FINANCE and COMMERCE

Dominion, Volume 25, Issue 92, 13 January 1932, Page 12

FINANCE and COMMERCE

STOCKS AND SHARES ; Wellington Market Firm j MORE BUYING ORDERS /■ -•' ' • ;‘._2 ‘*'> ’ ' * There was a. marked improvement in tho Wellington market yesterday, with a. substantial increase in buying orders, and four recorded sales. l There .was-an excellent demand for. Government'securities and. municipal debentures.; The 4} per cent, stocks and. bonds were firm at:£96. The, 5} P e r^® n , tbonds.. 1937, were wanted 'at £99/10/-, with a sale reported at £lOO, which is up tp the level of the last sale. The 5 l-» per cent, stocks and bonds were unchanged at £95, and there was a bid of £95 for the 5} per cent, stocks, 1941. Welling-, ton City and Wellington Harbour Board 5} per cents., 1940. advanced 10/- to £9B. 3 There was freer bidding for bank shares than on Monday. Commercial Bank of Australia, ordinary, were wanted at 13/11,, but. sellers held for 14/4 The shares , sold, in Christchurch on Monday at 14/B.' Commercial Bank of Sydney #ere in demand at £l4/15/-, which shows no. change on the buying quotation recorded last November. National Bank of Australasia. £lO paid, were wanted at. £ll7 Bank of New South Wales were sought at £26/15/-, but sellers asked £2B 15/- The closing sale last year was at £2B/12/6. Bank o£ New Zealand were w demand at 44/3, but sellers held for 45/-, at which figure they sold in™ Christchurch on Monday. '■/Goldsbrough, Mort and Co. were firm at 23/9. The shares of Building and Mortgage concerns were on sale at low Prices, but there were no buyers. As was anticipated, gas shares have come in for attention with bids of 7/- for Gisborne Gas, 26/- for Christchurch Gas, 26/6 for Wellington Gas. ordinary, and 15/3 for ySooth C British Insurance were firm at. 53/1, and there was a sale made on change at 53/2. Gear Meat were in demand at 26/6, but sellers wanted 32/6. For Westport Co'al 21/6 was offered, and for Kaiapoi Woollen ordinary 17/-, fully paid 5/-. Tooth and Co. were wanted at ,22/9. the last recorded sale being at 23/4. British Tobacco, at 26/-, were 1/-. up on. Monday’s bidding. Colonial Sugar advanced 5/- to £39/o/-. with a sale reported at £39/12/6. 1 Mining, shares were in fair ? demand. Waihi were steady at j 16/2. .They changed hands in Auckland oh'Monday at 16/4}. Waihi Grand ./Junction were wanted at 3/7. Golden Dawn were in demand at 7/6, with a sale reported at 7/9. Okarito were strong at 10/3, with no sellers. ? Yesterday’s Quotations Buying and selling quotations at yesterday's .final .call on. the Wellington

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

N.Z. INSURANCE CO. Interim Dividend By Telegraph—Press Association. Auckland, January 12. The directors of the New Zealand Ingu rance Company, Limited, have declared an interim dividend of one shilling a •hare for the half-year ended November 80, 1931. The dividend is at the ■same rate as that paid last year. The dividend for the last financial year was at the rate of 10 per cent, per annum. .. ; r : .. ,:

DAIRY PRODUCE.

Cheese Market Steady CONTINENTAL BUTTER DUTIES Joseph Nathan and Co., Ltd., have received the following market report from Trcngrouse and Nathan, Ltd., London, dated January 11New Zealand butter, 99/- per cwt. Market quiet. New Zealand cheese, white 57/- to 58/- per cwt.; coloured, 56/- to 57/-. Market steady.

