FINANCE and COMMERCE

Dominion, Volume 25, Issue 167, 11 April 1932, Page 12

FINANCE and COMMERCE

STOCKS AND SHARES Last Week’s Market GILT-EDGEDS ACTIVE There was considerable activity in the stock and share market last week, particularly in Wellington, where the recorded business was above the average, the total number of sales being 00. In Christchurch last week s total was the fourth largest for the year, owing principally to the heavier trading in Government securities. Auckland also showed an increased turnover. = The market for gilt-edged securities was firm, though there were minoi fl etuations; 41 per cent, tax-free stock, 1938, ranged from £92/15/- to £J3/I</ at the close of the week, and the bonds cent, stocks, September, 1937, were dealt in at £96/15/-, with a late sal > nt £J< 5/-; the bonds sold at £9< and £9l/-. • Local body debentures wJ.”” l * firm, but comparatively ittle o" si “ e^ r was done in them. Auckland Harbotn Board 6 per cents., 1941, sold at par, and Hiere was a sale of Auckland Fire Board 6 per cent., 1939, at £lOl. . nl .s e t The bank section was lather■ qui , with a limited turnover. Bank of: New Zealand sold “osfly at 43/6, with one or two transactions at 43/3. Bnnk of New Zealand were firm at £3 7/6 to £3/8/-. Commercial Bank off Australia were traded steadily ft t 13/11 and the preference had sales at £6/3/ . Bank of New South Wales, at £24, and Union Bank, at £O/12/6, were steady. South British were the < ’ n, J R/ d l e . in the insurance section at 48/4i a i in other actions was quiet Colonial Sugars were quitted at £3a/li/’> al There'was considerable activity minin’ section. Waihis sold up. to 16/6 Md 17/-and Waihi Grand Junction were also firmer In Christchurch there was fairly heavy dealing in Golden Point. WELLINGTON EXCHANGE Saturday’s Quotations Stock Exchange were as follow. Buyers. Sellers.

DEALINGS ON ’CHANGE. Saturday’s Sales The following sales were recorded on the stock exchanges of the Dominion on

GOLD MINING King Solomon Return Invercargll. April 8. The mine manager of King Solomon Deep Lead, Ltd., reports a wash-up of lloz. sdwt. for the week. Bulolo Dredge Operations Mr. Fred G. Dunn, New Zealand representative of Placer Development, Ltd., has received the following cabled advice regarding the Bulolo dredge“ Managing director advises by radio that from the starting on March 21 until March 28 the dredge was digging flotation room, during which period the materia!was put through dry. The cut was then gradually widened, bedrock being reached on March 30. For the period March 28 to April 3 the approximate yield was 9000 gold dollars from 42,000 cubic yards, this being highly satisfactory. The dredge and power plant are operating well.’ r AUCTION DIARY. TO-DAY. Dannevlrke, 11 a.m.—Sale of garage plant, machine shop, and body builders’ equipment. (It. Roake and Son). Johnsonville store stock sale (Associated Auctioneers). , On file Carillon (’.rounds, 10.30 n.m.—Sale timber (Silverstone and Co.). S Willcston St., 1 p.m.—Sale unclaimed articles, a/c 0.P.0. (E. Johnston and Co.). TO-MORROW. Walpukiirau Saleyards, farm properties a/c the Estate of Samuel Nutt (ILL. Farmers’ Co-op.). Allen St.. 10.30 n.in.—Sale poultry, etc. (Townsend and Paul). Levin sale. WEDNESDAY. 154 Featherston St.. 2.30 p.m.—Sale a/c Mortgagee. 25 Calabar ltd.. Miramar (J. If. Bethune and Co.). Johnsonville fat stock sale, 12.30 p.m. (IV.. S. and Co., Ltd.. A. and W.. Ltd.). 8 Willeston St.. 1 p.m.—Sale radio sets (E. Johnston and Co.).

