FINANCE and COMMERCE

Dominion, Volume 25, Issue 69, 15 December 1931, Page 12

FINANCE and COMMERCE

: STOCKS AND SHARES Wellington Market Firm ; A FAIR DEMAND ' There was a very fair demand for stocks and shares on the Wellington Stock Exchange yesterday, and prices ( were firm. , . . , Government securities were m moaerate request. The 5i per <*“*• bonds, 1933. were 20/- higher at £9B/10/-, the • 5 1-8 per cent bonds, 1937, were ■wanted at £95; the 4| per cent, stock, 1938, ■were 2/6 down at £96/10/-, with a sale reported at £96/12/6. Debentures were in good demand. Auckland and. Chris- . City per cent. 1944, were 10/- lower at £97. Lyttelton Harbour ■Board. 5i per cent., 1953, were down 5/•at £95/10/-. Others were unchanged. Bank shares were in good demand. /Bank of Australasia, at £B/18/6 were up ofid. Commercial Bank of .Sydney advanced 5/-’ to £l4/5/-. National Ban.v ■-of Australasia were in good request at /par. Bank of New South Wales were • ' unchanged at £2B. Bank of New Zealand were firm at 45/6. and the long term shares at 25/3. Union Bank of Australia were up 1/- at £l/1 (/-• , For Dalgety and Co. £l/12/6 was again offered. , Goldsbrough, Mort and Co., at 23/6, were 2d. lower, Wellington Trust and Loan at £6 were unchanged. New Zealand Insurance at 40/-, and >• Sbuth British Insurance at u3/6 were very firm. Gas shares were again in t good demand, Christchurch Gas at 2u/-, and Wellington Gas at 26/6. Gear Meat were wanted at 2S/6, cum. dividend, but there were no sellers, i ,7 Carlton Brewery had a sharp advance ■f of 2/-, and were wanted at 2</b. « Yesterday’s Quotations “ —- - f . i" Buvlng and selling quotations at the morning call on the W elllngtoii- Stock Exchange yesterday were ns follow .t-

flnterest and principal payable in London. DEALINGS ON ’CHANGE Yesterday’s Business The following sales were recorded on the stock exchanges of the Dominion yesterday:— WELLINGTON.

AUCTION SALES TO-DAY. Progress 'Motors, Victoria St, 1 p.m.—Sale \ 4 cars (E. Johnston and Co.). Progress Motors, Victoria St., 1 p.m.—Sale used cars (E. Johnston and Co.). Levin sale. 53 Cuba St., Petone, 2 p.m., a/c J. P. Gaynor, sale motor cars • and van (Ramsay Wilson). Woolworths Bldgs., Cuba St., 1.30 p.m., sale contents accommodation, house (Silverstone & Co.) »1 Dixon St., 1.30 p.m.—Sale furniture (C. W, Price).

TO-MORROW. Dominion Farmers’ Institute, 2.30 p.m.— Sale property, a/c. Supreme Court, 2 Telford Terrace (A. Longmore and Co.). 14 Brandon Street. 2.30 p.m.—Sale sections. Heretaunga (H. E. Leighton). 16 Grey Street, 2.30 p.m.—Sale land and property, a/c. -Supreme Court, 18 Sugarloaf Road (John W. Foster and Co.). Corner Brandon and Featherston Streets. 12.30 p.m.—Sale high-grade English footwear (J. H. Bethune and Co.). 8 Willeston Street. 1 p.m.—Sale travellers’ samples, crystals, etc. (E. Johnston and Co.). 8 Willeston St., 10.30 a.m. —Sale office furnishings a/o J. Walter Thompson. Manners St.—Sale Christmas toys (Ramsay Wilson). THURSDAY. 41-43 Panama St., 2.30 p.m.—Sale a/e mortgagee, property 10 Strathaven Rd. (Harcourt ft Co.) Main St., Lower Hutt, 2.30 p.m.—Sale land and property a/c S.C., Burnside Ave. (W. Grant Forgie). Johnsonville Fat Stock Sale. 2.30 p.m. (W.S. & Co.. Ltd. and A. W. Ltd.) Upper Hutt Sale. Woolworths Bldgs., 1.30 p.m.—Sale carpots, f/ka. (SWwHttono CnJ -e

