FINANCE and COMMERCE

Dominion, Volume 26, Issue 30, 29 October 1932, Page 14

FINANCE and COMMERCE

STOCKS AND SHARES Market Active Yesterday PRICES GENERALLY STEADY There was rather more activity in the Stock and share market yesterday tne turnover running to 12 patce ls o * a ; seven of which were banks. The quota tions list included more sellets than Hovers but on the' whole prices were ve“-y steady, some being slightly firmer. ' e There was a good inquiry Government securities, buyers offers bcm, ful y firm. The 34 per cents., Sepember, 193., advanced to par, sellers askni, /. hl ln e t'he banks section Aus I tralasl ?q / T7/« very firm, sales being made at £9/1./b and £9/19/-. and closing prices bein hovers £9/15/-, sellers £lO/1/;. VOm mercial of Australia were a point easier at 14/6, sellers 14/9. National A V trnlasia £5 paid, weakened to £o/7/u, sellers £5/15/-. New Zealand ordinaries had three sales at 45/9 and anoUier a--45/S They closed at.4o/6, sellers 40/b. The ' long-term mortgage shares were easier at 29/-. Union A “ st ™ b | S /$ nt £7/15/0, compared with up to to/-/ la GoWsbrou S h, Morts were 3d berfer at lower at 14/3, cum dividend, sellers stayin" at 14/8. Other insurances were un-chan-ed. New Zealand Refrigerating, 10/-%aid, weakened further, a sale being reported at 2/6, closing buyers at 2/ Mosgiel Woollens gardened 2/6 to £G 17/6 ° U I t bonS" n ° U SeTler C s"of Wellington dend and bonus.. %/Q/n. Woollen ordinaries asbed J' , /%F, X n . Vnolond Breweries weakened to sen ers askin- V- better. Henry Jones rvnn firmed to 31/6, cum dividend, sellers moSuP to 33/-. Wilson’s Cement were firmer. sales being reporteul a^ 31/ffi 31/3 and two at .>l/4. sin 'rhere were 31/3, sellers asking 32/- Then, was a sharp firming in AA aihis to 1./10, sellers IS/-. WELLINGTON EXCHANGE Yesterday’s Quotations USS?«" Stock*Exchange were as follow.—

DEALINGS ON ’CHANGE Sales in the Dominion The following sales were reported on the stock exchanges of the Dominion yes-

■THE MONEY MARKET Bank of England Return MARKET RATES UNCHANGED

Short Loans and Bills. The Bank of England rate of discount was reduced to 2 per cent, as from June 30. It was lowered to 5 per cent, on February 18, to 4 per cent, on March 10, to 3} per cent, on March 17, to 3 per cent, on April 21, and to 2J per cent, on May 12. The rate previously in force was 6 per cent., to which it was increased from 44 per cent, on September 21. 1031. The previous increase was from 34 per cent, to 4} per cent, on July 30, 1931. Short loans arc quoted at £ per cent., the same as last week. The market rate of discount for best three months’ bills is 13-16 per cent., the same as last week. GOVERNMENT STOCKS London Market Easier London. Oct. 27. Quotations of Government stocks on. the London Stock Exchange compare with those of a week azo as follow:— .

FOREIGN EXCHANGES Further Decline in Sterling London/Oct. 27. The following rates on foreign exchanges were current to-day, as compared with quotations on Ocotbcr 20 and par:—

Gold and Sliver. London, Oct. 27. Gold—£o/5/8 per fine ounce. Silver.—Cash, IS 1-Sd per ounce; forward, IS 3-10 d. 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 vessels in New Zealand, finally declared rates being marked*:— Australind. America, dollars 3.45} Canadian Constructor, Canada, dol. 1181 Brisbane Maru, Japan, yen Ifiid Golden Cloud, America, dollars ... 3.45 J Niagara, Canada, dollars 11.78 Hauraki. America, dollars 3 45} Mariposa, America, dollars 3.11111 Canadian Leader, Canada, dollars .. 3.09} FROZEN MEAT TRADE Prices Still Falling AL A. Eliott. Ltd.. Palmerston North, have received the following cabled advice from Gordon. AA'oodroffe and Co.. Ltd., London, dated Thursday :—Best lambs, l-8d to -]d lower; ordinary no change; second quality. ,1-Sd lower; wethers and ewes, l-8d lower. Market slow, with tendency in favour of buyers. Smithfield “delivered” prices are as follow: —Best North Island prime lambs, under 361 b, sd; 3G/421b, 4}d; 42/501b, 3 7-Bd. Ordinary Nortn Island lambs, under 421 b, 4 3-Sd; second quality, under 421 b. 3Jd. Best North Island wethers and/or maiden ewes, 48/561b and 56/641b, 3}d: 64/721b and over 721 b. 2 7-Bd. Ordinary North Island wethers and/or maiden owes, 48/561b, and SG/G4lb, 3 1-Sd: Gl/72I1) and over 721 b, 2’d. North Island ewes, under 641 b. 2d; 64/721b and over 721 b, 13d, >

