FINANCE and COMMERCE

Dominion, Volume 26, Issue 43, 14 November 1932, Page 12

FINANCE and COMMERCE

STOCKS AND SHARES Last Week’s Business WAIHIS.FIRM AND ACTIVE Apart from heavy trading in minwg shares, most of which showed marked firmness, there was not much act £'’- t J , the Dominion stock and share ® inoi- week Due in part to the carnival week holidays iff Christchurch, the turner was will below the average, though steady business was done m wenin o ton an Finn C conditions ruled for Government securities, but the turnover• was not, very great. The 4} per cents., 1938, hardened to £9B/5/-, at which price most of tne sales were made. The 5 1-8 per cents., 1937, were done at £97/5/-. The oj per cents., February and September, /LM<. were traded mainly at £lOO/5/-. with occasional lapses to £lOO. Trading in banks was very restricted, New Zealands being the most active. Following the announcement ot the interim dividend these shares advanced on sale to 47/-. but they receded during the week to 45/5, dosing finally at 46/-. New South Wales, announcement of whose final dividend « d“® V / ery t s ? W^/io/. d on sales from £2B/15/- to £2B/10/. Union of Australia were dealt in at ±i 12/-, £7/14/-, and £7/11/9. Australasias had one sale at £9/12/6 as 4'r/K/fi" tional of Australasia, £o paid, at £o/o/o. The only other dealings in this section were in Commercials of Australia, which were steady at 14/a to 14/6. Scanty business was done m financial, insurance, gas, meat, coal, brewery, and miscellaneous shares. Morts weakened to sales at -3/4. an d 23/3. New Zealand Insurance sold at 43/11 to 43/9. and South British at 57/to 56/9. Nationals were slightly firmer at 14/10 to 14/11, and A.P.A.’s were done at 5/6. Christchurch Gas sold at 25/-, and Aucklands at 21/-. New Zealand Refrigerating, 10/paid. were steady at 3/- to 3/1. Union Steam, preference, firmed to sell at-0M Kauri Timbers vere done at 12/t>, and Renown Collieries at 2/6. New Zealand Breweries had dealings at 2</3 and 27/-, and Staples at 24/-. Sales .in the miscellaneous section'included Colonial Sus®” at £49 and £4B/17/6; New Zealand Drugs at 60'/-., Wilson’s Cement at 02/6 and 32/9, Electrolytic Zinc, prefo. at 20/-, Australian Glass at.4o/7J, Woolworths (N.Z.), preference, at 27/6, Dunlop Rubber at 15/5. Union Oil at 24/3, Milburn Lime at 26/6, Traders’ Finance, 7/6 paid, at 2/7, and Farmers’ Trading B prefs, at 9/-. and the ordinaries at 2/-. Active trading in M aihis, including strong buying from London, sent the.price up from .18/- to 19/11, recession later in the week to 19/6. Waihi Grand Junctions firmed on sales from d/o to 3/7. Mount Lyells also were very active, hardening on numerous sales from 20/2 to 20/10. Alexander Mmes, cum. dividend of 1/- P.er share, sold from 19/4} up to 20/-. Okaritos firmed from 7/9 to 8/- and 8/1. Nokomais were done at 5/8 up to 5/11, and King Solomons were firmer at 1/10 .to 2/1. Blackwaters sold at 19/4, Qolden. Dawns _at 5/2 to 5/3, Big Rivers at 1/2} a “?, Y l -. Points at 3}d.. Golden Points at sd. and 4}d., .and Gillespie’s Beach at 2d. premium. • WELLINGTON EXCHANGE Saturday’s Quotations Buying and selling quotations at Saturday morning's call on the Wellington Stock Exchange were as follow:—

DEALINGS ON ’CHANGE ' Saturday’s Sales The following sales were recorded on the stock exchanges of the Dominion on Saturday:—

COMPANY AFFAIRS Arrears of Dividends ELECTROLYTIC ZINC CO. The last dividend paid on the preference issue of the Electrolytic Zinc Company of Australasia, Limited, wasun respect of the half-yearly period ended June 301931. In 1929-30 a dividend of 10. per cent, was paid on the ordinary shares, but there has been no ordinary distribution since then. At the annual meeting of the company in Melbourne recently the acting-chairman of directors, Mr. H. Cohen, said he could give no indication when the accumulated arrears of prete r ' once dividend could be met, nor could he make any forecast in respect of the ordinary dividends. , Mr. Cohen said the problems during the past year had been accentuated by the low general, level of prices of metals. Improvement could only com? as prices recovered and world conditions changed for the better. An encouraging feature in connection with zinc was