FINANCE and COMMERCE

Dominion, Volume 24, Issue 189, 8 May 1931, Page 12

FINANCE and COMMERCE

STOCKS AND SHARES

Wellington Exchange

MORE ACTIVITY SHOWN

Moro activity was shown on lineton share market yesterday than for days past. There was a marked Impr“ ement in the demand, and no fewer than eleven sales were reported, five of thcsQ being of blink shares. ,=■ Government securities were In good demand and flrm, but sellers scarce lhe 6i per cent..stocks, 1941, at £O6/2/8 were up 2/6. The Si per cent, stocks, 1933, were also 2/6 higher at £99/2/6; the ui per cent, stocks and bonds, 1936, were steady at £99; and the 5i per cent, bonds, 1933, were unchanged at £99/5/-. , There Is an Increasing Inquiry • fo± debentures, but the prices offered are not attracting holders. Wairarapa Power Board 5i per cents., 1949, changed hands at £95/7/6. Buyers repeated their offers of »'£97 for Wangaiiul Borough 5} per cents., 1944' £94 for Auckland Harbour Board hi per cent., 1939; £9l/10/- for Timaru Harbour Board 5i per cents., 1950; £93/l<>/'tor Wellington Harbour Board 4i per cents., 1040; and £97 for Wellington Harbour Board 5$ per cents., 1946. Makerua Drainage Board 6 per cents., 1946, were on sale at par. Bank shares were in good demand. Bank •of Australasia, at £B/15/-, were 3/6 down r'on Wednesday’s bld, but there were sales reported at £B/19/-, £B/17/-, and £B/18/6. 'Australian Bank of Commerce were steady .’at 13/6, and Commercial Bank of Australia . were firm at 14/-. National Bank of New ‘Zealand were wanted'at £4/17/6, but sell'.ers held for £5/2/6. Bank of New South /.Wales were again In demand at £25/5/-, ,'wlth a sale reported at the figure. Bank <’bt New Zealand were wanted' at 50/9, and Sthe long term shares at 26/-. Union Bank ■ were 1/0 higher at £O/19/-, with a sale ‘‘reported at £7. < Dalgety and Co. were in demand at £6 ,14/-, cum dividend, but sellers asked £7. Goldsbrough, Mort, and Co. were wanted “at 19/-. New Zealand Guarantee Corporation. ordinary, at 5/2, and N.Z. Investment ‘Mortgage at 9/10. National Insurance were steady at 13/-, and New Zealand Insurance j'at 41/9. Christchurch Gas were firm at ,24/8. N.Z. Refrigerating, 10/- paid, were again in demand at 2/10, and Wellington '.Woollen, preference, were firm at 90/-. ‘‘■jjWalpa Coal at 8/9 were unchanged. Leyland O’Brien Timber were steady at 20/-. „New, Zealand Breweries were reported sold •at 35/9 and 85/7. Staples and Co. were up ( 6d at 34/8. N.Z. Paper Mills were steady >at 10/9, cum dividend. Wilson’s Cement ■ were In demand at 89/-, or 8d below the previous bld. For Blenheim 011 35/- Was - offered,-but‘there were no sellers. ' Mount ■Lyell have eased to 17/6, buyers. Waihl :Mining were steady at 15/-, and 2/1 was j offered for King Solomon Deep Lead.

Yesterday’s Quotations

J Buying and selling quotations at yesterday’s final call on the Wellington Stock Exchange were as follow:—

j DEALINGS ON ’CHANGE

Yesterday’s Business

- The following sales were recorded on 'the stoek exchanges of the Dominion yesterday:— i

CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington vector day totalled ««

THE WOOL MARKET

London Sales Irregular

MERINOS EASIER

London, May

At the wool sales to-day 9126 bales were offered, Including 4102 New Zealand. Approximately 7980 were sold. There was an excellent offering of greasy crossbreds, but a poor supply of other sorts. The market had a steady tone, and prices were maintained.

New Zealand greasy crossbreds sold “Patoka," 8d to 7id; “Antll,” 9jd to B|d “Rutlra,” B}d to 7jd; "Tu Nine,” Bid.

