FINANCE and COMMERCE

Dominion, Volume 24, Issue 290, 3 September 1931, Page 12

FINANCE and COMMERCE

STOCKS AND SHARES Wallington Exchange MARKET VERY QUIET An easier tone was displayed by the Wellington share market yesterday, and there waa again a noticeable falling off In the demand for shares, which, however, were fairly steady. , . Sellers of Government securities were again very much In evidence, but the only Inquiry yesterday was for the 4} per cent, tax-free Stocks and Bonds, 1938, 1939 and 1041, at £95. There was no demand for the debentures of local bodies or for those of companies. The debentures of the Wellington Amalgamated Brick Company were on sale at £75. „ x Bank shares were in less demand, but showed no weakness. Australian Bank of Commerce at 12/0 were 2d higher, but Commercial Bank of Australia, ordinary, were unchanged at 13/3. English, Scottish and Australian Bank were tlrm at 70/-. For National Bank of Australasia, £5 paid, £4 was again offered with sellers at £4 10/-. Bank of New South Wales at £24 were 10/- higher, and Union Bank of Australia were 3d higher at £O/9/-. Bank of New Zealand changed hands at 44/2, 44/3 and 44/-. Bank of Australasia were on sale at £B/5/-, cum. dividend, with no buyers. • • ' There was little business offering In other shares. Wellington Gas, ordinary, were In demand at 20/- with no sellers, and the preference were wanted at 15/0. South British Insurance were in demand at 50/3 with a sale reported at 50/-. <' Westport Coal were up 0d at 23/3 with a sale reported at 23/7J.' New Zealand Breweries were up 3d at 28/0, but Tooth’s Brewery were slightly easier at 10/11. Electrolytic Zinc, ordinary, were steady at 7/9; Wilson’s Cement at 34/0 were 1/- down on the previous bld. Mount Lyell at 10/0 were 2d lower. Yesterday’s Quotations Buying and selling/quotations at yes-, terday’s final call on the Wellington Stock Exchange were as follow:— Buyers. Sellers. N.Z. GOVT. LOANS— £ s d £ s d

MINING— Mount Lyell 016 6 016 11 ♦ interest and principal payable In London. *Cum. dividend. DEALINGS ON ’CHANGE Sales in the Dominion i The following sales were recorded on the stock. exchanges of the Dominion yesterday :— WELLINGTON. £ s d Bank of New Zealand 2 4 2 Ditto 2 4 3 Ditto 2 4 0 South British Insurance 2 10 0 Westport Coal 1 3 7J AUCKLAND. . £ s d Govt. Bonds, 5} p.c., 1937 96 0 0 Commercial Bank of Australia .. 013 6 Bank of New Zealand 2 4 3 Do. (2) 2 4 6 Do 2 4 3 South British Insurance 2 10 6 Westport Coal 13 6 Auckland Gas 13 0 N.Z. Farmers’ Fertiliser 0 10 0 Robinson Ice Cream 0 10 6 Cornish Point 0 0 7i '■ OHBIBTOHURCH. £ s d Inscr. Stock, 5i p.c., 1937 ........ 95 12 0 Do 05 0 0 Commercial Bank of Aust O 13 O Do. ... .7 013 5 Bank of New Zealand ........... 246 Goldsbrough Mort 0 18 1 N.Z. Guarantee Corp. O’ 4 9 Beath and Co., 1/- paid 0 22 Mount Lyell 0 16 9 Cornish Point 0 0 0 Kiri'- Solomon (2) 0 2 5 Okarito 0 9 7 Do. (4) 0 9 0 Do. (2) * 0 9 5 Goldeu Point, 1/- paid (4) 0 1 2J Sales reported:— Inscr. Stock, 51 p.c., 1933 ....... 07 12 6 Govt. Bonds, 51 p.c., 1937 95 15 0 Do. ..... 95 17 6 Commercial Bank of Australia . 0 13 6 N.Z. Guarantee Corporation .... 0 410 Bank of New Zealand 2 4 6 DUNEDIN. Sales reported:— £ s d Bank of New Zealand ........... 2 4 0 Do .'.1?..’... 2 4 3 Boring for Oil Taranaki Oil Fields, report tor the week ended August 20. is as follows:— Waitangi No. 2 well: Milling of casting proceeding; have cut away 10ft. Pin. of steel. AUCTION SALES TO-DAY. 105 Customhouse Quay, 2.30 P-m. —Sait property 38 Friend St., Karori (S. G Nathan & Co.) Main Hutt Rd., Lower Hutt, 1.30 p.m.— Sale motor cars, etc. (E. Johnston & Co.) Walkanae Sale. 8 Willeaton St., 10.30 a.m.—Pawnbroker’s unredeemed pledges (B. Johnston & Co.) 57-59 Lower Cuba St., 1.30 p.m.—Sale fur. nlturo (Davis Bros.). Railway Avenue, Lower Hutt, 1.30 p.m.— Sale motor car (E. Johnston and Co.). TO-MORROW. High St., Lower Hutt, 2 p.m.—Sale ladles’ hats (H. E. Leighton). 10 Torrens Terrace, 10.30 a.m.—Sale household furniture, etc. (Ramsay Wilson). SATURDAY. 138 Wakefield St., 10.30 a.m.—Sale used cars (McLaren and Nisbet). Yards, Wanganui, 11.30 a.m.—Wanganui Spring Horse Fair (Freeman R. Jacksoajh

