FINANCE AND COMMERCE

Dominion, Volume 26, Issue 67, 12 December 1932, Page 12

FINANCE AND COMMERCE

■ STOCKS AND SHARES

i Dull Market Last Week

X MOSTLY WEAKER

-S Continued weakness in the stock and .1 .hare 4arks Ihst'-week clearly wflecttd the.generalflack of confidence. •) .ery.lit it interest was.shown by investors.m anj > section’of the-market, a W I .uuflet selha, * pressure'prices, receded to new low. lee ; ■ There was n 'fairly large aggregate tin 1- .? over, but trading was confined mostly to ?- Government securities, Bank of New Ze ir land shares and gold mining stocks. The volume .of' business m Q&vernmeat r securitiesj-iyas larger tban.&r some welts. : hu t'.'mostly.’At a,Lw. le,yel of- prices sellers A thro.ughout'Jtlie'.Ateek being; prepared to. ~ 7: cent, valuesfthat;. represent: almost barJ aairiCrafts’^cobipai-ea thbse ruling •1 last’ month- The 4} Tier cent., 19oS, soul ' down ;■ to, £O2/15/-, though £93/2/6 was 2 obtained in one or two transactions. I’Oi the 51 per cent., September and February, 2 1937. r £97/10/- to f9B 'was .obtained, Die L 5 1-S per cent., 193.7,. sold at £9o up to £95/15/-. i. Business .in the banks’ section was coni’ fined almost .wholly to New Zealand, or- ' dinaries. -'These opened the.week,at 4~/J, $ and firmed later to 43/6 and 43/3.Folit lowing payment of the-interim di'idehd ? o i Saturday a sale was made at 42/-. ? The onlv other' business in this section •' was sales of Commercial of Australia, pr ■ t .Xce at £7/15/-,'and ordinaries at f 13/8 and a single deal in Union of Australia at £7. "Quoted prices of other banks ha in Jl tlie a sectiotf business was 5 confined to Dalgetys at £7/i>/- and £7/t/ . ■■ Goldsbrough. Morts at 21/o, -O/G au» : X ‘’o/6 and N:Z. Guaranteed . Corporation ■' at 4/8. N.Z. Insurance declined to sale* -- at 41/-, and South Britisli sold at 02/9 k down to 52/3, recovering to the tot met T. firnire at .the end of the week. . Very littlb* business was .done in any other section, extent gold mining. Gear xrlnf cold nt 29/-. N.Z. Refrigerating, paid recovered from 9/- to 9/6, and the . 10/- paid from 2/9 to 3/-. N.Z. Breweries were done at 25/6. Colonial sold at £46/5/- to £46/12/6. and £46/10/. Wilson’s Cement had a weak sale at 29/6. Gold mining shares were more than usual] v active. especially-Waihis. which sold steadily at JS/10 iiR ’t nre10/2 Waitn hus were also In ely at pre miums of 4d. up to 9(1. Consolidatcds were firm sellers at np to 9/4. WELLINGTON EXCHANGE Saturday’s Quotations nml selling quotations nt SatuX" morning’s >alf o 3 the Wellington Stock Exchange were as follow.— N.Z. GOVT. lOANS. Buyers. Sellers. .£sd B s d

DEALINGS ON ’CHANGE Saturday’s Sales The following sales were recorded on the stock exchanges throughout the Do-

The London correspondent of the “Sydney Morning Herald" cabled last week that the Peninsular and Oriental Steam Navigation Co., for the first, time, has presented a consolidated balance-sheet, embodying the position of the Peninsular and Oriental group. This shows that the fleets have been written down to a figure considerably less than that based on a depreciation of 5 per. cent, per annum on t.he'first'cost.

