COMMERCE AND FINANCE

Otago Daily Times, Issue 20706, 2 May 1929, Page 16

COMMERCE AND FINANCE

TOE SHARE MARKET. DUNEDIN STOCK EXCHANGE, A transaction in Bank of New- South Wales shares at £sl 15s was reported on the Stock Exchange yesterday, the market closing with a buyer at £sl 10s and no sellers forward.. Three parcels of Westport Coals changed hands at 325, Od, buyers’ closing offer being Id below that figure, while sellers required 335, Paid-up New Zealand Refrigeratings were reported to have been dealt in at 15s 6d» buyers offering the same figure on ’Change without response by sellers. Waihis also found « buyer at 14s Id (cum. dividend). E.S. , and A. Banks were on offer at £8 13s Gd. ex dividend, but buyers did not come forward. Ordinary. Wright,' Stephensons were inquired for at 26s 6d. but sellers Were reticent. . Sales reported: Bank of New South Wales, £sl 15s; Westport Coal. 32s 9d (three); New Zealand Refrigerating .(pd.), 15s fld; Waihi, 14s Id (cum. div.). The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage;— BANKING. Bank of New South Wales—Buy £sl Ita Bvnk of New Zealand—Sel 625. Commercial Bank—Buy 30s Id, sel 30s Ad. E.S. and A. Bank—Sel £8 13s fld, ex. div. National Bank of Aust. (cont.)-—Buy £9 12s, sel £9 15s Gd. Union Bank—Sel £ls 12s Cd. BREWERIES. N.Z, Breweries, Ltd.—Buy 625, sel 62s Od. INSURANCE. National Insurance Co.—Buy 16s sd. N.Z. Insurance Co. —Sel 475. South British Insurance Co.—Sel 65s fld. A.P.A. Insurance Co.—Buy 10s. SHIPPING. Huddart, Parker (ord.)—Buy 455, sel 45s 9d. Huddart, Parker (pref.)—Buy 21s. P. and O. Deferred Stock—Buy 58s, sel flls 6d. ’ • , U.S.S. Co. (ptef.)—Buy 20s Od. COAL, Westport Coal Co.—Buy 32s Bd, sel 335. Westport-Stockton (pref.)—Buy 3s 9d, LOAN AND AGENCY. Dalgety and Co.—Buy £ls 13s. Goldsbrough, Mort—Buy 535, sel 545. | National Mortgage—Buy 85s. i Perpetual Trustees —Buy 64s fld. Trustees, Ex. and Agency—Buy S9s 6d. Wright, Stephenson (ord.)—Buy 20s 6d. Wright, Stephenson (pref.)—Buy 17s lOd. MEAT PRESERVING. . Gear Meat Co.—Sel 435. N.Z. Refrigerating (pd.)—Buy 15s Gd. N.Z. Refrigerating (cont.) —Buy 7s 4d, eel 7s Bd. miscellaneous; Australian Iron and Steel (pref.)—Buy 20s: 6d, ex. div. Auckland Amusement Park (pref.) Bel 14s. , British Tobacco—Buy 47s 3d, sel 48s. i Brown, Ewing (pref.)—Buy 20s fld. , Bruce Woollen Co.—Sel 11s fld. D.I.C. (ord.)—Buy 10s fld prem. D.I.C. (pref.)—Buy 20s 9d. Dominion Investments—Buy 23s fld. Dominion Rubber—Buy 30s, sel 325. ■ Donaghy’s Rope and Twine—Buy 345. Dunlop Rubber —Sel 27s fld. Eclipse Petrol—Buy 16s 6d. Kaiapoi Woollen (ord.) —Sel 14s fld. Kaiapoi Woollen (cont.)—Buy 4s 7d, sel 4s lid. ; Kaiapoi Woollen (pref.)—Buy 15s 3d. Kauri . Timber—Buy 18s. . . Milburn Lime and Cement—Buy 38s fld. M'Leod Bros.—Buy £3O. National Electric —Buy Bs. N;Z. Drug Co. (£2 pd.)—Buy 745. N.Z. Express < (ord.) —Sel 18s fld. N.Z. Guarantee Corp.—Buy 8s fld, sel N.Z. Paper Mills (ord.)—Buy 18a fld, eel 20s. Otago Daily Times—Sel 75s Gd. Smith and Smith (pref.)—Buy 18s 6d. Wilsons (N.Z.) Cement —Buy 41s 3d. MINING. Kawaraii G.M, Co.—Sel 9d, Waihi—Buy 14s, sel 14s fld. Electrolytic Zinc (pref.)—Buy 36s 3d, ■el 375, Electrolytic Zinc, (ord.)—Buy 35s 3d. Mount LveH—Buy 445, sel 45s 9d. Broken Hill Sputh—Buy 69s fld, sel 72a fld. ' : -Upper Nevis --(pref.)— Sel Is dis. Big Beach—Buy fls 9d, sel Bs. Okarito —Buy lOd prem, sel Is 3d prem. WAR BONDS. 45 per cent. Bonds, 1938—Buy £99 155,. eel £IOO 2a fld. ’ . ’ 44 per cent. Bends, 1939—8uy £99 15s. 5i per cent. Soldiers’ Bonds, 1933—8uy £lOl ss. 44 per cent. Inscribed, 1938 —Buy £O9 los, sel £IOO 2s 6d. 44 per cent. Inscribed, 1039 —Buy £99 15s. ’ * 5J’ per cent. Soldiers’ Inscribed, 1933 Buy £lOl ss. -5i per cent. Inscribed Bonds, 1941—Buy £99 2s fld. 54 per cent. Bonds, 1936 —Buy £lOl fls. 54 per cent. Inscribed, 1936—8uy- £lOl fls. 5% per cent. Bonds, 1933—8uy £99. 5i per cent. Inscribed, 1933 —Buy £99. NORTHERN EXCHANGES. (Pbb United Peess Association.) The following business was done on 'Changes yesterday: — Auckland. Sales; 1 Mount, Albert Borough Debentures (1963) 54 per cent. £101; New Zealand Insurance, 46s 4Jd, 46s 3d; Abraham and Williams (pref.) 925; Grey Valley Coal, 14s Gd; Auckland Gas, 24a 4d, (cont.) 18s 3d; Electrolytic Zinc (pref.), 36s 9d; Farmers' Trading Company, 8s Gd; Waihi Mining, 13s lid. Wellington.—Sales: New Zealand Guarantee Corporation, 8a 9d; British Tobacco, 47a 9d. Sales reported: 44 pei cent. Bonds (1938) (two parcels), £100; Bank of New Zealand, 625. Christchurch.