BUTTER MARKET DULL London Prices Weaker CHEESE FIRMER London, Oct. 27. The butter market is slow. Danish 11(5/- to 118/- per cwt.; New Zealand, choicest salted, is very scarce at 10b/per cwt. First grade, 97/-; Australian, choicest, 96/- to 97/-; unsalted New Zealand, 106/- to 110/-. Australian, 9i/- to 1 The cheese market remains firm. New Zealand white, 66/- per cwt.; coloured, 60/-. A S. Paterson and Company, Ltd., have received cable advice from their principals, J. and J. Lonsdale and Co. iLondon), Ltd., reading as follows; — Butter: Market dull; no demand owing to general unsettled state, together with low Australian c.i.f. offers. Danish, 101/f.0.b., 117/- landed; New Zealand, 96/- to 105/-; Australian, 94/- to 96/-. Cheese: Market firmer owing to small stocks. White, 67/-; coloured, 60/-. Cabled advice received by Mr.. G. A. Mills from A. J. Mills and Co., Ltd., London, gives the following market Prices as ruling at the close of business on Thursday’:—Butter: The market is slow. New Zealand finest, 103/- to 109/-; firsts, 9b/to 97/-; unsalted, lOS/- to 112/-- Danish, 118/-. Australian, 94/- to 96/-. Baltic States, 92/- to 96/-. Argentine, 84/- to 90/-. Siberian, 88/- to 90/-. Cheese: The market is firm. New Zealand white, 65/- to 66/-; coloured, 59/- to 60/-. Canadian, white, 67/- to 68/-; coloured, 67/- to 68/-. Canadian, c.i.f., 66/6. Samuel Page and Son. Loudon, report to Dalgety and Co., Ltd., under date October 27:—Butter: Market weak. Danish, 116/- to 118/- (116/- to 118/-). New Zealand, finest salted, 96/- to 104, - (100/- to 110/-). Australian, finest unsalted, 98/- to 104/- (98/- to 104/-) ; finest salted, 94/- to 96/- (98/- to 102/-). Australian, G.A.Q., 90/- to 92/- (94/- to 96/-). Cheese: Market firm. New Zealand white. 65/- to 66/- (64/- to 66/-); coloured, 59/- to 60/- (59/- to 60/-). Spot price for Canadian white, 66/- to 69/- (66/- to 68/-) ; coloured, 66/- to 68/- (66/- to 68/-. Last week’s quotations in parentheses.

BRADFORD TOPS MARKET Crossbreds Irregular London, Oct. 27. A fair amount of business is passing in the Bradford tops market;. Topmakers are adopting a firmer attitude. The latest quotations compare with those previously cabled as follow: —

