FARMING AND COMMERCIAL

Manawatu Standard, Volume LII, Issue 107, 6 April 1932, Page 5

FARMING AND COMMERCIAL

MEAT EXPORT. QUOTA AND PREFERENCE SYSTEMS. AN INTERESTING COMPARISON. An interesting comparison of the effects of the Empire preference* and quota systems on Now Zealand meat exports has been prepared by Sir Francis Boys, and has been delivered as an address in several part's of tho North Island and before a Christchurch meeting representative of tho primary and secondary industries. Sir Francis was principal director of meat supplies in tho Ministry of Food in Britain, 1917-19, and is at present managing director of tho New Zealand Refrigerating Company. Following is the full text of tho address: ■‘Tho question of Empire preference and quota systems and other methods of helping agricultural interests in Great Britain and tho Dominions has already been discussed fully by the Research Committee of tho Empiro Economic Union in London on September 30th, and also by a joint coinmitteo of that Union and tho agricultural representatives mooting under tho auspices of the Central Chamber of Agriculture in October, 1931. “For tho purposo of this discussion, I think it is necessary to define Empire preference as an extension of tho familiar method already in operation throughout tho Empiro whereby no duty is charged on goods of Empiro origin or a lower duty than on goods of foreign origin. QUOTA SYSTEMS DEFINED. “A definition of the quota systems may be stated as tho special lorm of licensing system under which it would be provided that, of the import.; into tho United Kingdom of certain commodities, certain proportions fixed by the State should bo of Empire origin. Following this lino of definition under tho heading of suggested trado agreements between tho United Kingdom and the Dominion of New Zealand, tho quota system is defined as one which will prescribe annually tho minimum amount to bo imported from Empire countries. “Since tho date of tho conference above referred to a further definition was elaborated in December, 1931, as follows: — “That His Majesty’s Board of Trade should have power to restrict imports into tho United Kingdom from foreign countries so that tho tonnage imported from such sources is adjusted to provide for tho seasonal requirements of the British market. It is tho latter form which I accept as tho most recent definition and as tho most practicable one. IDENTICAL INTERESTS.

“In all matters dealing with Empire trado there is tho sentimental point of view engendered by loyalty to ono another as between memoers of the samo Empire. We in New Zealand can and do give that sentiment its proper weight, but i will deal to-day only with tho hard economic and financial aspect of the matter. Tho interests of the larcnor in Great Britain and in New Zealand can fortunately be treated as being as identical as the interests of competing farmers in the same country. I have heard no word in England or here that in these matters any distinction should be introduced. And I say that it is fortunate that it is so because it is tho desire of people in the Old Country to secure better conditions for tho English, Scottish, and Irish farmer that will enable us in New Zealand to share in those benefits. There will appear presently a possibility that the British Government may benefit while the British farmer may feel no appreciable advantage. I will draw attention to that point when it arises, but for all practical purposes the interests of the farmer hero in any legislation or trade agreements that are likely to be enacted, aro identical with thoso of the farmer at Home. DUMPING GROUND. “A special feature to bo borno in mind is the fact that Great Britain is the dumping ground for all the surplus meat of all other parts of tho world. The quantities being imported into England during the past three years show considerable in-

or practically 10 per cent, increased imports of meat per annum. “So far as 1 have been able to investigate it, a corresponding decrease in price has in consequence been evident during those same years, while the population has only increased at tho rato of threo per thousand per annum during the last five years. You will note that 1 say tho prices have fallen in consequenco of the increased imports, as we havo no reason to believe that there has been any decrease in the purchasing power so far as meat is concerned. _ SUPPLY AND DEAIAND. “I must give you a few figures, but will try to simplify them in such manner as to rnako them serve the purpose of illustrating clearly the relative effects of Empire preference and quota systems. The supplied of meat in tho United Kingdom aro derived from tho following sources in the following proportions:— Approxi-

