FINANCE AND COMMERCE

Dominion, Volume 27, Issue 147, 19 March 1934, Page 12

FINANCE AND COMMERCE

STOCKS AND SHARES Active Trading Last Week PRICES GENERALLY STEADY Business was brisk in the stock and share markets last week,, a substantial increase in turnover being recorded on the metropolitan exchanges. Trading was well spread over all the leading sections. Prices generally showed no marked changes, the market being steady to firm. An exception was Waihi Gold Mining shares, which were actively trade7T for a rise on the week of 2/3, sales being recorded on Saturday at up to 32/9. There was a strong demand all the week for Government loans, which showed a hardening tendency. Supplies were not plentiful and the bulk of the trading was done in the 4 per cent, stocks, l"4O and 1946 maturities. The 1940 s sold strongly at £lO2 to £lO2/10/-, and the 19-16’s at £lOl/10/- to £lO2/2/0 There was a sale of the 4 per cents., 195 a, at £lO2/7/6. Rural Advance Bonds sold at £99, easing to £97 ex interest. The 31 per cents., 1939/43, were traded nt £lOl, ex interest, an odd lot of 1938/43’s at £lOl/10/-, while the 1938/52’s sold at £lO2/5/-. The only business in local body debentures was' in Auckland Power Board 5$ per cents., 1946. which adj vanced strongly from £lO3/5/- to £lO5 Little change was seen in banks. New Zealands were w’eaker in active trading from 4S/3 down to 47/9, prices being a shade firmer at the close. New South Wales were firm, at £34/2/6 to £34/5/-, 2/6 higher being paid in one or two ‘ cases. Commercial of Australia were steady at 17/- to 17/1, and the preference at £9/9/-. Union of Australia sold nt £lO/5/6, £lO/6/-, and £lO/6/6. Australasias were done at £l3/5/- to £l3 6/6. National of New Zealand at 84/5, National of Australasia, £5 paid, at £6 10/-, and E.S. and A. at £5/14/6 to £5 15/-. Insurance Shares Very Firm. Insurance shares regained higher levels during the week. South British advanced from 75/- to 76/-, New Zealands from 56/9 to 57/9, and Nationals from 18/7 to 18/9. Standards were fairly steady at 60/9 to 60/6. A.P, Assurance sold at 11/1 and 10/11. Gas shares showed small changes. Auckland Gas sold at 25/6 to 25/-, and the contributing at 18/9 to 18/4. Christchurch Gas w r ere done at 28/9. Financial and pastorals were fairly steady, except Loan and Mercantiles, which eased from £59/10/- to £5B. Goldsbrough Morts varied from 33/6 to 33/9, easing later to the former figure. Farmers’ Auctioneering, B preference, sold at 19/- and the A preference at 20/6. Wright, Stephenson,, preference, sold at 18/1 to 18/3. New Zealand Guarantee Corporations were steady sellers at 4/to 4/1. New Zealand Farmers’ Co-op., first preference, sold at 30/-, and the 4-J per cent, stock, 1949, at £BO. Some business was done in woollens. Kuiapoi, 17/- paid, improved on sales from 9/10 to 10/6, the preference selling at 18/-. Wellington Woollen, preference, were traded at £5/12/6, and Bruce Woollen, preference, at 21/lj. A little interest was seen in coal shares. Westports sold nt 14/8, Westport-Stocktons at 1/4 to 1/6. Grey Valleys at 10/-. and Taupiris at 15/- to 15/3 for ordinaries and 25/- for the preference. Kauri Timbers sold at 17/6 to 17/7, and Nationals at 6/-. P. and O. deferred stock was a shade easier on a sale at 23/6. Meat shares were quiet, New Zealand Refrigeratings selling at 17/3 to 17/5 and the 10/- paid at 8/- to 8/3. C.-in-terbury Frozen Meat had a deal at £lO. Southlands at 62/6, and North Otago at £6/6/-. Breweries were slightly firmer, New Zealands trading at 40/- to 40/2 and Tooths at 43/9 to 44/1. Staples sold at 27/- and Timaru, 7/6 paid, at 4/11 to 5/-. .. Business in miscellaneous shares was spread over a wide range of shares. Colonial Sugars sold at a peak of £65 early in. the week, a later deal going through at £64/10/-. Dunlop Rubbers eased from 19/6 to 19/3. New Zealand Paper Mills were, firm on sales at 30/5 to 30/10. Northern Roller Mills were steady at 32/-, but Wilson® Cement easedfrom 26/44 to 26/-. Dominion Fertilisers sold at 17/74, 17/6, and 17/5, and Farmers Fertiliser at 16/-. Electrolytic Zinc, ordinaries, eased from 27/- to 26/-, recovering Inter to 26/7, and the preference sold at 34/7 and 34/6. Other sales in this section were:—New Zealand Newspapers. 28/6; Henry Jones, 34/and 34/9; Milburn Lime, 30/3; Burns Philp, 55/9; British Tobacco, 38/4; Farmers Trading, A preference, 16/3; Anthony Hordern, 15/7; Herald and Weekly Times, 51/1; Benth. 1/- paid, 8/3; Australian-Iron and Steel, preference, 21/3: Morris Hedstrom, 16/41; and Union Oil, 28/-. Mining shares were fairly active, several issues having a good turnover. Waihis made a strong advance from 30/6 to 32/9; Grand Junctions selling at 4/6, 4/10 and 4/8. Brian Borus registered further gains, selling nt 30/6 up to 31/9 and easing to 31/8 and 31/6. Mount Lyells were easier on sales at 24/9 to 24/3. Bawang Tins firmed from 7/- to 7/5, the latter cum dividend, later sales being made at 7/3} to 7/4. King Solomons were easier in trading at 4/u down to 4/2. Gillespies Beach showed steadiness at. 2?3 to 2/2. Other shares in this geelion were generally firm at about late rates. DEALINGS ON CHANGE Saturday’s Sales 'l'ne following sales were reported on Sa*irday on the stock exchanges mentioned: WELLINGTON. Exchange closed.

