FINANCE and COMMERCE

Dominion, Volume 25, Issue 223, 16 June 1932, Page 10

FINANCE and COMMERCE

STOCKS AND SHARES Quiet Trading Conditions WELLINGTON EXCHANGE S Exchange yesterday, the only sale being That of a parcel of Commercial Banks of jSSfe.S rf S.?i ’th. spread over most sections. Government stock and bonds were sought after with little response from holders. Several o these securities firmed on late quotations. Buying quotations for Harhour Board debentures, 5i per cen, 1940, advanced by. £1 to £9B. bevels banks remained fairly steady. ' Yesterday’s Quotations Exchange were as touow. h Cnllnra

DEALINGS ON ’CHANGE Sales in the Dominion The following sales were recorded on the Stock Exchanges of the Dominion yester-

Dividends Due For Payment

BASE METALS MARKET Spelter Quotations Lower (Rec. June 15, 8.20 p.m.) London, June 15. The official London (middle) quotations for Tuesday as received by the Australian Mines and Metals Association compare as follow with those previously

■ TRADE AGREEMENT Canadian Journal’s Comment TREATY WITH NEW ZEALAND The trade treaty made recently _ between New Zealand and Canada is a subject of special reference in the May issue of “Industrial Canada ” the official organ of the Canadian Manufacturers Association, published at Toronto. In addition to editorial comment on the treaty, the journal publishes the full text of the agreement ratified by the Canadian and New Zealand Parliaments. The letterpress is illustrated with, photographs of New Zealand towns and cities, pastoral and industrial scenes, and with views of natural scenery in both the North and South Islands. Photographs are also published of the Minister of Finance, Hon. TV. Downie Stewart, and the Minister of Trade and Commerce Hon. H. H. Stevens, who negotiated the agreement on behalf of New Zealand and Canada respectively. Brief articles are also published setting out the functions of the office of the New Zealand Trade Commissioner in Canada, and those of the Canadian Trade Commissioner in New Zealand. These articles are illustrated with photographs of the suites of offices occupied by the respective commissioners. “Another forward step in the direction of increasing intra-Empire trade has been taken with the introduction in the Parliaments of Canada and New Zealand of a new trade agreement between the two Dominions,” states the article in “Industrial Canada.” “Following on the Australian agreement of last year, it continues, “trade relations with the sister Dominions of the South I acific should now be placed on a much more satisfactory basis. So far as Canadian manufacturers are concerned entrance is once more obtained to a market which has proved valuable in the past, while it is to be hoped that the reciprocal advantages accorded to the producers of New Zealand will prove fruitful.” KAWARAU GOLD MINING Registration of New Company Dominion Special Service. Dunedin, June 15. The report of the directors of the Kawarau Gold Mining Company Ltd. for the period from March 31, 1931, to May 16, 1932, states that since the previous report was issued the Amalgamated Kawarau Gold Mining Company Limited had been registered, but it was not until April of this year that the actual assignments of the company s mining privileges were executed favour of the new company. The Kawarau Gold Mining Company Limited is to receive in fully paid shares in capital of the Amalgamated Kawarau Gold Mining Company Limited one-ninth of the nominal value of shares allotted to elaimholders. When the fully-paid shares in the new company, are received they will be distributed among the shareholders of the Kawarau Gold Mining Company in proportion to their holdings. Shareholders will thus become shareholders in _ the Amalgamated Kawarau Gold Mining Company Limited, and the. Kawarau Gold Mining Company Limited will then have distributed all its assets. There was therefore no object in deferring the liquidation of the Kawarau Gold Mining Company Limited, and an extraordinary general meeting of members had been’ called for the purpose of putting the company into voluntary liquidation. The balance-sheet shows the nominal capital to be £14,985/8/-. On the assets side is shown £336/10/- in the bank book. The value of the assets acquired by the amalgamated company in consideration of fully-paid shares to be allotted is £20.518/6/9, while profit and loss account shows a balance of £4007/12/3.