■ COMPANY AFFAIRS Sale of Meat Works BORTHWICK’S DEAL The reported purchase of the Fellding Farmers’ Co-operative Meat Works by Borthwick and Sons, Ltd., adds materially to the strength of the firm along this coast. Assuming that the shareholders of the Fellding Farmers’ Company accept the offer, the terms of which have not been disclosed, Borthwick and Sons will own three works along the line from the Wairarapa to Waitara. They also own the meat works at Waitara, which they have held for some time. Two or three years ago they purchased the Walngawa works near Masterton. In addition, Borthwicks own works at Belfast, near Christchurch. The acquisition of the Fellding works Is not really an addition for the firm owned the Pakipakl works in Hawke’s Bay, which was destroyed by the earthquake on February 3 last, and Is not to be rebuilt. During the past ten years a great many freezing works in the North Island have been thrown out of commission. In the war period several co-operative concerns came into existence, especially in the North Island. When conditions reverted to normal it was speedily discovered that the number of freezing works was in excess of requirements, the competition became very keen, and the co-operative freezing companies were soon In . difficulties. From one cause or another at least six freezing works have ceased operations, among these being Papipaki, destroyed by earthquake, Wairoa freezing works, destroyed by fire, the works at Talhape, Whakatane, Gisborne, and Hick’s Bay, and the Kakariki works near Fellding, owned by the Wellington Meat Export Company, which have been out of commission for several years. LONDON STOCK EXCHANGE Bank Shares and Debentures London, September 1. On the London Stock Exchange to-day quotations of ; bank shares and other corporation debentures and stocks compare with previous quotations as follow:—

Bank Shares in Sydney ( (Rec. September 2, 8.15 p.m.) Sydney, September 2. On the Stock Exchange the demand for Australian Bank of Commerce shares continues brisk up to 10/-. Steady rates ruled for other banking securities. ■ ’ Interest Rates Although no official confirmation was available yesterday, the local investment, mortgage, and deposits companies are understood to have agreed to reduce as from September the maxium Interest rates lor new deposits and for renewals -of existing deposits at maturity. ■“ z ■

STERLING EXCHANGES Market Firmer London, September 1. The following rates on foreign exchanges are current to-day, as compared with the cabled quotations on August 25 and par:—

Price of Silver. London, September 1. Silver.—Cash, 12 7-8 d; forward, 12 15-16 d

per ounce. BASE METALS MARKET Latest Quotations (Rec. September 2, 5.5 p.m.), London, August 31. Metal Exchange quotations are as follow, those previously cabled being given for the purpose of comparison:—

Standard, per oz. . 13d 12 7-8 d Fine, per oz 14d 1315-16 d DAIRY PRODUCE London Market Slow The New Zealand Producers’ Co-opera-tive Marketing Association’s cabled market report from London, dated September 1. is as follows:—Butter: Market slow. New Zealand, 109/- to 112/-; Danish, 119/-. Cheese: Market slow. New Zealand, white, GO/- to Gl/-; coloured, 62/- to 63/-. War Office Beef Contract London, September 1. Four firms all supplying Australian and Now Zealand frozen beef, obtained the War Office half-yearly contract for 00,000 tons. CUSTOMS REVENUE. Customs revenue collected at the port of Wallington yesterday amounted to £9933,

