FINANCE and COMMERCE

Dominion, Volume 25, Issue 293, 6 September 1932, Page 12

FINANCE and COMMERCE

STOCKS AND SHARES Active Demand Yesterday PRICES AGAIN FIRMER A strong tone marked the opening of the stock and share market yesterday, ten sales being recorded in Wellington at the higher level of prices ruling lately. Gilt-edged securities apparently held little interest for investors yesterday, the only inquiries at the close being for the per cent. Government stock, 1941, at £9B/10/-, and Wellington Harbour Board 5J per cent., 1940, at £99. Banks were again in keen demand, with but few sellers quoting. Commercial of Australia ordinaries advanced to a sale at 14/10. Closing bids were 14/8, sellers asking 15/3. Bank of New Zealand sold at 48/-, more being offered at that price, and buyers offering 47/9. U.S. and A. Bank firmed up to 89/without drawing sellers. New South Wales were very firm at £27, sellers £27/10/-. Union of Australia were wanted at £7/o/-, and National of Australasia, £lO paid, at £ll/5/-. and the £5 paid at £5/8/6. Financial, pastoral, gas, meat, insurance, woollen and shipping shares all had attention from investors, whose bids were fully firm. Sellers of Goldsbrough, Morts, wanted 26/-, morning buyers offering 25/3. New Zealand Insurance sold at 42/9, a gain, of 9d on last week s price, and there were other buyers at 42/-. New Zealand Refrigerating, 10/paid, sold on ’change at 4/5, and a sale was reported at 4/4. Gear Meat were firm at 32/9. Huddart-Parkers- hardened 6d to 27/6, cum div., but • sellers did not respond. At the morning call there were buyers of Union Steams at 20/3. sellers 20/9, and of P. and O. deferred at 20/-, sellers 22/9. Breweries wei;e again firmer. New Zealands sold on ’change at 27/9, and closing bids advanced to 27/11. no sellers. Staples were wanted at 25/3. sellers ■asking 27/-. and Tooth’s were steady at 28/6. sA-ir./ Colonial Sugars were done at *4t>/&/nnd £45/10/-. with other seekers at the close at £45/6/3. Electrolytic zinc preference were done late on Saturday at •Z5/2 cum div., and more were wanted yesterday at 25/-. Mount Lyells sold late on Saturday at 21/4. were sough, yesterday at 21/2. but sellers held for 21/9. Wilson’s Cement were 6d up. at 31/6 New Zealand Paper Mills showed a similar rise of 20/6. Farmers Fertiliser advanced 2d to 13/11. and Zealand Drugs were 6d firmer at t>B/-. There was a good demand for goldmining shares at firm prices.

WELLINGTON EXCHANGE Latest Quotations Buying and selling quotations at yesterday’s final call on the Wellington Stock Exchange were as follow:— N.Z. GOVT. LOANS.

Okarito Gold Dredge The Okarito Five Mile Beach Gold Dredging Company, Ltd., yesterday reported to the Stock Exchange Association a wash-up of 250 z. Bdwt. for 114 hours’ work during the week ended September 3.

AUCTION DIARY TO-DAY. Allen St., 10.30 a.m.—Sale poultry, etc. (Townsend & Paul). Walpukurau sale stock a/c Oakbourne Stn. (H.B. Farmers’ Co-op.). Mart, Levin. I.3o—Sale new furniture, etc. (C. K. Woodroofe). Levin Sale. 8 Willeston St., 1 p.in.—Sale ladies’ wear (E. Johnston & Co.) Marton Sale. (N.Z. Farmers’ Co-op. Dist. Co.. Ltd.). 91 Dixon St., 1.30 p.m.—Sale furniture, etc. (C. W. Price). Woolworth’s Bldgs., Cuba St., 1.30 p.m.— Sale furniture. (Silverstone and Co.). 37-59 Lower Cuba St., 2 p.m.—Sale furniture. (Davis Bros.). TO-MORROW. Johnsonville Fat*Stock Sale, 12.30 p.m. 110 Willis St., sale contents, 1 p.m., Wellington Fruit Marts. High St, Lower Hutt, 2.30 p.m.—Sale property, Riverside Drive (W. Grant Fargle). 278 Lambton Quay. 1. p.m.—Sale furniture at Forrester's (E. Johnston and Co.). THURSDAY. IST Featherston St., 2.50 p.m.—Sale property, 228 Coutts St., Kilblmio. (Gordon Harcourt).

