FINANCE and COMMERCE

Dominion, Volume 25, Issue 230, 24 June 1932, Page 14

FINANCE and COMMERCE

STOCKS _• AND SHARES Market Remains Steady WELLINGTON EXCHANGE No special feature was disclosed in the Wellington stock and share market yea terday B The inquiry for gilt-edged eecuritiesTnotably Government t^nrke 7 but sellers hardened their offers f eT Jt r /* Follow in" the announcement of dfvitadStattonal Bank of New Mnd « 61/-, and ffifAuffi firmed anotherpoint to buyetSr bidding £9/2/, at the mo™^ * S but there were no sellers, South Jintre insurance were offered'fit 51/b, o _ 51/- bid of the morning-was not repeate:d. There was a thinly-spread mquiry m other K WiteonV6ementhad M two sales available at that figure, but buyers eased to 25/9. ' ■ , ■■ Yesterday’s Quotations Exchange were as follow.— '.

DEALINGS ON ’CHANGE Sales in the Dominion The following . sales were recorded on the stock exchanges of th« Dominion yesterday:— WFr.T.TX’GTnN

SYDNEY STOCK EXCHANGE Yesterday’s Business (Rec. June 23, 9.25 p.m.). Sydney, June 23. The turnover on the Stock Exchange to-day was in only moderate volume. Prices moved within narrow limits. Sales: Union Bank, £7/17/6; Bank of New South Wales, £27/12/6; National Bank of Australasia, £5 paid, £5/7/6; Colonial Sugar, £45/2/6; United Insurance, £7/15/-; Burns, Philp, 43/-; Electrolytic Zinc, pref., 21/10}; Tooths, 28/6; Dunlop Perdriau, 12/3; British Tobacco, 30/-; Goldsbrough, Morts, 21/10}; Gordon and Gotch, 26/6; Winchcombe Carson, 18/6; Taranaki Oil, 1/11}; Broken Hill Pty., 16/-; North Broken Hill, 59/6; Commonwealth Bonds, 4 per cent., 1938. £94/12/6; 1941, £93/5/-; 1944, £92/3/9; 1947, £92; 1957, £9l; 1959, £9l/10/-; 1961, £9l/17/6. Melbourne, June 23. Goldsbrough, Mort, 22/-j HeraldTimw, 48/-; North Broken Hill, 59/-; SkwMM.a/J,

AUSTRALIAN GLASS CO. • Improved Trading ■Results INCREASED NET PROFIT The Australian Glass Manufacturers Company, Limited, Melbourne, for the year ended March 31, shows a met profit of £92,137, an increase of £15,369 m comparison with, the previous year.. After paying a dividend on ordinary shares of H per cent., instead of at the previous rate of 6 per cent., the company is able to carry forward £102,264, against £95,6b3 brought into the accounts. . Profits disclosed by the company since ita inception in 1922 showed a steady rise from £139,370 until £207,893 was reached in 1929. In 1930 there was a decline to £187,168, which was succeeded by another drop in 1931 to £76,768. A f dividend.of 10 per cent, was paid annually un to and including 1930, with a bonus of 2i per cent, in 1929 and 1930. With the reduction of profits in 1931 the dividend was reduced to 6 per cent, but the improved trading results in the past year have brought with them an advance to 74 per cent. ■ The company has an issued-capital of ■ £1,105,4381 per ctent. preference and £930,47a xl. or dinary- shares. .71 ZINC CORPORATION Last Year’s Results The report of the directors of the Zinc Corporation, Limited, London and Melbourne, for 1931, states that as a result of conditions governing the worldls mar-, ket for non-ferrous metals, and the difficulty arising out of ■ working conditions, the mine worked only 75 per cent, norma time during the year. Working, costs show a satisfactory reduction at *l/6/5 a ton, in spite of intermittent and par-time profit and loss account shows a profit of £52,520 sterling, ,and interest, dividends and, sundry receipts amount to £78,199. Administration costs and taxes were £22,278. Net profit is thus *108,441. Balance brought forward from 1930. is £26]585, and the appropriation for mine development unexpended is 42,946, making the total, available. £177,972.Fixed preferential dividends absorb £49,138, and the participating dividends of 6d. a share recommended requires £22,471. The appropriation for mine development and new plant is £70,000, leaving a balance to lie carried forward of £36,363. . The net profit, of £108,441 compares with £68,381 in 1930, and £246,050 m 1929 In 1930 there was a working loss 0f'£41,874, and income from interest and dividends was £113,787, ,' FOREIGN EXCHANGES; Sterling Remains Steady Eondon,. Juno 22. The following- rates on foreign exchanges were current to-day, as compared with quotations on June 18 and par:

Gold and Silver. Xronclon, Juno 22. Gold.£s/14/- per fine ounce. Silver.—Gash and forward, 1615-16 d. per 08. ’... BASE METALS MARKET Latest Quotations (Rec. June 23, Sydney, June 23. The official London (middle) quotations for Wednesday ns received by the Australian Mines and Metals Association compare

GRAIN AND PRODUCE Sydney Markets (Rec. June 23, 9.25 p.m.). Sydney, June .23. Wheat, ex trucks Sydney, 3/-; at country stations, 2/4 a bushel. Flour, £lO a ton. Bran, 95/-. Pollard, 105/a ton. Potatoes, Tasmanian, £6/10/-; Victorian. £5/10/- a ton. Onions, Victorian, £23 a ton. Oats, 2/6 a bushel. Oaten hay, £7/10/- a ton. Maize, 4/9 a bushel. ' HIGH EXCHANGE RATES Funds Locked Up in Australia Many English and foreign companies have large sums of money locked up in Australia because of the loss to be faced by transferring funds to London at the current rate of exchange. Some British firms have remodelled their Australian business to meet the position, and some have closed Australian branches and sacrificed their trading connections rather than hamper their operations elsewhere by locking up all of their funds in this country. Speaking at the annual meeting of Johnson and Phillips, Ltd., electrical engineers, held in London recently, the chairman, Mr. G. L. ' Wates, said that the cash shown in the balance-sheet of the company was almost all held in Australia. He said that in view of the discount at which the Australian pound had stood all the year, and after consulting with its bankers, the company had decided to leave the money on deposit in the bank in Australia, rather than face the loss on its transfer to London. The generally accepted . opinion appeared to be that Australia was on the high road to financial recovery. The depreciation of the Australian pound was not a normal incident in the company’s trading, and, therefore, should any loss ultimately occur through depreciation in exchange, the directory would feel at liberty to use reserves to make good such loss and would not deplete the profits of the yeas.

