FARMING AND COMMERCIAL

Manawatu Standard, Volume LIII, Issue 52, 28 January 1933, Page 5

FARMING AND COMMERCIAL

SHEEP IN CAGES. STUDY OF NUTRITION. PASTURE DEFICIENCY EXPERIMENTS. Studies have been made on sheep to determine tlic actual amounts lof calcium, phosphorus and protein absorbed from their food, it was stated by Dr I. Cunningham, of Wellington, at the annual conference in Palmerston North, yesterday, of the New Zealand section of the Institute of Chemistry of Great Britain and Ireland. During theso investigations the sheep were kept in specially designed cages and wore a harness of a particular kind elaborate at Cambridge University. The object of using such cages and harness was to enable accurate measurements to be taken of the amount of food consumed, and of other allied facts.

Chemical analyses, combined with the weight of food digested, _ gave the data for consumption of calcium, phosphorus and protein. Besides this, the amount of food retained in tho body was calculated. When fed a ration of very poor' hay which, judged by the usual standards, was low in protein, phosphorus, and calorific value, it was found that a loss of protein and phosphorus to the animal resulted. This represented the conditions (a) of winter feeding on bleak sheep highlands; (2) of severe drought. Attempts so to improve the ration that tho retention of phosphorus and protein would bo positive showed’ (a) that a mineral supplement such as potassium phosphate had no beneficial effect; (b) that a protein supplement (dried blood) to the ration was effective in improving both tho phosphorus and protein retention. This supplement also markedly improved the calcium retention; (c) that further supplementing a ration of hay plus protein (dried blood) with finely ground Nauru rock phosphate did not improve tho retention of calcium, phosphorus or ntirogen. Dr Cunningham stated that the application of this type of work to the study of tho metabolism of tho sheep was new, and there were possibilities of valuable information being accumulated regarding the typo and nature of supplements required to correct the nutrition deficiencies of some of our sheep pastures. TRANSPORT OF STOCK ON SUNDAY. About three months ago a Waikato motor lorry proprietor was charged with a breach of the law by conveying lambs to tho works on a Sunday. A conviction was entered, the man being fined. The Raglan County Council took the matter up with the Minister of Justice (Hon. J. G. Cobbe), who has written as under to the county clerk: “In further reference to your letter of the 11th November last, regarding the legality of conveying live stock (including fat lambs) in vehicles on Sundays, as the department has now been advised that the conveyance of stock in vehicles on Sundays comes within subsection 3 of section 18 of the Police Offences Act 1927, exempting the driving of stock on Sunday, and therefore, is not a breach of the law, it is not proposed to take further action in the matter.” FARMING NOTES. RURAL RAKINGS. “I have collected twqnty-five shillings worth of cocksfoot s&ed this week,” said a single unemployed man to a Woodville reporter, “and X make more than I can on relief work.” Although the total number of sheep travelling to the Waikato from Poverty Bay this year is not so large as in past years, substantial mobs are at present on the road from the Gisborne and coastal districts. As a contrast with the experience of the past two years, says the Poverty Bay Herald, most of these have been already purchased by farmers, and very few of tho sheep, which are' practically all breeding ewes, will go to tho saleyards. In addition, large numbers of sheep are on the way to Hawke’s Bay, mainly two-tooth ewes and wethers. Most of these also have been purchased by farmers. As a result of' the number of mobs travelling both north and south, practically all district drovers are at present on the road. MEAT SHIPMENTS TO BRITAIN. The New Zealand Meat Producers’ Board is advised by cable from its London office that the shipments from Australia and South America to . the United Kingdom during the first half of January were as follow: — Australia.—l7o,3Bß carcases mutton; 359,330 carcases lamb; 20,134 quarters beef. South America.—Bss3 carcases mutton; 153,799 carcases lamb; no quarters beef (frozen); 188,741 quarters beef (chilled). The shipments from New Zealand to the United Kingdom for the same period were as follow: 17,470 carcases mutton; 484,809 carcases lamb; 3750 quarters beef. There were no shipments from South America to the Continent of Europe during the period.