Dalgety and Co., Ltd., have received the following report dated London, May 6, from their head office:—London wool sales: As compared with closing rates of last series, merino 5 to 74 pbr cent, lower. Market active, but rather irregular. Sales close May 15. We will sell on May 14. Wright, Stephenson, and Co., Ltd., and Abraham and Williams, Ltd., report having received cable advice from their London house regarding the London wool sales as follows:—Wool sales continued. Market remains unchanged. If anything a little lower. Average selection. Greasy merino, 80/64’s, 9id. Greasy fine halfbred, 56/58’s, 9Jd. Greasy halfbred, 50/sC’s, 9d. Greasy three-quarter-bred, 48/50’s, Bd. Greasy fine crossbred, 46/48’s, 7{d. Greasy medium crossbred, 44/46’s, 6jd. L Crossbred lambs, 46/50’s, Bd. Australian merino prices, par to 5 per cent, lower.

Sllpe market unchanged. Series closing May 15.

PROVIDENT LIFE ASSURANCE

Increased Business

The statement of the Provident Life Assurance Company, Dunedin, for the year ended December 31 last, shows that in the ordinary branch 1468 1 proposals were received, assuring £410,639. Of these, 1138 were completed, assuring £318,482, while 105 proposals for £23,934 were brought forward to this year. In the Industrial branch the new policies issued during the year were 15,215 for assurances amounting to £699,916. The total issue (ordinary and industrial) for the year was 16,353 policies for £1,018,398.

The net premiums in the ordinary branch totalled £50,333, in the industrial branch £150,011, and in the accident branch £13,524, making the total premiums received £219,869, an increase of £11,793 over the net premiums of the previous year. Rent, interest, and fees yielded £55,717; the total net income for the year being £275,587, an increase of £16,934 over the previous year. In addition, annuity consideration received amounted to £9OO. The total amount paid in claims during the year was £BO,BOO. A sum of £85,135 has been.added to the funds, making the total funds at the end of the year £1,038,918. Subscribed capital is £66,000, and paid-up capital £21,000. Dividend to shareholders is at the rate of 10 per cent, upon the paid-up capital, together with a bonus of 2 per cent.

RECKITT AND SONS, LTD. Trade Maintained Reckitt and Sons, Ltd., Hull, manufacturers of starch, blue, black lead, metal polish, etc., who have works In Australia, In their statement for 1030 show a net trading profit o| £1,254,385, which contrasts with £1,277,674, the net profit for 1929. Including appreciation of investments (£46,104) and transfer fees, the amount available is £1,300,788. From this sum directors’ fees take £14,396 and debenture interest requires £31,669. Dividend on preference shares absorbs £67,985. The sum of £16,104 derived from appreciation of investments is transferred to the investment depreciation reserve, £lOO,OOO to goodwill, and £lOO,OOO to the contingencies account. Holders of the ordinary' shares again receive a dividend of 22} per cent. Under the prosperity-sharing plan, the staff and the factory hands receive £117,500, and £lBl,252 Is carried forward. Besides the distribution mentioned above, the ordinary shareholders have been paid £57,083, representing relief in respect of Dominion income tax for ten years past. CANADIAN PACIFIC RAILWAY Interim Dividend Halved _ Montreal, May 0. Following a meeting of directors of the Canadian Pacific Railway on Wednesday, the president, Mr.'Beatty, said that in view of the fact that the prospective earnings of the company cannot be estimated with any degree of accuracy owing to the unusual conditions prevailing, the directors had decided that instead of declaring the usual quarterly dividend at the rate of 2} per cent., they will declare an Interim dividend of 1} per cent., and await results subsequent to the month’s operations before finally deciding the rate that shall be paid for the full year.

N.Z. & A. Land Company " London, May 8. dhe New Zealand and Australian Land Company, Ltd., Is paying an interim dividend of 2 per eent. on A preference shares, but is delaying consideration of the ordinary dividend. <

A year ago this company paid an interim dividend on its ordinary stock of 2 per cent., as compared with 4 per cent, in 1923

Coal Mining Losses

„ ... . . London, May 8. The Scottish-Australian Mining Company declares a loss for the year 11)30 of £19137 which, with the previous debit balance! has been written off the reserve fund.

