FINANCE AND COMMERCE

Dominion, Volume 24, Issue 239, 6 July 1931, Page 12

FINANCE AND COMMERCE

-STOCKS AND SHARES '/ Last Week’s Business ' "I ' , A QUIET MARKET * as compared with the preceding week, a Smaller business was done on the Stock Exchanges of the Dominion last week. There Is not wanting evidence that stocks and shares are being purchased by those looking for Income from their Investments. A few shares are being bought in the hope of appreciation as soon as economic conditions improve, and a few odd lines are being bought as speculations. •<’ Gilt-edged securities have been in very good demand, but buyers cannot be moved to raise their bids. However, a fair business Avas done at the ruling rates. The demand .for the 4j per cents, was very keen anil .several parcels changed hands. The 41 per cent, stocks, 1033, sold at £OB, £O3/2/6, and •’£o7/17/0, and the bonds at £OB. The ••'4l per cent stocks. 1039. changed hands at £97/17/6 and £OB. and the 4J per cents., 1041 nt £OB. The 5} per cents, were much sought after, but there was little business •passing. The per cents., 1030, were transferred at £O9/7/6. Mount Eden Borough 53 per cent., 1007, changed bands at £OO City 5} per cents., 1044, at £O7 >7/6; Auckland Power Board 5J per cents., •1915, at £97/10/-, and Wellington Hospital .'Board 44 per cents., 1033, at £OB/5/-. a 1 A good business was done in a limited dumber of bank shares, and the market ‘showed a tendency to firm. Bank of New were again very active and Improved in value. They sold during/the week at 48/0, 40/9, 40/7, 4606, 47/3, 46/0, '47/44, 47/0, 47/-, 40/-, 40/-, 49/-, 40/-, 49/-, 149/-, 48/11, 48/6, 48/6. Commercial Bank c’bf Australia were steady sellers, and the •’demand for them is likely to be very marked during the next three or four weeks, •/pending the announcement of the final for the year ended June 30. The Seales of the week were at 14/6, 14/9. 14/10, ..•and 15/-. National Bank of New Zealand •‘.'were somewhat slow and changed hands 'at £4/10/- cum dividend. National Bank -Of Australasia £lO paid sold at £lO/1/- for the first time for months. Bank of New

"South Wales showed wide fluctuations the , course of sales being £25/11/-, £25, £25, £25/10/-, £25/11/-, £25/10/-, £24/17/6, s£24/17/6, £24/17/6, £25. Union Bank sold •At £7/17/6 and £7/18/-, against £7/12/jjln the previous week. English, Scottish. land Australian Bank changed hands at £4 iJ/6, as compared with £3/19/- a week pearlier. The bank's financial year closed -June SO. •*; Insurance Shares Firm. % Insurance shares were firm with a mod’erate turnover. National Insurance sold at 13/-; New Zealand Insurance showed a , /rising tendency with sales at 30/9, 41/-, . Ml/9, and 42/-. This company’s financial ’year closed on March 31, and the results jot the year's trading should be known very /Soon. The market expects to see a satisfactory balance-sheet, hence the rise, In the /shares. South British sold at 51/3 and 51/6. (Dalgety and Co.'s shares showed a strong •■firming tendency and changed at £6/11/-; ?n the previous week they sold at £6 and >,£6/7/6. Goldsbrough, Mort, and Co. sold (fit 20/-, cum dividend. New Zealand Guarantee Corporation, ordinary at 5/- and preference at 20/3. N.Z. Loan and Mercantile /ordinary stock were transferred at £5O. Gas shares were In good but the prices offered were not such as to bring •.•sellers into the market. Auckland Gas ,-.Sold at 23/-. Coal shares have been very ./much neglected In recent months. Last ..week Tauplrl Coal changed hands at 20/6. • ,N.Z. Refrigerating, IQ/- paid,-wore not so • ■active as usual and sold at 3/8 and 3/7. ■ al S“ d ,?LT eries woro Qrm with • at i5 /?’ and M/-, and Timaru /Brewery, 5/- paid, sold at 6/3 and 0/14. • .Colonial Sugar were rather move active 8^^ k V^l c s laneed hands at 234/10/-, and £B4/12/0. ■British Tobacco sold at 24/0, 25/-, and 25/3and “/-j "Otago “X Dominion Invest- *£• Loan, preference, nakPon^Mid 8 Trading at 5/ ® : and Tn ™-

: : WELLINGTON EXCHANGE

Saturday’s Business r!?«: ’ '

S’ / § DEALINGS ON ’CHANGE ¥ ’ Sales in the Dominion The following sales were recorded on tlie stock exchanges of the Dominion on Saturday :— I ; . . ' WELLINGTON, NU,

. King Solomon Mine Dominion Special Service. Dunedin, July 4. The manager of the King Solomon Deep Lead reports a return of 59 or,. 14 dwt. fdr the past week’s development driving.

