FINANCE AND COMMERCE

Dominion, Volume 25, Issue 260, 29 July 1932, Page 14

FINANCE AND COMMERCE

STOCKS AND SHARES Market Quiet but Firm WELLINGTON EXCHANGE With a somewhat shorter list of buyers' quotations, there was nothing outstanding in the stock and share market yesterday. ... . For Government securities there was a fair inquiry at late market rates, sellers showing little disposition to ease their prices. Local body debentures were quiet, Wellington Harbour Board. 51 per cent., 1940, at £99/10/-, being the only Banks were quiet, with but little demand. New Zealands were firm at 46/6 and the long-term mortgage shares at 26/3. New South Wales were wanted at £26, but sellers asked £1 ® ore - E S and A. Bank were offered at 84/-. South British Insurance firmed sharply yesterday, morning bids, 52/6, moving up‘to 54/6-at the final call without response. Gear Jfeat, which sold at 31/ on Wednesday, were sought at yesterday’s morning call at 31/9, sellers ask-, ing 32/6. ' Wellington Meat Export, preference,' were again wanted at i— /u, with no'declaredscllers. New Zealand Breweries were, bid for at 24/6, sellers asking 9d better. British Tobacco eased 3d to 27/9.. Colonial Sugar, in request at the morning call at £4l/12/6, cased 2/6 at the close. Wilson’s Cement were offered at 30/6, and Smith and Smith, preference, at 14/-. Waihis were 4d up at 15/4. sei’ers asking 15/8. Two sales of Mount Lyell, made late on Wednesday, were reported at 17/1} and 17/o}. Yesterday’s Quotations

•Cum. dividend. • fKx. dividend. DEALINGS ON ’CHANGE Sales in the Dominion '/ ■ . \.• r, .. ...

SYDNEY STOCK EXCHANGE Firm Undertone, (Rec. July 28, 8.55 p.m.) Sydney, July 28. Business on the Stock Exchange today was again quiet. Bonds were fairly steady. Banks were neglected and weaker. There was little movement in industrials, but a firm undertone. , Sales: Bank of New South Wales, £29 5/-; Commercial Bank of Sydney, £l5 17/6; Bank of Australasia, £11; Colonial Sugar, £46/18/-; Burns, Philp, 44/6; Australian Gas A, £6/8/-; ditto B, £6 8/6; Tooth’s, 29/3; Toohey’s, 19/9; British Tobacco, pref., 24/6: Broken Hill Proprietary, 16/10}; Commonwealth bonds, 4 per cent., 1938, £9B; 1941, £9" .16/3; 1944, £9B; 1950, £9B; 1955, £96 10/-; 1957, £96/12/6; 1961, £96/17/6. Morning sales: Commonwealth bonds, 4 per cent., 1938, £9B/12/6; 1941. £97 17/6; 1944, £97/15/-; 1957. £96/10/-; . 1959, £96/15/-; 1961, £97/3/9; Toohey’s, 19/7} ; Tooth’s, 29/4}; Australian Gaa A, £6/8/-; Winchcombe, Carson, 20/10}. Melbourne, July 28. Sales: Dunlop Perdriau, 12/9; “Her-a’d”-“Times,” 50/-; National Bank of Australasia, £5 paid, £5/17/s Taranaki oil, 1/a