QUICK RECOVERY London Stock Exchange HOPE FOR RUBBER t London, December 12. After several weeks of gloom and depression, the London Stock Exchange made one of those quick recoveries which are not unusual when good news conies. In this instance the good news was contained in the Chancellor of the Exchequer’s speech on Thursday, in which h, announced his emphatic confidence regarding the outcome of the current financial year. This is regarded as a complete answer to the baleful rumours expressed in foreign newspapers that the British. Budget would not be balanced, and that inflation would be necessary. Mr. Neville Chamberlains speech showed that nothing of the sort was likely to happen. . ~ ' , . The Stock Exchange quickly responded, with the result that British funds yesterday mostly recovered by one and a halt to two points. Mr. Chamberlain’s speech was not the only factor contributing to the improvement, for the Stock Exchange saw better hopes of accomplishment of international on economic and financial mattere and the settlement of the problem of international debts. Last, but not least, was the firmness of sterling, exchange, and a possibility as a result of the Budget deficit in the United States and increased taxation in that country that money would start to How from the dollar and return to pound sterling. c. i tri The . improvement on the StocK laxchange so far is practically confined to the British funds, but it is hoped soon to spread in all other sections. There was. however, one of the share markets which showed considerable cheerfulness even before Mr. Chamberlain s speech. This was in rubber shares, which hardened all round following an advance in price of the raw material to 3}d per pound. The improvement is attributable to the belief that the British and Dutch Governments have, or will shortly, come

to an agreement to restrict output. There is at present-no confirmation of this, but there is no tloubt negotiations are proceeding. ’ In this connection a -firm of rubber brokers writes“lf the present negotiations break down it will mean rum for • more than half the British rubber producing companies; but this does not merely mean an entire loss of the capital of present investors. /The' estates themselves, with trees in full bearing, would pass to other- hands at one-tenth or less than what they cost the present owners.”:' FOREIGN EXCHANGES Sterling Rallies , London, December 12. The following rates on foreign exchanges were current to-day. as .compared with the cable quotations on' December 11, and

Gold and Silver. London, December 12.' Gold. — £6/2/9 per fine ounce, compared with £6/5/- on Friday. .Silver, —Cash, 20 l-16d per oz; forward, 201 d. Dollar Exchange Rates The dollar conversion rates quoted i>y the New Zealand banks as from" December 14, compare as follow with those previously announced. U.S. Dollars to £.

These rates are merely for conversion of dollars into English currency or English currency into dollars. Exchange is charged or allowed on drafts’ or bills drawn in dollars in the same, way as if drawn In English currency.

T. & G.’ ASSURANCE . Directors’ Report The directors of the Austral isiaa Temperance and General M.utral Life Assurance Society, Ltd., in their report to be presented at the annual meeting in Melbourne on Friday, state that the new but'ness completed in the ordinary department- comprised 21 074 policies, assuring £5,421,427, and £l7Ol per annum of annuities, and in the industrial department 115,752 policies, assuring £5031,749. In both departments 136.826: policies were issued, assuring £10,453,176. In the accident department 2600 personal accident, and sickness policies, assuring £1,381,650. were issued during the year, and, in addition, 4397 policies in the ordinary department were endorsed with accident benefits, assuring-.£1,272,-106. The total income of the society has increased to £3,908,292, made up of £2.972,892 from premiums 'and £935.400 from interest. ' Payments to policyholders amounted to £1,697,297 as compared with £1,507,239 for the previous year. The funds have increased by £1,009,708 to £16,505,693, comprising £8,133,912 ordinary department funds, £8,355,748 industrial department funds, and £16,033 accident department funds. ; The interest rate for the year on the mean funds, exclusive of overdue interest, was £5/16/11 per cent., a reduction of 4d. per cent, only below last year’s rate. The full effects of the reduction of interest brought about by the various financial emergency Acts have not yet been felt. The assets now amount to. £17,110,588, of which £10.657,123, or 62.3 per cent., is invested in Government, municipal and other local body securities, and 16.9 per cent., in first mortgages. The directors have confined the mortgage investments to well-situated properties with a wide margin of security in each case; but property values have fallen temporarily, I and as the future is somewhat uncertain / it has been considered advisable to add | £150,000 to the reserves for contingencies, increasing the total amount of contingency funds to £324,932. Golden Terrace Yield By Telegraph.—Press Association. Invercargill* December 14. The Golden Terrace Extended Gold Dredging Company reports a wash-up of 4Sox. for 150 hours’ This and the two returns show an awagfi of

