FINANCE AND COMMERCE

Dominion, Volume 26, Issue 70, 15 December 1932, Page 12

FINANCE AND COMMERCE

STOCKS AND SHARES Government .Loans Steadier MARKET VERY QUIET V steady demand for Government securities, with little response from sellers, was the chieE feature of the stock and share market yesterday, lhere was a slight improvement in the prices bid tor the 4J l<er cents. , Extreme dullness marked the tions of the market,' except goldmining shares, which were slightly more active. In the bank section, National of New Zealand weakened to a sale at 65/-, cum dividend, more being wanted at that, price, compared with a sale at Auckland at 66/6. New Zealands eased 3d to 40/3, sellers 41/6. Holders of Union of Australia cut their price 1/- to £7/4/-. Australasaias were again in demand at to 7/6, sellers £B/17/6. Commercial of Australia were steady at 13/4, sellers 13/9. There was a limited inquiry for other shares. Goldsbrough,. ■ Morts gained 2d at 20/6. Wellington Gas preference were 3d better at 18/6, cum dividend. Holders of South British eased their price 9d to 52/6. Gear Meats were on offer '3d cheaper at 26/9. Union Steam preference firmed to a sale at 20/9. More were wanted at 20/7, but sellers asked 21/;. following payment of the interim dividend. New Zealand Breweries eased JL/to 24/6, sellers coming down to 25/7. Electrolytic Zinc, preference, were weak at 23/-, sellers asking 2/- better. There was more inquiry for goldmining shares, but prices were inclined to ease. Waihis had a sale at 18/8, and there were further buyers at 18/6. Blackwaters were wanted at 20/6, cum dividend, sellers easing to 21/6. WELLINGTON EXCHANGE Yesterday’s Quotations Buying and selling quotations at yesterday’s . final call on the. Wellington Stock Exchange-were as follow:—'

London Stock Exchange London, Dec. 13. On the Stock Exchange to-day quotations of pastoral company stocks compare a» follow with those previously cabled: — Nov. 29. Dec. 13. Bad Sad Dalgety & Co. shares fC 10 0 0 10 0 Dalgety'a 4 p.e. deb. ■took 80 0 0 S 3 10 0 Goldnbrough. Mort. 5 p.c. “B" deb. stock 7fi 0 0 78 10 0 iEx dividend. P. 4 O. deferred stock sold to-day it 14/3.

THE WOOL MARKET

London Sales Close CROSSBREDS EASIER London, Dec. 13. The November-December series of wool sales concluded with brisk Home and Continental competition. The total offering for to-day’s sale was 6575 bales, including 2272 bales New Zealand wools. Sales were approximately 4797 bales. New Zealand wools sold were: Greasy crossbred, SJC over N, 94d.; halfbred lamb slipe, TBS. Canterbury, highest 124 d., average TOjd. Prices are compared with October closing rates for merino, greasy fine combing, were barely 5 per cent, lower, and the robustcr styles of wool were at par. Scoured combings were 5 per cent, lower. . Crossbreds, fine, also halfbreds. were fully 5 per 'cent, dearer, and medium and coarse crossbreds 5 per cent, lower Topmaking styles were from 10 to lu per cent, lower. Slipes, fine, sold at par. and medium and coarse sold 5 to 10 per cent, lower. The total catalogue was 13u,21u bales. Sales to Home buyers amounted to 02,2W balps; to Continental buyers, b 0,200 bales. AVool held over amounted to 42,u00 bales, of which 11,500 were Australian, and 31,000 New Zealand. The total wool sold included 69.000 bales Australian, and 39,000 New Zealand. _ . A GOOD CLEARANCE Range of Prices X The following cable messages reviewing the results of the London wool sales were received in Wellington yesterday: Bank of New Zealand, produce department: —The sales have closed with good inquiry from all branches of the trade. Current quotations:— Per lb. d. d. Merinos — Super, 60/64’s 10J to 1_ Ordinary, 60/64's .... Bto 9 Inferior, 60/64’s 8 to *4 Halfbreds—. ' - 56’s 101 to Hi . 50/56’s 7-i to .84 Crossbreds— • 50’s 6i to ( 48/50’s 54 to ,64 46/48’s . ... 51 to . 54 44/46’s 5 to 54 40/44’s 4J to 5 36/40's. 41 to 5 Bank of New South Wales: London wool sales closed. Merino firm. Fine crossbreds firm; medium and coarse, a per cent, and, slipe, 5 per cent, cheaper than opening prices. Competition, good. Dalgety and Co., Ltd.: —Wool sales closed active, with good competition from •Home trade and Continent. As compared with closing rates of last series: Greasy merino, par to 4d lower; scoured merino, 4d to 2d lower. Greasy halfbred,,par to Id higher; scoured halfbred, unchanged. Greasy fine crossbred, 4d to jd lower, except superior; greasyfine crossbred, par to id lower; greasy medium and.coarse crossbred, id lower; scoured crossbred, par to 4d lower* Slipe halfbred, unchanged; other sorts slipe, Jd lower; greasy lambs, par to 4d lower. The following is the range of prices:-— d. d..

