COMMERCE AND FINANCE

Otago Daily Times, Issue 19970, 11 December 1926, Page 11

COMMERCE AND FINANCE

The local milling wheat market remains unchanged. Some millers have enough stocks to tide them over the next few weeks, while others again are short of supplies. A line of Canadian wheat has been landed ex the West Henshaw by one Dunedin miller. The West Henshaw also brought a few hundred sacks of Canadian fowl wheat. Locally-grown fowl wheat is scarce, but business is slow. This wheat will net about 7s on trucks, sacks extra. Latest reports state that milling wheat has been purchased in Sydney at 5s 9d and 5s lOd f.o.b. s.i. This wheat has to bear a duty of 2s per cental. It is now realised that the,new New Zealand crop will be insufficient for requirements, and that even with a good yield of say 32 bushels to the acre soma- 1,500,000 to 2.000,000 bushels will have to be imported to meet the requirements of the Dominion. . Millers’ prices for flour are as follow: 2001 b, £l9 ss; 100’s. £2O ss; 50’s. £2O 17s 6d: 25’s £2J ss. Bran. £7 10s per ton. Pollard. £9 10s. Oatmeal—2s’s, £23; 200’s, £24. The oat market continues quiet, with odd orders only being received from the North Island. Prices are unchanged at 3s 8d f.0.b., sacks in. for A grade and 3s 5d for B’s. These figures are equivalent to 2s 9d and 2s 6d, respectively, sacks extra, country sidings. Local stocks are practically cleaned up, but heavy supplies of oats are still held at Gore, Invercargill and Bluff. The oat crops in the Otago district will be later than usual, but. on the other hand, reports from Canterbury indicate that the harvest there will be a little earlier this yC Thare is little to record in connection with the local chaff market. Best quality is worth about £5 5s to £5 10s per ton, sacks extra, ex truck. Medium and poor quality is practically unsaleable. The market for old potatoes is practically finished. Consignments of new potatoes have been reaching the market from Weilingten and Auckland, and the quality is much better than for some years past. Business in seeds is now finished for the year, and little interest is being displayed in any lines. There is every appearance that there will be a fair carry-over of all varieties of ryegrass. In dog’s-tail and fescue, however, there has been a steady demand, and supplies are now short. With the exception of dog’s-tail, white clover and cowgrass, for which there has been a good demand, prices have generally receded, and in some cases merchants have had to face a considerable loss. Eggs have advanced Id per dozen during the week. Current wholesale prices for produce lines are as follows: Chaff, £5 5s to £5 10s per ton. Pairy Butter: Best milled, bulk. Is to Is Id per lb, according to quality; separator pats, lid to Hid. Eggs: Stamped, Is 9d; case, Is Bd. Bacon: Roll. Is 3d per lb. Hams, Is 4d per lb; ooneless, Is sd. Onions: Canadians, 18s. FRUIT REPORT. The Kurow, which arrived on Wednesday from Auckland, brought some 3000 cases of Fiji bananas. They met a ready sale, and the market could have done with more. It is reported that, there will be no more supplies till after Christmas. A few hundred cases of Canadian apples arrived by the Kurow. These met a fair inquiry. Fiji pines also arrived by the same boat, but they were in bad order. The price of tomatoes has eased, consequent on a shipment from Auckland being placed in the local market at lower values than those ruling for Christchurch and Uunedin-grown tomatoes. Supplies of