FINANCE AND COMMERCE

Dominion, Volume 25, Issue 232, 27 June 1932, Page 12

FINANCE AND COMMERCE

STOCKS- AND SHARES* Active Trading Last Week : FIRMER TONE IN MARKET Firm and active conditions marked the stock and share market throughout the Dominion last week,, and the volume of actual business done was 'well above the average of the last few weeks. Substantial gains were recorded by. a number ot the leading investment stocks and shares. The turnover was'-fairly large in Government and local-body, securities, banks, insurance and mining ‘ shares. The gilt-edged sections of the market were very firm, especially Government securities. The * demand , for these was ■ particularly keen, and prices hardened substantially. Dealings were confined almost wholly to'inscribed stock. The 4} per cents, advanced to £93/10/- for the 1938 maturity, and to £93/17/6 for the 1939's.‘‘The.'5i: per?cents., 1937, sold at a premium ’of up,to.7/6,'anfl_there was a sale of the ’Bi per cent. 1936 at £lOO 10/-.. Auckland local-body debentures, especially harbour board stock, bad most 'dealings in this section and sold at firm rates. ‘ \ In the bank section, which was .mainly firm, New Zealands had by far the largest turnover/ and they advanced during the week from 40/6 up to 43/-. National of New Zealand, which opened with, sales at 59/-, hardened up after the announcement of the final dividend for closing sales at . 62/- and 63/-., Commercial Australia were dealt .in at , 13/6 up to 14/-. Union of Australia were rather unsteady with sales at £6/19/- and £7 down to £6/16/-. There' was one transaction m ■ Commercial of Sydney at, £l3/19/-. ; ,. ' In the . financial section,. transactions were on a limited scale. Goldsbrough ■ Morts firmed; from 19/5. to 20/3, with : closing sales at;2o/;, cum. dividend. There were three sales of .New Zealand and River Plate at 22/-. New Zealand In- • surance sold at 37/10 to 38/-, and South British , Insurance, which touched 51/3, were steady, sellers at 51/-. Standards . were dealt in at 39/6, and Nationals, at 11/4. ■ There was not a great deal doing in the gas,, meat, brewery,and miscellaneous ,sec- . tions. Auckland Gas had a solitary sale at 21/-. .N.Z. Refrigerating, £1 pail, sold . at 10/10 and the 10/ T paid at 4/-. Katin . Timbers sold at 9/-. Tooth’s Brewery ; had three sales at 25/9, and New Zealand Breweries were done at 24/(5 and ■ 1 24/7 cum. dividend. Wilson’s Cement . sold at 26/- up-to-26/3, British Tobaccos at 27/3 to 27/9, Union Soap and Oil at . 20/-, Australian Glass at 05/6 and 30/3, . Farmers’ Trading at 3/5 to 4/-, and Colo- • nial Sugar, at £4l/5/-, and £4l/10/-. There was a fairly good business in mining shares. Waihis moved up from - 13/9 to 15/-, Mount Lyells from 16/7 to 17/2, and Okaritos from 9/- to 9/b. Taranaki Oil sold from 9d. to 1/, the firming being due to the announcement of the Vacuum Oil Company’s Intirest. WELLINGTON EXCHANGE Saturday’s Quotations Buying and selling quotations at Saturday -morning’s call on the Wellington

DEALINGS ON ’CHANGE Sales in the Dominion \ The following sales were recorded on ' the stock exchanges ot the Dominion on \ Saturday:— WELLINGTON. ' 7 ' .. .. Nil. ■

German Apple Market (Rec. June 26, 5.5 p.m.) Hamburg, June 25. The Port Hobart’s Tasmanian apples sold as follow: —Sturmers. 6/5 to 12/3; Cleopatras, 7/9 to 15/2; Jonathans, 7/9 to 12/3; ljunna, 9/- to 11/7; others, 5/2. to 9/n

LONDON .WOOL SALES Market Forecast CROSSBREDS EASIER The Bank of New Zealand, produce department, has received the following advice from its London office, under date June 24: —Prices for merinos are expected to show no change at next sales. Crossbreds are’ expected to be slightly lower, although there is rather a better tone in Bradford. The next series of London wool sales opens on Tuesday, July 5. FOREIGN EXCHANGES Little Change in Sterling r . . .London, June 24. The following rates on foreign exchanges were, current -to-day, as compared with quotations on June 23 and par:—

Gold and Silver. . . London, June 24., Gold—£s/14/6 per fine ounce. . Silver—Cash, 16 5-8 d per ounce: forward, 16 11-16 d. , London, June 25." Gold—£s/14/2 per fine ounce. r. .... ... . Dollar Conversion Rates Dollar conversion rates quoted by the New Zealand 1 banks as from Saturday compare as follow with those previously quoted:— U.S. Dollars to £1 N.Z.

