FINANCE AND COMMERCE

Dominion, Volume 25, Issue 259, 28 July 1932, Page 12

FINANCE AND COMMERCE

STOCKS AND SHARES Market Firm and. Active WELLINGTON EXCHANGE Renewed activity in . the Welllngton stock and share market terday by the quotation' lists. Investors appeared to be mainly interested in ffiltbut theeix.sales recorded were of much favoured shares at firm secunties the ffiXtoSi K’.a to £99/10/- without drawing ' rather quieter. New Zojp lands had two sales, one on.. Change a£ 46/6 and there was an unsatisfied in t-irrnt 46/4. The long term mortgage sTares of this bank sold at 26/6, more being sought at,3d. lower. Sellers asked. 14/1, cum. div., for. Commercial of Australia, 70/-'for National of N.Z., £27 for New South Wales, and £7, ex div., for Union of Gas firmed a point to2B/7, cum. div.*without drawing sellers. Insjiranee shares were steady, sellers asking 12/10 for Nationals. Geat Meat, which had been Quoted for some days at 29/6, firmed sharply to 31/v at which figure a sale was reported More were wanted at that price, but sellers held f ° j fosgiel Woollen were bid for ‘a t £6/11 /-• but sellers asked £7/5/-, and also hardened their offer of Wellington Woollen ord.nsoldl on '2s/ nS wirh or/q . More were wanted at do/-, wirn sellers at 28/6. Colonial Sugar were reported sold at £4l/17/6, and there were sellers 'asking-'£42. Yesterday’s Quotations ___ • ' . • - • ■ Buying and .selling quotations at yesj terday’s Anal ca!l on t?, e Wellington Stock .Exchange were, as follow:—

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

J SYDNEY STOCK EXCHANGE V'- - . J . Prices Generally Steady > (Rec. July 27, 5.25 pan.). ' Sydney, July 27. ■* On the Sydney Stock Exchange to-day 1 transactions, while- embracing a fairly ' -wide variety of stocks and shares, were * responsible for no marked alterations in prices. ' Sales: Bank of New .South Wales, ■£29/10/-; Colonial Sugar, £47; Burna, J Philp, 44/-; ditto, South Sea, 30/6; > Eairrmead Sugar, 24/9; Australian Gas A. £6/8/-; Touheys, 19/7s; Tooths, ' 29/6; Dunlop Perdriau, 12/9; Henry * Jones, 31/7s; Broken Hill Proprietary, '• 16/9. Commonwealth Bonds, 4 per >. rent., 1938, £9B: 1941, £97/15/-; 1944, t £9B; 1947, £97/15/-; 1950, £9B; 1953, £96/12/6; 1957, £96/12/6; 1961. £97 3/9. Morning sales: Commonwealth Bonds, i 4 per cent., 1938, £9B/10/-; 1941, £97 15/-; 1944, £97/16/3; 1961, £97. Colonial Sugar, £47; Australian Gas A, £6/8/-; ~ Tooths, 29/6. Melbourne. July 27. I Sales: Commercial Bank of Australia, £l5/6; Metropolitan Gas, £lO/17/-; Jiestles, pref., 29/7s: Mt Lyell, 18/6; Herald and Weekly Timm SQA,

LOW WOOL PRICES Position of the Pastoralist AN AUSTRALIAN VIEW In an editorial headed “The Bankrupt Grazier,” the “Bulletin” discusses the “very serious position of the Australian ’wool industry, and has much to say regarding prices and the marketing of the staple that is of considerable interest to the New Zealand wool-grower. ‘ In 1928-29, the last year before the crash, the' exports of Australia reached £144,850,452. Of this total wool . accounted for £61,612,995, or nearly 43 per cent.; and it had been much greater than that in some previous years. ... There has been‘ beyond all ■ question, a shocking fall in wool • values. Since 1924-25 the movement ,on ( the Sydney market is shown by this table of average prices per pound of greasy wool, with the top price for each season:—

