FINANCE and COMMERCE

Dominion, Volume 26, Issue 49, 21 November 1932, Page 12

FINANCE and COMMERCE

STOCKS AND SHARES Gold Mining Activity OTHER SECTIONS DULL Except for gold-mining shares, which were remarkably active, business on the Dominion stock exchanges last week was very dull. There was a marked contraction in turnover, with an almost general weakening in prices. Undoubtedly political factors are exercising a disturbing influence in the market and this is being accentuated by the uncertainty created by the pressure being ■' exercised, to have the exchange rate raised to an artificially high level. It was too early yesterday to indicate precisely what reaction the market will make to an upward movement in the exchange rate should that eventuate, but undoubtedly it will have far-reaching effects. Already there are indications of an upward trend in the prices of Australian stocks. There are many indications that investors are adopting a cautious attitude. There has been a noticeable falling-off in offers for and dealings in Government securities, though the few dealings last week showed no weakening of prices. A small turnover was recorded in local body debentures, mostly at Auckland. Banks were dull and prices inclined to ease, except Union of Australia, which gained on sales up to £7/16/6. New Zealands, which sold down to 45/3, improved slightly at the week-end, sales being recorded at Wellington at 45/9 and 46/-. National of Australasias showed a firming tendency. Commercial of Australia, preference, were firm on sales at £7/5/-. Investors displayed little interest in financial, insurance, gas, meat, shipping, timber, woollen and brewery shares. Dalgetys were done at £7/11/6, cum dividend. and Goldsbrough, Morts were weak. Huddart-Parkers were placed at 27/-. Little business was done in breweries. Staples • sold at 24/- and 23/-. In the miscellaneous section Colonial Sugars eased at Wellington on Saturday to £45/10/-, sellers moving down to £47 10/-. British Tobaccos had sale at 31/3. Australian Glass at 40/3, ex divi- . dend, and Henry Jones Co-op., cum dividend, were very firm. Mount Lyells, cum dividend, eased on sales down to 19/10, but recovered on Saturday to 20/6. Electrolytic Zinc, preference, firmed to .“25/10. . ■ . , There was marked activity m gold-mm- ■ ; ing shares, which dominated the . market. All were firm with the. exception of Waihis, which sold down to 18/3, recovering on Saturday .to -18/S. WELLINGTON EXCHANGE Saturdays Quotations Buying and selling Quotations Saturday morning’s call on the Wellington Stock Exchange were as ..follow. JxZ. GOVT. LOANS.

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

Sydney Stock Exchange Sydney, Nov. 19. Sales on the Sydney Stock Exchange this mornin" inehided:—Commonwealth Bonds, 4 per cent.. 1938, £lO2/11/3; 1941, £lOl/12/6: £lO Bonds. 4 per cent., 1938, £lO/3/6; 1941, £10; 1953, £lO/1/-; 1961, £lO. New Zealand 5j per cent, bonds, 1937. £111; Bank of New South Wales, £3O/9/6; Tooheys, 21/3; Tooths. 35/6; Associated News, preference. N.Z. delivery, 15/74; Broken Hill Pty., 25/6; Burns, Philp, 48/9; Colonial Sugar. £52; Bunlop-Perdrlau, 17/li; Wilcox, Mofflin, o/w; Winchcombe, Carson, 23/6.