ADDINGTON MARKET J Sheep Prices Steady BEEF VALUES DECLINE By Telegraph—Press Association. Christchurch, September 2. The entries at the Addington market today were of normal size for this period. Store Sheep.—Some better lines of twotooth sheep were forward. Competition was keen and prices remained on a par with those of last market. Values were: Good two-tooth halfbred ewes, 15/6 to 17/-; good s.m. half bred ewes, 13/0 to 14/1; sound mouth halfbred ewes, 9/- to 12/11; six and eight-tooth three-quarter-bred ewes to 14/9; forward six-tooth wethers to 13/10. Fat Sheep.—An entry of 4700. The quality showed a decline compared with recent markets. Values "were on a par with late rates, but it was a dull sale for heavy unfinished sorts. Values were: Extra prime heavy wethers to 22/4; prime, 16/- to 17/6; medium, 13/- to 15/6; light, 10/- to 12/6; extra prime heavy ewes to 19/4; prime heavy, 16/- to 17/6: prime,. 14/- to 15/6; medium, 10/6 to 14/6; light, 8/6 to 10/-. Fat Cattle. —An entry of 380 head was in excess of requirements. There was one line of over 60 head from the North Island. The market was dull with an easing In all classes of up to £1 a head. Values ranged to 32/- per 1001 b for primest sorts; 28/to 30/- for medium weight steer beef; 22/to 25/- for heavyweight beef; 31/- for best heifer beef; to 26/- for the best cow beef; 10/- to 23/- for medium cow beef, and down to 15/- for rough and unfinished sorts. Values were: Extra prime heavy steers to £l5/2/6; prime heavy, £ll/10/- to £l3; prime medium weight, £B/15/- to £11; ordinary quality, £6/10/- to £B/10/-; light. £3/16/- to £6: extra prime heifers, to £l2 12/6: prime, £9 to £11; medium, £6/10/to £B/10/-: light, £4 to £6; extra prime cows, to £l2; prime, £B/10/- to £lO/10/-: medium, £6 to £8; light. £3/10/- to £5 10/-. Fat Pigs.—A medium entry. Competition for pork was good, but bacon was slightly easier. Values were: Choppers, £4 to £8 11/-; baconers, 52/6 to 57/6; heavy bacqners, £3/4/6 to £3/14/6; average price per pound, 5(1 to s}d: porkers, 38/- to 42/-; heavy porkers, 44/- to 49/6; average price per pound, Gid to 7id. JOHNSONVILLE SALE Marked Fall in Sheep Prices There was a marked fall in the prices of sheep at yesterday’s sale at Johnsonville. Wright, Stephenson, and Co., Ltd., and Abraham and Williams, Ltd., offered a large yarding of bullocks and a medium yarding of cows and vealers. Competition was good at late rates, prices showing no alteration. An average yarding of all classes of sheep came forward. The demand was dull at reduced limits. Wethers showed a decline of 2/6 per head, while ewes were easier by 3/- to 4/- per head; lambs were down 2/- to 2/6 per head, as compared with last week’s rates. Prices ranged as follow:— . Cattle.—Heavy bullocks, £lO. £9/15/-, £9/10/-, £9/7/6, £9/5/-. £9, £B/15/-; bullocks, £B, £7/15/-, £7/10/-, £7/5/-, £7/2/6, £O/15/-; bullocks, plain and unfinished, £6 2/6 £5/17/6, £5; cows, heavy, £7/15/- £7 12/6: cows, £5/7/6, £5/5/-. £5; vealers, £3/12/-, £2/18/-, £2/11/-, £2/6/-, £2/1/-, £l/16/-, £l/11/-. £l/10/-; vealers, small, £l. 18/-, 15/-, 12/-, 10/-. Sheep.—Wethers, heavy, 19/3, 10/-, 18/7, 18/1; wethers. 17/3, 17/-. 16/0. 16/4. 15/6, 15/-; ewes. 15/6, 15/-, 14/6, to 13/-; lambs, 13/9, 13/3, 11/6, 11/0. 10/6, to 9/-. Levin Sale At the Levin sale on Tuesday Associated Live Stock Auctioneers, Ltd., offered a fair yarding of stock. There was a fairly keen demand at prices at par with last week’s rates. Fat ewes, 15/6. 16/-, 17/-, IS/-; fat cows, £3/2/6. £3/15/- £3/17/6; light fat heifers, £2/17/6; empty cows, 15/-, 20/-. 30/-, 37/6, £2; rough 2-year steers, £3/3/-; springing heifers, £4/5/-, £5/2/6, £5/10/-. £5/15/-, £6/2/6, £7; springing cows, £4/10/-, £5/5/-, £5/15/-, £6, £6 10/-; small yearling helfars, 20/6, 25/-; empty 2-year heifers, £2/10/-; weaner pigs, 15/-, 16/-, 18/-; stores, 20/-. 21/-, 23/6, 25/-, 27/-; sows, r.w.b., £2. £2/5/-, £3; porkers, 31/-. 34/6. 36/6. 37/-, £2, £2/1/-; baconers, £2/6/-, £2/17/-; choppers. £2/16/-. WAIRARAPA PRICES Pahiatua Sale Dominion Special Service. Masterton, September 2. At their Pahiatua sale yesterday Associated Live Stock Auctioneers, Ltd., offered a few pens of sheep and a big yarding of dairy cows and heifers, to a good attendance. Though prices were on a low level, a good clearance was effected as follows:— Good cows in profit. 1 at £B/10/-, 1 at £7, 1 at £6, 4 at £5/10/-; good heifers in profit. 1 at £7, 1 at £6/5/1. 2 at £5/10/-; springing heifers. 2 at £6. 2 at £5/15/-. 1 at £5/7/-, 2 at £5, 2 at £4/17/0, 1 at £5 10/-. 8 at £4/5/-: springing cows, 1 at £7, 2 at £5/10/-: dairy heifers, in calf. 3 nt £3, 5 at £2/1/-; empty cow. £l/1/-; 48 good wethers. 12/-; 44 wether hoggets. 8/1; 3 fat ewes. 12/-. Masterton Sale Dominion Special . Service. Masterton, September 2. An entry of 783 sheep, 30 pigs, and a dairy herd on account of Mr. H. H. Gorrlnge, and also several horses and dogs, were offered by the New Zealand Farmers’ Co-operative Distributing Co.. Ltd., at their Masterton sale to-day. There was a. large attendance of buyers, and sheep met with fair competition at reduced limits, but most vendors met the market, with the result that all the sheen were sold. There was keen competition for the dairy cows, Mr. Gorringe’s herd of springing cows averaging £B. Pigs sold at late rates. The following were the prices:—Fat wethers: Prime heavy, 19/-; good, 16/3 to 16/6; light. 14/- to 14/6. Fat ewes: Good. 14/6 to 14/7; light, 13/1; unfinished, 8/6 to 10/-. Fat hoggets: Prime heaxy, 14/5; good, 10/1. Store sheep: Aged ewes with b.f. lambs at foot. 9/- to 10/3; two-tooth S.D. ewes with lambs. 12/6; fat and forward four-tooth wethers, 14/2; fat and forward two-tooth wethers, 12/9 to 12/10; m.s. hoggets. 9/11; wether hoggets, 10/-; forward ewes, 8/-; store ewes, 34/6. Cattle: Good dairy cows on drop. £i). £9/15/- to £lO 2/6; good springing cows. £7/10/- to £8 10/-; cows in milk. £5 to £6; late calvers, £3/10/-. £4/10/-. to £5: good springing heifers, £6 to £7/5/-: others. £4/10/- to £5/10/-; yearling dairy steers. 15/-; fat dairy cows, £3/5/-. Horses: Aged draught horses (all work). £5 to £6. Pigs: Slips, 23/-; good weaners. 18/- to 18/6; small, 15/-; Berkshire boar. £2/10/-. HAWKE’S BAY VALUES Waipukurau Sale There was only a moderate attendance of buyers at the weekly stock sale held in Waipukurau on Tuesday, when a considerable number of young Jersey dairy cattle came forward, vendors meeting the market at low prices. There was. also a good yarding; ot fat aheep, which sola at values somewhat below those ruling of late. The offerings of store sheep and fat cattle were .• exceptionally meagre. Weather conditions in Central Hawke's Bay are very favourable to grass growth, and feed promises to be plentiful. Fat Sheep.—Twenty-two prime heavy ewes, 12/9; 24 good hoggets passed at 14/-, also seven ■ ditto wethers 12/-; 30 prime heavy ewes sold at 13/3; 4 ditto m/s. hoggets, 18/7; 28 prime wethers, 14/15.; 44 good ewes, 11/6; 14 medium ewes, 0/7; 14 good hoggets, 15/-; 10 medium hoggets, 11/7; 1 prime wether topped market at 21/-; 61 prime ewes passed 14/6; 17 ditto 2-tooth wethers sold 14/-; 2 extra prime heavy wethers, 19/-; 1 good hogget, 10/-; I 6-tooth owe, 12/-; 28 prime ewes, 13/6; II good hoggets passed 11/0; 17 ditto, 13/and 9/10; 31 ditto, 10/6; 12 good medium hoggets brought 12/-; 74 ditto wethers (off swedes) passed 13/10; 12 ditto ewes realised 10/3; 7 prime hoggets, 12/-; 60 good wethers passed 12/8; 52 ditto, big framed, brought 17/-; 3!) good m/s. hogigets (stores) passed at 10/0, and 8 smaller medium 7/3. Cattle.—Two weighty Hereford Shorthorn cows, £3/15/-; 2 good but small heifers, £3/6/-; 3 light Jersey heifers, 15 months, springing, £l/15/-; 1 ether ditto, £l/12/6; 2 ditto, 30/-; 5 attractive ditto, £4/10/-; 5 lighter ditto, £3/12/6 to £2/10/-; 5 good ditto, £5/7/6 to £l/12/0; 5 ditto, £5/2/6 to £4/2/6; 1 medium Jersey, £3; 1 P.A. ditto, £l/15/-; 1 small Shorthorn, 17/6; good line 14 empty Jersey hoifera .(jbehalt SwalASburxl. £3/5/«;