Levin and C0., -Ltd. —The auctions closed here to-day with a good tone. There was good general competition. Compared with the open rates, we quote:— Greasy Merino— , Best—No change. Average—-No change. Fine Halfbreds—--50/56’s —No change. Halfbreds-— ■ , • ■ 48/50’s—id per lb lower. Fine Crossbreds — 46/48’s—Jd per ■ lb lower. Medium Crossbreds—--44/46’s —Jd per lb lower. Coarse Crossbreds — 40/44’s —Jd per lb lower. Low Crossbreds—--36/40’s—Jd per lb lower. Slipe halfbred lambs—Firm. Slipes—' Medium and coarse—id to |d per lb lower. Murray, Roberts and Co., Ltd.:— Sales have closed firm, competition keen, and general. All sections operating freely. Continental buyers principal operators. Compared with last London sale’s closing rates: Greasy merino, best descriptions, market shows no change: greasy merino, medium to good, declined 5 per cent.; greasy merino, inferior, declined 10 per cent.; scoured merino, medium to good, declined 5 per cent.; scoured merino, other descriptions,"market shows no material change; crossbred greasy comeback shows no material change; crossbred greasy fine, best descriptions, market firm ; other descriptions declined 5-10 per cent; crossbred greasy medium, declined 10 per cent; crossbred greasy course, declined 10-15 per cent.; slipe, fine crossbred, declined 5 per cent.; slipe, coarse to . medium crossbred, declined 10-15 per cent.: crossbred scoured, fine market shows no material change: crossbred scoured, other descriptions, declined 5 per cent. An Active Market. Wright, Stephenson and Co., Ltd., and Abraham and Williams, Ltd.: —London wool sales closed o'n active market. Competition was animated between, an average attendance of whom the Bradford buyers were the chief operators. A total of 129,000 bales, consisting of a good selection of wools, was offered during the series; of these 117,400 bales were sold. We quote the following average realisations:—Greasy merino, GO/64’s, yielding 48 per cent., 9jd : greasy fine halfbred, 56/58’s, yielding 65 per cent., lid; greasy halfbred, 50/56’s, yielding G 7 per cent., fid; greasy three-quarter-bred, 48/50’s, yielding 73 per cent., 7d; greasy fine crossbred, 4G/48’s, yielding 74 per cent., Gd; greasy medium crossbred, 44/46’s, yielding 75 per cent., sd; greasy crossbred, 40/44’s. i yielding 7G per cent., 4Jd ; greasy coarse crossbred. 36/40’s, yielding 77 per cent., 4id; crossbred lambs, 46/ 50’s, yielding 75 per cent., 71d. Australian merino and slipe, market firm. New Zealand Loan and Mercantile Agency Company. Limited:—The sales closed firmly to-day. As compared with last sale's closing rates, prices are lower, par to id per lb for merino and crossbred lambs, coarse scoured crossbred and medium scoured crossbred; prices are lower id to id per lb for scoured merino, coarse and medium crossbred slipe; prices are lower id to 3d per lb for medium and coarse greasy crossbred. The market is unchanged for fine scoured crossbred and fine crossbred slipe, and is par to Jd per lb higher for fine greasy crossbred. N.Z. Farmers’ Co-operative Distributing Company, Ltd. —Wool sales closed today. Prices compared with closing rates Inst series Merino, greasy, good to super, unchanged : merino, greasy, low to medium, par to id lower; merino, scoured, good to super, Jd lb lower: merino, scoured. low to medium, par to id lower; greasy fine crossbred, Id dearer; medium