Central Otago-grown apples are just about finished, and only small lots are now coming forward from cool stores. Cherries have been in irregular supply. The reference is for the beet quality fruit. There have been no supplies of oranges during the week. The next shipment will be from Sydney, but it is problematical if they will bo here for the Christmas trade. Strawberries are now arriving from the Otago Central and Waimato districts. Heavy supplies of North Island-grown potatoes arrived by the Kurow. Prices eased considerably, and the value of local grown, which are now more plentiful, has also cased. During the early part of the week peas were in strong demand, and supplies being limited, high prices ruled. Heavier supplies are now on the market, and prices have eased considerably. Cabbages are getting into short supply. Good prices still rule for cauliflowers. Current wholesale prices arc as follows: Apples.—Sturmers, choice, 9s to 9s 6d; extra choice, 12s; small, 3s 6d to 4s 6d; Canadian, 18s to 20s. Oranges.—South Australian. 255; Sydney, 22s to 255; Californian navels, 42s 6d per double case. Lemons.—Californian, 35s per double case. Bananas.—Ripe, 35s to 40s per case. Asparagus. 7s 6d to 10s per dozen bundles. Cherries, choice, lOd to Is; others. 7d to 9d. Californian grapes, 30s to 32s 6d per barrel. Strawberries, Is 3d to Is 8d per pottle; others Is. Cauliflowers, 12s to 15s per sack (choice only); others, 7s to 10s. Green peas, 4£d to 6id. White turnips. Is per dozen bunches. Potatoes.—New Peninsula, 2jd to 3d; North Island, If d to 2d. Gooseberries, 2Ad to 3-. d per lb. Cucumbers, 8s to 12s per dozen. Christchurch tomatoes. Is 3c! to Is 6d per lb; seconds. Is to Is 2d; local hothouse, Is 6d to Is Bd. Rhubarb, 3d to 4d per lb. Cabbages: Choice, 3s 6d to 6s per sack of two dezen; others, 2s per sack. Spring onions, to 4d per bundle. Lettuce: Choice, to 5s per dozen; others, 2s to 3s. Carrots, new season. Is 6d per dozen bunches; small. Is. Spinach, Is 6d to 2s per dozen bunches. FINANCIALLY SOUND. NEW PLYMOUTH BATES. (Peb Usrrn Press Association.) NEW PLYMOUTH, December 10. Of the £48,677 rates receivable by the Now Plymouth Borough Council for tho current year. £47,319 has been paid to date, leaving only £1553 outstanding. This affords strong evidence of tho financial soundness of the town. THE WOOL MARKET. (Press Association—Bv Telegraph Copyright.) LONDON, December 9. At the wool sales a miscellaneous selection produced fair competition, and prices were unchanged. New Zealand “lanupara” realised a top price of 15d. and made an average of 13 ad. At Bradford there is no business m merinos with only a small turnover in crossbreds. Sixty-fours 44£d, sixties 42d, fifty-sixes 31d, fifties 24£d, forty-sixes 20s, forties Ifljd.—A. and N.Z. Cable. P. AND 0. SHARES. (From Otrn Special Correspondent.) LONDON, December 9. (Received December 10, at 5.5 p.rn.) P. and O. shares are quoted at £2oo, ex dividend.—A. and N.Z. Cable. MELBOURNE MARKETS. (Press Association—By Telegraph—Copyright.) MELBOURNE, December 10. Wheat is quiet and steady. Prompt delivery, 5a 5Jd; December, 5s sd; January, 5s 4d and 5s sd. Flour: Old, £l4 10s; new, £l3 10s; cash. 5s concession. , , „ „, Oats: Milling, 2s lOd; feed, 2s 8d and English 4s 3d and 4s 4id. Potatoes. £lB and £l9. Onions, £9 10s. CHICAGO WHEAT MARKET. (Press Association- Bv Telegraph —rnpvricht ' NEW YORK. December 9. Chicago wheat: December, 139§ cents per bushel: May, 140|; July, 1325.—A. and N.Z. Cable.

