FINANCE and COMMERCE

Dominion, Volume 27, Issue 109, 1 February 1934, Page 12

FINANCE and COMMERCE

STOCKS and shares Market Fairly Quiet LITTLE CHANGE IN VALUES Trndinsr was again fairly quiet on the Wellington Stock Exchange yesterday nine sales being recorded. Government loans continue very nrm Srsm asking 18/5 with late buyers stnylll £ 118/1 New South Wales were down .-ainf sellers asking £34/10/- with no ‘ in si-ht. Insurance shares a,e very strong. South British sole at W 17/-, and Standards nt £W- «"« o/I THiprp wflfi fi zood demand loi ' # JKWIS .»;"■« ■; with late buyers offering Id. less. WELLINGTON EXCHANGE Latest Quotations

London Stock Exchange Jy Telegraph.—Press Assn.—Copyright London, January 30. Sterling on New York, 5.02 i dollars; on Paris, 70 9-16 francs. The Stock Exchange tone remains steady. British Government stocks nre a trifle firmer. War Loan, £lOl/7/6. Gold, 132/10, including a premium over the franc of Bi<l. New Guinea Gold, 5/6. London, January 30. London sales quotations of shares of Australian and New Zealand banks and other corporation debentures in Txmdon compare with previous quotations as follow:—

Chicago Wheat Futures Bv Telegraph.— Press Assn.—Copyright Montreal. January 30. Chicago wheat futures: May, 02 7-8 oents a bushel: July. 911-8; September, 92}. New Xork, cash. 103 1-8 centa.

ACTIVE MARKET Sydney Stock Exchange INDUSTRIALS IRREGULAR By Telegraph.—Press Assn.—Copyright. (Received January 31, 10 p.m.). Sydney. January 31. On the Sydney Stock Exchange to-day business was much heavier than has been the case during the past tew days Government loans made headway, but the industrial market was irregular and weaker generally. The mining share market wns also inclined to ease Sales: Bank of New South Wales, £33 10/-; Commercial Bank of Sydney, £l7 15/-; Colonial Sugar, £(M/10/-; Australian Provincial Assurance. 11/4; Mercantile Mutual Insurance, 23/-: A^™ News. 21/li; ditto., pref.. 22/1-4, H»w ard Smith, 15/6; Burns Philp, 54/6, Australian Gas, .A- ; H’ito., B shares, £8; Britisli Tobacco, 37/3, ditto., pref., ex dividend, 28/9; Tooths, 40/3, Tooheys, 27/10i ; Carlton Brewery, 40/6, Berlei. 29/6; General Industries, 10/1 1 < Henry Jones, 33/6; Morris Hedstrom, 18/3; David Jones, 38/-; Dustre ll<xs ierv, 22/10j; Dunlop Perdriau. 21/14 , Wileox Mofflin, 13/6; Anthony Hordern. 15/104: ditto., pref., 25/-. Broken Hill Proprietary 44/-; South Broken Hill, 71/6: Kuala Kampar, 14/3, Mount Morgan, 69/3 ; Mount Lyell. —>/9 , Bonds. 4 per cent. 1// £lOO/12/6; J^JA 1 .^ 776: lO ° o ‘ £lO7/'lO/-; 1961, £loi/12/6. Morning sales nicluded: Cojnnionwealth Bonds, 4 P’ 1 ’ cent.. 19.,8 £lO4/17/6. 1941 £lO5/10/-; 1903. £lO6/12/6, iJoJ. £lO7/7/6; Bank of New South Wales, £33/10/-; Australian Gas. A, Toohevs, 27/7s; Tooths. 45/-; Associated News, 21/6; Broken 44/-; Dunlop Perdriau. 21/11, Golds brom'h Mort, 35/-; Lustre Hosiery . 22/J, David Jones, 38/-; Winehcombe Carson, • Melbourne, January 31. Sales on the Melbourne Stock Exchange to-day included : Commercial Bank of a Austr°alia. 18/6; National Bank £o -FG/16/-: ditto. £lO paid, x.13/1--/ * Mort, 34/104; Dun'op Perdriau, 21/1; Electrolytic Zine, -<>/b, Taranaki Oil, 1/11DEALINGS ON ’CHANGE Yesterday’s Sales

FOREIGN EXCHANGES Position of Sterling By Telegraph.—Press Assn —<’opyrlght London, January 30. The following rates on foreign exchanges were current to-day compared with those ruling on January 20:— Jan. 30. Jan. 29. Par.

(Jold nnd Silver. London. January 34). G o ]d; —£0/12/10 ppr fine ounce. Silver.—♦ Cash, 19 9-lOd. per ounce; forward. 19 9-I<Jd. War Loan, 3J per cent., £lOl/10/By Telegraph.—Press Assn.— Copyright. London, January 30. America bought all the gold offering, £700,000. The price of fine gold is 132/10 per oz. . . Sterling exchange London on New Yotk, 5.02 dollars; London on Paris, 79 9-1 B franco. New York. January 30. 'Rhe dollar closed at G 2.33 cents; sterling at 5 dollars and the French franc at 6.285 cents.

