TRADE AND FINANCE

Evening Post, Volume CXXII, Issue 67, 16 September 1936, Page 14

TRADE AND FINANCE

PRODUCE & MARKET REPORTS FROM DAY TO DAY

CROSSBRED IN DEMAND

lambs, par to 5 per cent, higher; scoured merinos in good demand; prices firm.

LONDON WOOL SALES

GOOD COMPETITION

(By Telegraph—Press Assn.—Copyright.) (Received September 16, 10 a.m.) ' LONDON, September 15. The September series of wool sales have opened with good Bradford and Continental competition. Merinos are unchanged, but crossbreds are dearer, fine crossbreds by 5 pel* cent, up, and coarse by 5 to 10 per cent, up on last bales' closing Offerings were 10,630 bales, of which 5241 were New Zealand. Sales were 9063 bales. • The offering was a good selection, and it met .active competition except for low greasy- wools, which were frequently withdrawn. ', A good clearance was effected.

; The home trade secured the bulk of the'merinos, prices for which were unchanged. Crossbreds were 7V per cent. •dearer than at the closing prices of the last series.

New Zealand scoured merinos, "HM ■ over Oxford," made 24d per 1b ■■ top price and 22 7-8 d average; slipe,halfbred lambs, "Belfast," sold 181 d highest and 14id average.

ANTWERP WOOL JFUTURES

(By; 'Telegraph—Press .'Assn..—Copyright.) ' (Received September 16;>10.> a.m.) •'• , "ANTWERP,- Septemberls. WooT futures are quiet. Quotations: October, 27Jd; December, 27$ d; March, 27Jd.

The quotations on September 8 were:—October 27 l-8d; December, 27 l-8d; March, 27£ d. The prices are for 64's tops, dry combed..

PRIVATE ADVICES

ACTIVE DEMAND

The Bank of New Zealand, Produce Department, has received the following advice- from its London office, under date September 15:—' The sales have opened with strong competition and large attendance of buyers. There is an active demand by Home and foreign buyers. Compared with the close of last series, prices for merinos are unchanged, fine crossbreds id per lb higher, medium and coarse crossbreds -Jd to Jd per lb higher.

AN AVERAGE SELECTION.

Wright, Stephenson, and Co., Ltd., and Abraham and Williams, Ltd., report having received cabled advice from their London house regarding the London wool sales reading as follows:— As compared with closing rates of the July series, slipe wool is 5 per cent, higher, Australian merino wo or fully firm, and crossbred wool 5 to 7£ per cent.,-higher. 5 . Sales opened'before an' average attendance of buyers,' among wKpm competition was animated. Continental and Bradford buyers were the chief operators. An average selection' of wool was" offered.' We quote the following average realisations:—Greasy merino, 60-64, yielding 48 per cent., 12Jd per 1b; fine crossbred 56-58, 62 per cent., 13? d; halfbred, 50-56, 68 per cent., lid; three-quarterbred, 48-50, 7 per cent., 93d; fine crossbred, 46-48, 75 per cent., 9|d; medium crossbred, 44-46, 75 per cent., 9d; crossbred, 40-44, 76 per cent., 9d; coarse crossbred, 36-40, 76 per cent,. B}d; crossbred lambs, 46-50, 74 per cent, • ..1.Qid,....:.. A GOOD TONE. Murray, Roberts, and Co., Ltd., are in receipt of the following wool market cablegram from their London agents, dated September 15:—The wool sales have opened with a good tone; competition is keen, Bradford: buyers being principal operators. Continental buyers doing almost nothing. Compared with '}. last London sales closing rates, greasy merino, poor selection offered. Wool suitable for Yorkshire, par to 5 per • cent, advance; wool suitable for the Continent, par to 5 per cent, decline; scoured merino market firm. Crossbred greasy fine, advanced 5 per cent.; crossbred greasy medium, advanced 5 to 1\ per cent.; crossbred greasy coarse ■ and scoured crossbred, advanced 5 per cent.; slipe crossbred advanced 5 to 7J per cent. CROSSBREDS UP A PENNY. 1 The New Zealand Loan ;and Mercantile Agency, Company, Limited, has received the following cabled advice from its London house dated September 15:—London wool sales: There was a good attendance at the opening of the sales today, competition by Home buyers being active, and the opening catalogues were representative. As compared with last sales closing rates prices are about the same for merino . and \d to Id per 1b higher for cross- • bred. COMPARATIVE PRICES. The New Zealand Farmers' Co-opera-tive Distributing Co. is advised:—Lon- ; don wool sales opened today. Good attendance and keen competition. Home and Continental buyers operating freely. Prices compared with close of last series in July are as follows:— Greasy merino, par; scoured merino, par to Id up; fine crossbred, par to \d up; medium, and coarse crossbred, id to 3d up; slipes; |d up. " . AVERAGE PRICES. The Bank of New South Wales .has today received the • following cable message from its. London-offlce,dated September 15:—London wool* sales: Good and general competition; Merinos same as last sales close; crossbreds, 5 to 7J per cent., and slipes, 5 per cent, dearer. Average or estimated prices of New Zealand greasy fleece ordinary top-making wools are as follows:— Merino, 60-64,12-jd per lb; fine halfbred, 56-58, 13Jd; halfbred, 50-56, lid; threequarterbred, 48-50, 9Jd; fine crossbred, 46-48, 9Jd; medium crossbred, 44-46, 9d; crossbred, 40-44, 9d. : A GOOD ATTENDANCE. Dalgety and Company, London, September 15, report: Wool sales opened with good general competition. Average selection; good attendance. As compared with closing rates last series, greasy and scoured merino, unchanged; greasy halfbred, id to 3d higher; . scoured halfbred, unchanged; greasy fine crossbred, |d higher; greasy medium and coarse crossbred, j|d to Id higher; scoured crossbred, id to Id higher; slipes, Jd to Id higher. HOME TRADE CONSPICUOUS. Levin and Co., Ltd., have received the following cable from their London agents, dated September 15:—The auctions opened here today with a large attendance of Home and Continental buyers. There is good general competition, particularly from the Home trade. As at present arranged, the sales will close on September 25. Compared with the closing rates of last sale, we quote:—Greasy merino, averaged best, unchanged; fine halfbreds, 50-56, per lb higher; extra fine crossbreds, 48-50, id to 3d; fine, 4648, id to 3d; medium, 44-46, fd to ;]d; coarse, 40----44, id to id; low, 36-40, id to 3d, all higher; slipes, mediums and coarse, • par to 5 per cent, higher, and halfbred