■ COMPANY AFFAIRS Big Decline in Net Profit E.S. AND A. BANK (Received Nov. 20, 6.30 p.m.) London, Nov. 19. The net profit of the English, Scottish, and Australian Bank for the year ended June 30, 1932, was £147,719. The amount brought forward from the previous year was £297,134. The sum of £15,000 is placed to reserve and’£sooo to the officers’ provident fund. The amount carried forward is £274,854. As announced in this column on November 12, the E.S. and A. Bank is paying a final dividend of 2 per cent., making with the interim dividend a total of 5 per cent, for the year, as against 8 per cent, for 1931 and 12J per cent, for 1930. Bellowing is a comparison for the last three years:— 1930. 1931. 1932. £ £ £ Net profit .. 542,786 266,657 147,719 Reserve .... 80,000 30,000 15,000 Provident fund .... 10,000 5,000 5,000 Contingency account ... 70,000 — — Written off premises 50,000 — — Carried fwd. 305,477 297,134 274,854 NELSON FREEZING CO. Small Net Profit The directors of the Nelson Freezing Company, Ltd., in their report for the year ended September 30, state that the stock killed and fruit handled during the year was as follows (the figures for 1931 being shown in parentheses):—Sheep, 6354 ( 857); lambs, 42,008 (26.419) ; cattle, 194 (192): pigs, 2157 (2198); calves, 4204 (2422); fruit for local requirements. 29,579 (19,916) ; export fruit, 37,756 (36,566). After writing off £1250 for depreciation, the profit remaining, including the balance brought forward from last year, is £BBB/15/9. The directors, although unable to recommend the payment of a dividend, .propose giving a .10 per cent, rebate on freezing charges to shareholders who consigned their stock this year on their own account. The increased support given by shareholders and clients during the season is shown by the above figures, which constitute a record. The directors report the death during the year of Mr. F. W. Fairey, who had been a member of the board almost from its inception, and was a staunch supporter of the company. The vacancy on the directorate was filled by the appointment of Mr. Lyell Baigent, of Owen River, and Mr. A. Drummond, the retiring director, was re-elected unopposed. WAITAKI FREEZING CO.’ Dividend, 3 Per Cent. The directors of the Waitaki Farmers’ Freezing Company, Ltd., in their report for the year ended October 31, state that after providing £4891/2/6 for depreciation, and £7OO for income tax, the profit and loss shows a surplus of £2872/3/5. To this has been added £247/18/5 brought forward from last year, making a total to be dealt with of £3120/1/10, which the directors recommended shall be appropriated as follows:—-To pay a 3 per cent, dividend, £2851/9/1; to carry forward, £268/12/9. The balance-sheet shows paid-up capital at £95,063 ; debentures, £100,000; and advances against consignments and sundry creditors. £27,985. The assets include land and buildings. £117,255; plant, machinery, etc.. £54,291; and investments, sundry debtors, stocks, and stores, £57,386. Profit and loss items include salaries, office and general expenses, £1797; interest, insurance, rent, and rates, £2372; solicitors’, directors’, and auditors’ fees, £463; depreciation, £4891; provision for income tax, £700; and transfer to the appropriation account, £2872. The revenue earned for the year was £13,096.

The dividend is the same as in 1931. Out of the working profit of £8134/19/-, last'year, £4BBB/14/5. had been written off as depreciation, and the balance transferred to the appropriation account. With the transfer to the appropriation account of £32.500, reduction in debenture debt, there was available £3098/16/-. The revenue for thd year was £11.719/13/11. /■' ’ ’ - ' ' — National Insurance Co. Dunedin. Nov. 19. At the annual meeting of the National Insurance Company, the chairman of directors, Sir.' John Maloney, said the accounts! for the year closed with a credit balance of £85,706 net, the underwriting profit being at the rate of 7.73 per cent. Although premiums are lower by £19.572, which, however, is compensated for by a reduction in losses of £29,454, after paving an interim dividend of £16,667, the directors have transferred £902 to the contingency account, £9676 to the investment fluctuation account, and have written off £2OOO from the company’s premises, and they now recommend the payment of a further dividend of sd. per share, making in all 9d. per share for the year, amounting to £37.500, and to carry forward £35,627. The company’s assets, amounting to £912,992, have been increased by £19,089. Murchison Oil Company The annual report of . the Murchison Oil Company. Limited, for the year ended August 31, states that unceasing efforts to raise fresh capital have so far been unsuccessful. Proposals have been submitted to likely groups . in Japan, America, England, and Australia, but, although the overtures were in the main favourably received and commented upon, present world conditions stood in the way of completing arrangements. The directors state that fresh capital raised from the shareholders two years ago had been almost exhausted and the funds in hand amounted to only £42. The company’s plant was unencumbered, and other assets included £325 on deposit with the Government. The annual meeting will be held on November 29. The retiring director. Mr. J. Marsden Caughcy, offers himself for re-election. Golden Bay Cement Co. The annual general meeting of shareholders of the Golden Bay Cement Company, Ltd., was held at Wellington on Friday. Mr. F. K. Hogarth, chairman of directors, who presided over a goed attendance, referred to the difficult times through which any company was Passing which relied bn the activity of the building industry. The meeting confirmed the appointment to the board of directors of Mr. Vincent A. Ward. Mr. George Shirtcliffe, the retiring director, was re-elected. Mr. P. E. Pattrick was re-elected auditor for the ensuing year. i The annual general meeting of deben-ture-holders in the company followed, Mr. J. S. Macarthur presiding over a fair attendance. The business was purely formal. The report from the debentureholders’ directors referred to the diminished trade, due to the effect of the economic depression on the building and allied trades. Captain Charles McArthur, the retiring debenture-holders’ director, was re-elected to a seat on the board of directors.

