COMMERCE AND FINANCE

Otago Daily Times, Issue 21040, 31 May 1930, Page 10

COMMERCE AND FINANCE

THE SHARE MARKET. ; DUNEDIN STOCK EXCHANGE. There has been an unusually large volume of business transacted on the Dunedin Stock Exchange during the past week, the banking and mining sections particularly having seen considerable activity. Business was done in Bank of Aus- , tralasias at £l2 IBs 6d. These shares have shown a firming tendency throughout the period, the earliest offer being £l2 3s. This was later increased to £l2 3s fid, and then to £l2 ss. The sale took Elaca yesterday after last call, so there ave been no further quotations. In all, 10 parcels of Bank of New Zealands have been turned over during the week, six at 58s fid and the other four at 68S'0d. The shares are being quoted cum dividend, the early quotations being 58s 3d (buyers), and 59s (sellers). When the market there was a buyer at 68s 9d and a seller at 595. Commercial Banks hare also experienced some activity, sales being made at 21s fid, 21s Bd, 21s 7d. The first offer in the period was 21s, but up to 21s fid was offered later. This was yesterday’s buying quotation with sellers asking 21s Bd. National Insurances commenced the week with a seller at 14s 9d. Buyers' ■ later offered 14s 3d, with sellers then ask- ' ing I4s Bd. The price then rose to 14s 4d, and a sale took place at 14a fid. The close of the market found buyers offering 14s .3d, with a seller at 14s Bd. No business was done in the shipping, coal, loan and agency, or. meat sections. Kaitangatas have shorn/ an improvement during the week, the buying offer improving from 6s discount to 6e discount. There was a seller yesterday at la discount. Buyers of British Tobaccos were offering 39a fid at the commencement of the neridd, with a seller in the market at 30s 9d. The market has improved slightly, and the .final quotations were 39s fid (buyers), and 40e 4d (sellers). Colonial Sugars were in demand at £4O early in the week, sellers then asking £4l. A sale took place at £4O 17s fid, and, when, this price was offered later, sellers would not take less than £42. New Zealand Paper Mills were in demand during the week at 20s, the selling quotation being 20s fid cum dividend. A sale took place at 20e 3d and buyers later offered 20s again. The shares were • quoted ex dividend yesterday, 19s 3d being offered, with sellers asking fid more. The only business done in the breweries section concerned New Zealand Breweries shares which werq turned over at 62e Id and 52a 3d. These shares were asked for yesterday at 625, but sellers would not do business at less than 62s 4d. Electrolytic Zinc preference shares commenced the week with a buyer at 26a fid. There was a sale at 27s fid, and the market closed with buyers offer 27s and sellers asking fid more. _ Business was also done in Mount Lyells, parcels changing hands at 29s and 29s fid cum dividend. The market tended, to , ease during the latter part of the period and, at the close, the buying offer was 28s fid, with a seller at 29s fid. There has been great activity in Okaritos, which were inquired for. at the beginning of the week at Is 0d prem., sellers then asking 2s prem. Business was first done at 2s fid .premium, no fewer than 12 parcels changing hands at that : figure. The market continued to firm and further business was done at 2a fid. Towards the close, however, there was a little easing, and sales took place at 2s fid and 2s 7d, the market, closing yesterday at 2s prem. (buyers) and 2s fid ■ prem. (sellers). There has been a firming tendency in several Government stocks, the 4J per 'cent. Bonds, 1938, 1939, and 1941,.improving from £9B 7s fid (buyers) at the beginning of the week to £OB 12s Bd when the market closed. The inscribed 1 issues of these • stocks have also improved, £9B 10s being offered yesterday. No business was done. Sale: New Zealand Breweries, 52s Id. ' Sales reported: Bank of New Zealand, . 58s fid (cum div,, two parcels); New Zealand Braveries, 52s 3d. Sales reported after last call: Commercial Bank, 21s 7d; Bank of Australasia, £l2 Ifis fid; Okarito, 2s fid prem. The following are yesterday afternoon’s buying and selling quotations, which are , subject to the usual brokerage:— BANKING. 