FINANCE and COMMERCE

Dominion, Volume 26, Issue 218, 10 June 1933, Page 14

FINANCE and COMMERCE

STOCKS AND SHARES

Strong Buying Activity MARKET VERY FIRM No slackening of buying activity was seen in the Wellington stock and sharemarket yesterday, and the firm demand caused a hardening tendency in tnc selling quotations. Fifteen sales were recorded during the day. Government loans held their strength, the few selling quotations having lair margins on buyers’ quotations. The 3J per cent, stocks burdened r*, ■> - * 17/6, and one sale of the J.938-o2 maturity was reported at £lOO/5/-, a rise of 5/- on previous sales. Hie 4 per cent, stock, 194 V. was done at 4100/IV/-. Banks were very active, with a hardcuing in one or two cases. Commercial of Australia sold at li>/8, New ~ Wales at £3l, and Union ot Austialia at £S/5/-. New Zealand ordinaries tinned (o’ 46/9, and the long-term shares to 31/3, sales being reported at those prices. Following the announcement ot an interim dividend of 24 per cent., Goldsbrough, Morts eased 1/1 to 2a/ ; , sellers lowering their price l/o to -o/J. National Mortgage and Agency. I ■ • were in request at par. New Zea and Loan and Mercantile were wanted at £34 sellers holding for £4O. M illington Gas’, ordinaries, were Cd. up at 3’-/b. Insurance shares were in firm demand. Gear Meats recovered 1/- at 2b/-, stlli.is asking 30/6. Wellington Woollens were firm at £5/1/-. e ' T / ea / a -n q tes were firmer on a sale at 01/11. witli late buyers quoting 31/8, ns a « :ini y l ’ J / ' ' on Thursday. looths were lid. 1. -it 37/-, sellers easing 1/- to ot/v. Miscellaneous were in strong demand, but sellers’ ideas of value tendedl to check business. Prices were firm. Mining shares had a hardening tendency. Blackwaters advanced to a sale at —o/~ late buvers offering 22/9. AVaihis - firmer at 22/2, and more were wanted at that Price. Mount Lyells had two sales on ■change at 22/6. WELLINGTON EXCHANGE Yesterday’s Quotations (i.ivin- and selling quotations al yes-,e;<iar‘"-final call on the Wellington Stock Exchange were as follow.

Government Stocks

London, June 8. Quotations of Government stocks to-day compare with those of a week ago as follow:—

THE MONEY MARKET

Bank of England Return MARKET RATES LOWER (Received June 9, 7.30 p.m.) Ixnidon, June S. The Bank of England return for the week ended June 7 is as follows: -

Short Loans and Bills. The Bank of England rate of discount was reduced to 2 per cent, ns from June 3(1. 1932. Short Joans are quoted at 11-16 per cent., compared with J per cent, last week. The market rate of discount for best three months’ bills is 7-16 per cent., compared with 15-16 per cent, last week. GOLDSBROUGH. MORT & CO. , Dividend, 2A- Per Cent. The directors of Goldsbrough, Mort and Company, Ltd., announce that, subject to audit of accounts for the year ended March 31, 1933, they propose to recommend a dividend at the rate of 24 per cent, per annum, payable at Melbourne. This information was given in a cable message received yesterday by the Stock Exchange Association. The annual meeting of shareholders will be held on Wednesday, June 28. Transfer books will close at noon on June 17. The distribution of 21 per cent, is the same as for the previous year, no interim dividend having been paid. From 1922 to 1929 the distribution was 15 per cent, per annum. For the year ended Marell 31, 1930, 10 per cent, was paid, and in 1931 5 per cent. DEALINGS ON ’CHANGE Yesterday's Sales The following sales were recorded yesterday on the Stock Exchanges men-

Jute Market Firm Cabled advices received from Calcutta relative to the jute market position indicate that the hessian market is sound, with stocks low. There is a Rood demand for heavy goods, namely cornsacks and wool packs. Stocks of these are heavier, but it is anticipated that the market will rule firm owing to the approaching ajam.

DAIRY PRODUCE FIRM

Butter Selling in London at 83/-

CHEESE PRICES IMPROVE

The latest market reports received in Wellington indicate a better tone in the London dairy produce markets, which are described as firm, with an upward tendency for butter.

