FINANCE and COMMERCE

Dominion, Volume 27, Issue 33, 2 November 1933, Page 14

FINANCE and COMMERCE

STOCKS AND SHARES

Quiet Market Yesterday PRICES UNCHANGED There-.was nd change o£ any note in the Wellington stock and share market yesterday. Buyers’ interest again was centred mainly on gilt-edged securities. Government loans and local body ae'bentures retained their strength on an active demand, sellers being comparatively scarce. The 3} per cent, stock.

'1939-43, was sold at £lOl. ■ Banks were quiet, with little variation •in prices. ' New Zealands sold on change 'at 47/4 and more were wanted at that figure;:.‘Pastorals, insurance, and ship-

pine. sha’res were steady on a moderate demand ' New Zealand Refrigerating shares'showed a further firming in anticipation of improved results. The £1 paid were wanted at par, without response, and the 10/- paid had two .sales at 9/11. A year ago the £1 paid were quoted at 8/b, 'and the 10/- paid at 2/5.. . There was again a good inquiry for coal and timber shares. ■■ Mosgiel Woollens firmed to £9/10/-, without response from sellers.' Breweries were steady, and miscellaneous shares were very quiet Colonial Sugars firmed to a sale at £6l/lu/-. There was a very poor inquiry for mining shares. Business was done in Alexanders at 17/6. Waitahus at 6/8, and Bulolos at. £4/18/9. ■ WELLINGTON EXCHANGE . Latest Quotations The latest buying and selling quotations on the Wellington Stock Exchange yesterday were as follow: —

Bell Hooper Cromwell Gold Bell Hooper Cromwell Gold, Ltd., in their report for the week ended October 28, state that the No. 3 cross-drive E. was advanced 10 feet through very lively drift and requires closer timbering. There appears to be stronger gold prospects as this drive advances, and gives the impression of being in the direction of the gold lead. The bottom is almost below the drive level and the No. 2 tunnel must now be driven up for drainage purposes before we can proceed much further.' By survey this level will enable us to drive up and be under the present E workings about T feet 6 inches, and with this face the whole area of the mine could be worked but without resorting to pumping. The No. 3 stope drive E advanced 10 feet, and showed fairly good gold prospects. This bottom has also gradually tfallen away to almost the drive level. The {several stope drives on hand are producing wash of varying values. Blocking out urom the W. boundary is also in hand, mnd is producing some fair wash. wash-up for the week produced It™. IQiwia. at gold.

DEALINGS ON 'CHANGE Sales Recorded Yesterday RETURN ON INVESTMENTS chan I ges r ye°s r terday OD are D showii n in t the following list. In the second column is given the return based on the last annual d|videad, from investment at the quoted price. In calculating the return on shares in companies which pay their dividends outside hJew Zealand the exchange rates have not been taken into consideration. The return on 4 per cent. Government loans includes redemption. In the case of 3i per ceSt loans the return is for Interest alone and covers only the period for which the loans are tax-free. No return is given on local body securities and debentures in the

CHRISTCHURCH.