—Sales: Commercial Bank of Australia, 30s 3d (two parcels), 30s 2d (six parcels); Goldshrough, Mort, 53s d (two parcels); Westport Coal, 32s 1 Od• Westport-Stockton (ord.), 3s; Tooth’s Breweries, 60s 3d. 60s Gd; Mount Lyell, 44s Gd, 44s sd, 44s Cd (two parcels); New , Zealand Drug Company, 74s sd; Mahakipawa. Is 2id (three parcels): Whitcombe and Tombs, 81s Gd; Staples Brewery, 465. Sales reported: New Zealand Government 44 per cent. Bonds (1938), £100; National Mortgage, 85s fld, KENT’S BAKERIES, LTD. ISSUE OF DEBENTURES AND SHARES. • The opportunity to invest in an oldestablished and flourishing business is afforded .by the issue pf £35,000 of 74 per cent. First Mortgage Debentures” and 35,000 10 per cent. Participating Preference Shares. The objects of this Company are to take over, as a going concern, and free of all liabilities, the well-known Auckland bakery establishment of Goo. Kent and Sons, Ltd. Last year' this firm earned a net profit of £8437, which v. amount exceeded that required to pay 10 per cent, on the whole issued capital of £45,000 after allowing for debenture interest and income tax. There has been a regular and substantia) increase in the number of loaves produced for the last eight years, in which time the output has more than doubled. ; The whole of the proceeds of the present issue of shares and debentures will be expended on the purchase of this business and on the new plant and premises which have just been completed. As the Issue will shortly be eloping, intending investors who have not already secured , a copy of the Prospectus should write straightway to any licensed sharebroker, or to the Company's Brokers, G. Stewart Craig, Ltd., 173 Hereford street, P.O. Bos 233. Idvt.

LOCAL AND OVERSEAS MARKETS. -

; ADDINGTON MARKETS. (Peb United übkss u bkss Association.) CHRISTCHURCH, May 1. There was an average entry at to-day’s market, and there wag a good sale in. all sections of sheep, with fat cattle a little easier. Store Sheep.—The lambs were mostly small and backward, and the ewes aged and inferior. Both classes sold freely at recent values. Wethers were about as numerous as the other classes, and the quality was better in comparison. Quotations:—Good ewe lambs, 2Gs to 27s Gd; medium, 23s 6d to 25s 6d; ordinary, 21s to 22s fld; ordinary wether lambs, 18s to 20s Gd; inferior, 16s to 17s Gd; cull lambs, 12s to 14s; good mixed sex lambs, 22s 3d to 245; medium, 19s Gd to 21s Gd; good two-tooth three-quarterbred ewes, to 35s Gd; good four and six-tootb’balfbred ewes, to 365; medium four, six, and eight-tooth half bred ewes, 28s to 30s; ordinary, 25s 6d to 27s fld; sound-mouthed, 23s to 255; failing-mouthed, 20s to 225; aged and inferior, to 12s Gd; extra good halfbred wethers, 28s 8d to 31s; good, 2Gs to 28s: ordinary, 22a to 245. Fat Lambs.—There was a small entry of 1175 head, and a free sale. Quotations: Extra prime heavy lambs, to 34s 7d; prime, 29s fld to 32s 6d; medium, 27s 3d to 20s 3d; light, 25s 3d to 275; store, 23s 9d to 255. Fat Sheep.—There was an average entry, and a good sale, export rates being fully maintained. Extra prime wethers realised to 38s lOd; prime wethers, 32s fld to 3S a 6d; medium wethers, 29s 0d to 325; light wethers, 25s 6d to 295; extra prime ewes, to 6d 'to 295; medium ewes, 22s Gd to 25e; light ewes, 19s to 225; aged ewes, los to 18s. ‘ Fat Cattle:—ln this section there was a heavy entry of 550 head, which included a North Island consignment. of 58 head o. moderate quality. The class of entry generally was below standard. Values were up to 20s a head lower than last week. Good steer beef , made from 41s to 44s per 1001 b; extra good, to 46a; medium quality, 38s to 40s; heavy, 37s fld to 41s; good heifer, 40s to 42s fld; good cow, 34s to 38s; plain, down to 30s. Prime heavy steers. £l7 to £l9 17s fld; mediumweight prime steers, £ls to £l6 15s; medium quality steers, £ll 10a to £l4 10s; light steers. £7 15s to £ll ss: extra prime heifers, to £1617s 6d; prime heifers, £ll 5 S to £l3 10s; medium heifers. £9 10s to £11; light heifers, £7 5s to £9 ss; extra prime cows, to £l4 7s fld; prime cows, £lO 10s to £l2 15s; medium cows, £9 to £lO ss; aged cows, £5 7s fld to £8 10s. Vealersr—There was a good sale. Quotations: Best 12 to 18 month calves, to £lO 8s 6d; good vealere, £6 to £7 10s; others, £4 to £5 15s; calyers, 30s to 40e. Store Cattle,—ln this section there was a good demand. A line of three to four-year steers made £ll to £ll 10s; cows, up to £6 10s; .bulls,, to £l2. Vwy Cattle,—Tnere .was a small entry, with improved prices. Best springing realised to £l7 10s; medium, £l2 to £l4 10s; others, £9 to £ll 10s; best springing heifers, to £l2 10s; medium, £9 to M 0 10s; others, £6 10s to £B. Fat Pigs.