FINANCE and COMMERCE

Dominion, Volume 24, Issue 174, 20 April 1931, Page 12

FINANCE and COMMERCE

STOCKS AND SHARES Last Week’s Business ,3 .. A FIRM MARKET Satisfactory business was done on the Stock Exchanges qt the Dominion last wook. Prices were well maintained for most of the shales favoured by I “ ve «* ors> and In some cases advances were made. Government securities continued very firm and in strong demand. The 4i per eentfi„ 1938, changed hands at £OB to £9B/2/6, which is an advance of 12/6 on the pje-Easter price. .Th® 5i per cents., 1983, which sold at £9O/2/6 to £99/7/6, also showed an improvement.- The 5i per bent, stocks, 1933, xvero transferred at £9B, and the bonds at £OB/7/6 and £9B/5/-. There was some Inquiry for debentures, ; ■ In Which W a S moderate business was dope Citv of Auckland 4 per cent., 1933, sola at £96/10/-, Riccarton Borough 51 cents., 1931, at £lOO, Milne and Choyce _£l ’ de bentures at 10/9, and New Zealand Breweries £1 debentures at 21/6. ■ Business in bank shares was restricted to the. shares of six banks, and prices showed an. upward trend. Commercial Bank of Australia sold very freely at 15/4 to 15/9, while in the week before Easter they changed hands at 15/2. Bank of New Zealand were in strong request and sold at 50/- up to 51/9. Union Bank changed bands at £B/11/6 and £B/14/6, while the best price realised just before the Easter vacation was £B/10/6. Bank of New South '.Wales ehanged hands freely at £27 and £27/5/-, but there was one sale ,at £26 15/-. Bank of Australasia sold at £lO 9/-, a rise of 9/- on the previous sale. National Bank of Australasia met with a little business and showed a weakening tendency toward the week-end. The £lO paid shares sold at £ll/5/- and the £5 i paid at £5/6/-, £5/5/- and £5. National Bank of New Zealand were in steady demand at £5, with no sellers. . Insurance shares were very steady. New Zealand Insurance sold at 41/6, 41/8 and ‘4l/9, and South British Insurance at 55/-. After a long period of quietness Australian Provincial Assurance abates sold ■ at 4/6, a very low figure for 10/- shares ‘ fully paid up. Dalgety and Co. sold ■at '■,‘£7/19/- and £7/15/-, and showed no change on the pre-Easter price. Goldsbrough, Mort and Co. changed hands at 21/6 and 21/-. The financial year of this company closed at the end of last month, hnd judging by the firmness of the market for the shares, investors expect the company to show better results than in the previous year. Gas shares were in good demand, but holders were not attracted by the offers made. Auckland Gas B£dd at 23/- and 22/9. .Bear Meat have been In very good demand fors'ome time and have risen steadily. The shares, however, are firmly held, which ' makes business difficult. New Zealand ■Refrigerating, especially the 10/- paid IshafeS; sold freely from 3/2 to 3/4, which iwas an improvement on the last sales before Easter. The 20/- paid at 10/8 showed 'a drop of 7d. Union Steam preference sold .at par. The dividend on Union Steam is 'due next month. Devonport Steam Kerry ‘changed, hands at 20/6 and Westport Coal sit 26/- and. 25/9. i; Kauri Timber shares have been- neglected {for a long time, but last week they changed hands at 9/9. The shares are 25/- fully, •bald. Leyland O’Brien Timber sold at • -31/6. At the early part of the week New Zealand Breweries were very firm with ,'4ales at 36/3, but on the announcement of 'the Primo Minister of an anticipated huge 'deficit, it was expected, that. the duty on Beer would be Increased, and.on Friday 'there was a recession in prices which .‘dropped to 33/0. Timaru. Brewery, 5/,'fiald, sold at 5/8 aud • 6/-; and Tooth's ’Brewery at 20/1 to 20/1Q: British Tobacco {were very firm with sales up to '3O/C. 'colonial Sugar sold at £32/10/-, and WiliSon’s Cement at 39/6 and 39/3. Dominion Supplies. 16/- shares, fully paid, .sold at 2/-, and Quill Morris, £1 fully ’bald sharqs, at 7/6. New Zealand Drug ’changed hands at 54/- and Mount’.Lyell at {2O/6 and 20/-, y WELLINGTON EXCHANGE ji . ' {» Saturday’s Quotations ■'.t! ■ ' . >" 1 ! Buying and selling quotations at Satur‘day morning’s call on the Wellington {Stock Exchange were as follow:—