But we must go back further, than that to get a true perspective, says the “Bulletin.” For the.whole period 1896-1906 the average for greasy wool was no ‘more than B}d; for the .period from 1906 to 1915-16 it was 96d. 1 Actually, therefore, the average price for the past three years has been about the average' price for the 20 years prior to the war sales. During the past year or two there has been a tendency to assume that we‘are in the trough of an unexampled depression, and that’ normal conditions were those of 1924-29. So far as wool is concerned, however, prices, have been lower over a considerable range of years than they are now. Between 1890 and 1899 the average never reached 8d for atiy years. On these figures there is . no reason for declaring that what may bai called the true price—the price to be relied on for the future—is the average of 1924-29 rather than of the 20 years prior to the war. After consideration of the general movement in price levels, the “Bulletin remarks that the • statistical position of wool is thoroughly good. There might be a reason why wool should shrink in value as much as the average, though even that is doubtful; there seems to be none at all why it should shrink, as it has done,, much more than the average. A possible explanation is that it is not as well handled as most commodities; and that is certainly a matter which calls . for investigation. Already on this point there has been some inquiry. John. Higgins, who was chairman of Bawra. put forward a scheme for the stabilisation of wool values, which was rejected by the governing bodies,of the societies which have been formed to protect graziers’ interests. It may be a sound scheme or it may be chimerical; but, at any rate, the question still awaits an answer: Why has wool suffered in price so much more than the average, notwithstanding that its statistical position is -so sound and notwithstanding that no effective substitute has been developed? That there is no effective substitute seems eto be conclusively proved by the fact that woollen goods are in great demand at prices which simply stagger the original producer. Excessive Price Fluctuations. But there are other matters in connection with the industry which call for inquiry, continues the “Bulletin.” We have seen what tremendous variations there are in the price. Professor Shann shows that in 1884 it was 10.3 d. per.pound, and in 1894 6.1 d.; by 1907 it was back to 10.7 d., and by 1911-12 it was down again to 8.7 d.; in 1921-22 it was 13.1 d., and by 1924-25 it was up to 25.2 d., to fall tp 17.7 d. in the following year. The average for the ten years 1920-29 Tfas IS.Sd.; the Sydney average for the past three years has been just under one-half of that. If we cannot ston these excessive fluctuations, cannot something be done to stop some of their evil effects? In a good part of the hectic period between 1923 and 1929 it was possible for a grazier to make £1 per head from his sheep in a year and sheen properties changed hands at prices which they should never have approached. The banks, to do them justice, offered some resistance to advances on these extravagant valuations; but excessive advances were made, and are responsible for a great deal of the distress in the industry to-day. The matter for inquiry here is whether any means are practicable to Prevent excessive advances upon grazing—and wheat-growing—properties. It may even be necessary to consider whether banks should not be excluded from this class of mortgage business. It is certain that pressure is put upon banks to make advances beyond what they feel ought to be made; they can only refuse them at t’- risk of being shut out from more legitimate banking business. And these fluctuations do more than leave the grazier struggling with a crushing load of interest. They leave _ him struggling, too, with excessive freights, with excessive labour costs, with.excessive commissions. No section of the community is, as a rule, more willing than the grazier to share good fortune with those with whom it has dealings. He has therefore submitted, to railway freights in good times which have been preposterous in bad ones. . . . Indeed, almost every service, for which this industry has to pay is paid for on the basis of wool at high prices. This at least is a matter ‘which can' be dealt with without waiting for any commission.

“But no rectification of costs will cover the most important point of all —whether the world is paying us a fair thing for this highly superior wool of ours, and whether a better marketing system is not possible. Those who say they have, gone into the whole matter and can see no room for improvement are surely called upon to explain how it is that this wool, which is not in excessive supply and is in keen demand —as proved by the prices for the manufactured and semi-manufac-tured article —should have suffered so much more than the average loss of value.”

BASE METALS MARKET Copper Again Weaker (Rec. July 27, 7.50 p.m.) Sydney, July 27. The official London (middle) quotations for Tuesday as received by the Australian Mines and Metals Association compare as follow with those previously cabled:—

CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington yesterday totalled £10,804.