Wright, Stephenson and Co., Ltd., and Abraham and Williams, Ltd., report having received cable advice from their Bradford agents regarding the tops market as follows:—Merinos, 4d up; fine crossbreds, firm, medium and coarse crossbreds, Jd down. Topmakers maintain a firm attitude with regard to merinos, and refuse to make concessions. A fair amount of business passing in merinos and fine crossbreds. Very little’ business passing in medium and coarse crossbreds. LONDON SHEEPSKIN SALES Little Change in Prices London. Oct. 27. Offerings at the sheepskin sajes wore 7013 parcels, including 1109 New Zealand.'About 90 per cent, were sold. There was a large attendance, with good Home and Continental competition. Compared with last sales rates Australian merinos were unchanged. Crossbreds, fine, were 5 per cent, dearer; medium and low were unchanged. New Zealand halfbreds were par to 5 per cent, cheaper; crossbreds generally were unchanged. Hoggets were slightly dearer. Murray, Roberts and Co., Ltd., have received the following cablegram from their London agents dated October 27:— Sheepskins: Compared with last London sales’ closing rates, market shows no material change. RABBITSKIN ' SALE Advance in Prices Dalgety and Co., Ltd., and the New Zealand Loan and Mercantile Agency Co., Ltd., held a supplementary sale of rabbitskins at Wellington yesterday, when a fair offering was submitted to the usual bench of buyers. Considering the lateness of the season, some nice parcels of winters came forward, and wore in keen demand at prices 6d. to lid. better than the September sales’ quotations. Low grades appreciated 2d. to 4d. There was an American order on the market for the super and first winters, prices paid for these being over London parity. Super winter bucks sold un to 49}d. per lb., first .winter bucks to 43:}d., super winter does to 42d., first winter does to 40d., incoming and early winters to 19d. . One or two sales will be held during the summer months, and trappers who are holding consignments are advised to forward them at the earliest opportunity, as furriers and exporters are always requiring well-furred and correctly stretched skins. The following is the range of prices:— Summers. 3}d. to 4}d.; milkys, 4d. to 4}d.; early autumns, to Bd.; incoming and early winters, to 19d.; springs, to ll£d.; super winter bucks, to 49}d.; first winter bucks, to 43}d.; super winter does, to 42d.; first winter does, to 40d.; second winters, to 204(1.: hareskins, to 6d.; winters (fishys), 14}d. to IGJd.; broken, bloodstained, and flat stretched skins, all grades, 4d. to 14 d. SYDNEY STOCK EXCHANGE Much Better Tone (Rec. October 2S, 9.45 p.m.) Sydney, Oct. 28. On the Stock Exchange there was a much better toue owing to the announcement that the coming loan would not exceed £8.000.600 and the'fact that the probable effective rate of interest would be under 4 per cent. The improvement extended to the rest of the market. Sales: Bank of New South Wales, £32 13/-; Commercial Bank of Sydney, £l7 2/6; Iluddart-Parker. 32/-; Howard Smith, 10/3; Fairymead Sugar. 26/6; Dunlop-Perdriau, 17/9; British Tobacco, 36/.; Winchcombe, Carson, 24/-; Tooth’s, 36/-; ditto. New Zealand delivery 36/-; Commonwealth bonds. 4 per cents., 1938. £lOl/17/6; 1911. £lO2/5/-: 1947. £lOO/17/6; 1950. £lOl/7/6; 1953. £lO4/15/-; 1955. £lOl/17/6; 1957. £lO2 5/-; 1959. £lOO/15/-; 1961, £lOl/5/-. Morning sales: Commonwealth bonds. 4 per cent.. 1938. £lOl/16/3: 1941. £lOl 17/6: 1944. £lOO/10/-: 1947. £lOO/6/3; 1950. £lOO/17/6; 1953. £lOl/2/6; 1955. £lOl/7/6: 1959, £lOO/5/-: 1961. £lOO 10/-. Bank of Now South Wales. £32 15/-; Tooth’s, 35/9: Australian Glass. 46/6; Broken Hill Pronrietnry, 26/9; Henry Jones Co-op.. "”/3 ; Wilcox. Mofflin. 6/3; Winchcom * Carson. 24/-.. Melbourne. Oct. 28. Salos: National Bank. £5 paid. £6/10/-; Metropolitan Gas. £ll/9/-: British Tobacco, prof.. 26/6: Electrolytic Zine, pref.. 28/-; Herald-Times, 55/9; Myers, 26/9.