!■' DEALINGS ON ’CHANGE J: cM.tr '5 Saturday’s Sales — V , l’i Ths following sales were recorded on {‘the stock exchanges of the Dominion on |V Saturday: — WELLINGTON. '!« £ . s. d. "Govt. Inscr. Stock, H p.c., 1939 .. 98 2 .0 • Ditto, 1938 (2) 98 2 0 i‘Now Zealand Breweries .......... 1 14 3 !) British Tobacco 1 10 0 {/*, a AUCKLAND. G £ s d 'JBank of New Zealand 2 11 9 ißank of New Zealand 2 12 0 i/N-Z. Insurance 22 0 i ; {Milne and Choyce, deb. stock .. 0 19 9 | j 'King Solomon Mine ....’ 0 2 1} ; i ■. 1 • . i CHRISTCHURCH. i f £ s. d. ] '•Commercial Bank if Aust. (4) .. 0 15 6 ■ .'Ditto (pref.): • 5 18 0 {Ditto (pref.) 5 17 0 , In.Z. Refrlgerotlng, 10/--paid .... 0 3 3 ■ British Tobacco 1 9 10 • ' Sales reported:— „ _ • Commercial Bank (late Friday) . 0 15 5 ';Govt. Bonds, 5J p.c., 1935 99 5 0 'British Tobacco 1 10 0 • 'United Building 0 14 0 i < ■ 1 i _ Chicago Wheat j ■> ‘ ' { ■' 1 ; ’ - ’ New York, April 17. { r’ Chicago Wheat.—May, 81 cents; July, 64f 1 v ienUi'Baptwnbei, 68 7-8 cents; December, pent*, i J J

iHE MONEY MARKET Bank of England Return MARKET RATES STEADY London, April 16. The Bank of England return for the week ended April 15 is as follows:Issue Department. k le cto“’ a & Govt- debt 11,015,100 latton 354,363,504 Other Govt. In bank- securities 232,668,515 ing dept. 50,9494-46 Other Silver coin 4,001,048 ‘ • £260,000,000 Gold coin & bullion 145,312,650 £405,312, (KO £405,312,650 ■ »Amount of fiduciary issue. Bunking Department. £ £ Cxioltal 14,553,000 Govt, seBest 1 3411993 curities „ 34,334,684 nenosits: Discounts* Public 8,372,224 advances 8,375,954 Bankers 61,230,462 Other se- • etc., bills 2,917 G g OM and , £122,401,149* £122,401449 Proportion of reserve to liabilities, 49.40 per cent., as compared with 46.50 per cent, on April 8, and 50.80 per cent, on April principal items of the above return compare as follow g April D Gov<Snment •J. 9,863,140 8,372,224 Banker?...... 61,230,462 Other a/cs. .... 34,000,142 85,130,553 £103,370,050 £104,733,289 Government ... 33,399,684 \ 34,334,684 “advances 11 d .... 10,889.986 ' 8,370,954 Other securities 28 609,002 27,851,621 vßeswve '48,138,485 51,838,890 Note circulation . 358,884,883 354,363,504 tColn and bullion 147,023,368 •Reserve on April 16, 1930, was £59,466,• 76 tApril 16, 1930, £160,788.326. 1930, maximum. May 7, £164,502,391; minimum, January 1, £146,115,719. . Short loans and Bills. The Bank of England rate of discount is 3 per cent., to which it was reduced from 3i per cent, on May 1,1930. Short loans are quoted at 2 per cent., unchanged on last week. The market rate of discount for best three months bills is 2 5-8 per cent., unchanged on last week. - . New York Call Money. New York, April 16.. The rates for call money to-day were as follow:— Renewal. Low. High. Close, li p.c. ;. li p.c. 2 p.c. 2 p.c.

GOVERNMENT STOCKS J. . .Australian Irregular London, April 16. . Quotations of Government stocks to-day compare with -those of a week affo as fol-

STERLING EXCHANGES' London, April 16. The following ' rates on 'foreign exchanges are current to-do.v. as compared with the cabled quotations on April’l4

. : Price of Silver. London, April 1($? Silver.—Cash, 13 3-Bci per ounce; forward 13$d. EXCHANGE ON AUSTRALIA Concessions by Banks The associated banks in New Zealand have agreed that in future dividend warrants payable to New Zealand holders of Australian stocks and shares will be negotiated by them at the trading rate of exchange—£los Australia equips' £lOO New Zealand, instead of at the much higher rate of KllB/12/6 Australia equals £lOO New Zealand. This means that New Zealand holders of Australian securities will be. on a much more satisfactory footing than before.’- : /•The decision of the associated banks will apply to all transactions which represent income from Australia—such as the payment of dividends on shares, Interest on Australian securities, salaries, rents, and commercial travellers' cheques, which will be negotiated at the lower “buying" rate. The higher rate. £llB/12/0. Australian equals £foO New Zealand, will apply to all other transactions. Carterton Sale Dominion Special Service Masterton, April 18. At the Carterton stock sale yesterday Wright, Stephenson, and Co. submitted a full yarding of cattle, sheep, and pigs to the usual attendance. A good sale resulted, prices beineg on a par with recent sales. Wether lambs, 8/- to 8/9;' ewe lambs, 8/3; empty ewes, 8/-; fat cows, £3 5/- to £3/15/-; forward cows, £2/8/- to £2/10/-; store cows, £l/10/- ; weaner pigs, 4/- to 7/-; porker, 20/-. The New Zealand Farmers’ Co-op. Distributing Co. sold as follows:—Good b.f. lambs, 8/- to 8/5; shorn b.f. lambs, 8/-; small do., 4/1; small 2-tooth wethers, 6/6 to 7/9; aged ewes, r.w. S.D. rams, 6/4; store ewes, 5/-; woolly wether lambs, 7/6 to 7/9; ewe do., 8/4; small w.f. lambs, 4/to 4/6. A good line of 20 fat ewes offered by the Walrarapa Farmers’ Co-operative Association on account of Mr. F. Wadham realised 12/3. Other prices secured by this flrm were: 22 forward ewes, 7/7: 35 do., 5/7: 15 ewes, 4/3: 36 m.s. lambs, 7/7; 8 do., 4/8: fat cows, £3/4/-; store cows. £l/15/. to ,£2; heifer calves, 20/- to 40/<<( porkera, 15/- to 22/-; Blips, M- io »/6L