DEMAND SUSTAINED

WOOL HOLDS ITS OWN

The steadiness of the wool market was commented upon by Mr. K. M. Niall, chairman, in addressing shareholders of Goldsbrough, Mort, and Co. This steadiness, Mr. Niall remarked, had helped materially towards imparting a feeling of general confidence to the trade overseas, while the fact that the clip changed hands so freely would indicate to some degree the strong statistical position of wool. The sustained inquiry from Japan during the last Australian season was of great assistance to the market, and good support was given by Great Britain, the Continent, and Australian mills, and it is anticipated that stocks of raw wool in Australia and in the manufacturing countries of the world—apart perhaps from Japan—will be somewhat below normal. The older manufacturing countries of the world have been handicapped to some extent in recent years in their export trade by the development of textile industries in countries which previously purchased their wool requirements in either a manufactured or semi-manufactured state. This development has probably resulted, however, in a wider distribution of purchases of raw material in the primary markets. The difficulties of manufacturing countries have been added to by currency fluctuations, international complications, and high trade tariffs. However, the demand for wool has been maintained, and the increasing world production is being readily absorbed.

Wool still remains one of the more favoured raw materials, notwithstanding the increased production of rayon and similar textiles.

A FIRM TONE

AUSTRALIAN SHARE MARKET

(By Telegraph—Press .Assn. —Copyright.) SYDNEY, September 15. The investment market was without 'change today, a firm tone being noticeable for all but gold shares. ■ Sales:—Bank of New South Wales, £33 ss; Commercial Banking Co. of Sydney, £19 19s; National Bank of Australasia (£lO paid), £14 12s 6d; Colonial Sugar, £43 7s 6d; British Tobacco, 435; Tooths Brewery, 56s 6d; Tooheys, 335; Carlton Brewery, 60s; G. J., Coles, 83s 6d; Goldsbrough Mort, 34s 6d; Electrolytic Zinc, 42s 6d; General Industries, 19s 7Jd; Claude Neon, 51s 3d; Mark Foy, 335; Morts Dock, 12s; Warburton Franki, 20s 9d; Stedman, 18s 3d; Clifford Love, ex dividend, 50s 6d; W. R. Carpenter, ex dividend, 42s 6d; Australia Hotel, 26s 6d; Woolworths, ordinary, buyer at £5 7s, seller at £5 10s; Mount Lyell, 29s 7Jd; Broken Hill Proprietary, 78s 6d; Broken HilL South, £6 6s; Bulolo Gold, £7 ss. MELBOURNE, September 15. Bonds were steady, while industrials maintained a firm tone in a quiet market: Gold-mining shares were irregular. Salest—Cbmmercialßank of Australia, 18s lOd; British Tobacco, 435; Carlton Brewery, 60s 3d; G. J. Coles, 84s; Australian Glass, 94s 9d; DunlopPerdriau, 18s 2d; Goldsbrough Mort, 34s lOJd; Henry Jones Co-0p.,,435; Electrolytic Zinc, 435; ditto, pref., 44s 6d; Victoria Nyanza Sugar, 13s; Mount Morgan^ 13s Id; Mount Lyell, 29s 4Jd; Broken Hill Proprietary, ex rights, 78s 6d; Broken Hill South, £6 8s; Loloma, 15s 9d; United Provisions, 12s 3d; Sulphide Corporation, 16s 8d; Irowat, 2s Id- Hume Pipe, 19s lOd; Kauri Timber, 24s sd.-