LIVESTOCK MARKET Feilding Sale Prices VALUES GENERALLY EASIER Dominion Special Service. Feilding, Oct. 2S. Prices for dairy cattle were slightly easier at the stock sale to-day, when there was a large yarding, principally spring heifers. Farmers have been chastened by the fall in export prices, of butter, and are not so ready to pay the high prices ruling during the past two months. Best springing heifers sold at £B, most good lines ranging from £6 5/- to £7/10/-; medium sorts, £5/5/- to £6; late calvers, £3/15/- to £4/15/-; heifers, calved, to £5/5/-; heifers in milk, to £6/10/-. There was a very heavy yarding of store cattle, which included a big yarding of yearling Jersey heifers. These sold quickly, best at up to £4/15/-, good £4 to £4/5/-, medium £3/3/6 to £4/3/6, backward from 30/-. Store cattle: Steers, 26/-; P.A. yearling steers, 26/-; twoyear heifers, £2/2/-; three and four-year heifers, £2/18/-; bullocks, £3/12/-; empty cows. £2/1/- to £2/10/-; Hereford cows, 35/-; bulls, 35/- to £3/5/-. Fat cattle were yarded in unusually large numbers, with a big consignment from Hawke’s Bay. Fat P.A. heifers, good quality, made £4 to £5/2/6; P.A. cows, £3/10/- to £4/4/-; Shorthorn heifers, good quality and weight, £4/16/to £4/17/-: Hereford heifers, prime, £4 5/-; Hereford cows, £4/5/-; light Jersey heifers. £2; Jersey cows, 30/-; runners. £2/7/6. There was a smaller yarding of store sheep. Four-year owes with over 100 per cent, lambs, 14/10: younger ditto, 16/9; two-tooth ewes, 10/4: wether hoggets. 9/7. Fat sheep: A small yarding. with prices appreciably easier. Fat hoggets, shorn, 9/6; woolly primes, 11/6 to 12/-; good, 10/- to 10/8; fat maiden ewes, 12/-: older ewes, woolly. 9/6: shorn prime. 8/6: good. 7/- to 7/3; fair, 6/to 0/10: fat wethers, prime. 11/4 and 11/6; b.f. shorn ewes,-6/S to 8/4. Spring lambs, 9/6 to 11/-. Aberdeen Angus Sale Dominion Special Service. Hastings, Oct. 28. The annual Aberdeen-Angus bull sale on account of the estate of Mr. A. S. G. Carlyon was held to-day. Forty lots were submitted, comprising over 30 twoyear bulls and aged bulls up to six years old. Gwavas station’s, Aberdeen-Angus herd is one of the best-known in the Dominion and this year’s offering was one of the best submitted. The bulls were in excellent condition and the highest price, 55 guineas, was paid by Wright, Stephenson, as agent, for a New’ South Wales client. AU the bulls were sold under the hammer, in many instances at extremely low values. It was announced that D. Grant, Dannevirke, would be making purchases of a few bulls on behalf of the Gwavas station as their whole annual draft was being submitted without exception. DetailsOue 2-year-old, Sgns.; 1 do., 13gns.; 1 do., Bgns.; 13-year-old, 3gns.; 1 2-year-old, 7gns.; 1 3-year-old, Sgns.; 1 2-year-old, Wright, Stephenson and Co., Ltd., as agent for a New South Wales client, 55gns.; 1 do., lOgns.; 1 do., 13gns.; 1 do., 6gns.; 1 do., 15gns.; 1 do., lOgns.; 1 do,, Ogns.; 1 do., 4gns.;’l do., ogns.; 1 do., 17gns.; 1 do., Ogns.: 1 do., sgns.; 1 do., 26gns.; 1 do., 17gns".; 1 do., sgns.; 1 do., lOgns.; 1 do., 2(tgns.; 1 do, Itigns.; 1 do., 7gns.; 1 do., lOgns.; 1 do., Sgns.; 1 do., 16gus.; 1 do., lOgns.'; 1 do., lOgns.; 1 do., 17gns.; 1 do., llgns.; 1 do., 9 gns.; 1 do., Sgns.; 1 do., 17gns.j 1 do., 6gns.; 1 do., 7gns.; 1 b’-year-old, 4gns.