—There was a good sale for both porkers and baconers; prices being better than last week. Choppers made from 30s to £6 Is; light baconers, £2 17s Gd to £3 10s; heavy baconers, £3 15s £4 6s. 6d (average price per lb, 5d to Aid); light porkers, 33s to 425; heavy porkers, 45s to 55s (average price per lb, 7d to 7sd). Store Pigs.—There was a medium entry and a satisfactory sale; Weanera sold at 5s to 7s; extra, to 10s; small stores, 9s to 11s; medium, 15s to 225; large, 24s to 30s; extra, to 425. 1 WESTPORT STOCKTON COMPANY The Westport-Stockton Coal Company reports that the output for the month ot April was 12,028 tons. As compared with that for the same period last year this represents an increase of 1965 tons. - LONDON WOOL SALES. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, April 30, At the wool sales 8881 bales were sold, of which 2383 were New Zealand. The attendance was large. There was strong Continental competition for medium and lower grades of crossbreds at the March closing rates. A few of the finer grades were occasionally in buyers’ favour. Slipes were firm, except fine halfbreds, which were a shade easier. There was a poor selection. of merino greasy combings, mostly, second-hand lots, for which, the reservqg asked were .above the buyers’ ideas The offering "of good scoureds wua insufficient’to test the market, but all merinos were practically on a parity with March rates. Crossbred lambs were strongly competed # or at full Maroh rates. - New .Zealand sales: Glenore, 204 d and 19d; Biirnthill, 20Jd and I9d; Waikohu. 19id and 18J<1; Whare, 17d and Iflid; Beckshaven, 17d to 16d; Panikurai, 10Jd and 15Ad.—Australian Press Association. The New Zealand Loan and Mercantile Agency Company,. Ltd., has received the following cablegram from London;— There - was „ full attendance at the opening of the sales today. Competition by home and French buyers was good, and prices, as compared with the close of the preceding series, ruled in buyers’ favour for merino; crossbred was unchanged. There was a very poor selection of merino wool. The National Mortgage and Agency Company of New Zealand has received the following cablegram from London:— The auctions opened hei'e to-day with a large attendance of home and Continental buyers, and with good general competition. Compared with closing rates of last sale- we quote ,che market as being unchanged, although medium and coarse crossbreds are occasionally in favour oi sellers. Slipe wools, scoured crossbreds, scoured merinos are unchanged. Greasy merinos are not represented. The Bank of New Zealand has received the following cablegram from London:— Sales opened with strong competition and a large attendance. There was a good demand for all wool compared with tiie close of last sales. Prices for all crossbreds show no quotable change Merinos were unrepresented. Messrs , Dalgety and Co., Ltd., have received the following cablegram from London;— Ihe London wool sales opened with good competition and a largo attendance lue merino selection was poor, and insufficient to quote; generally the tendency was rather easier. The crossbred aelec tion was good. As compared with closing rates of last series: Crossbred medium and fine are (airly firm, and the change if any, is in favour of buyers; crossbred coarse is firm at unchanged prices Continental and home trade buyers are oper atmg freely. Messrs Murray, Roberts, and Co. have received the following cablegram from London: — Sales har’e opened with a largo attend ance of buyers. The competition is good and general, Yorkshire and French being the principal buyers. In greasy merino a poor selection, was offered, insufficient to test t!ie market. The scoured merino market shows no material change. For fine greasy crossbred the closing rates ot last series are barely maintained For crossbred greasy, medium and coarse, scoured, and slipe the market is firm, and shows no change. PRICE OF FINE GOLD. _. ~ . LONDON, April 30. Fine gold is quoted at £4 4s IOJd per oz.—Australian Press Association. Mr Dairyman,—Think of it; fl secures an " ALFA-LAVAL ” (any size), the world’s best Separator, with no further payment until September next and from then by ou. usual easy .terms No interest charged Spare parts and service always available Write to us to day for illustrated catalogue and particulars of our £1 offer—Local Agents, Laidlaw and Gray, iitd,, Dunedin.—Advt.