Tobals 2,980,000 100 101 b “I have purposely shown the approximate relative proportions of 101 b for the reason that I calculated the weekly consumption per porson at 2.851 b per week, which is equivalent to 101 b per household of 3i persons per week. Parenthetically it may interest you to noto that the 101 b of moat referred to consists of approximately 51b of beef, 21b of mutton and lamb, and Sib of pig products. “Tho demand for the foregoing 101 b

comes from some thirteen million housewives looking after the wants of an average of 3jr persona each per wook, and I will ossumo for tho purposes of this argument that tho average housewifo in the United Kingdom ha 37s 6d per wcok to spend on moat. For tho purposes of the argument it would not matter if this figure wero stated at more or less, but. assuming that figure to bo correct, tho resulting prico for tho 101 b must averago 9d per lb. EFFECT OF EMPIRE PREFERENCE. “To visualiso the effect of Empiro preference, will you imagine that out of every lOib thero is a block of 51b of meat coming from Homo producers, 11b from the British exporter, and 41b from tho foreign exporter. A tariff of, say, Jd per lb would bo applied to tho 41b from the foreign exporter. The application of such a tariff' could not j/ossibiy increaso the price for tho benefit of tho British or New Zealand farmer, as they are controlled by the fact that 101 b of meat has to bo sold for 7s 6d and will fetch an averago of 9d per lb, no moro and no Ires. Tho jd per lb duty imposed on tho foreign exporter must, therefore, come from tho foreign producer, who will pay that Jd per lb or, say, £8,700,000 to tho British Government. The British Government will use that in reduction of tho deficit on tho British Budget, and even if it wero divided over the 13,000,000 housewives it would only result in an increased total purchasing power on the wholo of her weekly budget of 3d per week, so that it would have no appreciable effect on tho purchasing power of meat. EFFECT OF QUOTA SYSTEM.

“On the contrary, if you will again visualise tho block of bib home-grown meat, lib of British imports, and 410 of foreign imports and linagino that the Board of Trade had imposed a restriction limiting the loreign imports by 2o per cent., you will see tout Uio loreign imports would bo decreased by lib. I Here w ould bo oiny bib ot meat available for each housewife, and that consequently the price would rise to lbd per lb, i.e., that under tho quota system such as I have insiuneed tho position would be changed from 101 b of meat at bd a lb to bib of meat lOd per lb. It may be said that this would bo unduly curtailing the requirements of tho average British housewife, but when T point out to you that m 1930 tho quantities available for the housewife wero 10 per cent, less than they were in 1931 I do not think that anybody would claim that tho liousewite was being harshly treated and that even that figure of bib represents a supply of meat greater than at any previous period of which I have any knowledge. “Thero docs not seem to be any valid reason why Great Britain should’ allow foreign imports of foodstuffs to such an extent a 3 to put out of business a largo number of her own farmers and those in tier own Dominions. Every other country is protecting its own agricultural industries and in somo cases are dumping their surplus lood products at prices less than those ruling in their own countries. It is said that tho amount of capital invested in the Argentine is a reason why wo should not impose any restrictions upon that country, but if you will take into account on the one hand that the money invested in the Argentine, amounting as it does to some 1171X1,000,000, which may perhaps return £30,000,000 or £40,000,000 to tho British investor, and on the other hand tho value of tho products of the British farms, which in 1925 was no less than £286,000,000, representing probably the capital valuo of £5,000,000,000, which of these I ask you is

tho more important factor '! .Seven hundred million pounds in the Argentine, returning interest of £30,000,000 or £40,000,000, -as against £5,000,003,0CX) in the United Kingdom produco annually £286,000,000, sterling, all of which is expended in that country in tho purchaso of boots and shoes, implements, fertilisers, and all "necessities of at least one-fifth of the population of Great Britain. QUOTA SYSTEM ESSENTIAL. “In my opinion there is no question but that a quota system is essential, and that in order that the foreign farmer should not have the benefit of tlie increased prices obtained from the British housewife at least Id per lb Empiro preference duty should be imposed upon tho restricted supply of meat from the Argentine, which would provide somo £6,500,000 for the British Treasury, and, in addition, I would say that tho British Government should also demand a further duty of per lb from tho foreign exporter and use that additional id per lb as a bargaining weapon for a substantial increase in tho export of manufactured goods from Great Britain. “In conclusion I would only say “(1) That I consider that Empire preference by itself to be useless to tho producers of meat. “(2) That a quota system is essential and effective and serves the farmer. “(3) That a quota system and tariff together serve tho farmer and also serve tho Government as a bargaining weapon. “I hope that views such as these will bo given due effect at the Ottawa Conference.” SHEEP FEEDING. EXPERIMENTS IN SCOTLAND. A series of experiments carried out on a sheep farm at Garrochoran, Argyllshire, for tho purpose of studying the results of feeding to animals small amounts of substance deficient in the pastures on which they normally feed are discussed in the seventh annual report, just issued, of a sub-committee appointed by tho British Committee of Civil Research on the subject of the mineral content of natural pastures.