REPAYMENT OF LOANS Indian Debt in Great Britain (Rec. June 15, 5.5 p.m.) Official Wireless. Rugby, June 14. The Secretary for India will repay tomorrow, June 15, the earliest possible redemption date, the outstanding balance of £3,604,G00 of India 6 per cent, bonds, 1932-33, issued in February, 1930. The total amount of issue was £6,000,000, which has been reduced to the above figure by independent operations. The outstanding balance, £11,213,428, of India 5} per cent. loan. 1932, of which the original amount was £22,500,000, was repaid last January. The recent issue of India sterling stock was for £10,000,000 nominal. Thus, after allowing for this operation, the effect of repayment of these two loans is to reduce by a very large amount outstanding the total of the Indian debt in Britain. SYDNEY STOCK EXCHANGE Interest Payment on Bonds (Rec. June 15, 10.5 p.m.). Sydney, June 15. When business began on the Sydney Stock Exchange to-day the weaker trend looked like continuing, but after the early call buyers, both genuine and speculative, operated, and prices firmed rapidly. Bonds, after being marked down, had a steadier tone, payment of £4,046,000 of Commonwealth interest on bonds, 3 percent., 1938, 4 per cent., 1938, and 4 per cent. 1955, having a beneficial effect. ' Sales: National Bank £lO paid, £ll 10/-; Bank of New South Wales, £2B .5/-; Commercial Bank of Sydney. £l5 12/6; Queensland lusurance, £2/4/-; Adelaide Steam, 18/4: Mercantile Mutual Insurance, 16/-; New Zealand debentures, 5 J per cent.. 1937, £110; British Tobacco, £l/10/9; Tooths, £l/9/-; Tooheys, 18/9; Goldsbrough, Morts, £l/3/9; ditto, New Zealand delivery, £l/3/4J; Millaquin Sugar, £l/5/6; Dunlop Perdriau, pref., £l/5/9; Broken Hill Pty., 16/44; North Brokens, £2/18/9; Commonwealth bonds. 4 per cent.. 1938. exinterest, £93/11/3: 1941, £92/15/-; 1944, £9l/2/6; 1950, £9l/7/6; 1953, £9l/5/-; 1961, £9O/5/-; 1955, ex interest. £B9 10/-. Melbourne, June 15. Sales: Metropolitan Gas, £lO/0/6; Dunlop Perdriau, 12/3; Taranaki Oil, lOd. ’ BUTTER AND CHEESE British Markets More Active The New Zealand Producers’ Co-opera-tive Marketing Association’s weekly cabled market report from 'London, dated June 14, is as follows:—Butter: Market steady; New Zealand, 94/- to 96/-; Danish, 96/- to 98/-. Cheese: Market steady. New Zealand white and coloured, 55/- to's6/-. Joseph Nathan and Co., Ltd., have received the following market report from Trengrouse and Nathan. Ltd.. London, dated June 14: —New Zealand butter, 95/- to 96/- per cwt; New Zealand cheese, 56/- per cwt. Both markets more doing.