FROZEN MEAT TRADE I Lack of Confidence PRICE DECLINE CHECKED Dominion Special Service. Feilding ,Junc 23. The New Zealand Farmers’ Co-op. Distributing Co., Ltd., have received the following cable from its London office: — “The lack of confidence in the meat market still continues, but it is considered that the decline in values has been checked.” LIVE STOCK MARKET Masterton Sale Dominion Special Service. Masterton, June, 23. An entry comprising chiefly fat sheep for which the inquiry was weak, was offered by Associated Live Stock Auctioneers, Ltd., at the Masterton sale yesterday. The entry comprised chiefly fat sheep, for which the inquiry was weak. Several pens were passed under the hammer, but we eventually cleared the yarding at prices somewhat lower than those ruling at late sales. Store sheep also met with a dull sale. Following are the prices:—Fat ewes, 7/6; forward ewes, 5/8 to 6/-; store ewes, 4/6; fat wethers, 10/- to 11/-; store wethers, 8/- to 8/6; ewe lambs, 7/-; b.f. lambs, 7/4; ewes, r.w. S.D. ram, 9/1; forward cows, 2/9; .bullock, £4/15/-., . • Levin Sale At the Levin sale, Associated Live Stock Auctioneers, Ltd., offered medium yardings of pigs and cattle to a fair attendance. Late rates were maintained. Cattle: Fat cows, £2/2/6, £2/4/-; forward cows, 22/6, 26/-, 30/-, 32/6; boner cows, 10/-, 15/-, 20/-; springing heifers, £6; maiden heifers, £2/4/-, £2/11/-; weaner heifers, 22/6; yearling heifers, 30/-; dairy cows, at drop, £3, £4, £6/2/6. Pigs: Light pork, 17/-, 18/-, 20/-; medium do., 22/6, 23£-, 25/-: heavy do., 27/-, 28/-, 30/-; baconers, 33/-; stores, 15/-; empty sows, 10/-, 18/-j sows to farrow August, 2(5/-, 37/-;-. 11 mos. ped. Berkshire boar, 307-. . - , ■’ •. I . Clearing Sale at. Shannon • ; Associated Live Stock Auctioneers, Ltd., report a fair attendance at the 'clearing sale held by them on account of J Mr. L. M/i-Jenkins, Shannon. The sale had a tendency to drag in the.later stages, owing to buyers having filled their requirements. July-August calvers, £7, £7/10/-, £B, £B/10/-, £9; September calves, £5, £6, 1 £6/10/-, £7/10/-; late calvers (October-November), £2/10/- to £4; heifers, r.w.b., £4, £3/7/-. - BUTTER And CHEESE 'I London Markets Quiet The New Zealand Loan and Mercantile Agency Company] Limited, have received the following advice from their London house, dated June 22: — ... Dairy produce (last week’s quotations in parentheses) : Butter, N.Z. choicest salted. 97/- per cwt, (96/-). Lheese, 56/-S7/- per cwt. (ug/-ai/-). Markets quiet. ___/■■ HOARDING OF CAPITAL. Swollen Volume in France Increasing attention is being paid, says the Paris correspondent of the “Economist,” to the persistent hoarding of capital by all classes in France, the swollen volume of vjuich is causing some nervousness, both because of the artificial inflation of the note circulation thereby and for other reasons. Evidence of hoarding on a large scale is furnished by the fact that since the end of 1926, which synchronised with the stabilisation de fait of the franc, the total paper circulation has risen from 52,449 million francs- to 83,547 million francs at the end of 1931. Analysis