The main importance of the work, states the report, was to be found “in the light that it throws on tho scientific question of the influence of diet on the incidence of disease, both in human beings and in animals.” The posturo was of tho samo general type as that found in the whole of tho Western Highlands and in all parts of tho world where there was a deficiency of lime and a heavy rainfall. most marked deficiency was in calcium. During the first twelve months the death rato was double that found in sheep on good lowland grazing, and the percentage of lambs farmed and roared was less than half. Tho feeding of maize reduced the loss of weight, and the feeding of a calci-um-salt and cod-liver oil tended to maintain tho serum calcium at tho higher level, and also to some extent to prevent the loss of weight. The feeding of sheep of the chemical substances found to bo deficient in winter in the natural pastures had increased tho fertility of the ewes by about 15 per cent., and had decreased the mortality rate by over 25 per cent. In addition, the increase in the market valuo of tho cost owes and male lambs from tho experimental lots which received tho supplementary feeding as compared with that of those in the control lots which did not, was sufficient to defray tho cost of the wholo of the material used in these experiments.

These experiments had been carried out with 500 sheep, and a further test with 800 shoop, with funds supplied from a private source, was to bo carried out. “If this test confirms the experiment already carried out,” states the report, “The Garrochoran farm will have succeeded in obtaining at a very small cost a scientific resuit of considerable and immediate economic importance for tho whole of tho black-faced sheep industry in Scotland.” It was also of considerable importance to wide areas in various parts of the Empiro where tho natural pastures are deficient in minerals. In view of tho great scientific value of the work, the sub-committco consider that the grants should be made to this station and tho Kowett Research Institute, and also to the Nalvasha station in Konya, for a further period of three years. POTATO MARKET. Per Press Association. CHRISTCHURCH, April b. The potato marKet has firmed during the past few days. A number of sales have taken place at £5 Is for April-June delivery, and this afternoon this price was not "acceptable to most holders. However, £5 10s f.0.b., s.i., for these months is tho limit of tho market at tho present; Julys are quoted at £6 5s a ton.

MUTTON FOR UNEMPLOYED. METHODS OF PURCHASE QUESTIONED. Tho Wellington provincial executive of tho Farmers’ Union, at a meeting at Marton yesterday, decided to write to tho Dominion headquarters of tho union requesting that inquiries bo made as to the methods adoptod by tho Government in purchasing meat supplies for distribution among tho unemployed. Tho subject was introduced by tho chairman, Mr K. W. Dalrymplo, who said he could not understand tho Governments methods. Instead of using tho freezing works, another organisation had been set up to secure mutton, which could have been purchased through any of tho freezing companies operating in tho country. In his opinion it was a most unbusinesslike method to ignore tho obvious channels for such purchases. Tho chairman considered that all of tho meat required could havo been moro economically purchased through the meat companies, and at prices lower than those paid. Tho same methods had been employed last year, stated tho chairman, and poople wanted to know why it was that tho Government had found it necessary to appoint officers to go about buying meat when it already had convenient channels through which to make its purchases. Mr J. G. Eliott stated that Cabinet had dealt with the position and made tho appointment. Mr G. L. Marshall: It is wrong; they should have called for tenders. In tho further discussion it was stated that much of tho mutton purchased last year was still in store and a largo quantity had been condemned by tho Government inspectors os unfit for human consumption. STOCK DISEASES. FEDERAL EFFORT PROPOSED. An effort is being made to establish a Commonwealth organisation to combat Stock diseases. Representatives from (afferent States met at tho Showground, Sydney, recently, and discussed proposals for the establishment of such an organisation. It was agreed that tho representatives from other States should report back on tho proposals submitted, and that in each Stato there should bo established an organisation which would be ablo to send delegates to a central committee which would make a united appeal to the Commonwealth Government for tho necessary legislation. FARMING NEWS. RURAL RAKINGS. A considerable quantity of ensilago has been put down by Woodville dairy-fanners this season. Forty-three students began the herdtesting course yesterday at Massey Agricultural College. They were enrolled from all parts of Now Zealand. A Woodville farmer has a Berkshire