The improvement in London is reflected in local operations. A large sale of butter at lOd a lb f.o.b. New Zealand ports has been made by a factory in North Taranaki, and followed a similarly large sale nt the same price by another North Taranaki factory at the end of last week. Altogether the lots sold amounted to several thousands of boxes, states the Taranaki “News.” The sales were of May and June make, and the price indicates that buyers still confidently expect the market to improve by about August, at which time delivery of the make should be effected on the London market. The figure of lOd a lb f.o.b. is equivalent Io nearly 86/6 upon the London market at the present rate of exchange, which is a price several .shillings above that ruling at present. Mr. Thomas Gray has received the fol-lowing-cable from his principal, Mr. A. 0. Itowson, dated London, June 8: —Markets higher. .Business lias been done in butter at 83/- and in cheese at 49/- for white and 54/- for coloured. A. S. Paterson and Co., Ltd., advise having received to-day cable advice from J. and J. Lonsdale and Co. (London), Ltd., as follows:—Butter: Market strong with upward tendency. New Zealand, 82/-. Australian, 81/- to 82/-. Cheese: Market firm. White, 49/-: coloured, 54/-. Joseph Nathan and Company, Ltd., have received from their principals, Trengrouse aud Nathan, Ltd.. London, the following cabled advice, dated June 8: — New Zealand butter, 82/- per cwt.. New Zealand cheese, white, 49/- per cwt.; coloured, 54/-. Both markets firm. Cabled advice received by Mr. G. A. Mills from A. J. Mills and Co., Ltd., Loudon gives the following market prices as ruling at the close of business on Thursday:—Butter: The market is firm. New Zealand, finest, 82/- to 83/-; firsts, 81/to 82/-; unsalted, 84/- to 86/-. Danish, 88/- to 90/-. Australian, 7S/- to 80/-. Argentine, 72/- to 78/-. Cheese: The market is firm. New Zealand white, 48/- to 40/-: coloured, 54/- to 55/-. Canadian, white, 64/- to 66/-; coloured, 66/- to 6S/-. Samuel Page and Son. London, report to Dalgety and Co., Ltd., under date June 8: —Butter: Market firm. Danish, 92/- to 94/- (86/- to 88/-). New Zealand, finest salted, 80/- to 82/- (7S/- to SO/-). Australian, finest unsalted, 80/- to 82/(78/- to 80/-) ; finest salted, 78/- to 80/(77/- to 79/-; Australian G.A.Q., 74/to 76/- (73/- to 76/-). Cheese: Market firm. New Zealand, white. 4S/- to 49/- (47/- to 48/-) ; coloured, 54/(53/-), Spot price for Canadian white, 66/- to 68/- (6-1/- to 68/-) ; coloured, 66/- to 72/- (66/- to 70/-) ; c.i.f. price iior Canadian, 54/- to SG/- (52/- to 5-1/-). Last week’s quotations shown in parentheses.

RISE IN CROSSBREDS

Bradford Tops Hardening Ixmdou, June 8. The Bradford tops market is very firm, with a hardening tendency. To-day’s quotations compare with those previously cabled as follow: —

May IS May 25 June 1 June 8 Per lb Per lb Per lb Per lb (1. d. d. <l. Seventies ... 26 26 27 27 Sixty-fours .. 244 26 26 26 Sixties 234 24 24 J 244 Fifty-sixes ... 19 19 19 194 Fifties 12J 13 13 13} Forty-sixes .. 9? 9J 94 .10

Forties 9 9 9 9 Wright, Stephenson and Co., Ltd., and Abraham and Williams, Ltd., report hav•tng received cable advice from their Bradford agent regarding the tops market reading as follows:—Merinos and fine erossbreds are hardening, while medium and coarse crossbreds are id. up. There is a fair amount of inquiry, but very little business is passing. The consumption of tops is increasing.

SYDNEY STOCK EXCHANGE

Profit-taking Checks Prices (Received Juue 9, 8.20 p.m.) » Sydney, June 9. On the Sydney Stock Exchange to-day the recent steady advances in values ended in some profit-taking, aud there was a mild reverse in prices generally. The demand for brewery shnre.s. pastorals, and the better-class industrials slackened. Commonwealth bonds remained quiet, despite the Loan Council’s decision not to suspend sinking fund payments. Tin dredging scrip reflected the sharp rise iu the price of tin reported to-day. Sales. —Bank of New South Wale.s, ful/i'i/-; National Bank of Australasia, £o paid. £6/7/-; Queensland National Bank, £5/5/-; Burns, Philp, 53/-; Howard Smith, 10/9; Associated News, 9/2, ditto, pref., .19/-; British Tobacco. 35/9; Dunlop, Perdriau, 18/101. Goldsbrough, Mort, 25/7J; Goodlet and Smith, 14/-; Standard Cement, 13/9; Morris UedStrom, 17/6; Henry Jones, 39/6; Electrolytic Zinc, 20/-; AViueticombe Carson, 25/9: Wilcox MofQia. 8/-: Greater J. D. Williams. 7/1; Tooths, •37/7J; Toobeys, 23/9; United Provisions, 8/1. Mt. Lyell, 23/-; Broken Hill Proprietary, 34/74; South Broken Hill, 55/-; Novi hern Broken Hill, 81/3: Zinc Corporation. 30/101; Taranaki Oil. 2/-. Morning Sales.—Commonwealth Bonds. 4 per cent., 1935. £.103/12/1: 1944, £lO2 15/-; 1957. £lO2/7/6; Bank of New South Wales. £3l/17/6: Touheys, 24/-; Tooths, 37/101 : Associated News, 9/1 : pref., ditto. ]9/-; Broken Hi.ll Proprietary, 34/61- Howard Smith, 10/3: 'Wilcox Mofflin, 7/11; Wincbcor.ibe Carson,

Sales to-day included:—Golclsbrough, Mort, 25/3: Gordon and Goteh. 34/6: Iler.'iid and AVeekly Times, 57/-; Howard Smith, ,10/6; Perdriati, 18/1); British Tobacco, I'.T'U; Taranaki Oil. 2/3.