PRICE AND RETURN

Latest sales reported and maoe on the Stocls Exchanges of the Dominion, with the;highest prices and the approximate yields per cent, per annum to investors (all subject to appropriate taxes and exchange where operative), based on the last year's distributions, and considering redemption and brokerage in the case of redeemable securities where dated, were as follows:—

*— Cum <liv. or'rights, a.—Market prices includes accrued interest but not brokerage, d.— Capital doubled by bouus shares ratio

. 1:1. . ■ ' c—Excludes Jubilee bonus, i —Interim dividend increased, ii —Position not available. v —Reducible by 20 per cent., nim. '•> per cent. (N.E.A. Act), s.—Dividend paid in sterling.

Compania Swift International, a holding company which controls meat works connected with the Swift Company interests in South America, made a profit equal to nearly £900,000 sterling during 1935. Dividends paid in the year amounted to about £810.000. The undistributed profits at the close o£ 1935 stood M £3,620,000.

STOCK & SHARE MARKET

WEDNESDAY, SEPTEMBER 16, 1936,

BUSINESS TRANSACTED,

Sales ioday:— No. oE ' r > ■ Shares. £ s,d. 100 Broken Hill 3 17 6 100 Consol. Brick & Pipe .. 0 9 6 10 Colonial Sugar 43 2 6 Sales made after going to press yesteidaj • — No. o£ Shares. '•' ■ £ s. d. 50 Broken Hill • 3 18 7 200 Biokeu Hill (2 sales) .. 318 9 300 Biokeu ITill (contrib.) (2 sales) 2 17 3 200 Dunlop-Perdriau (2 wales) 0 18 2 JOO Ele<tiolytic Zinc (oi'd.) 2 2 3 j *Cum div. DIVIDENDS DUE. Cillesyle's Beach—ld per ' share Sept. 16 Mason, Struther's, Christchurch — final 3 per cent, per annum .. Sept. 16 Apex Investment, Masterton —interim at 4 per cent., per annum ..... Sept. 17 Huddart Parker—lnterim pref., 3 per cent., ord. 3% per cent. Sept. IT James Stedman-Henderson's Sweets, Ltd.—ord. 5 per cent, per annum Sept. 17 Broken Hill South—(juartcrly, 2s 6d per share Sept. 18 Kaiapol—ord. 5 per cent., pref. 5 percent. Sept. 19 North Broken Hill—dividend and bonus, 5s per sliaro Sept. 20 Argo Gold Dredge—ld per share .. Sept. 21 Kempthorno, Prosser, and Co.'s N.Z. Drug Company—interim 3\i per cent Sept. 21 Renown Collieries—ord. lOd, final pref. at 7 per cent Sept. £1 Whittonic, Stevenson, Auckland—s per cent Sept. 22 Milne and Choyce, Auckland—ord. and deb., 4 per cent Sept. 23 Bartholomew Timber, namilton —2% per cent, and bonus 1% per cent. Sept. 24 Auckland Farmers' Freezing—fl per cent, per annum Sept. 25 Nemona Dredge—ld per share Sept. 26 Claude Neon. Australia—lS per cent. Sept. 28 Hume Pipe, Australia, Ltd.—s per cent, per annum Sept. 2S Amalgamated Pictures. • Ltd.—halfyearly, 10 per cent. ~ Sept. 30 British Tobacco—quarterly, 2 per cent. Sept 30 Dunlop-Perdriau Rubber—s per cent., cum pref., making 10 per cent, per annum; and 5 per cent., ord Sept. 20 United Building Society, Cliristchurch —interim 2l/ 3 per cent Oct. 1 Nestles and Anglo-Swiss Milk—quarterly pref., 8 per cent Oct. 1 Slyer Emporium, Melbourne— final, 3 per cent., with bonus of fid per share, making B>4 per cent, per annum Oct. 1 Lincoln Mills —final pref. 5 per cent., and ord. S 1-3 per cent Oct. 2 Bank of Australasia —Interim, 3s 6d l>or share, or 1 per ceut. per annum Oct. 2 Amalgamated Zinc (Do Bavay's)— Half-yearly, 5 per cent Oct. 9 AVunderlich, Ltd.—interim half-yearly, ord.. 6 per cent, per annum, Ist and 2nd pref. G per cent, per annum, 3rd pref. 7 per cent, per annum : Oct. 15 Imperial Chemical Industries, Ltd.— interim IS/i per cent, on ordinary shares ...,.;. .Nor., 2

