FINANCE AND COMMERCE

Dominion, Volume 25, Issue 170, 14 April 1932, Page 10

FINANCE AND COMMERCE

STOCKS AND SHARES Strong Demand for Gilt-edged WELLINGTON MARKET FIRM A strong demand for gilt-edged securities, with few sellers, and an improved inquiry for shares, were the principal teatures of the Wellington market yesterday. Quotations for Government securities, as well as for local body debentures, were generally firm. There was a sale ot per cent, stock, 1933, at £96/5/-, o/below the previous sale recorded on Saturday. For 51- per cent, stock, 1941, £J4 was bid, but sellers asked £2 higher. Banks were steady, with little or no change in bids. A sale of Union Banks was made late on Tuesday at iU/lz/o, and yesterday more were wanted at that ti<*nre. In the financial section, Goldsbrough, Morts were firmer at 21/2, with no sellers. Gear Meat were sought at 2b/-, 2d. less than on Tuesday, with no response. New Zealand Refrigerating paid were in request at 11/-, sellers asking 6d more. There was also an inquiry for Wellington Meat Export, preference, at 21/-. with no sellers disclosed. Union Steam preference, at 20/-, and Huddart, Parkers, at 21/-, were firm, and sellers of P. and 0. stock were asking 22/-. Sales were made on ’change of New Zealand Breweries at 23/1 and 23/-. and there were further buyers at 22/9. A sale of Wilson’s Cement late on Tuesday was_made at 26/-. Yesterday buyers offered 25/-, but sellers stood for 27/-; New Zealand Drugs were 6d. up at 43/-, and British Tobacco 6d. better at 25/9, with no sellers. There was a good inquiry in the mining section. Yesterday’s Quotations Buying and selling quotations at yesterday’s Anal call on the Wellington Stock

DEALINGS ON ’CHANGE Dominion Sales The following sales were recorded on the stock exchanges of the Dominion yesterday : — WELLINGTON.

SYDNEY STOCK EXCHANGE Market More Buoyant (Rec. April 13, 8.35 p.m.) Sydney, April 13. On the Sydney Stock Exchange investors to-dny advanced their offers for all sound securities, nnd the market had a definitely buoyant appearance. There was nothing spectacular, but the volume of business was more general and healthier. Even Barrier stocks were higher. Sales recorded : —Commonwealth bonds, 4 per cents., 1938, £95/8/9; 1944. £93; 1947. £9l/6/3; 1950. £9l/10/-; 1955, £9l/6/3; 1951, £9l/17/6; 1959. £9l 18/9; 1961, £9l/2/6; Bank of New South Wales, £2B/2/6; National Bank, £lO paid, £11; Colonial Sugar, £4O/15/-; Huddnrt, Parker. 25/-; Burns, Philp. 39/6; Berlei, Ltd.. 19/6; Tooth’s. 26/7 J; Touhey's. 16/9 ; Goldsbrough, Morts. 25/-; Australian Gas A. 111/-; ditto. B, 112/-; British Tobacco. 30/1}: United Insurance. £B/10/-; Broken Hill Proprietary. 15/9; North Broken Hill. 61/-; South Broken Hill, 42/-. Morning sales: Commonwealth bonds. 4 per cent.. 1938. £95/7/6; 1944, £93 10/9; 1947, £9l/5/-; 1950, £9l/7/6; 1951-53, £9l/7/6; 1951-55, £9l/7/6; 1951-57, £9l/17/6; Winehcoinbe, Carson, 18/4}. Melbourne, April 13. Stock Exchange sales: National Bank £5 paid. £5/9/-; Goldsbrough, Morts.. 24/6; Dunlop-Perdriaii. 11/2; Zinc Corporation. 25/9; Broken Hill Proprietary. 15/10; South Broken Hill, 41/6; North Brokena, iil/>

FURTHER DECLINE London Wool Sale Prices SMALL OPENING CLEARANCE London, April 12. The April series of wool sales has opened. Offerings to-day were 9717 bales, including 3195 New Zealand. Approximately 3600 bales were sold. There was a poor selection of merinos, and only a moderate lot of crossbreds. Attendance of buyers was good, and there was fair competition. Compared with March sale closing rates, merinos of good quality were unchanged; Continental sorts were 5 per cent, lower; crossbreds 5 to 10 per cent, down; halfbreds and slipes 15 per cent, lower. New Zealand sales were scoured combing “Walter Park,” highest 17d, ayerage 151 d; greasy crossbred, “Akitio,” highest 9d, average 6ijd. YORKSHIRE CHIEF BUYER Continent Quiet The following cable messages have been received by Wellington firms from their London agents. For the purposes of comparison the closing rates of the March series as quoted by Dalgety and Company’s head office are given as follow: —

