FINANCE and COMMERCE

Dominion, Volume 26, Issue 219, 12 June 1933, Page 12

FINANCE and COMMERCE

STOCKS AND SHARES

Heavy Trading Last Week MARKET RATES LOWER Ou a firm and active market, there was unusually heavy trading last week in a number of sections, the volume of recorded business being well above the average. Little change was seen in Government loans. The 34 per cent, stocks, 1938-52, were firmer at sales at £lOO to £lOO/5/-, while the 1938-43 maturity had business at £99/15/-. The 4 per cent, bonds, 1949 and 1955, and the 1940 stocks were firm sellers at £lOO/10/-. The other 4 per cent, stocks sold at £lOO/7/6 and £lOO 5/-. Small business was done in local body debentures.

Banks were again very active, with a further hardening in values. Union of Australias sold freely, advancing from £8 3/3 to £B/6/6. with late sales a little lower on the latter price. Commercial of Sydney rose on sales from £l6/10/- to £l7/2/6, easing at'the week-end to £l6 15/-. New Zealand ordinaries were firm sellers at 46/3 to 47/-. There was active trading in the long-term shares at 30/9 to 31/3 and back to 31/-. , National of New Zealand advanced on sales from 74/6 to 76/3. Australasias were firm on a single deal at £lO/17/6. New South Wales sold at £3l and E.S. and A. Bank at £5, £5/1/- and £5/0/6. Commercial of Australia, ordinaries, were firm sellers at 15/8 to 15/9, and the preference were done at £B/16/-. National of Austrar lasia, £lO paid, sold at £l2/7/6 and the £5 paid at £6/2/6 to £6/4/-. Goldsbrotigh Morts, after active trading at 25/6 to 26/3, reacted to the dividend announcement of 24 per cent, and dosed at 24/11. Dalgetys sold firmly at £B/10/- to £B/12/6. United Building Society sdd at 17/2 to 17/5, and New Zealand Guarantee Corporation at 5/6 to 5/9. Insurance shares were a firm market, the bulk of the business being done in New Zealands, which advanced from 49/6 to 50/- and eased to the former price. South British were traded at 66/- and 66/6, Standards at 52/3, Queenslands at 52/-, Nationals 16/5 to 16/7, and A.P.A.’s at 10/2. Auckland Gas had dealings at 22/10 to 23/-, Christchurch Gas at 26/6, and the contributing at 13/-. There was heavy trading in New Zealand Refrigerating 10/- paid at 5/4 to 5/6, the £1 paid selling at 14/7 to 14/9. Southland Meats were firm at 44/9. Westport Coals sold at 11/9 to 11/6, Kaitangata 16/- paid at 20/-, and Taupiris at 15/6. ITuddart Parkers had a single sale at 30/3. New Zealand Breweries saw active trading at 31/- to 32/3 and 32/-. Staples were firmer nt 26/- to 26/3, Tooths had dealings at 3S/- to 38/3, and Dominions sold at 6/9. Miscellaneous industrials were firmly held and trading was less active than in recent weeks. Colonial Sugars sold at £59, but eased in later sales down to £5B 5/-. New Zealand Paper Mills hardened from 26/6 to 27/-, and British Tobaccos were firmer at 35/- to 35/8 and 35/3. New Zealand Drugs eased on sales from 64/9 to 63/9. Wool worth's (N.Z.) preference sold at 36/3 and the new Australian issue at 25/- to 25/6. Active trading was done in mining shares. Mount Dyells sold at 22/4 to 22/10 and 22/9; Electrolytic Zinc, preference. at 31/8 to 32/-, and ordinaries at 18/11 to 20/-. Waihis improved from 22/1 to 22/3, and Blackwaters from 22/6 to 23/2. Waitahus sold freely at from 6/11 to 7/10, with a slight easing to 7/5 later in the week. Nokomais firmed from 4/- to 4/11, Gillespies Beach from 1/6 to 1/8, and Dawson’s Flat from 1/6 to 1/74. Paddy's Point sold at 5/7 to 5/6, King Solomons at 1/8, Consolidateds at 11/1, Golden Sands at 3/6 and 3/5, Fresltfords at 1/- to lOd, Big Rivers 1/54 to 1/44, Okaritos 11/- to 11/2, and Waihi Grand Junction at 3/4. In the unofficial list, Snowy Rivers were firm at 3/- to 3/4, Charleston Sluicing at 1/9 to 1/11 i, Bell Hoopers at lid-to 1/1, and Aotearoas at 1/7 to 1/74.