MINING NEWS

REPORTS AND RETURNS

Talisman Dubbo renorls for the period ended September D: —Dubbo level —Stoping: The average value of the ore broken in the slopes from 100 ft north to 435 ft north was good' value and the average width 13m. In the stopes from 618 ft to 670 ft north the ore assayed good values for width of lOin. Talisman No. 1 level—Stoping: The ore from the stopes extending from the main rise to 90ft south averaged very' good value. Average width 7in. Talisman No. 2 levet: Drive south advanced 13ft, total 850 ft. From 830 ft to 840 ft the values were low. At 845 ft the lode is 4Jft wide, the value of the quartz saved being good. Some of the large boulders of quartz on the east side of lode assayed very good value. Hise at 840 ft south to connect with the winze from No. 1 level was put up Bft, total 13ft, above level. The values were very good for width of 24in. BULOLO GOLD DREDGING. Mr. Fred. G. Dunn, attorney for Clutha Development Ltd., has received the following Bulolo Gold Dredging Ltd. production report for August:— For month of August the total gross production amounted to 17,7400z of bullion containing 12,4840z of fine gold from 978,000 cubic yards. Estimated working profit 86570z of fine gold. The above production is equivalent to £109,235, and working profit to £75,748 15s on the basis of £8 15s (Aust.) per fine oz of gold. GOLD RETURNS. Gold dredging, sluicing, and mining returns as received this week are as follows:—

FOREIGN EXCHANGE RATES

Closing sight »ates as quoted oy tne Bank of New South Wales, Wellington, today, for buying and selling foreign currencies, based on New Zealand currency, are as follows:—

The above rates are tor on demand transactions. The £1 is £1 in New Zealand currency. The rates are subject to alteration without -notice. Based on the figures quoted by the Bank of New South Wales the New Zealand pound, compared with its original par value, is equivalent to approximately:— £ s. d. 0 36 1 In London. 10 1 In Australia. (I 16 B>,i in U.S.A. 0 10 3 in Canada. 0 9 11 in France. 0.11 iy 3 in Italy. 0 9 30 in Gevmany. 0 ft 94 in Java. 1 7 10% in Japan.

DOLLAR AND STERLING

(By Telegraph—tress Assn.—Copyrigiit.) (Received September 16, 10 a.m.) LONDON, September 15. Sterling exchange London on New York, 5.06 3-8 dollars.

Dollars. September 14 5.06.1 September 12 5.06 September 11 5.052 September 10 5.05.V September 9 5.05J September 8 5.04 5-8 September 7 5.03 7-8 September 5 5.03* September 1,2,3 .... 5.03* August 1 5.015-8 July 1 5-013 June 2 4.99 - May 1 4.937-8 April 1 4.953-8

DOLLAR RATES

The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates today, on a New Zealand currency basis. They are subject to alteration without notice. U.S.A. Canadian Dollars Dollars (Per (Per £IN.Z.) £IN.Z.) Selling— T.T 4.055 4.05J On demand 4.06g 4.06* Buying— On demand 4.101 4.10J

JAVA EXCHANGE.

(By Telegraph—Press Assn.—Copyright.) (Received September 16, 10 a.m.) BATAVIA, September 15. Sterling exchange, 7.42J guilders to £1.

The rate on September 14 was the same.

BRITISH WAR LOAN.

(British Official Wireless.) RUGBY, September 14. The British War Loan, 3i per cent., is quoted at £107 ss.

PRICE OF SILVER.

(British Official Wireless.) RUGBY, September 14. Price of Silver.—Spot, 19 5-16 d per oz; forward, 19 5-16 d.

PASTORAL STOCKS AND SHARES,

(By Telegraph—Press Assu.—Copyrißht.) (Received September 16, 11.30 a.m.) LONDON, September 15. Quotations on the Stock Exchange today of pastoral and other stocks and shares compare as follows with those previously cabled: — Sept. 1. Sept. 15. £ s. d. £ s. d. Dalgety and Co., 4 p.c. deb. stk. 101 0 0 101 0 0 British Tobacco . 1 12 6 1 12 6 Goldsbrough Mort, B pref (ex div.) 15 0 15 6 Dalgety and Co., shares ........ 7 5 0 7 5 0 P. &O. Det'd. .. 16 10& 15 6

THE FRENCH FRANC,

(By Telegraph —Press 'Assn.—Copyright.) (Received September 16, 10 a.m.) LONDON, September 15. Sterling exchange on Paris, 76 29-32.

