FARMING AND COMMERCIAL

Manawatu Standard, Volume LVI, Issue 111, 11 April 1936, Page 4

FARMING AND COMMERCIAL

COMMODITY MARKETS AND TRADE. THE SHARE MARKET. (By “Penlort.”) The New Zealand Stock Exchanges were dull all last month and will continue in that state for the whole of the current month, and there arc several reasons to account for it. The raising of the bank deposit rates of interest and the consequent upward trend in the lending rates caused shares generally to be written down in values. What happened in Australia was that money was made dearer, and Stock Exchange securities had to be adjusted to the changed conditions. 'The end of March is the balancing period for the State accounts, some banks and joint stock companies also close their financial years at the end of March, and this calls for some window-dressing. This month the Easter holidays, St. George’s Day, and Anzac Day cause breaks to the trend of business, so that there have been ample reasons for some slackness in Stock Exchange trading. The greatest single influence has been the uncertainty as to the Government’s financial proposals. These are, ol course, now known, but instead of allaying the fear of investors they have rather tended to increase them. THE RESERVE BANK. The conversion of the Reserve Bank into a State Bank now appears to be for the purpose of enabling the Goveminent to obtain “costless credit” for all the millions it may require, and their demands will be for many millions. Investors are as yet unable to sense the possible consequences of inflating the currency. There are a great many adverse possibilities in the situation, and until opinion becomes more decided trading will be slack.

INCREASE IN IMPORTS. With the inevitable increase in the note circulation, domestic trade, that is, the retail trade, should show considerable activity. That means that there must be more goods, and luxury goods such as motor cars will form no small part of the total. It is a foregone conclusion that retail prices will advance all round, for the prime costs of goods to the retailer and the costs of distribution must be higher. What effect this will have on the money and investment market has yet to be realised. The imports for the month of February totalled £2,986,481, as compared with £2,428,525 and for the two months of January and February the total was £6,583,748, as against £5,655,451, an increase of nearly a million, which is trifling compared with the increase we are likely to witness in filie near future. EXPORTS ALSO INCREASE. The exports for the month of February were valued at £5,251,326, as compared with £4,452,911, and for the two months of January and February the total was £11,249,661, as compared with £9,528,605, showing the substantial increase of nearly £2,000,000. The value of the butter exported during the two months was £2,718,631, as compared with £2,515,418, showing an increase of under £200,000. The cheese exported in the two months was valued at £867,616, as against £979,076 in the corresponding two months of last year, a decrease of over £IOO,000. The commodity that contributed principally to the increase in the exports in the two months was wool, the figures being £3,763,847 as compared with £1,929,509 in the corresponding two months of last year,' and there were substantial increases also in sheep skins, both with wool and Without wool. The quantity of wool exported in the two months was 276,398 bales, against 185,740 bales last year. The good prices ruling for wool are responsible for the heavy export of the staple, for wool growers were justified in clearing their clips. The 517,975 cwt. of butter exported in January and February has been veined by the Customs Department at 105 s per cwt. New Zealand currency, equal to 84s in sterling. The price of butter on the London market early in the week was 88s with a firming tendency. This, of course, was largely due to the pre-Easter demand, but it is doubtful whether the price will hold. The Continental make of butter will be increasing now, but the more important factor is the increase in the British output. The British milk supply is estimated at 800.000,000 gallons per annum and is tending to increase under the fostering care of the Milk Marketing Board. A very large percentage of this milk is being converted into buttei*, and this is the menace that we have to fear. The Ottawa Agreement expires on June 30, and there is every probability that both quota and levy will be imposed on our dairy products, and on our meat also. THE WOOL MARKET.

