FARMING AND COMMERCIAL

Manawatu Standard, Volume LVIII, Issue 176, 25 June 1938, Page 5

FARMING AND COMMERCIAL

.COMMODITY PRICES. DETAILS OF TRADE. (By “Penloo.”) The Monthly Abstract for May gives details of t lie Dominion’s’ overseas trade for the four Months to the end of April. Dealing first with, the exports, the total value for the four months was £25,122,000 as compared with £30,682,000 in the corresponding four months v of last year, a decline of £5,560,000.' Nearly the whole of this shrinkage is due to the lessened return from wool, The country’s income from wool exported was £7.092,000, as compared with £12,838,000, a decrease of £5,734,000. It should be noted that the quantity exported was less by about 1,000,000 bales. The loss on; wool was to a small extent offset by gains- in butter of about £500.000 and about £300,000 in cheese. But there was a drop of about £200,000 in lamb and on some other, primary pro r ducts. The contraction in the expoi'ts is rather large and should the trend continue the income foi; the year would be substantially smaller, but though it is impossible to forecast the trend of the commodity markets,, there should not be any marked recession in values. Some people are under the impression that it is possible to exercise control over markets, and so prevent a downward slide in value. This, of course, is wrong. The markets are subject to a . variety of influences which act and react on one another, and among these influences is the human equation, which comprises mapy unknown factors. With respect to imports the figures for the four months were £19,342.000, as anainst £17.325,b00 an increase of a little -more than £2.000,000. The chief single item of imports was motor vehicles, and during the four months the ■ number imported was •r-ramst 11.141 ■. The values were £2,284.000. against £1.764,000. There I were decreases in whisky and manufactured tobacco, and a small increase in cigarettes. I BALANCE of payments. The excess of exports over imports for the four months of this year amounts to £5,780,000, as compared with £13,357,000 in the four months of last year. This balance is referred to as the balance of payments, for what we realise for our exports enables us to pay ,ft»r. our • imports, and wliat remains is available for meeting our interest payments. This, latter- us estimated at not less than £10,000,000 per annum. There are. of course, other payments to be made which are the invisible items. It will be seen that exports and imports are at base an exchange of goods, and, we also pay our interest bill with exports. Many people look upon as the source of our national income, 'and when exports contract it really means that our income is less by the amount of the dedline. This reacts on the volume of imports, on internal trade, and the Treasury returns. For this reason tiaders keep close watch on the trend ot exports, buying more when exports increase and x-educing their stocks when the trend is the other way. It is difficult to say whether in the second half Of the year there will be an expansion in exports. Too much importance should not be attached., to any dullness in .business that may be apparent just now, for we have reached the dull period of production and what is going forward are the final shipments of the season. • THE SHABE MARKET.

nie share market is devoid of any high lights. Business is passing, but the trading is in bread and butter lines. Speculation in oil shares has eased and the prices', too, are easier. If the market is to see any sensational activity it should be in oil shares if oil is struck. Some investors with a modest amount of capital to invest say £IOOO, are spreading their investments over a variety of shares, and thus try to secure an average interest rate of 4 per cent or a little more. There is so much money seeking investment that the old time rates are out of the question. Moreover, capital is now practically shut out of the mortgage market, and must therefore look to the Stock Exchanges for an outlet. 7 ; The wool year closes at the end or the month when the leading stock and station agencies will be issuing their reviews and statistics. The woolgrowers know the position through their pockets; still the statistics will be interesting. • -, At the wool conference held m London a .fortnight ago the New Zealand wool-selling system was criticised by a Dutch wool-buyer. The burden of Ins criticism was ’that oiir selling season was too short, and should be extended to six months. At'present the sales extend Vover four months and < spreading the sales ovep.-another two months does not appear to~ be a difficult matter, but there are many factors to be taken into consideration. Our. clip is sma ll_at the most. 800,000 hales as against Australia’s 2,000,000. In Australia ’tile sales are concentrated in a few centres; here they are spread over quite a number of places, and the quantities offered can be dealt with in the course of a day. Buyers are forced to race up and down the country to attend the various sales, and they are glad to see the end of them. Despite this it should be possible to spi'ead the sales over six months, but to enable this to be done the co-opera-tion of the buyers would be necessary. That is the crux of the problem. SYDNEY SHEEP SALES.:’;: FEILDING STOCK SOLD. ’ v Received June 25. 8.5 a.m. SYDNEY, Juno 24.Thc sheep sales began at the Showground (o-dav. British breeds were chief-, ly offered. ' Forty-five Southdown ewe's on account of Mr E. M. Hare, of Felding, New Zealand, ranged from 6igns. to 11, gns. Two Southdown rains sold on behalf of Mrs Frances Brown, of i Wahnatc, averaged £9 11s; three Ilyeland' raros bn' behalf of Mr J. Ilayhurst, of 1 enuika, averaged 14gns: one Border Leicester fXin on behalf of Mr J. Bisdec, of South Canterbury, sghs; three Border Leicester ranis on behalf o.f Mr J.. Kelland, of Temukaf averaged 6gns; sixteen Border- Leicester ram« on account of Mr Donald Grant, of Timaru, totalled £223 2s 6d, and averaged £l3 19s. . . ; GRAIN AND PRODUCE. . - CARGOES STEADY; : g % LONDON; June 23. U Wheat cargoes are steady and parcels are easier . L ' Futures. —London; August, .lbs -.MI per quarter; November, 30s 3.1 d. Liv■erpool: July, & 5Jd per cental • October 5s lid; December, 5s l()£d. -The spot trede is quiet; Australian'; ex-ship,' 33s 3d .to 35s Gdr" Flou.r ,;js ; steadier; Australian ex-store, 2-1-s lo 24s Gd. ' y : U ■ ' Chicago futures.—July: ral cents; September, 70?; December, "Hi;. y '. - ■ : • - ."