The Bank of New Zealand, Produce Department, has received the following advice from its London office, under date April 12:—The sales have opened with moderate competition and large attendance of buyers. There is a moderate demand by Home buyers, but Continental buyers are quiet. Compared with the close of last series, crossbreds are a halfpenny per lb lower. Greasy merino not represented. The Bank of New South Wales has received the following cable message from its London office: Wool market: New Zealand merinos; none offered; crossbreds, 7$ to 10} per cent.; slipe, 10 per cent, lower than last sale’s close. Dalgety and Company:—Sales opened ; competition animated; large attendance; fair selection; crossbreds predominating. Home trade principal operators. Continental buyers quiet. As compared with closing rates last series:— Per lb. d d Greasy merino i to I lower Scoured merino par to 1 lower Greasy fine crossbred .. ito i lower Greasy medium & coarse crossbred i lower Except super styles, little change. Slipes 1, to 11 lower Except short slipes .... i to 1 lower Levin and Co., Ltd. —The auctions opened here to-day with a large attendance of buyers. Compared with the closing rates of last series, we quote: — Per lb. d d Greasy merino, best .. ito i lower Greasy merino, average 1 to 1 lower Fine halfbreds, 50/56's 1 lower Halfbreds, 48/50’s .... 1 to 1 lower Fine crossbreds, 46/48’s } to i lower Med. crossbreds, 44/46’s ito 1 lower C’se. crossbreds, 40/44’s 1 to 1 lower Low crossbreds, 36/40's -} to 1 lower Slipes, combing J to 1 lower Slipes, clothing 1 to J lower Scoured merinos 1 to 1 lower Murray, Roberts and Co., Ltd.—Sales have opened, competition fair. Bradford buyers principal operators; Continental buyers operating cautiously. Compared with last London sale’s closing rates: Greasy merino, wool suitable for Yorkshire, declined 5 per cent.; wool suitable for the Continent, declined 7i per cent.; scoured merino declined 5-10 per cent.; crossbred greasy fine, market shows no material change; crossbred greasy coarse to medium, of good lustre and breed, par to 5 per cent, decline; other descriptions declined 5-10 per cent.; crossbred scoured, best descriptions, market firm; crossbred scoured, other descriptions, declined 5-7 J per cent.; slipe, fine crossbred, declined 10 per cent.; slipe • coarse to medium crossbred, declined 5-10 per cent. Wright, Stephenson and Co., Ltd., and Abraham and Williams, Ltd.—Wool sales opened, average attendance of buyers. Continental and Bradford buyers chief operators. Average selection. Quotations: Greasy three-quarter bred. 48/ 50’s, 6}d; greasy fine crossbred, 46/48’s, s|d; grensy medium crossbred. 44/46’s, 5d ; greasy crossbred, 40/44’s, 4}d ; crossbred lambs, 46/50’s, 6}d; Australian merino prices. 5 per cent, lower: slipe lamb, 10 per cent, to 12} per cent, lower; other slipe wools, 5 per cent, to 7} per cent, lower. The New Zealand Loan and Mercantile Agency Company, Limited. —There was a good attendance at the opening of the sales to-day, competition by Home and Continental buyers being fairly active. As compared with last sales closing rates, prices are lower }d per lb for scoured crossbred, medium greasy merino and grensy crossbred, and lower Id to Id per lb for crossbred slipe. The opening catalogues were fairly representative. The New Zealand Farmers' Co-opera-tive Distributing Co.. Ltd.—Wool sales opened to-day. Prices compared with last London series: Merinos, fine crossbreds. 5 per cent, down: medium and coarse. 10 per cent, down: slipe. 10 per cent. down. Good competition: Homo trade chief buyers with Franco. Germany operating. WANGANUI WOOL SALE Worst of the Season Dominion Special Service. Wanganui, April 13. Levin and Co., Limited, report that the wool sale held at Wanganui to-day was the worst of an extremely bad selling season, prices of fleece wools being down anything from }d to Id, as compared with the February sale. Fine good to super wools were down Jd, medium to fine average wools Jd. and inferior lots down 5d to Id. The total catalogue was approximately 13.000 bales, but withdrawals immediately before the stile must have reduced this to about 10,000 bales. Lovin's catalogue originally contained 1465 hales, withdrawals accounting for 400 of the remainder: they sold about 50 per cent. The bulk of the offering was of indifferent style and condition, much of it being off colour and seedy. There were, however, a few redeeming clips in the catalogue. Bradford appeared to have the largest purchasing power, with Japan also in the market for all grades. Lambs' wool wits most irregular and although a few Hites sold praelienll.v nt February prices, many others were sold or passed In at anything round about id kow

