COMMERCE AND FINANCE

Otago Daily Times, Issue 21544, 16 January 1932, Page 8

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE BUSINESS'OF THE WEEK. The following is a list of the sales recorded on the Dunedin Stock Exchange ■ince business was resumed last Monday : Bank of New. Zealand, 44s 6d. National Bank of New Zealand, 75s fid. New Zealand Insurance, 40s fid. a Union Steam (pref.), 20s. ~ Dunedin Brewery, 20s. Okarito, 10s 6d (four); 10s 9d (three); 10s lOd. 5i per cent. Bonds (1937), £IOO. The Dunedin, Stock Exchange resumed business last Monday after the New Year vacation, and business has been rather' quiet so far. The market generally is in much the same position as at the end of last year, with a number of lines showing a firmer demand. The total number ot transactions recorded for the week is 14. of which eight parcels were Okaritds. Bank of New Zealands have been dealt in at 44s 6d, the closing offer of 44s 3d being met by demands for 45s on the part of sellers. National Bank of New Zealands also had business, a parcel being turned over at 75s 6d. -—The shares were on the market at the end of the week at'76s, with no buyer forward. National Insurances continue to have inquiries at 12s fid, with no seller in the market.

There was a transaction in New Zealands at 40s fid, no buyer coming forward when the shares were later offered, at 40s 9d.

The first offer of 22s 9d for Westport, Coals hag been increased to 23a '9d. but sellers have remained firm at 24s 3d. ; Ordinary New Zealand Loan and Mereantiles have a seller at £sl, with. no buyer in the market. Up to 12s is being offered for paid-up New Zealand Refrigeratings, but: sellers are reticent. The contributing shares have been banted at up to 4s lid, the best selling quotation at the close of the market being -5s 2d. British Tobaccos have a firm inquiry at 26s 6d, sellers asking Is more. There was an inquiry/for Farmers’ Fertilisers just before the close of the’ market, the price offered being 11s 6d. No seller responded. New Zealand Breweries were asked for at the commencement of the period at 28s. sellers demanding 28s Gd. The latter, quotation has remained unaltered, but the demand has eased, and the best price offered for the shares at the close of themarket was 27s 6d.

Tootha Breweries have been wanted at--225, but sellers are unwilling to part at' less than 245.

There was a sale of Dunedin Breweries, at 20s, but sellers were firm at 20s 3d„ when further offers of 19s 3d were made. Preferred Electrolytic Zincs are being asked for at 19s 9d, the best selling quotations being Is in advance- of the offer. ‘Kildares are firmly in demand at Is lid, and there is a seller at 2s Id. Okaritos were dealt in at 10s 6d early in the week, and just before the market closed there were sales at 10s 9d and 10s lOd. The final offer was 10s 9(L sellers asking 10s lOd. / _ There was a sale of 55 per cent. Bonds ’(1937) at par. They were offered at the same price at the close of the market, but buyers would Jiot give more than £99 15s. Sales: Okanto, 10s 9d (three). Sales reported: National Bank of New Zealand, £3 15s 6d; Bank of New Zealand. 44s 6d; New Zealand Insurance, 40s, 6a; Okarito (after last call), 10s lOd; Bank of New Zealand (after last call), 44s The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:—