GEAR MEAT COMPANY

Annual Report Due To-day

NO FINAL DIVIDEND

It is understood that the annual report of the Gear Meat Preserving and 1 reezing Company of N.Z., Limited, which will be in the hands of shareholders this morning. recommends the passing of a final dividend for the year ended November 30. An interim dividend of 6d. per share was paid last June. _ The traditional dividend of the Geat Meat Company is 10 per cent, per annum. Speaking at the annual meeting last December, Sir Harold Beauchamp said he had been continuously a director tor 37 years. During that lengthy period, they had had. with one exception, a series of unbroken sucesses. The exception was in 1930. when they sustained a loss of £33,495. To put the balance in profit and loss on the right side, and to pay the customary dividend of 10 per cent., it was necessary to transfer from certain reserves £65,764/l/S. After that_ was done, they started the new year with a balance of £2277/4/-. The profit as shown in the balance-sheet for the year ended November 30, 1931, was £51,078 4/1. which, added to the carry forward of £2277/4/-. left a balance for distribution of £53,355/8/1. “Such favourable results were not due to profit on sales of frozen meat. . . . Indeed, the loss on frozen meat amounted to £48,263/15/6. But . . . through trading on our own resources and not being compelled to pay heavy interest on overdraft, we were able to sell exchange at a high premium, and, in addition, derived a large amount from interest ou our substantial investments.” The Gear Meat Company has a paid capital of £460,000. The balance-sheet items for the years 1930 and 1931 compared as follow: — Tear ended Nov. .->O. 1930. 1931. Liabilities — £ £ Capital paid 460,000 460,000 Creditors 92,508 28,974 Reserve 15,000 15,000 Insurance reserve' . 10,000 12,000 Properties, etc. ... 57,100 57,100 Debtors 144,000 14,560 Stocks 59,035 116,689 Debentures & stock 242,932 267,169 Money at short call 90,000 95,000 Bank credit 10,G49 4,418 Cash 823 871 BROKEN HILL SOUTH Dividend Declared Broken Hill South, Limited, advised the Stock Exchange Association by cable on Saturday that a dividend of one shilling per share has been declared. The dividend is payable at Melbourne on February 10. Transfer books will close ou December 16. The directors state that this dividend will be paid out of profits derived from sources other than mining at Broken Hill. NO DIVIDEND Kauri Timber Company’s Loss Melbourne. Dec. 10. The Kauri Timber Company’s accounts for the year ended August 31, 1932,-show a net loss of £26.022. Gross profits amounted to £22,538, which is £18,158 lower than the previous year. Stock-iu-trade has fallen to £129,925 from £192,753. No dividend is recommended. TIMBER COMPANY’S LOSSES Taupo and Taringamutu Accounts of. Ihe Taupo-Totara Timber Company, Limited, for the year ended April 30, disclose a loss of £11,408, compared with a loss last year of £7099 and a profit ,in 1929-30 of £9214. The allowance for depreciation is £7594 on buildings, and machinery and for bush cut, and £5666 on the capital value of the railway. The amount brought into the accounts was £BOOl. Out of the carry forward a dividend of 34 per cent, was paid on preference shares, absorbing £4146, leaving a balance of £3855. As against the loss tor the year, the resulting debit balance to be carried- forward wns £7553. No dividend could be paid on either , class of shares. The directors state that the late presentation, of the balance-sheet was due to the absence of the chairman abroad. The absolute slump in the timber market, which was noted in the previous year, continued in an aggravated form, during the period under review.--Stocks and been still further reduced' in value,(and short time had been worked in all departments during the year. The new steel bridge over the Waikato River was completed at a total cost of £10,097, of which £82 1 3 was paid in the 12 mouths ended April 30 without seriously encroaching on Lie company’s investments. The principal items of the balance-sheet are as follow, last year’s figuresb iegn given in parentheses:—Paid capital, £293.564 (£293,564); sundry creditors, £1767 (£2972) ; reserve for taxes, £759 (£802). Assets include: Properties, £63.362 (£65,474): buildings, £4002 (£5207); mills, railways and plant. £113,355 £114,555); stocks, £1.,.120 (£32,356) : debtors. £16.690 (£20,224) ; investments. £62,730 (£63,199) ; casu, £1265 (£2360). In the 1930-31 year 7 per cent, preference dividend was paid, but there bus been no ordinary dividend since 1921. The directors of Taringamutu-Totara Sawmills, Limited, near Taumarunui, te; port for year ended October 31 a loss ot £6096, compared with a loss of £6825 :n the previous year. With £1406 brought forward, the debit balance in the profit and loss appropriation account amounts to £7502. The directors state Unit the past year was one of the most difficult in the history of the timber industry. The first six months were so depressed that operations in the bush were stopped and sales were made from stock on.y. The second six months showed a considerable improvement. The general overhead expenses and depreciation were so great that the turnover must he increased before profits were returned. However, the 'plant had been maintained in good order, and on trade improving cutting could be recommended without delay., N.Z. Perpetual Forests A statement of the finances and operations of New Zealand Perpetual Forests. Limited, as at September 30, shows subscribed capital unchanged at £241,341 and capital paid up slightly higher nt £197,536. The bond subscription is £3,773,434/10/-, representing 129,297 bonds of £25, £3O. £3O/10/-. £32/10/-. £35, £4O, £45, £5O. and £55 each. Trustee reserve funds hold by Australasian Forestry Bondholders’ Trust Company. Ltd., including funds expended on investigations and realisation, amount to 597,455. The funds are invested as follows:—Government securities: New Zealand, £61,498; Australian, £259,210: Indian, £5284 ; a total of £325,992; New Zealand local body securities, £41,900; Mortgages: New Zealand, £124.100: Australian, £4500; uninvested funds with trustees in fixed deposits and in current account, £81,587; investigation and realisation expenditure. £15.011; held in separate trust, £4365. 'The forestry administration's certificate shows that 132.161 acres were planted during the seasons 1924 to 1931. and that at September 30 approximately 13,145 acres had been planted of the total area set down for planting in thl? 1932 season.