and coarse, id to id lower; scoured fine crossbreds, id dearer; medium and coarse, unchanged; slipes, fine, id dearer ; slipes, medium, id ; slipes, coarse, id to Jd lower. Closed firm. Good competition. Total sold to Home trade, 52,000 bales; to Continent. 65,000 bales. Closing values, merino, greasy, good to super, 9id to 1/-; merinos, greasy, low to medium. Gid to fid; merinos. scoured, good to super, 1/44 to 1/8; merino scoured, low to medium, 1/2 to 1/4; greasy fine crossbreds, fiid to 1/-; greasy medium crossbreds. 5Ad to SJd : greasy coarse crossbreds, 4id to 5Jd; scoured fine crossbreds, 1/1 to 1/6; scoured medium crossbreds, 7id to 10id; scoured coarse crossbreds. 5Jd to S|d: slipes, fine, 10d to 1/1 ; slipes, medium and coarse, 6d to Old.

PRICES STILL LOWER Butter Down to 81/82/CHEESE SLOW AT 54/56/, There was a further decline in the London butter market on Tuesday, prices reaching the low level of 81/- for first grade, and 82/- for finest New Zealand. The market steadied at those prices, with a more active demand. Since last Friday. New Zealand white cheese has declined 4/- or 5/- to 54/-, and coloured by 3/- to 4/- to 56/- per cwt., the market being slow at those prices. Joseph Nathan and Co.. Ltd., have received the following cabled advice, dated December 13, from their principals, Trengrouse and Nathan, Ltd.. London: — New Zealand butter. 81/- to 82/- per cwt.; more active. New Zealand cheese : White, 54/- per cwt.; coloured, 56/-. The New Zealand Producers’ Co-opera-tive Marketing Association’s weekly cabled market report from London, dated December 13. is as follows: —Butter: Market steady New Zealand finest. 82/-; first grade, 81/-; Danish, 120/-. Cheese: Market slow. New Zealand white. 54/-; coloured, 56/-; Canadian white and coloured, 62/- to 68/-. Samuel Page and Son, London, report to Dalgety and Co., Ltd., under date December 13: —Since our cable of December 8 butter 2/- per cwt. lower. We quote: New Zealand finest, 80/- to 82/-. Cheese is 5/- lower at 54/- to 55/-. FOREIGN EXCHANGES Improvement in Sterling New York, Dec. 13. Advancing after an early decline, the pound sterling closed 14 cents higher at 3.271 dollars for cables. The Canadian dollar closed 3-16 of a cent stronger at 86 3-16 cents. London, Dec. 13. The following rates on foreign exchanges were current to-day, compared with those