WELLINGTON EXCHANGE

Saturday’s Quotations llnying and selling quotations at Saturday morning's call on the Wellington Stock Exchange were as folow:—

I — _ 1 I METEOROLOGICAL. | ' Yesterday’s weather ueports | | will be found on I’age 11. j

BASE METALS PRICES

London Quotations Firm GREAT ADVANCE IN TIN (Received June 11, 6.30 p.m.) IxHidon, June 10. There was a further advance to-day of £S in the price of tin. Sydney, June J. The official Imadoii (middle) quotations for Friday, as received 'by the Australian Mines and Metals Association, compare as under with those previously cabled.—

♦American, 8 cents a lb. {•American, not quoted. Prices of Other Metals. London. June 10. The following prices of other metals were quoted to-day, those for June 3 being shown in parentheses:— Pig iron: Home trade, £3/2/6 a ton (£3/3/6); export, £2/18/6 a ton (same). Antimony: British, £39/10/- a ton (same); foreign, £23/15/- (£22/16/-). Molybdenite, £2/5/- a unit (same); Wolfram, 10/9 a unit (same). ' . The rise in the price of tin during the last few weeks has been meteoric in its rapidity. At the beginning of the year tin was quoted in London at £ll6/18/9 a ton. Two months ago—on April 10—the spot price was £156/2/6, so that Friday’s quotation at £227/7/6 represents an advance in less than nine weeks of £7l/5/- a ton. During the same period, spot standard copper .shows a net gain of £7/12/6 a ton, lead an, advance of £2/15/- a ton, while lias gained practically £2 a ton. Friday’s quotations compare with those of two months ago as follows: —

OTAGO HARBOUR LOAN Terms of Repayment The Local Authorities Interest Reduction and Loans Conversion Act, 1933, has had an effect which in all probability was not foreseen by certain investors in Otago Harbour Board debentures. A loan raised by this board in 188,3 is now due. The debentures provide that the money shall be repaid in sterling at any branch of the Colonial Bank in the. Dominion or by its agents in Loudon. The Local Authorities Interest Act fixes the domicile of this class of debenture as the place in which the last interest payments were made. Recently a large number of these harbour board debentures was purchased and sent to London for collection, presumably with a view to obtaining the benefit of the 25 per cent, exchange. The last payment of interest having fixed the domicile of the debentures in the Dominion. payments can be made only in New Zealand currency. The investors in question will not make the gain anticipated, but they do not, of course, .stand lo lose over the transaction. DEALINGS ON ’CHANGE Saturday’s Sales The following sales were recorded on Saturday on the Stock Exchanges mentioned— WKLLINGTON.

Sydney Stock Exchange Sydney, June 10. Sales on the Sydney Stock Exchange this morning included:— Commonwealth Bonds. 4 per cent., .1938, £lO4/1/.';: 11)41. £lO2/15/-; 1959. £lO3/15/-; 195:-:. £io::/5/-; 1955. £lo,'; 12/0: 1957, £lO2/12/0; 1961, £lO3/10/-. Australian Gas A, £7/3/-: Tooheys, 23/6; Tooths, 3S/-; Associated ‘News, ord., 0/3; ditto, preference, 10/3 ; Broken Hill Proprietary 34/6; ' Burns, Philp, 53/3; Dunlop Pordriait. 18/lOj; Howard Smith, 10/6; Pitt, Son, and Dodgery, 37/6; Wilcox Mofflin, 8/-. Unofficial List

BUTTER PRICES FIRM

Rise 2/- to 3/- a Cwt Last Week

CHEESE MARKET BETTER Firmer conditions for New Zealand butter ruled in the London market last week, and prices advanced to 81/-83/-, a gain of 2/- to ?>/- compared with those of the previous week, It is reported that the hot weather now being experienced in Europe is having a detrimental effect du the output of Danish butter, the value, of which has risen 6/- to 92/- to 94/- per cwt over the week.