\ t BANKING. Bank of N.S. Wales —Buy £27 10s, gel £2B ss. - ; Bank of New Zealand —Buy 44s 3d, eel 455. Commercial Bank —Buy 14s 2d. E.S. and A. Bank —Sel 85s. National Bank of N.Z.—Sel 76s Union Bank—Sel £7 17s (cum div.). INSURANCE. National "Insurance Co. —Buy N.Z. Insurance Co. —Sel 40e 9t}; SHIPPING. i ; Huddart, Parker (ord.) —Sel 265. U.S.S. Col (pref.)—Buy 19s 9d. COAL. 4- " . Westport Coal, Co. —Buy 235. 9d,. sel 24s 3d. • - LOAN AND AGENCY. •, .Wright, Stephenson (ord.) —Sel- 16s. MEAT PRESERVING, ' ! N.Z, Refrigerating (paid)—Buy 12s; . N.Z. Refrigerating (cont.) —Buy 4s lid, ■el 5s 2d. - MISCELLANEOUS. ' , ." .- British Tobacco—Buy 26s 6d, sel 27a. Bd.. D.I.C. (ord.)— Buy 12s 6d. D.I.C. (pref.)—Buy 19s lOd. M'Leod Bros.—Buy £22. National Electric —Sel 9s, ....... N.Z. Drug Co,—Buy 465, sel 495.. N.Z.'Farmers’ Fertiliser—Buy lls-Bd.* BREWERIES. . N.Z. Breweries, Ltd.—Buy 27s 6d. sel 28s 6d. „ .. N.Z. Breweries Debent. —;Buy 21s. Tooths Brewery—Buy 225. MINING. 44 'yUWaihi Grand Junction —Buy 3s 6d. - Electrolytic Zinc (pref.)—Buy 19s 9d, ■el 20s 9d. Mount Lyell—Buy 20s 6d, sel 21s, Id. Kildare —Buy Is lid, eel 2s Id. , Okarito —Buy 10s 9d, sel 10a l.od. >, Golden Dawn—Buy 7s 6d. • . ' Golden Terrace—Buy 3e. ’ Paddy’s Point —Buy 2s 7d, sel 3s-6d, ; Golden Progress —Buy 355, sel' 445. . King Solomon—Buy 2s 2d, sel 2s 25d>,

GOVERNMENT LOANS* v ty 44 per cent. Bonds, 1938 —Sel fOL- \\ per cent. Bonds, 1939 —Sel £97. '■ 5| per cent. Soldiers’ Bonds, 1933—5 el 199 10s. „ 5J pet cent. Bonds, 1937 —Buy £96.. 54 per .cent. Bonds, 1937—8uy ,£99 15s, 5J per cent. Inscribed, 1937 —Buy £99 15s, sel £IOO. NORTHERN EXCHANGES ;;V (Per United Press Association ) -The following business was done on ’Changes yesterday:— ( C :: Auckland. —Sales: Bonds (1937). aj per cent, (late sale Thursday.),- £99 17s 6d; Inscribed Stock (1937) 54 per cent, (three parcels), £99 17s 6d; Inscribed Stock (1933) 54 per cent., £99 ' ss; National Bank of New Zealand, £3 15s 6d; Bank of New Zealand, 44s 3d; New Zealand Breweries. 28s 4Jd; British Tobacco, 275; Woolworths (pref.), 255; Electro Zinc (pref.), 20s 3d: Mount Lyell, 21s:,Golden Dawn, 8s Id; King Solomon, 2s 2d, Wellington.—Sales reported: Lew Zealand Refrigerating Company (10s), ss, (on ’Change) cum div; New Zealand Government 54 per cent. Bonds (1937). £100: Stock (1937), £100; Commercial Bank oi Australia (ord.), 14s 2d. . Christchurch.—Sales; Commercial Bank of Australia, 14s 3d; Union Bank ol Australia (cum div),, £7 14s 6d; Dalgety and Co., £7 17s;' New Zealand Refrigerating (10s paid), cum div, 5s (six parcels), 4s lid (three parcels); Christchurch Gas (10s paid), 12s Cd, 12s Bd, 12s 9d; Golden Dawn, 8s Id (four parcels); Golden Point, 84d (three parcels); Okanto. 10s 9d, 10s 7d; Waihi, 16s 7d. Sales reported: Commercial Bank of Australia. 14s 3d; Mount Lyell, 21s; New Zealand Refrigerating (iOs paid), cum div. 5a Id. MELBOURNE MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) MELBOURNE, January 15. Wheat, 3s Id to 3s 2d. Flour, £7 15s. Bran, £5. Pollard, £5 ss. Oats, 2s Id to_2s 3d. Barley.—English, 3s to 3s 2d. llaize, 3s to 3s 3d.

