FINANCE and COMMERCE

Dominion, Volume 24, Issue 179, 27 April 1931, Page 12

FINANCE and COMMERCE

’/STOCKS AND SHARES Last Week’s Market EASIER TENDENCY ? The stock and share market bad an riishsr tendency last week, doubtless due to the uncertain economic outlook and hanoenlngs In Australia. , Government securities kept firm, and tniny investors looking for sMolniettments axe putting their funds { nto . eminent stocks and bonds and the debontoS of local bodies. Last week a good Xlness was done In the 4$ per cent. Stocks, 1038, sales being made at £9B, £OB/7/6 and £OB/10/-, the 5 per cents., Swf’sold at £O6/10/-, and the 5J per cents;. 1933, at £9O/7/6, and 5i per cents., «v>n at £99’ ' Auckland Harbour Board, ofper oentf'lo47, sold at £97/10/-, and Wellington Harbour Board, &J per cents., 18-lO at £97/10/-. Hamilton Borough 41 Ser cents., 1948, were transferred at £B6l fold Sumner Borough, 51 per emits., 1939 at ’2V3/5/-. There was a sale of N e w farmers’ Cb-op., CJ per cent debentures, maturing In 1040, at the low figure of v A - moderate business was done In bank ’shares, and prices tended downward except tor Bank of New Zealand, which showed a ■finning tendency with sales at u2/-, 53/-, 53/6 and 53/7. Bank of New South Wales were easier, changing hands at £-7 and £2B/10/-; and buyers havo now reduced their offers. Bank of Australasia dropped during the wook, falling from £lO 2/6 to £9/17/6. Union Bank dropped 10/6. ;with sales at £B/10/0, £B/8/-, £B/5/- and /£B. In the previous week they sold up to <B/14/6. There was a good turnover of Commercial Bank of Australia, ordinary, shares, but these also eased from 15/4 to 14/8: the preference shares of this bank sold at £5/13/-, £5/12/6 and £5/15/-. f*’ A fair business was done In insurance ’Shares which do not come on to the market in any great volume. National Insurance sold at 13/- and 13/3; South British ■lnsurance at su/-; Standard Insurance at 4t/-; and 4/6 for Australian Provincial 'Assurance shares 10/- each fully paid. New "Zealand Guarantee Corporation, ordinary, ■wore easier with sales at 5/7 and 5/6. New Zealand and Biver Plate sold at 24/6. Gas .shares were steady, although little buslitiess was done in them. Auckland Gas (Changed hands at 22/11, and Christchurch .’Gas at 25/-. t , Gear Meat have been in strong demand 'for some time, and have steadily improved ,ln value. Last week they sold at 30/9, ■ Which is about the highest price reached this year. New Zealand Befrlgerating, 10/- paid, changed hands at 3/1. Puke.mlro Collieries were transferred at 35/-; the previous sale recorded which was inude early last month was at 40/-. Coal shares generally have been very dull with only an occasional sale. ■.',' New Zealand Breweries keep steady at ■the recently reduced quotations, the sales ■registered last week being at 33/9, 84/2 ■and 34/8; Tooth’s Brewery eased from 20/8 'to 20/5; British Tobacco were steady at ,29/0. A good business was done in Wilson’s Cement, but the price tended to ’ease. They sold at 39/5, 39/3, 80/14 and ',89/X New Zealand Drug sold steadily at ,54/-. Taranaki Oil changed hands at 1/-; Mount Lyell at 19/6, Kuala Kampar Tin and Waihi Mining at 15/4-and

WELLINGTON EXCHANGE Friday’s Quotations Buying and selling quotations at Friday’s final call on the Wellington Stock Exchange were as follow:—

DEALINGS ON ’CHANGE Friday’s Business The following sales wore recorded on the stock exchanges of the Dominion on Friday WELLINGTON.

Price of Gold liondon, April 23. , The price of geld to-day was quoted at -84/Ofd per fine ounce. Ixindon, April 24. _> Gold to-day was quoted at 84/10id per flue ounce. A new issue of Tauranga Power Board debentures is on the market. Details on tils page.—Advt.