TIMARU WOOL SALE Keen Demand for Halfbred CROSSBREDS NEGLECTED By Telegraph—Press Association. Timaru, December 14. The opening wool sale of the season in Timaru was held to-day, when a catalogue of 7749 bales was offered to a large bench of buyers, representing most of the wool consuming countries. Owing to the unseasonable weather earlier in the year, the wool opened up in fairly poor condition, being fine and thin. It is doubtful if a really super lot was included in the catalogue. Halfbreds were keenly competed for at prices much on a par with those of the Christchurch sale last week. Crossbreds, on the other hand, were more or less neglected, and to effect sales low prices had to be accepted. Pieces and bellies, as at other sales in the Dominion, commanded relatively higher prices than fleece wool, this being due to the keen competition of the French buyers. It was noticeable from the start of the sale that prices of crossbreds would be low, this being a reflection of the sales held in the North Island. Competition came chiefly from British and Continental buyers, Dominion mills picking up odd lots suitable to their requirements. . . , , , Passings were fairly heavy. Only one catalogue, that of the Loan and Mercantile Agency, was completely sold; The top price was 10}d for a halfbred clip from Albury. Three-quarter-bred made up to 9ld. rtnd Corriedales 9d, and the top for merino was Bd. The highest crossbred was 71d. The official range of prices is as fol; lows

LONDON WOOL SALES Good General Competition London, December 13. Mr. W. P. DevCreux, European representative of Australian woolgrowers,' re-i ports that the London sales liavis sb .far shown but little variation in catalogues containing good representative selections of Australian wools. . Competition on the whole is general aiid well sustained,, the German demand, continuing to be a marked' feature formerinos and fine crossbreds. There is a good British demand for 'both merino and crossbreds. . France is buying but sparingly. . ' Values of merinos and crossbreds, although at times showing some irregularity, are not quotably altered, i■< Withdrawals are mostly due to excessive limits placed on the wool. The position of tops in Bradford is practically unchanged. The'general Continental. position is very difficult, and is depressed by the German emergency .economy decree having a disturbing influence. .Total stocks 'of tops in commission,and in combers’ hands in Continental , centres at the end of November had decreased by nearly 15 per cent, as compared with returns for October.’, ,

Wellington Investment Interim • The Wellington Investment Trustee and Agency Company, Limited, will pay its usual interim dividend at the rate of 3 per cent, per annum for the half-year ended December 31. Mining Share Market There was not a great deal of business done, in mining shares, last .week. More activity, is being displayed in. prospecting and developing mining areas, and the gold returns are expanding. The King Solomon Mine yielded 1520 z. for last week, a very substantial improvement on the returns of the past few lyeeks. The shares sold last week at up to 2/6, as against 1/5 in the .previous week. Waihi 'Mining shares kept very steady, with sales at 16/2 to 16/6. Mount Lyell have been tending upward during the past few days, and sales were recorded at 20/10 and 20/11. Okarito were in good request throughout the week, but were inclined to ease toward the end. They changed hands nt 10/6 down to 10/-. Golden Dawn showed very little movement, and . the eight sales recorded were at 7/- to 7/3.