The rate on September 14 was 76 9-32.

FERTILISER WORKS

PROJECT FOR NAPIER

A proposal for the establishment of fertiliser works in close proximity to the breakwater harbour at Napier has been supported by shareholders of the Hawke's Bay Farmers' Meat Company, Limited. The negotiations on the proposal have already reached an advanced stage.

It is understood that application for a' licence is to be made at an early date, states the Napier correspondent of the "New Zealand Herald," and that a company is to be formed to establish the works near the breakwater.

The works, it is intended, should be one of the most modern in the Souihern Hemisphere. The construction would be undertaken by an English firm, although the project has not yet reached a point at which details in this connection have been advanced beyond the preliminary stages.

BUTTER MARKET FIRM

The New Zealand Producers' Cooperative Marketing Association received today the following cablegram from its London 'office:—New Zealand butter market firm at 108s to 109s per cwt; Danish, 1275. New Zealand cheese market quiet. White, 68s per cwt; coloured, 665.

DRAPERY COMPANY'S PROFITS,

The accounts of Milne and Choyee, Ltd., drapers and restaurateurs, Auckland, for the year ended July 31 show net profit of £343, compared with £10,256 last year. A dividend of 4 per cent, on ordinary shares and on debenture stock is recommended, compared with 3-J per cent, last year. The directors report that though profits earned had not. been maintained, this was due to adjustments that would not be recurring.

PRICES OF METALS.

(By. Telegraph—Press Assn.—Copyright.) LONDON, September 14. The official London (middle) quotations for Monday, as reported by the Australian Mines and- Metals Association, compare with those previously cabled as follows:—

MINING SHARES

Telegraph—press Assn. —Copyright.) (Received September 16, 11.30 a.m.) LONDON, September 15.

Sales of gold-mining shares include New Guinea, 3s 7Jd; Mount Lyell, 22s 6d.

PRICE OF GOLD

(By Telegraph—Press Assn.—Copyright.!

(Received September 16, 10 a.m.) LONDON, September 15. The price of fine gold per ounce, 137s 4d.

s. d. September 14 137 5 September 12 .... ..: 137 6 September 11 137 64 September 10 137 7.V September 9 137 5| September 8 137 10-A September 5, 7 138 14 September 4 J3B 0j September 3 138 24 September 2 -. 138 3 September 1 138 24 August 1 133 8" July 1 139 04. June 2 139 2 May 4 140 4 May 1, 2 140 10 April 1 140 8 March 2 141 1| February 1 141 0 January 2 141 4

NEW COLOSSEUM, LTD.

Two dividends, making a total of 10 per cent., have been paid by New Colosseum, Ltd., Christchurch. during the year ended July 31, 1936. Net profits at £1976 compares with £1913 made in the previous twelve months, and the amount to be carried forward stands at £2261, compared with £1784 brought in. The directors' report to shareholders states that of the profits for the year, the sum of £280 has been allotted to the depreciation on buildings and £154 to depreciation on plant and furnishings. Provision has also been made for the paya»*nt of income tax.

WUNDERLICH DIVIDEND.

Directors of Wunderlich, Ltd., Sydney, builders' materials manufacturers, have declared an interim ordinary dividend of 6 per cent, per annum for the half-year ended August 31. The last full year's dividend was 4 per cent., interim and final distributions each being at the rate of 4 per cent, per annum.

FRUIT AND VEGETABLES,

Prices of fruit, vegetables, and other produce in the Wellington markets this week are quoted by Laery and Co., Ltd., Thompson Bros., Ltd., George Thomas and Co., Ltd., D. Bowie and Co., Ltd., Townsend and Paul, Ltd., and W. Burbidge and Co., Ltd., as follows:—