FEILDING STOCK SALE. “OFF DAY FOR SHEEP.” DAIRY VALUES MAINTAINED. The Feilding stock sale held yesterday attracted a good attendance,' the fixture being held in fine weather: The fat sheep market lacked interest and the rather heavy entry found difficulty in mooting the vendors’ valuations. ■ Prices showed a decline compared with .recent values. Generally, speaking the sale was sluggish. Sales effected included the following : Lambs.—ls b.f’s on account \V. (Davits, Waituna, sold at 18s 3d and a second pen on account same vendor made’l6s; 14 b.f.’s 'on account Managh Est. made 16s 4d; two pens of 30 Romney woolly lambs on account T. J. Taylor made 17s; A. Gee secured 17s 5d for I wo pens containing 51 Romney lambs; 20s 6d was paid for 22.g00d b.f.’s on account S. Lodge, who also sold 22 b.f.’s woolly and in prime condition at 225; J. Walker, Colyton, secured 17s Id for ■a pen of five small but meaty lambs; C. Jones accepted 21s Id for 11 good meaty b.f.’s,7 and 18s for a pen of 10 smaller sheep; 27 small but fleshy b.f.’s on account H. Ellery made 15s; Goodwin Bros, sold 16 woolly Romneys of good quality and nicely finished at 20s; 33 b.f.’s on account L. Bcazcr changed ownership at 15s lOd, and 18 similar sheep, but woolly and heavier, made 17s sd. A pen of Romney lambs on account L. Beazcri made -23 s 9d; there wore four in the line. J. W. C'orpe secured 22s 9d for a dozen woolly and top quality b.f. lambs; 51 b.f.’s on account Goodwin Bros, sold at. 17s lid; A. Mitchell secured 20s for 32 woolly Romneys and 19s 4d for a line of 20 b.f.’s. Another pen of 32 woolly Romneys on account Mr Mitchell sold at 18s lid. Wethers. —Waituna-grown wethers offered by W. Davis made 24s 4d: There wore, 21 iii the pen, and all possessed nice skins; 18 similar sheep on account same vendor realised 24s 4d. Eight b.f, 2-ths, with one lamb in the offering, made 21s; 24s 6d was the price paid for 13 weighty wethers. W. I’. Maxwell■ secured 25s 4d for 17 b.f.’s of prime quality. A pen of 12 Romneys, including two maiden owes, on account Mrs Jenkins, made 23s 9d. Chisholm, Bros, accepted 27s for a pen of .three heavy wethers; 22s was paid for 10 mixed quality wethers offered on account J. Ludeman, Aorangi; two-tooth Romneys on account Mr Weallcans, Colyton, were sold at 25s 2d. there being 30 in the line; 9 meaty b.i. wet hem on same account made 255. P. Simpson secured 24s 6d for 7 b.f.’s, while J. M. Bennett sold a pen of similar sheep at 25s 6d. A similar figure was paid for a line offered on account C. Jones. Twentythree b.f.'s on account D. Reid made 26s 6d. T. A. Smith, Colyton, secured 24s 3d for a pen of five. Ewes.—T. A. Smith, of Colyton, realised 14s Id for a pen of 12 ewes; J. M. Bennett’s four b.f.’s made 14s 9d; W. G. Fry secured 19s. for a pen of 64 ewes of prime quality and 16s 6d for a pen of 51 meaty ewes; 14s 4d was paid for a line of eight ’offered on account J. A. Weallcans; T. Leon secured 14s 9d for a line of 55 good conditioned ewes, and 15s for a smaller pen of 21. Other quotations are: 10s 6d, Us 9d, 12s, 14s 3d, 14s Bd, 15s 4d. 16s 6d. STORE SHEEP. While admittedly there were some poor qualify sheep offered in the store pens, the prices realised - were below the real value of some of the breeding ewes offered, and the reason for the absence of animation in the market can only be assumed to be due to .the recent wet , weather’ and consequent muddy conditions existing on the farms. It was certainly an “off-day” for breeding ewes, and many of the lines offered were passed in. Among the lines offered were the follow Kig: Sixty-one 2-ths on account T. A. Smith. r;w S.D.’ rams, realised 37s 6d; It will be recalled-'that two weeks ago Mr Smith secured well over £2 for a pen of 2-ths. Sixty-four 2-lhs on account W. and F. Franklin, made 28s 6d. A pen of 60 svr ewes on account W. 11. Cornfoot realised 25‘ 3 . 