WOOL MARKET Sydney Prices Steady STRONG JAPANESE DEMAND (Rec, September 2, 8.15 p.m.) Sydney, September 2. At the wool sales to-day 10,166 bales were offered, of which 7572 were sold at auction, also 6808 (sic) privately. The market was firm at the former levels of the week, with an Increased demand by Japanese buyers. Faulty lines were irregular and hard to quit. Greasy Merino made up to 12jd. BANKS AND FARMERS Process of Reconstruction Mr A C. Davidson, general manager of the Bank of New South Wales, addressing a conference of farmers at Sydney last, week, made some noteworthy remarks on the economic situation In Australia, which apply equally to New Zealand. A declaration that the banks would stand by the farmers in their present gruelling circumstances was warmly cheered. Mr. Davidson went on:— “Farmers have cut costs inside their fences to the bone, but outside costs, such as interest, transport, distribution, and taxation have been inflated by extravagant wages and working hours, established in boom times. Owing to the slowness of the Governments these conditions, which mean the very existence of the primary producing industries, are lagging far behind the time at which they should have been altered to meet the present situation. “The banks in Australia are determined to stand by the exporting industries, which have felt the full brunt of falling prices,” said Mr. Davidson. “The banks will stand by the customers who are doing their best to maintain the national outlook. We have reached a state of siege, and we must stand together and stand by our producing customers as long as they stand by as. Their duty Is to spend no more than they must.” There could be no reduction in costs or interest rates until Government finance was placed on a sound basis, added Mr. Davidson. This position had been forcsd on the British Government to such an extent that It had resigned to make way for the formation of a coalition Government to meet the position. The Illness In England was the same as the illness here, and the cure would probably be almost identical with the plan adopted in Australia. The Macmillan Committee’s report had emphasised the importance of avoiding stabilisation of prices at present levels, and recommended International action by the central reserve banks to raise the wholesale price level. He supported that recommendation, but action had to be taken internationally—by the Bank of England, the Federal Reserve Bank Board of U.S.A., and the Bank of France. Unfortunately, the Bank of France was not playing the game, was running on selfish lines, and was one of the greatest handicaps to recovery. Reduction of expenditure was the negative side of reconstruction, proceeded Mr. Davidson. This was not sufficient. He believed the positive phase of reconstruction was .approaching, and with this Governments could not cope. The country would go down If it was left to Govern-' ments. At this stage private enterprise must come In. (“Hear, hear” and “Time it did.”) “We must Increase the total value of our exports,” he said. “We cannot change world prices, but we can send away our exports In greater volume, better quality, and wider range. The limited range of our exports is one reason why we have been hit so hard. This is where the planning of free enterprise must come In. I know men who are at work trying to degrease wool in the bale, to concentrate milk for export, and many other, things. I hope that in the next few months these men will have reached a stage when these things will be commercially practicable.” In reply to a question, Mr. Davidson said he favoured an average cut in interest rates, and not a flat rate cut. The banks should have discretion to give the greatestcut to those Industries which would give the greatest impetus to recovery. (“Hear hear.”) They would be able to give the producing Industries more than 1 per cent., while the industries that could better carry the burden would receive less than 1 ne'r cent. Chicago Wheat Futures New York, September 1. Chicago wheat futures: September, 46 3-8 cents; December, 49} cents; March, 52 7-8 cents; May, 54 7-8 cents.

