COMMERCE AND FINANCE

Otago Daily Times, Issue 21360, 13 June 1931, Page 9

COMMERCE AND FINANCE

THE SHARE MARKET ' DUNEDIN STOCK EXCHANGE . There has been some firming in prices In several sections on the Dunedin Stock Exchange and the market generally has been fairly steady. The bulk of the business recorded concerned the- mining section. ' There was a sale of Bank of New Zealands at 48s 6d, the market closing with a buyer at 48s 3d and a seller at 48s 9d. There has been inquiry for Commercial Banks at 14s, but sellers have been unwilling to do business at less than 14s • 6d. ■ . _ , * Up to 12s 7d has been offered for National Insurances, but sellers have remained firm at 13s. Buyers of Huddart, Parker preference shares have been offering 17s 6d, but the best selling quotation was 20s. The early offer for Westport Coals was 245, sellers then asking 7d more. There was no buyer at the close of the market, when the shares were being offered at -4s offers of 58s for Trustees Executors have failed to attract a seller. The demand for paid ; up New Zealand Refrigeratings has continued to he firm at Us, but sellers have not been/willinp to'., do business under 12s ,-bd There was a transaction in the contributing issue at 3s lid, and the shares were on offer at that figure at the close of the market, buyers reducing the offer to 3s 9d. British Tobaccos have failed to improve • to any degree and are still being assed ♦for at 23s 3d, the selling quotation being 25s* New Zealand Drugs are being asked for at 49s 6d without attracting a seller. ► Offers of 16s for New Zealand Paper Mills have found sellers demanding us ■ 6d ' .. Wilsons Cements were offered at tne close of the market at the reduced figure of 38s,- no buyer coming into the market They are noW> quoted ex dividend. ; New Zealand Breweries have oeen fairly fifen throughout the week and there was a sale at 34b. This was the final offer tor the shares, sellers demanding 6d more. Waihia, which commenced the week with a buyer at 14s Sd, have shown some improvement, and transactions were fcoraed A at 14s 8d and 14s lid. An offer of 14s 9d at the close of the market -iniled to attract a selling quotation. ' Kildares were dealt m at lOd. two parcels changing hands at that price It was .again offered before the market closed?, but sellers would not do further business-at lees than Is Id. A- sale-of Cornish Points took place at 6Jd, and these shares were later offered at 7d without attracting-a buyer. ■■ King Solomons have had the.hone share of the business, nd fewer than 12 transactions being recorded during the week. These shares experienced a sharp rise at the commencement of the period and sales, ' were, recorded at 2s 9d and then at 2s Ba. They showed some tendency to ease a little in mid-week, and there/was a sale at 2s 6d. The close of the market saw another improvement, however, and there . was business at 2s lOd and 3s. The closing • offer was 2s 9d, sellers asking 2d more. There is a fair demand for Government War Loans, blit sellers have failed to come forward. Sale: King Solomon, 2s lOd. ' Late sale. Thursday: New Zealand Breweries, 345. •• • ■%.;■■■■■ "'Jr ' , Sales reported: Bank of New Zealand, 48s 6d; New