The wool-selling season in the Dominion closed with the sale at Wellington on Monday. At each of the last four sales the market exhibited a-n easier tone, but the movement in values was negligible. The easier tone was disappointing and yet wool growers cannot help but feel gratified at the general results. The market was well maintained while there was any prospect of war in Europe. But this tear is removed, at least for the present, and users of the fibre now find themselves with full stocks, and are naturally reluctant to enter into further commitments for raw wool. The absence of both Germany and Italy from active buying did not affect the market so’ long as the war fear fasted. The Powers will enter into a patchwork, peace which may last for a year or two. during which period it is difficult to say what .the position of the wool market will be like. Neither Germany nor Italy will be financially in a position'to buy wool-to any extent, for both are practically bankrupt. Germany is suffering from the boycott inaugurated by tlic Jews, principall3 r in America, as a reprisal for the harsh ■treatment of German Jews, and*ltaly has expended millions on the_ Abyssinian campaign for very little gain.' •If' Germany and'ltaly are unable to buy foreign goods they will be sellers of their own manufactures at bargain prices. The goods .from these two countries will bo dumped on foreign markets and sold regardless of costs._ Both countries' will' be driven to this because‘they, will need foreign credits to purchase raw materials'. Such goods will be dumped in New Zealand; as a matter of fact, that seems to-be the case now with respect to German goods. The- two countries • named will want wool, but will be compelled through • financial difficulties to buy very sparingly. The wool sale in London next month should help to clarify the position. • WHEAT MARKETS. ■ - : LONDON, April 9. Wheat futures are London, May, 28s ffd a quarter; November, 28s lid; Liverpool, May, 6s lfd a cental; July. Cs ljd; October, 6s lid. NEW YORK, April 9. Chicago wheat. —May, 94 5-8 cents a bushel; July, 85* cents; September, 84i cents.

FROZEN MEAT TRADE. LAMB MARK ET FIRM. LITTLE CHANGE IN MUTTON. The lamb market continues firm, especially for second quality, which has advanced slightly. Consumption satisfactory for the time of year. Mutton market: Lightweight wethers, shade easier owing to poor demand. Other descriptions steady and unchanged. Ewes continue short. Quotations more or less nominal. Beef market: Frozen beef nominal; practically none available. New Zealand porker pigs: Prices unchanged, but ufith larger supplies available and in sight tendency of market is easier. Badoner pigs: Market steady and .unchanged. The above report, dated April 8. has been received by the Meat Board from its London office, which quotes tlie average Smitbfield delivered prices for the week at follows:—New Zealand sheep.—Canterbury and North Island selected crossbred wethers and maiden ewes: 481 b and under, s}d; 481 b to 561 b, 5Jd ; 571 b to 641 b, 4fd'; 651 b to 721 b, 4d. North Island: 481 b to 561 b; 5Jd; 571 b to 641 b, 4§d; 651 b to 721 b, 4d. Ewes: 481 b and under, 4Jd ; 481 bto 641 b, 4-gd; 651 bto 7211 v 3id. New Zealand 'lambs.—Canterbury: 361 b and under, 7gcl;' 371 bto 421 b, 63d ; 431 b to 501 b, 6id ; second quality, average about 311 b, 7|d. Other South Island: 361 b and under, 7jjd; 371 bto 421 b, 65 d; 431 bto 5011), 6Jd. North Island Downs: 361 b and under, 7Jd; 371 b to 421 b, 63d; 431 b to 501 b, 63d; second quality, average about 301 b, 7»|d. North Island, first quality: 361 b and under, 7Jd ; 371 b to 4211), 6?d; second quality, average about 311 b, 7|d. Australian lambs.—'Victorian, first quality: 361 b and under, 6|d; 3711) to 421 b, bd. Argentine lambs.—First quality: 36 lb and .under. 6Jd ; 371 bto 421 b, 53d. \ New Zealand frozen 0 beef.—Ox binds, 1451 -to 21011), 4-J-d; fores, 145 lb to 2101 b. 2fd. Chilled beef: Ox hinds, 3|d; fores, 2RI. Argentine chilled beef.—Ox hinds, 4|d; fores, 3d. . 0 . Uruguayan chilled beef.—Ox hinds, 4Jd; fores, 23d. ' Brazilian chilled beef.—Ox hinds, 33d; fores, 2|d. Australian frozen beef.—Ox hinds, 4RI; crops, 2|d. Chilled beef: Not quoted. South African chilled beef: Ox hinds, 4|d; fores, 2|d. New Zealand porker pigs.—Firstquality: 60lh to 8011), 51d; 811 b to 100 lb, sjd; 10111) to 1201 b, Baconer pigs: 1211 b to 1601 b, s|d. THE STOCK MARKETS. ASHHTJRST SALE. Abraham and Williams, Ltd., report on the Ashhurst sale as under:—A good yarding of both sheep and cattle came forward and jve report keen competition in all sections, with a total clearance at auction. Quotations: Fat ewes, 15s, 15s 6d to 20s; fat lambs, 20s. 21s, 225, 22s 6d to 235; forward b.f. lambs. 16s, L6s 6d, 17s, 18s 3d to 19s; medium b.f. lambs, 12s 6d, 13s, 14s to 15s; fat cows, Jersey bred sorts, £3, £3 10s, £3 15s, £4', £4 5s to £4 10s; forward cows fit for paddock, £2, £2 5s to £2 10s; spg. Jersey heifers, £3 10s, £4 to £5; spg. Jersey cows, £4, £4 10s to £5 2s 6d; wnr. Jersey heifers, £2 ss, £2 10s to £3 2s 6d ; sound Jersey bulls, 2 years, £2, £2 10s to £3 2s 6d.