■DAIRY PRODUCTION UP Increase in Butter Gradings CHEESE IMPROVES The dairy produce gradings for the ei-ht months of the current season ended March 31, indicate that production is being well maintained. . Butter graded last month showed an increase of 1.49 per cent over March, 1931, and lor the eight months an increase of 6 per cent. The cheese graded last month showed increase of 8.73 per cent., over March, 1931. Due to this marked increase, the decrease for the eight months period is 5.19 per cent., as compared with i per cent, for the seven months’ period. But-ter-fat production for the eight months has increased by 3.292 per cent. The figures of the Dairy Division ot the Department of Agriculture show that the salted butter graded for Marc n 1932, was 9150 tons, and the unsalted 88 < tons, a total of 10,037 tons, compared with 8849 tons salted, and 496 tons unsalted, a total of 9345 tons for March, 1931, an increase of 7.40 per cent, Tor the eight months ended March, 1932, the respective quantities were 85,200 tons and 39dj> tons, a total of 89,108 tons compared with 80,845 tons and 3206 tons, a total o 84,051 tons for the corresponding period, of the preceding season, an increase or 6.01 per cent. The cheese graded for March, IJ3~, comprised: White 5930 tons, coloured 3815 tons, a total of 9745 tons, compared with 5767 tons white, and 3195 tons coloured, a total of 8962, tons for March, 1931, an increase of 7.73 per cent. Ibe quantities for the eight, months em.ed March, 1932, were: White 47,991 ton*, coloured 24,282 tons, a total ot 12.-.13 tons, compared with 52,040 tons _wh)tc and 24,193 tons coloured, a total ot <6.233 tons for the corresponding period ot the preceding season, a decrease of o.I'J per Converting these figures into butterfat equivalent there is an increase .ot 3.292 per cent, in butter-fat production for the eight months, as compared wnb the corresponding period of the preceding M Stocks of dairy produce held at the Dominion’s grading ports as at March 31 compare as follow: —

FOREIGN EXCHANGES Lttle Movement in Sterling . Xondon, April 8. The following rates on foreign exchanges were current to-day, as compared with quotations on April 7, and par:

Gold and Silver. Kondon, April 8. Gold.—£s/9/8 per fine ounce. Silver.—Cash, 16 13-16 d per oz.; forward, 16 7 ' B<L ■ London, April 9. Gold.—£s/9/1 per fine ounce. EXCHANGE RATES New Zealand on London The following are the current rates of exchange, New Zealand on London, as from March 23: —

New Zealand-Australia The official rates New Zealand on Aus-

Dollar Conversion Rates The dollar conversion rates quoted by the New Zealand banks as from to-day, April 11, compare as follow with those previously announced: —

These rates are given merely for conversion of dollars into English currency or 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. Customs Exchange Rates Rates of exchange ruling at the announced date of departure of the vessels named arc 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* : —- Hauraki. Canada, dollars Sonoma, U.S.A., dollars ■> -bSonoma. Honolulu, dollars ;>.<2 Sonoma. Canada, dollars 3..) = Aorangi. Canada, dollars .lit. Golden Cross. U.S.A., dollars .... 3.|9i Brisbane Marti. Japan, yen .... 21 »d. E.S. and A. Bank Interim The secretary of the Stock Exchange Association of New Zealand has received a cable message stating that the English, Scottish and Australian Bank has declared an interim dividend of 3 per cent., payable on May 2. SYDNEY STOCK EXCHANGE Saturday’s Sales Sydney, April 9. Stock Exchange morning sales: Corm monwealth bonds. 4 per cent.. 1938, 7/0; 1941. £93/11/3; 1917, £9l; 1950. £9l- 1951-55. £9O/17/0; 1951-59. £9l 17/0; 1951-01. £9O/15/-; £lO bonds. 4 per cent., 1935. £9/9/-; 1951-53, £9/2/-. Bank of New South Wales, £2B; Colonial Sugar, £10; Huddart-Parker, 25/-; Carlton Brewery, 29/3.