THE MONEY MARKET Bank of England Return MARKET RATES STEADY London. April 28 The Bank of England return for the week ended April 22 is as follows:— Issue Department £ £ Notes issued: Govt, debt 11,015,100 In olrcu- Other Govt. latlon 348,444,248 •' securities 230,668,030 In bank- Other secuing dept. 57,410,698 rities 14,241,058 Silver coin 4,075,812 *£260,000,000 Gold coin and bullion 145,863,946 £405,863,946 £ 405,868.946 •Amount of fiduciary Issue Banking Department £ Capital 14,553,000 £ Best 3,110,447 Govt, seouDeposits: titles 80,949,684 Publl? 13,864,073 Discounts Bankers 54,784,701 and adOth.er a/cs 35,403,114 vances 5,081,876 Seven day, Other secetc, bills 2,545 urlties 26,499,854 Notes 57,419,698 Gold and silver coin 875,768 £121,726,880 £121,726,880 Proportion of reserve to liabilities, 56.00 per cent., as compared with 49.40 per cent, on April 15, and 51.70 per cent, on April 23, 1930. The principal items of the above roturn compare as follow’ with those of the previous week: — April 15. April 22. £ £ Deposits: Government . 8,372,224 13,864,073 Bankers .... 61,230,462 54,784,701 other a/cs .... 85,130,553 35,403,114 £104,733,239 £104,051,888 Securities: Government • 34,334,684 30,949,684 Discounts and advances .... 8,375,064 5,981,876 Other securities 27,851,621 26,499,854 •Reserve 51,838,890 58,295,466 Note circulation 354,363,504 348,444,248 fCoin and bullion. 146,202,394 146,739,714 •Reserve on April 23, 1930, was £61,658,812. 1 tApril 23, 1930,'£163,813,217. 1036, maximum, May 7, £164,502,391; minimum, January 1, £146,115,719. Short Leans and Bills. The Bank of England rate of discount is 3 per cent., to which it was reduced from 3J 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 9-16 per cent, as compared with 2 5-8 per cent, last .week. . New York Call Money. . , ■ , , •> > New York.. April 23., The rate for call money to-day stood at 1J per. cent, all day. . GOVERNMENT STOCKS Australians Very Weak

London, -April 23.' Quotations of Gpvernmetn stocks to-day compare with those of a week ago as fol-

London, April 24. Australian Government stocks were further marked down to-day. There were dealings In Commonwealth 5 per cents, ranging from £66/10/- to £7O; 6 per cents., £76/10/- to £79; New South Wales. 4 per cents., £6O; New South Wales. 3 per cents.. £56 to £6l; 6) per cents.. £75; and 6 per cents., £65 to £7O.

STERLING EXCHANGES London, April 23. The following rates on foreign exchanges are current to-day, as compared with the cabled quotations on April 21 and par:—

Price of Silver. London, April 23. Silver —Cash, 13 5-16 d per oz; forward, 13td. WAIHI GOLDMINING CO.' Dividend Maintained A net profit of £96,481 is shown, in the results of the year’s working of the Walhl Gold Mining Company, Limited, compared with £85,860 for the previous year. Cabled advice on the results of operations for the year ended December 31, 1930, has been received from the head office in London by Mr. Charles Rhodes, Auckland, local director and attorney. The balance of the revenue account from 1929 was £5257. The gross profits, after bringing in the special amount of £14,450, obtained by the reduction of bullion in process of treatment, amounted to £131,644. Taxes accounted for £28,443, depreciation £6720, and the interim dividend absorbed £49,591. The directors now recommend a final dividend of 1/- a share, free of tax, which will absorb £49.591, leaving a balance of £2556 to be carried forward. The dividend will be payable in English currency. The annual meeting of the company is to be held in London on May 7, and the dividend will be paid on the folio-wing dayFollowing is a comparison of the company’s results and appropriations for the past three years:— 1928 1929 1930 £ £ £ Gross profit .... 11f1,824 117,482 131,844 Taxation 23,347 24,325 28,443 Depreciation . 7,017 7,288 6,720 Balance .... 85.560 83,869 96,481 Brought forward 32,190 18,569 5,257 117,750 104,438 1 01.738 Dividend at 2/- 90,181 99,181 90,181 Carried forward 18/162 CL257 2/57

