COMMERCE AND FINANCE

Otago Daily Times, Issue 20586, 8 December 1928, Page 9

COMMERCE AND FINANCE

THE SHARE MARKET. . ' DUNEDIN STOCK EXCHANGE ■., ' There has been a moderate.amount of business transacted on the - Stock. Ex■change during the past few.days, v >Bank of New South Wales shares have . been oil offer at £SO 10s, but‘buyers have not shown any interest. ' . , r , . Business has been done in' Bank of,New ■ Zealands at_ 62s 3d,, the ; closing buying offer remaining steady at 625, while sellers requirements have been ■ unchanged at 62s / 6d. - . E.B. and A. Banks have-been dealt in at £8 11s 6d, ■ the closing- buying arid selling quotations being £8 9s and £8 13s .respectively. -Union Banks have been inquired for at £ls -9s, sellers riot quoting below £l6 • 10s. ' For ■ New Zealand Breweries shares . sellers -have,been prepared to accept. 65s 9d, but .buyers’ latest quotation has been Is;.3d below that figure.. The debenture issue has received a stronger inquiry At ,26s 4d, sellers. asking 265. Two sales of shares have been recorded at 54s lid. Several sales of. National Insurances have been recorded at 16s 4d, quotations closing with a seller; at 16s 6d arid no buyers;, forward.' >

Preferred ; Wright;,. Stephensoiis hare , been inquired for at 16a 9d, but Bellers • nave been reticent. v L , - JTor Canterbury Frozen Meat* buyers : . have, offered. £9, bu* without response ■.. from sellrrs. ■ '■,'•■■""'-'>- ■,■■•,. taid-up SNew Zealand jßefrigeratings ; have been in better demand, buyers imv- , ing offered 19s 9d. Sellers, however, have ;• not forward. • . \ ; : * I ? 5 ??? f ? r , Br Tobaccos has eased I to, 44s od, while sellers have asked 45s 3d. -_Tlft>re has, been an eaH'.er inquiry tor Donagrhy'B Rope.and Twines,, the market .closing with buyer* offering 335. .For Monrifitystls buyers have been prepared to give 395, but sellers' have been / • .. There has been; a considerable weaW * ng . in * he / demand for : Big • Beaches, buyers havrng offered oaly 3s in response to 'sellers'/quotation of ss. laxcdt requirement has been Os, but buyers have . -aot responded., -■ : - ■ ■■« f U 8 ha ! "£tf a done iriMahahipawas ■"--* ; i Ij' u^ ttalons ' lons closing with a buyer at Is ,2d> and at Is 4d . *' , \-, Goverrarenjt w ar Bonds continua to b» "S^ o? a^ nand ' but sellerß -nave not Been m evidence. ' ■s£ a it ? f lind (shares), Jffif d: ? Zealand, V, H «^ d ? b, :wgn, Mort, 52s 3d. fo^ ID K.are yesterday afternoon's subject to the usual brokerage:— . , ~;;'•'/.) ' v l BANKING. / Bank of Australasia—Buy £l4 13 s , i Bank of N.B. Wales—Buy £SO ;62 of .'s?" Zealand-Buy, '62s, sal 28 J of New JZealand (1) issue)—Buy ' ery ' 1 ' B^n^-JBu 5 r -'30s :2d, 'sel 30s ' i '^?- S '- anid A, ■Bank—Buy £B. 9s, sel £8