cross sow which has produced two litters of seventeen each during the past year. A stock dealer who recently visited the East Coast states that ho has never seen tho Wairoa or Mohaka country in better order than at the present time. Feed is very plentiful again on the Wairoa flats and conditions generally aro a big improvement on those of two months ago. Statistics prepared by the Federal Department of Markets show that to March 24 tho total amount paid in wheat bounties under the Wheat Bounty Act was £1,960,992. This amount represented 70,934 claims. The greatest amount has been paid in New South Wales, where growers havo received £535,710. Half an hour’s feed in damp clover was sufficient to cause the death of four cows in ono herd at Tiratu, Hawke’s Bay, recently (says an exchange). The cows, three of which were yielding 451bs of milk each, wero turned out in the clover after

the evening milking and half an hour later were driven into another pasture apparently all right. In the morning four were found dead from bloat. The total attendances at this year’s Royal Easter Show in Sydney for tho nine days and seven nights wero 563,139, and the gate receipts £33,354. Tho record return of £47,333 from gate receipts was obtained in 1926, Last year’s figures were: AttendanceSj 479,840; gate receipts, £28,185, covering a period of nine days and six nights, in addition to which £2OOO was collected under a rain insurance policy and credited to' gate receipts. A feature which stands out in bold perspective from tho air is tho marked iocrease in areas put under tho plough in Hawke’s Bay this autumn, and there con be no doubting that, in this respect l , the average Hawke’s Bay farmer is making tho very best use of an ideal season (says the Napier Telegraph). Also apparent is the largo increase in the acreage under lucerne, 90 per cent, of farmers on tho richor areas having provided for a paddock of this valuable feed standby. At the Invercargill ram and ewe fair last week the sheep were of exceptionally good quality, but thero was little competition except for Southdowns and a few outstanding Bhoep in tho other sections. A single Southdown ram offered by Mr 11. J. Andrews (Maheno) realised the top price of tho sale, being purchased at 21igns. This was a stud ram, but tho same breeder seemed up to 13igns. for flock rams. Tho demand was poor for Border Leicesbers, four guineas being the top price for this breed of sheep. Over 1000 Romney Marsh rams wero offered for which tho demand was again very poor, although thoro was spirited bidding for a pen of three-shearling rams and a pair wero knocked down at lOgns. At a meeting of the sub-provincial executive of the Farmers’ Union, held at Stratford, a remit was advanced asking that, in order to encourage the lending of money on rural socurity at a low rate of intorest, tho Government bo requested to permit money advanced on farm lands or farm chattel security at 5 per cent, to be freo of income tax, and that tho rate of income tax on money lent be on a graduated 6calo in accordance with the rate of interest charged to borrowers. The mover of the remit said that at the present time, owing to Government interference, lenders wore chary of advancing money on farm security, and the result was designed to givo tho lender further inducement to invest in land. Members wero generally in favour of the remit which was carried. That the problems confronting the pnmary producers of the Dominion are in many respects almost parallel with the difficulties being experienced by British farmers is expressed by Air S. R. Whitley, of Reading, England, who headed the British farmers party which toured Now Zealand nearly two years ago, in a letter to Air E. J. Betts, Okaiawa, president of tho South Taranaki executive of t.ho Farmers’ Union. Air Whitley comments upon tho low prices being received for butter and wool at Homo and high costs of production, but considers that the National Government’s agricultural policy, which had tho approbation of tho producers, provided a more hopeful outlook. It would, however, bo somo time before any material improvement could be effected. AUCKLAND AIARKETS. AUCKLAND, April 5. Thore are still fair quantities of local potatoes available, and so far merchants aro taking little intorest in southern quotations whero tho season’s yield is still an unknown quantity. Local tablo potatoes are quoted at £6 10s per ton, and Alanawatu at £7. The onion market is fairly steady, and local grown aro firm at 11s per cwt., ox store. Thero has been a slight advance in the prices of wheat, and merchants are now asking from 6s 3d to 6s 4d per bushel. Tho maize market is very firm, and with a scarcity of supplies merchants have advanced their quotations, and aro now asking 6s 4d to 6s 6d per bushel. A reduction in tho price of bran by 10s a ton by the local mills has been followed by the merchants, and they aro now quoting Australian bran at £6 per ton. Business in this lino is restricted, but pollard still sells freely with prices unchanged. Oats aro scarce and are firm at 4s 6d per bushol, with supplies of southern chaff available at £8 10s per ton.