Waitahu Gold Mining Co.

Indications of a quartz reef have been encountered during the construction of one of the wuter-race tunnels at the Waitnhn Cold Mining Company’s sluicing claim at Reefton. Preliminary assays of the stone encountered show very encouraging results; the ground has been pegged off and application is being made to the Warden’s Court to secure this property for the company.

Imperial Fruit Show

London, June 8. The Imperia] Fruit Show challenge cups have been awarded as follow: — Best Australian exhibit: George Simpson, Western Australian Granny Smiths; best. Tasmanian, W. and IT. Calvert, Cleopnt.ras; best Now Zealand, E. 11. Turner, Otago, Jonathans. Other first awards were Calvert’s Sturmers, Simpson’s Dunn Seedlings, lllawarra Orchard, Ltd., Doherty’s; Calvert’s, Democrats.

The directors of the New Zealand and River Plate Land Mortgage Company, Limiter], have declared an interim dividend of 3 per eent., less income tax at the rate of <">/- in the pound, according to advice received by Mr. li. G. Milligan, New Zealand attorney. The dividend will be payable on July 1. It is a reduction of one-half per cent, on last year’s l&terfrp rat».

LIVE STOCK MARKET

Good Sale at Feilding MARKED RISE IN PRICES i Dominion Special Service. Vciltuug, -June 9. Vendors hud a happy ume at, 10-oay'e. tstoeu sate, prices auiaue.ug an ruumi. A speeiany Heavy yarunig or lai siicep was uuereu. xat minus auvanceu limy I/- a neau, ami lai ewes were up, g/u io a/-. I’al weiners were urm in a shgui advance. Tim majority oi urn ya ruing was purcliaseu uy x.oriuwicKs lor export. I'nimst minus sold at n/u; prime, 16/4 to rd/iv; good lines, l.>/3 to 10/1 ; medium, .10/- to in/u; micuwara irom b/O. x'rimest heavy lat welders, 15/- to j.u/3; prune, l<3/9 to 1-1/-; light, from J3/U. Prime maiden ewes, 16/9 and l‘/l; prime ewes, 11/2 to 11/9; good, 10/- to 10/5; medium, 7/7 to 9/1; light from 6/2. Store sheep: A light yarding ot breeding ewes lound an awakened market, Two-tooths running with Southdown rams sold to iv/lv; four, six anti louryear ditto, good, 13/6; two, lour-tooth to four-year, ditto, good, 12/8 to 13/7; others from 8/-; lour and five-year ditto, 8/1 to 11/1. Wether lambs made 8/6 to 9/-; b.f. lambs, good, 9/-; medium, a/- to 7/7; m.s. lambs, 7/1 to 7/10. Dairy cattle: A medium yarding saw a sharp rise in prices. There was a keen demand lor cows. The highest price was £7, which had not been reached for many months. Springing cows and heifers were eagerly sought. Good quality cows, £6 to £7; medium, £4/18/6 to £5/17/6; others, £2/6/- to £4/10/-; springing cows, July-August ealvers, £4 to £4 10/-; others, 30/- to £3; cows in milk to £4; heifers r.w. bull, forward condition. £3 to £3/10/-; others, 25/- to £2 15/-. Fat cattle jumped 10/- a head on late rates, with a strong demand. Heavy fat bullocks sold to £5/17/6; heavy P.A. cows to £4; other heavy breeds, £3 to £3/17/-; light sorts, 34/- to £2/3/-; heavv fat heifers. £4/2/6; lighter from £l/13/- to £3/7/-; Shorthorn eows to £2; vealers. 20/-. Store cattle showed no change in prices. Hawera Sale At the Hawera sale on Thursday a good yarding was offered by . Newton King. Ltd. Included in the offering was Mr. A. C. Lovelock’s 30 grade dairy cows, which sold from £6 to £9, with later sorts making from £4 to £5/10/-. Sheep: Fat lambs, 11/-, 12/6, 13/6, 14/- to 15/-; ewe lambs, 9/- to 11/1; store lambs, to 7/10: in-lamb ewes, 11/1; fat ewes, 9/1 to 9/4. Cattle: Store cows, 15/- to 25/-; meatv sorts, 2S/- to 35/-; fat cows, dairy sorts, £2/10/-. £2/7/6 to £3/1/-. Dairy cows: Early ealvers, £7, £8 to £9; later sorts, £5 to £6; medium to rough. £4 to £4/15/-; dairy heifers, £4, £4/10/-, £5 10/- to £7/10/-. Carterton Sale Mtisferlon, June 9. A fair yarding of stock was offered bv Wright, Stephenson and Co., Ltd., at the Carterton sialo to-day. Sheep met a good demand, and sold at advanced prices. Cattle also sold well, springers particularly showing au improvement, Pigs' met with a. dull sale. Sheep: Ewes, r.w, S.D. rain, to 10/-; Southdown ewes to 10/-: empty ewes, 4/1 to 6/9; cull ewes, to 3/3. Cattle: Cows on drop, £7 to £7 15/-; springing cows, £4/5/- to £6; late culvers. £2/15/- to £3/-; fat cows, *2 to £2/9/-; forward cows, 27/6 to 07/b; empty cows, 17/6 to 25/-; store cows', 11/to 16/-; weaner heifers, to 18/-. Pi;.;s: Wenners, 4/6 to 6/-; . p.b. Berkshire weauers. 6/- to 10/G; slips, S/6 to 11/-; light porkers, 13/- to 16/-. A good yarding of sheep was offered by the New Zealand Farmers' Co-operative Distributing Company Ltd., and a total clearance was made. Prime heavy fat lambs, 17/-: light fat ewes, 7/6; b.f. twotooths, 11/8; two-tooth wethers, 9/9; w.f. wether hoggets, 7/8; small b.f. Jioggeto. 7/3 to 7/6; forward ewes, 5/1; store ewes, 3/- to S/9. BASE METALS MARKET Another Sharp Rise in Tin (Received June 9, 7.30 p.in.) Sydney, June 9. The official London (middle) quotations for Thursday, as received by the Austra-

