FINANCE and COMMERCE

Dominion, Volume 26, Issue 147, 17 March 1933, Page 14

FINANCE and COMMERCE

STOCKS AND SHARES Slack Market Yesterday PRICES MOSTLY STEADY With a slack demand and very little change in prices, the Wellington stock and share market was featureless yesterda iMuivy for Government securities again was confined to the 4i per eents ;’n 6 sale of the 1938 stock being made at 19b 15/-. City 5i per cent, debentures were change. New Zealand long term mortgage shares 28/9.. Union of Australiai were, bidfor at £7/4/-. sellers tralasias were steady at £W> nut seu erg wanted £9/10/-. iwnwiel Insurance, shares were firm. Mosg el Reference at £5. but sellers in both cases WS New Zealand Breweries weakened 6d. to 26/9. Miscellaneous and mining were very quiet. WELLINGTON EXCHANGE Yesterday’s Quotations Tinvimr and selling quotations at yesterVay morninl’B the Wellington •Stock Exchange were as follow.—

DEALINGS ON ’CHANGE Sales in the Dominion ‘ The following sales were recorded on th« ‘ Stock Exchanges of the Dominion yester-

Customs Exchange Rates 'Rates of exchange at the announced date of departure of the vessels named are shown in the following table. They are subject to confirmation by the Customs Department when the exact time of departure is learned on arrival of the vessels in New Zealand, finally declared rates being marked* : — Melbourne Maru, Hongkong, dollars b’i Melbourne Mani., Japan, yen .. 145 H City of Cambridge, America dollars 341 Canadian Leader, Canada, dollars . 4.11 Aorangi. Canada, dollars Sydney Mani, Japan, yen 14.0VU

THE TOOL MARKET London Opening Prices Hold GOOD COMPETITION London, March 15. Total catalogues offered at the wool sales to-day were 8772 bales, including 3280 bales New Zealand. About iluO bales were sold. . The sale is described as good, with sustained Home and Continental competition. Opening rates were fully 7 maintained for the finer growths, and occasionally were in sellers’ favour. Sales included: New Zealand greasy merinos. “Dumgree,” HJd highest, 10 5-8 d average per pound. Murray, Roberts and Co., Ltd., have received a message from their London agents, giving a comparison of opening prices nt the current London sales with the closing rates of last series:—