The above rates are given for conversion of dollars into English currency "or English currency into dollars. Exchange is charged or allowed on drafts or bills drawn in dollars in the same way as'if drawn in English curiency. » I Customs Exchange Rates * Rates of exchange ruling at the announced date of departure of the vessels named are shown in the following table. They are subject to confirmation by the Customs Department when the exact time of departure is learned on the arrival of the vessel in New Zealand. ... : :■ Armadale, U.S.A., dollars 3.68 Golden Cloud, U.S.A., dollars .. 3.69 Canadian Highlander, Canada, dollars 4.21 Sydney Maru, Japan, yen .... 21{d

SYDNEY STOCK EXCHANGE Saturday’s Sales Sydney; June 25. /This morning’s sales on the Stock Exchange included :—New Zealand Government debentures, 5i per cent, 1937, £109; Australian Stock, 3 7-8 per cent., 1947, £9l; Commonwealth bonds, 4 per cent., 1938, £94/17/6; 1947, £9l/18/9 and £92; 1950, £9l/17/6; 1953, £92/7/6 and £92/6/3; 1955, £9O/17/6; 1957, £9l; £lO bonds, 4 per cent.,' £9 9/-; Commercial Bank of Sydney, £ls 17/6; United Insurance, £7/15/-; Tooth’s Brewery, 28/6; Dalgetys, £7. •RAW MATERIALS Markets a Shade Firmer (Rec. Ju-.e 26, 5.5 p.m.) London, June 25. Friday’s closing prices for the following raw materials were as follow, those for June 17 being given in parentheses:— Cotton.—Liverpool quotation, American middling, spot. 4.38 d. per lb. (4.31 d. July delivery, 4.09 d. per lb. (4.07 d. Rubber.—Para, 3Jd. per lb. (same) ; plantation smoked ribbed sheet, 1 13-16 d. per lb. (lid.). Jute.—June-July shipment, £ls per ton (not quoted). Copra.—July-August shipment, South Sea, £l3/2/6 per ton (same); plantation Rabaul, £l3/5/- per ton (same). Linseed Oil.—£l4 per ton (same). Turpentine.—s9/6'per cwt. (59/-). Osmiridium.—Unchanged. Canadian Pacific Railway Gross earnings of the Canadian Pacific Railway Company for 1931 amount to 142.337,648 dollars (normally £287467,524), a decrease of 40,224,151 dollars, or £8,044,830. The net profit of the company is 14,584,471 dollars (£2,916,894), out of which are paid preference dividends of 4 per cent, and ordinary dividends of 5 per cent, for the year. The dividends require 8,326.225 dollars (£1,665,245) more than net profits.. In the year the company acquired a half-interest in the motorship Aorangi and the steamship Niagara with a view to promoting interest in traffic between Canada, Australia, and New Zealand. The purchase was arranged by a transfer of Canadian Pacific preference stock to the vendors, the Union Steamship Company. The general balance-sheet of the company shows total assets of 1.380,888,588 dollars > (£276,177,717), of which 1,162.001,028 dollars (£232,400,205) is invested in fixed assets, such as railways, rolling .stock, steamships, hotels, etc. Price of Bran Reduced The price of bran at Christchurch has l>een reduced as from Friday, June 24, by 10/- a ton. The rate now is £3 a ton for shipping, and £4 for local. Auckland. June 24. The local price of bran has been reduced to £4/10/« a ton. the lowest price since

