FINANCE and COMMERCE

Dominion, Volume 26, Issue 186, 4 May 1933, Page 12

FINANCE and COMMERCE

STOCKS AND SHARES .Active Market Yesterday A FIRMING TENDENCY Finn and active conditions ruled in the Wellington market yesterday. Buyers of Government loans came in in strong force, prices ot the 4 per cenbonds and stocks moving up to par. A sale of the 4 per cent, bonds, 1950, was repotted. at £lOO/5/-, and there were qqirtq nf the 4 per cent, atoclce, maturing l'tl-W, 1949. and 1955, at £lOO. Wellington City 54 per cents.. 1940. had two sales at £lOO/10/-. . There was again a good demand tot banks, which were steady. National of Australasia, £5 paid, sold at £o/l«./. In the financial section Dalgct.vs sold at £7/9/-; more were wanted at =«/<’/-> sellers asking £7/12/-. Insurance, "Un breweries, and miscellaneous were fully firm. Gold mining shares were more active, and four sales were reported nt firm rates. WELLINGTON EXCHANGE Yesterday’s Quotations Buying and selling quotations at yesterday’s final call on the Wellington Stock .Exchange were as follow:—

Note.—All transactions in stocks quoted in this section aro subject to 24 per cent, brokerage, and are not quoted on the official list:— , . Buyers. Sellers. £ a d £ s d Aotearoa Gold — 0 1 11 Bell Hooper Cromwell 0 0 HI — FOREIGN EXCHANGES Position of Sterling’ Dondon, May 2. The following rates on foreign exchanges were enrrent to-day, compared with those ruling on May 1: —

fora. London on Cape Town, is £O9/17/6 for £lOO sterling, and the buying rate is £lOO/17/6. Gold and Silver. 'London, May 2. Gold, £6/4 AS per fine* on neo. Silver—Cash and forward, 20 }d per ounce. British Rubber Stocks London, May 2. Stock# of ruMier at the end of April compared with those at the end of the two previous months were:— Feb. 28. Mar. 31. Ap.3o. Tons. Tons. Tons. London .... 38,302 40.845 41.231 l/ivei+pool .. 33.850 53.0.59 51,336 Chicago Wheat Montreal. May 2. Chicago wheat: May, 71} cents ft bushel; July, 724 cents; September. 73} cents; December, 73} cents. New York, cash, 82J cents.

WILSON’S CEMENT

Dividend, 10 Per Cent. CAPITAL TO BE HALVED Proposal to Shareholders Yesterday afternoon the secretary of Wilsons (N'.Z.) Portland Cement, Limited telegraphed to the Stock Exchange A Tt C the directors decided to recommend to shareholder at the annual meeting, to be held on June 7 the payment of a final dividend for the year ended March 31 last of one shilhnft was also decided to recommend that the capital of the company be reduced bv £300.000 to ten shillings per share by returning to shareholders ten shillings per share in the form of three and a half per cent., free of income tax, New Zealand Government inscribed stock m the proportion of £lO2 stock for each £lOO of capital reduction, with cash payment foi amounts under £5 or for fractions over multiples of £5. The dividend for the year is at the usual rate of 10 per cent A bonus of 21 per cent, was paicr for 1930 and 1931. The company has a paid-up capital ot £600,000. Since 192-1 the company has shown excellent results, though the recent heavy decline- in building and road-mak-ing activity has affected operations. During the last twelve years £284,714 more than was spent, was written off buildings, plants, quarries, etc., which have been kept in a highly efficient state. At the end of the 1932 financial year the company reserves amounted to £215,984DIVIDEND INCREASED Kaitangata Coal Company Accounts for the Kaitangata Coal Company, Limited, (Otago) for the year ended February 28, disclose a credit balmice of £16,682, conipfl-rcd with in the previous year. Income tax: provision amounts to £o3oo, against zJoUU in 1932, £3505 has been written off the development suspense account, now liquidated, and £5OO has been transferred to bad debts reserve. Of £7377 available, the dividend at 2/- a share, equivalent to 121 per cent., absorbs £5370/10/-, and £lOO6 is being carried forward, compared with £349 brought into the accounts. ~ , The directors comment, that the year was an abnormal one owing to industrial troubles in other coal mines. The company’s output had been increased considerably, the increase being reflected in reduced running charges. There were ample -supplies of coal in sight. The capital of the company is unchanged at £50,964. The dividend compares with 1/6 a share paid in the past two years. 'Waikato Finance Company The annual meeting of the Waikato Finance Corporation, Limited, was held in Hamilton on Monday. ' , In their report the directors stated that the result of the year's operations was eminently satisfactory. The directors recommended the payment of a dividend of 5 3-5 per cent, on preference shares, but, no dividend was recommended with respect to ordinary shares Regret was expressed that ordinary shareholders would receive no dividend, but the directors said they felt that the present position of the country called for a very conservative policy. The fact that securities were dropping steadily, the general unsatisfactory financial outlook, and the possibility of further legislative interference in trading had influenced the directors in their decision. The directors’ recommendation was adopted. N.Z. Newspapers, Ltd. The report of the directors of New Zealand Newspapers, Ltd., to be presented to shareholders at. the annual meeting on May 17, shows a profit for the year, of £31,606 16/3. The payment of a dividend of 5 per cent, (half of which was paid on October 1) is recommended. During the year the mortgage indebtedness of £28,000 was reduced by £12,000 and £5600 added to the investment account : The balance carried forward to the new accounts was £6119 9/3, an increase over 1932 of £2481 16/2. The company contributed to provident funds and pensions £3952/la/2. Paid up capital remains at £582,000. DEALINGS ON ’CHANGE Yesterday’s Sales The following sales were recorded yesterday on tilic Stock Exchanges mentioned:

ADDINGTON MARKET Little Change in Sheep Prices SHARP DECLINE IN BEEF By Telegraph.—Press Association. Christchurch. May 3. For the second week in succession lack of feed forced many fat cattle into the market, causing abnormal yardnigs. Today’s was the largest offering at the An dington market for an ordinary sale for years. Values showed a sharp fall to a level not previously reached. The store sheep entry was smaller than recently. It was an erratic sale. Ewes barely maintained late rates, wethers were cheaper, and ewe lambs advanced 1/- a head. Good fine-woolled ewe lambs made 8/3 to 9/4; ordinary, 4/9 to 5/1. average m.s., 3/- to a/-; cull, 1/- to 2/3 , ordinary s.m. halfbred ewes, 4/10 to .1/4, aged and inferior, 1/3 to 2/3; halfbred wethers, 6/9 to i/i ; medium to O/ Fat lambs: An entry of 3°<W ’mad. The export schedule, was down 1-Sd a lb. but the market maintained late rates. Extra prime heavy sold to 16/7; prime heavy, 13/3 to 15/-! prime medium weight, 11/ io 13/-; light, 8/6 to 10/6. °Fat sheep: An entry of 4SOO head constituted an over-supply. . Last week s rates were barely maintained. Extra prime heavy wethers sold to 18/1 : prime heavy, 14/9 to 16/6; prime medium weight. 12/6 to 14/6; ordinary, 10/6 to 12/-; light 8/6, to 10/-; Prune ewes to 13/7; prime lO/6 to 11/6, prime medium weight, 8/- to 10/-, ord n arv, 6/- to 7/6; light, 4/- to 5/6 Fat cattle: An entry of ?63 head. It wns n very dragging 1 sale, with a general fall of £l J to £l/10/- a head for medium and good sorts. Inferior types "'ere ha d to quit. Best beef sold to 18/- a 1001 b, good prime, 15/- to 17/-; heavyweight medium beef. 12/6 to in/6 ; good heifer, 13/- to 15/6; good cow, 11/- to 14/ » secondary cow. 9/- to 11/"» an! ’ rough down to 6/-. .Extra prime, heavy steers sold to £9; prime heavy £6 to £</IV/ , prime medium weight, £o/10/- = *,3 ordinary, £3/10/- to £.;> ', light, £l/1 </b to £3; extra prime heifers to £o/17/6, nriroe, £3/10/- to £5; medium, £2/5/-. to £3/5/-; light. £l/7/6 to £2; extra prime cows to £5/12/6; prime, £3I to> £4 medium; £2 to £3; light. £l/2/6 to £2. Fat pigs: A very heavy entry. l alues fell sharply with a decline of id a lb for both porkers and bacone 02/fi C to <> 43/-'-sold to £3/16/-; baeoners, 32/6 to 13/ , heavy. 44/- to 54/6; average price per lb. 3Ad to 43. Porkers. 21/- to 24/9. heavy to 28/6; average price per lb, 4Jd to 4jd. JOHNSONVILLE SALE Prices Fairly Steady Little change in prices was seen yesterday nt thft Johnsonville sale. M right, Stephenson and Abraham and William., Ltd., offered an average yarding of cattle and larger yarding than usual of sheep. The bullocks offered were not so heavy as they have been during the last few weeks k good sale resulted for all classes of cattle with the exception of vealers. which showed a decline . on late rate*. There was no alteration in the prices for bullocks, cows, and heifers. The sheep yarding comprised very good quality wethers and ewes, with the usual offcrin of lambs. Prices were on a par with, last week’s rates. The demand for lambs is now easing off, all d there was a dull sale yesterday. j-on/ Cattle: Prime heavy bullocks, £</10/- ; £7/8/- £7/5/-. £(. £6/18/-, £G/1«V-• medium bullocks, £6/10/-. £6/5/-, £6; prime heavy cows and heifers. f '» gle), £4/15/- (single), £4/10/-. £--A>/-, £4- light nnd unfinished cows and heifers. £3/10/-. £3/8/- W: . ™ nncr /j £2/5/-, £2/3/-, £2. £l/18/-. £l/10/-, £1 13/- £l/10/-; vealers, £l/6/6. £l/4/6, £l. 19/-, 14/-. Sheep: Prime heavy wethers, 10/o, 15/1, 15/-; prime heavy wethers, 14/7. 