Dalgety and Coy., LtcL, report on their Asliburst sale, when a fair yarding in all sections came to hand. There was a good enquiry for dairy heifers and all through we have to report a good sale at satisfactory prices to the vendors. We quote:-—Fat woolly lambs, 21s 3d; fat wethers. 20s; woolly b.f. lambs, 14s sd, 15s; Jersey heifers, r.wb., £5; sprg. heifers, £4 to £5 ss; weaner Jersey heifers, £l 11s, £1 17s £2, £2 11s; fat P.A. heifers, 2iyr, £5 13s; fat P.A. cows, £6 ss; fat cows ex dairy, £2 10s, £3 10s, £4, £5 10s; fat Jersey heifers, £3 13s, £3 17s; store cows, £1 10s,* £1 15s to £2 10s; 2yr Jersey bulls, £3, £3 ss; potter bulls, £4, £4 ss; weaner pigs, 4s; slips, Bs. TAIHAPE SALE. The New Zealand Farmers’ Co-op. Distributing Co. Ltd. report a yarding of 750 sheep, 60 cattle and a quantity of pigs and horses at the Taihape sale. There was an exceptionally good attendance/and bidding was keen in all lines submitted. A feature of the sale was the line of 248 extra good ewe lambs offered on account of Mr H, O’Callaghan. These realised a record price of 30s Bd. There was a keen enquiry for ewe lambs right throughout but all classes of sheep sold well. We q-uote: Best ewe lambs, to 30s 8d; good ditto, 25s 5d to 265; good medium, 235; medium ditto, to 21s 7d; very small, 14s 8d; best wether lambs, 16s lOd; medium, 12s 7d to 15s; smaller sorts, 10s 4d to 11s; fat wethers, 22s 7d; m.a. ewes, good mouths, 21s 9d to 22s Id. Fat cows, ex dairy, £2 17s’ to £3 10s; forward cows, 36s to £2 2s; dairy cows, £3; heifers r.w.b., £3. Spring cart gelding, £25. Weaner pigs, 6s 6d to 12s.

WOODYILLE SALE. Abraham and Williams, Ltd., report on the Woodville sale as under:—A good yarding of both sheep and cattle was submitted and we report practically a total clearance in all sections, values for all sheep being very’ firm on recent rates. Quotations: 5-yr ewes r.w. S.D. ram, 20s, 21s, '2ls 6d to 25s 7d; 4-th owes, exira good, r.w. S.D. ram, 34s 7d; fattening ewes, 9s 9s 6(1, 10s 6d, 11s, 11s Od to 12s 3d; ewe lambs, 19s, 20s, 21s 9d, 22s 3d to 235; wly. wether lambs, 13s, 14s, 15s to 16s 6:1; forward b.f. lambs. 16s 17s, 17s 6d to 19s; medium b.f. lambs, 12s, 13s to 14s 2d 2-th wethers, 20s to 21s 3d; fat wethers, 22s 6d, 23s to 255; fat cows, £3, £3 10s, £3 15s, £4 to £6 10s; forward Jersey cows, £2, £2 5s to £2 10s; weaner Jersey heifers. £2 ss, £2 10s to £3 2s 6d.

PAHIATUA CATTLE FAIR. Abraham and Williams, Ltd., report on the Pahiatua -Rattle fair as under: —A large entry of station bred cattle was submitted and we report a'll excellent clearance, in all sections' with values % comparing favourably with other fairs in surrounding districts. The condition of all the cattle submitted was very noticeab'e, it no doubt being many years since cattle have come forward in-such great heart to go into the winter. This factor is. due no. doubt to the marvellous growth we have had during the summer months. Some of our chief sales were as under: —Forward conditioned P.A. bullocks, £8 10s, £8 fss, £9, £9 5s to £9 7s 6d; 2i-yr P.A. and Hereford steers, 1 £6 15s, £6 17s 6d. £7, £7 2s 6d,' £7 5s to £7 7s 6d: 20-mos. P.A. steers, £6, £6 10s, £6 15s to £6 17s 6d ; young P.A. cows. r.w. P.A. bull, £5 15s, £6, £6 16s, £7 to £7 17s: 20-mes. emptv P.A. heifers. £5, £5 10a to £6 2s 6d ; fa.t cows. £4, £5, £5 10s, £6 10s to £6 17s 6d.