STANDARD INSURANCE Dividends Paid for Fifty Years BETTER TIMES AHEAD Dominion Special Service. Dunedin, September 5. “It will be of interest to shareholders to learn that during the’ past fifty yeais the Standard Insurance Company has experienced a long-sustained period of pros-; perity, as is evidenced from its achievement in having never failed during that period to return shareholders an annual dividend,” said the chairman. Mr, W. h • Edmond, at the annual meeting to-day. “On this occasion the directors have voted to the staff provident fund by way of bonus the sum of £l6OO, and we feel confident that shareholders will again ratify our action in this matter. “The year has been a particularly arduous one, and I venture to say that the result shown is in a large measure due to the services rendered by the staffs of the company at bead offices and branches. “It has been a very anxious year for all concerned, and I trust that we shall have returned to better conditions before we meet again. The. outcome of the Ottawa Conference and the more confident tone evident in England, in industry and on the Stock Exchange. I think, justify in some measure the hope of more prosperous times before very long.” MILLAR’S TIMBER CO. Net Loss of £62 ? 436 A net loss of £62,436 is shown in the accounts of Millar's Timber and Trading Co., Ltd., of Western Australia (with interests, in New Zealand), for the year 1931. After transferring £111,327 to depreciation reserve in accordance with the articles of association and deducting the profit of £60,640 brought forward there remains a debit balance of £113,122. The policy of the board has been to appropriate from profit and loss account sums sufficient to provide that within the estimated life of its timber-cutting in Western Australia the capital expended on temporary buildings, plant, etc., could' be replaced. It rpay be desirable at a later date to readjust the capital of the company with a view to reducing the drain on profits, which the necessity for providing for depreciation at present entails. The directors report that sales in 1931 were 46 per cent, less than those of 1930. An outlet for jarrah flooring ■has been found in Great Britain, and the timber is being used for flooring important buildings. (The accounts show the effect of reduced trading, as stocks and debtors are appreciably .lower. A comparison of items from the accounts is as follows: — • 1920. 1930. 1931. . Per cent. Per cent. Per cent.

SCOTTISH WHISKY Restriction of Distilling London, September 4. Owing to the crushing British duty on whisky 78 Scottish pot malt distillers have agreed to make no whisky this coming season, while thirteen distillers outside the combine will work only short time, thus causing thousands of unemployed. The warehouses are full, but the duty of 72/6 per gallon on whisky costing 3/6 to produce has caused such a slump in sales that the closing of the distilleries is rendered "unavailable. " : - ■/ ■' . —- — //■.<; MOTURA OIL - FIELDS / ‘ ■ ■—>llll I I ■ Last Week’s Production Moturoa Oil Fields, Limited, yesterday reported to the Stock Exchange Association for the week ended September 3 as follows: —Moturoa No. 2 well produced 120 barrels (4200 Imperial gallons). Total production to date, 242,814 Imperial gal-lons.-AU necessary machinery dismantled from No. 2 rig and transported to No. 3 well. DEALINGS ON ’CHANGE Sales in the Dominion The following sales were recorded on the stock exchanges of the Dominion yes-