Gold and Sliver. London, Dec. 13. Gold.—£6/6/5 per fine ounce. Silver.—Cash, 17 u-16d..per ounce; forward, 17 3-Sil. TRADERS’ FINANCE Reduction of Capital “Under the circumstances, the company has had a fairly good year.’ said Mr. J. B. Macfarlane, chairman of directors of the Traders’ Finance Corporation, Limited, in moving the adoption of the report and balance-sheet at the eighth annual meeting of shareholders. “The company is in as good a position as last year, and perhaps slightly better,” he said. A shareholder raised the question of the interest rate on the 7 per'cent, preference shares, and Mr, Macfarlane said the rate would be reduced next year to 5 3-8 per cent. ' The interest paid on deposits had already been reduced, and there would be a further reduction to 34 per cent, next year. It was stated by a shareholder, that the ordinary shareholders appeared to be keeping the company going for the benefit of the holders of preference shares.. He suggested that the directors should consider the question of liquidating. The chairman said the company had made a heavy loss early in its career, and was then hampered by the depression. The present position was not as bad as'it might appear, as £3OOO had been written off as depreciation. . If the company only held its position it would improve with the times. The 'report and balance-sheet were adopted, and the retiring directors, Messrs. S. J. Harbutt and 11. T. Goldie, were re-elected. .Subsequently, a resolution to reduce the capital of the company from-£268.750 to £157,500 bv cancelling 15,000 of the unissued preference shares and 110,000. of the unissued ordinary shares, was carried. The chairman said that £5O a year in registration fees would be saved in this way. • , Hayward’s Pictures The eighteenth annual report of Hayward’s Pictures, Limited, states that the concern is now a holding company, its only investment being a block of shares in the Fuller-Hayward Theatre Corporation, Limited. The accounts show a loss for the year ended April 10 last of £5/8/9, leaving a credit in the profit and loss account of £503. Considering the present financial situation, the position of the company could be regarded as satisfactory. The business was now'well organised, and the position of the firm was improving daily.

The company has an authorised capital of £llO,OOO in £1 shares, of which 103,375 shares are paid up. There is a reserve account of £15,000. The amount owing to sundry creditors is £l3O. Contingent liabilities are made up as follows:— Guarantor of principal and interest in respect of debenture issues of associated companies, £91,853; mortgages, £75,000; bank overdrafts, £7OOO. Assets comprise £119,000 in shares in the Fuller-Hay-ward Theatre Corporation, Limited, and sundry debtors. £9. . Chicago Wheat Futures Montreal, Dec. 13. Chicago wheat futures: December, 44 5-8 cents; May, 47i cents: July, 47 7-8 cents. New York cash, 54 7-8 cents. SYDNEY WOOL SALES Market Very Firm (Received Dec. 14, 10.45 p.m.) Sydney, Dem 14. At the wool sales to-day 10,285 bales were offered, of which 9564 were sold at auction, 765 being disposed of privately. The best lines of merino fleece and bulky skirtings ruled in sellers’ favour. All other descriptions were firm at late rates. There was good general competition. Greasy merino made up to ISd.