LOW BUTTER PRICES London Market Depressed DECLINE IN CHEESE The London butter market is very depressed and prices are ruling at a lower level thaji for many years. New Zealand finest grade salted butter was selling on Friday at 92/-, a decline of 4/- on the week, while first grade was quoted at 89/-. The mean of these prices is equivalent to approximately 9 l-Bd. per lb. f.o.b. New Zealand. The market is described as slow and weak, and one agent is advised from Tooley Street that “pressure to sell Australian butter is demoralising the market.” The Empire Marketing Board’s estimate of the stocks of all butters last week was 472,754 boxes, compared with 578,467 boxes a year ago. The cheese market is quiet. New Zealand white on Friday was quoted at 60/61/-, a decline of 3/- to 3/6 a cwt. on the week, and coloured at 57/59/-,a fall of 2/-. T , The Dairy Board’s London office reports Friday’s closing quotations as follow, those for the previous week being shown in parentheses:— Butter. ’ New Zealand, salted, 89/92/-; ex., 94/(90/96/-; Nov. 18, 1931, 105/112/-); unsalted, 100/- (104/108/-; Nov. 18, 1031, 114/120/-). 89/92/- equals approximately 9 l-8d f.o.b. Deliveries, New Zealand, 1432 tons. In store, 1285 tons (includes 435 tons ex Otira). Australian, salted, 87/88/-; ex., 91/(87/90/-). Unsalted. 80/82/- (83/88/-). Market steady. Deliveries, Australian, 1650 tons. In store, 1175 tons. Argentine, unsalted, 86/90/-; ex., 92/(86/88/-). South Africa, 80/82/- (83/88/-). Danish, 100/- f.0.b.; 122/- spot (104/i; 122/-). Dutch, unsalted, 126/128/- (124/ 126/-). Siberian, 82/84/-. The board has also received the following advice from its agents in Canada: — Butter: New York, 231 cents; Montreal, 20S cents a lb. New Zealand, white, 60/61/- (5 7-Sd f.0.b.), 63/84/-; Nov. 18, 1931, 66/ 67/-) ; coloured, 57/59/- (5 5-8 d f.0.b.), (59/61/-; Nov. 18, 1931, 64/66/-). Deliveries, New Zealand, 14,000 crates. In store, 11,266 crates. Australian, white, 59/60/-; coloured, 57/58/- (58/59/-). Canadian, white and coloured, 64/69/(65/70/-) ; c.i.f., 54/- (58/-). Deliveries, Canadian, 15,000 boxes. In store, 159,000 boxes. Agents’ Reports. The New Zealand Producers’ Co-opera-tive Marketing Association’s weekly cabled market report from London, dated November 18, is as follows: —Butter: Market quiet. New Zealand, finest grade, 90/-; first grade, 88/-. Danish,.. 122/to 125/-. Siberian, 82/- to 84/-. Cheese: Market quiet. New Zealand, white, 60/to 61/-; coloured, 57/- to 58/-. Canadian white and coloured, 64/-. Mr. Thomas Gray has received the following report from Mr. A. C. Rowson, London, dated November 18:—Cheese: Deliveries N.Z. and Australian, 15,069 crates; Canadian, 15,304 boxes. Stock, New Zealand and Australian, 13,887 crates; Canadian, 159,998 boxes. Price, white, 61/-; •coloured, 59/-. The demand is steady and the market is firm. Butter: First grade, 88/-; finest, 90/-. The demand is very slow, and the market very weak. Pressure to sell Australian butter is demoralising the market. LIVE STOCK MARKET Gisborne Sale Prices Dominion Special Service. Gisborne, Nov. 19. At the Gisborne sale a small entry of fat sheep brought a better demand at above local freezing values. Ewes, 5/to 6/6; light wethers, 7/5; prime lambs. 8/9; second grade ewes, 3/9. Store Sheep.