LOCAL AND OVERSEAS MARKETS.

AUSTRALIAN PASTORAL COMPANY NET PROFIT FOR YEAR. (United Press Association.) (By Electric Telegraph—Copyright.) .LONDON, January 14. The Australian Pastoral Company’s net profit was £22,531; brought forward, £610; available, £23,141; forward, £3141. LONDON WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) v \ LONDON, January 14. At the wool sales 8640 bales were offered, including 1536 from New South Wales, 1477 from Queensland, 1531 from Victoria, 857 from West, Australia, and 3114 from New Zealand, of which approximately 6560 bales were sold. Yorkshire and Continental competition was well sustained, and prices were fully maintained. Greasy combings: Queensland “Mamadilla,” lOid and 10id; New South Wales Bangate,” 10id and 10id;-Western Australian, “Tibraaden,” lid and IOJd. Scoureds; Queensland, “ Maxwelton,’ 22d and 21Jd; New South Wales, “Bangate, 20d and 18d; Victorian, “ Brooklyn, 17id; New Zealand, “ Flockhill,” 15d and 14|d. Slipes: Halfbred Jamb, HJd and 9|d. Messrs Dalgety and Co., Ltd., have received the following cablegram from their head office, London, dated January 14: — The wool sales continue active, with wider competition and a hardening tendency.

. BEET . SUGAR (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, January 14.’ Beet Sugar.—February, 6s IOJd. , THE PRICE OF SILVER • ’ . i : :V. ; -. (British Official tireless.)’ . (United Press Association.) " ( By Electric Telegraph—Copyright.) ■. RUGBY, January 14. Silver—Spot, 19 15-16 d pet oz; forward, 20d. ■ - NEW ZEALAND- REFRIGERATING ' | COMPANY--4 • J :■ DIVIDEND OF' 5 ‘PER .GENT. (Peb United Pbess. Association.) •. CHRISTCHURCH, January. 15. ' A preliminary announcement, -states that the -New Zealand Refrigerating iCOhv pany> Ltd.; last .year made a 'profit of £64,320. The directors, at the annual general meeting, will recommend thfe'payment of a dividend at the rate'of o’pet cent, and the transfer of £30,000 to the’ reserve, account. The annual report and statement of. aecounts-will be issued to shareholders nest week. BUTTER. CHEESE,. AND EGGS (United Press Association.) (By Electric Telegraph—Copyright;) LONDON, January 14. Butter: Slow. Danish, 118 s; choicest salted New Zealand, 98s and 995; Australian, 98s; unsalted New Zealand, 114 s and I16s; Australian, 108 s and 112 s. Cheese; Slow. New Zealand coloured, 575; white, 58s; Australian coloured, 555, Australian eggs, 11s and 12s.

Messrs Dalgety and Co., Ltd., have received the following cablegram from London, dated January 14:—The butter market is dull and lower. The cheese market is slow. Quotations; Danish, butter, 116 s to 118 s; New Zealand finest butter, 108 s to 110 s; Australian finest unsalted butter, 106 s to 110 s; Austra han finest salted butter, 975. to 995; Australian G.A’.'Q|jbhttof,> 92sV’tp: 965; Australian ■ \ 05s? tb 5 • 575; Australian cheese coloured, ,54a t 0,565; New Zealand cheese, white, 56s to / ; 58s; New Zealand cheese, coloured, 55s£to 575; Canadian cheese white, 66s to 70s;- Canadian cheese, coloured, 66s to 70s; Canadian, cheese, c.i.f., not quoted. 7 Messrs A. S. Paterson and Co., Ltd., have ,received the. following cablegram from- London:—Butter; Market disorganised owing to accumulation as the result of the strike of lightermen, and the collapse of the European market. Danish, 'll6s; New Zealand and Australian. 98s. Cheese: Barely steady/ White cheese, 57s to 58s; coloured cheese. 56s to 575. 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. (