SYDNEY WOOL SALES Market Very Firm (Received March 16, 8.55 p.m.) Sydney. March 16. At the wool sales to-day 9235 bales were offered, of which 8558 were- sold at auction, 346 being disposed of privately. The market closed very firm without alteration of prices. Competition came principally from Yorkshire, Japan, 'and Germany. Greasy merino sold to 21d. SHEEPSKINS AND HIDES Palmerston North Prices At the monthly sale of wool, sheepskins. hides, and tallow, Abraham and Williams. Ltd., report, wool declined id. a lb. Competition for dry sheepskins was brisk, but some sorts were down id. Ox hides met a ready sale, id. per pound in sellers’ favour, but cow hides were much weaker. Calfskins also depreciated in value. . The range of prices was as follows:— Wool. —Fine hoggets. 4d. to s|d.; fine crossbred 4d. to 5d.; medium crossbred, 3fd. to 3jd.; coarse crossbred, 2id. to 3d.; lambs. 2Jd. to 4d.; dead, 2d. to 2id.: bellies and pieces, Ud. to 25a.; locks, to lid.; crutchings, lid. to ltd. Sheepskins.—Dry: Lambs, 3sd. to 4jd.; fine hoggets, 4d. to 4id.; fine crossbred, 3id. to 43d.; three-quarter-full wools, 24d. to 3d.; quarter-half wools, 2id. to 2jd.; shorts, lid. to 2id.; pelts, 13d. to 2d.; dead; ltd. to 2d.; seedy, 2d. to 21d.; damaged. 2d. to 2Jd.; inferior damaged, lid. to ltd. Salted: Quarterhalf wools. 9d. to lOd.; ;shorts, to. 9d.; pelts, 7d. to Bd. , Hides. —Ox, heavy, 6d; to 6 l-Bd.; ox, medium, 4d. to*4id.; ox, light, to 3 3-Bd.; . cow, heavy, 3.5-Bd. to 3 7-Bd.; cow, medium, 3id. to 3|d.; cow. light. 3id. to 3Jd.; yearlings. 4d. to 5 5-Bd.; yearlings, cut, lid. to 2d.: calf, light Ist, 4M. to 5d.; calf, light 2nd, 4d. to 4id. ; calf, light, cut. 3 3-Bd. to 4d.; calf, light, slippy, to 2d Tallow.—ln. drums. Ist, 12/-. to 12/6; in drums. 2nd, 9/- to 10/9; in tins, 9/3 to 10/-. FOREIGN EXCHANGES Firmness of Sterling London, March 15. The following rates on foreign exchanges were current to-day, compared" with those ruling on March 14: — Mar. 15. Mar. 14. ( Par. N. York, dol. to £ 3.455 3.44:1 4.868 Montreal, dol. to £ 4.135 4.135 4.866 Paris, fr. to £ 87 9-16. 87 7-16 1iM.21 Brussels, bel. to £ 24.645 . 24.575 3.1.00 Geneva, fr. to £ 17.78 17.775 25.225 Amst’dam. fl. to £ 8.54 8.52 12.107 Milan, lire to £ 67.125 67.125 92.46.. Berlin, mks. to £ 14.475 14.425 20.43 St’bolm, knr. to £ 18.90 18.90 18.159 C’hagen. knr. to £ 22 7-16 22 7-10 18.159 Oslo, knr. to £ 19.50 19.55 18.159 Vienna, schgs. to £ *3l *3l 34.585 Prague, knr. to .£ 116.125 116 164.25 Hel’fors, mks. to £ 227 227 193.23 Madrid, pes. to £ 4011-16 4011-16 25.225 Lisbon, esc. to £ 110 110 110 Athens, drach. to £ 605 605 375 Belgrade, din, to £ 225 252.50 276.31 Bucharest, lei to £ 585 580 813.60 Warsaw, zloty to £ — — 43.38 Rio de J., p. to mil. *5 3-8 *53-8 5.899 B. Aires, p.to peso |4oi , f4l 47.62 M. Video, p. to peso *33 ' *— 51 Calcutta, p. to rup. 18 18 18 Shanghai, p. to tael 20 9-16 20 15-32 — H.Kong, p. to dol. 15 7-8 16 — Y’hama. p. to yen 15 15 24.582 Batavia, gl. to £ — — 12.107 •Nominal. fOfficial. The selling rate, for telegraphic transfers, London on Cape Town, is £99/17/6 for £lOO sterling, and the buying rate is £lOO/17/6. Gold and Silver. London, March 15. Gold.—6/0/3 per fine ounce. Silver—Cash, 17 9-16 d. per oz.; forward, 17 5-Sd. SYDNEY STOCK EXCHANGE Market Fairly Active. <•' (Received March 16, 8.50 p.m.) Sydney. March 16. On the Sydney Stock Exchange to-day there was a fairly active market. Prices fluctuated only within narrow limits. The trend of values favoured holders of sound industrial stocks. Commonwealth Bonds eased a trifle. . Sales: Bank of New South Wales. £3O; Commercial Bank of Sydney, £l5 12/6; Australian Glass, 45/6; British Tobacco. 34/3; ditto. New Zealand delivery, 31/3; British Tobacco, pref., 26/74; Associated News. 5/11; ditto, New Zealand delivery, 5/11; Goldsbrough, Mort, 23/7 J; Dunlop Perdriau, pref., 32/6; Henry Jones. 37/9: Electrolytic Zinc, 16/6; Toohey’s, ex dividend, 20/6; Victoria Nyanza Sugar, 14/-; Broken Hill Proprietary, 28/6; South Broken Hill, 45/-; North Broken Hill, 66/-. Commonwealth Bonds. 4 per cent., 1938, £lO2/16/3; 1941. £lO2/16/3; 1944, £lO3/2/6; 1947. £lOl/16/3; 1950. £lOl 10/-; 1953, £lOl/16/3; 1955, £lO2/5/-: 1957, £lO2/10/-; 1959, £lO2/17/6; 1961, £lOl/15/-. Morning sales: Commonwealth Bonds. 4 per cent., 1938, £lO2/17/6; 1941, £lO2 17/6; 1944, £103; 1947, £lOl/16/3; 1953, £lO2/2/6; 1959, £lO3/2/6. Commercial Bank of Sydney, £l5/12/6; Bank of New South Wales, £3O; Australian Gas, A, £6/17/6; News, New Zealand delivery, 5/11; British Tobacco, 34/14; Broken Hill Proprietary, 28/44: Toohey’s, 20/3. Melbourne, March lb. Sales to-day included: Goldsbrough, Mort, 27/3; Dunlop’ Perdriau. 17/4; Myers, 27/3; Herald and Weekly Times, 57/6; North Broken Hill, 66/3.

