FINANCE and COMMERCE

Dominion, Volume 24, Issue 225, 19 June 1931, Page 12

FINANCE and COMMERCE

STOCKS AND SHARES Wellington Exchange A DULL MARKET The Wellington share ag £ a e w dull yesterday, with comparatively lew M Bank ot New securities were and were in demand nt £99, tnc i i an(l th< _ 1840, were wanted at £97/o/ , z Bnjw . ton Gas debentures at £99/o/ ■ • , g erics' bonds were steady at 21/-, and Milk Products’ bond 3 Bank of AusUwa S a VTB/I/- r wVrT u y nchme k d.° Centseller7 a UgUsltSottish, and Australian Bank at £3/10/6 were Cd higher. Bank of New South Wales were 2/6 lower nt £-4 12/C; Bank of New Zealand were steady JR/. With three sales reported at 48/3. The annual meeting of Bba ' eh^ d “e I( i' »hls Bunk of New Zealand will be new .ins morning. The long term shares were steady at Dalgety and Co. were again in demand at £5/15/-. Goldsbrongh, Mort, and Co. at iR/T were 2d down. National Mortgage were in demand at 40/-. N.Z. Guarantee Corporation, ordinary, at •>/-, I , irefe „ rc Il . c 20/-, and N.Z. Investment, Mortgage at 9/10 v 7. Rofricerating, 10/- paid, were wanterf" nt 3/7. but sellers asked 3/11. Huddarti’arkerat 20/- and Union Steam at 19/8 were unchanged. Leyland O’Brien Timber Were again wanted at 20/9. Colonial Sugar were in demand at £32/15/-, \ 1 r th r “ ®. a1 25.?‘ ported at £34. Dental and Medical hate dropped back 3d to 4/0: Dominion Investments at 21/6; Dunlop Rubber at 6/-, and Electrolytic Zinc, preference, ,at_l-/-, ner. steady. Waihl Mining were A share lower qt 14/6. • i- Yesterday’s Quotations ft Buying and selling quotations at yesterday’s final call on the Wellington Stock

Sales in the Dominion The following sales were recorded on the stock exchanges ot the Dominion yes-

SYDNEY STOCK EXCHANGE Business; Very Restricted (Rec. June 18, 7 p.m.) Sydney, June 18. Business on the Stock Exchange has been entirely restricted for the past few days, and a 'markedly cautious attitude has been Commonwealth Bonds are displaying a tendency to drift. Investors are disinclined to operate In them in the absence of Conversion Loan details. .. Banks have reacted from the recentlyimproved levels, but most of the betterclas» Industrial shares continue steady. Bank of New Zealand The ordinary general meeting of the proprietors of the Bank of New Zealand will be held to-day at 11 o’clock.

STATE-OWNED SHIPS Canadian Merchant Marine, Ltd. A HUGE DEFICIT V subSdlaryeompalies again reflect unremun- «\ atlvc ,. S l l^ l e n i^ s C fr , om operations in 1930 wS 834 210 dollars (£167 (W). % with a loss of 878,997 dollars d \ )l|ars £3C4i . UM?' net income the terest cancelled on notes due depreciation Sis 359 a With the* loss°on Working in 1930 2Ifeo«o^»(r- a (£IS-’8,OoJ) is carried to the balanceSheet ' High Book Values of Tonnage. The chief ■ assets in the balance-sheet are vessels as at December 31 1929, amouii ting to 46,858,131 dollars (£9.372,000) less net deductions during the year of 1319,439 <lOl lars (£264,000), reducing the value to 40, dollars’ (£9,108,000) The fleet at number 31 last consisted or 30 vessels m 239,170 tons dead weight, of an a v^ a of 101 years. On the basis of the h*.un the ships would represent the remarkably high 8 value ofl9o dollars (£39) a ton dead weight. Among the liabilities, accniul de nreciation of vessels’ stands at 17,iJb,outi dollars (£3,548,000), which if ded "®‘ e^ £ J 0 o () m the values given in the assets, leaves -7,800, 000 dollars (£5,560,000). , TM 9 a value of as much as 116 dollars (£-3) a ton dead weight. It appears that immense liabilities are being incurred- through this Government venture. ■ Directly these results are, of course, tnc affairs of the Canadian Government and Jw Canadian people, comments the financial editor of ‘‘The Times.” let the fact .hat Canada is carrying on these services at such immense losses cannot be without adverse effects on thfc shipping of the world, and particularly on the shipping of Great Britain, as the largest owner of tonnage. ±ne maintenance by Canada of shipping services on such an uneconomic basis must affect the rates and conditions on which the shipping services of Great Britain are conducted. Great Britain looks to earnings from shipping, as to those from banking and insurance, to contribute to invisible exports, and the effect of competing services carried on at ft loss must be to diminish these payments for shipping services. An instructive calculation could be made as to what would be the effect on this country if the British Exchequer had to provide for losses in respect of even .the principal British fleets on the basis of the losses incurred by the working of the comparatively small Canadian-Government fleet. The subsidy would doubtless have to be measured in millions sterling. Clearly, the uneconomic basis .of the Canadian Government venture must be regarded as a handicap to the restoration of prosperity to the shipping of this country. There are now signs of a broadening of the demand for cargo tonnage, but if an Improvement in the freight markets Is to be of real value to trade and Industry—and the advantageous effects of prosperous shipping would be far reaching—the rates of freight need to be on a basis which will mean a fair profit, instead ot a loss, for the shipping industry.”