of New Zealand—Buy £7 3s. sel £7 3s 9d.- ' * ■ -Union Bank—Buy £ls ok*l ‘ - ‘ tr:.' BREWERIEfc. *" • S ; _NX Breweries, Ltd.—Buy 54s fid, sel ■ ooa, ; ■ ... t n N.Z. Breweries,-Debs.—Buy 25s 4d, sel • 265., , j ■ * Staple’s Brewery^— Sel 41 a ,6d. . ■■ insurance. ■ : National Insurance Co.—Sel 16s 5d N.Z. Insurance Co.-Sel 475, ■ Standard Insurance Co. —Buy 63a sel . • 66Si : . ■ ’ SHIPPING. ■ Howard. Smith—Buy 245. ■ . o H " ddart » Barker (ord.)—Buy '4Bs, sel-•os-dcL Huddart, Parker (pref.)—Buy 21s. - P. and O. Deferred Stock—Buy 545, U.S.S. Co.:, (pref.)—Buy 20s 9d. - • , COAL. ' Westport ‘ Coal Co.—Buy 30s, sel 30s ■ Bd, . : ; ' ■ , Westport-Stockton . (ord,‘)—Sel 3s sd. LOAN AND, AGENCY. . Dalgety and. Co.—Buy £ls 2s. set £ls 7s 6d. ■ : ' -v. ’ ... ■ ’ Goldshrongh, Mort—Buy 52 5 , sel 52s 9d. ■ ’ National Mortgage—Sel 90s. •NX Loan apd M. (ord,)—Buy £l2O. Perpetual Triistees—Buy 645. ■Wright, Stephenson (ord.) —Buy 22s 6d. sel 24s fid. . ; ■ . r ■ 'Stephenson (pref.)—Buy 16s I MEAT ‘PRESERVING. ' , N.Z. Refrigerating (pd.) —Buy 10s 9d. NX Refrigerating (cent.)—Buy 9a 3d, ■el; 9a fid. • MISCELLANEOUS. Auckland Amusement Park (ord.) —Buy 3s, sel 7s fid. /”■ British Tobacco—Buy 44s fid, eel 45s . 2d. Brown, Ewing (ord.)—Sel 31s. D.I.C. (ord.) —-Buy. 10s prem. D.I.C. (pref.)—Buy 20a 9d. ~ Dominion Investments—Buy 23a. Dominion 27s. - Kaiapoi Woollen (ord.)—Buy 13s 6d. Kaiapoi Woollen (cont.) —Buy 4s, sel . -4a od,. ' ' '■ KaiapoL Woollen (pref.)—Buy 14s 6d. Milburh Lime and - Cement—Buy 355, ael 365, ' p v- _ Mosglel Woollen Co.—Buy £7 3s. ; NE. Drug Co, (f? pd.)—Buy 71a Bd. ' NX Guarantee Cprp.—Sel 8s Bd. Otago Daily Times—Sel 78s. •' - : MINING. '■ Kawaran 6. M. Co.—Buy’2d, sel 9d. . Nofcomai Sluicing—Sel 225, ~ ■ '■> Waihi Grand Junction—Buy od. Electrolytic Zinc (pref.)—Buy 365, sel S7s. ‘ .Electrolytic Zinc (ord.)—Buy 34s fid, ■el SOs. : Mount Lyell—Buy 38s 9d,-sel 39s 6d. Big Beach—Sel 9s. 1 , Undaunted—Sel 18s. Kildare—Sel 2s -Sd) , ’ Okarita—Sel 7d’ ' - Mahakipawa—Buy Is 2d, sel Is 4d, ■ : 1 1 WAR BONDS; M per cent. Bonds, 1938—Buy £99 7 S fid , .44 per cent. Bonds, 1939—8uy £99 7 S 6d 4J per cent. Inscribed, 1938—Buy £99 • • 'sb: ■ 1 ■: . "44' per, cent, Inscribed; 1039—Buy £99 , 'ss.: ■ ' ■ ' '■ • <Biiy £9B ss. 54 per cent. Inscribed Bonds, 1941 Buy> £9B >sa. 54 per cent.-Bonds, 1936—8uy £lOl 7a fid. j ' ' r Si per cent. Inscribed, 1933—8uy £99, , Bel £99 10s. NORTHERN EXCHANGES. (Per Cxited Press Association.) The following business was done on 'Change's yesterday:— “'Auckland.—Sales: Inscribed Stock (4938) 44 j (per cent., £99 10s; New Zealand Breweries - debentures, 24s 4d; Bank’ of Australasia, £l4 14s; Commercial Bank of Australia, 30a 3d; Union Bank of "Australia, £ls 10s, £ls 10s fid; Taupiri Coal, 25s od; - Northern ■ Steamship, 13s 3d; Colonial Sugar, £59; Electrolytic Zinc (ord.), 35s 3d; Milne 1 : and Choyce debenture stock, 265; Waihi Mining, 14a Bd. ' WellipuMn,— 4J peg cent. Stock,

local and overseas markets.

(1038),. £B9 10s; English,. Scottish, and Australian Bank, £8 lip; National Bank of New Zealand, £7 3s; New Zealand Guarantee Corporation, ’ 8s sd; ■ Waihi Mining, 14s 9d'. ~ Christchurch.—Sales .on .’Change: Commercial Bank of Australia, 30a 4d (three parcels); National Bank of Australasia (£lO paid), £lB 15s; Goldsbrough, Mort (cum cliv.), 52s Ad. ’ Sales reported: Bank of Australasia,' £li 14a; National Bank of New Zealand, £7 3s; Union Bank of Australia, £ls 11s; ..Union Steam, (pref,), 21s; British,.Tobacco, 455; New Zealand Farmers’ Co-operative (GJ per cent, stock, 1940), £93.

DUNEDIN MARKETS,

WHEAT, OATS, ETC. Business in milling wheat is becoming almost negligible with the approach of the new season’s crop and the holiday season. The market, however, remains stationary, With - prime lines of Tuscan worth. 5s Od to 6s‘lQd, sacks extra, bn trucks, Canterbury district, and Hunters up to 6s 3d.

Ab far as the Qtago district is concerned, the market for old season's wheat is practically finished, and few lines are available. Most: of the : odd lines coming oh'the market, both milling and fowl wheat, are from Canterbury. 'The■■local prices ftfr \ fowl wheat are the same as those quoted previously; namely, Cs per bushel, sacks extra, ex store. Keports from Canterbury state that there" has been increased activity in the buying ot fowl wheat from the North Island at the reduced price of 5s 7d, f.0.b., sacks extra. According to a recent. announcement the wheat pool has secured'the necessary acreage'to permit it to operate. It was .generally thought that the pool would not be able to . operate further south than Oamaru, but it is understood that some of the farmers in the Taieri and Milton districts' haye also been approached to join up ; : in the polling Bystem. There haß, however; not been a very great response in as ; most of the'wheat has -already : been sold r for delivery nest season.- As a nratter of fact, for a number of years _paSt it has been the custom for ■farmers • in this district to receive prices above those .ruling, in Canterbury, as millers, have, paid them, in addition to these prices, the tost of the'railage from the northern; province to Dunedin. '.Hitlers' prices for flour, etc, are as follow:- . , \ ■ Flour: 2001 b, £l6 15s; 100's, £l7 15s; 50'5,.£18; 25's, £lB 10s. Bran,-£7 person. Pollard, £8 10s.