The figures show that Britain is practically the only market for the Dominion’s exportable surplus of cheese.- Of the 57,482. tons exported during the seven months, the London market took 8233 tons more than in 1931-32, while shipments to West of Britain ports were! 176 tons less. Australia’s Increase in Butter. Shipments of butter from Australia to Britain last month were 10,649 tons, compared with 6854 tons in February, 1932, an increase of 3795 tons; and they were only 915 tons less than New Zealand’s shipments. Cheese shipments were 417 tons, compared with 40 'tons, an increase of 377 tons. For the seven months ended February Australia's butter exports to Britain were 70,335 tons, or 5452 tons less than New Zealand’s shipments for the same period. The Australian shipments for the seven months of this season and last compare as follow

DAIRY EXPORTS N.Z. and Australian Shipments LARGE . INCREASES SHOWN In view of the possibility of restriction of exports, special interest attaches to the Dairy Board’s latest return showing butter and cheese shipments to the end ot February. Shipments of butter last mouth were 11,56-1 tons, compared with 10,06- tons for February, 1932, an increase of 902 tons. In both cases. 85 per cent, was consigned and 15 per cent, sold f.o.b. During the seven months of the present season to February 28. butter shipments totalled 75,787 tons, compared with b2,20< tons for the same period of last, season, an increase of 13,530 tons, or 21.13 per cent. Details of shipments and destinations of the butter exported during the seven months compare as follow: —

Of the 75,787 tons of butter exported during the seven months, all but 1306 tons went to Britain. The London market took 7719 tons more and West of Britain ports 5287 tons more than m IJ3I-3-. Increase in Cheese. Shipments of cheese last month were 11,394 tons, compared with 9807 tons in February. 1932, an increase of 1037 tons. For the seven months exports were 57,482 tons, compared with 49,40 b tons for the corresponding period of last season, an increase of 8076 tons, or 16.34 Ce, The figures for the seven months period compare as follow: —

The increase in butter is nearly 23 per cent., and in cheese 80 per cent. Argentina’s shipments of butter to Britain last month were only , 940 tons, compared with 1655 tons in February, 1932, a decrease of 715 tons; For the seven months butter shipments totalled 7880 tons, compared with 10,657 tons last season, a decrease of 2777 tons, or over 26 per cent. ■ ’ The total shipments of butter from New Zealand, Australia, and the Argentine to Great Britain last month were 22,953 tons, compared with 19,028 tons in February, 1932, an increase ofx 3925 tons. BUTTER AND CHEESE Increased Stocks in Sight The Dairy Board Has received from its London' office the following statistical estimate of the stocks of butter and cheese as at March 1 :— Butter.

Wanganui Sale At the Wanganui sale on Wednesday, Freeman R- Jackson and Co., Ltd., offered a medium entry of stock. Prices were unchanged, except for porkers and vealers, which were slightly easier, due to an over-supply.