Tiie advance in the market has stimulated activity among agents. Ou Friday offers were increased to 10}d, at which level some small sales were made. Practically all the butter available for sale for june-July-August shipment, however, has been purchased at. lOd per lb. f.o.b, The present price of butter in London is equivalent to approximately 94d per lb, f.0.b., New Zealand ports, including exchange. The Midbirst Company sold 2000 boxes of butter at IOJd, the best price realised in Taranaki for many months. Offers of that, figure have been made by several firms, but it is believed that Midhirst is the only company to sell. The decision of other companies to refuse an offer, so tempting in view of the state of the market- this season, is regarded as evidence of their confidence that prices will still improve. The retail price of New Zealand butter in London is unchanged at 10a lb, Danish selling at lid to 1/-. The cheese market is also firmer, values for both colours showing a rise of 1/- a cwt over the week. The retail price of New Zealand cheese in London is unchanged at 6d a lb. The Dairy Board’s London office reports Friday's closing quotations as follow, those for the previous week being shown iu parentheses:— Butter. New Zealand, salted, 81/83/- (78/81/-; June 9, 1932, 94/96/-) ; unsalted, 81/ 84/-; ex., 86/- (80/82/-; June 9, 1932, 96/100/-) ; 81/83/- equals approximately 91d f.0.b.; first whey, 74/- (74/-) ; second whey, 72/- (72/-). Deliveries of New Zealand, 1093 tons; in store, 9226 tons ; excludes 400 tons Mataroa. Australian, salted, 79/81/- to 82/(77/79/-); unsalted, 80/S4/- (78/80/-). Deliveries Australian, 1550 tons; in store, 5200 tons. Danish, 73/- f.0.b.; 92/- spot (67/-; S7/88/-). _ % Dutch, unsalted, 86/90/- (86/90/-), . Latvian, unsalted, 80/-. Lithuanian, salted, 77/7S/-; unsalted, 78/-. The board has also received the following advice from its agents in Canada: — Butter: New York, 214 cents; Montreal, 18} cents a lb. Cheese. New Zealand, white, 48/6-49/- (sid f.0.b.); (47/6-48/-; June 9, 1932, 54/54/6) ; coloured, 54/54/6 (5 7-8 d f.0.b.) ; (53/54/-; June 9, 1932, 54/54/6). Deliveries New Zealand, 17,318 crates; in store, 117,741 crates; excludes 2750 crates ex Mataroa. Australian, white, 47/47/6; ex., 4b/-; coloured, 52/-. Canadian, white, 66/72/- (66/t»8/-) ; c.i.f., 54/- (54/-). Deliveries, Canadian, 3800 boxes; in store, 57,458 boxes. English, finest farmers, SO/103/- (80/ 103/-). Agents’ Reports.

Mr. Thomas Gray has received the following cable from his principal, Mr. A. C. Rowsou, dated London June 9;—Cheese: New Zealand, white, 48/6-49/-; coloured, 54/-54/G per cwt. The demand is fair and the market firm. Butter: First grade, 81/-; finest, 83/-. The demand is slow, and the market firm. The New Zealand Producers Cooperative Marketing Association’s weekly cabled market report from London, dated June 9, is as follows: —Butter: Market firm. New Zealand. 82/- to 83/-: Danish, 92/-. Cheese: Market firm. New Zealand, white 487- to 49/-; coloured, 54/-. A. H. Turnbull and Co., Ltd., have received the following cabled advice, dated June 9. from their principals, W. IVeddel and Co.. Ltd.. London: —Danish butter, 92/-. New Zealand, finest. $l/83/-. Kangaroo. 79/81/-. New Zealand white cheese. 48/49/-; coloured, 54/-. Market firm.

FOREIGN EXCHANGES

Position of Sterling

London. June 9-

The following rates on foreign exchanges were current to-day, compared with those ruling ,on June 8:—

♦Nominal. fOflicial. The buying rate for telegraphic transfers, Landon on Cape Town, is £9!)/17/G for £lOO sterling, and the selling rate is £lOO/17/6.

Gold and Silver. London, June 9. Gold—£6/2/4$ per line ounce. Silver—Cash, 10 7-16 d per ounce: for ward, l(Hd.

.... London, June 10. Gohl —£G/2/G per line ounce.

SHEEPSKIN PRICES

Marked Advance at Timaru An offering of approximately 10.000 sheepskins was sold at. the sale of skins held at. Timaru yesterday, when prices increased all round from Id to 2d per lb on values at the previous sale in April last. There was a full bench of buyers, who provided spirited bidding. At the end of the sale the chairman of the South Canterbury Woolbrokers' Association, Mr. T. R. Mackay, said that there had been a big increase in prices and the sale had been a good one. Top price for full-wool halfbred skins was 7}d, compared with 5Jd at the earlier sale. Halfbred advanced 2d to 21d, t hree-quarterbreds Ifd to 2d, crossbreds Id to 1-fd, hoggets lid, and lambs 14d. Halfbred dead skins rose from IJ<I to 2d, and of the killed lines merino full-wool rose 13d, merino half and'quarter by 2d. Dead merino skins full-wool realised 2Jd more, and half and a quarter skins were up by Id. Fine black increased by l id. Best prices were as follow : — Ilalfbreds.— Full-wool. 7d : three-quar-ter-wool. 6|d ; half-wool, s}d ; quarterwool, 46.

Three-quarterbreds.—Full-wool. 5 (d ; three-quarter-wool, fid ; half-wool, 4 }d; quarter-wool, 4d. Crossbreds.—Full-wool, 3Jd; three-quarter-wool, 3}d; half-wool, 3?d; quar-ter-wool, 3d.