of the categories of currency shows that during the five years the respective quantities of small notes in circulation, remained fairly constant. Five-franc notes diminished from 923 million francs to 78S million francs. Ten-franc notes increased from 1726 million to 2116 million francs, which was obviously partially due to the diminution meanwhile from 132 million to 37 million francs of 20-franc notes (which have now been retired from circulation). Fifty-franc notes increased only, from 3247 million francs to 3346 million francs, while 100-franc notes rose from 20,093 million francs to 24,600 million francs. During the same period, however. 1000-franc notes increased from 23,169 million francs to 46,262 million francs, and 500-fr.nnc. ones from 3059 million francs to 6398 million francs. The increase in the total circulation, it will be noted, was in round figures 31,000 million francs, or as nearly .as possible 60 per cent., whereas the increase in 1000-franc notes alone was nearly 100 per cent., and. in 500-frnnc notes over 100 per cent. The striking increase in the number of 1000 and 500frnnc notes in circulation can only be accounted for on the theory that they are being hoarded. It is believed that a large proportion of these hoarded notes are held outside France, and narticu- : larly in countries of depreciated currency. j Wiggins, Teape and Co. Included with the accounts of Wiggins, Teape and Co. (1919), paper makers, for the year 1931, is a consolidated balance-sheet of the company and its subsidiaries, and also a combined profit and loss account.' Throughout the accounts comparative figures for 1930 are provided. There are 28 companies in the group. The accounts of the holding company show a net profit of £224,654, against £217.120 for 1930. The latter figure is arrived at after placing £BOOO to reserve ag.‘> st stocks of raw materials and forward vjntracts, whereas the past year’s figure is after crediting £25,870 from the reserve mentioned, being in respect of materials used during 1931. It is proposed to maintain the dividend for the year on thexbrdinary shares at 10 per cent., with a final payment of 7 per cent It is also proposed to place £5OOO to reserve against trade investments, and the “carry forward” will be little changed at £52,628 (against £53.456). The combined 'profit and loss account shows that the total profit amounted to £397,847, against £366,533 for 1930, out of which £54.663 (against £50,634) was allowed for depreciation, while the amount passed to the parent company in the form of debenture interest and preference and ordinary share dividends was £284,656, against £255.299. J A transfer of £20.000 has been made from the reserve to an exchange reserve in view of the uncertain state of the foreign and colonial exchanges. Though at December 31 last the net liquid assets of the company and its subsidiaries abroad, taken in the aggregate, showed no depreciation,' the directors considered it prudent to create this reserve in view of the considerable export trade carried on. CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington yesterday totalled £4104.