TRADE AND FINANCE Position in the Dominion BANKING POSITION The general impression gained from the most important of the monthly indexes Is that the pulse of business remained fairly steady during May, says the Government Statistician In the Monthly Abstract. Since January, when conditions were exceptionally low, the volume of bank debits placed to individual customers accounts (exclusive of Government accounts) has remained fairly consistent. The movement in bank debits during May was very slight, but the figures are such as to indicate a comparatively low level of business activity. However, the volume of bank debits placed to Individual customers’ accounts fell by only 0.7 per cent, from the previous month, and, considering that the customary winter restriction of internal trade must by now be well in evidence, this wavering of the indicator .of business prosperity upon a consistent level during recent months may be regarded as a favourable indication. Deposits during the mouth remained at very much the same level as in the previous month, but compared with May, 1960, record a shrinkage equivalent to 6.8 per cent. Advances also show a slight decrease, amounting to 1.6 per cent, for the month and 2.8 per cent, for the year. A further slight improvement In the ratio of advances to deposits was experienced, and this movement has been continuous now since November last. The improved' position of the export outlo6k should tend to accelerate this trend in coming months; The ratio, of free to fixed deposits for the month,' however, shows little response to the favourable influences being gradually brought to bear upon the financial situation, and actually records a further diminution from 56.08 per cent, for April to 54.74 per cent, for May, 1931. In May, 1930, this ratio was as, high as 76.10 per cent. Land transfers registered during the month of May were 39.3 per cent, below May, 1930. but compared with April showed the usual advance. This, however, was only 29.9 per cent., whereas the average gain recorded for the four preceding years was 47.1 per cent. A comparison of the total for the two months of the financial year with the corresponding period of the preceding . year gives a recession of 39.8 per cent.

The number of mortgages registered during May was 48 per cent, lower than that recorded twelve months earlier, while discharges show a fall of 45.6 per cent. The cumulative totals for the-two months show Orations 45.7 per cent, and discharges 48.6 . per cpnt. behind last year’s figures.

BASE METALS MARKET. Copper and Spelter Easier vtr ™ V London, July 2. Metal Exchange quotations are as follow, those previously cabled. being given for the .purpose of comparison:—

RAW MATERIALS Markets Firmer, (Rec. July 5, 5.5 p.m.) London. July 4. Friday’s closing prices for the following raw materials were as follow, those for June 26 being given in parentheses:— Cotton.—Liverpool quotation. American middling. July delivery. 5.46 d per lb (5.30 d Rubber.—Para, 4Jd per lb (same): plantation smoked. 3}d per lb (same). > Jute.—July-August, shipment. £l6/5/per ton (£l6/2/6). Hemp.—None offering.' Copra.—Julv shipment. South Sea nominally. £l2/15/- per ton (£ll/15/-): Plantation Rabanl, £l2/17/6 per ton (£ll 17 Llnseed Oil— £lB/15/- per ton (£18). Turpentine—l 7- per cwt (same). FRUIT AND VEGETABLES Wellington Markets ’ ■Reporting on the Wellington; fruit and vegetable markets for June, the local fruit inspector writes as. follows to the Director of. the Horticulture Division, , Department of Agriculture:— ■ , , , Apples have been in good supply during the month, .both dessert and cooking varieties. The quality has only been fair, and prices ruling on the low side. Pears are In short supply and good demand.. Prices are ruling high for good sizes. Small lines, of New , Zealand-grown poorman oranges have been coming forward and meeting with fair demand. The quality lias only been fair, owing to the fruit being In 1 green condition. Vegetables of most classes, both green and root, have been in good supply of fair quality. Cauliflowers and cabbagesZare coming forward In increased , quantities and meeting with good demand. Lettuce Is only In fair supply, but quite equal to the demand at this period of the season. Brussels sprouts are only In fair supply, with prices ruling good. Most classes of root vegetables are ini good supply, and finding ready sales, excepting swedes, which are In heavy supply and selling at low prices. The following prices may be taken as a fair average of those obtained at auction during the month:— Apples.—Delicious: , Choice. 5/6 to 7/per 401 b. case; others, 3/6 to 4/6. Jonathan: Choice, up to 6/-: others. 3/- to 4/6.. Dougherty and Rome Beauty, 4/6 to 5/6; Statesman. , 4/- to 5/6. Sturmer: Choice. 6/- to 6/6; others. 4/- to 5/-. Lord Wolseley and Ballarat. 5/-"to 6/-: Dunn’s. 4/- to 5/-. 1 ■ , ' ’ Pears.—Winter Cole, good sizes. 7/- to 11/- per 401 b. case; Winter Nells, 8/- to 9/-; cookers. 6/- to 8/-. Vegetables.—Cauliflowers.’ • 6/- to 14/sack. 3/- to. 5/- case:, cabbage. 6/- to 10/sack, 2/- to 3/- case; lettuce. 3/6 to 7/case: Brussells sprouts, 12/- to 16/- halfsack: celery. 8/- to 16/- case, 2/- to 3/6 bunch of 6 heads: leeks. 1/- to 1/4 bunch of 12 heads; carrots. Id. to 3d. bunch. 3/6 to 6/- cwt.; parnips. 3/6 to 6/- cwt.: rhubarb. 12/- to 16/- doz. bundles; radish. Id. to.2}d. biinch: spring onions. 6d. to 2/bunch; beetroot, Id. to 3d. bunch: marrows, 8/- to 12/- sack": pumpkins, red squash 13/- to 18/- sack. Iron bark 7/- to 10/- sack: spinach. 4/6 to 7/6 case: tree tomatoes, up to !)/• 201 b. case: tomatoes. 7/- to 10/- 201 b. case: potatoes. £4/5/- to £4/15/- ton: swedes, £2 to £3 ton.