-American. 8 cents a lb. fAmerican, 41.90 cents a lb. FOREIGN EXCHANGES Position of Sterling London, .Jun* l 8. Tho following rates on foreign ■’.•xchanges were current to-day, compared with those ruling on June 7:--

The buying rate for telegraphic transfers, London on Cape Town, is £99/17/6 for CKO sterling, aud the selling rate is £lOO/17/6. Gold and Silver. X'Oiidon, Jun« 8. Gohl—£6/2/2} per tine ounce. Silver—Curb. IS 7-Srl. per os.; forward, 18 15 UM. Dollar Conversion Hates The Associated Banks have agreed that the conversion rates from June 9 will be; — U.S.A. Canada Conversion of dollar bills received for collection and sale of dollar drafts 4.02 4.44 Purchase of dollar bills., 4.22 4.64 These conversion rates are,' of course, ascertained on a sterling basis (London funds) and therefore current rate of exchange New Zealand on London will also be charged or allowed as the case may reunite.

LAMB PRICES HIGHER

London Meat Market Firm MUTTON SLIGHTLY BETTER Light lambs. 5-S'd to 7-Sd higher; heavv weight, 3-8 d higher; second quality 4d higher; wethers, Id to 3-8 d higher ewes, l-8d higher. Lamb market firm at the advance; consumption fair. Wethers and ewes market firm and it is expected to remain so. Beef, little or no demand; not any signs of improvement meantime. . This report was received yesterday by M. A. Eliott. Limited, Palmerston North, from Gordon Woodroffe and Co., Ltd., London, who quote Smithfield ‘-delivered prices follow z —Host Island nrime iambs, under MoTb, Old; 361 b to 421 b, Gid: 421 b to 501 b, 5-Jd: ordinary North Island lambs, under 421 b, 6:}d; second quality, under 421 b, lid ; best North Island wethers and/or maiden ewes, 48 lb to sGlb. 561 b to 641 b. 3 7-8 d; 641 b to 721 b, over 721 b, 3Jd; ordinary North Island’ wethers and/or maiden ewes, 481 b to 561 b, 561 b to G lib. 3i|d; 641 b to 721 b, over 721 b, 3 l-8d; North Island ewes, under 641 b, 31-Sd: 641 b to 721 b, over 721 b. 2*'>- , r. (’atliie, Demngter and Co., have received from Sliced, Thompson and Co., Ltd., London, the following cabled market. report: — Lambs, 2’s, Gid to GJd per lb; Bs, 6d to Gid: 4’s, 5Jd to 6d; seconds, s ?d to did. 'Wethers, l’s. 7s, 4d to 41d; Ts 9's. s’s. 2sd io 3 5-Bd. Ewes, l’s. 7’s, 3 i’-8d to 3jd; 3's, 9's, s’s, 2id to 2 7-Sd. Ox beef, hinds, 2}d to 25-8 d; fores, 21-Sd; cow, hinds, 2}d; fores, Ijd to 2d. Porkers, 4 3-Sd to 4ld; baconers, 4jd. Tallow, fine mutton, 24/6 per cwt.; sweet beef. 22/-; good mixed, 20/-. The market for lambs, wethers, and ewes is firm. Beef market is dull; very little business being done. Porkers and baconers. market is slow. The tallow market is steady. Tea Markets Firm Private advices from Colombo this week indicate that the tea market reacted after the very considerable advance of ’ast week. Prices were easier for all descriptions, quality also being rather poorer than that recently seen. A Calcutta cable showed that there was a very strong market in the opening sale. Prices realised were considerably higher than the valuations. This was the first sale qf the season, and offerings were only small. There will be no sale next week in this market. The London tea market was reported by cable as being ‘'strong.” Golden Dawn Return Golden Dawn. Limited, report that for the twelve working days ended June 3, 375 tons was treated for £824 gold, valued at £4 per ounce. THE MUTUAL LIFE AND CITIZENS’ ASSURANCE COMPANY LIMITED Bonuses Maintained At the forty-sixth annual meeting of the company, held recently, the chairman (the Hon. James Ashton, M.L.C.). in moving the adoption of the report and balance-sheet, said : — The company (luring the past year has maintained its business and increased the solidity of its financial structure —an accomplishment of which I think in these times of stress and strain we may feel justly proud. A Barometer of General Conditions. The business of life assurance is probably as good a barometer of general conditions as it. is possible to have. The progress in the Industrial Branch tells us how. matters are faring with the wage-earning classes, while that in the Ordinary Branch is a good indication of the state of affairs with the rest of the community. In both branches, I am glad to say, there is evidence of improvement, particularly In the Industrial Branch. Not only did we write more business in 1932, compared with the previous year, but thousands of our policy holders availed themselves of the Company’s plans for helping those who had been out of work bv applying