Hoggets.—Halfbred, 6d ; three-quarter-bred, old; crossbred, 4}d. Lambs.—Halfbred, Bid; three-quarter-bred, sjd; crossbred, sd. Dead and damaged wool realised from 6}d to 3d. The advances were as follow :—

■ Dead. —Halfbred, D|d to 2d ; crossbred, 11d. Merino (killed). —Full-wool, l}d: half and quarter. 2d. Merino (dead). —Full-wool, 2d; half and quartet’, Id,

LAMB PRICES RISING

London Market Improving

MUTTON ALSO FIRMER The lamb market continues strong with advanced prices. Prices ruling to-day are 1-Sd to id higher than quotations. Mutton market: Wethers and owes firmer in sympathy with lambs, with the demand improving. The frozen beef market is depressed owing to the extremely low prices of Argentine chilled beef.. New Zealand porker pigs: Warm weather has stopped demand. New Zealand baconer pigs: Quiet, with trade slow. This report was received on Saturday by the New Zealand Meat. Producers’ Board from its London office, which advises that the following are the approximate average prices realised for the week ended June 9, based on actual transactions of wholesale quantities of the descriptions of meat mentioned, and are. for representative parcels of the goods offering during the week, being for business •lone on the basis of delivered to Smithfield Market and/or ex London stores. Prices for the two previous weeks are also shown. New Zealand Sheep.—Canterbury and North Island selected crossbred wethers and maiden ewes: 481 b to 561 b, Id (3 5-Rd, 3 3-8(1) ; 571 b to 641 b. 3Jd (3 1.-84, 3d); 651 b to 721 b, 3}d (2 7-Sd. 2}d). North Island crossbred wethers and maiden ewes: 4Slb to 561 b, 3 7-Sd (31d. 3 3-Sd); 571 b to 641 b. 31d (3 1-Sd, 27-8 d); 651 b to 721 b, 3}d (2 7-Sd, 2 5-Stl). Ewes: 4SIb and under. 31d (3 3-Sd. 3 3-8 d) ; 4Slb to 641 b, 3d (2 7-Sd, 2}d) ; 651 b to 721 b, 2 5-Sd (2 3-Sd, 2}<l). New Zealand Lambs. —Canterbury: 361 b and under. 6 5-8 d (6]d, 5 7-Bdj ; 371 b to 421 b. 6}d (old, 5 1-Sd) ; 431 b to 501 b. 5 7-8 d (5 l-Bd, 4 7-Sd) ; second quality, average 321 b, 5 7-Sd (5 5-Sd, 5Jd). Other South Island brands: 361 b and under. 6 5-Sd (6 1-Sd, 5 7-Sd) ; 371 b to 421 b, Gjd (5Jd, 5 1-Sd) ; 431 b to 501 b, 5 7-8 d 5 l-Bd, 4 7-8 d). Selected North Island brands, including Downs: 361 b and under, 6Jd (6}d, fid); 371 b to 421 b, 6 3-Sd (5 5-Bd. 5Jd) ; 431 b to 501 b, 5 7-8 d (5 1-Sd, 4 7-Sd) ; second quality, average 321 b, fid (5 5-Sd, 5Jd). Other North Island brands: First quality. 361 b and under, 6}d (5 7-Sd, 5Jd) ; 3711> to 421 b, G l~Bd (5 3-Sd. 3d) ; second quality, average 321 b, 5 7-Sd (5Jd, 5 3-Sd). Australian Lambs. —Victorian :_ First quality, 361 b and under, 5 7-Sd (5 3-Bd, s}d) ; 371 b to 421 b, 5 5-8 d (sd, 4 5-Sd). Argentine Lamb. —First quality, 361 b and under, s?d (51d, s}d) ; 371 b to 421 b, 5 5-8 d (sd, 4Jd). New Zealand Beef.