LIVE STOCK SALES Entries Normal at Addington SMALL STORE SHEEP ENTRY By Telegraph—Press Association. Christchurch, June 15. Entries in the fat stock sections were normal to-day at the Addington market. The principal features were the drop m the export schedule for fat lambs, and the further easing tendency in beef. The store sheep made a very small entry, with a dull sale, and no change in values. Values were: Good ewe lambs, to 10/-; medium ewes, 7/-, 8/6; ordinary store, 4/3, 5/-; good 6 and 8-tooth halfbred ewes, 11/-, 15/4; small halfbred, 5/-, 7/6; aged, to 2/7; medium 4 and 6-tooth half-bred wethers, 10/-, 11/4; small twotooth halfbred, to 7/7. The fat lambs entry, totalled 2300. It was of very mixed quality, and the export schedule was down by Jd. a lb. all grades, making: firsts, 4)<l lb.. Competition came from butchers for light sorts only. Values were: Extra prime lambs, to 17/7; prime, 14/-, 16/-; medium, 11/-:, 13/6; light, 8/-, 10/6; store, 7/-, 8/6: There was a fat sheep entry of 4700, with a large number from South Canterbury, Otago and Southland Late rates were maintained except for light ewes, which were firmer. Values were: Extra prime heavy wethers, to 22/4; prime heavy, 15/6, 17/6; medium-weight prime, 13/-, 15/-.; ordinary, 10/6, 12/6; light, 8/-, 10/-; extra prime heavy ewes, to 14/10; prime heavy, 10/6, 13/6; mediumweight prime, 8/-. 10/-; ordinary, 6/-, 7/6: light, 4/-, 5/6. The fat cattle entry numbered 430 head, including 50 head from the North Island, also lines from the West Coast and Southland. There was a disappointing sale. Best beef made up to 22/- per 1001 b.; good from 17/6 to 19/6; ordinary, from 13/-, 17/-.; and inferior down to 8/-. Values were: Extra prime heavy steers, to £lO/7/6; prime, heavy, £7, £9/10/-; me-duim-weight, prime, £5/5/-, £7/5/-; ordinary. £3/15/-, £5; light, to £3/10/-; extra prime heifers, to £B/7/6: prime, £5 5/-, £7/5/-; medium, £3/5/-, £5; light, co £3; extra prime cows, to £B/17/6; prime, £4/15/-, £6/15/-; medium, £2/15/-, £4 10/-; light, £l, £2/10/-. There was a small entry of baconers in the fat pig section, which met with a good demand. The offering of porkers was of medium size, and the demand fair. Values were: Choppers, 42/6. £4/16/-; baconers, 47/6, 55/-; heavy baconers, 58/6, £3 6/6; average price per lb., 4Jd., 5d.; porkers, 22/6, 26/6; heavy porkers, 28/6, 35/6; average price per lb., 5d., sfd. Full Yardings at Johnsonville To the usual attendance of buyers, Wright, Stephenson and Co., Ltd., and Abraham and Williams, Ltd., yesterday submitted at the Johnsonville sale a full yarding of all classes of stock. Good quality cattle met with a keen demand at prices on a par with last week’s rates. Cows and heifers were slightly easier. Inferior quality cattle were unsaleable except at very reduced prices. Runners showed a decline of 5/- per head on last week’s rates. Vealers were slightly easier. The sheep yarded comprised good quality wethers and ewes with a small offering of lambs. Heavy wethers and ewes were slightly easier than last week’s rates, medium wethers on a par, while lamb prices showed no alteration. Quotations are as follow: — Cattle: Prime heavy bullocks, £7/15/-, £7/13/-, £7/10/-, £7/8/-, £7/5/-, £7/3/-. £6/18/-; medium bullocks, £6/12/-, £6 10/-, £6, £5/15/-; light and unfinished bullocks. £5/8/-, £5/5/-, £4/19/-, £4 17/-, £4/6/-, £4/2/-, £4, £3/14/- to £2 1/-; light beef, £2/15/-, £2/12/-, £2/8/6, £2/7/6; prime heavy cows and heifers. £4/3/-, £4, £3/12/-, £3/10/-, £3/9/-, £3 6/-, £3/4/-, ;£3/2/-, £3/1/-; light and unfinished cows and heifers, £2/18/-, £2 10/-, £2/5/-, £2/4/-; boner cows, £l/6/-, £l/4/-; runners, £2/5/-, £2, 31/-, 29/-, 28/-; vealers, 26/-, 24/-, 22/-, 17/-, 11/-, to 5/3. Sheep: Prime extra heavy wethers, 15/-, 14/9, 14/5, 14/2, 14/1. 14/-; prime heavy wethers, 13/9, 13/6, 13/-, to 11/6; medium wethers, 10/1, 10/-; prime heavy ewes, 10/6. 9/10. 9/5, 9/3; medium ewes, 9/-. 8/8, 8/7, 8/6. 8/-, 7/6; lambs, 12/-; light lambs, 9/6, 9/3, 9/-, 8/2, 7/-. ) Burnside Lamb Prices Lower By Telegraph—Press Association. Dunedin, June 15. Lambs and ewes sold at reduced prices at the Burnside sales to-day, and there was an easing tendency in the last sales of fat cattle. In the pig section fats sold at late rates, but stores were a ehade easier. The fat cattle entry totalled 225 head of fair to good quality, the yarding including a few extra choice bullocks and a number of prime heifers. Heavy cows and extra prime bullocks sold to £ll/5/-; heavy, £9/15/-; medium, £B/5/-; light, £6. Heavy heifers, £8; medium, £6; light, £5. Heavy cows, £7/10/-; medium, £5/5/-; light, £4/5/-. Prime ox beef was worth about 21/per 1001 b. About 1900 sheep of forward quality, being fair to medium, were yarded. There was a large number of medium to prime ewes, some being extra good quality. Butchers’ wethers met with irregular competition, but the prices realised were equal to those of the previous sale. Ewes sold at a'reduction of 1/- per head. Heavy wethers sold to 17/-; medium. 15/9; light. 12/6. Heavy ewes, 10/3; medium, 8/6; light, 6/6. About 420 lambs were offered. The quality, was good and fhero were a few pennings of prime sorts. The market showed a further decline, most classes being sold at a reduction of 1/- per head. Light prime lambs were worth 4Jd per lb. The store cattle entry was much smaller than usual, only about 50 head being forward. The yarding included a pen or two of medium one and a half and two and a half year old steers. These sold to £3/5/-. The pig entry consisted of it) fats and 72 stores. There was a brisk demand for all classes. Baconers sold to £2/17/-. Taken all round, best baconers were worth 5d and porkers 66. Good Values for Medium Ewes Dominion Special Service. Masterton, June 15. A fair yarding of sheep was offered by Associated Live Stock Auctioneers, Ltd., to a good attendance at the Masterton sale to-day. Included in the entry were some extra prime wethers and ewes, and these met with spirited competition. Medium ewes also made good values, while there was a strong inquiry for ewes r.w. ram. A clearance was effected at the following prices:—Fat ewes (extra prime). 9/-; fat ewes, 8/-: medium ewes, 7/6; fat wethers (extra good), 13/1; medium wethers, 11/6 to 12/-; m.a. ewes, r.w. S.D. ram, 10/6; w.f. lambs (medium), 5/6 cull lambs, 1/10; b.f. lambs, 4/9. Late Rates at Westfield By Telegraph—Press Association. Auckland, June 15. An average yarding of very good quality cattle was offered at the weekly Westfield sale to-day, but there was no improvement in the demand. Prices remained at a level of last week’s quotations. Exporters -were able, to purchase nearly 200 head extra. Choice ox sold to 19/- per 1001 b; choice and prime ox, 16/- to 18/-; secondary and plain ox, 12/- to 15/-; prime young cow and heifer beef, 10/- to 16/-; ordinary cow beef, 8/- to 13/-; extra heavy prime steers ranged in price from £7/18/- to £B/10/- a head; heavy prime steers, £7 to £7/15/-; lighter prime steers, £6 to £6/17/6; light prime steers. £4/10/- to £5/17/6; small and unfinished steers, £2/10/- to £4/7/6; extra heavy prime young cows, heifers. £4/10/- to £5; heavy prime cows and heifers, £3 1 10/- to £4/7/6; lighter prime cows and

