FINANCE and COMMERCE

Dominion, Volume 27, Issue 18, 16 October 1933, Page 12

FINANCE and COMMERCE

STOCKS AND SHARES Market Less Active Last Week SMALL PRICE MOVEMENTS Trading was less active on the Dominaou stock exchanges last week. The market was generally a strong one, with steady support in most sections. There was an easier tendency in some shares, but price movements were relatively small. A feature of the market was the strong demand for Government loans, and the scarcity of sellers. Business in this section was very restricted. Dealings in the 4 per cents, were:—Stock, 1940, ilOl 10/- to £ 102/5/-; 1940, £lOl/2/6 to £lOl. 10/-; 1949, £lO2, £lO2/10/-; 1955, £lOl 15/-. Bonds, 1949, £lO2/10/-; 195t>, £lOl. The 34 per cents., 1939/43, sold at £lOl to £lOl/10/-, and 1938/43 at £lOO 12/6. Small business was also done in local body debentures. Banks were the most active sellers during the week. New Zeal a nds were freely traded up to 48/3, easing later to 47/1. Commercial of Australia were sold at 16/10 up to 17/1, closing at the former price. New South Wales eased on sales from £34/12/6 to £34/7/6. Australasias were done at £l2/17/- to 6d higher, and Commercial of Sydney at £lB/8/-. National of New Zealand eased slightly from 85/3 to 84/9. Union of Australia sold at £lO/9/- down to £lO/6/-. National of Australasia, £lO paid, were firm at £l3/10/-, and the £5 paid sold at £6/12/- to £6/13/-. E.S. and A. Bank were firm at £5/19/6. Insurance shares were Ji shade easier, ♦New Zealands selling at 55/- to 54/6. and South British at 74/6 to 74/-. Standards were quoted at 61/6 to 61/-, and Nationals at 18/6. In the pastoral section Dalgetys sold firmly at £lO/17/6 to £ll, and Goldsbrough Morts at 29/-. Wright, Stephenson, 5 per cent, stock, was done at £B3, and N.Z. Farmers’ Coop. 4J per cent, stock, 1940, at £64/10/and £65. N.Z. Guarantee Corporations were strong at 7/10 to S/3. . Trading in other sections was limited. Wellington Gas had a sale at 34/-. Christchurch at 27/9, and Auckland at 23/71 Westport Coals were done at 13/2' and 13/7, and Kauri Timber at 13/6. Meat shares were quiet and rather easier. Gears were done at 32/74 to 32/6, and Canterbury Frozen Meat at £lO. N.Z. Refrigerating, £1 paid, eased to 19/6, and the 10/- paid from 9/3 to 8/9, recovering later to the former In the breweries section, New Zealands sold at 38/- to 37/9. Staples at 28/3 to 28/9, Tooths at 42/6 to 42/8, and Tooheys at 25/-. Shipping shares were slightly more active. Union Steam preference selling at 24/6. Huddart Parker, preference, at 25/3 and 25/-, P. and O. deferred at 24/-. and Devonport berry business was done in the miscellaneous section. Colonial Sugars had a deal at £59/5/-. and British Tobaccos at 37/6 Dunlop Rubber were traded at IS/7 up to 19/1. and Electrolytic Zinc, ordinaries, at 25/7 to 25/11. N.Z. Drugs . sold firmly at 70/-, Wilsons Cement at 25/3 to 25/9. N.Z. Newspapers at 2i/b ■to 27/74. Australian Glass at 53/6, Bums, Philp at 52/6. 'Henry Jones at 39/44, and Howard, Smith at 14/3 to 1 Mining shares were comparatively quiet. Alexanders eased from 16/- to 84/9, and Okaritos from 10/9 to 10/7. Bell. Hoopers were firm, as were Nokottnais, the latter improving from 2/9 to !3/4. Waihis were traded at 26/b, 2(5/3, -■and 26/4. WELLINGTON EXCHANGE Saturday’s Quotations Buying and selling quotations at Saturday morning’s call on the M elllngton Stock Exchange were as follow: —

WOOL MARKET FIRM Sydney Sales Active GOOD CLEARANCES MADE Isy Telegraph.—Press Assn. —Copyright. Sydney. October 14. The weekly wool letter of the “Sydney Morning Herald" says that competition at the wool sales was more widespread. Any change in values was upward, and bidding was more sustained, and displayed an improvement in price of par to 5 per cent. The selections offered contained a few faulty lines. There was' a better inquiry from France, which was a most encouraging feature. Her purchases in the Commonwealth last season were 435,000 bales. This week’s offerings totalled 50,474 bales, of which 91 i>er cent, were sold at auction. The following figures show the quantity of wool sold in the Commonwealth anil the amount realised for the period from July 1 to September 30 for the past three seasons: —

These figures disclose that although the number of bales this season was slightly greater, the actual realisations when compared with those of last season are c<i:i siderably higher. DEALINGS ON ’CHANGE Saturday’s Sales The following sales were recorded on Saturday on the stock exchanges men-