ADDINGTON MARKET Fat Cattle Cheaper MUTTON AND LAMB STEADY By Telegraph.—Press Association. Christchurch, April 13. At Addington market to-day heavy entries of sheep were forward in all sections. and prices were fairly well maintained. . , Store Lambs.—The bulk of a heavy entry was comprised of backward sorts. Good rape lambs improved in price, and sold at 10/6 to 12/11; medium, </- to 10/-; ordinary m.m., to 6/-; backward, to 3/6; extra good ewe, 11/- to 12/-; medium, 7/- to 8/-; ordinary, to 6/6. Store Ewes. —Good sound-mouthed ewes increased in value, and other classes held recent prices. Medium two-tooth three-quarter-bred ewes, 14/10 to 16/6; ordinary, 11/6; medium four and sixtooth three-quarter-bred, 12/- to 14/-; ordinary four and six-tooth three-quarter-bred, to 11/6; good six and eight-tooth three-quarter-bred, to 14/-; medium six and eight-tooth three-quarter-bred, 10/to 12/-; good s.m. crossbred, to 10/-; ordinary. 6/- to 9/-; good two-tooth halfbred, to 16/-; medium, to 13/6: s.m. halfbred, 6/- to 9/-; s. and f.b. halfbred, 3/8 to 5/6; aged. 1/- to 3/-; good four and six-tooth wethers, 11/3 to 12/10; ordinary wethers, 8/- to 10/-. Fat Sheep.—A heavy entry of 6;>00 head. Heavy sheep eased by up to 1/a head, but other classes maintained late rates. Extra prime heavy wethers sold to 19/10; prime heavy. 15/6; 17 medium weight prime, 14/- to 15/3; ordinary, 12/to 13/9; light, 9/6 to 11/6; extra prime heavy ewes, to 15/4; prime heavy. 11/6 to 13/6; medium weight prime, 8/9 to 10/6; ordinary. 7/- to 8/6; light. 4/9 to 6/9. Fat Cattle. —An average entry, mostly very poor quality, except for a small proportion of prime. Values were back by 10/- to 20/- per head. Extra prime beef made 20/- to 23/- per 1001 b.; good, 15/6 to 19/-; secondary, 12/- to 15/-; and rough down to 8/-. Extra prime heavy steers sold to £ll/17/6; prime heavy, £7/10/ to £10; prime medium weight, £5 to £7; ordinary quality, £3/10/-; light, to £3/5/-; extra prime heifers, to £8 2/6; prime. £5 to £6/10/-; medium, £3 5/- to £4/15/-; light. £2 to £3; extra prime cows, to £7/17/6;. prime, £4/10/to £6; medium. £2/10/- to £4/5/-; light, to £2/5/-. Fat Pigs.-—The entry in both sections included a heavy proportion of overweights. particularly of baconers, which sold at slightly lower rates. Good medium weight porkers sold at advanced prices. Choppers. £2 to £4; baconers, 38/6 to 44/6; heavy baconers. 46/6 to 54/6; extra heavy baconers. 55/6 to 60/6 (average price per lb.. 33d. to 4}d.) ; porkers, 32/- to 35/6; heavy porkers. 36/6 to 38/6 (average price per lb., s}d. to 6d.). JOHNSONVILLE SALE Fat Cattle and Lambs Better Values were firmer at yesterday’s sale at Johnsonville, where, in spite of the bad weather, there was a large attendance. Wright, Stephenson and Co., Ltd., and Abraham and Williams, Ltd., offered a full yarding of all classes of stock. The quality of the cattle and sheep was above the average, and a good sale resulted. Prices for bullocks and cows were firmer to the extent of 10/- per head, this being mainly accounted for by the better quality stock offered. Wethers and ewes were on a par with late rates, while lambs were firm, following on the increase in the export values. Prices ranged as follow: — Cattle. —Prime heavy bullocks, £B/7/-, £B/5/-, £B/1/-, £7/18/-, £7/16/-, £7 14/-, £7/11/-, £7/10/-, £7/8/-; medium bullocks, £7. £6/15/-, £6/10/-, £6/7/-, £6/6/-, £6/5/-, £5/17/-, £5/16/-; light bullocks, £5/10/-, £5/1/-, £5, £4/15/-,; prime heavy cows and heifers, £4/18/-, £4/15/-, £4/14/-, £4/10/-, £4/7/-, £4/6/-, £4; light and unfinished cows and heifers, £3/5/-, £2/2/-, £l/18/-. £l/13/-; runners, £2/2/-, 35/-, 34/-, 33/-, 32/-. 30/-, 29/-, 28/-; vealers, 23/-, 22/-, 20/-, 17/-. Sheep.—Prime extra heavy wethers. 16/6, 16/2, 16/1, 16/-; prime heavy wethers, 14/6, 14/-; medium wethers, 12/-, 11/6, 11/-; extra heavy ewes, 11/1, 10/10, 10/9; prime heavy ewes, 10/3, 10/1, 10/-; medium ewes, 9/4, 9/3; light and unfinished ewes, 7/10, 7/2, 6/3. Lambs.—Heavy lambs, 14/6, 14/3, 14/-, 13/10, 13/1, 13/-, 12/10; lambs, 11/6, 11/-. 10/6, 10/-; light lambs, 8/6, 7/9, 7/6. Levin Sale At Levin sale on Tuesday. Associated Live Stock Auctioneers, Ltd., offered a good yarding of cattle, pigs, and a small yarding of sheep. Prices were on a par with recent sales. Fat ewes, 9/- to 10/-; light fat wethers, to 13/6; w.f. wether lambs, 6/9 to 8/2; small ewe lambs, 6/5 to 7/6; fat cows, £3/5/-, £3/10/- to £4; light fat cows, £2 to £2/10/-; store cows, 15/-, 20/-, to 25/-; boner cows. • 7/6, 10/-; vealers. 17/6 to 25/-; weaner heifers. 15/-, 17/6, 25/-, to 35/-; heifers, at drop, £5/5/- to £5/15/-; bulls. 30/-. 35/-, £2 to £2/10/-; weaner pigs, 4/-, 5/- to 7/-: store pigs. 8/-, 10/-, to 12/-; light porkers. 17/-. 19/-, 22/-; heavy porkers. 23/-, 25/-. 27/-, to 29/-; baconers, 32/-, 35/- to £2. WAIRARAPA VALUES Masterton Sale Dominion Special Service. Masterton, April 13. A yarding of 1215 sheep and 237 head of cattle and a few pigs were offered b.v the New Zealand Farmers’ Co-operative Distributing Company at Masterton today to a fair attendance of buyers. Competition for some classes of sheep was u little easier than at the previous two sales. Good lambs were still in good demand, but tile medium class of lamb has eased in price. Wethers and good breeding ewes still have a good inquiry. Stationbred cattle to-day met quite a good sale, considering the shortage of feed in this district, and a total clearance was made at prices well up to those of the cattle fair a fortnight ago. Pigs sold at late rates. ± Sheep.—Fats, light wethers, 11/6 to 11/9; light ewes, 7/- to 7/6; heavy ewes, 8/6 to 8/9; medium lambs, 10/-; store ewes and wethers, two-tootli wethers, 8/4 to 10/4; four-tooth wethers, 10/- to 10/1; four and five-year ewes, r.w. S.D., 8/6 to 9/9; aged ewes, do., 3/6 to 5/-; young empty ewes, 5/4; store aged ewes, 3/9 to 4/6. Lambs. —Fair wether lambs, </- to 7/5; medium do.. 5/3 to 6/3; small do., 3/7 to 3/10; small ewe lambs, 5/-. Cattle. —Fats, four extra prime heavy vealers, £l/17/6; 6 good vealers, £l/7/6; 2 light vealers. 19/-: 12 prime four-year heifers, £4/4/-; 8 light do., £3/4/-; 5 prime li-year heifers, £3/2/-; 6 prime 14-year steers. £3. Stores; Twelve forward P. A. bullocks, £3/18/-; 9 do., £3 15/-; 25 P.A. bullocks (backward condition), £3; 46 good li-ycar P.A. steers. £2/3/-; 14 forward 34-year heifers, £2 5/-; 12 21-year heifers, £l/10/-; 21 P.A. eows, r.w. I’.A. bulls, 18/-; 21 good weaner Jersey cross heifers, £l/4/-; others, 12/- to 16/-. Pigs.—Good weaners, 7/-; others, 5/to 6/-; good slips. 11/-. Pahiatua Sale Dominion Special Service. Pahiatua, April 13. A good yarding of sheep, a few pens of cattle, and a number of horses were offered by Associated Live Stock Auctioneers. Limited, nt the Pahiatua sale yesterday There was a good attendance of the public. including several buyers from the Danncvirke district. Sheet) sold very well, nnd practically a total clearance was effected at top market xateo. Thera was