Oatmeal: 25’s, £23; 200’s, £22. The -oats market is very weak. Merchants are • not inclined to carry stocks, and, on the other hand, * fair quantity is held in the,stores by speculators, and there is no outlet, for these . prices asked. ■~r. e , lots held by merchants are being worked off on the local market for feed , purposes. The nominal quotations are ' 4s Id, f ,0.b., s.i., for A’s, and 3s 7d f° r _.B J s. These prices- are equivalent to 3s 3d, sacks extra, on-, trucks, country sidings for AV and 2s 0d for B’a. • Good quality chaff is worth £5 15a per ton, sacks extra, ex truck, and £6, ex store. Mpstiof the consignments are coming.,.,from Canterbury, where merchants hay® reduced', their quotations; 1 as they found that sales, could not be - effected ‘at the,, prices, they were asking. ' Plentiful supplies are in vietv in Canterbury, and a fairly quantity is still being held y growers in this district. According to shipping reports,, Blenheim is still supplymg the North, Island, with chaff at £5 10s to £s;l2a 6d, f.0.b., s.i.; with a firm market. Inquiries from the North island, however, are only limited. . The market, for old potatoes is now famshed. It is too early, yet for merchants to deal to any extent in the new crop. lae season has been a good one foF the S ? S ®^ B Bever «d beneficial rains have fallen. The retail demand, indeed, well maintained right through ae season. Thera is now a gradual fall‘l 8 ’ dcmand ’ “d. it will not be long before business will be .quiet, pending ■? £ - Dew - ““©nV seeds. of * he , kcal stocks of -old seed have, down, -but there Is a fairly' substantial carry oyer in one or two vari<£ tiefc, notably .crested .dogstail. follow'?-' 5 hnGS aIC qlloted wholesa fo m

Eggs: Stamped, ls 4d; case. Is 3d Mii,ed bu,k -»**

Bacon, l s Id per lb. Honlv- 1^ 2 !! Pr J- h ’ b ° ls 4dpe?ib. BU k ’ Whlte Cl ° Ver ' 4 * d to 5d w § 2d per dozen during the Manuka brought about 1500 bags of; Victorian onions. These were amhS to arrive, at 18s per cwt.. ' * d , FRUIT. REPORT. Heavy consignments of early cherries °l Btrawberrie3 are arriving mostly.from Central. Otago and Waimntn’ frailty are WOrth ab °ut 10d per lb and dessert Is to Is 2d. P 10 q,mnr atee3 tave been in g° od demand. Suppbes are coming chiefly from Christchurch hothouses. Local hothouses arl also supplying fair quantities. /tbf lpm ®ht of Fiji bananas arrived by 4he Wingatm on Thursday. These met a good demand., A shipment of Samoans is due on Tuesday or Wednesday by the Maui Pomare. These two shipments will have to meet the Christmas demand. Small lota of Stumer apples and also pears continue dm arrive from cool stores. Green peas have a sound inquiry’. Sunplies are coming chiefly from Waimate Some fine samples, of new potatoes are coming to the marts'. Supplies are increasing from Canterbury, Oamaru, and the Taieri.. North Island have been, in short supply, and orders from Dunedin have been repeatedly cut down. ' In the absence of cauliflowers there is a better demand for cabbages. Best quality are realising up to 10s per sack. The/market could do with larger supplies of new carrots. White turnips and lettuce are in over-supply. Current wholesale prices arc as follow; ■ Apples: Stumers, choice, 10s; medium 7s to 8s; small, 2$ to 3s; Canadian Jonathans, 10s Cd per case. Pears: Choice dessert, 3d per lb. Tomatoes; Christchurch hothouse. Is 3d to la 4£d; lo’cal hothouse to. Is 6d. Gooseberries to 3d per lb. Cherries, choice, 0d to 8d per lb; medium, 3Jd to Sd per lb; inferior, unsaleable. Strawberries, lOd to Is 2d per lb. Rarotongan bananas; Ripe. 25s per case. Oranges: Valencias, 18a to 20s per case. hjemons: Californian, 50s per case. Cabbages; Choice, 9s to 10s per sack; others, 6s to 7s. Lettuce: Choice to Is 6d per dozen; others unsaleable. Spinach to la per dozen bunches. New carrots, up to Is Cd per dozen bundles. Rhubarb, to 3s per dozen bundles of lib eachi,

Green peas, 4d to 4Jd per lb, New potatoes: Local, 4d to 4Jd; Huttgrown, 2Jd to 3d per lb; Canterbury, 3Jd to.4d; small, 2d per lb. Cucumbers: Hothouse, to 12a per dozen. Asparagus, 7a to 8s per dozen bundles. SOUTHLAND MARKET REPORT. (From Our Own Correspondent.) INVERCARGILL, December 8. GRAIN. ■ Oats.—With virtually no stocks in merchants' hands no -business with outside centres has taken place for some time, nor can any business be done save that of a forward nature until the advent of new oats. Values are entirely nominal so far as the Port of Bluff is concerned, at 4s A'e, 3s 9d B’s, f.0.b,, s.i. As above indicated no movement can be -expected for some, months. Areas sown’down are ,in by fio means a forward condition as the bulk went in wellnigh a month later than usual Owing to the inclement weather conditions. Chaff.—With-the country wellnigh bare, of stocks, values locally are much in excess of the north, prices being paid to farmers being £5 per ton, prime quality, on trucks, their sidings, sacks being supplied by buyers. Even such an offer fails to find sellers.