Sydney Stock Exchange Sy Telegraph.—Press Assn.—Copyright. Sydney. March 17. Rales on the. Sydney Stock Exchange to-day included: — Commonwealth bonds. 4 per cent., 1950. £lO6/12/6; 1955, £lOO/17/6; 1957, £lO7/5/-; 1961. £lO6/10/-; Tooheys, 27/41; Tooths. 41!/-. 42/9, 42/-, 41/9, 42/-, 42/3, and 42/6; Associated News, 22/-; ditto, pref., 22/4•}; Broken Hill Proprietary. 46/-; Dunlop Rubber, 19/4J; ditto, pref.. 34/3; Goldsbrough slort. 33/6; Morris Hedstrpm, 17/-,

GOLDMINING Development at Waihi GOOD GRADE ORE FOUND By Telegraph—Press Association. Waihi, March 16. The following information bearing on recent developments in the Waihi Mine has been cabled to the-company’s London office: —“No. 4 level: Drive east on the north branch of the Martha lode. The next 6ft. assays 11/- per ton. the. width of the vein varying from. 8 to la inches. Driving is suspended. Drive south on .he Edward lode: The next. 40ft. is ore ot good grade, the lode being about sir. wide. No. 5 level: Drive west on the north branch of the Martha lode. Tne next 27ft. is ore of good grade. At 470 ft. west we have crosscut to the north and exposed the full width of the lode, which is 18ft. of gpod srade ore. Martha lode: At 543 ft. west the full width of the lode is 23ft.. and the assay value 6/6 per ton. No. 11 level (70ft. sub-level) ; The drive north on the Edward lode is suspended at HSft. We propose opening up at No. 12.1eve1.” Dominion Special Service. Auckland, March 17. The Waihi Gold Mining Company’s progress report to London this month makes reference to an interesting development at No. 5 level on the vein described as the north branch of the Martha Reef —a development that may prove to be one of considerable importance. What it may mean remains to be determined by further investigation, but when asked to amplify the brief statement contained in the message cabled to London, the mine manager said: “On the No. 5 level the north branch of the Martha lode has been driven upon west at Roycroft’s north-west crosscut for a total distance of 480 ft. For the first 180 ft. what was met with was of little importance, but from that point onward to 445 ft., ore of good grade over a width of from lft._to 4ft. has been disclosed. From the 445 ft. point to 480 ft., the north wall was not seen, and a crosscut to the north 10ft. back from the face proved the lode to be 18ft. wide, all in good grade ore, the dip being 1 in 1} north, The. fact of its dipping in this direction is significant, occause it is the reverse of the dip of the main Martha lode, and goes away into virgin country. “The lode was first discovered in December. 1932, in the Wallace north crosscut at No. 3 level, about 93ft. north of the main Martha lode. At the time it was thought to be a footwall loop of the Martha reef, such loops having been met with at various points eastward on the north side of the main ore body. Owing, however, to the long length of the lode at the No. 5 level, and its dip. the lode would nnpear not to be identifiable with the ordinary loops found on the footwall of the parent reef further east, and it is the greatest widtih of good grade ore opened up on the find.” Mount Morgan Dividend An interim quarterly dividend of 6d. a share of 5/- lias 'been declared by Mount Morgan, Limited, from profits earned in Queensland. Payment will be made on April 10. The last dividend paid was 2/-a share on December 18, prior to the division of the £1 shares into 5/- shares. FOREIGN EXCHANGES Position of Sterling By Telegraph.—Press Assn.—Copyright. London, March 16. The following rates on foreign exchanges were current to-day. compared with those ruling on March 15:—

Gold nnd Silver, London. March 16. Gohl—£6/16/5 per fine ounce. Silver—Cash, 20 ,1-lGd per ounce; forward, 20 l-Sd. London. March 17. Gold —£6/16/6 per fine ounce.

