Commerce, Mining, & Finance

Evening Star, Issue 21316, 21 January 1933, Page 10

Commerce, Mining, & Finance

THE SHARE MARKET DUNEDIN STOCK EXCHANGE The Dunedin Stock Exchange reaction to the-raising of the exchange rate was sustained this morning, and Australian shares were, freely quoted. ‘ ■■ . A sale of Bank of New . South Wales .at £3o’’.'was - reported, and the, market closed with a i buyer at £29 10s, ' but no seller. New Zealands had inquiry .at'£2 3s without any coming on the • market,' while Commercials were offered at 16s 6d cum dividend without any inquiry being made. Nationals were 'sought at the improved price of'£3 6s, while-buyers of Unions continued to offer £7 10s, With the nearest price of seller’ asking £8 4s. Goldsbrouglu Mort. was another stock which appreciated in value, the, buyers, offering £1 4s,' an advance of t 2s on yesterday’s'quotation, with'no seller-below £1 5s 6d, tie paid-up Southland Frozen Meats had inquiry at £1 17s 6d, and sellers asked £2 2s for them, while South Otago Freezers were'in demand at £2.105. Buyers of Australian Glass shares advanced to £2 Is 6d, but none were offered. British Tobacco's'were wanted at £1 11s lOd, with'-.the .seller asking £1 12s 6d. Three shillings separated buvers and sellers of preference D.I.C. shares’ the inquiry being at 16s, land the selling quotation 19s. Milburn Lime, and Cements eased to £1 5s 9d without‘'inquiry. New Zealand Drugs had a five-shilling market, the inquiry being at £2,12s 6d, and no seller quoting less than £2117s 6d. - New Zealand Express (ord.) shares; eased to 8s without any takers. N,Z, Breweries were inquired for at £1 8s Id,'.-with sellers asking £1 10s. Tooth’s Brewery shares were wanted at £1 14s, and sellers asked £1 15s 6d. After two reported sales of Mount Lyells at fills 6d,'the inquiry eased to £1 Is. and sellers asked £1 2s for them. Broken Hill Souths'had a'wide market, buyers offering £2 45,/with sellers four shillings away. There ivas practically no change in the « Government War Bonds. d Sales ■ reportedßank of New South Wales; , £3O; Mount Lyell, £1 Is 6d (two sales)'; .1938,4£ per cent. Stock, £95 7s 6d. Quotations as under:— . Buyers. Sellers. ' £. B. d. £ s. d.

LONDON MEAT MARKET Thp i Bank of New Zealand has received the following advice from its London .Office, -tinder date Januaiy 20;—Frozen meat; For wethers there is' limited .business being done at nominal prices. The market for ewes is dull. Therefis only a poor demand for lanibs. Lower prices are expected in the. near-future, owing to larger supplies' arriving., Trade generally is slow, being. affected by unfavourable weather. Wethers—light 4gd to on lb, heavv "4id to 4Jd lb; ewes, 24d to oad lb; iathbs—2’s 7id to 7id lb, 8s /d to. T : \d lb, 4’s 6Jd to GJd lb, seconds Cid, to 6|d lb. r" ■

AUCKLAND WOOL SALE EXCHANGE DECISION BEARS FRUIT DEFINITE FIRMING APART FROM THAT [Per United Press Association.] AUCKLAND, January 20. There was a definite, if slight, appreciation in values for wool at the second Aucklartd sale of the 1932-33 series. The decision qf . .the Government to increase the exchange rate on London to 25 per cent, had a direct bearing on the result of the sale, and in the- .‘activities of buyers there was an immediate reflection of the benefits of the additional 15 per cent, rate to growers., The most satisfactory feature, however, was that, apart from the influence of the exchange position, the market was definitely firmer, fulfilling the hope that the recent improvements in values overseas, first for the finer descriptions and ultimately embracing the cross-bred tynes, would have .their sequel in a local advance. Compared with the opening sale in Auckland, prices over the general range, of medium quality wool .were from Id to id better, although on the basis of the sale at Wanganui on Monday the improvement was not more than from par to id per lb. Lambs’ wool and hoggets’ wool, which are generally bought as special lines, were in strong demand, and were estimated to be definitely higher. There was a keen demand from all buying countries, and 95 per cent, of the offering was sold. The top price was 12]d, secured for super, half-bred. The average price was a little over sd, and the average ner bale about £7 10s. At the December sale the average price was under 4d, and per bale about £5 12s 6d. The official range of prices is as follows (December prices being shown for comparison):— i