'Bank of Australasia—Buy £l2 ss. Bank of New South Wales —Sel £39 10s (ex. div.). Bank of New Zealand—Buy 58s 9d, sel 50a (cum div.). Commercial Bank—Buy 21s fid, sel 21s Bd. E.S. and A, Bank—Buy £0 9s. - National Bank of New Zealand—Buy £0 45., National Bank of Australasia (cont.) — Buy £7 10s, sel £8 (ex div.). Union Bank—Buy £ll 12s, sel £ll 17s. INSURANCE. National Insurance Co. —Buy 14s 3d, sel 14s Bd. . New Zealand Insurance Co. —Buy 44s 3d. . Standard Insurance Co. —Bhy 55s fid, ael 80s. SHIPPING. Burns Philp—Bny 34s fid. Howard Smith —Buy 20s. Huddart, Parker (ord.)~ Buy 37s lid. Huddart, Parker (pref.)—Sel 20s. P. and O. Deferred Stock—Sel 535. U.B.S. Co. (pref.)—Buy 20a 9d (cum div.). COAL. Kaitangata—Buy 5s dis., eel is dis. Westport Coal Co.—Buy 30s 3d (ex div.). Westport-Stockton (ord.)—Sel 2s. LOAN'AND AGENCY. Dalgety and Co. —Buy £ll ss. Qoldabrough, Mort—Buy 31s fid, sel 32s fid. Trustees, Executors, and Agency—Buy 60s. Wright, Stephenson (ord.) —Buy 20s Od, sel 23a 9d. MEAT PRESERVING. New Zealand Refrigerating (cont.) Buy 4s fid, sel 4s lid. MISCELLANEOUS. British Tobacco—Buy 39s 9d, sel 40s Ul. Brown, Ewing (pref.)—Buy 20s. Crystal Ice Co. —Buy 22s fid. D.i.c. '(ord.) —Buy 21s. . D.I.C. (pref.)—Buy 20s 3d. Dominion Rubber—Sel 20s. Donaghy’e Rope and Twine —Buy 335. Dunlop Perdriau Rubber —Sel 15s 6d. Eclipse Petrol —Buy 14a 3d, sel 16s fid, Kaiapoi Woollen (ord.) —Buy 11s. Kaiapoi Woollen (cont.) —Buy 4s, sel 4s 2d. Kaiapoi Woollen (pref.)—Buy 14s, Milburn Lime and Cement—Buy 32s 3d. National Electric—Buy 10s, eel 11s. New Zealand Drug Co.—Buy 635. New Zealand Express (ord.) —Sel 14s, New Zealand Express (pref.)—Buy 15s fid. New Zealand Farmers’ Fertiliser —Buy 19a 3d. New Zealand Paper Mills (ord.) —Buy IDs 3d, sel 19s 9d (ex div.). New Zealand Sugar of Milk—Sml 16s. Otago Daily Times—Sel 68s. BREWERIES. New Zealand Breweries, Ltd.—Buy 52a, sel 52s 4d. Dunedin Brewery—Buy 245, scl 27a fid. MINING. Kawarau G. M. Co. —Buy sd. Waibi —Buy 13s 3d, sel 14s. Electrolytic Zinc (pref.) —Buy 275, sel 27s fid. Electrolytic Zinc (ord.) —Buy 255. Mount Lyell—Buy 28s fid, sel 29s fid (cum div.). Molyneux Electric —Buy le. a Big Beach—Buy 4s. Kildare—Buy fid, ael la Id. Okarito—Buy 2s prem., sel 2s fid prem. Winding Creek —Buy 4d dis., sol Id prem. Paddy’s Point—Buy 3s fid, sel 45.. Cornish Point—Sel 9d. WAR BONDS. 4J per cent. Bonds, 1938—Buy £9B , 12s fid. 4J per cent. Bonds, 1939 —Buy £9B 12s fid. 4i per cent. Bonds, 1941 —Buy £9B 12s fid, , 4J per cent. Inscribed, 1939—8uy £9B 10s.

LOCAL AND OVERSEAS MARKETS.

4J per cent. Inscribed, 1939—8uy £9B 10s. Si per cent. Bonds, 1936 —Buy £99. Si per cent. Inscribed, 1938-—Buy £99. NORTHERN EXCHANGES, (Pee United Press Association.) The following business was done on ’Changes yesterday:— Auckland.—Sales: Union Bank, £ll 13s fid; Devonport Steam, 225; New Zealand Breweries, 52s 3d; Colonial Sugar, £4l ss; Farmers’ Trading, 8s 9d (two parcels) ; Alburnia G.M., lid. Wellington,—Sales reported: New Zealand Government 4J per cent. Stock (1938), £9B 12s fid; Australian Bank of Commerce, f 1.5 a; Bank of New Zealand. £2 18s 9d and £2 18s lOd; Union Bank of Australia, £ll 13a fid; Union Bank of Australia (Melbourne reg.V, £ll 15s; Christchurch Gas Co., £1 6s 3d; New Zealand Breweries (two sales). £2 12s; British Tobacco Company (ord.), £2 0s 3d: Wilsons Cement, £2 6s cum div. Christchurch.—Sales: Commercial Bank of Auat., 21s 7d (three sales); National Bank of Apatralasm (£5 paid], £7 12s fid (two parcels); New Zealand Breweries, B2s (four parcels) ; British Tobacco, 40s 3d (five parcels). Sales reported: Westport Borough 6 per cent. (1940), £102; Aust. Bank of Commerce, 25s 3dj Commercial Bank of Aust., 21s 7d: National Bank of Australasia (£6 paid), £7 12s fid; National Insurance, 14s sd; New Zealand Breweries, 62s (eight parcels); Bank of New Zealand, 58s 10id; Tooth’s Brewery, 355, 34a 8d: Commercial Bank of Sydney, £22 10a; British Tobacco, 40s fid. FROZEN MEAT. Messrs Dalgety and Co,, Ltd., have received the following cablegram from London,. dated May 29: Lamb.—The market for New Zealand lamb is firmer, and the demand is better owing to warm weather. Quotations: — New Zealand prime Canterbury lamb (28/361b), BJd; New Zealand prime North Island lamb (28/361b), BJd; New Zealand prime Canterbury lamb (36/421b), 8d; New Zealand North Island lamb (36/421b), 7id; New Zealand prime Canterbury lamb (second quality), 8d; New Zealand prime North Island lamb (second quality), 7-Jd; New Zealand prime Canterbury lamb (42/501b), 7id; New Zealand prime North Isfand lamb (42/601b), 7R Mutton.