BUTTER MARKET London Prices Steady CHEESE UNCHANGED The London butter market kept steady last week, there being little or no change in prices. The Empire Marketing Board s estimate of stocks of all butters is 447 712 boxes, compared with boxes a year ago. London retail prices are unchanged, New Zealand at 1/- a lb and Danish at 1/3. The cheese market is steady. The London office of the Dairy Board reports Friday’s closing prices as- follow, those for the previous week being shown in parentheses: Butler. New Zealand: Salted, IOS/- to HO/-, ex. 111/- (108/- to 110/- ; April 8, 19..1, 109/- to 112/-) ; unsalted, 114/- to 11b/(114/- to 118/-; April 8, 1931, 114/- to 118/-) ; 108/- to 110/-, equals approximately Hid f.o.b. Australian: Salted, 101 /- to 109/ (104/- to 106/-) : unsalted, 106/- to UnZd/ 100/- to 102/-; eX So^h'AMc / ;: t 101/-M-105/- (98/- to - f.0.b.: IH/- to 118/snot (99/-) : 116/- to 118/-). Dutch: Unsalted. 128/- to 130/- (128/to Sffi”dan: 104/- to 106/- (not T>otc<l). The board has also received the following advice from its agent in Canada : Bnttcr _New York. 20 cents; Montreal. 191 cents. Cheese. New Zealand: White, 63/- (62/- to x 63/-- April 8. 1931. 50/- to bl/-); coloured, 64/- (63/- to 64/-; April 8, 1931, 53/- to 55/-) ; 63/- to 64/- equals approximately 6 l-8d f.o.b. Australian: White, 62/- (—) J coloured. 63/- (61/-). i cc/ Canadian: White and coloured, 68/to 72/- (68/- to 72/-).

Agents’ Reports. The New Zealand Producers' Co-oper-ative Marketing Association’s weekly cabled market report from London dated April 8 is as follows: —Butter: Market quiet. New Zealand, 108/- to 110/-: unsalted, 114/- to 116/-; Danish, 11</to 118/-. Cheese: Market steady. New Zealand, white 63/-, coloured 64/-; Canaian white and coloured, 68/- to <2/-. Mr. Thomas Gray has received the following report, dated April 8. from Mr. A. C. Rowson, London: —Cheese. Deliveries, New Zealand and Australian, 34,706 crates: Canadian, 5051 boxes. Stock. New Zealand and Australian, 86.769 crates; Canadian, 102,938 boxes. Price, white 63/-, coloured 64/-. The demand is very slow and the market tendency is easier. Butter: Price. 109/first grade. 110/- finest. The demand is very slow and the market tendency is easier. Forward Buying There has been some activity among forward buyers of butter during the month, report A. H. Turnbull and Co. on April 8, and more particularly durin" the past week. Considerable quantities of butter, April-May-June * “shipment and “make” have changed hands on the basis of llid. f.o.b. There has not been very much forward activity in cheese, although spasmodic inquiries have been made at round about 6Jd.. and some sales have taken place at this figure. Canadian Butter Market In their latest market report, A. JI. Turnbull and Co. state that an interesting feature has been the sharp advance in Canadian values, from 22 cents at the beginning of March, to as high as cents at the end of the month. ‘ This rise in the price of Canadian butters is very welcome. We have been anticipating that possibly Canada and the United States would be compelled to come on to the world’s markets for butter, but up to the present there has been practically no inquiry from these countries, although Australia is now shipping to Canada small parcels on consignment, to test the market.” WELLINGTON WOOL SALE Final Offering To-day A total of 12.826 bales has been catalogued for the fifth and final Wellington wool sale of the 1931-32 season, which will start in the Town Hall at 9 o’clock this morning. Following is the order of sale:— Bales Dalgety and Co ■ 2,670 Murray, Roberts and Co. and Johnston and Co 2,167 Levin and Co ">644 N.Z. Loan and Mercantile ...... 1,960 N.Z Farmers’ Co-op. Distributing , 953 Wairarapa Farmers’ Co-op 726 Abraham and Williams and ■Wright-Stephenson 1,706 Total 12,826 London Wool Sales The Bank of New Zealand, produce department, has received the following message from its Loudon office under date April 8: —London wool sales, April series: Market prospects loss favourable. Prices for crossbreds are expected to be slightly lower. RAW MATERIALS Markets Weak (Rec. April 10, 5.5 p.m.). London, April 9. Friday’s closing prices for the following raw materials were as follow, those for April 1 being given in parentheses:— Cotton —Liverpool quotation. American middling, May delivery, 4.36 d per lb (4.49 d Rubber —Para, 3 5-Sd per lb (same); plantation smoked ribbed sheet, 1 13-16 d per lb (1 7-8 d). Jute —April-May shipment, £l6/13/9 per ton (£l7/17/6). Copra—April-May shipment. South Sea. £l3/17/6 per ton (£l4/10/-) ; plantation Rabaul, £l4/2/6 per ton (£l4 Hemp—Nominal; March-April shipment. £l6/10/- per ton. Linseed Oil —£14/5/- per ton (£l4). Turpentine—s 6- per cwt. (57/6). Osmiridium—Tasmanian, £ll to £l3 per ounce (same). N.Z. Apples in London London. April 8. The apple cargoes by the Orontes and Surrey have been landed in good condition. The heavy supplies have weakened quotations. Now Zealand prices are !/• to 2/- below Wednesday’s quotations. Mrs. Stanley Baldwin opened a display of new season's apples at New Zealand House. Sir Thomas Wilford presiding. He said that in 1925 New Zealand’s exports of apples were 200.000 cases. This year he anticipated an export of 1,500,000. London Tallow Market (Rec. April 10, 5.5 p.m.). London. April 9. Tallow —In stock. 1933 casks; imports, 1814 casks; deliveries, 819 casks.