t statistical position, or, in other word,, tne relationship between consumptive demand, output and stocks. World stocks were not over large, and would be QU'clay absorbed by consumers should the Indus try take a decided turn for the beder. On the other hand, there was at presen a large idle productive capacitj, w.ncn would be brought into operation as consumption- increased and prices rose. The position at-the company s •»‘®® B ®“ the west coast of Tasmania could not change materially until prices■ l ’°*® . there was some assurance of stability m the market. Although metal PriceMor t e few months that had lapsed srnce the close of the financial year had been dis tinetly better than the average tor the v£a.r be was unable to forecast the approximate date on which production work would begin at the west coast mines. The board would bring tho . m '?®V P Vt O iute°rests tion as soon as it was in the best interests "’mXTAX* «!»«■«»>; Mr. Cohen said a reasonably high output of zinc at Risdon, and the ability to sel ’ had been important factors, These were rendered possible only through the ar rangements made by the London board with other members of the zinc , cartel. The company had to pay for this? privilege, but had it not been for such arrangement the position would have - been more difficult. The decline in metal prices necessitated further - writing down of stocks of metals, concentrates and oie on hand but the amount involved was considerably Jess than the previous year s figures. The values recorded in the bal-ance-sheet were on a conservative basis, and if the recent advance in prices ot metals was maintained realisation of stocks so valued would return an appreciable surplus. FOREIGN EXCHANGES Sterling Firmer : liondon, Nov. 11. The following rates on foreign exchanges were current to-day, as compared wpb quotations On November 10 and; par.—

Gold and Sliver. London,' Nov. 11. Stiver—Cash, 18 l-8d per ounce; 'forward, 18Jd. „ London, Nov.-12. Gold—£6/3/84 per fine..ounce. . ■ " ' ' — ' Customs Exchange Rates ■ Bates of exchange ruling at the announced dates 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 arrival of the vessels in New Zealand, finally declared rates being marked*:— Australind. America, dollars .. 3.45| Canadian Deader, Canada, dollars 3.68 t City of Adelaide, America, dollars 3.294 Golden Coast, America, dollars .. 3.30 J Dollar Conversion Rates The Associated Banks hare agreed that the conversion rates from November 12 wiU be ‘ U.S.A. Canada. Conversion of dollar bills received for collection and sale of dollar drafts o.~? ; _>,6Purchase of dollar bills .. 3,42 3.8These conversion rates are, of course, ascertained bn a sterling basis (London funds) and therefore current rate of exchange New Zealand on London will also be charged or allowed as the case may require. RAW COMMODITIES General Advance in Prices (Received Nov. 13, 6.30 p.m.) London, Nov. 12. Friday’s closing prices for the following raw materials were as follow, those for Noveniber 4 being given in parentheses :— ' , . Cotton. —Liverpool quotation, American middling, spot, 5.60 d. per lb. (5.39 d. December; 5.37 d. per lb. (0.15 d. Rubber. —Para, sd. per lb. (4 7-8 d.); plantation, smoked ribbed sheet, 221-32 d. per lb. (217-32 d. Jute. —November-December shipment, £l6/5/- a tou £l5/15/-). Copra.—November-December shipment, South Sea, £l4/7/6 a ton (£l4/2/6) : plantation Rabaul, £l4/10/- a ton (£l4 5/-) Linseed oil. £l7/15/- a ton (£l7/10/-). Turpentine. 58/6 a cwt. (60/-). Osmiridium. —Prices unchanged. Mount David Sluicing Co. The secretary of the Mount David Sluicing Company, Ltd., reports that the manager, Mr. A. C. Bucklaud, advises a return . of 23 ounces of gold for five days’ sluicing. The water has been off.since Monday morning owing to a slip in the race, but repairs were to be completed on oaturday. In a letter confirming the previous week’s return, Mr. Buckland says, “It will be some time yet before we have a final clean in of the paddock, and it is only to be expected that the cleaning of the rock bottom will give us a better return than we have had up to the present, rhe rock bottom appears to be fairly rough, and no doubt will hold back a portion ot the gold until it gets its final clean over.