AUCTION SALES TO-DAY. Farm. Matamau. 10.30 a.m.—Sale pedigree , cattle (W.S. & Co., Ltd.). 8 \vil!eston St.. 1.30 p.m.—Furniture (E. ' Johnston and Co.) 1. Civic Chambers. 2.30 p.mr-Snle of fruit stands (W.C.C.) TUESDAY. Mart, Main St.. Pahiatua. 2 p.m.—Mort-* gagefi's sale property situate at Hatnua (IV. A. Clttadinl). District Lands and Survey Office. 2.30 p.m —Sale Moumahaki Experimental Farm (Corn; Crown Lands). District Lands and Survey Office, 2.30 p.m. —Sale sections Iloropito West township (Com. Crown Lauds). Showgrounds. Dannevirke, 12 noon.— Fourth Annual Dannevirke Jersey Cattle Club sale (W.S. & Co.. 11.8, Farmers’ Co-op.). Stock Yards of Stanley Bllllnghurst. 12.30 p.m.—Sale of Jersey and Jersey cross, heifers (N.Z.. Farmers’ Co-on. Dis Co..' UdJ. Levin Sale. Townsend and Paul Auction Rooms. Allen St.. 11 a.m.—A/c Defence Dept., sale of sweets, biscuits, and butter (Town send and Paul. Ltd.). Moron Rd.. Greytown. 12 noon. —A/e Mrs. A. 11. Hansen, sale of stock and household furniture (Associated Live Stock Auctioneers, Ltd-.),. ■ ■ ■, , Allen St., 10.30 a.nr.-- Sale poultry, etc. (Townsend and Paul. Ltd.). .