FROZEN MEAT TRADE No Improvement in Prices SMITHFIELD OVERSTOCKED (Beo. April 26, 5.5 p.m.) London, April 25. New Zealand sheep—Ewes, under 481 b, 3 3-Bd. Australian lamb—Victorian, first quality, 37-42111. 4jd; all States third quality, 4 5-Bd. Australian frozen beef—Ox hinds, under 1601 b, SJd; over 1601 b, 3 5-Bd. Argentine chilled beef —Ox fores, 160-220 lb, 3 l-8d; ox hinds, 160-2201 b, 6 l-Bd. New Zealand pigs—First quality, 60-110 lb, average 901 b, 6 l-8d; 111-1201 b, 4 5-Bd. Quotations for other meats lire unchanged. There was no improvement in the frozen meat market last week. Prices of New Zealand lamb and ewes were unchanged and" those of wether mutton l-8d per lb lower. A cable message received by Dalgety and Co., Ltd., from their head office, dated London, April 23, states that owing to heavy shipments afloat and accumulated stock? in London of New Zealand mutton and lamb, they do not expect any material improvement in prices in the immediate future. Smithfield quotations are as follow:— Lamb.—New Zealand prime Canterbury lamb, 28-361 b, 6}d; prime North Island lamb, 28-361 b, 5Jd; prime Canterbury lamb, 36-421 b, 6{d; primp North Island, 36-421 b, s|d; prime Canterbury lamb, second quality, Bid; prime North Island lamb, second quality, 5 l-8d; prime Canterbury lamb, 42-501 b, 6d; prime North Island lamb, 42-501 b. Eid. Southdown lamb selling at a premium of id. Market for New Zealand lamb unchanged: demand moderate. Mutton.—New Zealand prime Canterbury mutton, 48-561 b, 3 5-8 d; prime North Island mutton, 48-561 b, 3}d; prime Canterbury muton," SH-6-Hb, 3id; prime North Island mutton, 56-641 b, 3Jd; prime Canterbury mutton, 64-721 b, 3Jd; prime North Island mutton, 64-721 b, 8 l-8d; prime Canterbury owes, 48-641 b, 2}d; prime North Island ewes. 4"8-641b, 2}d. Market for New Zealand mutton weak; demand poor. Australian Lamb.—G.A.Q. Australian lamb, 28-361 b, 4 5-8 d; G.A.Q. Australian lamb, 36-421 b, 4 5-8 d; F.A.Q. Australian lamb. 28-361 b, 4 l-8d; third Australian lamb, 4d. Market for Australian lamb weak; demand limited. Australian Mutton—G.A.Q. Australian mutton, 40-601 b, 2jd; F.A.Q. Australian mutton, 30-551 b, 23-8 d; Australian ewes, 2id. Market for Australian mutton weak; demand poor. Beef.—Argentine chilled hinds, Bd; fores, 2id. Pojk.—English porkers, 80-1001 b, 9d; New Zealand porkers, 80-1001 b, sd; 100-120 lb, 4id. Market for New Zealand pork nominal; demand poor. M. A. Eliott, Ltd., Palmerston North, have received a report from Gordon Woodroffe and Co., Ltd., London, giving Smithfield delivered >. ’ prices as. follow:—Best North Island prime. lambs, under 361 b, 6d; 36-421 b, 6d; 42-501 b, 6d. Ordinary North Island lambs, under 421 b, Bld; second quality, under 42ib,5fd. Best North Island wether? and/or maiden ewes, 48-561 b and 56-641 b, 3 3-8 d; 64-721 b and over. 721 b, Sid. Ordinary North Island wethers and/or msl den ewes,4B-561b and 56-641 b, ■ Sid , 64-721 b and over 721 b, 3 l-Bd. North Island ewes, under 641 b, 27-8 d; 64-721 b and over 721 b, 2}d. , . ~ ■ ' ,'/■ UNION OIL & CANDLE CO. Interim Dividend Unchanged The directors of the Union Oil, Soap and Candle Company, Limited, have declared ah interim dividend of 9d a share, payable on May 4. This is at the same rate as last year. AUSTRALIAN IRON & STEEL Dividend Passed Cabled advice has been received by the secretary of the Stock Exchange Association of New Zealand that owing to the existing general stringent financial conditions, the directors of Australian Iron and Steel, Limited, consider it advisable that; in the best interests of shareholders to conserve the financial resources of the company and postpone payment of dividend on the cumulative preference shares due May 1. Last year the company paid 74 per cent, on the cumulative preference shares, and 5 per cent, on the ordinary shares. GRAIN AND PRODUCE Canterbury Markets Quiet • By Telegraph—Press Association. Christchurch, April 26. The wheat market was firm at the end of the week. Fowl wheat was quoted at 5/1 f.o.b. for prompt, and for May-June delivery 5/3. Milling wheat was also firm. The potato market is weaker for prompt. The quotation Is £3/12/6 f.0.b., and to growers £2/10/- on trucks. All other markets are quiet. BASE METALS MARKET Latest Quotations London, April 23. Metal Exchange quotations are as follow, those previously cabled being given for the purposes of comparison:— April 20. April 23.