LOW BUTTER PRICES Improved Demand at Week-end CHEESE MARKET QUIET There was a further serious relapse in the Loudon butter market last week, the prices of New Zealand salted falling to 84/- for finest, and 82/- for first grade. These prices represent approximately 8 3-Sd a lb., f.o.b. New Zealand, and are believed to be the lowest ever recorded. They are 4/- a cwt. lower than those ruliii" a week previously. Danish on spot was ijuited on Friday firm at 122/- to 124/- a premium ot 40/- a cut. on New Zealand butter. There was an improved demand at the end of the week, and the market closed quietly firmer. The retail price ot New Zealand butter in London is unchnngetl at 1/- a lb., but Danish Ims been reduced to 1/2. The cheese market was quiet last week, fresh arrivals causing an easing tendency. New Zealand coloured cheese, nt u 9- to GO/- on Friday, was 1/- a cwt. better than white. These prices represented a decline of 5/- to 6/- c cwt. ou those of the previous week. The Dairv Board s Loudon office reports Friday’s quotations, with those for the previous week in parentheses, as follow : — Butter. Now Zealand, salted, 82/- to 84/(86/- to 88/-; D.ec. 9, 1931, 102/- to 106/-);'unsalted, 96/-, 98/- to 102/(100/- to 104/-; Dec. 9, 1931, 116/- to 120/-). 82/- to S 4- equals approximately 8 3-Sd. f.o.b. Deliveries, New Zealand. 1950 tons; in store, 3950 tons; includes 2362 tons ex Remuera and Raranga. Australian, salted. ■ 81/- S'D- (So/to BS/-) ; unsalted. So/-. 88/- to 90/(SB/- to 92/-). Deliveries. Australian, 2500 tens; in store, 1312 tons. Argentine, unsalted, S4/-, ob/- to 00/-, market slow. t Danish, firm ; 122/- to 124/- spot; 102/f.o.b. (122/- to 126/-; .99/-) Dutch unsalted, quiet; 124/- to 126/(122/- to 126/-). . , ... The board has also received the following advice from its agent in Canada :— Butter: New York. 234 cents; Montreal, 214 cents a lb. Cheese. New Zealand, white, 58/- to 59/- (64/t 0 65/-; Dec. 9. 1931, 63/- to 64/-) ; coloured, 59/- to 60/- (64/- to 6a/-; Dec. 9, 1931, 60/- to 62/-). 58/- to 60/- equals approximately 5 5-Bd. f.o.b. Deliveries, New Zealand, 15,169 crates; in store, 25,000 crates; includes 7600 crates ex Raran Canadian, white and coloured, 62/- to 68/-, ex. 70/- (white 62/- to 69/-, coloured 66/- to 69/-). Deliveries. Canadian, 14,000 boxes; in store. 170,966 boxes. English finest farmers , 98/- to 10a/(98/- to 105/-). Agents’ Reports. Mr. Thomas Gray, from Mr. A. C. Rowson. London Cheese: Deliveries, New Zealand and Australian, 1a,3J3 crates; Canadian, 14,693 boxes; stock. New Zealand and Australian, 2a.2a0 crates; Canadian, 172,568 boxes. I rice, white. 58/- to 59/-; coloured. 60/- to 61/-. The demand is steady, but the market is doubtful. Butter: First grade, 83/-; finest, 84/-. The demand is improving, and the market is firmer. The New Zealand Producers Co-opera-tive Market Association’s weekly cabled market report from London, dated December 9, is as follow’s:—Butter: Market steady. New Zealand finest grade. 84/-; first grade. 82/- to 83/-; Danish. 122/- to .124/-. Cheese; Market steady. New Zealand, white, 58/-; coloured, 59/- to 6°A.' S. Raterson and Co., Ltd., have received cabled advice from J. and .J. Douglas and Co. (London), Ltd., as follows: —Butter: Market depressed owing to heavy arrivals. New Zealand, 82/- to 83/-; Australian, SI/- to S2/-. Cheese: Market is declining. White, 59/-; coloured, 60/-. ADVANCES FOR BUTTERFAT Dairy Co.’s Record Low Level Dominion Special Service. Auckland, Dec. 10. The Cambridge Dairy Company, for butterfat supplied in November for butter, is making a record low advance of 7d per lb. Not for over 25 years has such a low’ advance been made. The advance for cheese is lOd. & Commenting ou the low advance, the chairman, Mr. F. L. Anderson, reviewed events leading to the present position and its reflection on commercial life generally. He said it was impossible to face a continuance of (lie present position and drastic remedies must be forthcoming to meet it. Reviewing the position in their monthly market report, A. H. Turnbull and Co. state that W. Wcddel and Co., Ltd., London, cable that spot stocks of butter in the United Kingdom are below those of last year, but buyers generally are pessimistic and depressed. They also indicated a decline in cheese with the arrival of heavier shipments. A. 11. Turnbull and Co. state that in the last few’ days of November and the firot day or two of this month there was quite a fair amount of forward activity, and buyers were found for December/ January, and in some eases February, shipment of butter at 9}d to Old net, f.0.b., ocean steamer. Ilowever, with the fall in the spot market, forward buyers seem to have withdrawn again, although there is still a limited inquiry at round about 9d. There has been very little forward inquiry for cheese at all, and although, some indications were made of a possibility of business at 54d f.o.b. for December/ January shipment, no business is reported. The estimated arrivals of New Zealand dairy produce in the United Kingdom during Deeember-January-Fcbruary compared with actual arrivals in previous seasons are given by A. H. Turnbull and Co. as follows; — .