MARKETS FIRMER Butter Steady at 111/113/CHEESE ACTIVE AT 55/60/There was an improvement in the dairy produce market last week. On Friday, N.Z. salted butter was quoted at m/113/(equal, approximately, to Hid per lb, f.o/b.), a rise of 3/- to 4/- on the week. Danish was quoted at 110/117/- spot and 110/- f.0.b., unchanged on the previous week. The mid-week quotation for Danish however, was only 113/114/-. New Zealand salted butter op Friday was quoted at a premium of 6/- a cwt over Australian. One report states that although the market for New Zealand butter is firmer, buyers are not willing to operate at the advanced prices. The cheese market is definitely firmer, with more Inquiry. On Friday, New Zealand white was quoted at 55/56/- and coloured at 57/50/-, and up to 60/- for extra quality, these prices showing a rise of 2/- to 3/- on tho week. The quotations 55/59/- are approximately equal to 5 3-8 d per lb, f.o.b. Canadian commands a premium' of 13/- to 14/- a cwt over New Zealand cheese. The retail prices of New Zealand butter are unchanged at 1/2 per lb, and Danish at 1/3; New Zealand cheese still selling at 7d per lb. The Dairy Board’s London office’reports the following prices as ruling on Friday, those for the. .previous week being shown in parentheses:—. Butter. Now Zealand, salted, 111/113/- (107/110/-; July 4, 1930, 134/138/-); unsalted, 114/116/- (112/116/- ; July 4, 1930,146/150/-) J first whey, 104/- (100/-); second whey, 102/- (OS/-). Australian, salted, 106/107/- (102/105/-); unsalted, 106/109/- (106/110/-). Argentine, unsalted, 106/110/- (106/108/-). Irish creamery, salted, 110/- (103/100/-); unsalted, 113/- (111/112/-). Danish, 110/-, f.OJb.; 116/117/- spot (110/-; 116/117/-). Dutch, unsalted, 115/120/- (117/120/-). Esthonlan, salted, 104/106/- (104/-). Latvian, salted, 104/105/- (104/-). Siberian, 94/96/- (96/98/-). Polish, salted, 90/94/- (99/96/-); unsalted, 94/98/- (90/98/-). Lithuanian, unsalted, 104/- (not quoted). , Cheese. Now Zealand, white, 55/56/- (52/54/-; July 4, 1930. 75/76/-); coloured, 57/50/-; ex 60/- (55/57/-; July 4, 1930, 81/82/-). Australian, white, 51/- (51/32/-); coloured, 56/- (54/56/-). Canadian, white and coloured, 68/74/(68/74/-); June make, c.!.f. price, 57/58/-; little business doing. South Africa', white, 50/- (40/50/-); coloured, 52/53/- (40/52/-). Arrivals, Stocks, and Deliveries. The Dairy Board's London office reports that arrivals of butter from Poland and the Baltic States last week were 7500 tons. A consignment of 20,000 casks of Siberian butter was all diverted to Germany. Canadian arrivals of butter during the week were 9000 boxes, and 5800 boxes are l expected this week. The Empire Marketing Board's estimate of the stocks of all butter as at July 1 was 716,315 boxes, as compared with 1,194,005 •boxes a year ago, a decrease of 478,590 boxes. Deliveries of Now Zealand butter for the week were 1392 tons, as against 755 tons а. year ago. Tho quantity in store, including 175 tons ex Remuera, but excluding 212 ex Port Nicholson, was 4873 tons, as compared with 11,258 tons a year ago. Deliveries of Australian butter for the week were 1412 tons, as against 912 tons a year ago, and the quantity in store was 3000 tons, as against 3175 tons. Deliveries of New Zealand cheese for the week were 22,000 crates, as against 23,350 crates a year ago. The quantity In store, including 4500 crates ex Remuera, was 160,000 crates, as compared with 122,056 crates a year ago. Deliveries of Canadian cheese for the week were 4100 boxes, as against 4000 boxes a year ago; the quantity in store being 130,000 boxes as compared with 110.418 boxes a year ago. ; > Shipments for Britain. 0 Recent shipments of dairy produce to Britain Include the Westmoreland (sailed June 25), Port Fairy (sailed June 26), and J°?!s< slliled JuI F 4 >- ' rhe three ships took 103(272 boxes of butter and 21,901 crates of cheese. Agents' Reports. The Nowi Zealand Producers’ Co-opera-tivq Marketing Association’s weekly cabled market report from Lohdon, dated Julv 3, is as follows:—Butter: Market is firmer, but buyers not willing to operate. New Zealand 111/- to 113/-; unsalted, 114/- to 116/-; Danish, 116/- to 117/-; Siberian, 94/to,9u/-. cheese: Market Is flrm, with more inquiry^,New Zealand, white 55/-, coloured 57/- to uB/-. . ... •. Mr;. Thomas Gray has received the following report, dated July 3, from Mr. A. V; bowson, London;—Cheese: Deliveries Au3t ' ralian - 2W98 crates’; nea 1 ; 4 1 V X1 bo - TCS : stock, New Zealand (P7 Vav 1 an 1^' 408 ’ trates, Canadian ? s: p^ic . c ’ whlt « 37 /-’ coloured fl± ma n d » aCtl^ e and tb e.market / Pn ce, first grade demand is steady and the market Is steady. ■ I .„^ anl F a .'? at, ? <l Da| ries Limited on Friday ' r d totlowing market report from their London officeza-Our butter nrices Anchor, 114/-. Market quiet at advance' iw' 1 f 6 oV eala p n '? ’; nest 113 /- SIX; t e U i n o^2 S t un^nZ Ply ’ t 0 “A- I'-tailXls DAIRYING INDUSTRY Record Production ?, dTel ; s ? marketing conditions cxistIn th® dairying industry are still valiantly being met by a continuous record volume of production of butter, remarks the Government Statistician. The latest grading figures available reveal that during May no less than 84.482 cwt of butter was received into the;stores, this quantity being iSJnn l>er . ooos, “bead of the figure for May. 1930. which then established a record for the month. The end of the 1930-31 production year is now fast approaching, and the year will probably close with a new record established, as already the cumulative figures for ten months show an increase of approximately ,! per cent, over the previous highest total attained during a similar period of last year. \ Cheese, on the other hand, shows a considerable falling-off in production, equivalent to 41.6 per cent, from the previous month, and 21.1 per cent., compared with May. 1930. The cumulative figures, howfever. maintain the present season’s output on a level 3.8 per cent, above that of last season. Earlier in the' year cheese production was considerably above the previous year’s output, while butter barely established an, increase month by month. Recently, however, and during the month under . review in particular, the position has been reversed, cheese production falling off considerably, but being counterbalanced by a stimulus In butter production. This would appear to lend colour to the impression recently received that the unfavourable reception of New Zealand cheese on the Home market has led to a switching-over of some dual factories from cheese to butter manufacture. ' WHEAT AND OATS Dominion Threshing Returns The results of threshing operations carried out during the period January-May have been ascertained from returns received up to June 19. The figures show that б. bushels of- wheat and 2.898.420 bushels of oats have been threshed from harvested areas of these crops, the ascertained average yields per acre being 31.29 bushels for wheat and 43.43 bushels for oats. Wheat.