BUTTER STEADIER More Inquiry at 106/108/CHEESE DOWN TO 49/54 With the price of New Zealand salted hnHw down to 100/108/- a cwt, a fall of 3/?o U 4/- on the week, the London butter rnnrket was steadier at the close on Friday with more inquiry. The retail price „. New Zealand butter is unchanged at 1/2 a lb and that of Danish has been reduced to 1/3. Notwithstanding the heavy arrivals, stocks of New Zealand butter are land cheese in London is generally un changed at 8d a lb, but some retailers are selling at prices ranging between 7dand lOd, according to quality and the class of Sh Frlday’s closing prices with those of the previous week in parentheses are r ®P ort ® <l by the Dairy Board’s London ofllce as follow: — .. ~ Butter. New Zealand. —Salted, 106/-108/-. (109/112/-• April 18, 1930, 123/126/-); unsalted, 112/114/- P (114/118/-) I April 18, 1030, 132/138/-); first whey, 101/- (106/-); second W Australlam—Salted, 104/106/- (108/110/-); “ n Arg? d t!ne^^£alt?dy d lM'A'o6/-, ex 103 /- (I Danlß°h-il6/-, f-o.b. (122/124/- spot (116/-; Unsalted, 120/122/-: Market quiet. (124/126/-). Cheese. New Zealand.—White, 49/50/- up to 51/(50/51/-; April 18, 1930, 75/76/-); coloured, 52/54/- (53/55/-; April 18, 1930, 78/79/-). Australian.—White, 49/- (51/52/-); eolour-edCasnadtam-White, 72/76/- (72/74/-); coloured, 74/76/- (74/78/-). Deliveries and Stocks. Deliveries of New Zealand butter for the week were 1661 tons, as against 1450 tons a year ago. The quantity in store, excluding 475 dons ex Port Fremantle, is 4802 tons, as compared with 7950 tons a year ago. Deliveries of Australian butter were 1075 tons, as against 1000 tons a year ago, the quantity in store being 825 tons as compared with 3250 tons. Deliveries of New Zealand cheese for the week were 28,500 crates, as against 26,477 crates a year ago. The quantity in store, including 2000 crates ex Mataroa, but not counting 1060 erates ex Herminlus, is 161,000 crates, as compared with 107,619 crates a year ago. Deliveries of Canadian cheese for the week were 3200 boxes, as against 8932 boxes a year ago. The quantity in store is 143,873 boxes, as compared with 105,005 boxes a year ago. Shipments for London. Four shipments, totalling 115,691 boxes of butter and 42,133 crates of cheese, left New Zealand last week in the steamers Matakana, Port Napier, Cornwall, and Port Brisbane for London. Agents' Reports. < The New Zealand Producers' Co-operative Marketing Association's weekly cabled market report from London, dated April 17, is as follows:—Butter: Market Is steady with more inquiry. New Zealand, 106/- to 108/-: unsalted, 112/- to 114/-; Danish, 122/- to 124/-. Cheese: Market is slow and prices have declined. New Zealand, white 50/-,-coloured 52/- to 54/-; Canadian, white 72/to 76/-, coloured 74/- to 76/-. Mr. Thomas Gray has received the following report, dated April 17, from Mr. A. C. Rowson, London Cheese: Deliveries, New Zealand and Australian, 28,501 crates; Canadian, 3228 boxes; stock, New Zealand and Australian, 161,086 erates; Canadian, 143,873 boxes. Price, white 49/- to 50/-, coloured 52/- to 53/-. The demand is slow and the market weak. Butter: 106/- first grade, 108/- finest. The demand Is slow and the market weak. , BASE METALS MARKET Latest Quotations London, April 17. Metal Exchange Quotations are as fol* low. those previously cabled being given for the purpose of comparison:—