In 1929 this company, which is interested in several New South Wales collieries made a loss of £22,082, as against a loss of £3357 for 1928. The total debit balance carried low ? K , ye , ar ago was £24 .850, This is now the third successive year for which no dividend has been paid.

Australian London Exchange

r . . „ , London, May 6. rumou red in business circles that Australian exchange is very likely t 0 ? 3 p F r cent - Australian Press Association inquiries in responsible quarters disclosed a unanimous opinion that there was no justiflcatlon at. present either for an ingxease or a decrease.

The present T.T. rate, Australia on London. on the basis of £lOO. London, is: Buying, £130; selling, £l3O/10/-. .The T.T. rate, New Zealand on London, Is: Buying, £lO9/12/0; selling, £llO. N.Z. Apples in London London, May 0. The Talroa's, Rangltata's, and Fordsdale'se New Zealand apples, sold: Cox’s, 14/to 17/-; Delicious, 11/- to 12/0; Jonathans, 11/- to 13/0; pears, Clairgeau, boxes, 12/0 to 13/-. AUCTION SALES « TO-DAY, Roar of Woolworths’ Bldgs., 1.30 p.m.— Sale of Studebaker enclosed motor van (Silverstone & Co.) Harbour Board Shed 22, Noon—Sale of 50 sacks flour (E. Johnston 4 Co.) 8 Wllleston St., 1.30 p.m.—Sale furniture (B. Johnston & Co.) Woolworths’ Bldgs,, Cuba St., 1.45 p.m.— Sale furniture (Silverstone & Co.) Rooms 12 and 14, Manners St., 2 p.m.— Sale furniture (Doherty Auctg. Co.) TO-MORROW. 208 Willis St, (hack-in entrance)—Davis Bron.

LIVE STOCK MARKET

Wairarapa Sales

MASTERTON PRICES EASIER

Dominion Special Service.

Masterton, May 7.

Auctioneers’ reports indicate that prices for sheep at the weekly Masterton sale yesterday were easier on previous sales. The New Zealand Farmers’ Co-op. Distributing Co., Ltd., which offered 1450 sheep, state that bidding at auction was rather -dull, particularly, tor ewes r.w. rams, with the result that' several pens of this class of sheep were turned out unsold. Prices for wethers and lambs were on a par with recent. sales. Sales made by the firm were :— 62 prime fat wethers, 14/5; 24 light fat ewes, 8/2; 19 do., 8/6; 11 do., 8/-; 30 fat and forward ewes, 5/8; fat S.D. ewes, 9/-; 115 2-tooth wethers, 11/3; 88 good ewe lambs, 10/2; 151 small ewe lambs, 6/8; 50 do., 6/-; 12 wether lambs, 6/7; 15 do., 7.11; 54 6-tooth ewes, r.w. S.D., 10/7; 56 5-year ewes, r.w. S.D., 7/-; 52 do., 7/10; 50 f.m. ewes, 6/4; 33 m.a. ewes, r.w. S.D. and Romneys, 0/6. Pigs: Slips, 16/-; good weaners, 8/- to 10/-.

The Wairarapa Farmers’ Co-op. Association was able to effect a total clearance. Sheep prices were easier on previous sales and cattle realised late rates. Sales were: Fat lambs, at 11/1 and 10/-; fat ewes, S/7, 8/4; and forward do., 6/2, 6/3, and 7/-; 18month steers, £2/19/-; 18-month heifers, £l/17/-; steers, do., £2/6/-; 2}-year steers, £3/7/-; forward cows, £2/10/-; fat do., heifers, £4/5/-. Wright, Stephenson, and Co., Ltd., made a total clearance as follows, a good portion of the cattle entry going to the West Coast:—Wether lambs, 6/4; cull lambs, 3/-; small ewe lambs, 4/7; fat and forward bullocks, £5/10/-; bullocks, £4/10/-; P.A heifers, running with bull, £2/4/-; empty P.A. cows, r.w. bull, £2/4/-; vealers, 24/- to 26/-; yearling steers, £2/1/-.