FOREIGN EXCHANGES Position of Sterling (British Official Wireless.) Rugby, October 13. The following rates on foreign exchanges worn.current to-day, compared with those ruling on October 12:—

’Nominal. Gold and Sliver. London, October 13. Gold—£6/12/10} per fine ounce. Silver—Cash, 18 5-16 d per ounce; forward, 18 3-Bd. London, October 14. Gold—£6/11/3 per fine ounce. By Telegraph.—Press Assn.—Copyright London. October' 14. Dollar.—Sterling rate. 4.57. Dollar Conversion Rates The Associated Banks have agreed that the conversion rates from October 14 will be:— U.S.A. Canada. Conversion of dollar bills received for collection and sale of dollar drafts 4.50 4.63 Purchase of dollar bills . 4.70 4.83 These conversion rates are. of course, ascertained on a sterling basis (London funds), and therefore current rates of exchange New Zealand on London will also be charged or allowed as the case may require. Sydney Stock Exchange By Telegraph.—Press Assn.—Copyright. Sydney. October 14. Stock Exchange sales to-day include_d_: —Commonwealth bonds. 4 per cent.. 1955, £lO5/10/-; Bank of New South Wales, £34/7/6; Australian Gas, A, £7/6/-; Tooths, 42/9; Associated News, 20/9; ditto, pref., 20/10i; Australian Glass, 52/9: Broken Hill Proprietary. 41/-; Colonial Sugar. £6o:’Dunlop Pcrdriau, pref., 34/6; Lustre Hosiery. 17/14; Mcggits, 22/-; Winchcombe Carson, 28/3. London Stock Exchange Buoyant (British Official Wireless.) London, October 13. The satisfactory trade returns continue to exercise a favourable influence on the stock markets, which to-day wore buoyant. Business was active in industrials, and broadened in other directions. Gilt-edged securities hardened. War Loan 3J per cents, closing at £lOl/12/6. Renown Collieries. Limited, which has recently effected a capital amalgamation with Wilton Collieries. Limited, reports a loss of £3350 during the year ended July 31, This compares with a profit of £434 in the previous year. The report states that during flic year there wns an almost continuous coal war in which coal sold at prices considerably below costs. A debit of £3446 is being carried forward.