SYDNEY STOCK EXCHANGE Market Generally Steady By Telegraph.—Press Assn.—copyright. (Received November 1, 9.5 p.m.). Sydney. November 1. On the Sydney Stock Exchange holders of sound industrial shares are difficult to locate, and arc- maintaining a reserved attitude. The market generally is steady. Sales: Bank of New South Wales, £33 17/-; Commercial Bank of Sydney, £l7 14/-; Bank, of Adelaide, ex-diyidend, £6 3/-; Union Bank, £lO/10/-; Colonial Sugar, £62; Associated News’, 20/9; ditto, pref., 20/9; Australian Provincial Assurance, 12/2; United Insurance, £9 12/6; Burns Philp, 55/-; Australian Gas. A, £7/6/6; Tooths, 43/6.; Dunlop Perdriau. 18/9; ditto, pref., 34/6; Goldsbrough Mort, 30/4 J ; Henry Jones, 35/-; Anthony Hordern, 13/-; Farmers, 16/9; Lustre Hosiery, 17/9; Standard Cement, 16/9; Meggitts, 21/9; Commonwealth Wool, 18/3; Electrolytic Zinc, 26/3; Winchcombe Carson, 30/-; Bulolo Gold, £5/2/-; Bulolo Deposits, 1/9}; Mt. Morgan, 51/-; Mt. Lyell, 23/-; Broken Hill Proprietary, 40/10$; Morning sales included: Commonwealth Bonds, 4 per cent., 1938, £lO4/17/6; 1953, £lO5/10/-; 1955. £lO6/2/6; 1959, £lO5 '5/-; 1961, £lO5/15/-; Commercial Bank of Sydney, £l7/15/-; Bank of New South Wales, £33/17/6: Australian Gas, A, £7/6/6; Associated News, 20/6; Broken Hill Proprietary, 40/9; Dunlop Perdriau, 18/9. Melbourne, November 1. Sales: Metropolitan Gas, £l2/16/-; Herald and Weekly Times, 47/-; Dunlop Perdriau, 18/10; National Bank, £5 paid, £6/13/6; Broken Hill, South, 65/-; North Broken Hill, 8176. London Stock Exchange (British Official Wireless.) Rugby, October 31. The extension of the scope of President Roosevelt’s gold purchases on the world gold markets continues to be the principal subject of discussion in the city, but the situation is still obscure and the effects of the development are not yet demonstrated/ The immediate result yesterday was the heavy selling of dollars which at one time went to 4.82} to the £,’ as compared with Saturday’s closing of 4.71}. This morning the opening price was 4.76, and at noon the quotation remained unchanged. The sterling rate on Paris was 80 15~16ths. The stock markets were quieter with an easier tendency. British Government stocks were steadily maintained. War Loan 100 3-16ths. French bonds were somewhat harder, and German bonds unsettled. Gold-mining shares were inactive, following a small decline in the franc, and in consequence a drop of 71d. in the price of gold to £6/10/7. By Telegraph.—Press Assn.—Copyright London, October 31. On the Stock Exchange to-day. quotations) of Australian company stocks compare with previous quotations as follow: Oct. 17. Oct. 31. £ s. cl. £ s. d. Dalgety and Co. shares . 9 5 0 816 3 Dalgety and Co. 4 per cent. deb. Stock 94 10 0 *94 0 0 Goldsbrough, Mort Co., 5 p.c. “B” deb. stock 88 10 0 92 10 0 *Ex interest. Prize Canned Fruit By Telegraph.—Press Assn. —Copyright. London, October 31. The New South Wales Irrigation Commission and the African Canning Corporation, of Port Elizabeth, share the silver challenge cup for the canned fruit iMStion ja iJw Imperial

FALLING PRICES London Butter Market Weak CHEESE ALSO LOWER There has been a sharp decline in the price of New Zealand butter on the London market during the last fortnight. On Tuesday the market was weak at 84/88/-, a drop of 6/- since last Friday, and a decline of 12/- for the two weeks. The cheese market is dull, and at 4a/- for coloured, and 46/- for white, prices are down 1/- to 2/- since last Friday. Joseph Nathan and Co., Ltd., have received from their principals, Trengrouse and Nathan, Ltd., London, the following cabled advice, dated October 31:—'New Zealand butter: Finest, 88/- per cwt; first, 84/-. Weak. New Zealand cheese: White, 46/- per cwt; coloured, 45/-. The New Zealand Producers’ Co-opera-tive Marketing Association’s weekly cabled market report from London, dated October 31, is as follows:—Butter: Market is slow, and prices have declined. New Zealand, finest grade. 88/-; first "rade, 82/- to 83/-. Danish. 110/- to 112/- Cheese: Market weak. New Zealand, white, 45/-; coloured 44/-. Canadian, white and coloured, 52/- to 04/-. FOREIGN EXCHANGES Position of Sterling (British Official Wireless.) Rugby, October 31. The following rates on foreign exchanges were current to-day, compared with those ruling on October 30:—

Gold and Silver. London, October 31. Gold.—£6/10/7 per fine ounce. Silver.—Cash, 18}d per ounce; forward, IS 3-Sd. BASE METALS MARKET Prices Slightly Easier By Telegraph.—Press Assn.—Copyright (Received November 1, 9.5 p.m.) Londgt, October 31. The official London (middle) quotations tor Tuesday, as reported by the Australian Mines and Metals Association, compare as under with those previously cabled:—