DUNEDIN MARKETS WHEAT, OATS, ETC. Little business is passing in milling wheat, as millers are content to look on till such time as the new season’s cereal comes on the market. Odd wheat paddocks are being cut in the Ashburton district, and yields on the good land should turn out better than was expected. Nevertheless, the yield in this district will be considerably below that of last year. Good whole fowl wheat is quoted at 5s 2d. f.0.b., Lyttelton. There is a little more wheat now offering to the North Island from Blenheim, the price ranging round about 5s Id. The forward position is somewhat weaker, sales having been made at 4s 3Jd, f.0.b., March-July delivery. It is difficult, however, to locate many sellers at this figure. So far as the local fowl wheat market is concerned, supplies are ’ not plentiful. The sales of odd lots coming forward are on a basis of ss. ex store, sacks extra. Millers’ prices for flour, etc., are as follow: — • , „ Flour: 2001 b, £l7 2s 6d; 100’s, £lB 2s 6d: 50’s, £lB 7s fid; 25’s, £lB 17s fid. Bran,, £5 10s per ton.

Pollard, £6 10s per ton. Oatmeal: 2001 b, £2O: 25’s, £22., Reports from Ashburton state that some nice samples of Algerian oats have been thrashed in that district, and that farmers are asking 3s to 3s fid per bushel, on trucks, sacks extra. Yields are running about 30 bushels to the acre on the light country, and it is expected that the crop will be a short one. It is reported that the crops in Southland are now out of ear; but that in most instances they will be on the light side. Given fine weather from now on, the bulk of the Southland oats should be harvested m good condition. ", There has not been much business passing in oats during the: past week or so, but southern holders are very firm in their ideas of values, • For, -prompt delivery -A Gartons are’ quoted at 3s 2d, f.0.b.. s.i., South Island ports; with B’s sit 2d per bushel less. For forward delivery,. April-September, there are quotations at 3s 2d. f.0.b., s.i., for A Gartons, and 3s, for B’s. As a (natter of fact, however, merchants are not anxious to quote forward at the present .time. , With plenty. of green feed available the demand for, chaff by local feeders is on the small side. All the grain stores are at present congested with stocks of wool, and sales of chaff have to be effected whenever possible ex the truck. The value of this chaff ranges up to £4 10a per-ton. sacks..extra. . . There has been a firming in almost all seed lines, especially for those which are in common use. on the pastures throughout the -Dominion. ' * Cocksfoot, ryegrass, white . clover, and cowgrass are in good demand,, s,nd there’is practically no carry-over-fronr last season. - At 1 the best it is considered .that not-more than average yields can be expected from the harvesting df any df the ,varieties named. So far ,as cocksfoot ig. concerned, reports to hand state that the returns from the crops at Akaroa will be very disappointing. Growers in many instances are saving no seed at all, having, after shutting up their paddocks' until December, 'turned their cattle in, as there was not enough growth to enable’the seed to be cut. Produce lines are . quoted wholesale as follow: ... , V, ' ’ • Chaff: Good quality, £4 10s.per ton. ex Dairy butter:.-Milled bulk,. 0d- per lb; separator, Bid. Bacon, lOd per lb. Ham: Ordinary, lOJd; boneless. Hid per lb. '■ : Onions: Melbourne, ICs per cwt. Eggs: Stamped, Is per dozen; case, lid.