r FROZEN MEAT TRADE Record Lamb Killings OVER 1,000,000 INCREASE During the, 94 months of the 1931-32 season to July 15, the killing of lamb for export established a new high record at 8,763,840 carcases, an increase of over one million on those for the corresponding period of last season. The North Island accounted for 762(602 carcases of the increase, and the South Island 295,536. Killings of sheep, at 2,878,576 carcases, showed an increase of 754,668 carcases, of which the North Island accounted for 537,214. and the South Island 217,454 carcases. Killings of pigs increased by 12,225 carcases, mostly in the North Island. ' The Meat Board’s figures of total killings for the 96 months compare as follow:— , 1931-32. 1930-31. Beef: (quarters) 170,758 140J20 Wether, mutton (c/cs)... 1,436,077 1,342,-8-Ewe mutton (c/cs) 1,442,499 781,6-6 Lamb ((c/cs) <... 8,763,840 7,,05,70Pork (porkers, c/csj.... 125,321 109,451 Pork (baconers, c/cs) .. 2LOII 23,713 Boneless beef (frt. c/cs), 320,608 240,689 Sundries (frt.’ c/cs). .... , 170,752 : 189,765 Exports of frozen meat from the Dominion for the’ 91 months’ period compare as follows — :■ . Beef. Mutton. Lamb. Pork Qrs. C/cs. C/cs. C/cs. 1931-32 .. 137.649 2,270,229 7,436.578 107,720 1930-31 . 07,796 1,957,330 6,508,801 103,277 Increase’ 39,853 312,899 837,777 4.443 In addition. 164,277 bags of boneless beef were shipped.- mainly to Glasgow, as against 91,565 bags for the 1930-31 period. Overseas Shipments to Britain The New Zealand Meat: Producers’ Board is advised by cable from its London office that the shipments from Australia and South America to the United Kingdom during the- first half of- July were as follow:— Australia: 4667 carcases mutton; 38,643 carcases lamb; 54,779 quarters beef. , South America: 66,025 carcases mutton; 113,325 carcases lamb; 60 quarters beef (frozen) ; 157.968 quarters beef ■(chilled). ’■ • Included in the South American figures are 54,478 carcases of lamb and 54,135 carcases- of mutton’ shipped from Patagonia. The shipments from New Zealand to the United Kingdom for the same period were as follow: 143,053 carcases mutton ; 444.193 carcases lamb ; 22.643- quarters beef. The shipments: from South America to the Continent of Europe during the same period were as follow : Mutton, nil: frozen beef, 158 tons. ' FOREIGN EXCHANGES ■ Position of Sterling London, July 27. The following rates, on foreign exchanges were current' to-day. as compared with

Gold and Silver. Ix>ndon, July 157. GoM.—’£s/16/4 per fine ounce. Silver.—Casli and forward, 17 l-10d per ounce. . ' . ' . ’ Customs Exchange Rates Rates of exchange ruling at the announced date of departure of the vessels named are shown in the fallowing table. They are subject to confirmation by the Customs Department when the exact time of deilarture is learned on the arrival of the vessels in New Zealand, finally declared rates being marked* :— Canadian Conqueror, Canada, dollars . . . . 4.14, Brisbane Maru. Japan, yen .. 18.5 Golden Coast,’America, dollars .. 3.57 City of Canton, Canada, dollars .. *4.29 City of Canton, America, dollars .. *3.62 Aorangi, Canada, dollars .. 4.105 Ardenvphr, America, dollars .. 3.54-J BASE METALS MARKET Prices Generally Firmer (Kec. July' 28, 7.10 p.m.) Sydney, July 28 The official London (middle) quotations for Wednesday as received by the Australian Jllnes and Metals Association compare as follow with those previously cabled:—

N.Z. Honey, Limited At a meeting of honey producers held at Wellington this week it was decided to at once form a company to be known as N.Z. Honey, Ltd., to market honey on a co-operative basis.' The company will have a share capital of £12,000, to be allotted on a basis of five £1 shares per ton of the producer’s whole crop, estimated on an average of three years’ production. One-tenth of the first year’s crop is to be (retained toward liquidation of -the share capital plus deduction of l-10d per lb on total crop produced. Balance owing on shares after first year to be paid by a deduction of l-10d per lb on. the whole of that year's crop. The company shall have power to call upon sharehclders to supply up to 50 per cent, of their crop to the said company. The provisional directors elected were: Messrs. J. Rentoul (chairman), S. D. Cooper, A. B. Callick, J. Smith, W. Nelcoo, R. Jhnuw, end ft £> ftotaa,