Standard, per oz. . 18Jd 18}d Fine 19 11-16 d 1911-lGd tAmerlcan. 48.30 cents a lb. ‘American, 8.25 cents a lb. LONDON GOLD PREMIUM Factors in the Market For many months, says the /‘Economist’’ of September 30, past the London price of gold has been consistently fixed at a price which includes a premium over the sterling equivalent of the Bauque de France's buying price, and inasmuch as France is still on the gold standard, so that theoretically gold can be withdrawn from the Banque de France for shipment to other centres, it may have appeared curious that buyers of gold, in London should have been willing to pay a premium which at times has exceeded 1/- per ounce. There are several points, however, which must be taken into account. First of all, the Loudon parity price from which the premium is calculated is the actual equivalent at the exchange ruling at the time of fixing the gold of (lie Banque de France’s buying price of 16,919 francs per kilo, fine, less the cost of shipping gold from London to Paris, which amounts to about 2d per ounce; that is,-it represents the price at which a buyer of gold in London for resale to the Banque de France would come out even on the transaction. Now were gold bought from the Banque de France and shipped to London, in the first place the gold would have to be paid for at the Banque de France’s selling price,* which at the current rate of exchange is about 4d per ounce above its buying price; secondly, the cost of shipping it to London —i.e., 2d per ounce — would have to be met. Thus the London parity price is 2d per ounce below the Banque de France’s buying price, which in turn is 4d per ounce below its selling price, and even then a further 2(1 per ounce must be added on, when examining the merits of a purchase of gold in Paris for sale in London, to allow for the cost of shipment from London to Paris. Thus, even as a matter of arithmetic, it would be immaterial whether an operator paid a premium ot about 8d per ounce in London or shipped gold from Paris, and here is an obvious resemblance to the upper and lower gold points of the normal gold standard. Apart from this, gold can only be sold forward in London by negotiation, as gold dealt in at the fixing must be delivered the same day. A shipper of gold from Paris to London would consequently have to put through the extremely delicate transaction of finding a forward purchaser for his gold and covering the exchange rate simultaneously, or else he would have to take a long position in francs for the period between the application for the withdrawal of gold from the Banque de France and arrival in London, which might well lay him open to a serious loss. A final difficulty is that the Banque de France need not deliver gold of quite the fineness required by the London Bullion Market, and so a purchaser of gold in Paris may have to incur refining charges. It is these factors which, in conjunction with the hoarding demand for gold for deposit in London and with the demand for other purposes, explain the London gold premium, and it is clear that it is hardly practicable to take gold from Paris at present rates except at the risk of delay and even loss. Colombo Tea Sales By Telegraph.—Press Association. Dunedin, November 1. At the Colombo tea sales on Tuesday the market for commonest teas was irregular. but all other grades advanced one per cent. Tho quantity auctioned L-waa. .LauibiWllk