DAIRY PRODUCE Markets Quiet but Steady A FIRM UNDERTONE There was a slight improvement last week in the London butter market, which closed quiet, but steady. New Zealand salted at 96/98/-, showed a rise of 1/- a cwt on the week, this price, however, being equivalent to a shade under lOd a lb f.o.b. New Zealand. The cheese market was steady. -New Zealand, white and coloured, being quoted at 56/57/-, equivalent to ssd a lb, f.o.b. The Dairy Board’s London office reports Friday’s closing prices as follow, those for the previous week being shown in parentheses:— Butter. New Zealand, salted, 96/98/- (95/ 97/-; June 24, 1931, 107/110/-); unsalted, 98/104/- (96/98/-; June 24, 1931. 112/116/-). 96/98/- equals approx. 9.95 d. f.o.b. Ist whey, 90/- (90/-); 2nd whey, 88/- (88/-). Deliveries of New Zealand, 1540 tons; in store, 5984 tons. Australian, salted and unsalted, 95/97/- (94/96/-; 93/96/-). Deliveries. Australian, 950 tons; in store, 2025 tons. Argentine, unsalted, 86/88/-; ex., 90/- (86/88/-). South Africa, 86/94/- (86/-). Irish cream, salted, 100/- (99/-); unsalted, 103/- (102/-). Danish, 85/- f.0.b.; 100/101/- spot (85/-; 98/100/-). Dutch, unsalted, 126/128/-. Esthonian, salted and unsalted, 88/ 90/- (88/90/-). Latvian, salted and unsalted, 88/90/(88/90/-). Siberian, salted and unsalted, 86/88/(88/-). ' Lithuanian, salted and unsalted, 86/ 87 /-. The board has also received the following advice from its agents in Canada: Butter: New York, 16 cents; Montreal, 16J cents per lb. Cheese. New Zealand, white, 56/-, 56/6 to 57/-(56/57/-;'June 24, 1931, 52/54/-); coloured, 56/57/- (56/57/-; June 24, 1931, 44/47/-). 56/57/- equals approx. 5Jd f.o.b. Deliveries New Zealand, 22,281crates; in store, 95,236 crates. Canadian, white, 68/80/- (68/74/-); coloured, 68/72/- (68/72/-); this season’s, 55/- (53/-). Deliveries, Canadian, 3300 boxes; in store, 74,000 boxes. English, finest farmers’, 84/86/- (84/ Agents’ Reports. The New Zealand Producers’ Co-opera-tive Marketing Association’s . weekly cabled report from London, dated June 24, is as follows:—Butter: Market has closed steady after a quiet week. New Zealand, 96/- to 98/-; unsalted. 98/ : to 104/-; Danish. 100/- to 101-/-; Siberian, 86/-to 88/-. Cheese: Market quiet. New Zealand, white and coloured, 56/- to 57/-; Canadian new season’s white and coloured. 55/- to 56/-. , Mr. Thomas Gray has received the following report from Mr. A. C. Rowson, London:—Cheese: Deliveries. New Zealand nnd Australian, 22,576 crates; Canadian, 3852 boxes. Stock. New Zealand and Australian. 97,038 crates; Canadian, 74.955 boxes. Price, 56/-. Butter: Ist grade, 96/-; finest, 97/-. Both markets slow, but with firm undertone. DAIRY PRODUCE SHIPMENTS End-of-Season Allotments Final allotments of shipping space for dairy jproduce for the end of the 1.131-32 season are announced by the Dairy Board. Including ships now loading, the list provides for the shipment of 509,000 boxes of butter and 119,760 crates of cheese in sixteen ships sailing between July 1 and August 20. Of the butter shipments, the bulk will be supplied by Auckland, where 341,630 boxes will be loaded. The list of allotments, with final sailing dates and approximate dates of arrival in Britain, is as follows: —