for revival of their lapsed policies. We more than made up the leeway of 1931; and in the new year thus far we have made an excellent start. Largo New Business Figures. In the Ordinary Branch also premiums were in excess of last year s figures. The new business in this branch again exceeded £4,000,000, and in addition we wrote term assurances for no less than £2,071,500, a proof of the deserved popularity of the family income and other new tables, and of the energy and ability of our field representatives. From Australia aud New Zealand came a. full share of the results. It is an achievement that under the anxious conditions for tbe community prevailing throughout the. last three years our business. — S uins assured and bonuses of £56,455,05.8 —has gone ahead, not perhaps at the rapid pace of more prosperous years, but steadily and appreciably. Powerful Actuarial Reserves. The wisdom of our practice for many vears in valuing the policy liabilities ot the Ordinary Branch on a 3 per cent, basis is more than ever apparent m times when rates of interest have beeu so reduced by legislation and taxation that the margin earned oyer 3 per cent, assumed is narrowed considerably. The uet rates of interest actually earned are £4/2/4 in the Ordinary Branch and £3/19/11 in the Industrial Braucli, and I think I can conlidentlv affirm that no other Australian Life Office has made a better showing tn interest earnings for the past year. We have provided for the same rates of reversionary bonuses to participating policy holders as were allotted for 1931. High Quality Assets. Our assets arc invested principally in Government and Public Securities, and these with Loans-on-our-Poltcies account for 93 per cent, of the total of £21,000,000. In view of the distinct recovery in assetsvalues within the Empire since we gave the book-values of our securities consideration (at the time of our last report) the provision made in .1931 needs no further addition. M'c have written off from interest revenue the interest due and uncollected since the year closed, £4743. Our expense rates' to premium income have been steady during tbe last tlirre years, with the tendency downwards, which wc strive for in the interests of the economical managcmi'iit ehnrm'teristic of the Company. IJiu-ivalled Financial Strength. In every respect, therefore, the financial structure of the Company has l been strengthened and safeguarded, so that: not only is the position of the Company at the present unchallengeably secure, but the possibilities of the future, so far ns they can be, have been foreseen and anticipated. Largo Claim Payments, An impressive item in our report is the total of payments to policy holders during the 46 years of the Company's existence, which now exceeds the sum of £26,600,000, the payments for the year 1932 exceeding £1,700,000. (Published br arrangement.) i

GRAIN AND PRODUCE

Christchurch Markets By Telegraph.—Press Association. Christchurch, Juue 0. The week has not shown much business activity, but most classes of produce are firm. Potatoes for forward delivery are a shade firmer. There is still very little inquiry from the North Island. It is understood that there is a probability of a further 1060 tons of potatoes being’ shipped to South America. This would offset in a small degree the lack of shipments to the north. An interesting factor in the potato market this season is the Southlaud production. Last season the southern province came on the northern market with very heavy supplies aud offset the shortage in the Canterbury crop, but for which prices would undoubtedly have liccii much higher. The present autumn in Southland lias been very wet, and blight under sucli conditions is not improbable. Quotations f.0.b., s.i.. Lyttelton, are from £4 to £4/2/6 a ton for prompt, or £3 to £3/2/6 on trucks 1 ; June delivery. £4/5/- to £4/7/6 f.0.b., s.i.; and JulySeptember, £5/5/-. Dakotas are at a premium over whites, prompts being worth £3/5/- to £3/10/- on trucks. Tlie oats market is somewhat easier. A Gartons are worth 2/5 to 2/li a bushel, f.0.b., s.i., for spread July-September delivery. and 2/5 for prompt. B’s aro quoted 2/- to 2/1. The on-truck values arQ 2/- for A’S and V<> to 1/8 for Cl,off is meeting with a_ little more inquirv for local needs. A allies £•> 10/-‘ a ton. f.0.b., s.i., or to £2/_.•■<> on (rucks. , , Fowl wheat is slightly easier ami c quoted at 3/5 to 3/6. f.0.b.. s.e Ao. 1 partridge peas are quoted at 4/10, Lo.b.. s.i„ or to 4/3 on trucks.