THE WOOL MARKET An Irregular Tendency LONDON SALES QUIETER By Telegraph.—Press Assn. —Copyright. London, January 30. Offerings at the wool sales were 7900 bales, including 2629 New Zealand. About 4280 were sold. The sale was quieter and had a smaller attendance <>t Yorkshire buyers, resulting in larger withdrawals, especially of crossbreds, which formed the bulk of the offering*. Prices were irregular. new Zealand greasy crossbred ‘T.IL/W” sold ITd. highest, 13 5-Bd. average. AUSTRALIAN SALES Good Clearance at Melbourne .Melbourne. January 31. Current Melbourne wool sales show the market to be irregular, but satisfactory clearances were effected. A comeback clip -Sold up to 32(1. pel lb., which is a comebacK record for Australia this season. Keen Compeition at Brisbane Brisbane, January 30. To-day’s wool sales were distinguished by keen competition. The market was very firm for all descriptions of wool. Greasy merino sold up to pet lb., and scoured up to 46id.. ~ The latter is the highest Australian price for the current season. CHRISTCHURCH GAS CO. Profits Slightly Lower The accounts of the Christchurch Gas, Coal and Coke Company, Limited, toi the vear ended December 31, 1933, aiselose a net profit of £21,489, compared with £21,924 in the previous year and £26.128 in 1931. Gross revenue at £174,089 is reduced by £lO4l. With £BO6B brought forward, the balance in the profit and loss account is £29,557. Two dividends ot 3 per cent, each, making, as already announced, b per cent, for the year, absonb £21,-,>2 and £163 has been transferred to renewal fund, leaving a carry forward of £8142. The directors state that general business has been maintained and the results are satisfactory, considering the difficult trading conditions. Following are the company s results and appropriations for the last three years;— 1931 1932 1933 £ £ £ 34,551 29,175 29,557 Dividend p.c. -- 8 91107 21252 Amount 21,300 21,10< To Renewal Fund — 1 1 Carried forward 7,251 . 8,068 8,142 The chief movements in assets are a decrease in plant and buildings of to £479,276 and a rise m bank fixed deposits of £20,000 to £50,000. One liabilities side the reserve fund has been increased by £10,814 to. £h,220. Thprovision for depreciation charged against l revenue in the last three years was £13,902, £13,878 and £10,480 respectively. _____ N.Z. REFRIGERATING CO. Annual Meeting Held By Telegraph—Press Association. Christchurch, January 21. The annual meeting of shareholders ot the N.Z. Refrigerating Co., was held today. The chairman of directors, Mr. n. H E. Flint, referring to the dividend, said he knew some shareholders would be disappointed that the directors had not recommended a larger distribution, but in deciding on a dividend of four per cent., with a special bonus of one per cent., the directors had followed the only course they believed consistent with a reasonably prudent policy. Conditions in the industry bad improved, but they could at predict for how long this betterment would continue. Freezing companies in Canterbury also had to contend with many difficulties, not the least of which was the increasingly severe competition from overseas interests, whose financial resources were infinitely greater those of the locally-owned companies. The retiring directors. Mr. IV. H. E. Flint and Mr. J. R. Cuningham. were re-elected, > ELDER-SMITH & CO. Interim. Dividend Declared The secretary of the Stock Exchange Association has received the following cable from Elder-Smith and Co.: —Interim dividend at the rate of 4} per eent. per annum declared yesterday. Transfer books close February 20 till March 1, inclusive. The dividend last year was at the rate of 4 per cent. GOLD MINING Bell-Hooper Cromwell Bell Hooper Cromwell Gold, Ltd., report on the mine for the week ending January 27: —All the men were engaged on preparatory blocking-out stopes and blocking-out work. The centre stope through block F was advanced 8 feet toward the old Bell Hooper drive: also the centre stope through block M, parallel to the boundary line was! advanced 23 feet, and is now on the high bank ground in block O. Blocking-out work was in progress in block K. The contractor up to January 27 has completed a distance of 96 feet - , giving a distance of 26 feet tor the week. The total gold won for the week was! 350 z. lOdwt. Central Shotover Wash-up By Telegraph.—Press Association Dunedin, January bl. The Central Shotover wash-up final for the paddock wae 190 oz. The total from the paddock was 4980 z., valued at £3275. Golconda Mines Golconda Mines. Ltd., Thames, report for the week ended January 27: —Tunnel level: We have continued the crosscut into the right hand side of the east crosscut. The country is of a nice mild description. Intermediate level: Stoping was continued on the branch reef, and we have been in a blank, but the reef will make again in the next stope. 70ft. level In the leading stope on the main reef east of the shaft, the reef is 4ft. wide, but the values are low. The country is very hard nt this point. Tn the lending stope on the hanging-wall reef, south-west of the shaft, the reef is n nice compact body of ore and a few colours of gold have been seen. We have ; farted to drive ahead again on this reef as it looks very promising. Fourteen Mile Beach The directors of the Fourteen Mile Beach Gold Mining Company, Ltd., report that second paddock cleaned up, gold won amounting to S3oz. 12dwL To this must be added 290 z. 12dwt„ representing washing of boxes only, in November. making total gold won from second palldock worked 113 oz. Idwt. Working conditions have been very fair, with a steady river and an adequate water supply.