NEW COMPANIES

Recent Registrations Registration of the following private companies Is reported in the ‘‘Mercantile Roller Rink Co.. Ltd., private company, Wellington. Capital: £750 into 750 shares of £1 each. Subscribers: Wellington—H. R. O’Brien 125. J. H. Newson 100. W. H. Nankervls 25, G. S. Bright 100. C. A. Shaw 125, F. W. Downes 125, R. S. Johnston 100, G. C. Phillips 50. Objects: To acquire by purchase. lease, exchange, or otherwise land, buildings, etc. J. F. Hargrave, Ltd., private company. Wellington.' Capital: £1750 into 1750 shares of £1 each. Subscribers: Wellington: Caroline A. Allen 1700, G. M. Whiteside 1. J. F. Hargrave 48; Dunedin—L. H. Rounthwaite 1. Objects: To carry on business ot merchants. Importers, export6ts, etc. ‘ Yeats, Ltd., private company, Wellington. Capital: £6OOO into 6000 shares of £1 each. Subscribers: Wellington—Doris B. Yeats 5999. F. Yeats 1. Objects; To carry on business ’of furnishers, cabinetmakers, upholsterers, etc. Community Advertising Agency. Ltd., private company. Wellington. Capital: £l5O into 150 shares of £1 each. Subscribers: Wellington—F. B. Anyon 149. H. E. Taylor 1. Objects: To carry on business of advertising contractors, agents, Buckley Bros.. Ltd., private company, Lower Hutt. Capital: £1205 into 1205 shares of £1 each. Subscribers: Lower Hutt—F. W. Buckley 600. J. R. Buckley 600, Margaret E. L. Buckley 5. Objects: To carry on business of a motor service and battery station, etc. W. M. Sunley. Ltd., private company. Wellington. Capital: £lOOO into 1000 shares of £1 each. Subscribers: 'Wellington—W. M. Sunley 999. Margaret E M. Sunley 1. Objects: To carry on business as a wholesale and retail chemist, etc. Geange Carrying Co.. Ltd., private company. Upper Hutt. Capital: £2aoo into 2500 shares of £1 each. Subscribers— Upper Hutt—Margaret J. Geange 500. K. S. Geange 2000. Objects: To carry on business of general and forwarding agents. Fowler and Porter. Ltd., private company. Palmerston North. Capital: £2OOO into 2000 shares of £1 each. Subscribers: Hastings—D. M. McLeod 064, R. Porter 668; Napier—P. K. Fowler 668. Objects: To carry on business of and dealers in automobiles, motor-cars. etc. . O’Donnell and Jamieson. Ltd., private company. Wellington.- Capital: £7OO into 700 shares of £1 each. Subscribers: Wellington—F. R. Jamieson 280, J. S. Jamieson 140, A. F. O’Donnell 280. Objects: To carry on business of motor service station proprietors, motor engineers, etc. J. Gllliand and Co.. Ltd., private company. Wellington. Capital: £6OO into 600 shares of £1 each. Subscribers: Wellington—J. I. Gillland 100 f.p.', 200 contrlb A. Wilson 50 contrib., W. J. \osper 50 contrib., A. Hobson 200 contrlb. Garage proprietors, 'etc. „ . N Z . National Creditmen s Assn. (Hawke’s Bay). Ltd., private company, Hastings. Capital: £lOO into 100 shares of £1 each. Subscribers: Hastings—Muriel A. Tonkin 99. Florence Moore 1. Objects: To collect and distribute to the clients of the company confidential Information as to the giving, and receiving of credit, in general business relations, etc. • Osier’s. Ltd., private company. w airoa. Capital: £5700 into 5700 shares of £1 en-'b. Subscribers: Walroa —J. M. Osler 2750, Alice Osler 2150, J. D. Osler 400. W. ,J. Osler 400, Objects: To carry on business, of bakers, restaurant and tea-room proprietors. etc. . „ . Sutcliffes. Ltd., private company. Hastings. Capital:, £3OOO into 2970 ordinary shares of £1 each and B. shares of 1/- each. Subscribers: Hastings—J. Sutcliffe 2775 ord.. 300 B„ Emma L Sutcliffe 200 ord;. P. Barcham 100 8.. Bessie McHutchon 100 B. Objects: To carry on business of wholesale and retail music warehousemen, importers. eU. Reefton Ciuemas. Ltd., private company. Reefton. Capital: £lOOO (1000 shares of £1 each) Subscribers: Reefton—A. Cereseto 950, Sarah M. Cereseto 50. Objects: To acquire and carry on business of A. Cereseto. picture theatre proprietor, etc. Kendal and McFadyen. Ltd.. Private company. Hnwera. Capital: £-.>oo into 2500 shares of £1 each. Subscribers: Hawera—F. Kendall 1250. C. J. McFadyen 1250. Objects: To take over the business of Arthurs, Ltd., as furnishers, decorators, drapers and general warehousemen. Dunedin Glass Manufacturing Co.. Ltd., private company, Dunedin. Capital: £llOO into 1100 shares of £1 each. Subscribers: Dunedin —J. Robb 75. J. M. Scott 7<>. 1 1 . G. Lane 75. M. S. Roberts 47u. A. L. Campbell 50. J. Donald 75. H. E. England 2.». L F Lane 25. W. Walklnshaw oO; Ashbur-ton-J. P. McLeod 25. L. J. Watt 25>. R. IL James 25, W. R. Andrews 2.>. H. B. Ilefford 25. Objects: Manufacturers and importers of and dealers in glass, glassware, and crystalware.