DAIRY PRODUCE. BUTTER AND CHEESE MARKETS. LONDON, April 9. The butter market is quiet. Previous week’s quotations are given in parentheses:—Choicest salted New Zealand, 88s to 89s (86s to 87s); Australian, 88s to 80s (86s to 87s). Unsalted, New Zealand, 89s to 90s (85s to 87s); Australian, 88s (86s to 87s). Cheese is steady. New Zealand, white and coloured, 53s to 53s 6d (52s 535). Australian, white 50s to 51s (51s 6d) ; coloured, 51 s to 52s (51s to 525). J. and J. Lonsdale and Co.; London, Ltd., report as follows: —Butter market quiet. New Zealand, 80s to 87s; Australian. 86s to 87s. Danish, 85s f.o.b. ; 106 s landed. Cheese market quiet. New Zealand, white, 53s to 53s 0d; coloured. 53s to 53s Gd. Australian, 51 s 6d to 525. Joseph Nathan and Coy., Ltd., have received from London the following cabled advice, dated April 8: New Zealand butter, 87s. Market quiet. New. Zealand cheese: White and coloured, 535. Market firm The New Zealand Loan and Mercantile Agency, Coy., Ltd., have received the following advice- from their London house, dated Apiil 8: —Dairy produce (last week’s quotations in parentheses): —Butter, New Zealand choicest salted, 87s to 88s per cwt. (86s to 87s). Market quiet in view of 5000 tons due to arrive next week. Cheese 53s to 53s 6d per cwt. (52s Gd to 535). Market steady. , Bowson and Co., Ltd., report dated London. April B: —Cheese, New Zealand, white and coloured. 53s Gd per cwt. Butter: New , Zealand,_ finest grade, 87s per cwt. Market easier. AUSTRALIAN MARKETS. MELBOURNE, April 9. Wheat.—3s 9id a bushel. Flour, £9 7s Gel a ton. Bran, £6 a ton. Pollard, £6 5s a ton. Maize, 5s a bushel. Oats, 2s 2d to 2s 3d a bushel. Barley, English, 2s 9d to'2s lOd a bushel. Potatoes, £9 10s a ton. Onions, £7 15s to £8 a ton. SYDNEY, April 10. Wheat at country sidings, bagged and bulk, is 3s 2d a bushel, equal to 3s BJd ex trucks, Sydney. Flour: £9 10s a ton. Bran and pollard, £6 a ton. Potatoes: Tasmanian, £7 10s to £8 a ton; others, £6 10s. Onions: Victorian brown, £lO a ton. Maize, new season’s 4s Gd a bushel. ADELAIDE, April 10. Wheat, growers’ lots is 3s Gid a bushel. Flour: Bakers’ lots, £9 10s a ton. Bran and pollard, £6 2s Gd. Oats, Algerian, Is 9d to Is lOd a bushel. Barley, Is 10d a bushel. FARMING NEWS. RURAL”MAKINGS. The interim wheat threshing return, showing lor January and February an average Canterbury yield of 40.7 bushels to the acre, is tne second highest recorded in the province tor many years, probably since the system of preliminary returns was first instituted.

With winter approaching, it is reasonable to expect ail increase in the incidence of rootrot, a disease which causes much pecuniary loss. Although not a direct cause of footrot, the wet weather is definitely a predisposing, cause. Already in some districts the disease is reported to be prevalent, this b'eing due to the abnormally wet summer. Ruinous destruction of kunh-s by wild pigs in Taranaki has been reported to the Minister of Internal Affairs (Hon. W. E. Parry). Losses m the last two lambing Seasons have been exceedingly heavy, one farmer in the Uruti district having lost 300 lambs in one season and 100 the next, a I killed and eaten by wild pigs, which are increasing so rapidly on the Crown lands and forest reserves under Alt. Egmont that soon the pests will rival the wild goats. Maori settlers working properties under the Horolioro native land scheme held their second show at Rotorua on Saturday last. The standard of thestock exhibited was particularly good. Officers of the Native Department and the. Department of Agriculture cooperated with the settlers’ committee - in the organisation of the show. f J he special silver cup presented by the Horolioro settlers for most points in all classes was won outright by G. Kapene with 50 points. In the opinion of Air J, E. Benson, of Ormond, near Gisborne, who has recently been on a six weeks’ tour, there is-cheap land in the South Island offering great- opportunities for the .voting farmer. “If I were a young man,”-lie said on his return home, “I should certainly go south. The land js cheap, and the rates are low. Up here we pay for the climate.” Air Benson said that farmers in the south seemed to have weathered tlm slump much better than those in the north, whore- values jumped to abnormal levels.- Those in the south were move content to farm their land during the boom period than to sell it, with the result that values did not rise to such an alarming extent as in the North Island.