ADDINGTON MARKET Fat Sheep and Cattle Steady SHARP RISE IN LAMBS By Telegraph.—Press Association. Christchurch, Dec. 14. A sharp rise in fat lamb values was the principal feature at the Addington market to-day. exporters being precluded from taking all but a few pens. The fat lamb entry was 2400 head, the quality being mixed. There was a rise of 1/- to 1/6 a head, the average price being about 44<1. a lb. The top price was 17/1 for five lambs. Fat sheep showed a much larger entry. Prices were on a par with last week s rates. Extra prime heavy wethers sold to 15/7; prime heavy, 13/- to 14/-; prime medium-weight. ,11/- to 12/9; ordinary and light. 9/- to 10/6; extra prime heavy ewes, to 13/-; prime heavy, 10/6 to 12/6; medium-weight prime, 8/6 to 10/o; light and ordinary, 5/- to 8/-. The entry of fat cattle was 300 head. The average quality was very good. Best beef made up to 21/- per 1001 b., and in odd cases up to 23/-; good prime, li/- to 19/-; heavy, 15/- to 17/-; ordinary quality, to 12/-; rough, down to 9/-. Extra prime heavy steers sold to £lO/12/6; prime heavy, £6/10/- to £9; prime med-ium-weight, £5/10/- to £7; ordinary quality, £3/15/- to £d/a/-; light, £2 to £3/10/-; extra prime heifers, £7/12/6; prime, £4/5/- to £6; medium, £3 to £4; light, to £2/15/-; extra prime cows, to £B/7/6; prime, £3/10/- to £5; medium, £2/10/- to £3/5/-; light and aged, £1 5/- to £2/5/-. ■ t There was a big entry of fat pigs, for which the demand was weak and prices low. Choppers sold at 27/6 to i>3/6; baconcrs, 29/6 to 34/6: heavy, 3</6 to 44/6 (average price per lb., 2jd. to aid.) ; porkers, 19/6 to 22/6; heavy, 24/6 to 27/3 (average price per lb., 3fd. to oja.). JOHNSONVILLE SALE Prices Unchanged Prices were steady at Johnsonville sale yesterday, when Wright, Stephenson and Co., Ltd., and Abraham .and Williams, Ltd., offered a full yarding. The cattle entry comprised.prime quality medium weight bullocks, with a few pens of heavier sorts, also several pens of prime heavy weight cows and heifers. Competition was keen, and a total clearance was made at prices on a par w’ith last week’s rates. .... Sheep and lambs came forward m the usual numbers, and a good sale resulted, there being no quotable change m prices as compared with last week’s rates. Cattle: Prime heavy bullocks, £6/10/-, £6/7/-, £6/5/-, £6/2/-, £6: heavy bullocks, £5/16/-, £5/10/-, fJS/5/-: Pnme heavy cows and heifers, £o, £4/16/-, £4 8/- £4/4/-, £4/2/-, £4; cows and heifers, £3/13/-, £3/10/-, to £3; runners, £2 15/-, £l/18/-; vealers, £2, • £l/18/-, £1 15/.; £l/11/-, £l/10/-, £l/7/-, £7/5/-; calves, £l/1/-, 17/-, 10/6, 3/-. Sheep: Prime extra heavy wethers, jo/g 12/6 12/4, 12/3; prime heavy wethers, 11/10, 11/8, 11/6; medium wethers, 10/-; prime heavy ewes, 8/3, 8/2 8/-, 7/11, 7/9, 7/6; medium e.wes, 7/-,’6/9. 6/6. 6/3: light and unfinished ewes, 5/8, 5/6; hoggets. 11/6, 9/6’, heavy spring lambs, 13/3, 12/7, 12/3, 12/1, 11/9, 11/6; spring lambs, 11/1, 10/11. 10/9, 10/6, 10/3, 10/2; light spring lambs, 8/4, 7/6. WESTFIELD SALE Prices Fairly Steady By Telegraph.—Press Association. f Auckland, Dec. 14. There were heavy yardings of most classes of fat stock at the weekly Westfield sale to-day, and prices generally were equivalent to late rates. Beef cattle were in exceptionally heavy supply, the total yarding being 875 head, an increase of about 200 head. The quality was good, but in spite of a steady demand prices showed an easing tendency. Extra choice ox sold to 17/- per 1001 b.; choice and prime ox, 14/6 to 16/-; secondary and plain, 12/- to 14/-; prime young cow and heifer beef, 14/- to 16/-; ordinary cow beef, 8/- to 13/-. Heavy prime steers ranged in price from £5/5/- to £6/5/-; lighter prime steers. £4 to £5/2/6; light prime, £3 to £3/17/6; small and unfinished, £2/5/- to £2/17/6; extra heavy prime young cows and heifers, £4 to £4/15/-; heavy prime cows and heifers, £3 to £3 17/6; lighter prime, £2 to £2/17/6; other killable cows. £l/5/- to £l/l*/6. A heavy yarding, of sheep met with a fairly steady demand. Brime made 12/9; prime wethers, 10/- to 12/6; prime ewes. 5/6 to 7/-. , . Lambs were penned in full numbers, and sold under steady competition at fully late rates. Heavy nrime lamb made 12/- to 13/-; medium prune, 10/9 to 11/9; light prime, 5/- to 10/6. The largest yarding of pigs for some time was offered, and prices were slightly easier. Baconcrs made £l/10/- to 1— 6/-; porkers, 18/- to £l/10/-; choppers, £l/2/- to £l/18/-. . Calves were penned in small numbers, and values were slightly higher, Bunners made £l/6/- to io; vealers. £l/o/to £2/6/-; rough calves, 5/- to 14/-. MASTERTON SALE Cattle Sell Well Dominion Special Service. Masterton, Dec. 14. A cattle fair was held jointly by Dalgety'and Co., New Zealand Loan and Mercantile, and Wright, Stephonson and Co., Ltd., at Masterton to-day. Ydung cattle were in keen demand and sold at very satisfactory'prices. The market for grown cattle was not so buoyant, but vendors met the market. I 1 ats sold at late rates and a total clearance was made. , , A yarding of 700 wethers met keen competition. Cattle.—Account “Glendhu : Three and four-year bullocks, £3/7/-; empty cows, 34/-. Account W. M. Laing: Three-year steers, £2/10/-; yearling steers, £l/11/-; empty cows, £l/1/-; coloured steers, 22/6. . Account A. Bartholomew: Two-year steers, £2/10/-; twoyear steers, £2/1/-; one-year heifers, 30/-; . two-year heifers, 39/-. Account Wood and Judd: Thrce-year steers, £2 11/-; three-year steers, £2/10/-; twoyear heifers, 30/-. Account S. Schofield: Two-year heifers, 30/-; two-year steers, £2/1/-; two-year heifers, 32/6. Account 11. E. Haggitt: Fat cows, £2/2/-;■ yearling steers, 29/-. Account. Mrs. E. A. Russell: Fat heifers, £3/5/- to £3/11/-. Account G. Morgan: Fat cows, 27/-; two-year steers, 35/-. Account P. C. Taylor: Two-year steers, £2/10/-; yearling steers, 36/-. Account 11. Scales: Twoyear steers, £2/5/-; yearling steers, 36/-. Account other vendors: Two-year heifers, £2/4/-, 37/-, 31/-; yearling heifers, 22/- to 26/-; two-year steers,3B/- to £2 6/-; yearling steers, 24/- to 30/-; P.A. bulls (aged), 2gns. to 3gns. At the Masterton sale to-day the New Zealand Farmers’ Distributing Co. offered 410 sheep, 768 cattle, and a few pigs. Sheep were decidedly easier, but for cattle the sale was the best of the season, resulting in a total clearance at much improved prices. Fat sheep: Fat wethers, 10/9 to 11/-; fat ewes, 5/- to 5/.10; woolly fat ewes. 6/7: fat lambs, 9/6 to 10/-. Store sheep: Shorn ewes with b.f. lambs (all counted), 6/10; small twotooth wethers, S/3; culls, 4/-. Fat cattle: Fat cows, £2/9/- to £2 19/-; fat heifers, £2/16/- to £3/9/-; vealers, £l/5/-. Store cattle: Two-year P.A. steers, £2 5/- to £2/14/-; two-year Hereford steers, £2/15/-; good yearling P.A steers, £2 to £2/5/-; small steers, £l/5/to £l/1/-; three-year heifers, £2/2/- to £2/6/-; two-year heifers, £l/10/- to £1 15/-; yearling P.A. heifers, £1 to £l/3/-; very small, 14/-; good forward P.A. cows, £l/18/- to £2/6/-; good store cows, £1 10/- to £l/15/-; cows and calves, £2 16/- to £2/18/-. Horses: One aged draught mare, £5 5/-: ponies, £3/5/- to £5. Pigs: Slips. 15/6; good weaners, 12/- . to 14/-; small, 8/- to 10/6.