DOMINION’S SHEEP Heavy Decrease in Flocks MEAT EXPORTS INCREASE A decrease of well over 1,000,000 head in the flocks of sheep in the Dominion in twelve months is revealed by the interim return of sheep on April 30, IV3Z, published in last nights Gazette. The North Island total, at 15,021,644, shows a decrease of 865,232 sheep, or nearly 73 per cent, of the total decline, as compared with the figure for April 30, 1931. For the Wellington-West Coast district the decline was 449,373, or more than one-half of the North Island decrease. The total number of sheep in the South Island has declined by 321,000 to 13,584,575. The highest number of sheep in the Dominion was reached on April 30, 1930, when the total was 30,841,287. There was a decline of slightly over 1,000,000 for the following year, and the latest figures show a falling off of 2,235,000 durinc- the last two years. The following table gives a comparison of the sheep flocks of the Dominion by districts for 1931 and 1932: —

The number of sheep in the Dominion and the exports of mutton and lamb for the last ten years are shown in the following table:—

FRUIT AND VEGETABLES ; Wellington Markets The market at present for apples and pears is practically lifeless, and no varieties of either fruit are commanding much attention from buyers, report W. Burbidge and Company. Coloured dessert Sturmers, fancy Delicious and Winter Colo pears are selling best. Pumpkins, both red and grey, are plentiful, and all other vegetables (except cauliflower) are low in price. Eggs are coming in very freely, and prices are dropping. Prices obtained at yesterday morning’s eales were as follow: — Fruit —Apples: Sturmers, 3/- to 5/-; Dohertys, 3/- to 4/-; Delicious, 4/- to 5/6; . Jonathans, 3/- to 5/-; Ballarats, 5/-; Munroes, 6/-; Statesm and Rome Beauties, 3/6 to 4/6. Pears: Winter Coles, 5/9 to 7/-; Nelis, 5/- to 6/-: P. Barrys, 5/- to 5/6; Harringtons, 6/6. Local lemons, 9/- to 12/6. All these per bushel case Vegetables.—Potatoes: Red Dakotas, £B/5/- to £B/10/-; Suttons, £B/10/- per ton. Canterbury onions, 15/- to 16/- per cental bag. Red pumpkins, 3/-to 5/- per sack. Kumeras, 4/- to 4/6 per sugar bag. Swedes, 2/- per case. Hothouse French beans, 6d. to 7d, per lb. Various. —New-laid eggs, 2/- to 2/1; mediums,. 1/9 to 1/10 per dozen; preserved, 1/6 per dozen. Separator butter, 7d. to 7fd. per lb. Honey: Bulk, 4}d.; combs, 7sd. to Bd. per lb. N.Z.. walnuts, sd. per lb. y THE SHEEP INDUSTRY Unprofitable to Breeders Many Australian sheep breeders who expeef a considerable proportion of their revenue each year to come from the sale of surplus sheep are, says “The Australasian,” already offering drafts of sheep off shears at very low prices. In some cases offers of large lines of four-year-old wethers at 7/- per. head off shears have been made, and it is anticipated that sheep will change hands after September at the lowest rates since the war. . . „ , The coming season promises to afford good opportunities for men who have recently acquired properties to stock up, but the outlook is anything but encouraging for those who have sheep to sell. In the good days the proceeds from the sale of surplus sheen frequently paid for all the costs of running the property, and the wool clip was clear profit to the grower. Then costs increased to such an extent that it took the entire proceeds from the sale of wool to meet the expenditures. and the surplus stock represented 'the grower’s profit. Now the proceeds from the sale of wool and surplus sheep combined are insufficient to cover costs. A revival of the mutton export trade would be welcome now. There may be some prospects of an outlet in that way, although stocks of frozen mutton are said to be considerable in England, and there will be plenty of carcases available in South America and in New Zealand for shipment to the markets of Britain during the coming season. The position of a great many sheepowners in New Zealand is much the same as that of the sheepowners in Australia. HEAVY LOSS REPORTED Canadian National Railways The report of the Canadian National Railways for the year end6d December 31 1931, shows that the debit balance, at £133,938,465, has increased by £17,957,300 at par of exchange during the year. ~ , It is stated that motor vehicle competition has made serious inroads into traffic, and it is indicated that unless this is restricted in future serious- repercussions may be felt. Gross etr lings, at £35,454,747, compare with £44,473,909, but a saving of £5,217,181 has been effected in operating expenses. , The capital is £54,044,192, which is held by the Canadian Government. This compares with the debit balance of £133,938,465, and fixed capital, liabilities amounting to £528,049,159. AUCTION DIARY TO-DAY. Waipukurau Saleyards, £2 noon—Sale horses, a/c Mr. A. L. McCormick (N.Z. Loan and Mercantile Agency). High St., Lower Hutt, 2.30 p.m.—Sale property, Waikere, a/c mortgagee (W. Grant Fargie). On the farm, Manakau, 12 noon.—Unreserved clearing sale a/c H. G. Bryant (Associated Live Stock Auctioneers). 336 Lambton Quay, 1 p.m, till 5 p.m., 7 p.m. to 9 p.m.—Sale furs (E. Johnston and Co.). 73 Kent Terrace, 10.30 a.m. —Sale furniture, ■ etc. (I. Silverstone & Co.). . 98 Manners St. 2 p.m. —Sale furiilture, etc. .(I. Silverstone & Cot). 50 Victoria St., 10.30 a.m. and 7 till 9 p.m. —Sale drapery (Morris Kissin). 91' Dixon St., 1.30 p.m.—Sale furniture, etc. (C. W. Price). TO-MORROW. Tltahi Bay, 2.30 p.m.—Sale property .Titahi Bav (E. Johnston & Co.). 15 Tol Tol Rd., Seatouu, 1 p.m.—"Sale furniture (Davis Bros.). MONDAY. Shannon, 11.30 a.m.—Unreserved clearing sale, a/c. D. O’DriscoU (NAS. Fannero’ Co-op. Dtetilbutlme Ceu, LtdA.