ADDINGTON MARKET Store Ewes Advance FAT LAMBS FIRM By Telegraph—Press Association. Christchurch, January 31. An excited demand for store ewes caused a rise of 2/- to 3/- at the Addington market to-day, the highest price for the season, 32/- being paid for 2-tooth halfbreds. There was a keen sale throughout, with strong competition from southern buyers. The entry of 15,000 was the biggest this season. Values: Good 2-tooth halfbred ewes, to 32/-; medium, 25/- to 27/6; ordinary, 22/- to 24/6; medium 2-tooth corriedale to 27/6; ordinary, 22/0 to 25/-; good 4, 6 and 8tooth halfbred, to 27/9; medium, 22/- to 24/6; ordinary, 19/- to 21/6; good 4tooth crossbred, to 26/3; good 4-year, to 25/3; medium 4-year, 20/6 to 23/-; ordinary, 17/- to 20/-; good aged ewes, to 19/7; medium, 14/- to 16/6; inferior, 9/- to 13/6. Store lambs: A good entry of fair quality met a steady demand at 1/- rise, everything being cleared. Values: Best forward halfbred ewes, to 22/10: forward, 18/6 to 20/-; medium, 16/- to 18/-; good halfbred wethers, to .18/8: medium, 15/6 to 17/-; ordinary, 13/- to 15/-;’ good m.s. halfbreds, to 17/6; medium. 14/6 to 16/-; ordinary, 12/- to 14/-; good crossbred ewes, to 19/-; wethers, to 17/-. Fat lambs: An entry of 4200, with the export schedule up id. A keen sale resulted at full schedule rates. Exporters took 50 per cent.' of the yarding and graziers several hundred. Values: Extra prime heavy, to 27/4; prime heavy, 22/to 24/-; medium. 19/- to 21/6; light, 16/- to 18/6. Fat sheep: An entry of 3500 met a slower sale, with values 1/6 down, though the quality was better than for some time. Values: Extra prime heavy wethers, to 27/10; prime heavy, 24/- to 26/-; prime mediumweight, 22/- to 23/6; ordinary quality, 19/6 to 21/6; light, 16/- to 19/-; extra prime heavy ewes, to 25/1; prime heavy, 21/- to 23/6; prime mediumweight, 17/- to 20/6; ordinary quality. 14/6 to 16/6; light, 11/- to 14/-. Fat cattle: The entry of 460 head of good quality met an erratic sale, with values down up to £1 a head. Best beef made 21/6 to 23/-; good, 18/- to 20/-; heavyweight, 15/6 to 17/6 ; medium, 14/6 to 17/-; rough, down to 10/-. Values: Extra prime heavy steers, to £ll/7/6; prime heavy, £8 to £9/10/-; prime mediumweight, £7/10/- to £9/7/6; ordinary, £4/10/- to £6/10/-; light, from £3/10/-; extra prime heifers, to £9; prime, £4 to £6; medium, £2/10/- to £3/15/-; light, to £2/5/-; extra prime cows, to £7/7/6; prime, £3/10/- to £5/5-; medium, £2 5/- to £3/5/-; light, to £2. Fat pigs: A medium entry met a good demand. None was bought for export. Values: Choppers, £2/6/- to £3/18/6; baconers, 46/6 to 55/6; heavy, £3 to £3 12/6: extra heavy, to £3/15/6; average, 41d. to sid. a lb. Porkers, 28/6 to 32/6; heavy, 24/6 to 38/6; extra heavy, to £2 2/-; average, 4Jd. to 5Jd. a lb.