9d; M.A. ewes on account R. M. Ccllis changed hands at 225, there being 89 in the line. Similar sheep on account Zurcher Bros., with 52" in the pen, sold ,t 17s; 155 S.M.. ewes on account P. Kedmayne sold at 12s 4d. A. B. Laker secured" 20s Id for a pen of 100 2-th wethers. A pen of 17 six-year ewes made 19s 6d; 28s was realised for a pen of 19 2-ths while a line of similar aged young ewes made. 29s IQd. Five and 6yr _ ewes, with 60 in the pen, realised 21s 6d; 164 M. ewes made 22s 6d. FAT CATTLE. A big entry. of fat cattle was penned, but overall the market \yas inclined to be difficult and prices eased a shade. Some of the beasts on offer failed to realise full values. A pen of five P.A. bullocks on account Managh Est made £lO 6s. The same vendor disposed of'two £6 10s, two at £5 17s 6d and one at £5. Two nicely grown Hereford steers submitted for sale by 11. D. Richardson, brought £8 16s, while four on account the same vendor- made (£B. D. R, - M ilhs secured £8 2s 6d for a pair of P. A. heifers and £7 17s for three similar beasts, two at £5 10s, two at £6 10s, and one at £4 17s 6d v'ere the prices paid for cows offered by L. A. J. Henson. STATION' CATTLE. Among the station cattle sold wore .the following lines (the entry was not a large one and prices were according to quality): R. Linldater sold a line of nine PiA. cows at £4 9s; 8 similar breed cows made £4 16s. A pen of 23 rising 3-yr- P.A. steers made £7 129 6d. O. A. Collis rcal.s ed £5 14s for 11 P.A. steers. R. Linklater’s twelve M.A. weaners realised £2 2s. W. J. Whyte secured £4 for a pair of P.A. steers. STORK CATTLE. Good prices resulted from a keen inquiry for the store cattle offered. Quotations. are: Cows. £2 10s, £2 17s 6d, £3, £3 ss, £3 7s, £3 7s 6d, £3 10s. • £3 15s.' £3 17s 6d, £3 18s, £4, -£4 Is. £4-ss. £4 10s; llolsteins, £4 lOs'-'£s, £s’2s.; Herefords, £4 10s, £4 17s 6d;' heifers, £3, £3 15s; empty do.. £3 ss; weaner do, £2 ss, £2 7s 6d; steers, £2 10s, £2 15s. DAIRY CATTLE. While no setback in values was registered, the dairy cattle market was sluggish; the inquiry for the heavy offering of springing cows and heifers being weak. W. G. Fry secured £9 for a well forward springing heifer. Similar heifers offered on account W. 11. Humphries, made £7 and £8 C. M. Leon accepted £8 for an early calver. Two springing cows on account W. IT.'".Humphries realised £B, while J. Waugh secured £6 for a springing cow. Quotations are: Springing cows, £4 10s.£5 £5 2s 6d, £5 .. ss, £5 10s, £5 15s, £6, . £6 ss. £6 12s, £6 15s, £7, £7 ;ss. £7 10s, £7 15s, £8 15s; do. heifers, - ; £3 5.4, £3 15s, £4 ss, £4 15s, £4 18s ' 6d, £5, £5 2s 6'd, £6 12s 6d, £7 12s 6d; cows in milk, . £4,. £4 :10s. A UCTIONEER S’, ; RE PO RT. The Associated Auctioneers report on the sale held -at- Foilding, when another large entry of 8000 store sheep were penned, comprising principally breeding ewes of good average quality,'-, with approximately. T3OO lambs and four pons of store wethers. The sale-opened :’in.yt.he ewe section, and from the outset competition was dull and lifeless, and throughout the auction passings were frequent. Cory few-lots were sold at auction and, although-.skies were .made privately afterwards, values all over showed a --further* decline. Wethers were nho slow of sale, price’s showing a decline of about. 2s a* bead. In the store lamb section,. the quality was only modiiiiii„_\vhich comprised throe: pens, of .'good average, -owe lambs arid: the. .usual pens of. oddments; a. little,more interest was taken; in ihc;sec-tion-hind, although. prices;-, were hack fully Is to Is 6d a .bead, practically a total clear-, ancc was effected. Fat 'sheep; An average .yarding came,,, forward, and here again prices were most disappointing, realisations showing 'ft further:, drop, on -last- week’s, rates/ A fair entry of. fnt’-lambs were penned. which were secured, by., cxpork'rs at. about schedule rales. ’ Fat I’cattler A good yarding came to band,' comprising principally run cattle and a tarn pens of ex-dairy