Writing from London on December 3, the Anglo-Continental Produce Co., Ltd., said; —“Thedemand from Europe is very bad owing to the decreased spending power of every European country. Germany has taken power to increase her tariffs by 30 marks per 100 kilos*, or, in other words, 15/- per cwt., bringing the duty now to 40/- per cwt. There is also a question of a turnover tax coming on in Germany. Belgium has increased the duty on butter, which is now 11/- per cwt., but having regard to the exchange, this* does not make much difference where she is buying butter from countries not on the gold standard. France, does not expect to buy much butter during January, as the importations were considerably above the three months quota, and these will have to be worked off in January before fresh goods can be sold. ' “The ‘Empire Push’ has been favourably received throughout Britain, and many retailers are now selling New Zealand and Australian in the place of Danish and other butters.” GOLD MINING SHARES Scope for Speculation Speculators have not been very much in lately, although it is well known that there has been some forward buying and selling going on, and it is stated that this has been particularly the case in Christchurch. However, speculators are more likely to have an innings this year,, owing to the developments in gold mining, and the more favourable outlook for oil. ... Several of'the recently-formed mining concerns ■ are' showing good results, and the following returns have been announced for the closing period in December: —

The above returns are for varying periods of operations. -The return of the Golden Terrace was for .20 hours’ work. Mahakipawa obtained 650 z. melted gold for 20 days’ work in December. King Solomon dredge washed up 260 z. for 2} days last week. The Okarito' dredge obtained 183 oz. lOdwt. for the week ended December 19, and 61oz. 4dwt. for 79 hours’ ’ work since resuming operations this month. The mining outlook is improving, and’fresh ventures are bound to be placed on the market. Bulolo Gold Dredging, Ltd. An extraordinary general meeting of Bulolo'Gold Dredging, Ltd., was to have been held at. Vancouver on December 30, to consider a proposal to increase the .authorised capital from 4 million dollars to 6 million dollars, by the creation of 400,000 additional shares of the hominal value of 5 dollars each. The directors were recently negotiating with Placer Development, Ltd., for the purchase from that company of a large dredging area situated immediately downstream from the Bulolo Co.’s property in New payment +0 be made in Bulolo shares. The equipment of the Bulolo property is expected to be completed in time to start dredging in March. ■ . . FOREIGN EXCHANGES Sterling Eases Slightly London, January 11. The following rates on foreign exchanges were current to-day as compared with quotations on January 8 and par:—

Gold and Silver. London, January 11. Gold —£6/1/11 per fine ounce. Silver—Cash, 20d per ox.; forward, 20d. Customs Exchange Rates Rates of exchange ruling at the announced date of deaprture of the vessels named are shown in the following table. They are subject to confirmation by the Customs Department when the exact time of departure is learned on the arrival of the vessels in New Zealand, finally declared rates being marked* :— City of Dunkirk, U.S.A., dollars . 3.28 Sierra, U.S.A., dollars *3.35 Sierra, Canada *3.91 Ardenvohr, U.S.A., dollars 3.45} Brisbane Maru, Japan, yen .... 24.504 .Roxen, U.S.A., dollars 3.475 Niagara, Canada 4.00 Antinous, U.S.A 3,42 EQUITABLE BUILDING CO. Dividend Maintained The annual report of the Equitable Building and Investment Co., of Wellington, Ltd., states that, including the amount carried forward from last year, the profit for 1931 amounted to £10,031 5/0. An interim dividend, absorbing £3OOO, was paid in July last. This leaves £7031/5/6 for appropriation, which the directors recommend should be allocated as follows:—To payment of further dividend of 5/- per share. £3000; to transfer to reserve fund, £1000; and to carry forward the balance, viz., £3031/5/6. Sir Harold Beauchamp and Messrs. Ferguson and Anderson are the retiring directors, and, being eligible, offer themselves for re-election. The retiring auditors, Messrs. Bucholz and Wheeler, also offer themselves for je-election. ’ The exports of tallow from the Dominion last month were 1584 tons. For the six months ended December 31, '99921 tons were exported, as compared with 7879 tons for the corresponding period of 1930. The sales of tallow in New Zealand last month were 128£ tons.