—The market for New Zealand mutton is very weak, and the demand is poor. Quotations:—New Zealand prime Canterbury mutton (48/661b), 6d; New Zealand prime North Island mutton (48/501b), 4Jd; New Zealand prime Canterbury mutton (58/641b), 4Jd; New Zealand prime North Island mutton (66/641b), 4|d; New Zealand prime Canterbury mutton (C4/721b), 4d; New Zea* land prime North Island mutton (04/72 lb), 3|d; New Zealand ewes, heavy 2Jd, light 3Jd. Beef.—The market for beef is nominal. The demand is not quoted. Quotations:— New Zealand prime ox beef binds, s£d; New Zealand prime ox beef fores, 4|d; Argentine chilled hinds, fid; Argentine chilled fores, 3Jd. , Pork,—The market for pork is weaker, and the demand is nil. Quotations: —English porkers (80/1001b), 9id; New Zealand porkers (80/1001b/. 7Jd; New Zealand porkers (100/1201b), 7d. Australian Lamb.—The market for Australian lamb is unchanged, and the demand is limited. Quotations: —GA.Q. Australian lambs (28/3Clb), 64d. Australian Mutton.—The market is weaker, and the demand is poor. Quotations: —G.A.Q. Australian inutton (40/60 lb), 3|d; FA.Q. Australian mutton (30/651b), 3Jd, BALCLUTHA STOCK SALE. (From Our Own Correspondent.) BALCLUTHA, May 80. There was a very small yarding at the weekly sale to-day. Fat ewes made 14s Od to 18s; fat lambs, 18s. Store Sheep.—Sound-mouthed ewes, 10s fid to 14s fid; four-tooth ewes, 21aj fail-ing-mouthed ewes, 4a to 5s Id; small lambs, 4s 4d to Bs. Cattle.—Fat cows, £8 to £8; 18-month steers, £5 5s to £5 13s; one newly-calved dairy cow, £ll 15a. Pigs.—Suckers, 15s to 19s; slips, 29s to 30s. PERPETUAL TRUSTEES’ COMPANY. ANNUAL REPORT. The forty-sixth annual report of the Perpetual Trustees, Estate, and Agency Company, Ltd., of New Zealand, which will be presented at the annual meeting of shareholders on June 13, states: — The amount brought forward from the Erevious. year was £4878 3s, from which as since been paid income tax for that year,_ interim dividend, the company's contribution to the staff benefit fund, and a contribution to the Cancer Campaign Fund, leaving a balance of £1634 6s. The profit for the year just ended amounts to £7912 17s Id, and the available balance is, therefore, £9547 2a Id, which the directors now recommend be dealt with as follows: Payment of a dividend on paid-up capital (£22,500) at 15 per cent, per annum for half-year ended April 30, 1930, £1687 10s; reserve fund, £2000; staff benefit fund contribution, £760; writing off Dunedin premises, £llß 14s 9d; writing off office furniture and fittings, £9l 11s 2d; carry forward to next year (subject to income tax for year just ended), £4899 6s 2d. The vacancy on the directorate caused by the death of the chairman (the late Sir George Fenwick), on September 23 last, was filled by the appointment of Mr G. Stanley Smith. Sir George Fenwick occupied a seat on the hoard for 17 years, during 14 of which he presided over its deliberations with signal ability. His interest in the welfare of the company and its clients was a very real and live one-right up till the date of death, and he- will be greatly missed by his colleagues. TONSON GARLICK COMPANY, . LTD. (Special to Daily Times.) AUCKLAND, May 30. At the thirty-third annual general meeting of shareholders of the Tonson Garlick Company, Ltd., Mr W. H. Bartlett, the chairman, presided. In presenting the annual balance sheet the chairman regretted that a further loss in operations of the company had been suffered, but said that a considerable portion of this loss had been made in the company’s factory. The loss for the year had been £4361, which had depicted the company’s reserve to £202, and which, together with £750 reserved for bad debts, left the company’s total reserve at £952. That the year had been a bad one there was no denying, but this was due to the depression in trade which was general throughout the world. Prices had been steadily declining, and with failing markets there were bound to be losses. It was hoped that prices had fallen to their lowest level and that this would lead to a steadier tone in the forthcoming year’s business. The book debts had been reduced by nearly £7OOO. and the bank overdraft of £6526 had been wiped out, and a credit established of £249. There was a probability of making a profit in the warehouse during the forthcoming year provided the market conditions wore satisfactory. Owing to the increasing demand of the public for goods on hire purchase it had been decided to increase the company’s endeavours in this particular branch of business, and it was felt that an increased turnover could be effected in this manner. BRAY BUGS FRUIT FARM. AND DAIRY PRODUCE MERCHANTS. DUNEDIN WRITE US FOR MARKET REPORT. GAVE INQUIRIES FOR ALL LINES. —Advt.