LONDON WOOL SALES RATES MAINTAINED Press Association—By Telegraph—Copyright. LONDON, January 20. (Received January 2], at 11 a.iu.) At the wool sales 8,459 bales were offered. 'including 1.450 from New .South Wales 972 from Queensland, 0(0 from Victoria.' 704 from Western Australia, 142 frpin South Australia, and 3,384: from New Zealand, of which approximately 1 0,400 bales were sold at lull late rates. Home and Continental competition was well sustained. Merinos, o-rensy South W flics, Urunr diimhic,” top. 13d; average, ll|d: Victorian, “Glenlock Everton, 42d and 113 d; Western, Australian. l\ynagoo/' 104 d and 9Jd; scoured Queensland, “ Wellshot,” 20)d to 19iQ ; New Zealand greasy, cross-bred, "Waihekc, lid and 9dVICTORIA NYANZA SUGAR COMPANY Press Association — By Telegraph—Copyright. SYDNEY, Jammy 20. A profit. of £13,638 was I'leaicd b,> the Victoria Nyanza Sugar Company Ltd;,' during the year, compared with £75,575 earned during 1929-JO. No dividend is to be paid. SYDNEY STOCK EXCHANGE Press Association—By Telegraph-Copyright. SYDNEY, January 20. The Stock Exchange had a distinctly firm tone, and good buying orcleis toi better class shares came from New Zealand, but there was a slight irregularity among Commonwealth securities. The following sales wore madeBank of. New South Wales, £3O los; Bank of .Australasia, £10; E.S. and A. Bank (New Zealand delivery), 935; Burns, Philp, 47s (id (New Zealand delivery 47s 3d); Colonial Sugar, £u42s Gd- ditto, New Zealand delivery, £o4 5s £54 2s Gel, £54; Goldsbrough, Mort, 25s lid; ditto, Now Zealand delivery, 255; Australian Glass, 45s 9d; ditto; New Zealand delivery, 45s 9cl; Huddart, Parker. 30s; British Tobacco. 32s 7Jd; Tooth’s, 35s 4|d; Electrolytic Zinc, 18s Cd; New Zealand Insurance, 465; Australian Gas (A), £7 2s; Berlei. 255; Broken Hill Proprietary, 2ig 9d; North Broken Hill, 71s 3d.