LAMB MARKET EASIER Heavy Supplies Arriving MUTTON PRICES WEAKER The lamb market is slightly easier in consequence of heavy landings, but tone of market is good. Consumption satisfactory. Mutton: Wethers and ewes both weaker. Demand affected by cheap beef. New Zealand beef: Depressed, owing to over supply of Argentine chilled beef. New Zealand porker pigs: Stocks are light, but demand is small. New Zealand baconer pigs: Nominal. 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 July 3, 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, 48-561 b, 4 7-8 d (5d.,51d) ; 57-641 b, 4Jd (4 7-Bd. 4 7-8 d); (S5-721b, 4)d (4 S-BU. 4Jd). North Island crossbred wethers and maiden ewes. 48-561 b. 4id (4 7-Bd, sd): 57-641 b. 4 5-8 d (4id. 4Jd); 65-721 b. 44d (4Jd. 4Jd): ewes, 481 b and under, 4 l-8d (4}d, 4 3-8 d): 48-G-llb. -3}d (3 7-Bd, 4d); 65-721 b, 3 3-Sd (3id. 3 5-8 d). New Zealand Lambs. —Canterbury. 361 b and under, 7}d (7 5-83, 7Jd): 37-421 b, 7 3-8 d (7id, 7 5-8 d); 43-501 b, 7 l-8d (7 l-Bd, 71d). Second quality, average 331 b, 6 7-8 d (7d. 7d). Other South Island brands. 361 b and under. 7 3-8 d (7Jd, 7 5-8 d): 37-421 b. 7id (7id, 7 3-8 d): 43-501 b, 7d (7 l-Bd, 7 l-8d). Selected North Island brands. Including downs, 361 b and under. 7Jd (7Jd. 7 7-8 d): 37-421 b. 7jd (7}d, 7 5-83): 43-501 b. 7 1-83 (7 1-83. 743). Second quality, average 311 b, 6 7-8 d (73. 73). Other North Island brands, first quality. 361 b and under, 71d (same); 37-421 b, 7 1-83 (same). Second quality, average 311 b, 6}d (6 7-Bd. 6 7-83). Australian Lambs.—Victorian, first quality. 361 b and under. 6}d (6 3-Bd. 6 3-8 d): 37-421 b. 6}d (same). Argentine Lamb.—First quality. 361 b and under. 6 3-83 (same): 37-421 b. 6 l-8d (same). ■■ ' > ■ • New Zealand Beef. —Not quoted. Argentine Chilled Beef.—Ox fores. 23-8 d (2 5-Bd, 25-8 d); hinds. 54d (6d, 64d), Australian Frozen Beef.—Ox crons, over 1001 b. 2d (same): hinds, over 1601 b. 31d ’(same). New Zealand Prime Porker Pigs.— 60-1001 b, 6 l-8d (6d, . 6d): 101-1201 b. s}d (s}d. Bid). New Zealand Prime Baconer Pigs.— 121-1801l>, 51d (sd. sd). New Zealand Frozen Veal.—Not quoted. Beef Market Depressed. The Bank of New Zealand produce department has received the following advice from Its London office as at close of business last week: Lower prices, for wether mutton are expected in the near future owing to larger supplies arriving. There is only a poor-demand for owes. The market for lamb is Inclined to be weaker; supplies being more than sufficient to meet the demand. The market for beef Is depressed owing to absence of demand. Wethers, light. 4 5-8 d to 5 l-8d per lb: heavy, 4d to 4 3-Bd. Ewes. 3 l-8d to 4d. Lambs, 2’s, 71d to 7Jd; B’s, 7id to 7}d: 4's, 73 to 7id; seconds, 6 5-83 to 7d. Beef: Ox hinds. 3d to 3)d • fores, IJd to lsd. Cow binds, 2}d to 3d: fores. Id to lid. • The market is Inactive, says a report received by Levin and Co., Ltd., from their London agents. As compared with last week’s quotations, best North Island crossbred lambs l-8d per lb lower, others unchanged. Best North Island wethers, under 481 b, id per lb lower: 48-721 b, l-8d per lb lower. North Island owes, l-8d per IB lower. Smithfield "delivered” prices are quoted as follow:—North Island down lambs. 28-361 b. 7 7-83 per lb: 36-421 b. 7 5-Bd. Best North Island crossbred lambs. 28-36 Lb, 7}d: 36-421 b. 7 3-Bd. North Island second quality lambs, average 30-311 b, 6 7-Bd. Best North Island wether sheep, under 481 b, 5 l-8d; 48-561 b. 4 7-83: 56-6411). 4 5-8 d; 64-721 b, 4id. North Island ewes, under 481 b, 4 1-83 : 48-561 b. 3 7-83 : 56-641 b, 3 5-83; 64-721 b, 3 3-83. New Zealand prime ox beef, none offering. RETAIL PRICES IN LONDON N.Z.