Apples: Ballarats, 4s 6d to 5s 6d bushel; Delicious, 4s to 7s 6d; Granny Smith, 6s to 9s 6d; Stunners, 3s 6d to 7s; Washingtons, 4s to 6s 6d. Pears: Winter Coles, 6s to 12s three-quarter case; Winter Nelis, 4s 6d to 6s 6d;- cookers, 5s to 6s 6d. Poorman oranges, 7s to 11s bushel. Passion fruit, 12s to 19s 6d box. Cucumbers, hothouse, 10s to 12s dozen. Tree tomatoes, black, 7s to 10s half-case; red, 6s to 7s. Lemons, cured, 14s to 18s 'bushel; others, 8s to 12s. Green peas, BAd to lid pound. Potatoes, 7s 6d to 10s 6d cwt; new potatoes, Nelson, 4d to 4Jd pound. Asparagus, Is 3d to Is 4d bunch. Celery, 8s to 13s banana case. Cauliflowers, 5s 1o 8s sack. Cabbage, 4s to 10s a sack. Lettuce, 4s to 16s banana case. Spinach, Is 6d to. 5s 9d banana case. Swedes, Is 6d to 3s 6d banana case. Parsnips, 2s 6d to 4s banana case. Carrots, 2s 6d to 4s banana case. Beetroot, 4s to 7s banana case. Spring cabbage, Is to 3s 9d banana case. Leeks, 2d to 6tf bunch. White turnips, Id to 2d bunch. Rhubarb, 4s to 8s dozen bunches. Onions, 5s to 8s 6d cental bag. Eggs: Fresh hens', A grade, Is Id dozen; B grade, Is. Walnuts, choice, 4d to 6d pound. Market Gardeners, Ltd., Wellington, announce values of fruit and vegetables sold at yesterday"s sales: — Apples.—Delicious, 6s to 7s per case; Stunners, 3s 6d to 7s 6d; Statesman, 3s to 4s; Dougherty, 3s to 4s; Washington, 4s to 6s 6d; Rome Beauty, 4s to. 6s 6d. Pears, Winter Nelis, 5s to 6s. Lemons, 8s 6d to 14s 6d. Hothouse tomatoes, Is 7d per Ib. Mushrooms, 2s to 3s per Ib. Vegetables.—Swedes, 2s 6d to 4s 9d p.er case; spinach, Is to 6s 9d; parsnips, 2s 6d; silverbeet, 6d to 2s 3d: cabbage, Is 6d to 3s; carrots, 2s 6d; lettuce. Is to 7s 6d; sprouts, 16s; carrots, 2s to 2s 6d per sack; cauliflowers, 5s 6d to 9s 6d: parsnips. 2s 6d: green peas. lOd per lb; rhubarb, 4s to 8s per dozen bunches; carrots, 2s; leeks, 4s to 5s 6d; radish, Is; beetroot, 4s to 4s 6d; turnips, 2s; cucumbers, 6s to 9s 6d per dozen.

PRICE OF EGGS.

Eggs were quoted on the Wellington wholesale market today at Is and Is Id a dozen, first grade.

Highest Yield, price. p.c, p.a. £ ». d £ e. d. Wellington. . ' N.Z. Insurance .... 3 2 6 3 4 0 Broken Hill Pty 3 18 7 3 3 8 BSHiU^:.(^ 2 17-3 350 G. J. Coles 4 I 9 3 12 Dunlop-Perdriau .... 0 18 3 5 !) 7 Electro. Zinc. 2 2 3 4 14 8 Mount Morgan 0 13 0 . 11 10 9 Auckland. Govt. Bonds, 4 p.c. (1940) a. 101 13 0 3 9 C Inscr. Stock; 4 p.c. (1955) ..: a. 105 15 0 3 10 7 E.S. and A. Bank s. 5 17 6 2 11 0 Bank of N.S.W 32 10 0 3 1 6 Bank of N.Z HO 3 a 111 Farmers' Auct. ■ (£&'■'■ ■■•'■'■■■ pd) .. J\ ...;.... 4 8-6 , 4 10 5 Goldsbrough Morfc .... 1 14 3 ■■: 4 19 Union Steam<" (pref.) . .1 6.:3-.-.4 3 10 Tanpo Totara (pref.) r. 0 19 0.-. .r» 17 10 National Timber ... 0 13 10 ■ 7 4 7 British Tobacco ....i. 2 2 . <>. 2 10 6 Broken Hill Pty 3 IS C 3 3 8 Dunlop-Pcrdriau .... 0 18". 1 5 10 / Electro. Zinc 2 1 !> 4M * Milne and Choyce .. OHO 4 M 10 Wilson's Cement ...,e. 1 Ki 3 4 2 ■ Ui Waihi Investment ... 0 10 C> n. Mount Morgan .... 0 13 Q 11 10 0| Christchurch. j Comm. Bank of Aust. 0 18 S -334, Comni. Bank o£ Aust. ,- (pref.) 9 2 0 4 7 S N.Z. Insurance ■ 3 2 (i 3 4 0| N.Z. Eefrig. (£1 P<1.) 0 1!) 6 5 12 10 Kaiapoi Woollen (17« pd.) 0 15 30 35 4 Tooths 2 15 S 4 9 10 Staples 115 3 2 18 9 Anthony Hordera- ... 0 18 11 2 2 3 British Tobacco .... 2 2 4 2 10 M Broken Hill Pty. ... 3 18 6 338 Broken Hill Pty. (15s „ s s ? g, j. coies"'::::::::* 4 i » 312 Goldsbrough,.Morfc: ■■„.' V.ll> 0 .4.2 4 Dunlop Rubber 0 18 I .5 10 7 Electro. Zinc, (ord.) 2 1 10 4 lo 8 Electro. Zinc (pref.) 2 4 1 4 10 9 Kauri Timber 1 4 3 o .5 1 Argo Gold 0 1 9 "■ SkinDers .... 0 0 4 —- MoSntMor"gan ..... 0 13 0 -It 10 0 Mount Lyell ...... 10 1 * Sulphide Covpn. (15s) 0 16 9 4 0 7 Unofficial— Woolworths (Syd.) d. 5 9 « tDunadln. Inscr. Stock, 4 p.c (194.0) a. 101 15 0 3 9 3 Govt. Bonds, 4 p.c. (1949) a. 10517 6 3 9 3 Inscr. Stock, 4 p.c _ ■ (1955) ........a. 105 15 0 3 10 7 BankofN.Z. 1 M ? 5 111 GoldsbrouRh Mort. .. .114 o 4 19 Cash Orders, rights (m-em ) •■ 0 8 5 n. National Timber .... 0 13 11 73 9 Gillespie's Beach .... O 1 fi 5 11-1 Nemoua _..... , 0 ). 9 4 lo 3 Unoflicial — „ ,„ _ Woolworths (Syd.) d. 5 9 8 112 0i