2 good Jerseys, on drop, passed at £3 17/6; 1 ditto Jersey heifer topped market at £7/7/6; 1 -ditto Red Poll cow £4/17/6; 1 ditto shorthorn, £5/7/6; 1 ditto heifer, £4; 4 light empty Jersey liclfers, £2/2/-. Woodville Sale At the Woodville sale on Monday, Associated Live Stock Auctioneers, Ltd, offered a -medium entry of sheep, dairy cows, and heifers. A good clearance svas effected at the following prices:—Fat wethers, 15/-; medium ewe hogigets, 9/8; good wether hoggets, 10/10; good springing heifers, £5, £5/5/-, £5/10/-, £6/12/6, £8; good springing cows, £6, £7/12/6; empty forward cows, £2 £2/8/-; empty store cows, £l/15/-; pigs, slips, 20/-, 22/-, 25/6. BURNSIDE SALE No Improvement in Prices I By Telegraph—Press Association. Dunedin, September 2. There was very little change In prices at the Burnside sales to-day and the market showed no Improvement. The first sales of fat cattle were easier to the extent of 15/- a head, but closing rates were about on a par with those realised at last sale. Prices for wethers were unchanged, but ewes were about 1/- cheaper. There was little life in the store cattle section, but there was a keen demand for pigs at last week's firm rates. Fat Cattle. —Tile entry numbered 182 head. The yarding Included a number of pens of extra choice and prime heavy bullocks, and a few pens of prime heifers and cows. Extra choice bullocks sold to £18; prime, £l6; medium, £l3/5/-; light, £0 15/-; heavy heifers, £9/10/-; medium, £8; light, £7: prime cows, £9/10/-; medium, £7/10/-; light, £6. About 2000 sheep were offered. The yarding was of medium to fair quality and included a large proportion of close wool wethers, a moderate supply of heavy open wool wethers, and about f>oo fair to good hoggets. Extra heavy wethers sold to 27/6; heavy, 20/6; medium, 17/3; light, 13/-; heavy ewes, 16/6; medium, 13/6; light, 10/-; hoggets sold to 16/-. About two pens of two-and-a-half-year-old steers were Included in the store cattle entry, which numbered 70 head. Medlnm steers sold to £3/6/-, but prices for cows were unchanged. The pig entry consisted of 94 fats and 36 stores. The market was very buoyant for ail classes and a quick sale resulted. Porkers sold at prices equivalent to 8d and baconers about 7d a lb. WESTFIELD SALE Prices Firm By Telegraph—Press Association. Auckland, September 2. Late quotations for beef were maintained nt the weekly Westfield fat stock market to-day. Extra choice ox sold at 28/- per 1001 b; choice and/prime, 25/- to 27/-; just kilia’ble, 24/- to 26/-; prime "oung cow and heifer beef, 24/- to 26/-; other grades, 15/to 23/-. Extra heavy prime steers made to £l2/17/0; heavy, £lO to £ll/7/0; lighter, £B/17/0 to £9/17/6; light, £7/2/6 to £B/15/-; others, £4/10/- to £7; extra heavy prime young cows and heifers, £7/15/- to £B/I’s/-; heavy, £6/12/6 to £7/12/6; others, £2/12/6 to £O/10/-. Sheep values showed a slight increase, competition being keen for an average supply. Extra heavy prime wethers made to 22/-; heavy, 18/6 to 10/11; others, 12/(i to 18/3; fat ewes, 10/6 to 17/6; lighter, 15/3 to 16/3; others. 13/- to 15/-. Good quality calves were scarce and sold at a small advance, runners making from £2/10/- to £4/4/-; vealers from £l/8/- to £3/15/-; small, 2/- to 8/-. Average numbers of pigs were yarded and sold at firmer rates. Choppers made from £3 to £3/5/-; heavy baconers, £3 to £3/0/-; medium, £2/14/- to £2/18/-; light, £2/10/- to £2/14/-; heavy porkers, £2/8/to £2/W-i others &X/10/-