LOW BUTTER PRICES Further Decline in London CHEESE MARKET SLOW The London butter market last week went from bad to worse, with a decline of 5/- to 8/- a cwt. in the prices of New Zealand salted. On Friday first grade was quoted at 90/-, a lower level than has been reached for many years—and finest at 96/- and in some eases 98/- a cwt. Australian was quoted at Bi/- to 90/-, a decline of 4/- a cwt. on the week. One agent is advised from Tooley Street that Australia is accepting all forward orders at 85/- a cwt., c.i.f. and exchau o e, November shiimient. . The London market is reported to the Dairy Board as slow. The retail price of New Zealand butter in London has been reduced to 1/- per lb., but that of Danish is unchanged at 1/3. In their monthly market report, dated Friday. Joseph Nathan and Co.. Ltd., state that the “prospects for the next few-months are far from cheerful. Production in New Zealand shows a large increase, and the same applies to Australia. If the present rate of increase is maintained it is estimated that Australia will ship anything up to 120,000 tons of butter this season.” Last season Australia shipped 83,920 tons to Britain, and New Zealand exported 98,230 tons. _ The London cheese i mrket is slow. New Zealand white cheese at 63/6 to 04/on Friday, showed a drop of 2-■ a cwt. on the week. Coloured was 59/- to 61/-, as against 60/- to 61/- in the previous ™Th’e Dairy Board’s London office reports the following prices ruling at the close of the market on Friday, those tor the previous week being shown in parentheses :— Butter. New Zealand, salted, 90/- to 96/-, ex. 98/- (95/- to 104/-; Nov. 11, 1931, 10i/to 114/-) ; unsalted, 104/- to 108/- (108/to 110/-; Not. 11. 1931, 116/- to 120/-). Deliveries, New Zealand. 1268 tons; in store, 1789 tons, excludes 165 tons ex Port salted. 87/- to 90/- (91/to 94/-); uusalted, 92/- to 98/- (96/- to 98/-). Deliveries, Australian, 15< a tons; in store, 1300 tons. Argentine, uusalted, S 6- to SS/-, ex. 90/-(88/-to 90/-). 1 South Africa, 83/- to 88/-.-Danish, 104/-, f.0.b.; 122/-, spot (108/-; ■1047- to 126/-)« Dutch, unsalted, 124/- to 126/- (122/t0124/-). Esthonian, salted and unsaltcd, J4/to 96/- (94/- to 96/-). Siberian. 83/- to 86/- (86/-to 90/-). Lithuanian, 90/- to 94/- (90/- to 94/-). The Dairy Board has also received The following advice from its agents in Canada :—Butter: New York, 214 cents; Montreal, 20} cents a lb. Cheese. I New Zealand, white, 63/6 to 64/- (65/6 to 66/6; Nov. 11, 1931, 68/- to 69/-); coloured, 59/- to 61/- (60/- to 61/-; Nov. 11,1931, 66/- to 68/-). Deliveries, Nefr Zealand, 12,123 crates; in store, 19,u00 Australian, coloured, 58/- to 59/-. Canadian, white, 65/- to 69/-; ex. <O/-; coloured, 66/- to 70/- (68/- to 69/-) ; e.i.f., 58/- (64/-). Deliveries, Canadian, 17.000 boxes; in store, 155,500 boxes. English finest farmers, 96/- to 100/(96/- to 100/-). Agents’ Reports. The New Zealand Producers’ Co-opera-tive Marketing Association’s weekly cabled market report from London, dated November 11, is as followsßutter: Market slow. New Zealand, finest grade, 94/to 96/-; first grade, 90/- to 92/-; Danish, 122/-; Siberian, 83/- to 86/-. Cheese: Market slow. New Zealand, white, 63/to 64/-; coloured, 59/- to 60/-; Canadian, white and coloured, 65/- to 70/-. Mr. Thomas Gray has received the following report dated November 11, from Mr. A. C. Rowson, London:—Cheese: Deliveries, New Zealand and Australian, 13,275 crates; Canadian, 17,051 boxes. Stock, New Zealand and Australian, 20,282 