FRUIT AND PRODUCE Bray Bros. Ltd. report as follows for the week ended to-day:— The oat market continues very qiiiet. There is still a quantity of undergrade oats held in tin's centre, and it is almost impossible to sell them. The position so far as those oats are concerned is daily becoming worse, and, moreover, new season’s are beginning to offer from Canterbury. The first of the Algerian were sold at Is ,6d per bushel, on trucks, sacks extra, but some sales had .been made for delivery ahead at up to 2s 3d per bushel. It will not be long before Garton’s are available. In the meantime shipping quotations are on a basis of 2s 4d,, f.0.b.5.e., for A’s, and 2s 2d for B’s. The local chaff market is quiet. Round about £4 10s per ton, sacks extra, ex store, is obtainable for best quality. • The chief interest in the milling wheat market concerns the action of the Government in appointing-a Wheat Purchase Board to take over the complete control of dealings in this cereal in New Zealand. All purchases and sales are to be made through the board and growers, millers and merchants are prohibited from putting through business except with the consent of the board. The board will commence to function in plenty of time to handle the crops in this district. The opera-tions-of the board are on the lines of a compulsory pool. It is usual for growers at the time of threshing to have some idea of what prices they will receive before delivery on trucks, but under the new arrangement they will not be able to have this .information. Fixed prices will be charged to New Zealand millers, and as it is practically certain that there will be a surplus of wheat and that a quantity will have to be exported at a loss, provision has to be made to meet this loss, and,to pav out an average all-round price to the New. Zealand growers. It will thus be seen that it will be some Considerable time before the whole returns from sales can be completed—that is, locally and abroad—and the average price to be paid to growers calculated. Progress payments will, however, be made to farmers from the time their first deliveries are received. It is expected that the full price to be paid to growers will be in the vicinity of 3s to 3s 6d per bushel, sacks extra, ex truck, country sidings, according to distance from a port. Reports from the growing districts state that in the majority of cases the crops are looking exceptionally well. In some parts, however, such as Central Otago, dry weather conditions will affect the returns, and it is also reported from Canterbury that rust has made an appearance in one or two districts. it appears certain that the total yield from the South Island will bo much greater than that of last year. The fowl wheat market is not affected by the appointment of the Wheat Purchase Board. It is anticipated that there will be ample supplies, and that as a consequence prices wil| not rule high. There are -now sellers for delivery ahead at 3s 10s, f.o.b.s.e. For prompt delivery the quotation is rouna .about 4s 6d, f.o.b. The quotation .for new season’s wheat from Marlborough before the recent decisions of the Government was 4s 4d, f.0.b., but the purchases made by Wellington merchants at this figure had to be cancelled. The new season’s perennial and Italian ryegrass is now commencing to offer in Canterbury. Reports state that the samples are on the light side, and that the yields are not up to expectations. Millers’ prices for flour, etc., are as fOl £l4 2s; 100’s, £ls 2s; 50’s; £ls 7s; 25’s, £ls 17s. Bran, £5 per ton. Pollard, £6 10s. Oatmeal. —200’s, £2l; 25 s, £23. \pples are now becoming more plentiful. Gravensteius are arriving from Nelson, and Beauty of Bath from Central Otago. ' , . , The feature of . the week has been the sharp advance which has taken place in the price of tomatoes. Better piices are now being realised than were ruling before the holidays. Supplies are likely to be short until the outside-grown are available. Christchurch heated hothouse tomatoes are finished for the season, and the market there is dependent in the meantime on ordinary glasshouse grown. , „ Until late in the week all lines ot Fruit were being cleared at the auction marts daily, but stocks have now begun to accumulate. Supplies of the very early variety of peaches will soon ne over, and triumphs are now coming forward in small lots. There is generally a break of a week or two before the next soft variety of peach is available. Peaches and apricots arc in heavy supply, the warm weather in Central Otago bringing the fruit on quickly. Jain .quality have been °“ el * iug at low rates. Choice quality lines bring satisfactory prices. Small lots of nectarines are' arriving from Alexandra. Plums are more plentiful, and the market is easier. Poor quality cherry plums are offering at low rates. Largo quantities of dark • plums have been arriving from Canteibuiy. Odd lots of .gooseberries and bhick and rod currants are still on oner. Small lots of strawberries are still on offer, and choice quality bring high prices. Loganberries are arriving in small lots and are meeting with a good demand. Florence cherries are arriving from Alexandra. Raspberries are arriving from W annate, Pine Hill, and Beaumont districts. A shipment of Raratougan- bananas arrived ■ by the Waipiata, transhipped at Wellington. The condition of the fruit was mixed. There was a good demand for green fruit for ripening. A shipment of Samoans is expected towards the end of this month, and a further supply of Fijian should arrive about the same time. A small lino of Californian oranges was readily taken up at high prices. There is still nothing to report regarding the steps being taken to remove the embargo on the importation of Australian fruit. Choice quality green peas have been selling at low rates. Locally-grown potatoes arc in excess .of the. demand. French beans'bring high prices, and broad beans are unsaleable. Lettuces, cauliflowers, and cabbages arc in heavy supply. , , The following wholesale prices were realised during the week;— Apples.—Dessert, 9s to 12s case, cooking, 5s to Os Cd. Pineapples, 20s to 22s case. Oranges, 18s to 22s case. Legions.—New Zealand, 16s to 20s caseV , . Californian grapes, to .Jos keg. Bananas. —Green, 21s; ripe, 24s to 27s case. Cucumbers, 2s Gd to 5s dozen. Rhubarb, IRI to lid lb. Potatoes, £5 to £6 per ton. Lettuce. 6d to 2s dozen. . Peas, Id to lid lb. 1 Strawberries, 6d to Bid pottle. .