RABBITSKIN SALE

Wellington Prices Firmer A GOOD DEMAND The third rabbit-skin sale of the current season was held at Wellington yesterday by the New Zealand Loan and Mercantile Agency 00., Ltd.,'and Dalgety and Co., Ltd. A fair offering of all grades was submitted to the usual bench of buyers. Since the last sale, which was held on June 30, conditions generally oversea show a slight improvement, and this was noticeable at the sale, when there was a good demand for all grades and descriptions, low grades appreciating }d to Id per lb and winters being fully firm at late rates. Super winters sold up to 37d per lb; first winter does to 27jd; early winters, 17Jd; first winters to 13d; winter spotted to 12d; first winter, black, to 40d; and winter, fawns, to 40id. Only good winters, well stretched and properly fatted, bring anything like prices payable to trappers. Skins such as springs, summers, milky and runners are selling at very,low rates and hardly pay forwarding and selling charges. The following is the range of prices:— Summers, to Id; milky, Id to 2}d; autums, '44d to 7d; dawny autumns, 2}d; early autumns, 4}d to s}d; late autumns, 6>Jd_ to 9}d; racks, lid; early winters, 12Jd’to 17}d; super, winter bucks, 3Fd; first, winter , bucks, 32}d: first winter does, 25d to ,27}d; incoming, 12d to 13d; winter spotted, 12d; first winter black, 40d; incoming winter black, 14d; winter fawns, 40}d; broken B.S. and F.S., }d to 3}d; hare skins, Id to 3d; weevilly skins, no value. THE EXCHANGE QUESTION Primary Producers’ Position Referring to the movement in certain quarters in Australia for a higher rate of exchange the “Bulletin” says:—Admittedly the position is difficult, because of the primary industries’ need of all the help we can give them. The trouble lies in the possible reactions. The foundamental fact is that, no matter how high the exchange rate, we do not get one farthing more from those to whom we sell our goods. The question is whether we are not getting less from buyers than we would if there was no exchange premium. A man is buying a house from an agent who is being 1 allowed a large bonus if he can make a sale. If that fact is known to the buyer, will he not, in nine cases out of ten, offer a lower price than he would if he did not have that knowledge? It is a matter for serious consideration, then, •whether the premium is not, actually holding down the price of wool. But .if the overseas buyer does not thus, in effect, share in the premium, it is certain that he .does not pay any of it. That payment is made by people who have bills to meet on the other side — Governments and other bodies with interest to pay, and importers. Either the payment. they make is being passed on to the public, including the primary producers, or it is being borrowed and will be passed on, with interest, later. And it will not help our borrowing to cry to the world that our currency is a poor, depreciated thing and ought to be fetching still loss' in other currencies. Even the barrowman knows better than to cry stinking fish. The primary producer is being told he gets the premium. He could get it (1) if the buyer'paid him as much, as he would if there were no premium, and (2) if he did hot have to pay in the same depreciated currency as he was paid in. The moment that somebody notices that the currency is depreciated and hence demands a higher price, the primary producer loses his advantage. That happens always with inflation, of every kind. It puts money into your pocket, only so long as you ean get paid at one rate nnd pay out in another. > > That is why. when inflation starts ,it almost inevitably goes on. The'premium to-day is 125. As soon as the benefit of that is lost (as-it has been largely lost with us already) it must go up to 130; as soon as the benefit of that is lost, it must go up to ,150. It took two years to halve the value of German money ; it took two months to halve it again; it took loss than two weeks to repeat the .same process.

Inflation as a means of saving the primary producer is -not to be trusted. It brings benefits, but they are temporary. and it. has very nasty, after-effects. Reduction of costs is the one sure remedy for his ills in our own hands; increase and stabilisation of prices is our supreme need, but that can come only from international action. 1 WORLD OIL PRICES Increase Foreshadowed Paris. July 27. -Vs the outcome of a conference, it is reported that n 25 per cent, increase in oil prices is likely from -lugust 1, but this is dependent upon Rumania’s ratification of the conference agreement. An interuatiojial oil conference, held at Paris this week, agreed upon a scheme of improving markets which was interpreted to mean, a move toward higher prices in all groups, excepting Russian. It was decided to work in unison and abstain from fighting by making price cuts. . . ‘