—Ox fores, 2,1-8 d (same) ; ox hinds, 2 5-Sd (same) ; cow fores and hinds, not quoted. Argentine Chilled Beef. —Ox fores, 2 3-Sd (3d, 2 5-Sd) ; ox hinds, 4 7-Sd (5 3-Bd, sd). Australian Frozen Beef. —Ox crops, over 1001 b, 23d (2 3-Sd, 23-8 d) ; ox hinds, over 1601 b, 27-8 d (same). New Zealand prime porker pigs: 601 b to SOlb, 4}d (same) ; 811 b to 1001 b, 4 3-8(1 (4 3-Sd, 4}d) : 1011 b to 1201 b, 4 3-Sd (4 3-Bd, 4 1-Sd). New Zealand baconer pigs: 1201 b to 1601 b, 5d (same). (Received .Tune 11, 6.30 p.m.) London, June .10. Australian sheep:' First quality crossbred and/or merino wethers, 401 b to 651 b, 3}d; second quality, SOlb to 551 b, 3}d. Ewes, 301 b to 551 b, 3 1-Sd. Argentine sheep: First quality crossbred wethers, 481 b to 641 b, 34d ; 651 b to 721 b, 2Jd. Patagonian sheep: Wethers and/or maiden ewes, under SOlb, old; 501 b to GOlb, 3d. Ewes, 4011) to 501 b, 3}d. Australian lambs: Victorian, first quality, 361 b and under, 5 7-Sd; 371 b to 421 b, 5 5-Sd. Other States, first quality, 361 b and under, 5Jd; 371 b to 421 b, s}d. Victorian, second quality, 361 b and under, 5Jd. Other States, second quality, 301 b and under. s}(l. All States, third quality, average about 261b,' s}d. Argentine lambs: First quality, 361 b and under, 5Jd; 371 b to 421 b. 5 5-Sd; second quality, average about 28Ih, 5Jd. Patagonian lambs: First quality, 361 b and under. 5 3-Sd; 371 b to 421 b. 5 1-Sd; second’ quality, average about 301 b, s}d. Market Finn AH Round. The Bank of New Zealand, produce department, has received the following advice from its Loudon office as at close of business last week:—The demaud and prices for wether mutton are improving. The market for ewes is firm, but there is little business doing. There is a speculative demand for lambs, and prices have advanced. The market for beef is inclined to become firmer. Wethers, light. Sid to 4Jd per lb; heavy, 2Jd to 3}d. Ewes, 2:ld to 3Jd. Lambs, 2's, 6d to Old; S's,_s|d to 6}d; 4's, s}d to 5Jd; seconds, s}d to 6d. Beef: Ox hinds, 2 5-8 d to 2 7-Sd ; fores, 2d to 2}d. Cow hinds, 2-]d to 2Jd; fores, l}d to 2d. The market is firm all round, says a cable message received by Levin and Co., Ltd., from their London agents. Compared with last week's quotations. Down iamb, 281 b to 361 b, 3-8 d per lb higher;361 b to 421 b, 5-8 d per lb higher; Crossbred Jamb, 281 b to 361 b, 3-Sd per lb higher; 361 b to 421 b. 5-Sd per lb higher. Second quality lambs, -}d per lb higher. Wethers, under 4SIb, :}d per lb higher; 481 b to 721 b, 3-8(1 per lb higher. Ewes, under 481 b and 561 b to 641 b, l-8d per lb higher; 641 b to 721 b. id per lb higher. Others unchanged. Smithfield delivered prices arc quoted as follow:—North Island Down lambs. 2S11) to 361 b, 6?d per lb: 361 b to 421 b. 6 3-Bd. Best North Island crossbred lambs, 2Slb to 361 b, 6-J.l: 361 b to 421 b. 6]d. North Island secoud quality lambs, average 301 b to 311 b, 5 7-Bd. Best North Island wether sheep, under 481 b. 4 Id: 4slb Io 561 b, 3 7-Sd; sfilb to 641 b. 3 5-8(1; 641 b to 72ib, 3}d. North Island ewes, under 481 b. 3Jd : 481 b to 561 b. 3d; 561 b to 641 b. 27-8 d : 641 b to 721 b. 2 5-Sd. New Zealand prime ox beef. 1601 b tn 2201 b. 2 3-Sd.