Waipa Collieries The liquidator of Waipa Railway and Collieries, Ltd., Mr. H. D. Vickery, has just distributed amounts representing 2/per share on the company’s capital. As 7/- per share was paid in June last, shareholders have received 10/- per share. The shares fully-paid stand at 15/-. In a letter accompanying the distribution the liquidator says:—“There still remain a number of assets, which I have not been able, to dispose of. These include certain machinery and plant (for which it is difficult to find purchasers at a time such as this), land and eottages at Glen Massey., shares in Waikato Carbonisation, Ltd.', and a balance of shares in Winton Collieries, Ltd.”

A.P.A. Association The Australian Provincial Assurance Association, Ltd., Sydney, wrote £445.824 new business during the year ended September 30, a reduction of £128,111 on that, of the previous year. In New Zealand the volume of new business, was well maintained. Total premium income was £266,488, against £289,466 in the previous year.

Taxation amounted to £44,783, against £22,771 in 1930, and £5352 in 1928. Income tax now absorbs nearly half the net amount available for distribution to pol-icy-holders and shareholders. The surplus of revenue over expenditure i5”£176,316. of which £77,343 is transferred to appropriation account and £97.973 to the assurance funds, increasing those funds to £2,445,090. I In view of the conditions prevailing, the | directors do not make a bonus declaraI tion. nor, in view of the enormous'' inroads into net profit, by Federal and State income tax authorities, do they recommend a dividend. From the transfer of £77,343 to appropriation account they hav ecarried £15,000 to a special bonus reserve account for future consideration, and £58,000 has been utilised in reducing the establishment account to £55,000. The balance-sheet shows capital of £357.028. Assets amount to £2,955,042, of which £1,031,435 is in Government securities. OUSTOMS REVENUE. The Customs revenue collected at. the port, of Wallington yesterday totalled £8365.

PROVISION MARKETS Lower Prices in London BUTTER AND EGGS f London, December 12, Reports from all provision markets show a weakening demand at mostly lower prices. This applies equally to butter, cheese, bacon, ham and eggs, all of which the consumer is now able to buy very cheaply. Australian Kangaroo butter is selling at a wholesale price of 104/-, and is being retailed in some stores atunder a shilling a pound. Eggs, which a fortnight ago were doing so well, have had a sharp setback. This is entirely due to the wonderfully warm and unseasonable weather being experienced. There are now large supplies of English eggs available, and these are being retailed at 2d each, consequently the demand for Australian and New Zealand has fallen away, and with heavy supplies arriving wholesale prices have dropped 2/6 per long hundred of 120 eggs. The butter position does not appear to be very hopeful, for although Danish is firm, thanks to favourable exchange, there is a decided falling-off in the Home demand for Australian and New Zealand. As arrivals from these countries during December will be considerably larger than in last December, and Australian reports mention a continuance of large supplies, importers are inclined to take a somewhat pessimistic view of the outlook. The estimated arrivals of butter and cheese in Britain during the December-January-February quarter, compared with actual arrivals in previous seasons, are given by A. H. Turnbull and Co., as follow: —

Joseph Nathan and Co., Ltd., have received the following market report from Trengrouse and Nathan, Ltd., London, dated December 12:—New Zealand butter, finest 104/- per cwt., first 102/-. New Zealand cheese, white 62/-, coloured 60/-. Markets weak. FROZEN MEAT TRADE Stocks in Dominion The Meat Board reports that stocks on hand in stores in New Zealand, at November 30, compare as follow: —

The stocks of frozen meat loaded into vessels, not departed from New Zealand at November 30, compare,as follow:—