Sheep: Fat wethers, 10/6; fat lambs (shorn). 9/5, 9/6. to 10/3; fat owes. 6/10 to 7/-; 2rtooth ewes, 11/10 to 13/-: small 2-tooth ewes, 9/3 to 10/-; medium 2-tooth wethers, ‘ 8/8; s.m. ewes, 6/1 to 6/10; aged ewes, 4/- to 5/5; cull ewes. 2/7 to 3/-; b.f. lambs, 7/-; cull wether lambs, 5/5; m.a. S.D. rams, 14/-, 18/-, to 30/-. Cattle: Fat cows, ex dairy. £2/7/6, £2/10/-, £3, to £3/2/6; light fat cows, ex dairy, £l/15/-, £2, to £2/5/-; Jersey weaner heifers, 25/-, 30/-, to 32/-; small Jersey weaner heifers, 16/-, 18/-, to 20/-. Pigs: Light baconers, 28/- to 30/-; heavy porkers. 24/6. 26/-, to 27/-: porkers, 21/- to 23/-; light porkers, 18/- to 20/-; small stores, 15/- to 16/-; slips, 8/-‘to 10/- ; good weaners, 7/- to 8/6; small. 3/6 to 6/-. Calves: Good Hereford vealers, £1 2/6. £l/5/-. to 30/-; line averaged 27/-; "nod P.A. vealers (very heavy). £l/15/to £l/18/-.

GRAIN AND PRODUCE Christchurch Prices MARKETS DULL Dominion Special Service. Christchurch, March 15. There is no change to record in prices of produce. There is quite an amount of business in small quantities with the North Island, fowl feed being shipped steadily. However, considering the low price of this product, the volume of trade has been disappointing. Milling wheat is also being shipped in moderate quantities, but buyers are satisfied for the time'being with the stocks they have purchased. Fair quantities of oats are being offered, and a little trade is being done with the North. Prices are holding round about 1/2 to 1/4 on trucks for Algerians and 1/3 to 1/5 for Gartons. There is no movement so far in the potato market. The following are quotations for produce to be paid to farmers, on trucks, free of commission) sacks extra, except where otherwise stated: — Wheat (interim payment) : Tuscan, 3/4, Hunters 3/6, Pearl 3/8, all f.0.b.; fowl feed, 3/- f.0.b., s.e., for prompt, 3/3 to 3/31 for spread April-September. Oats: Algerian 1/2 to 1/4 a bushel; Garton to 1/5. Italian ryegrass: 1/3 to 1/6 a bushel. Perennial ryegrass: 1/3 to 1/6 a bushel. Cocksfoot: 3d to 3jd per lb for Akaroa. 2id to 3d for Plains. White clover: 81d to 9d per lb. AUSTRALIAN PRICES Wheat Market Quiet (Received March 16, 8.10 p.m.) Sydney, March 16. The wheat market is quiet. Bagged wheat is quoted at\2/21, and bulk at 2/1J a bushel on country sidings, equal to 2/9} ex trucks Sydney. Flour, £9/5/- a ton. Bran, £4/10/- a ton. Pollard, £4/10/- a ton. Potatoes, Tasmanian, £6/10/-; Victorian, £5/10/- a ton. > Onions, Victorian Brown Spanish, £4 10/-; Globes to £4 a ton. Oaten hay, £6 a ton. Maize, yellow, 3/9 a bushel. Adelaide, March 16. Wheat —Growers’ lots, 2/5J to 2/6 a bushel; flour, bakers’ lots. £7/15/- a ton; bran, £4/17/6 a ton; pollard. £o/5/- a ton; oats, 1/5 to 1/6 a bushel. FRUIT AND VEGETABLES Wellington Market Prices Prices of fruit, vegetables, and other produce sold in the Wellington markets yesterday are reported by W. Burbidge and Co. as follow:— Apples: Cox’s Orange, 7/- to 8/6; Jonathans and Delicious, ?,/- to 4/-; cooking apples, 3/6 to 4/-. Pears: Louis Bone, 6/- to 6/6; Winter Coles, 4/6 to 5/-; cooking varieties, 3/6. Local lemons, 14/- to 16/-. All per bushel case. Peaches: Solways and Golden. Queens, 3/6 to 4/6; Million Dollar and Goodman’s Choice, 4/- to 5/6. “Doris plums, 5/- to 5/6. Passion-fruit, 3/6 to 4/-. Rock-melons, 3/6 to 4/-. Tomatoes, !