RAW MATERIALS

Prices Slightly Easier (Received June 11, 6.30 p.m.) * London, June 10. Friday's closing prices: for the following raw materials were as follow, those for June 2 being in parentheses:— Cotton.—Liverpool quotations, good American middling: spot, 6.126. a lb. (6.37d.1; July delivery, fi.Sdd. a' lb. (6.096.1. Rubber.—Para, sfd. a lb. (546.) ; plantation, smoked ribbed sheet, 346. a lb. (3 9-16,1.). Jute—June-July shipment. Indian jute, Dundee quotation. £l7/18/9 a ton (£lB/15/-.!. Copra.—June-July shipment. South Sea. £ll/7/6 a ton (£ll/12/6) : plantation. Rabaul. £ll/10/- a ton (£ll/15/-). Linseed Oil. —£21 a ton (£2l/5/-). Turpentine.—6o/3 a cwt. (61/9). Hemp.—June-July shipment. £l4/10/a ton (nor quotnd). O.<rn i ri(l i u m. —I‘ricns u nch a nge<l.

LIVE STOCK MARKET

Gisborne Sheep Prices Higher Dominion Special Service. Gisborne. June 10. At file Gisporiie sale, beef bullocks, good, made 90/-; medium, 65/- to 80/-; light, 55/- to 60/-; light Jersey eiiwk. 47/6 to 50/-. Only medium cows were offering; best, 40/-. Fat sheep: An entry of 800 head, mostly well-finished ewes. Exporters to Auckland were operating freely at an advance averaging 2/- a head. Ewes. 7/3 to 9/3; lambs, 7/10 to 11/-. Second grade ewes made above last week’s prices; first grade, 5/3 to 7/1. Store sheep: An entry of 2300. It was a keen sale, all values advancing. Breeding ewes were in demand. Two and 4-tooth.si, 9/9; 6 and 8-tooths, 9/5; 8tooths, 9/-; 5-year, 8/S; up to 6-year. 7/6; empty ewes, medium condition, 4/6 fo 1/9: 2-tooths, four size, plenty of condidition, 9/7 to 9/11 ; 4-toot.hs. mostly frit. 9/1; hoggets, mostly fat, 8/9: good, 7/2 to 8/2; wethers, 9/2 to 10/-,

GOLD MINING

Golden Daw Company

CHAIRMAN’S REVIEW

Reviewing the operations of Golden Dawn Gold Mines, Limited (Owharoa), at the annual meeting at Auckland ou Friday, Mr. J. Farrell, chairman of directors, said the total tonnage treated in 1932 since operations commenced was 9157 tons, including 243 tons treated in December, 1931. After payment of duty and cost of sale this realised £30,948, cr £3/7/6 a ton. Tilt* costs of mining had been above normal, due to the extreme hardness of both the reefs and the country and the absence of cleavage between rock and reef. In addition, the widths were narrow and as the drives and stopes were wider than the reefs a good deal of country rock had to bo taken out as well as reef matter. The costs of mining and overhead during the year were £28,497, equal to £3/2/- a ton. The directors had been making every effort to increase returns and decrease costs. All orc winning work was now Jet by contract. The mining costs were declining and during the eight weeks from February 28 to Anri] 22. the figures showed a profit of £B7O. of which £362 was spent, on development. values were found inconsistent in the higher levels, the company proceeded with extensions at. No. 3 level on No. 1 and No. 3 reefs and these both indicated that values continued right up to the face on both reefs. Statements had been made that the battery was not up to date, but they were incorrect, the saving being 95 per cent, of the values in the orc. The report and balance-sheet was adopted. Profit for the half-year ended December 31 was £999, increasing the balance in the profit and loss appropriation account to £1465. The retiring directors. Messrs. Farrell and C. Adams, were re-elected. Operations at Waihi The following information has been cabled to the London office of the "Waihi Gold Mining Company, Ltd.:— No. 3 Level.—North branch Martha lode crosscut: At 31 feet up the rise showed only country with stringers of quartz of little or no value. Cross-cutting is stopped and another rise has been commenced at 60 feet west. No'. 4 Level. —At 214 feet in the northwest prospecting crosscut we have driven to the east 19 feet, the lode in the face being two feet wide, and to the west 18 feet, where the lode in the face is 1| feet wide. The quartz in both drives is of good grade. No. 5 Level.—At 103 feet in the northwest prospecting crosscut we have driven to the east 20 feet and to the west 15 feet. The leader is about six inches wide and of little or no value. Junction No. 6 Level.—At 6S feet south-east from the Empire lode we have driven north-east 11 feet, the assay value being 59/6 a ton, and to the south-west nine feet, the assay value being 40/- a ton. The vein is about six inches wide. No. 11 Level, 80 feet sub-level.—Sink-ing has been stopped in the winze at .51 feet down and we have commenced driving west, of the face of the Royal lode from No. 4 shaft, south-east crosscut at No. 12 level. Talisman Dubbo Mines A profit of £7 is disclosed in the accounts of Talisman Dubbo Gold Mines, Limited (Karangahake), for the half-year ended December 31. During the period a parcel of 65 tons from the Talisman Dubbo level was forwarded to the Golden Dawn battery, where it. was treated for a return of £462, which, after payment of all treatment charges, gave £3BB for the company. The report states that operations were continued at the Talisman No. 1 level to reach the Maria reef. Owing to the old level being collapsed along its whole length the parallel drive was continued, and reached the untouched ground at 461 feet from the surface crosscut, and a sui'vey of this and the Talisman Dubbo level was made to determine the position of the reef in the lower location. This had since been cut after 40 feet of driving, and the drive on the reef has been extended for 60 feet, whence it is proposed to rise through to the Talisman Dubbo level. Messrs. A. J. Pearce and G. S. Poole were elected directors at the annual meeting on Friday. The company has a paid capital of £6930. Creditors amount to £lB, while assets are shown at £6028. King- Solomon Mine The wash-up at the King Solomon Deep Lead mine (Gore) for the past week totalled 3Soz. IGdwt. The mine manager reports operations for the period ended May 31, as follows: Mine development has been hampered owing to the hard nature of the country through which two of the main drives are going. Both of these drives will have to be taken to certain points to connect with other sections of the mine. When this work is completed it will give drainage and ventilation, and make for better prospecting conditions. Some of the ground opened up gives fair gold values, but further work in prospecting is necessary to prove its true value. Big River Gold Mines Big River Gohl Mines Limited report for May is as follows:— No. 1 Adit Level.—South Drive on Duggans Reef: Advanced 10 feet, total 15 feet. The body of stone met with at the eml of last month proved to be only 7 feet in length, being cut off by a fault. Driving was suspended, but it is proposed to do further work on this lode at an early date.