LAMB VERY FIRM Good Demand; Prices Better EWES FIRM; WETHERS STEADY Lamb market: Prices have advanced and market very firm, with good demand. Mutton market: Wethers steady, with prices unchanged. Ewes firmer, meeting with fair trade. Beef market: Spot stocks short. More inquiry owing to increase in price Argentine chilled beef. New Zealand porker pigs: Good demand at slightly higher prices. The above report was received on Saturday by the Meat Board from its London office, which advises that the following are the approximate average prices realised for the week ended April 8, 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: 481 b to 561 b. 4Jd 4 5-8(1) ; 571 b to 641 b. 4}d (4}d, 4 3-8 d) ; 651 b to 721 b. 4d (4d. 4 l-8d). North Island crossbred wethers and maiden ewes: 4Slb to 561 b, 4 3-8 d (4 3-Sd, ; 571 b to 641 b. 4 l-8d (4 1-Sd, 4£d) ; 651 b to 721 b. 4d (same). Ewes: 481 b and under, 3 7-8 d (3i(d. 3Jd) : 481 b to 641 b, 3 ; }d (3 1-Sd, 3 1-Sd) ; 651 b to 721 b. 2 5-8 d (same). New Zealand Lambs. —Canterbury: 361 b and under, 7}d (7d, 7d) ; 371 b to 421 b, 7d (6 7-Bd, 6 7-8 d) ; 431 b to 501 b, 6?d (same). Second quality: Average 331 b, 6 7-Sd (6 5-Sd, 6}d). Other South Island brands: 361 b and under. 7 l-8d (6 7-Bd. —) ; 371 b to 421 b, 6 7-8 d (63d, —) : 431 b to 501 b, GJd (64d. —). Selected North Island brands: 361 b and under 74d (7 1-Sd. 7d); 371 b to 421 b, 7d (6 7-Bd, 6 7-8 d); 431 b to 501 b, Gjd (same) ; second quality, average ,311 b. 6 7-8 d (6 5-Bd. Gid)• Other North Island brands, first quality: 361 b and under. 7d (63d, GJd) ; 371 b to 421 b, 6Jd (6 5-Bd, 6 5-Sd) ; second quality, average 311 b, 63d (Gid, 6 3-8 d). Australian Lambs. —Victorian, first quality: 361 b and under, GJd (6d, Gd) ; 371 b to 421 b, 5 5-8 d (s}d, s}d). Argentine Lamb. —First quality: 361 b and under. 5 7-8 d (si[d, s|d) ; 371 b to 421 b, 5 3-Sd (s}d, 5Jd). New Zealand Beef.—Ox fores, not quoted ( —, 2Jd) ; ox hinds, not quoted ( —. 3Jd) ; cow fores and hinds, not quoted. „ „ , Argentine Chilled Beef.—Ox fores, 4 l-8d (3 5-8(1, 3 5-Sd) ; ox hinds. 6 l-8d (6d. 6 l-8d). Australian Frozen Beef. —Ox crops, over 1001 b, 4d (3}d, 3d) ; ox hinds, over 1601 b. 4d (4d. 3}d). • . . New Zealand prime porker pigs: 60!b to 1001 b, s|d (5 3-Bd, 5 3-8 d) ; 1011 b to 1201 b. 5d (4jd, 4Jd). New Zealand Prime baeoner pigs: 1211 b to 1801 b, 4id (same). (Rec. April 10, 5.5 p.m.) London, April 9. Australian Sheep.—First quality crossbred and/or merino wethers. 401 b to_Gslb, 3 5-8(1; second quality, 301 b to 551 b, 3 7-Sd; ewes, 301 b to 551 b. Argentine Sheep.—First quality crossbred wethers, 481 b to 641 b, 43d; Gslb to 721 b, 3Jd; over 721 b, none, offering. Patagonian Sheep.—None offering. Australian Lambs—Victorian. first quality: 361 b and under. Gid; 371 b to 421 b. 5 5-Sd. Other States, first, quality: 361 b and under, 6d; 371 b to 421 b. 5 3-Bd. Victorian, second quality: 361 b and under. 6 1-Sd. Other States, second quality: 361 b and under, sjd. All States, third quality, 61d. Australian pigs: First quality, GOlb to 1101 b, average 901 b, 51d ; 1111 b to 1201 b, sd. Fair Demand for Mutton.. The Bank of New Zealand, produce department, has received the following advice from its London office as at close of business last week: The market is well supplied with wether mutton, but there is fl little more demand. The demand for ewes is Steady, but not sufficient to stand an increase in prices. There is a very good demand for lambs and prices are firm. The market is short of supplies of beef and prices are nominal. Trade generally is brighter, with a better demand. Wethers, light, 4 l-8d to 4 7-8 d per lb; heavy, 3 1-Sd to 4(1 ; ewes, 2Jd to 3 7-8 d ; lambs, 2's, 6 7-8 d to 7 3-8<l; B's, 6 5-Sd to 7 l-8d; 4’s, 6id to 6}d; seconds, 6)d to 7d. Beef: Ox hinds, 3Jd to 4d; ox fores, 2}d to 3d; cow hinds, 3d to 3Jd; cow fores, 2Jd to 2Jd. The spot market for lamb is very firm, especially for lightweights. The demand for wethers is poor. ' The market for ewes is steady, with more inquiry. Compared with last week’s quotations, North Island Down lambs, 281 b to 361 b, -fd per lb higher; 361 b to 421 b, l-8d per lb higher. Best North Island crossbred lamb and North Island second quality lamb, id per lb higher. Best North Island wethers. 