IN SHORT SUPPLY Fat Sheep at Addington BIG JUMP IN PRICES By Telegraph.—Press Association. Christchurch, November 1. The very short entry of just 5000 fat sheep at tue double market at Addington to-day placed butchers in rather a quandary. They were faced with the problem of filling two weeks’ requirements of mutton from a yarding very little bigger than the normal supply for one week. The yarding last week was bought keenly with the idea of providing against such a contingency, but there was no surplus last week. . . ~. Farmers were, of course, jubilant, ana many of them reaped the benefit of withdrawing their offerings at the sales last month. One line which was passed last week at 18/- was sold yesterday at 20/and rises of 5/- were common. A good deal of dealers’ stuff was included m the offering, some of it appearing for the third time, but all was cleared. Toward the eud ot the sale bidding became almost hysterical and any sort ot sheep provoked the keenest competition. A lot of ewes which a month ago were offered in wool and attracted a bid of Ib/were sold yesterday out . of wool for a slight advance ou that price, their ownei having clipped from each one of them about ten shillings worth of wool, and he had sold lambs from them at over £1 a head. From the.farm of one local institution ewes in the wool were sold at 30/1, from which lambs had been taken earlier and had realised more than 20/-. JOHNSONVILLE SALE Fat Lambs in Demand Fat lambs met a ready sale at prices a little above export parity at the Johnsonville stock sale held yesterday by Wright, Stephenson and Co., Ltd., and Abraham and Williams, Ltd. The quality of the cattle yarding was up to the usual standard; prime heavy-weight bullocks were easier as compared with last week s rates, while medium-weight cattle were on a par. Cows and heifers showed a slight decline, while runners and vealers. which were yarded in.small numbers, met with a keen sale. The sheep yarding comprised mostly shorn sheep, with a few pens ot woolly wethers. Prices showed no alteration on late rates. Prices were. Cattle : Prime extra heavy .bullocks, tb 10/-. £B/8/-. £B/5/-, £8; prime heavy bullocks. £7/15/-, £7/10/-. £7/;>/-. . - £7, £6/17/-; extra prime heavy cows _and heifers, £6/5/-, £6, £5/17/-, i»/ la/-; prime heavy cows and heifers, £.>/!()/-, £5/6/-, £5/2/6; runners. £3/u/l, £3/4/-, i£3/2/-, £3; vealers, £2, £l/19/-, £l/14/-, £l/7/-. Sheep: Prime extra heavy wethers, woolly, 28/5; shorn, 23/9, 23/6, 23/-, 22/11, 22/6; prime heavy wethers, shorn, 21/-. 20/-; prime extra heavy ewes, shorn, 17/-, 16/7, 16/3, 16/1; woolly, 21/-, 20/3. 20/-; prime heavy ewes, shorn, 15/11. 15/9, 15/6. 15/3, 15/-; heavy hoggets, shorn, 21/3, 21/-, 20/10, 20/9; woolly, 23/-; light hoggets, shorn, 17/1, 16/6; heavy spring lambs, 24/-, 20/-, 22/9, 22/-, 21/-; medium spring lambs, 19/-, 18/-, 17/10,17/7, 17/1; light spring lambs, 16/-, 15/-, 14/2. WAIRARAPA VALUES Mas ter ton Sale Dominion Special Service. Masterton, November 1. A yarding of 956 head of station cattle was offered by the New Zealand farmers’ Co-operative Distributing Co., Ltd., ac the second spring cattle fair at Masterton to-day. Bullocks met much better competition, and made slightly better values. , - „ Fat cattle: Heifers, account N. McKay, £3/15/- to £5/10/-; account A. C. Gawith, £4/5/-; cows and heifers, account C. H. McKenzie, £5/4/-; three and fouryear, account W. B. Hull, £4/10/-. Bullocks: Account McKay Bros., £4/18/-, account A. G. Pihiier Estate, £4/l</-; account Estate J. C. Wrigley, £4/10/-; .account W. 11. Dickens, £4/5/-; account R Bassett, £4/2/-; account Bennett Estate. £4/2/-; account J. McGregor jum, £4/1/-; account W- L. Wrigley, £3/16/-; account E. Pain, £3/16/-; account W. H. Buick and Son, £3/15/-; account H. B. Maunsell, £3/8/-; account T. Potter, £3/8/-. Two-year steers: Account J. R. Nicholls, £3/10/-: account 11. C. Beiliss, £3/7/- ;i account Bennett Estate, £3/10/-; account H. B. Maunsell. £3/4/-; account W. 11. Dickens, £3/1/-; account E. 11. Schofield, £3; account J. McGovern. £2 17/6; account E. Pain, £2/16/-; account L. Donald. £2/15/-. Yearling steers: Account H. C. Beiliss, £3; account R. A. Wilson, £2/15/-; account W. B. Hull, £2 14/-; account P. Cooper, £2/8/-; account Bennett Estate, ill'll-; account W. H. French, £2/6/-; account A. Taplin, £2/3/-; other lower condition yearlings made from £l/10/- to £l/18/-. Two and three-year heifers: Account A. C. Gawith, £3/16/-; account E. 11. Schofield, £2/9 /-; account J. McGovern. £2/2/-; account W. McGregor, £2. Yearling heifers: Account C. Oliver, £l/8/-; account W. 11. French, £l/7/-; account R. A. Wilson, £l/6/-. M. small yearlings, £l/3/- to £l/7/-; yearlipg Jersey heifers, £l/5/-, £l/9/-, £l/15/-. to £2. Cows: account H. B. Maunsell, £2/17/-; account W. H. Dickens, £2/9/-; account W. B. Hull, £2/7/6; account E. H. Schofield, £2/4/6; account E. Pain, £l/17/-; account E. H. Dagg. £1 10/-; cows and calves, £3/1/-. At the usual Masterton sale to-day the New Zealand Farmers’ Co-operative Distributing Company offered 300 fat sheep. 94 pigs, and a few dairy . cattle. Sheep met keen competition, prices improving on last week. Sheep: Shorn wethers, 20/- to 20/9; shorn ewes, 13/to 13/2, and 13/10 to 14/-; woolly ewes, 17/- to 18/-; shorn hoggets, 15/- to 17/3; woolly hoggets, 17/3 to 20/6. Dairy cattle: Springing cows. £3/5/- to £3/10/-; springing heifers, £2/6/- to £3 10/-; heifer in milk, £3; cow in milk, £2 5/-: Jersey bull, Signs. Pigs: Porkers, 25/- to 27/-: slips, 18/to 21/-; good weaners, 15/6 to 17/6; small weaners, 12/-. WESTFIELD SALE Values Generally Firm By Telegraph.—Press Association. 7 Auckland, November 1. There was a good yarding of well finished stock at the Westfield sale today, and values generally were firm at late rates. Extra choice ox sold to 20/a 1001b'; choice and prime ox, 16/- to 18/-; secondary and plain, 14/- to 18/-; prime young cow and heifer beef, 18/- to 20/-; ordinary cow beef, 13/- to 16/-. Extra heavy prime steers made £8 to 18 7/6; heavy prime steers, £7/10/- to £7 17/6; lighter prime steers. £(j/15/- to £7 7/6: small and unfinished steers. £4 12/6 to £5/10/-; extra heavy prime young cows and heifers, £5/5/- to £5/15/-; heavy prime cows and heifers, £4/12/6 to £5; if 'iter prime cows and heifers, £3 15/- to -4/10/-; other killable cows, £2 10/- to £3/10/-. An average yarding of calves was offered, the bulk comprising light vealers and small calves. The demand was not very keen., ayd last week’s values were barely maintained. Medium runners made £2 to £3/1/-; medium vealers, £2/6/- to £2/15/-; light vealers, £l/15/- to £2/4/-; small vealers. £1 to £l/11/-; rough vealers, 10/- to £l/1/-; bobbv calves, 4/- to 8/-. An average yarding of sheep met a steady demand, values remaining firm at late quotations. Heavy prime wethers, shorn, 23/- to 26/-; unshorn, 26/- to 30/6; medium shorn, 21/- to 23/-: unshorn. 24/- to 26/3; unfinished wethers, shorn. 15/- to 18/6; unshorn, 21/- to 22/6; heavy prime young ewes, shorn, 13/6 to 16/3; unshorn, 18/- to 21/6; lighter prime ewes, unshorn. 10/6 to 15/-; hoggets, shorn, 15/- to 19/6; unshorn, 17/- to 25/0. Lambs came formkl and mot a biisK