very little inquiry for both cattle and horses. The following prices were realloed; —Eighty-three s.m. ewes, r.w. ST), ram, 7/8; 95 do., 7/5; 20 do., 6/9; 34 do., 6/11; 34 do., 5/10; 96 medium ewe lambs. 7/2; 113 good wether lambs, 8/6; 39 do., 8/3 ; 59 do., 7/10; 19 do., 8/7; 56 b f. lambs, good, 9/10; 14 do., 8/10; 6 do., 9/9; small lambs, 4/- to 6/10; 59 twotoo’h wethers, 11/-; S.D. rams, 3/4 to 1 guinea; 9 weaner dairy heifers, £1 5/-; 1 heifer, r.w.b.. £2/10/-; 1 do., £1 6/-; small steers, 10/-; 1 hack, £6; spring cart mare, £7. HAWKE’S BAY PRICES Waipukurau Sale Dominion Special Service. Waipukurau, April 13. An exceptionally numerous entry of cattle —about IJO0 —was offered at the weekly Waipukurau stock sale held on Tuesday. The yardings of sheep were as large as usual. Many lines of store cattle were passed. Store cattle: 31 medium P.A. bullocks passed at £3/13/6; 26 two-year P.A. steers (from Porangahau), fair quality, passed at £2; 19 two-year P.A. heifers, medium, passed at £l/10/-; 2 P.A. cows passed at £l/5/-; 24 two-year I’.A. heifers passed at £l/12/6; 16 big-framed P.A. cows passed at £l/2/6; 19 Hereford steers, medium, passed at £2/5/-; 40 two-year P.A. steers of good quality sold at £2/6/-; 34 medium two-year P.A. steers (from Wakarara) passed at £2 10/-; 36 fair-conditioned two-year P.A. heifers (Wakarara) brought £2/10/-; 46 good medium weight P.A. bullocks passed at £3/7/-; 28 Hereford steers of fair quality passed at £2/17/6; 14 good P.A. cows (young) with calves brought. £2/1/-; 25 poor P.A. cows with calves passed at £l/10/-; 37 well-conditioned Hereford bullocks sold at £4/10/-; a pen of light mixed cows, 12/-; a line of good purebred three-year P.A. heifers (bred by Mr. Dalrymple, of Marton), £2/5/-; a pen of similarly bred P.A. eows, from same quarter, £l/2/6; part of a pen of well-grown 18-month P.A. steers from Wakarara, £2/6/-; and the balance £2; a lino of medium P.A. steers, £2/15/-; 2 medium cows, £l/9/-; 1 wellconditioned cow passed at £l/7/6; 8 mixed cows of fair quality realised £2 5/-; 46 medium two-year P.A. steers passed at £2/12/6; 63 good P.A. bullocks sold at £4/5/-; 31 light Hereford cows passed at £l/5/-; 22 fair quality young Hereford steers passed at £2/11/-; 1 well-conditioned cow sold at £l/2/6; 4 young medium Jersey steers, £3/5/-; Polled Angus steers, light, passed at £1 8/-; IS steers sold for £2/15/-; 6 light cows passed at 12/6; 18 young steers, medium, cold at £l/13/-; 15 steers and 15 heifers, small and light, £l/7/6; 12 big-framed light-conditioned steers passed at £l/17/6; 9 ditto. £2/6/-; 13 light cows passed at £1; 10 Shorthorn cross steers sold at £2/10/-; 10 big-framed but fair-conditioned steers, £3/6/-; 3 light steers, £2/16/-; 2 young steers, passed at £l/5/7; big-framed steers, fair quality, brought £3/6/-; 1 heavy-framed steer, £4; 11 good young steers passed at £2; 6 young heifers and 3 steers sold at 16/-; 6 good steers, £3/9/-. Fat sheep: 276 fat ewes, good condition, passed at 7/6; 13 fat ewes, lighter, passed at 7/-; 54 fat ewes, good condition, sold at 7/10; 185 fat wethers passed at 12/-; 83 fat ewes in two lots passed at 7/-; 35 fat lambs sold at 11/6; 38 ewe lambs, 11/10; 50 fat lambs, 12/4;’38 fat ewes, 7/8; 70 fat lambs at 11/-; 16 fat ewes, 7/4; 262 fat lambs passed at 11/3; 9 fat wethers brought 12/6; 11 fat wethers, 12/-; 24 fat wethers, 11/3. Store sheep: 135 ewes sold nt 11/-; 151 ewe hoggets passed at 10/9; 202 extooth ewes sold at 13/-; 130 five-year ewes, 9/10; 249 wether lambs, 8/4; 156 wether lambs passed at 8/6; 240 wether lambs brought 8/4; 147 m.a. ewes, from two-tooths to five-year. 12/-; 285 f. and f. lambs. 10/3; 150 lambs. 7/6; 287 f. and f. ewes passed at 6/10; 159 ewes brought 4/5; 94 m.a. (twotooth to five-year) ewes, 8/6; 156 two-tooth wethers. 9/6; 118 ewe lambs passed at 8/10; 57 four, six and eight-tooth ewes passed at 10/1; 78 four and six-tooths and five-year ewes sold at 11/-; 49 f. and f. lambs. 