/• to 1/6. All per half-case. ■ Red pumpkins, 5/- to 5/6 sack. Green peas, 10/- to 12/- per bag. Local potatoes, 3/6 to £>/- per cwt. Southern onions, 5/6 to 6/- per 1001 b bag. Swedes, 3/- to 3/6 per cwt. , ‘ New-laid eggs, 1/9; storekeepers’ lines, 1/7 to 1/8; pullets’, 1/4 per dozen. Separator butter. 6d to 7d per 11/Bulk honey, 4}d per lb. ■; LONDON MARKETS FIRMER Butter Advances to 79/The London butter market is maintaining the improvement noted since the beginning of the week, and finest grade New Zealand advanced another 1/- to 79/- on Wednesday. The cheese market is also firm; New Zealand white at 43/- to 44/- gained a shililng, and coloured at 49/- to 51/- is up 2/-. A good demand is reported. Joseph Nathan and Co., Ltd., have received from their principals, Trengrouse and Nathan, Ltd., London, the following cabled advice, dated March 15:—New Zealand butter: 79/- per cwt. New Zealand cheese; White, 44/- per cwt.; coloured, 50/-. Both markets quiet, but firm; good demand. A. H. Turnbull and Co., .Ltd., have received cabled advice dated March 15 from their principals, W. Weddel and Co., Ltd., London, as follows: —Danish butter, 98/-; New Zealand finest, 76/- to 79/-; Kangaroo, ’74/- to 77/-; market steady. New Zealand ■white cheese, 43/- to 44/-; coloured, 49/- to 51/-; market firm. The New Zealand Loan and Mercantile Agency Co., Ltd., have received the following advice from their London house, dated March 15: —Dairy produce (last week’s quotations in parentheses) :—Butter: New Zealand choicest salted. 78/per cwt. (72/-) ; cheese, white, 43/- to 44/- per cwt. (41/-) ; coloured, 49/- per cwt. (48/-) ; market firm. WAIAU EWE FAIR Further Decline in Values Prices for breeding ewes recorded a further decline at the ewe fair held at Waiau, North Canterbury on Tuesday. Values were lower than at any previous sale at this large clearing centre for the sheep of North Canterbury and Southern Marlborough and Nelson. A contributing factor to the decrease was the acute shortage of feed, due to a long period without rain. North Canterbury is more parched now than for years at a similar period. The very large entry was doubtless a further cause of the decline. The entry was 28,200 head, compared with 13.500 last year. 17,500 in 1931, and 15,400 in 1930. It was the largest entry at Waiau for a very lopg time. A fair proportion of the sheep forward had been brought by road over long distances and were travel-stained. The general condition of the best sheep, especially the two-tooths, was quite good when allowance was made for the hardness of the season. There was considerable unevenness in the wool of many lines, which detracted from their appearance. Values represented a very sharp decline on those ruling at the "Waiau fair last year—4/6 to 6/- a head —and compared with the Hawarden fair last week, they declined up to 3/- a head. It is interesting to note that Tuesday’s prices were, on an average, about 1/- n head below those secured at the 1931 Waiau fair.