AUCTION SALES

Manawatu Show Orounds 9.30-Na-ttonal Jersey Show (W.S. Co., Ltd.). 8 Wi Heston St,, 1 p.m.—Sale carpets, etc. (E. Johnston and Co.). 74 Mein St., Newtown, 10.30 a.m. —Sale contents 5-roomed house (Davis Bros.). Woolworths Buildings, 0-12 a.m., 4-9 p.m.Sale carpets (Silverstone and Co.). Manners St., 2 p.m.-Snlo contents 7-roome.d residence (Ramsey Wilson). Woolworths Buildings. 1.30 p.m.—Sale superior furniture, etc. (1. Silverstone). 91 Dixon St., 1.30 p.m.—Sale furniture, etc. (C. W. Price).

DOMINION’S FLOCKS Decrease Nearly 2,000,000 BIG SOUTH ISLAND DECLINE A decrease of nearly 2,000.000 head for the year is shown in the interim return of sheep in the Dominion on April 30, 1031, gazetted last night. The decrease of 721,500 for the North Island Is largely accounted for by a falling-off of well over half a million head in GJ sbo ™e-Hawke s Bay. A decline of approximately 1,215.000 head is shown In the South Island, Otago alone accounting for a decrease of over 817,000. The detailed figures compare as follow: —