DUNEDIN MARKETS,

WHEAT, OATS, ETC. In the absence of offerings the milling wheat market is quiet, and little interest is being displayed by millers. From the beginning of June there will be an advance of Id per bushel in all grades of pool wheat. The position will not, however, be very much affected ns the bulk of the wheat has already been purchased by millers. The prices for June will be 6s 4d, f.0.b., for Tuscan, 6s 6d for Hunters, and 6s 8d for Velvet. Millers, however, are not prepared to pay more for Velvet than the quotation for Hunters. A good demand continues for seed wheat, and a fair quantity has been railed out to farmers for early sowing. The price for the pool’s fowl wheat will also be advanced Id per bushel—to 6s Id, f.o.b.—next month. There is, however, not much of this variety on offer, and in some .cases milling wheat has had to be purchased for the purpose. The ruling price ex store for the best quality is 6s per bushel, sacks, extra, ex store. The distributors of fowl wheat report that the trade is. not so brisk as in past years. This is probably the result of poultry keepers stocking up earlier in the season and also the fact that there does not appear to be the same number of people engaged in poultry keeping as previously. Millers’ prices of flour, etc., are as follow: — Flour: 2001 b, £l7 ss; 100’s, £lB os; 60's, £18; 25’s, £l9; ' Bran, £8 10s per ton. Pollard, £9 per ton. Oatmeal: 2001 b, £24 10s; 25’s, £25 10s. Although several inquiries are being received there is not much business passing in oats, as buyers are not inclined to pay the increased prices asked by merchants. Deliveries from the country have practically ceased in- the meantime, and any quotations made are for lines held in stores. Canterbury ports are unable to supply lines for shipment to the North Island, and the business is coming south. A fair quantity of oats is still being sent through to northern centres, and the general tendency is towards a firming in values. Holders are asking 4s, f.0.b., s.i., for A’s. and sales have been made at this figure for spread delivery through to December. For prompt delivery 3s lid, f.o.b;. s.i., is the value of A Gartens, with B’s 3a lOd. There is still a scarcity of B’s, most of the deliveries being of A grade quality. A peculiar feature of the oat market is that the statistics show that Canterbury farmers grew about the same area of oats this season as the previous season, yet there is a pronounced shortage of oats there at the present time. Moreover, the yields from the wheat crops in Canterbury were good, and therefore there appears no reason why the yields of oats should not also have been good. For the few lines now offering by growers the present value is 3s 3d. sacks extra, on trucks, country sidings, for A’s and 3s Id for B’s, The potato market continues to drag and sales are hard to make. Consignments are arriving in excess of the demand, with the result that a fairly large proportion of the tubers are going mtc store. The shipping market to the North Island is quiet, and Canterbury growers are sending potatoes to this market. Boat quality is worth £5 per ton, sacks included, ex store, Dunedin. Thera is no immediate prospect of an improvement in the market.

The chaff market remains firm, an the shortage of winter feed is causing growers to hold their supplies, which are now becoming short in Dunedin. There is still a shipping demand, but owing to the absence of stocks little busines is being done. Beet quality is firm, and is to-day worth £5 7b 6d to £5 10s per ton, sacks extra, ex truck, Dunedin. The inquiry for poor' grade is very slack. The market for most' lines of seed is firm. Inquiries are being received for ryegrass from merchants who wish to stock up for the spring trade, but it is difficult to obtain quotations. It is apparent now that there is not the usual quantity of stocks of ryegrass held in the' country, and merchants are marking time for the present. Both Chewings’s fescue and dogstail are firm in price, following on a poor harvest < in both varieties, consequent on unsuitable weather conditions during the growing period. Good quality dogstail has been sold at 9d per lb, and fescue at up to lid. Produce lines are quoted wholesale as. follow; Chaff: Prime quality, £5 5a per ton , ex truck. ~ Potatoes: Choice, £5 per ton, ex store. Eggs: Stamped, 2s 6d; case, 2s sd. Dairy butter: Milled bulk, Is 2d; pats, Is to Is Id. Bacon, Is 3d per lb. Hams: Ordinary, Is 3d; boneless. Is 4d •per lb. Oniona: Canterbury, to 8s per cwt. Boneless hams have been reduced Id per lb. FRUIT REPORT. Fair quantities* of