Unofficial List

DAIRY PRODUCE London Butter Prices Easier CHEESE MARKET SLOW The London butter market was slow last week, with an easier treud in prices. Friday’s closing quotations for New Zealand salted were 96/- to 100/-, a decliue of 2/- a cwt on the week. The position of stocks appears to be fairly good, the quantity of New Zealand butter in store in London at the end of last week being 4823 tons, compared with 9700 tons at the end of July and 4458 tons a year ngo. Arrivals of New Zealand butter during the next two months will he heavier, but against this Australian shipments are lower. It is stated that Australian exports this season will show a considerable reduction on those of last year. , . , r . The cheese market is quiet, New Zealand white at 49/- to 50/- and coloured at 47/- to 48/-. being 1/- to 2/- a cwt lower. The Dairy Board’s London office reports Friday’s official closing quotations as follow, those for the previous wecx, etc., being shown in parentheses: — Butter. New Zealand, salted, 96/-100/- to 102/(98/- to 102/-; October 13, 1932, 100/to 110/-) ; unsalted, 104/-, 108/- to 110/(105/- to 112/-; October 13, 1932, 108/to 112/-) ; 96/- to 100/- equals approximately 11.46 d f.o.b. Deliveries, New Zealand, 1800 tons. In store, 4823 tons, includes 562 tons ex Taiuui. . , Australian, salted, 97/- to 100/- (99/to 102/-) ; unsaltcd, 102/- to 106/-,(104/-to 106/-). Deliveries, Australian, 500 tons. In store, 530 tons. Danish, 90/- f.0.b.; 106/- to 108/- spot Dutch, unsaited, 112/- to 116/- (112/Esthonian, 88/- to 91/- (90/- to 92/-). Latvian, salted, 90/- to 91/- (90/- to 92/-) ; unsalted, 88/- to 91/- (90/r to no /. i. Siberian, 82/- to 84/- (84/- to 86/-). Ukrainian, SO/- (82/-). Lithuanian, SS/- to 91/- (90/- to 92/-). Cheese. New Zealand, white, 49/- to 50/- (5.29 a f.o.b) (49/- to 51/-; October 13, 1932, 65/6 to 66/-) ; coloured, 47/- to 48/(5.03 d f.0.b.) (49/- to 50/-; October 13, 1932 59/- to 61/-). Deliveries, New Zealand, 11,657 crates. In store, 90.000 crates, includes 2200 crates ex Raranga. Australian, white, 49/6 to 50/-; colcured, 48/- to 49/-). _ Canadian, white. 52/- to ;>6/- G’”/- to 56/-) ; coloured, 53/- to 56/- (53/- to 56/-) ; c.i.f.. 54/- (55/-). Deliveries, Canadian, 6500 boxes. In store, 133,59boxes. English finest farmers, 16/- to 88/-; firm (76/- to 84/-). Agents' Reports. Mr. Thomas Gray has received the following report from Mr. A. C. Rowsou, London :—Cheese : New Zealand white, 50/- per cwt; New Zealand coloured, 4b/-. Butter: New Zealand first grade, 96/per cwt; New Zealand finest grade, 100/-. Both markets slow and weak. A. H. Turnbull and Co. Ltd., have received the following cable from their principals, W. Weddel and Co., Ltd., Loudon, dated October 13: —Butter: Danish, 106/- to 108/-. New Zealand finest, 96/to 100/-. Kangaroo, 97/- to 100/-. Market quiet. Cheese: New Zealand white, 49/- to 50/-; New Zealand coloured, 47/to 49/-. Market quiet. The New Zealand Producers’ Co-opera-tive ' Marketing Association’s weekly cabled market report from London dated October 13 is as follows:—Butter: Market quiet. New Zealand, finest 100/- to 101/-, first grade 95/- to 96/-; Danish, 106/- to 108/-. Cheese; Market quiet. New Zealand, white 49/-, coloured 47/- to 48/-. GOLD MINING Waihi Mine Operations The following information has been cabled to the London office of the Waihi Gold Mining Company, Limited :— For the period ended September 30, comprising 22 crushing days, 17,393 tons of ore were crushed for a result of 4770 fine ounces of gold and 28.620 fine ounces of silver. This includes 2258 tons mined from the Grand Junction area, which yielded 576 ounces of gold and 2345 ounces of silver. No. 5 Level.—Driving west on the north branch of the Martha lode the next 32ft. is ore of good grade, the lode being about 3ft. wide. Martha lode: Driving west the next 40ft. assays 7/3 a ton. At 170 ft. the full width of the reef is 10ft. and the assay value 11/3 a ton. No. 11 Level. —Edward lode, sinking winze: The next 15ft. assays 26/3 a ton. No. 12 Level. —Royal lode, driving west: The south section of the lode has reduced to 6in. wide at 309 ft. and we are now crosscutting. Royal lode, driving east: The next 37ft. assays 50/9 a ton. At 251 ft. the full width of the lode is lift., the assay value being 24/3 a ton. Grand Junction. No. 6 Level.—Royal lode, south-east prospecting crosscut: This is now out 290 ft. The country rock is not unfavourable, but is still disturbed by faults. West Coast Dividends Two West Coast mines—Alexander and Blackwater —have returned to shareholders within the last. 18 mouths dividends aggregating £83,700. Alexander has paid on its capital of £60.050 dividends of 9/- a share, a total of £33.750. Blackwater Mines, Ltd., has returned 2/6 a share on its capital of £250,000, or £31.250. Consolidated Goldfields. Ltd., is a holding company with shares in Blackwater Mines, and shareholders received 1/3 a share on the capital of £300,000, or £18,700. Both the Blackwater and Consolidated dividends are in English currency’. An interim dividend is expected shortly in both these companies. Income tax and gold export tax represent a substantial sum oyer and above the dividend distributions. Golden Sands Return Golden Sands, Limited (Barry town, West. Coast), reports a return of 350 z. for 32 shifts. FROM LOSS TO PROFIT Dunedin Firm’s Optimism Dominion Special Service. Dunedin. October 14. The annual report of the directors of Brown, Ewing and Co., Ltd.; states that trading for the year shows a net profit of £742/12/8. compared with losses for the two previous years. “It would appear that the corner has now been turned, and with a brighter outlook in conditions generally, coupled with the internal reorganisation in the business which has been accomplished, shareholders can look forward more hopefully to the future." A dividend on the preference shares will be paid at the rate of 5 per cent, per annum, but the directors regret that no dividend on the ordinary shares can be recommended. London Tallow Market A. H. Turnbull and Co., Ltd., have received the following cabled report from their principals, W. Weddel and Co., Ltd., London, dated October 11 : Tallow market unchanged. At tallow auctions today 806 casks were offered and 345 casks sold.