sorts. Tlio quality for the most part was medium only, and .prices all round showed no alteration in values. Hun cattle': A small yarding, which consisted of- two pens of good quality 2£-ycar Polled Angus bullocks and the usual pens of oddments, came forward. Very little interest was taken in this sale; passings were frequent and a dull sale resulted. A good yarding of boner cows sold to good competition, values being firm at late rates. Dairy cows: A larger yarding than usual came to hand of mixed quality. Buyers were present for good cows and heifers close lo profit, but late calking sorts were not in demand and passings were fairly frequent. Taking the sale all over, the market 'was most disappointing, and must be considered one of the slackest lor some time past. We. quote: Fat lambs, lo>, 19s,' 20s 22s Id. 235. 9d; fat ewes, 13s 4d, 15s,' 17s, 19s; fitt wethers, 23s 9d, 24s 6d, 26a, 275; 2-tooth cwbs, r.w. S.U. rams, 29s lOd, : 325, 35e, 37s 6d; in.a. owes, do., 21s 6d, 22e 6d, 26s Id; s.m. ewes do., 21s od; aged ewes, 12s 4d, 14s, 17e fid; empty ewes, 5s 7d, 7s 9d; black face lambs, 10s 3d, 11s fid, 12s 9d, 13s; culls, 4s, 5s S.l, 7s 3d; white face wether lambs, 13s 6d to 16s Id; medium do., 9s 8d to 12s; ewe lambs, 26s fid; medium, 21s to 23s fid; culls, 15s to 17s 3d. Dairy heifers, r.w.b., £7 10s 6d, £B, £9; dairy cows, £5, £6, £7 10s, £9; fat bullocks, £B, £8 16s, £10; fat run cows, £6 ss. £7 10s, £8 ss;'fat cows, ex-dairy, £5, £5 10s, £6 10o; potter cows, £2 10s, ■£3 .ss, £3 15e; empty Jersey heilers, £2 15s, £3; 3 2 -yr I>.A. steers, £7 i2s 6d; 20-mos. P.A. steers, £5 14s; empty P.A. cows, £4 16s. SMITHFIELD MARKET. CURRENT -QUOTATIONS. .4 Per Press Association. WELLINGTON, June 24. The report of the New Zealand Meat Producers’ Board covering the Smithfield market lor the week glided June 23 states that prices for prime lamb are steady, but the demand has been affected by the hot "weather. Secondary lamb is easier on heavier supplies. Wethers are firm on short supplies and ewes are steady, with slow trade. Chilled beef is easier this week on heavier supplies. The New Zealand porker pigs trade is slow, and the market for New Zealand baconer pigs is quiet and unchanged. Very few are available. The following are the quotations for New Zealand lambs:—r North Island Downs.—36lb and under, 7|d; second quality, average about 311 b, 7^d. Argentine lambs.—First quality: 37421 b, 6*d. ' ' . „ New Zealand and Australian frozen beef are not quoted. Chilled beef prices are the_ approximate average prices realised for the week—- . New Zealand.—Ox fores: 145-21011), Australian. —Ox hinds: 145-21011), 4*d; ox crops, weights corresponding, 2fd. . Union of South Africa.—-Not quoted. .. „ , . . Southern Rhodesian. —Ox hinds.: 145-21011), -4RI; ox fores, 145-21011), 21d. Argentine.—Ox hinds: 145-21011), 6kl; ox fores, 145-21011), 3Jd. _ Uruguayan.—Ox hinds: 145-21011), 51d; ox fores, 145-2101 b, 2|d. Brazilian Ox hinds: 145-21011), sd. Others are unchanged. POOL SYSTEM., “BOBBY” CALF MARKETING. Per Press Association. WELLINGTON, June 23. The Minister of Marketing (Hon. W. Nash) announces that the Gover-fior-General has now approved of the “Bobby” Calf Marketing Regulations, for 1938. The Minister stated that they ha.d been framed as a result of the dairying industry itself requesting that adequate protection be given to “bobbv” calf pools where the . overwhelming majority of producers in anv given area expressed a desire for such protection. It was not the Government’s intention to control in any way the practical functioning of pools, buF the services o f the Internal Marketing division would be placed .at the disposal of the pool committees and assistance would be given to the point where . the necessity . for organisation itself was apparent for pools to carry out their operations successfully, _ . The regulations empower the Minister of Marketing to declare a defined area as a “bobbv” calf pool, and no person within this area may sell or otherwise dispose of his. calves other than through the committee appointed to control that area. The pool committees twill be elected by the suppliers tliemselves and their appointment confirmed by the Minister by means of a Gazette notice. At the some time also the specific boundaries of each pool area will be defined. Y ESTATE”SALE. ; ' ' The N.Z. Loan • and Mercantile Agency Co., Ltd. {lnc. in England), report on the sale on behalf -of. the Bcazer Esf.. 'Fcildiug.r as under:—This sale was; held under very adverse weather, .conditions, which somewhat- affected the attendance ..of the public; the ..sale. suffering in consequence. Tile complete dairy herd averaged £7. The farm implements and pigs, 'however, met nuite a ready sale. Wo quote; July calves, £6, £7 ss, £8 ss, £9 -55,: £lO JOs; August calvers, £5, £6, £7 ss, £B,: £9 ss; Septmeber calvers, £5, £6, £8 55.. ■ POTATO MARKET. LITTLE BUSINESS PASSING. V ■ Per Press' Association. ;* CHRISTCHURCH, June. 24. iCanterbury grain and produce markets 'remain featureless. The ■ small seeds trade has, of. course, finished for the season and the only interest is in potatoes. As the Government’ lias still .not 'announced the result of its investigations into possible markets overseas, most growers are content to hold their crops, • and practically no business is being done. The nominal quotation to farmers remains unchanged at £2 10s to £2 15s. j" FRUIT EXPORTS. ' AUSTRALIAN. MARKETING. * Received June 25, 8.5 a.ri). : ':’■■■ . CANBERRA, June 24. ■ A conference of apple and pear growers agreed to. a proposal for a toiitrol board talcing charge of exports and empowering the Federal'Government to regulate ,qiiaii : titles. ,of apples , and pears for shipment overseas as well as increasing powers to define the, standards of quality; otherwise to assist in orderly marketing abroad. .: ; BASE. METALS MARKET. ■ LONDOX,' June 23. The official London (middle) Quotations as reported by the Australian Mines and Metals Association, compare with those previously cabled as follows: June 22. June. 23.