As there is every prospect of an enhanced price for homo-grown wheat after next harvest, somo farmers aro considering the possibilities of growing an extra acreage of tho crop, writes an English correspondent.

WELLINGTON STOCK EXCHANGE. YESTERDAY’S BUSINESS AND PRICES. Since tho market reopened on Alonday sixteen sales havo been registered on the Wellington Stock Exchange, eleven being recorded yreterday. Investors are confining themselves to gilt-edged securities, bank shares and a few other stocks. Thero was an excellent demand yesterday for Government securities at tho lower range of values ruling. Tho 4& per cent, bonds, 1939, were wantod at ±192 15s, and 1938 at £92 17s 6d, thero being four sales of tho latter at £93 2s 6d. Tho 5i per cent, bonds, 1937, were firm at £96 15s. The per cents., 1937, were in demand at £9l, and Rural Advances 5 per cent, were wanted at £B4, but sellers hold for £B6 ss. There was inquiry for local body debentures, and for Wellington City 5 & per cents., 1940, and Wellington Harbour Board 5£ per cento., 1940, £93 10s was bid, but sellers wanted £97. There was a slightly better demand for bank shares. Thero was a bid of £8 11s for Bank of Australasia, but no sellers. National Bank of New Zealand sold at 67s 6d, Bank of Now South Wales wore wanted at £24 ss, but sellers held for £25. Bank of Now Zealand wero firmer at 42s 9d, and thore was a sale at 43s 6d. The long-term shares wore also firm at 25s 9d with a sale reported at 265. Union Bank of Australia were in demand at £6 10s, with no sellers. Goldsbrough, Mort and Co,, wero firm at 21s 6d, with a sale reported at 21s 9d. N.Z. Guaranteeo Corporation, ordinary, wero wanted at 4s, with no sellers. Thero was a good demand for Wellington Gas shares, 27s 3d being bid for tho ordinary and 16s for the preference. New Zealand Refrigerating shares were wanted, tho 20s paid at 11s, and the 10s paid at 4s 2d. Union Steam, preference, wero steady at 19s lOd; and P. and O. deferred stock were wanted at 21s. For ICaiapoi Woollen, ordinary, 5s 6d was offered, and for Wellington Woollen, ordinary, £4 3s. Brewery shares wore firm and in good demand, Now Zealand Breweries at 23s 2d, a rise of ss; Staples and Co. at 22s 7d, and Tooth and Co. at 22s 9d. For British 'lobaoco 25s 3d, ex dividend, was bid. N.Z. Drug wero very firm at 45s 6d, Alount Lyell mining wero easier at 18s 3d, sellers holding tor 19s Id; Wailii were linn at 16s 3d. Consolidated Goldfields were in demand at 2s with sellers at 2s Bd. YESTERDAY’S QUOTATIONS. Buying and selling quotations at yester- j day’s final call on the Wellington Stock i Exchange were as follow: — Buyers. Sellers.

YESTERDAY’S SALES. The following sales were recorded on the stock exchanges of the Dominion yesterday: Wellington.—N.Z. Govt. Bonds, 4£ p.c., 1938, £93 2s 6d*; ditto, 4£ p.c., 1938 (3), £93 2s 6d; Inscr. Stock, 5j p.c., 1937, £96 15s; National Bank of New Zealand, £3 7s 6d; Bank of New Zealand, £2 3s 6d; ditto, long term, £1 6s; Goldsbrough, Mort, £1