GRAIN AND PRODUCE Wellington Prices The following prices for grain and other produce, net on rail Wellington, are quoted by Laery and Co., Ltd.: — Barley: Hulled, 4/8 per bushel; Australian, 3/- per bushel; five sack lots or over 2/10 bushel. Barley meal, 6/- per 1001 b; In J-ton lots, £5 per ton. Bran: 6/6 1001 b; 4-ton lots, £6 per ton. Chaff, prime Blenheim, £6/10/- per ton. Chick Raiser. 2001 b bags 26/6. 100's 13/6, 50's 7/- per bag. Farro food,. 2001 b sacks 8/- 1001 b; i-ton lots, £7/5/- ton. Fowl feed, mixed 5/9 bags of 501 b, five sack lots 5/3 bushel. Linseed: Whole. 17/6 per cwt; crushed, 19/6 per cwt: meal, Meggitt’s, 170 or 1001 b bags, 13/6 1001 b; nuts, 14/6 per 1001 b. Maize: Whole, 6/2 bushel, five saek lots 6/- bushel; crusht>d. 5/- bushel. 10 sack lots 4/10 bushel. Maizemeal, 2001 b sacks, 12/6 1001 b. Oats: Super phosphates. 44/46 per cent., 6/6 per cwt.; machine-dressed and clipped Algerians, 4/5 to 4/7 bushel: farmers’ dressed Algerians, 3/9 bushel: machinedressed Duns, 4/10 bushel; Blacks, 4/7; Gartons, 3/3 to 4/3 bushel; 10 sack lots of any line, 2d bushel less; Sparrowbills, 4/-, shelled 5/7 and 5/8, crushed 4/6 bushel. Peas: Partridge. 5/6; Prussian Blue, 7/9 bushel; crushed, 0/3 bushel. Pesmeal, 7/1001 b. 1-ton lots £O/10/- per ton. Pollard: 7/- 1001 b, i-ton lots £6/10/- per ton. Wheat: Milling, 6/10 to 7/- bushel; G.W.F., 6/2 bushel; 10 sack lots, 2d per bushel less. Wheatmeal, 2001 b sasks, 11/per 1001 b; i-ton lots, £lO/10/- per ton. Mangolds: Truck lots, 18/- ton, on rail Hastings; 23/- ton on rail Tokomaru; 30/ton on rail Grey town. [Direct Trade With Manchester London, September 1. There Is considerable discussion In Manchester for the necessity of Increased shipments of butter and cheese and honey from Australia and New Zealand. Distributors emphasise the wastefulness of transhipping from London at a cost of £40.000 per annum. They point out that if there were direct regular deliveries of produce, the Manchester area could easily take 400 tons of butter nnd 2000 tons of cheese weekly. Cgpada Is the only Dominion at present seizing this opportunity. During the twelve months ended July 31 Dominion shipments of butter to West Coast of England ports (Including Manchester) were 0883 tons, as compared with 5409 tons for the preceding twelve months, an Increase of 4474 tons. Cheese shipments were 13,328 tons, as compared with 9854 tons, an Increase of 3474 tons. The shipments of frozen meat have also Increased, Manchester receiving 78,043 carcases of lamb and 924 carcases of mutton during the 10J months ended August 15, as compared with 17,776 carcases of lamb and 1725 of mutton during the corresponding period of M)29-8(J,