Autumn Cattle Fair

Dominion Special Service.

~ .. . , Masterton, May 7. At their supplementary autumn cattle t alr , Masterton yesterday the New Zealand Farmers’ Co-operative Distributing Company offered 787 head of cattle to a large attendance. Owing to the shortage of cattle feed in the Wairarapa, this sale was not as successful as the firm’s previous autumn sale, but must be considered quite satisfactory. As most of the vendors were prepared to meet the market, a total clearance, with the exception of 22 head, was effected. A pen of 15 very prime fat bullocks on account Mr. W. R. Kemball realised £B/10/-, while a pen of fat cows on account Mr. T. Dunn made £5/2/6. Other prices were as follows:—Account J. Campbell, Jun.: 18 fat and forward bullocks, £6/5/-; 13 do., £5/ Account T. Dunn: 11 do., £6/5/-: 16 two and threeyear P.A, steers. £4/5/-; fat cows. £5 2/6. Account C. Ross: 11 fat cows. £4 9/-; light fat heifers. £4; 25 2i-year good Hereford heiftfrs. £3; 15 2J-year heifers. £2/2/-; fat and forward cows. £2/2/6. Account W. H. Dickens: 9 fat cows and heifers. £4/8/-; 9 do., £4; 14 do.. £3 o/-: 400 m.a. weaner calves, 25/-f 16 do., 16/-. Account M. J. Neilsen: 12 three-vear steers - £ 4/10/-. Account P. Cooper: £6 P.A. steers. £3/4/-, Account W.T. Brunton: 36 do.. £3/1/-. Account R. Graham: 10 P.A. cows, r.w.b.. £2/7/-; 21 weaner steers. 22/6; 17 weaner heifers, 2 ‘/-- 4® c . ount John McKay: 21 weaner steers. 30/-; 25 weaner heifers, 32/-. Account H. B. Maunseii: 9 fat cows, £3/17/-; 25 store cows, £l/15/-. Account Foreman Bros.: 18 fat and forward cows. £2/11/-. Account J. P. Perry: 15 do., £2/10/-. Account Mrs. R. McDonald: 4 light fat heifl ers. £4; 4 light fat steers, £4/2/6. Acc°%nt other vendors: Cows, r.w.b.. £2 to £2/2/-; store cows. £l/5/- to £l/13/-; 18months heifers, £l/15/-, £2. to £2/7/-’ how l £ B/5- to £4; light fat heifers. £3/o/-; good vealers, £l/14/-; s A r /?^n ß Co .Y’’ August calvers, £4/12/6; potter bulls, £1 to £2.

Wanganui Sale

Dominion Special Service. •--• Wanganui, May 7. At the Wanganui sale yesterday Freeman R. Jackson and Company had a medium entry in all sections. A fair clearance was made at prices on a par with recent sales. Sheep.—Prime ewes. 11/-; fat ewes. 9/3 to 10/-; light fat lambs, 10/-; forward b.f. lambs. 8/8; small b.f. lambs. 6/9: cull lambs. 4/- to 4/6: m.a. Lincoln ewes, to Romney* rams, 6/10; cull ewes. 2/- to 4/1. Cattle.—Fat heifers. £3/10/- to £4/17/6; fat cows, £3/5/-, £4, to £5; forward cows, £2 to £3; empty P.A. cows, £2/10/-; empty Hereford cows, £2/8/-; poor condition Hereford cows, to Hereford bull. £1 17/6; empty P.A. heifers. £2/2/6: store cows. £l/5/-. £l/7/6, £l/10/-, to £l/15/-; heavy works bulls, to £4/15/-. Pigs.—Good porkers, 33/- to 35/-; light porkers. 21/-. 25/-, to 27/6; stores. 15/-. 18/-, to 20/-; weaners, 7/- to 10/6; vealers, 24/- to 34/-; half-draught mare, £ll/5/-. Levin Sale At Levin on Tuesday the New Zealand Loan and Mercantile Agency Company, Ltd., offered a medium yarding of sheep, cattle, and pigs to a good attendance, and, with the exception of several pens of sheep, a clearance was made at the following prices:—Light fat ewes, 7/3; fat lambs, 10/7 to 15/-; two-tooth wethers, 9/1; r. ewe lambs, 8/6 to 10/10; r.w. lambs, 7/10 to 8/10: small b.f. lambs, 6/6 to 8/6; fat cows, £3 to £5/12/6; store cows, 20/- to 52/6; medium heifers, r.w.b., £4 to £5; Jersey cross weaner heifers, 30/- to 50/-; poter bull, £4; dairy cows, £5/5/- to £l2/12/0: springing heifer. £9/10/-; baconers, £2/7/6 to £2/9/6; heavy porkers, £2 to £2/5/-; light porkers, 30/- to 40/-; small stores, 14/6 to 18/-; weaners, 8/6 to 13/6.