heifers, £2/5/- to £3/7/6; other killable cows, £1 to £2/2/6, Sheep were yarded in large numbers. Although there was a steady demand the values were lower by 1/- to 2/- per head, the fall in prices bein&.more marked in wether mutton. Prime wethers made 10/- to 15/-; unfinished, 7/- to 9/9; ewes, 4/- to 9/6. Lambs were penned in average numbers and sold at late rates. Prime, 9/6 to 14/-; small and unfinished, 5/- to 9/3. There was a large yarding of pigs. Values of’ baconers were at last week’s quotations. Porkers were slightly easier. Choppers brought 30/- to 50/-; baconers, 34/- to 53/-; porkers, 19/- to 32/-; slips, 10/- to 15/-; weaners, 5/- to 9/-. There was a heavy offering of calves, ' which sold considerably easier. Values were: Runners, 25/- to 65/-; vealers, 15/- to 34/-; rough calves, 5/- to 10/-. Entry of Horses at Pahiatua Dominion Special Service. Masterton, June 15. A good yarding of sheep and cattle and a special entry of horses was offered by Associated Live Stock Auctioneers at Pahiatua to-day. Sheep and dairy cattle met with a fair demand, but there were no buyers for station cattle. As in other centres, horses sold well, particularly me-dium-weight draughts suitable for allround work. A good clearance was effected at the following prices:—110 4-tooth to 5-year ewes, r.w. S.D., 10/6; 74 aged ewes, r.w. S.D., 7/-; 28 do., 7/4; 34 wethers, 9/6; small do., 8/4; wether lambs, 6/1; empty ewes, 4/6 and 4/7; cull ewes, 1/10; small lambs. 4/7; extra good springing heifers, £6/7/6 to £7; medium do., £3/14/-; cows in profit. £4 to £4/12/6; fair dairy cows, r.w.b., £2/2/- to £3/7/6; store cows, 10/to £1: 2 good unbroken medium-weight draughts, £25/10/-; unbroken spring cart mare, £7/15/-; unbroken .pony, £3; 1 entire by Huia Boy, £l4; 1 mare and foal, £6/10/-; 2-year colts, by Huia Boy, £5 and £4; 2-year filly, by Gold Bell, £B. Heavy Yarding of Beef Cattle Dominion Special Service. Hastings, June 15. A very heavy yarding of beef cattle was penned at Stortford Lodge to-day, the total amounting to 408 head. The proportion- of young, lightly finished steers was much larger than, usual. The favourable autumn has enabled graziers to offer stock a year younger than the usual custom. Evidently the recent severe frosts have been responsible for vendors hurrying them on. to the market in large numbers. Heifers were included in today’s yarding, competition for this class being keener than for either ox or cow beef. Extra prime heifers realised £4/5/-, £4/8/6; draft aged bullocks made up to £6/10/- (best price for sale); au extra prime pen of Shorthorn heifers realised £4/10/-; draft prime P.A. cross heifers realised to £4/7/-. The price for prime ox beef realised to 16/-. Prime heifer realised to much the same price. A large proportion of cow beef was unfinished, and sold at under 10/- a hundred. Fat cattle prices were : Bullocks, prime heavy, £5/15/- to £6/10/-; prime light, £4/10/-, £5/10/-; unfinished, £2/10/-, £3/15/-; heifers, prime heavy, £4/4/- to £4/15/-; prime light, £3, £3/10/-; unfinished, £2/4/6, £2/19/-; cows, prime heavy, £2/15/- to £3/7/-; prime light, £2/5/-, £2/12/6; unfinished, £l/7/6, £1 15/-; dairy sorts, prime, £2; unfinished, £l/5/-, £l/7/6; vealers, heavy, 20/-, £1 7/-; light. 14/6, 20/-. In the >ore cattle section 200 head was yarded, the main offering being a large draft of breeding cows from Wairoa. Sixty P.A. cows, mostly 4-year-old, I.C. P.A., sold at £2/11/-; 26 empty Hereford cows, good frames and condition, 32/-; 25 P.A. and Hereford cross cows, I.C. P.A.. £2: 22 P.A. cows, mostly 4-year-old. I.C. P.A.. £2/2/-. The store sheep section was the smallest for the season, being under 4000. There was a yarding of 2300 sheep in tlie fat sheep section.' Fat sheep prices were: 4. 6 and 8-th ewes, S.D. rams, 12/4; 5year s.m. ewes. Romney rams, 9/2; fat iambs, 10/2, 11/2; 5-year ewes. Romney rams, 8/9; woolly ewe lambs, 12/-; fat wether lambs. 8/-; fat wethers, 9/4: store sheep nt ruling rates. Little Competition at Marton The New Zealand Farmers’ Co-opera-tive Distributing Co., Ltd., report that at _ the Marton sale 550 sheep and 100 head ' of dairy cattle were yarded. There was a good attendance, but competition was, as at recent sales, rather lifeless. Prices: Good fat ewes, 7/6; lighter fat ewes, 4/to 5/6; medium fat b.f. lambs, 8/4; forward b.f. lambs, 6/2; cull lambs, 3/1; medium 4-th to 5-year ewes, r.w. S.D. rams, 7/3; empty ewes, 2/4 to 3/6; lowmouth ewes r.w. S.D. rams, 2/6; lowconditioned ewes, r.w. S.D. rains, 4/1. A line of 15 dairy cows (Jersey cross), July-August-September caivers, made from £3 to £6/15/-; springing heifers £2/10/- to £4; Jersey weaner heifers, to 30/-; small Jersey weaner heifers, 11/6. Rates Unchanged at Levin Associated Live Stock Auctioneers, Ltd., report that there were medium yardings of all classes of stock at their Levin sale on Tuesday. Prices were on a par with late rates. Sheep.—Prime owns, 10/6; fat ewes,