- Lamb and Mutton The New Zealand Meat Producers’ Board has been advised by Its London manager that the following retail prices are being quoted for'Naw Zealand lamb and mutton retailed In London on July 1:— New Zealand lamb : Per lb. Dogs 123 Shoulders 11‘J . Loins 10<l Nocks 13 Breasts Forequarters »Jd Hindquarters H New Zealand mutton (wether): Legs Bjd Shoulders ”i<] Loins ‘53 Necks ” Breasts LIVE STOCK MARKETS Gisborne Values Dominion Special Service. • Gisborne, July 4. At the Gisborne sale there, was a large entry of fat sheep. There was, a good demand for quality ewes, but ordinary sorts were easy. Best, 9/8 to 10/4; others, 7/1 to 9/6; prime two-tooths,-11/6; limbs, 6/6 to 9/6; second grade ewes. 5/6 to; 6/5. Store Sheep.—A small entry, of ordinary sorts. Values were unchanged. Good breeding ewes. 6/10 to 8/5; empty ewes, two-tooths. 6/3: . good-mouth, condition, 6/-; fair. 3/3; hoggets, fat and forward, Downs. 7/-; good woolly. 5/5 to 6/10; fairly good, 4/9 to 5/-Lwethers, few offering,‘good stores, 8/10; small, good condition, 5/10. Taihape and Mangaweka ■At their opening sale ati Taihape on Wednesday Associated Live Stock Auctioneers, Ltd., offered a moderate entry of sheep and a few cattle. Sheep met with readv competition, cattle were not in demand. Ewe lambs, 12/1 to 16/7: two-tooth ewes. 13/1: wether lambs, 7/-; fat ewes. 0/10; ewes. r.w. ram. 11/6. At their Mangaweka sale on Thursday Associated Live Stock Auctioneers. Ltd., offered a very small yarding of sheep. Prices were: Four-ycar ewes. r.w. S.D., 13/6; two-tooth wethers, 11/-. Feilding Sale Prices The Feilding sale on Friday was the first to be conducted at that centre by the Associated Live Stock Auctioneers, Ltd., a large yarding of all classes of stock being submitted to an unusually large attendance of farmers, butchers, and representatives of various meat exporting companies. The grouping of the various classes, lambs, wethers and ewes, In their different sections, created favourable comment, and should prove helpful to buyers of any particular class of stock. Smooth running was the order of the day,’ and purchasers and vendors were well satisfied with the good conduct of the sale under the new organisation. ; I ■ Fat Sheep,—These pens were well filled, and while the grown sheep showed quality, with prices for ewes firm, and Wethers at a slight advance, the majority of the lambs were Indifferent, and this combined with a slight easing In export values caused a decline in values. Quotations: Fat lambs, 8/3, 9/6, 10/9, 11/-, 11/4, U/0, 11/7, 12/1, 12/10. 13/1, 13/7, 13/10, 14/-, 14/4, 15/-, 16/-, 17/-: fat ewes. 7/-, 8/-, 9/-, 9/3, 9/0, 10/2, 10/3. 10/6, 11/4. 11/5, 12/-. 12/0, 12/7, 13/4, 13/9. 14/3; flit wethers, 12/-, 12/1, 13/2, 14/6. 14/9, 14/10, 15/-. 15/6. 15/7, • 15/9, 16/-. 16/4, 17/10 Store Sheep.—A good entry comprised some really good pens of ewes In lamb to Southdown rams, which met with keen competition. A few pens of lambs offered met a ready sale at advanced prices, and practically n total clearance of all store sheep was effected. Quotations: Four and five-year ewes. r.w. S.D. rams, 6/5, 9/2, 9/8 10/1 11/7. 13/1; four and five-renr ewes r.w. Romney ranis. 9/1; five-year owes, r.w S.D. rams, 5/8, 8/4. 10/10: two-tooth ewes, r.w. S.D.. 15/6: wether lambs, 7/8, 7/10. 8/5, 10/8: ewe lambs, 8/4, 12/-. • 15/-: b.f lambs. 5/7. 8/5, 8/11: store lambs, 5/9: empty ewes. 5/-. 5/g, 6/1. J Fat Cattle.—A good entry, iiicludlng a few pens of prime heifers. Prices were-on a par with last week. Quotations: Fat cows, £2, £2/1/-, £2/2/-, £2/4/-, £2/10/-, £2 15/-, £2/16/-, £4/2/0: fat heifers, £2/7/-. £2/17/-. £3/10/-, £4/9/-. Store Cattle.—A moderate yarding, and the demand was only fair. The vendors were, however, out to meet the mtrket, and nearly every line changed hands. Quotations': Store cows, £l/5/-. £l/0/-. £l/7/-. £l/9/-. £l/11/-, £l/12/0. £l/13/-. £1 10/- £l/17/-. £l/19/-: weaner JFrsey heifers. £2, £2/3/-: 3}-year Hereford bullocks, £4/10/-: bulls. £3/3/-. £3/5/. £3 15/-. £4/2/11. £4/10/-. £4/10/Dairv Cattle.—Exceptionally Heavy entries, few lots showing qlinlMv the majority i'ol-ig medium sorts, mid consequently prices suffered accordingly. Quotations;