DUNEDIN STARR-BOWKETT SOCIETY.

A meeting of shareholders of the Dunedin Star-Bowkett Building Society was held in the Oddfellows’ Hall, Stuart street, last evening. Mr T. J. Walker occupied the chair. The 205th appropriation of £SOO in the No. 3 group was disposed of by ballot, cluster No. 122 being drawn, held by one shareholder. The lo4th appropriation of £SOO in the No, 4 group was disposed of by ballot, cluster No. 320 being drawn, held by one shareholder. The thirty-first appropriation of £SOO in the No. 0 group was disposed of by ballot, cluster No. 326 being drawn, held by one shareholder. The chairman mentioned that the shares in No. 7 group were being freely applied for. LONDON STOCK EXCHANGE. (United Press Association.) (By Electric Telegraph—Copyright ) LONDON, April 30. Bank of Australasia. £l4 Ss Od; Bank of New South Wales. £49 6s; Union Bank, £ls Os 7Jd; National Bank, £7 4s; Bank ■of New ' Zealand 4 per cent., fD2 15s; Bank of New Zealand shares (ex div.j, 59s 9d; Loan and Mercantile debentures, £74 10s; Loan and Mercantile ordinary stock, £l3l.—Australian Press Association, SYDNEY WOOL SALES. (United Press Association.) (By Electric’ Telegraph ropyrlgh' ) SYDNEY, May 1. At the wool sales 11.590 bales were sold. All good, well-prepared, wools were firm at recent rates, but faulty sorts were irregular and difficult to quit. Greasy merino made-25d. " * LONDON WHEAT MARKET. LONDON, April 30. Cargoes are steadier, but inactive, closing at 3d to 6d lower. Parcels took a similar decline. Liverpool futures: May, 8a 2Jd;_ July,• 8s 7Jd; October, 9s OJd.—Australian Press Association. CHICAGO WHEAT' MARKET. NEW YORK, April 30. Chicago wheat quotations: May, 1133 cents per bushel; July, 118|; September, 122 J Press Association. WEEKLY MARKET REPORI Burnside, May 1. Fat Cattle.—One hundred and eightyeight head were yarded. Amopgst this number were some very .veil-finished medium-weight bullocks and heifers, while the rest of the yarding consisted of me dium to good steers and heifers, with the usual sprinkling of plain sorts. The sale opened quietly, with prices a shade easier than the opening rates last week, but the number penned proved insufficient for butchers’ requirements. As the sale pr,gressed competition became keener, ar prices for all prime steers and heifers advanced fully 20s per head, whilst the balance of the yarding showed a rise of fully 10s to 15s. Prime bullocks brought from £2O to £24 17a 6d, medium from £l6 to £l9, light £l3 to £ls 10s, prime cows and heifers £l3 10s to £l6 12s 6d, medium £ll to £l2 10s, old and inferior £9 to £lO ss. Donald Reid and Co. sold: For James Dunery (The Grange, East Taierii, 1 bullock £24 17s 6d, 2 £2l ss, 3 £ls 10s, 1 heifcfr £ll 12s Gd, 1 £ll, 1 cow £lO, 2 heifers £9 17s Gd; J. C. Renton (Mosgiel), 1 bullock £23 10s, 1 £l6 17s 6d; James Gow (Invermay, Mosgiel), 2 £2O 10s, 2 £l7 2s 6d 2 £lB ,15s, 2 £l6 7s 6d, 1 £ls 7s 6d, 2 £l3 17s Gd; John Sutherland (Momona) 1 £lB 15s, 2 £lB os; A. Anderson (Kokonga), 1 £ls; Walter Blackie (Mosgiel), 2 £l4 2s 6d; W. Lindsay (Allanton), 2 £l3 17s Gd; Peter Wilson (Kyeburn), 2 £l2 ss, 2 £ll 10s; exors. late William Kirk (Mosgiel), 1 £lO 15s; John Miller (Motaku), 2 heifers £ll, 2 £lO 7s 6d, I £lO 2s 6d, 2 £lO, 1 £9 15s; Charles Campbell (Momona), 1 cow £lO ss, 1 £8 17s 6d: Gow and Nimmo (Rocklands), 1 bullock £B. The New Zealand Loan and Mercantile Agency Company sold: For W Kirk (Mosgiel), 2 bullocks £lB 15s i heifer £l2, 1 £9, 1 £6 ss; W. Blackie (Mosgiel), 2 bullocks £ls; W. Linasav ( Allanton), 2 £l4 2s 6d. Stronach Morris, and Co. sold: For Walter Blackie (Mosgiel), 2 bullocks £ls 2s 6d; Gladbrook Station (Sutton), 1 £l4; J, C. Ren-, ton (Mosgiel), 2 £l2 17s ,6d; W. Lindsay (Allanton), 2 £l2 15s; J. Gow (Mosgiel) 1 £ll 12s Od, 2 £lO 10s; A. Scott (Burnside). 