SYDNEY STOCK EXCHANGE Market Inactive and Weak (Received Dec. 14. 10.55 p.m.) Sydney, Dec. 14. The Sydney Stock,.Exchange to-day was still inactive, with prices edging downwards and rather more sellers than buyers, which is characteristic of yearend dullness. Commonwealth bonds were from two to six points weaker. Bank shares were not traded in. Sales: —Colonial Sugar. £5l/5/-; British Tobacco, 32/41: Tooth’s, 34/44; Millaquin Sugar, 27/6; Dunlop-Perdriau, pref.. 32/1 j; .Mount Lyell, 21/6; North Broken Hill, ex dividend, 69/3; South Broken Hill. 45/6. Melbourne, Dec. 14. Sales:—Commercial Bank of Australia. 15/6; Dunlop-Perdriau, pref., 32/6; Electrolytic Zinc, pref.. 32/6; Goldsbrough, . Mort, 24/-; Herald-Times, 56/3; Mount Lyell. 21/6; North Broken Hill. 70/-; South Broken Hill, 46/-. BASE METALS MARKETS Recovery in Prices (Received Dee. 11, 10.55 p.m.) Sydney, Dec. 14. The official London (middle) quotations for Tuesday as received by the Australian Mines and Metals Association, compare as undne with those previously cabled:—