ADDINGTON MARKET Record Entry of Fat Sheep FAT CATTLE FIRM By Telegraph—Press Association. Christchurch, July 27. The main feature of the Addington market to-day was the heavy consignments from the North Island, Otago and West Coast in the fat cattle section, and the heavy supply of fat sheep, constituting a record and including drafts from Otago and Southland. , Store Sheep.—A mixed entry, with useful ewes sought. There was little life in the market, but prices were maintained at late rates. Values were:— Medium four and six-tooth three-quarter-bred ewes to 15/1; ordinary, four and six-tooth halfbred to 12/-; ordinary twotooth three-quarterbred to 13/-; good s.m. halfbred, 12/1; ordinary s.m. halfbred, 9/4 to 9/6; s. and f.m. to 6/-; medium wether lambs, 7/7 to 8/-. Fat Lambs. —An entry of 1400 head, including many of good quality. Butchers’ sorts went back 1/- a Jiead, and medium lambs were back 3/- a head on late rates. Values were: Extra prime lambs to 18/7; prime, 13/- to 16/6; medium, 9/- to 12/6; light, 6/6 to 8/6. Fat Cattle.—An entry of 460 head, including 122 head from the .North Island aiid about 50 from the West Coast, Otago and Southland. It was a very erratic sale, but the market for really prime beef was better than at the preceding week’s market. • Sixty head of North Island steers averaged . £ll/10/-. and heifers and cows. from Gisborne £8 and. £7 respectively. Best beef made up to 27/6 per 1001 b, good 22/- to 25/6. heavy to 23/-, secondary 17/6 to 20 z -, inferior 15/- to 17/6, rough down to 13/- per 1001 b. Values were: Extra prime heaVy steers to £l2/17/6; prime heavy, £9 to £ll/10/-; prime medium weight, £7/5/-; medium quality, £5/5/to £6/15/-; light to £s'; extra prime heifers to £lO/7/6; prime, £7 to £S 10/-; medium, £5 to £6/10/-; light to £4/15/-; extra prime cows to £9/17/6: prime, £6/5/- to £7/15/-; medium, £4 to £6; light to £3/10/-. n Fat Sheep.—An entry of 8200. A steady demand was maintained, races showing a decline of 1/- to 2/- a head for ewes and 2/- a head for wethero. Values were: Extra prime heavy wethers to 17/10; prime heavy, 15/6 to 17/-; prime medium weight, 13/6 to 10/-; ordinary, 11/- to 13/-; light, 8/6 to 10/-; extra prime heavy ewes to 15/7; prime heavy, 11/- to 13/6; prime medium weight, 9/- to 10/6; ordinary, 5/6 to 8/6; light, 3/- to 5/-. Fat Pigs.—-A medium entry and a fair demand. Late rates were maintained. Choppers, £2/10/- to £5/6/-; banners, 47/6 to 54/6; heavy, £3 to £3/8/-; extra heavy to £3/16/6; average price a lb, 44d to sd. Porkers, 24/6 to 32/6; heavy, 36/6 to 40/6; average price a lb, to'CJd.JOHNSONVILLE SALE . Prices Steady Prices were firm at yesterday’s sale at Johnsonville, at which Wright, Stephenson and Co., Ltd., and Abraham and Williams, Ltd., offered a full yarding. The sheep were of the best quality offered for some considerable time. Prime bullocks and cows met a keen demand at last week’s rates. Vealers met a ready sole at prices on a par with late rates. Wethers were slightly firmer as compared with last week, while ewes, taking into account the quality, showed no alteration in prices. Lambs and hoggets were dull ' Cattle. —Prime extra heavy bullocks, £B/7/6, £B/5/-, £B/1/-, £B, £7/19/-, £7 17/-, £7/16/-' £7/14/-, £7/13/-; heavy bullock#, £7/3/-, £7/7/-. £7/5/-, £7/3/-, £7/1/-, £6/19/-, £6/16/-, £6/14/-,- £6 10/-; bullocks, £6, £5/17/6, to £5/10/-; prime extra heavy, cows and heifers, £4 17/-, £4/12/-, £4/10/-, £4/2/- to £4; cows and heifers. £3/14/-. £3/8/-, £3/6/-, £3/3/-. to £3; runners, £2/15/-, £2/14/-, £2/11/-. £2/10/-. £2/6/-. £2/5/-. £2/3/-, to £l/18/-; vealers. £l/15/- to £l/10/-. Sheep.