SYDNEY WOOL SALES Competition Extremely Keen MARKET VERY FIRM By Telegraph.—Press Assn.— Copyright. (Received November 1, 10.5 p.m.) Sydney November 1At the Sydney wool sales to-day 10,772 bales were offered, of which 10,38 b were sold at auction; also 770 Privately. Competition again was Values were firm and equal to the best noint of the week, resulting in full ana satisfactory clearances.. Greasy merino made up to 26}d., obtained for six bales from Rylstone. Good Melbourne Clearance Melbourne, November 1. A catalogue of 10,150 bales was offered at the wool sale to-day, and a 98 per cent, clearance was effected. . Prices were equal to the highest point of the Australian season, with comebacks and fine crossbreds a little better. Comebacks realised to 23d per lb, equal to the highest price in Melbourne this season. Banks’ Gold Holdings Strong protests have been sent to the New Zealand Government by Australian trading banks, which have branches in the Dominion, against the action of the Government in including in the clause in the Reserve Bank of New Zealand Bill relating to the gold reserves of the banks a provision that the gold shall be taken over at par value, and that. any profit made on its sale shall be paid into the coffers of the Government, states the Melbourne “Argus.” The Australian manager of one of these banks pointed out that the com and bullion reserves of the banks in New Zealand amounted to £5,076,000 at par, *nd that only £500.000 represented silver and. copper. The New Zealand Government did not want the unprofitable silver or copper, but audaciously went only for the £4,500,000 of gold. If the gold were sold at the price ruling at present, the Government could make a profit of more than-£1,000,000. which rightly belonged to the banks. The gold holdings of the banks were not only a reserve against their note issues, but formed portion of their general reserves against their liabilities, including their deposits. If the assets of the banks, which had been used to purchase the gold, had been invested in sterling to strengthen the reserve position of the banks, there would have been no thought of depriving the banks of their investment. He expressed the hope that “thist act of brigandage” would not be permitted to disgrace the statutes of New Zealand. Prestige (N.Z.), Limited Prestige, New Zealand. Limited, has paid a preference dividend at the rate of 6 per cent, per annum for the five months May 1,1933, to September 30, 1933. The balance date of the company has. been altered from April 30 to March 31. East African Sugar Victoria Nyanza Sugar, Limited, yesterday advised the Stock Exchange Association. that a cable message from the plantations reads: —“Principal competitor signed provisional agreement. to-day joining East African. Sugar Distributors, Limited.” sale, with little or no alteration in price, makinx 15/9 to 25/-. An increased offering of fat pigs came forward, bidding being very steady for porkers, and these realised late rates. Baconers were hardly in such keen request. Porkers, 29/- to 40/-; baconers, 40/- to 65/-; good stores. 26/- to 30/-; slips, 20/- to 22/-; weaners, 12/- to 18/. Prices at Burnside By Telegraph.—Press Association. Dunedin, November 1. In a yarding of 224 fat cattle at the Burnside sale to-day, there was an excellent selection of prime medium ox beef, with a smaller proportion of extra heavy bullocks than usual, and a short supply of cows and heifers. The market opened weaker, ibut cleared firm at late rates, light primes selling , particularly well. Best bullocks made to £l7/7/6; medium, £7/10/- to £9/10/-; light, £5/10/- to £7; best heifers and young cows, to £7/12/6j medium, £5 to £6/10/-; others, £4 to £5. A large proportion of shorn sheep was included in a yarding of 1500, with more ewes than usual, and prices showed a rise of 1/- and 1/6 per head. Best woolly wethers made to 34/6; medium, 27/6 to 30/-: light, 22/- to 25/-; shorn wethers, to 25/9; medium, 19/- to 22/-; light, 16/- to 18/-; prime woolly ewes, to 27/3; medium, 20/- to 24/-; light, 15/to 19/-. One hundred and sixty lambs came forward, and in an irregular sale cleared at a slight advance on last week. Best lambs made to 26/-; prime, 21/- to 24/-; light and medium, 17/- to 20/-. In the store cattle section, prices were slightly easier. Good-conditioned three and four-year-old steers sold to £6/12/6; well-bred two-year-olds, to £3/14/-; boner cows, 20/- to 34/-: graziers’ cows, 37/6 to £3. An entry of 40 dairy cows met an average market, £6 being the best price obtained. Fat pigs, which numbered 133, were in excess of requirements, and showed an easing in values. Baconers made to £2 12/-; good quality, from 38/- to 39/-. The store pig market was firm at late rates. Stortford Lodge Sale By Telegraph.—Press Association, Hastings, November 1. A moderate yarding of 200 fat cattle met an improved mark£f. at the Stortford Lodge sale to-day. Bullock beef was in short supply, and prime entries generally were few. Bullocks, medium to prime, £6/13/6 to £7/15/-; others, from £3/7/-j cows, medium to prime, £4/7/6 to £5 12/-; others, from £3: heifers, medium to prime, £4/16/- to £6/2/-; others, from £3/6/-. Store cattle —906 were yarded, values showing a decrease on those of last week, and many lines were passed in. Steers, £3 to £3/13/-; bullocks, £3/10/to £4/18/-; heifers. £l/10/- to £3/18/6. Fat sheep—so were yarded, prices improving 1/- a head. Ewes, medium to prime, 19/- to 19/3; shorn ditto, 14/- to 16/6; others, from 12/-: wethers, medium to nrime. 20/6 to 24/6; shorn ditto, to 20/8; others, from 17/-: hoggets, to 22/6. Spring lambs to 22/3. A moderate yarding of store sheep met an improved demand. Ewes made to 16/-; wethers, 20/4 to 24/10; hoggets. 19/2 to 22/8; ewes and lambs (all counted), to 12/7. Marton Sale At the Marton sale on Tuesday the N.Z. Farmers’ Co-op. Distributing Co.. Ltd., offered 300 sheep, 140 cagetie, 55 pigs. The sheep entry consisted principally of shorn hoggets, and shorn fat ewesl, which sold at prices on a par with recent sales. Pigs were firm at late rates. Fat woolly ewes, to 16/9; best shorn ewe.s, 12/6 to 13/8; medium sorts to 11/-; medium 2-tooth wethers, 12/6 to 13/-. A nice pen of fat lambs were passed at 21/-. Heifers a tdrop, £2/15/- to £3/10/-, Springing cows, 37/6 to £2/5/-: cows in profit, 30/-: fat cows, ex dairy, 35/-, £2 to £3: empty heifers, 24/-; medium yearling heifers, 24/- to 28/6; better jaorts, 37/- to 40/6; store cows. 8/6 to 13/-: forward cows. 25/6: yearling Jersey bulls, £2/15/- to £3/5/-; two-year bull £3: 3-venr bull. £2; best weaner pigs. 19Z- to - JSI/6; sopdi topdiunb. -yy.' - t0