GRAIN AND PRODUCE Wheat Firmer in Sydney (Rec. May 7, 8.15 p.m.) r , Sydney, May 7. Wheat prices are firming. Bulk wheat is selling at 2/10} per bushel; bagged, nominally to 2/11}: and growers’ lots ex trucks Sydney at 2/7, equivalent to 2/- at country stations.

Flour, £ll per ton; pollard and bran. £3/10/- per ton. Potatoes, Tasmania, £0; Victorian, £4/10/- per ton; onions, Victorian. £4/5/- per ton; oats, white, 2/C; Algerian, 2/- per bushel; maize, 3/9 per bushel.

FRUIT AND VEGETABLES

Wellington Market Prices

This week a keen demand is reported by W. Burbldge and Co., Wellington, for ail fancy grade Hues of apples, especially Cox’s Orange, but “black spot” and second grade lilies are dull and hard to quit. Cape gooseberries, peaches, and local lemons are scarce and keenly sought after. Eggs are coming in freely and prices are inclined to drop. Prices realised yesterday morning are as follow:—

Fruit.—Apples: Cox’s, 8/- to 12/-; Jonathans 5/- to 7/-; Delicious, 4/- to 6/8; Stu rulers, 4/6 to 6/6; Ballarats, 5/6 to 6/8; Munroes, 5/6. Pears: Winter Coles, 5/- to 7/-; Nelis, 4/- to 5/-; Vicars, 5/-; P. Barrys, 3/- to 4/6. Quinces, 10/- to 11/-. All bushel cases. Otago peaches, 6/-; Solway peaches, 6/6 to 7/-. Cape gooseberries, 5/6 to 6/-; passion fruit, 5/-. All half-cases. Californian oranges, 32/- to 34/- per case. Vegetables.—Potatoes, North Island whites, 8/- per sack; South Island Suttons, £6/10/- to £6/15/- per ton; Dakotas, £5 •per ton. Onions, 6/6 per cental bag; green peas, 6/- to 9/-; pumpkins, grey, 6/-, 6/6; red, 7/-, 7/6 per saek. Mushrooms, 3/- to 8/9 per kerosene tin. Various.—New-laid eggs, firsts 2/4 per dozen, mediums 2/1, pullets 1/8; preserved, 1/5 to 1/7 per dozen. Separator butter, 8d to 9d per lb; bulk honey, 6d to 9d per ib; New Zealand walnuts, Motueka Bd, Golden Bay 7d to 7Jd per lb. Poultry: Indian runner ducks, 6/- to 6/6 per pair; White Leghorn hens, 3/9 to 4/3 per pair. London Tallow Market The N.Z. Loan and Mercantile Agency Co., Ltd., have received the following report, dated May 6, from their London house:— Tallow; Nominal quotations. Fine mutton, 23/- per cwt (23/3); good beef, 23/- per cwt. (24/-); mixed, 22/- per cwt (23/(1), .(Prices at March 28 in