RAW MATERIALS Markets Irregular (Rec. April 26, 5.5 p.m.) London, April 25. Friday’s closing prices for the following raw materials were as follow, those for April 18 being given in parentheses:— Cotton.—Liverpool quotation, American middling upland, May delivery, 5.40 d per lb (5.47 d Rubber.—Para, 4 1-Sd per lb (4}d) ; plantation smoked, 27-8 d per lb (3 l-10d). Jute. —April-May shipment, £l6/15/- per ton (£l6/7/6). Hemp.—None offering. _ Copra.—May shipment, South Sea, £l3 15/- per ton (£l4/5/-); plantation, Rabaul, £l3/17/6 per ton (£l4/7/6). Linseed Oil.—£lB/10/- per ton (£lB 15/-). Turpentine.—4l/Gd per cwt (44/-). AUCTION SALES TO-DAY. Land and Survey Office, Wellington. 2.30 ■ p.m.—Sale sections (Commissioner Crown Lands). Shannon sale. Woolworth's Bldgs., Cuba St., 1.30 p.m.— Sale furniture (I. Silverstone and Co.). TUESDAY. Farm, Ohaupo Rd., Hamilton, 10 a.m.— Alfalfa Jerseys a/c F. J. Sarby, Esq. (W.S. and Co., Ltd.). 96 ‘Russell Terrace, 1 p.m.—Sale furniture, etc. (Householders’ Mart, Ltd.). Levin sale. Cr. Bond and Parish Sts., 10.30 a.m.—Sale gramophones, etc. (Doherty Anctg. Ltd.). 100 Dewsbury Terrace, 1 p.m.—Sale furniture, etc. (E. Johnston). WEDNESDAY. Rooms, St Hill St., Wanganui, 12 noon— Property a/c S.C. Main Rd., Sandon (Dalgety and Co.). 159 Featherston St., 2.30 p.m.—Sale property a/c S.C. Randwick Rd., Lower Hutt (Finch, Webster and Os win). Johnsonville fat stock sale, 12A0 p-sa.