LAMB MARKET FIRM Home-killed Supplies Heavy MUTTON AND BEEF STEADY The lamb market: Firm for good quality lightweight, with heavyweight and second quality slightly easier. Home-kill-ed supplies are still heavy, reducing our consumption. Mutton market: W ethers and ewes steady with prices unchanged. Beef market: Trade slow. N.Z. porker pigs: Firmer and meeting with good demand. N.Z. bacoucr pigs: Market quiet but strong. The above report was received on Saturday by the Meat Board from its London office, which advises that the following are the approximate average prices realised for the week ended October 13, 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 done on the basis of delivered to Smithfield market and/or ex London stores. Prices for the two previous weeks are also shown : — N.Z. sheep: Canterbury and North Island selected crossbred wethers and maiden ewes, 48/56, 4 5-Sd. (4 5-Sd., 4Jd.) ; 57/64. 4 l-Bd. (4 l-8d„ 4}d.) ; 65/72, 3«<l. (3jd., 3 7-Sd.) ; North Island crossbred wethers and maiden ewes, 48/56, 43d. (43d., 4 5-Sd.) ; 57/64, 4d. (4d„ 4 1-Sd.) : 65/72, 3Jd. (same) ; ewes. 48/under, 33d. (33d., 3 5-Sd.) ; 48/04. 3id. (33d.. 3 3-Sd.) ; 65/72, 3d. (3d., 3 1-Sd.). N.Z. lambs: Canterbury. 36/under, 7}d. (same) ; 37/42, 6 7-Bd. (6 7-Sd., 7d.) ; 43/50, 6 l-Bd. (6id„ 63d.) ; 2nd quality, average 32, 6Jd. (6 7-Bd., 7d.) ; other South island brands, 36/under, 7|d. (7 l-Bd., 7 l-8d.); 37/42, 6 7-Sd. (6 7-Sd., 7d.) ; 43/50, 6 1-Sd. (6 1-Sd., 63d.) ; selected North Island brands, 36/ under, 7Jd. (same) ; 37/42, 7d. (7d., 7 1-Sd.); 43/50, 6 l-Bd. (63d.. 63d.) ; 2nd quality, average 32, 6Jd. (6 7-Bd., 7d.) ; other North Island brands. Ist quality, 36/under, 7d. (same) ; 37/42, GJd. (same) ; 2nd quality, average 32, 6 5-Sd. (6Jd., 6 7-Sd.). Australian lambs: Victorian, Ist quality, not quoted. Argentine lamb: Ist quality, new season's, 36/under. 6Jd. (63d., 7d.) ; 37/42, 6}d. (63d., 6jd.). N.Z. beef: Ox fores, 2Jd. (2 5-Sd., 2 5/Bd.) ; ox hinds, 3 1-Sd. (same) ; cow fores and hinds, not quoted. Argentine chilled beef: Ox fores, 33d. (3 l-Bd., 2 7-Bd.) ; ox hinds, 5Jd. (s}d., 5 5-Sd.). ’ Australian frozen beef: Ox crops, over 100. 2Jd. (same); ox hinds, over 160, 3 l-Bd. (same). N.Z. prime porker pigs: 60/80, 6 5-Bd. (63d., 6d.): 81/100, 5 7-Bd. (5 7-Bd., 6d.); 101/120, old. (s|d., 5Jd.); N.Z. baconer pigs, 120/160, 6d. (same). (Received October 15, 6.30 p.m.) London, October 14. Australian Lamb.—Other States, second qunlitiy, 301bs. and under, none ottering; ditto, all States, third quality, average about 261 b., 6d. Australian Pigs.—First quality, 60/100 lbs., average about 80, 6 l-8d; 101/1201b5., 53d. Others unchanged. Little Change in Prices. Levin and Co., Ltd., have received the following cable from their London agents, dated October 13 : —Compared with last week’s quotations, prices are unaltered. The market in firm, but quiet. The Bank of New Zealand, produce department, lias received the following advice from its London office as at close of business last week:—The market for wethers is weaker owing to lack of demand. The market for ewes is quiet and unchanged. The lamb market is firm. Beef is steady. Wethers, light, 3 7-Bd. to sd. per lb.; heavy, 3Jd. to Bsd.; ewes, 2 7-Bd. to 33d.; lambs. 2's 7 1-Sd. to 7 3-Bd., B’s 6}d. to 7d., 4’s 6d. to 6|d., seconds GJd. to 7d. Beef: Ox hinds. 2 7-Bd. to 3 l-Bd.; fores, 2 3-Bd. to 2 5-Sd.; cow hinds, 2 3-Bd. to 2 5-Bd.; fores, 2d. to 2Jd. BASE METALS MARKET Prices Steady By Telegraph. —Press Assn.—Copyright. (Received October 15, 6.30 p.m.) London, October 13. The official London (middle) quotations for Friday, as reported by the Australian Mines and Metals Association, compare as under with those previously cabled: — Oct. 12. Oct. 13.