Eketahuna Sale Dominion Special Service. Eketahuna, Oct. 28. A good yarding of -dairy stock was offered by Associated Live Stock Auctioneers, Ltd., at their Eketahuna sale yesterday. There was a strong demand for all lots offered, and practically a total clearance tvas effected at very satisfactory prices. A special entry of marked yearling Jersey heifers a/c T. Edge realised £5, and two pedigree yearling Jersey bulls a/c the same vendor realised 7} and 7gns. Other prices were:—Good springing and in-milk cows, £5/10/- to £9; heifers, in milk and springing, £4 to £8; yearling Jersey heifers, £3/3/6 to £5; Jersey bulls, £4/7/6 to Tigns.; Holstein bulls, £5 to £B/8/-; weaner pigs, 10/6 to 12/-. Pahiatua Sale. Dominion Special Service. Pahiatua, Oct. 28. A good yarding of sheep and dairy cattle was offered by Associated Live Stock Auctioneers, Limited, nt the Pahiatua sale this week. Sheep sold well, and top market rates were realised for all lots. The demand for springing and inmilk cows and heifers was slack, and only the very best sorts found buyers. The following prices were realised: —Aged ewes, with lf>mbs-, 12/6; good b.f. hoggets, 12/3 to 12/10; good dairy cows, £7 to £9/7/6; springing heifers, £4 to £6; pedigree Jersey bulls. 13}pis. to 6gns.; Jersey bulls. £3/12/6 to £4/10/-: fat cows, £3 to £3/5/-; P.A. steers, x2 1/-; Holstein bull. £3. Aberdeen Angus Bulls Masterton, Oct. 28. The annual sale of Aberdeen Angus bulls on account of 11. T. Hume, Esq., was held at the Masterton yards to-day by Associated Live Stock Auctioneers, Ltd., when 27 bulls were offered and sold. The bulls were in good order, and the tops met with keen competition, the highest price being 16gns. Following are the particulars:—l to “Glcnilonald” Station, Ogns.; 1 to W.F.C.A., Ltd., Sgns.; 1 to W.F.C.A.. Ltd., 16gns.; 1 to W. S. Marshall. Ogns.; 1 to W.F.C.A., Ltd., 14gns.; 1 to Weraiti Estate, 7|gns.; 1 to M. Finlayson. lOgns.; 1 to “Glendonnld, gns.; 1 to W. Bunny, Glgns.; 1 to Napier Bros., 71gns.; 1 to Weraiti Estate, 7}gns.; 1 to Weraiti Estate. 7gns.; 1 to W. S. Marshall, Sgns.; Ito Napier Bros., Signs.; 1 to F. M. Reynolds, sgns.; 1 to Sydney Smith, 7gns.; 1 to F. B. ValJa'nce. 04gns.; 1 to Tatham Estate, 7gns.; 1 to Weraiti Estate, 74gns.; 1 to W. T. Douglas Estate, Tgns.; 1. to F. B. > allance Ogns.; 1 to G. Moore and Son. Glgns.: 1 to W.F.C.A., Ltd., Glgns.: 1 Io M. Finlayson. Sgns.; 1 to W.F.C.A., Ltd., 14gns.; 1 to Tatham Estate. 7gns. P. & 0. Deferred Shares London, Oct. 27. P. and O. deferred shares sold to-day Mount Lyell shares sold at 18/11. AUCTION DIARY TO-DAY. 3G Wilford St.. Lr. Hutt. 1.30 p.m.—Furniture (11. E. Leighton). Paparangi, Newlands. 2.30 p.m.—Builders mill joiners’ material, account Mr. Ilardgrcavcs (Dunbar Sloane). 1 Moir St., 130 p.in.—Furniture (Silverstone). 351 Oriental Parade, 1.30 p.m.—Furniture (Victor Kirkbevk). MONDAY. Pahiatua spring cattle fair, 11.30 a.m. (Associated Auctioneers). Tihoranga Rd., Melling, 1.30 p.m. (E. Johnston). I-cvin Sale. TUESDAY Walter St., 1 p.m.—L’scd cars (E. Johnston). Vilen St., meat and poultry (Townsend and Paul). Shannon Sale. Willis St., 11 a.m.—Cake shop fittings. scales, etc. (1. Silverstone.)

GRAIN AND PRODUCE Canterbury Markets By Telegraph.—Press Association. Christchurch, Oct. 28. With the potato market nearing the end of the season there is little of interest occurring in the local grain and produce trade. Auckland inquiries are now of very small dimensions, the local crop having reached a point practically sufficient to supply the demand. However, there is still a steady demaud from southern outports, and prices have firmed locally during the last few days. Whites are quoted at £6/5/-. f.0.b., s.i.; Dakotas at £7/10/-; and Sutton’s Supreme at £7 to £7/5/-. Fowl wheat is firm at 5/- f.0.b., s.i. Pukekohe Potatoes Dominion Special Service. Pukekohe, Oct. 28. H. H. Pat tie, Ltd., Pukekohe report that the potato crops are digging-well. The output is increasing, but will not be plentiful until another fortnight. The quality is good. Prices: 16/6 to 17/6 per cwt. Overseas Markets London, Oct. 27. Wheat cargoes: Sellers to-day were willing to consider lower prices in view of weak closings in Chicago aud AVinnipeg. Balance of Minerva shipment sold 26/9, and unnamed vessel to Shanghai, February, at the equivalent of 26/3. Parcels were in good demand; were 3d. to Gd. down. Australians were unchanged. Futures, London, December, 23/5 per quarter ; February, 22/8 : April, 22/10; Liverpool, December, 5/2 7-S per cental; March, 5/1 J. The spot trade is quiet, but fairly steady. Australian, ex ship. 28/3 per quarter. Flour, Australian, ex store, £2O/6/- to £2l. Oats are steadily bold. Peas and beans are quiet. Sydney, Oct. 28. AVbeat. 2/4} per bushel for bagged and 2/3} bulked, equal to about 2/11} ex trucks. Flour, £lO per ton. Bran and pollard, £5/10/-. Potatoes, £4/5/- to £6. Onions, American, £35 per ton ; Victorian, £2l. Maize, yellow 5/7, and white 5/3. Adelaide, Oct. 28. AVheat, growers’ lots, 2/11} per bushel; flour, bakers’ lots, £B/5/- per ton; bran, £5/5/-; pollard, £5/15/-. Melbourne. Oct. 28. AVheat, 3/2 per bushel; flour. £B/10/pcr ton; bran, £5 per ton; pollard, £5 10/- per ton ; oats, 1/8 to 1/9 per buhscl; maize. 4/10 to 4/11: onions are quiet, Silverskins selling at £l3 to £l3/10/-.