—Prime extra heavy wethers, 15/-. 14/7. 14/6; i>rime heavy wethers, 18/9, 13/6, 13/4; wethers, 12/10, 12/7, 12/4, 12/3 to 11/3; prime heavy ewes, 11/11,11/4,11/-, 10/10, 10/9,10/6, 10/-; ewes, 9/11. 9/9, 9/6 to 9/-; heavy hoggets, 12/7. 12/3, 11/-; hoggets, 10/6 to 10/-; heavy lambs, 14/-, 13/7; lambs, 11/3, H/-. Levin Sale At the Levin sale on Tuesday, Associated Live Stock Auctioneers, Ltd., offered medium yardings of all classes of stock. Pigs showed a rise on last week’s prices. Sheep : Light fat hgts., 10/2 ; ewes in lamb to S.D. rms, 11/1. Cattle: Fat cows, £3/10/- to £3/15/-; fwd. conditioned cows, 30/- to 37/6; boner cows, 8/-, 10/-, 12/-, 16/-; bulls, 25/-, £2/15/-, £3, £4. Dairy cattle: Her. hfrs., r.w.b., £2; hfrs., r.w.b., £3/10/-, £2/1/-. 37/6, 33/6; cows at drop, £3/5/-, £3/10/-; cows due August, £2/15/-, £3/10/-, £4; spg. hfrs.. £5, £5/17/6; weaner hfrs., 13/-. Pigs: Weaners, 10/-, 11/-, 14/-; slips, 15/-. 16/-, 17/-; stores, 14/-, 16/-, 17/-, £l, £l/1/-; light pork, 10/-, £l, £l/1/-'; med. pork. 25/-, 28/-, 37/-; heavy pork, £2/10/-, £2/16/-; baebners, £2/7/-, £2 9/-; choppers, £2/7/-, £3/5/-. WAIRARAPA PRICES Masterton Sale ; At the Masterton sale Associated Live Stock Auctioneers, Ltd.,.offered an entry of fat heifers and cows. The quality was exceptionally good, the best sorts being well finished. Competition was keen and prices were the best so far this season. Extra prime heifers'. £5/8/-; fat heifers, £4; extra prime cows, £5/10/-; fat cows, £4: fat and.forward.steers, £4. A. special entry of 1427 sheep, 61 cattle, and 32 pigs was offered by the N.Z. Farmers’ Co-op. Distributing Co.. The sale was very successful. Good breeding ew.es in lamb, and good hoggets, were in keen demand, and sold at advanced prices.. Fat. sheep ajso showed am improvement on late sales. Pigs (particularly weaners) had an exceptional; y keen sale at much improved values. Fat sheep: Prime fat wethers, account N. Groves. 13/3; account J. Savage, 13/- to 13/2; account A. W, Campbell, 12/10; other wethers, 11/9 to 12/-; fat ewes, account C. C. Horsbrugh, 9/- to 9/6 ; other ewes, 8/- to 8/3; light, 7/- to 7/6; fat hoggets. 9/-‘ to 9/7; fat Downs, 11/9 to 13/-. Store sheep: 4 and 5-year ewes, r.w. Southdown, ac count estate A. J. Percy, 12/6 to 13/-; do.; account C. Oliver, 12/7; do., account A. \V. Campbell, 11/7; do., account J. Savage, 12/-; young Southdown-cross ewes, r.w. S.D., 11/-; sm. ewes. rw. S.D., 7/9 to 10/1; fat. and forward wethers, 9/- to 10/-; forward ewes, 5/6 to 6/-: 250 good woolly wether hoggets, account J. Savage 8/6; good ewe hoggets, 9/7: other wether hoggets, 6/- to 7/10; small b.f. hoggets, 6/10 to 7/6. Fat cattle: Hereford cows and heifers, £3/11/-: light P. A. cows, £3; fat dairy cows, 25/-. Dairy cattle, good springing heifers, £6; later calvers, £4/15/6 to £5/5/-; cows, on drop, £5/10/- to £5/15/-; September calvers, £2/10/- to £4/6/-; empty cows, 7/6 to 12/6. Pigs: Light porkers. 25/- to 30/-; weaners, 11/- to 16/6; and a. few to 20/-; slips, 16/- to 18/-. Carterton Clearing Sale Dominion Special Service. Carterton, July 27. A clearing sale on behalf of Mr. L. T. Hawke was held at Clareville, Carterton, yesterday, by Associated Live Stock Auctioneers, Ltd. The dairy herd comprised only higlj-grade Ayrshire cattle. They were in good condition, and all calving dates were given at the sale. The best cows were keenly sought. The top price was £ll/5/-, and quite a number made OVM th# £9 mark. Th* Au£U»t and