LOCAL AND OVERSEAS MARKETS.

NEW SEASON’S OUTPUT. DIRECTOR’S REPORT. (Special to uailx Times.) WELLINGTON, December 10. The following report on the new season’s dairy produce to date has been supplied by Mr W. M. Singleton, director of the Dairy Division to the Minister of Agriculture. COMPETITION. The increased supplies of butter from Baltic States and Siberia, together with increased quantities during recent years from the Argentine, have caused New Zealand dairymen to realise that at least in the immediate future competition will be keen, and that good quality is of paramount importance. In view of the fact that milk may be manufactured into butter or cheese, it is further recognised that cheese is not likely to bo in short supply as a rule, and that good quality is as necessary in cheese as in butter SEASONAL. The spring can scarcely be said to have boon uniformly favourable for production. The corresponding period of 1925 was doubtless still less favourable, however, since for the August-November period this year we have an increased production amounting to 7.6 per cent. Wo are, however, some 4 per cent, below the production of the corresponding period of 1924. There is, therefore, some leeway to make up on quantity. QUALITY. Climatic conditions have been more favourable to quality than to quantity oi dairy produce. There has also been a general move forward by dairy farmers and factory managers with respect to quality in both butter and cheese. The manner in which the producers and managers are cooperating with the department towards effecting improvement is to be commended. Dairy companies in some districts have been preparing for this push forward during the past 12 months, and from time to time during that period I have been guested to approve of additional farm dairy instruc tors to assist dairy farmers in producing a better quality of milk and cream. These requests have come mostly from the North Island, although a number came from the South Island. The results of the general efforts towards improvement has been gratifying. Usually the spring quality of butter and cheese is not as good as the average for the season, but the quality of butter tins spring is practically identical with the average qualify for all last season, while < cheese shows a marked improvement over last season’s average. GRADING REPORTS. The following quotations are from recent reports from dairy produce . graders, each quotation having reference to one grading port:— BUTTER. “Quality shows improvement. “The quality, as compared with last year, has improved. ... “Tile qaulity of butter is still keeping good, and it is evident the companies are striving to maintain this, “Quality well maintained. _ About 75 ■per cent, of butter graded during the past fortnight waf classed as ‘finest. CHEESE. “A wonderful improvement has taken place in the qaulity of the cheese at Patea. Some of the factories mat were turning out only medium quality cheese last year seem to be aiming at something better. It is pleasing to see many of them scoring ‘finest.’ ’ “The great number of Pasteurisers operating has had some effect in increasing the percentage of ‘finest’ choesc, but the greater interest in producing a better article is the greatest contributing factor.” DAIRY CONTROL BOARD. . . It is the general consensus of opinion that the principal stimulus towards this praiseworthy improvement is the differential advance payments in accordance with quality. The board is, therefore, to be commended for its action, and to it in the final analysis belongs much of the credit for the improvement in the quality of butter and cheese this season. PRICES. It has at times been stated that Australian butter was soiling as high as New Zealand. There _ have been times when Australian was in short supply. «m<i these occasions the statement may have been according to fact ■ I give below tho averages as figured from the High Commissioner's cablegrams since January 1 last to show that the relative positions arc much as heretofore: —Danish, 180 s lOd; New Zealand, 167 s lOd; Australian, 164 s2d Argentine, 157 ssd Siberian, 145 s Bd. PRICES OF BUTTER AND CHEESE. (Press Association—By Telegraph—Copyright.) LONDON, December 9. Butter.— Trade is brisk. A rise in the prices resulted from speculative as well as a consumptive demand. The quantity of New Zealand stored 'v'tt.er is being reduced steadily, and there are now only 200,Ci(>!) boxes in store. Australian choice, 170*; unsalted, 1745, New Zealand, controlled, 174 s and 1765; stored, 166 s and 170 s. Danish, firm. 184 s and 185 s. Cheese.—Quiet. New Zealand, 95s and 965; Australian, 92s and 94s. —A. and N.Z. Cable. Messrs Dalgety and Co. (Lfccl.) have received the following cablegram from their head office. London dated December 9:— Tho market for cnceso is steady at prosent prices. Values are: Danish, 183si Australian finest unsalted, 168 sto 1725; Australian finest salted, 168 s to 1725. There is less demand for butter. Minimum control price :—Finest New Zealand, 1765; first 1745. Finest New Zealand cheese, 9os- first New Zealand cheese. 955; Canadian cheese, New Zealand butter, 164 s to 170 s, according to quality. QUESTION OF ADVANCES. (Special to Daily Times.) AUCKLAND, December 10. Although tho f.o.b. equivalent of prices of New Zealand butter on tho London market is approximately Is 4£d per lb, a number of dairy factories in tho Auckland province are faced with the fact that on present arrangements they will be able to advance to their suppliers only up to Is or Is Id prr lb butter-fat on ine Christmas nay-out on December 20. The pay-out a foitnight hence will be for pmduco graded in November, when the market was at a very low level, and advances were fixed bv the Dairy Produce Board at compara tive figures—namely. Is per lb butter-fat for finest butter, and Usd per lb for first grade. When the market began to rise the board announced an increase °f per lb butter-fat for tho advances, but the increased rates were to apply only in butter graded on or after December 4. Tho Hinuera Co-operative Dairy Company (Ltd.) telegraphed to the board to-day asking if the advances against November butter could bo increased to the rates fixed for December. The board replied in the negative, stating that the advances already determined on would have to bo adhered to. . . ... A bint that tho position might be reviewed by tho board at its meeting next T;’u.sda> was given by Mr W. Goodfellow. When the question was referred to him, Mr Goodfellow said it was against the policy of tho board to make high advances. While the butter market at Homo had at present a rising tendency, it had to bo remembered that there was always an appreciation in values jTist prior to Christinas. Whether tho rise would ho maintained after Christmas was another question. “However,” said Mr Goodfellow, “there is a meeting of tho board next Tuesday, and while I cannot speak f,r the board, nr commit it in any way, it is possible that we may decide then 1,. increase the advances and also to do '•uriething for the farmers who are concerned over the advances against Novcmh*r butter. ORIENT COMPANY’S DIVIDEND'. (Press Association—By Telegraph—Copyright.) LONDON. December 9. The Orient Steam Navigation Company has declared a dividend of 12£ per cent., tax free.—A. and N.Z. Cable.