The Huntingdon, Karamea, and Westmoreland will load part shipments for West of Britain ports. SHEEP' FOR ARGENTINE Shipment by Mahana A shipment of 23 pedigree rams, bred in the Wairarapa district, many of which have won prizes in the showring, was made to the Argentine by the Shaw, Savill and Albion steamer Mahana, which left Auckland last week.- The sheep, all but two of which were Lincolns, were embarked at Wellington and will be unloaded at Montevideo, later being transferred to Buenos Aires. The animals, which are under the care of Mr. W. D. Smith, an Englishman with an expert knowledge of sheep, were housed in pens in a compartment off the afterdeck, where there is sufficient space to exercise them, without taking them out in the open. Every care is being taken with the animals, which have been provided with covers to enable them to withstand the cold which wijl be encountered during the voyage round Cape Horn. .The feed supplied consists of jbran, moose cake, crushed oats and lucerne. The condition of each animal is entered daily in a special diary. In addition, the Mahana has a consignment of citrus trees transhipped from Australia. The trees, which total 26,000. were contained in 35 cases and, like the sheep, will be unloaded at Montevideo. The other cargo by the vessel included 45,800 boxes of butter, 8100 crates of cheese, 99,000 carcases of frozen meat, and tallow,' hemp, milk products and kauri gum, all of which are for English markets. FOOT-AND-MOUTH DISEASE Heavy Toll in Great Britain That over 10,000 animals were destroyed in England during twelve months, recently ended, as the result of outbreaks of foot-and-mouth disease, and that the cost to the Government in compensation to the owners has been over £95,000, is revealed in a statement made by the Minister of Agriculture, published in the May issue of the British . “Live Stock Journal.” The report states that in reply to a question by Mr. T. Williams in the House of Commons.- the Minister for Agriculture, Sir John Gilmour, said that for the twelve months from April 24, 1931, to April 23, 1932, the following stock had been destroyed in connection with outbreaks of foot-and-mouth disease :— Cattle 3,654 Sheep 5,409 ; Swine 1,204 Goats 4 Total 10,271 The Minister added that during the period the Government had paid in compensation to owners £95.483/13A

