines failed to reach a price satisfactory to the vendors, who for the most part were anxious to quit owing to the unchanged local situation in respect of the drought. Inferior lines sold at prices on a par with recent values, but there was an improved demand for better quality sheep, of which the selection was a wider one than usually available of late. Fairly good prices prevailed for moderate quality Wethers. Prices:—396 light 4-year ewes (part annual draft Whenuohou ‘Station) 4/8; 251 good wed lambs (MacDonald Bros., Mangatarata), 5/-; 402 light and medium 2-tooth weds (same quarter), 3/1; 624 good 2-tooth ewe's (Tamumu), 7/9; 200 extra good do. (Atua), 12/-; 224 light and medium 5-year ewes (H. Parsons, Wallingford), 3/8; 272 do., s.m. 4 and 5-year ewes (Mx. Hill, Porangahau), 5/1; 261 good but mostly small wed lambs (Oncroa), 3/10; 406 good 4-tooth ewes (Butler and Sons, Tikokino), passed at 12/3; 273 medium 4year ewes, 6/2; 168 poor aged ewes, 5d.; 180 4,6, and 8-tooth ewes (good line, MacDonald Bros.), 11/9; 180 light aged ewes, 1/10; 300 good but mostly small w%l lambs (Oueroa), 3/6; 150 2-tooth ewes (light and small), o/9; 177 fairly good late shorn 4 and 6-tooth ewes, 7/-; 275 good for for the most part small wed lambs, 3/7; 125 good 2-tooth ewes (J. McLennan, Wallingford), 11/9; 100 m.s. lambs (medium), 4/-; 07 good 4 and 6-tooth ewes, 9/10; 83 light aged ewes, 1/7; 102 4-tooth ewes (light), 5/6; 76 extra good late shorn 2tooth ewes (Aramoana), 13/7; 72 good 4tooth ewes (same quarter), 11/-; 27 medium 6 and 8-tooth ewes, 5/-; 47 poor 4-yeur ewes, 1/-; 75 medium big-framed 4-year do., 8/-; 71 good fl-tooth do., 11/-; 85 do. 4-tooth ewes, 12/-; 121 medium 4-year do. (back Gwavns Station), 7/1; 106 specially good 4-tooth ewes, 12/2; 101 good 5-year ewes (MacDonald Bros.), 5/-; 58 medium s.m. 4-year ewes, 7/-; 105 good G-tooth ewes (Aramoana). 10/6; 90 do. 4-year ewes (same locality), 8/2; 114 fairly good 2tooth ewes, 8/7; 81 good 4-tooth ewes, 10/1; 29 well-grown wed lambs, 5/6; 25 fair quality 2-tooth weds, 5/3. A number of other small lines was also sold.

WITH GREAT. SPIRIT

London Wool Sales Firm WITHDRAWALS NEGLIGIBLE London, March 17. Catalogues offered at to-day’s wool sales were 11,545 bales, including 3798 New Zealand, Withdrawals were negligible. There was a large offering of super to good stylo greasy crossbreds, which met with strong competition. Prices were fully maintained. Realisations: New Zealand greasy crossbreds were as follow: Kia Ora, fid to Bsd; Manga, Sid to 7|d; Waiau, lOd to 9|d. Lovin and Co., Ltd., have received the following cable from their London agents, dated Mar. 17: — The auctions are proceeding with great spirit, and the market shows a further advance of 5 per cent, all round. There is good competition from Bradford. As at present arranged, the sales will close on April 1. The following prices are current :—

GOOD SYDNEY CLEARANCE Keen Demand; Firm Market (Boe. March 18, 9.30 p.m.) Sydney, March *lB. At the wool sales to-day 10,248 bales were offered and 10,004 sold at auction; “'under 7 the market ruled firm at the recently-improved level. WELLINGTON’S SALE Substantial Rise Expected Supino expectancy in the wool trade locally has given place to genuine and fully-warranted optimism, for the sale that will be held In Wellington to-morrow s bound to witness a substantial and allround rise in prices. Since the last wool sale in Wellington on February 13 a great and welcome change has come over the market. This originated toward the close of the January series of London wool sales, and is confirmed and emphasised at the current London . sales. What tho advance will be at to-morrow s sale cannot be definitely stated—some brokers think it will be 2d per lb, while others believe it will be more. The movements in the prices of tops are a helpful guide, and these movements are shown below: —

From the above it Is obvious that the advance will be substantial, and a rise of 2jd to 3d would occasion no great surprise. DAIRY PRODUCE London Markets Steady The New Zealand Producers’ Co-opera-tive Marketing Association’s weekly cabled market report from London, dated March 17, is as follows: —Butter: Market quiet. New Zealand, 118/- to 120/-; Danish, 130/-. Cheese: Market steady. New Zealand, white, 56/- to 57/-; coloured, 58/- to 59/-. GRAIN AND PRODUCE Auckland Prices Steadier Dominion Special Service. Auckland, March 17. The local market for grain and produce is steadier than has been the case in recent weeks, and it seems probable that the downward trend of prices has definitely been arrested in all the main lines. Values are considerably lower than has been the case for many years. B Garton oats are selling at 3/8 per bushel, ex store, compared with 5/- at this time last year. Chaff is unaltered at £8 per ton. Fowl wheat is steady at 6/9 to 6/10 per bushel for graded lines. Maize is unchanged at 5/8 per bushel. Prices of onions are unchanged. Pukekohe supplies still command 10/6 per cwt., ex store, with Victorian 1/6 to 2/- cheaper. Pukekoho dealers are quoting potatoes at £o/10/- on trucks and onions at £7/5/- per ton.