RATES OF INTEREST.

NAPIER WOOL SALE.

THE SHARE MARKET.

DUNEDIN MARKETS.. ,

DAIRY PRODUCE.

RAISED BY BANKS. SMALL INVESTORS BENEFIT. (Peb United Feeds Association.) WF.LLINGTON, December 9. The banks, in order to encourage tho placing of money on fixed deposit with them for short terms, have decided to raise tho three months’ rate to 55 per cent, per annum, and to allow tho same rate for broken periods after three months for any time up to within 12 months. The now rate is to take effect as from December 15. It is explained that the revision is calculated to make the banks’ rates more atractivo to the public, and, while the increase is only i per cent., deposits will be accepted for any length of time after three months. For instance, under the new system, a man will bo able to take out deposits for three months and four days, ad will receive interest for that period. Previously the arrangement has been that payment would only be made for a complete month. Now the banks are prepared to take deposits for odd periods, and it is thought that there must bo a good deal of money available for this kind of investment once people become acquainted with tho rates. Tho alteration should prove of benefit to small investors, who have small sums of money that they may require at short notice. A man, to quote a specific instance, may have a mortgage falling due in five months, and the banks are prepared to take money on deposit for that period and pay interest on it at the rate of 3| per cent. Tho new system will prove of advantage to the finances of the country, in that tho_ more money that the banks hold on deposit and current accou its the greater the _ reserve for lending purposes and financing th. busineee of the country. LONDON STOCK EXCHANGE. GOVERNMENT SECURITIES. (Tress Association—By Telegraph—Copyright.) LONDON, December 9. The following are the latest quotations for Government securities compared with the prices ruling last week: — Last week. This week.

FOREIGN EXCHANGE RATES. (Press Association—By Telegraph—Copyright.) < LONDON, December 0. The exchange rates are aa follows: Par. Deo. 6. Dec. 9*arip, fr. to £1 25.22* 123.75 123.00 \ Brussels, belgas to £1 ... 5-44 34.87 34.87 Oslo, kr to £1 18.159 18.09 19.11 Copenhagen, kr. to £1 ... 18.159 18.21 18.21 Stockholm, kr. to £1 ••• 18.159 18.14 15.15 : Berlin, reicbmkn. to £1 20.43 20.40 20.39 Home, lire to £1 25.22$ 111.63 112.00 Montreal, dol. to £1 ... 4.863 4.85 4.85$ New York, dol. to £1 4.86 J 4.34 15-16 4.84 15-16 Yokohama, »t to yen ... 24.5 24 5-16 24$ Uongkong, st to dpi. ... * 23$ 2.JJ Amsterdam, guild, to £1 12.307 13.13 12.13 Batavia, guilders to £1 12.07 12.10* 32.10 • Governed by price of silver. —A. and N.Z. Cable. BANK OP ENGLAND RETURN (Press Association —By Telegraph—Copyright.) LONDON, December 9. The following is the Bank of England return r or Wednesday:— ISSUE DEPARTMENT. Note circulation £139,655,000 Notes in reserve •' 51,965,000 £171.598,000 Government debt -CIJ-.0X5.000 Other securities 8,735,000 Gold, coin and bullion ... ... 151,848,000 £171,598,000 BANKING DEPARTMENT. Proprietors’ capital £14,553,000 Public deposits 18,805,000 Other deposits 111,685,000 Rest, seven-day and other bills 5,283,000 £138,326,000 Government securities £36,152,000 Other securities 68,825,000 Notes in reserve 31,963,000 Gold in reserve 1,396,000 £138,326,000 The proportion of reserve to liabilities is 27.70 per cent. Short loans are quoted at 4 per cent., and three month bills at 4 9-16 per cent.—A. and N.Z. Cable. LONDON MEAT MARKET. Messrs Dalgoty and Co. (Ltd.) have received the following cablegram from their head office, London, dated December 9:— The market for New Zealand lamb is dulU and tho demand runs principally on Heavy weights. The demand for New Zoa land mutton is better, owing to the cold weather. Tho market for New Zealand beef is firm and tho demand moderate The market for Australian lamb is tending downwards, and the demand limited. Tho market for" Australian mutton is weak and tho demand poor. Quotations are as follow for frozen moat: Neiy Zealand prime crossbred lamb—Canterbury light, £Jd; North Island light. 9id; Canterbury heavy. 7id; North Island heavy, 7d; good average quality crossbred lamb, Australian light, not quoted. New Zealand prime crossbred mutton, Canterbury light, bid; North Island light, s|d; Canterbury heavy, Sid; North Island heavy, sd; good average quality crossbred mutton. Australian light 4d; heavy. 3|d; New Zealand prime ox beef, hinds 4id, fores 3jd Values fo» lamb are; —Medium, 8d; Australian heavy, 6id The lamb market is weak for spot, also the mutton market. No forward sales have been reported. The pork market is weaker for spot Dork, 801 b to 1001 b, average 9Ad; 1001 b to 1201b’ average 7£d; baconcrs, Btl. NEW ZEALAND CABBAGES. I GOOD SALE IN AUSTRALIA. (Press Association Co Pn'ocrnnh —ronvnght i SYDNEY, December 10. (Received December 10, at, 6.5 p.m.) A consignment of Now Zealand cab- ; beges bv the Ulimaroa was sold by auction. There was a good demand, ami the price realised was 14s a dozen. | LONDON METAL MARKET. (Press Association—Bv Telegraph—Copyright.) LONDON, December 9 (Received Dee. 10. at 9.40 p.m.) Cooper Standard spot. £57 Is 3d; forward, £57 16s 3d. Lead; Spot, £23 15s; forward, £29 2s 6d. Spelter: Spot, £32 16s 3d; forward, £32 17s 6d. Tin: Spot, £307 2s 6d; forward, £297 7s 6d. Cilyer: Standard. 24? d; fine, 26 11-16 d per oz. —A. and N.Z. Cable. I