crates; Canadian, 156,801 boxes. Price, 64/- white; 60/- coloured. The demand is good and the market is steady. Butter: 90/- to 92/-, Ist grade; 96/-, finest. The demand is improving, but tho market is weak. Australia is accepting all forward orders at 85/- c.i.f. and c., November shipment. LIVE STOCK MARKET Feilding Sale Prices At the Feilding sale on Friday, Associated Live Stock Auctioneers, Ltd., had a heavy yarding of cattle of all ages, which met fair competition. Young steers and females created _ spirited bidding with prices slightly easier than those ruling at recent fairs. The beef.section was again well.supplied with good quality, which sold freely, although prices receded slightly. In the yearling Jersey heifer section there was a good yarding, and, although the bidding was keen, prices in this section also receded slightly. Fat sheep: A fairly heavy yarding, especially of ewes, with values easier. Store sheep: An, average entry and a good sale, 2-tooth ewes and ewes with lambs at foot being keenly competed for. Fat wethers, 8/6,10/6, 10/9, to 11/4; singles, 9/-, 11/6,12/-, to 12/6; fat ewes, woolly, 6/4, 6/9, 8/1, 8/4; shorn ewes, 4/11, 5/-,‘5/6, 5/9, 6/-, 6/6, 6/9. to 7/-; fat hoggets, .9/-, 9/3, 9/6, 10/-, 10/6, to 10/10; spring lamb, 10/-, 11/9. Store sheep: A good line of 2-tooth ewes in wool, 14/6; shorn 2-tooth ewes, 9/-, 10/7, to 11/10: shorn 2-tooth wethers, 7/9 to 8/3, to 9/-; ewes and lambs, 10/8 to 15/10. Cattle: 4 and 5-year bullocks, to £3 15/-; 3-year P.A. steers, £2/10/- to £2 19/-, to £3/11/-; 2 year, P.A. steers, £2 4/-, £2/5/-, to £2/8/-; yearling P.A. steers, 32/- to 35/-; yearling Hereford steers. 38/-; a line of purebred P.A. heifers, 2-year, £2/7/-; yearling P.A. heifers, 21/-, 27/-, 29/-, to 30/-;. Hereford and P.A. cows, in calf to P-A. and Hereford bulls, to £2/2/-; P.A. cows and calves, not much condition, to 39/-; empty, good-conditioned P.A. and Hereford cows, 34/-, 39/-, to £2. Fat cattle: Station heifers, £2/17/-, £2 18/6, £3, £3/2/-, £3/4/-, ■ £3/5/-, to £3 9/-; fat bullocks, to £5/15/-; prime fat cows. £2/15/-, £2/16/-, £3, £3/2/-, £3/5/-, to £3/14/-; fat cows, medium quality, 23/-. 25/-. 33/-, £2/2/-, £2/5/-, £2/10/-, to £2/12/6; Jersey yearling heifers, 38/-, £2, £2/5/-, £2/11/-, £2/15/-, £2/17/-, £3, £3/2/-, £3/10/-, £4, to £4/4/-. Salo of Dairy Cattle. . Associated Live Stock Auctioneers, Ltd., held a special sale of dairy cows, heifers, and bulls. There was a fair demand, especially for heifers and' good young bulls. Springing heifers, good. £4/10/-, £o, £5/5/-, £5/15/-, £6/-, £6/5/-, £6/15/-, to £7; smaller and later calvers, £2/10/-, £3, £?/2/6, £3/7/6, £3/10/-, £3/17/6, £4, £4/5/-. to £4/7/6; heifers in milk, £2/2/6, £3/17/6, £4/5/-, £4/10/-, £5, to £6/10/-; cows, springing, £3/15/-, £•'. £6/15/-, to £7/12/6; aged pedigree cows, to £5/5/-: cows in milk, £4/10/-, £.i. £5/2/6, £6. to £7; 2-year Jersey bulls, £3/10/-. £5. £5/10/-; pedigree yearling bulls. £7/7/-; grade yearling bulls, £2 5/-, £2/10/-, £3/5/-, to £3/7/6. AUCTION DIARY to-dat. Shannon Sale. TO-MORROW. Mart, Levin, 1.30 p.m.—Furniture, etc. (C. K. Woodrofe). Wingate Bros.’ Farm, Pohanglna, noon— Unreserved clearing sale (Assoc. Auct.). s' Wllleston St., 2 p.m.—Brantford computing scales, and etc. (K. Johnston). Levin Sale. 50 Hobart St.. Miramar, 10.30 a.m.—lurnishiugs (E. Johnston). WEDNESDAY. Manse St., Dunedin, 12 noon.—Salo property by order of the liquidator of Butterworth Bros., Ltd. (Park Reynolds Johnsonville Fat Stock Sale, 12.30 p.m.