. ' 1 Buyers. N.Z. GOVT. LOANS— £ a d Eond .':. 92 15 o Sellers. £ ■ d 51 p.c. ditto and lose. ■ „ Stk., Feb., 1937 .... 99 15 M p.c. ditto, Sept., 1937 99 15 0 0 100 10 0 54 P.C. ditto, 1933 ... ?8,7 6 — 51 n.c. ditto, 1937 9(j 10 0 4} p.C. Insc. Stk., 1939 92 15 4f p.c. ditto, 1938 ... 92 17 0 6 93 12 654 p.c. ditto, 1933 ... 99 10 0 5} p.c. ditto, 1941 ... 9o 0 0 — < debentures— Wffton. Racing Club ; . — 0 Auckland City, 5J p.c. 0 — Chch. and’ Dunedin City/ 54 p.c. 1944 0 0 — ■ Wgton. City, 51 p.c,. . 1934 •••• — 100 5’ 0 Wgton. Harb. Bd, bi p.c, 1940 98 0 0 — Mt. Eden Boro., Si P-c, - 0 — 8.Cant. Elec. P.B, 5J p.c., 1947 — OS 0 0 BANKS— Australasia . . — Commercial Aust, ord, 0 7 National N.Z. ........ 8 1 •s 4 New Zealand ? 2 1 6 2 1 FINANCIAL— . Equitable Bld ft. Co. . — Abraham and Williams, Goldsbrough, Mort *1 ° 0 3 5 0 N.Z. Guar. Corpn, ord. 0 * 1 Wgton. Invest, T. & A. — 0 8 Wgton. Dep. and Mtg. — • o 8 GAS— ■ ;. . - . 8 1 1 1 Wellington, ord. 1 7 INSURANCE— - „ National .. • OU 0 — 4 South British ...... — MEAT PRESERVING— 2 n Gear 1 7 N.Z. Retrig. <£1> .... . — 8 0 11 3 Ditto (10/-) V sal TRANSPORT— Huddart, Parker, ord. 1 JI 6 Union Steam, pref. ... 0 18 9 Kelburne Tram, pref. . — 1 P. and O. def. stock 0 13 CO Air— . t Pukemiro ..... 1 1 0 — 0 TIMBER— . - Kauri 0 8 6 Leyland-O’Brien .... — . 1 0 0 0 4 BREWERIES — 5 New Zealand ......... miscellaneous — British Tobacco, ord. n 7/ 0 Dominion Investments 1 1 6 . — National Electric ... — 0 10 0 N 7i Drnc? 2 7 3 1 II' Wilson’s dement 1 5 Woolworths, pref., both 9 1 8 0 1 - I. oilMoturoa — • 3 ft ■i —- MINING— _ Wathi 0 14 G ——■ 0 ■ 0 4 Blackwater ......... 0 8 4 Consol. Goldfields .... 0 3 3 — •Cum. dividend.

WELLINGTON. Sale on ’Chance: £ s d Wilson's Cement ,.16 0 Sales reported: , 0 Wilson’s Cement ...... •! 6 Bank of New Zealand ........... ,. *2 1 3 Ditto .. 2 1 6 Mount Lyell •Late sale Wednesday. . AUCKLAND. £ R d. Inscr. Stock, 4$ p.c., 1938 .... £6 17 « Ditto, 5J p.c., 4036 100 5 0 Ditto, Hi p.c., Feb., 1937 .... 100 7 6 Auckland Harb. Bd., GJ p.c., 1901 98 10 0 Auckland Drain. Bd., 5 p.c., 1936 94 10 0 Commercial Bank of Aust 0 13 8 National Bank of N.Z 3 2 0 Bank of New Zealand 2 1 9 Union Bank (3) 6 17 0 N.Z. Insurance (3) 1 17 10 South British Insurance (2) .... 2 11 0 Wai'hl 0 14 9 CHHISTCHUItCTL £ s d Commercial Bank of Aust . 0 13 10 Ditto . 0 13 11 National Bank of N.Z., cum div. , . 3 2 9 Ditto .32 6 South British Insurance . 2 11 0 Goidsbrough, Mort, cum dir. .... . 1 0 3 Ditto . 1 0 0 Tooth’s Brewery . 1 5 9 Colonial Sugar 41 5 0 Mount Lyell (3) .. . 0 17 0 Ditto (2) . 0 17 2 Golden Point (8) . 0 0 7 Gillespie’s Beach ’ Bank of New Zealand (2) Par . 2 1 3 Sales reported— laser. Stk., 5} p.c., Sept., 1937 (3) 100 7 6 Ditto, 5J p.c., 1036 100 5 0 Ditto, 5J p.c., 1936 100 10 0 United Building Society ........ . 0 14 3 Australian Glass . 1 15 3 South British Insurance , . 2 11 0 N.Z. Insurance , 1 18 0 Bank of New Zealand . 2 1 5 Ditto , 2 1 6 Ditto .... . 2 1 7 Union Bank of Aust , 6 16 0 N.Z. Befrigerating, £1 paid . o io : 10 DUNEDIN. Sale reported— . ; £ ■ d South British Insurance , 2 11 0