•American, 8 cents a lb. Prices of Other Metals. X><xndon, October 14. Prices of other metals were quoted . today as follow, those of a week ago being shown in parentheses:— . I’i'g irone Homo trade, £3/2/6 a ton (same); export, £2/12/6 a ton (same). Antimony: British, £39/10/- a ton (same; foreign, £23/5/- a ton (same). Molybdenite: 4il/- a unit (same). Wolfram: 26/6 a unit (23/-). LIVE STOCK MARKET Gisborne Sale Dominion Special Service. Gisborne, October 14. At the Gisborne stock sale, fat sheep, of which a good yarding was offered, declined 3/- a head. Ewes, 6-tooths, 15/3, few 14/-, others 11/- to 13/9; shorn 11/-, heavy 10/-. Medium second grade values were maintained. Ewes 10/1 to 11/4, shorn 8/5. Store sheep: A moderate entry, and ewes running with lambs advanced. One counted extra, 23/9; fairly good, 20/6. Other values were firm. Dry ewes, medium 2-tooths, 16/9, aged 8/11 to 10/1: shorn 2-tooths. 12/-; hoggets, good. .15/- to 16/6; medium Downs, 10/8; wethers. 15/9 to 16/-. Overseas Wheat Markets By Telegraph.—Press Assn.—Copyright. London, October 13. Wheat cargoes to-day were dull, in view of continued pressure to sell all except Manitoba®, which, owing to Government. support of the Winnipeg market, were comparatively steady. Quotations were lower, but buyers were apathetic. Parcels were quiet. River Plates were threepence cheaper, but. Australians were steady. Futures: London. December, 19/3 a quarter: February, 19/6; April. 19/10. Liverpool, October, 4/3J a cental: December. 4/5 3-Sd; March, 4/8 1-Stl: May.'4/9 3-Sd. British Treasury Bills (British Official Wireless.) Rugby, October 13. 'rhe total amount applied for in this week’s tenders for Treasury Rills was £83,015,000. The amount allotted .in bills at three months was £45,000.000. The average rate per cent, was 12/10.894. as compared with 12/9.98d a week ago. The directors of the British Tobacco Company (Australia). Limited, have declared the usual quarterly dividend on the 61 per cent, preference shares. The dividend, which is payable on October 31, is subject to the usual 10 per cent, Commonwealth property tai,

FROZEN MEAT TRADE Effect of Ottawa Agreement TWELVE MONTHS’ EXPORTS The effect of the Ottawa agreement is shown in the exports of frozen meat durinc the twelve months ended September 30. Shipments of lamb, at 8,856,549 carcases, are much the same as for the 1931-32 season, there being a slight decrease of 27.204 carcases. Shipments of mutton, at 2.165,757 carcases, compare with 2.913,737 carcases, a decrease of 747,980. or 25.67 per cent. On the other hand, shipments of. pork totalled 301,957 carcases, an increase of 154,95 S carcases, or 105.39 per cent. Shipments of beef were 310,678 quarters, an increase of 115.366 quarters, an increase of 59 per cent., notwithstanding that shipments to Britain were discontinued early in August. That Great Britain is practically the Dominion's only customer for frozen meat is shown by the fact that shipments to other countries during the last twelve months were only 779 S quarters of beef, or 2.12 per cent, of the total exports, 998 carcases of mutton, or .046 per cent, of tlie total, and 4480 carcases of lamb, representing .05 per cent, of the total shipments. The whole of the pork, with the exception of one carcase, went to Britain. The Meat Board’s returns give the following detailed figures of shipments of meat during the 19.32-33 season, the totals for 1931-32 being shown for comparative purposes :—

In addition, 287.963 bags of boneless beef, of which 232,929 went to Glasgow, were shipped during the twelve months, compared with 233,357 bags in 1931-32, an increase of 54,606 bags, or 23.40 per cent. September Shipments to Britain. The board is advised by its London office'that the shipments from Australia and South America to the United Kingdom during September were as follow: — Australia: 22,556 carcases mutton; 190.896 carcases iambf, 57,076 quarters beef. South America: 28,859 carcases mutton; 221,120 carcases lamb; 2003 quarters beef (frozen) ; 363,495 quarters beef (chilled). The shipments from New Zealand to the United Kingdom for the same period were as follow: —152.506 carcases mutton; 159,255 carcases lamb; 1319 quarters beef. There were no shipments from South America to the Continent of Europe during September. Twelve Mouths’ Killings. Killings of fat stock for export at all Dominion works during the 1932-33 season ended September 30 show large increases in beef and pork, and a considerable decline in mutton, compared with the 1931-32 season, the figures being as fol-

Lamb killings show very little difference, the 1932-33 season’s figures showing a decline of only 9983 carcases. The North Island killings were 4,199,423 (4.199,668), and the South Island 4,595,483 (4.605,221), the 1931-32 figures being given in parentheses. Killings of mutton at 2,010,159 carcases show a decrease of 862,701 carcases. Beef shows an increase of 241,080 quarters, and pork an increase of 171,103 carcases, the North Island accounting for most of the beef and pork killed. Position of Stocks. Stocks of meat on hand in cold stores in the Dominion as at September 30 show a large increase in quarters of beef due to the virtual cessation of shipments to Britain. The figures compare as follows with those of a year ago : —

Inquiry for Lambs Dominion Special Service. Wanganui, October 15. There is a strong inquiry in the Wanganui district to purchase fat lambs for the season’s output at prices ranging from 18/6 to 21/-, according to size and quality. Farmers report systematic canvassing by old and new buyers. The Imlay works in Wanganui have not commenced operations ret this season, but anticipate opening a little earlier than last year. A complete chain system has been installed, and the men who operated last season arc to be given preference this year.