No. 2 Adit Level. —South Drive oil' Main Adit at 100 feet east of shaft: Opened out to prove upward continuation of Henderson's Reef being worked at No. 3 level. Advanced 21 feet in nice slate country with several quartz leaders showing in the face. No. 2 chamber has been repaired and completely retimbered. •Tones’ Reef: A little stoping is being done .above the intermediate level on stone averaging 5 feet in width. A little fine gold can be seen in breaking. No. 3 Level. —Rise above No. 1 South Drive at SO feet from entrance: Advanced 17 feet, total 43 feet. The lode averaged about 1 foot in width of clean quartz, and fair gold was seen in breaking. Winze below No. 1 South Drive at 70 feet from entrance: Sunk 26 feet, total 34 feet. The ore body gradually pitched away to the south and went out. of the winze at about 20 feet. Fair gold was seen in the solid stone dow.n to this point. The last 14 feet was sunk on a well-defined track carrying a few inches of broken quartz. East intermediate crosscut off winze: A crosscut was run into (he hanging wall country for a distance of 8 foot, but nothing of importance was mot with. South intermediate drive off winze: A .south drive was then opened out to intersect the stone which pitched out of the winze at about 20 feet. Advanced 8 foot. A little broken quartz carrying gold is showing in the face, but the main body has not been met with The battery ran satisfactorily for 16 days and crushed 2(10 tons. Plates look well. Repairs to dam are now in progress.

United States Wheat Markets

(Received June 11, 6.30 p.m.) New York. June 10. Chicago wheat; July, 76} cents a bushel. September. 78 5-8 cents; December, 80} cents; New York, cash, 87 3-S cents. Washington, June 9. Basing its estimate of the. condition of the crop as on June 1 as 64 per cent, of normal, the United States Department of Agriculture on Friday forecast winter wheat product ion this year at. 341,000,000 teW.

|"i 1 11 11 1 lass . i »i i ie=*i ggg g owo o N w«> «»*'=> - I 1° 1 1 11 S1“ Sil II 12 S3 IS” eoo w e rt o ■ m o <C O T-: O »1- « O cc CO U5 o o o c «o C- ® S H c b» O C sz« C W Ci- c C2 co 00 JOO c a c * ii ii *” s-i«r’ii MC ’ w gcww«K == co e w wo ?? O S3 00 C QC » L- o *t ’» v m M , ° |oo ««|oo S eieoww 2««gs§§ss§ss _ g § ' 8S M . g » ' B!H a ® -"’*•*'* sc ecft-n'*’*<-* C P .« iii ®s M ia° -s® .-s e ’° wrt s i . y ia’-’S” J3j4 WOo rt;H goo woo grtriW g wwww IjPlJlipPl ijp j | 1 li 1! S 1 i 1 fi »«s IS I? ! W5 -'S SS I! |^w«wc>w s «| • Owe. o w «wo „w ooooweow „ 2j; i i = : ' : • js’s : i g h i H H h h «=s«

Copper:— Standard, spot ... Standard, forward •Electrolytic to Wire bars Lead— , JuneS. Per ton. £ s d 37 B 104 37 10 71 42 5 0 43 5 (> 43 5 0 13 10 0 .Tune 9. Per ton. £ s <1 37 <1 3 37 11 3 ■12 0 0 ■12 10 0 12 10 0 13 10 0 Forward Spelter— Spot Forward Tin— 13 15 1) 13 l(i 10 16 16 16 17 16 0 0 6 221 7 (J 7 6 Forward SilverStandard, 221 7 c» *_?_7 6 per ax. . l!.»}d 19 •n 7-16d >i

April 10. Per ton. J line 9. Per ton. Copper— .2 s d £ s d Standard, spot ... 20 13 9 37 6 3 Standard, forward 10 8 37 11 8 ‘Electrolytic 34 0 0 42 0 0 to 85 0 0 42 10 0 Wire bars .. 35 0 0 42 10 0 Lead— Spot 10 15 0 13 10 0 Forward 11 1 3 13 10 3 Spelter— Spot 15 1 3 17 0 0 Forward Tin— 15 7 0 16 17 0 f-Spot . 156 2 6 227 7 0 Forward \ 156 16 3 227 7 0 Silver— Standard, .per oz. , Fine, per oz, .... 17 3-Sd 18$ d 19 7-lud 21 d