N.Z. GUARANTEE CORP,, LTD. Annual Meeting The annual general meeting of shareholders of the New Zealand Guarantee Corporation, Ltd., was held at AVellington on Wednesday. In moving the adoption of the report and balance-sheet, the chairman, Mr. 8. Kirkcaldie, stated that the year covered had been one of exceptional difficulty and that he felt he was not exaggerating in saying that as far as the Dominion was concerned it had been the most critical year in its history. Heavy taxation and the reduction in the national income had been responsible for a big shrinkage in the spending power of the people. Practically every business had been affected, volume figures had dropped very considerably, and this was the experience with the corporation’s turnover. The amount of instalment business acceptable to the corporation had not been nearly sufficient to employ all the shareholders’ funds, and the board, after very careful consideration, had decided that the safest and wisest course was to invest in gilt-edged securities producing a reasonable return and showing prospects of a capital appreciation. A large sum had been invested in this manner spread among a large number of leading companies and institutions operating in essential industries, and he considered the results had been satisfactory. The average return on these to the end of the financial year had been a remunerative one, free of income tax, and the present market value of the stocks was considerably in excess of cost. Ho believed the shareholders would approve and endorse the action of the board, and he would repeat the statement made at previous meetings that there was uo need to anticipate that any further capital will be called up. The corporation had no outside liabilities and its financial position and resources were such as to enable it to meet all reasonable business requirements. The chairman then reviewed and explained various items revealed by the published accounts and referred to the outstanding liquid position of the corporation’s assets and its strong financial position. Messrs. W. Thorpe and K. D. Duncan, the retiring directors, were re-elected unopposed, and Messrs. Watkins, Hull, Wheeler and Johnston as auditors. King Solomon Wash-up By Telegraph.—Press Association. Invercargill, Oct. 28. The mine manager, King Solomon Deep Lead reports a wash-up of 71oz 10 dwt for five days’ work.

N.Z. GOVT. LOAN Buyers. Sellers. £ s 1 £ s d 44 p.c. Bonds, 1941 .... 94 15 0 — 44 p.c. ditto, 1939 .... 94 1o 0 41 n.c. ditto, 1938 .... 9b 15.1 p.c. ditto. Sep.. 1937 100 • 0 6 0 100 5 0 41 p.c. Stock, 1939 .... 94 1 7 4 4 p.c. ditto, 1938 •••• tjd 151 pc. ditto, 1936 .... 99 154 p c. ditto, Sep- 1937 100 0 54 p.c. ditto, 193< .... 96 o 6 G 6 0 0 100 100 97 0 0 0 0 0 5$ p.c. ditto, Rural Adv., —— 90 0 0 debentures. Wgtn. Harb. Bd., 51 • pc 1940 ........ 99 1*> 0 — Chclu Drainage, 54 p.c., 1965 — 93 10 0 Hanraki Plains, 51 p.c., 1959 — 97 0 0 Wgtn. Racing Club ... — 92 0 0 BANKS. 0 10 1 0 Comm, of Aust., ord. . 0 14. 6 0 14 9 r S avd A ’ —‘ 6 0 National s>f •••••! "7T Nat of Australasia, o t G 4 1 15 New South Wales .... -S 0 0 29 0‘ 6 5 Ditto, long term .... 19 0 0 . 7 1G G FINANCIAL. Goldsbrough. Mort .... 1 •» N.Z. Guar. Corpn.. ord . TO o 3 1 4 0 0 0 N.Z. Loan & Mercantile — 5$ 0 Wgtn. Invest., T. & A. 0 7 Wgtn. Dep. and — 3 0 s 6 Wellington, ord — 1 11 0 Ditto, pref 0 17 9 INSURANCE. 0 14 8 3 ——• Srnith British f2 16 9 —— MEAT 13 1 0 N 7. Refrig.. 16/- paid 0 2 4 0 7 TRANSPORT. Union Steam, pref 1 0 6 —■ WOOBUEN. 6 — 5 8 6 COAD. Westport 0 12 6 0 13 0 TIMBER. Levland-O’Brien .... 1 19 6 1 0 G National — 0 7 0 0 5 0 BREWERIES. 0 1 8 0 1 6 0 MISCELLANEOUS. 12 British Tobacco, ord. . — 1 0 Colonial Sugar — 49 10 0 Dental and Medical .. — 0 6 6 Electro. Zinc, pref. ... — •fl 5 8 Henry Jones Co-op. .. *111 6 1 13 0 Howard Smith, ord. ... 0 S 6 0 10 9 National Electric — 0 9 9 y 1) j, n <v " — 3 1 6 Farmers’“Fertiliser ... — 0 17 0 9 —— Ditto, pref. ........ *0 17 9 —• Wellington Cordage .. — 0 9 0 Wgtn. Queen's Theatre — 1 1 G Wilson's Cement 1 11 3 1 12 0 Woolworths, pref — 1 8 0 0 3 G OIL. 3 0 o 6 MINING. King Solomon — 0 2 0 Mount Lyell 1 0 0 1 1 Waihi *0 17 10 0 18 0 Walhi Grand Junction 0 3 0 0 & 4 Biir River 0 1 0 1 a ♦Cum. dividend. tEx. dividend ■ 1 ■