GRAIN AND PRODUCE I — ... Auckland Markets POTATOES PLENTIFUL Dominion Special Service. Auckland, January 12. Business in the local grain and produce market is rather dull. Fowl wheat is steadily easing in price, and merchants have lowered their quotations 2d per bushel to 6/8, with corresponding reductions for under grade lines. There has been no change in the maize market, and current values rule at 5/6 per bushel. There has been no change in local quotations for oats, but supplies are scarce and merchants are experiencing great difiiculty in securing their further requirements from the south, where dry conditions have restricted the new harvest. Chaff prices have advanced in consequence. Stocks of barley are getting into small compass, and they will not be replenished until a fresh shipment arrives from Adelaide about the end of the month. The market for pollard and bran is unchanged. Full supplies of potatoes are now coinin'* in from the rural districts around Auckland City, and local merchants find they can obtain their supplies from these sources to better advantage than by calling on Pukekohe, which used to enjoy almost a monopoly at this time of the year. Victorian onions are now being supplemented by supplies of locallygrown, and values have come down substantially. Overseas Grain Markets London, January 11. Wheat cargoes to-day were steady, and parcels unchanged. Futures: —London: February, 24/10 per quarter; June, 25/5. Liverpool: March, 5/5 1-8 per cental; May. 5/7 1-8; July, 5/8 5-8. (Rec. January 12, 8.10 p.m.) New York, January 11. Chicago wheat: —March, 55} cents; May, 57 cents; July 56 3-8 cents; September, 571 cents; New York, cash, 69 7-8 cents. SYDNEY WOOL SALES Further Hardening Tendency (Rec. January 12, 9.40 p.m.) Sydney, January 12, At the wool sales to-day 10,738 bales were offered, and 10,349 sold at auction. Also 498 bales were disposed of privately. A very strong demand prevailed, at prices showing a further hardening tendency for all descriptions. American buyers displayed greater activity. Greasy Merino made up to 17d. NAPIER WOOL SALE Official Range of Prices By Telegraph—Press Association. , Napier, January 12. The following is the official range of wool prices for the Napier sale: —

DOMINION WOOL CLIP Sales and Exports The total offerings of wool 'at the five roster sales held in the Dominion during December were 87,725. bales, of .which 73,131: bales, or 83.36 per cent., were sold. I Returns compiled by Dalgety and Company, Dtd., Christchurch, afford the following comparison of Dominion wool offerings and sales during the six months of the 1931-32 season ended December 31, with those of the corresponding period

Exports of wool from New Zealand last month totalled 73,838 bales. The exports for the six months ended December 31 were 153,961 as compared with 152,759 bales for the corresponding period of 1930. BASE METALS MARKET A General Advance (Rec. January" 12, 8.10 p.m.) Sydney, January 12. The official London (middle) quotations for Monday, as received by the Austraian Mines and Metals Association, compare as follow with those previously cabled:—