GRAIN AND PRODUCE Canterbury Markets By Telegraph—Press Association. 1 Christchurch,' April 18. In the wheat market there is not a great deal of business passing. There is a little better inquiry for milling wheat and the price remains unchanged at 5/3 on trucks for Tuscan, There is a better Inquiry for fowl wheat for forward delivery, quotations to-day being: May-September delivery, 5/3 to 5/4 per bushel, f.0.b.; prompt delivery, 4/11 to 5/-. . There is a fair amount of prompt business in: potatoes at present. The quotation to-day is about 85/- a ton, f.o.b. The quotation to farmers is about £3 a ton on trucks. It is expected that between 4000 and 5000 sacks will leave for Auckland next week. Peas are quoted at 3/6 on trucks. The North Island has been supplied with Garton oats from Tlmaru. There is a very limited quantity of Canterbury oats on the market. The quotation is 2/10 a bushel f.0.b., for A’s and 2/8 for B’s, equivalent to 2/4 and 2/2 a bushel on trucks. The nominal quotation for Algerians Is 2/- on trucks. Canterbury .perennial ryegrass has been firmer this week. The quotation Is 3/to 3/3 on trucks to growers. Italian remains firm at 2/- on trucks to growers. AUCTION. SALES TO-DAY. Johnsonville store stock sale (W.B. and Masterton autumn cattle fair (W.FCA) Next Wellesley Club, 10.30 a.m.—Equipment Wellesley Miniature Golf Club (E. Johnston). Johnsonville saleyards, 1 p.m.—Sale dairy cows a/c D. Elliott (W.S. and Co'., Ltd.). TO-MORROW. Saleyards, Levin, 11.15 a.m.—Property, Kava Rd., Shannon (N.Z. L. and M.A., Ltd.). Allen St., 10.30 a.m.—-Poultry sale (Townsend, and Patil). Johnsonville fat stock sale, 12.30 p.m. (W.S. and Co., Ltd.). Levin Sale. Auction Arcade, Courtenay Place, 2 p.m.— Sale drapery (Samson Bros.). 11l Cuba St., 10.30 a.m.—Sale photographic plant Auto Portraits, Ltd. (I. Silverstone). \ WEDNESDAY. Cr. Brandon and Featherston Sts., 2.30 p.m. —Sale property a/c S.C. 93 Hill St. (J. H. Bethune and Co.). 14 Brandon St., 3.30 p.m.—Sale land and property a/c S.C. 4 Myrtle St., Lower Hutt (H. E. Leighton). 41-43 Panama St., 2.30 p.m.—Sale property a/.c S.C. 3Q The Parade, Island Bay (Harcolirt and Co.). Rooms, Wanganui, 2.15 p.m.—Land (N.Z. L. and M.A. Co., Ltd.). Dominion Farmers’ Institute, 2.30 p.m.— Property Awa St., Miramar (McLaren nnd Nisbet). 19 Grey St., Wellington, 2.30 p.m.—Sale property a/c S.C. Central Terrace and Allcetown (John W. Foster). 19 Grey St., Wellington, 2.30 p.m.—Sale freehold properties. Oriental Bay and Kilblrnle, Lower Hutt (John W. Foster). T 45 Fentherslon St.. 2.30 p.m.—Sale property 170-172 High &U Lower Hutt XH, Jsrtgbton),