1 cow £lO 15s, 1 £9 17s 6d, 1 £9 10s; oxers, late William Kirk (Mosgiel 1 1 heifer £lO 7s 6d, 1 £9.——The National Mortgage and Agency Company sold: For Wilson Bros (Stirling), 2 bullocks £2O ss. 1 £l9 16s, 3 £ls ss, 2 £l2 ss; R Kirk (Mosgiel), 2 £2O 12s Gd; W. Lindsay (Allanton), 1 £ls 10s, 2 £l3 10s; James Renton (Mosgiel), 2 £l4 10s; clients, i £l6 2s 6d, 2 £l3 17s 6d, 1 heifer £9 10s,’ J steer £8 17s 13d, 2 heifers £ll 15s. 1 £ls 16s, 1 £l4 ss, 1 cow £l4 2s 6d, 1 £l4 i 6d, 2 £l3 12s fld. 1 £ll 15s, 2 £10; D. Ireland (Mosgiel),, 1 bullock £l3 7s 6d, 1 £l2 15s. -Dalgety and Co. sold: For J G. Renton (Mosgiel). 2 bullocks £l2 17s 6d; exors. late W. Kirk (Mosgiel). 2 £ll 17s Gd; W. Lindsay (Allanton), 1 £l3 S l7s 6d, 1 cow £8 17s 6d; James Hamilton (Outram). 2 bullocks £0 7s 6d The Otago Farmers’ Co-operative Association sold- For W. Kirkland (East Taieri), 2 bullocks £l9 12s Gd, 1 '£l6 15s, 3 £l6 7s Gd; W. Lindsay (Allanton). 1 £l4 1 £ll 10s, 1 heifer £ll ss, 4 £lO 10s, C £lO, 1 £B, 1 £7 10s; D. Ireland (Mosgiel), 2 bullocks £l3 17s Gd; W. Blackie (East Taien), 2 £l3 Iss; James C. Renton (Mosgjel). 2 £l3 7s Gd; William. Kirk (Mosgiel), 2 £l2 2s 6d; M. Gregory (Wai hola), 1 £l4 ss, 1 £ll 17s Gd; a client. 1 heifer £ll 12s 6d, 1 £9, 1 £6 7s 6d; Robert Wilson (Riverside), 2 bullocks Store Cattle.—The yarding was smaller than usual, about 200 head being yarded, very few bullocks were offered, and wellbred three-and a-half and four-year-old steers realised up to £l2 7s Gd. The demand for good quality cows and heifers wag poor, and prices showed a decided —Donald Reid and Co. sold: For Gow and Nimmo (Rocklands), 20 cows *■} 3 , s > 1! > £ “ £«- B£4 14s, 1 £l, I bhllock £4, 1 bull £7 7s fld, 1 £9 12s Gd, 1 £9 15s. I £ ® Graham (Waratah), 8 bullocks £l2 10s; executon Late William Kirk (Mosgiel), 1 vealer £3 12s Gd; James Gow (Mosgiel), 1 vealer £3 10s, 1 heifer £6 Is. 1 bull £10; Peter Wilson (KyeImrn). 3 steers £7 Is, 2 heifers £4 2s Gd: ro U ?o Chalmers), 3 steers £2 12s Gd. 1 bull £3 17s Gd; William Harvey (Mosgiel). 1 cow £9 3a, 1 £8 17s Gd I £B. 1 £7 ss. 1 £6 15s, 1 £5 11s. I £5 15s; ■lames Dunery (East Tajeri). 1 cow £4 Cainnbell (Momona), I cow £6 12s Gd, 1 £5; Richard Mitchell (Out-w-n ' \ ul ‘ ock £lo = W. Hall (Pine Hill). I heifer £5.-—The New Zealand Loan and Mercantile Agency Company ror H. Henderson fGrcenmoadowa) a cows £5 15s, 6 £5 12s Gd, 3 £5 15s 1 COW £3 SB. 1 vealer £3 ss; Thomas Maxwell (Dunedin), 1 cow £7 7s Gd; D A Drinnan (Milton). 1 bull £9 15s - Stronach. Morris, and Co. sold: For A Scott (Burnside), 5 cows to £6 9s 1 vealei; £3 l 2 s Gd; Mrs E. Roskeily (Mount Gargiil), 1 cow £4 ss; a client, 1 bull £9 o £5, 1 steer £2 ss. The National Mort--age and Agency Company sold; For ADVISORY TRUSTEES THEIR APPOINTMENT WELCOMED BY “THE TRUSTEES EXECUTORS" Often it happens that a testator desires to make use of the\ specialised knowledge and permanency offered by “ The Trustees, .Executors, and Agency Co. ol N.Z.. Ltd.,’’ yet. at the same time, feels that he would like his estate to have the expert advice of some friend or relative in whom he has entire confidence In this case, the ideal method is to name such friend as Advisory Trustee By this arrangement, all the assets of the estate are vested in "The Trustees, Executors,' and it alone bandies all moneys and does the detail and clerical work; but in all matters of policy in dealing with the assets the Advisory Trustee is consulted He has an equal say with the Company as to what shall be done. Fullest information gladly supplied by The Trustees. Executors, and Agency Co. of N.Z., Ltd., who will always welcome the co-operation of advisory trustees Address: Corner Bopd and Water streets. Dunedin.—E. E. Clowes, Manager.—Advt.