OVERSEAS WHEAT MARKETS. MONTREAL, Jan. 26. Chicago wheat: May-July, 48s cents; September, 47g cents. Now York, cash, 57 LONDON, Jan. 26. Wheat cargoes to-day were firm at threepence advance, but became easier on the improvement of sterling. Prices were little changed at the close. Parcels wore irregular. Australians were unchanged but barelv steadily at the close. Parcels sold 111cludecl about'4ooo bags of Victorian AprilMay shipment at'24s 3d a quarter. Futures: London, February-April, 29s 8d a quarter; Liverpool, March, 4s 9jd a cental; May, 4s 93c1; July, 4s lid. The spot trade is quiet; Australian, ex ship, 25s 3d to 27s 3d a quarter. , Flour is slow. Australian, ex store, 20s bd a sack. Oats are steady. Pens and Loans are quiet and unchanged.

DAIRY PRODUCE. PRICE IN LONDON. LONDON, Jan. 26. The butter market is slow. Danish, 114 s (106 s); choicest salted New Zoaland, 79s to 80s (81s to 82s); Australian, 77s to 78s (80s); unsalted New Zealand, 80s to 83s (84s to 86s); Australian, 79s to 82s (82s to 84s). Tho cheese market is quiet. New Zealand whito, 46s (46s to 475); coloured, 58s (56s to 575); Australian, 45s to 46s (45s to 525). Last week’s quotations are shown in parentheses. J. and J. Lonsdale and Co., Ltd., London, report as follows:—Butter: Market improving. Improved Continental demand for Danish. Danish, 110 s; New Zealand, 80s; Australia, 795. Choose: White, 46s to 475; coloured, 58s to 595. Cabled advice received from A. J. Mills and Co., Ltd., London, gives the following market prices as ruling at tho close of business on Thursday:—Butter: Tho market is quiet. Now Zealand, finest, 80s; firsts, 795; unsaltcd, 80s to 82s; Danish, 110 s; Australian, 76s to 78s; Argentine, 74s to 80s. Cheese: The market is steady. New Zoaland, white, 465; coloured, 58s; Canadian, white, 64s to 665; coloured, 65s to 675. AGENTS’ ADVANCES. Acting u£on advice from their principals in London, dairy produce agents in the Dominion have increased advances made on export consignments of butter and cheese as from Tuesday, says tho Auckland Herald. The new rates are 8d per lb. butter and 4id per lb. cheese, as against and 3|d per lb. respectively previously ruling. The rates aro adopted by all agonts and are based upon 80 per cent, of the approximate value of the produce. Tho increase is primarily influenced by tho higher rate of exchange. In some quarters it is considered that the London houses aro also taking a brighter view of tho future of tho market. Tho first shipment from Auckland which the new rates will affect will be that by the Waimana on February 3. The Dairy Board’s allotment of’ Auckland produce to this steamer was 36,500 boxes of butter and 2500 crates of cheese.

LONDON WOOL SALES. ANIMATED COMPETITION. Wright, Stephenson and Co., Ltd., and Abraham and Williams, Ltd., report having received cable advice from their London house, as follows: —London wool sales continued with an average attendance of buyers. The market remains activo and competition is animated. Continental and Bradford representatives are the chief buyers. American buyers not operating. A good selection of wools is offering. MARKET REMAINS ACTIVE. LONDON, Jan. 26. At the London wool sales to-day 8916 bales were offered, including 4147 New Zealand, and 6975 were sold. Active competition was shown, but prices were unchanged. New Zealand greasy crossbred, Poutea: Top price lid, average Bid. BRADFORD TOPS MARKET. LONDON, Jan. 26. The Bradford tops market is firm. Topmakers report moderate business. The latest quotations compare with those previously cabled as follow: January

LONDON, Jan. 26. Wintry weather has hardened the egg market. Australians fourteens aro 10s 6d long hundred, fifteens 10s 9d to lls, (J.j-beens lls 6d. RATES OF EXCHANGE. LONDON, Jan. 26. The following rates on foreign exchanges were current to-day, compared with par: Jan. 26. Par.

The selling rate for telegraphic transfers, London on Cape Town, is £99 17s 6d for £IOO sterling, and the buying rate is £IOO 17s 6d. GOLD AND SILVER. LONDON, Jan. 27. Gold. —£6 Is 4jd per fine ounce. Silver.—Cash, 17 1-16(1 per ounce; forward, 17gd.