N.Z. APPLES IN LONDON Prices of Mataroa Shipment London. March 16. The first shipment of apples from New Zealand this season, which arrived by the Mataroa, sold as follows: —Worcesters, 12/- to 14/-; Gravensteins, 10/- to 12/-: Alfristons. 12/- to 13/-; Cox's Orange, 25/- to 33/- a case. GRAIN AND PRODUCE ’ Christchurch Markets Quiet Dominion Special Service Christchurch. March 17. There is little change in the potato market. Very little is offering sit the current quotations, as farmers consider that next month should bring a much more active inquiry. A small lot is going north by the Wingatui, but it is too early for shipment in bulk without risking damage. A general frost which occurred during the week will assist to overcome this disability. The frost, however, cut back the tops of later sown crops, and will possibly have some effect on the yield. There is very little northern inquiry at the moment. Whites are quoted for MayJune at £4/2/6 to £4/5/- a ton. f.0.b.. s.i., and Dakotas at £4/10/-. the equivalent respectively of £3 and £3/5/- a ton on trucks. 'The onion crop is now being gathered, and heavy yields are the rule. The market is very dull, and prices on trucks are no better than 35/- a ton. Tt is understood that there is some export, under’ the Government’s guarantee against loss scheme. The limitation of the quantity is 750 tons. Fowl wheat is worth 3/4, f.0.b., s.e.. for prompt and 3/54 to 3/6 f.0.b., s.e.. for April-September. There is no inquiry for oats. Small business continues in the seed trade with no change in prices. British Treasury Bills (British Official Wireless.) London, March 17. The total amount applied for in Treasury bills to-day was £74.770.000. The amount allotted for bills at three months was £40,000.000. The average rate per cent, was 15/TT2 as compared with 18/1.77 last week.

THE WOOL MARKET London Sales Close Firm GOOD GENERAL COMPETITION By Telegraph—Press Assn. —Copyright. London. March 16. A catalogue of 58G6 bales was offered nt the London wool sales to-day, of which 5138 bales were New Zealand. About 5000 bales were sold. . New Zealand greasy crossbred. Waiheke,” sold at 15}d. highest, 12R1. avera”siipe Tialfibred lambs, “W.F.M.,” made 18d. highest, 16 5-Sd. average. The sales closed firm. As compared with the February closing rates, merino and the broader-haired styles were barely 5 per cent, lower; scoured fleece and bulkv pieces were unchanged; short scoured declined 5 per cent.; carbonising wools were down 15 per cent.: crossbreds, fine 5 per cent, down; medium and coarse, 10 per cent.; slipes, medium and coarse, 5 per cent, down, but fine were unchanged. . , The total quantify catalogued was 76,396 bales. Sold to the Home trade. 32 000 bales; to the Continent, u 4,000 baies; held over, 52,000 bales. The following cabled reports were rev ceived in Wellington on Saturday morning bv the firms mentioned:— Dalgety and Company, Ltd.:—London wool sales closed active, good general compe’ition, improved demand for crossbreds. As compared with closing rates of last series:— Good greasy merino . Unchanged. Other sorts greasy merino lower. Good scoured merino . Unchanged. Aver, scoured merino Id. lower, fihort & faulty scoured merino 2d. to 21(1. lower. Greasy halfbred .... 2<L to Id. lower. Greasy fine Xbred .. Id. to ijd. lower. Greasy medium Xbred lid. to 14(1. lower. Greasy Coarse Xbred Id. to lid. lower. Scoured crossbred ... Id. to lid- lower. Fine slipes Unchanged. Other sorts slipes .. Id. to lid. lower. Greasy Xbred lambs . Par to Id. lower.

Levin and Co., Ltd—The auctions closed here to-day at their best point, buyers generally operating free y, especially for greasy merinos, scoured merinos, and fine crossbreds. Compared with the opening rates, we quote I’er 11). Greasy merino — d. <l. Best 1 I? '"Z lier Average 1 to 1} „ Fine halfbreds — 50/56’s >to change Extra fine crossbreds—--48/50’s 4 Fine crossbreds — 46/48’s t Medium cre^sbreds — 44/46's ........ i Coarse crossbreds — 40/44’s 4 ” Low crossbreds — 36/40’s , 1 - Slipe wools generally No change Murray, Roberts and Ltd. Sales have closed firm, competition keen and general. All sections operating freely. Compared with last London sale’s closing rates: Greasy merino, best descriptions, market firm :' greasy merino, other descriptions, declined 5 per cent.; scoured merino, best, market firm: scoured merino, medium to good, declined •» to 10 per cent.; scoured inferior, declined 15 per cent.; crossbred greasy, fine to very fine, par to 5 per cent, decline; crossbred greasy, fine inferior descriptions, declined 5 to 71 per cent.: crossbred greasy, medium best descriptions, declined 16 per cent.; crossbred greasy, medium inferior descriptions, declined 10 to 15 per cent.; crossbred greasy, coarse, declined 10 to 15 per _cent.; crossbred lambs, greasy, declined 5 per cent.; crossbred scoured, fine to very fine, market firm; crossbred scoured, other descriptions. declined 5 to 10 per cent.; slipe crossbred, declined 5 to, 10 per cent. The New Zealand Loan and Mercantile Agencv Co., Ltd. —The sales closed with a fairly firm tone to-day. As compared with last sale’s closing rates, prices are lower 4d. to Id. per_ lb. for coarse and medium crossbred slipe; prices are lower Id. per lb. for medium and coarse greasy crossbred and medium and coarse scoured crossbred ; prices are lower par to Id. per lb. for merino and crossbred lambs, fine crossbred and merino. Large quantities of medium and eoar.se crossbred withdrawn, bids lower than quotations. Quotations for good average New Zealand wool, greasy fleece:—

Wright. Stephenson and Co., Ltd., and A'braham and Williams. —The wool sales closed before an averag" attendance of buyers. The market was firm and prices were well maintained. Continental and Bradford buyers were the chief operators. American representatives were not buying. The total number of bales offered was 74,000. of which (56,000 were sold. We quote tile following realisations :—