COURSE IN SHEEP AND WOOL

The short course in sheep and wool which is given annually at Massey College, will commence on May 5 and terminate on May 23. The instruction given will take the" form of a series of lectures and demonstrations on important aspects of sheep farming by the following members of the staff:—Professor G. S. Peren, lectures on subjects of topical interest in connection with sheep farming, including' wool improvement; Mr A. G. Morton; problems in sheep management, sheep classing; demonstrations on Romney, Southdown, and Rveland sheep, and Aberdeen-Angus. cattle; Mr W. M.. Webster, disease of sheep, sterility; :Mr A. W. Hudson, problems in liming” and manuring, the results obtained at 1 the Marion experimental grass -plots; Mr W. A. Jacques, the establishment and maintenance of pastures; Mr R. Waters,' official fleece testing,' its value and the results cf the work of the past fifteen months; Mr D. 0. Williams, economic problems of the farmer; Mr E. A. Clarke, the characteristics of good wool and the principles of classing in the shed (mainly practical" woik); in addition,, lectures, ns under, will he delivered by the following gentlemen -who are not members of the college Staff:—Mr J. W. Hadfield, Plant Research Station, Palmcrst.on North,, problems connected with forage crops'for sheep; Mr K. B. Levy. Plant Research Station? Palmerston North, -results of recent work--011 the selection of improved grasses and clovers (visit to grass plots of the Plant Research Station). Students may be. any age over seventeen years. For tire information of those who attended the 1935 course the subjects of ; the lectures have been intentionally varied from those of last, year so that they may very profitably attend a second year. The fee for the course is £2 10s, plus Students’ Association fee 2e 6d. Board is. extra and has to be obtained in Palmerston North; whore it is available at front 25s to 30s nor week. A list of suitable lodgings is kont by the 1 registrar of the college, who will he plcasod: t'o assist students in finding accommodation. The hcfitcl at the college .is fully-oc-cupied by students who are taking either diploma or degree courses of instruction. Intending students are asked .to indicate just, what class of accommodation they require. As the eolloge is situated one mile outside the city boundary, it is. very convenient for a student boarding in town to have a bicycle.

WOOL, SKINS AND HIDES PALMERSTON - NORTH SALE.

At Abraham and - Williams, Ltd.’s, monthly sale of wool, sheepskins, hides and tallow at Palmerston North on Thursday competition was very animated, when a very large catalogue was offered to a full bench of buyers. Wool: Finer sorts sold Id . cheaper than at the last auction, while medium and coarser sorts were on a par to id lower. Oddments were on a par to slightly in buyers’ favour. Sheepskins: In sympathy with the wool market, finer sorts depreciated Id per lb, while medium and coarse were on a par. Pelts were firmer by id, and salted- skins were firm to 6d lower. Hides: Ox hides were in sellers’ favour, values for heavy and medium he’ng id better, and' in light sorts id. Cow lades also showed a rise, all grades appreciating id to id per lb. Calfskins were very firm to id better. Tallow: Jins can be quoted at on a par to slightly in sellers’ favour. The, following is the range of values:—Wool: Southdown, OjpUto llid; fine hoggets, Bid to 10id; A crossbred, 7id to 7Jd; B crossbred, 6id to 7id ; erts., 5d to Gid ; pcs-, 4d to 4|d; dead, to 7RI. Sheepskins; Fine Ist, 9RI to 10Jd; fine hgts., lOd to 10id; hgts., 9d to 93d; three-quar-ter-full wools, 9id to 9Jd: quarterhalf wools, 9id to 10id; pelts, 7d to 8R1; crossbred damaged, 7RI to 8d ; lambs, 9Jd to lid; salted pelts, 2s 10d to 3s; salted short-quarter wools, 4s 3d to 4s 6d ; salted, half wools, 4s 4d to 4s 6d. Hides: Ox heavy, 9d to 9id; medium, B£d to 9d; light, to 7jd; cow heavy, 6RI to 7|d; medium, GJd to-63d; light. 6RI to 7§d; vlgs., 73d to 9|d ; calf light, Ist, 13jd to 13R1; 2nd, 12d to 13d; cut, lid to llid. Tallow: 111 drums, Ist, 22s to 23s 6d; in tins, Ist, 14s to 15s; 2nd, 9s to 10s. NAPIER WOOL SALE. RANGE OF PRICES. Per Press Association. NAPIER, April 9. The following was the range of prices