early September calvers averaged £9/4/-. The late calvers were not in such keen demand, and brought the total average of the sale down to £7/7/6. Sows due to farrow created strong competition, and sold up to £5/10/-; the seven sows averaging £4/9/-. A purebred Berkshire boar made £7/10/-. Two aged horses sold for £l3/15/- and £7. Other prices were as follow: —3-cow milking plant, £2B/10/-; 65-gallon separator, £l5; milk pump, £2 2/6. Other small sundries sold well. BURNSIDE SALE Beef and Mutton Dearer By Telegraph—Press Association. Dunedin, July 27. Fat cattle sold at advanced rates at Burnside to-day, and a very satisfactory sale was reported. Starting with a rise of 10/- a head, the market improved another 10/- before the close of the sale. In the sheep section wethers and ewes realised improved prices, and pigs met a keen sale. In a short yarding of 179 head of fat cattle were several pens of good handyweight bullocks, but no heavy weights. The top price for best bullocks was £l4. Other lots sold from £lO to £l2/10/-, while light nlain steers brought from £8 to £lO. Only a few heifers were penned, and the usual number of cows was included in the entry. Several good heifers sold to £7, and good cows at from £5 to £6. Prime ox beef was worth 30/-, heavy and plain 27/6, arid eows and heifers from 25/- to 27/6 per 1001 b. About 1700 sheep and hoggets were yarded. The entry included several pens of extra heavy ewes, and a large number of medium-weight ewes of good quality. One truck of extra heavy wethers, and two or three trucks of nice quality medium weights comprised the wether section. Prices for wethers improved about 2/- a head, selling from 16/- to 20/-. Ewes also sold at an advance of 2/- a head, good young sorts bringing from 10/- to 14/-, medium weights from 8/- to 10/-. and light wethers from 5/- to 7/6. Good ewes were worth 2d., and light and aged ijd a Ib. Prime wethers were equal to 3d. a lb. all round. A few odd lots of hoggets were secured by butchers at an advance in value. Animals suitable for the trade sold from 10/- to 13/6, and extra light hoggets ranged from 8/6 to 9/-. The store cattle entry was confined almost entirely to old cows, which realised from £l/10/- to £3. Several steers sold at up to £3/10/-. - Good quality pigs were yarded, and the entry met a keen sale. Baconers and porkers were dearer, baconers selling to £4, and porkers at an average of about £3 a head. WESTFIELD SALE All Prices Firmer By Telegraph—Press Association. Auckland, July 27. There was less than an average yarding.of beef at Westfield to-day. Competition was again keen, last week’s rise being easily sustained. Extra choice ox sold to 21/- per 1001 b.; choice ■ and prime, 17/- to 20/-; ordinary and plain, 14/- to 16/-; prime .young cow and heifer beef, 17/- to 20/-; ordinary, 12/- to 16/-. Extra heavy prime steers ranged from £8 10/- to £9 : heavy prime. £7/10/- to £8 7/6; lighter prime, £6/5/- to £7/7/6; light prime, £5 to £6/2/6; unfinished and small, £4 to £4/17/6: heavy prime young cows and heifers, £5/10/- to £6/10/-; lighter, £4/5/- to £5/7/6; light cows, £2/10/- to £4/2/6; others, £l/10/- to £2/7/6. Sheep came forward in less thiin average numbers. With keen competition values again advanced. Prime wethers realised 14/- to 15/3;,light prime, 12/to 13/9; small and unfinished, 9/- to 11/9; prime maiden ewes, 11/- to 12/-; heavy prime, 10/- to 11/6; medium prime, 8/9 to 9/9; light prime, 6/6 to 8/6; inferiorly fatted, 5/- to 7/-. A small offering of lambs sold readily at late quotations. Extra heavy prime lambs made 15/- to 16/-; heavy prime, 13/- to 14/9; medium prime, 11/- to 12/6; light prime, 8/- to 18/6. There was a small yarding of pigs, which met a keen demand. Values for porkers showed a further rise and rates for baconers remained firm. Choppers, £l/10/- to £2/10/ T ; heavy and medium baconers, £2/4/- to £2/9/-; light baconers, and heavy porkers, £l/17/- to £2 2/-: medium and light porkers, £l/S/to £l/16/-; small and unfinished, £l/3/to £l/7/-. A small yarding of store pigs sold at improved rates. There was a good demand for calves and values again showed a rise. Bunners made £2/9/- to £3/4/-; heavy vealers. llfif- to £2/12/-; medium, £l/16/- to £2/2/-; light. £l/10/- to £l/14/-: smaller, £1 to £l/8/-; rough. 5/- to 10/-. . ' Mukapai Clearing Sale Associated . Live Stock Auctioneers, Ltd., held a clearing sale of dairy eows and pigs on Monday, on account of the Mukapai Flaxmilling Company. There was a good attendance, and bidding was brisk throughout the sale. The herd, which comprised young Jersey and Jersey cross cows, was in splendid condition, and calving dates and herd tests were given out. Best springing eows, July-August-Septeinber ealvers. £6/10/-, £7, £7/10/-. £B/5/-, £B/10/-. £B/15/-. £9. £9/5/-, £9 10/-, £lO, £lO/10/-, £lO/15/-, £ll, £ll 10/-, £l2, £l2/10/- to £l3; cows in milk, £2/10/-, £3. £5 to £6; empty cows, £l, £l/10/-. £2/5/- to £2/15/-; three-quarter cows, £4, £5/5/-. £5/10/-; sows to farrow. £2/15/-, £5. £5/15/-; sows with litters, £3/15/-. £6/10/-, to £7; store pigs, 6/6. 10/6. 26/-; boar, 20/-; aged draught horse £6. HAWKE’S BAY VALUES Stortford Lodge Sale Dominion Special Service. Hastings, J uly 27. There was a large yarding of 300 head of cuttie at Stortford Lodge to-day, ox beef being in a majority. A large proportion o£ the bullocks offered were Si-year-olds in light condition, and sqld at (low prices. An exceptionally prime draft of heavy cows and heifers realised from £4 to £4/14/-, being the best average price for some months. Several pens of lightly finished I’.A. bullocks ranged from £4 to £5, and a consignment of aged Hereford bullocks made £4 to £6/6/-. There was a distinct advance in the price of prime cow beef, but plainer sorts were equal to late rates. Competition for ox beef’ came mostly from export buyers, who were buying on a basis of 14/- per 1001 b. Prime cow beef realised from 12/- to 13/- per 1001 b., and plain cows 8/- to 10/-. Fat cattle: Bullocks, prime heavy, £5 10/- to £6/6/-; prime light, £4/15/- to £5/7/-; unfinished, £3/12/6 to £4/6/-; cows, prime heavy, £4 to £4/14/-; prime light, £3 to £3/15/-; unfinished, £l/12/to £2/10/-; heifers, prime heavy, £4/8/6 to £5/7/-; prime light, £3/10/- to £3 15/-; unfinished, £2 to £2/14/-; dairy itorte, prime, £l/12/- to £l/8/-; unfinish-