apples are still reaching the marts, and prices of choice quality are a little better. Really good cookers have also a better inquiry. Pears are in heavy supply and are offering at low rates. Heavy supplies of Island oranges reached Dunedin during- the week. The condition of the fruit was not of the best, and many cases had to be repacked. The consignment will show a loss to the shippers seeing the quantity of the oranges that had to be thrown away. It may be added that last season the oranges from this quarter were in much better condition than those just landed. A shipment of Samoan oranges has been landed at Lyttelton, and the; Dunedin portion will be railed down. It should reach here this afternoon, and will probably be auctioned on Monday. The price has been< fixed for the shipment at 23s Cd per case. Further supplies of Aitutaike oranges are expected here next; week. These should bring satisfactory prices; as they have a good demand from local retailers. The Waikouaiti is expected on Thursday next with a general assortment of fruit, and it should meet with a ready sale. . Australian grapes are now practically sold out of wholesale hands. Further supplies should be on the Waikouaiti. Tomatoes are still coming forward from Central Otago and Christchurch. They are now of poor colour, and the season is about finished. Local hothouse are available in small lots and sell readily. Supplies of cauliflowers are shorter and the market has firmed a little. Good quality cabbages sell well, but poor quality are very hard to place. Peas are now about finished for the season. A small lot or two is still arriving from the Peninsula. Lettuce are in over-supply and practically unsaleable. ' . Other vegetables have a normal inquiry. Wholesale prices are as follow: — Apples: Cleopatraa and Jonathans, 5s 6d to 6s Cd; Sturmers, 7s to 9s; Delicious, 7s to 8s Cd; cookers, 5s to Gs. Bananas: Ripe, 25s per case. Oranges: Australian navels, to 21s per case; Islands, repacked, to ICs. Lemons: Australian, to 30s per case. Sydney mandarins, to 18s per case. Grapes: Choice, Is 4d to Is 8d; Australian. to Ida per case. Peaches, 4s to 5s Gel per case. Dessert pears, 2s 6d to 3s 6d per halfcase; cooking pears, 2s to 2s 6d per halfcase. Christchurch tomatoes, 2jd to 4d; Central Otago, 2d to sd; poor quality, Ijd to 2d; local hothouse, 9d to Is. North Island passion fruit, 7s to 8s Gd per case. Australian pie melons, to 14s per cwt. . Pumpkins, I4s per cwt. . Cauliflowers: Choice, to 9s Cd per sack; others. Is to 3s. Cabbage, 2s to 3s per sack. -Lettuce: Choice, to Is per dozen; others unsaleable. Potatoes, 5s to Cs per cwt. Green peas, Cd to 7d per lb. New carrots, 7s to 8s per cwt. Celery, 6d to 9d per bundle of four heads. Spinach, 8d to Is per dozen bunches.' BUTTER, CHEESE, ETC. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, May 29. Butter: Dull. Danish, 131 s; choicest salted New Zealand, 125 s and 12Gs; exceptional, 128 s; Australian, 124 s and 120 s; unsalted New Zealand, 140 a and 14Qs; Australian, 126 s and 128 s. Cheese: Slow. New Zealand white, 70s; coloured. 82e. Beet sugar: June, 5s lid. MELBOURNE HIDES MARKET.’ (United Press Association.) (Dy Electric Telegraph—Copyright.) MELBOURNE, May 29. The hide market is very firm.

DAIRY PRODUCE. Messrs A. S. Paterson and Co. have received the following cablegram from London, dated May 29; — Butter: Market weaker, buyers indifferent. Danish, 130 s, 132 a; Australian, 1235, 125 e; New Zealand; 1255, 126 e. Cheese: A little more inquiry at lower prices. White, 75a, 70s; coloured, 81s, 83e. Messrs Dalgety and Co., Ltd., have received the following cablegram from London, dated May 29;—Sellers are pressing sales, but buyers are holding off. Quotations: Danish butter, 130 s to 1325; New Zealand finest butter, 124 s to 1265; Australian finest unsalted, 122 s to 1265; Australian finest salted, 122 s to 1245; Australian G.A.Q., 116 sto 120 a. New Zealand cheese—white 74s to 76e, coloured 80s to 82s; Canadian cheese —white 95s to 105 s, coloured 94s to 104 s, c.i.f. 80s to 81s. LONDON WOOL SALES. (United Press association.) (By Electric Telegraph—Copyright.) LONDON, May 29, , At the wool sales 8146 bales were offered, including 4042 from New Zealand. About 7300 bales were sold. There was a moderate supply of greasy merinos and a good supply of scoureds and all New Zealand sorts. There was a strong tone and general bidding. Prices weje maintained. New Zealand sales: Greasy crossbreds, Nireaba, lUd and Md; Piako, lid and lOfd; comeback. Tirohanga, 134 d and 13d. , WHEAT. FLOUR. ETC. (United Press Association.) (By Electric