clients, 1 vcaler £6 4s. 1 £5 10s, 2 £4 10s 1 cow ? 4 10s > 1 bull £3 15s, 1 dairy cow £lO, 1 £0 10s.Ualgety and Co. sold: For J. Hamilton 1 cow £6 IBs, 1 * 2b l . ,f 5 We, 1 £5 12s Gd; J. Inme (Mqsgiel). I vealer £3 Is. The OtaßO Farmers’ Co-operative Association of New Zealand sold: For John Black (Mataura). 1 COW £ll, 4 £9 15s, 5 £9 ss; John MLemian fWyuclham), 1 cow £lO JVwJV f 1 lleifer I2s Gd, Jo £ n I JV 9s - I vealcr £3 10s - 4 h V y ,ls on (Riverside), 1 cow £B, 1 £7 ss. 1 £7. 1 £6 2s Gd. 4 £5 15s, Ln Ca Q l ' ,a 2 ss i % \ I . itchcll (Outram), i bu £S 10s; J, L. Kenton (IJoscrielK 1 k" Lindsay Allanton). 1 cow £7 15s, 1 £7 10s, I £C 10s, 1 £G 1 vealer £4 15s, ] £4 2s. 1 £3 lie. 1 £1 ig 8 ; John Nicholson (One Tree Farm), 1 cow }? s 6<l j a client, 1 coiy £7; D. MNeilly (Lawrence). 1 bull £C Iss: lan Koss (I'airview), 0 cows £0 I6s 7 £G os 1 £0; W. Curran (West Plains),' 1 heifer £6 10s 1 £5 10s, 2 £4 12s Gd. 6 £5 las; Hope Bros. (Nenthorn). 2 cows a O, 8 W. L. Wilson (GleneT) £4 RK 1 vealer 20s; D. M’Neill (I\ atea, Owaka). 6 vealera £3 12s 6d 1 £2 > ss; h OXtonnell fKatea, Owaka)* 1 vealer £3 10s; J. Thomson (Jubilee ? T a " n ' Abbotsford) 1 vealer £2; Thomas Maxwell (Dunedin). 1 cow £5 Cs. 1 £5 13s ;l client. 1 vealer £2 ss, 1 £2 Dairy Cows.—Donald Reid and Co. soid; hor -*eorge WestwoorJ (Brighton ), 1 cow £lO I£o 7s Gd. Stronach Morv'% ?”<* £?• sold: For S. H. Allcock (Waikouaiti). I cow £9, 1 heifer £8 2s 6(1 5,’ B ° ttln P (Te Houka),’ 1 heifer £B. - he Otago Farmers’ Co-operative Association sold: For Gibson Bros. (North (.Taieri). 1‘ heifer £lO ISs, 1 £ll 10s- a client, 1 cow £9; Robert Wilson (River* 10s: Thomas Maxwell (Dunedin). 1 £7 10s; R. Dotting (N E Valley). 1,-heifer £7 17s Gd; J. Prvde I Mornmgton). 1 cow £lO ss. Calves.—Tjc Xew Zealand Loan and Mercantile Agency Company sold: For D. A. Dnnnan (Milton), 1 calf 375; E. Cassell (Xorth Taieri). 1 225. The Otago Farmers’ Co-operative Association sold: hor J. Wix - (Mosgiel). I calf 255: W. Hastie. sen. (Pine Hill). 1 225. 1 14s; R. Soulter (Wayerly), l 16s; Greer and Idle (Waverly), 1 13s; G, A. Farqdiar (Green Island), 1 7 8 Gd; a client, 1 12s. hat Sheep.-" One thousand nine hundred and ninety-eight were offered at today s sale. The quality, on the whole, was good, there being a number of very well-finished wethers and ewes throughout the yarding, the balance being composed of useful ewes aud wethers. .Prices opened well tinder keen competition for all butcher sheep at rates about 2s per head above last week’s, whilst freezing sheep, both ewes and wethers, were, if anything, about Is per head better than late rates. Prime wethers brought from 39s tp 44a 3d; medium, 33s 6d to 36s 6d; light weights. 27s to 30s; extra prime ewes, 355; prime ewes. 25 s to 28s; medium ewes, 22s 6d to 24s Gd; light-weight, 17s to 21s Gd. Donald Reid and Co. sold: For H. W C Horrell (Mandeville), 1 wether 41s Gd, 7 ewes 24s 3d. 25 22s 6d. 6 23s Gd, 19 22s 3d; J. S. Fleming and Co (Titiroai 13 wethers 40s 3d. 13 37s 9d, 4 ,365, 15 34s Gd, 11 33s 3d; G and J, Gumming (Arthurton), 10 40s 6d, II 39s 3d. IS 37s 3d, 10 35s 6d, 6 33a 9d; G. Brown (Limesprings), 6 36s 9d. 12 31s. 22 30s, 12 295; J. J. Gregg (Kuri Bush), 4 ewes 20s. 15 15s, 10 7a Gd. The New Zealand Loan and Mercantile Agency Company sold: For . southern client, 10 wethers 44s 3d, 12 40s 9d, pen ewes 33s 9d; F H Elder (Wairuna), 0 wethers 335, 3 ewee 335, G 26s Gd, 22 225, 20 21s 3d; J. E. Cullen (Clarendon), 12 wethers 325, 14 30s 9d; R. P. Laitflaw (Meadowbank' 17 ewes 255. 