RAW MATERIALS Little Change in Prices By Telegraph.—Press Assn.—Copyright (Received October 15, 6.30 p.m.) London, October 14. Friday’s closing prices for the following raw materials were as follow, those for October 6 being in parentheses:— Cotton : Liverpool quotation, good American middling, 5.44 d. a lb. (same) ; November delivery, 5.26 d. a lb. (same). Rubber: Para. 44d. a lb. (same) ; plantation smoked ribbed sheet, 4d. a lb. (4 l-32d.). Jute: October-November shipment, Indian jute, Dundee quotation, £l4/12/6 a ton (£l5/2/6). Copra: October-November shipment, South Sea. £9/2/6 n ton (£9/5/-) ; plantation. Rabnul, £9/10/- a ton (£9/7/6). Linseed oil: £lB/5/- a ton (£2O). Turpentine: 48/- a cwt. (47/9). Osmiridium: Unchanged. The United Permanent Building and Investment Society of Auckland reports net profit £6046, compared with £6830 last year. The directors propose payment of n final dividend of 2} per cent., making 5 per cent, for the year, and transferring £lOOO to reserve, making this fund £lB,OOO. The balance carried forward is £lOl2.

Government Stocks Bv Telegraph.—Press Assn. —Copyright London, October 12. Quotations of Government stocks on the London Stock Exchange compare with those of a week ago as follow:— price. Variation.

AUCTION DIARY 'PO-MORROW. + 1 Panama Street. 2.30 p.m.—Property Makara Road (Harcourt and Co.). Levin sale (A. and W., Ltd.). Johnsonville fat stock sale, 12.30 p.m. (W„ S., and Co., Ltd.). Carterton saleyards. 12 noon.—Dairy Bull sale (W. S.. and C.). WEDNESDAY. Cr Brandon anti Featherston Sts.. 2.30 p.m. ’ —island Bay properties (J. H. Bethune ami Co;|). Taupo Quay, Wanganui, nt noon.—Property known as “Ahulti” (Loan and Mercantile). Masterton rale (Dalgety and OoX

N.Z. GOVT, LOANS. Buyers. Sellers. £ s <1 £ s d 4 p.c. Bonds, 1940 .... 101 10 0 —— 4 p.c. ditto, 1940 .... 101 0 4 p.c. ditto. 1949 .... 10- 5 0 — 0 —- 4 P.c. ditto, 1055 .... 101 5 0 — 34 p.c. Ins. Stk.. 1933-52 101 0 0 — 4 p.c. ditto, 1040 .... 101 7 6 — 4 p.c. ditto, 1946 .... 100 17 6 — 4 p.c. ditto, 1955 .... 101 0 debentures. iDtinodin City, nJ p.c., 0 ! 1941 • 101 5 0 —— iWgtn. City. 5i p.c.. 1940 101 0 Wgtn. Harb. Bd., 51 p.c., 1940 101 0 Waltomo County Council, 0 — 0 6 p.c.. 19G1 — Wairere E.P. Bd., 6 p.c., 102 10 0 1961 „ — 102 10 0 Wgtn. Gas Co 101 0 9 —— iWgtn. Racing Club .. 95 0 0 — Amid. Brick and Pipe 92 0 0 97 0 0 BANKS. Australasia 1- lo 0 13 2 b Cornrcl. of Aust., ord. . 0 16 19 0 17 0 Eng.. Scot, and Aust. .. 5 17 0 —— National of N.Z. ..... 4 3 National of Australasia, 0 4 6 0 £5 paid 6 11 6 6 15 0 New Zealand — 2 8 0 Ditto, “D” long term — 1 13 6 Union of Aust FINANCIAL. Goldsbrough, Mort and Co 1 8 10 8 0 10 —- National Mortgage, "A” 2 10 Ditto. “B” 1 7 N.Z. Guarantee Corpn., 0 — 3 — ord., cum. rights .. '0 8 2 0 8 3 Ditto, pref., cum. rights *0 19 N.Z. Invest., -Mort, and 9 ■— Deposit 0 3 N.Z. Loan and Merc., 3 — ord. stock — 87 0 0 N.Z. and River Plate . 1 4 0 Wgtn. Invest.. T. & A. 0 6 Wellington Trust, Loan 4 0 Wright, Stephenson, 0 0 7 6 0 — pref * 1 13 6 — GAS. Wellington, ord 1 13 ' Ditto, prel 1 1 6 1 14 6 6 — INSURANCE. National of N.Z 0 18 3 — South British *3 13 6 — MEAT. Gear Moat. cum. rights 1 11 6 1 12 6 N.Z. Refrig., £1 paid . — 0 19 £5 Ditto, 10/- paid .... 9 9 1 0 » 5 Wgtn. Meat Exp., pref. 0 15 6 — TRANSPORT. Hiiddart, Parker, ord. . 1 9 0 —- Union Steam, pref 1 4 COAL. Westport-Stockton, 6 pref 0 1 TIMBER. 9 National — 0 7 0 Taringamutu Totara .. 0 2 0 — BREWERIES. N.Z. Breweries — 1 18 0 Staples and Co 1 8 0 MISCELLANEOUS. J 9 0 British Tobacco, Aust. 1 10 9 —— Colonial Sugar — 59 15 J) D.I.C., ord *0 13 Dunlop 'Perdriau .... 0 18 Electrolytic Zinc, 8 p.c., 9 10 — part pref *1 15 10 — Howard Smith, ord. . 0 14 0 0 14 8 N.Z. Farmers’ Fertiliser 0 15 (1 —• N.Z. Newspapers 1 7 Prestige (N.Z.), Ltd., 6 — pref — 1 2 0 Wilson's Cement. 1 5 9 —— Dominion Fertiliser ., 0 13 8 — OIL. Moturoa, ord 0 2 0 9 3 fl Ditto, pref — 0 5 0 Taranaki 0 2 0 — MINING. Alexander 0 15 0 •— Bell Hooper 0 1 0i 0 1 Ditto, fully paid .. — O 1 •H Bell Kilgour 0 1 5 0 1 8 Big River — 0 1 n Blackwater 1 12 6 — Gillespie’s Beach 0 1 0 — Golden Dawn — 0 2 0 King Solomon 0 3 4 0 3 7 Mataki — 0 2 5 Mount. Lyell 1 3 6 1 4 0 Nokomai —■ 0 3 5 Okarito 0 19 fl 0 10 9 Waihi *1 « 0 1 7 0 Wailii Grand Junction 0 4 Waitahu — 0 7 3 Bendigo Goldlight .... 0 0 0 0 8 Nevi* Diesel-Electric . — ’’Cain. dividend. 0 1 1