Springing neifers, £3. £3/3/0, £3/5/-, £3 15/.; £4. £4/10/-. £4/15/-, £5. £O/5/-, £O/10/-: heifers in milk, £2/5/-, £3/5/-, £5. £ll/15/-: springing eows. £2/7/-. £3 17/6, £4/5/-. £4/10/-. £5/2/6. £5/15/-. £7. £7/15/-; late enlvers. £2. £2/15/-, £3. £3 10/-: enU'S in milk. £3. £3/5/-. £3/10/-, £3 15/-' £4. £4/5/.. £4/12/6. ,£5/5/-, £5 10/-. £7/10/-.

, Buying and selling quotations at the Saturday morning call on the Wellington . Stock Exchange wore as follow N.Z.OOVT. LOANS— . Sellers £ a d '■V 4J P.c. Ins. Stk., 1930 97 15 0 98 5 0 4i . p.c. ditto, 1933 ... 97 15 0 98 2 6 5J p.c. ditto, 1933 ... 99 2 fl 99 10 0 Bi P.c. ditto. 1936 ... 99 0 0 P.C. ditto. 1941 ... 95 10 0 ■I 1 ■ ■ 5f p.c. ditto, 1937 ... 90 5 0 —_ ■" 4} p.c. Bonds, 1938 ...'97 17 fl 98 5 0 5| p.c. ditto, 1933 ... 99 5 0 DEBENTURES— Wgtn. Gas Co. — 100 15 0 _Wgtn. Racing Club .. — 103 10 0 N.Z. Breweries bonds 110 N.Z. Milk Products ... 10# Wgton. City, t>i p.c., 1940 ...... 97 5 0 r Auckland City, 5J p.c.,~ ■' 1944 97 5' 0 Otago Itbr. Brd.. Bi P.c.. 1938 • — 4102 5 0 ,pBANK8—’ Australasia — 10 0 0 ■ :■'Aust., of Commerce .. OH 9 0 15 6 Comm, of Aust., ord. ' — . 0 15 0 Commercial Bank. . Co. " ’>■ (Sydney.) ■ *' ......... — 15 0 0 , English. Scot.' & Aust. . — 4 10 0 . National N.Z. ..... .. 4 10 0 '. Nat. A/asia (£5) ... 4 12 0 5 0 0 — New South Wales ... 25 7 6 —— New Zealand 2 9 0 2 9 3 Ditto, long term 1 fl 3 — .- '.Union of Aust 7 10 0 7 18 0 SI NAN CI AE— , Goldsbrouch Mort ... 1 0 0 1 1 0 Z. Invest., Mtg. and ’'■ > Deposit — 0 10 3 r N.Z. Loan * Merc., ord. — 60 0 0 > Well. Invest.,' T. & A. — 0 10 9 :j Trust & Loan — . 6 15 0 Wellington, oril 1 8 9 UNSUBANCE— X''Aust. Prov 0 4 5 — National 0 12 9 —— •■/■New Zealand ' — 1 .South British 2 11 0 2 2 6 2 11 9 i'AIEAT PRESERVING— e/tN.Z. Refrig'. — 0 3 9 , tKANSl’OBT— :JEIuddart, Parker, ord. 10 0 'TIMBER— .''Ecyland-O’Brlon .... 1 0 9 BREWERIES— -Now Zealand 1 15 0 MISCELLANEOUS— ’ "C. M. Banks, ord. and : ,■?£•' pref — 0 13 0 ■ British Tobacco, ord. .15 0 • , . Consol. Brick — 0 9 3 .-Dominion Investments 1 1 fl — r, 'Electro Zinc. pref. ... 0 14 9 0 15 6 "’Howard Smith, ord. . — 0 8 0 : :,'N.Z, Drug 2 9 fl — ■h<Wgtn. Queen's Theatre zl 0 fl* uiJVilson’s Cement 114 fl — —— ' SOIL— , " (Blenheim — 1 15 0 .MINING— • Lyell 0 18 0 0 18 9 ‘Waihl 0 15 5 — ,-jKlng Solomon — 0 3 3 A ‘Cum dividend. "..tintcrest and principal payable in London.