CAUTIOUS OPTIMISM

The State of World Trade

BOTTOM OF THE CURVE

A note of cautious optimism was sounded by the "Economist” of March 28 in its monthly review of the state of trade at Home and abroad. While there are still many discouraging factors in the situation, there is on the whole a greater disposition to hope that the bottom of the depression curve has now been reached. These hopes are based chiefly upon three major movements. The first of these is the abatement, temporarily at least, of the decline in wholesale prices. The “Economist” index number for the end of February recorded a slight increase, and more recent statistics show that in England, France, Germany, Italy, and the United States commodity prices have been steadier during the past seven weeks, though the most recent fluctuations are less reassuring in the case of wheat and, metals. The cost of living, on the other hand, in this country continues to fall, the decline during February being one of two points. Hence not only are wholesale prices showing signs of greater stability, but the gap between wholesale and retail prices is narrowing These developments alone are sufficient to justify a somewhat more hopeful view of the outlook than has been possible hitherto.

Some Favourable Factors.

The second major development has been the detente, in some directions at least, which has occurred in strained political relations in Europe; and though psychologically the situation has been worsened this week by the hostile reactions on the part of France to the suggested Customs Union between Austria and Germany, that pact ItseH arouses hopes of a gradual freeing of European commerce to the advantace of traders In all parts of the world In the mort purely financial sphere, the foundation of the International Mortgage Bank ““d ‘he r ® ce , n , t return of French funds to Germany, hold out hopes of a more equitable distribution of capital, not only geographically, but as between short-S and long-term channels. In the East an * ad * an settleme “t. though still unrealised seems nearer, at least, than it was a rew months ago, and already Lancashire resome gOTds ehtl7 ISrger IndlaU luquiry f or

monetary outlook Is much better The drain of gold to France Jn successfully checked, and on March 17, for the first time for nearlv the of En ,ff land secured the don „ Cap e gold on offer in Lon?o n ‘. 3ince then, more gold has reached ? ank ’ and at present the Paris rate stands near par. To some extent all this “ '!l lc f, he deliberate efforts of the Bank ? f „£}! Bland ? ttract foreign funds to the market, and as continual efforts a f? to retain these funds, the sltu-

a ““° ?V tiU not wlthoDt an element of artificiality or even of danger. On the other hand, the improvement is also due to the movement of French money to Gertborl'i al A? ded to above, and in any case there is the assurance that the efforts now ♦5<K, B w mad « Promote a more even distribution of the world’s available capital are meeting with the most cordial cooperation of the French authorities themselves. <

It is still premature to expect factors such as these to be exercising any pronounced effect upon the general situation of industry and commerce. Nevertheless, allowing for the temporary dislocation caused by the coal quota, the rate of inc,r®as£ th® unemployment curve has been definitely retarded. Employment has improved in many Important Industries, most noticeably of all in the textile trades, including cotton, linen and wool. There has been a seasonal defiline In unemployment in the building and allied industries, and more work has become available in the steel, pottery, boot and shoe and clothing trades. Moreover, apart from actual increases in employment, there is an improvement in the general business tone. The approaching budget seems to be exer-

cislng less restrictive apprehension than might have been expected, and in several Industries there is a noticeable Increase in the number of inquiries coming forward. There is a general feeling that many prices have “bottomed,” and that there is little to be gained by much further delay in buying. Minor but more tangible indications include the February rise of £6,500,000 in the clearing banks’ acceptances on behalf of their customers, and the slight improvement registered in the same month in steel production. Creating the Right Atmosphere. At the same time, it would be wrong to assume that all current changes are in the right direction, and the increase in unemployment in such staple industries as coal, pig iron, engineering, shipbuilding, motors and dock and harbour services comes as a sharp reminder of the serious nature of the situation. The damping down of two large North-East Coast furnaces during February .and the stagnation in the shipbuilding industry and its allied trades are equally serious, and while the poor export returns for February can be discounted in that they refer to business past and gone, the equally poor returns of raw material Imports for that month are hardly indicative of an imminent trade revival. Again, while It seems likely that the recent wage reduction awards in several Important Industries will be accepted by those concerned, the risk of labour trouble cannot be altogether dismissed. Finally, the operation of the quotas provided for In the Coal Mines Act has this month caused some dislocation in thg coal industry. / A true reading of the present situation

may be that Its favourable factors, important though they are, serve mainly to create an atmosphere favourable to a trade revival rather than to cause business to pick up at once, says the "Economist. If this view is correct, there Is nothing Inconsistent or disappointing in the failure of business, production or employment to have responded as yet to more than a partial extent. It has always been known that even when the recovery begins, its progress must be slow. The reports of industries in Britain and also of business conditions in the Empire and foreign countries show that there are still numerous difficulties to be overcome.