Greasy merino. 60/64. yielding 48 per cent 17 Greasy fine halfbred, 56/58, yield-. ing 64 per cent 17 Greasy halfbred. 50/56. yielding 68 per cent 13J Greasv three-quarterbred, 4S/50. yielding 74 per cent 101 Greasy fine crossbred, 46/4S, yielding 75 nej- cent 84 Greasy crossbred. 40/44. yielding 76 per cent. _ 6} Greasv coarse crossbred. 36/40. yielding 77 pci- cent 6 The market j s unchanged for scoured and slipe wools. New Zealand Farmers' Co-operative Distributing Co., Ltd. —Wool sales closed yesterday. Prices compared with close of last series: Greasy merinos, good Io super, low to medium, scoured merinos, good to super, par to 5 per cent, down ; scoured merinos, low to medium, 10 per cent, down ; crossbreds, greasy, fine, 5 per cent., medium 7} per cent... coarse 74 per cent, to 10 per cent., scoured fine 5 per cent., medium 5 per cent, to 10 per cent., course 74 to 10 per cent, down ; slipe.s. fine, unchanged; medium. 74 to 10 per cent., coarse 5 per cent, to 74 per cent., all down. Closing values: Greasy merino. good to super. 1/7 to 2/-: low Io medium. 1/2} to 1/64. Scoured merinos, good to super, 2/6 fo 3/-; low to medium. 1/10 fo 2/3. Greasy tine crossbreds, 1/4 fo 1/84; medium, 91d. to 1/14; coarse, 7}d. to 94d. Scoured crossbreds, fine, 1/11 to 2/8; medium, 1/1} to 1/7}; coarse, 9d. to 1/-. Slipes, fine, 1/3 to 1/8; medium. 1/- to 1/4: coarse. Bd. to lid. Total offered, 73,396 bales; total sold. 66,000 bales; to Home trade, 32.000 bales; to Continent, 32,000; withdrawn. 6500 bales. H. Irwell and Company. Woolbrokers, London.—London sales closed to-day with a firm and active market. As compared with the opening of the current series, prices are without quotable change, but, if anything, favouring buyers.

[ BUTTER PRICES FIRM ; N.Z. Advanced 3/- a Cwt. Last Week CHEESE MARKET STEADY An improvement in the London butter market last week brought the prices of New Zealand salted butter up to 72/- for first grade and 73/- for finest, an advance of 3/- a cwt. on the week. Australian also had a similar rise to 70/ 71/-, Danish quotations were edThe retail price of Danish butter was unchanged at 1/- a lb. and that of New Zealand remained at 9(1., but multiple shops in some districts will advance to lOd. to-day. Deliveries of New Zealand butter last week were 2481 tons, compared with 1889 tons the previous week. The quantity of New Zealand butter in store bad increased to 8935 tons, compared with 8588 tons the previous week and 707 G tons a year ago. The cheese market was steady last week, white showing a rise of 1/- and coloured 6d. a cwt. The Dairy Board’s London office reports Friday’s official closing quotations as follow, those for the previous week 'being shown in parentheses: — Butter. New Zealand, salted. 72/- to 73/- (69/to 70/-; March 16, 1933, 77/- to 80/-) : 72/73/- equals 8.3 d, f.o.b. Unsalted, 71/- to 72/- (69/- to 70/-; March 16, 1933, 76/- to 78/-). Deliveries, New Zealand, 2481 tons. In store, 8935 tons, includes 607 tons ex Avelona Star. Australian, salted, 70/- to 71/- (67/to 68/-) ; unsalted, 70/- to 71/-. Deliveries, Australian, 2455 tons. In store, 6940 tons. ( Argentine, iinsalted, 66/-. 68/- to 70/(66/- to 68/-). South Africa, salted, (So/- to 68/-. Danish, 68/- f.0.b.; 92/- spot (68/-; 92/-). Dutch, unsalted, 84/- to 88/- (92/- to Latvian, unsalted, 71/- to 72/- (72/-). Estonian, unsalted, 71/- to 72/-. The board has also received the following advice from its agents in Canada: — Butter: New York, 24 cents; Montreal, 29 cents a lb. Cheese. New Zealand, white, 43/6 to 44/(4.6 d. f.0.b.) (42/6 to 43/-) ; coloured, 44/- to 44/6 (4.68(1. f.0.b.) (43/6 to 44/-). Deliveries, New Zealand, 22.260 crutes. In store, 97,610 crates. Canadian, white and coloured. 50/- to 54/- to 56/- (52/- to 56/-). Deliveries, Canadian, 5567 boxes. In store, 139,261 English finest farmers, 90/- to 94/- ( quiet) (90/- to 94/-). Australian Minimum Prices. The New Zealand Dairy Produce Board are advised by the Australian board that they have fixed the minimum prices at which Australian butter may he sold for forward shipment to the United Kingdom during the coining week at 84d. to 81(1. These prices are New Zealand f.0.b., equivalent of the Australian c.i.f.e. minimum prices fixed. Agents’ Reports. Mr. Thomas Gray has received the following report, from. Mr. A. C. Rowson, London, dated March 16:—Cheese: Rew Zealand, white, 43/6 per cwt.; New Zealand, coloured. 44/6 per cwt. Market quiet, but steady. Blitter: New Zea and, first grade, 72/- per cwt.; New Zealand, finest grade, 73/- per cwt. Market firmer and good demand. The New Zealand Producers Co-op-erative Market Association’s weekly cabled market report from London dated March 16 is as follows:—Butter: Market firm. New Zealand finest grade, 72/- to 73/-; first grade. 71/- to <2/-. Danish, 92/-. Cheese: Market steady. New Zealand, white and coloured, 43/6 to 44/-. ' BASE METALS MARKET Prices Generally Steady Bv Telegraph—-Press Assn.—Copyright. (Received March 18, 6.30 p.m.) London, March 16. The official Loudon (middle) quotations for Friday, as reported by the Australian Mines and Metals Association, compare as under with those previously cabled:- Mnr Mal . 1(1 .