Is 9d; Woolworths, pref. (lights), 2s 9d", 2s 10U*. (*Latc sale .Monday). Auckland.—Govt. bonds, 5£ p.c., 1937, £97; Commercial Bank of Aust., 13s lid; Auckland Gas, £1 Is 6d; Australian Glass, £1 9s 6d; Colonial Sugar, £35 17s 6d; Electrolytic Zinc, pref., 19s lOd; N.Z. Breweries, £1 3s; N.Z. Drug, £2 ss; Nestles, 8 p.c., prof. (2), £1 3s; Robinson Ice Cream, 17s; Woohvorth (N.Z,), pref., rights, 3s; Waihi, 16s 4d. Christchurch. Commercial Bank of Aust., pref. (2), £6 3s; National Bank of Australasia, £5 paid £4 13s 6d; Goldsbrough, .Mort, £1 Is 6d, £1 Is 8d; N.Z. Breweries, £1 3s 3d; British Tobacco (2), £1 5s 8d; Alount Lyell 180 7d, (3) 18w 6d; Cornish Point (8), lid; Mahakipawa, 2id; Golden Point, sd. Sales reported: Westport Coal, 19s; Bank of New Zealand, £2 3s 8d; Govt. Bonds, 4£ p.c., 1938, £93 7s 6d. Dunedin. —Sales reported: Okarito (2), 9s 3d; Alahakipawa, 2jd. AUSTRALIAN STOCKS. SYDNEY, April 5. On tho Stock Exchange to-day a brighter atmosphere was noticeable in the investment market in anticipation of tho High Court’s decision, duo about Thursday, respecting the validity of the Financial Agreement Enforcement Act. Commonwealth bonds are hardening daily. Sales recorded to-dav were: 4 per cents., 1938, £95 6s 3d; 1941, £93 lie 3d; 1944, £92 15s; 1947, £9O 18s 9d; 1950, £9l 2s 6d; 1951-53. £9l 2s 6d; 1951-55 £9l 2s 6d; 1951-57, £9l 15s; 1951-61, £9O 18s 9d. Bank of New South Wales, £2B; Commercial Bank of Sydney, £ls 10s. Australian Gas A, 110 s 6d; Goldsbrough, Mortis, 24s 3d; British Tobacco, 28s 9d; Millaquin Sugar, 23s Tooths, 25s 7jd; Electrolytic Zinc, pref., 22s 10jd; Winchcombe Carson, 19s; Broken Hill South, 42s 9d; Zinc Corporation, 275. Morning sales: Commonwealth bonds, 4 per cent., 1938, £94 18s 9d; 1941, £93 7s 6d; 1944, £92 10s; prompt, £92 12s 6d; 1947, £9O 13s 9d; National Bank of Australasia. £5 paid, £5 Is; Bank of New South Wales, £2B; Tooths, 25s 7£d; British Tobacco, 28s 9d. MELBOURNE, April 5. Sales: National Bank of Australasia £5 paid, £5 3s; Amalgamated Zinc, 9s; Electrolytic Zinc prof., 22s lOd; Herald and Times, 42s 9d; Dunlop Perdriau, 11s; Nestles, prof., 28s 6d; North Brokens, 62s 9d; South Brokens 435; Zinc Corporation, 27s 3d.

A preliminary report has been published by the Agricultural Department of tho University of Leeds describing the results obtained in the experiments which were carried out at Askham Byran, near York. Tho object has been to find the most suitable breed of ram for mating with draft Cheviot ewes for the production of mid-seaeon fat lambs. Suffolk, Ryeland, Shropshire and Southdown rams, each typical of its breed, were turned out in mid-October, and the lambs, which had the advantage of cake-feeding, in addition to good pasture, were first drawn from on June 30, and at intervals through July ojid August. It is interesting to note that tho most forward lambs, which made the best prices, wore by the Suffolk ram. Thero was little to choose between the Southdown and Ryeland crosses.

FOREIGN EXCHANGES. LONDON, April 4. Tho following rates on foreign exchanges were current to-day, as compared with par: —-

PRICE OF SILVER. LONDON, April 4. Silver.—Cash and forward, 17 3-8 d per oz. SYDNEY WOOL SALES. SYDNEY. April 5. At the Sydney wool sales to-day, 9358 bales were offered and 8352 sold at auction; also 448 privately. Yorkshire and Japan were tho principal operators, with good support from the Continent. Tho market was firm, with good clearances.. Greasy' Merino brought up to 14d.

creases; — Cwt. 1929 27£ million 1930 301 million 1931 331 million

Source. Tons per Annum. centage. mate Proportion "of 101b Home-grown in U.K 1,405,000 47 51b British imports 325,000 11 lib Foreign imports 1,250,000 42 41b

N.Z. GOVT. LOANS— £ s. d £ 6. d. 4i p.c. bonds, 1939 ... 92 15 0 — 4£ p.c. ditto, 1938 92 17 6 93 5 0 p.c. ditto, Feb. und and Sept., 1937 96 15 0 — 51 p.c. ditto, 1933 — 98 0 0 4i p.c. Ins. Stk., 1939 92 15 0 — 4£ p.c. ditto, 1938 92 17 6 93 2 6 5£ p.c. ditto, 1936 — 98 0 0 p.c. ditto, Sept., 1937 96 15 0 — 5j p.c. ditto, 1941 — 96 0 0 5g p.c. ditto, 1937 91 0 0 — Rural Advances 5 p.c., 1947 84 0 0 86 5 0