Zealand Refrigerating (cont.), 3s lid; Waihi, 14s, lid; Cornish Point, 6Jd; King Solomon, 3s. The following are yesterday afternoon s buying and selling quotations, which are subject to the usual brokerage:— BANKING. Bank of Australasia —Buy £8 19s. Bank of New Zealand—Buy 48s 3d, sel 48s 9d. _ , , ... Bank of New Zealand (long , D ) —. ■'commercial Bank—Buy 14s, sel 14s 6d. E.S. and A. Bank—Buy £3 16s 6d, sel £4. National Bank of New Zealand —Buy £4 12s, sel £5. Union Bank—Buy £7 6s. , INSURANCE. National Insurance' Co. —Buy 12s 7d, M N.Z. Insurance Co.—Sel 425. . Standard Insurance Co.- —Sel . 47s 6d. A. P. A. Insurance—Buy 4s. SHIPPING. Huddart, Parker (pref.)—Buy 17s 6d,; Co. (pref.)—Buy 19s 6d. ;f :; COAL. ‘ Kaitangata—Sel Is 6d dis. . Westport Coal Co.—Sel 24s 6d. Westport-Sfockton (pref.)—Sel 3s. • LOAN AND AGENCY, < National Mortgage—Sel 50s. ' >. National Mortgage (“ B issue)—Sel 29s N.Z. Loan and, M. (ord.)—Sel £65. Trustees, Ek. and Agency—Buy 58s. Wright, Stephenson (pref.)—Sel 15s 6d. MEAT PRESERVING. N.Z. Refrigerating (pd.)—Buy 11s, sel Refrigerating (cont.) —Buy 3s 9d, •el 3s lid. _ , . South Otago Freezing—Sel £4. MISCELLANEOUS. British Tobacco—Buy 23s 3d, sel 255. ; Bruce Woollen Co. (pref.)—Sel 19s. D.I.C. (pref.)—Buy 19s 6d. Dominion Rubber—Buy 6s 6d, sel 12s . Kaiapoi Woollen (ordi) —Buy 7s 6d. Milburn Lime and Cement —Buy 30s, Mosgiel Woollen Co. —Buy £6 8s 6d, M*Leod Bros,—Buy-£l9 10s. ■ National Electric —Sel 10s 3d. N.Z. Drug Co.—Buy 49s 6d. , NJZ, Express (pref.)-4-Buy 15s. N.Z. Paper Millfc ior&)—. Buy 16s, sel (N.Z.) Cement—Sel 38s 6d. GAS. Christchurch —Sel 265. BREWERIES. N.Z. Breweries, Ltd. —Buy 345, sel 34s vCd. N.Z. Breweries Debs. —Buy 21s. MINING. i\ Waihi —Buy 14s 9d. Waihi Grand Junction —Buy 2s lid. Mount Lyell—Buy I6s 9d, sel 17s. Mahakipawa—Sel 9d. Kildare —Buy lOd, sel Is Id. Okarito —Sel Bs. , Paddy’s Point —Buy 2s 3d, sel 3s. Cornish Point (pd.) —Sel 7d. Golden Progress —-Buy 255, sel 28s. King Solomon—Buy 2s 9d, sel 2s lid. GcSden Point —Buy 10s 6d. , ; WAR BONDS. 44 per cent. Bonds, 1938—Buy £9B. 44 per cent. Bonds, 1939 —Buy £9B. 44 per cent. Bonds, 1941 —Buy £9B. 44 per cent. Inscribed, 1938 —Buy £9B. 4J per cent. Inscribed, 1939 —Buy £9B, £99 5i per cent. Inscribed Bonds, 1941 —Buy *OS ' 54 per cent. Inscribed, 1936 —Buy £99. per cent. Inscribed, 1933; —Buy £97, sel £9B 10s. .NORTHERN EXCHANGES (Peb United Press Association.) The following business was done on ’Changes yesterday:— ' , Auckland. —Sales: Government Bonds (19331 54 per cent., £99 ss; Auckland Harbour Board (1940), 54 per cent., £9B; Wellington City (1955) sJ'per cent., £•)-, Auckland City (1944) 54 per cent., £97; Bank of New Zealand, £2 8s 3d (two parcels); Waihi Mining, 14s 10d; Vaihi /unction, 3s 2d (three parcels); Golds:trough, Mort, 19s; Mount Lyell, 17s; King Solomon, 2s lOd. , ‘ Wellington.—Sales reported: New Zea_ land Government 44 per cent. Stock (1939), £9B; New Zealand, Government 44 per cent. Stock (1938), £9B (two sales); Bank of New Zealand (cum div), £2 8s 2d (on ’change) £2 8s 4d. Christchurch. —Sales: Bank of New South Wales, £24 15s; Bank of New Zealand (cum div.), 49s 3d (three parcels); New Zealand Refrigerating (10s paid),