Season. Bales. Bealised. 1931 . . 262,171 . . £2,545,812 1932 . . 370,262 . . £4,4'45,298 1933 . . 395,691 . . £7,193,319

tioned:— WELLINGTON. £ s d N.Z. Guarantee Corporation, cum. rights and div 0 8 3 Staples and Co *1 8 9 Truth and Sportsman, pref 1 1 3 AUCKLAND. £ 8 d Inscr. Stock. -1 p.e., 1955 101 10 0 Ditto. 1940 101 15 0 Commercial Bank of Austr National Bank of Australasia, £5 0 18 11 paid 8 12 6 Bank of New Zealand 9 9 Toohey’s 1 5 0 Waihi 1 6 4 CHRISTCHURCH. National Bank of Australasia. £ s d £10 paid 13 10 0 N.Z. Refrigerating, 10/- pd. (3) 0 9 3 N.Z. Breweries 1 17 8 Howard Smith N.Z. Farmers’ Co-op. 4) p.c. 0 14 3 Stock, 1940 Go 0 0 Bell, Hooper, 9d paid (4) 0 1 1 New Cornish Point, Cd paid .... 0 0 6 DUNEDIN. £ s <1 "Otago Daily Tinies” f> 5 fl Central Shotover (2) ♦Lata sale Friday. 6 1 2

Oct. 13. Oct. 12. Par. N. York, dol. to £ 4.60J 4.66} 4.860 Montreal, dol. to £ 4.73} 4.77} 4.866 Paris, fr. to £ 80 1-32 79 5-32 124.21 Brussels, pel. to £ 22.525 22.275 35 00 Geneva, fr. to £ 16.20 16.02 25.225 Amst’dam, fl. to £ 7.77 7.695 12.107 Milan, lire to £ 50.50 59 92.46 Berlin, njJts. to £ 13.115 13 20.43 St'holm, knr. to XL 10.39 19.40 18.159 C’bagen, knr. to £ 22.40 22.40 18.159 Oslo, knr. to 1900 19.90 18.159 Vienna, scbgs. to XL 28.50 •28 34.585 Prague, knr. to £ 105.50 104.375 164.25 Hel’fors, mks. to X* 226.50 226.75 193.23 Madrid, pes. to £ 37 7-16 37 3-32 25.225 Lisbon, esc. to £ 103.50 102.50 110 Athens, drach. to 560 557.50 375 Belgrade, din. to £ 225 225 276.31 Bucharest, lei to £ 527.50 522.50 813.60 Warsaw, iloty to £ — 27.67 43.38 Rio de J., p. to mil. 44 3-8 44 3-8 . 5.899 B. Aires, p. to peso 145 445 47.62 M. Video, p. to peso •37 *37 ■51 . Calcutta, p. to rup. IS 3-64 181-16 18 Shanghai, p. to dol. 15 7-16 15 3-8 H.-Kong, p. to dol. 17 3-16 171-16 — Y’hama, p. . to yen 14 3-16 14 3-16 24.582 Batavia, fl. to £ 7.83 7.70 12.107

Buyers. £ s <1 Sellers. £ s d National Tobacco, prof. 1 7 0 .—. Ditto. ord 3 4 0 Wellington Publishing Co 5 2 k Moonlight Nelson C«p& —» 0 13

Per ton. Per ton. Copper— £ s d £ s (1 Standard, spot ... 33 3 n 33 6 101 Standard, forward 33 6 10} 33 10 71 ♦Electrolytic 31) (1 0 30 0 0 to 37 0 0 37 0 0 Wire bars 37 0 0 37 0 0 Lead— Forward ........ 11 17 fl 11 17 « Spot 12 2 6 12 2 6 Spelter— Spot Ifl 10 0 1C 10 O Forward 16 15 0 Ifl 15 0 Tin— fSpot 223 17 6 223 18 U Forward 223 10 3 223 17 6 Silver— Standard, per oz. . 18 5-16d 18 5-16(3 Fine 10}d lOJd T American. 4H.60 cents a lb.