MEAT PRICES RISING Speculative Buying in London EFFECT OF RESTRICTION AH prices of meat have advanced as a result of the import restriction measure causing speculative buying. Prices quoted are the average of the week, and include sales made before the announcement of the restriction; to-day’s prices are generally from }d. to 4d. higher. This cabled report was received on Saturday by the Meat Board from its London office, which advises that the following are the approximate average prices realised for the week ended November 11, based on actual transactions of wholesale quantities of the descriptions of meat mentioned, and are for representative parcels of the goods offering during the week, being for business done on the basis of delivered to Smithfield market and/or ex London stores. Prices for the two previous weeks are also shown: — „ , New Zealand sheep: Canterbury and North Island selected crossbred wethers and maiden ewes, 48/56, 3 7-Bd. (3Jd., 3Jd.); 57/64, 3 5-Sd. (3 1-Sd„ 3d.); 65/72, 3}d. (3d., 2 7-Sd.) ; North Island crossbred wethers and maiden ewes, 48/56. 3Jd. (3 l-Bd., 3d.); 57/64, 3}d. (3d., 2 7-Sd.) ; 65/72, 3 3-B<l. (2 7-Bd., 23d.) ; ewes, 48/under, 3 l-Bd. (2 3-Bd., 2}d.) ; 4S/64, 2}d. (2d., 1 7-Bd.) ; 65/72, 2}d. (1 7-Bd., IJd,). New Zealand lambs: Canterbury, 36/ under,-6}d. (5 3-Bd., 5 l-Bd.) ; 37/42, s}d. (4Jd., 4 5-Sd.); 43/50, 4}d. (4d., 4d.); second quality, average 33, 4'Jd. (4d?, 3 7-Sd.); other South Island brands, 36/under, 6J. (s{d., 5d.); 37/42, sd. (4}d., 4}d.); 43/50, 4}d. (3 7-Bd., 3 7-Sd selected North Island brands, 36/under, not quoted ( —, 5 l-Bd.) ; 37/42, 5 1-Sd. (4}d., 4Jd.); 43/50, 4}d. (3 7-Bd., 3 7-Sd.) ; second quality, average 31, 4|d. (4d., 3 7-Sd.) ; other North Island brands, first quality, 36/under, s}d. (4Jd., 4}d.) ; 37/42, 44d. (4}d., 4 l-Bd.) ; second quality. average 31, 41d. (3Jd., 3 5-Bd.). . Australian'lambs (new season’s): Victorian, first quality, 36/under, 5 3-Bd. (4Jd., 4 5-Sd.) ; 37/42, 4 7-Sd. (4 l-Bd., 4 l-Bd.). y Argentine lamb; First quality (new season’s), 36/under, sd. (4}d., 4}d.); 37/42, 4Jd. (4}d„ 4}d.). New Zealand beef: Ox fores, 2jd. (1 7-Bd.. 1 7-8 d.); ox hinds, 3 3-Bd. (2 7-Bd., 27-8 d.); cow fores and hinds, not quoted’. Argentine chilled beef: Ox fores, 3jd. (2 7-Bd., 2Jd.) ; ox hinds, 6d. (5 l-Bd., s}d.). Australian frozen beef: Ox crops,.over 100, 2?d. (2}d., 2}d.) ; ox hinds, over 160. 3 5-Sd. (3d., 3d.). New Zealand prime porker pigs: 60/ 100. sd. (4-Jd., 5d.); 101/120, 4|d. (4}d., 4 5-8 d.); New Zealand baconer pigs, 121/180, sd. (same). (Received Nov. 12, 5.5 p.m.) London, Nov. 12. Australian sheep: First quality crossbreds and/or merino wethers, 40/65, 2Jd.; second quality, 30/35, 2Jd.; ewes, 30/55, 2 5-Bd.. Argentine sheep: First quality crossbred wethers, 48/64, 3d.; 65/72, 2Jd.; over 72, none offering. Patagonian sheep: Wethers and/or maiden ewes, under 50, 3d.; 50/60, 2Jd.; ewes, 40/50, 2}d. Australian lambs: Victorian, first quality, 36 and under, 5 3-Bd.; 37/42, 4 7-Sd.; other States, first quality, 36 and under, 4Jd..; 37/42, 4 3-Bd.; Victorian, second quality, 36 and under, 4}d.; other States, second quality, 36 and under, 4 3-Bd.; all States, third quality; ’4id. Patagonian lambs: First quality, 36 and under. 