The ranger of values was: —Extra good two-tooth halfbred, to 13/8; good two-tooth halfbred, 10/9 to 12/-; average two-tooth halfbred, 9/3 to 10/6; inferior two-tooth halfbred, 7/3 to 9/-; good four-tooth halfbred, to 13/-; average six-tooth halfbred, to 11/-; extra good four-year halfbred, 8/- to 9/6; good fonryear halfbred, 6/3, to 7/6; average halfbred, 4/9 to 6/-; inferior halfbred, to 4/6; extra good five-year halfbred, to 5/1; average five-year halfbred, 2/6 to 3/6.

Sir Harold Beauchamp, attorney in New Zealand for Imperial Chemical, Industries, Ltd., of London, has received the following cablegram: “Board recommended to-day final dividend payable June 1 on ordinary shares of 3} per cent., actually making 6 per cent, total for 1932. Annual meeting will be held on April 11.’’

S.Z. GOVT.EOANS., Buyers. ' . ■ £ s <1 Sellers. £ s d ■44 p.c. Bonds, 1939 .... 98 10 44 p.c. auto, 1938 .... 96 12 54 p.c. ditto, Feb., 1937 ,54 p.c. ditto, Sep., 1937 — 0 6 97 99 98 5’ 0 0 0 9 0 44 p.c. Stock, 1939 .... 9t> io 44 p.c. ditto, 1938 .... 96 10 • 54 p.c. ditto, Feb., 1937 ■ 54 p.c. ditto, 1936 5} p.c. ditto, 1934 ..... u 97 99 99 99 0 0 0 0 0 0 0 debentures. Auek. City, 54 P-C-, 1944 97 0 0 — Ch.'ch City, 54 p.c., 1914 97 0 0 Dun. City, 54 p.C., 1944 97 0 Wgtn. City, 54 p.c., 1940.9/ 0 Gis. Boro., 54 p.c., 1945 — 0 98 5 0 0 Wgtu. Racing Club ... — 93 10 0 BANKS. 6 9 15 0 Commer. of Aust., ord. o 1* - National of N.Z. ..... 3 o 8 0 — New Zealand, long term 1 8 9 Union of Aust. ••••♦♦ 7 4 0 7 11 financial. Goldsborough. Mort. .. 12 6 N.Z. Guar.. Corp., ord. — 0 5 WgtoD. Dcp. and Mort. 0 3 6 0 4 0 GAS. 0 —— 3 Wellington; pref. ..... 0 19 0 INSURANCE. Aust. Prov. Assce 0 7 9 — National . - 0 3 0 16 0 6 - 7 9 South British ... 3 1 0 — MEAT. t 1 6 e N.Z. Refrig., 10/- paid 0 3 3 — TBANSFOBT. Huddart Parker, ord. fl S 0 — , Union Steam, pref 1 0 9 — . WOOEEEN. 0 — . Wd*lTi-ngtf>n t ord 4 17 6 6 0 Wellington, pref. .... 5 0 0 5 6 0 COAE. 0 BREWERIES. 9 —— Staples and Co. — 1 a • 0 —— MISCELXANEOUS. Electro Zine (pref) .... *1 8 0 — Henry Jones Co-op. .. — 1 17 0 N 55 Drue — *3 2 6 NX Paper Mills — 1 3 3 Wilson’s Cement 1 10 0 1 11 0 Woolworths, pref ■ — 1 13 0 OIL. M A tliron ord. .0 4 9 MINING. Consol. Goldfields .... > — 0 10 0 QoldAn Dawn >0 2 3 ■. 8 Mt Lvell 0 19 3 0 19 11 ■Wajhi 1 0 2 1 0 9 3 0 1 6 0 6 0 0 0 7 10 0 3 0 •Cum dividend.' fEx dividend.

day:— WELLINGTON. £ s d laser, stock, 4j p.c., 1938 96 15 0 Bank of New Zealand ....... 3 6 •1 9 6 Huddart, Parker, ord., ex div. 8 6 British Tobacco, cum div. •1 13 0 Taranaki Oil •0 a ■ ‘Late sale Wednesday. AUCKLAND. g d Govt.' Bonds, 5} p.c., Feb.. 1937 98 10 0 Do., 5i p.c., Sept., 1937 .... 9S o 0 Commercial Bank ot Australia . 0 14 t) Bank of New South Wales ..... 29 0 0 o 3 Do, (2) 2 3 6 2 7 0 0 5 6 Electrolytic Zinc, pref 1 8 0 0 4 0 0 3 N.Z. Newspapers 1 1 3 Do 1 2 0 0 1 4 Wnihi (41 ’ 1 0 6 0 19 6 0 6 0 CHRISTCHURCH. Sales reported:— £ s d Inscr. Stock, 4} p.c., 1938 (5) . 96 15 0 Do., m p.c., Feb.. 1937 .... 98 0 0 Do., 5J p.c., Sept., 1937 (2) .. 98 0 0 Nat. Bk. of Australasia. £5 pd. fl 14 0 .Bank of New Zealand 2 .3 6 10 6 N.Z. Refrigerating, £1 paid .. 0 10 3 1 7 3 Tlmaru Brewery. 7/6 paid 0 0 Tooth’s Brewery 1 14 1 British Tobacco, cum div. (2) . 1 13 0 0 10 0 Dunlop Rubber 0 16 11 Do 0 16 10 Electrolytic Zinc, pref.; cum div. ’ 1 8 0 Henry Jones Co-op. (2) 1 16 6 Mount Lyell (3) ; o 19 9 Woolwortha (N.Z.), pref. ...... i 11 6 0 1 Gillespie’s Beach 0 1 44 Golden Point 0 0 24 0 5 9 Do 0 Ff 8 Do (2) 0 5 7 Do 0 5 7* Waihl 1 0 Sales reported:— Electrolytic Zinc, pref., cum div. 1 8 0 Mount Lyell 0 19 8 Inscr. Stock, 4} p.c., 1938 96 15 0 Do 96 17 6 DUNKDIN. Sales reported:— £ R d Westport Coal (2) 0 11 3