Morning Call. Buyers. Seilcri. £ s. d. £ s. d. N.Z. Govt. Loans— -> j 3% p.c. Tnscr. Stock, I Jo/5/1939-52 . 103 10 0 — 3% p.c. Inscr. Stock, .15/11/1941-52 ......103 10 0 — 4 p.c. Insciv Stock, 15/1/1937-40 ...... 101 -7 6 — ■i p.C. lllSCL'. Stock, 15/2/1943-40 103 5 0 — i p.c. Inscr. Stock, 15/4/1946-49. 105 5 0 — 4 p.c. Inscr. Stock, i 15/0/1952-55 105 5 0 — 4 p.c. Bonds, 15/4/ 1946-49 — Wa 17 6 4 it.c. Bonds, 15/6/ 1952-55 ........... - 106 0 0 5 p.c. Rural Bonds, 15/9/1947 102 10 0 - Local Bodies Debentures— Auck. City, iV* p.c, 1/1/44 — 10o 5 0 Banks— Coram. of Aust. (ord.) 0 18 3 0 18 6 Eng.( Scot., & Aust. . — 5 19 0 National of N.Z — 3 2 6 New Zealand 1 19 0 1 19 6 FinancialAbraham & Williams (pref.) - i 10 0 Equitable Bldg. Co. .. 0 10 3 — ■ Goldsbrough, Mort, & Co. .. '1 1* 3 1 14 6 T$.Z. Guarantee Corp. — 0 5 8 N.Z. Invest. Mort. & Dep — ■ 0 9 3 N.Z. and River Plate 0 13 6 — Wgtn. Invest. T. & A. — 0 9 9Newton King (pref.) . 0 7 0 — GasChristehurch — 1 8 fi Wellington (ord.) ... 1 17 fi 1 18 0 Wellington (pref.) ... 1 4 i> — InsurancesNational of N.Z. ,,.„. 0 18 2 — New Zealand ....Aii — '3 3 0 I South British ..A fM — 4 11 0 Meat Preservinjj— Gear Meat. .- — 0 IS 9 N.Z. Refrig. (£1) M — 0 19 7 N.Z. Refrig. (10s) .^ 0 8 11 — . TransportUnion Steam (pref.) ,"166 -> WoollenBond's Hosiery Mills ■ — 0 19 3 Oamaru — .12 0 Prestige, N.Z. (pref.) — 1 4= 0 Wellington (ord.) .... — IJ 7 0 Wellington (pref.) .. — 6 7 0 Coal— Westporfc - Stockton (pref.) .« — 0 3 0 Renown —«, — 0 14 0 TimberKauri w , 14 0 14 9 Leyland-O'Biien .... — 13 0 National 0 13 6 0 14 6 Taupo Totara (ord.) . — 0 10 6 I Breweries— N;Z. Breweries • 2 12 0 2 13 0 Staples and-Co ■ -- 1 16 0 Toohoys 1 12 0 — Tui .• 2 10 0 — MiscellaneousAnthony Hordei'u ... — "'0 19 2 Aust. Glass 4 13 3 4 14 3 Brit. Tobacco (Aust.) * • 2 2 4 2 2 9 Broken Hill Pty.: :(we ... rights) ...,■....:•:.. r3 16 9 3 17 C Broken Hilt ' ' J?iy. ■ (contrib.); ■....:... — 2 17 3 Claude Neon Lights (N.Z.) . — -210 Colonial Sugar ■. — 43 5 0 Consol. Brick and Pipe 0 9 5 0 9 6 Dental and Medical Supply ..i — 0 11 0 Dominion Fertiliser . — !. 4 9 Dunlop-Perdriau ■ ..* 0 18 0 0 IS 2 Electro. Zinc (ord.) .220 233 Electro. Zinc (8 p.c. part pref.) 2 4 0 2 4 G General Industries ... — 0 19 6 G. J. Colss 4 2 0 4 2 9 Henry Jones Co-op. .'. ■ ■ — 2 4 0 Hume Pipe * 0 19 6 0 19 10 N.Z. Drug ..* 3 15 0 — N.Z. Farmers' Fertiliser 7. 0 0 — Taranaki Oil 0 10 0 16 Woolworths (N-.Z.) (ord.) ........;'...»* 1 0 5 3 0 Mining— Argo — 0 2 0 Big River ...^Vi»« — ° 1 U% Maori Gully ,^-«. 0 0 7% — Mossy Creek M '#. — 0 16 Skippers ....3CS 0 0 3'A Australian— t Mount Lyell 19 0 3. 9 5 Mount Morgan ./.-;.. 0 12 10 0 13 0 Placer Development . — 5 2 0 ■ . . 'I UNOFFICIAL LISTBuyers, Sellers £ s. d. £ s. d. Woolworths, Ltd 3 8 0 5 10 0 Woolworths (W.A.), Ltd. ..., — 5 17 0 Dominion Life. 10s shares (6s paid) ... ~ 0 7 0 R. G-. Kain (pref.) .. — Oil 6 N.Z. Farmers' Dist. (11s 6d paid) — 0 113 Selfridge's (old issue) ■'173 Shillings Ltd. ........ 0 14 2 0 14 9