Telegraph— Copyright.) LONDON, May 29. Cargoes are steady, and prices are maintained. The demand is quiet. Parcels are steadily held. Trading is small. Futures: London, May 36s lid, July 375; Liverpool—May 8s o|d, July 8s oid net, October 8s IJd net, December .8a 3|d net. Spot trade la quiet but firm. Australian, ex ship, 53s 3d. Flour: Firm. Australian, ex store, 30s 9d. Oats: Steady. Peas and beans: Quiet. CHICAGO WHEAT MARKET. (United Press Association.) (By Electric Telegraph—Copyright.) . NEW YORK, May 29. Chicago wheat: May, 106 J cents per bushel; July, 107|; September, 1104; December, 114 f, BRADFORD MARKET. (United Prem Association.) (By Electric Telegraph—Copyright.) LONDON. May 29. Bradford prices are slightly easier for future business, but spot Jots are scarce, and are quoted at a premium. Sixtyfours, 29Jd; 60’s, 28d; 58’s. 22d; 50’s, 18£d; 46 s, 16d; 40’s, 15|d. CALL MONEY RATE, (United Press Association.) (By Electric Telegraph—Copyright.) „ .. new YORK, May 29, Call money rate of renewal was 3 per cent, all day. AUSTRALIA’S INDUSTRIAL FUTURE. NEW GRAMOPHONE RECORD FACTORY. EFFECT OF" TARIFF PROTECTION. During the poet few years there has been rapid expansion of Australia's secondary industries, and to-day there is an ever-increasing number of factories being established in the Commonwealth for the manufacture of a wide range of products, from matches to gramophone records, h ormerly most of these. lines were imported into the country, but now, with the Scnllen tariff barrier, overseas concerns dealing with the profitable Australian and New Zealand markets have come to realise the tremendous advantage of operating their own factories “on the spot, and have consequently opened up branch factories in the Commonwealth. Some companies have even gone a step further, and have decided to operate on Australian and New Zealand capital, so that the profits earned hy the industry may be retained in the two countries. One notable example of this is the formation of Vocalion (Australasia) Ltd., a new company formed for the purpose of taking over the already well-established business of Vocalion (Foreign) Ltd.—a subsidiary of Vocalion Gramophone Co., Ltd,, of London. This parent company still retains a large interest in the Australasian branch. The shares of this company have been purposely made 5s each in order to place them within the reach of the largets number of investors throughout Australia and New Zealand, and it is interesting to note that this is the,first time in history that the New Zealand public has been triven the opportunity to share in the tremendous profits that are being made by .the gramophone industry of to-day.

PRICE OF SILVER. FURTHER SLUMP IN LONDON. (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) rv> - , ,RUGBY, May 2D. (Received May 30, at 5.6 p.m. ) .There was a further slump in silver on the London market to-day, when prices \°, the lowest ever recorded—--7 7-16 d for spot and 17ld for forward delivery. LONDON STOCK EXCHANGE. (United Press Association.) (By Electric Telegraph— Copyright.) LONBON, May 29, The following are the latest quotations lor Government securities, compared, with the prices ruling last week:— Last week .This week. £ e. d. £ s. d. imperial Console, 2J p.o. 55 10 0 68 10 0 Bar loan. 6p. 0., 1929-47 ... 102 0 O 103 0 0 Conversion loan 34 p.a _ 78 10 0 78 10, « .Victory 4 p.o _ _ 94 7 6 94 10 0 O’wealth 8 p.o. 1931-4] 99 7 6 99 6 0 O'wealtb 64 p. 0., 1922-2? 90 17 6 90 0 0 Ni 8 p.a. 1938-51 _ .. 105 6 3 105 8 9 N.Z 4 p.a 1929 . 93 17 6 94 7 6 N.Z 3) p.o. 1940 89 12 6 89 13 9 N.2 3 pa, 1945 79 16 O 80 0 0 N.S.W. 64 p.a, 1930-40 ... 100 0 0 100 5 0 N.g.W. Bp. 0., 1930-40 ... 98 0 0 97 18 9 N.S.W. 6| p.c., 1922-32 ... 87 T 6 97 O 0 N-B.W. 4p. 0., 1933 03 10 0 92 18 9 N.S.W. Si p. 0., 1930-86 ... 84 10 0 84 3 9 N.S.W. 3p. 0., 1935 69 10 0 69 0 0 Vie 6) p.o. 1930-40 _ „ 89 7 6 88 0 0 Vio Bp. 0.. 1932-42 ... ... 84 10 0 84 10 0 Vio 4| p. 0., 1840-60 98 16 0 98 16 0 Vlo Si p.a 1929-49 _ 69 10 0 68 10 0 vie Sp. 0., 1929-40 65 6 0 65 10 0 Q’lanc 8 p.a 1930-40 99 0 0 9'B i2 6 tl’lana 34 p.a, 1930 ... ... 65 S 0 64 15 0 Viand 3 p.a. 1922-47 „ ... kx) is o 101 0 0 5. 84 p. 0., 193040 99 16 3 100 0 0 6. 34 p. 0 ., 1939 82 12 6 82 16 0 S.A. S p.a, 1918 or alter ... 52 10 0 62 0 0 W.A. 6p. 0., 193040 99 10 0 99 IB 0 W.A. 34 p.a, 1920-35 85 5 0 84 10 O’ W.A. 34 p.a, 1916-35 Ta». 64 p.a, 1930 40 100 12 6 100 10 0 Tao. 84 p.a, 192040 81 18 3 81 10 0 Tao. 3p. 0., 192040 81 0 0 81 0 0 FOREIGN EXCHANGES. BUQBY, May 29. Bar. May 26. May 29. Paris, Ir to £1 124.21 123.93 123-93 Brussels, belgqe to £1 ... 