DAIRY PRODUCE QUIET Butter Slow at 108/110/CHEESE EASIER AT 49/53/London, April 23. Butter is in better demand. Danish, 120/to 122/- per cwt; choicest salted New Zealand. 110/- to 112/-; Australian 106/- to 10/8?-; unsalted New Zealand, 112/- to 114/-; Australian, 108/- to 112/-. Cheese. —New Zealand white, 52/- per cwt, coloured 54/-; Australian white 50/-, coloured 52/-. The folowing report has been received by Mr. Thomas Gray from Mr. A, C. Bawson, London, dated April 24:— Cheese.—Deliveries, Now Zealand and Australian, 22,876 crates, Canadian, 3326 boxes. Stock, New Zealand Australian, 157,699 crates; Canadian, 141,102 boxes. Price, white 49/- to 50/-; coloured, 52/- to 53/-. The demand is slow and the market easier, and we anticipate a decline. Butter.—First grade, 108/-; finest, 110/-. The demand is slow and the market easier. Not much change is expected. A. S. Paterson and Co., Ltd., Welington, report having received cable advice from J. and J. Lonsdale and Co., Ltd., London, as followsßutter: Market quiet, folowing slight advance. Danish, 124/-; New Zealand, 108/110/-; Australian, 106/108/-. Cheese: Market barely steady. White, 48/51/-; coloured, 52/54/-. "Cabled advice received by Mr. G. A. Mills from A. J. Mills and Co., Ltd., London, gives the following market prices as ruling at the close of business on Thursday, April 23:—Butter: The market is steady, New Zealand finest, 110/111/-; unsalted, 112/114/-; firsts, 108/109/-; Danish, 124/-; Australian, 106/108/-. Cheese: The market is steady, New Zealand, white 50/51/-, coloured 53/54/-; Canadian unchanged. Samuel Page and Son, London, report to Dalgety and Co., Ltd., under date April 23:—Butter: Market steadier. Danish, 122/to 124/- (120/- t0*122/-); New Zealand, finest salted, 110/- to 111/- (106/- to 109/-); Australian, finest unsalted, 109/- to 112/(108/- to 110/-); finest salted, 106/- to 108/(104/- to 106/-); g.a.q., 102/- to 104/- (100/to 102/-). Cheese: Market steadier. Australian, white 49/- to 50/- (48/- to 50/-), coloured 51/- to 53/- (50/- to 52/-); New Zealand, white 50/- to 51/- (48/- to 50/-), coloured 53/- to 54/- (51/- to 53/-); spot price for Canadian white 66/- to 74/- (68/to 74/-), coloured 66/- to 76/- (70/- to 76/-). Last week's quotations shown in parentheses. Amalgamated Dairies, Limited, on Friday received the following market report from their London office: —Butter prices unchanged. “Anchor,” 112/-. Other New Zealand finest now 111/-. Market quietly steady. Trade well stocked. Danish, 119/-, f.o.b. Betail prices generally, Danish 1/3, Empire 1/1, 1/2, and in some cases even 1/-. Cheese market unchanged. White, 50/51/-; coloured, 53/54/-. BRADFORD TOPS MARKET A Better Inquiry London, April 23. The Bradford tops markot Is steadier, and there is a better inquiry. To-day’s quotations compare as follow with those previously cabled:— Mar. 26. Apl. 9. Apl. 16. Apl. 23| Per lb. Per lb. Per lb. Per lb.