CHEESE INDUSTRY.

SERIOUSLY AFFECTED. BIG HIGHER COSTS. Per Press Assocation. NEW PLYMOUTH, June 23. “Unless something is done to (improve the position . the cheese industry is going to be almost wiped out in the South- Island and seriously affected in tho North Island,” Mr Arthur Morton told the National Dairy Association Conference to-day in his presidential address in which lie complained that labour costs were practically prohibitive. Labour costs in the cheese factories were the greatest problem lacing the dairy industry to-day anc( the position was, becoming steadily worse. He was astounded at the statements made at the South Island dairy farmers’ conference two weeks ago. / Mr Morton said facts and figures regarding; the seriousness of the position would be placed before the conference at a later stage, when it would consider a South Auckland remit that the conference emphatically ,protest against the added costs to the industry through tlio restriction of hours and overtime payments, thus substantially reducing the differential payment between butter and cheese suppliers and seriously jeopardising the industry and affecting the quality of cheese. Referring to the season’s results, Mr Morton said that labour problems had made it difficult to run farms, and this,, in conjunction with the high costs, meant smaller herds, and, in some cases, a complete turning over to some other branch of farming. In view of this it was satisfactory that the decreased production of butter and cheese was not - greater. Figures showing the tremendously harmful effect of high wages and costs, and short hours, on the cheese industry amazed the National Dairy Conference at New Plymouth, this morning. It was decided to make an emphatic protest to the Government. Examples were given of cheese factories that had been forced to close down in the North and South Islands, and that were stated to he right on the verge of doing so. It was stressed that if cliese factories turned to butter the consequent glut of supplies must mean a slump in butter prices. It was stated that the best share the farmer could hope of the guaranteed price was £4 a week ; a worker in a 120-ton cheese factory averaged £5 19s a week throughout the year, while the manager in the same factory received only £5 14s a week. FACIAL ECZEMA. NO FRESH CASES. Per Press Association. AUCKLAND, June 24. A definite statement was made by responsible officers of the . Department of Agriculture that no fresh cases of facial eczema in sheep or cattle were being reported, but that deaths were still occurring of animals that had been badly affected by the recent outbreak. Stock which had taken the disease, badly—both sheep and cattlq were still being sent to Westfield for boiling down to save them from dying on the farms. “Cattle and sheep affected by the disease show a slow improvement and many still are in a convalescent stage on the farms,” said one officer. “It will be a long time before the aftermath is entirely cleaned up, but there is consolation in the fact that the disease was not contagious.” No new cases were occurring.