FRUIT REPORT. The demand during the week for most lines of fruit and vegetables has been poor, the . holiday , demand having now •eased off. , ’. V , Heavy supplies of apples are still arriving from Canterbury cool stores. The demand is weak, and the apples are selling at very low rates. New season’s Beauty of Bath have arrived from Central Otago and Gravehsteins from Nelson. Sales of both these lines are affected by the quantities of cool store apples on offer, and the prices realised are lower than those usually obtained at this time, of the year. A shipment of Samoan and Rarotongan bananas came to hand during the week. These met with ,a good demand. A shipment of Australian -oranges and a small line of lemons will .come to hand ex.ithe Kaimiro, due on Tuesday from Melbourne. Supplies of demons are in the .meantime short in the, wholesale marts.-. Strawberries are still offering in small lots. The demand has now eased off considerably. • ’ 5 Cherries continue in heavy supply and prices are low. The demand for cherries throughout the season has not been very keen, with- the exception of a briskness during the Christmas week. The early varieties of peaches have been in over supply. The later varieties should realise better prices, as the fruit will be spread over a longer period of supply. Satisfactory prices were obtained for early peaches until the past few days, but the market has now firmed slightly again. Heavy rains in Central.' _ Otago have caused a temporary reduction in supplies. Apricots are offering in small Jots. Choice quality are bringing good prices. Raspberries from the.Waimate district are practically finished, but fair supplies are offering from growers at Pine Hill. Loganberries are in fair supply. Plums have been in over-supply. Consignments have been coming chiefly from Canterbury. Odd lots of nectarines are now on the market. Green peas are in better supply, and prices have eased a little. Locally grown potatoes are in very heavy supply. Cabbages and lettuce are practically unsaleable. Even choice quality have a poor demand. Cauliflowers are offering more freely and prices are easier. Broad beans have been selling at low rates, but French beans have a keen demand. . Wholesale prices are as follow: — Apples: Stumers, choice, to ss: others -2s to 3s; Lord Wolseley’s, ss; new season’s Beauty of Bath, 2d to 3d per lb., Bananas: Ripe, to 20s. Oranges: Australian Valencias. 10a to 14s. Strawberries: Choice, lOd to Is 3d per pottle. ' Cherries: Choice, 4d to ! 8d; small, 3d.

Lemons: Australian, 25s per case. Hothouse tomatoes, 5d to 7d; seconds, 3d to 4d; small and rough, 2d to 3d. Red and black currants, 3d to 4d per lb. , Gooseberries, Id per lb. Peaches: Crates, 2d to 3d; cases, 2s to 3s. Plums; Dessert, ,l4d to 3d per lb; inferior, 2s per case. . Apricots: Crates, 2|d to 4d; cases, 3s 6d to Cs. „ Loganberries, 7d to 8d per lb. Green peas: Choice, 24d to 3d. Raspberries, 7s 6d to 8s per bucket. Nectarines, 5s to 7s per ease. Cucumbers: Hothouse, 3s to 6s per dozen. Broad beans, Id per lb. French beans, 4d to 44d. Cabbages, Is to 2s per sack. Cauliflowers, 4s to 7s per sack. Lettuce: Choice, 6d to Is per dozen. Carrots, 9d to Is per dozen hunches. Peninsula potatoes, Id per lb. WHEAT. FLOUR, ETC. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, January 14. Cargoes are dull. There is a free offer, ing of Australians, and there are heavier Russian shipments. The quotations are mostly 3d to 6d lower. Parcels are quietly steady, but Plates are freely offered. Trading is poor. Futures —London: February, '24s; June, 24s 7d. Liverpool: March, 5s 2d, 5s Bdj May. 5s s ld;. July. 5s 71J, The spot trade is quiet, and prices 'are mostly easier. Australian (ex ship), -29 s 3d' and 30s. j Flour: Slow. Australian (ex store), 20s 6d and 215.,; Oats are tending to be easier. Peas and beans are quiet and unchanged. BRADFORD MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, .January 14. At Bradford there is a fair amount of business, with a hardening tendency for finer qualities. Quotations; Seventies, 26d; sixty-fours, 24d; sixties, 22.1 d; fiftysixes, 17l’d; fifties, 12Jcl; forty-sixes, lOld, forties, 9Jd. <