RAW COMMODITIES Cotton, Jute and Rubber Lower (Received Dec. 11. 0.30 p.m.) London, Dee. 10. Friday's closing prices for the following raw materials were as follow, those for December 2 being in parentheses: — . Cotton. —Liverpool • quotation, American middling upland, spot, s.o4d._per lb. (5.30 d. ; January delivery, 4.87 d. per lb.. (5.04 d. , Rubber. —Para, 4 7-Bd. per lb. (Sd.) : plantation smoked ribbed sheet, 27-16 d. per lb. (2 lf)-32d.). Jute.—Decern be r-Ja unary shipment, £l5/6/101 ner ton (£l5/10/-). Copra.—December-January shipment, South Sea. £l4/5/- ner ton (same) : plantation Rabaul. £l4/7/6 per ton (same). Linseed Oil. —£17/10/- per ton (£l7 15/-). Turpentine.—6l/9 per cwt. (same).

MEAT TRADE SLOW Prime Lamb Prices Steady WETHER MUTTON FIRM Lamb market: Unchanged for prime lamb, but second quality a shade easier. Consumption satistactory for the time of year. Mutton market: ’Wethers very firm owing to shortage of spot stocks. Ewes: Market quiet aud unchanged. Beef market: Steady, with a fair demand. New’ Zealand porker pigs: Prices have advanced in sympathy with better prices Home-killed. New Zealand baeoncr pigs: Nominal. The above report was received ou Saturday bv the Meat Board from its London office, which advises that the following are the approximate average prices realised for the, week 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: 481 b to 561 b. 4Jd (4-ld. 4 3-8 d) : 571 b to 641 b. 4 3-Sd (4 3-Sd, 44d) ; 651 b to 721 b, 4 3-Sd (4 3-Sd, 4Jd). North Island crossbred wethers and ewes: 4Slb to 561 b. 4 3-8 d (4 3-Bd, 41d) ; 571 b to 641 b. 4 3-Sd (4 3-Sd, 4RI) ; 651 b to 721 b, 4 3-Sd (4 3-Sd. 4];d). Ewes: 48ib and under. 3}d (same) : 4Slb to 641 b, 3 1-Stl (same) ; 651 b to 721 b, 3d (same). • New Zealand Lambs. —Canterbury : 361 b and under, not quoted (—. 74d) ; 371 b to 421 b, 5Jd (5Jd, Gd) ; 431 b to 501 b, s}d (aid, 5 3-8 d) ; second quality, average 301 b. 5 3-8 d (5-Jd, 5 5-Sd). Other South Island brands: 361 b and under, 7d (same) : 371 b to 421 b, 5Jd (53-d, 5 T-8d) ; 431 b to 501 b. aid (same). Selected North Island brands: Not quoted; second quality. average 30lb. not quoted (s}d, 5 5-8 d). Other North Island brands: First quality, 361 b and under, not quoted, 371 b to 421 b, not quoted (_—. 54d) : second quality, average 301 b, 5 l-8d (sjd, 5Jd). Australian Lambs (new season’s).— Victorian, first quality, 361 b and under. 6}d (6 3-Sd, 6 3-Sd) ; 371 b to 421 b, s{d (same). Argentine Lamb. —First quality (new season’s) : 361 b and under, sj<l (6d, 6,’d) ; 371 b to 42]b, 5 1-Sd (5 l-Bd. s}d). New Zealand Beef. —Ox fores: 2Jd (2 7-Bd. 3d) : ox hinds. 3£d (3 7-Sd, 3 7-Sd). Cow fores and hinds: Not quoted. Argentine Chilled Beef.—Ox fores, 3 7-8 d (3}d, 3;]d) ; ox hinds, 6d (5Jd, 6 1-Sd). Australian Frozen Beef. —Ox crops: Over 1001 b. 3]d (same). Ox hinds: Over 1601 b, 4d (4 1-Sd, 4 1-Sd). New Zealand prime porker pigs: 601 b to 1001 b. (kl (5Jd, 53d); 1011 b to 1201 b, 5 5-Sd (s}d. 5Jd). New’ Zealand baconer pigs: 1211 b to 1801 b, 5d (same). Heavy Supplies of Fresh Meat.