The “'Economist” of June 25 said: It is rumoured that the British and American oil interests, including the Roumanian exporters, will present a united front to the Soviet Government representatives, in order to limit the range of Russian oil competition, There should be no insuperable obstacle to world agreement. As only about 8 per cent, of the 5,000,000 tons of oil exported by Russia last year was sold through the Soviet’s own distribution facilities, the Soviet has some inducement to safeguard the position of the remaining 92 per cent, of its exports by coming to an arrangement with the international oil companies. Both Sir John Cadman, in his speech to the shareholders of the Anglo-Persian Oil Company, and Lord Bearsted, in his speech to the Shell Transport and Trading Company shareholders, emphasised the importance of these oil conferences, which had been the means of bringing the leading oil interests in the world together in a real determination to co-operate instead of indulging in cut-throat competition. The New York conference had failed, said Lord Bearsted, only because the Russian representatives had possessed an entirely exaggerated iden of the value of Iheir oil export position. Sir John Cadman gave n lucid explanation of the present difficulties of the world oil industry. The collective efforts to increase production capacities, stimulated by the high prices and the' threatened famine of ten years ago, had, he declared, attained a maximum effect on the very eve of the world crisis. The world’s visible reserves of oil had been enormously increased by the discovery of huge nnd easily accessible deposits in many countries. Simultaneously,' chemists and engineers had evolved new technical methods whereby every ton of crude oil became capable of making a much more effective contribution to market demand. Having regard to the severity of trade depression, the consumption of the petroleum products had shown a remarkable degree of resistance. Nor, Sir John declared, should it. be assumed thattherc had been a total failure to balance supply with demand. P. & 0. Deferred Shares London, July 27. P. and O. deferred shares sold to-day at 15/6, a fall of 3d on yesterday’s price. Mount Lyeir shares sold at 14/B}, as agaiiwt 14/9J jssterdjyfr