WANGANUI WOOL SALE SATISFACTORY PRICES. (Per United Press Association.) WANGANUI, January 15. There was fairly keen competition for the better class of wools at to-day’s Wanganui wool sale, the first of the current season for this district. Prices for this type in consequence remained firm on late sales at Napier and Wellington. In an offering of 20,000 bales, however, there was a great deal of seedy and inferior wool, for which there was little demand. A full bench of buyers operated, and bidding, though it was erratic and hard to follow for comparative purposes, was fairly well spread. Japan was in the market for the better class of wools, and the Continent also took a fair quantity at the top range' of prices. The offering was more suitable to Bradford and the Continent than to other countries, and a satisfactory feature about the sale was that, while there was a very small percentage of good super wools, there was sufficient competition_ shown to keep the average range of prices on a level with those established in both Wellington and Napier. In some cases, super wools were sold in seller’s favour. Lambs wool was not in demand and pieces showed a decline to a price level more in keeping with their relationship to fleece wool. The official range was as follows: — Halfbred. 56-58 Super, none. Average, BJd to OJd. Halfbred, 50-56 Average, 7Jd to B£d. Extra fine crossbred, 48-50 Super, Bd. Average, 7Jd. Fine crossbred, 46-48 Super, none. • • ' Average, 5Jd to 6Jd. , Inferior, 4d to 6d. Medium crossbred, 44-46 — .. r Super, none. , , Average, 44d to s*)d. Inferior, 3|dto sd. . :• Crossbred,’ * . , Super, none.- ' -- Average, 32d to 4Jd. Inferior, 3d to 4d. Hoggets— • J . 48-50, 7d to Bd. /: 46-48, 5d to 7d'. ■ Lambs — 46-50, 0d to Bd. Inferior, 2d to fid. Halfbred pieces, 64d. Crossbred pieces, 3d to 4Jd. Bellies, 2Jd to 3jd. , y ; Locks, Id to 2d. Crutchings. 2d to 4d.

OAMARU MARKETS . I Special to Daily Times.) ,' OAMARU, ‘January 16;’ Practically all the Wheat in,the district has been cleaned up. Most of the merchants are just carrying sufficient fowl wheat for. any requirements before the new season’s wheat conies on the market. There has been a fairly keen demand for Algerian bate, and very few are available in. the district. for these has been mostly made by farmers wishing to sow for green, feed. Dun oats ate also in demand, as'Js also Cape barley. There has been a fair demand for ryegrass for autumn sowing, and prices are becoming much firmer; as there have been sales recently from Southland for export to Australia. There is not much hope for ryegrass being harvested for seed in North Otago, and the same applies to cocksfoot, which has recently become considerably firmer in price., The following private'stock sales were transacted during the week: —Store steers, £4 10s; fat steers, £7 2s 6d; fat heifers, £5 15s; dairy cows, £5; fat wethers, 16s; fat lambs, 13s 9d; fat ewes, 7s 6d. , OWAKA STOCK SALE (From Oub Own Correspondent.) BALCLUTHA, January 15. There was a fair yarding at the Owaka stock sale to-day, when prices ranged as follows: ■ - Fat ewes, 7s to 10s; ewes and lambs, 4g 2d to ss; tWo-tooth ewes, 8s ,6d to 13s; two-tooth wethers, 7s to 9s 4d. > ‘ ■ Fat bullocks, £7 to £7 15s; fat heifers, - £5 to £5 10s; fat cows, £2 10s to £3; two and a-half-year-old steers, £3 17b to £4 10s; one and a-half-year-old steers, £3 ss‘ 15 months old heifers, £2 3s. Pigs: A small yarding, prices from 11s to 31s.

PRICE OF FINE GOLD (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, January 14. Fine gold is quoted at £6 Os 4d per ounce. LONDON STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, January 13. P. and 0., 21s lOJd; Zinc, 24s 41d. LONDON STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, January 14. The following are the latest quotations for Goteminent securities compared with the prices ruling last weelti—

FOREIGN EXCHANGES (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) RUGBY, January 15.