The Bank of New Zealand, produce department, has received the following advice from its London office as at close of business last week: —Smaller supplies of wether mutton have caused prices to harden. The market for ewes is quiet and unchanged. There is a fair demand for lambs. The market for beef is steady. Trade generally is slow, owing to heavy supplies of fresh meat. Wethers, light. 4 3-Sd to 4 5-Sd per lb; heavy, 31d to 4-Jd. Ewes. 2Jd to 33d. Lambs, 2’s, 63d to 7d: B's. old to 5 5-Sd; 4’s, 5d to 5Jd: seconds, 5d to 5Jd. Beef: Ox hinds, 3 3-Sd to 3 7-8 d: ox fores, 2Jd to 3d. Cow hinds, 2Jd to 3d; cow fores, 2 1-Sd to 2 3-Bd. Levin and Co., Ltd., have, received the following cable from their London agents, dated December 9: —Compared with last week’s cabled advices, frozen meat quotations are unaltered. The market is quiet, with little inquiry. LONDON WOOL SALES Crossbreds Cheaper London. Dec. 9. Offerings at the wool sales to-day amounted to 5248 bales, including 1300 New Zealand. About 3882 bales were sold. There was active Home and Continental competition, aud the market had a firm tone. Realisations included New Zealand halfbred lamb slipe 113 d per lb. Queensland scoured sold to 24(1, a record for the scries. The Bank of New South Wales has received the following cable message from its London office dated December 9: — Wool: Merino and line crossbreds unchanged., Medium and course crossbreds, 5 per cent, to 74 per cent- cheaper than opening prices. EXPORTS OF WOOL Increase This Year Exports of wool from the Dominion last month were 24,088 bales, according to returns compiled by Dalgety and Co., Ltd. During the five months ended November 30, exports totalled 101,801 bales, compared with 50,123 bales for the corresponding period last year, an increase of 21.678 bales, or slightly over 27 per cent. During the five mouths ended November, 8265 bales of wool were offered in the Dominion, of which 7477 bales were sold, compared with 25,785 bales offered and 16.851 sold during the same period last year, when the. first Auckland sale was held late in November. FOREIGN EXCHANGES Position of Sterling - London, Dec. 9. The following rates on foreign exchanges were current to-day, compared with those ruling ou December S aud par:—