4Slb to 561 b, 1-Sd per lb higher; 561 b to 641 b. 1-8(1 per lb lower. North Island ewes. sGlb to 641 b, l-8d per lb higher. Others unchanged. This report was received on Saturday by Levin and Co.. Ltd., from their London agents, who quote Smithfield “delivered” prices as follow::—North Island Down lambs: 281 b to 361 b, 73d per . lb; 361 b to 421 b, 7 1-Sd. Best North Island crossbred lambs: 281 b to 361 b. 7:1(1; 361 b to 421 b, 7d. North Island second quality lambs: Average 301 b to 311 b, 6 7-Sd. Best North Island wether sheep: Under 481 b. 4Jd; 481 b to 561 b. 4 3-Sd; 56!b to 641 b, 4 1-Sd : 641 b to 721 b. 4d. North Island ewes: Under 481 b. -3-2 d ; 481 b to 561 b, 3 3-Sd; 561 b to 641 b. 3d: G4lb to 721 h. 2 5-Sd. New Zealand prime ox beef. 1601 b to 2201 b, none offering. LIVE STOCK MARKET Feilding Sale At the Feilding sale on Friday Associated Live Stock Auctioneers, Ltd., had a total yarding of 7062 sheep, comprising 3043 fats and 4019 stores. There was n keen demand for all fats, which sold at the previous week’s rates, with the exception of the better quality fat ewes, which showed a slight advance. 'Die store sheep were made up chiefly of fattening ewes and lambs, with an occasional pen of wethers and breeding ewes, and while there was.a very satisfactory clearance, competition was not quite so brisk as on the previous Friday. Fat cattle were yarded in large numbers, and the demand being not quite equal to the supply, prices again receded. A fair entry of store cattle met with a reasonable demand. and sold at late rates. The better class weaner Jersey heifers were eagerly competed for. and a number were purchased for Hawke’s Bay. A fair yarding of dairy cattle, comprising chiefly backward culvers, with a few lines close to profit, came forward, the latter meeting with quite a good inquiry. Heifers due to calve in the spring were keenly sought after, and this class of stock should harden ns the season approaches. Fat Sheep.—Fat lambs, 9/-. 9/6. 10/9. 11/-. 11/3, 11/6. 11/8. 12/1, 12/6. 12/9. 12/10. 13/-, 13/6, 13/10; prime fat lambs, 14/1, 14/4. 14/6. 15/3; prime heavy fat lambs. 14/7. 15/9. 16/-, 16/6. 17/-; extra prime heavy fat lambs, 18/7, 20/-. 23/-; light fat ewes. 5/8. 5/10. 6/6. 6/9; fat owes. 7/4. 7/7. 7/10. 8/-. 8/1, 8/3. 9/3, 9/4; fat b.f. two-tooths. 12/2. 13/-, 13/3; fat maiden ewes, 13/-, 16/3; fat wethers, 11/4. 12/-. 12/3. 12/7, 12/9. 12/10. 13/1. 13/3. 13/6. 13/9. 14/-. Store Shee;>. —Low-condition ewes, 2/9. 3/-. 3/1. 4/-; fattening ewes. 5/4, 5/6. 5/7; four and five-year ewes, r.w. S.D. rams. 8/1, S/8. 9/-; four-tooth ewes, r.w. S.D. rams. 11/2. 12/10; two-tooth ewes. r.w. S.D. rams. 12/1, 12/5, 12/11; aged ewes, r.w. S.D. rams, 5/-, 5/7, 6/-; small two-tooth wethers, 8/3. 10/4; two and four-tooth wethers, 11/6; two-tooth wethers 10/9; wether lambs. 6/-, 6/4, 6/5. 7/-. 7/3; b.f. lambs. 7/9. 9/-; woolly wether lambs, 8/9. 9/-; small ewe lambs. 7/3, 7/8. 8/4: small lambs, 4/-, 5/1, 6/3. Fat Cattle. —Fat bullocks. £5, £5/15/-; fat cows. £2/2/6. £2/3/-, £2/4/-. £2/8/6. £2/10/-. £2/16/-. £3/5/-; light fat cows. 30/-, 32/-. 38/-; fat heifers. 3/2/-, £3 V/-. £3/11/-, £3/14/-, £4/2/-. Store Cattle.—Fat and forward cows.