31 24s 3d, 31 22s 9d. 19 22s 6d, 23 22s 3d; a client. 6 ewes 18s. Stronach, Morris, and Co. sold: For J. S. Fleming and Co, (Titiroa; J. E. Watson and Co., Ltd,, Invercargill. as agents), 6 wethers 435, 22 39s 3d, 30 365, 14 345. 19 325; R, Johnson (Waitiki). 11 wethers 39s 9d, 9 34s Gd, 13 ewes 28s 9d; Gladbrook Station '(Sutton), 8 wethers 34s Gd. 4 335, 46 31a 9d; clients, 1 wether 30s, 2 ewes 30s 9d. 1 20s Gd, 22 22s 3d, 12 21, 16 17s Gd. The National Mortgage and Agency Company sold: For client, peri wethers 37s 3d. 7 325, pen ewes-35s 3d, 11 27s 6d, 17 25a 9d. 17 21s Od; client, 10 ewes 30s, 10 22s Gd, 5 wethers 295, 29 ewes 21s Gel, 16 21s 3d- A. Thomas (Gleripark), 20 ewes 245, 25 22s Gd, 20 21s; B, Ross (Mataura). 19 ewes 19s. 22 17s, 19 14s. ——Dalgety and Co. sold: For. G. J. Pox (Waimahaka), 17 wethers 39s 9d, 24 31g 3d, 17 80s, 2 ewes 2Gs 9d, 7 32s 6d; J. N. Lawson (Puketeraki), peri ewes 30a, 7 25s 9d, 24 20s Gd, 27 19s: I'apanui client, truck wethers at full market rates; D. Gilchrist (Waikaka), 15 ewes 34s 9d, 18 32s Gd, 11 265, 7 22s 9d; W. Mawhinney (Ranfurly) 8 wethers 355. 6 30s; W. J. Sheat (Glenore), 9 wethers Sis 9d, 5 32s 9d; Airs A. F. Kirk (Tapanui). 7 ewe 6 28a 3d, 11 255. 14 21s 9d. The Otago Farmers’ Co-operative Association sold: For a client, 7 wethers 34s 3d; W. and J. Cameron (Waitahuna),' 16 ewes 28s 9d, 15 25a 9.1. 6 275, 15 25s Gd; Southland Farmers’ Co-op. (Gore, as agents). 13 ewes 28s. 21~ 245, 12 235, 10 21s. Fat Lambs. —There was a small yarding, only 50p coming under the hammer, the quality of which, taken all round, was good. There was keen competition, and prices can be quoted very firm at last week's rates. Extra heavy and prime lambs realised 32s 6d to 375; medium lambs, 28s Gd to 29s Gd; light weights, from 26s to 27s 6d; unfinished, 20s to 235, Donaid Reid and Co. sold; For Duncan Leishman (North Taieri), 10 Jambs 29s Od. 21 29s Gd, 62 27s 9d, 8 28s. 1 2Gs 3d; J. J. Gregg (Kuri Bush), 21 lambs 29a Gd. —-Stronach. Morris, and Co. sold: For a client, 15 lambs 20s 9d. The National Mortgage and Agency,Co. of N.Z. sold: For J, O’Connor (Adams Plat), 7 lambs 30s Gd, 9 30s; client, 51 lambs 29s 3d, 0 2Gs Gd; client, 8 lambs 28s 6d, 0 255. Dalgety and Co. sold: For J. N. Lawson (Puketeraki), pen lambs 36s 9d; client, 9 lambs 325, 11 29s 9d. The Otago Farmers’ Co-operative Association of N.Z. sold: For, J. Wix (Mosgiel), I lamb 355; 8. Low (Brighton), 17 lambs 29s 3d. 32 275. 19 23s 6d, 37 21s 3d; Thomas Gawn (Mosgiel), 2 lambs 26s Gd. Fat Pigs.—Although the yarding of 142 fat pigs was larger than usual, late rates were well maintained, and both baconers and porkers sold well. A particularly prime pen of baconers from the Oamaru district realised up to £4 ICs. -Donald Reid and Co. sold: For a client (Oamaru). 3 pigs £4 IGs. 3 £4 7s, 1 £4 2s. 1 £3 ss; F. Driver (Milmvaka). 4 pigs £2 14s. 1 £2 ss, 1 £1 10s; George Middlcdjtch (Sawyers’ Bay). 1 pig £3 14s, 1 £3 Is; C. Spain (N.E. Harbour). 1 pig £2 Is; J Gregory (Henley), 3 pigs £1 17s; Mrs Morrison (Henley) 2 pigs £3 10s; W. M’Craw (Leith Valley), 7 pigs £2 6s; J. M'Ewan (N.E. Harbour), 6 pigs £2 12s, New Zealand Loan and Mercantile Agency Co, sold: For D A. Drinnan (Milton), ] pig £2 15s, I£2 9s. Stronach, Morris, and Co. sold: For J. Thomson (Green Island). 