7/10; 45 two-tooth wethers, 10/1: 94 ewes. 5/2; 119 lambs passed at 7/8; 70 lambs brought 8/9; SO blackface lambs passed at 7/3; 65 woolly wether lambs brought 7/5; 46 ewes from South Makaretu, 6/6; 81 ewes, 6/8; 64 five-year owes passed at 7/3; 107 twotooth wethers passed at 11/-. Stortford Lodge Sale Dominion Special Service. Hastings, April 13. A large yarding of beef was again penned at Stortford Lodge to-day. The first pen offered was a draft of prime cows and heifers, which were passed at £2/10/to £2/12/6. A draft of heavyweight prime bullocks ranged from £6/9/- to £6/19/-. Matapiro Station offered a draft of excellent quality cattle, which realised £6/5/to £6/16/-; two extra prime A heifers sold at £5/15/-. A large proportion of the yarding was bought for export, more especially the lighter-class cattle. Prices were lower than at any previous sale this season, an opportunity thus being given to export buyers. This will have the effect of stabilising prices later in the season. The export outlet will soon clear up the surplus. Fat Cattle.—Bullocks, prime heavy, £6 to £6/17/-: light. £5/6/- to £5/17/6; unfinished. £4/4/- to £4/10/-; eows, prime heavy, £3 to £3/15/-; light. £2/5/- a £2 15/-; unfinished, 30/- to £2/1/-; heifers, prime heavy. £4/10/- to £5/15/-; light, £2 15/- to £3/17/-; unfinished. £2 to £2/10/-. Dairy sorts, prime, £2 to £2/5/-; unfinished, 17/6 to 30/-. Vealers. heavy. 20/- to £l/7/6; medium, 10/- to 12/6. Prime ox beef ranged from 15/- to 16/- per 1001 b.; prime cow and heifer beef, 10/- to 12/6. Store Cattle. —Over 1500 head were yarded. Several pens of good quality Jersey weaner heifers were unclaimed in the city. Vendors were meeting the market in most cases, prices being very low, to-day’s prices for storecattle being the lowest for several decades. 85 3}-year P.A. cross steers, 40 at £3/14/-; balance at £3/10/-; 117 P.A. steers, 90 at £2/10/-: 75 34-yenr Hereford steers, 40 nt £3/18/-, balance at £3/16/-; 38 34vear P.A. steers. £3: 36 3}-year steers, £2/12/6; 32 3}-year P.A. steers, £3/14/-; 32 31-year steers, well-bred line, £3/17/; 58 21-year Hereford steers, £3. Store Sheet). —A yarding of 10,000 were penned. Wethers and lambs met good competition, prices being on a par with recent sales. 437 2-tooth wethers, 11/-; 386 2-tooth wethers. 10/6; 3(10 fat and forward wethers, 12/3; 304 wethers, 10/6; 197 wether lambs, off hills, good average line. 11/-. Fat Sheep.—A heavy yarding of 2500. Extra prime wethers, 15/-; medium wethers, 13/-; ewes. 9/-; lambs, 13/-. WESTFIELD SALE Fat Sheep Firmer By Telegraph—Press Association. Auckland, April 13. The yarding of beef at Westfield today was an average one. Values showed no improvement on last week’s rates, except cow and heifer, which reverted to the level maintained until last week’s sudden fall. Extra choice ox sold to 20/per 1001 b.: choice and prime ox, 17/- to 19/-; secondary and plain ox, 14/- to 16/-; prime young cow and heifer beef, 16/- to 18/-: ordinary cow beef. 10/- to 15/-. Extra heavy prime steers ranged in price from £7/17/6 to £9; heavy prime steers. £7 to £7/15/-; lighter prime steers, £5/15/- to £6/17/6; light prime steers, £4/10/- Io £5/12/6; small and unfinished £2/10- to £4/7/6; extra heavy prime young cows and hellers, £5 t 0 £5 15/-; heavy prime eows and heifers, £3 15/- Io £4/17/6; lighter prime cows anti heifers, £2/10/- to £3/12/6; other killable cows, £l/10/- to £2/7/6. There was a large yarding of calves. At the start of the sale all prime sorts sold readily, but requirements were soon filled and values later eased. Extra prime runners made 45/- to 60/-; lighter runners, 22/- to 38/-; heavy vealers, 30/- to 35/-; medium. 24/- to 28/-; light. 17/- to 20/-; small. 8/- to 12/-; rough and bucket-fed, 3/- to 9/-; bobby calves, 1/- to 4/-. Sheep were penned iu fully average ftud wt A keeft deajand, yftluea