FEILDING SALE. DECIDED IMPROVEMENT. ■ DEMAND FOR STORE LAMBS. There was a decided rise in store lamb values at yesterday’s sale at FeildjSng, a keen demand for practically all lines resulting in a total clearance. Best black faced rape lambs made up to lls 4d, while good 2th wethers realised 12s 10d. In the fat sheep pens a restricted entry brought about a sharp rise in quotations, prime 2ths bringing 16s, while wethers made up to 15s 9d and ewes to 9s 7d. The catfle section did not display the same animation, fat and store stock finding the market quiet, while dairy lines were unchanged at late rates. Detailed quotations are as under: Fat Sheep.—2ths, 13s 3d to 16s Id; ewes 6s lid to 9s 7d; wethers, 12s 7d, 14s 2d, 15s, 15s 3d to 15s 9d; lambs, 12s Id, 12s 6d to 14s 2d. Store Sheep,—Woolly w.f. lambs, 7s 3d, 7s Bd, 8s Id to 10s Id; shorn do., 6s 6d, 6s lid, Bs, 9s Id to 9s 3d; m.s. do., 4s 3d to 6s 9d; b.f. rape lambs, 9s 2d, 9s Bd, 10s Id, 10s lid, lls Id to lls 4d; ewe lambs, 8s 6d, 9s 3d, 10s 4d to lls 3d; wether lambs, 6s, 7s sd, 8s 9d, 9s 2d, 10s 7d to lls Id; small lambs, 4s 4d to 5s 7d; fattening ewes, 3s Id, 4s 5d to 7s; 2th ewes, lls 3d; f.m. ewes, 10s id; 2th wethers, lls 6d, 12s lOd. Fat Cattle. —Cows, 27s 6d, 345, 395, £2 10s, £3 4s, £3 13s to £4; heifers, £2 19s to £3 3s; bullocks, £4 10s to £4 155.. Store Cattle. —Cows, 15s, 30s. 325; heifers r.w.b., 375; 15mos. heifers, £2 10s; 2i-yr. steers, £2, £2 15s to £3 ss; yearling heifers, 355. Dairy Stock. —Heifers in milk, £1 to £2 17s 6d; heifers r.w.b., £2 9s, £3 6s to £3 19s; springing cows, £2 lls; cows in milk, £1 15s.

AUCTIONEERS’ REPORT. Dalgety und Coy., Ltd., Palmerston North, report that at the usual weekly sale held at Feilding on Friday, 27th instant, there was a large and representative attendance, arid a good yarding of stock fully up to advertised numbers. The sheep yarding comprised principally rape lambs which were keenly competed for, prices realised showing the full effect of the increased exchange and being right up to exporters’ latest sehedlue rales. Quotations: Fat wethers, 15s, 15s 3d, 15s 9d; medium woolly black face lambs, 9s 2d; good woolly do., lls 4d, 12s 2d; small woolly do., 5s 6d; shorn black face lamb, 8s 3d, 10s lid, lls 2d; a nice line of shorn Romnoy wether lambs offered on behalf of Mr W. Romley realised lls Id; shorn wether lambs, 8s 2d, 8s 7d, 8s 9d, 9s 7d, 9s Bd, 9s lid, 10s 7d; small medium wether lambs, 4s 3d. 4s 9d, 4s lid, 6s 9d, 6s lid, 7s, 7s 2d, 7s 3d, 7s 6d; a nice line of f.m. ewes offered on behalf of Mr W. A. Coombs realised 10s la; 2-tooth wethers, lls 6d to 12s 10(1; f.m. ewes, 7s; fat bullocks, £4 10s, £4 14s, £4 15s: fat dairy cows, £2, £2 7s, £2 10s, £3, £3 ss; store cows, 15s to 355; yearling Jersey heifers r.w.b., £2 10s; yearling P.A. heifers, 355; 2-yi-ar P.A. heifers, £2; 2i-year steers, £2 15s; P.A. bullocks, £3 5s to £4. The N.Z. Loan and Mercantile Agency Coy., Ltd., Palmerston North, report: At our Feilding sale on Friday we had a fair entry of both sheep and cattle. A good sale resulted with a decided advance for sheep of all description and fat cattle. We quote : Prime fat 2-tooths, 16s 4d; fat ewes, 8s lOd; ewe lambs, 8s 6d to 9s 4d; w.f. wether lambs, 7s, 7s lOd, 8s 9d; do., small, 5s 4d to 6s 6d; b.f. rape lambs, 83 6d to 10s 4d; fat heifers, £3 4s to £4 8s; fat cows, £3 3s to £4 7s 6d.