SHEEPSKINS AND HIDES . Wellington Sale At the fortnightly sale of sheepskins, hides, and tallow held on Friday by the Wellington combined brokers a good average catalogue was offered to a full attendance of-buyers. There was a fair demand for all descriptions of dry sheepskins at prices fully one halfpenny below the level of last sale. Salted skins sold at late rates. Well-con-ditioned lots of hides were keenly competed for bv tanners and exporters. Compared with last sale prices declined as follow:— Heavies, l-8d to id; medium and light, id to id; kip and yearling, id. Calfskins were in small supply, and met a weak market at par to Jd down. The price of tallow improved 1/- to 1/6 per cwt on last sale. The range of prices is as follows: — Dry Sheepskins.—Halfbred, 4d to s}d; fine crossbred, 5d to st<l; medium crossbred, 44d to sd; coarse crossbred, 4Jd to 4{d; half wools, 2J<l to 4d; quarter wools, 2Jd to 3Jd; pelts, lid to 2Jd. Salted Skins. —Pelts, 8d to 1/4; quarter wools, lOd to. 1/7; half wools, lid to 2/2; three-quarter wools, 1/6 to 3/-; full wools, 2/6; lambs, 3d to 2/-. Hides.—Ox, 331 b to 441 b, 4}d to 4}d; ox, 451 b to 521 b, 4id to 5 3-8 d; ox, 531 b to 591 b, 4Jd to 6 3-Sd; ox, 601 b to 691 b, sid to 7 5-8 d; ox, 701 b and over, sid to 8 l-8d; cow, 331 b to 391 b, 4 5-8 d to 5 l-8d; cow, 401 b. to 481 b, 4ld to sd; cow, 491 b and over, 4id to 5 l-8d; kip, 251 b to 321 b, s<l to sid; kip, 171 b to 241 b, 4d to 7id; yearling, 111 b to 161 b, s}d to 7}d; calf, 91b to 101 b, 5d to 7d; calf, 61b. to 81b, 6d to B}d; calf, 11b to 51b, 5d to Bd. Tallow.—ln casks, 10/6 to 14/9; in tins, etc., 11/6 to 14/-. Sundries.—Cow tails, Bd. London Hides Market (Rec. April 26, 5.5 p.m.) London, April 25. Hides.—Meat works dry-salted. Queensland, 35/451b, sid; 30/401b, 25/351b. and 20/301b. 5 3-8 d; New South Wales. 35/451b, 6d; other weights. 5 7-Bd. Wet-salted: Queensland and New South Wales. 50/60 lb„ 4id; 40/501b, 4 3-Sd; Victorian abattoirs. both weights. 4id. All quotations nominal except drv-salted Queenslands. LIVE STOCK MARKET Feilding Sale Prices Dominion Special Service Feilding, April 24. Prices for tat lambs and fnt sheep advanced by about 1/- per head at the sale to-tlay as compared with the prices of a week ago. The quality was not quite ns good generally, though In one or two cases especially prime pens were offered. Not one pen was passed in. Fat Lambs.—Prlmest. 15/6; very good, 13/9 to 13/10; good. 10/6 to 11/7: fair, from 9/7 to 10/6. Fat Ewes.—Primest. 11/3; verv good, 10/1; good, 8/11 to 0/3; fair, 7/5; fat twotooths. prlmest, 14/8; good, from 11/2: fat wethers, prlmest heavy, 13/4; very good, 12/3 to 12/11. Store Sheep.—Wether lambs. 6/7 to 9/1; ewe lambs, very good, 12/8 to 12/10; good, 10/10 to 11/2; fair, from 9/-; b.f. lambs, 8/6; forward empty ewes, 5/5; wethers, 10/-. Dairy cattle were not in demand, and prices showed a fall. Springing heifers, £412/6; springing cows, £6/15/-; heifers in milk. £5 to £7; cows in milk, £7/2/0 to £7/17/6. Store Cattle.—Wenner heifers were in good demand up to £3/5/-; cows, to 38/-; fat cows had a poor sale, the best prices being £4 to £4/6/-. Martinborough Sale Dominion Special Service. Masterton. April 24. At the Martlnborough stock sale yesterday, the Walrarapa Farmers’ Co-operative Association offered a fair yarding of sheep and cattle to a small attendance of buyers. Wethers and lamlbs sold at prices equal to recent sale rates, but cattle were hard to quit. A good line of 151 fat and forward four-tooth wethers on account of Mr. R. E. Wall realised 12/-, and b.f. lambs on account of the same vendor brought 10/8. Other lots were: 56 ewe lambs. 8/3; 31 P.A. 18-month steers, £B/5/-; 9 threeyear steers. £3/15/-; 14 2j-year, £2/16/-. Dalgety and Company report ji keen demand for all classes of sheep, and that cattle sold at recent market rates. Their range of prices is:—B.f. lambs. 8/7: ewe lambs. 7/3 to 7/6; wether lambs. 5/6 to 6/6; cull'lambs. 4/6; empty station cows, £2/5/-; light fat cows, £3/17/-: 11-vonr steers. £3/l(l/-l li-year hoifera. fil/lli/-.