LOCAL AND OVERSEAS MARKETS.

£3 10s (two parcels); British Tobacco (cum div.), 245, 23s 9d; Mount Lyell (cum div.), 17s; King Solomon, 2s lOd (six parcels); Mahakipawa, 74d; Golden Point (IOJd paid), Is 2d. Sales reported: Ashburton Electric 54 per cent. (1935). £99 10s; Bank of New Zealand (cum div.), 48s 6d, 48s 4d, 48s 3d (two parcels); United Building Society, 13s 3d; New. Zealand Breweries, 345; E.S. and A. Bank £3 17s Cd; Christchurch Gas, (10s paid), 12s. • FROZEN MEAT Messrs Dalgety and Co., Ltd., have received the following cablegram from their head office, London, dated June 11: Lamb.—The market for New Zealand lamb is firm, and the demand is fflir. Quotations: New Zealand prime Canterbury lamb, 28/361b, 7|d; New Zealand prime North Island lamb, 28/361b. 7W; New Zealand prime Canterbury lamb, 36/421b, 7fd; New Zealand prime North Island lamb, 36/421b, 7Jd; New Zealand prime Canterbury lamb, second quality, 64d; New Zealand prime North Island lamb, second quality, 6Jd; New Zealand prime Canterbury lamb, 42/50lb, 7Jd; New Zealand North Island lamb, 42/501b, 6Jd. Southdown lamb selling at id premium. Mutton. —The market for New Zealand mutton is firm and the demand is quiet. Quotations: New Zealand prime Canterbury mutton. 48/561b, sid; New Zealand prime North Island mutton. 48/561b, 5Jd; Now Zealand prime Canterbury mutton, 56/641b sd; New Zealand prime North Island mutton, 50/641b 4jjd;, New Zealand prime Canterbury mutton, 64/721b, 44d; New Zealand prime North Island mutton, 64/721b, 4id; New Zealand prime Canterbury ewes, 48/641b, 4d; New Zealand prime North Island ewes, 48/641b. 3|d. Beef.—The market for New Zealand beef is nominal, and the demand is nil. Quotations: New Zealand prime ox beet hinds 3d, fores 2£d; Argentine chilled hinds 6d, fores 2Jd. , < Pork.—The market for New Zealand pork is unchanged, and the demand is poor. Quotations: English porkers, 80/1001b, 9d; New Zealand porkers, Stf/lOOlb, 54d; New Zealand porkers, 100/1201b, sd. Australian Lamb. —The market for Australian lamb is unchanged, and the demand is moderate. Quotations; G.A.QAustralian lamb, 28/361b, 6d; G.A.Q. Australian lamb. 30/421b. 6d; F.A.Q. Australian lamb, 28/361b, s|d. Australian Mutton. —The market tor Australian mutton is unchanged, and the demand is fair. Quotations: G.A.Q- Australian muttdn, 40/601b, 4d; F.A.Q., Australian mutton, 30/551b, 3Jd. The demand for, frozen meat has been checked by the increased prices asked. OKARITO DREDGE The following telegram advising that the/-dredge has been completed has been received from one of the directors of the Okarito Five Mile Beach Gold Dredging Company, who is at present at Okanto: “Dredge a splendid machine in every way; active commencement of dredging on Monday.” BEET SUGAR (United Press Association.) (By Electric Telegraph—Copyright.) ■ LONDON, June 11. Beet Sugar.—-July, 6s 34d. COMPANY BALANCE SHEETS NEW ZEALAND PERPETUAL FORESTS,; LTD. ■ Paid-up V General s : *Net DlrlMarch 31 - Capital V Reserves. Ptoflt. dend. £ " £ £ pc. 1930 .. .. 191,26 G 10.931 18.874 8 1031... .. 190.813 7.181 15.821 8 * Subject to Income tax. The figures published by this company for its latest two. financial years show that, while, the revenue a large sum, the expenditure was so high proportionally as to leave relatively a small net balance, to satisfy shareholders. On the latter occasion; after , the dividend and estimated income tax are met, there will be a deficiency of nearly £3OOO which the undivided surplus forward will have to make good. It might have been expected that the rate of ■ dividend would be reduced, but the shareholders’ portion is unaffected. Revenue shows a slight falling away, from that of the prior year, but, on the other hand, some reduction has been effected in expenditure. , The relative figures for the two years are as follow: — Expenditure. Revenue. -Ratio. , • * * £ , £ P-o. 1929- .. .. 301.375 320,249 94.11 1930- .. .. 295.092 310.912 94.91 The saving in 1930-31 has been effected entirely in maintenance and administration, the other branch" of expenditure—land and development—haying increased. The influential items in, the balance sheet are those connected with the bondholders. An aggregate of £751,987 at March, 1930, has been followed by one of £605,846 at March, 1931. Meanwhile maintenance reserve funds placed in trust securities have risen to £524,154, and the expenditure on land has increased to £131,547, or by nearly £IOO,OOO. The extensive funds represented by the bondholders and reserve funds investments are almost balanced by the planting and maintenance reserve, which shows" a rise of some £50,000 r during the 1 year. The revenue derived from the invested, funds must produce an amount that well exceeds the shareholders’ dividend. ; ?■ In the development of the company s activities, other fixed assets besides the land are keeping step, Plant, implements, furniture, at £14,107,' have more than doubled, but which of the three is mainly responsible for the rise does not appear. The inventories of stocks of tools, seeds, trees, etc., are reduced to £12,814, _in what must necessarily be a fluctuating item. Cash assets are strong, no less than £115,357 being held in investments, debtors, banks, and cash. That position may merely be temporary as regards banks and cash (£25,268), a material proportion of which may have been awaiting employment at the commencement of the current year, but the increase of debtors to £44,006 would seem to indicate, an enlarging turnover. Investments, qt £46,085, have actually fallen, possibly in consequence ot the larger amount sunk in land. Goodwill still appears at £15,000. Seeing that it has.been possible to transfer foOOO to reserve, it might have been thought that an attempt would be made to write down such a shadowy asset periodically, as the reduction or absence of it is not likely to weaken the balance sheet in the eyes of interested observers. Reserve fund which was instituted a year ago holds £SOOO. The transfer was made from one reserve to another, but the allocation towards the formation of a special account seems a desirable step. Creditors —secured and unsecured —make up the total liabilities to outsiders. At £93.145, they have slightly risen, but npt to the extent of the similar movement m debtors. , , . , , At March, 1929, the balance brought forward, after allowing for payment of dividend declared at that time, was £16,796.. When the dividend now payable is met, the floating balance will be reduced to £2lßl. A considerable encroachment has thus been made on the undivided surplus, even when the £SOOO transferred to reserve is taken into account. As the company may be regarded as still in the embryo stage, the question of some. curtailment in the rate of dividend might be considered until the period of maturity is reached.