> TALLOW AND HEMP London Markets Quiet The Department of Agriculture has re- . ceived the following cablegram, dated December 12, from the High. Commissioner for New Zealand, .London: — Tallow: Fair demamf at auction; 493 casks offered, of which 339 sold. Present spot Quotations ape:—Beef, fair tn good, 23/r to 26/6; mixed; fair to good, 23/to 26/-. Others unchanged. ' Hemp: Manila market dull and easier. “K” grade for' December-February shipment quoted £l9/15/- sellers, and for January-March shipment, £2O. Sisal: Market quiet but steady. Tanganyika, No. Lfair average quality, for DecemberFebruary shipment,- . quoted £l7/10/-, closing £l7/5/-. New/Zealand : Market dull and unchanged, with no first-hand sales'. reported. ' ? LIVE STOCK MARKET Carterton Sale Dominion Special Service. Masterton, December 12. * At the Carterton sale yesterday Associated Live Stock Auctioneers, Limited, offered a big yarding. Sheep were in demand, and sold at improved prices. The demand for cattle was dull, and many lota were passed in, although eventually practically the whole yarding was disposed of at lower rates than at the previous sale. Although pigs were not in keen demand, at recent rates, the prices were considered quite satisfactory. .Sheep: Woolly ewes with b.f. lambs at foot, 9/1 (all counted) ; fat ewes, 7/to 8/1; forward ewes. 4/6 to 6/-. Cattle: Cow's in milk, £2/10/- to £4; springing cows, £3/18/- to £5/1/-; fat cows, £3 to £3/4/-; forward cows, £2 to £2/15/-; store cows, 20/- to 27/6; cull cows, 10/lo £l/1/-; heifer calves, up to 13/-; heifers, r.w. bull, 31/- to 40/-. Pigs: Weaners, 12/- to 18/-; slips, 20/- to 22/-; porkers (light), 23/6 to 25/-; (heavy), to 31/-.

Taihape Sale At Taihape the New Zealand Farmers’ Co-operative Distributing Company offered a full'yarding of cattle and a small entry of sheep. Bidding at auction dragged, but the whole of the entry was sold privately. Light fat wethers, 9/- to 10/7; fat ewes, 1/- to 7/6; fat cows. £4 5/-; light fat cows, £3 to £3/8/-; three and' four-year bullocks, £4; three-year steers, £3/16/-; two-year steers, £2/15/to £3/7/-; yearling steers, 39/- to £2 10/-; two-year heifers, £2/6/6 to £2/11/-.

STUD SHEEP TRADE Exports and Imports Wright Stephenson and Co., Ltd., report having made export shipments of stud Southdown sheep to various parts of Australia recently, as follow :—From Hugh Burrell and Son, Feilding, a stud ram and three separate consignments of stud ewes, one lot being a repeat order to Perth, West Australia; from Ellis Bros., Killeymoon, Bulls, a consignment of stud ewe hoggets to Victoria; from Mr. Wm. Gimblett, Hastings, a consignment of stud ewes and lambs to Victoria. A further shipment of stud ewes and ewe hoggets from the flock of Mr. R. F. R. Beettam, Brancepeth, Masterton. will follow to New South Wales shortly. Two Southdown rams, bred in England, were recently purchased in Australia, to which country they were exported from the Homeland. These rams were importer to New Zealand to the order of R. Bremer and Sons, Waverley, and Mr. Jas.■ Allison, NO. 1 Line, 'Wanganui, respectively. They should prove a valuable introduction of fresh blood. An importation of 34 merino rams was also made recently from South Australia to the order of Mr. G. L. Burdon. Mt. Burke Station, Pembroke, Otago. These rams were bred by the Anama Pastora Company, near Adelaide. . Okarito Gold Return By Telegraph—Press Association. Dunedin, December 14. The Okarito Five Mile Beach Gold Dredging Co. reports a return of 960 z. 9dwL foi' 128 houri>’ work.

s . • , ■' • S / Buyer s. Sellers. N.Z. GOVT. LOANS— •1.1 n.C; Bonds, 1938 ... £ s d £ s d . 97 0 0 5i p.c. ditto, 1937 ... —— 100 15 0 Fit b.c. ditto; 1933 ... 98 10 0 99 0 0 5J p.c. ditto, 1937 ... 95 0 •0 — ■11 p.c. lose. Stk.. 1938 ’>» p.c. ditto, 193(! ... 96 10 0 100 7 0 r,l i"c ditto. 1937 ... ■— 100 10 0 p.c. ditto. 3933 ... 98 10 0 — Rural Advances, 5 p.c.. 85'10 0 debentures— Wgton. Gas Co. ...... Wgton. Racing Club .. • — 100 0 0 N.Z. Breweries bonds . 1 1 3