0N THE UPGRADE

Commodity Prices in Britain BRIGHTER TRADE OUTLOOK London. September 3. lieports from the principal business centres throughout Great Britain indicate a steady, although at present small, improvement in trade, with prices for most commodities on the upgrade. Quotations in the markets for raw cotton and rubber, too. show signs of recovery. All metals have improved in price. Tin yesterday jumped £6 per ton, following the announcement of a considerable reduction in the visible supply, and closed at, the highest price recorded since April, 1930. This rise was helped by very active buying on American account, and both copper and lead were heavily dealt in at higher prices. , There is also a better inquiry for iron and steel. In textiles, notably in wool, there is a pronounced improvement in prices. The Midland Bank’s monthly review gives an interesting resume of. the present conditions of the country compared with those of a year ago, when. England left the gold standard. The writer maintains the comparison is favourable to the conditions prevailing to-day. aud describes the volume of trade, though falling back in recent months, as slightly larger than it was a year ago. while the movements of our trade as relative to those of other countries are somewhat in our favour. Among “other things,” the output here is slightly larger than for 1931, On all accounts our,relationships with the rest of the world in economic affairs are now much stronger and more “favourable. “We are no longer the world’s dunce, . nor the moral weakling that we were accounted a year ago.” .... The review sums up the position thus: “On the whole, the international background for business recovery is substantially brighter than it'was last year, further. Great Britain’s capacity for moulding events is largely increased. We are no longer suspect in matters financial. “Our prestige has been restored to a degree uo one could have forseen a year ago. We are, moreover, in a position that has freed us from direct limitations of the gold standard, and can now take a leading part in formulating a composite world monetary policy. So far as is known,' we are under no commitment to renirn to gold; and certainly to no specified parity, nor that at any particular date. “The future, therefore, lies open to us. It is a great unbounded plain with many pitalls, no doubt, but with no restrictions uponj the direction of our movements. ■*.••' “For these reasons it may be safely said that, while pursuing a wise monetary policy at Home, we have an unparalleled opportunity to lead the world in a combined and harmonious movement toward restored prosperity through rising commodity prices.” . The Stock Exchange has shown considerable activity lately, especially in gilt-edged securities, which have been stimulated by the Treasury’s retention of the embargo upon new issues until October 1. All British funds have advanced, and Australian and New Zealand loans also improved. t Referring to the approaching conversion of New South Wales 5j per cent, loans, the “Spectator’s” financial editor says no doubt it will be converted on terms advantageous tb the borrowers, and in some quarters it; is thought any new issue will be in the form of Commonwealth bonds. At all events, when the conversion comes, Australia will undoubtedly benefit by the easier money rates here, the rise in British securities, and the courageous manner in which it faced its great exchange crisis.