DUNEDIN - MARKETS WHEAT, OATS, ETC. Offerings of wheat from the country during the past week have shown signs of falling off. The long spell of dry weather has enabled farmers to thresh out of the s.tack without interruption, and the bulk of samples are now in the market. There are still some lines to come, but most of these are accounted for by the decision of some farmers to hold off till the spring on account of the grain having to he held in stack to allow it,to harden up in condition. There has been no appreciable alteration in market conditions. Tuscan is still hard to secure, and those samples that are available are easily placed with millers. Red chaff is in a similar position, but preference is shown for the former variety. Values for Tuscan are 5a lOd, f.0.b., sacks extra, while 6s is being paid for Hunters. The equivalent price for the above is arrived at by a deduction of the f.o.b. charges and the railage from loading stations. _ The fowl wheat market is quiet. ihe larger percentage- this year of undergrade wheat has caused a glut in fowl wheal. Stores contain heavy supplies, and the demand locally and for shipment is small. This has caused a decline in values, with the result that good fowl wheat is selling at 4s 9d, sacks extra, ex store. Not a few lines lacking the quality of good whole fowl wheat are selling below that Present indications point to very heavy sowing out for the\coming season. Farmers are already taking delivery of seed wheat for autumn sowing, 'and advanta'ge is being taken of the drf weather to prepare the ground for sowing. In many cases sowing operations have already been completed. Millers’ prices for flour, etc., are as follow: — . _ 1 _ A , Flour: 2001 b. £l7 ss; 100’s, £lB ss; 50 s, £lB 10s; 25’s, £l9. Bran, £5 10a per ton. , Pollard, £6 per ton. . Oatmeal: 2001 b, £2l: 25 s, £23. The oat market is lifeless, practically no business /passing. Offerings from the country are light and there is no inquiry for shipment. The millers,-having secured a good proportion of their requirements, are not so keen to operate. Heavy Gartons are worth 2s 3d, sacks extra, on trucks, while ordinary A’s are selling at 2s 20, with B’s fetching 2d a bushel less. Damp weather conditions .early caused discolouration in some samples and these have been classed as undergrade, valued at Is lOd, sacks extra, on trucks, at country sidings. . . . v The demand for chaff is purely local, and sales are confined to small quantities, ex store. The hulk of the supplies are arriving from Canterbury and these have been sold in ton lots at £4 10s per ton. sacks extra, ex store. It is almost impossible to find buyers for truck loads, and in order to effect sales, ex truck, £4 and £4 2s 6d, sacks extra, has to be accepted. Shipping values are still down, and there is small prospect of any improvement. This means that there will, be no shipments from this port, as local values are too high to compete with those ruling in Canterbury and Blenheim. The quantity of table potatoes available for the* market is far in excess of requirements, and the position has been aggravated by the fact that growers have been taking advantage of the favourable weather to push on digging operations. The bulk of the potatoes lifted have been sent on to the market and as a result stores are carrying exceptionally [ large stocks for this time of the year. , Sales cannot be effected even at reduced prices, with the result that quotations are only nominal. The highest figure ruling lor choice lines is £3 10s per ton, sacks extra. Reports from northern centres and also from the North Island indicate that the markets there are experiencing the same conditions as obtain in the local market.