BRADFORD TOPS MARKET. A QUIET TONE. LONDON, April 9. The Bradford tops market is very quiet with very little business passing. To-day's quotations compare with those previously cabled as follow:

RABBITSKIN SALES.

At the sale of rabbitskins at Dunedin on April 7 a considerably larger catalogue was offered than at the pievious sale. Competition was keen, and all grades showed an advance, luces for light and prune racks ad\ anced Id to 2d per lb.,..while autumn grades showed a rise of up tto 6d per lb. Low o-rade skins. advanced Id to 2d pci lb. 'The following is the range oh prices: c,v,all 22icl; runners, old; milKj, 273d;’"summer bucks 32d; summer docs, '29d; light racks, 41|d.; prune racks 43d; (lawny autumns, 433 d, second early autumns, 62d; second incomings, 58Jd; first incomings, 70cl, autumn bucks, 65d; autumn does, 36d ■ autumn broken, 343 ; summei broken, 28d ; rack blacks, 26* ; autumn blacks, 30d; late autumn b.ack. 30rf, hareskins, 17jd to 29d; hair, 18d. LONDON TALLOW MARKET. The Bank of New Zealand (produce department) has received the following advice from its London office, under date April 8:—No public sales held this week. • Nominal quotations: Good mutton, 30s to 31s per. cwt; good beef and mixed, 27s to 27s 6dj gut, 22s to 23s 6d. COLOMBO”TEA MARKET. Per Press Association. DUNEDIN, April 8. The following is the cabled report on the Colombo tea auction of April 7 • The market for common teas advanced about id a lb, and medium and fine grades remained firm. London buyers were operating freely, and u-ith decreasing supplies a firmer market is anticipated. The quantity auctioned at the sale was 3,000,0001 b.

WELLINGTON STOCK EXCHANGE. THURSDAY’S QUOTATIONS. The latest buying an selling quottaions recorded on Thursday on the Wellington Stock Exchange were aa follow: — Buyers. Sellers. N.Z. GOVT. LOAN’S— £ s. d. £ e. d.

THURSDAY’S SALES. Wellington.—Bank of N.Z., £2 6s Gd ; N.Z. Guarantee Corp, *ss 4d; Staples and Co., *£l 13s 6cl; Wilsons Cement (2), £2; Northern Holler Mills, *£l os Id. *Lnte sale Wednesday. Auckland.—Comm. Bank, Aust., LI; South British Ins., £4 9s 6d; Renown Coal, pref., 2s 9d, old., 10s; Dominion Breweries £1 2s; Morris Hodstrom, £1 5s Gd; Northern Roller, £1 ss; Wilsons Cement, £2 Is; Mount Morgan, 16s Christchurch. —Reserve Bank. (2), £6 9s; Staples and Co., £1 13s 0.1. Dunedin. — Bruce Woollen, ord., 13s 9d.

FOREIGN EXCHANGE. ON NEW ZEALAND C U Rfi I.'. iV C Y BASIS. The Bank of New South Wales, Wellington, quoted the following rates for their purchases nnd sales of foreign exchange oil Thursday: Now Zealand. Buying. Selling.

T.T. represents telegraphic transfer*. 0 D. represents on demund transations. The above rates are subject to altera, tion without notice. The Associated Banks (other than the Rank' of Npw Smith Wales) quoted the following dollar, rates on Thursday, on a New Zea’iiiici currency basis. luey are subject to alteration without notice U.S.A. Canada. (Per (per £1 N.Z.) £1 N.Z.) belling-- ■ , d qgi T r r 3.96£ 3.93 s - O.D. XX 3.96 a 3.981 BUy O.D 4.011 4.03 i ■government" stocks. LONDON MARKETS STEADY. LONDON, April 9. The stock markets show renewed firmness following the German peace proposals. . , „ Ihe following table gives otock exchange quotations for consols and colonial inscribed stocks, compared with those 01 April 2: Varia-

MINING SHARES IN LONDON. LONDON, April 9. Sales of mining shares on the Stock Exchange to-day included: Mount Lyell, 18s 6d; Bulolo Gold, £6 11s 3d; New Guinea Gold, 3s 3d.