—A small entry, and an improvement generally. Ewes with lambs increased by 2/- to 3/-, but remained 5/below earlier values. Best made 8/7 to 9/-; others, mostly about 7/6; solid wethers, 6/4 to 7/2; medium to small, 4/8 to 5/-; dry ewes, good stores, 2/4. Beef was unchanged. Good cows, 47/6; unfinished. 37/6; light bullocks, 60/-. Pigs sold briskly. Weaners, 11/6 ■to 16/-; slips', 13/6 to 19/-. ' Carterton Sale Dominion Special Service. Carterton, Nov. 19. A fair yarding of pigs, sheep, and cattle was offered to a moderate attendance of buyers by Associated Live Stock Auctioneers, Limited, at the Carterton sale. Pigs sold at steady rates. Yearling heifers met good competition. Pigs: Weaners, 8/6 to 14/-; porkers, 20/- to 23/-; baconers, 32/6; sows (Berkshire), 22/-; boars (Berkshire), 27/-. Sheep: Wethers. 8/- to 12/-; ewes, with lambs at foot, 9/8; b.f. two-tooths. 11/-. Cattle: Yearling heifers. 39/- to £2/10/-; empty heifers, £2/10/-; springing heifers. £3: heifers in milk, £4; springing cows. £5/10/to £6/5/-; two-year Jersey bulls, £4 to £5; store cows, 13/- to 31/-. Feilding Sale At the Feilding sale on Friday Associated Live Stock Auctioneers, Ltd., offered an average yarding of fat sheep, ewes predominating. Fat ewes sold freely, prices being on a par with recent sales. Hoggets and spring Jambs met a ready sale, but wethers, of which the quality was not of a very high standard, did not meet with keen competition. Fat cattle : A heavy yarding again came forward, the quality being very good, with prices slightly easier than last week’s quotations. Store cattle: A fair., yarding, including a few nice lines of P.A. steers; also several pens of good quality Jersey heifers. Several lines of P.A. steers failed to reach vendors’ reserves, but the majority of the yarding was sold privately. The demand for Jersey 15-month heifers was quite’good and practically all were sold at satisfactory prices. Dairy cattle prices showed an easing tendency. Fat sheep: Shorn fat wethers, 9/7 to 10/-; shorn fat hoggets, 9/2 to 10/(just medium weights) ; fat spring lambs, 11/2 to 11/9; fat shorn ewes, 4/9, 4/10, 5/-, 5/6, 5/9, 6/1 to 7/-; singles. 7/6 to 11/6. Store sheep: Ewes with 100 per cent, b.f. lambs, 15/- to 15/8; forward woolly ewes, 4/2; shorn 2-th wethers, 8/- to 8/9; shorn 2-th ewes, small, to 9/-. Fat cattle: Fat stafion-bred heifers, £2 15/r, £2 /17/-, £2/18/-, £3, £3/2/6 to £3 12/-; fat station-bred cows, £2/17/-. £2 19/-, £3/1/-, £3/2/6, £3/5/- to £3/9/-; fat steers, light, £3/8/-. Store cattle: I’.A. bullocks, £3/10/-; 2-yr. P.A. steers, £2 to £2/2/-; store cows, 10/- to 20/-, 25/- to 37/-; 2-yr. empty Jersey heifers. £2/16/6; yearling Jersey heifers, £l/17/-, £2/7/-, £2/8/-. £2/13/-, £3/5/-. £3/8/-. £3/12/6 to £3 18/-; yearling Jersey bulls, £2/17/6, £3, £3/10/-, £3/15/-; pedigree yearling Jersey bulls, OJgns.; Potter bulls, 15/- to 20/-. Dairy cattle : Springing heifers, £3/10/-, £3/15/-, £4/10/-. £5, £5/5/-, £5/10/-; heifers, calved. £4 to £5/15/-; springing cows, £4/5/-, £5, £5/15/-, to £6/10/-. P. & O. Deferred Shares London, Nov. 18. I’, and O. deferred shares sold to-day at 15/7 J. Mount Lyell shares sold at 17/11 5-8. London, Nov. 19. P. and O. deferred shares sold to-day at 15/lli, and Mount Lyells at 18/IJ.