, Ryegrass.—Occasional inquiries still come to hand from the north and with a good local demand for sowing down it is quite evident merchants' stocks will be depleted before the advent of the new crop. One or two merchants have already been compelled to buy from outside. Generally speaking, however, these purchases are of stocks previous!}' sold to northern buyers. Crested Dogstail.—There is very little movement in this grass and buyers show little interest. Nominal values f.o.b. for machine dressed seed of high germination and' purity vary round about 7Jd, depending chiefly on. appearance. STOCK-REPORT. The stock market continues good for all classes offering. Fat stock have- eased somewhat, but, of course, that is to be expected at this season of the year. Fat cattle are coming forward in regular supplies and for good quality steers and heifers there is still a good demand with a slight falling off 'for rougher animals of both sexes'. Fat sheep are offering in larger numbers, and prices, taken (ill round, show a considerable drop to those ruling a few Weeks back. The store sheep market is quiet with a good healthy tone prevailing, but apart from old ewes and lambs there are few lines offering. Store cattle continue in keen demand, both steers and heifers making prices, which must be satisfactory to the-ven-dors.

-Fat - Cattle. —Extra prime heavy bullocks, to £23; prime heavy, £l7 10s to £2O; prime medium weights, £l2 10s to £ls; prime heifers, £l2 to £ls, medium heifers, £lO to £11; 10s;- prime heavy cows, £ll to £l3 10s; medium, £9 to £lO 10s; vealers, to £2; runners, to £5; prime ox beef, to 45s per 1001 b; prime heifer beef, 42s 6d to'4ss per 1001 b; cow beef, 32s 6d to 35s per 1001 b. Fit Sheep.—Prime heavy woolly wethers, 42s 6d to 465; medium, 38s to 40s; prime woolly ewes, 35s to 40s; medium,-28s to 32s 6d; prime heavy shorn wethers, 33s 6d to 365; medium, 28s to 30s; prime heavy shorn ewes, 25a to 27a 6d; medium, 20s to 22s ud; prime heavy lambs, SOs to 32s 6d; medium, 27s to 28s 6d. Store Sheep.—Wether hoggets in the wool, 28s 6d to 32s fid; ewes, 38a to 42s fid; failing-mouthed owes and lambs, 18s fid to 225; old ewes and lambs, 14s fid to 17s fid. • ' " Store Cottle. —Three and four-year steers, £lO to £l2; two-year steers, £6 10a to £8 10a; yearling steers, £4 10s to £6; yearling heifers, £3 10s to £5; two-year heifers, £5 to £7 10s. MATAURA STOCK SALE. (Feom Our Own Corbesfondeni.) GORE, December 6. The monthly stock sale was held at Mataura to-day in fine weather, and before a good attendance of farmers and buyers. Sheep.— I The entry comprised nearly. 500, included in which were several ’small lots of'fat shorn and woolly wethers and ewes. The demand was fairly good at firm rates. Fat woolly wethers changed hands at 39s to 425, and shorn ones 28s 3d,’ while. fat woolly ewes realised SOs, and shorn 13s to 16s 3d. Several lines of ewes and lambs were on offer, a pen of shorn ewes with lambs realising 17s ■2d all counted, while woolly ewes with lambs made from 1 13 s fid to 23s fid all counted. Dry ewes in wool made 12s fid, and a pen of very nice ewe hoggets sold on account of Mr A. M. Robertson, Mataura, were' disposed of at 41s 4d. Cattle.—Thtire was. a large entry of cattle, including some good fat bullocks and heavy cows and heifers. The market trifle easier. Fat bullocks realised from £lO 5s to £l4 ss; fat cows, £5 17s 6d to £lO ss; and fat heifers from £8 to £lO ss. A large number of dairy cows and heifers close, to profit and at full profit were forward,, and sales were recorded at firm rates. Prices ranged from £4 10s to £9 15s. Store cows and/heifers made. good competition, and sales were made at from £3 10s to £7 2s fid. Store bullocks made £5 5s to £7 2s fid, two-year-old steers and heifers from £3 10s to 15 12s 6d, and yearlings’ £2 10s. A large number of bulls were on offer, for which there .was good competition, young sorts realising from £3 10s to £7, and three-ycar-plds £8 to £lO. FINANCE CORPORATION. (Pee. United Press Association.) AUCKLAND. December 7. The directors of the Traders’ Finance Corporation in their annual report state that the turnover for the year was satisfactory, but owing to competition rates were reduced, and yet the profits for the year were £11,461, compared with £12,576 last year. Accounts referred to last year as unsatisfactory had not yet been finalised, and it was. estimated that 'by writing off £9900, this year provision would be made for contingent losses, and this had accordingly been done. The directors recommend the payment of a dividend of 7 per cent, on preference shares, on which an interim dividend has already been paid, and carrying forward the balance of £293. The directors continue;—"Preliminary expenses ” is now a most unsatisfactory item in the balance sheet, and this in the ordinary course would have been eliminated this year. In the circumstances the directors > recommend that the ordinary shares be reduced 2s fid each, which, if approved by shareholders, should enable the payment of dividends of all shares to be resumed in the. coming year, and a reserve to be accumulated.” SULPHINE CORPORATION. The head office of the Sulphiuc Corporation cables that the annual meeting will be held on December 20. The directors will recommend at the annual meeting a dividend of 2s per share on preference shares, and Is fid per share on ordinary shares, payable on January 15, i M respect of the year ended June 30 last. Deduct income tax at the rate of 2s 9d in the £, being 4s less Is 3d relief. Transfer books wilt be closed from December 13 to December 31, both days inclusive. Advt. BRAY BROS. FRUIT. FARM, AND DAIRY PRODUCE MERCHANTS, DUNEDIN. WRITE US FOR MARKET REPORT HAVE INQUIRIES FOR ALL LINES. ‘