FEILDING MART. Prices at the mart in Feilding yesterday were as follow :—Poultry.—Hens lOd to 2s 3d; cockerels, 8d to Is lid; ducks, Is 7d to Is 9d; drakes, Is 5d to Is 9d; turkey gobbler, lls 3d. Pigs.—Wcaners, 7s to lls 6d; slips, 10s 6d to 14s 6d; stores, 15s 6d to £1 7s 6d; porkers, £1 5s 6d to £2 2s. MANGAWEKA SALE. Dalgety and Coy., Ltd., Palmerston North, report having hold a very succeesful sale at Mangaweka on tho 26th instant, when there was a large attendance, not only from local districts but also from Feilding and Palmerston North. A large entry of good quality lambs came forward and prices realised reflected the recent increase in exchange and received the full benefit of the increased exporters’ schedule rates. Quotations: Black face rape lambs, 10s to 10s sd; medium wether lambs, 8s 9d, 10s 3d, 10s 4d; a line of fat and forward Romnoy wether lambs realised 12s 4d; small wether lambs, 5s 3d, 5s Bd, 6s Id to 7s 10d; shorn medium Romney ewe lambs, 10s 4d; 2-tooth wethers, lls 9d. HIDES AND SKINS. WELLINGTON MARKET ACTIVE. WELLINGTON, Jan. 28. The rise in the exchange rato was reflected in the prices which ruled at yesterday’s sale of hides, sheepskins and tallow held by the combined Wellington brokers. Apart from this, however, tho market generally showed a much improved tone. Competition for sheepskins was very keen, and prices were much firmer, tho finer wools coming in for particular attention. Compared with the previous sale, fine w'ools of all descriptions appreciated 3-4 d to Id per lb and other grades, id to 3-4 d. Some very attractive parcels of halfbreds and line crossbreds were offered, those bringing up to sid per lb. Of salted skins there were few offerings, and prices were nominal. All grades of hides were keenly sought after, shippers and local tanners competing freely, with the latter securing a good bulk of tho catalogue. Light ox showed an advance of a halfpenny to threefarthings, medium ox three-eighths of a halfpenny, and heavy ox advanced up to a penny. Cow hides wore better by a halfpenny to five-eighths of a penny, and yearlings and kip showed a similar advance. Calfskins sold at up to a halfpenny advance. Tallow was firm, and in some cases Is a cwt higher. Local manufacturers took a fair share of tho offering. The official range of prices is as follows : _ Dry Sheepskins.—Halfbrcd, 4d to 51d: fine crossbred, 4Jd to s£d; medium, 3ld to 4cl; coarse, 3^(1; half wools, 2jd to 41<l; quarter wools, 2d to 3d; pelts, lid to 2 -4 c l. Hides. —Ox, 331 b to 441 b, 4Jd to Sd; 451 bto 521 b, to sgd; 531 bto 591 b, 4?d to 5 3-8 d; 601 h to 691 b., 4id to 6£d; 70,b and over, scl to Gd; cow, 441 b to 391 b, 4d to sd; 401 bto 481 b, 3 3-4 dto sd; 49 and over, 4d to 4 7-8 d; kip, 251 b to 321 b, 3d to 4 3-4 d; 171 bto 241b,’ 23-4 d to 5 7-8 d; yearling, 111 bto 161 b, 23-4 dto 6d; calf, 91b to 101 b, 3d to 6d; 61b to 81b, 4 3-4 d to 7RI; to 51b, !d to 7 3-Bd. Tallow. —In casks. 13s to 17s 9d; in tins, etc., 8s to 15s 6d. Sundries. —Cow tails, 4d; horse hair, 12d.