JOHNSONVILLE SALE. Ewe Prices Advance Ewes were keenly competed for at advanced prices at the Johnsonville stock sale held yesterday by Wright, Stephenson. and Co., Ltd., and Abraham and Williams, Ltd. The cattle entry comprised particularly good quality bullocks with cows and heifers. Taking into account the quality, prices for bullocks were on a par with last weeks rates, while cows and heifers were slightly easier. Vealers and runners met with a fair demand at late rates. The sheep yarded were mostly of good quality; wethers were dull of sale, while ewes were keenly competed for at prices showing an advance on late rates. Lambs met with a ready sale. Prices y er e:— Cattle: Prime extra (single), £B/5/-, £B/3/-; prime heavy bullocks, £7/16/-, £7/12/-, £7/10/-, £7 8/- £7/5/-; extra prime heavy cows and heifers, £5/15/-, £5/10/-, £5/6/-: prime heavy cows and heifers, £5, £4/18/-, £4 15/- £4/10/-, £4/7/6; runners, £2/10/-, £2/8/-, £2; (7/-/ £2/1/-, £2, £l/16/6; vealers, £l/5/-, £l/l/-> Sheep: Prime extra heavy wethers, 24/10, 24/6, 24/-; prime heavy wethers, i 22- 21/10, 21/6, 21/-; medium wethers ’2O/3; prime extra heavy ewes, 18/1 17/7, 17/6, 17/5; prime heavy ewes, 16/8, 16/6. 16/-. Heavy spring lambs, 21/6, 20/6. 18/-, 17/6; medium Spring lambs, 16/6, 16/-; light spring lambs, 14/9. Pahiatua Sale At their Pahiatua stock sale on Tuesday, Dalgety and Co., Ltd., offered a yarding of some 000 lambs. On account of the recent rain some of the entries did not come forward, and the yarding was not up to advertised numbers. There was a representative attendance of buyers, and good icompotition was fortncoming on all lines. Practically a total clearance was effected at the following range of prices:—Account A. C. P. Hay, Tirauinea, 95 w.f. shorn wether lambs, 13/6; 9 w.f. shorn wether lambs, 11/4; 3 wethers, IS/-. Account H- Cotten Ngaturi. 184 shorn b.f. lambs, 16/-; K 4 shorn b.f. lambs, 14/9; 22 shorn b.f. lambs, 13/1. Account Brit and Bros Pahiatua, 22 b.f. lambs, 11/1 ; 13 w.f. woolly wether lambs, 13/-. Account ether vendors, 73 w.f. woolly wether lambs 15/6; 360 w.f. woolly wether •ambs: 15/-. 31 S.D. lambs 13/10; i 4 and 5-year ewes, 12/5; 11 b.f. lambs, 12/S. Dominion Special Service. Pahiatua, January 31. Competition was keen for all lines at the Pahiatua sale yesterday, and prices were on a par with those realised at recent sales. A good entry of lambs was offered by the N.Z. Loan and Mercantile Airencv Co. Ltd., the prices for which are as follow;—Account Balfour 260 shorn w.f. wether lambs, 12/8, 14a shorn ewe lambs. 18/5; 23 small do., 13/3; account J. McKay, 53 woolly wether lambs. 15/8; account W. Mitchell, 83 do., 15/6; 86 medium do.. 11/7; account Mrs. H. I. Moynihan, 194 b.f. lambs, 14/-; small ewe lambs, 14/6; cull lambs, 7/6 to 11/6; mixed aged S.D. rams. 1 -uinea to 2 guineas; springing dniry cows. £4/7/6. Prices Advance at Masterton Dominion mt.ci.m Service Masterton, January 31. There was a strong demand for almost every class of stock at the Masterton sale to-day, and spirited bidding resulted. Prices showed a substantial advance on last week. A yarding of lambs offered by Wright. Stephenson and Co., Ltd., brought the following prices:—l39 shorn wether Jambs, 14/8 (extra good) ; -.27 medium shorn w. lambs, 10/3; 186 medium shorn ewe lambs. 13/2; 2o cull ewe lambs, 8/1- 16 cull wether lambs, 6/-; forward lambs. 16/6; 25 w. lambs, 7/1 (small); 50 b.l. lambs, 12/-; u 0 2-tooth wethers, 16/2; fat wethers, 21/-; 20 b.l. 2-tooths. 16/8; forward ewes 13/9. The New Zealand Farmers Distributin'’ Co., Ltd., offereil 1620 , sheep, 4u cattle, and 14 pigs. Prices for store sheep were on a par with last week s sale, while fat owes and wethers hardened a little, and oddments of cattle sold well. Prices were Fat sheep, light fat wethers, 21/o to 22/1 • light Southdown ewes, 14/-, 16/-, to 16/6; fat ewes. 14/» to 15/7; heavy fat lambs, 23/9; light do.. 18/6 to 19/6: store sheep, b.f. rape lambs, 15/6 to 16/1 : medium do., 12/6 to 14/1: small do., 6/5 to 9/10; woolly wether lambs. 14/9; small do., 8/6 to 11/-; shorn wether lambs. 11/10 to 12/6; small do., 8/6 to 9/3; 4 and 5-year ewes (only fair teeth), 13/1; 2-th wethers, 17/7; 4-th wethers, 20/-; forward ewes, 9/10 to 11/-: aged Southdown rams. 21/-. Cattle —Fat Jersey steers. £4/7/6: fat heifers, £3/2/6 to £4/10/-: fat cows, £2/15/- to £.3/2/6: yearling Jersey heifers, 20/- to 22/6: yearling Hereford heifers, £l/12/6 to £1 15/-; potter cows, 20/- to £l/12/6; Jer-