The seed market is usually very quiet at this time of the year, and the present season is by no means an exception to the general rule. Very little business is passing in any lines, but markets remain steady with values considerably lower than has been the case for a number of years. It is freely reported that sowing out will be considerably reduced as a result of the poor purchasing power of .the farmer,, and it is consequently very likely that the retail spring trade will be on the light side. '

Produce lines are quoted wholesale as follow: a

Chaff:, Good quality, £4 10s per ton, ex store, Dunedin, sacks extra. , , Potatoes: Bestiquality, £3 10s per ton. Dairy butter: Milled bulk, lOd to lid per :1b; separator pats, lOd. Bacon, lid per lb. Hams: Ordinary, Hid; boneless, Is OJd per lb. / Onions: Canterbury, 8s per cwt. Eggs: Stamped, 2s; case, Is lid. Pullets’ eggs, Is 9d per dozen.

Eggs were reduced Id per dozen during the week. / FRUIT REPORT. Apples have been in shorter supply during, the week, and prices as a result have been a little firmer.

The market for pears is glutted at present, and. only choice lines are ; saleable. Even the best quality are commanding only very low rates. Growers would be ,well advised to refrain from consigning poor quality pears to the market in the meantime.

- Samoan bananas arrived during the week ex,the Maui Pomare. They opened up in first-class condition, and were readily taken up. Oranges are in heavy supply at the present time, and are selling at much lower prices. The lemon market is also much easier.

The. Waikouaiti arrived during the week with supplies of melons, mandarins, pines, and lemons, and navels. All lines were taken, up promptly with the exception of navels, which are selling at values considerably lower than those ruling for the previous shipment. No further consignments of_ citrus fruits are expected until the arrival of the Wainui on Tuesday week. A few tomatoes are still offering, ruling values being very satisfactory. There are also a few quinces about, but the quality is mostly poor. Cauliflowers are in shorter supply, with prices firmer, but all other vegetables are in good supply, with prices low.' Wholesale prices are as follow: Apples; Delicious, 6s 6d to 8s 6d per case; Jonathans. 6s to 7s 6d; Cleopatras, 5s 6d to 7s; cookers, 4s 6d to 5s 6d. Bananas: Ripe, 20s; Samoan green, 19s to 225. Oranges: Island, 12s to 14s; navels, 14s to 17s. Lemons: Australian, 17s to 18s case. • Pears: Winter Coles, Is to 2s per halfcase; small, unasaleable; cookers, 2s. Tomatoes: “Choice well coloured, 4d to 6d; others, Id to 3d; local hothouse. 8d to 10Jd per lb. * Quinces, 5s to 6s per bushel ease. Local grapes. Gros Colmars, to Ss 2d. Pines, 18s to 20s.