23/-, 24/-. 25/-, 28/6. 29/-; empty cows. 3/., 5/., 7/-, 10/-. 12/6, 15/-. 19/-; small weaner heifers. 10/-. 17/-. 18/-; weaner Jersey heifers, 20/-. 23/-. 27/6 30/-: good weaner Jersey heifers. £l/15/-, £2/2/-: IS-months heifers, r.w.b.. £2/3/-, £2 10/-. £2/14/6. £2/17/6. £3. £3/3/-. £3 10/-. £3/15/-. £4/5/-. £4/12/6; threevear steers. £2/15/-; three-year P.A. cross steers, £2/10/-; bulls. £l. £l/15/- £3. Dairy Cattle. —Dairy cows. £2 15/-. £3/5/-, £4/17/6, £5. Gisborne Prices Firm Dominion Special Service. Gisborne, April 9. At the Gisborne sale prices of fat sheep advanced. Ewes. 6/4 to 7/9; lambs, 9/- to 10/6; wethers. 10/9 to 11/4; second grade ewes, 6/3 to 6/9. Store Sheep—An entry of 4000 head. The market was considerably firmer. Small farmers’ Jots met the keenest competition at rates often above fat values. The market was under-supplied owing to the growth of grass. Ewes, soundmouth, extra, 9/-: good. 7/6; 5-yr.. 7/5 to 7/10; 4 and 5-yr„ 9/-; 6-tli., fairly good, 6/9: 4, 6. and S-lhs, 7/9 to 9/-; 4- to 5-yr.. 6/9 to 7/4; good forward, 7/3 to 7/10; 2-ths. 8/3 to .10/1; lambs, forward Downy, 9/10; woolly, fat and forward. 9/7: good. 7/10 to S/l ; wethers. best. 9/11 to 10/1. p, e ef—Hereford heifers, £3/2/6; Hereford cows, plain finish, £2/7/6 to £2 15/-. Mangaweka Sale At Mangaweka sale on Thursday Associated Live Stock Auctioneers, Ltd., had a very fair yarding. All the sheep changed hands under fair competition, but there was not any demand for cattle. Ewe lambs, 7/6, 7/9. 9/-; wether lambs. 8/-. 8/2; small lambs, 3/9. 5/-; 4 and 5- ewes, r.w. Romney rams, 8/9; 4 and 5-year ewes, r.w.' S.D. rams, 9/-; aged ewes. r.w. S.D. rams, 5/-; 2-tooth wethers, 11/1.