N.Z. GOVT. LOANS. Buyers. £ s d Sellers. £ s d , p.c. Bonds, IMO .... 102 0 0 •—• 4 p.C. ditto, 1046 .... 102 0 0 • «' i p.c. ditto, 1955 .... 101 10 0 —— Rural Advance Bond . — M p.c. Ins. Stk., 1930-43 100 15 0 98 0 0 •— 3J p.c. ditto, 1939-52 .. 101 10 0 102 7 0 34 p.c. ditto, 1938-43 .. 100 10 0 —— 34 p.c. ditto, 1938-52 .. 101 10 0 —— 4 p.e. ditto, 1940 .... 101 17 6 —— 4 p.c. ditto, 1946 .... 101 15 0 102 5 0 4 p.c. ditto, 1949 .... 100 10 0 101 0 0 4 p.c, ditto, 1955 .... —, 101 17 6 DEBENTURES. luck. City, 5} p.c., 1944 101 0 0 —— Chch. City, 5} p.c., 1944 101 0 0 Dunedin City, 5}' p.c., 1944 101 10 0 ' — —— Wgtn. City. 54 p.c., 1940 101 10 0 —• Wgtn. Harb. Bd., 5} p.c.. 1940 ......... 101 10 0 Wgtn. City, 4} p.c., — 30/6/1943 102 0 0 Wairere E.P. Bd., 6 p.c., — 1/12/1901 — 102 10 0 Wattomo County Council, 102 10 0 p.c., 1961 '■ Wanganui H.B., 5} p.c., 0 1940 ....... — Palmerston N., 5J p.c.. 101 10 0 1/6/1948 96 0 0 Waitomo R, Bd., 5 p.c., — 1937 ......A....... — 92 0 0 Wgtn. Gas Co. 101 10 O —— Wgtn. Racing Club 95 10 . 0 Amid. Brick and Pipe (Wellington) .....'. — • T“ 95 0 0 BANKS. . \ ‘ ■ Australasia .......... 12 12 6 ComrcL of Aust, ord. . 0 16 11 Comrcl. Bankg, Co., Syd- — 0 17 ney — 18 0 0 National of N.Z. ...... 4 2 6 National of Australasia, — £5 paid — *6 15 0 New South Wales S3 15 0 34 5 (I New Zealand ......... *3 7 4 Ditto, “D” long term — 3 7 6 ‘1 12 0 Union or Aust. — 10 9 0 FINANCIAL. Abraham and Williams — 3 0 0 Dalgety and Co *10 7 6 —— Equitable . Building Co. — Goldsbrough, Mort and 3 15 0 National Mortgage, J 'A” 2 13 0 | Ditto. “B” 110 0 IN.Z. Guarantee Corpn,, — ord., cum. rights .083 [N.Z. Invest, Mort, and 0 8 7 I Deposit 0 3 3 [NA Loan and Merc., — 1 ord. stock 59 0 0 63 0 0 Wgtn. Trust, Loan ... 4 O' 0 — 1 GAS. Christchurch ......... —• WoUingttlti, prd. ..... — 1 8 1 4 3 3 INSURANCE. Aust Prov, Assce. .... —■ 0 12 3 National of N.Z. ....... *0 18 3 New Zealand ...>«&*. 3 14 6 3 15 9 South British ...KiJ. 8 12 0 (standard — 3.1 0 MEAT. pear Meat, cum, rights 1 11 6 1 12 9 IN.Z. Ref rig., £1 paid .. 1 0 0 1 Ditto, 10/- paid .... 0 9 10 0 10 0 [Wgtn. Meat Export pref. 0 18 0 1 TRANSPORT. Puddart, Parker, ord. . — 111 9 Pnlon Steam, pref, .... 1 4 6 P. and O. defd. stk. « 1 4 0 1 5 6 WOOLLEN. Mosgiel .7*9 10 0 — COAL. Pukemiro ...... 0 18 0 Tauplrl O 14 0 Westport 013 4 Westport-Stockton, 0 14 0 pref. 0 1 10 r— TIMBER. Aeyland-O Brien ...... 0 19 0 National 0 6 0 0 T 6 Taringamutu Totara .. 0 2 3 BREWERIES. Carlton 2 3 0 N.Z. Breweries 1 1(1 6 1 IT 3 Tooth and Co. 3 2 0 MISCELLANEOU S. British Tobacco, Aust. — 1 18 6 Colonial Sugar 60 10 0 62 0 0 Dunlop Perdriau — 0 19 0 Electrolytic Zinc, ord. .16 0 1 6 6 Ditto, 8 p.c. pt. .pref, *1 14 9 Farmers' Co-op. Auct’ng. — 2 17 6 Henry Jones Co-op. ... — N.Z. Farmers’ Fertiliser — Prestige (N.Z.), Ltd., •1 17 0 0 16 6 „ Pref _ 1 2 o Bharland and Co., pref. *12 6 Wellington Cordage .. 0 10 0 Wilson’s Cement 16 9 •— Woolworths (N.Z.), pref. — 1 16 0 Ditto, Sydney, 7 p.c<, pref. — 1 6 0 Australian Glass 2 11 6 2 13 6 OIL. Moturoa, ord 0 2 3 Ditto, pref, ....... — 0 5 0 MINING. Alexander, fully paid , 0 18 0 Bell Hooper 0 0 9 0 0 11 Ditto, fully paid ... — 0 1 3 Big River — 0 1 6 King Solomon 0 3 0 0 3 4 Mount Lyell i 2 9 1 3 0 Waihl +1 5 O 1 6 0 Waitahu ....... 0 6 70 6 o *Cum dividend. }Ex dividend.' Unofficial List Buyers. Sellers. £ b d Wellington Publishing £ s d Co 4 0 0 5 O 0 Claude Neon Lights — Invest., Exec. Trust, 2 3 0 “B” debentures .... — 98 15 0