4d.; 37/42. none offering; second quality, average 30, 3sd. Australian pigs: First quality, 60/110, average 90, 5d.; 111/120, 4Jd. Rabbits: First large, ex store, 14/6 to 15/6. Sharp Advances. The market advanced considerably following G'overnment action and speculative buying, says a cable message received by Levin and Co., Ltd., from their London ageuts. Compared -with last week’s quotations, best crossbred lamb, 28/361b., l}d. per lb. higher; 36/421b., 7-Sd. per lb, higher; second quality lamb, l}d. per lb. higher; best wethers, under 4Slb. and 56/641b., 7-Bd. per lb. higher; 48/561b., and 64/7211)., 'Jd. per lb. higher; ewes, under 641 b., Id. per lb. higher; 64/72Hi., 1 l-Bd. per lb. higher; prime ox beef, 5-Sd. per lb.’higher. Smithfield “delivered” prices, as far as it is possible to judge, are as follow: —North Island Down lambs, none offering; best North Island crossbred lambs, 28/36, 6}d. per lb;; 36/42, 5Jd.; North Island second quality lambs, average 30/31, s}d.; best North Island wether sheep, under 48, 4 3-Bd.; 48/56, 4 l-Bd.; 56/64, 4d.; 64/72, 3?d.; North Island ewes, under 48, 3Jd.; 48/56, 31(1.; 56/64, 3 l-Bd.; 64/72, 3d.; New Zealand prime ox beef, 160/220, 3d. The Bank of New Zealand, produce department, has received the following advice from its London office as at close of business last week:—The market for wether mutton is more active owing to anticipated shorter supplies from other sources. The advance in ewes is due to forward speculation. The market for lambs is becoming firmer. There is a better inquiry for beef. Unforeseen conditions are responsible for the present state of tlie market. Wethers, light, 3}d. to 4d. per lb.; heavy, 2Jd. to 3}d.; ewes, 2d. to 3d.; lambs, 2’s, 5Jd. to fid.; B’s, 4d. to 5d.; 4’s, 4}d. to 43<1.; seconds, 4d. to 4Jd. Beef: Qx hinds, 2fd. to 3}d.; fores, ljd. to 2}d.; cow hinds, 2:}d. to 2}d.; fores, l}d. to lsd. TRADE WITH THE EAST Victorian Exhibition Ship At a recent meeting of the council of the Victorian Chamber of Manufacturers, further consideration was given to a proposal that the chamber should undertake the dispatch of an exhibition ship with Australian products on a tour of the East early next year. It was resolved to proceed with the scheme tentatively, with a view of the voyage being undertaken during April, May and June—the bes>t period of the year for business and climatic purposes. The organisation of the tour will be undertaken by the exports committee of the chamber. Several leading Victorian manufacturers have already indicated their intention to make the trip, and it is anticipated that with the co-operation of other States the exhibition of products will be thoroughly Australia-wide in character. The selection of a vessel will be deferred until the committee hast conferred with the shipping companies desirous of offering facilities. The Nieuw Holland has been definitely offered in this connection. Suggestions that a British rather than a Dutch vessel should be used will be discussed before final arrangements are made. The suggested itinerary as outlined in alternative schemes submitted by the Royal Dutch Packet Line, embraces Java and the Malay States, but there is a possibility that South Chinese ports will be visited. The cruiser is expected to occupy two months. Australian Eggs in London (Received Nov. 13, 6.30 p.m.) London, Nov. 12. Australian eggs are selling well at good prices. A satisfactory feature of the trade is the.number of shops now making special displays. One large Kensington store has a window full, with pictorial advertisements. At a retail price of three-half-pence each they command a ready sale. The prejudice which formerly existed owing to their age seems entirely to have disappeared, and they are quite equal to European eggs selling at the same price. Sydney Stock Exchange Sydney, Nov. 12. Sales on the Sydney Stock Exchange this morning included: Commonwealth bonds, 4 per cent., 1941, £103; Bank of New South Wales, £3O/10/-; Tooths, 30/-; Burns, Philp, 49/9; Broken Hill Propy., 28/-.