N.Z. GOVT. LOANS— 54 p.c. Bonds, 1936 ... 54 p.c. ditto and Insc. 1023 £ s d £ s 97 10 <1 0 95 15 0 51^p.c ditto, 1933 ••• 4* p.c. Insc. Stk., 1039 95 10 0 — 92 15 0 —— 44 p.c. ditto, 1938 ... 93 0 0 54 p.c. ditto, 1936 ... 54 p.c. ditto, Sept., 1937 96 10 0 97 0 0 DEBENTURES— 0 Wgton. Racing Club . Auck, Chch. Dunedin 93 0 City, 54 p.c,1944 .. Wgton. City, 51 p.c, 1940 0 93 10 93 0 0 0 100 0 0 - Wffton. Harb. Bd., 5j p c 1940 • 96 10 0 BANKS— , 8 13 , Commercial Aust., ord. 0 13 6 0 25 2 14 0 0 New South Wales ... 2 2 9 3 6 financial— 0 Goldsbrough Mort ... (J N.Z. Guar. Corpn, ord. N.Z. Invest, Mortg. ah 0 4 id g Deposit N.Z. Loan & Mere., ord. 40 0 0 Wgton. Invest, T. & A, — Wgton. Deposit and fl fl GAS— 1 1 « Wellington, ord 1 7 3 — INSURANCE— 1 17 g New Zealand — MEAT PRESERVING — _ _ N.Z. Refrig. (£1) .... V 11 0 COAT— _ 0 13 fl TIMBER— fl 0 0 5 0 breweries— I 0 . Staples and Co. ...... Tooth and Co 1 a e 1 1 3 3 6 6 MISCELLANEOUS— _ g British Tobacco, ord. JI. 37 0 Electro. Zine, pref. . — Howard Smith, ord. . — 0 National Electric N.Z. Drug f2 3 0 Wilson's Cement .... —— 7 W'oolworths, pref. g MINING— „ 0 18 9 0 17 Wa ihl .... ’Cum. dividend. |Ex. dividend.