MONEY MARKET.. EATv.k OE ENGLAND RETURNS. LONDON, . April _ The following is the Bank ot ' ISSUE DEPART ME.'< f. Notes in circulation 421,900,000 Notes in banking department ... 39,700,000 Other Government securities ... 247,600,000 Other securities 400,0T0 Silver com 000 ’ 000 BANKING DEPARTMENT. £ n„-i. 3,100,000 Public deposits t •; Xt’/irm’nnn Bankers’ deposits Other accounts 37,1uu,u00 Government securities g 3,tUo,oou Discounts and advances 9.800.0UU Other securities 13,700,000 Notes and coin 40,500,000 Ratio of reserve to liabilities 32.22 per cent. The Bank of England discount rate remains unchanged at 2 per cent.

at the Napier wool sale yesterday:Southdown — d. d. Good to super in to 124 Average to 11 81 's— to 9 Extra fine crossbred, 50-56’ Super to average 124 to 131 9| to 102 Fine crossbred, 48-50’s — 91 Super to average 8$ to 84 46-48’s— Super to average 8 to 81 7 to 7$ 44-46’s — 84 8 to 65 to 7| Crossbred, 36-40’s— to 84 8 65 to 74 Hoggets— 50-56’s m to 135 40-KO's 8i to 10 84 to 94 Necks— 9 to 105 . 6 to Low to medium 8 Pieces—7^ to 72 55 to 64 ijLow to medium Bellies — 6 to 7 45 to Low to medium oi Lambs— — to lit Average 9 to 10 inferior and seedy ... 5 to 7. Crutchings— to 8 85 65 to 74 Inferior and seedy ... .Locks 35 to 5 4a to 51

March April 19 26 2 9 lb lb lb lb Merino — 70's 64’s 60’s cl. 341 .. 33 .. 32 cl. 341 33 32 cl. 341 33 32 d. 341 33 313 Crossbreds — 58’s 56’s 50’s 46’s 44’s .. 26 .. 24 .. 163 26 211 16| 26 211 163 27 21 16 .. 141 .. 131 141 131 141 131 14! 133

3A p.c. Inscr. Stock, March, 1939-43 100 10 0 3i p.c. ditto, March, 1941-43 100 10 0 — 3£ p.c. ditto, 1939-52 ...102 15 0 — 3£ p.c. ditto, Nov., 1941-52 102 15 0 4 p.c. ditto, 1952-55 ... * — 104 0 0 4 p.c. Bonds, 1937-40 ..102 0 0 — DEBENTURES— Amalg. Brick (Auck.), 7i p.c., 1/3'44 — 100 15 0 Ditto { Wgtn.), 7i p.c., 31/3/44 — 100 15 0 BANKS— Australasia 11 15 0 12 2 6 Comrcl. of Auet., ord. 0 19 11 1 0 3 Ditto, pref — y 9 10 0 National of N.Z — 3 17 0 National of Australasia, £5 paid — 7 10 0 New Zealand — 2 7 0 Ditto, D long term ... 1 7 6 1 10 0 FINANCIAL— Equitable Bdg. Co. ... — 0 13 0 Goldsbrough, Mortand Co 1 11 0 — Mortgage Corporation Gt 9 N.Z. Guaarntee Corp. 0 5 11 —» 3 — N.Z. Invest., Mort. Deposit 0 8 6 o io‘ 0 N.Z. and River l'lato 0 16 0 — Well. Invest., T. A. 0 9 0 — * Well. Trust, Loan ... 5 4 0 — GAS— Auckland 1 5 9 — Ditto, contrib 0 18 9 0 19 6 Wellington, ord 2 0 Ditto, pref 1 4 o — 3 — INSURANCE— National of N.Z U 18 6 — Queensland - 2 j6 0 — South British +4 8 0 — MEAT PRESERVING— Gear Meat — 1 1 0 N.Z. Rofrig., £1 paid 0 19 3 1 0 0 Well. Meat Ex., ■ prof. — 1 0 0 TRANSPORT— Huddart, Parker, ord. 1 16 9 1 17 6 P. and* 0. dcf. stock 1 3 0 — WOOLLEN— Kaiapoi, ord 0 14 3 Manawatu — 1 17 0 Wellington, ord 5 13 6 — Ditto, pref 5 13 6 — Oamnru 1 0 0 1 2 6 COALWestport. — 1 2 6 TIMBERRotoiti — 0 7 0 Taringamutu 0 9 Taupo Totara, ord. .. 0 9 0 — 3 0 9 7 BREWERIES— N.Z. Breweries 2 12 0 2 12 6 Staples and Co 1 13 0 — MISCELLANEOUS— British Tobacco — 2 0 0 Broken Hill Bty 2 19 4 — Colonial Sugar 42 2 6 — Den. and Med. Sup. — 0 12 6 D.I.C., ord 0 15 0 — Farmers’ Trading 0 9 2 — G. J. Coles *3 10 9 3 12 3 N.Z. Drug 3 15 0 ' N.Z. Paper Mills 1 8 6 — Procera Broad, ord. ..12 0 — Ditto, vendor 1 2 0 1 12 6 Taranaki Oil 0 0 6 0 1 0 Wilsons N.Z., Cement 1 19 6 2' 0 3 Woolworths N.Z., ord. 5 5 0 ' MINING— Big River 0 1 Gillespie’s Beach 0 1 11 0 2 1 1 — Martha — 1 0 6 ' Mataki — 0 2 0 Mossv Creek 0 1 3 0 1 8 Skippers 0 0 2 0 13 Waihi Investments ... — 4 Mount Morgan *0 16 4 0 16 9 Placer Development . — 5 17 0 *Gurn dividend. fEx dividend.