■ Buyers. N.Z. GOVT. LOANS— £ .8 d Sellers. £ s d 44 p.o. Inso. Stk., 1080 and 1038 98 2 8 — flVp.c. ditto, 1933 ... 00 0 0 99 10 0 S( p.o. ditto, 1941 ... 04 16 0 — 4fp.c. Bonds, 1039 and ' ' 1038 ..... 98 .2.6 Si p.o. ditto, 1933 and '• 1036 09 6 0 DEBENTURES— Auckland Harbour Bd., 51 p.o., 1039 94 0 0 -TT- ' Golden Bay Cement "A" — 0 16 0 BANKS— H' Australasia • — 10 2 0 J Aust, of Commerce .. — . 0 17 0 i Commercial of Aust. 0 14 11 i; Commercial Bank. Co. i ‘‘(Sydney) — 16 0 0 ., National N.Z. ....... — 5 5 0 i National A/asla (£5) — •5 5 0 ‘ Now South Wales ... 25 2 6 '.i New Zealand — 2 13 9 Ditto, long term ..... 160 — ■i Union of Australia .. 7 12 0 8 0 0 < FINANCIAL— Dalgety and Co — *7 10 0 ,r Goldsbrough Mort .. 0 10 7 10 4 N.Z. Guarantee Corp. !$. (ord.) — 0 5 8 . N.Z. Loan and Mero. 86 .0 0 > GAS— ,7 INSURANCE— V Australian Prov. ..... 0 4 0 — 0 18 9 i MEAT PRESERVING— .- Gear 1 9 9 —— ,+ N.Z. Refrigerat. (£1) — oil J * N(3. Refrlgorat. (10/-) — 0 3 3 7 TRANSPORT— / Htfddart, Parker (ord.) . — 12 6 » Union Steam (pref.) . 0 19 6 —• * P. and O. stock ...... 1 10 0 —- J WOOLLEN— ■is Wellington (pref.) .’. 4 10 0 — # COAL— ;? Westport 14 0 —— J TIMBER— 0 8 6 ■/ Leyland-O'Brien 110 7 BREWERIES— 114 6 i MISCELLANEOUS— r British Tobacco (ord.) — 1 10 0 *, Burns, Philp and Co. . 1 10 0 x Dental and Medical .. — 1 15 0 0 10 0 i> Dominion Investments 110 —— Electro. Zinc (ord.) ... — 0 13 6 Ditto (pref.) — 0 17 0 Howard Smith (ord.) 0 5 0 0 8 3 National Electric .... — 0 11 0 Newton King (pref.) — 0 9 0 N.Z. Drug 2 13 0 2 14 9 N.Z- Paper Mills ..... 0 16 0 —— Wilson's Cement .... . 1 19 0, 1 19 3 OIL— 2 10 0 Moturoa i — 0 3 9 MINING— Mount Lyell — 10 0 *Cum. dividend.

Govt. Inscr. Stock, 4} p.c., 1039 .. 98 10 0 Ditto, 4} p.c., 1038 Bank of Australasia .. 98 10 0 .. 9 17 6 Commercial Bank of Australia .. .. 0 14 8 Now Zealand and River Plate .. .. 1 4'0 AUCKLAND. Commercial Bank of Aust. .. . £ 8. d. . 0 14 9 Do . 0 14 8 Do., preference . 5 12 0 Bank of New Zealand . 2 13 fl South British Insurance . 2 13 3 Auckland Gas. contr . 0 1(1 9 N.Z. Breweries . 1 14 0 Umaru Brewery, 5/- pd . 0 5 10 Colonial Sugar Wilson's Cement . Walhl Gold Mine 35 0 0 . 1 19 3 . 0 15 5 Do . . 0 15 6 CHRISTCHURCH. Goldsbrough Mort £ s. d. . 0 19 9 N.Z. Breweries . 1 14 2 Mount Lyell (3) ......... . 0 19 1 King Solomon • .023 Mahakiipawa (2) . 0 0 10} Sales reported— Govt. Inscr. Stock, 4| p.c., 1939 98 10 0 Do., 4} p.c.. 1938 Banks Peninsula P. Bd., 6 p.c 98 10 0 • 1932 100 0 0 Sumner Borough, st p.c., 1043 . 92 10 0 Tooth's Brewery 10 0 Christchurch Gas, 10/- pd. ... 0 11 6 DUNEDIN. Commercial Bank of Aust £ s. d. 0 14 6 Bank of New Zealand 2 13 fl Inscr. Stock, 4} p.c., 1938 98 10 0