14/4. 14/2; medium wethers, 12/3, 12/2; prime heavy ewes, 10/6, 10/8, 10/-; medium ewes, 9/6. 9/3, 9/-, 8/9; light, and unfinished ewes </2 </-, 6/9; heavy springing lambs. 14/6. 13/10, 13/7, 13/3: springing lambs,. 12/3. 12/-, 11/8. 11/3. Masterton Sale Dominion Special Service. Masterton, May 3. A yarding of 2162 sheep. 55 cattle, nnd 35 pigs was offered by the New Zealand Farmers’ Distributing Company at the Masterton sale to-day. Fat sheep were a little easier than last week, while store wethers sold well. Good lambs found a ready market, and breeding ewes sold well. Cattle met with only a moderate sale. Prices:—Fat sheep: Heavy wethers, 14/6; good wethers, 12/9 to 13/5; fat downs. 11/- to 11/9; fat ewes, 7/- to 7/7; light ewes. 6/8 to 6/10; good lambs. 12/4 to 12/6; light lambs, 9/1 to 9/7. Store sheep: 230 good forward two-tooth wethers, account R. Liverton, 11/2; others. 10/6; small twotooth wethers. 7/8 to 8/6; empty twotooth ewes, 8/3; five-year ewes, r.w. S.D. rams. 7/4 to 7/B;’s.m.. do., 5/8; small two-topth ewes, do., 9/6; small fourtooth, do.. 10/6: woolly wether lambs, account A. McKay. .8/1; others, 7/6; small do. 5/3 to 6/6; small ewe lambs, 7/5; b.f. ’ lambs. 6/7 to 7/8; store ewes, 4/- to 6/7. Cattle: Heifers in milk, £3 10/-: spring heifer. £3/15/-: Jersey heifers, r.w.b., £2/17/6; weaner Jersey heifer calves. £l/3/- to £l/14/-; very small do,* 8/- to 11/-; 18-months steers, £l/18/- to £2; Jersey steers. £l/10/-; forward cows. £l/5/- to £l/13/-; ers, 20/-. Pigs: Slips. 10/- to 15/-; good weaners, 6/6 to 7/6; small do, 3/to 5/-. Pahiatua Cattle Fair Dominion Special Service. Pahiatua. May 3. . A full yarding of cattle was offered at the second autumn Pahiatua cattle fair by the New Zealand Loan and Mercantile Agency Co., Ltd. The entry of about 1100 head was chiefly grown cattle, the demand for which was not quite up to the level of recent sales. Four-year-old bullocks: Account H. Dillon and Sons, £4 16/-; account O. F. Olsen. £5/11/-; account 11. B. Smith, £4/1/-: account L. Hughes, £4/7/-; account O. Lund, £4: account S. .Stone. £5; account J. Kennedy. £3/14/-. 31-ycar steers': Account E. R. Daldv. £3/S/6; account J. Diamond. £3/17/G; account L. Iloulbrooke, £3/3/6; account L. Hughes. £3/10/-; account D. L. Bourke. £3. 2J-year steers: Account Mrs. M. E. Wilcox, £2/15/-: account A. Hoggard. £2/16/-; account W. Dickens. £2/16/-;. account D. M. Parsonson, £2/15/-. 11-year steers: Account L. Iloulbrooke. £2/7/-: account J. Kennedy, £2/10/-; account F. L. Kerr, £2/3/-; account Le Lievre Estate, £2. 5/-; account D. Hall, £2/6/-; account E. Wilton, £l/19/- to £2/10/-; account J. Shanahan, £2/9/-. 14-year heifers: Account D. L. Bourke, £2; account W. Dictams. £l/17/-; account E. Wilton. £l/6/-. Fat cows made from £2/10/- to £3/8/-; forward cows. 35/- to £2/2/-; store cows. 15/- to 30/-; I’.A. weaners. 22/- to 28/-. BURNSIDE SALE Fat Cattle Cheaper By Telegraph.—Press Association. Dunedin, May 3. An over-supply of fat cattle at Burnside to-day caused a further drop in_ values. Several lots were not sold. Sheep and lamb values were about on a par with those of the previous sale. ’The fat cattle entry of 407 head was one of the best collections of beef seen at Burnside for some time. Prices of good quality animals were easier by about £1 a head. Extra heavy bullocks sold to