© •> «<? _u ✓«£ > . Sales reported: ( National Bank of N.Z., cum. div. Union Steam, pref IVaihi ST p? y xklj Uu -3 t> > ws-jw*' l- uj 51 3 a yn ft? ■. h ■ cu : : .® 03 O ©0 IfOft » a - sag • ..« ux P 1 1J 1 © 3 s? « e ft CM C< -I -< Cl -U 4*. et Cl -K 4k. W* £ o . t o o 5 g* _p M » 3 ""B Q o • p* : 3 Z c : B O ount Lyell, cum dir. (2) ...... Ditto (4) Ng 2 W Bj? ■*■ £$> *"* g Uig ~£§ I qS b“ g ft § X H >> 1 a “ » s uckland Gas denial Sugar inz Solomon . art. Bonds. 41 p.c., 1938 tmmercial Hank of Aust. (2) .. ationai Bank o£ N.Z ink o£ N.Z Do .'A. Insurance > s H > a to to Q H © 2.° 3 “®5 • ° 1 ■_ 1 «•§: o o M 3 n u. p ”g 1 w EL 1 O tic | Q g o° co <tT m 5‘ t? <t> t) o § S’ g 1 cn 1 ° l z § o «3 rtw c — B it? 1 ftft Cj .- 1 ailn 0 IS G ’ailii Grand Junction — Iff River ; ount Lyell *0-8 u karito : u s n 5* Ji tn o_ o a g i lackwater *11) G insol. Goldfields — lldcn Dawn 0 4. s 3 5 OIL. oturoa, ord 0 3 9 irauaki n 1 9 eS“3Sg-“& C _ *ri a ts 0 !=* J? "S’? “Bffe-S=§’ — BS • i? 5 7iSz: sy’ K" 1 . s £ g: gS~: : . 2 • • • 2 ’-’>2 • • o • • •&***'••►< i iZi wi ii i 0 0 o W) a to 5 ft © d. <n “2W2 2 S “ - s® 2 &t3 g ' Q 2. : ' . .° ’C 1 w t» ft ft 2 8 71 e O P 5*o »t? CQ B t3 © To| . 0 Illi i w CB o .© © <9 o o > to CD 5’ (H O e ■ o •-.© : o ’-• s .X I’ . 0 .5’ a tn r? P B *o o w y a> ft o ft ft £w ° Hl’ .0 z z l * 0© wao 1 09 1 > H o £.txft yrg“ «2g - Z “ 2 S . . • on • • - a g : : z > ° s 1 lwo .0 g t» p ;o o a SSfoo h“ e. :H •' p 'Sl & “ e 3 .® • £*• N: • ; • o • :*: ; z S’: p*: L3 © W©00 1 © 1 w eMW«3 w © o rfk. a> W S M tn . 2* >-* S* w X 1 -* tf S’ ■_> 0 O rt- •+* H 'D (2 © O 03 C C, '< ’i B • B* P O .°?E M ° “I 5;-“ oz- ’ o®*: p *• e; g: < a: g: E.: ?: 05 ?: -• : g: ’ : « © ■* «l 1 1 1 o ■ - a m a ft y. H « w M □a p.c. Bonds, 1939 .... 93 0 0 t p'.e. ditto, 193S ...I 93 0 0 1 p.c.. ditto, Feb., 193T 98 0 0 i. p.c. ditto. Sep.. 1937 97 15 0 f,p, Cm Stock, 1939 .... 93 0 0; I'.p.c/ ditto, 1938 .... 92 l.> 0 p.c.-ditto,.'Feb., 1937 97 15 0 ■ p.c. ditto/.Sep., 1937 97 15 0 ■ p.c. ditto, 1933 :...*.; — 1 p.c. ditto, 1937 .... 95 5 0 p.c. ditto, tax free, '1937 96 5 0 *z N Q © ftftg “ © iX ©ot y 1 •5 Z> =>© jOOO 3 C C ft rf «K=» uOHQWtC 31 • = M W to non » Ss O Q. po M g zz 0 m B. ct> sc© -»WQO s Sm> • o *. g o ci ® e o n a c ct 5 WWW ©oo© 1 «■ t* M 1 1 a> lopo I «► 0 1 -IfcOM - : O» W0 1 |WM S S 8- S . 1 © © © CM 1 1 SI 1 l”l 1 1 I tog “ 5* © -* 3 ©»-* W t- wT -* Iw -4 ©ti ©©©©©Ct WOCX OO © © ?§ K> -‘©O M ■ OCii. *3 C©©©OO©0O©W W©-4«© totcc© Oi O cn wo ©0© ' ©0 © 0 © © © <» Cb?