Raspberries, 4s Gd to 7s bucket. Loganberries, 5s 6d to 7s. Cherries, 6tl to 10Jd lb. Peaches. —Cases, 4s Gd to ss; crated, IJd to 3d lb. Apricots.—Cases, 2s to 4s 6d; crated, l]d to 3d lb. , Plums, 4s Gd to 2s Gd. Pears, 4s to Gs case. Cari'ots, to Gs cwt. > Cauliflowers, 3s to 5s sack. Cabbage, 3s to 5s sack. ' Garlic, to 4d lb. Onions. —Canterbury, £8 to £lO per ton. Eggs, market rates. Local hothouse tomatoes, 4Jd to 7jd lb; Christchurch, 3}d to 7Jd lb. Honey. —Bulk, to 5d lb. Peanuts, 3d to 4d lb. •Walnuts, 3d to 5d lb. Beeswax, to Is 3d lb. Woodwool, 28s bale. Tallow, Gs Gd to 8s 6d cwt. Oyster grit, 8s bag. Butter pats, 10£d; dairy pats, 7d to 8d lb. Bacon (Gold: Medal brand).—Shoulders, 9d lb; ham ends, lid; equals, OJd; middles, lid; cooked pressed ham, 1 Gd; boneless hams, Is o]d; lard, Gd lb. Milling wheat, 4s 9d to 5s Id bushel. Pollard, £6 10s ton. Bran, £5 per ton. Fowl wheat, 4s Gd to 4s 9d bushel. GOLD MINING . KING SOLOMON [Per United Press Association.] INVERCARGILL, January 20. The King Solomon wash-up for the week totalled 550 z ISdwt. BULOLO DREDGES Mr Fred. G. Bunn, attorney for Clutha Development Ltd., advises the receipt of the following information regarding the Bulolo dredges The, total yield for the , period ended January 1 for dredges Nos. 1 and 2amounted to 8,4960 z of bullion from 422,500 cubic yards, of an approximate value of 114,690 gold dollars. Working costs to date, excluding royalty, average under six gold cents per yard.” GOLCONDA MINING COMPANY , The following report has been received from the. Golconda Gold Mining Company for the week ended January 14

Tunnel Level—We have driven on the reef for 10ft. The quartz looks very promising for making gold, as it is carrying a fair amount of zinc blende. The reef is lying very flat, and we intend next week to sink upon it and try to connect with the intermediate level for ventilation. Bottom Level.—The cross-cut was advanced ,17ft in good, 1 firm country. We have, met a fairly heavy flow of water issuing from the face. A few quartz stringers are showing. This is the biggest .flow of'water we have yet met with; and the reef should be very close at hand. There is about three times as much water as usual, but the pump has no, difficulty in coping with it. MAHAKIPAWA GOLDFIELDS The Mabakipawa Goldfields mine manager’s report for the period ended January 16 is as follows; — Surface alterations to hopper and sluice boxes—The raising of the level and the building of a new hopper and sluice boxes was completed to such an extent on January 6 that we could commence sluicing. We appear now to have ample tailings room for the ensuing rear. North Blocking.—The blocking strip south of No. 2 W. cross-cut was advanced a total of 30ft before the values ceased. We are taking a narrow strip cast of this stripe but have to restrict the width, otherwise we would liole through to the workings north of No. 1 west cross-cut, and have the extra water which wc have dammed off. South Face.—Advanced 18ft, making a total of 847 ft south of shaft crosscut. A soft bottom rock continues, tne wash covering it being of finer material than that showing in the roof of the drive. We have seen no gold in the' prospects taken. . At 825 ft south, No. 10 cast cross-cut has been - started, and is out sft in stoney wash, from which a strong stream of water is issuing.