•American. 8 cents a lb. 53.40 cents a In. Prices ot Other Metals. London, March 10. Pig-iron: Home trade, S3/7/G 1 ton (same); export, £3/2/6 a ton (S-/18/0). Antimony. British, £39/10/- a ton (same) , foreign. £25 a lon (£24/u/-). Molybdenite, Uli/- a unit (37/-). Wolfram, 37/- a unit (31/-). RAW MATERIALS Rubber Slightly Higher By Telegraph.—Press Assn.—Copy right. SHI (Received March 18, 6.30 p.m.) lAUidon, March 17. Friday’s closing prices for the following raw materials were as lollow, those for March 9 being in parentheses:— Cotton : Liverpool quotation, _good American middling, 6.62(1. a lb. (6.65(1.) ; April delivery, 6.26 d. a lb. (6.30 d. Rubber: Para, sd. a lb. (4 7-Sd.) ; planfation smoked ribbed sheet, 5 5-32 d. a lb. (5 3-16 d.). Jute: March-April shipment, Indian jute, Dundee quotation, £l6/2/6 a ton (£l6/5/-). Hemp: The market is quiet. March-May shipment, £l5/10/- a ton (not quoted). Copra: April-May shipment, South Sen. £7/15/- a lon (same) ; smoked, £7 a ton (£7/2/6) ; plantation, Rabaul. £.B 10/- a ton (same). Linseed oil: £2O a ton (£2O/5/-), Turpentine: 50/3 a cwt. (same). ADVANCE IN SHEEPSKINS Timaru Prices Firmer By Telegraph—Press Association. Timaru, March 16. An all-round advance of one penny a pound on the prices realised at the December sale was recorded at the skin sale held by the Timaru 'Woolbrokers’ Association 10-day. There was a complete clearance of the catalogue of 17,294 skins, a good keen demand being experienced tor all grades. Full-wool halfbred, killed, made 13d.; strong halfbred, killed, 12}d.; halfbred, half-wool, killed, 9’d.; halfbred lambs, dead, B}d.; three-quarterbred, full-wool, killed, good pelts, 9}d.: halfbred halfwool, faulty. 12d.; three-quarterbred fullwool. faulty. 12d.; halfbred hoggets, killed, lljd.; three-quarterbred hogge*s, killed. 83d.; three-quarterbred lambs, killed. lOd.; halfbred full-wool, dead, 114 d.; merinos, three-quarter to fullwool, killed. 124 d.; three-quarter to full. I 12d. J