J une 22. June 18. Par. ■N". York. doL to & 3.6S3-S 3.62 5-8 4.866 Montreal, dol. to & ' 4.17 4:21 ' 4.866 Parte, fr. to £ 92.125 92.25 124.21 Brusaele, beL to £ 281-32 261-32 35.00 Genera, - fr. to £ 18.605 1819-32 25.225 Amat'dam, fl. to £ 8.955 831-32 12.107 Milan, lire to £ 713416 71 92.46 Berlin, inks, to £ 15.245 15 9-32 20.43 Chagen, knr. to £ 18.375 18.30 18.150 St'holm, knr. to £ 19.50 19.9S 1S.159 Oslo, knr. to a. 20 5-16 20.275 18.159 Vienna, echgs. to £ 32.50 36 34.585 Prague, knr. to £ 122.50 12260 164.25 Hel’fors, mks. to £ 215 215 193.23 Madrid, pea. to £ 43 15-16 44 .25.225 Llrftxm. esc. to £ 110 110 110 1 Athene, Grach, to £ ■557.50 355 375 Belgrade, din. to £ 225 —— 276.31 Bucharest, lei to £ 620 620 813.60 Rio de J-, P. to mH. •5 •41-16 16.70 B. Aires, p. to peso • ■ • 47.62 M. Video, p. to peso ♦30 •30 51 Calcutta, p. to' rup. 17 61-64 1715-16 18 Shanghai, p. to tael 20 3-16 207-32 H.-Kong, p. to dol. 15} • 1513-32 —— Drama. p. to yen 19.375 20.25 241582 •Nominal.

as follow with those previously cabled: — June 21. Per ton. June 22. Per ton. Copper— £ s d £ s d Standard, forward 27 11 10} 27 12 8 Standard, spot ... 27 6<10j 27 6 10} •Electrolytic 31 10 0. 31 10 0 to 32 10 0 32 10 0 Wire bars 32 10 0 32 10 0 Lead— Spot 9 7 6 9 13 9 Forward ........ 9 IS 9 9 18 9 Spelter— Spot 11 11 3 11 10 0 Spot ■ . 11 16 3 11 15 0 Tin— Spot 113 17 6 ■■ Forward 116 2 6 116 7 6 Silver— Standard, per oz. . 17d 1015-lCd. Fine, per oz 18d 18}d •American, 5.375 cents a lb.

Number of sheep. Final return, Interim reDee. District. 1031. turn, 1932. Auckland 3,311,406 3,044,735 266,671 Gleb.-H. Bay . 6,424,856 6,275,668 149,188 Wgton.-W. Cst. 6,150,614 5,701,241 449,373 N. Island total 15,886,876 15,021,044 865,232 Marlboro.-Nel-son-Westland Canterbury1,496,927 1,440,077 55,950 5,630,070 77,661 Kaikoura .. 5,707,731 Otago 6,700,982 6,513,528 187,454 S. Island total 13,905,640 13,584,575 821,065 Dominion total 29,792,516 28,606,219 1,186,297

Number Year of Mutton Legs and Lamb ended sheep carcases i pieces carcasefl April in exex- . 30, Dominion. ported. ported. ported. Cwt. 1923. .23,081,439 2,204,499 10,707 ’ 5,417,016 1924. .23,775,770 1,696,190 5,999 4,024,021 1925. .24,547,955 2,067,985 8,354 4,581,973 1926. .24,904,993 2,008,481 1,415 4,795,070 1927. .25,904,010 2,166,405 3,847 4,905,645 1928. .27,133,810 2,244,900 5,931 6,047,836 1920. .29,051,382 1,922.242 4,337 5,957,578 1930..30,841,287 1,977,949 5,047 0,182,930 1931. .20,792,516 2,473,531 3,428 7,627,164 1932. .28,600,219* 2,574,222 5,013 8,393,392 •Interim return.