Gohl and Silver. London, Dec. 9. Gold—£6/7/11 per fine ounce. Silver—Cash, 17 5-Sd per ounce: forward, 17 11-IGd.. London, Dec. 10. Gold--.£G/C/S per tine ounce. Dollar Conversion Rates The Associated Banks have agreed that the conversion rates from December 12 will be: — U.S.A. Canada. Conversion of dollar bills received for collection and sale of dollar drafts 3.13 3.67 Purchase of dollar bills 3.33 3.87 These conversion rates are. of course, ascertained on a sterling basis (London funds), and therefore current ratc.of exchange New Zealand on London will also he charged or allowed as the case may require,

Waihi Gold Mine The following information has been cabled to the Loudon office of the Waihi Gold Mining Company, Limited :— No. 5 Level.—No. 2 reef: Driving west (lie next 34ft. assays 30/6 a tou. The lode varies from 2ft. to sft. wide. No. 11 Level.—North section Empire lode: Driving east the next lift, assays 60/3 a ton. At 105 ft, the total width of the reef is 74ft., assaying 43/9 a ton. No. 11 Level, 3Sfi. Sub-level.—North section Empire lode: In the crosscut south from the winze at 51ft. down the next 12ft. assays 13/6 a ton, the next 4ft. 52/6 a ton, the next 4ft. is country rock, the next 4ft. 76/- a ton. the next 15ft. 11/- a ton. and ths last 2ft. country rock. We have holed here Io former workings. No. 11 Level, 90ft. Sub-level.—North section Empire lode. Commencing at Mitchel winze we have driven east 77ft., the assay value being 45/6 a' ton. The lode is about 4ft. wide. Gold Returns By Telegraph.—Press Association. Invercargill, Dec. 10. The wash-up of the King Solomon Deep Lead mine for last week was 950 z. 12dwt. Christchurch, Dee. 11. Advice has been received that the washup of Mahakipawa Goldfields last week was 10 ounces. Blackwater Mines The report of Blackwater Mines, Ltd. (Reeiton), for November, with October figures in parentheses, was as follows: — (’.rushed. 3759 (3652) tons, yielding 1874 11882) tine ounces of gold, valued at £7958 (£7992) standard value; working expenses, £5449 (£5638). In addition, the furnace treated 71 (71) tons concentrates for a return of 187 (137) fine ounces gold, valued at £793 (£581) standard value; working expenses. £133 (£135): working profit. £6269 (£5972), with gold at £5/15/- a fine ounce; development penditure, £716 (£629) ; profit over all, penditure, £715 (£629); profit over all. £4479 (£4333). and total value of gold recovered. £11,851 (£11,(>11). with gold at £5/15/- an ounce. The development report states that the reef on the No. 12 level has been located exactly where expected. At the intersection the reef is 6ft. wide, of a somewhat low value.