9/6, 9/8; fat. lambs, 13/6; medium fat wethers, 10/3, 11/9, 12/-. Cattle.—Forward cows, 25/-, 27/6; store cows, 9/6, 12/6, 15/-, 20/-; weaner heifers, 10/-, 20/-; heifers, r.w.b.. 36/-, 38/6; springing dairy cows, £3/10/-. £4, £4/5/-, £4/15A, £5. Pigs.—Stores. 9/-. 11/-, 14/-; light porkers, 15/-, 16/-. 17/-; medium porkers. 18/-. 20/-. 22/-; heavy porkers, 23/-, 24/-. 26/-, 27/-, 28/-, 29/-; sows in pig. £2, £2/2/6. Good Attendance of Buyers A medium entry of sheep and a good yarding of cattle was offered at the Shannon yards on Monday. There was a good attendance of buyers, and a total clearance was made at late rates. Quotations were as under: —Sheep: Fat ewes, 8/11; small wether hoggets, 5/-; small ewe hoggets, 5/2; fat b.f. hoggets, 11/6. Cattle: A line of 45 Jersey heifers, r.w.b., sold in lots at £3, £3/15/-, £4 11/-; 26 forward bullocks, £4/12/6; medium fat heifers, £2/5/-; fat cows, £2 4/-. Horses: Heavy draught, £33/10/-; medium draught, £l6/10/-. THE SEARCH FOR GOLD Mount Tokatea Operations “Three stopes are in full swing on the Madill Reef, which continues to produce stone showing rich blotches of gold,” reports Mr. A. R. Perry, a director of the Tokatea Company, who has returned from a visit to Coromandel. Mr. Perry adds that about 10 tons of this ore was broken and was being crushed this week. Though small in width these leaders were rich, and made up in quality what they lacked in quantity. Madill reports another reef had been picked up east of the Nos. 1 and 2 droppers, carrying 2 feet 6 inches of promising quartz. This new find was being opened up for future working. On the. big sulphide lode an extension of the main crosscut was being made from the old winze back to the hanging wall, and it was proposed to’ drive longitudinally on the reef in a southerly direction toward Sykes’ Creek to test the values between these points.