£B/12/6; heavy, £6/7/6 to £7/17/6; medium,'£4/17/6 to £5/12/6; medium heifers, £3/17/6; light, £2/7/6 ; medium cows, £4/2/6. Prime ox beef averaged 17/- per 1001 b. About 2700 sheep were offered. There were not quite as many wethers as usual. Heavy withers sold from 15/- to 16/-; light, 13/9; ewes, 9/6. Good quality was seen in the yarding of 11'10 lambs, which met fairly keen competition, export buyers being present. Best lambs were worth up to 14/-; medium, 11/- to 12/-: light, 7/- to 9/-. The store cattle entry included a smaller number of steers than usual. A line or two of young cattle sold at satisfactory prices, but. there was little change in values for other sorts. In the pig section 75 fats and 81 stores were offered. Only a few baeoners were penned, and these averaged about sd. a lb. Porkers, which met a keen demand, averaged about 54d. a lb. Store pigs realised late rates. WESTFIELD SALE Beef Values Decline By Telegraph—Press Association. Auckland, May 3. A heavy yarding of fat stock met depressed prices at the Westfield sale. Over 1000 head of beef were penned, compared with SOO head last week. The demand was slow and values declined 1/- to 2/per 1001 b. Extra choice ox sold to 19/a 1001 b; choice and prime ox, 16/- to 18/-; ordinary and plain, 13/- to 15/-; prime young cow and heifer, 14/- to 17/-; ordinary cow, 9/- to 13/-; heavy prime steers, £6 to £7/7/6: lighter prime, £5 7/6 to £6/2/6; light prime, £4/5/- to £5 5/-; unfinished and small, £2/10/- to £4 2/6; extra heavy prime .young cows and heifers, £4/5/- to £4/15/-; heavy prime, £3/12/6 to £4/2/6: lighter, £2/17/6 to £3/10/-; light cow's, £2 to £2/15/-; others, £1 to £l/17/6. Values for sheep were also lower owing to excessive numbers. Prime wethers made 11/9 to 17/-; unfinished, 11/- to 11/6; prime ewes, 8/- to 11/6; others, 6/- to 7/6. There was keen demand for lambs, with prices fairly steady. Prime Jambs made 9/6 to 14/6; unfinished, 8/- to 9/-. Pigs sold well, a heavy yarding meeting with' improved demand. Baeoners made 35/- to 50/-: porkers, 15/- to 32/-; stores, 12/- to 16/-. Except fot small weaners, values for calves dropped sharply. Runners made 25/- to £3/3/- for exceptionally" choice heifers; heavy vealers, £l/10/- to £1 16/-; medium, £l/5/- to £l/8/-; light, £1 2/- to £l/4/-; small. 12/- to 20/-; rough,. 5/- to 10/-; small unfinished dropped 3/to 8/-. HAWKE’S BAY VALUES Stortford Lodge Sale By Telegraph—Press Association. Hastings, May 3. Fat sheep values remained unchanged to-day at Stortford Lodge, with wethers and some lighter lines showing an easier tendency. A total of 10,000 fat. sheep was yarded, lambs and ewes constituting the bulk of the entry. Lambs: Prime, | 11/- to 14/7; others, from 6/- upwards. Ewes, prime. 7/- to 8/3; others, 4/10 upwards; wethers, 9/10 to 13/2. The store sheep market was again easier, a number of light and poor quality lines being passed in. A total of 6600 head was offered, .the quality being decidedly mixed. Ewes, 3/- to 10/6: wethers. 8/9 to 10/9. Lambs, wethers, 3/to 7/-: ewes, 7/6 to 8/4. _ 1 There was a very heavy yarding of fat and store cattle, many being in an unfinished state owing to the shortage of fattening feed. The market wits variable, prices generally being easier owing to the heavy entries and also to the fact that export buyers have lowered the cattle price schedule. Prime entries, of which there few, sold relatively well. Bullocks, men mm to prime. £5 to £6 10/-; others, from £3/6/-; cows, medium to prime, £3 to £3/15/-; others, from £2/2/6: heifers, medium to prime, £3 5/- to £5; others, from £2/7/6. Store cattle had a good demand, top lines realising prices on a par with Inte rates, and other linos being easier. Steers, £2/13/- to £4/5/6: cows. £l/6/- to £1 11/-; heifers, £l/10/- to £l/17/6.