SYDNEY SHARE MARKET Very Active and Firm (Rec. September 5. 9.15 p.m.) Sydney, September 5, The Sydney Stock Exchange to-day was again very active and firm. Bank scrip was in request at enhanced rates. Breweries maintained their popularity. Retail drapery stocks were particularly firm. Broken Hills advanced sharply, buyers thinking the reduction in the prices of steel and iron will make for better business. , Commonwealth bonds, particularly the long-dated issues, also went ahead to higher levels. Sales: —Bank of New South Wales, £3O; Commercial Bank of Sydney, £l7 2/6; Commercial Bank of Australia, 17/4J; National Bank of Australasia, £5 paid, £6/4/-; Dalgetys, £9; Colonial Sugar, £5O/15/-.: Burns, Philp, 46/9;. Millaquiu Sugar, 25/101; Fairymead Sugar, 23/6; Morris Hedstrom. New Zealand delivery. 17/-; Winchcombe. Carson, 24/7J; British Tobacco, 33/9; Australian Glass, 43/9; Australian Gas A, £6/15/-; Tooth’s, 32/44; Berlei, 25/-; Henry Jones. 34/6; Electrolytic Zinc, 17/6; Mount Lyell, New Zealand delivery. 24/-; Broken Hill Proprietary. 22/741 North Broken Hill. 75/6; South Broken Hill, 52/-; Zinc Corporation, 32/-. Commonwealth bonds, 4 per cent., 1938, £100; 1941, £99/17/6: 1944, £99/17/6; 1950, £99/6/3; 1953, £99/5/-; 1955, £99 10/-; 1957, £99/10/-; 1959, £99/15/-; 1961. £lOO. Morning sales Commonwealth bonds. 4 per cent.. 1938. £99/18/9; 1941, £99 18/9; 1944. £99/17/6; 1950, £9B/11/3; Bank of New South Wales, £3O; Tooth's, 32/44; British Tobacco, 33/9; Burns. Philp. 46/6. Melbourne. September 5. Sales .—Commercial Bank of Australia. 17/3; National Bank of Australasia, £5 paid. £6/3/-,; Goldsbrough, Mort, 28/44', Metropolitan Gas. £11; Dunlop Perdriau, 16/3; North Broken Hill, 7a/-; Mount Lyell, 24/-. AUSTRALIAN FAT STOCK A Huge Yarding A total of 112,000 fat. sheep and lambs was yarded at the Flemington sales at Melbourne last Tuesday. Of the fat lambs nearly 45,000 spring lambs were taken by exporters. Thirty-seven thousand fat sheep were yarded, prices ranging as followßest crossbred and comeback wethers, from 14/6 to 16/-; best heavy crossbred ewes, from 11/6 to 13/-; best merino wethers, from 13/6 to 14/6; extra merino wethers, carrying heavy i'ull-woolled skins, to 16/-. Shorn sheep—Prime crossbred wethers, from 10/- to 11/6; extra prime and heavy, from 12/- to 13/-; good crossbred and comeback wethers, including 2tooths, 8/- to 9/6, with light grade hogget wethers, from, 7/-; best merino wethers, from 7/6 to 8/6, with small lots to 9/-;' secondary and moderately fat aged Northern wethers, from 5/3 to 6/6; extra fat crossbred ewes, from 7/- to 8/-, a few small lots up to 8/9; best and mediumweight fat ewes, from 7/- to 8/6; ■with mixed classes, including inferior descriptions, from 3/6 to 5/6. The approximate quotation for best wether mutton was from 11d to 2d a lb, with selected pens of medium weights a fraction higher; medium grade wether mutton and all classes of fat ewe mutton, from I|d to lid a lb. Seventy-six thousand fat lambs were penned, an increase of 14,000 head compared with the previous week. Spring Lambs.—Prime sold at from 10/- to 11/-, with extra prime from 11/6 to 12/6, with special lots sold during the early part of the market to 14/-, Fair average quality light grade lambs, from 7/- to 9/-, according to position in market ; old lambs, in the wool, sold from 8/6 to 12/-, a few consignments higher, with shorn- old lambs from 6/- to 10/-. The general average quotation for best export lambs was estimated at, 3d a lb. with afternoon sales in some instances receding to 2Jd a lb, and the quotation for old lambs was a shade in advance of late rates.