THE MONEY MARKET. BANK OF ENGLAND RETURNS. ’ LONDON, June 23. The following is the Bank of England return: — : ■ ISSUE DEPARTMENT. £ Notes in circulation 433,300 000 Notes in banking department .. AJOO.OOO Other Government securities .... 189,000 000 Other securjties Nil Silver coin Nil BANKING DEPARTMENT. £

1 GOVERNMENT STOCKS. LONDON MARKET PRICES. LONDON, June 23. The following table gives Stock Exchange quotations for consols and colonial inscribed slocks compared with tlioso of June 16: Price Variation.

■ A Gazette notice issued announces that lie Sale of Wool Act, 1937, is to come nto force on July 1.

FOREIGN EXCHANGES. POSITION OF STERLING. \ LONDON, June 23. The following mean closing rates on foreign exchanges were current to-day

ON NEW ZEALAND CURRENCY BASIS. The Bank of New South Wales, Wellington, quoted the following rates for their purchases and sales of foreign exchange vesterdav : : ’ ~. . .. Now Zealand. Buying. Selling, on

The Associated Banks • (other than the Bank of New South Wales) quoted the following dollar rates yesterday or. a New Zealand currency basis; They are subject to alteration without notice. U.S.A. Canadian.

' Per ton. Per ton. - Copper— £ s. d. £ s. d. Standard, spot .. .... 36 15 0 ■ 36 13 14 : Ditto, forward .. .... 36 9 44: 36 16 104 Electrolytic .... 40 15 0 ' 41 0 0 to 41 0 0 41 10 0 Wire bars ........ .... 41 0 0 41 10 V Lond-- ’ .! Spot, , : 14 17 6 14 18 14 ' 1 Forward .... 14 15 74 14 18 14 Sprit or— . Spot Forward'' .... 13 14 44 14 4 44 TintSpot, • .... 178 10 0 186 10 0 Forward .... 188 7 6 187 7 6 Silver — Standard; per oz .. 1315-16cl 18,15-I6d . .. 20 7-16d 1 20 7-16d tAinoricflh, 42.60 cents a lb.