terday WELLINGTON. f' s d Sales reported: Bank of Australasia 9 17 6 J1if.tr> .... , 9 19 0 Bank of New Zealand (3) j) j tto , . •••••••« .1 8 . 7 15 6 N.Z. Refrigerating, 10/- paid .... 0 2 1 11 Ditto 111 3 Ditto (2) 1 11 4 AUCKLAND. £ s d Govt. Bonds, uj p.c., Sept., 1937 100 5 0 Inscribed Stock. 4J p.c., 11'39 .... 95 0 0 do. 5i p.c., Feb., 1937 100 0 9 do. 5j p.c., Sept., 1937 100 5 0 Bank ot Australasia 9 17 6 4 0 0 Bank of Now Zealand .......... 9 2 3 6 1 1 .. Devonport Ferry 0 IS u Taranaki Oil (2) 0 2 o 1 11 . 0 4 10 IVnihl (3) 0 17 10 0 IS 0 CIIKISTCnilBCH. £ S d Nat. Bank of Australasia, £5 paid. 5 12 6 National Bank of N.Z 4 0 G Bank of New Zealand (4) i) 6 N.Z. Refrig.. 10/- paid (3) D 2 ti 1 0 0 1G 8 Do 0 17 (1 Do 0 17 3 0 0 4 0 5 0 (Joldpn Point (2) 0 u 54 Do. (4) 0 0 54 0 8 . i Do ll 8 3 J Electrolytic Zinc, pref., ex div. .. 1 5 0 Do 1 4 9 •Sales reported— Bank of New Zealand (2) 2 5 9 N.Z. Breweries 1 7 3 N.Z. Farmers’ Co-op. 44 p.c. stock, 1945 . .l 49 0 0 DVNEDIN. £ 8 d Sales reported— Mort 1 3 70 0 41 0 1 1 10 . 0 4 1 11 Do 0. 5 0 Mount Lyell (after last call) .... 1 0 u

Tendon, Oct. 27. The Bank of England return for the week ended October 26 is as: follows: Issue Department. Notes issued- £ Govt . d611t u £ 5 , 10 O Other Govt. securities 248,069,601 Other securities 12,006,019 Silver coin 3,819,247 Nation 358,430,512' ' ’ ’£273,000,000 In bank- Gold coin & . ing dept. 55,901,582 -bullion 139,42-,094 £ 414,422,094 £ 414,422,091 ’Amount of fiduciary Issue. Banking Department. M £ £ Capital .. 14,553,000 Govt.seBeat .... 3,133,472 curities 66,998,004 Deposits— DIscts., adPublic .. 25,426.187 rances ll,cO6,iJ9 Bankers 77,335,612 Other scOther curities 18,434,037 ac/cs. 33,5SS,205 Notes .... 55,991,082 7-day, etc., > Gold and bills 2,825 silver coin 1,018,839 £ 151,039,301 £ 154,039,301 Proportion of reserve to liabilities, 4-1.80 per cent., compared with 41.10 per cent. last week. The principal items of the above return compare as follow with those of last week: ~ ; ' Oet.19. Oct. 26. Public - ...' 30,751,192 25,436,187 Bankers ....... 71,933:830 77,335,612 Other accounts • '33,741,158 • 33,588,-05 £136,426,180 £136,350,004 Securities — Govt 66,238,091 66,998,004 I>iscts., advances 11,606,495 11,.j06,729 Other securities 20,048,184 18.434,037 Reserve 56,198,144 57,010,441 Note circulation .. 359,217,903 358,430,512 Gold coin and bullion .... 139,422,094 139,422,094