Beef. Qrs. Mutton. Lamb. C/cs. C/cs. Pork. C/cs. London . 208,259 1,787,801 6,551.585 206.795 S'thampton 1.756 82,004 419,932 203 Hull 202 749 — 497 Newcastle-on-Tvne 1.374 1.118 1.018 1,748 Liverpool 48,723 175,158 1,007,445 27.997 Glasgow . 24,892 30.957 112,77!) 40,706 Avonmoutli 7,341 60,093 381.7(13 20,087 Manchester 1.560 21,688 243,733 1.371 Cardlll 8.77.3 5,101 43,784 2,582 Vancouver 100 500 1,003 —— Montreal 996 400 1.993 —— New York 500 Canada (East Coast — — s West Indies — —- 14 —* Shanghai 224 30 2 —• Hong-Kong -— — 803 Singapore —— .— 500 Tort Said 5,081 —— — — S. Francisco 200 — 2 Pacific Islands 97 GS 155 1 Total. 1932-33 310,678 2,165,757 8,856,549 301,987 X U LH 1, 1031-32 105,312 2,9113,737 8.883,753 147,020 Increase 115.366 ♦747,980 *27,204 154.958 ♦Decrease.

low: — 1032-33. 1931-32. 427,610 186,530 Wether mutton (c/cs) .. l,OM,OOl 1,437,512 Ewe mu;Ion (c/cs) 926,158 1,435,348 8,794.906 S.8O4,889 Pork (porkers) (c/cs).. 268,616 130.520 Pork (baconers) (c/cs) 55,384 22,357 Boneless beef (frt. c/cs) 438,236 340,337 Sundries (frt. e/cs) .... 376,972 290,614

Beet (quarters) 30/9/33. 30/9/32. 145,489 28,075 Wether mutton (c/cs) .. 14.827 30,806 Ewe mutton (c/cs) 22,833 84.273 Lamb (c/cs) 30.343 48.224 I’ork (porkers) (c/cs) .... 26.057 8.956 fork (baconers) (c/cs) .. 4,144 1,205 Boneless boor (frt. c/cs) 35,226 49,008 Sundries (frt. c/cs) 118,335 65,036 Stocks of frozen meat loaded info ships not departed from New Zealand tember 30 compare as follow 30/9/33 at Sep30/9/32. Beef (quarters) 3.602 3.961 Wether mutton (c/cs) ... 14.811 29.165 Ewe mutton (c/cs) 7.709 G2.4M Lamb (c/cs) 39.740 89,763 Pork (porkers) 4,705 3,792 Pork (baconers) 300 162

£ s d £ 8 d 74 0 0 0 5 ()• Fund. Loan, 4, 19G0-90 110 10 0 0 2 6f War Loan, 3J, after 101 1952 10 0 same Conv. Loan, 31 p.c. . 100 0 0 same Ot Victor? Bonds, 4 p.c. 109 12 6 0 5 C’wealth., 5, 1945-75 •• 110 12 6 0 2 6t 101 6 0 1 3t C’wcalth., 3}. 1937 ... 101 12 6 0 5 ot Victoria, 3. 1929-49 .. 92 5 0 same 3t Victoria; 34, 1929-49 . 98 0 0 0 16 Victoria, Hi, 1930-40 . 102 0 0 0 10 ot Victoria, 5. 1932-42 . 101 10 0 0 2 6* victoria, 4}, 1940-60 . 105 6 same N.S.W., 3. 1935 100 13 9 0 o 9f N.S.W., 3J, 1930-50 .. 98 107 15 0 6 0 5 0 12 Ot ot O'land.3.' 1922-47 .. 93 15 0 0 10 07 N.Z., 41, 1918-58 .... 107 13 0 0 2 0* 101 8 9 0 8 9t N.Z ’ 3, 1945 94 11 3 0 8 9t N.Z.’ 6, 1930-51 107 10 0 0 5 Ot S. Aust., 31. 1939 .... S. Aust., 3. 1910 or 101 0 3 0 0 2 0 13 6t 9t 79 9 Tastn., 31. 1920-40 .... 101 98 0 0 0 0 0 3 0 5 9* Ot W. Atisl.,’3*. 1920-35 . 100 12 6 0 10 Ot IV. Aust., 3, 1915-3,j .. 100 0 same flliglicr. •Lower