AUCKLAND. £ 8 d Frankllii Power Bd., 5J p.e., 1985 93 0 0 South-British Insurance ....... 11 0 King Solomon : ... . 0 2 11 Ditto . 0 2 l»F Walhl Grand Junction. ....... . 9 3 0 CHRISTCHURCH. £ 8 d Hank, of New, Zealand .'.. . Union Bank of Australia 2 8 3 7 18 0 I'hristchiirch Gas 1 5 0 New Zealand Breweries 1 15 fl King Solomon r ..... 0 2 7A Do 0 2 7 Do 0 2 7 Do 0 2 8 Do 0 2 9 Do 0 2 8 fahaklpawa (3) 0 0 7 J olden Point, 1/- paid ......... 0 1 11 'Do. (2) 0 2 0 Sale reported:— Colonial Sugar 35 0 0

.Tune 2D. Per ton.- . July 2.. Copper— £ s d £ a d Standard, spot ... 40 8 9 37 18 9 Standard, forward 41 1 8 38.11 3, Electrolytic 42 10 0 41 0 0 y to 43 0 0 41 10 0 Wire bars 43 0 0 41 10 0 Lead— Spot 13 11 3 13 15 0 Forward 13 17 6 13 12 6 Spelter— 12 6 3 Spot 13 15 0 Forward ........ 14 16 3 13 10 0 Tin— . Spot ....... ' ' ■ 117 18 9 Forward 118 18 9 Silver— Standard, per oz. . 131-16d 13 0-lCd Fine, per ba. ..... — 14 5-8d

£ Total Average Land district. threshed. yield per aero. Bushels. Bushels. Gisborne . 5 ..... 882 • 51,88 24.80 Hawke’s Bay .. in.tnd Taranaki ..... 1,335 30.26 Wellington ... 131.374 43.13 Nelson ....... ..... 42,144 30.12 Marlborough • 13'1.810 32.02 Canterbury .... 5.307.0(10 31.56 Otago 867.396 33.07 Sou tb la nd .... 63.834 24.87 Totals 6.660.788 Oats. 31.92 Average Total threshed. yield net acre. Bushels. Bushels 030 44.20 Hawke*s Bay • • 0.016 32.55 67.955 43.26 14.523 33.77 JIariborotiKh 10.659 40.12 Canterbury 1.206.107 37.76 788.581 50.18 Sou 1 bln nd •. • • 680 616 50 81 Totals .... 2,898.420 43.43