ed, 20/-.; vealers, heavy, 30/- to 35/-; medium, 14/- to 20/-. Fat sheep: There was a very heavy yarding' of 3000 head. The quality was very mixed. Some exceptionally prime ewes were penned iand other lines were very lightly finished. Exporters are unable to operate for lambs, their price being reduced to 3}d. per lb. Ewes sold at 8/6, 9/-, 9/5, to 9/10; lambs, 10/1 to 11/-; wethers, 11/10, 12/10, to 13/-; maiden ewes. 11/-; f. and f.wethers, 10/5; ewes, in lamb to S.D. rams, 7/6; ewe hoggets, 10/4 to 12/1; wether hoggets. 7/3; m.s. hoggets, 8/10 to 9/-. Store cattle; 18-month P.A.-cross steers,. £2/5/-; 4-year P.A. bullocks, £4 2A; P.A. and Herefo.-d-cross 18-month steera (small), £l/12/-; 2-year steers, £2/2/-; Shorthorn steers, £J/15/-; 3year mixed coloured steers, 25/-. Store sheep: 2000 were penned. Breeding ewes were slightly easier. M.a. ewes, in lamb to S.D. rams, 12/10; 5-year ewes, in lamb to S.D., 11/6; 5-year ewes, i.l. to Romney rams, 10/6; 60 m.s. hoggets, 8/7. OKARITO GOLD DREDGE Four Weeks’ Operations The Stock Exchange Association has received from the Okarito Five Mile Beach Gold Dredging Company. Ltd., the following report covering the four weeks from June 19 to July 16: Total gold won, 94 ounces, 8 dwt. Total time worked. 344 hours. Total non-working time, 232 hours (dredge stopped for overhaul). Total yardage treated. 19,600 cubic yards, an average of 57 cubic yards per hour. Average value of ground (on basis of gold worth £4 an ounce), 4Jd per cubic yard. WHEAT PRICES RISE Sharp Advance in Canada Winnipeg, July 26. The most pronounced swing in grain prices for some time. past carrying values up by 1 7-8 cents to li cents above Monday’s close, has put trailers iu an optimistic mood. On Tuesday more active interest was shown on the part of exporters. This is especially reassuring and some old traders professed to sec in the rise promise of better times. July closed 57 3-8 cents per bushel, October 60 cents, December 61i cents.