sey bulls, £2 to £3. Pigs —Slips, 12/-; good weaners, 11/6 to 12/-. Burnside Sale • By Telegraph.— Press Association Dunedin, January 31. There were average entries in the major sections at to-day’s Burnside sale. The yarding of fat cattle numbered 214 head, and entry comprised principally medium quality bullocks!, and opened with dull competition, which improved later, closing firm at last week's values. Extra prime heavy bullocks to £ll/10/-; heavy, £9 to £lO/10/-; medium, £7/7/6 to £8 12/6; light, down to £6; extra prime heifers, to £6/7/6; prime cows, to £6/2/6. About 1191 fat sheep were penned, the biggest proportion of. the offering comprising medium and light quality ewes. The sale opened firm at last weeks’ closing rates for all classes, and continued firm throughout. Extra prime heavy wethers, to 30/9; prime heavy, 26/- to 28/9: medium. 23/- to 25/6; light down to 18/9; extra prime heavy ewes, to 27/-; prime heavy, 20/- to 23/-; medium, 17/- to 19/-; light down to 14/-. The entry of fat lambs totalled 899, and there were one or two consignments of outstanding quality. The sale opened with keen competition from butchers and exporters, and prices were firm at the increased schedule ' rates. Extra prime heavy lambs, to 26/6; prime. 21/- to 23/-; medium, 19/9 to 20/9; light down to 17/-. In the fat pig section there were 91 penned. Baconers sold under keen competition at increased rates of up to 10/per head. Porkers also met with good demand, but prices did not appreciate io the same extent. In sympathy with higher prices obtained in the fat section store pig offering of 84, met a keen demand. The store cattle yarding was the largest forward for some time, and in consequence prices declined. VealerS, on account of over-supply, also showed a reduction in value. The dairy section only attracted an entry of 15, with good competition for young cows close to profit. Stortford Lodge Sale By Telegraph—Press Association. Hastings, January *l. Fat cattle, of which 170 were yarded, sold well at Stortford Lodge to-day, values being improved on last week’s levels. Bullock beef made 20/3 a hundred, lb. and heifer beef up to 19/1, cows also realising better prices. Bullocks, medium to prime, nil; others, from £5 to £6/13/-; cows, medium to prime, £4/12/6 to £5/13/-; others, from £3/2/-; heifers, medium to prime, £5 to £6; others, from £4/2/-. The entry of 12,500 store sheep had a good sale, rates realised being on a par with last week. Two-tooth ewes made to 27/6; older ewes, to 21/-; wethers, to 22/3; rape lambs, to 16/-. The entry of 2000 fat sheep made schedule rates, export buyers taking the bulk of the offering. Ewes, medium to prime, 14/6 to 16/8;. others, from 13/6; wethers, medium to prime, 20/4 to 22/9; others, from 18/6: lambs, to 21/9. Westfield Sale Prices By Telegraph—Press Association. Auckland, January 31. Firm conditions ruled at the Westfield fat stock sales to-day. Bidding in most sections was very brisk, and good prices were realised, particularly for sheep. Of beef cattle 680 were yarded. The quality was well up to standard and values were firm for choice lots, but older and heavier sorts tended to be easier. Extra choice ox made 20/- a 1001 b.; choice and prime, 16/- to 19/-; ordinary and plain, 13/- to 16/-; choice and prime cow and heifer, 16/- t0.19/-: other cow beef, 10/- to 16/-. Extra heavy prime steers made £8 to £9; heavy prime, £7 to £B/2/6; lighter prime, £5/15/- to £6/17/6; light prime, £4/15/to £5/12/6; small and unfinished, £3/10/to £4/12/6; extra heavy prime young cows and heifers. £5 to £6; heavy prime. £4 to £4/17/6; lighter prime, £3 to £3 17/6; other killable cows. £l/10/- to £2 17/6. The fact that the annual sheep and ram fair will be held to-morrow influenced the yarding of sheep, but there were few less than the average. There was a keen demand for all classes of prime mutton, both for fat wethers and ewes, values improving by 1/6 a head. Prime wethers made 22/- to 27/9: unfinished, IS/- Io 22/3; prime ewes. 13/- to 18/9; unfinished, 7/- to 13/3. Hoggets. extra prime, in wool, up to 30/-. Lambs came forward in increased numbers and sold readily at about, unchanged prices for plain sorts. Fat lambs were firmer. Prime lambs. 14/3 to 24/9; store lambs. 7/- to 15/6. There was about, an average yarding of calves. Bidding was slack and quotations showed values to be easier than those of last week. Runners. 32/- to 62/-; vealero, 18/- to 68/-. Pigs came forward in good numbers, and competition was keen throughout, Baconers sold at improved ratee, while porkers fetched recent prices. Store ni»s. which were easier early in the sale, improved later. Baconers. 17/- to 65/-; porkers, 28/- to 43/-; large stores, 23/to 28/-.