A FIRMER MARKET. (Feb United Press Association.) NAPIER, December 0. The second Napier wool sale to-day showed the tendency of the market to he firmer, with prices slightly in the sellers’ favour compared with the November sale. For American wools there was greater competition, and prices improved. Ordinary Bradford top-making and Continental sorts —that is, average wool—were on a par with the last sale. The competition of the local mills and the Continent was responsible for an improvement in the prices of the bellies, pieces, and lambs. The bulk of the catalogue of 22,000 bales was disposed of under the hammer. Taking all things into consideration, the sale was highly satisfactory. The official range of prices is as follows: Merino.—Average, up to 19d. Southdown. —Average, 16d to 174 d; inferior, 13Jd to 14|d. Corriedale. —Up to 16Jd. Fine Halfbrcd. —Average, IS.Jd to 16|d; inferior, 134 d to 14|d. Medium Half bred. —Super, up to IGd; average, up to 14Jd. Coarse Halfhred. —Super, 14id to 16d; average, 13d to 14d; inferior, lid to 12Jd. Fine Halfbrcd. —Super, 13d to 15d; average, 114 d to 152 d; inferior, XOJd to Hid. Medium Crossbred. —Super, lid to 13Jd: average, IOAd to HJd; inferior, 9d to lOd. Coarse Crossbred. —Super, 12Jd to 13|d; average, lOd to Hid; inferior, 84d to 9|d. Low Crossbred. —Super, lOd to lid; average, 9d to lOd; inferior, up to B£d. Hoggets.—Super, to 16d; fine, 13d to 15id; medium, 124 d to 144 d; coarse, 12d to 13Jd. Lambs. —Fine, 14d to 15Jd; medium, 12d to 13id; coarse, 9d to 10fd. Pieces and Necks. —12d to 15d. Crossbred. —Good to super Hd to 134 d; low to medium, 81 d to 104 d; seedy and inferior, 6d to 7|d. Bellies.—Crossbred: Good to super, 9Jd to 10id; low to medium, 7d to 9d. Crutchings.—Medium to good, BJd to 9fd; inferior and seedy, 4d to 7d. Locks.—Crossbred, 44d to GJd. SOUTHLAND SHOW. RECORD ENTRIES. (From Our Special Correspondent.) INVERCARGILL, December 9. There is this year a substantial increase in the number of entries received for the Southland A. and P. Summer Show, the entries totalling 1337, as against 1179 for 1925. The absolute total number of entries is somewhere in the vicinity of 1370, because in some places in the catalogue the entries are numbered A, B. C, and consequently the last entry made (number 1337) does not represent the correct number. The details of the entries are as follows, compared with the entries for last year:— 1926. 1925. Sheep 409 395 Sheep dogs 8 12 , Cattle 449 373 Horses and competitions 376 309 Pigs 16 9 Dairy produce 66 72 Ham and bacon .... 13 9 Totals 1337 1179 The horse section alone shows an increase of 65 entries, while the cattle entries are so extensive that the executive will be put to a great deal of trouble to arrange accommodation. These figures augur well for the success of the annual fixture. OAMARU MARKETS. • (From Odb Own Correspondent.) OAMARU. December 10. The Oamaru grain and cereal market continues to be lifeless. There is nothing to sell and consequently nothing passing in cither wheat, oats or barley. Forward buying of cereals is not being engaged into any extent. It is generally thought that the price for new season’s wheat will range between 5s 9d and 6s 3d, but much will depend' upon the conditions that prevail between now and the harvest. Considerable quantities of seed continue to go out and lucerne .is largely in request. The area put down in rape and turnips will be well up to the average. The live stock market has been dull and transactions have boon few and far between. The fact is that owners J of store -tack are so well supplied with feed that they are not disposed to sell excepting at fancy prices. There has been a drop in fat bullocks which are now quoted at from 32s fid to 35s per 1001 b. Heifer beef is worth about '3os per 1001 b. One or two lines of dairy cows have sold privately at prices ranging from £5 to £9 according to quality. Pigs are in keen demand at good prices and values are being well maintained. The prices for fat lambs are as high as were expected, although B£d per lb is at present being given for first quality 56’s. It is pointed out that only 7|d is being offered for 42’s. N.Z. LOAN AND MERCANTILE AGENCY COMPANY. (Per United Press Association.) WELLINGTON, December 10. 'Hie New Zealand Loan and Mercantile Agency Company (Ltd.), has received a cablegram from its head office in London advising that at the annual meeting held yesterday the final dividends wore declared for the year ended Juno 50. 1926, at the rate of 2i per cent, on the cumulative preference stock, and 4 per cent, on ordinary slock, making with the interim dividend paid on Juno 18 last, a total distribution for the year of 5 per cent, on preference stock and 7 per cent, on ordinary stock, both less 2s in the £ in respect of English income tax A resolution was passed at the meeting increasing the capital of tho company by £500,000.