£ > ; d Bank of Ntw Zealand. Iona term . *1 11 0 Queensland Insurance . *2 12 0 N.Z. Refrigerating, in/paid (2) . 0 5 6 Electrolytic Zine, pref . *1 12 1 0 Okarito . 0 11 ■ > Waibi Ditto . *1 2 3 ♦Bate sale Friday. AUCKLAND. 4 . *4. d Mt. Albert Boroucrh, 6 p.e., 1959 99 0 O Ditto, 6 p.c., 1960 99 0 0 Bank of Now Zealand, long term 1 10 11 Nat. Bank of Australasia, £10 pd. 12 7 (> E.S. & A. Bank 5 0 0 Union Bank of Austr S 5 0 Ditto .. 8 0 1} Standard Insurance 2 12 A.P.A 0 10 Taupiri Coal 0 15 q Colonial Sugar 0 N.Z. Paper Mills 1 7 0 King Solomon 0 1 s Wai hi CHRISTCHURCH. Sales on ’Change— £ s (1 E.S. & A. Bank 5 0 G Goldsbrough. Mort, cum div. .. 1 4 11 Ditto 1 o Ditto 3 4 11 United Building Society 0 17 N.Z. Refrigerating. 10/- paid .. O 5 6 Christchurch Gas. 10/- paid .... 0 13 0 N.Z. Breweries, cum div. (2) .. 1 12 0 Staples & Co 1 0 Electrolytic Zinc, pref. (3) 1 11 I 1 Lawson’s Flat, 1/- paid 0 z Ditto 0 1 7 Okarito, cum div 0 11 y Wultahu, 4/6 paid (2) 0 7 Sales reported— Dalgety & Co S 12 6 Woolworth’s (Sydney), new £1 paid. pref. 1.2) 1 5 G DUNEDIN. Sales on ’Change— j Inscr. Stock, 4 p.c., 1940 100 10 y Okarito O 11 y Gillespie's Beach (2) ■"0 1 Waitahu 0 7 g Nokoinai 0 4 Sales reported— D on ag h y‘s R ope 1 19 o Electrolytic Zinc, pref 1 11 Dominion Fertiliser O 11 Nokoinai O 4 Freshford 0 0 10

Buyers. Sellers. e S (1 £ 3 d Boll Hooper Cromwell 0 1 01 — Murray Creek. 20/- pd. 0 15 0 N’.Z. Perpetual Forests 2 3 0 Woolv ortlis, o.rdinai y 3 0 0 .—- National Tobacco .... 2 IS 6 3 1 0 Invest., Exec. Trust of -’B” •» t

* June 9. June 8. Par. N. York, del. to £ 4.115 4.11!} 4.866 Montreal, dol. to £ 4.555 4.54 4.866 Paris, fr. to £ ... 8513-1G (>2o 124.21 Brussels, bel. to £ 24.215 24.195 35.00 Geneva, £r. to £ . 17.50 17.425 ~ * t Ainst’dam, 11. to £ 8.40 S.3S 12.107 Milan, lire to £ .. 64.875 6413-16 '.12.46 Berlin, inks. to £ 14.45 14.555 20.43 St’holm, knr. to £ 1913-32 19.40 18.159 C’hagen, knr. to £ 22.45 22.425 18.159 Oslo, knr. to £ .. 19.80 19.80 18.159 Vienna, schgs. to £ *30.50 *30.50 34.08.5 Prague, knr. to £ 113.25 113.125 164.25 Ilel’fors, inks, to £ 226.50 226.50 193.23 Madrid, pes. to £ 39 7-16 39 7-16 25 225 Lisbon, esc. to £ 110 110 no" Athens, drach. to £ 590 590 375 . Belgrade, din. to £ • 240 250 276.31 Bucharest, lei to £ 570 572.50 .813.60 Warsaw, zloty to £ — 30.18 43.38 Kio de J., p. to mil. *4.7 '41 5.899 B. Aires, p. to peso f41 13-16 1413 47.G2 31. Video, p. to peso *34 ♦34 51 Calcutta, p. t" nip. 1S5-61 18 .1-64 IS Shanghai, p. to dol. 1.1] 15 3-16 — H.-Kong, p. to dol. 16 13-16 1613-16 Y’hama, p. to ven 11.31-32 1131-32 24.582 Batavia, 11. to £ . 8.45 S.-I5 12.107