NEW WOOL CONTAINERS Tests in Australia Two new varieties of wool containers will slhortly be tested by pastoral interests to ascertain their suitability to Australian conditions, states the Melbourne “Age.” A leading Melbourne pastoral company will, in the course of the next few weeks, receive a standard pack from New Zealand. The container is manufactured from flax, and is claimed to meet with all the necessary requirements of the industry. . Tests have been conducted in New. Zealand, and reports indicate that satisfactory results were obtained. The pack could be marketed at a cost below the Calcutta jute pack at present in general use in Australia. Melbourne wool interests believe that if the pack Stands up to the tests it will be subjected to there is a prospect of it being favourably received in Australia. . The other new container is a 91b. standard jute pack from Calcutta. The price would be about 2d. to 3d. each less than the heavy-weight pack, but until bulk manufacture was undertaken, it would be impossible to arrive at a deflate value, in- the past the price factory had prejudiced the adoption of any new packs in Australia. P. & O. Deferred Shares London, Nov. 11. P. and O. deferred shares sold to-day at 18/1 i- Mount Lyells also sold at 18/I'L New Guinea Gold sold at 5/41. London, Nov. 12. P and O. deferred shares sold to-day at 18/21-

Overseas Wheat Markets New York, Nov. 10. Chicago wheat futures: December, 43} cents; May, 48} cents; July, 49 7-S cents; New York, cash, 54 3-8 cents. London, Nov. 10. Wheat cargoes to-day were dull. Australian new crop was rather pressed for sale at 3d. to 6d. down. Parcels were in poor demand at l)d. to 3d. down. Futures: —London: December, 22/11 a quarter; February. 22/5; April, 22/4. Liverpool: December, 5/1 3-8 a cental; March. 4/11}. The spot trade is quiet, and irregular. Australian, ex ship, 27/6 a quarter. (Received Nov. 13. 5.5 p.m.) London, Nov. 12. Wheat cargoes yesterday had a steady tone. Manitobas were inclined to harden. Quotations were little changed, and buying interest was small. A part cargo of Australia old crop sold recently at Bristol at 25/9 a quarter. Parcels: Manitobas were occasionally l}d. down. Others were dull and unchanged. An Australian parcel, ex Coptic, sold at 25/9. Futures: —Loudon: December, 23/4 a quarter; February-April, 22/8. Liverpool : December, 5/2} a cental; March, 5/01.

N.Z. GOVT. LOANS. Buyers.. ' - > ’ £ s d Sellers. £ I d « T>_e. Bonds, 1941 ...95 10 0 — p.e. ditto, 1939 .... 95 10 u . p.e. ditto, Feb., 1937 — ' p.e. ditto, Sep., 1937 — p.e. ditto, 1933 ;... 98 10 0 p.e.. Stock, 1938 .... — „ px ditto, Feb., 1937 100 2 8 r 5 I 100 10 100 10 98 10 100 10 0 0 0 0 pc. ditto, Sep., 1937 - 100 10 0 DEBENTURES. Auck. City. M p.e., 1944 97 0 0 —•. Chch. Clty. Bi P.C., 1944-w- ■». — Dunedin City, 5i p.c.