Saturday:- WELMNGT0N . Sale on ’Change: d Govt. Inacr. Stock, 5} p.c., Sept., ’ 90 15 0 Sales reported: ■ „„ Govt. Inacr. Stock, oj p.c., .. *97 5 0 Govt.'Bonds, ti P-c.. 1939 . *93 10 0 ♦Late sale Friday. AUCKLAND. £ 8 d Govt. Inscr. Stock, 51 p.c., Feb.Aug 1933 VG 10 0 1 1 0 0 5 4 0 10 6 Waihi Grand Junction 0 3 8 CHKISTCHUKCH. .£ H (1 Bunk of New Zealand .......... o 3 3 1 1 « 0 5 o 0 9 5 Ditto . t 0 9 7} Sales reported— Govt. Inscr. Stock, 51 p.c., 1936 97 5 0

31/3/31 '1’ons. 31/3/32 Tons. Inc. Tons. Butter • • .. 15,944 18,(522 2678 Cheese •. .. 10.3S8 16,341 5953

Apl. 8. Apl. 7. Par. N. York, <lol. to £ 3.78| 3.78i 4.866 Montreal, (lol to £ 4.19 4.18 _ 4.860 124.21 Paris, fr. to £ 95.875 95.875 Brussels, bel. to £ 27 1-32 27.00 3. >.00 19 7-16 9.34 16 Geneva, fr. to £ Amst'dam, fl. to Milan, lire to £ Berlin, mks. to St’holm, knr. to C'hagen, knr. to Oslo, knr. to £ Vienna, schgs 'to Prague, knr. to Hel’fors, inks to Madrid, pes. to £ £ £ £ £ £ £ £ 9.345 73.375 15.95 18.90 185-16 19 3-16. •32 128 215 50 12107 92.46 20.43 18.159 18.159 18.159 34.585 164.25 193.23 25.225 73.375 15.95 19.20 185-16 19.25 •32 127.875 215 49.875 Lisbon, esc. to £ 110 110 4.50 Athens, drach to £ 295 300 3 < •> Bucharest, lei to £ 632.50 637.50 813.60 Rio de J. p. to mil. 41-8 41-16 16.70 B. Aires, p. to peso 3GJ 361 47.62 M. Video P. to peso •20 •29 51 Calcutta, p. to I up 18 3-32 18 3-32 18 Shanghai ’p. to tael 201-8 20 7-16 H-Konz. p. to dol :■ is 10 1-16 Y’hama. p. to yen 2015-KJ 1 21.125 24.582 Batavia, gl. to £ 9.37 9.43 12.107 ♦Nominal.

Buying. Per £100. Selling. Per £100, London. London. £ s. d. £ s. d. Tel. transfers. 110 0 0 108 10 0 On demand 109 10 0 108 2 6 ."0 days 109 5 0 107 15 0 60 days 109 0 0 107 7 6 90 days 108 15 0 107 0 0 120 days —

tralia are as follow: — Buying £ s. (1. 114 7 6 Selling 113 12 6 On the basis of £100 New Zealand.

U.S: dollars to £1 N.Z. Mar. 21 Mar. 30 Apl. 4 Apl. 11 Buying 3.71 3.87 3.90 3.88 Selling 3.51 3.67 3.70 3.68 Canadian dollars to £1 N. Z. Buying 4.16 4.30 4.31 4.28 Selling 3.96 4.10 4.11 4.08