on London — £N.Z. to £stg.l00 ... T.T. 124 124/10/0 O.D. 123/10/0 '124/8/9 A Uotralia — £A. to £N Z. 100 1.1. 101 100/10/0 O.D. 101 100/10,« Fiji— £F. to £N.Z. 100 l.T. 80/7/6 69 O.D. 90/7/6 83 New York — Doiinrs to £1 N.Z T.T. 4.00 3.951 O.D. 4.01* 3.953 Montreal — *■ 4.01f 3.93/, N.Z T.T. O.D. 4.02^ 3.98| France — France to £1 N.Z T.T. 60.76 59.93 O.D. 61.21 59.97 Hong-Kong — N.Z pence to 1 dollar . . T.T. 18 57-64 20 25-64 O.D. 18 51-64 20 23-64 Japan — N.Z. pence to 1 yen .. T.T. 1719-32 O.D. — 17 37-64 Shanghai— N.Z. pence to 1 dollar . : t.t. 17 17-64 18 41-64 O.D. 17 5-64 ISf

Price. tion. £ s ( i £ s d Consols, 2 2 p.c .. 85 0 0 Same Fund. Loan, 4 p.c .. 117 10 0 Same War Loan, 3a p.c .. 107 10 0 5 ot Conv. Loan, p.c. . ... 107 10 0 10 0+ Victory Bonds, 4 p.c. . .. 115 10 0 Same C’wealth, 5, 1945-75 .... ... Ill 17 6 Z or C'weaitb, 3j, 1936-37 . ... 101 18 9 i 3+ C’wculth, 4. 1943-48 ... ... 104 6 0 i 3* C’weaith, 5 i, 1948-55 ... 104 8 9 1 3+ C wealth, 3L 1955-61 ... 100 1 3 i 3* N.S.W.,, 3i. 1930-50 ... ... 1C1 7 6 3 9* N.S.W., 44, 1935-45 .... ... 101 15 0 3 9+ Victoria, 5, 1929 49 .... .. 99 0 0 bame Victoria, 43, 1940-50 .... .. 106 12 6 5 Ut Victoria, 5, 1945-75 .... ... Ill 15 0 5 Ot Q'land, 3, 1922-47 ... 99 26 2 6* Q’laml, 5, 1940-60 .. 107 15 0 bame S. Aust., 3, 1916 (opt.) . 89 2 0 Z OT ... Ill 17 b 8 9+ W. Aust., 4. 1942-62 . .. 103 12 6 7 6+ ... 105 11 3 1 3* I’a’sin., 4, 1940-50 ... 103 '8 9 3 9* N.Z., 4j, 1948-53 ... 109 0 0 10 Ot X.Z., 34, 1940 ... 104 0 0 1 3+ X.Z., 3 1945 ... 101 10 0 5 Ot X.Z., 6, 1936-52 ... 102 6 3 3 9* t Higher. *Lo\ver.