FOREIGN EXCHANGES Latest Quotations Compared London, June 14. The following rates on foreign exchanges were current to-day. as compared with quotations on June 13 and par:—

♦Nominal. GOHD AND SinVEK VALUES. "London, June 14. Gold—£s/12/8 per ounce. Silver—Spot. 16 7-8 d per ounce; forward, 16 15-lGd per ounce. f AUCTION DIARY TO-DAY. Municipal Chambers, Eketahuna, 2 p.m.— Sale a/c mortgagee, property, 3 miles from Newman Railway Station (N.Z. Farmers’ Co-op. Distributing Co.. Ltd.) A. and P. Show Grounds, Palmerston North. —Third winter National Jersey Show (Wright, Stephenson, and Co., and Associated Live Stock Auctioneers). 27 Panama St., 2.30 p.m.—Sale a/c mortgagee, property Raumati Tee., Khandailah (G. Harcourt). Upper Hutt sale. 41 Boulcott St., 1.30 p.m.—Sale furniture, etc. (Victor* Kirkbeck). Premises, Buckley Bros., Lower Hutt, 10.30 a.m.—Sale ' motor-ears, etc. (E. Johnston and Co.). 23 Normnnby St., Newtown, 10.30 a.m.— Sale furniture, etc. (C. W. Price). Ghuznee St., I.3o—Sale carpets, etc. (G. H. Perry and Co.). TO-MORROW. 159 Featherston St., 2.30 p.m.—Sale a/c mortgagee, property Verviers St.*, Karori (Finch, Webster & Oswin). 336 Lambton Quay. 1 p.m. till 5 p.m., 7 p.m. till 9 p.m.—Sale furs, etc., by order of the liquidator (E. Johnston & Co.). SATURDAY. Levin yards, 12 noon—Special horse sale (Assoc. Live Stock Auctioneers). High St., Masterton, 1.30 p.m.—Sale furniture, etc. (J, KersUke).