Halfbred, 56/58— Good to super Low to medium ...... Hi to 13 8 to 11 Halfbred, 50/56 — Good to super Oi to 12 Low to medium 61 to 9i Hine Crossbred, 48/50 — Good to super 61 to 9 Low to medium L) ■■ to 6 Pino Crossbred, 46/48 — Good to • super 6 to 74 Low to medium 4i to Crossbred, 44/46 — Good to super ...... 5i to 61 Low to medium 4i to Crossbred, 40/44 — Good to super ...... r>i to 6 Low to medium ...... 4 to 4} Coarse Crossbred,' 36/46 — Good to super ...... “J to 51 Low to medium 4 to 4|

ruling on December 12 and par:— Dec. 13. Dec. 12. Par. N. York, dol. to £ 3.275 3.26 4.866 Montreal, dol. to £ 3.79t 3.785 4.866 Paris, fr. to £ 83.875 83.50 121.21 Brussels, bcl. to £ 23.G15 23.545 35.00_ Geneva, fr. to is 17.025 16.9715 Amst’dam, fl. to £ 8.15 8.105 12.107 Milan, lire to £ Ct 1-16 63 11-16 92.46 Berlin, mks. to £ 13.745 13 21-32 20.43 St’holm, knr. to £ 18.305 18.305 18.159 C’hagen, knr. to £ 19.205 19.285 18.159 Oslo, knr. to £ 19.405 19.375 18.150 Vienna, schgs. to £ *27.50 •27.50 34.585 Prague, knr. to £ 110.50 110.125 164.25 Hel'fors, mks. to £ 22$ 228 193.23 Madrid, pes. to £ 403-16 40 Lisbon, esc. to £ 108 110.125 110 Athens, drach. to £ 592.50 505 375 Belgrade, din. to £ — 242.50 276.31 Bucharest, lei to £ 552.50 567.50 813.60 Warsaw, zloty to £ — .—. 43.38 Rio de J., p. to mil. •54 •54 16.70 B. Aires, p. to peso 47.62 M. Video, p. to peso •30 •30 51 Calcutta, p. to rup. 183-16 18 3-16 18 Shanghai, p. to tael 20J 21 —• IT.-Kong, p. to dol. .154 16 —— Y’hama, p. to yen 15 3-16 153-8 21.582 Batavia, gl. to £ —— 8.17 12.107 •Nominal.

Doc. 12. Per ton. Dec. 13. Per ton. Copper— £ S. <1 £ B d Standard, spot .. 27 6 3 28 O Standard, forward 27 13 9 28 8 9 •Electrolytic .. ■ • ■ 32 10 0 33 12 6 to 33 10 0 34 0 0 Wire bars 33 10 0, 34 0 0 Lea d— 10 17 0 11 0 0 11 6 3 11 8 9 Spelter— 14 15 0 15 1 3 14 IS 9 3 9 Tin--13 10 fSpot 140 3 9 150 6 3 149 150 9 3 SilverStandard, per oz. . 17Jd 17 5-lfid Fino, per oz IS 7-Sd IS 11-lGd ' •American, not quoted. T American, 2S cents a ip.