LAMB MARKET FIRM , Improving Demand in London MUTTON PRICES EASIER Lamb market: Very firm, with demand widening. Prices have improved, especially for lightweights. Mutton market: Wethers ami ewes —Prices easier owing to heavier landings, but lower prices improving demand. Beef,market: Dull, owing to low prices of Argentine chilled beef. New Zealand porker pigs: Slightly lower prices improving consumption. New Zealand baconer pigs: Steady, with fair demand. The above report was received on Saturday by the Meat Board from its Londou office, which advises that the following are the approximate average prices realised for the week ended March 16, based on actual transactions of wholesale quantities of the descriptions of meat mentioned, and arc 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. Brices for the two previous weeks are also shown : — New Zealand sheep: Canterbury and North Island selected crossbred wethers and maiden ewes, 4Slb. to 5611)., Js}(l. (sid., 5 7-Sd.) ; 571 b. to G4lb., 5Jd. (s}d„ 5 5-Bd.) ; 651 b. to 721 b., sd. (5 3-Sd., 5Jd.). North Island crossbred wethers and maiden ewes, 4SIb. to 561 b., 5Jd. (s}<l.. 5 7-Sd.) ; 571 b. to 641 b., 51d. (54d., 5 5-Bd.) ; 651 b. to 721 b., sd. (5-ld., 5 3-8 d ). Ewes. 4Slb. and under, 4 3-Sd. (4 5-Bd. 4 5-Bd.) : 481 b. to 641 b., 4d. (44d., 4'l-8d.); 651 b. to 721 b., 34d. (3 7-Bd., 3 7-Bd.). New Zealand lambs: Canterbury, 361 b. and under, 7 3-Sd. (7}d., 6 7-Bd.) ; oilb.* to 421 b., 7<l. (6 7-8 d„ 6sd.) ; 431 b. to 501 b., 6Jd. (6}d„ not quoted) ; second quality, average 321 b., 7d. (6}d.. 6 5-Bd.). Other South Island brands. 361 b. and under, 7J<l. (7 l-Sd.. 6 7-Sd.) ; 371 b. to 421 b.. 7d. (6 7-Sd.. 6sd.) ; 431 b. to 501 b.. 6Jd. (6?d., not quoted). Selected North Island brands, 3611). and under, 7 3-8(1. (7-ld., 6 7-Bd.) : 371 b. to 421 b., 7<l. (6 7-Bd.. 6?d.) ; 431 b. to 501 b., GJd. (6}d., 6 5-Bd.) : second quality, average 321 b., 7d. (6 7-Bd. 6 5-BJ.). Other North Island brands, first quality; 361 b. and under, 7 1-Bd. (7d.. 6|d.) ; 371 b. to 421 b., 6 7-Sd. (6}d., 6 5-Bd.) ; second quality, average 321 b„ 7d. (65(1., 6}d.). Australian lambs: Victorian, first quality 361 b. and under, 6}d. (6 1-8(1., 6d.) ; 371 b. to 421 b., 6 l-Bd. (same) Argentine lambs: First quality, 361 b. and under. 6}d. (6 l-Sd., 6 1-8(1.) ; 371 b. to 421 b.. 6d. (same). New Zealand beef: Ox fores, 2 1-8(1. (2 1-Bd., ; ox hinds, 3 l-Bd. (3}d., 3 3-Sd.) : cow fores and hind® not quoted. Argentine chilled beef: Ox fores. 3 l-8d (same) ; ox hinds, 4Jd. (4 3-8(1., 1 5-Bd.). „ Australian frozen beef: Ox crops, over 1001 b., 2-ld. (same) ; ox hinds, over 1601 b , 3d. (same). . . New Zealand prime porker pigs: 601 b. to*Bolb.. 54(1. (5 5-Sd.. s:}d.) ; 81lb. to 1001 b.. s}<l. (same) ; 1011 b. to 1201 b., s}d. (same). New Zealand baconer pigs: 1201 b. to 1601 b., 6d. (same). By Telegraph.—Press Assn.—Copyright. (Received March 18. 7.25 p.m.). London, March 17. Australian sheep: First quality crossbred and/or merino wethers, 401 b. to 651 b., 4 3-Sd.; second quality. 301 b. to 551 b., 4 3-Bd.; ewes, 301 b. to 551 b., 4 l-Bd. Argentine sheep: First quality crossbred 481 b. to 641 b., 5d.; 651 b. to 721 b., 4Jd. Patagonian sheep: None offering. Australian lambs: Victorian, first qiialitv. 361 b. and under, 6}d.; 371 b. to 421 b„ 61-8(1. Other States, first quality, 361 b. and under, 6]d; 371 b to 421 b., 61-8(1. Victorian,- second quality. 361 b. and under, 61-Bd.; other States, second quality, 361 b. and under, 61-8(1.; all States, third quality, average about 261 b., 61-8(1. Argentine lambs: :First quality, 361 b. and nffder, 6}d.; 371 b. to 421 b.. 6d.; second quality, average about 281 b., 6}d. Patagonian lambs: None offering. Australian pigs: First quality, 601 b. to 1001 b., average about 801 b., 5 3-Bd.; 1011 b. to 1201 b., s}d. Mutton Market Dull. The demand for lamb runs principally on light weights, which are firm. Mutton market dull, with downward tendency, says a report received by Levin and Co., Ltd., from their London agents. Compared with last week’s quotations, lamb (all grades) l-Sd. per lb. higher. Wethers, Id. per lb. lower. Ewes, under 48 lb., 3-Bd. per lb. lower; 4S/721b., id. per ]b. lower. Smithfield “delivered” prices are quoted as follow: —North Island Down lambs, 28/SGl'b., 7-}d. per lb.; 36/421b., 7 l-Bd.; best North'lsland crossbred lambs, 28/3Glb„ 7 3-Bd.; 36/42 lb.. 7d.; North Isla.nd second quality lambs, average 30/311b., 7d.,; best North Island wether sheep, under 481 h., 5?d.; 4S/561b.. s}d.; 56/641b„ s}d.; 64/721b., 5d.: North Island ewes, under 481 b?, 4Jd.; 48/5611).. 4d.; 56/641b., 3?d.; 64/7211).. 31d. New Zealand prime ox beef, 160/ 2201 b., 2 5-8(1. LIVE STOCK MARKET Gisborne Fat Stock Prices Dominion Special Service. Gisborne, March 17. At the Gisborne sale, fat sheep .were firm to a sifatie easier. Ewes, extra, 16/8; good, 15/8 to 16/-; balance, 13/7 to 15/5; wethers, heavy, 19/- to 18/-; medium, 17/7; lambs, 15/2 to 17/4; sec-ond-grade ewes, 10/- to 13/7. Store sheep: A light entry was yarded. Values were maintained. Quality 2-tooth ewes, straight station lines, 21/8 to 22/-; others, to 17/10; mixed ages, young, 15/6 to 15/9; lambs, best, 14/- to 15/1; wethers, 15/6 to 18/7. A large entry of pigs saw prices noticeably easier. Quality wcaners, 11/-; average, 9/- to 10/-. Carterton Sale At I he Carterton sale on Friday Wright, Stephenson and Co., Ltd., offered 1287 sheep. 89 cattle, and 156 pigs. Slieei) sold readily at prices well up to those ruling at late sales. Cattle showed an advance, while pigs made par values. A clearance was made at the following prices:—Sheep; Fat ewes, 17/3, 17/6, IS/-, to 18/6; fat wethers. 22/-. 22/6. 23/-. to 23/6; fat lambs, 20/-, 20/6, 21/-. to 21/6; s.m. ewes, 15/1.15/6, 16/-, 16/6, to 17/-; forward conditioned ewes. 14/6, 15/4. to 16/-; store ewes. 7/10, 8/6. 9/-, to .10/6; b.f. rape iambs. 16/6, 17/1, 18/18/6, to 19/-; w.f. shorn hi nibs, 12/6, 13/-, 13/6, to 14/1 ; w.f. woolly lambs, 14/-. 14/6. to 15/6; w.f. ewe lambs (small). 12/6. 12/9, to 13/4; medium b.f. lambs. 12/6. 13/-, 13/6, to 14/-; S.D. rams. 22/6, 35/-, to £3/2/-; Romney rams. 15/- to 35/-. Cattle: Jersey and Jersey cross weancr heifers. 26/-. 27/, to 30./-; fat cows, £3/3/- to_£3/16/-; forward cows, 35/-, 37/-, 45/-, to 52/6; store cows. 17/6, 25/-. to 28/-; two-veur steers, to 38/-. Pigs; Wenners (small)', 8/- to 10/-: wcaners, 10/6. 11/-, 12/6, 14/-, to 15/-; slips, 16/6. 17/-. to 18/-: porkers. 30/6. 36/-, to 40/-. Feilding Sale Prices At. the Feilding sale on Friday tlie following wales were made by Dalgety au l Co., Ltd.: Fat Jambs, 18/-.; singles. 2.3/9; fat. b.f. ewes. 18/9; fat ewes, 17/10; two-tooth ewes, 26/3; two-tooth wethers, 17/9; four and five-year ewes. 16/7; aged ewes, 12/7, 13/-; wether lambs. 12/5, 12/6, 12/9; fat lambs, 14/1 ; w.s. two-tooths. 13/-, 15/8; b.f. lambs, 1.4/3, 14/6. 15/1; cull lambs, 9/6. 10/-, 11/1.; small m.s. lambs. 11/9, 12/2; woolly b.f. lambs, 14/6; S.D. rums, one-shear, 1 to 3gns.; oue-shear Romney rams, 4 and 6gns.; two-shear Romney rams. 1| to 24gus.; others, Ign.; springing lieife'-. £3; Tut cow, £3; weaner Jersey heifers.