LOWER MEAT PRICES London Market Over-supplied ALL ROUND DECLINE Lamb market easier owing to heavier arrivals and continued selling pressure. Early supplies o£ home-killed are also affecting demand. Mutton market: Weaker in sympathy with lamb. Beef market: Heavier arrivals of Australian beef and low prices of Argentine chilled beef have eased prices. New Zealand porker pigs: Trade slow owing to warm weather. New Zealand baconer pigs: Nominal. 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 June 24, 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, 48/56, 3 3-Bd. (3Jd., 3id.); 57/64, 3 l-Bd. (3id„ 3 3-8 d.); 65/72, 3d. (3 l-Bd., 3Jd.); North Island crossbred wethers and maiden ewes, 48/56, 3id. (3 3-Bd., 3 3-Bd.) ; 57/64, 3 l-Bd. (3id., 3id.); 65/72, 3d. (3 l-Bd., 3|d.); ewes, 48/under, 2-78 d. (3d., 3d.); 48/64, 2 5-Bd. (same) ; 65/72, 2 3-Bd. (same). New Zealand lambs: Canterbury, 36/ under, 6d. (6id., 6}d.) ; 37/42, 6d. (6 l-Bd., 6id.) ; 43/50, 6d. (6 l-Bd., 6|d.) ;■ second quality, average 33, 5 l-Bd. (5 3-Bd., 5Jd.) ; other South Island brands, 36/under, 5 7-Bd. (6 l-Bd., 6Jd.); 37/42, 5 7-Bd. (6d„ 6id.); 43/50, 6d. (6d„ 6Jd.); selected North Island brands, including Downs, 36/under, 6 l-Bd. (6 3-Bd., 6 5-8 d.); 37/42, 6d. (6- l-Bd., 6 3-8 d.); 43/50, 6d. (6 l-Bd., 6jd.); second quality, average 31, 5 1-Sd. (5 3-Bd., s|d.) ; other North Island brands, first quality, 36/under, s|d. (6d., Gid.); 37/42, sfd. (6d. 6jd.) ; second quality, average 31, sd. (s}d., 5 3-Bd.). Australian lambs: Victorian, first quality, 36/under, 5Jd. (Bid., 5Jd.) ; 37/42, Bid. (Bid., 5 5-Bd.). Argentine lambs: First quality, 36/under,'sd. (Bid., sid.J"; 37/42, 5 l-Bd. (Bid., sid.)_. New Zealand beef: Not quoted. Argentine chilled beef: Ox fores, 2Jd. (31d., 4 3-8 d.); ox hinds, 5Jd. (6d., Gid.). Australian frozen beef: Ox crops, over 1001 b., 3id. (3Jd., 3}d.) ; ox hinds, over 1601 b., 4 l-Bd. (4id., 4id.). New Zealand prime porker pigs : 60/100 lb., 4 5-Bd. (4id„ 5d.); 101/1201b., 4}d. (4|d., 4 5-Bd.). New Zealand prime baconer pigs, 121/1801b., sd. (same). 26, 5.5 p.m.) London, June 25. I Australian sheep: First quality crossbreds, and/or merino wethers, 40/65, 2fd.; second quality, 30/55, 2jd. Ewes, 30/55, 2}d. Argentine sheep: First quality crossbred wethers, 48/64, 3d.; 65/72, 2}d.; over 72, none offering. Patagonian sheep: Wethers and/or maiden ewes, under 50, 3d.; 50/60, 2 5- Ewes, 40/50, (none offering. Australian Lamb.—Victorian, first quality. 361 b. and under, sid.; 371 b. to 421 b., sid. Other States, first' quality, 361 b. and under, sd.'; 371 b. to 421 b., sd. Victorian second quality, 361 b. and under, 5d.; other States, second quality, 361 b. and under, 4}d. all States, third quality, sd. Patagonian Lamb.—First quality, 361 b. and under, 4Jd.; 371 b. to 421 b., 4fd.; second quality, average 301 b., .4Jd. Australian Pigs.—First* quality, 601 b. to 1101 b.. average 901 b., 4 5-Bd.; 1111 b. to 1201 b., 4jd. Future Not Very Promising. The market is depressed, and future prospects are not very promising, says a cable message received by Levin and Co., Ltd., from their London agents. Compared with last week’s quotations, North Island down lambs. 281 b. to 361 b., id. per lb. lower; 361 b. to 421 b., l-Bd. per lb. lower; best North Island crossbred lamb, 28lb. to 361 b., id. per lb. lower; 361 b. to 421 b., 3-Bd. per lb. lower; North Island second quality lamb, id.- per lb. lower; North Island wethers, under 641 b., l-Bd. per lb. lower; North Island ewes, under 561 b., l-Bd. per lb. lower; others unchanged. . Smithfield “delivered” prices are quoted as follow North Island down lambs: 281 b. to 361 b., 6id. per lb.; 361 b. to 421 b., 6 l-Bd. Best North Island crossbred lambs: 281 b. to 361 b.. 5 7-Bd.; 361 b. to 421 b., sid.' North Island second quality lambs, average 301 b. to 311 b., sd. Best North Island wether sheep: Under 481b.,-4 l-Bd.; 481 b. to 561 b., 3 3-Bd.; 561 b. to 641 b., 3 l-Bd.; 641 b. to 721 b., 3d. North Island ewes: Under 481 b., 2Jd.; 481 b. to 561 b., 2Jd.; 561 b. to 641 b., 2 3-Bd.; 641 b. to 721 b., 2id. New Zealand prime ox beef: None offering. The Bank of New Zealad, produce department, has received the following advice from its London office as at close of business last week: —The demand for wether mutton is moderate, and prices are a shade lower. The market for ewes is dull. The market is over-supplied with lambs, and prices are affected in consequence. The market for beef is depressed owing to heavy supplies of Argentine. Trade generally is slow. Wethers, light, 3 l-Bd. to 4Jd. per lb.; wethers, heavy, 2Jd. to 3d.; ewes, 2d. to 2 7-Bd.; lambs, 2’s, sfd. to 6Jd.; lambs, B’s, sjd. to 6d.; lambs, 4’s, 5Jd. to 6d.; lambs, seconds, sd. to 5 3-Bd. Beef: Ox hinds, 3Jd. to 4d.; ox fores, 2Jd. to 3d.; cow hinds, 3}d. to 3Jd.; cow fores, 2Jd. to 2Jd. LIVE STOCK MARKET Feilding Sale At the Feilding sale on Friday, Associated Live Stock Auctioneers, Ltd., had a good yarding of fat sheep and breeding ewes, with only a small yarding of store lambs and wethers. t The competition for fat ' ewes and wethers was not so keen as last week. Fat Jambs: Very few were yarded in this section, and quality was just fair and consequently the market was inclined to drag. We had a good sale for ewes r.w. S.D. rams, and also for ewes r.w. Romney rams, the demand for same being purely' local. A special entry of 4-th, 6- and 4-yr ewes r.w. Romney rams, on account of Mr. H. P. Clare, Waituna, sold under keen competition. The 4-th ewes on this account realised 13/-; 6-th ewes, 12/-; and the 4-yr ewes on the same account realised 8/11. Another Jine of 6-th to 5-yr ewes r.w. S.D. rams, on account of Mr. L. E. B. Wallace, sold exceptionally well, realising 13/5. Also, other good ewes r.w. S.D. rams sold well. Store lambs, of which there were very few yarded, were dull of sale. /, . Fat cattle sold on a par with last week's values, but the cattle yarded were not of very bigh quality. . Store cattle, were yarded in small numbers and we have to report prices unchanged. Dairy stock: Good springing cows and heifers close to profit sold readily, but late calvers did not seem to be wanted. Fat ewes, 4/-, 5/-, 5/9, 7/4, 8/-, 8/2, 8/4; fat wethers, 10/-, 10/6, 11/-, 11/10 to 12/4; fat lambs, 8/-, 8/7, 9/1, 10/7, 12/-, 12/10, 13/7, 14/-; ewes, r.w.r., 4-yr ewes r.w. Rom. rams, 8/11; 6-th ewes, r.w. Rom. rams, 12/-; 4-th ewes, r.w. R. ram, 13/-; 6-th to 5-yr ewes, r.w. S.D. rams, to 13/5; 4-th to 6-yr ewes, r.w. S.D. rams, 12/6; other ewes, r.w. S.D. rams, from 7/1, 7/2, 7/6 to 7/7; 2-th ewes, r.w. S. rams, 11/2; wethers and lambs, 2-th wethers, just fair sheep, realised 8/5; wether lambs, 4/4, 6/3 to 6/6; store and fattening ewes, 3/6. Dairy cows: Springing, £5, £5/5/-, £5/10/-, £5/17/6 to £7/10/-; springing heifers, £3/10/-, £3/12/6,. £4/2/-, £6 5/- to £7; pedigree springing Jersey heifers, 7 guineas, 8 guineas to 8J guineas; pedigree Jersey cows, 4 guineas, 6 guineas to 8| guineas. I Fat cattle: £2/4/-, £2/10/-, £2/12/-, | tq tat fcfiMss}