BASE METALS MARKET Little Change in Prices By Telegraph.—Press Assn.—Copyright. (Received January 34, 10 p.m.) London. January 30. The official London (middle) quotations for Tuesday, as reported by the Australian Mines and Metals Association, compare as under with those previously cabled

•American, 8.25 cents a lb. fAinerican, 51 cents a lb. Blackwater Mines The following development work has been carried out during the quarter ended December 31 at the Blackwater Mines:— No. 11 level was extended ISSft., of which Stiff., was on low grade stone, while the remainder averaged 6£<lwt. over 22in. No. 12 level was advanced 207 ft. on reef averaging 15dwt. over a width of 39in. A total of 138 ft. of rising was done on reef averaging 14dwt. over width of 21 in. One hundred and thirteen feet of whizing was done, averaging 22dwt. over a width of 29in. The Prohibition shaft was sunk 138 ft. and 20ft. of plat cutting wns completed. The hydro-electric plant is working quite satisfactorily. During the period 10.982 tons were crushed for a yield of £29,436, taking gold at 120/per fine ounce. Working expenses were £16.398. while development and shaft sinking amounted to £4290. On capital account £5189 was spent.

AUCTION DIARY TO-DAY. Show Grounds, Feilding. 10 a.m.—Fcildlng Hara Fair. Dannevirke stock sale, 11 a.m. TO-MORROW. Ewe Fair, Hastings, 11 a.m. Show Grounds. Feilding.—Feilding Ram Fair, 10 a.m. 8 Wiileston St., 10.30 a.m.—Pianos, grauionbonos. etc. (E. Johnston). SATURDAY. Wimbledon annual sheep sale, 12.30 p.m. (Williams and Kettle).

DAIRY PRODUCE Mr. Baxter and Quotas When Mr. Thos. Baxter met the New Zealand Dairy Board last September, he made it quite clear that although he was nt that moment asking only for a quota on cheese, he believed that a quota on butter was equally desirable. In answer to a member’s question as to whether he did not think that a quota on butter, and higher prices, would not mean a "ift of at least a portion of the market to the margarine interests, he replied that he did not know anything about margarine, and that all he was really concerned with was the success of the milk marketing scheme in England—in which attitude of course he was perfectly justified. Other questions of a like nature were similarly answered. Mr. Baxter was concerned with one thing, and one thing only—the success of the new milk marketing scheme. He was not prepared to say at what level prices for cheese or butter should be stabilised in order to guarantee the success of his scheme, but contented himself with declarations regarding “profitable prices. Hp told the board also that, after seeing our countryside, he realised that New Zealand depended entirely on her primary products' for her existence, and that if‘we would accept a quota on our dairy produce, he would definitely recommend to the Minister of Agriculture in England that we receive more favourable treatment in regard to meat, following up this suggestion by indicating that much of our dairying country could be turned to fat lamb production. Now, since his return to England, Mr. Baxter, though strongly criticising our Dairy Board and the New Zealand attitude Generally, has been perfectly silent on this point, states the “Dairy Produce Exporter.” He was quite prepared to sacrifice the meat producing farmers of England in the interests of . his milk scheme. Can he genuinely criticise us if we aren’t willing to sacrifice our farmers on account of a quota which we believe is inherently unsound, and will be unnecessary when international affairs assume a more normal complexion. For many years New Zealand has been developed by British capital as a gigantic farm which supplied our kinsmen overseas with farm produce. Is the work ot Generations of farmers and. the capital of English investors to be jeopardised in order to assure the success of the milk marketing scheme? BUTTER AND CHEESE Both Markets Quiet The New Zealand Producers’ Co-opera-tive Marketing Association’s weekly cabled market report from London dated January 30 is as followsßutter, market quiet. New Zealand, 66/- to 67/-. Danish, 88/- to 90/-. Cheese: Market quiet. New Zealand, white, 42/-; coloured, 44/-. Joseph Nathan and Co., Ltd., have received the following cable from their principals. Messrs. Trengrouse and Nathan, Ltd., London, dated January 30: —New Zealand butter, 66/- per cwt.; very quiet. New Zealand cheese, white, 42/-; coloured, 44/-; quiet.