GRAIN AND PRODUCE

Christchurch Market Prices POTATOES FIRMER Dominion Special Service. Christchurch, July 27. There has been a revival in the potato market. Values had receded tp £5/5/- a ton f.0.b., s.i., but to-day £5/10/- is available, with a tendency toward a further recovery. The big accumulation of supplies in Auckland, which is now easing, had a depressing effect on values. August delivery is quoted at £6/5/- and August-September at £6/7/6. To-day’s quotations to farmers are up to £5 a ton. The Wingatui, Port Waikato, and Waipiata are booked to load potatoes within the next week. The Waipiata will be picking up potatoes at southern ports and will be at Lyttelton early in the month. To-day’s advice .from Auckland is that the position there, is better, with more buying power. The following are quotations for produce to be paid to farmers, on trucks, free of commission, sacks extra, except where otherwise stated: — Wheat —Wheat Marketing Board’s price, Tuscan, 4/9} f.0.b.; Hunters, 4/11}; Pearl, 5/I}. Fowl Wheat —Prompt, 4/8} to 4/9. Oats—A Gartons, 3/- for prompt; B’s, 2/9; Algerian, 3/-. Potatoes —£4/15/- to £5. Partridge Peas—To 5/7. Barley, 3/-; Qocksfoot, Akaroa 6d, Plains 4d to sd; Perennial Ryegrass, 4/to 4/3; Italian Ryegrass, 3/9 to 4/-; White Clover, 1/6 to 1/8; Cowgrass, lOd. Bran —£3/10/- a ton shipping and £4 10/- a ton local. Pollard —£5 a ton for shipping, £6/10/local. Flour—£l3/12/-, with the usual increments for small packings. WELLINGTON MARKETS Prices Unchanged There has been no change in prices in the Wellington markets this week. The following prices for grain and other produce net on rail Wellington are quoted by Laery and Co., Ltd.: — Barley: Hulled, 5/- a bushel; clipped English feed barley, 4/- a bushel. Wheat: G.W.F. wheat, 5/10 to 6/- a bushel. Wheatmeal, 2001 b. sacks. 4-ton lots or over, £lO/5/- per ton. Chick-raiser, 2001 b. bags, 27/6 a bag; 1001 b. bags, 14/6: 501 b. bags, 7/6. Farro food, 2001b'. sacks, }-ton lots or over, £7/10/a ton. Fowl feed, mixed, 5/9 a bushel of 501 b. Flour: F.o.b. South Island ports, 2001 b. sacks, £l3/12/- a ton; 100’s bags, £l4 12/-; 50’s bags,. £l4/17/-; 25's bags, £l5 7/-; ex store, Wellington, 2001 b. sacks, £l6/2/6; 100's, £l7/2/6; 50’s, £l7/7/6; 25’s, £l7/17/6. Pollard: Half-ton lots or over, £7 per , Bran: Half-ton lots or over, £4/17/6 per ton. Chaff: Prime Blenheim, £7/5/- per ton. Linseed: Whole, 14/- per cwt. Meal, 170’s bags, 15/- per 1001 b. Nuts, 13/per 1001 b. Maize: Whole, 6/6 a bushel; South African crushed. 5/3 a bushel. Meatmeal, 10/- per 1001 b. Mojasses, 3S/6 s}cwt. drums. Manures: Superphosphates, 44/46 per cent., £4/2/6 a ton, net on rail Smart Road or Aramoho; bonedust, £5/5/- a ton. bn rail; blood and bone manure, £6 10/- on rail. Oats: Machine-dressed and clipped Algerians, 4/3 a bushel; Gartons, 3/11 to 4/3 a bushel; shelled, 5/3 to 5/6 a bushel. Peas: Partridge, 7/6 a bushel. Fruit and Vegetables W. Burbidge and Company, Wellington, report a good demand this week for fancy grade Sturmer and Delicious, Ballarat and Washington apples, and also for 'lemons, prices obtainable for these being quite fair. All “black spot” and second grade fruit, however, is hard to quit at low prices. There was a better inquiry yesterday for dessert pears, and prices rose slightly. Eggs -were risen 2d. per dozen this week; but are still selling well, and a further slight rise is not improbable. All potatoes are firmer, while real good lines of onions are scarce and selling for good money. Prices as mentioned were obtained for the following lines yesterday morning:— Apples: Sturmers, 4/- to 6/-; Delicious, 4/- to 5/6; Jonathans, 4/- to 5/-; Dohertys, 3/9 to 4/6; Ballarats and Washingtons, 4/6 to 5/-; Rome Beautys, 4/- to 5/- per bushel. Pears: Winter Coles, 6/6 to 8/-; Nelis, 5/- to 6/-; P. Barrys, 5/- to 5/6 per btishel. Local lemons, 10/- to 14/- per bushel. , Potatoes: Red Dakotas, £8; Suttons, £8 to £B/5/-; North Island whites. £7 5/- per ton. Canterbury onions, 14/6 per cental bag. Nelson new potatoes, 2}d. to 3d. per lb.; swedes, 2/- case; pumpkins, grey 5/- to 5/6, red 5/- per sack. New-laid eggs, 1/5 per dozen; saparator butter, 7}d. to Bd. per lb.; comb honey. 7/6 to 8/- per dozen ; New Zealand walnuts, 4d. per lb.-