CALL MONEY RATE. (United Press Association.) (By Electric Telegraph—Copyright.) NEW YORK, December 6. Call money rate renewal opened at 9 and reached 12, which is the highest in eight, years. The market closed at 12. Australian Press Association. CHICAGO WHEAT MARKET. ' (United Press Association.} , (By Electric Telegrapn—Copyright.) NEW YORK, December 6. Chicago wheat: December, 116|d, March, 119Jd; May, 122|d.— Australian Press Association, DAIRY PRODUCE. The Otago Farmers’ Co-operative Association of New Zealand has received the following cablegram from its London office: — Butter: The market is firm, with steady trade at higher prices. New Zealand grades sold from 178 s to TSDa. Cheese: There is a better demand, after a weakness; the price range is from 97a to 98s. ' ’ Meat: The trade continues slow, particularly for mutton. ’ The National Mortgage Agency Company of New Zealand has received the following cablegram from London: — Butter.—The market is firm. Finest New Zealand sold from 180 s to 182 s; first grade New 178 s; Danish, 200 s to 202 s; 1 Australian, 172 s to 1745. Cheese.—The trade is better at lower prices. New Zealand, white sold from 96s to 975; coloured, 98a to 995. GRADING FIGURES FOR FOUR MONTHS. (Per United Press Association.) WELLINGTON, December 7. The dairy division grading figures for the four months ended November, 1928, show an increase for butter of 7.4 per cent, at 31,014 tons, a.ud for cheese an increase of 16,6 per cent, at 26,330 tons, as compared with- the corresponding period for the preceding season. Reduced to terms of butter-fat equivalent, the grading of dairy •produce for the four months shows an increase of 0.85 ovor tha grading for the corresponding period of the preceding season. LONDON MARKETS. Messrs Dalgety and Co, advise having received the following cablegram from its head office, London, dated December 6:— Frozen Meat: The market for , frozen meat is unchanged. The butter market is steadier, and the cheese market is steady at present {.rices. . Quotations -are as follows:—Danish butter sold from 200 s to 2025; New Zealand finest butter, 176 s to 180 s; Australian, finest unsalted 184 s to 186 s, salted 172 s to 1765; Australian G.A.Q., 166 s to 170 s; ,New Zealand cheese, white and coloured, 96a to 98s; Canadian ebepse," white and coloured, 110 i to 112 s. BANK OF ENGLAND RETURN, (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 0. (Received Deo. 7, at 5.5 p.m.) The following is the Bank of England return:—. ISSUE DEPARTMENT. : Notes issued ~£417,830,000 Government debt .. .. .. 11.015,000 Other Government securities 233,568,000 Other securities ■ 10,177,000 Silver coin .. 5,239,000 Gold coin and bullion .. 157,831,000 Total .. £417,830,000 BANKING DEPARTMENT, Proprietors’ capital .. .. £ 14,553,000 Rest .. .. 3,284,000 Public deposits 8,691,000 Other deposits .. .. .. .. 114,938,000 Seven-day and other bills .. ’ 3,000 Total .. £141,469,000 Government securities .. .. £63,870,000 Other securities ~ .... 30,505,000 Notes ~ 46,375.000 Coin .. .. 719,000 Total i. .. £141,469,000 The proportion of reserves to liabilities is 38.00 per cent. Short loans are quoted at 3J per cent. Three months bills. 4 5-16 per cent. —Australian Press Association: LONDON MARKETS. i (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 6. (Received Dec. 7, at 6.5 p.m.) Butter is in good demand, and is firmer all round. Danish, 2055; choicest salted New Zealand, 180 s to 182 s; Australian, 176 a vto 178 s; unsalted New Zealand, 196 s to 198 s; Australian, 184 s to 186 s. .Cheese is dull. New Zealand, 96s to 975. Raw sugar, ..on a beetroot basis of 83 per cent., Lodi. Continental ports, 9a Bjd. The egg- market is very depressed owing to the open weather producing heavy supplies in all Continental countries. Consequently London is glutted, and the best price obtainable for Australians is 17a to 17s 6d. Flour: Australian,.ex store, SSs 3d. Oats are steady but inactive. Peas and beans are firm but unchanged.—Australian Press Association. LONDON WHEAT MARKET. (United Press Association.) ' (By Electric Telegraph—Copyright.) .LONDON, December 6. (Received'Dec. 7, at 5.5 p.m.) Cargoes are fairly steady and occasionally higher. Interest is chiefly centred in Australians for India, for which there 'are higher prices owing to an advance in the freight position. Ovington Court for Calcutta 45s fid, Part Ashburton for Italy 48s fid. Parcels are in quiet demand. Liverpool futures: December, 9s OJd; May, 9s 2Jd; July, 5a 3Jd. Spot trade is slow, with prices generally easier. Australian ex ship, 49s. —Australian Press Association. \ Messrs Fraser and Co., selling agents for the Otago and Oamaru Egg Circles, report ns under:—Eggs, Is 3d to Is 4d. Butter: Separator pats. Is Id; bulk, Is Id to Is 2d. Tallow: Market steady at 18s to 22s per cwt for best quality. Pigs: Good bacon-weights, fid; porkers, 6Sd; over-weights, 3d to 4d. Potatoes: Auckland, 22s to 24s per cwt; Oamaru, 3d per lb. Chaff: Prime oaten sheaf, £5 10s to £5 15s per ton, sacks extra. Whole fowl wheat, 6s 3d to 6s 9d per bushel. Bulk honey, 4d per lb: 101 b tins, 4s 9d. Poultry: Supplies arc light and prices firm. White Leghorn hens, 4s to ss; heavy breeds, 4a fid to ss\6d; cockerels, 3s to 7s; roosters,-' 3s to 4s; ducks, Ss to ss; ducklings, 5a to 7s fid (all per pair) Turkeys: Hens, lOd to lid; gobblers. Is Id to Is lid per lb, live weight. We stock Star P. chick food, Crosskey’s meat meal, cats, maize, brand nd pollard. Champion egg crates, 18s fid each; leg rings. Is per dozen (special quotes for quantities). Consignors please note that pigs and poultry must arrive not later than Wednesday morning of each week. We have a stock of poultry crates on-hand for the use pX me ' - -

Paid-up Capital, £1,289,195.