low: — Price. Variation. £ U. d. £ 8 <1. Consols, 2{ p.c 58 0 0 0 10 0t Fund. Loan, 4, 15)60-90 93 10 0 0 10 Of War Loan, .5, 1929-47 104 15 0 0 5.Of 34 p.c. .. 80 10 0 0 10 0t Victory Bonds, . 4 p.c. 96 10 0 0 10 Ot C’Tvealth, 5, 1945-75 .. 69 15 0 6 5 0* C’wealth, 6, 1931-41 .. .79 0 0 7 17”!' 0* Victoria, 3, 1929-49 ... 47 0 0 8 0'6 Ot Victoria, 34, 1929-49 .. 53 0 0 3 0 0* Victoria, 5}, 1939-40 .. 81 0 0 4 0 0t Victoria, 5, 1932-42 ... 62 0 0 10 10 O’ Victoria, 4J, 1940-60 .. 65 0 0 4 0 0* N.S.W., 4, 1933 67 10 0 12 10 O’ N.S.W., 3, 1935 (50 0 0 8 .0 0* N.S.W., 34, 1930-50 .. 48 0 0 6 5 0* N.S.W., 51, 1922-32 .. 72 0 0 9 0. O’ N.S.W., 64, 1930-40 .. 79 0 0 6 0 0* N.S.W., 6, 1930-40 ... 71 0 0 1 5 0* Q’land, 5, 1940-60 .... 05 0 0 5 5 0* Q’land, 3, 1922-47 .... 48 0 0 2 0 0* Q’land, 6, 1930-40 .... 78 0 0 3 12. q* N.Z., 44. 19-18-58 90 5 0 0 15 O’ N.Z., 34, 1040 87 2 6 0 5 0’ N.Z., 3, 1945 78 2 6 0 7 6* N.Z., 6, 1936-51 102 15 0 0 7 6* S. Austr., 34. 1939 .... 65 0 0 0 5 Ot S. Austr., 3. 1916/after 40 0 0 5 0 0’ S. Austr., 64. 1930-40 . 83 0 0 0 10 0* Tasm., 34, 1920-40 ... 68 10 0 2 0 Ot Tasm., 3. 1920-40 .... 55 0 0 7 0 0* Tasm., GJ, 1930-40 ... 81 10 0 3 10 0* W. Austr., 34, 1920-35 (13 2 6 12 17 6* W. Austr., 3, 1915-35 89 0 0 5 0 0* W. Aust., 8, 1930-40 tHlgher. 81 0 0 ’Lower. 2 0 O’

April 23. April 21. Par. N. York, dol. to £ 4.86 5-32 4.85 15-16 4.866 Montreal, dol. to £ 4.86 9-10 4.86 3-16 4.866 Paris, fr. to £ 124.325 124.295 124.21 Brussels, bel. to £ 34.955 34.955 35.00 Geneva, fr. to £ 25.23 25.23 25.221 Amst’dam, fl. to £ 12.09? 12.10 12.107 Milan, lire to £ 92.825 02.775 92.46 Berlin, mks. to £ 20.405 20.405 20,43 St’holm, knr. to £ 18.145 18.145 18.150 C'hagen, knr. to £ 18.165 18.165 18.159 Oslo, knr. to £ 18.165 18.17 18.159 Vienna, schgs. to £ 34.565 34.565 34.585 Prague, knr. to £ 164.125 164.125 164.25 Hel’fors, mks. to £ 193.125 193.125 193.23 Madrid, pes. ‘to £ 48.85 48.75 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 5-8 3} 16 B. Aires, p. to peso 36 5-8 37 7-16 47.62 M. Video, p. to peso 32-1-8 32} 51 Calcutta, p. to rup. 17 13-16 17 13-16 18 Shanghai, p. to tael 15 15 3-8 ’ — H.-Kong, p. to dol. 11 5-8 1113-16 . Y'hama, p. to yen 2413-32 24 13-32 24.58 Batavia, fl. to £ — 12.10} 12.107

Copper— Standard, spot .. . forward Per ton. Per ton. £ s 42 11 d 3 £ 42 8 8 d 9 Standard. 43 5 0 43 1 10J Electrolytic 45 10 0 45 10 0 to 46 10 0 46 0 fl Wire bars 46 10 0 46 0 0 Lead — Spot 12 13 9 12 5 0 Forward 12 18 1) 12 8 9 Spelter— Spot 11 5 0 11 5 0 Forward 11 15 0 11 8 9 Tin— Spot 112 3 fl 111 8 9 Forward 112 11 3 112 13 9 Silver— Standard, per oe .. 12 15-10d 13 5-16d Fine, per oz*...... 14 3-8d 14 3-8d

Seventies .... d. . 27} d. 27} d. 27 d. 27 .Sixty-fours .. . 26 20 25} 25 Sixties . 2-1 21 24 23} Fifty-sixes .. . 17 17 17 16 Fifties . 14 14 14 13} Forty-sixes .. . 12} 12} 111 11 Forties . 12} 12} 11} 11