Buyers. Sellers. N.Z. GOVT. LOANS— £ a d B u 41 p.c. Bonds, 1939 ... 92 10 0 44 p.c. ditto, 1938 ... 54 p.c. ditto, 1933 ... 92 7 6 100 10 0 5i p.c. ditto. Feb. and Cnni- 1937 99 5 0 — 5} p.c. ditto and Insc. Crlr 103fi 99 10 0 — 54 p.c. ditto, 1933.... 51 p.c. ditto, Feb.. 1937 98 7 99 7 fi 6 — 41 p.c. Insc. Stk.,1939 onri 1f)3S 92 10 0 — 5l” n.c. ditto, 1933 ... 99 10 0 100 10 0 5j pc. ditto, Feb., 1937 51 p.c. ditto, Sept., 1937 99 5 0 99 10 0 v o o Wgton. Racing Club . — Bank of N.Z.. 5} p.c., 1939 .... ■■■■ Aock. City, ol p.c., 1944 97 0 0 97 101 0 0 0 0 Ulicli. City. 51 p.c., 1944 97 0 0 Dunedin City, a} p.c., 97 10 0 — Wgton. Harb. Bd., 51 n n 1940 98 0 0 — Makerua Drn. Bd., 6 95 0 0 BANKS—, Australasia .......... Commercial Aust., ora. 8 19 0 13 0 9 7 0 13 0 6 3 National N.Z 2 19 Nat. A/asla. (£o) ••• 4 17 New South.IVales .... 25 0 0 2 1 9 2 Union of Aust., both 6 15 registers 0 FINANCIAL— 1 o Equitable Bldg. Co. .. Goldsbrough, Mort .. 1 0 10 1 AO 1 2 N.Z. Guar. Corpn., ord. U 4 X N.Z Invest, Mtg. and q Wgton. Invest., T. & A. — 0 8 9 Wgton. Deposit and 0 7 6 0 8 A Wgton. Trust & Loan 4 10 0 — GAS1 5 0 — 0 12 0 1 ■ Wellington, ord INSURANCE— 1 7 0 — 0 11 New" Zealand 1 16 6 — 2 10 MEAT PRESERVING— ♦1 7 0 -—” N?Z. Refrig (£1) 0 11 0 Ditto (10/-) 0 3 10 Well. Meat Exp., pref. TRANSPORT— 0 11 8 Union Steam, pref. .. 0 18 6 — p. and O. def. stock .. 0 12 9 COAL— 1 8 0 TIMBER— 0 8 6 0 4 11 breweries— 1 7 0 *1 5 0 Staples and Co 1 3 0 Tooth and Co —— 1 7 MISCELLANEOUS— British Tobacco, ord. —— 8 Burns, Philp and Co. " 2 0 Colonial Sugar 40 0 0 41 2 Electro. Ziiic, pref. .. 0 18 3 Howard Smith, ord. .. —— 8 National Electric .... — 0 New Zealand Drug ... 2 6 0 Wilson's Cement 1 4 0 1 6 0 Woolworths, pref. ... 1 4 0 — OIL— 0 8 4 0 3 8 MINING— Mount Lyell 0 16 5 0 15 0 0 1 2 0 1 4 0 8 0 — q II ■ ’Cum. dividend.