FROZEN MEAT TRADE , Mutton Prices Easier HEAVY STOCKS OF LAMB Lamb: In spite of heavy- landings market remains steady. Lower prices defl- ' nltely increasing consumption. Mutton: Wethers; prices slightly easier. Low prices ' South American heavy lambs affecting . market. Ewes also easier except for lightweights. Extremely low prices beef affecting sales of ewes. Beef: Little inquiry for frozen, owing to low prices of Argentine chilled beef. New Zealand porker pigs: Trade slow owing to approach of warm weather. New Zealand baconer pigs: More Inquiry owing to Improvement in prices Continental bacon. The above report was received on Saturday 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 April 17, 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}d ■(3 7-Bd, 3 7-8 d); 57/641b, 3 5-8 d (3!d, 3Jd); 65/721b, 3 3-8 d (3}d, 3}d); North Island crossbred wethers anil maiden ewes, 48/561b, 3 5-8 d (same); 57/C4lb, 3 3-8 d (3)d, 3Jd); 65/721b, 34d (3 8-Bd, 3 3-8 d); ewes, 481 b and under, 31d (same); 48/641b, 2}d (2 7-Bd, 27-8 d); 65/721b, 2id (2 5-Bd, 25-8 d). New Zealand Lambs.—Canterbury, 361 b and under, 6 3-8 d (same); 37/421b, 6 3-8 d (same); 43/501b, 6 3-8 d (6jd, 6Jd): second quality, average, 331 b, 5Jd (same); other South Island brands, 381 b and under, 6Jd (6)d, not quoted); 37/421b, 6}d (Old, not quoted); selected North Island brands. Including Downs, 361 b and under, 6 3-8 d (same); 37/421b, 6 3-8 d (same); 43/501b, 6 3-8 d (same); second quality, average 311 b, 5Jd (same); other North Island brands, first quality, 361 b and under, 5 7-8 d (same); 37/421b, 5 7-8 d (same); second quality, average 311 b, s{d (same). Australian Lambs—Victorian first quality, 381 b and under, 4 7.-8 d (same); 37/421b, 4 7-8 d (same). Argentine Lamb.—First quality, 861 b and under, 4}d (sd, sd); 37/421b, 4jd (4Jd, 43d). x i, New Zealand beef, not quoted. Argentine Chilled Beef. —Ox fores, 2 3-8 d (2Jd, 27-8 d); ox hinds, s|d (5 3-Bd, 6d). Australian Frozen Beef.—Ox crops, over 1001 b, 2}d (2Jd, 25-8 d); ox hinds, over 1601 b, 3 3-8 d (3 3-Bd, 3Jd). New Zealand prime porker pigs, 00/100 lb, 5d (same); 101/1201b, 4Jd (same). New Zealand prime baconer pigs, 121/ 1801 b, 5Jd (sd, sd). New Zealand frozen veal, not quoted. (Rec. April 19, 5.5 p.m.) Tx> n don, April IS. Australian Sheep.—First .quality crossbred and/or merino wethers, 40/051b., 3d. Argentine Sheep.—First quality crossbred wethers, 48/641b, 3Jd; 05/721b, 3d; over 72 lb, none offering. Patagonian Lamb.—First quality, 301 b and under, 43d. [All other meats are as quoted in the Meat Board’s report.] Mutton Weakening Tendency. As compared with last week’s quotations,, lambs are unchanged. Best North Island wethers, under 481 b, id per lb lower, 48/041b, l-8d per lb lower. North Island ewes, 50/721b, l-8d per lb lower. The market for lamb is rather Irregular, and for mutton It Is quiet with a weakening tendency. This report was received by Levin and Co., Ltd., from their London agents who quote Smithfield “delivered” prices as follow:—North Island Down . lambs, 28/861b, 7d per lb; 36/421b, 6Jd; best North Island crossbred lambs, 28/36 lb, 6 3-8 d; 38/421b, 6 3-8 d ; North Island second quality lambs, average 30/81Ib, 53d; best North Island wether sheep under 481 b, 4d; 48/561b, 3}d; 56/641b, 83d; 64/721b, 3|d: North Island ewes, under 481 b, 31d; 48/58 27-8 d; 56/641b, 25-8 d; 64/721b, 23d; New Zealand prime ox beef, 160/2201b, none offering. The Bank of New Zealand Produce Department has received the following advice from its London office, as at close’of business last week. The demand for wether mutton is moderate, and prices are a shade lower. There is only a poor demand for ewes. The demand for lamb la improving, but prices are practically unchanged. It is thought that