Auckland and Cheli. Citv, 54 p.c.. 1914 .. 97 0 0 ■— Dunedin City, 51 p.c., 1Q-I4 97 10 0 — WgtonACity. 54 P.c.. ' i[)40 ' 97 la 0 Wgton. Harb. Board, - 54 p.c.. 1940 97 10 0 — Lyttelton Harb. Bd.. 51 p.c., 1953 9u 10 0 — Otago Harb. Bd., .5:1** p.c.. 1938 - $102 5 0 Makerua Drain.. Board, (1 p.c., 1952 ...... - 99 0 0 BANKSr- , ’ ' o -io Australasia • 8. IS G Commercial Aust., ord. — 0 10 G Commercial. Bank Co. < (Sydney} . 14 >5 0 English. Scot. & Aust. , — 4 12 6 National N.Z. ........ — ♦4 8 G National A/asia. (£10) 10 0 0 —- Ditto (£5) 5 0 0 •— New South Wales ... 28 0 0 ' 28 10 0 -New Zealand . 2 5 0 2 ■ (> 0 Ditto, long term .... 1 5 3 — Union of Australia ... 7 17 0 —— EINANCIAL— Dalgety and Co. ..... 7 12 6 Goldsbrough, Mort and Co.' 1-3 6 —- N.Z. Guar. Corpn., ord. — 0 6 4 N.Z. Invest., Mtg., and Deposit .’ ...... — o io 0 IVgton. Trust & Loan 6 0 0 — IVgton. Dep. &,Mortg. — 0 10 o GAS— ' 0 ■ 'Wellington, ord 1 0 6 — INSURANCE— National .... — 0 13 4 New Zealand ...r...'. 2 0 0 —— South British ........ 2 13 6 —■

MEAT PRESERVING— Gear *1 8 6 —— N.Z. Refrig. (10/-) ... 0 5 0 TRANSPORT— Union Steam, pref. .. 1 0 0 COAL--Pukemiro 1 10 0 —- ■ ■ 1 6 6 BREWERIES— ' Carlton 1 7 .6 —— New Zealand.......... 1 10 0 12 0 ■ .■ MISCELLANEOUS— Colonial Sugar 37 15 0 38 0 Dental and Medical .. 0 4 6 —■ National Electric .... 1 • —— 0 10 0 N.Z. Paper Mills ..... 0 17 6 ——- Well. Queen’s Theatre 0 19 0 —— Wilson's Cement —- 1 15 9 MINING— Walhi 0 IB 3 —- King Solomon 0 2 4 0 2 7 0 10 0 - Blackwater 0 4 0 •Com. dividend.

N.Z. Govt. Stock, 4| p.c., 1938 ... £ s d . 0(1 15 0 Ditto, 4i p.c., 1938 •96 12 fi Ditto, 5J p.c., 1937 (2; 100 0 0 Bank of Australasia 8 IS 0 King Solomon G.M 0 o 7 AUCKLAND. £ fl. d. Govt. Bonds, 5} p.c., 1937 Bank of New Zealand 100 5 0 0 6 (1 Goldsbrough. Mort 1 4 0 Kauri Timber 0 .0 5 Australian Glass 1 0 0 Colonial Sugar 38 0 0 Golden Dawn 0 7 0 Do 0 7 1 Do., rights ’ 0 1 3 Mount Lyell 1 0 9 CHRISTCHURCH. £ s. d. Bank of Australasia II 0 0 Commercial Bank of Aust. (3) . tl 16 6 National Bank of N.Z., cum. div 4 (J 0 Union Bank of Aust 7 17 6 Goldsbrough Mort 1 4 0 British Tobacco, cum. div. (-) . 1 6 11 Golden Point (4) King Solomon (3) 0 0 8 0 2 4 do . o 2 3 Sales reported: Woolwonths (N.Z.), pref 1 4 9 Tooth’s Brewery 1 2 10 _ x DUNEDIN. £ s. d. Tooth's Brewery/sale reported) .. 1 2 6