Mandarins, 12s 6d to 16s. Passions: North Island, 5s to 6s per case. „. Cauliflowers: Choice, 5s to 6s per sack; othei’S, Is to 2s. Pie melons; Australian, 12s to 14s per CW Celery: Choice, 6d per head; others. 6d per bundle. Cabbages, 2s to 3s per sack of 18 Lettuce: Choice .to 2s per dozen; others unsaleable. Potatoes. 4s per cwt. Rhubarb, to 4s per dozen bunches. Swedes, 2s per cental bag. Carrots, to 2s 6d per sugar bag. Parsnips, 2s 6d per sugar bag. WAIHI GOLD MINES The following are the crushing respite for the period ended May 2 for the Waihi Gold Mines on 20J crushing days:—-ton-nage crushed, 16,898; amount produced, 5850 fine ounces gold, 19.635 fine ounces silver This included 1866 tons mined from ‘the Grand Junction area, which yielded 922 ounces of gold and 97dt> ounces of silver. AMERICAN MONEY MARKET (United Press Association.) (By Electric Telegraph—Copyright.) NEW YORK, June 11. Call money rate of renewal, U per cent, all daj\ BRAY BROS.. LTD.. CRAWFORD AND BOND STREETS DUNEDIN. Are reliable FRUIT AND PRODUCE SALESMEN and solicit consignments of all kinds of fruit and produce, and will be pleased to furnish MARKET .REPORTS on application. CORRESPONDENCE invited. —Advt.

BALCLUTHA STOCK SALE (From Our Own Correspondent.) BALCLUTHA, June 12. The yarding of sheep at the fortnightly sale to-day numbered 3000. In sympathy with the rise elsewhere, the market for fats was a good one, but the store pens housed a number of poor quality sheep, and these made low prices. Heavy fat lambs sold at 16s to 18s 3d. fat wethers 14s 9d to 17s 3d, fat ewes 10s 6d to 13s 6d. Store Sheep.—Very forward lambs realised lie 3d to 12s 7d; average quality, 7s to 9s 6d; small lambs, Is 4d to 3s; wethers, 12s to 13s sd;. sound-mouthed ewes, 9s to 11s; cull ewes, 6d to Is 3d; failing-mouthed ewes, 4s 6d to Cs 6d. Cattle.—-Fat cows, £4 to £6; young bullocks, £2 15s; a line of three-year-old Hereford bullocks (offered qp behalf ot Messrs Telford, Otanonomo) sold at £6 10s, £7 ss, and £9 Is; young Jersey steers, £1 l6s. Dairy cows sold at from £3 to £8 15s, the latter price being for cows just at' profit. a Pigs.—Small, weedy suckers brought os to 8s; better quality, 16s 6d to 20s. NEW PLYMOUTH OIL WELLS (Per United Press Association.) WELLINGTON, June 12. The weekly report of New Plymouth (N.Z.) Oil Wells, Ltd., for May 8 is as follows: —“Drilled ahead to 2212 feet in sticky mudstone, with occasional hard concrete layers, showing oil and gas present in well.” BANK OF ENGLAND RETURN (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 11. The following is the Bank of England return: — ISSUE DEPARTMENT. Note issue in circulation .. £354,250,870 Banking department .... 61,005,032 £415,255,902 Government debt £11,015,100 Other Government securities 233,609,212 Other, securities H,274,894 Silver coin 4,160,704 Gold coin and bullion .. .. 155,255,902 £415,255,902 BANKING DEPARTMENT. Proprietors’ capital £14,553,000 Rest 3,270,197 Public deposits 9,627,017 Other deposits (bankers) .. 69,651,406 Other accounts .. .. ... .. 33,266,981 Seven-day and other bills .. . 2,205 £130,370.806 Government securities .. .. £33,210,908' Discounts and advances .. .. . 6,597,037 Other securities .. 28,528,210 Notes in reserve 61,005,032 Gold and silver coin .... 1,031,621 £130,370,806 The proportion of reserve to liabilities is 55.10 per cent. Short loans are quoted at, 1| per cent.; three months' bills at 2j' per cent. CANTERBURY MARKETS (Per United Press Association.) CHRISTCHURCH, June 12. The market' for all classes of produce is very quiet. Potatoes have_ not yet ceased to slip in price. Whites have actually been sold at 32s 6d per ton on trucks for prompt delivery, the f.0.b., e.i. price being £2 10s to £2 12s 6d. Under the influence of the cheap rates for whites Dakotas are very difficult to quit, and a sale was made to-day at £1 7s 6d per ton on trucks. The North Island is not yet making/any inquiry. Traders apparently are confident that sufficient potatoes will go north on consignment to meet all needs. . .... Both milling and fowl wheat is inclined to be easier. Millers are buying very little milling wheat. . There is no movement in either the oats or chaff market, and the demand for seeds is lifeless. BRADFORD MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON. June 11. The Bradford market is stagnant and weak. Quotations: 70’s, 24Jd; 64’s, 21Jd; 60’s, 20d; 56’s, 13Jd; 50’s, 12d; 46’s, 9d; 40’s, 9d. WHEAT, FLOUR. ETC. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 11. Wheat cargoes are quieter at 3d to_ 6d lower. Parcels show 3d to 6d decline. Futures: —London: June, 19s 7d; September, 19s 7Jd. Liverpool: July, 4s 2gd; October, 4s 3Jd; December, 4s Sfd. The spot trade is dull; tendency to be easier. Australian, ex ship, 24s 3d and 25s 6d. Flour: Quiet. Australian, ex store, 18s 6d and 19s 6d. Oats: Slightly easier. Peas and beans: Quiet and unchanged. DAIRY PRODUCE. Messrs A. S. Paterson and Co., Ltd., are in receipt of the following cablegram from their principals in London:— Butter—Market easier; Danish, unchanged; New Zealand, llOs, Ills; Australian, 107 s. • Cheese. —Market steady; white fullcream cheese, 54s 6d, 555; standardised cheese, 535, 545; coloured, 575, 58s; standardised cheese, 565. MELBOURNE MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) MELBOURNE. June 12. Wheat, 2s 6d. Flour. £6 15s. Bran. £4. Pollard, £4 10s. Oats, 2s U to 2s 2d. Barley.-—English, 2s 7d to 2s 9d. Maize, 4s 3d to 4s 4d. BUTTER AND CHEESE (United Press Association.) (By Electric .Telegraph —Copyright.) , LONDON, June 11. Butter is in good demand. Danish, 119 s; choicest salted—New Zealand 110 s to 112 s. Australian 107 s to 108 s; unsalted —New Zealand 116 s to 118 s, Australian 110 s to 112 s. . , Cheese, is steady. New Zealand—white 555, coloured 57s to 58s; Australianwhite 545, coloured 575.