1 Pig £2 12s; J. Richardson (Maungatua), 1 pig £2 6s; P. M’Fadyen (Xgapuna). 7 pigs to £2 ss; a client. I pig £4. Otago Farmers’ Co-operative Association sold: hor P. Fahey (Owaka), 2 pigs £4 4s; J. M'Neill (Owaka Valley). 1 pig £3 19s. 1 £3 18s; an Owaka client, 3 pigs £3 14s. 1 £3 lls; 1 £3 0s; W E. Adams (Owaka). 2 pigs f 3 2s, 2 £2 17s; T. Dowling (Owaka Valley), 1 pig £2 18s, 2 £2 14s; W. E Wright (Owaka), 1 pig £2 IGs, 1 £2 15s, 2 £2 14s, 3 £2 lls. 2 £2 7s; Bowen Bros. (Burnside). 1 pig £3 15s, 1 £3 4s, 4 £2 19s; J. Johnston (Green island), 1 pig £2 I4s, 1 £2 7s; J. Mitchell (Burnside). 1 pig £2 7s; R. Douglas (Otakou), 1 pig £3 3s. 2 £2 16s, 2 £2 10s; J G M'Leod (Mosgiel), 1 pig £3 Is, 1 £2 16s; W G Taylor (Mosgiel), 2 pigs £3 Is, W. Craig (East Taieri). 3 pigs £2 10s; E. Spain (Dunedin), 4 pigs £2 15s; E. M'Kenzie (Woodliaugh). 1 pig £3 2s; D. J. Cullen (East laieri), 3 pigs £2 13s; A. Armstrong (Green Island). 1 pig £2; a client. 1 pig £5. Store Pigs.—There was a yarding of 105. Good, well-grown stove pigs and weaners sold well, but poor quality slock was difficult to quit. Donald Reid and Co. sold: For W. Kirkland (East Taieri). 10 pigs 10a; A. C. Wheeler (Momona). 3s Gd; J. Waugh (Momona), 2 pigs 1/s; E Wishart (Henley), 5 pigs 13s. 1 Gs- New Zealand Loan and Mercantde Agency Co. sold: For Mrs R J Wilson (Burnside), 3 suckers ss. Stronach, Morris, and Co. sold: For H P’ss 26s 6d, 4 24s bd; W. Ward (Middlemarch). 4 pigs 20a, 5 18s. 4 17s Gd. 216 s, 7to 15s Gd; T Leitch (Kuri Bush), 2 pigs 17s, 1 14s Gd. 4 14s. I 12s; R. Kinnaird (Maungatua). 4 pigs 8s Gd, 2 7s Gd. 2 Gs; T. Ryder (Henley), 3 pigs Gs. and Co sold: f For a client, 26 pigs at market,rates. The Otago Farmers’ Co-operative Association sold: For W. Blackie (Glasgow Farm, Mosgiel). 6 pigs Bs, CHEAP MEAT. We sell only prime ox beef, wether mutton, prime lamb, dairy-fed pork; for duality the cheapest shops in town We specialise in orders from country resiButchery Shops, Stuart street,- George street, and Princes street.— Advt.

FOREIGN EXCHANGES. (British Official Wireless.) (United Press Association.) (By Electric Telegraph -Copyright.) RUGBY, April 30. Par. April 25. April 30, Paris, ir. .10 £1 124.21 124.17} 124.151 Brussels, bclgas to £1 ~ 3; 34.D4 34.54 Oslo, fcr to £1 18,153 13.13} i B-]9 Stockholm, tr. to £1 . 18.159 18.16) 18.16} Copenhagen, kr to £1 18.153 18.20) 13.13 Berlin, marks to £1 20.43 20.46 20.46} Montreal, 10l to £1 4.862 - 4.SOJ Sen York dol t o £l 4.8G1 (.88 11-33 4.85 5-10 Yokohama, pence to yen 24.58 22 5-16 22 7-33 nonckona, pence ro flo) 24 23} 23| Bombay, pence to rupee 18 17 29-33 17 29-32 Biituviii tinrme to £1 12.107, 13.131 13.12 Milan, lire to £1 32,48 92.62} 92.64} Amsterdam, guild to £1 12,107 12.08 12.087 Prague kr. to £1 .. 24.02 161 154 Geneva, fr to £1 25.22} 05..,] 25 10 , lemm, schillings ro £1 34.58} 34.65 34.551 Helsingfors, murks to £1 193.33 133 lM Uad„d, peFo.oß t 0 £1 . 25 . 22 i 33.61} 33.801 Athens, drachina to £1 35.23} 375 375 Lisbon, escudos to £1 ... i. m 10S j log , Bucharest, le. to £1 ... 873 81S Rio de Janeiro* pence to “ ilrei3 IS 5 57-64 5 67-64 Buenos Aires, pence ro „. pes °® , - 47-63 47 5-16 47 5-16 Shanghai, pence to tael 23J 29J 29J