10/-; yearling Jersey bulls, 20/-; store heifers. 37/6. Abraham’ and Williams Ltd. report “s follow:—Fat sheep: Eat lambs, W<>. I<J A 20/-, 21/1; fat ewes, 17/1, 18/-. Store sheep: Two-tooth ewes, 25/-. 26/-, 27/6, 28/-, 28/7 30/32/-; four-year ewes 20/- to 20/4; four and five-year ewes r.w. S.D. ram, 20/3; five-jear ewes, 17/8 to 17/9; five-year ewes r.w. S.D. ram, 10/9 to 18/6; shorn b.f. lambs, 13/4, 15/10, 16/3; shorn w.f. lambs, 14/7, 15/- to 16/-;. wether lambs, 12/o, 14/7, 15/-, 15/1 to 16/2; ewe lambs to 16/-. Fat cattle: Fat cows dairy bred, £2/13/-, £2/15/-, £3, £3/5/-, f4 /17/6, Z £4 12/-; fat Shoruhorn cows, £4/13/6; fat Hereford cows, £4/12/6; fat heifers £2 13/- to_£3/2/-; venders, 29/-, £2. £2/1/-, to £2/i/-. Store cattle: Three-vear steers. £3/10/- to £3/15/-; weaner Red Poll heifers, £l/14/-; weaner Red Pol! £l/14/-; Jersey heifers r.w.b., £1 15/-, £2/1/- to £3; weaner Jersey heifers, 28/-; store cows. 27/-, 33/-. 3(i/-. 37/6. ’V*/’’ £“ ,0 £2/5/-. Dairy cattle: Springing cows. £4/5/-; springing heifers. £3/6/-. Bulls: Potter hulls. 30/- £3 2/6 £3/5/-, £3/16/-, £3/18/6, £4. £4/7/6. Hie New Zealand Loan and Moren ntile Agency Co.. Ltd., made the following sales: Fat lambs, w.f,, 19/6 to 19/10; fat lambs, b.f., 25/- to 26/6 (pels) ; wethers, 23/3; ewes, 17/- to 18/-, extra 19/-; two-tooth owes (indifferent). 21/6 to 23/6; twn-tooth ewes (medium). 25/4 to 26/6; four-tooth ewes. 27/- t ( > 27/6: four nnd_five-year owes, up tn 20/7; ewe lambs, In/- to 15/7 (small); ewe lambs. 12/- tn 15/- (cull) ; wether lambs, good shorn, to 16/2; wether lambs, medium. 13/6 In 15/6; wether lambs, «mnll. 11/6 fo 12/6. Fat entile: Heifers. £5: unfinished enws. 37/6 tn 58/-: fat dnirv cows. £2/15/- to £3/18/-; four-yenr bullocks. £5/8/-; 24 fo 34-yenr steers. £3 7/- tn £4/6/-; discoloured steers. £3/7/-: dairy heifers (medium). £2/2/- In £2 67-; store cows. 30/- fo 47/-: cup cows, 15/- to 23/-: hulls, potter. £5 to £5/8/-. Chicago Wheat Futures By Telegraph—Press Assn. —Copyright. (Received March IS. 6.30 p.m.l New York. March 17. Chicago wheat : May. 87 3-8 cents a bushel; July, 87 5-8 cents; September, 88 5-8 cents. New York, eash, 98 5-8 cents.