MANAWATU SHOW STOCK A Good Sale Dominion Special Service. Palmerston North, June ' Good i 4U h^^l at^ oC Ma^at f ™ U nt: Dopiinlon recently. Some of the pme stuck eTs Ut ¥w J o la^n V s at o U f bought by Mr? c. Grey, of Palmerston North at £lO/15/- and £lO/10/- per head. Another pen was sold to the Manawatu Meat Co. at £lO/10/-. Symonds Bros., of Wellington, also secured see oral prize " for sheep all through w-as irood there being a keen inquiry for fat Famb's Prices were a shade above recent market values. The top price made was for a prize-winning pen of lambs, sold to the Manawatu Meat Co. at A prize pen ot wethers was bought by the same firnf at 37/- Another prize pen of wethers was bought by Mr. C. urej ai 30/-. The top price for wethers was 37/6 for a prize pen bought by the Mana- " under four years, 11. Akers £7/5/-; E. E. Mabln, £7/12/6; Miranul, Ltd., £B/2/6; J. Collis, £lO/15/-; 1. Saunders £lO/10/-; Mlranui, £7/o/-, 1. A Duncan, £9/10/-. Helfers, under four mrs: O. Mlldon, £7/5/-; T. Saunders, £7 5/-. Bullocks, under 3 years: H. Akers, £6 /7/fl; S. Parsons, £B/2/6. £7/15/-, T. A. Duncan, £7/17/6: H. Collis, £7/1«j/’» £6 15/-; J. Collis, £lO/10/-. Helfers, under three years: D. Collis. £6 and £6/7/6.. Butchers’ bullocks, under four years: H. Akers, £7; T. Saunders, £0; W. Jackson, £7/10/-; S. Parsons, £B/7/6; D. Collis, £8 15/- Butchers’ heifers: T. Saunders. £7 5/-. Butchers’ cows, any age: W. Jackson, £4/12/6; M. Kearins,. £o/12/b. £5/17/6; O. Mildon, £4/17/6, £5/15/-: T. Saunders, £6. Butchers' bullocks any age: H. Akers, £8 10/-, £7/15/-; H. C. Mabln, £7/17/6, £8 2/6; T. A. Duncan, £B/7/6; T. Saunders, £9/5/-; Lockwood Land Co., £7/15/-: A. Sutherland. £9; J. Linklater. £i. £7/10/-, D 'Sheep B ’and Z Lambs. —Wethers under two years: Cheethani, 11/1, 15/1: F. Davies, 16/-, 15/6; J. H. Print. 15/9. 16/9, 16/-, Massey College, 16/7, 16/9; J. F. McKelvle, 15/6, 16/6; B. B. Zurcher, 18/-. Wethers under two years, Down cross: F. Davies, 17/6: C. W. Collins. 15/9, 16/-, £ 1/0/9; JH. Print, 16/-; B. B. Zurcher. 17/6: J. F. McKelvle. 17/-. Fat ewes, under 24 months, Down cross: S. Parsons, 16/-. 17/-; J. F. McKelvle, 30/-, 23/-. Fat wethers, most profitable: H. Davies, 18/-, 21/-; Massey College, 17/5, 17/6; J. H. Print, 17/-, 30/-; J. F. McKelvle, 17/-: Short Bros., 17/-. Fat wethers, under 40 months, longwool: C. W. Collins, 18/-. 20/-: J. F. McKelvle. 22/-. Fat ewes, any age: L. B. Wall. 14/6. 14/9, 15/-; J. A. Mitchell, 14/6. 16/-, 22/-: J. F. McKelvie, 14/-, 14/6, 14/9, 18/-, 18/9. Fat lambs, shorn, any breed or sex: O. Mildon, 23/3; D. Collis, 23/-. 28/3; D. Buick, 22/-; un-_ shorn. D. Buick, 20/-. 22/-, 21/-, 27/-, 19/-, 15/-. 16/-; E. A. Mullins, 18/-, 17/6. Fat lambs. Down cross, full wool: P. Miller, 23/-. 