day•— WELLINGTON. £ s d Commercial Bank of Australia, ord 0 13 4 AUCKLAND. £ s d Inscribed Stock, p.c., 1933 .. 98 10 0 Ditto, 5} p.c., Sept., 1937 (2) 99 15 0 National Bank of Australasia .... 10 0 0 Bank of New South' Wales .... 25 10 0 Bank of New Zealand 2 2 0 6 16 6 0 11 3 1 1 9 40 15 0 0 12 0 0 14 3 CHRISTCHUBCH. £ B d Bank of N.Z., cum div 2 1 2 1 9 8 N.Z. Breweries, cum div. (2) ... 1 4 3 1 5 Mt Lvell 0 16 6 pjtto ..••••••• 0 16 5 Whitcombo and Tombs 2 9 0 Sales reported:— . Union Bank of Australia *6 16 0 N.Z. Refrigerating (10/- paid) .. 0 4 0 Inscribed Stock, p.c., 1933 ... 98 10 0 •Late sale Tuesday. DUNEDIN. £ B d National Bank of N.Z 3 0 0

The following dividends are announced and/or payable shortly:— Previous Rate p.c. annual for period. Pavable, rate p.c. •Alexander Mines .. 1/June 18 1/Aust. Glass, ord. .. 4| June 22 6 Aust. Glass, pref. .. 4* June 22 9 Bk. oi New Zealand 7 2 -3 June 17 14 1-3 Ditto D long term 35 June 17 7i •British Tobbaco, ord i+i June 30 8 Devonport S. Ferry 4 June 17 7J •Gear Meat Co 2} June 17 10 4 June 20 8 Hokitika Gas 31-3 June — 5-5-12 Morris Hedstrom .. 2 June 30 6 •National Mortgage . o June — 71 12* N.Z. Breweries .... 4 July — N. Broken Hill ... +T% June 30 85 •N.Z. River Plate .. 3+ J nly 1 9 Singapore Hume Pipe 5 June — 10 •Wellington Gas pr. 25 June 15 . JFor •Interim dividend. JFor the year 3 months. Others are for 0 months.

cabled: — June 13. Per ton. June 14. Per ton. Copper— £ s d £ s d Standard, forward 27 4 4i 27 3 9 Standard, spot .... 27 0 7J 27 0 7* •Electrolytic .... 31 0 0 31 0 0 to 31 10 0 31 10 0 Wire bars ........ Lead — 31 10 0 31 10 0 Spot . 9 10 0 9 5 0 Forward 9 18 9 9 13 9 SP" er— 11 11 3 11 8 9 Forward ....... 11 18 9 11 10 9 Tin - y-»ot 115 2 « 113 7 0 lurnard 117 12 6 115 12 6 Silver— Standard, per oz. 111 7-8d 16 rf-8d Fine, per oz •American IS 3-16d not quoted. 18 3-lBd

N. York. dol. to June 14. Juns 13. Par. £ 3.661 3.67J 4.866 Montreal, dol. to £ 4.2+ 4.26 4.866 Paris, fr. to £ 93.25 93 5-6 124.21 Brussels, bel. to £ £6.325 20 3-8 35.00 Geneva, fr. to £ 18.80 1813-16 Q 5 o0 5 Amst’dam, fl. to £ 9.065 9.075 12.107 Milan, lire to £ 71 5-8 7111-16 92.46 Berlin, inks, to £ 15.50 15 9-1G 20.43 St’holm, knr. to £ 10.55 19.5 18.159 C’hagen, knr. to £ 18 u-16 18 5-16 18.159 Oslo, knr. to £ 20 3-16 20 1-8 18.159 Vienna, echgs. to £ 35.5 36.5 34.585 Prague, knr. to £ 123.5 124 164.25 Hel’fors, inks, to £ 210 215 193.25 Madrid, pes. to £ 44.5 44 5-8 25.225 Lisbon, esc. to £ 110 110 4.50 Athens, drach. to £ » 570 375 Bucharest, lei to X* G17.5 317.5 813.50 Bio d. J., p. to mil. - 16.70 B Aires, p. to peso • * 47.62 M. Video, p. to peso *30 ‘31 51 Calcutta, p. to nip. 1715-16 17 15-16 18 Shanghai, p. to tael 20 1-16 19 20-32 —— H.-Kong, p. to dol. 1511-32 15 11-32 Y’hama, p. to yen 20 7-16 20 5-8 24.582