THE WOOL MARKET Sydney Sales Very Firm KEEN COMPETITION (Received May 3, 10.20 p.m.) Sydney, May 3. At. the wool sales to-day 12,852 bales were offered, of which 11,289 were sold at auction, and 2062 privately. There was very keen general competition, and the market reflected all the best features of previous sales, closing very firm at the recently_ improved level. Greasy Merino made 17? d. LONDON WOOL SALES Offerings for Next Series London, May 2. Wool available for the London series of sales opening on Tuesday next are 194,000 bales, including new arrivals. Australian 18,700 bales, New Zealand 76,000 bales. It is expected that about lol,uoo bales will be catalogued. According to a telegram received from their head office, regarding the London wool sales, which open next Tuesday, ay 9. Dalgctv and Co., Ltd., expect that merino and fine crossbred will be 7-J per cent, to 10 per cent, higher, and medium and coarse crossbred steady. If any change in price takes place it will be in favour of sellers. Dalgety and Co.. Ltd. also report the following vessels in which they are interested, have arrived in time for the sales: Tamarka. Surrey, Otira, Coptie. Benledi. Canonesa, Tairoa, Maimoa, Cornwall, Kent. Akaroa, Beumohr. Dalgetv’s selling dates are as follows: May 9. 11. 17. 22, 25, 29 and 31. The sales close on May 31. Murray, Roberts and Co.. Ltd. are in receipt of the following cablegram from their London agents, dated May 2: — The following vessels have arrived in time for the consignments of wool by them to be offered in the next series: Pakeha, Mahia, Tairoa. Maimoa. Otira, Akaroa. Coptic. Port Gisborne, AngloCanadian, Benmohr, Benledi and Cauoncsa. BUTTER AND CHEESE Further Rise in Prices A further advance in butter and cheese prices is reported from London. The New Zealand Producers’ Co-opera-tive Marketing Association’s weekly cabled market report from London dated May 2 is as follows: —Butter: Market advancing with fair business doing. New Zealand finest, 73/- to 74/-; first grade, 72/-. Danish, 98/- to 100/-. Cheese : Market active and advancing. New Zealand white, 41/- to 42/-; coloured, 46/- to 47/-. Canadian white and coloured, 60/to 66/-. Joseph Nathan and Co., Ltd., have received from their principals, Trengrouse and Nathan, Ltd., London, the following cabled advice, dated May 2: —Sentiment both markets much improved. New Zealand butter, 74/- per ewt. New Zealand cheese: White, 42/- per cwt.; coloured, 47/- per cwt. Both markets firm ; good demand.