Bankers’ deposits 105,500,000 3.300.000 Pulilic deposits 21,700 000 Discounts and advances • c/S'/vS Government . securities 2W.0W iNotes.. anu com Tl' Other accounts 300,COO Other securities’ ..a..U..'........i..‘.20,600,000 Ratio of reserve to liabilities 27.11 per cent. The Bank of England, discount iulo reiilains unchanged at 2 per cent. c,

f X s. d. s. d. Consols, 24 p c 74 10 0 Same 0* 1960-90 113 0 0 .5, War Loan, 34 p.c., 1952 101 17 6 2 fit Conw Loan, 34 p.c. 0* - 1961 102 5 0 . 5 Viclorv Bonds, 4 p.c. ... 11110 0 Same G" wealth, 5, 1945-75 ... 104 17 6 2 6 C” wealth, -4, 1943-48 101 2 9 7 . 6* 33, 1948-53 ... 98 0 0 5 0* ■ 3i, 1956-61 .... 89 17 6 5 0* ‘C’wealth, 3, 1955-56 ‘87 15 0 6 3* N.S.W., 3 i4, 1930-50 ; 95 16 3 6 3* 3, 1929-49 93 2 6 8 9* Victoria, 4J, 1940-60 ... 101 15 0 2 6*. Victoria. 5, 1945-75 104 12 6 3 9* Q’land, 3, 1922-47 95 -0 0 5 0* Q’land, 5 , 1940-60 103. 10 0 3 9* S. Aust., 3, 1916 (opt.) .75 7 6 3 -9+ S. Aust., 5; 1945-75 ...... 104 17 6 2 6t W. Aust., , 4, 1942-62 1 99 17 6 ' 2 fit Tasm., 3 i, .1920-40. 101 0 0 1 3t Tasni., ‘4, 1940-50 ICO 1 3 6 3* N.Z., 4i, .1948-58 7 6 5 0* N.Z., 34, 1940 -98 7 6 . 1 3+ N.Z., 3, ’ 1945 91 17 6 2 6* •(•Higher. .'Lower.

compared with par June 25. - Par. New York, dol. to £ 4.95 1 4.866 Montreal, dol. to £ ... 5.01 4.866 Paris, francs to £ 17V 59-64 124.21 Brussels, bel. to £ ... 29.22 48.611 Geneva, francs to £ ... 21.59 25.225 Amsterdam, florins to £ 8.95 12.107 Berlin, marks to £ ... 12.203 j.45 Stoekholhi, knr. to £ 19.595 23.43 ' Copenhagen, knr. to £ .22.40 18.15y Oslo. km. to £ 19.90 18.159 Hel’fors, marks to £ ■ 226.75 193.23 Prague, knr. to £ .. 142.625 134.25 Madrid, pes. to £ ... , 25.225 110 25 100 Milan, lire to £ 94.25 92 547.50 375 Bucharest, lei to £ .. 672.50 813.60 Belgrade, din. to £ .. Rio de .J.. p. to mil. 217 +213 16 276.31 4.899 B. Aires, p. to peso .. 19.01 47.62 M Video, p. to peso +20 s 51 Calcutta, p. to rup. .. 17 25-32 18 Shanghai, p. to do!. 82 1.8 14 15-10 24.582 Yokohama. r>. to yen 14 ‘ Batavia, florins to £ 8.935 12.107 XMarket Hate. tSellers Ufhcial.

London— £N.Z. to stg.100 ... ' T.T. 124 124/10/0 O.D. 123/10/0 124/8/9 Australia— £A to £N.Z. 100 T.T.' 101 100/10/0 O.D. 101 100/10/0 Fiii— i;F. to £N.Z. T.T. 90/7/6 89 100 O.D. 90/7/6 89 New York— " *. ' Dollars to 3.9780 £N.Z. T.T. 4.0125 O.D. 4.0225 3.9820 Montreal — 4.0193 £N.Z. ... T.T. 4.0518 O.D. 4.0638 . 4.0233 France — Francs to ■ 141.19 £N.Z. T.T. - O.D. - 141.25 Hong Kong— • ' N.Z. pence to 1 dollar . T.T. 10? 18? O.D. 1811-32 18? Japan— N.Z. pence, to yen TIT, — O.D, — 17 33-64 17 33-64 Shanghai— N.Z. pence HI to dollar ... T.T: — O.D. — . u s

Dol. (Per Dol. (Per £1 N.Z.) £1 N.Z.) T.T 3.97J 4. 1 ’,5-16 O.D 3.93i 4.^-io Buvini;— O.D 4.023 4.06 5-16