„ ■ - - 1944 fl ‘ J® 2 — Wgtn. City, 5} p.e., 1940 98 10 0 Chch. Drainage, 5J p.e., . . . — 98 0 0 , - , . BANKS. —— Comm. of Aust., ord. 0 14 5 0 14 •4 12 7 « National of N.Z. ...... —. 3 18 6 New South Wales ..... — •28 15 0 Union of Aust. 7 10 ,O —■ financial. Goldsbrougb, Mort .... _ — _ 1 3 8 N z. Guar. Corpn., ord. O o 3 0 5 5 N.Z Loan & Mercantile — 55 0 0 Wgtn. Dep. & M6rt. ..' — 0 8 0 , GAS. Auckland, contrib 0 15 0 Wellington, ord — _ 1 10 0 Ditto, pref. . 0 18 o Timaru , ... ~ , 0 19 0 1 ’ ( meat. 1 12 3 N Z. Rcfrlg., £1 paid ..083 TRANSPORT. Union Steam, pref. .... 10 8 — WOOLLEN. Wellington, ord 5 6 6 TIMBER. KatiQ n fli “* 0 7 0 CTaringamu tu •»»•••••• ~" 0 5 0 BREWERIES. NJk Breweries ISO 1 7 0 Staples **■ 1 4 MISCELLANEOUS. British Tobacco, ord.,. 1 10 6 111 0 Colonial Sugar — _ 49 10 0 Dominion Investments .110 —— Electro. Zinc, pref 1 5 3 Henry Jones Co-op. .. *112 9 1 14 3 .25. Drug 2 19 0 0 F armors’ “Fertiliser ... — 0 17 0 Sharland and Co., ord. 0 18 0 — Ditto, pref. 0 18 0 —— Wilson’s Cement — •1 13 0 Milburn Lime . 1 S 0 Gen. Motors & Holdens, — MM OIL. Motrjroa. ord. - — 0 4 3 Taranaki 0 2 0 MINING. Alexander *0 18 0 —— King Solomon 0 1 11 0 2 4 Mount Lyell *1 0 0 1 0 4 Okarito 0 8 0 — ■ TValhi 0 19 3 0 19 6 Waihl Grind Junction 0 3 3 Big River — 0 1 4 Nokomai 0 5 11 — *Cum. dividend.

WELLINGTON. £ s d Inscr. Stock, 4} p.c., 1938 . *98 5 0 Staples and Co. (2) . 14 0 •Late sale Friday. AUCKLAND. £ 8 d Govt. Bonds, p.c., Feb., 1937 100 u 0 Dominion Investment 0 17 6 0 19 0 Do , 0 19 4 Do 0 10 5 Do . 0 19 (1 Waihi Grand Junction 0 3 7 CHRISTCHURCH. £ s d Sales on ’Change: _ . Inscr. Stock. 5i p.c., Sept.. 1937 . 100 5 0 Bank of N.Z.. cum div 2 6 0 N.Z. Refrigerating, 10/- paid .. 0 3 0 Big River (2) Oil Alexander, contr., cum div 0 19 6 Do 0 19 11 Do 10 0 Waihi (4) 0 19 0 Okarito (2) OSO DUNEDIN. £ s d lasgs, Stock, 4i P-C-. 1938 (2) . 98 5 0

Nov. IL Nov. 10. Par. ' N. York. dol. to £ 3.32 3.28} 4.866 Montreal. dol. to £ 3.715 3.76o 4,866 Paris, fr. to £ 84.625 83.875 124.21 Brussels, bel. to Geneva, fr. to Amst’dam. fl. to £ 23.1)5 17.225 23.705 17.105 35.00 25.225 £ 8.275 8.185 12.107 Milan, lire to £ 6413-16 61.375 92.46 Berlin, inks, to £ 13.95 13.825 20.43 St'holm, knr. to £ 18 29-32 18.865 18.159 C'hagen, knr. to £ 19.20 19.20 18.159 Oslo. knr. to £ 19.625 19.625 18.1 o9 Vienna, schgs. to £ •28 ♦28 34.585 Prague,. knr. to £ 112 110.875 164.25 Hel’fors, inks, to £ 230 230 193.23 Madrid, pes. to £ 40.50 40 3-16 25.225 Lisbon, esc. to £ 108.50 108.50 110 Athens, drach. to' 580 580 375 Belgrade, din. to £ 242.50 . 242.50 276.31 Bucharest, lol to J? 555 555 813.60 Warsaw, zloty to X* —— 20.50 43.38 ■ Rio de X, p. to mil. •51*5i 16.70 B. Aires, p. to peso- * —• 47.62 M. Video, p. to peso •30 •30 . ■ 51 1 Calcutta, p. to rup. 18 3-16 IS 3-16 18 Shanghai, p. to tael 21 13-16 ; 2ii — H.-Kong, p. to dpi. —— 161 Y’hama. p. to yen 155-16 15 3-32. . 24.582 Batavia, gl. to ( £ 8.24 8.20 12.107 ‘Nominal.