1 -11 n.c. Stock. 193S •••• _ —. 93 6 ■: 51 p.c ditto, Feb.,-1934 9« Ti\ p.c. ditto, Sep.. 1937 97 J 5j p.c. ditto, 1933 • ••• 10 0 10 0 99 0 0 p.c. ditto. 1937 •••• 1,0 0 0 | debentures. Palmerston N., 6 p.c., 3945 ' 99 10 0 Makerua Drainage, 6 p.c., : 194G 95 0 0 Christchurch Drainage, 51 p.c.. 1965 — 97 10 0 Waitomo E. P. Bd., 6 p.c., 19f ( | 99 10 0 Wellington Gas Co. ... 09 Wellington Racing Club 5 0 95 — BANKS. n 0 0 Coinrrier. ,of Aust., ord. — 0 4 13 5 11 0 —— 12 6 Nat. of Australasia. 5 £10 paid 10 0 New, South Wales ..... —— New Zealand 11 6 I’nioii, of Aust .—. 4 «> financial Equitable Building .... — 4 0 0 Goldsbroiigh, Mort .... National Mortgage .... — 1 1 N.Z.' Guar. Corpn., ord. 0 4 3 —r N.Z. Invest, Mort, and 7 3 —- N.Z. Loan & Mercantile 52 0 0 N.Z. and River Plate .. —— -.0 2 Wgtn. Invest.. T. and A. • . — 0 Wgtn. Trust and Loan — 4 17 GAS. Wellington, ord ' .1 ; 9 0 1 10 0 ",’ .lA ’.INSURANCE. ■ Aust.?Pr6v'. Asset'. ....; 6 5 0 0 6 9 MEAT. 1 9 6 N.Z. Rcfrig. £1 paid . (I !> 0 — . ' WOOLLEN. Wellington, ord 5 6 G A TIMBER. 11 0 — 0 7 0 - - 0 0 BREWERIES. C’a rlt on ... 1 1 13 fi N.Z. Breweries , 1 5 0 1 9 Staples and Co. — 1 11 O Tooth and Co 1 3 MISCELLANEOUS. Burns. Philp '. — 2 5 0 Colonial .Sugar 46 0 — Howard Smith, ord. ... — 0 10 0 National Electric — 0 10 0 N Z Drug 3 0 0 Wilson’s Cement 1 9 0 1 10 c Woohvorths, pref 1 I 0 — Milburn Lime ......... — 1 6 6 ‘ < OIL. - Moturoa, ord. 0 4 3 MINING. Blackwater •1 o -9 Mount Lyell — 6 0 Paddy’s .Point 0 4 0 — ——, 0 19 4 Big River — ■ 0 1 1 ♦Cum. dividend. *Ex dh idend.

minion on Saturday:— WELLINGTON. ,c s d laser. Stock,5J p.'c., 1937 ■ >95 10 0 . ■ .‘Late sale Friday. 55' ' AUCKLAND. £, , s d Bank of New Zealand, cum. div. .. .3 3 0 6 0 CHRISTCHURCH. ,c s d Bank of New Zealand, ex. div. .. z 0 N.Z. Farmers’ Co-op., It p.c., 19.(0 ■10 0 0 DC'NEPIN. £ X <1 Inscr. Stock. p.c.,'1933 Oil 10 0 Bank of New Zealand, cum. div. . 2 3 - 3 ■ I 1 N.Z. Farmers’ Fertiliser (2) 0 11 0

butter. Dec. , Jan. . Feb. . 1930. Tons. 9,057 .. 11.530 .. 11,520 1931. Tons. 12.802 12,776 10,371 1932. Tons. 13.423 13.757 11,000 32,107 35.949 38,180 CHEESE. 1930. 1931. 1932. Tons. Tons. Tons. Poe. . ,. 11.181 7.603 8.740 Jan. . ,. 9,506 9.889 11 ;$30 Feb. . ,. 11,986 8,626 11.190 32.673 26.118 31.770

Dec. 9. Pec. S. Par. N. York. dol. to £ 3.23i 3.23 3-8 4.866 Montreal, dol. to £ 3.775 3.76 4.866 Paris, fr. to £ 8213-16 82 13-16 124.21 Brussels, bol. to £ 23.315 23.335 35.00 Geneva, fr. to £ 16.803 16.82 Anist.’dam. fl. to £ 8.05 S.05 12.107 Milan, lire to £ Berlin. inks. to £ 63 3-10 63 3-16 92.46 13.60 13.16 20.4.3 St'holm, knr. to £ 1S.295 18 9-32 18.159 C'hagen. knr. to £ 10.25 19.25 18.159 Oslo, knr. to £ 10.35 19.375 18.159 Vienna, scligs, to £ *27.50 ‘27.50 34.585 Prague, knr. to £ 100 109 164.25 Hel’fors, inks, to £ 22b 228 193.23 Madrid, pes. to £ 39.623 39 11-16 25.225 Lisbon, esc. to £ 107 107.25 110 Athens, tlracli. to £ 587.50 587.50 375 Belgrade, din. to £ 212.50 240 276.31 Bucharest, lei to £ 550 550 813.60 Warsaw, zloty to £ —— 28.81 43.38 Bio de ,T.. p. to mil. sfc *> t 16.70 B. Aires, p. to peso 47.62 M. Video, p. to peso *30 ♦30 51 Calcutta, p. to riip. 18 3-16 18 IS Shanghai, p, to tael 21 1-16 —- — II.-Kong, p. to dol. 16 16 1-16 — Y'haina, p. to yen Batavia, gl. to £ 15 3-8 13 9-16 24.582 8.12 S.12 12.107 'Nominal.