AUCKLAND. £ s. d Znscr. Stock, 3* p.c.. 1038-52 .... 102 <> 0 Ditto. 4 p.c., 1940 102 - 11 Bank of Now South Willes 34 >1 0 Standard Insurance 0 Bank of New Zealand (2) ...... 2 8 0 National Insurance 0 18 9 N.Z. Guarantee Corpn. 0 4 0 Farmers’ Auctioneering, B pref. 0 19 1) Ditto, A pref 1 0 0 Auckland Gas 1 II Kenown Collieries, new pref. . ■ 0 i 0 Waihi 1 12 3 Ditto 1 12 10 Waihi Grand .function 0 4 Morris Hedstrom 0 1ft 8 CHKISTCHUKCH. £ s. d. laser. Stock, 4 p.c., 1940 102 i) I) 102 10 0 Standard Insurance 3 0 Kalapoi Woollen, pref 0 18 0 Austr. Iron and Steel, pref 1 1 3 .Mount Lyell 1 4 4 Brian Born 1 11 6 1'reshford 0 0 1 Itawang Tin, cum div. (2) 0 7 Wallii 1 12 9 Commercial Bank of Aust., pref. 9 9 0 Bank of New Zealand (2) 2 8 9 Ditto 2 7 10 DUNEDIN. £ s. d. A’alhl Grand Junction (2) 0 4 8 —

Mar. 18. Mar. 15. Par. N. York. dol. to £ 5.08 7-8 5.091 4.806 Montreal, dol. to £ • 5.095 5.091 4.866 Paris, fr. to £ 77 111-32 77 15-32 124.21 Brussels, bel. to £ 21.845 21.8(15 35.00 Geneva, £r. to £ 15.77 15.785 —o.22d Amst’dam, fi. to £ 7.57 7.57 12.107 Milan, lire to & 59 13-32 59 15-32 92.4(1 Berlin, inks, to £ 12.835 12.835 20.43 St’holm, knr. to £ 19.395 49.395 18.159 C’hagen. knr. to £ 22.40 , 22.40 18.159 Oslo. knr. to £ 19.90 19.90 18.159 Vienna, schgs. to £ 28 28 34.585 Prague, knr. to £ 122.75 122.75 104.25 Hel’fors, mks. to £ 22(1.50 220.50 193.23 Madrid, pes. to £ 37 11-32 37 7-10 0,1 oo ;i Lisbon, esc. to £ 109.875 109.875 iio" Athens, drach. to £ 530 375 Belgrade, din. to £ 22,> 276.31 Bucharest, lei to £ 510 510 813.60 Warsaw, zloty to £ — 27.00 43.38 Bio de ,T., p. to mil. tl 1-8 HI-8 5.899 B. Aires, p. to peso 730.1 • 1(5.1 ■17.62 M. Video, p. to peso 738'1-8 38 5t Calcutta, p. to rup. 18 3-32 14 1-10 18, Shanghai, p. to dol. Kit 101 —— TI.-Kong, p. to dol. 18J 18 7-10 — Y’hama, p. to yen 14 3-10 14 3-10 24.582 Batavia. 11. to £ 7.55 7.55 tSellers. official. •Sellers. 12.107

The following is the range of prices:— Merino — Good to super 39} to 22 Low to medium ...... 16 to 19 Halfbred, 5G/5S — 21 Good to super 18 to Gow to medium 151 to 17} Halfbred. 50/5G — 144 to Low to medium 12 to Fine Crossbred, 48/50 — Good to super 11 to 12} Low to medium 7i to 10} Fine Crossbred. 46/48 — Good to super Low to medium 9} to to 10} 9} Crossbred, 44/46 — SI to 91 6} 8} Low to medium to Crossbred, 40/44 — to 8} Low to medium 6 to 7-i Coarse Crossbred, 36/40 — Good to super 6J to Medium to goodl 5 J to 6}

(>4’s ....... <1. .... 18 fl. to 22 (>0/64’’s .... .... 10 to 18 J 56/58’s .... .... 1«> to 20 .... 1 (> to 18 50\ .... 11 to 14 48/50's .... .... 10 to 13 4(i/48’s .... .... 8 to 91 44/4t;’s .... .... 71 to s| 40/44’s .... 40's to 8 48 s ..... 9 46's 8 to 94

Copper— Standard, spot ... Standard, forward •Electrolytic to £ 32 36 r ton. s. d. n 4t 10 0 0 o 0 0 Per ton. £ s. d. 112 10 74 32 14 41 35 10 0 3(1 0 0 30 0 0 Lead — 11 11 3 11. 12 6 It 17 0 11 17 6 Spelter— 14 1.1 0 14 12 6 15 0 0 14 16 3 Tin— ■■ fSpot 234 10 0 6 234 233 6 6 3 Silver — Standard, per oz. . Fine 20 22J 5-8(1. d. .20 21 -16d. >-8d.