King Solomon Return By Telegraph—Press Association. Invercargill, June 24. The wash-up at the King Solomon Mine for the week totalled 31oz sdwt. Whisky Companies’ Profits Profits of Buchanan-Dewar,^which is controlled by the Distillers Company, Great Britain, for the year ended March 31 declined from £1,353,776 to £951,840. A final dividend of 13 1-3 per cent, was declared, making a total distribution of 23 1-3 per cent., against 35 per cent. The year’s profits of John Walker and Sons were £625,026, as against £676,273. A final dividend of 15 per cent, makes 25 per cent, for the year, an unchanged rate. General reserve is raised to £230,000 by the transfer of £30,000. AUCTION DIARY TO-DAY. x " Shannon, 11.30 a.m.—Unreserved clearing sale a/c D. O’Driscoll (N.Z. Farmers’ Co-op. Distributors Co.. Ltd.). 74 Vivian St., 10.30 a.m. —Sale account of Brattle Bros., plastic artcraft (I. Silverstone and Co.), i ■ Fifth Floor, Nathan’s Buildings, Grey Street, 10.30 a.m.—Sale office furnishings (E Johnston and Co.). 35 Willis St., 1.30 p.m.—Sale contents Majestic Bestaurant (in liq.) (E. Johnston & Co.). ' . ' 59 Vivian St., 10.30 a.m.—Sale drapery, etc. (Morris Kissin). TO-MORROW. Farm Rototuna, Hanillton —Almadale Jerseys annual sale, 11 a.m. (W.S. & Co., Ltd.). “Sunny Brae,” Wharltl, Woodville, 12.30 p.m.—Clearing sale of stock a/c Messrs. Toxward and Toxward (Williams & Kettle, Ltd.). Moutoa. Shannon, 11.30 a.m.—Clearing sale a/c T. and E. Roddick and J. S. Cameron (Assoc. Livestock Auctioneers). Bryce’s Line. Kiwitea, 11 a.m. —Sale herd a/c Feilding Bacon Co. (Assoc. Livestock, auctioneers). Allen St., 10.30 a.m—Sale poultry, etc. (Townsend & Paul). Levin sale. ' WEDNESDAY. Te Kulti saleyards. 10.45 a.m.—Awarimo farming property by order S/C (N.Z.L. and M.A.. Ltd.). Railway Yards, Aramoho, 10.30 a.m.—Sale timber a/c Ellis and Burnand, Ltd. (E. C. Day, Ltd.). Totara Park, Orlninea, Tauplri, 11.30 a.m. —Sale Friesian cattle (W.S. & Co., Ltd.). 154 Featherston St.. 2.30 p.m.—Sale a/c mortgagee, property 2 Torrldon Rd., Miramar (J. H. Bethune & Co., Ltd.). Johnsonville Fat Stock Sale, 12.30 p.m. 8 Wllleston St., 12.30 liMSeks. eto jAhMtoa At ■