AUSTRALIAN 1 MARKETS Wheat Slightly Firmer (Rec. July 28, 7.10 p.m.). Sydney/ July 28. Wheat: Ex trucks, Sydney, 3/2; at country stations, 2/7} per bushel. Flour, £lO a ton. Bran and pollard, £5/10/-. Potatoes: Tasmanian) £6/10/-; Victorian, £5/10/- a ton. Onions: Victorian, £24; Japanese, £23 a ton. Oaten hay, £7/10/- a ton. Maize, yellow, 5/3; white. 4/10 per bushel. Adoliu’do. July 28. Wheat: Growers' lots, 2/10} per bushel. Flour, £7/10/- a ton. Bran, £4/17/6 a ton. Pollard, £5/10/- a ton. Oats to 1/9 a bushel. Canadian Wheat Prices Rising Winnipeg, July 27. The grain market surged upward again on Wednesday as a result of heavy crop exports, also reports of short covering in July future business, and unfavourable crop news. Wheat futures finished at 21-8 cents to 1} cents above Tuesday’s closing prices. Chicago, July 27. Futures wheat prices: July, 50 cents; September, 51} cents; December, 54{ cents: New 1 York/cash, 60} cents per bushel. AUCTION DIARY TO-DAY. Rooms 155 Lambton Quay, 2.30 p.m.—Sale property 198 Melbourne Rd. (Dunbar Sloane, Ltd.). Maharahara. 12 noon—Unreserved dairy sale a/c Messrs. J. and J. Whibley (N.Z.L. ' & M.A., Ltd.). On the Farm, Arapaepae nnd Tararua Rds., Levin—Unreserved clearing sale a/c W. Falloon (Assoc. Live Stock Auctioneers). Queen St., Masterton, 1 p.m.—Sale furs. ete. (E. Johnston & Co.). Ranson’s Fruit and Produce Market, Lamibton Quay, 11 a.m.—Sale fruit, confec-. tlonery, and seed merchant’s stock (Victor Kirkbeck), 8 Wffleston St., 10.15 a.m. —Sale diver’s outfit (15. Johnston & Co.). 8 Willeston St, 10.15 a.m..—Sale furniture, etc. (E. Johnston and Co.). &!l Manners St., 2 p.m.—Sale furniture, ete. Ramsey Wilson and Co.). 9!. Dixon St., 1.30 p.m.—Sale furniture, etc. (C. W. Price). TO-MORROW Felldlng Saleyard, 12 noon.—Annual horse sale (Associated . Uva Stock Auetloa-

LIVE STOCK MARKET

Pahiatua Sale A large yarding of dairy cattle, several pens of station cattle, and a small entry of sheep were offered by Associated Live Stock Auctioneers, Limited, at the Pahiatua sale on Tuesday. There was a good demand for dairy cattle, while station cattle realised low prices and sheep brought recent market rates. Good springing heifers, one at £5/12/6, nine at £5/10/-, six at £4/5/-, two at £4 10/-, three at £4/1/-; late calving heifers, four at £3/17/6, one at £3/5/-, four at £2/17/6; good springing cows, two at £6/15/-, one lit £6/5/-, one at £6, one at £5/12/6, one at £5/10/-, one at £5 5/-, two at £5; late calviug cows. £2 to £4; 13 yearling Jerseys heifers, £l/6/-; cull cows, 10/-. to 17/-; 10 P.A. and H. cows, £1; five 2}-yr. P.A. heifers, £1; six 18-mos. P.B. heifers, 15/-; six 2}-yr. P.A. steers, £2/2/-; small weaners, 6/-; good fat heifers, £3/10/-; two fwd. cows. £l/6/-; wether hoggets, 7/3 to 7/6; good m.a. ewes, r.w. S.D. Rom., 11/3; one good farm mare, £2O/10/-; one do., £l6 10/-; one light spring cart mare, £lO 10/-; one 3-yr. spring cart colt (unbroken), £B. Marton Sale

At the Marton sale on Tuesday the New Zealand Farmers’ Co-op. Distributing Co., Ltd., had a fair yarding of 350 sheep, besides cattle and pigs. Practically a total clearance was made at the following prices:—Aged ewes, r.w. S.D.R., 6/- to 8/6; 4-th ewes, r.w. R.R.', 12/3; fat b.f. lambs, 11/-; fat wether hoggets, 10/- to 11/-; light fat ewes, 6/6; wether hoggets, 6/10, 7/2 to 8/-; P.B. S.D. ewes, r.w. stud S.D.R., 17/6; spg, Jer. cross heifers, £3 to £5/15/-; yrlg, heifnra. 2QZ-J ww ylw, ft/- ft?