March Feb. , opening closing N.Z. merino— (1. d. 60/64’s yielding 48 /o .» 8i —— Half bred — 56’s yielding 60% .... lot 11 Superfine crossbred — 50’s yielding 65% .... 71 Si Fne crossbred — 48/50’s mixed prep, ami card yielding 70% 61 71 46/48’s mixed prep, ami card, yielding 72 /o ol 5} Medium crossbred — 44/46’s prep, yielding 74% t> 51 44/46’s carding yielding 72% 4t '5t Coarse crossbred — 40/44’s yielding *73% .. 4 44 Low crossbred — 36/40’s yielding 7u% .. — 44

Seven months to Feb. 28, 1932-33. Tons. 57.395 1931-32. Tons. 49.976 Avonmoiit.il and Cardiff 4.288 2.735 Liverpool 3.840 2.583 Manchester 4.682 2,583 3,920 2,97a -122 13 140 175 480 389 New York 25 Other countries 283 Total tons 75,787 62,257

T.onclon ■ ••• Avonmouth and Cardiff Seven months to Feb. 28, 1932-33. 1931-32. Tons. Tons. 46.248 38,015 3.035 3,259 2.367 2,541 2.875 2,876 Glasgow 2,892 2,669 Other countries 65 ■ 46 Total tons 57,482 49,406

Butter. Tons. Cheese. Tons. 1932-33 ... 70.335 3,907 1931-32 ... 57,204 2.164 Increase ... 13,131 1,743

• : ?| 1 / : 1933. 1932. Tons. Tons. 1931. Tons. Estimated stocks of all butters in London, Including private and provincial stores and steamers not discharged 25,550 16,500 13,200 Stocks in N.Z., ineluding loaded into steamers not Railed finally at 25.300 19,000 March 1 17,700 N.Z. stocks- afloat . 14,732 13,587 11,850 ■ ■■■■ — ■■■,.. ■ " 40,032 32,587 29,550 Cheese. Estimated stocks at London, Liverpool and Bristol at March 1:— 1933. 1932. 1931. Ne.w Zealand and Australian 8.022 8,893 11,271 Canadian 4,074 5.426 6,552 . ■ ■ — * 12,696 14,319 17,823 — II ■ .... ■ 1 ■ ——— ... Ill Stocks in N.Z., ineluding steamers not sailed finally at March 1 20,200 17,450 17,180 N.Z. stocks afloat ... 14,836 12,974 13.648 ■ . " —....... ——. 35,036 30,424 30,828 -I 1.1 -1 ■—- ‘ Total in sight .. 47,732 44,743 48,651 Canada and U. S.A. Stocks. The following arc the stocks of butter and ehecse held in Canada at March 1: — 1933. 1932. 1931. Tons. Tons. Tons. Butter 4.288 4,545 5.000 Cheese 4,717 ’3,524 5,824 Taking into account Canadian cheese both in Canada and the United Kingdom, the position shows: — 1933. 1932. 1931. Tons. Tons. Tons. In Canada 4.717 3.524 5.824 In U.K 4,674 5.426 0.552 ■ — — — 9.391 8,950 12.376 The following are the stocks of butter and cheese held in the United States at March 1: — 1933. 1932. 1931. * Tons. Tons. Tons. Butter 5.170 6.799 13.658 Cheese 20,972 18,599 21,377