DAIRY PRODUCE London Markets Very Quiet The New Zealand Loan and Mercantile Agency Company, Limited, has received the following advice from its London house, dated May 6—Dairy produce (last week’s figures in parentheses):—Butter: New Zealand choicest salted, 106/- to 108/per cwt (108/109/-). Cheese: White, 46/to 48/- per cwt (48/-); coloured, 50/- to 52/- per cwt (51/-). Markets very quiet. Samuel Page and Son, London, report to Dalgety and Co., Ltd., under date May 6—Butter; Market very slow. Danish, 117/- to 118/- (120/- to 122/-) ; New Zealand finest salted, 105/- to 107/- (106/- to 108/-); Australian finest unsalted, 104/- to 106/(106/- to 108/-); salted, 103/- to 105/- (104/to 106/-): G.A.Q.. 98/- to 102/- (100/- to 102/-). Cheese: Market depressed. New Zealand,white, 45/- to 47/- (46/- to 48/-); coloured. 48/- to 50/- (50/- to 51/-); Canadian white, 68/- to 74/- (66/- to 72/-); coloured, 70/- to 76/- (68/- to 76/-). (Last week's quotations shown in parentheses.).

COMING TRADE REVIVAL

Position of Great Britain

Definite indications of a trade revival in Britain continue to reveal themselves. Many firms have stocked their warehouses in a way that the experience of past years would not justify, but which they consider now to be necessary in view of the feeling in world markets. An interesting indication of revival comes from Birkenhead, where a British firm is now able to meet successfully United States competitors who for years have been dumping 2,000:000 doors for houses annually. In Manchester the cotton trade has received a stimulus from a new industry which uses cotton extensively in the manufacture of notepaper and envelopes. In the United States the same Industry quickly grew to a consumption of 2.000.000 square yards of cotton a year, and development on similar lines is expected In Manchester. Although the winter season has passed, the radio Industry is still busy and an indication that the man in the street is not feeling the pinch of depression so much is provided by the fact that 70,000 new licenses were taken out in February, compared with 35,000 in February. 1930. Extension of Britain’s airways and the recent placing of large orders by the Belgian and Greek Governments have provided the aircraft industry with a much needed stimulus and indicate clearly that in this sphere Britain is well able to compote with any country.