Golden Progress Mine The Golden Progress mine, in Central Otago, had a clean-up on Thursday for a return of 252 ounces of retorted gold from 63 tons of quartz. The time occupied in crushing was 118 hours.

MEAT PRICES RISING Lamb Market Very Firm. ADVANCE CHECKING DEMAND The lamb market is very firm at increased prices. Home-killed meat is also advancing, but more slowly. Mutton; Wethers and ewes firm in sympathy with other meat. Beef: Trade is stow at the advanced prices. N.Z. porker pigs; Market steady at better prices. N.Z. baconer pigs: Nominal. The above report was received on Saturday by the bleat Board from its London office, which advises that the following are the approximate average prices realised for the week ended November 18, 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: — N.Z. sheep: Canterbury and North Island selected crossbred wethers and maiden ewes, 48/56, 4| (3 7-Bd., 3{d.) ; 57/64, 4 1-8(1. (3 5-Bd., 3 l-Bd.) ; 65/72, 4d. (33d., 3d.) ; North Island crossbred wethers and maiden ewes, 4S/56, 4 l-Bd. (3Jd., 3 1-Sd.) ; 57/64, 4d. (31d., 3d.); 65/72, 3 7-Bd. (3 3-Bd., 27-8 d.); ewes, 48/uuder, 3 5-Bd. (3 l-Bd., 2 3-Bd.) ; 48/64, 3 l-Bd. '(2£d., 2d.); 65/72, 3d. (23d., 1 7-Bd.). N.Z. lambs: Canterbury, 36/undcr, 7d. (6id u 5 3-8 d.); 37/42, 6d. (5Jd., 4Jd.); 43/50, 53d. (44d., 4d.); second quality, average 30, 5Jd. (4Jd., 4d.) ; other South Island brands. 36/under, 7d. (6d., UJd.) ; 37/42, 5 7-81. (5d., 44d.) ; 43/50, sd. (43d., 3 7-Bd.)_; selected North Island brands, 36/under, not quoted; 37/42, not quoted (5 l-Bd., 43d.); 43/50, not quoted (43d., 3 7-Sd.); second quality, average 30,* 5Jd. (4Jd., 4d.) ; other North Island brands, first quality, 36/under, 6|d. (53d.,* 4Jd.) ; 37/42, 54d. (4Jd., 4Jd.) ; second quality, average 30, 54d. (43d., 3|d.). Australian lambs (new season’s) : Vicj toriau, first quality, 36/under, 63d. (5 3-Bd., 4Jd.) 1 37/42, s}d. (4 7-Bd., 4 l-Bdj. Argentine lanib: First quality (new season’s), 36/under, 6d. (5d., 4|d.); 37/ 42, 5 1-Sd. (43d.,'4Jd.). N.Z. beef: Ox fores, 3d. (23d., 1 7-8 d.); ox hinds, 3 7-Bd. (3 3-Bd., 27-8 d.); cow fores and hinds, not quoted. Argentine chilled beef: Ox fores, 4d. (3}d., 2 7-Bd.) ; ox hinds, 6|d. (6d., 5 l-Bd.). Australian frozen beef: Ox crops,, over 100, 3sd. (2Jd., 2Jd.); ox hinds, over 160. 4 l-Bd. (3 5-Bd., 3d.). NflZ. prime porker pigs: 60/100, 5 3-Bd. (5d., 4Jd.) ; 101/120, 5 l-Bd. (4}d„ 43’d.) ;. N.Z. baconer pigs, 121/180, sd. (same). (Received Nov. 20, 5.5 p.m.). London, Nov. 19. Australian sheep: First quality crossbred and/or merino wethers, 40/65. 33d; second quality, 30/55, 3Jd; ewes, 30/55, not quoted. Argentine sheep: First quality crossbred wethers, 48/64, 3sd; 65/72, 33d; over 72, not quoted. Patagonian sheep: Wethers •.ndl/or maiden ewes, under 50, 3 5-Sd ' *>o/60, 3Jd ; ewes, 40/50, 3 3-83. Australian lambs: Victorian, first qual-t ity, 36 and under, 61cT; 37/42, sid; other States, first quality, 36 and under, 3 3-8 d; 37/42, sd; second quality, 36 and under, 5 3-8 d; other States, second quality, 36 and under, sd; all States, third quality, 5Jd. Patagonian lambs: First quality, 36 and under, 4Jd; 37/42, not quoted; second quality, average 30, 4 3-Bd. Market Firm, But Quiet. The market is firm but quiet, says a cable message received by Levin and Co., Ltd., from their London agents. Compared with last week’s quotations, best crossbred lamb and second quality lamb, 3d per lb higher. Best wethers, under 641 b, l-8d per lb higher; 64/721b, id per lb higher; ewes under 481 b, l-8d per lb higher. Prime ox beef. 3-8 d per lb higher. Others unchanged. Smithfield “delivered prices” are quoted as follow: —North Island Down lambs, none offering; best North Island crossbred lambs, 28/36, 7d per lb; 36/42, 6d; North Island second quality lambs, average 30/31. 