MANY TRAVELLERS Arriving and Departing PASSENGER LISTS Three passenger liners arrived at or departed from Wellington yesterday. During the morning the Tainui arrived from London and Southampton, and the Maunganui from Sydney, while the Makura left in the afternoon for Sydney. To-day the Rotorua is timed to leave at noon for London. Their passenger lists, and that of the Mataroa, which will leave Auckland at daybreak this morning for Southampton and London, are given below. Tainui from London The Shaw, Savill liner Tainui arrived in the stream at Wellington at 7.50 a.m. yesterday from London and Southampton, via Kingston and the Panama Canal, and later berthed at the Pipitea Wharf to land her passengers and mails, and to commence discharge of her London cargo.* She will leave here again on Friday for Auckland to complete discharge, and to commence her Homeward loading. The Tainui brought the following cabin class passengers:— For Wellington: Miss J. Barnes, Miss E. Cowper, Miss H. Dunne, Miss J. Duthie, Miss S. Griffiths, Mr. S. Marmood, Miss M. McLaurin, Mrs. B. Smith, Miss H. Tod. For Auckland: Mrs. V. Apthorp, Master P. Apthorp, Master J. Apthorp, Mrs. F. Shaw. For Lyttelton: Miss A. Dale. For Port Chalmers: Miss N. Carter, Mr. R. Richards, Mrs. Richards, Miss G. and Master G. Richards. For Sydney: Mr. W. Martin. The following embarked at Balboa for Wellington: Mrs. G. Beecher, Mr. H. Holloway, Mrs. Warren-Jones, Master and Miss Betty Warren-Jones. Third-class: For Wellington, 14; for Auckland, 4; for Lyttelton, 7; for Australia, 8. Maunganui from Sydney The Union Company’s Maunganui, which arrived at Wellington early yesterday morning from Sydney, brought the following saloon passengers:—First class: Mr. R. Burns, Mr. P. Braham, Miss D. Bunbury, Mr. H. G. Bristow, Mrs. Bristow, Miss I. Bristow, Mr. D. C. Barrington, Mrs. M. Birkenshaw, Miss J. Birkenshaw, Master Birkenshaw, Mr. C. Benjamin, Miss G. Beresford, Mr. J. H. Camp, Mt. W. Cahill, Mr. K. Cox, Mr. S. Craig, Mrs. Craig, Miss J. Craig, Mr. F. H. Cole, Mr. M. Cohen, Mrs. Cohen, Mr. W. J. Dicks, Mrs. Dicks, Mr. R. A. Davison, Mr. L. P. Davies, Mr. J. V. Daniels, Mrs. Daniels, Miss A. Daniels, Mr. F. Drake, Mrs. Drake, Mrs. H. Drake, Miss D. J. Farrar, Mrs. L. Foster, Master Foster, Mrs. R. E. Fisher, Miss V. Fisher. Miss E. Gribble, Mr. C. S. Green, Mr. J. Garton, Mrs. Garton, Mr. A. Gunter, Mrs. Gunter, Miss E. Gould, Mrs. E. Glover, Miss M. Glover, Miss D. Glover, Miss Glover, Mr. M. Grieves, Mr. F. Harper, Mrs. Harper, Miss E. Hazeldon, Mr. A. G. Hall, Mrs. Hall, Mr. D. Hare, Captain T. V. Hill, Mrs. Hill, Mr. V. Huxley, Mrs. Huxley, Mr. F. Humphries, Mrs. Humphries, Miss S. Humphries, Mr. R. E. 'P. Harris, Mr. F. Jist, Mrs. A. Jeffries? Mr. W. H. Jeffries, Mr. W. E. King, Mr. E. W. King, Mrs. King, Mr. S. G. Longuet, Mr. J. H. Lee, Mrs. M. F. Langer, Mr. F. M. Lockwood, Mrs. Lockwood, Mr. E. W. Lysons, Mrs. Lysons, Miss N. K. Laing, Mr. T. Laing, Miss E. Lublow. Miss M. Moore, Mr. W. Manthell, Mrs. Manthell, Mr. A. G. Morris, Mr. C. M. Morris, Mr. G. N. Magill, Miss S. Mackenzie, Mr. R. Mackay, Mr. S. McKay, Miss H. W. Newton, Dr. A. Norman-Jones, Mrs. Norman-Jones, Miss G. Norman-Jones. Mr. J. Orr, Mrs. M. E. Olney, Miss M. G. Olney, Mr. T. Pettitf, Mr. R. V. Pearce, Mrs. Pearce, Professor J. Park, Mrs. R. I. Packer, Mr. H. Page, Mr. W. Penseler. Mrs. Penseler, Mr. H. Rocke, Mrs. Rocke, Miss M. Rowlands, Lieut.-Colonel Russell. Mrs. Russell. Miss' E. Rowntree, Mr. J. E. Strachan, Mr. T. W. Stewart. Mrs. Stewart, Mr. A. Simm, Mr. W. B. Struthers, Mr. H. J. Stanley, Miss M. Sutton. Miss A. Simpson, Mr. G. Stamp-Taylor, Mr. A. P. Thompson. Mr. H. Thomas, Mrs. A. Thomas, Mrs. E. M, Trist, Lieut.-Oolonel Varwell. Mrs. W. E. Whitcomibe. Mr. W. Wortpersley, Mrs. B. Watt, Miss Watt. Mr. W. H. Winsor, Mrs. B. A. Walker, Miss M. Walton, Mr. E. F. Wilson. Miss M. Wilson, Miss R. Wilson, Mr. H. L. Worseldine, Mr. N. L. Watson. Miss E. Young. Second class: Mrs. I. E. Butcher, Mrs. A. Coorey. Miss P. Coorev, Miss N. Coorev. Master Coorey, Miss V.’ Collins, Mr. W.' H. Eyles, Mr. H. Foster. Mr. J. E. Hurst. Mrs. J. Hurst, Mrs. M. Howard, Mrs. E. Lee, Miss A. Maxwell. Miss R. Opie. Mrs. G. Rimmer, Miss L. M. Rimmer, Miss A. Rimmer, Mr. W. Rimmer,, Miss E. Sharp. Miss G. Williamson, Miss A. Williams, Giuseppe Zironda. Dominico Cicutto: and 24 third class. The Maunganui is timed to leave here again at 3 p.m. on Friday on the return trip to Sydney. Makura. for Sydney The Union Company’s R.M.S. Makura. which left Wellington yesterday afternoon for Sydney, took the following saloon passengers :—First saloon : Mrs. Batley, Mr. and Mrs. F. A. Burley, Mrs. C. Boyle, Miss R. 11, Burrell. Miss A. Coutts, Miss Couston, Lieut.-Colonel F. Creswell, Mr. E. W. Capuans, Mr. J. B. Cramond, Miss Cramond, Miss V. Everett, Mrs. and Miss M. Firth. Dr. C. W. H. Farrow, Mr. 1 and Mrs. T. C. Fitzer, Miss E. Fairburn, Mr. Grayson. Mr. R. Gardner, Miss E. I. Garrad, Mr. and Mrs. G. Gunderson. Mr. J. A. Harrison, Miss Harris, Mrs. Johns, Mr. J. R. Johnston. Mr? and Mrs. E..P. Kirby, Sir Henry Lawson, K.C.8., Messrs. Lumb, Mr. H. Matthewson. Mrs. and Miss J. Monson, Mrs. J. Miller, Mr. and Mrs. R. McKwown, Miss M. McAllaster, Mr. Olivier, Miss M. E. Osborne, Miss H. Piat, Mr. G. Peate, Miss J. M. Ponsford, Miss E. F. Payne, Mr. and Mrs. Raftseath, Mrs. A. L. Ray, Mrs. M. E. Rowe, Miss V. Rowe, Mr. and Mrs. 0. E. Smith, Mr. R, Symons, Mr. Tayler, Mrs. R. J. Thurlow, Mr. J. R. Thurlow, Miss A. C. Wilson, Mr. E. Yoffa. Second saloon: Mrs. H. Davies, Miss N. Day, Miss C. Edison, Miss D. Edison, Mrs. M. A. W. Kent, Mrs. S. J. Metcalfe, Mrs. E. McLeod, Mr. J. A. Mitchell, Mr. E. Murphy, Mr. and Mrs. Soanes. Miss Tait, Messrs. Westgarth; and 19 third class. Rotorua for London The New Zealand Shipping Company’s liner Rotorua, which is timed to leave Wellington at noon to-day for London, via the Panama Canal, will take the following cabin class passengers:—Miss R. M. Hunter, Mrs. S. E. Moore, Mr. Taylor, Mrs. Turpin, Miss Turpin, Mrs. J. B. Taylor, Miss C. Taylor, Master A. Taylor, Mr. T. G. C. Rolfe and 14 third class. •Mataroa for Home The Shaw Savill liner Mataroa, which is timed to leave Auckland at 7 a.m. today for Southampton arid London ,via the Panama Canal; will take the following first-class passengers:—Mrs. E. Hardwick-Smith, Miss M. Ouei, Mr. P. Ouei, Mr. and Mrs. J. Yock, and 32 third cln ss.