SYDNEY STOCK EXCHANGE Heavy Trading Yesterday (Received May 3, 8.5 p.m.) Sydney, Alay 3. On the Sydney Stock Exchange to-day there was a heavy turnover, particularly in the mining sections. Sellers, however, are adopting a firm attitude. Sales: Commercial Bank of Sydney, £l5/12/6; Union Bank of Australia, £7/10/-; Bank of New Zealand, interstate delivery. 44/10; Colonial Sugar, £55/10/-. ex dividend: Associated News, 8/1; pref., 18/6: Adelaide Steam, 21/6; Berlei, 25/6; Gordon and Gotch. 32/9; British Tobacco, 34/9; Australian Glass, 48/-; Goldsbrough Alort, 23/14; Henry Jones, 37/-; Dunlop Perdriau, ,16/lOi; Electrolytic Zinc, pref., 30/3; Tooth's, 36/9; Toohey's. 21/3. Commonwealth bonds. 4 per cent., 1938, £lO4/5/-; 1941, £lO4/10/-; 1947. £lO3/6/3; 1950. £lO3/2/6; 1955. £lO4 10/-; 1957, £105; 1959, £lO3/10/-. Melbourne, Alay 3. To-day's sales included: British Tobacco, 34/6; Herald-Weekly Times, 59/-; Electrolytic Zinc, 17/-; ditto, prof., 30/-; North Broken Hill, 74/-. BASE METALS MARKET Further General Advance (Rec. May 3, 8.50 p.m.) Sydney, May 3. The official London (middle) quotations for Tuesday, as received iby the Australian Mines and Metals Association, compare as under with those previously cabled:—