5Jd; best North Island wether sheep, under 48, 4jd ; 48/56, 43d; ’56/64, 41-8 d ; 64/72, 4d ; North Island ewes, under 48, 3 5-8 d ; 48/56, 3Jd ; 56/64, 3 1-Sd ; 64/72, 3d; New Zealand prime ox beef, 160/220, 3 3-Sd. » The Bank of New Zealand, Produce Department, has received the following advice from its London office as at close of business last week:—The demand and prices for wether mutton are improving. The demand for ewes is not quite so good. The market is firm for lambs. The advance in price has checked the demand. Trade in beef is slow. Wethers, light, 4d to 43d per lb; heavy, 33d to 4d; ewes, 23d to 3Jd; lambs, 2’s, 6|d to 7d; B’s, 53d to 6d; 4’s, 5d to 53d; seconds, 5d to 53d. Beef: Ox hinds, 3 l-8d to 3 5-8 d; fores, 2 l-8d to 2 5-Sd ; cow hinds, 2jd to 2Jd; fores, Ijd to 2d. M.’ A. Eliott, Ltd., Palmerston North, have received the following report from Gordon, Woodroffe and Co., Ltd., London :—Best lambs, Jd to Id higher; ordinary, 5-Sd higher; second quality lamb, Id higher; light wethers, l-8d higher; heavy wethers, 3d .higher; ewes. 3d to 38d higher; wethers, lamb and ewes, market steadier. North Island lamb quotations are nominal, supplies being practically exhausted. Smithfield delivered prices are quoted as follow: —Best North Island prime lambs, U/36, 64d; 36/42. 6d ; 42/50. sd; ordinary North Island lambs, U/42, 5Jd; second quality, U/42, 5Jd; best North Island wethers and/or maiden ewes. 48/56, 56/64, 4 l-8d ; 64/72, 0/72, 3Jd; ordinary North Island wethers and/or maiden ewes, 48/56, 56/ 64, 4d : 64/72, 0/72, 3 5-Sd ; North Island ewes, U/64, 3 3-8 d ; 64/72, 0/72, 2 7-Sd; New Zealand prime ox bee” (equal fores and hinds),’ 160/220, 3 3-Bd. FAT STOCK FOR EXPORT Gisborne Prices The Gisborne export fat stock price schedule has been announced. Lambs are being purchased on the basis of 3}d per lb; wethers at 2Jd, and ewes at 1 1-Sd. A marked reduction is shown in comparison with the opening figures for last year. Lamb then opened at 6Jd per lb. but this figure was offered for only a few days, and immediately the first small shipment was filled, the rate dropped by 3d per lb. There were gradual reductions as the season proceeded. RAW COMMODITIES Jute and Copra Easier (Received Nov. 20, 5.5 p.m.). London. Nov. 19. Friday’s closing prices for the following raw materials were as follow, those for November 11 being given in parentheses ■ Cotton.—Liverpool quotation, American middling, spot, 5.61 d per lb' (5.60 d ; December, 5.32 d per lb (5.37 d Rubber. —Para, 5d per lb (same) ; plantation smoked ribbed sheet, 29-16 d per ]b (221-32). Jute.—November-December shipment, £l5/10/- per ton (£l6/5/-). Copra.—November-December shipment, South Sea, £l4/5/- a ton (£l4/7/6) ; plantation Rtibaul, £l4/7/6 a ton (£l4 10/-). Linseed Oil.—£l7/10/- a ton (£l7 15/-). Turpentine.—sB/6 a cwt. (same). Osmiridium. —Prices unchanged. London Rabbitskin Sales London, Nov. 18. At the rabbitskin sales 2700 bales were offered and 1100 were sold. The market was quiet, with a fair Home trade. There was a poor Continental demand. Hatters’ sorts and pulling sorts' were generally easier. Unpulled sold firm at 5 to 10 per cent, advance over September prices.