GOVERNMENT STOCKS. LONDON MARKET VERY FIRM. LONDON, .Tan. 26. Quotations of Government stocks on the London Stock Exchange compare with those of a week ago as follow :

WELLINGTON STOCK EXCHANGE. YESTERDAY’S BUSINESS AND PRICES. Little. variation in prices was seen yesterday in the Wellington stock and sharo market, which was fully firm. There was a good demand for Government securities, but the few sellers quoting showed no disposition to make concessions. Banks wero not much sought after, but prices held firm. Wellington Gas, ordinary eased 6(1 to 295, and Napier Gas, £5 paid, had an inquiry at £3 17s 6d. Insurance shares showed a distinctly hardening tendency. Now Zcalands wore done at 45s 6d, cum dividend, . more being wanted at 3(1 less. South British firmed another 9d at 57s 9d and Nationals gained 2d at 14s Id, with no sellers in either case. Goar Meats were sold at 29s and N.Z. Refrigerating, 10s paid, at 4s. N.Z. Breweries firmed to 27s 9d, at which price two sales were reported. More were wanted at that figure, but sellers moved up to 28s 3d. British Tobaccos wero firmer, following a sale late on Thursday at 325. N.Z. Drugs wore reported done at 56s 3d. Sellers of Colonial Sugars wore asking £53 ss. YESTERDAY’S QUOTATIONS. Buying and selling quotations at yesterday’s final call on the Wellington Stock Exchange wero as follow :—•

YESTERDAY’S SALES. The following 6ales were recorded on the stock exchanges of the Dominion 3’esterdav : Wellington.—Sales reported: N.Z. Insurance, cum. div., £2 5s 6d; Gear Meat, £1 9s; N.Z. Refrigerating, 10s paid, 4s; N.Z. Breweries (2), £1 7s 9d; British Tobacco, £1 12s*; N.Z. Drug, £2 16s 3d. Mate sale Thursday. Auckland. Commercial Bank of Australia, preference, £8; Bank of New Zealand, £2 3s 9d; New Zealand Insurance, £2 5s 6d; Farmers’ Co-op. Auction., A. prof., 14s 6d; Colonial Sugar, £52; Gear Meat, £1 9s; Kempthorne, Prosser, (2), £2 16s; N.Z. Paper Mills, £1 Is 4d; Okarito, 9s; Waihi, £1 Is 4d, £1 Is 3d. Christchurch. —Inecr. stock, 5 5 p.c., 1930 (3) £lOl 10s; Comm. Bank of Aust. (6). 15s; Eng., Scot, and Aust. Bank (4), £4 lls; Bank of New Zealand, £2 3s 6d; Goldsbrough, Mort, £1 4s 3d; N.Z. Refrigerating, 10s paid (2), 4s; WestportStockton, ord., 8d; New Zealand Breweries (2) £1 7s 9d; Staples Brewery, £1 2s 9d; British Tobacco (2), £1 12s; Mount Lyoll (3) £1 Is; N.Z. Drug Co. (3), £2 16s 2d, (2) £2 16s 2d; Big River (2), Is 3d; Blackwater, £1 Is; Gillespie’s Beach (2), Is: Golden Sands, 3s; Golden Point (6), 3d; Okarito (2), 9s Id; Electro Zinc, pref., £1 8s 2d. Sales reported: N.Z. Drug Co., £2 16s 2d*; ditto (2), £2 16s; Christchurch Gas, cum. div., £1 3s 6d; flank of Now Zealand £2 3s 6d; Inscribed stock, 5j p.c., 1936, £lOl 15s. *Late sale Thursday.

Dunedin. —Nokomai. 5s 9d. Sales reported: Gillespie’s,'Hid; Kildare, 2s; N.Z. Refrigerating, cont.„ 4s*; Inscribed stock, 4i p.c., 1938, £95 15s. Mate sale Thursday.