♦American not quoted, tAmerican 6.50 cents a lb. Jjondon, May 2. The statistical position of tin at the close of A'pril. as compared with 3larch, was as follows: — March. April. Tons. 'J’ons. World visible supplies ... 42/JLS 42.006 Straits carry-over 8.510 7.057 Supplies G.fiSS 7.227 Deliveries 6,«V>5 8,160 The Flax Market Conditions are dull in the flax market, present offers e.i.f.e. London ranging from about £l3/5/- for low fair to £l4/5/- for high fair. Little business is offering, but, it is reported some sales have been made to Australia, which can now obtain supplies at a cheaper rate than prior to tlie rise in New Zea-land-London exchange. Flax fibre suffers severely from competition with sisal, but it is reported that sisal growers are not replanting extensively.

N.Z. GOVT. DOANS. Buyers. £ s (1 Sellers, s d 4 D.c. Bonds, 1010 ... 100 0 0 100 10 0 4 p.c. ditto, 1916 100 0 0 — 4 p.c. ditto, 1949 4 p.c. ditto. 1955 .... 100 0 100 0 0 0 100 10 0 31 p.c. Stock. 1939-43 31 p.c. ditto, 1939-52 . . 99 0 99 0 0 0 99 10 0 3+ P.c. ditto, 1938-43 . 99 9 0 — 3» p.c. ditto, 1938-52 . 99 0 0 — 4 p.c. ditto, 1940 . • • ■ 100 0 0 4 p.c. ditto.-1946 100 0 0 101 b 0 4 p.c. ditto. 1949 .... 100 0 0 —— 4 p.c. ditto, 1955 .... 99 15 0 — debentures. Wgtn. City, 5$ p.c.. 1940 Ditto, 54 p.c.. 1937 . •. — 101 102 0 10 0 0 Eastbourne Boro., bl n 1952 98 0 0 Ditto. 4i p.c., 1934 .... 96 0 0 103 — Wellington Gas 100 0 0 0 0 Wgtn. Racing Club . 90 0 0 BANKS. Cnmrcl. of Aust., ord. 0 14 4 0 14 7 Mg & A ft 4 3 10 0 4 0 National of N.Z Nat. of Australasia, 0 3 15 0 £10 paid *12 6 0 —. • 5 15 0 —— New South -Wales ... •28 10 ‘2 4 0 —— 9 5 3 Union of Australia ... 7. 8 6 — FINANCIAL. 7 5 0 7 12 0 Goldsbrough Mort ... 1 2 6 1 3 0 N.Z. Guar. Corp., ord. —— 0 5 G 1 0 6 ■ N.Z. invest. Mort, and 0 5 0 N.Z. & River Plate •. 1 1 3 -—• Wgtn. Invest. T. & A. —— 0 4 1 Wgtn. Mort. & Dep. .. — 0 4 0 GAS Ani'klfind .......... 1 2 0 — Christchurch ....... 1 6 9 —— 0 1.3 O — Wellington, ord 1 12 0 1 13 0 INSURANCE. National .......... •0 16 , 1 ■ Npw Zen In nd ......... 2 9 3 QnnUi ..... 3 4 3 MEAT. ear 1 7 0 1 8 3 N.Z. Refrig., £1 pd. .. 0 10 3 —. iM+tft 10/- nd 0 3 8 0 4 1 TRANSPORT. Union Steam, pref. ... 1 1 9 — WOOLLEN. Wellington, ord 5 0 0 — nrnf 5 0 0 TIMBER. "ET* 0 11 9 BREWERIES. Carlton 1 15 0 — N.Z. Breweries 1 9 8 1 10 0 Staples and Co. •••••• 1 4 0 — Tooth and Co 1 16 fl TimoMi i’nnt 0 2 6 . — MISCELLANEOUS British Tobacco, ord. 1 14 0 1 15 0 Colonial Sugar 55 7 6 55 17 6 Dunlop Perdriau .... —• 0 17 1 Electro Zinc, pref. .. tl 9 0 —• N.Z. Drug 3 4 0 — Rharland and Co., ord. 0 IS 0 —— 0 18 0 —— MISCELLANEOUS Wgtn. Queen's Theatre —' 1 1 0 Whitcombe & Tombs 2 17 0 3 o 0 Wilson’s Cement, j.... 1 12 — Australian Glass — - 7 fl MINING. Big River 0 1 34 0 1 fi Consol. Goldfields .... —— 0 10 7 Proshiford 0 1 34 —— Gillespies Beach 0 1 7 Golden Dawn ....... 0 1 9 ..... Golden Sands ........ 0 3 1 King Solomon 0 1 9 Mt. Lyell 1 0 4 1 0 7 Nokomai ........... 0 -5 34 0 4 Okarito I) 9 ? Wai hi •1 2 10 Wa i tali n ............ 1 Golconda 0 1 0 ♦Cum., dividend. tEx. dividend Unofficial List

May 2. -May 1. 3.88 Par. N. York, dol. to £ 3.895 4.866 Montreal, dol. to £ 4.43 4.41 4.806 Paris, fr. to £ Brussels, bet to ... 84 13-46 83 15-16 124.21 £ 23 29-32 23.70 35.00 Geneva, fr. to £ .. 17.275 17.125 _•> Auist’dain. fl. to £ 8.30 S.225 12.107 Milan, lire to £ .. 617-18 61.25 02.4(1 Berlin, mks. to £ 14.325 14 7-32 20.43 St'holm, knr. to £ 10.40 19.40 18.159 C’liagcn. knr. to £ 22.45 22.45 18.159 Oslo, knr. to £ .. 19 9-10 19.55 18.159 Vienna, schgs to £ *31.50 34.585 Prague, knr. to £ 112 lTl.50 16-1.25 Hel’fors, mks. to £ 227 22(5 193.23 Madrid, pes. to £ 3815-10 38.75 25.225 Idsbon, ese. to £ 110 110 110 Athens, drach. to £ 575 587.50 375 Belgrade, din to £ 217 250 276.31 Bucharest, lei to £ 570 • >(>• 1 813.60 Warsaw, zloty to £ ' — — 43.33 Bio de J., p. to mil. *51-8 *5 1 -8 5.S99 B. Aires, p. to peso 441} til 47.62 M. Video p. to peso *35 *33.50 51 Calcutta, p. to rnp. 18 5-64 18 5-04 18 Shanghai, p. to dol. 15} 15 3-8 —— H.-Kong. p. to dol. 16 7-8 10} — Y'hnma, p. to yen 117-8 14 7-8 24.582 Batavia, fl. to £ — 8.30 12.107 •Nominal. tOflicial. The selling rate for telegraphic trans-