AUCTION DIARY

TO-DAY. 11 Hautana Square. Lower Hutt, 1.30 p.in. —Furniture (Silverstone).

MONDAY. x . Johnsonville Store—Stock and Dairy saie : 1 p.in. (W.S. Co.) TUESDAY Tz'vln Sate (A. & W. X-t<W.

y.’Z. GOVT. LOANS. Buyers. ,C F <1 Sellers. Bad 4 p.,-. Bauds, 1910 .... W) 7 t> 4 v.e. ditto. 1946 .... 10* 7 1 v.r. ditto. 11119 .... 100 ji 6 - 4 p.c. ditto, 1955 .... 109 < t > — 5 p.e. ditto. Rural Adv., 1947 — 99 IS 0 M TI Stock, 1939/43 . 99 17 6 —• ;;i p.e. ditto, 1939/52 .. 09 17 .3? r.e. ditto, 1938/43 .. 90 1< B 100 10 0 34 p.c. ditto, 1938/52 .. 99 1< 4 p.c. ditto, 1940 .... 100 5 0 100 12 fl 4 p.c ditto, 1946 .... 100 5 4 pc. ditto. 1955 .... — 0 100 12 100 12 G e DEBESTCBES. Makerua Dge. Bd., 6 p <• 1046 —- 95 0 0 Wellington Gas Co. .. 101 5 0 — banks. 0 Coinrcl. of Aust., ord. 0 15 6 0 15 10 9 2 0 Comrcl. of Sydney .... 16 la 0 17 2 6 K.S. und A 4 IS 0 5 1 6 National of N.Z 3 11 Nat. of Australasia, £10 0 — paid 12 2 6 12 10 0 Ditto, £3 paid 6 2 6 6 8 0 New South Wales .... 30 15 0 — n 2 7 Ditto. long term ... *1 11 0 111 2 Union of Australia ... 8 4 G 8 6 6 FINANCIAL Goldsbrough, Mort. ... *1 5 0 1 5 9 Nat. Mortgage, 20/- pd. •! 0 0 — N.Z. Guarantee Corpn.. 4 —-“ N.Z. invest., Mort, and 0 5 0 Wgtn. Invest, T. & A. Wgtn. Dep. and Mort. 0 3 <) 3 G 3 N.Z. Loan & Mercantile 34 0 0 40 0 0 GAS, 0 |. * — .Napier, £10 pref — 10 0 0 Wellington. nrd. ..... 1 12 6 Ditto, pref.-T....... *1 0 3 — insurance. 5 0 16 8 3 2 10 0 0 6 MEAT. 0 1 10 0 N.Z. Bcfrig., £1 paid .. 0 14 (5 Ditto. IO/- paid .... 0 5 4 0 5 7 THAN 8 PORT. Iluddart, Varker, ord. 1 10 0 1 10 9 fnion Steam, pref 1 2 0 —— V. and 0. defd. stock .. 10 0 ■— WOOLLEN. 4) 0 COAL. - TIMBER. 0 Leyland-O'Brien .... — 0 19 6 BREWERIES. Carlton — 1 IS f) N.Z. Breweries *1 11 8 1 12 1 Tooth and Co 1 17 0 1 17 6 .RISC EI.LANEOU" British Tobacco, ord. . M 15 1 15 10 Burns. Philp 2 10 0 —— Colonial Sugar — 39 0 0 Dorn. Investments .... 1 1 *> —- Dunlop Perdriau ..... 0 18 6 0 IS 11 lilectro. Zinc, ord 0 19 G 1 0 3 Ditto, pref. 1 11 6 1 12 0 Henry .Tones Co-op. .. — 2 0 0 N.Z. Drug .. 3 4 0 3 5 0 N.Z. Paper Mills 1'6 1 7 4 Shsrland and Co., ord. 0 W 6 — Watn. Queen’s Theatre — 1 0 9 Whitcoinbe and Tombs 3 0 Wilson's Cement, ex 0 div., cum. rights .. 1 10 T 1 11 U ooJworf bs (N.Z.), prpf. 1 15 0 — OIL. .Mot nron, ord — 0 4 o MINING. Alexander . 0 S 9 0 JO 0 Big River — 0 1 G Blackwater 1 2 9 Golden Sands ....... — *0 3 g Mount Lyell 1 2 4 1 2 8 Nokonifli ...........0 4 0 4 9 Okarifo *6 It Q 0 11 Waihi 1 2 1 2 n Waitshu 0 7 0 8 o AFataki — 0 2 o •Cum. dividend. fEx. div tdend. Unofficial List Buyers. Sellers. .£ s d £ s d Bell Hooper Cromwell 0 1 0 — Boolworths, ord 3 0 0 Brit. A: Foreign Conce.’?. — 0 8 0