COMPANIES REGISTERED The latest issue of the Mercantile Gazette notifies the registration of the followng companes:— Lindsay and Dixon, Ltd. Registered as a private company, December 22, 1931. Office; Invercargill. Capital: £14,153 in 14,153 shares of £1 each. Subscribers: Lillburn, Southland—J. J. Dixon 4718, W. G. M’Kenzie 3145, trustees estate of G. Dixon 3145. C. H. M'Kenzie 3145. Objects: Sawmillers and timber merchants. M'Dougall (A. B.), Ltd. Registered as a private company December 24, 1931. Office: Winton, Southland. Capital: £9OO in 900 shares of £1 each. Subscribers: Winton —A. B. M'Dougall 870, J. G. Mitchell 10, J. M'Dougall 20. Objects: Grocers and provision merchants.

BRITISH-INDIA COMPANY The report of the British India Steam Navigation Company announces a net profit, after providing for depreciation and including the balance from last year, of £249,002. This result continues the remarkable consistency of the two preceding years, when the profits were £248,488 and £250,796 respectively. For the eleventh successive year a distribution of 10 per cent, is to be made to the ordinary'shareholders, whch, with £145,000 to the 3 and 5g per cent, stockholders makes a total "distribution of £221,576, leaving £27,426 to be carried forward, against, £26,912 in 1930 and £29,220 two years ago. The fixed assets of the company are now valued at £6,642,235, compared with £6,512,702 a year ago. while floating assets are £4,059,612, against £3,152,436. The directors state that to meet the position caused by low freghts and scanty cargoes, the closest possible attention has been given to effecting economies.

CHICAGO WHEAT MARKET (United Press Association.) (By Electric Telegraph—Copyright.) NEW YORK, January 14. (Received Jan. 15, at 9 p.m.) Chicago wheat quotations; March, 54| cents per bushel; May, 56J; July, 55|; September, 565. LONDON METAL MARKET i (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, January 14. (Received Jan. 18. at 11 p.m.) Following are ths official quotations In the metal market:—

SYDNEY STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, January 15. (Received Jan. 15, at 10 p.m.) On the Stock Exchange there was a moderate turnover. Commonwealth securities were largely dealt in "hnd short-dated issues had most support at enhanced prices, the gains ranging from 2g 6d in the case of 4 per cent. 1938 Bonds to 5s in the case of 4 per cent. 1944. There was' practically no movement in longer dated issues. - Bank scrip moved in favour of buyers and sales were recorded as follow: —Union Bank, £8 18s; Bank of New South Wales, £3O ss; Commercial Bank of Sydney, £l7 8s 6d. Other sales were;— Australian Gaslight (A shares) £5 12s, British Tobacco 30s Od, British Tobacco (Melbourne register) 31s, Dunlop Perdriau 14s 2d, Goldsbrough, Mort 27s 6d, Tooths Brewery 27s l|d (wrongly quoted last night at 17s 3d instead of 27s 3d), Tooheys 18s 3d, Broken Hill Proprietary 17s 6d, Broken Hill South 47s 6d, Broken Hill North 67s 6d, Zinc Corporation 325. BANK OF ENGLAND RETURN (United Press Association.) (By Electric, Telegraph—Copyright.) LONDON, .January 14. The following is the bank of England return: — ( ■ ISSUE DEPARTMENT. Note issue in circulation .. £354,743,809 Banking department .... 41,017,720 ) ' £395,761,529 Government debt £11,015,100 Other Government securities 243,097,503 Other securities 17,038,615 Silver coin .. .... .. 3,848,782 Gold coin and bullion .. .. 120,761,529 £395.761,529 BANKING DEPARTMENT. Proprietors' capital .. .. £14,553,000 Rest 3,510,672 Public deposits . / .. .. 22,361,119 Other deposits (bankers’) 68,701,679 Other accounts .. .. .. 37,911,905 Seven-day and other bills .. 1,401 £147,039,776 Government securities .. £53,560,906 Discounts and advances .. 15,846,127 Other securities 36,045,717 Notes in reserve 41.017,780 Gold and silver coin ~ .. 569.306 £147.039.770 The proportion of reserves to liabilities ie 30.20 per cent. Short loans are quoted at 4J per cent.; three months’ bills at 5§ per cent.