DAIRY PRODUCE

Cheese Market Very Quiet Joseph Nathan and Co., Ltd., have received the following market report from Trengrouse and Nathan. Ltd., London, dated July 27:—New Zealand cheese, white, 55/- to 56/- per cwt.; coloured, 54/-. Market very quiet. The New Zealand Loan and Mercantile Agency Company, Limited, have received the following advice from their London house: —Dairy produce (last week’s figures in parentheses) : Butter, N.Z choicest salted, 106/- per cwt (106/107/-). Cheese: 55/-50/- per cwt. (57/659/-). Market slow. New Companies The following new companies have been registered in Auckland: — The Dalnat Rotary Windscreen Company, Limited, to manufacture and exploit the invention known as the Dalnat rotary windscreen. Capital, £25,000, in £1 shares. Subscribers: H. Nattrass, R. A. Dailey, T. A. Felton, J. D. Henning, M. C. Edgar, A. J. Parker, and W. H. McKinney, 1 share each. Antimony (New Zealand), Limited, antimony miners, to operate at Endeavour Inlet, Marlborough. ' Capital, £20,000, in 40.000 shares of 10/- each. Suitscribers: W, J. Hockin, 200 shares; A. S. Henry, N. H. E. Hockin, C. T. Manning, H. E. Fischer, H. E. Goodwill And A- ft .Wyjows 1

F.nvincr and selling quotations at yesthe Wellington Stock Exchange were as follow;— Buyers. Sellers. N.Z. GOVT. LOANS— £ s d '£ 8 d 5i p.c. Bonds, Feb., 1037 . JOI n.c. ditto. Sep., 1937 101 0 0 0 0 101 Jo 0 54 n.c. ditto. 1935..... 97 10 0 100 1U 0 4i p.c. Insc. Stk., 1939 0 and 1938 — SO 1U 51 n.c. ditto, 1938 .... — 101 10 0 p.c. ditto, Feb. and Sep., 1937 \ IM 0 0 — . 5i p.c. ditto, 1941 .... 98 0 0 —• 51 p.c. ditto, 1935 .... 97 10 0 — DEBENTURES— Wgton. Harb. Bd., ot p.c., 1940 99 10 0 — Waitomo Elec. 8 P.C., 1945 — 100 0 0 Haurnkl Plains, 5J p.c., 1959 — 97 0 0 Eastbourne Boro., 6i 97 p.c., 1952 — 0 0 BANKS — Eng., Scot and Aust. . _ —— 4 0 New South Wales ... 28 0 0 27 0 0 New Zealand ......... - 6 6 — Ditto, long term-.... 1 6 8 — financial — Goldsbrongh, Mort . v J 1 6, — N.Z. Guar. Corp., ord. 0 , 6 — Wgton. Invest., T. & A. fO 6 9 — -GAS— ' Auckland, contr ... *0 14 8 Wellington, ord 1 8 6 r— INSURANCE— - . 10. New Zealand 1 19 —TNational • 2 12 0 South British ........ 2 14 6 —— MEAT PRESERVING— Well; Meat Exp., pref. 0 12 6 — ■ TRANSPORT— 19 Union Steam, pref. 0 4 — COAL— Westport — 0 BREWERIES— New Zealand 1 4" 6 1 5 3 MISCELLANEOUS— British Tobacco, ord. 1 T 9 — Burns, Philp and Co., South Seas ... 1 5 0 —* Colonial Sugar .......,41 10 Pental and Medical .. 0 4 0 8 Dunlop Rubber 0 11 8 — Electro. Zinc, ord. ... 0 11 8 — Ditto, pref. ........ 1 Howard Smith, ord. . 0 Wilabn’a Cement o 8 0 0 — —. 1 10 6 National Electric . — 0 10 0 Smith and Smith, pref. ——. ‘ 0 14 0 MINING— Waihl ■ o 15 .4 O 8 Golden Dawn 0 4 1 —— 6 Okarlto 9 8 9 0 9 Blackwater - TO 11 3 —— Consol. Goldfields ..... TO 4 3 ■— ■ Gillespie’s Beach' 0 0 0i discount