Consoh., 24 p.<* Price. Variation £ 73 s <1 0 0 £ s (I 0* 0 5 Ennd. Loan, 4, JUCO-PO 109 15 0 0 G .31 War Loan. 3J. 1952 . U9 2 (1 0 15 O'* I'onv. Loan. 3j p.c. . 99 y 0 0 .J Ot Victory Bonds. 4 p.c. las 7 6 same < "wealth, 5. 1.945-75 . 101 5 0 0 1(J 3t ("wealth, 0, 1931-41 . 102 7 6 O 2 6t 31 1937 .. 100 0 0 0 3 9* Victoria, 1929-49 .. 87 5 0 1 5 0’ \ ictoria. 3*. 1929-49 .. 93 2 C 0 2 6* ' irtnria, 5), 1930-40 . 101 7 C 0 5 0* V ictoria, 5. 19.32-42 . 101 17 6 9 3 9? \ irtoria, 4}. 1940-('0 . 100 7 fi 2 n 0 M N.S.W., 1. 1953 99 15 0' 1 12 V.S.W.. 3. 19.x99 15 0 0 5 ()■? N.S.W.. .34, 1930-50 ... 91 2 fi 1 7 4‘. •< X.S.W., M, 1930-40 .. 103 5 0 X.S.W., G, 1930-40 .. 101 10 0 n 2 C‘> Q'land, 5, 1940-00 ... 103 7 fl 0 12 fir Q’land. 3, 1922-17 ... 87 2 fi 1 7 fl* Q'lnnd. 6, 1930-40 ... N.Z., 4J, 1913-50 .... 102 17 8 0 2 Ot 104 5 O 0 10 Ot* -V.Z., 3}. 1940 98 15 0 1 5 0* •V.Z., 8. 19-15 93 0 0 0 5 0+ X.Z., 6, 1038-51 ins 0 0 0 7 fit S. Anst.. 31. 1939 ... S. Anst., 1916 or after 1)1) 7 6 0 2 6’ 72 7 0 0 2 Ct S. Anst.. 61. 1930-40 . 103 5 n 0 1 Tnsm., 34. 1920-40 ... 98 12 C 0 5 cir T.ism., 3. 1920-40 ... 97 17 r, 2 n 0* Tnsm.. 0J. 1930-10 ... 101 5 0 1 1 3+ W. Aust., 31. 1929-35 . 99 10 0 same W. Anst, 3. 1915-35 99 1 3 0 R 3* W. Anst., 0, 1930-40 . ■fHifhwt, 100 10 0 2 10 0’

U.mio Departnionl. Notes issued: Govt, debt 11.015,100 Other Govt. la t ion u7S.402.U-l8 securities 243.586, LoO In baukInt? dept. 68,165.736 Other securities 1,751,439 Silver coin 3,647,322 •.£200,000,000 Gold coin As bullion ISO,648,634 unti.ois.nsi £446,048,684 ‘Amount of fiduciary issue. Banking Jepartme nt. L Capita! U.553JHK> Govt, seenRest 3.271.5(12 cities jj.238.50u Deposits: DIscts,. adPublic S’. 025.218 varices 11,073.188 Bankers 1112.1011,99: Ollier scOther a/cs 58.233.303 ci i cities 1.f),7i>S,3Sh Seven day. Notes 03,185,7<ib bills 1,591 Gold & silver coin 1,088,860 e 107.391.073 £167,391,673 Proportion of r •serve to liabilities. 40.30 nor cent., compared with 48.80 per cent. last week. The principal items of the above return compare as follow with those of last week:— May 31. Juno 7. Deposits— .w Public 33,246.1(58 8,92.5,218 Bankers 77,472,61.10 102,409.999 Other accounts .. 30,530,441 38,233,303 c 150.256,059 iC 149.568.520 Securities — Government 72,506.127 70,285,503 Dlsets., advances - 11.249,918 11,073.1.88 Other securities . 10,918,88:: 10.758,386 Reserve 73,339,35:! *>9,274,596 Note circulation .. 374.063.420 378.4C2.948 Gold coin bullion 1S6.331.837 186.648,684