Buyers. Sellers. N.Z. GOVT. LOANS— £ 8 d & 9 a 41 p.c. Bonds, 1939 and 1938 — 96 10 0 54 p.c. Bonds, Feb,, and Sep., W37 .......... Id 01 p.c. ditto and Insc. 'Stk., 1933 ....99 44 p.c. Insc. Stk., 1939 0 0 • — 10 O’ ■ — — 96 10 0 51 p.c. ditto, 1936 ...._ 101 10 54 p.c. ditto. Feb. and Sep., 1937 101 0 0 — .. 54 P.c. ditto, 1937 ... 98 10 0 — debentures — Auck and Chch. City, 54 P.C.. 1944 98 0 0 Dunedin City, 5} 0 — Wgton. City, 51 p.e„ 1940 98 10 Wgton. Harb. Bd., &i p.c., 1940 99 10 0 0 BANKS— Commercial Aust, ord. , — *0 14 1 Eng. Scot, and Aust.. 4 0 0 National N.Z. —— 3 10 New South Wales ... 17 0 0 i New Zealand 2 3 4 — Ditto, long term .... 1 6 3 0 Union of Aust —— f7 0 FINANCIAL— Goldpbrough, Mort .. N.Z. Guar. Corp., ord. 0 4 6 i 2 Wgton. Invest.. T. & A. 70 6 9 — BAS— . Auckland - - —: •t 1 3 Ditto, contr *0 14 8 — Wellington, >ord *1 8 7 — INSURANCE— National ■—' 0 12 10 New Zealand *1 19 9 — South British 2 MEAT PRESERVING— 12 3 1 12 Goar Well. Meat Exp., pref. 0 12 6 — TRANSPORT— Union -Steam, pref. .. 0 I# 6 — WOOLLEN— llosgiel ® Wellington, ord. ..... 11 • 7 5 5 2 0 6 COAL— Westport TIMBER— ■National • 3 0 0 13 0 6 0 6 BREWERIES — ’ New Zealand —■■ 1 6 9 MlSCEBIaANEOUS — British Tobacco, ord. 1 8 0 1 8 6 Burns, Philp and Co. .. , — 2 0 6 Colonial Sugar — 42 0 0. Dental and Medical .. 0 4 0 Electro. Zinc, pref. .. — 1 3 Howard Smith, ord. . 0 8 0 — • Sharland and Co., ord. 0 13 0 Wilson’s Cement «■" ■ 0 1 10 3 Woolworths, pref. ... 1 5 1 6 0 OIL— , Moturoa — 0 3 6 MINING—, 0 17 Mount Lyell 0 16 n 4 Waihi OJA King Solomon — Mahakipawa 9 0 0 2 0 2 1 8 9 •Cumi dividend. ?Ex. dividend.