p.c. Insc. Stk., 1939 and 1938 95 0 0 96 2 6 M p.C. ditto, 1933 ... » 1 — 97 15 0 GJ p.c. ditto, 1937 ... II 95 0 0 fit p.c. ditto, 1932 ... MM 99 15 0 fit p.c. lose. Stk. and 97 15 Bonds, 1933 — 0 5J p.c. ditto, 1937 ... Bonds. 1941, MM 96 0 0 0 0 MM DEBENTURES— Wgton. Amalg. Brick — 75 0 0 •Mt. Albert Boro., 6} p.c., 100 15 1960 0 Nelson City, 6J p.c., >• 101 0 1932 — 0 Lower Hutt Boro., 0 101 10 p.c... 1944 .'.-'t ABangitlkel County, 8 p.c., — I 0 1943 MM101 10 0 Otago Harb. Bd., 61 p.c., 1938 1102 5 —- 0 Napier Boro., Bi p.c., 1945 MM 97 6 0 BANKS— Australasia — •8 5 0 Aust. of Commerce .. 0 12 6 0 13 9 Comm, of Aust., ord. . 0 18 3 0 13 7 Comm. Bank. Co. (SydEncash, Scot. At Aust. 8 10 0 13 2 6 National N.Z M-. 8 10 6 National A/asia. (£10) —. 9 17 6 Ditto (£5) 4 0 0 4 10 0 New South Wales ... 24 0 0 MM New Zealand — 2 4 6 Union of Australia .. 0 9 0 MM ElNANOIAL— 0 19 Goldsbrough, Mort .. mm 0 Abraham and Williams, 3 16 pref N.Z. Guar. Corpn., ord. 0 MM, 0 5 0 N.Z. Loan & Merc., ord. mM 48 0 0 Wgton. Trust & Loan — 0 13 0 GA8— '• • Christchurch ... 1 5 0 Wellington, ord. 1 Ditto, pref ... 0 8 0 — 15 6 MM INSURANCE— 0 12 National South British I 10 8 8 WOOLLEN— Wellington, ord. and pref CO Air— Westport 1 8 3 — National MM 0 7 0 Leyland-O’Brien ..... MM 1 2 0 Tarlngamutu Totara . — 0 B 0 BREWERIES— 1 9 New Zealand 1 8 6 8 0 17 3 mibceizlaneous—• C. M. Banks, ord. and pref Colonial Sugar ...... MM 0 7 85 0 9 0 Dental and Medical . 0 5 0 ord. (10/-) — Electro. Zinc. ord. 0 » 0 15 0 Ditto, pref. Howard Smith, ora. . MM 0 15 0 7 7 0 National Electric Wilson* b Cement 1 MM 0 10 6 14 9 1 16 3 CIL— Taranaki — 0 1 0