OPTIMISTIC FORECASTS GOLD COMPANY FLOTATION. Addressing members of the Melbourne Stock Exchange, the chairman (Mr 0. E. Bowden) said it was pleasing to note that forecasts of the trend of events during 1903 had been expressed in an optimistic vein. A hopeful sign was that there was. almost universally a growing recognition that some international effort must he made to relieve the world’s trade from its present partial paralysis. • One satisfactory outcome of the year’s woik was the expansion of the gold mining industry. Australia produced last . year about 700 000 fine ounchs, of an approximate value of £5,000,000, compared with the 1931 output of 591,7420 z. The employment created had been of immense benefit to manv industrial enterprises. While practically all other primary products were difficult to dispose of in the world’s markets, there was an insatiable demand for gold. ' . Mr Bowden issued a warning to the public not to he persuaded to place their monev in gold mining propositions without due inquiry. Prospecting companies were, he said, essential, and did valuable work, hut misleading statements should not he made. He had nbticed advertisements in relation to a prospecting enterprise, and therefore entirely speculcitivG f in which the term “ a sound investment ” was used. The use of that expression was highly improper, and received the strongest condemnation of the Stock Exchange. MEANING OF " FINE " GOLD The majority of prospectors, and especially those not having had a great deal of experience, think that ‘ fine gold is the alluvial gold procured from creeks and elsewhere (states the Christchurch ‘Times’). This is not so. Fine gold represents that from which all impurities such as copper, lead, tin, and other minerals have been extracted, the result being pure gold. The standard by which pure gold is represented is one thousand, Ent in some cases, to obtain a greater range, 10,000 is used. No alluvial gold taken from the West Coast will stand to one thousand, without purifying. The average assay of West Coast gold is from 950 to 9(35. Taking fine gold at £6 tier ounce, gold assaying 950 would show a loss of 5 per cent, pure, or (is tier ounce. Some gold on the West Coast has assayed as low as 050. At £0 ‘per ounce 1 fine, such gold would bring a return of ' only £3 13s per ounce.

CANTERBURY MARKETS [Ps» United Press Association.] CHRISTCHURCH, January 20. More lines of oats are being offered, but there is not much business at the prices being offered —Is 4d to Is 5d for Algerians, on trucks; while Cartons are quoted at Is 6d. Italian ryegrass is quoted at Is 3d to Is O'd, there being a little business at these prices. Perennial ryegrass is quoted at Is to Is Cd per bushel, according to weight. Growers are just beginning to offer, and appearances so far are that there will be light ryegrass supplies. Merchants are surprised at the quantity bcitm offered by individual growers. A merchant to-day suggested that growers of small seeds might be expecting a Home inquiry as a result of the new exchange rate. However, such a development was improbable, as inquiries in England last week showed that there was an ample supply of small seeds. It is as yet too early for cocksfoot and clover quotations. Potatoes are not attracting attention so far from the North Island. The. Wheat Purchase Board is immediately commencing operations in the purchasing and selling of wheat. Marlborough wheat is already available, and odd Canterbury, samples should be to hand by the end of next tveek. The initial price to farmers fixed by the board is 3s 4d, f.0.b., for Tuscan for February and March, 3s 6d, f.o.b. for Hunters, and 3s 8d for Pearl. The succeeding months up to July will bear a monthly increment of Id per bushel. The selling price for Tuscan in the first three months will be 4s 7d, f.o.b. Milling wheat is now available at Blenheim for the North Island, for fowl feed purposes, at 4s 3d, f.o.b. CHICAGO WHEAT MARKET Press Association —By Telegraph—Copyright. NEW YORK, January 19. Chicago wheat quotations: May, 47J cents per bushel; July, 475; September, 48|; New York cash, 56 BUTTER AND CHEESE Messrs A. S. Paterson and Co. Ltd. have received the following cable from London :—Butter: Market quiet; buyers inactive, lack of confidence. Danish, market firmer; demand improving on reduced retail • price, 85s (landed cost 105 s). New Zealand, 81s- unsalted butter,, 82s, no demand. Large stocks Continental. Australian, 795. Cheese: White, market stronger and more demand, 475; coloured, market firm in consequence of small stocks, 575-58 s. The National Mortgage and Agency Company Ltd. has received the following cable from London-Butter; Market slow. New Zealand finest, 81s; New Zealand first grade, 80s; New Zealand unsalted, 82s, 84s; Danish, 104 s, 106 s; Australian, 78s, 80s. Cheese: Market steady. New Zealand white, 465, 475; New Zealand coloured, 555. 565; Canadian 64s, 66s ; Canadian coloured. 655, 675. The London' agent of the South Island Dairy Association reports as follows on market conditionsßutter, quiet; 80s to 81s; Danish. 106 s to 108 s, Cheese: Quiet; white, 46s to 475; coloured, 575. METAL MARKET Press Association—By Telegraph—Copyright. MELBOURNE, January 21. The Stock' Exchange was closed on account of the death of a member, Mr George Woodforde. LONDON, January 19. The following are the official quotations : Copper.— Standard, £2B 3s 9d; forward, £2B 9s 4id. „ Electrolytic.— Spot, £33; forward, £33 10s. Wire bars. £33 10s. Lead.—Spot, £lO ss; forward, £lO °Spelter.—Spot, £l4 8s 9d; forward, £l4 12s 6d. Tin.—Spot, £144 7s 6d; forward, £145 2s 6d. , Silver.—Standard, 16 15-16 d per ounce; fine, 18Jd.