Sales on ’Change: Bank of New Zealand, ord. .... .266 .. 16 6 4 British Tobacco, ord. ........... Sales reported: .. 1 8 3 • Bank o£ New Zealand 1 11 0 Colonial Sugar .. AUCKLAND. .. 41 17 0 £ • d Comm. Bank of Auet 0 13 11 -» Bank of N.S.'W. 26 11 6 National Insurance . 0 12 6 jS N.Z. Insurance (3) , 2 0 0 4 ■ j N.Z. ■ Breweries (2) 15 0 British Tobaxsco 1 8 14 Ditto 18 2 Colonial Sugar 41 15 0 Farmers’ Trading 0 4 0 Gear Meat 1 11 6 ' I Wilson’s Cement 1 10 0 Alexander, 13/6 paid 0 17 6 Walhl 0 15 4 ■ ;# •> CHRIST CHUB CH. & e d if Commercial Bank of Australia . 0 13 9 Bank of Now South Wales .... 26 12 0 J Bank of New Zealand 2 6 6 Do . 2 0 7 N.Z. Insurance, cum div 2 0 3 Balgety and Co 7 5.0 ,St N.Z. Refrigerating. £1 paid ... 0 1111 >/ Do., 10/- paid 0 4 5 NJ5. Breweries (2) 15 0 British Tobacco '18 3 > Mount Dy ell 0 16 11 Do 0 16 10 . * Okarito Sales reported:— 0 8 10 j. Inscr. Stock, 51 p.e.. Feb., 1037 101 5 0 ,i British Tobacco 1.8 0 Do 18 1 .5 DUNEDIN. •(* > i Sale reported:— £ s d Ipscr. Stock, 4i p.e., 1933 96 0 0

, Average. Top Price. 1924-25 .. 25.5d . 52jd 1925-26 ... 16.7d 39d 1926-27. .. 16.3d 40jd 1927-28 .. 19.5d 41d. ■„ 1928-29 .. 16.5d '47d ' 1929-30 .. 10.5d 371d 1930-31 .. 8.7d 311d 1931-32 .. 8.3d 3Sid

July 25. Per ton. July 20. Per ton. Copper— £ a d £ 8 d Standard, spot ... 23 0 7 23 1 3 Standard, forward 24 It 3 24 11 10 i •Electrolytic ■■■■ 27 10 0 27 10 0 to 28 10 0 28 0 0 Wire bars Lead— 28 10 0 28 0 0 9 12 « 9 12 6 9 10 3 9 15 0 Spelter— 1.1 12 0 11 15 0 11 10 3 11 10 3 Tin— 124 7 6 125 13 9 120 12 6 127 7 6 Silver— Standard, per op. . 17d 17 1-bd Klne, per ox 18 5-10d •American not quoted.