SYDNEY WOOL FIRMER

Keen General Competition ■JAPAN MORE ACTIVE (Ree. September 5, 9.5 p.m.) Sydney, September 5. At the wool sales to-day 13.999 bales were offered and 13,507 were sold at auction; also 2629 bales were disposed of privately. The best features of the opening sales were reproduced to-day. There was a keen general competition, with improved Japanese activity, apd prices frequently showed an advance of five per cent, on the closing rates of last week. Greasy Merino sold up to 15-]d. The average price of the wool sold at Sydney last week was £lO/17/4 per bale or 8.2 d. per lb. According to the Sydney wool selling brokers the average price a bale on Monday and Tuesday of last week was £lO 11/2, and the average price a lb. was SJd. For the opening week of last season’s sales the averages were £B/18/3 a bale and 6Jd. a lb. The most cheering feature of the opening Sydney wool sales was the general confidence denoted by the widely distributed competition, reports Winchcombe, Carson, Ltd. All sections of the trade were equipped with buying orders. Japan and Yorkshire competed actively, but the keen Continental inquiry was most gratifying. Demand from that quarter was below normal last season, and its revival gives an indication that business in Europe shows definite signs of recovery. The Continent as a whole is the most important section of the wool consuming world. The advance of 20 per cent, in values noticeable for the great bulk of the wool submitted is a substantial market lift, but in actual money it does not run into large figures. For that reason it will be well for growers to keep their ideas of probable returns within reasonable limits. The brighter markets experienced show that manufacturers in all leading trades anticipate better business. As far as wool is concerned, it will be necessary for sales of fabrics, clothing, etc., to increase in order to maintain the stronger demand noticeable for raw material. The higher prices experienced at various times during the past two years were not sustained because retail trade did not revive, in sympathy with the keener inquiry for wool, tops, and yarns. More confident feelings are generally noticeable on this occasion. The opinion has gained ground that prices are likely to trend upward, and it is hoped that employment will be more plentiful and public purchasing power consequently improve. A year ago most people were of the opinion that the worst of the depression had yet- to come. The wool market, therefore, had a degree of'nervousness against it which has now been replaced by the feeling that the future has better days in store. We see no reason why recent improved prices should not continue. The clip now being shorn .will provide manufacturers with adequate supplies of the staple, but experiences of the past two years Show that millmen are quite capable of absorbing the quantities available. It would be unwise, however, in view of present wool production, to anticipate further extreme advance in prices. Despite the sound 'statistical position of the raw material, no shortage exists such as has produced specially high prices in past years.. Italian competition was a noticeable feature of the past season’s Sydney sales, Italy being one of the few countries which made larger purchases in the Commonwealth. She took 159.207 bales, an increase of 66,159 bales on the previous year. From all sources during the period October 1 'to June 30 her imports of wool were 320,241 bales, an advance of 134,287 bales compared with the same months of 1930-31. She is, therefore, a growing force in wool consumption. The expansion in her use of the staple has been largely due to an extension in her export trade in dress goods. In addition, the low cost of the staple has resulted in, larger quantities of virgin , wool being utilised in factories' manufacturing lowgrade woollens which previously consumed heavy supplies of reworked rags. The Italian clip decreased in 1931 by 4,400,0001 b. ’That was a further factor necessitating increased purchases in Australia and elsewhere. stocks of tops in Italy are lower than tiTelve months ago, a large volume of buying for that quarter can he anticipated this season. BUOYANT AND OPTIMISTIC British Wool Market Outlook London, September 4. Mr. W. R. Devereux, representative for Australian woolgrowers, reports a buoyant and optimistic feeling in the market. All qualities of merino tops in Bradford are dearer, and a considerable amount of business has been done. Topmakers are adopting a strictly protective attitude, and are insisting on advanced prices. Fine crossbred tops are firmer, and considerable quantities of medium and coarse crossbred woo] tops have been sold for export. Prices all round are dearer. Crossbred yarns have been sold for export Home trade at prices said to be well below their replacement cost. In Germany there is increased demand for tops. The futures markets of Antwerp and Roubaix are steady, with increased activity, and a greater number of transactions have passed with improvement in quotations of about 5 per cent, during the past week.

LONDON MARKETS High Commissioner’s Report The Department of Agriculture has received the following cablegram, dated September 3, from the High Commissioner for New Zealand, London: — Tallow: Fair demand at auction; 707 casks offered, of which 230 were sold. Present spot quotations are: —

Hemp: Manila—Market firm with more inquiry. Closing value of “K” grade for September-November shipment, £l6/15/-. "Sisal —Market firm with fair business doing in No. 1 good marks afloat £l6/2/6, and for September-November shipment £l6/7/6. New Zealand—Small business has been done in high-points for AugustOctober shipment at £ls,' and in fair at £l4, but difficult to find buyers. Peas: Maples, market is inactive. English crop reported satisfactory at low prices. 35/- to 45/-. Tasmanian for Sep-tember-October shipment sold at 65/6. Nominal value of No. 1 New Zealand, 62/6. Blues: Market firm. Japanese prices have advanced owing to reports concerning damage. New crop, Tasman: ian, for September-October shipment quoted sellers £lB/5/-. Nominal value New Zealand for September-October shipment about £l5/15/-. Ecgs: Market firm with an upward tendency. English national rack, 14/6 to 18/6; ordinarv nnck. 15/6 to 16/-; Danish. 11/- to 13/6. CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington yesterday totalled , £5999.