COMPANY BALANCE SHEETS.

THE MOUNT LYELL MINING AND RAILWAY COMPANY, LTD.

~ _ Dividend Sepi. Expenses Net with 30 Reserves Working General Profit bonus ““ 'ISM 89 4SO - IS7 40,070 247,229 12% 1212 847.896 440,419 31,360 130,233 II) 1920 927,716 500,141 30,440 76,008 5 }S 2 J H 22’ 421 532 ' 679 3 MU 51,830 . 1922 1,276.394 441,688 23,815 127,491 5 7923 M 22’ 773 S4TiO23 23,109 151.003 10 122! 1.384,770 457,823 26.098 151,182 10 1925 1,450,388 414,833 '30,530 174,605 11% “ 28 L l9B 424,374 37,593 171,861 .11% J B3 ? 1,259.488 359.849 35,339 173*299 11% 1928 1,297,917 398,181 35,684 200,051 12% Results point to the past financial year having proved the most successful for a decade. Production has been on a larger scald than in the preceding year, and, assisted by the improved price, of copper, the. net profit comes out at £200,051, or equivalent to a return of 15.62 per cent, upon the ..paid-up capital. Shareholders receive an additional 1J per cent: in dividend, leaving approximately 3 per cent, to swell reserves. Proportionately, reserves gain in the distribution of the excess profit. In recent years the apportionment of the net si>|)lus has been ns follows:

_ Retained .... Return Dividend In business 1922-23 ' 11.71 10.00 1.71 “JS-24 11.73 10.00 1.73 13 - 54 11.25 • I 2.29 } 1383 11.25 ' 2.08 “ 2 ®- 2 7 13.44- 11.25 3,19 1927-28 ■ 15.62 12.00 3.02'

_ Completion of the North Lyell tunnel i fiver a mile in length and the electrolyttc copper refinery during the year will, doubtless, do much to assist production, the full effect of which has still to be Seen lv, the working charges are up, the revenue has increased proportionally, and the balance of £270,152 Carried to profit and loss account is' the largest * or . several years. General expenses remain at much the same figure as those of the preceding year, the heaviest item bemg_ taxes (£12,594)) . A comparison of working, expenses with revenue, after eliminating the railway items in each, works out since 1917 as under, viz.:— Expenses Revenue Ratio “17-18 £419,188 £870,514 48. H 402,861 646,510 62.31 ““' 29 465,245 618,981 75.16 496,704 634,159 78.32 Jnoi'oo 410.739 608,866 67,46 3 “' 32 o 545.202 58.01 1923-24 427,018 621.765 68 68 “ 24 ‘ 2 5 385,767 596,468 04i68 1929I 929 ' 39 2??’ 047 608,821 64.56 1926- 332,666 557.269 59 70 1927- 369,646 637,805 57.95

Without any special allocation, reserves continue their recent upward movement. Ihe general fund, at £740,066, has been little affected, while insurance, fund remains at its former figure of £51,457. The w dl i V oc| t J> o P l ofita .’ after the final dividend vol 28 haB i .i ,e f. n me ,t. will amount to £500,395, constituting by themselves a strong .reserve. Possibly, the motive in retaining so large a sum in that form may a A a demand -is expected to be made t h f m ehorfc,y > but lh3 Position of the total reserves at present gives them capitfl gregat6 W escess o£ the paid-up

In view of the, general level of the figures, £149,067 for sundry creditors docs to,. Slve - Further liability is In I ?'i n 1 8 on deposit, amounting with the b ank overftomt °TK £ °f’ 2G A. fo / m interest-incurring e “ s - £act that money has been borbf°uth fr ? m T fae bank and otherwise the , nat “ ra ! outcome of the capital mtoht Pm . durin S the year, and it might easily have been that there was Th e ( . at «L mdebte i? eSS r in this direction. Ihe superannuation fund of £47,400 is by investments of an equivalent