■ Stock Exchange- were N.Z. GOVT. LOANS— £ B d Sellers. £ s d p.c. Bonds, 1939 ... 93 2 6 ' 4? p.c. ditto. 1938 ... 93 0 0 ■ — ‘ 5} P.C. ditto, Feb, 1937 100 2 6 —- ■ nJ p.c. ditto, Sep.. 1987 100 2 6 100 12 6 . 5j p.c. ditto, 1933 ... 98 7 6 ; — ■ 5J p.c* ditto, 1937 ... 96 10 0 —— • 44 p.c. Insc. Stk, 1939 93 0 0 — 44 p.C. ditto, 1938 ... 93 7 6 93 17 6 5$ v.c. ditto, Feb., 1937 100 5 0 • • si pc. ditto, Sep.,, 1937 100 5 0 100 12 6 - 5} p.c. ditto, 1941 ... 95 0 0 — DEBENTURES— „ Wgton. Gas Co. ...... 90 0 0 —— Bank of N.Z, 5i p.c, , 1939 - »a 0 0 —— Chch. and Dunedin City, 51 n r 1944 97 8 0 - - Wgton. City, 5} p.c., 1934 — 100 '5 0 Wgt'on.' Harb. Bd., Hl... p.c., 1940 98 0 0 — Haurakl Plains, 5J p.c., 1943 — 96 0 0 Waiuku Water, 5} p.c. 1905 — 96 0 0 Makerua Drn Bd, 6 p.c, 1950 — 94 10 0 • Mt. Eden Boro, 5J p.c., _ ; „ 1944 93 0 0 ■ ■ ■ , BANKS— 9 TO National N.Z •3 2 9 New South Wales 0 0 New Zealand .....U'. 2 2 7 Ditto, long term .... 1 5 8 15 9 FINANCIAL— Equitable Bldg. Co. .. — < Abraham and Williams, 50 0 ord • — Ditto, pref. ........ — 2 0 0 8 5 0 N.Z. Guar. Corpn., ord. 0 4 1 ——“ Wgton. Invest, T. & A. — 0 7 6 Wgton. Dep. and Mtg. — 0 8 6 ' GAS— , ' Christchurch 15 0 Ditto, coiitr 0 12 0 «M> ■ Wellington, ord. . 17 3 — Ditto, pref. 0 15 6. INSURANCE— National 0 11 5 0 11 9 South British 2 10 9 — Standard 119 3 — MEAT PRESERVING— Gear .......; '.. 1 7 9 N.Z. Refrig. (£1) ... — 0 11 3 Ditto (10/-) 0 3 10 — TRANSPORT— Huddart, Parker, ord. 1 16 Union Steam, pref. ... 0 18 9 — P. and O. def. stock .. 0 15 0 — S WOOLLEN— Wellington, ord 4 4 0 COAL— TIMBER— National — 0 4 0 Leyland-O’Brien ..... — 110 Tarlngamutu — 0 4 9 BREWERIES— - •14 9 Tooth and Co. • 1 5 0 MISCELLANEOUS— British Tobacco, ord. *17 6 —— Burns, Philp and Co. . — 2 0 6 Colonial Sugar 41 0 0 42 0 0 Dental and Medical ... 0 5 0 0 6 0 Electro. Zinc, pref. .. 0 19 3 — Howard Snr.th, ord. .. — 0 8 9 National Electric .... — 0 10 0 N.Z. Drug 2 7 9 — N.Z. Paper Mills 0 18 0 — . Wilson's Cement 16 0 Woolworths' pref 1 4 0 OIIz— Moturoa ..... — 0. 4 0 MINING— Mount Lyell 0 16 11 0'17 3 Walht 015 0 Okarlto 0 9 3 — " Consol. Goldfields ... 9 3 2 0 3 4 •Cum. dividend.