DOMINION’S WOOL Wellington Realisations LOW AVERAGES THIS SEASON The course of the wool market in the Dominion this season is fairly well indicated by the official returns of the sales and realisations of the first, four Wellington sales, December to March, which compare ns follow : — Gross Bales. proceeds. Snle sold. £ s. d. December .... 15,867 119,212 7 4 January 16-058 123,819 4 0 February .... 22.358 169,654 18 0 March 1L920 111,512 6 9 At the March. 1932. sale. 25,142 hales were offered, and 1i,920 sold, with -222 bales passed in. The net. weight of wool sold was 6,315,144 pounds. The average prices obtained at each of the 'four sales compare as follow : — Per bale. Per lb. Sale. £ s - 4. 'd. December I J? iL January .’. 14 j-i 0.463 February <ll 9 5,128 March 6 4 5J 4.238 The net weights of all wool sold iu Wellington last season. December, 1930, to April, 1931, was 33,146,093 pounds, and the gross proceeds were £805,059 17/6; the average return per bale for the whole season being £B/11/1; and the average price over the whole season was 5.895 d. per pound. Tite returns for the April sale held at Wellington on Monday have yet to be compiled, but it is known that the gross proceeds ou the small offering will be much lower than for March, with a reduction in the average price per bale and per pound. SALES AND EXPORTS Nine Months’ Figures Although the offerings of wool in the Dominion for the nine months of this season, ended March 31, have been 134,245 bales more than for 1930-31, the actual sales have been only 75,346 bales more. In other words, this season’s sales, to March 31, represent 81.11 per cent, of .the total offerings, as against 90.21 per cent, for 'the corresponding period of 1930-3!. , , r , , . Offerings of wool at the March sales in New Zealand totalled 128,037 bales, of which 98,981 bales were sold, according to returns compiled by Dalgety and Co., For the nine months of the 1931-32 season, ended March 31, the offerings and sales compare as follow with those for the corresponding period of 1930-