DEBENTURES— Auck., Clich., Dunedin City, 5 2 p.c., 1944 ... 93 0 0 — Well. City, 5i p.e., 1940 93 10 0 — Well. Ilarb. Bd.. 1940 93 10 0 97 0 0 Makcrua Dm. Bd., 6 p.c., 1946 — 95 0 0 Hamilton lioro., 41 p.c., 1/10/47 — 83 10 0 BANKS— Australasia +8 11 0 — Commercial Auot., ord — 0 14 1 Commercial Bank. Co. (Sydney) — 15 0 0 National N.Z ,.... — 3 9 0 New South Wales ... 24 5 0 25 0 0 Now Zealand 2 2 9 — Ditto, long term 1 5 9 — Union of Aust., both registers 6 10 0 — FINANt 1AL— Ooldsbrough 11 ort ... 1 1 6 1 2 0 National .Mortgage ... — 1 10 0 N.Z. Guar. Corp.. ord. 0 4 0 — N.Z. Invest., Aiort. and Deposit — 0 9 6 N.Z. Loan and Merc.. ord. — 40 0 0 Well. Invest., T. & A. — 0 10 0 Well. Trust and Loan — 6 0 0 Well. Deposit and Mort •— 0 10 0 GASChristchurch — 1 5 0 Wellington, ord 1 7 3 1 8 6 Ditto, prof 0 16 0 — INSURANCE— National 0 11 6 0 12 6 HEAT PRESERVING— N.Z. Refrigerat. (£1) 0 11 0 — Ditto (10s) 0 4 2 — TRANSPORT— Union Steam, pref. ... 0 19 10 — P. and 0. Stock 1 1 0 1 4 0 WOOLLEN— Kaiapoi, ord 0 5 6 — Wellington, ord 4 3 0 — COAL— Grey Valley — 0 13 6 TIMBER— National -— 0 6 0 Lovland-O’Brien — 1 0 9 Taringainutu — 0 5 0 BREWERIES— New Zealand 1 3 2 1 3 10 Staples and Co 1 2' Tooth and Co 1 2 7 — 9 1 3 0 MISCELLANEOUS— Burns, Philp and Co. — British Tobacco, ord. +1 5 1 19 6 3 — Howard Smith, ord. — 0 8 0 Electro. Zinc, prof. . — ‘1 1 0 National Electric — 0 10 0 N.Z. Drug 2 5 Wilson’s Cement — 6 *2 9 0 1 8 0 Woolworths, pref. (rights) 0 2 7 0 3 3 MININGMount Lyell 0 18 3 0 19 0 Waihi 0 16 3 — Mahakipawa — 0 0 4 Consol. Goldfields 0 2 0 0 2 8 *Cum. dividend. fEx di\ idend.

New York, dol. to £1 ... April 4. Par. 3.80 4.666 Montreal, dol. to £1 4.215 4.865 Paris, francs to £1 97 7-16 124.21 Brussels, bei. to £1 27.10 35.00 Geneva, francs to £1 19.50 25.225 Amsterdam, florins to £1 9.375 92.46 Milan, liro to £l 73.375 92.46 Berlin, marks to £1 16 20.43 Stockholm, knr. to £1 ... 18 9-16 18.159 Copenhagen, knr. to £1 . IP.20 18.159 Oslo, knr. to £1 191-16 18.159 Vienna, achgs. to £1 ... Prague, knr. to £1 *32 34.585 128.25 164.25 Helsingfors, marks to £1 215 193.23 Madrid, pes. to £1 49.875 Lisbon, esc. to £1 110 4.50 Athens, clrach. to £1 295 375 Bucharest, lei to £1 635 813.60 Rio do J., p. to mil. ... 41-16 16.70 B. Aires, p. to peso 37| 47.62 M. Video, p. to peso ... *29 51 Calcutta, p. to rup 18 1-32 18 Shanghai, p.to tael 20 j H.-Kong, p. to dol 15 5-16 — Y’hama, p. to von 21.25 24.582 Batavia, gl. to £l "Nominal. 9.37 12.107