AUCKI/AND. £ 8 d Inscr. Stock, tSJ p.c., Feb.-Aug. 1030 100 5 0 Wilson's Cenjent .. 1 0 3 1 18. 0 Taranaki Oil -. 0 1 6 CHRISTCHURCH. £ s d Bank of New Zealand 2 3 0 Goldsbrough, Mort., cum. div. . 1 0 0 0 1 0 0 9 6 DUNEDIN. £ 8 d Sale reported: Bank of New Zealand 2 2 9

. June 24. N. York, dol. to £ 3.61 Montreal, dol. to £ 4.145 . June 23. Par. 3.615-8 4.866 4.14 4.866 Paris, fr. to £ 9113-16 9115-16 124.21 Brussels,, bel. to £ 25.95 .26 31-32 35.00 Geneva, . £r. to, £ < 18.55 . 18.55 25.225 Amst’dam, fl. to £ 8.945 8.145. 12.107 Milan', lire to £ ’ 7015-10.71 92.46 Vienna; schgs. to £ 33 33 34.585 Berlin, inks, to £ 15 7-32 15 7-32 20.43 St’holm, knr. to £ 1915-32 19.50 18.159 C’hagen, knr. to £ .1811-32 1811-32 18.159 Oslo, knr. to £ 20 5-16 20 5-16 18.159 Prague, knr. to £ 122 121.75 164.25 Hel’fors. mks. to £ 215 215 193.23 f XT 4312-16 25.225 Lisbon, esc. to £ 110 110 110 Athens, drach; to £ 557.50 557.50 375 Belgrade, din. to £ 225 225 276.31 Bucharest, lei to £ 620 620 813.60 Warsaw, zloty to £ — 32.25 43.38. Bie de J.', p. to mil. *5 ♦5 16.70 B. Aires, p. to peso * 47.62 M. Video, p. to peso *30 *30 . 51 Calcutta, p. to run. 17 01-64 17 01-64 18 Shanghai, p. to tael 1913-16 201-16 , H.-Kong, p. to dol. 151 15 3-8 — Y’hama, p. to yen 19.25 18.025 . 24.582 Batavia, fl. to £ 9.00 9.00 12.107 •♦Nominal.,:

May June June June 25. 29. 13. 20. Buying ... .. 3.78 3.77 3.72 3.71 Selling .. • ,. 3.58 3.57 3.52 3.51 Canadian Dollars to £1 N.Z. Buying .. . 4.30 4.35 4.31 4.24Selling ... .. 4.10 4.15 4.11 4.04

Butter Salls. Due U.K. boxes. Cheese crates. . Tainui July 1 Aug. 7 15,000 0,000 Coptic '.. ■July o Aug. 7 20,000 5,700 Huntingdon July 6 Aug. 15 (50,000 5,700 Remuera .. July 9 Aug. 15 20,000 5,800 Pt. K’mantle July 11 Aug. 18 50,000 9,200 Karamea .. July 11 Aug. 10 10,000 8,900 Zealandic . July 18 Aug. 23'50,000 11,500 Kent .... July 20 Sept. 2 20,000 11,000 Tongariro July 29 Sept. 5 5.000 3.700 Rangitlki .. Aug.u Sept. S 50,000 7,400 Mahia ' .. .Aug. (J Sept. 11 24.000 12,(MIO Pt. Hunter Aug. 0 Sept. 14 40,000 6,700 Westm'land Aug. 6 Sept. 14 28,000 5,200 Pt. Brisbane Aug. 10 Sept. 18 44,000 Sept. 22 40,000 Sept. 20 33,000 7.300 Tamaroa .1 Aug. 20 4,700 Ruahine .. Aug. 20 5,000 Total— • 500,000 119,700