Stock’ Exchange : were as follow Buyers. N.Z. GOVT. LOANS— £ a d Sellers. £ s d 4} p.c. Bonds, 1938 .,. 96 0 0 97 0 0 5} p.c., ditto, 1937 ... 99 15 0 100 5 0 Si p.c.,. ditto and Insc. ' Stk.,' 1937 95 0 0 . * —— 4i p.c-. inde. Stk., 1938 96 0 0 ■96 10 1) 5} p.c. ditto, 1937 ..... —. 100 b 0 5J pic. ditto, 1941 ... 95 0 0 — DEBENTURES— N.Z. Breweries bonds 1 1 0 —— Auck. and Chch. City,. 5i p.c., 1944 97 10 0 Dunedin City, 5J p.c., .,,41944 .r. 97 15 0 Wgton. City and Harb. Bd.. 5i p.c.. 1940 .... 98 0., 0 — Otago Harb Bd., 5} p.c., 1938 ■ ' 1102 5 0 Makerua Drn. Bd., 6 p.c., 1951' V.:...... 99 0 0BANKS ■ ; 9 5 o Commercial Aust., ord. 0 13:11 ■ 0 14 4 Commercial Bank. Co. (Sydney) 14 15 Nat. A/asla. (£10) .. 11 0 0 0 15 7 6 New South Wales ... 26 15 0 28 15 0 New Zealand 2 4 3 2 5 0 Ditto, long term 15 0 —— ' Union of Australia .. — •7 16 0 FINANCIAL— Goldsbrough Mort ... 1 3 9 1 4 0 National Mortgage ... — 2 0 0 N.Z. Guar. Corp., ord. — 0 5 6 N.Z. Invest., Mortg. and Deposit — 0 9 8 Wgton. Invest., T. & A. — 0 10 0 Wgton. Trust & Loan — 0 5 0 Wgton. Dep. & Mtg. — 0 10 0 GAS— . Christchurch 1 6 0 Gisborne 0 7 0, Wellington, ord 1 6 Ditto, pref. ..’ 0 15 6 3 — INSURANCE— South British 2 13 1 _- MEAT PRESERVING— Gear 1 6 6 1 12 6 N.Z. Refrig. (£1) .... 0 11 Ditto (10/-) — 3 0 5 0 TRANSPORT— Union Steam, pref. ... 0 19 10 1 0 6 Kelburn Tram., ord. . — 1 9 0 WOOLLEN— Kalapol, ord. , 0 5 0 . COAL— Westport 1 1 o TIMBER— Taflugamutu Totara . — 0 5 0 Bartholomew — 0 14 9 BREWERIES— New Zealand — 1 8 11 Tooth and Co 1 2 9 MISCELLANEOUS— British Tobacco, ord. 1 6 0 1 7 4 Colonial Sugar 39 5 0 —— Dental and Medical . 0 4 6 —— Dominion Investments 1 1 6 —— Electro. Zinc, pref. . 0 19 6 —— .Howard Smith, ord. . — 0 10 0 National Electric ... — 0 10 0 N.Z. Drug — 2 11 0 N.Z. Paper Mills .... 0 17 6 —. MINING— Mount Lyell — 1 1 0 Waihl 0 16 2 — Waihi Grand Junction 0 3 7 0 3 11 Golden Dawn 0 7 9 —— . Okarito 0 10 3 —— •Cum. dividend.