prices will remain steady at present quotations. The market for beef Is affected by heavy supplies of Argentine. Wethers, light 33d to 4 l-8d per lb, heavy 3d to 3 3-8 d; ewes, 2[d to 3Jd; lambs, 2*s s}d to 6 3-Bd, B’s 6d to 6 3-Bd, 4’s 6d to 6 3-Bd, seconds sid to 5Jd; beef, ox hinds 3id to 83d, fores-2d to 21a; cow hlnde 3d to 3}d, fores l}d to 2d. Lamb, no change. Lightweight wethers, id. lower; heavyweights l-8d to id lower; ewes, id lower; beef not quoted. This report, dated April 17, as received by M. A. Eliott. Ltd., Palmerston North, from Gordon Woodroffe and Co., Ltd., London., who quote Smithfield “delivered” prices as follow:—Best North Island prime lambs, under 361 b, 88; 36/421b„ 6d; 42/501b, 6d. Ordinary North Island lambs, under 421 b, 5Jd; second quality, under 421 b, 5Jd. Best North Island wethers and/or maiden ewes, 48/561b. 58/841b, 33d; 64/721b, over 721 b, 3 3-Sd. Ordinary North Island wether and/ or maiden ewes, 48/561b. 56/641b, 3 3-8 d; 64/721b, over 721 b, 3id. Nodth Island ewes, under 641 b. 27-8 d; 64/721b, over 721 b, 23d. LIVE STOCK MARKET Gisborne Prices Dominion Special Service. Gisborne, June 18. At the Gisborne sotek sale there was a large entry of fat sheep, prices for which were maintained. Ewes, 6/2 to 9/-; lambs, 9/2; wethers, 7/9 to 9/8; second grade ewes, 6/7. Store Sheep.—An entry of 19,000, the largest of the season, due to no outside buyers operating last week. Prices were not maintained, and there was a-fair all-round decline. Breeding ewes made 8/- for 4-year, 7/3 for 5-year and 6 and 8-tooths, 7/6 for 2-tooths to 6-tooths, 7/1 for 4,8, and 8tooths, and 6/11 for 6-year; moderate condition, 8/-; 2-tooth, choice, 9/9; good, 8/9; fairly good, 7/3; empty ewes, best, 6/-, 5/5; average, 4/- to 4/6: wethers. 9/4. 9/-; good, 7/9 upwards; average stores, 7/3; lambs, first-class, 5/6 to 6/2; good, 4/3 to 4/9. Feilding Prices At Feilding on Friday, Dalgety and Company, Limited, Palmerston North, made the following sales:—Fat lambs, 10/8, 11/-, 11/7, 11/10, to 15/- for few extra good; fat ewes, 8/-, 9/10, 10/-, 10/4; light fat twotooths, 10/6; fat wethers, 13/3; b.f. woolly lambs, 8/3 to 9/11; b.f. shorn lambs, 7/7; shorn wether lambs, 7/4, 7/7; ewe lambs, 11/-, 12/-; cull lambs, 3/8, 4/-, 4/3; aged ewes, r.w. S.D. rams, 7/4; five-year ewes, r.w. S.D. rams, 10/-; small two-tooth ewes r.w. S.D. rams,' 10/4; small four and sixtooth ewes, r.w. S.D. rams, 10/6; two-tooth S.D. rams, 13 to 2 guineas; springing heifers, £6/10/-. £7/5/-, to £B/10/-; springing cows, £7, £7/10/-, £7/15/-. £B/10/-; Jersey cross weaner heifers, £2, £2/17/6; empty cows, 35/- to £2; empty fat and forward Hereford cows, £4/14/-; fat cows, £3/10/-, £4, £4/10/-; fat heifers, £5. i Sales made by Abraham nnd Williams, td„ were as follow:—Fat lambs, 10/-, 10/5, 11/-, 11/2, 11/6, 11/9. 12/4. 12/6, 13/-, to 13/3; fat wethers, 12/6. 12/7, 12/11, to 13/-; fat ewes, 5/6, 6/7, 7/9. 8/1, 8/3, 8/8, 9/4, 0/6, 10/2, to 11/-; wether lambs. 6/6, 7/0, 8/1, 9/P to 10/9; ewe lambs. 9/10. 13/-, to 14/-; six-tooth ewes, r.w. S.D., 10/4; two and four-tooth ewes, r.w. S.D., 10/6; fourtooth ewes, r.w. S.D., 14/9: four and fiveyear ewes. r.w. S.D., 10/6) two-tooth wethers, 10/10, to 11/-; two-tooth ewes, r.w. S.D., 13/9 to 17/-: empty two-tooth ewes. 12/4; S.D. rams, l)gns. Fat cows, £2/12/6, £3/5/-. £3/10/-. £4/2/6, £4/13/6, £4 17/6, £5/10/-, to £6/2/-; fat heifers, £3 10/-, £5/10/-, £5/16/-, to £6; fat bul- ! locks. £5/10/-: heifers, r.w.b., £3/15/- to £4/2/6: weaner heifers. £l/6/-, £l/10/-, £2, £2/12/6. to £3/12/6; empty heifers, £3/2/6; empty store cows, £l/17/-: steers, £l/15/- to £2/4/6; store cows. £l/10/-; heifers, just calved, £5/10/- to £8; springing heifers, £7 to £B/10/-; springing cows, £9 to £9/7/6; cows in milk, £3/5/- j to £B.