Price. Variation £ 8 d £ s d Consols, 24 p.c 76 0 0 0 15 O’ Fund. Loan, 4, 1060-90 IOS 5 0 0 17 6* War Tzoan, 5, 1929-47 102 7 6 1 0 0* Ditto, assented .... X99 7 6 2 17 6* Coirvors. Loan, 34 p.c. 99 17 6 0 12 6* Victory Bonds, 4 p.c. .108 5 0 0 7 6* C’wealth, »5, 1045-75 105 12 6 0 10 0* CTivealtli, 6, 1931-41 lot 0 0 0 5 Of C’wealtl), 3£, 1936-37 99 17 ■ 6 0 12 6* Victoria, 3, 1929-49 89 10 0 0 12 6* Victoria, 31, 1929-40 04 10 0 0 17 6* Victoria, 5J, 1930-40 101 5 0 0 5 Of Victoria, 5, 1032-42 .. 100 7 6 0 5 0* Victoria, 45, 1910-60 102 16 3 0 1 st. N.S.W., 4, 1033 101 5 0 0 10 0* N.S.W., 3. 1035 OS 12 6 0 10 0* N.S.W., 34, 1930-50 .. 04 12 6 0 15 0* N.S.W., 5'}, 1922-32 .. 99 12 6 0 7 6* N.S.W., 64, 1930-40 .. 101 15 0 0 5 0* N.S.W., 0, 1930-40 ... 100 o 0 0 2 6* Q’land, 5, 1940-60 ... 103 7 6 0 10 0* Q’land, 3, 1922-47 ... 89 5 0 2 0 0* Q’land, 6. 1930-40 ... 101 13 9 0 1 3f N.Z., 4}. 1948.58 106 10 0 same N 3& 1940 ...... 99 10 0 U 2 X*z’’ 3“’ 1945 93 0 0 0 5 Ot S\zZ 6,' 1936-51 106 2 6 same S. Aust., 34, 1930 .. S. Aust., 3, 1916 or aft. 98 0 78 10 0 0 1 30 0 17 O’ Gt S. Aust.. 04. 1939-40 101 17 6 0 2 6* Tasm., 34. 1920-40 .. 99 5 0 0 5 ot Tasm., 3, 1920-40 .... 89 0 0 same 102 7 6 0 7 Gt W. Aust., 34, 1920-35 99 10 0 0 15 0* W. Aust.. 3. 1915-35 98 10 0 0 5 0* W. Aust.. 6. 1930-40 101 17 6 0 2 6* jHlgher. ’Lower. . x, ex interest.

c N. York, dol. to £ let. 27. 3.28J Oct. 26. 3.291 Par. 4.866 Montreal, <lol. to £ 3.63 3.615 4.866 Paris, fr. to £ .... 83 9-1G S3 11-16 124.21 Brussels, bel. to £ 23.605 23 21-32 35.00 Geneva, fr. to £.. 17.005 17.07 22;j Amst'dam, fl. to £ 8.16 8.185 12.107 Milan, lire to £.. 64.125 64 5-16 92.46 Berlin, mks. to £.. 13.805 13.855 20.43 St’holm, knr. to £ 19.125 19.20 18.159 C’hagen, knr. to £ 19.185 19.195 18.159 Oslo, knr. to £.... 19.60 19.65 18.159 Vienna, schgs. to £ ♦2S •28.50 34.585 Prague, knr. to £ 111 111.25 164.25 Hel'fors, mks. to £ 230 230 193.23 Madrid, pes. to £ 40.125 40.25 Lisbon, esc. to £.. 10S 109.50 110 Athens, drach. to £ 570 375 Belgrade, din. to £ 245 255 276.31 Bucharest, lei to £ Warsaw, zloty to £ 555 555 813.60 29.50 —— 43.38 Rio de J., p. to mil. •5J •5.9-32 16.70 B. Aires, p. to peso 47.02 SI. Video, p. to peso •30 •30 51 Calcutta, p. to rup. 1811-61 1811-64 IS Shanghai, p. to tael 211 21 11-16 — H.-Kong, p. to dol. 161 . 16} — Y’hania, p. to yen,. 16 16J 21.582 Batavia, gl. to £.. 8.37 •Nominal. — 12.107

Oct. G Per lb. <1. Oct. 13 Per lb. <1. Oct. 20 Per lb. <1. . Oct. 27 Per lb. <1. 70's WL 24} 24 G4’s ... 24 23 224-23 22 J 60s ... 22} J— 21} 56s ... IS IS IS IS 50‘s ... 33 13 13 — 46's ... 10} 101 104 10 40's ... 0} 0} 9} 0