„ T be . assets, totalling over £3,000.000. cOMist chiefly of fixed properties. In cas f? depreciation seems to have been apphed. although the mine proper- °.- her rights would appear to be an exception. They are entered at a valuation of £505.042 (the same tion ro thft a th ear a , gO V- and ’ 011 the assumpthe th ,? J al uation was made as at the closing date, depreciation would not nrmJr ° In tb , e valuation of other propel ties, however, depreciation is taken into account, the inference being that the valuation was made some time aco Chemical works in Victoria and the new tor tU +l m i Western Australia conjointly at “01 3 3 i al F St f I ?, dlvldual a6set * which, +Lf 7 ? 1 ’ 338 ’ i , fallen some £25,000. Although partly entered as shares, it may all -be 'regarded in the nature of fixed mill as -, this company is conS ne n “: railways, rolling stock, and other auxiliaries are added, the fixed assets aggregate £1,807,903. Placing the depreeitum allowance of £30,701 against those items to which .it is mentioned aa applied, the even rate works out At anproximately 7J per cent. P otocks on hand (f 353,114), to whirh been expected to be greater. To provide ca Pit a l for the companvFbank deposits and Commonwealth bonds have disappeared while the assistance of loans on deposit has been sought, but with the new_ extensions it would seem that hnr any'eitent^’but ’ nd to W t “aha;,is p ”!,r era in°othe *° furni ? b further capital. Shares are valued at £234 444 but they, doubtless, fulfil a special funel tion and are not available for realisation if desired Little over half of the authorised capital is subscribed, and, if onnorholdtr If taken to , \ asne Rew shares, shareholdersd are not likely to hesitate about taking advantage of-the offer. LONDON WOOL QUOTATIONS. Messrs Murray, Roberts, and Co., Ltd ttont’ r f eCeUC + 1 . the lowing wodr quotations from their London agents, dated December 5:--60/64’ a (New Zealand memo), yielding 48 per cent., 2ld (close of present senes 21d); S6’s, yielding 60 per cent., 23d (21 Jd); 50’s yield tog 85 W Ce t’ 21 t (19id); Preparl,ng > 18d (^lF rd !n/U- yielding 72 pert J yieWinE 73 cent., 16Jd (15J); 36/40’s, yielding 75 per cent., OAMARU MARKETS. (Special -to Daily Times.) OAMARU, December 7. The Oamaru grain market shows little change compared with last week. A few late parcels of Tuscan wheat have come in, and these have sold at 5s 10d’ per bushel, on trucks, at country stations., JNo recent transactions in forward delivery purchases of the new season’s crop are reported, and both growers and millers appear to be. marking time. The oat market continues dull, and the only business reported is the sale of a small parcel of A grade Gartons at 3s 4d per bushel on trucks. Oaten sheaf chaff has sold at £4 5s per ton, on trucks. Old potatoes are hard to get, and still command fair prices, but the new seasons crop is beginning to come upon the market, supplemented by outside supplies. . ' A small parcel of barley was offered at the end of the week, but the price offered did not come up to the owner’s expectations.

A good deal of outward business has been done by merchants in turnip and rape seed. The stock market has exhibited a more lively appearance than for some time past, and several Hues of store stock have been sold 'to northern districts, where feed is more plentiful than in North Otago. Ewes and lambs in the wool have realised from 16s to 21s 6d per head for failing-mouth ewes, while 2is to 26s has been obtained for sound-mouth ewes. Shorn two-tooth wethers have brought from 22s to 23s Gd, and fat ewes 30s. Fat lambs are selling at schedule prices, but there is a poor demand locally for hoggets. Fat steers have sold at £l2 to £l4, according to weight, fat heifers at £9 to £l2, and fat cows at £7 to £lO. Dairy cows, coming to profit, have realised £5 to £B. The pig market is being well maintained at last week's prices. Weancrs have sold at from 9s to 12s per bead, and Blips from 12a.t0