BANKINGV Bank of . New South 0 ' Wales' ••• 29 10 — Bank of New Zealand 2 3 0 — Commercial Bank 0 16 .(ctith dir.) - — 6 National Bank of New , Zealand3 6 0 — National Bank of Aus fralasia (cent.) ... 5 5 0 — Ujlion Bank of' Aus- . 'tralia Ltd. (cum 7 10 8 4 div.).-... — 0 0 insuranceNational Insur. Co.... 0 13 11 — New Zealand‘Insurance , ■ Go. (cunt div.) 2 3 0 — Smith British Insur2 14 ..ance.Co. ... 3 — Standard'' Insur. Co. 2 3 0 2 9 0 SHIPPING— Huddart, Parker 0 19 fpref.) ■ ... , ... 0 . U.S.SICo. (pref.) ... 1 0 0 — COAL— : ■ Ka'itangata. Coal 0 16 ‘ (16s i paid) . 6 — ' Westport,Coat Co. ... 0 10 3 loan and agency6 Goldsbrouglv'Mort. ... 1 4 0 1 5 Weight, Stephenson 0 11 0 : (drd.) MEAT PRESERVING0 Gear Meat Co. 1 5 — N.Z.', Refrigerating '(paid) . ... 0 10 9 0 12 0 N.Z; Refrigerating 0 4 ; .(bont.) , — 3 Southland -frozen 1 17 0 .Meat (paid) ... ... 6 2 2 South, Otago Freezing 2 10 0 ’ MISCELLANEOUSAustralian'Glass ... 2 1 6 1 12 British’Tobacco"... 1 11 10 C DX.C. . (pref.) 0 16 0 0 19 0 Donaghy’s-Rope ana .Twine . ... 1 10 0 , — Kauri Timber. .... 0 11 6 — Milburn Lime and 1 5 ■ '■Cement'. ...',... .— * 9 TVToftjriel Woollen Co. 6 14 0 '— N.Z. Drug Co....'... 2 12 6 2 17 b 0 N.Z. Express (ord.) — 0 8 N.Z. Farmers’ Per0 14 0 ’tiliser ... — N.Z. Paper-Mills ... 1 1 0 1 X 9 Wilson's (NlZ.) 0 :Cement"... • . 1 6 — Dominion Fertilser ... 0 10 0 — BREWERIES-1-10 N.Z.' Breweries Ltd. 1 8 1 0 Dunedin-Brewery ... — 1 3 Tooth’s BrCwcry 1 14 0 1 15 1 16 6 Carlton Brewery ... OIL- ' Moturoa' .... ' 0 4 6 MINING- . 8 KawaraU 0 0 5 0 0 Waihi ... 1 1 6 — Waihi .Grand June. 0 3 11 0 4 s Elettrolytio Zinc' ■ (pref.)’.. ..... .... ••• ’ 1 8 0 1 8 9 Electrolytic Zinc »(def. ord.) Mount Lyell 0 13 1 1 0 0 1 2 0 Broken Hill South 2 8 0 2 0 9 0 5 0 0 0 2 (cum ’div.), ••• • ... Kildare • 2 4 0 0 1 10 0 2 0 11 0 Okarilo.. ■ ••• ••• 0 o Paddy’s. Point Cornish Point, ... 0 5 0 0 42 Goldeiv Progress 0 1 4 King -Solomon Golden ' Point ... 0 0/3 Consolidated, Goldfields 0 ,9 0 ‘ — Gillespie’s. Beach ,(6d ■paid) .... : ••• - ••• Alexander Mines ■ ... 0 0 9 0 0 104 10 0 Waitahu (3s paid) ... 0 3 11 0 4 U 6 Gdhldii 'Sands ..." ... 0 2 8 0 3 Big River — 0- 1 1 0 1 5 0 Mount D.avid ... . ... Nokoipai . — — 0 3 0 5 6 U 0 Av WAR BONDS—. . £100(Bonds, quoted are Bonds.; 1938 4 i p.c. Bonds ... 95 5 0. — 1939. 44, p.c. Bonds ... 95 5 0 1941 4i p.c. Bonds. ... 1938 4f p.c. Inscribed 95 5 95 10 0 0 96 2 6 1939 44 ' mei : Inscribed 95 5 0 95 5 0 1936 54 P.c. -Bonds ... 100 0 0 1936 54 p.c. Inscribed 100 0 0 . 1937 5$ p.c. Bonds 100 5 ‘ (February) ; ... ... 0 1337'5i p.c. Bonds 100 5 , (September) - ;. M ... 0 — 1937 51 P.c. Inscribed ■ (February) ... J ... 100 b 0 — 1937 5i p.c. Inscribed 100 5 0 -(September) ... — dividends DUE. Stock; ' Amnt. Period. Dale. Union Bank ............ 2s interim Jan. 28 . ; ' (Approx.) Commercial Bank: 3d interim Feb. 3 Com. Bank (pref.) ...... 4s mteqm Feb. 3 N.Z. Insurance Is interim reb. J.U ’ * • (Approx.) Broken.HUl South ...... Is Feb. 10