LONDON MAE SETS. (Press Association—By Telegraph—Copyright.) LONDON, December 9. (Receiver! Dec. 10, at 8.50 p.m.) Wheat cargoes opened firm, but eased to the extent of 3d on account of lack of support. Parcels are in small request at 3d to 6d decline. Sales wer made at 56s 3d to 575. Liverpool futures: December, nominal, 11s 6id; March 10s Sgd; May, 10s sid. The Hour market is steadier. Australian, ex store, 44s fid to 455. Oats and peas ’ markets are quiet. Roans are slow. Sugar, granulated, 34s lid.—A. and N.Z. Cable. The Otago Farmers’ Co-operative Association has received the following cablegram from its London office:— The butter market is firm and there is good inquiry New Zealand, 170 sto 1765. Cheese is slow at 95s to 965. Meat is unchanged BRAY BROTHERS (LIMITED). AUCTIONEERS. DUNEDIN, Want Fruit, Farm and and Dairy Produce. Write them for market reports. Prompt attention given to correspondence —Advt

DUNEDIN STOCK EXCHANGE The share market has not been particularly active during tho week. A fair amount of gilt-edged securities have changed hands at improved prices, but banks, insurance, and industrial shares are generally easier. Bank of New Zealand Rights are rather better, although tho return on investment at present prices is fairly low. Bank of Now South Wales paid their dividend last week end, and for some reason not known hero yet the shares have practically recovered their cum. dividend price. Bank of New Zealands arc proportionately lower cx. div. National Bank of New Zealands have been in good demand at improved rates. National Insurances have declined considerably, and Standards are also easier. Sales made were recorded at 58s. Westport Coals also eased, and they are quoted at 35s to 36s with only a light demand. New Zealand Loan and Mercantile firme to buyers £95, unofferecl. New Zealand Refrigerating prices have not altered. D. (ord.) are firmer, without selling quotations. Milburns have cased slightly as a result of sales, apparently from trust estates to make provision for taking up rights to a new issue. The company’s directors have decided to install a modern plant at Burnside and have decided that the cost justified the issue of ne wcapital to the advantage of shareholders. New Zealand Government Bonds and Stock are rather firmer. Mining shares not buoyant. Tho biggest decrease has taken place in St. Bathans which eased in price from 5s premium dur ing the week to Is fid on Thursday, though there was a slight improvement yesterday. Blacks lave strengthened r little, although not to any appreciable extent, while Nokomais are also slightly firmer, although the margin between the buying and selling quotations is too wide to permit of business boipg done. A fair amount of business has been done in Kawaraus off ’change, but there has not been much movement in the ouotations. Sales reported: 5i per cent. S.S. Bonds (1923) £lOl 2s fid. The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:— BANKING. Bank of N.S. Wales.—Buy £45, sol £45 10s. Bank of New Zealand. —Buy £59 ss, sel £59 9s. Bank of New Zealand (rights).—Buy 6s 9d, scl 7s. Commercial Bank. —Sel 325. National Bank. —Buy £7 Is 3d. E. S. and A. Bank.—Buy £8 Is 6d. BREWERIES. Manning and Co. —Sel 225. N.Z. Breweries. Ltd.