WEIJ.INGTON. £ s a Govt. Bonds, + p.c., 19-55 100 0 Inscr. stock, 4 .p.c., 19+6 100 0 0 Ditto, 4 P.O., 1IM9 100 0 0 Ditto. 1 p.c., 1955 100 0 0 Nat. Bank of Australasia, £5 pd. 18 0 Dalgety and Co • • 9 0 Wellington City, 51 p.c., 1940 (2) 100 10 0 Big River i Gillespies Beach 0 1 5 Nokoinat Golconda 0 0 n AUCKLAND. £ s d Inscr. stock. 4 p.c.. 1955 100 12 () Auckland Harb. Bel., + p.c., l.Mb 99 ■ > 0 Auckland City.'.>1 p.c., 19St> .... 99 0 0 Wgtn. Harbour'Bd., + !■ p.c., 1,.H(» 95 0 0 Invercargill. 5J p.c., 1948 100 0 0 Bank of New South Wales • ••• 29 0 Bank of New Zealand <31 .... 0 South British Insurance (2) .... 0 Ditto 3 Pukeniiro Collieries .1 0 0 Colonial Sugar 15 0 Wilson's Cement 1 12 <5 Golconda 0 0 11 Okarito 0 9 4 Waihl •» Unlisted — NaHonwl Tobacco - 19 0 CHRISTCHURCH. Sales on ’Change-- £ s d loser, stock, 4 p.c., 1940 (2) .... UXI 0 Ditto. 4 p.c.. 1».M 12) 100 — 6 Nat. Bank of Australasia. £o pd. cum div 5 19 0 Bank of New Zealand, cum div. -■ ;> 0 Ditto .» 1 N.Z. Refrigerating, £1 paid .... 0 10 10 Ditto 0 11 0 Electrolytic Zinc, prof 1 9 Ditto 1 9 6 Henry Jones Co-op 1 .17 0 Mount Lyell Io) 1 0 Ditto (4) 1 0 f) Big River 15) 0 1 4 Gillespies Beach 0 J 1* Golden Point (2) 0 0 Goleonda 0 0 11 Nokomni (3) 0 o 1 Sales reported — Nat. Bank of Australasia, £0 pd., 5 IS 0 Mount Lyell 1 0 3 Unlisted — Central Shotover (5) 0 0 9 DUNEDIN. Salos on ’Change — £ s d Okarito (21 Big River (21 Sales reported i) 1 4 14 Commercial Bank of Aust N.Z. Breweries (2) *1 10 0 Mount Lyell 1 0 4 h’reshford (2> 0 1 4 Big River (21 1 •Late sale Tuesday.

May 1. Per ton. May 2. Per ton. C s d £ c d Standard, spot .... 30 IS 9 31 4 44 Standard, forward 31 0 71 31 G 3 •Electrolytic 34 Itl 0 35 0 0 to 3>» 10 0 3(5 0 0 Wire bars «>«) 10 0 3« 0 0 Lead — Spot It) IS 9 11 1 3 Forward 11 3 9 11 s 9 Spelter— Spot 14 10 3 14 18 9 Forward 15 3 9 15 G Tin— fSpot 171 ~ 0 173 , S 9 Forward 171 15 7* 174 1 3 Silver — Fine, per oz Standard "Bid . 22 1 -Sd 19jd ‘-■1 7-Sjl