THE WOOL MARKET

London Sales Prospects (Received Nov. 20, 6.30 p.m.) London, Nov. 19. Mr. W. P. Devereux, Australian woolgrowers’ representative, reports little change in the wool markets. Offerings at the London sales are not excessive. This should strengthen prices at the opening sales to-morrow. Bradford's export of tops continues satisfactory. Merinos are firm. FOREIGN EXCHANGES Decline in Sterling London, Nov. IS. The following rates on foreign exchanges were current to-day, as compared with

Gold and Stiver. I.ondon, Nor. IS. Gold —£6/5/7 per fine ounce. Silver-Cash. 18 l-8d per ounce; forward, JS 3-l Gd. T.ondon, Nor. It). Gold—£6/5/- per fine ounce. Dollar Conversion Rates The Associated Banks have agreed that the American and Canadian conversion rates from November 21 will be: — U.S.A. Canada. Conversion of dollar bills received for collection and sale of dollar drafts 3.20 3.69 Purchase of dollar bills .. 3.40 3.89 These conversion rates are, of course, ascertained on 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.

Overseas Wheat Markets

(Received Nov. 20, 6.30 p.m.) New York, Nov. 19. Chicago wheat futures’: December, 43J cents; May, 48 5-8 cents: July, 49 7-8 cents. New York, cash, 53J cents. London, Nov. 19. Wheat cargoes to-day were quietly steady at unchanged prices, owing to a decrease in the quantity afloat. An Australian part cargo in bulk sold at 25/6. Parcels were in poor demand, and occasionally lower owing to appreciation in the exchange. Australians were not offered. Futures: London, December. 23/3 per quarter: February-April. 22/44; Liverpool, March, 5/1 1-8 per cent.; May, 5/1 3-8. New Auckland Companies The following private companies have been registered in Auckland: — Kopaii Rimu, Limited, sawmillers. Capital, £lO,OOO, in £1 shares. Subscribers: Arthur Faulkner and William Broughton. 5000 shares each. Tung Oil Securities (N.Z.), Limited, to acquire land for cultivating tung oil trees, and to establish plantations. Capital, £lOOO. in £1 shares. Subscribers: R. H. Milburn, and H. G. Milburn, 500 shares each. Kio Ora Sluicing. Limited, 'miners. Capital, £lOOO, in £1 shares. Subscribers: F. W. G. Scott, 798 shares: R. A. Curnow, 200 shares; J. Wilkie, and J. 11. Allen, one share each. N.Z. Mortgage Co. A net profit of £1133. a reduction f-t £2OB, was earned by the New Zealand Mortgage Security and Trustee Company, Limited. Christchurch, during the year ended September 30. The directors state that the revenue was materially affected by legislation granting a 20 per cent, reduction of interest, on mortgages. With £243 brought forward and the transfer of £35 from the income tax reserve account, £l4ll is available for appropriation. It is proposed to pa.v a dividend of 5 per cent., absorbing £1133, and to carry forward £278. The dividend is at the same rate as last year. In 1930 a dividend of 6 per cent, was paid.

AUCTION DIARY TO-MORROW. Levin Sale WEDNESDAY. Johnsonville Fat Stock Salo, 12.30 p.m. 59 Victoria. St.. 1.30 p.m.—Furniture, ete. (I. Silverstone).

Buyers. . Sellers. £ s d £ s d 41 p.c. Bonds, 1939 .... — 9G 10 0 ■ 44 p.c. ditto, 1938 .... —x . 96 10 ■ . 0 54 p.c. ditto, Sep.. 1037 99 17 6 100 7 6 41 p.c. Stock, 1938 .... — 96 7 6 ' 54 p.c. ditto, Sep.. 1937 — 100 7 6 5} p.c. ditto. 1934 .... — 99 0 0 DEBENTURES. • A tick. City. 5} p.c.. 1944 98 10 0 —— Chch.- Drainage, 51 p.c.. 1965 . — ' 97 15 0 BANKS. 6 10 0 0 Comm, of Aust., ord. . 0 14 4 0 14 7 E S and A *4 3 0 4 12 0 Nat. of Australasia, £10 paid '. *10 15 0 Ditto, £5 paid *5 10 0 —. New South AA ales .... *27 15 0 —— New Zealand *2 5 7 6 0 0 ■ FINANCIAL. Goldsbrough, Mort .... 1 2 3 —- N.Z. Loan & Mercantile — 01 , o 0 Wgtn. Mort, and Dep. — 0 7 7 GAS. Wellington, ord —- 1 10 0 INSURANCE. Aust. Prov. Assce 0 5 0 New Zealand — 2 3 8 MEAT. Gear — 1 12 6 N.Z. Refrig., £1 paid .. 0 8 9 WOOLLEN. Wellington — 5 6 0 BREWERIES. Carlton 1 12 3 N.Z. Breweries 1 6 3 1 7 0 MISCELLANEOUS British Tobacco, ord. . 1 11 0 Colonial Sugar 45 10 0 47 10 0 Electro. Zinc, pref. .. 15 6 —- N.Z. Drug 3 1 o OIL. Moturoa, ord 0 4 3 MINING. Golden Dawn ......... 0 5 o King Solomon 0 2 o 0 iy 4Mount Lyell *1 o I) 1 1 0 Okarito 0 9 o o 9 3 I’addy’s Point 6 5 Wallii 0 IS 3 0 19 o Nokomai ; 6 6 o o 6 9 *Cum. dividend.