WELLINGTON WOOL SALE. SATISFACTORY PRICES. (Per United Press Association.) ■ WELLINGTON, December 7. The Wellington wool sale to-day and to-night was very satisfactory. The catalogue contained a lot of what was described as "American style wool," and for this Americans bid spiritedly in their efforts to shake off Australian competitors. This class of wool showed a dis- ■ tinot advance on the November rates. The plentiful supply of hogget wool was also keenly sought for, and also bellies and pieces. French buyers were to the front for lambs’ wool, of which there was a fair showing. Fine wools were rather disappointing. The attendance of buyers at toe sale was good, and the wool was in splendid condition, being exceptionally well grown and light and bright, indeed the wool was probably the best shown at : a Wellington sale for some little time. Competition was exceptionally keen and animated, but Bradford was not to the fore as in the past. Some of the best hogget wool lots brought up to 21Jd. The principal competition for balfbred wool came from the Dominion mills, prices being on a parity with the November rates, which .were very satisfactory. Lambs’ wool realised ISd.to 21 Jd. Bellies and pieces were keenly competed for from France and the Dominion mills, and realised good prices, necks bringing the value of fleece wool. Generally, speaking, the prices were on a par with the last sale, with the exception, of super wools, but 44/46’s and 40/44’a qualities, owing to the exceptional American and Australian demand, advanced Jd to Id on November rates, and bellies and pieces showed a similar advance. Following is the range of prices. Nov. 16. Dee. 7. Merino 04/70 60/64 Super .. Not sufficient 22Jd to 24Jd Average .. ' Inferior i None offering Fine Halfbred, 66/58 Super .. 21Jdto>22Jd None offering Average ’.. 18Jd to 20jd 18Jd to 21Jd Inferior .. None offering Noneoffering Medium Halfbred, 50/56 ■ Super ..' IOJd to. 21Jd 20d to 21d Average .. 17Jd to 19Jd 17Jd to 20d Inferior .. 15Jd to 16d 16Jd to 17d . .Corriedale. , Super .. None offering 20Jd to 21Jd Average .. None offering 18Jd to 20d Inferior .. Noneoffering ICJd to 17Jd Extra Fine Crossbred, 48/50 — Super .. . Average .. Inferior ' .\. —ls d 16Jd Pine Crossbred, 40/58 — Super .. 17Jd to 19d Fred to 19Jd Average .. 15d to 17d 15Jd to l7Jd Inferior . . 13d to 14Jd 13jd to 15d Medium Crossbred, 44/4(J Super .. lejdto 18d I7d to 18Jd Average .14Jd to 16d 15d to 16Jd Inferior .. 12d to 13Jd 13Jd to I4jd Coarse Crossbred, 40/44—’ Super .. 15d to 16d 16d. to 17Jd Average .. 14d to 15Jd 14Jd to 15|d Inferior .. None offering 12d to 13Jd Low Crossbred, 36/40 — , Super .. 14d to 'iSJd 15d to 16d Average .. l2d to 13Jd 13Jd to 14Jd Inferior .. Noneoffering lid* to'l2Jd Hoggets. 48/50 .. 17d to 20d 16Jd to 21Jd Pine 46/48 16d to 18Jd 15Jd to 20d Medium 44/46 15Jd to 17d 15Jd to 18Jd Coarse 40/44 .. None offering , 14d to 16Jd Low 36/40 None offering None offering Lambs Down. 50/50 .. -, None Offering Node offering Fine 46/50 Noneoffering 17Jd to 21Jd Medium 40/44 .. None offering. None offering Seedy and Inferior. All grades Noneoffering Noneoffering Bellies and Pieces, Merino. ■ Good to super ..' 10Jd to 17d IsJdto’l6Jd Low to medium 14Jd to 16Jd 14|d Halfbred. Good to ’ super .. Noneoffering 15d to 173 d Low to j medium Noneoffering 13d to l'4|d Crossbred. Good to i super .. 13d to 14Jd 13d to ISJd Low to medium IOJd to 12d 9Jd to 12Jd Crutchings. Medium to good ..' lid to 13d lid to 14Jd Inferior aud seedy .. 6Jd to 9Jd 6Jd to IOJd Locks. 1 Merino .. None offering 13|d Halfbred Noneoffering Noneoffering Crossbred 6Jd to BJd 7d to 9Jd COMPANIES REGISTERED. The New Zealand Mercantile Gazette reports the registration of the following companies : Markham, H.,. Ltd. Registered as a private company, November 23, 1928. Capital, £2500, into 2500 shares of £1 each. Subscribers: • Dunedin—Henry Markham 2499, R. D. Markham 1. Objects: To carry on anywhere in New Zealand the business of importers of, dealers in, agents for, manufacturers, repairers, cleaners, etc., of motor cars, cycles and vehicles of every description. Alta Vady, Ltd. Registered as a private company, November 24, 1928. Capital, £IO,OOO, into 10,000 shares of £1 oggh, Subscribers: Oamaru—M. K. Aubrey 5000, E. A. Aubrey 7 5000. Objects: To establish and carry on in North Otago and at any other place in or beyond New Zealand the business of farmers, pastoralists, and stockbreeders. farming, pasturing and stockbreeding in all their respective branches. LONDON METAL MARKET. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 6. (Received Dec. 7, at 10 p.m.) Copper: Spot, £6B 4s 4Jd; forward, £6B 11s IOJd. Electrolytic; Spot, £74 15s; forward £75 ss. . Wire bars, £75 ss. Lead: Spot, £2l 6s 3d; forward, £2l' 13s 9d. , Spelter: Spot, £26 2s 6d; forward, £26 10s. Tin; Spot, £231 Is 3d; forward, £229 IBs IJd. ' Silver: Standard, 26 3-8 d; fine, 28Jd per oz.—Australian Press Association. t THE BRADFORD MARKET. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 6. (Received Dec. 7, at 8 p.m.) The Bradford market is slack, with prices in buyers’ favour—64’s, 47d; 60’s. 44(i; 56’s, 33d; 50’e, 29Jd; 46’s, 23Jd; 40’s, 22Jd. —Australian Press Association. DIVIDENDS DECLARED. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 6. (Received Dec. 7, at 5.5 p.m.) Dividends; Sulphide Corporation, 10 per cent.; National Bank of New Zealand, interim, 12 per cent., tax free. Australian Press Association, . I

CANTERBURY - MARKETS. (Peb United Press Association.) CHRISTCHURCH, December 7. Merchants report little life in the trade. Soma forward- operations in fowl wheat have had to cover purchases, and this has imparted a little life into business in this commodity. The participation has tended to harden the values slightly, and current rates are about 5s Bd, f.o.b. Milling wheat is'very slow of sale'. Parcels have been offered at 5s 9d on trucks, but there are few buyers at this figure. Some f.o.b. sales have taken place at 6s or an equivalent of about os BJd oh trucks. -Oats are being offered at 3s Bjd, f.0.b.. s.i., for the new season’s crop, but buyers at this figure have not appeared. The chaff trade is about the only one that is meeting: with a, steady if small movement, Auckland being, the principal source of inquiry. Chaff, however, has been ordered from Southland, and values range about £5 I2s Od, f.d.b., B.i. , A little forward business has been, done in potatoes at £3 15s on trucks for whites, and £4 to £4 Sa for Dakotas, for Apnl-June delivery. The crop is looking well so far, although some of the later sown could with rain. All seeds are practically, without interest, and a revival is not expected until the autumn demand sets in towards the end of January, UNSUCCESSFUL COMPANY. WINDING UP APPLICATION GRANTED. (Peh United Press Association.) CHRISTCHURCH, December 7. Application was made to-day to Mr Justice Adams for ah order to wind up the affairs of the Marlborough Timber Company, a large concern, in which £250,000 had been sunk. The application was made by Messrs R. Wilson and Co., creditors to the extent of £228, and the order was made, though opposed by Mr A. T. Donnelly, representing other creditors. ■ THE NATIONAL BANK. (Pan United Press Association.) WELLINGTON. December 7. The National Bank of New Zealand has received a cable from L.ondon advising that the Board of Directors has declared an interim .dividend of 12 per cent, per annum for the half-year ended September 30 last. This is.' the same as for' the corresponding period of last year, and will he paid in the Dominion on January 5. In consequence of the death of Mr G. W. MTntosh, Mr J, T, Grose was then appointed general manager, instead of on January 1 next, the date bn .which Mr M'lntoah was to have retired.