SYDNEY STOCK EXCHANGE. SYDNEY, Jan. 27. Tlio Sydney Stock Exchanges to-day was quiet but firm. Investment stocks held well and bonds hardened. Sales: Commonwealth bonds, 4 per cent., 1938, £lO2 5s and £lO2 7s 6d; 1941, £lO2 6s 3d; 1944, £lO2 13s 9d; 1947, £lO2 17s 6d and £lO2 18s 9d; 1957, £lO2 ss; 1959, £lO2 ss. Bank ot New South Wales, £3O 12s 6d and' £3O 15s; Tooth’s Brewery, 45s 6d and 35s 9d for New Zealand delivery; Broken Hill Propriotary, 28s; Mount Morgan, 25s lid; New Guinea Goldfields, 4s 6d; Huddart, Parker, 29is 9d; Dalgetys, £8; Australian Glass, 465. MELBOURNE, Jan. 27. Sales; Commonwealth bonis, 4 per cent., 1941, £lO2 ss; 1950, £lO3 ss; Commercial Bank of Australia, 15s 6d; British Tobacco, 32s 9d; Dunlop-Pordriau, 17s lOd Taranaki Oil, 2s 6d. P. AND 0. DEFERRED SHARES. LONDON, Jan. 26. P. and O- deferred shares sold to-day at 16s 6d. Mount Lyell shares sold at 16s 10id.

70’3 5 12 19 26 Per lb. Per lb. Per lb. Per lb. d. d. d. tl ..24 24 24? 24 1 64’s .. 23 23 234 23 60’s .. 214 214 214 214 56’a .. 18 18 184 184 50’s .. 124 124 124 124 46’s .. 94 94 94 94 40’s ..9 9 9 9 LONDON EGG MARKET FIRM.

New York, dol. to £1 ... 3.391 4.866 Montreal, dol. to £1 3.92| 4.866 Paris, francs to £l 86 15-16 124.21 Brussels, bel. to £1 24.445 35.00 Geneva, francs to £1 17.555 25.225 Amsterdam, florins to £1 8.44 12.107 Milan, lire to £1 66.375 92.46 Berlin, marks to £1 14.26 - 20.43 Stockholm, knr. to £1 ... 18 13-32 18.159 Copenhagen, knr. to £1 . 19 15-16 18.159 Oslo, knr. to £1 19.5 18.159 Vienna, schgs. to £1 ... •30 34.585 Prague, knr. to £1 Herfors, marks to £1 ... 114.50 164.25 226.5 193.23 Madrid, pes. to £1 41 7-16 25.225 Lisbon, esc. to £l 110 110 Athens, drach. to £1 600 375 Belgrade, din. to £1 250 276.31 Bucharest, lei to £1 577.50 813.60 Rio de J., p. to mil. ... *51 5.899 B. Aires, p. to peso 41* 47.62 M. Video, p. to peso •34 51 Calcutta, p. to rup 18 5-32 18 Shanghai, p. to tael 20* — H.-Kong, p. to dol 151 — Y’hama, p. to yen 15 1-16 24.582 Batavia, gl. to £1 .... •"Nominal. 8.44 12.107

Price. Variation. £ 9 d s d Consols, 2£ p.c 73 10 0 17 6+ Fund. Loan, 4 p.c. 1960 90 109 17 6 17 6+ Assented War I.onn, 34 p.c 93 15 0 10 Of Conv. Loan, 34 p.c. ... 99 7 6 7 6f Victory Bonds, 4 p.c. ... 109 0 0. 20 Of C’wealth, 5, 1945-75 ... 106 0 0 5 Of C’wealth, 6, 1931-41 .. 103. 5 0 5 Of t” wealth, 1936-37 . 100 7 6 10 Of Victoria, 3, 1929-49 85 2 6 - 6 3t Victoria, 34, 1929-49 ... 93 5 0 15 Of Victoria, 54, 1930-40 ... 103 0 0 5 Of Victoria, 5, 1932-42 ... 102 7 6 7 6+ Victoria, 4f, 1940-60 ... 102 11 3 3 9* N.S.W., 4, 1933 100 17 6 6 3t N.S.W., 3, 1935 99 5 0 13 9+ N.S.W. 3 i, 1930-50 ... 91 15 0 13 9+ N.S.W., 64, 1930-40 ... 101 0 0 1 3* N.S.W., 6, 1930-40 102 2 6 7 6+ Q'land. 5, 194060 103 15 0 2 b* Q’lanu, 3, 192.2-47 Q’land, 6, 1930-40 85 17 6 2 6+ 101 5 0 12 6+ N.Z., 41. 1943-53 103 0 0 7 6* N.Z„ 34, 1940 99 17 6 10 0* N.Z., 3, 1945 91 10 0 Same N.Z. 6, 1936-51 105 15 0 15 Of