24/-; J. Shaw, 18/-; ditto, shorn, B. C. Egllngton. 41/-; O. Mildon, 21/-: D. Collis, 25/-; O. A. Collis. 19/-. 20/-. Twotooth. long wool wethers: J. A. Chcetham, 15/-, 15/9: T. Saunders, 16/-; J. F. MoKelvie. 16/3: B. B. Zurcher. 16/9. Twofnoth Down cross, any sex: E. W. Collins. 15/-. 15/6: D. Collis. 15/-. Four-tooth, long wool wethers: J. F. Knight. 15/-. 15/6: E. W. Collins. 15/9. 15/10: Mirunni. TAd., 15/4, 15/10: O. Mildon, 11/5; T. Saunders, 16/6: J. F. McKelvie, 16/6. Fat ewes, light weight, anv breed or cross. J. F. McKelvie, 13/-. Heavy fat ewes, any breed or cross: L. B. Wall, 13/D: M. Kearins, 13/10: J. A. Mitchell. 15/-; J. F. McKelvie. 13/5. WHISKY PROFITS | Buchanan-Dewar The accounts of Buchanan-Dewar, a holding company, controlled by Distillers Company, show that profits for the year ended March 31 last amounted to £1.353.776, compared with £1,367,248 for 1929-30. The Preference dividends absorb £253,490, and the Ordinary distribution for the year, which, with the final payment of 25 per cent, now recommended, is unchanged at 35 per cent., takes £1,096.606. leaving the carry-forward slightly higher at £110.217 (against £106.598). The balance-sheet shows that investments in subsidiary companies are unchanged at £4.103.072. but advances to them have declined from £3,509,861 to £2.393.657. On the other hand, advances to an associated company have been increased during the year from £1.868.972 to £3,122,227. Boring for Oil The secretary of Mie Stock Exchange Association of ’New Zealand has received the following weekly report dated June 15 from New Plymouth (N.Z.) Oil Wells Ltd. :—“Depth drilled 2240 ft. We were short down four days replacing stay tubes In the boiler. We recommence drilling to-morrow.” Increases of Capital The following Increases of capital are reported In the “Mercantile Gazette”:— Universal Automatic Gate Co. Ltd., Auckland. Capital Increased from £2500 to £3400. K. System Ltd.. Auckland. Capital increased from £l6OO to £2400 by creation additional shares of £1 each. GlsbOTne Llghterlng-Stevedoring Co. Ltd. Capital Increased from £lOOO to £BOOO by the creation of 14 new shares of £5OO each. Gisborne Llghterlng-Stevedoring Co., Ltd. The 16 shares of £5OO each have been consolidated and divided Into 2 shares of £4(MX) each. Merchandise Trading Co. Ltd., New Plymouth. Capital Increased to £B5O by the creation of SIX) ordinary shares of £1 each, by an extraordinary resolution passed on April 30. Bognuda Adams and Blyth Sand and Gravel Supplies Lid., Wellington. Capital Increased from £lOO to £2<KX>. Christian! and Neilsen (N.Z.) Ltd.. Wellington. Capital Increased to £20,000 by the creation of 19,000 new shares of £1 each.