35 34,814 34.815 Oslo kr to £1 ... _ 18.159 18.1 G 18.16, Stockholm, kr to £1 ... 18.159 18.10 J 16.17 Copenhagen kr to £1 .. 18.159 18.164 18.14 Berlin, mark! to £1 ... 20.43 20.364 20.365 Montreal, dol to £1 . 4.86 J 4.86 J 4.874 New York, dol to £1 _. 4.863 4.85 29-32 4.85 31-33 Yokohama, pence to yen 24.88 24 13-16 24 13-32 Hongkong, pence to dol 24.63 IG{ 134 Bombay, pence to rupee 18 17 25-32 17 26-38' Batavia, florins tc £1 ... 12.107 ' 12.074 Milan, lire to £1 ... ... 92.45 92.77 92-76 Amsterdam, Guild to £1 12.107 12.08 12.07{ Prague, ki to £1 _ 24.02 163 lG3f Geneva, tr t* fil 26.224 26.114 25.116 Vienna, schillings to £1 34.564 34.464 34.46 p Helsingfors, marks to £1 193.334 1934 123 Madrid pesetas to £1 „ 26.224 39.924 39.806 Athene. Irnchma to £1 26.224 276 376 ' Lisbon, escudos to £1 4.504 103.26 103.26 Bucharest, lei to £l ... 973 818 818 Bio de Janeiro, pence ►o mllrels ~ ... 18 8 27-32 5 65-64 Buenos Aires, pence to pesos ... 47.62 42 16-16 43 13-16 Shanghai, pence to tael 331 201 20|

OAMARU MARKETS. (Special to Daily Times.) .... „ - OAMARU, May SO. Odd deliveries of wheat are still being mfcde, out the season is practically compie ted. Merchants and millers are now turning their attention to next year’s crop, and several sales for forward delivery have taken place at prices which appear very satisfactory to the grower. Not many oats are offering, though there are always a few lines coming on the market, which has been fairly strong during the last few days on account ol several forward sellers having to cover commitments. A grade Gartons are worth 3s sd, and B’e 3s 3d, on trucks. Deliveries of chaff have been heavy, and the market, if anything, is inclined to be weaker. North Island buyers having purchased heavy supplies of Tasmanian chaff, which can be landed at lower rates than supplies from the south. Best quality is worth up to £5 ss, on trucks. The stock market continues to be quiet, the only private sales recorded being for fat stock. Fat cows sold at £10; tat heifers, £5, £8; fat steers, £ll, £l2; fat wethers, 14s, 17s, 18s; fat lambs, 18s 6d; and fat ewes, 10s. PRICE OF FINE GOLD. (United Press Association.) (By Electric Telegraph -Copyright.) ‘ . LONDON. May 20. Fine gold is quoted at £4 4s Hid per oz. D.I.C. WOOL EXHIBITION. In view of the present depressed state of the wool industry throughout the world the necessity has arisen for a widespread campaign in the direction of encouraging the consumption of wool in preference to the artificial substitutes that have appeared on the markets of the world to the serious detriment of wool. Therefore, the special effort that is being made by the D.LC. in Dunedin to , impress upon tho buying public the wide range of quality, texture, colour, and style in wearing apparel that can now bo had in wool is deserving of every support and encouragement. It by its endeavours the company can convince People of the utter, necessity of using all the wool possible, it will have achieved something of national importance which “ey be expected to' assist the country to shake off, the, depression that is at present making itself in town and country as a result of the slump in the price of wool, which constitutes one of our,largest export commodities. The special display, which will be officially opened on Monday morning at 11 o’clock, will be continued throughout the week, and should have the effect of convincing country people in the city for the show that there exists in urban areas a concern for their welfare and the maintenance ,of the country’s export trade which indicates a realisation that the destinies of producer, manufacturer, and distributor are all interdependent. This BBPGGt of the effort must be regarded as one of the most satisfactory, since one of the greatest noeds of the country to-day is a better understanding and. increased co-operation between the urban and rural populations. It is,the intention of the D.I.C. to stage a miniature exhibition, displaying wool in all its stages,- from the raw material to the finished article, and in all its grades of quality. The articles of cloth--P be incorporated in the display cover all the varied requirements of both man and woman, and the exhibits should have the effect of acquainting those who have turned to artificial substitutes for colour and nnenesa that wool has every bit ns much to offer m, this connection as any of the cheap textiles that have come into such common use. It will be agreed by a ybo visit the D.I.C. during the coming week ttiat, with prices reasonably low, as current values are at present, wool has no reason to fear pompetition from any other material.