Buyers. . Sellers. ..N.Z. GOVT. LOANS- £ s d £ s d 4) p.c. Insc. Stk., 193f 98 15 0 5J p.o. ditto, 1833 ... 99 2 0 99 7 6 5J p.o. ditto, 193G ... 99 0 0 p.c. ditto, 1941 ... 90 2 6 ' 5} p.c. Bonds, 1933 ... 99 5 0 ■ - 54 p.c. ditto, 193G ... 99 0 0 — DEBENTURES— ■Well. Amalg. Brick ... —— 97 0 0 Wanganui Boro., 5} p.c.. 1944 Auckland Harb. Bd., 97 0 0 . — ■ 5i p.c., 1939 94 0 0 Umaru Harb. Bd_ 51 p.c., 1950 ..' 91 10 0 Wellington Harb. Bd., 4} p.c., 1946 93 15 0 Ditto, 5J p.c., 1946 ... 97 0 0 Makerua Drn. Bd., .6 p.c., 1946 - 106 0 0 S. Canterbury Pwr. Bd 5} p.c., 1936 99 0 0 Dunedin City, 6 p.c., 1932 100 5 0 BANKS— >*■ Australasia 8 15 0 9 5 0 Aust, of Commerce .. 0 13 0 0 15 6 Commercial of Aust. (ord.) 0 14 0 Commercial Bank. Co. (Sydney) 15 5 0 National N.Z 4 17 8 5 2 6 New South Wales ... 25 5 0 •26 0 0 New Zealand ...• 2 10 9 2 12 0 Ditto, long term 16 0 Ditto, long, term Sydney register —— 15 0 Union of Australia .. G 19 0 FINANCIAL— Dalgety and Co 6 14 0 •7 0 0 Goldsbrough Mort .... 0 19 0 N.Z. Guarantee Corp. ■■ (ord.) 0 5 2 0 5 6 N.Z. Invest., Mtg. and Deposit 0 9 10 N.Z. Loan & Merc., ord. 66 0 0 -GAS— Christchurch 14 6 15 6 Wellington (ord.) ... 16 0 INSURANCE—' ; National 0 13 0 ♦0 13 8 t New Zealand 2 19 2 2 6 South British 2 18 6 MEAT PRESERVING— N.Z. Refrigerat. (10/-) 0 2 10 TRANSPORT— Huddart, Parker (ord.) 12 2 . Union Steam (pref.) . 0 19 8 P. and O. stock 1 15 0 Kelburn Tram 19 0 ' WOOLLEN— Wellington (pref.) ... 4 10 0 COAD— Walpa 0 6 9 —- TIMBER— .< National - . 0 8 0 Leyland-O’Brien .... 10 0 Rotolti 0 8 0 BREWERIES— New Zealand ■ ' 1 15 10 • Staples and Co. ...... 1 14 6 1 17 0 MISCELLANEOUS— Burns, Philp and Co. . — 1 15 0 British Tobacco (ord.) 19 5 Dental and Medical .. — 0 9 8 ■ Electro. Zinc (ord.) . 0 13 3 . Ditto (pref.) 0 16 3 Howard Smith (ord.) — 0 8 3 National Electric .... — 0 11 0 Newton King (pref.) — 0 9 0 N.Z. Paper Mills •0 16 9 — Sharland & Co. (ord.) —— 0 19 G Wilson’s Cement .... 1 19 0 •2 0 6 Farmers’ Trading (6/-) — 0 6 9 OIIaBlenheim 1 15 0 0 8 9 * Taranaki MINING— Mount Lyell 0 17 6 Waihl 0 15 0 •0 15 6 King Solomon 0 2 1 •Cum. dividend.

WELLINGTON. Walrarapa Electric Power Board. 5J p.c., 1949 £ s d 05 7 6 .Milne and Choyce debenture stock 0 19 6 -Bank of Australasia 8 19 0 -Ditto 8 17 0 .Ditto 8 18 8 Bank New South Wales 25 5 0 -Union Bank 7 0 0 South British Insurance 2 13 0 New Zealand Breweries 1 in 9 Ditto (2) 1 15 7 AUCKLAND. £ s d Bank of Australasia (late Wed.) 9 0 0 National Bank of N.Z 5 0 0 Union Bank of Aust. 7 0 0 South British Insurance . 2 12 0 Devonport Steam Ferries 1 0 0 Waihl Grand Junction 0 2 4 Mount Lyell 0 18 0 Moanatararl 0 1 1 N.Z. Farmers’ Co-op. Assn., 6} p.c.. 52 0 0 CHRISTCHURCH. Bank of Australasia £ 8. d. 9 15 0 Bank of New Zealand, cam, div . 2 11 6 Union Bank of Australia 7 0 0 N.Z. Breweries (2) . Do. 1 15 6 Electrolytic Zinc, pref 0 15 fi Do. Mount Lyell 0 18 5 King Solomon (2) Do. (2) 0 2 5 Okarito 0 8 4 Sales reported— Bank of Australasia 9 18 0 Do. Com. Bank of Aust., pref 5 10 0 National Bank of N.Z 5 2 fl Bank of N.Z., cum. div 2 11 G Mount Lyell 0 18 5 DUNEDIN. . King Solomon (2) £ a. d. 0 2 5 Do 0 2 fl Sales reported— Bank of New Zealand .......... 2 11 0 Okarito 0 8 3