SHIPPING FREIGHTS Rates to New Zealand REPLY to criticism cent higher than British ships are carryin# American goods from New New Zealand.” This charge is contained In the memorandum of a group of important British manufacturers which has been submitted to the Board of Irade. said a cable message on May H. Remarking that ‘some shippers interested in the New Zealand trade have been complaining to the Government that British shipping companies are spoiling their chances of introducing home-produced goods into the Dominion market by chargine rates of freight in excess of those quoted from Continental ports,” B y rea and Shipping” of Mas' 13 says:—- This is a familiar argument used against our shipping companies, and the fallacies which prompt its employment have been oftentimes demonstrated during the last twenty or thirty years, if not more. None of those who make attacks upon the shipping companies realise—or. if they do. they prefer to ignore it—that the shipowner, like any other conveyer of goods or persons. is always exposed to outside competition. . . . The shipping Industry is essentially cosmopolitan, and owners must be prepared to accept the rates current in anv port to which they send their vessels. Blit, sav the critics, do not the shipping rings’ effectually stifle all rivalry. The answer is that they do not, and are incapable of doing so. What they do achieve —and this is the reason why the great maiority of shippers give them their support—ls the maintenance of rates of freight on a stable level, in season and out of season, good times or bad. Shipping •is rich in cases where a mushroom concern enters some trade or another and with the bait of cut rates lures the shortsighted exporter from his allegiance to the lines which provide him with a regu!ar service. The shipper may profit for a nerlod but he is always, sooner or later, gild to exchange the fallacious advantages of cheap but unreliable transport facilities for the slightly dearer but dependable ones, f b°o r th as regards rates and Bailing and arrivals The damage inflicted on tne snip ping industry and exporters alike by outEa’suro Conference.” The Case of New Zealand. happens that while shipping to Ss between the United Kingdom and the Dominion and those in operation from near Continental ports and British exploiting 1 * in the® sense from h?m y is“demon a trlbb- contrary to the fq • indeed, with ships leavin» these chores half empty they are suffering heavy losses which are accentuated when they are compelled to take cargoes in foreign ports Tt P rates Which are still more unpr ‘‘The bl que S tlon of the deferred rebate system was dealt with at length by tn Inwerlal Shipping Committee eight years ago, and thlsstrlctly Impartial body found that neither the conference principle nor that of deterred rebates was opposed to the interests of shippers, especially it, as they suggested, and is now the general ?ule, carriers and cargo owners confer with one another on matters of rates, conditions, and other matters of Interest to both sides. The subject was brought up in the House of Commons last week, when the President of the Board of Trade, replying to a question regarding freight rates between the United Kingdom and South Africa, said that there appeared to be no necessity to vary the usual procedure whereby shippers arranged through their trade associations to meet the shipping conferences concerned to discuss freight rates and settle differences. There are we believe, conversations in progress, or on the point ot being entered upon, between shippers and shipowners in the New Zealand trade, and it may be that attention will be drawn to the reason why cargoes from, for example, New York, are at the moment being conveyed to the Dominion at lower rates than are current from the U.K. In any case, many Instances could be cited where rates from British ports aro lower than those for the same destinations, ruling in foreign ports, but tho critics of British shipping companies are probably not interested in these.” DAIRY PRODUCE Butter Market Easier Joseph Nathan and Co., Ltd., .have received the following market report from Trengrouse and Nathan, Ltd., London, dated June 17:—New Zealand butter, 110/- per cwt- market easier. New Zealand cheese, white 53/54/- per cwt, coloured 57/- per cwt: market quiet. ' The New Zealand Loan and Mercantile Agency Company, Limited, have received the following advice from their London house, dated June 17:—Dairy produce (last week’s figures in parentheses): Butter, New Zealand choicest salted, 110/- to 111/- per cwt (111/- to 112/-). Very slow. Cheese, no change in quotations. Market quiet. White, 54/55/-; coloured, 57/58/-. GRAIN AND PRODUCE Australian Markets (Rec. Juno 18, 7 p.m.) Sydney, June 18. Wheat, ex trucks Sydney, 2/3 per bushel; at country stations, 1/8. - Flour, £lO/10/per ton, pollard, £4, and bran £3/10/per ton. Potatoes, Tasmanian £6/10/-, Victorian £4/10/- per ton; onions, Victorian £5/10/- to £6 per ton; oats, white 2/6, Algerian 2/3 per bushel; maize, 3/10 per bushel. Chicago Wheat New York, June 17. Chicago Wheat.—June, 69} cents.; July, 57} cents.; September, 57 5-8 cents; December, 61} cents. FRUIT AND VEGETABLES Wellington Market Prices Burbldgc and Company report a keen demand at their sales yesterday morning for marrows, red and grey pumpkins, artichokes, and new laid eggs. Apples, pears, and lemons and potatoes were plentiful and only moderate prices were obtainable. Ruling prices were as follow:— Fruit.—Apples: Stunners, 3/- to 7/-; Delicious, 4/- to 6/6; Jonathans, 4/6 to 7/-; Doughertvs. 3/6 to 6/-; Ballarats and Washingtons, 5/6 to 6/6; other cookers, 4/- to 5/-. Pears: Winter Coles, 4/- to 8/-; Winter Nelis, 5/6 to 7/6; Harringtons, 6/- to 7/-; Glou Moreeau, 3/- to 4/-. Local lemons, 10/- to 11/-: grapefruit (Auckland), 10/to 12/-. All these-for bushel cases. Oranges: Rarotongan 7/- to 9/-, Californian 33/-; Californian lemons, 45/- per case; passions, 6/-; persimmons, 4/- per half-case. Vegetables.—Potatoes: .Suttons. £5; Dakotas, £4/10/- to £5 per ton; North Island whites, 6/6 per sack. Onions: Melbourne, 9/6; New Zealand. 10/- per cental bag. Pumpkins: Red, 15/- to 10/-; grey, 9/- to 11/- per sack. Marrows, 10/- to 12/- per sack; French beans, B}d; butter beans, 9d per lb; kumeras, 6/- per sugar bag; artichokes, 9/- case; swedes. 4/- to 4/6 per cwt. Various.—New laid eggs, 2/7; medium, 2/1; preserved, 1/6 to 1/7 per dozen. Separator butter, Sd per lb; honey, bulk 5-Jd to 6d. section combs Od to lOd per lb; Nelson walnuts (small), 6d per lb; ehaff, g.b.0.5., £6/10/- per ton. The Term “Sterling” Australian banks arc discountenancing the use of the word "sterling” on cheques and deposit slips, or on any document describing Australian money. The word ‘‘sterling" Is properly applied only to English money, but its use as a description of Australian money lias not mattered in the past, when Australian money and English money were always practically on a parity. But now the position Is different, and it is feared that there Is a danger of the use of the word giving rise to misunderstandings.