Buy srs. Sellers. N.Z. GOVT. LOANS— £ s. d. £ 6. d. 4£ p.c. Bonds, 1941 ... 95 10 0 — 4i p.c. ditto, 1939 96 0 0 . 4£ p.c. ditto, 1933 95 15 0 — 5£ p.c. ditto, 1936 .01 5 0 — 5£ p.c. ditto, Feb, 1937 — 101 10 0 5£ p.c. ditto, 1937 96 10 0 — 4£ p.c. Stock, 1939 ... 95 15 0 — 4J p.c. ditto, 1938 95 5 0 96 0 0 Si p.c. ditto, Feb, 1937 — 101 10 0 Si' p.c. ditto, Sop, 1937 — 101 10 0 5£ p.c. ditto, 1937 96 10 0 — DEBENTURES— Well. Harb. Bd., 5£ p.c., 1940 100 0 0 — OtaTmhu Boro., 6 p.c., 1961 !. ... — 101 0 0 Well. Gas Co 100 0 0 — BANKS— Australasia — 10 0 0 Comm, of Aust., ord. *0 15 0 0 15 4 E.S. and A 4 9 0 — Nat. of Australasia, £10 paid 11 10 0 — Ditto, £5 paid 5 7 6 — New South Wales — 30 0 0 New Zealand 2 3 0 2 3 9 Union of Aust — +7 17 0 FINANCIAL— Equitable Building ... — 2 0 0 Goldsbrough. Mort. ... 1 3 9 — N.Z. Guar. Corp., ord. 0 4 7 — Well. Invest., T. & A. — 0 4 6 Well. Trust and Loan *5 *0 0 GAS— Napier, £5 paid 3 17 6 — Wellington, ord *1 9 0 — INSURANCE— National 0 14 1 — New Zealand *2 5 3 2 6 6 South British 2 17 9 — MEAT PRESERVING— Gear 1 7 6 1 9 9 N.Z. Refrig., 10s paid — 0 4 2 TRANSPORT— Huddart, Parker, pref. 1 2 0 — Union Steam, pref. ... 1 0 0 — WOOLLEN— Wellington, ord — 5 3 0 TIMBER— Bartholomew — 0 10 0 National — 0 5 9 Taringanmtu v 0 5 0 BREWERIES— Carlton 1 14 0 — N.Z. Breweries 1 7 9 1 8 3 Staples and Co 1 2 6 1 3 3 'Tooth and Co — 1 15 0 MISCE LL A NEOUS— British Tobacco, ord. 1 11 11 1 12 4 Colonial Sugar — 53 5 0 Dunlop Perdriau 0 17 0 — Henry Jones Co-op. ... 1 16 0 — Howard Smith, ord. — 0 13 0 National Electric ' " 0 10 0 Farmers’ Fertiliser ... 0 15 0 — Wilson’s Cement 1 7 6 1 8 9 Woolworth’s, pref. 1 8 6 — Aust. Iron and Steel, pref 0 13 0 — MTNTNG — Golden Dawn 0 4 4 0 4 7 King Solomon to 1 10 — Mount Lyell 1 0 9 1 1 6 Okarito — 0 9 2 Paddv’e Point, 0 5 — Waihi 1 1 3 1 i 6 Big River — 0 1 6 Gillespie’s Beach 0 0 10 0 i 1 Nokiomai 0 5 8 0 5 11 Kawarau 0 0 6 — “Curn. dividend. +Ex. dividend.

S. Aust., 1939 98 15 0 12 6+ S Aust., 3, 1916/after 75 10 0 10 01 S. Aust.., 65, 1930-40 .. 101 5 0 12 6+ Tasm.. 3i, 1920-40 97 0 0 10 01 Tasm., 3. 1920-40 93 0 0 Same Tasm., 6J>, 1930-40 101 10 0 5 01 W. Aust., 3i. 1929-35 .. 99 17 6 7 61 W. Aust., 3, 1915-35 ... 99 7 6 7 61 W. Aust., 6, 1930-40 ... flligher. * 101 0 Lower. 0 Same