tioucd WELLINGTON. s d Sales on ’Change: Mount Lyell (2) 1 c WaHll .... J Sales reported: laser. Stock. 3* p.c.. 193S/52 .. 10il 0 Ditto, 4 p.e., 19411 100 .10 0 Commercial Hank of Aust 0 1.1 8 Bank of New South Wales 31 6 0 Bank of New Zealand, ord., cum. div ?o 6 9 Ditto, long term ‘1 11 >i Union Bank of Australia 8 . > 0 N.Z. Refrigerating, 10/- paid 1.3) 0 J) 11 N.Z. Breweries, cum. div .1 11 11 •» ‘Late sale Thursday. AUCKLAND. £ <1 loser. Stock, 31 p.c., lira-13 .. 99 15 0 Auckland City, 54 p.c., 1949 .... 1U1 1) Commercial Bank of Aust 0 15 9 M.S. & A. Bank >) 0 6 Bank of Now Zealand * t 1 0 Ditto long term 1 11 Union Bank of Aust s 0 .1 Ditto ............... s 11 t; Goldsibrough, .Mort* 1 (j V Dominion Breweries .......... q 9 1 12 0 1 0 N Z Paper Mills 1 7 0 N.Z. Refrigerating, 10/- paid .. 0 Wilson’s Cement .1 11 0 1 Mount Lyell (2) I 2 6 chhistchukcii. JL, s d Sales on 'Change— Commercial Bank of Aust (I 15 s Commercial Bank of Sydney .... 1G 17 Do 16 J5 0 E.. S., and A. Bank 0 0 6 Nat. Bank of Australasia, £5 pd. 6 4 0 National Bank of N.Z 3 16 o T’niiin Bank of Aust 8 4 0 N.Z. Refrigerating, 10/- pd., 10 parcels 0 0 6 Westport Coal 0 11 6 N.Z. Breweries. cum div. ........ 1 12 o • British Tobacco, cum div. ...... 1 15 Dunlop Rubber f2) . 0 18 8 E loot rolv tic Zinc, preference .... 1 11 Alexander .Mines, 13/0 pd 0 •J i > Big Rivt-r 0 1 4?Gillespie’s Beach. 9d nd. (2) ...... 0 1 Golden Sands, cum div. .......... 0 £J Do 0 King Solomon (3) 0 1 s Nokomal (2) 0 4 8 Do 0 ! 71 Do (2) n 4 $ ■ Okarito. cum div 0 1J 1 Waihi Grand Junction, cum div. f o \ 0 3 4 Waitahu, 4/6 pd 0 61 Sales reported— Commercial Bank of Aust., ord. 0 15 9 Do., preference 8 16 0 Bank of New South Wales 31 0 0 Union Bank of Aust 8 6 9 National In sum urn o 1G 7 Goldsbrough. Mort, cam div 1 9 Dalgetv and Co 8 10 0 N.Z. Refrigerating, £1 pd 0 If !) Mouut Lvoll 1 > > 7 Woolworths (Sydney). Bl pd. now prot. 1 Unofficial list— Bell Hooper Cromwell (2) 0 1 111 Charleston Sluicing, 9d pd 0 I 10 Do (1 1 11 Do 1 t 11 A Snowy River 0 3 4 DUN 1 DIN. £ s d Sales on ’Change— Mount Lvell 1 .) I) Gillespie’s Tf.aeh I 7? Waitahu (2) 1) r* Fresh ford 0 0 10 Sales reported— Commercial Bank of Aust. (2) .... 0 15 0 N.Z. Refrigerating. 19/- pd. (2) 0 : i 6 N.Z. I’apnr Mills *1 fl Gillespie’s Beach . 0 J 7; Waitahu - 0 7 8 •Late salo Thursday.

and Metals . Association, com pure ns under with those previously cabled:— June .Hine (. Per ton. Per ton. Copper:— s d £ s d Standard, j? put ... 37 .11 101 37 6 10J Standard. forward 37 it; joj 37 10 4 A ' : F.loel roly tic .. .... 43 0 0 42 5 3 to 4t 0 0 43 5 0 Wire barg .... -11 0 0 -13 «J 0 Lead— Spot .... ,.... 13 7 13 10 0 Forward ■ ■ a . 13 13 ‘J 13 15 0 Spelter— 11. 3 16 1G Spot ..... 16 o Forward 16 11. 3 16 16 a Tin— T.SpOt. 215 12 0 2‘J1 7 0 Forward 12 6 221 4 0 Silver— Standa rd. per os. in 3-It’d in|d Fine 20 ll-10d 20 J d

JuneS. June 7. Pa r. N. York, dol. to £ 4.11? 4.07 4.866 Montreal, dol. to £ 4.54 _ 4.5(15 4.S66 Paris, fr. to £ 8*3.625 St; 1-32 121.21 Brussels, bel. to £ 24.105 24.295 35.00 Geneva. fr. to £ 17.425 17.525 'A- *- *- '1 Amst*dam. fl. to £ 8.3$ S.415 12.107 Milan, lire to £ fit 13-16 Go 1-16 92.46 Berlin, inks, to £ 11.555 14.55 20.43 St’holm, knr. to £ 19.10 19 13-32 18.159 C’htigen. knr. to £ 22.425 22 425 1S.159 Oslo, knr. to £ 19.SO 19.75 1.8.159 Vienna, schgs. to £ *30.50 *30.50 34.585 Prague. knr. to £ 113.125 113.75 164.25 Hel’fors, mks. to £ 226.50 226.50 1113.23 Madrid, pes. to £ 39 7-16 39.625 25.225 Lisbon, esc. to £ . 110 110 no Athens, drach. to £ 500 590 O i •! Belgrade, din. to £ 250 247.50 270.31 Bucharest, lei to £ 572.50 572.50 813.60 Warsaw, r.toty to £ 30.IS — 43.38 Rio de .!•. p. to lull. *4? *45 5.899 B. Aires, p. to peso fllj 47.62 M. Video, p. to peso *34 “34 51. Calcutta, p. to nip. 18 5-64 18 5-64 IS Shanghai, p. to dol, 15 3-16 15 1-8 —- II.-Kong. p. to dol. 1613-16 16 11-1( Y'haina. p. to yon 14 31-31 ■ 11 31-32 ’24.5.82 Batavia, 11. to £ 8.45 8.43 ■’’Nominal. tOflicial. 12.107