FROZEN MEAT TRADE Shipments to Britain The New Zealand Meat Producers’ Board advised bv cable from its London office that the shipments from Austral a and South America to the United Kingdom during May were as follow: —Australia. Caroases mutton. 29,839; caroases lamb 70 W) • onarters beef, 50.U0. Soutn America: Carcases mutton. 111,172: carcases lamb, 198.145; quarters beef, frozen 4419 chilled 453,469. . Included In the South American flßures are 61.731 careases of lamb and .>1,860 carcases of mutton shipped from Patagonia. A further qiiantity of 1900 tons of gonian lamb and mutton was shipped, but respective number of carcases not yet available. , i * „ The shipments from New Zealand to the United Kingdom for the same period were as follow:—Carcases mutton. 170.272: carcases lamb. 990.004: quarters beef. 18,174. Tho shipments from South America to the Continent of Europe during the same period were as follow: —Mutton, 320 tons, frozen beef, 4210 tons.

Exchange were as folio' nr:— Buyers. Sellers N.Z. GOVT. LOANS— „ £ s d £ s (1 P.c. Insc. Stk.. 1938 — 98 5 *54 p.c. ditto, 1933 ... — 99 5 0 p.c. ditto, 1936 ... 99 0 0 99 7 6 >51 p.c. ditto, 19-11 ... Bi! 0 0 — S-tiJ P.c. Bonds, 1039 ... 97 15 0 —— P.c. ditto, 1938 ... —- 98 10 0 7/54 p.c. ditto, 1933 ... 99 2 6 — DEBENTURES— ■ Wgtn. Gas Co 99 5 0 100 7 6 jWgtn. Racing. Club .. ViWgtn. Amalg. Brick . . 103 10 0 — 95 0 0 ■iWgtn. City, 5i p.c., ,»•’ lj)40 97 5 0 08' 5 0 £}n.Z. Breweries bonds 1 1 0 — •/N.Z. Milk Products .. BANKS1 .1 0 9 4 0 9 10 tfAust. of Commerce .... 0 14 8 '■Conim. of Aust., ord. •— 0 14 5 8 G 2,‘Comm. Bank. Co. (Sydr! ney) ■"English. Scot. & Aust. 3 16 6 15 0 4 0 0 0 ‘/National N.Z —• 4 18 6 r ;New South Wales ... 24 12 0 .24 17 6 2 8 0 ♦2 8 6 SjNew Zealand (long 1 0 3* ■. — ®Union of Australia .. - 7 11 0 .I'INANCIAL— -Dalgcty and Co 5 15 0 6 5 0 •’Goldsbrough Mort and ■ Co •0 18 7 ; (National Mortgage .. •2 0 0 ■■N.Z. Guar. Corp., ord. 0 5 0 0, 5 4 1 0 0 ■■ I... "N.Z. Invest., Mtg. and f J* Deposit ........... ’■N.Z. Loan & Merc., ord. 0 9 10 53 ~0 0 r. Wgton. Invest., T. & A. — 0 11 0 INSURANCE— . 0 13 3 South British —— 2 10 6 MEAT PRESERVING— »1 8 0 N.Z. Refrigerat. (10/-j TRANSPORT— 0 3 7 0 3 11 0 15 0 „ Hnddnrt, Parker, ord. 1 0 0 —— Union Steam, pref. .. 0 19 8 — ■ P. & 0. Stock —«• 1 8 0 “Huddart. Parker, pref. WOOLLEN— 0 IT 3 — 0 8 0 ...Wellington, ord. ..... — 4 10 0 Ditto, pref — 5 0 0 COAL— 0 2 0 TIMBER— Leyland-O'Brien .... 1 0 9 National —— 0 8 0 Taringamutu Totara . BREWERIES— — 0 5 6 New Zealand MISCELLANEOUS— — .1 13 8 C. M. Banks, ord. and 0 13 0 British Tobacco, ord. ■ ' — •1 4 6 Burns, Philp and Co. 0‘ 1 14 0 Colonial Sugar 32 15 34 10 0 Consol. Brick & Pipe Dental and Medical .'. ■ — *0 9 6 0 4 0 5 9 Dominion Investments 1 1 6 — •“ Dunlop Rubber 0 6 0 •— Electro. Zinc, pref. ; 0 12 0 Partners’ Auction., pref. —— 0 16 6 Howard Smith, ord. w— 0 8 0 National Electric —* 0 11 0 ■ ,2 11 0 3 Wilson's "Cement .... OIL— > — 1 17 1 15 ■ ■ ■ 0 —— 0 1 2 MINING— *0 17 Mount Lyell •—- 1 • Wnlhl 0 14 6 — .. ■"Cum. dividend. DEALINGS ON ’CHANGE