yesterday:— WELLINGTON. (1 N.Z. Govt. Bonds, 5} p.c., 1937 . South British Insurance £ s . 100 0 0 . 2 13 2 Colonial Sugar . 39 12 0 Golden Dawn Mining . 0 7 9 AUCKLAND. £ s d National Bank of N.Z 3 15 0 Baiik of New Zealand (3) 2 4 9 N.Z. Insurance 2 0 6 South British Insurance ........ 2 13 9 Auckland Gas 1 4 0 Farmers’ Trading 0 5 6 Golden Dawn 0 7 8 King Solomon 0 2 0 0 1R CHRISTCHURCH. £ s d Inscr. stock, 5} p.c., 1930 99 10 0 Inner, stock, p.c., 1038 9(5 2 0 Govt, bonds, 5} p.c., 1937 (5) .. 99 12 6 Bank of Australasia ..... 9 5 0 Commercial Bank of Aust. (2) .. 0 14 0 Bank of New Zealand (3) 2 4 9 Goldsbrough Mort (4) 1 3 6 N.Z. Breweries 1 8 3 Golden Point (3) 0 0 81 King Solom on • • . . . Mahakfpawa O 2 0 0 0 4i Sales reported— Govt, bonds, 5} p.c., 1987 (3) .. 99 15 0 Bank of New Zealand 2 5 0 Inscr. stock, 5} p.c., 1951 ...... 99 15 0 Inscr. stock, 5} p.c., 19315 (3) .... 90 15 0 Inscr. stock, 4j p.c., 1938 (2) .... 90 10 0 DUNEDIN. £ B d Okarlto 0 10 6 Sales reported— Okarlto 0 10 B Govt, bonds, 5) p.c., 1937 ...... 100 0 0

oz. <lwt. Golden Terrace .. 4615 Mahakipawa ... 65 0 King Solomon ... ... 26 9 ... g5 11 ... 244 14 Blackwater ..... ... 1514 0