WELLINGTON. £ s d Bank of New Zealand, cum. dlr. 5 9 Ditto - G 0 British Tobacco (2) 1 11 3 Golden Dawn *0 5 4 Ditto ♦o 5 34 Paddy’s Point *0 5 6~ Ditto ♦0 5 7 Gillespie’s Beach, premium .... 0 0 3i •Late solo Friday. AUCKLAND. Bank of New Zealand .. s d 5 7 New Zealand Insurance 1 •> 3 0 South British Insurance 1G 0 Auckland Gas Co 0 15 0 Australian Glass 0 0 0 British Tobacco .... 1 10 6 Golden Dawn o 5 3 Walin o 1R 3 IValhl Junction o •3 7 CHRISTCHURCH. Sales on ’Change: x* Commercial Bank of Aust., pref. Union Bank of Australia .. 7 7 5 0 1G 0 Staples’ Brewery (3) 1 3 0 Electrolytic Zinc, pref. (2) .. 1 5 10 Mount Lyell, cum iliv 1 0 fi Golden Dawn 0 5 3 Nokojnai Q 6 ° Walhi ’ o 18 6 Sales reported:— Commercial Bank of Aust., ord. 0 14 B Union Bank of Aust 7 10 o Electrolytic Zinc, pref 1 5 10 Beath and Co., coutr 0 2 0 Woolworths (N.Z.), 'pref 1 7 6 DUNEDIN. Sales on ’Change: X? s d Nokojnai (.’ll o G 3 Do. (2) o G 4 Sale reported: Okarito 0 9 2

Quotations on November 16 and par;— Nov. 18. Nov. 16. Par. N. York. dol. to £ 3.305 3.31 i 4.S66 Montreal, dpi. to £ 3.78 3.78 4.866 Paris, fr. to £ 81.375 84.625 124.21 Brussels, bol. to £ 23 27-32 23.925 35.00_ Geneva, fr. to £ 17.175 17.215 Amst’dam. fl. to £ 8.225 8.265 12307 Milan, lire to £ 04.50 64 13-16 92.46 Berlin, inks, to £ 13.90 13.055 20.43 St’liolm, knr. to £ 18.825 18.90 18.159 C’liagen. knr. to £ 19.25 19.25 18.159 Oslo, knr, to £ 19.625 19 11-16 18.159 Vienna, schgs. to £ *28 •28 34.585 Prague, knr. to £ 111.375 112 164.25 Hel'fors, inks, to £ 230 230 193.23 Madrid, pos. to £ 40.50 40 0-16 25.225 Lisbon, esc. to £ 109 109.50 110 Athens, drach. to £ 580 580 375 Belgrade, din. to £ 245 245 276.31 Bucharest, lol to £ 355 565 813.00 Warsaw, zloty to ±J —— 29.62 43.38 Rio de P- to mil. M •5 3-8 16.70 B. Aires, p. to peso *— 47.62 M. Video, p. to peso *30 •30 51 Calcutta, p. to rup. 18 27-32 IS 3-16 18 Shanghai, p. to tael 21 11-16 219-16 —— II.-Kone. d. to dol. 1G5-S 16 3-8 —— Y’liama, p. to y en 14 11-16 14 13-16 24.5S2 Batavia, gl. to £ 8.215 8.29 12.107 'Nominal.