WELLINGTON. Return on InvestSale price ment Inscr. Stock. 31 p.c., £ 8 ( 1 £ s cl 3 1939-43 101 0 0 3 9 Bank of N.Z 7 4 4 15 1 N.Z. Guar. Corpn. .. ♦0 8 31 3 0 3 N.Z. Refrig., 10/- pd. (2) 0 9 1 11 — Colonial Sugar .... 61 15 0 4 Alexander Mines, contr. 0 1 J 6 —— Waitahu 0 6 8 — Bulolo Gold, cum. div. 4 1 18 9 —• Unofficial list: Invest., Exec. Trust, “B” debentures . .. 08 O 0 9 13 1U ♦Late sale Tuesday. AUCKLAND. £ s d £ S' d Inscr. Stock, 3i p.c., 101 3 3 1039-43 0 0 9 Comm, Bank of Aust. (1 17 0 >-> 18 10 National Bank of N.Z. 4 3 6 2 7 11 Bank of N.Z. (2) .... 7 3 4 15 3 Goldsbrough Mort ... 1 10 1 1 13 3 Union Steam, pref. ... 1 4 6 4 9 9 Bycroft, Ltd J 0 6 4 10 0 Colonial Sugar 61 7 0 4 1 5 Farmers’ Trading .... 0 3 4 —— N.Z. Refrig., contr. (3) 0 9 11 —- Bell Kiigour 0 1 t> — King Solomon 0 3 — Waiiil, ex div 1 (J 3 7 18 b Broken Hill Propy. (2) 0 9 2 9 1 Mount Lyell 1 3 1 Unofficial list:— Invest. Exec. Trust, B debentures (2) ... Peters Ice Cream 98 0 0 9 13 10 (Auckland) 0 17 6 — Tatterslieid 1 0 0 —— Were’s, 5/- paid ...... Goldfields Dredging, 0 4 6 •—- 1/- paid 0 1 1 —• tlnterim dividend passed.