The exports of wool from the Dominion for the nine months of this season to March 31 totalled 512.000 bales, as compared with 432,999 bales for the same period last season, an increase of 79.001 bales. Exports last month were 129.718 bales. FAT STOCK FOR EXPORT Wellington Prices Firmer In consequence of the firmer market in London for lambs and ewe mutton there has been an advance in the rates quoted in the Wellington provincial schedule of prices of fat stock for export, of }d. a lb. for lambs 361 b. and under and seconds, and of l-Bd. a lb. for all grades of ewes. There has been no change in the rates for wether mutton. The revised schedule of prices is as follows:— Per lb. Lambs— d. 361 b. and under 5i 371 b. aud over 5 Seconds 4J Shorn, 3-Bd. a lb. less than above, and seedy l-Bd. less. Wethers — Up to 481 b 34 49-sGlb 2J 57-641 b 2i 65-721 b 2f Over 721 b 14 Seconds 21 Ewes — Up to 481 b IS 49-5611) H 57-641 b H 65-721 b if Over 721 b s

for wethers rising about 1/- a head, and ewes selling firmly at late rates. Extra heavy prime wethers made 15/- to 16/6; heavy prime, 12/- to 14/9; lighter, U/to 11/9; heavy prime ewes, 11/3 to 12/6; lighter, 9/- to 11/-. An average yarding of fat lambs met a ready sale nt values fully equal to late quotations. Heavy prime, 13/3 to 15/6: medium, 12/- to 13/-; light, 9/- to 11/9. Pigs were yarded in average numbers, and sold at values on a par with last week’s quotations. Choppers made 20/to 37/-; heavy baconers. 43/- to 47/-; medium, 35/- to 40/-; light, 29/- to 33/-; heavy porkers, 25/- to 28/-; medium, 22/to 24/-; light, 18/- to 21/. BURNSIDE SALE Fat Lambs Firmer Bv Telegraph.—Press Association. Dunedin. April 13. Prices for practically all lines with the exception of fat lambs were easier at Burnside to-day. The entry of fat sheep was a large one, about 3200 head, comprising mostly prime to medium ewes, with a small percentage of prime wethers. Competition was dull throughout and values receded by about 1/6 per head for heavy ewes, although lighter sorts remained firm. Wethers showed a slight decline also. Best wethers made to 21/6; medium to 17/-; and light to 12/6. Prime heavy young ewes were worth up to 14/-; prime to 12/-; and others from 4/6 to '<)/-■ About 900 fat latnbs were yarded, the quality being only fair. Values rose about 1/- per head in sympathy 'with the appreciated export schedule. Primes made to 20/-, medium to 15/-. and light sorts up to 10/-. Nearlv 350 fat cattle were yarded. The quality of the whole was good. The proportion of good heavy cattle was small, but there was a good percentage of mediu-i-weight sorts nnd the usual lot of light and unfinished lines. It was a disappointing sale, with practically no demand for prime heavies, which declined bv from 30/- to 40/- per head. Good heifers and light sorts generally were worth about 25/- or 3:>/- a head loss than last week. Extra prime heavy bullocks made no more than £l2/ 7/6. prime up to £lO. medium to £7/10/-, and others up to £6. Extra prime cows and heifers made tin Io £7/2/6. prime to £6. medium Io £•'. and light sorts from £3/15/- to £4/7/6. The store entile yarding, which comprised a few pens of threc-ycnr-ol<l bullocks nnd a large proportion of cows nnd heifers, sold at late rates. The pig entry was made tin of 130 fats which were easier, nnd 98 stores which also sold nt reduced rates.

CUSTOMS REVENUE. The Customs revenue collected at the Port of Wellington yesterday totalled £11,030,

BASE METALS MARKET Latest Quotations (Rec. April 13, 9.40 p.m.) Sydney. April 13. The official London (middle) quotations for Tuesday, as received by the Australian Mines and Metals Association, compare as follow with those previously c ablc<]:— April 11.. April 12.

' BUTTER AND CHEESE London Markets Very Quiet Joseph Nathan and Co., Ltd., have received the following cable from Treagrouse and Nathan, Limited, London, dated April 12: —New Zealand butter 108/- per cwt.; cheese, white 62/-, coloured 63/- per cwt. Both markets very quiet. The New Zealand Producers’ Cooperative Marketing Association’s weekly cabled market report, from London, dated April 12. is ns follows: —Butter: Market quiet. Now Zealand, 107/- to 108/-; Danish. 118/-. Cheese: Market quiet. New Zealand, white 62/-: coloured. 63/-. Sydney Wool Sale (Rec. April 13, 9.40 p.m.) Sydney, April 13. At the wool sales to-day. 10,313 bales were offered, and 9034 sold at auction ; also 324 privately. The market was unchanged. Greasy merino made up to Jfiid.

Exchange were as follow: — Buyers. N.Z. GOVT. LOANS— £ s <1 Sellers. £ s d 54 p.c. Bonds, 1933 ... 90 15 0 -— p.c. ditto, Feb. and Sept., 1937 97 0 0 — 51 p.c. ditto, 1933 ... 97 0 0 —— 4} p.c. Insc. Stk.. 1939 91 4J p.c. ditto, 1938 ... 94 54 p.c. ditto, 1933 ... 97 0 0 —. 5 0 — 0 0 — 54 p.c. ditto, Feb. and Sept., 1937 90 15 0 —— 5J p.c. ditto, 1941 .... 94 0 0 96 0 0 51 P.c. ditto, 1933 ... 90 15 0 54 p.c. ditto. 1937 ... 92 — 6 DEBENTURES— Auck., Chch., Dun. City. 5J p.c.. 1944 93 0 0 — Wgton. City, 5J p.c., 1940 93 10 0 — BANKS— Australasia 8 15 0 — Commercial of Aust., ord 0 13 8 — New South Wales .. 24 0 0 25 0 0 New Zealand 2 2 9 2 3 3 Union of Australia . 0 12 6 — FINANCIAL— Goldsbrough, Mort .. 1 1 2 — N.Z. Guar. Corpn., ord. *0 4 1 — N.Z. Invest., Mortg. and Deposit ——• •0 9 0 N.Z. Loan & Merc., ord. —- 40 0 0 GAS— Wellington, ord 1 7 0 —— INSURANCE— National — 0 12 fi New Zealand 1 15 0 1 10 0 MEAT PRESERVING— Gear 1 6 0 —— N.Z. Refrig. (£1) .... 0 11 0 0 11 6 Wgton. Meat, Exp., pref. — 0 15 0 TRANSPORT— Union Steam, pref. .. 1 Huddart, Parker, ord. 1 0 0 —-- 1 0 — P. and 0. stock —• 1 2 0 WOOLLEN— Kalapoi, ord 0 s 6 — COAL— Grey Valley TIMBER— National Leyland-O'Briwi ;44s Tarlngamutu — 0 13 6 0 1 8 1 0 0 — 0 5 0 BREWERIES— Carlton 1 B 0 — MISCELLANEOUS— British Tobacco, ord. 1 B 9 —- Burns, Philp and Co. . 1 19 0 D.I.C., ord —— 0 12 6 JJlectro. Zinc, pref. .. — •1 1 0 Howard Smith, ord. . — 0 8 0 National Electric ... — 0 10 0 New Zealand Drug .... 2 3 8 —— Wilson's Cement 1 B 0 1 T 0 MINING— Mount Lyell ......... 0 18 6 0 19 0 Golden Dawn 0 3 5 Walhl 0 18 4 ■ ■ 1 1. King Solomon 0 1 0 —— Mahakipawa — ♦Cum. dividend. 0 0 4