—Buy 525, sel 535. N.Z. Breweries, Ltd., Dobs. —Scl Ess. Staples.—Buy 3ts. INSURANCE. National Insurance Co. —Buy 72s 9d, sel 75a. , c , N.Z. Insurance Co. —Buy 37s fid. Standard Insurance Co. —Buy 555, sol £Bs fid. SHIPPING. Burns * Philp.—Buy 38s fid. Huddart, Parker (ord.). —Buy 455. Huddart, Parker (pref.).—Buy 20s 9d. P. and O. Deferred Stock.—Buy £248, sel £252. U.S.S. Co. (pref.).—Buy 20s 3d COAL. N.Z. Coal and Oil.—Sel Is fid, Westport Coal Co.—Buy 355, sel 365, Westport-Stockton (pref.).—Sel 3s, LOAN AND AGENCY. Dalgety and Co.—Buy £ls ss. Goldsborough, Mort. —Buy 495, ael 50s fid. ■ ■ v „ N.Z., Loan and M. (ord.).— Buy £95. Perpetual Trustees. —Buy 60s. Trustees, Ex. and Agency. —Buy 58s. Wright, Stephenson (ord.). —Sel 235. Wright, Stephenson (prof.).—Sel 17s. MEAT PRESERVING. N.Z. Refrigerating (pd.).—Buy 14s 3d. N.Z. Refrigerating (cont.).—Buy 6s 6d, sel 6s lid. MISCELLANEOUS. Brown, Ewing (ord.). —Buy 30s. Brown, Ewing (pref.).—2os fid. Bruce Woollen Co. —Sel 19s. D.I.C. Cord.).— Buy 9s fid D.1.C.. (pref.).—Buy 20s fid. Dominion Rubber. —Sel 50s. Donaghy’s Rope and Twine.—Buy 3os Duncdin-Kaikorai Trams. —Buy 345. Eclipse Petrol. —Sel 13s 3d. Kaiapoi Woollen (pref.).—Buy 13s 6d Milburn Lime £Lnd Cement. Scl 30s 3<l. Mosgiel Woollen Co.—Buy £6. National Electric.—Sel 19s 3d. N.Z. Drug Co.—Sel 72s fid. N.Z. Express (ord). —Sel 235. N.Z. Express (pref.). —Buy 17s. N.Z. Guarantee Corp.—Buy 10s Id, sol Whitcombe and Tombs. Buy 58s fid. Wilsons (N.Z.) Cement.—Sel 35s 3d. MINING. Kawarau G, M, Co. —Buy 3s, sel 3s 4d. Nokomai Sluicing Co.—Buy 4s 3d, sel Electrolytic Zinc (pref.). Buy 36s 9d, sel 37s fid, .i Electrolytic Zmo (ord.).— Buy 365, set Blount LyelL—Buy 28s 7d, sel 295. Kawarau High Levels.—Sel fid St. Bathans (A issue).—Sel 2s £rem. St. Bathans (B issue).—Sel Is 9d prem. Blacks G. M. Co—Sel 3s disc. Mount Isa.—Buy 21s, sel 22s 6d. Upper Nevis—Buy 5s 3d prem., sel 7s 3d Prem ' WAR BONDS. 4i per cont. Bonds, 1930.—5 el £9B. 4 per cent. Bonds. 1938—Buy £96 15s. 4J, per cent. Bonds, Hog—Buy £96 15s. 5i per cent. Soldiers’ Bonds, 1953. Buy per cent. Inscribed, 1938—Buy £96 15 per cent. Inscribed, 1939—8uy £96 15s* s*i per cont. Soldiers’ Inscribed, 1935Buy £IOO 2s fid _ 5 per cent. Postal Inscribed, 1927—8uy £9B ss, sel £99. NORTHERN EXCHANGES. (Pee United Press Association.) The following business was done on ’Changes yesterday: — Auckland—Sales: Inscribed Stock (1039), 44 per cent., £97; Commercial Bank of Australia, 31s 9d; Bank of New Zealand (rights), 6s 9d; I armors Cooperative Auctioneering Company (pret.), 18s 6d; Auckland Gas, 245; Taranaki Oil, 10s Id; Wilsons Cement, 33s sd; New Zeehan Consolidated, Is 4d. Wellington—Sales reported; New Zealand Breweries Bonds, £1 4s od; Bank of New Zealand (rights), 6s 9d; Union Bank of Australia, £lo 4s. Sales; New Zealand Government loans, 54 per cent. Inscribed Stock (1936), £IOO 17s 6d; New Zealand Guarantee Corporation (ord.), 10s 4d, 10a sd. Christchurch. —Sales reported: Kawarau, 3s 3d; New Zealand Government sriper cent. Inscribed (1927-41), £9B; Commercial Bank of Australia, 31s 9cl; New Zealand Insurance, 37s 8d; South British Insurance, 565; Kaiapoi Woollens (pref.), 14s, 14s 3d, 14s 4d. Sales: Union Bank of Australia, £ls 4s (two parcels); Bank of Victoria (ord.), £9 4s 6d (two parcels).