CHICAGO WHEAT MARKET (United Press Association.) (By Electric Telegraph—Copyright.) NEW YORK, June 11. Chicago wheat quotations: June, 69| cents per bushel; July, 57; September, 56|; December, 60f. f LONDON STOCK EXCHANGE. (United Press Association.) (By Eleotrlo Telegraph—Copyright.) LONDON, June 11. The following are the latest quotations for Government securities compared with the prices ruling last week:— FOREIGN EXCHANGES. . (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) RUGBY. June 11. GILT-jEDGED OPPORTUNITY CHRISTCHURCH DRAINAGE BOARD REDEMPTION LOAN. / In these days of financial uncertainty investors seeking a sure return on a gilt edged security will welcome the opportunity offered by the Christchurch Drainage Board Redemption Loan 'of £90,000. Though the interest on this Loan docs not commence until June 30, already close on half of it has been taken up. Interest at the rate of £5 10a per cent, per annum will he paid, the Board paying exchange on all accepted application money, and Principal and Interest being payable free of exchange at any branch of the Bank of New Zealand within the Dominion. Tire Debentures will be issued in the denomination of £IOO, and application money will be received at the office ol the Board, 198 Hereford street, Christchurch, in cash, ’ bank draft, or marked cheque. The date of maturity of the Loan is June 30„ .1946, and the Debentures are classed as a trustee inevstment. The Principal and Interest are secured by a Special Rate of Jd in the £ on the capital value of an area known as the sewerage area, valued at £20,164,060. Application forms can he secured from either the Board direct or from any branch of the Bank of New Zealand, ot any sharebroker. A brokerage of £1 per cent, will be paid to sharebrokers, banks, and solicitors doing business in the Dominion on sales actually completed by them.—Advt.