N.Z. GOVT. LOANS. Buyers. £ s. d. Sellers. £ s. d. 4 p.e. Bonds, 1940 .... 101 4 p.e. ditto, 10 0 •••• 0; 4 n.c. ditto, 1940 .... 101 4 p.e. ditto. 1055 ...;, 1’1 Si p.e. Ins. Stk., 1039-4o 101 31 p.e. ditto. 1938-02 .. 100 4' p.e. ditto, 1940 .... 101 4 p.e. ditto, 1040 .... 104 p.e. ditto. 1M9 .... 101 4 p.C. ditto, ■Iti.io .... 101 7 15 10 ib 15 7 17 10 10 6 0 0 0 0 0 6 6 0 0 102 10.1 0 5 0 0 DEBENTURES. 6 0 Wellington,Gas Co. .. 10o Wgtn. Racing Club .. 98 6 - BANKS. Australasia Comrcl. of Aust., ord. *0 12 18 (1 1 0 18 5 Comrcl. Bankg. Co.. . tis 5 4 o 6 Sydney ........... Eng., Scot, and Aust. .. National of N.Z. ,•••_• 3 6 17 8 0 0 National of Australasia, £5 paid b New South Wales 10 0 34 10 9 0 o New Zealand ~ Ditto, “D” long term 1 12 0 Union of Aust T» 17 6 New South Wales, Mel34 7 6 bourne reg FINANCIAL. Abraham and Williams, pref a Dalgety and Co , 10 12 6 Goldsbrough Mort and Co • •••, 1 14 9 *1 15 0 National Mortgage, A —- N.Z. Guarantee Corp., ord., eum rights .. 0 8 0 8 N Z Invest.. Mort, and Deposit 0 5 3 N.Z Loan and Merc., ord. stock 58 0 0 Wgtn. Invest., T. & A. 0 Wgtn. Trust, Loan .. *4 Wgtn. Dep. * Mortgage 0 6 0 0 9 0 11 0 4 6 General Finance GAS. Christchurch *1 9 0 Wellington, ord *1 17 0 1 18 0 Ditto, pref — INSURANCE. National of N.Z. 0 18 4 0 18 7 New Zealand .. - 17 9 3 Queensland 3 4 0 7 6 South British —— 17 6 Standard — 3 * 9 MEAT. Gear Meat 1 5 0 —• N.Z. Refrig., 10/- pd. — ♦0 9 5 Southland 4 3 0 — TRANSPORT. Union Steam, pref. ... — 1 6 0 Kelburne Tramway .. 1 3 0 — WOOLtEN. Wellington, ord — 5 13 6 COAL. Pukemiro 1 1 0 — Westport-Stockton, 6 TIMBEK. Bartholomew 0 12 b — Kauri 0 16 3 — Taringamutu Totara .. 0 4 3 BREWERIES. Carlton - 4 0 — N.Z. Breweries 2 0 t Staples and Co Tooth and Co 2 1 10 ft 4 0 - .MISCELLANEOUS. British'Tobacco, Apst. 1 Hurns. Philp and Co. . 2 17 0 ■ 1 17 6 13 0 Colonial Sugar — 65 0 0 Consol. Brick and Pipe 0 6 3 0 7 6 Dunlop Perdriau .... 1 1 0 1 1 5 Electrolytic Zinc, 8 p.e., part pref - ♦ j. 15 9 National Electric 0 5 0 Prestige, N.Z., pref. . —— 1 1 6 Shnrland and Co., pref. 1 Whltcombe & Tombs Wlliton'B Cement 1 4 0 -—- —- 3 13 0 7 6 —— Woolworths (N.Z.), pref 1 1C 0 — Ditto, ord —— 10 0 Dominion Fertiliser .. 0 10 9 0 17 6 Associated News “Sun’t Newspapers ... 0 — 1 6 4 0 — OIL. Moturoa, ord. — 0 3 .MINING. 16 Alexander, contrlb. ... —■ 0 3 Ditto, fully paid .. 0 15 9 Bell Hooper —— 0 .1 0 Bell Kilgonr —• 0 1 0 Big River —— 0 1 0 Consol. Goldfields .... —— 0 17 6 Gillespie's Beach .... 0 2 4 0 7 King Solomon 0 3 7 0 4 1. 11 -Mount Lyell 1 i) 9 1 Nokomai — 0 b Okarito 0 Wai hi 9 3 —— — 1 10 6 Walhi Grand Junction 0 4 6 —• Wailahu — 0 6 w Nevis Diesel 0 0 1 10 —— Broken Hill Pty —— 4 fl *Cuiu dividend. fEx dividend. — Unofficial List — Buyers. Sellers. £ s. d £ s. d. Wgtn Puldishing Co., Ltd —— ;> 0 0 Denliard Bakeries, pref. —— 1 1 0 Glaxo Manufae.. pref. —- 0 19 !l Wouiworths, Ltd., ord. — u 10 0 Vacuum Products, 10/shares 0 10 3 —— Southern Cross Assce. —— 0 -J 9 Smith Wylie — 0 12 3