£ s d £ s d Inscr. Stock, 4 p.c., 1055 101 12 6 3 17 8 Govt. Bonds, 4 p.c., 1955 102 0 0 3 IS 7 Bank of N.S.W 34 0 0 2 18 10 Bank of N.Z. (2) 2 7 6 4 14 9 Ditto (2) 2 7 5 4 14 10 Ditto (3) 2 7 4' 4 15 1 Goldsbrough Mort (4) 1 10 0 1 13 4 Ditto ..... 1 10 1 1 13 3 Ditto ’1 10 0 1 13 4 N.Z. Refrig., 10/- pd. ' (7) 0 9 It Westport Coal .. 0 13 9 3 12 8 Staples an<j Co. 1 8 2 3 11 0 Beath. and Co.. 1/- pd. 0 6 0 1 6 8 Dunlop Rubber 0 18 9 4 5 4 Ditto 1 0 18 8 4 5 8 Electro. Zinc, pref. .. 1 15 3 4 10 9 Mount Lyell 13 3 t Lawson's Flat .(G) ... 0 0 3 ■ — New Cornish Point, 1/- paid (2) 0 1 1 — Okarito (6) 0 9 11 — Waitahu (2) 0 0 8 — Ditto .... 0 6 7 Sales reported:— Goldsbrough Mort (2) 1 10 1 1 13 3 N.Z. Refrig.J 10/- pd. 0 10 0 — N.Z. Breweries 1 17 3 3 15 2 flnterim dividend passed.

Oct. 31. Oct. 30. Par. N. York, dol. to £ 4.77 4.78} 4.860 Montreal, dol. to £ 4.84 4.855 4.806 Pnri«. fr to £ ... 80 25-32 8019-32 124.21 Brussels, bel. to £ --.6«2 22.615 35.00 Geneva, fr. to £ .. 16.32o 16.29 25.225 Amst’dam, fl. to £ 7.84o 7.82 12.107 Milan, lire to £.. CO 1-32 59.875 92.46 Berlin, mks. to £ 13.205 13.195 20.43 St’holm, knr. to £ 19.395 19.395 18.159 C’hagen, knr. to £ 22.40 22.40 18.159 Oslo, knr. to £ 19.90 19.90 18.159 Vienna, schgs. to £ 29 29 34.585 Prague, knr. to £ 106.50 106 164.25 HeFfors. mks. to £ 220.50 226.75 193.23 Madrid, nes. to £ 37 25-32 37(11-16 25.225 Lisbon, esc. to £ ‘ 104.75 106.25 : 110 Athens, drach. to £ 570 570 375 Belgrade, diu. to £ 233.50 226.75 270.31 Bucharest, lei to £ 540 5.35 813.69 Warsaw, zloty to £ — — 43.38 Rio de J., p. to mil. t43-8 1'4 3-8 5.899 B. Aires, p. to peso 144 f44 47.62 M. Video, p. to peso *361 ♦36 51 Calcutta, p. to rup. 18 18 18 Shanghai, p. to dol. 157-10 15 3-8 —— H.-Kong, p. to dol. 17 1-8 17 1-8 —• Y’hama, p. to yen 14} 14} 24.582 Batavia, fl. to £.. — 7.80 12.107 ♦Nominal. tOfflcial.

Oct. 30. Per ton. Oct. 31. Per ton. Copper— £ s d £ s d Standard, spot ... 33 4 11 32 16 10i Standard, forward 33 6 10i 32 18 9 ’Electrolytic .... 36 10 0 36 10 0 to 37 10 0 37 10 0 Wire bars 37 10 0 37 10 0 Lead— Forward 11 17 6 11 12 6 Spot ............ 12 0 0 11 17 6 Spelter— Spot 16 2 6 15 17 6 Forward 16 5 0 16 0 0 Tin— tSpot 225 6 3 224 12 6 ■ Forward 225 5 0 224 7 6 Silver —