Th« following sales were recorded on the stock exchangee of the Dominion yester day:— WKLLBOTON. £ a d Sales reported: •0 IT Mount Lyell Ditto * •0 IT 0i •Late eale Wednesday. ' AUCKLAND. ' . ", 1 I £ 1 d raticribed Stock, pxu, Sept, '101 5 1IBT 0 Bank of New Zealand 2 6 9 Ditto 2 8 10 NJ5. Insurance 2 0 3 Colonial Sugar . 41 IT 6 Farmer*’ Fertiliser . 0 13 0 N.Z. Refrig., 10/- paid .......... 0 4 5 Taranaki Oil Fields ■ 0 1 1 CHRISTCHURCH. £ s d Commercial iBank of Aust., cum 0 13 9 Bank of New Zealand (2) 2 6 3 Dalgety and Co. (2) t a 0 N.Z. Refrigerating, £1 paid (2).. . 0 12 0 Ditto, 10/- paid . 0 4 5 Westport-Stockton, pref , 0 0 9 Ditto (2) .00 7 Colonial Sugar . 41 12 6 Golden Dawn . 0 4 6 Golden Point (4) , 0 0 64 Okarlto «... , 0 8 9j Waltahu (discount) .. . 0 0 Sales reported — Govt. Bonds, 5$ p.c., 1036 (2) .. 101 2 6 N.Z. Insurance, cum div . .2 0 0 Dalgety and Co . 7 5 0 Goldsbrough, Mort . 1 1 0 Auckland Gas, cum dir . 1 1 0 Colonial Sugar . 41 15 0 Bank of New South Wales . 26 12 6 Bank of New Zealand , 2 0 6 Ditto . 2 6 9 DUNEDIN. Gillespie's Beach (2), discount .. £ s d . 0 0 04 Sales reported— Union Bank of Aust . 6 18 u Dalgety and Co , 7 5 o Colonial Sugar 41 15 0 Okarit* 10 0 Govt. Bonds, 4J p.c., 1938 ......... . 96 0

quotations on July 23. and par:— Par. July 27. July 23. N. York, dol. to £ 3.53 3-8 3.65} 4.666 Montreal, dol. to £ 4.045 4.08 4.866 Paris, tr. to £ 90 5-16 9011-16 124.21 Brussels, bel. to £ .25.50 25.625 35.00 Genera, fr. to £ 18.175 18.25 25.225 Amst’dam, fl. to £ 8.79 8.82 12'107 NHan, lire to £ 09 7-16 6911-16 92.46 Berlin, inks, to £ 14.875 14 31-32 20.43 St’hoim; knr.- to £ 10 15-32 19.475 18.1'59 Chagen, knr. to £ 18 9-115 18 9-16 18.150 Oslo, knr. to £ 1031-32 20 18.159 Vienna, sell go. to £ •31 •31.50 34.565 Prague, knr. to £ — 120 104.25 Heritors, inks, to £ —— 235 103.23 Madrid, pes. to £ 44.125 44.375 25.225 Lisbon, esc. to £ 110 110 110 Athens, drach. to £ 550 ' ' 550 375 Belgrade, din. to £ 222.50 222.50 276.31 Bucharest, iel to £ 395 600 813.60 Warsaw, zloty to £ —- — •’ 43.38 Bio de J., p. to mil. *51-32 *31-32 16.70 B. Aires, p. to peso 47.62 M. Video, p. to.peso •30, *30 ■ / 51 Calcutta, p. to rup. 181-16 181-16 18 Shanghai, p. to tael 20,7-32 20 1-16 —— H.-Kong, p. to dol. 15* 15J Y’hama, p. to yen 18.75 18.50 24.562 Batavia, gl. to £ — •Nominal. 8.87 ■ 12.107

July 26 Per ton. July 27. Per ton. CopperStandard, £ s d spot .... 25 1 3 £ s d 25.3 11 Standard, forward 24 11 101 24 15 7} •Electrolytic 27 10 0 27 10 0 Wire bars to . 28 . 0 0 1 ,.. 28 0 0 28 0 0 28 0 0 Lea d— Spot .... 9 12 6 9 13 9 Forward . . 9 15 0 9 16 3 Spelter— Spot 11 fl." 0 11 17 6 Forward 11 16 3 11 18 9 Tin— Spot ... 125 13 9 127 2 6 Forward 127 7 0. 128 12 6 SilverStandard, per oz., . ’ 17 1-8d 171-lfld. Fine, per oz 1810 18 7-100, •American, 4.5 cents per lb.