BETTER BUTTER OUTLOOK' Danish Supplies for Germany London, September 4. The butter market has developed firmness. and prices are steadily hardening witli good consumptive demand. The Danish quotation has been advanced by 10/- to 124/- per cwt. This is due to German restrictions against Denmark being modified aud pei> mitting larger imports. It is also reported that Germany bought an extra 4000 casks last week. Belgium is likely soon to modify its import restrictions, consequently less Danish will come here, n-d it seems not improbable that prices will harden further. K Altogether the outlook for Australian and New Zealand butter appears brighter than for some time past. Real Estate Business Further leeway was made up in financial circles during July, reports the Government Statistician. Real estate transaction continued the upward movement during June by increasing in number to the extent of 1.6 per cent, as far as town and suburban properties are concerned, and by as much as 3.4 per cent, for all properties. The totals in both cases are still well below the totals for July. 1931 — by 17.2 per cent, for the former, aud by 18.9 per cent, for the latter. However, this disparity reveals a considerable reduction on that in evidence for many months prior to the beginning of the present financial year. ... For the four months expired portion to date of the fiscal year the total transaction in real estate are below that recorded for n similar period of the previous year by 8.5 per cent., while town and suburban estates are down in number by 9.6 per cent. Both these figures reveal a greatly improved position when compared with the disparity in evidence at the close of the last financial year. _ The mortgage business is not responding to the stimulus of increasing confidence to anything like the same extent. For the month under review registrations show an increase of 8.9 per cent, over June, but a decline of 35.1 per cent, from July, 1931. The corresponding figures for mortgages discharged were an increase of 1.3 per cent., and a decrease of 32.2 per cent, respectively. The cumulative totals show registrations to be down by 33.9 pe.r cent., and discharges by 25.7 per cent in comparison with the corresponding figures of 1931.

Buyers. Sellers. £ s d £ s d 4J p.c. Bonds. 1938 .... — 4J p.c. Insc. Stock, 1939 95 10 0 and 1038 — 95 -7 6 5} p.c. ditto, 1938 — 99 7 6 5l p.c. ditto, Feb. and 99 T 5J pxT’dttto, 1941 98 10 0 BEBEXTTB38. Wellington Baeing Club — Wgtn. Harbour Bd, GJ 90 0 0 p.c.. 1940 .'... 99 0 0 Hauraki Plains, 5} p.c., — 1959. — 97 0 0 Mt. Albert- Boro., 51 p.e. 1059 ........ — 98 S 0 Cent. Elee. P.B., B} p.a. 98 10 1957 — 0 Dunedin Dm. Bd., BJ p.c.. ;>■» 99 10 0 1934 BANKS. • •9 15 0 Commercial Aust., ord. 0 14 8 0 15 3 English. Scot, and Aust. 4 9 0 — National A/asla. (£10) 11 5 0 , —— Ditto (£5) 5 8 6 —— New South Wales 27 0 0 27 10 0 2 8 0 Ditto, long term .... 1 8 3 Union of Aust ... 7 5 0 — FINANCIAL. •oldsbrough, Mort .... — 1 « 0 N.Z. Guar. Corp., ord. 0 510.: 0 6 1 N.Z. Loan & Merc., ord. 40 0 0 ■— Wgtn. Trust and Loan . 4 15 0 GAB. - Christchurch ......... 1 4 8 Wellington, pref. ..... 0 17/0.;. ; INSURANCE. New Zealand 2 2 0 — South British ......... 218.0 2 13 0 MEAT PRESERVING. Gear 1 12 9 N.Z. Refrigerating (£1) —'■ 0 11 6 Ditto (10/-) 0 4 4 0 4 6 Wgtn. Meat Exp., pref. 0 14 6 — TRANSPORT. Huddart, Parker, ord. *17 8 — ' WOOLLEN. Mosgiel 6 15 0 Ditto, pref 4 IT 8 COAL. Westpork, 011 8 — TIMBER. Bartholomew J 0 0 8 o n 0 BREWERIES. Staples and Co 15 3 ilr 0 • MISCELLANEOUS. British Tobacco, ord. . — *1 10 c Colonial Sugar 45 6 3 Electro. Zinc, pref. ... *1 5 0 Howard Smith, ord. .. 0 8 9 N.Z. Drug *2 18 0 N.Z. Farmers’ Fertiliser 0 13 11 —to. N.Z. Paper Mills 1 0 6 • —- Wilson’s Cement 1 11 6 — ' MINING. Blackwater 0 12 6 Consol. Goldfields 0 5 10 — King Solomon 0 17 Mount Lyell 112 1 1 9 Okarito 0 8 2 Waihi o 16 0 0 Ifi o Big River, 1/- paid ... — 0 1 2 *Cum. dividend.