Jan., 1933. Dec., 1932. d. d-.-d. d. Corriedale — . .Super. . 10 to ii 101 to 11 Medium 9 to 10- — — Halt-bred (56-58) — Super. 12J to 101 • — — Half-bred (50-56) — •Super. 10 to 11 9 to 10 Average 9 to 93 7 to 81 Inferior 7 to 9 61 to 71 Half-bred (48-50)— Super. Si to »i 8 to 9 Average ,8 to 1 4 to 8 Inferior 6 to 7f 6 to 71 Cross-bred (46-48)— Super. 7 to 73 5J to Average , —' to 7 41 to oi Inferior 4 to 53 — to 41 Cross-bred (44-46)— Super.' ... 51 to Cl 4 to Average 41 to 5i 31 to ■H Inferior .. 3 t c . 4-1 21 to 3 Cross-bred (40-44)— .Super. 4 to 43 31 to 33 Average 31 ’to 4 21 to 3 Inferior • 2 to 31 1} to 2 Cross-bred (36-40) — Average 3 to 43 2 to 23 Inferior 2 to 31 — to 2 Hoggets — Extra, super. Corriedale 10 —, — — Half-bred ... 8 to 1017 to 91 Fine ; — to 81 51 to 7 ■Medium 5 to 61 4 to 5 Coarse 31 to 43 4 to 4 Lambs— Fine (36-40) 6 to 73 4 to 61 Medium (40-44) ... 6 to 5 2 to 4 Seedy and inferior ... , 1 to 5 01 to 3 Bellies and pieces— Cross-bred — Good to super. ... 3 to 43 2 to 3 . Low to , ,. . medium 2 to 31 — to 2 Cru'tcbings— . Medium to •good 21 to 31 2 to 3 Inferior to seedy - 11 to 21 — to — Locks — Cross-bred ... . 1 to oi to 1 .