Jan. 11. Jan. 8. Par. N. York, del. to £ 3.37} 3.405 . 4.866 Montreal, dol. to £ 4.01 4.045 4.866 Paris, fr. to £ 86.25 86 13-16 124.21 Brussels, bel. to £ 24.375 24.50 35.00 Geneva, fr. to £ 17.35 17 7-16 25.225 Amst’dam, fl. to £ 8.425 8.475 12.107 Milan, lire to £ ««.S75 07.00 92.46 Berlin, inks, to £ 14.375 14.375 20.43 St’holm, knr. to £ 17.875 17.875 18.159 C’hagen, knr. to £ 18.125 18.125 18.159 Oslo, knr. to £ 18.375 18.25 18.159 Vienna, schgs to £ *30.00 *30.00 34.585 Prague, knr. to £ 114 115 164.25 Hel’fors, inks, to £ 232.50 230 193.23 Madrid, pes. to £ 40.125 40 5-16 25.225 Lisbon, esc. to .109.75 109.75 4.50 Athens, drach. to £ 2C0 260 375 . Bucharest, lei to £ 570' 575 813.60 Rio de J., p. to mil. 4 3-8 4 3-8 16.70 B. Aires, p. to'peso 401-8 40 3-8 47.62 M_. Video, p. to peso *31} ♦31} 51 Calcutta, p. to rup. 18 1-8 18 7-64 18 Shanghai, p. to tael 231-8 231-16 —-- H.-Kong, p. to dol. 17 3-8 17 3-8 ■ —. Y’hama, p. to yen 25.25 25.375 24.582 Batavia, fl. to £ 8.45 12.107 •Nominal.

Southdown — Super Average Inferior d up 8 6 d to Hi to 10 to Medium halfbred, 50/56 — Super ;..... 8 to 94 6 to 'll Inferior Nil Coarse halfbred, 48/50— Super 7 to 81 6 to 7 4 to 5$ Fine crossbred, ,46/48— 6 to 7 Average 4| to 51 Inferior 3 to 4J Medium crossbred,'44/46— Super 5 to «4 4 to Inferior 24 to 32 Coarse crossbred, 40/44— '' Super 44 to 54 Average 3 to 4 Inferior 2 to 3 Low crossbred, 36/40 — Super Nil Average 3 to 4 inferior Nil Hoggets, 50/56 Nil 48/50 6 to 84 46/48 4 to 74 44/46 UP to 40/44 Nil Lambs, 46/50 6 to 84 40/46 up to 52 Seedy and inferior 1 to 4 Necks . 5 to ■84 Pieces— Good to super 5 to 64 Low to medium 2 to 3 Seedy and inferior .... i to 21 Bellies— Good to super 3 to 42 Low to medium 2 to 3 Seedy and inferior .. i to 11 Crutchlngs— Good to super 4 to 5 Low to medium 24 to 34 Seedy and inferior .... i to 2 Locks — Crossbred 1 to 24

of 1930-31:— 1931-32 season. 1930-31 season. Bales.' Bales. Bales. Bales. Offered Sold. Offered. Sold. Dunedin ... 13.700 12,078 14,411 12,981 Tirnaru 7,830 0,699 0,355 0,201 Christchurch . 21,355 20,204 20,054 19,428 Blenheim .. 39 20 54 47 Wellington . .. 22,731 10,503 21,457 10,981 Wanganui 339 389 10,747 7.400 Napier .... . 22,411 17.328 19,354 15,912 Gisborne . 1,877 1,000 35 35 Auckland .. . 23,175 14,375 21,350 10,007 113,510 89,982 114,417 95,148

•Tan. 7. Per ton. Jan. 11. Per ton. Copper— £ s. (1. 38 8 9 ,£ s. d. 41 3 9 Standard, spot .... Standard, forward 39 15 7} 41 6 3 Electrolytic 47 0 0 47 10 0 to 48 10 0 49 10 0 Wire bars 48 10 0 49 10 0 Lead— Spot 15 7 6 15 11 3 Forward 15 7 6 15 12 0 Spelter— Spot 14 11 3 14 13 9 Forward 15 0, 0 15 2 6 TinSpot 140 8 9 142 13 0 Forward 143 8 II 145 l(i 3 ►Silver — Standard, per ox. . Fine, per ox. . 19 13-16d 21 3-8d 20d 21 9-1M