par:— Dec. 12 Dec 11. Par. N; York, dol. to. £ 3.37} 3.325 4.806 Montreal, dol. to £ 4.10 3.985 i 4.800 Paris', fr. to £ .... 8(1.25 84 1-10 124.21 Brussels, bel. to £ 24.25 23 13-10 35.00 Geneva, fr. to £ .. 17 5-10 17.00. 25:225 Ainst'dam, II. to £.. 8.395 8 7-32 12.107 Milan, lire to £ .. 06 04.50 92.40 Berlin, inks, to £ 14.20 13 31-32 20.43 St’liolm, knr. to £ 18.125 18.125 18.159 C’hagen, knr. to £ 18.125 18.125 '18.159 Oslo, knr. to £ .. 18 7-10 18.37518.159 Vienna,, schgs.'to £ •28 1129 ’ ■ 34.585 Prague, knr. to £.. 114 112 . 164.25 Hel'fors, inks, to £ •200 •200 103.23 Madrid, pes. to £ . 40.375 40 25.225 Lisbon, esc. to £... 109 109 4.50 Athens, drach. to £ 2(10 •250 375 • Bucharest, lei to £ 566 555 ■ - £13.00 Bio de ,T„ p. to mil. 4 3-8 4 3-8' •/. 16.70 B. Aires, p. to peso 41} 411 47.62 JI, Video, p. to peso 32 n,31J f 51 Calcutta, p. to rup. 180-64 18} 18 Shanghai, p. to tael 23} 23} S •' — H.-Kong, p. to dol. 17} 1715-16 —• Y’hama, p. to yen.. 35.00 35.00 24.582 * Sellers. n Nominal,

Dec. 2. Dec. 7.' Dec. 9. Dec. 14. Buying . 3.41 3.42 3.30 . 3.49 Selling . .3.21 3.22 3.16 y ' 3.29 'Canadian Dollars to £. < Buying ■. 3.94 4.00 3.98 .4.25 Selling . 3.74 3.80 3.78 4.05

Merino— d d None offering ... 7 to 8 ... 5J to GJ Halfib rod — ... 9 to ... 7 to 85 ... 6 to 61 Thrpe-qiiarter'bred—* ... up to 81 ... 6f to 73 ... 41 to 64 Crossbred— ... up to 6? ... 4 to 41 Inferior .»..•••••••••••• ... 3 to 3t Halflbred pieces— Super necks ... 8J to ... 6 to Medium ».•••••••••••••• .. 5 to 6 .. 44 to 5 Three-Quarterbred pieces— Super .. 6 to 7 Medium • •• • ••••••••••• • .. 5 to 51 Inferior 3J to 4i . Bellies— . jP j J3 e • • 5 to 61 Medinin .. 4 to 4J Inferior .. 3 to 31 Criltchings— Pino .. 3 to 4 Medium •••»•••••••••••• .. 2 to 21 Locks .. 14 to 2

December January February 1929/30 ...... 6,215 9,833 7,412 1930/31 9,057 11,930 11,620 1931/32 12,600 10,300 10,900 23,460 32,107 33,800 New Zealand Cheese (in tons). December 5.405 11,181 8,500 January 13,786 9,506 10,000 February 7,950 11,986 11,100 27,201 32,673 20,000

Beef (quarters) 1 2,728 19,913 14.638 Wether mutton (c/cs.) .. 39,942 Ewe mutton (c/os.) 7,457 182,249 72>6 Lamb (c/cs.) 114,777 Pork (porkers), c/cs. ... 7,840 7,382 Pork (baeoners), c/cs. .. 2,738 6,470 Boneless beef (fit. c/cs.) 26,664 30,747 Sundries (frt. c/cs.) .... 54,791 57,248

' 30/11/31 30/11/30 Beef (quarters) 034 2,507 .Wether mutton (e/cs.) IB,173 30,080 Ewe mutiton’(c/cs.) .... 3,(MS 19,195 Lamb (c/cs.) 34,222 38,236 Pork (perkers). c/cs. .. 1,801 5,623 Port (baconers), c/cs.>. 15 927