Levin and Co., Ltd., report the following prices:—Fat lambs, 10/6 to 15/5; fat ewes, 6/11 to 9/11: ewe lambes, 11/6; cows 'n milk, £3/17/6 to £7; springing cows, £7; heifers, r.w.b., £2/10/- to £3/15/-; weaner heifers, £l/6/- to £2/5/-; store cowb, £1 (o £l/17/6. The New Zealand Loan and Mercantile sold as follows: —Fat ewes, 7/6, 8/6, 8/9, 9/6; s.m. ewes, r.w. S.D. rams, 8/- to 10/-; Wether woolly hoggets, 7/3, 7/9, 8/6; ewe woolly hoggets, 10/6 to 10/-; ewe hoggets, tops, to 14/6; medium ewe hoggets, 9/6 to 11/-; cull hoggets, 4/6 to 6/6; b.f. hoggets, 7/6 to 9/-; springing dairy cows, £7/7/-, £7/7/6, £7/10/-, £B/10/; Jersey cross heifers, r.w.b., £4 to £5/5/-; 3}-year Hereford steers. £4/16/-; 20-months P.A. steers, £3; 2i-year P.A. steers, £3/15/-2J-year P.A. heiferu, £3/12/6; empty oows, £2/5/-. £2/l&Aw

SHEEPSKINS AND HIDES

Palmerston North Sale At the monthly sale at Palmerston North last week, Abraham and Williams, Ltd., offered a large catalogue of wool, sheepskins, hides, and tallow. Sheepskins: Bidding was very animated, particularly for the better classes of skins, while damaged and inferior,skins showed a slight decline. Salted skins also met the market on a par with last sale prices. Hides: Calfskins rose in value slightly and hides were keenly sought after, although all lines of cow showed practically no change. Ox hides, which are more scarce than usual, showed an all-round increase of 2d per lb.. Tallow: The market showed no change. The following is the range of prices:— Wool—S. Down, to 7d; crossbred, 5d to 6id; lambs, sid to 6)d; dead, 3}d to 4Jd; crutchlngs, 2]d to 3Jd; bellies and pieces, 2d to 3d; locks, lid to 2d. Skins Dry: Fine crossbred, 4d to std; crossbred, 4id to 4Jd; quarter-half wools, 3?d to 4}d; shorts, 3d to 3}d; pelts, 2d. to 23d; lambs, 4jd to sid; dead, 2}d to 33d; damaged, 2id to 3}d. Salted: Quarter-half wools, 1/11 to 2/2; shorts, quarter wools, 1/5 to 1/7; pelts, 1/- to 1/2; lambs, to 1/4; damaged, quarter-half wools, 1/3 to 1/6; damaged pelts, 6d to lid. Hides.—Ox: Heavy, 7 5-8 d to 7 7-8 d; medium, to 53d; light, to 4 3-8 d; cut, to 5 5-8 d Cow: Heavy, 4 l-8d to 43d; medium, 4 5-8 d to 5 l-8d; light, 4 7-8 d to 5 l-8d; cut, 4d to 4 3-Bd. • Calfskins: . Light, first, 6 l-8d to 9 3-8 d; light, second, to 7|d; light, cut, 4d to 0 3-8 d; light, slippy, to 4id; heavy, first, 6d to 6 5-8 d; heavy, second, to s)d; heavy, cut, to 5 5-86; heavy, slippy, to 2d. Tallow: In tins, best, 10/9 to 11/6; second grade, 8/- to 10/-.

RAW MATERIALS

Markets Irregular London, April 18; Friday’s closing prices for the following raw materials were as follow, those for April 11 being given in parentheses:— Cotton. —Liverpool quotation, American middling upland, May delivery, 5.47 d per lb (5.45 d Rubber.—Para, 4id per lb (same); plantation smoked, 3 l-16d per lb (33d). Jute. —April-May shipment, £l6/7/6 per ton (£l5/12/6). Hemp. None .offering. Copra.—May shipment. South Sea, £l4 5/- per ton (£l4/7/6); plantation, Rabaul, £l4/7/6 per ton (£l4/10/-). Linseed Oil.—£lB/15/- per ton (£lB 10/-). Turpentine.—44/- per cwt (41/6). Osmlridlum. —Nominal prices, Tasmanian, £lO to £l2 per ounce; South African, £l2.

N.Z. GOVT. LOANS- . ■Buyers. £ s.d. Sellers. £ s. d. , 41 p.c. lose. Stk., 1935 07 10 0 98 10 0 p.c. ditto,'1938 ... 07 15 0 98 10 0 '••54 p.c. ditto, 1933 .. . 90 0 0 — p.c. ditto, 1941 ... 94 15 0 —— <54 p.c. Bonds, 1933 and 193fl 99 0 0 ... - ’■5} p.c ditto, 1037 ... OB 5 0 96 15 0 Debentures— tiWell. Racing Club ... 102 0 0 — BANKS— ? Australasia 10 0 0 10 9 0 { -Aust, of Commerce .. —— ✓ 0 18 3 Commercial of Aust. 1 ' (ord.) 0 15 3 0 15 7 ' ‘Commercial Bank. Co ;■ (Sydney) —— 16 10 0 'English, Scot. & Aust. — 5 8 0 .National N.Z 5 0 0 5 5 0 .National A/asla. (£10) 11 0 0 ——- 'Ditto (£5) .510 —— New South Wales .. . 26 0 0 — ' ,New Zealand 2 11 0 — '•Ditto long term 10 0 FINANCIAL— r ’Abraham and Williams ; (pref.) — 4 10 0 N.Z. Guarantee Corp. 0 5 1 0 5 11 r ’N.Z. -Loan and ‘Merc. •--'(drd.) 66 0 0 N.Z. and River Plate . —— 16 0 GAS— Christchurch 14 6 — INSURANCE— 0 12 11 ——_ I v New Zealand 2 1 fl — MEAT /•RESERVING— Gearr 1 9 0. N.Z. Refrlgerat. (10/-) 0 8 0 0 3 6 •’jTBANSPORT— . t-. Adelaide Steam ..... M—. 0 17 0 & Huddart, Parker (ord.) 10 0 13 0 fWOOLLENCWellington (pref.) .... 4 10 0 — ; TIMBER— Kauri — 0 10 0 Leyland-O’Brien 110 —- "National , • . __ . 0 9 0 "BREWERIES— ' '/'New Zealand 113 6 1 14 4. ••!' Tooth’s 10 7 113 •jlTISCELLANEOUS— .• British Tobacco (ord.) 19 6 •1 10 2 .. Burns, Philp and Co. 1 10 0 1 15 0 ,.•• Colonial Sugar 30 0 0 34 0 0 •i Consol. Brick and Pipe —- 0 11 0 /Dental and Medical '. WW* 0 0 6 Zinc (ord.) . —— 0 13 (i it Ditto (pref.) ......... 0 17 6 rj, Howard Smith (ord.) - —- 0 8 9 {/National Electric IM — 0 11 0 ’/Newton King (pref.) ’ — 0 10 0 >,N.Z.. Drug 2 12 0 2 16 0 ».N.Z.’Paper Mills Sharland & Co. (ord.) 0 16 0 1 0 6 'iWairarapa Farmers’ - 0 5 0 ‘{Well. Queen's Theatre 0 19 0 Wilson's Cement .... 1 18 11 . "N.Z. Truth” (prof.) . — 0 16 0 Ollr— 2 6 0 , Taranaki — 0 2.6 {MINING— ? J Mount Lyell . • — 10 3