Hours. Argo 130 Gillespie's Beach . 130 Nemona 122 King Solomon (5 days) Mossy Creek 136 Maorj Gully 197 Okarito 126 Matafci 134 Bendigo Rise and Shine — Stafford 60 Emperor i Mine (Fiji) — ; Oz. Dwt. 98 0 101 12 38 16 • 34 14 52 12 22 9 26 2 .32. 0 12 14 26 10 1060 0

Buying. Selling. „ „ , On demand. On dcmauil rsew Zealand on £ s. d, £ s. d. London—£ N.Z. to £ stg. 100 123 10 0 121 S 9 Australia— £A to £N.Z. 100. 101 0 0 100 10 0 Fiji— £T to £N.Z. ]00. . 00 V 0 89 0 0 New York — Dollars to £N.Z. 1. 4-.lO% -1.00% Montreal—Dollars to S N.Z, 1 4.10% ■l.OGJi iustrla—Schillings to £ N.Z. 1 — 21.15 Belgium—Belgas to £ N.Z. 1 — 23.004 Czechoslovakia — Crowns to £N.Z. 1 — 97.-1-1 Denmark—Kroner to £ N.Z. 1 18.2fi^ 1T.903 Prance—Francs to £ X.Z. 1 — G1.5S Germany—Relehmarks to • £N.Z. 1 — 10.01S Holland—Florins to £ N.z. l — r..or.2 Italy—Lire to £N.Z. 1. — 51.50 Java—florins to £N.Z. I. — . 5.314 Norway—Kroner to £ N.S. 1 16.2-11 13.901 Sweden—Kronor to £ N.Z. 1 15.845 15.500 Switzerland—Francs to £N.Z. - — . 32.308 Noumea—Francs to £ N.Z. 1 '.. — 60.23 Papeete—Franca to £ • N.Z. 1 — 60.38 Hong Kong—N.Z. pence * to 1 dollar IT 13-16 .18% India and Ceylon—N.Z. penco to 1 rupea .... 22 3-64 22% Japan—N.Z. pence to 1 yen — IT 39-6^ Shanghai—N.Z. pence to 1 doHnr IT 3-6-1 18 5-16 Singapore—N.Z. pence to 1 dollar 34 15-64 35 15-32

Per ton. Jopper— £ s. d. Standard, spot 38.19 4£ Ditto, forward 39 4 4£ Electrolytic . 43 0 0 to 43 10 0 Wire bars 43 10 0 oepu J-t. Per ton. ■£ s. d. 39 5 0 39 8 H 43 10 0" 44 0 0 44 0 0 Spot 18 5 0 Forward .... 18 5 0 Ipetter— Spot 14 5 0 Forward 14 10 0 'in— Spot 195 12 6 Forward .... 192 2 6 lilver— Standard, per oz 19Jd .18 6 3 18 5 0 14 6 3 14 11 3 198 5 0 194 7 6 19 7-16d