terday •’ — WELLINGTON. N.Z. Govt. Stock, 5} p.c.. 1033 .... Bank of New Zealand (3) £ s d . 99 2 G ,283 . 34 0 0 AUCKLAND. £ s d War Bonds, 4J p.c., 1939 98 10 0 Commercial Bank of Auat 0 14 1 South British Insurance (2) .... 2 10 0 King Solomon, (late ; Wednesday) 0 2 11 Ditto (late Wednesday) .... 0 2 1QJ 0 2 0 Waihl Gold Mine (2)‘ 0 15 3 Grand Junction ........ 0 3 3 Mount Lyell 0 10 10 Gisborne Sheepfarmers 75 0 0 CHRISTCHURCH. . ■ ■ ■ £ s. d. Inscr. Stock, 5-J p.c., 1932 (2) .. 99 12 fi Chcli, Drainage, 5} p.c., 1973 (2) .. 90 0 0 Commercial Bank of Aust.- * .... 0 13 11 Bank of N.Z., cum. div. (2) .... 2 8 3 Goldsbrough Mort., cum. div. (2) 0 19 1 0 19 2 NZ Itcfrlg 10Z- paid 0 3 8 0 3 9 Australian Glass, cum. div. ...... 1 2 9 Cdrnlsh Point 0 0 8) 0 2 10 0 0 7 §ale reported: C$ch. Drainage, 5} p.c., 1973 .... 00 0 0 !< DUNEDIN. Sales reported: Bank of N.Z., cum. div 2 8 4 0 15 3 J 0 0 8

District. Number of sheep. Decrease. Final return. Interim 1930. return. 1931. Auckland ... 3.325.272 3.293.333 Gisborne-II. B. 6,937,Sou 0.421, <41 0,273.080 0,000.328 31,939 512,814 176.758 NOr toUl 1 s an ' 1 10,535,913 15,814,402 721.511 MarlboroughWMUand". 1.326,510 1.468.830 Canterb ury • o - Kalkoura . ®<£$04- u,<U.d70 Otnco 6,726.810 5.909.-67 57.686 330.006 817.549 South I&land -t q non totals . 14,30j,3<4 13,090,47 o 1,214.901 D Wta)l° Q . 30,841,287 28.904,875 1.930.412 of mutton and lamb tor tne years No of Mutton Legs and Lamb ended sheep In carcases pieces, carcases. Ap'kSO. Dominion, exptd. exptd. exptd. moo oo 222,259 3.373,018 20.703 3,192.392 * o’/nRI 439 2 264,499 10,707 u,417,010 B ; til ® ™2<i : Hiitmo £166$5 3347 WOO’.Ol” ‘ ’Interim return. aS- £«. Of mutton were the greatest since 19—