low: — _ Price. £ s. d. Variation. £ a. d. Consols, 2} p.«. .... 57 10 0 Same Fund. Loan. 4. 1080-90 93 0 0 0 10 0* War Loan.' 5. 1020-47 104 10 0 0 5 0* Conversion, 31 p.c. . Victory;. Bonds, '4*p.c. 80 0 00 0 0 0 Same 0 10 0‘ Victoria. 3. 1029-40 .. 53 0 0 Same C wealth, 6, 1931-41 . 86 17 6 0 12 6* C’wealth, 5, 1945-75 . 76 0 0 0 5 Of Victoria, 3 i. 1929-49 .. 56 0 0 '10 0* Victoria, 5$, 1930-40 .. 77 0 0 4 0 0* Victoria, 5, 1932-42 .. 72 10 0 0 15 Ot Victoria. 41, 1940-80 .. 09 0 0 1 0 Of N-S W 4 1033 80 0 u Same N.S.W., 3. 1935 68 0 0 2 0 0* N.S.W.,' 31, 1930-50 .. 51 5 0 J 5 Ot N.S.W., 51. 1922-32 .. 81 0 0 1 o of N.S.W., 6}. 1930-40 .. 80 0 0 2 10 Ot N.S.W., 6, 1930-40 ... 72 5 0 1 15 0* Q’land. 5, 1040-00 ... 70 5 0 0 15 Ot Q’land, 3, 1922-47 .. 50 0 0 2 0 0* Q’land. 6. 1930-40 .... 81 12 6 1 10 Of N.Z., 41, 1948-58 91 0 0 0 12 Ot N.Z., 31. 1940 87 7 6 0 7 6t N.Z. 3, 1945 78 10 0 0 15 Ot. NJZ.; 6, 1936-51 103 2 6 0 2 Ot S. Aust., 31, 1930 64 15 0 2 5 Of S. Aust.. 3, 1916/after 45 0 0 Same S. Aust.. 61. 1930-40 . 83 10 0 0 10 0* Tasm.. 31 1920-40 .. 66 10 0 0 10 ot Tasm., 3. 1920-40 62 0 b 7 0 Ot Tasm., GJ, 1930-40 .. 95 0 0 '■4 0 0* W. Aust.. 31, 1920-35 70 0 0 Same W. Aust., 3, 1915-35 74, 0 0 5 0 0t IV. Aust.. 6. 1930-40 83 0 0 2 0 Ot tHlgher. ♦Lowe r.

and par:— Apr. 16. Apr. 14. Par. N. York, dol. to £ 4.85 20-32 4.85 13-16 4.866 Montreal, dol. to £ 4.86 1-8 4.861-16 4.866 Paris, fr. to £ 124.265. 124.195 124.21 Brussels, btl. to £ 34.95 34.935 35.00 Geneva, fr. to £ 25.22 25.225 25.221 Amst’dam., fl. to £ 12.105 12.10} 12.107 Milan,' lire to £ 92.795 92.805 92.46 Berlin, inks, to £ 20.405 20.405 . 20.43 St’holm., knr. to £ 18.15 18.15} 18.159 C'hagen., knr. to £ 18.10} 18.16} 18.159 Oslo, knr. to £ 18.17 18.165 18.159 Vienna, schgs. to £ 34.545 34.555 34.585 Prague, knr. to £ 164.125 164.125 •164.2 Hel’fors., mks. to £ 103.125 193.125 193.23 Madrid, pes. to £ 47.45 s 48.95 25.225 Lisbon, esc. to £ 108.25 108.25 — Athens, drach. to £ 375 375 375 Bucharest, lei to £ 817 817 • 813.6 Rio de J., p. to mil. 3 9-16 3 5-8 16 B. Aires, p. to peso 38 5-8 3815-16 47.62 M. Video, p. to peso 32} 33 51 Calcutta, p. to rup. 17 13-16 17 13-16. 18 Shanghai, p. to tael 15 1-8 151-8 ——• ■ H.-Kong, p. to dol. 11} 11} —— '• Y’hama., p. to yen 2413-32 24 13-32 24.58

Copper—' April 13 Per ton. April 17. Per ton. £ a d £ a d Standard, spot ... 44 3 0 42 10 1OJ Standard, forward 44 17 6 43 9 4} Electrolytic 46 0 0 45 15 0 to 47 0 0 46 15 0 Wire bare 47 0 0 46 15 0 Lead— Spot 13 0 0 12 11 3 Forward 13 6 8 12 17 6 Spelter— Spot ,........... 11 18 9 11. T 6 Forward 12 10 0 11 17 6 Tin— Spot 115 3 9 111 18 104 Forward 116 13 9 113 3 9 Silver— Standard, per oz. . Fine, per oz 12 15-16d 13 lu-lOd 13Jd . 14 7-16d