N.Z. GOVT. 4J p.c. Insc. Stk., UW £ "s. d. 9510 0 £ b. d. and -urao ■ ■ • 5* p.c. ditto, 1933 5J p.c. ditto, 1936 ... SI-p.c. ditto, 1941 Kl n c. ditto. 1933 ... 98 98 94 97 10 5 5 15 0 0 0 0 — 4j p.c. Bonds, 1941, 10 0 — M pc. ditto, 1936 ... gj p.c. ditto, 1937 ... debentures — Otago Harb. Bd., 5} p.c., - 1938. Int. & prin. pay98 94 5 10 0 0 — 104 o o able in London or in BANKS— t 9 11 0 ‘10 2 6 Aust, of Commerce .. 15 Commercial of Aust. 0 15 7 0 15 11 Commercial Bank. Co. IB 10 0 P>ng5 < Seot. & Aust. .. 5 7. 0 5 16 0 National N. z - ...•••• • National A/asia (£5) New South Wales ... 5 27 2 5 6 0 5 27 7 12 0 6 New Zealand Ditto, long term Union of Australia .. 1 8 5 5 9 0 8 2 0 financial— i 8 ‘ 4 0 Dalcetv and co Abraham and Williams . 4 10 0 ' Equitable Bldg. Co. . —— 8 8 0 Goldsbrough Mort .... N.Z. Guar. Corp, (ord.) 0 ~6 6 0 6 8 • N.Z. Loan and Merc. 68 0 0 .Well?* Trust and Loan 6 10 6 Well Deposit & Mortg. 0 9 GAS—, , , 1 4 0 — — 0 10 0 Wellington (ord.) .. 1 6 3. — insurance— 0 13 5 , a tlo n al - 2 1 6 ——- South British .... 12 6 — MEAT PRESERVING — 1 8 0 — NJzf Refrigerat. (10/-) — 0 3 6 TRANSPORT— Hud dart Parker (ord.) P. and O. stock ■ 1 12 6 1 4 6 Kelburn Tram (ord.) 1 9 WOOLLEN— Wellington (ord.) ... COAL— 1 4 3 — ■Waipa (in liq.) 0 6 6 0 7 9 TIMBER — Levland-O'Bnen .... BREWERIES— 1 17 7 I 19 0 Staples and Co 1 14 6 1 2 3 miscellaneous— ' Aust. Iron and Steel 0 18 0 C?M. C Banks (ord.) ... . British Tobacco (ord.) 1 ~9 7 0 15 10 0 0 3 o Ditto (pref.) ......... Burns. Philp & Co. . 1 10 0 Colonial Sugar ...... Dental and Medical .. 30 0 10 0 Electro. Zine (ord.) . Farmers’ Auction, (pref. Howard Smith (ord.) National Electric 0 ) 0 •2 11 ~8 17 0 0 0 0 0 16 8 11 6 9 0 wiiitcombe and Tombs Wilson’s Cement 2 1 14 19 0 9 2 0 8 2 6 0 SlINING— _ 1 0 11 — luuuuL di vidend.

Govt. Inscr. Stock, 5-} p.c., 1933 . New Zealand Insurance Walpa Coal (In liquidation) .... 07 17 « 2 2 3 0 6 0 British Tobacco AUCKLAND. £ s. d. Commercial Bank of Aust 0 lu 9 2 11 3 National Insurance (late Tues.) 0 13 u Auckland Gas • 1 3 1 2 0 0 Wa Hi i ~ 0 15 y 1 1 4 0 1 8 0 1 4 CHRISTCHURCH. £ s. d. Commercial Bank of Aust. (2) .. 0 15 9 National Bunk of Australasia, £5 5 4 6 Bank of New Zealand (2) ...... 2 11 0 6 6 Goidsbrough Mort 1 1 11 N.Z. Refrigerating, 10/- pd. (odd lot) 0 3 4 T)o 0 3 7 T)o • 0 3 8 Do. (2) 0 3 9 Tooth’s Brewery (2) 1 1 11 British Tobacco, pref 0 18 6 King Solomon (2) 0 1 71 0 0 7 0 0 10 pn ' 0 6 9 ~ Sales reported— Hamilton Boro. 5i pc.. 1062 98 0 0 Nat. Bank of Australasia, £5 pd. b 4 0 po . 4 0 Tin 5 3 0 N.Z. Refrigerating, 10/- pd Union Bank of Aust 0 8 3 6 0 0 t)O ........... 8 7 6 Bank of New Zealand 2 11 6 1 2 DUNEDIN. Sale on ’Change— £ s d. King Solomon ....... 0 1 7 Sales reported— N.Z. Refrigerating, £1 paid .... 0 11 0 do., 10/- paid 0 3 5 Mount Dyell 1 1 6

Merino— d. d. * * - r * t " 13 to 14 9} to 104 Fine halfbred— Super 56/58’s .......... 10 to 11 9 to Medium halfbred— Super 50/56’s . . 9 to 104 to 9 Coarse halfbred— Super 48/50’s 84 to 94 8 to Fine crossbred— Super 40/48’s 84 to 9} 8 to Medium crossbred— 8 to , 7$ to 8 Coarse crossbred — Super 40/44’s ......... 8 to 84 . 71 to 8 Low crossbred — Super 36/40's > 8 to 8$ Average . • •« > 7 to 7| 6J0 3

Sixty-fours Feb. 5. J 21} Jar. 12. Else. Else. 27 5} 25} ....... 19 25} 0} 34 Tops. d <1 d P.O. Fifty-sixes 14 10 2 14 TTifttes .... 11} 13 1} 13 Forty-sixes 91 111 2 21 Forties .... 9} 11} 2 21