Preference dividend 6 3 — £ £ £ Net profit 75.955 —— — Net loss . —— 57,295 62,436 Liabilities— 1,700,000 Capital .... 1,700,000 1,700,000 Depreciation & . reserve ac/t. 894,855 954,855 1,006,182 Creditors etc. 805,137 714,483 568,241 Assets— Land, plant, etc. 1,598,089 1,596,498 1,566.278 Stocks 754,117 733,433 619,087 Debtors ..... 319,480 211,888 178.428 Cash, etc. .... 49,082 26,670 34,498 P. and L. debit — — 113,122 823,019 panies 861,400

terday:— WELLINGTON. £ s d Salesmen 'Change: New Zealand Breweries . 1 7 9 N.Z. Refrigerating, 10/- paid ... . 0 4 u Sales reported: Commercial Bank of Aust., ord. . . 0 14 10 Bank of New Zealand . S 8 0 New Zealand Insurance . 2 2 9 N.Z. Refrigerating, 10/- paid ... . 0 4 4 Electrolytic Zinc, pref. 2 Mount Lyell Mining . •! 1 4 Colonial Sugar * Ditto . 45 5 . 45 10 0 0 •Late sale Saturday. AUCKLAND. £ 8 d Inscr. Stock, 4} p.c., 1938 95 0 0 Inscr. Stock, 4$ p.c., 1030 (2) 95 |5 0 Inscr. Stock, 5} p.c., Feb., 1937 . 99 '0 0 Commercial Bank of Aust 0 14 11 Do 0 15 0 Bank of New Zealand 2 8 0 N.Z. Insurance 2 2 9 Dominion Investment 0 18 3 N.Z Guarantee Corporation ... 0 5 11 Colonial Sugar ..... 45 5 0 Henry Jones Co-op. 1 11 0 N.Z. Refrigerating. £1 paid ... 0 11 4 Golden Point 0 0 9 King Solomon 0 1 8 Do 0 1 9 Waihi 0 16 1 Do 0 16 Do 0 16 3 Waihi Grand Junction 0 3 0 ' Mount‘Lvell 1 1 41 CHRISTCHURCH. Sales on Change: £ 3 d Inscr. Stock. 4} p.m., 1938 (3) 95 0 0 Commercial Bank of Aust. (5) .. 0 14 .0 National Hank of Australasia, £5 pd. 5 15 0 Goldsbrough Mort 1 5 6 N.Z. Guarantee Corpn. (01 0 6 0 N.Z. Refrigerating. £1 pd (5) .. 0 11 0 do., 10/- pd. 0 4 5 N.Z. Breweries 1 7 9 do 1 7 10 Bea th and Co., 1/- pd 0 2 o do 0 2 5 Electrolytic Zinc, preference. cunt. div. (3) 1 5 6 Mount Lyell (2) 1 1 6 do 1 1 7 King Solomon (5) 0 1 10 do. 0 1 9| Blackwater 0 13 9 Okarito 0 8 do. (2) 0 8 4 Waihi Grand Junction (3) 0 3 0 Sales reported: Inscr. Stock, 41 p.c.. 1938 95 0 0 Bank of New Zealand. D nfgage. 1 9 6 N.Z. Refrigerating, £1 paid .... 0 11 0 do. 0 11 3 N.Z Breweries •1 7 4i Beath and Co., 1/- paid 0 1 9 0 2 0 2 6 Mount Lyell .. 1 1 6 •Late sale Saturday. DUNEDIN. Sales on Change:- £ K d Commercial Bank of Au*t 0 14 10 0 S 2 Sale reported: National Insurance •0 14 3 •Lat* «aJ» Saturday.

Mutton— Fine . 23/6 to 24/Fair to good . 21/- to 23/Dark to dull 18/6 to 19/6 Beef— Sweet and/or mixed . . 22/6 to 24/Fair to good 20/6 to 22/6 Dark to dull 1S/- to 19/Mixed— Fair to good 20/6 to 22/3 Dark to dull 18/- to 19/Gut, etc 17/- to 19/-