£ s. d £ a a Imperial Consols, Si p.a „ 54 0 0 54 0 0 War loan, 6 p.o.. 1929-49 ... ICO 0 0 100 2 6 War loan, 3J p.o., 1925-28 .. 91 0 0 Conversion loan. 3J p.o 74 15 0 74 15 0 O’wealth 8 p.a 1931-41 102 15 0 102 15 0 C’wealtb 5J p.c., 1922-27 99 17 6 100 0 0 N.Z. 6 p.a. 1935-51 ... 108 0 0 108 5 0 N.Z 4 pc... 1929 96 10 0 96 12 6 N.Z 3J p.a 1940 SI 15 0 84 15 0 N.Z 3 p.o., 1945 76 0 0 76 5 0 S’.S.W 6| p.o., 1930-40 103 5 0 103 7 6 N.S.W 6 p.a, 1930-40 100 10 0 100 5 0 K.S.W 61 p.o., 1922-33 ... 100 0 0 100 0 0 N.S.W. 4 p.o., 1933 93 0 0 89 17 6 N.S W 5 p.a. 1935 81 3 6 81 7 6 M S W 3J p.a 1930-50 70 0 0 70 5 0 Vio 6 p.o., 1930-40 100 17 6 100 17 6 Via 4| p.a, 1932-43 97 0 0 87 1 3 Vio 4| p.o. 1940-60 93 15 0 92 2 6 Via 3 p.c., 1929.49 69 10 0 70 5 0 Via SJ p.o., 1929-49 71 5 0 71 15 0 Q’land 3 p.o., 1922-47 102 3 6 102 3 6 Q’land 3i p.c., 1930 91 5 O 91 10 0 Q’land 6 p.o., 1930-40 66 12 6 66 17 6 8.A 6i p.a, 1930-40 103 17 6 104 0 0 S.A. 3J p.a, 1939 81 2 6 81 2 6 S. A. 3 p.c., 1916 or after ... 59 0 0 58 15 O W.A. 6 p.a, 1930-40 100 0 O 100 10 0 W.A. Si p.a. 1920-35 85 10 0 85 10 0 W.A S p.a 1915-35 83 0 0 83 7 6 T«» 6J p.O., 1930-40 104 7 6 104 17 6 Ta». Si p.a. 1920-40 81 10 0 81 2 6 Tas. 3 p.c. 1920-40 77 0 0 77 15 O —A. and N.Z. Cable.