Aug. 4. Aug. 18. Sept. 1. £ s d £ s d £ 8 d Australasia ... 7 18 11 7 10 3 7 0 0 N.S.W 23 10 0 22 17 6 *21 0 0 Union of Australla 5 15 0 5 7 6 5 7 6 National of N.Z 3 7 6 3 5 0 3 0 0 N.Z. 4 p.c. guaranteed stock 95 10 0 95 10 0 05 10 0 Bank N.Z. shares 2 7 8 2 5 0 2 6 3 N.Z. Loan and Mercantile 4 p.c. debentures 62 10 0 G2 10 0 63 0 0 N.Z. Loan and Mercantile ordinary .... 40 0 0 40 0 0 40 0 0 *Ex dividend.

Present rate. New Rate. Call .... 4 p.c. 4 p.c. 41 p.c. 6 months... .... 4} p.c. 12 months .... 5 p.c. 41 p.c. 24 months .... BJ p.c. 5 p.c.

Sept. 1. Aug. 25. Par. N.Y., dol. to £ 4.88 5-32 4.8515-16 4.866 Montreal, dol. to £ 4.8713-16 4.87 7-10 4.866 Paris, fr. to £ 123.975 123.955 124.21 Brussels, bel. to £ 34.88 34.82 35.00 Geneva, fr. to £ 24.97 Amst’dam, fl. tio £ 12.055 24.9-1 25.225 12.045 12.107 Milan, lire to £ 92.925 92.90 92.46 Berlin, mks. to £ 20.505 20.495 20.43 St’holm, knr. to £ 18.16 18.15} 18.159 C'hagen. knr. to £ 18.17* , 18.17} 18.159 Oslo, knr. to £ 18.174 18.17} 18.159 Vienna, schgs to £ 34.60 34.60 34.585 Prague, knr. to £ 164.125 164 164.25 Hel'fors, mks. to £ 193 3-16 193.125 193.23 Madrid, pes. to £ 53.85 54.75 25.225 Lisbon, esc. to £ 110 110 4.50 Athens, drach to £ 375 375 375 Bucharest, lei to £ 817 817 813.6 Rio de J., p. to mil. 3 1-32 B. Aires, p. to peso 315-8 3 3-32 16.70 31} 47.62 V. Video, p. to peso 22 22} 51 Calcutta, p. to rup. 171 17} 18 Shanghai, p. to tael 144 14} —- H.-Kong, p. to dol. 11} 11} Y’hama, p. to yen 2413-32 2413-32 24.57 Batavia, fl. to £ 12.06 12.05} 12.107

Aus. 27. Per ton. Aug. 31. Per ton. £ s (1 £ s d Copper— Standard, spot ... 32 14 4} 33 3 9 Standard, forward 32 11 10} 33 18 9 Electrolytic 35 10 0 30 5 0 to 3G 10 0 37 0 0 Wire bars 30 10 0 37 0 0 Lead— Spot 12 5 0 12 0 0 Forward 12 0 0 11 15 0 Spelter— Spot 12 1 3 11 11 3 Forward ........ 12 7 6 11 18 9 Tin— Spot .. 121 1 3 121 1 3 Forward 123 11 3 123 13 9 Silver—