LONDON METAL MARKET. (United Pres- Association.) (By Electric Telegraph— Copyright.) . ' LONDON, May 29. (Received May 30, at 10 p.m.) . ls C 3°| Per: Spot ’ £SS 18s 9d; forw ard, £54 EJeotrelytio; Spot, £6O 10s; forward, »W£fll 10s. Lead. Spot, £18; forward, £lB Is Sd. Spfetj, £l6 16a lOJd; forward, si# 08 9a* Tin; Spot, £l4l 3s 9d; forward. £143 as ad. w S wtaV Fina ’ 17s 7 ' 16d '* standard, io io-ltjQ pep ounce, LONDON RABBIT SKIN SALES. Messrs Dalgety and Co., Ltd., have received the following cablegram from London. dated May 29:—At the London rabbitskm sale the demand was poor, and withdrawals were heavy, furriers being neglected. Pulling were 20 per cent, lower. Unpulled were neglected, and were sold at 20 per cent, lower. CANTERBURY MARKETS. (Pee United Press Association.) CHRISTCHURCH, May SO. Tho market for oats continues to be firm, and the southern price to-day is a shade better. A Gartons for prompt delivery are obtainable at 4s, f.0.b., s .i., but that figure will not secure. As for spread delivery, B’s are still very hard to obtain, and quotations are 3s IOJd, f.0.b., s.i. for prompt, and 3s lid for spreads. Chan has firmed slightly. Quotations for prompt d livery are £7, f.0.b., s.i., equivalent to £5 10s on trucks. Quotations for wheat are unaltered, and are 5s 8d to 5s 9d for Tuscan, 5s 9d to 6s lOd for Hunter’s, and 6s lid to 6s for Pearl, on trucks price in each case. There is a little business being done in nest season’s wheat on the basis of 5s 6d for Tuscan, 5s 8d for Hunter’s, and to 6 S lid for Pearl, Fowl wheat is very scarce, and has firmed a little. It is now quoted at 5a lid to 6s, f.0.b., s.i., equivalent to as 6d to 6s 7d on trucks. The potato market is very weak. There was a small and short-lived firming yesterday. The Auckland market is reported as' having an over-supply. The Katoa will take a further 5000 sacks, approximately, on Monday for the northern port. The price to-farmers is £3 ss, on trucks. Forward quotation, which are also unaltered, are June £4 I2s 6d, July £5, July* September £5 10s. The onion market is scarcely as good as last week, and the demand has eased. Prices to farmers on trucks have varied during the past weeks from £3 to £3 10s a ton, and to-day can be quoted at £3 to £3 ss. Growers generally are holding supplies. There has been a better demand for peas during the last few days, and to-day’s quotations record a sharp rise, especially for No. 1. Sales have been made Up to 5s 9d, f.0.b., s.i., for No. 1, which is equivalent to 5s on trucks. F.A.Q.‘b arc not affected to the same extent, and are quoted at from 4s 2d to 4s 4d, on trucks.

BANK OF ENGLAND RETURN. (United Press Association.) (By Electric Telegraph— Copyright.) - . LONDON, May 29. The following is the Bank of England return:— ISSUE DEPARTMENT. Note issue in circulation .. £356,131,548 Hanking department 61,053,977 £417,185.525 Government debt £11,016,100 Uther Government securities 232,894,876 Other securities 11,629,071 Silver coin .. .. .. .. 3,460,953 Gold com and bullion .. .. 157,185,525 £417,185,525 BANKING DEPARTMENT. Proprietors’ capital £14,553.000 -D 3,216,885 Mhcfamts 13,241,450 Other deposits (bankers) .. 58,963,730 Other accounts 35,906,848 Seven-day and other bills .. 2,134 £125,884,047 Government securities .. .. £45,577929 Discounts and advances .. 6,8051493 Other securities 11,516.774 Gnl,? S^/ eS -f Ve 6L053 977 vxola and silver coin * 4 .. 931174 £125,884,047 • proportion of reserves to liabilities is 67.30 per cent. Short loans are quoted at 2 per cent.; three-month bills at i 3-16 per cent. AUSTRALIAN MARKETS. (United Press Association.) (By Electric Telegraph—Copyright ) Wheat. 4s 4d ADELAIDE - 29. Flour, £lO Ss. ’■ Bran, £7 10s. Pollard. £7 17s 6d. Oats. 2s 8d to 2s lOd. COMPANIES REGISTERED. The latest issue of the* Mercantile Gazette notifies the registration of the zouowmg companies: ' Brown. Clifiord, Ltd. Registered as a l ?> 10 30- Capital: £ISOO m 1500 shares of £1 each. Sub- : Dunedin—A. C. Brown 900, J. MI Stewart 60°. E. Aslin 100. Objects: Wholesale and retail dealers in, manufactrucks & etc repairers of motor cars, motor South Otago Co-operative Rural Intermediate Credit Association, Ltd. Registered May 20, 1930. Subscribers: Warepa n P u kekoma—T. M'Culloch. Stirling—J. C. Anderson, A. A. Jensen, £ .y- W . eir - C, G. Weir A. Anderson Kaitangata--Mur d och Tosh. Balclutha— H. C. Holgate, V. J. Albrecht, J, A. JohnSton, W. S Thomson. Awamangu— J. Cochrane. Wniwera—N. Currie. Waiwera W , ait . e -_ Kakapuaka—R. Hou- ‘ i Valley—C, E. Norrish. Wangaloa—A._ Morrison (the younger). ?°ito —A- J- Christie. Romahapa— F T MKenzie, all 25 shares. Objects: Bush + S “thMuwd by the Rural' Intermediate Credit Act, 1927.