• .Tan. 2. •Jan. 30. £ s. (1. £ s. tL Bank of Australasia 10 0 10 10 0 Rank oE N.S.W. . 28 10 0 29 .) 0 Union Bank 8 12 6 8 12 0 Nat. of N.Z 3 0 0 3 10 0 Bank of N.Z. 4 p.c. stock 99 0 0 99 0 0 Bank of N.Z. shares 2 7 6 2 10 9 N.Z. Loan & Menc., 4 p.c. Deb 79 0 0 78 10 0 N.Z. Loan & Merc., ord 41 0 0 42 10 0

tloneil: WELLINGTON. s. d. Inscribed Stock, 3J p.c., 1939-13 .. 101 101 12 13 G 9 South British Insurance 3 17 0 o Standard Insurance 3 o 1 4i 2 0 8 N.Z. Breweiies ■ •1 9 Staples and Brewery •1 9 1 1 Hi Dunlop Perdriau 1<i Woolworths* (N.Z.), pref 10 Mount Lyell 1 5 10 Ditto -;£ ate gn j e Tuesday. AUCKLAND. £ s. d. Rural Bonds, 5 p.C., 1947 •••• 1)8 101 15 0 0 Insc. Stock, 4 p.c., iJ-w •••■• Auckland Fire Board, 6 p.c., 1939 102 i) 0 Comm. Bank of Aust. 4 6 6 1 10 9 British Iwbacco ♦..•••••••• • I 0 8 Electro. Zinc 5 Partners JI rading t 0 19 10 0| Ditto, 10/- paid 0 9 ■14 0 6 1 1 5 9 Mount Lyell (-) Unlisted— 102 Invest., Ex., Trust, CHRISTCHURCH. £ 8. d. Comm. Bank of Aust., cum div. 0 18 3 Cornin’. Bank of Sydney, ex div. 17 17 « 0 Nat Bank of Australasia Co p«. G 14 Bank of New South AV ales .... 31 0 14 Goldsbrough Moi t National Mortgage, A, cum div. 3 N.Z. Refrig., 10/- paid, cum dn. 0 9 3 . _ (4) • • 1 0 2 1 1 0 1 2 2 1 4 Ditto 1 fl 2 1 1 1 5 J 0 0 King Solomon 0 3 li'j 0 0 Sales reported— 101 Inscr. Stock, 31 p.c.. 1938-43 .... Ditto, 3J p.c., 1938-52 12 (» 101 0 V Comm. Bank of Aust 0 18 Bank of New South M ales 34 7 Bank of New Zealand 8 9 10 10 9 () NZ Tiefrig., £1 paid (2) (I 19 11 N.Z Refrig.. 10/- paid 0 9 Timaru Brewery! 7/0 paid 0 6 II 1 n Electro. Zinc, ord 1 , i Ki 1 10} Ditto 1 r 9 ♦1 5 9 Dltt . *I,ate sale Tuesday. DUNEDIN- , £ s. ,1. King Solomon o 9 Salos reported— Mount Lyell (3) 1 5 IO N.Z. Refrig., 10/- paid 0 9 3

N. York, dol. to £ 5.02 4.98Q 4.866 Montreal, do), to £ 5.04 5.025 4.866 Paris, fr. to £ .... 79 15-32 79 27-32 124.21 Brussels, bel. to £ 22.415 22.52.) 35.00 Geneva, fr. to £.. 16.12 16.19 Amst’dam, fl. to £ 7.775 7.S2 12.107 >511100, lire to £ .. 59 7-16 59.75 92.46 Berlin, inks, to £ 13.165 13.25 19.305 22.40 19.90 20.43 St’holm, knr. to £ C’hagen. knr. to £ Oslo, knr. to £ 19.395 22.40 19.90 18.159 18.159 13.159 Vienna, schgs. to £ 29 29 34..>8.) Prague, knr. to £ 106 106 164.25 Hel'fors. mks Io £ 226 50 226.50 193.23 Madrid, pes. to £ 3813-16 39 1-16 25.225 Lisbon, esc. to £ 110 110 110 Athens, drach. to £ *545 1 •545 375 Belgrade, din. to £ 230 230 276.31 Bucharest, lei to £ 530 530 813.60 Warsaw, zloty to £ — — 43.38 Rio de J., p. to mil B. Aires, p. to peso +4 1-8 +36J H 1-8 F36J 5.899 47 62 M. Video, p. to peso +37 •*37 51 Calcutta, p. to rup. IS 3-32 IS 3-32 18 Shanghai, p. to dol. 16 3-8 161 — II.-Kong, p. to dol. IS 17 15-16 —— Y’hamn, p. to yen 14 5-16 14 5-16 24.582 12.107 Batavia, fl. to £.. — —■ ofli iciai ‘Sellers.