£ s d Govt. laser. Stock, 5i p.e., 1933 .. . 96 5 9 Wgtou. Harb. Ed., 5i p.e., 19-19 .. > 95 9 9 New Zealand Breweries • T 1 3 1 Ditto . 1 3 0 Union Bank of Australia . *6 12 0 Wilson's Cement 6 9 tSale on 'Change. *Late sale Tuesday. AUCKLAND. £ 8 d Govt. Bonds, 4-J p.e., 1938 94 6 9 Inscribed Stock, fri p.e., 1936 .. 97 9 0 Commercial Bank ot Aust. (2) 0 13 9 Hauk of New Zealand (2) 2 3 9 Blackwater Mining 9 6 6 Inscribed Stock, 5i p.e., 1927-11 92 19 9 CHKISTCHUKCM. £ S. 1 d. Govt. laser. Stock, 4} p.e., 1938 (2) 94 7 6 Commercial Bank of Aust, pref. 6 3 6 Goldsbrough, Mort •• 1 1 5 1 1 6 N.Z. Refrigerating, 10/- pd. (4) 9 4 4 Westport-Stockton Coal, pref. (2) 9 9 6 Golden Dawn 0 6 3 Golden Point (4) 9 0 4| Mahaklpawa ..... 0 0 o King Solomon 0 1 Okarlto .Sales reported: Govt. Inscr. Stock, 4} p.e., 1938 9 9 4 94 19 0 N.Z. Insurance •1 16 0 South British Ins 2 8 6 United Building Socy N.Z. Refrigerating, £1 pd 0 14 9 11 0 3 do 0 11 4 do., 10/- pd 0 4 5 N.Z. Breweries 1 3 1 do. (2) 1 3 o DUNEDIN. Sales reported: £ s. < I. P. and 0. deterred stock 1 1 0 N.Z. liofriserating, 10/- pd 0 4 4} Golden Point (2) o 0

Halfbred, 50/38— d <1 Good to super 11 to 12 Low to medium 8 to 10i Halfbred, 50/56 — Good to super 9 to 10* Low to medium .. Fine crossbred, 48/50 — 6i to 8J Good to super . 6J to 8 Low to medium . bi to 6i Fine crossbred, 46/48 — Good to super . 61 to Low to medium to b Crossbred, 44/46— Good to super to 51 Low to medium Crossbred, 40/44 — Good to super to 6 Low to medium Coarse crossbred, 36/40 —- . 41 to 51 Good to super to a 2 Low to medium to 5

31 1931-32. 1930-31. Offered bales. Sold bales. Offered bales. Sold bales. Invercargill 47,701 37.375 20,794 28,744 Dunedin .. 74,041 66.018 58.570 56,365 Umaru 20.981 21.912 20.877 19,370 Christchurch 80,200 75,327 62,082 58,010 Blenheim 43 24 70 52 Wellington 93.949 72,689 75.049 68,457 42,302 31,667 40.743 34.293 Napier 70.212 61,648 37,115 32,499 Gisborne .. 2.336 2.066 99 90 Auckland . 70,793 48,874 54,974 44.356 513,618 417,600 379,373 342,254

I ’er ton. Per ton. Copper— Standard, spot ... £ 29 s 9 d 44 29 8 0 d 3 Standard. forward 29 14 29 11 3 31 0 0 34 0 0 to 34 10 0 34 10 0 Wire bars 34 10 0 34 10 0 Lead — Spot 11 0 0 11 0 0 Forward 11 l> 0 11 5 0 Spelter— Spot 10 17 0 u 0 0 Forward 11 G 3 11 G Tin— Spot 104 S 9 102 7 G Forward 100 13 !) 101 12 6 Silver— Standard, per oz. . 1G15 1Gd Fino, per oz 17 3-lGd ♦American, 5.75 cents a 1(113-lGd 181-Sd Il>. '