MADAME TUSSAUD’S PROFITS A reduction in net profit from £49,006 in 1929-30 to £39,840 in 1930-31, is disclosed by the accounts of Madame Tussaud’s, Ltd., for the year ended October 31. The directors recommend a dividend of 25 per cent, (against 50 per cent, on the deferred ordinary shares), which will absorb £11,250 (against £15,000), and £SOOO is again to be transferred to depreciation reserve account leaving £28,97 4 to be carried forward (against £27,384). In addition to the cash dividend paid last year, £15,000 was capitalised and new deferred ordinary shares were distributed to deferred ordinary shareholders in the proportion of one new share for every two shares held. The report states that the popularity of the exhibition has been well maintained, but the receipts decreased in the latter half of the year, mainly, because of the large decline in the number of visitors to London from the provinces and abroad. RABBIT SKIN MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, January 14. At the rabbit skin sales 2200 bales were offered and 1430 sold. Furriers, thin pelted, were 10 per cent, above November rates. Stout pelted were neglected. Hatters’ pulling were slightly easier. Unpulled were very firm.

KING SOLOMON DEEP LEAD (Per United Press Association.) INVERCARGILL, January 15. The secretary of the King Solomon Deep.: Lead, Ltd., reports a wash up for the week of 470 z 13dwt. CANTERBURY MARKETS

(Pee United Press Association.) CHRISTCHURCH. January 15. Though little business is being done in the grain market, interest is attached to the new season’s samples coming forward. Some are unusually early. The first of the season’s wheat has been offered. Usually the first sample comes from North Canterbury, but the present one is reported to have come from Rakaia, where the season is very early. The wheat was sold as fowl feed to the North Island, and has actually been shipped. The price was 5s Id, f.0.b., s.e. The nominal quotation is 5s for prompt Mareh-Septeraber. Fowl wheat has been sold at 4s 3Jd, f.0.b., s.e. Farmers in town to-day practically all reported an improvement in crops as the result of showers; There is no change in the oats market. Cartons have been offered during the week. Old chaff is being sold at £3 15s to £4 per ton. on trucks. A record in the early threshing of peas was indicated to-day in the offering of a sample of Partridge. Italian ryegrass is quoted at 3s per bushel on trucks, and good Perennial up to 4s. Cocksfoot' is quoted at 6d per lb for Akaroa. There has been a slight improvement in the potato market, a few sales having taken place to Auckland at 80s, f.0.b., s.i. The general offer is 77s 6d, but sellers are scarce at this price. The equivalent on truck price is 57s 6d. RATE OF EXCHANGE AUSTRALIA ON LONDON. (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, January 15. (Received Jan. 15, at 11.30 p.m.) The Commonwealth Bank reports that the rate of exchange on London is unaltered on the basis of buying telegraphic transfers £125 in Australia for £IOO in London,

Last woclt. This week. S 8. d. £ 8. d. Imperial Consols, 2% p.c. . 65 6 0 55 10 0 War Loan. 6 p.o., 1029-47 . 00 15 0 98 2 0 Conversion Loan, 8% p.o. . 75 0 0 75 15 0 Victory, 4 p.c. . 90 IS 0 92 0 0 C'wealtb 0 p.c., 1931-41 . 00 0 0 94 6 0 C'wealtb 6% p.c., 1922-27 . 78 7 0 82 5 0 N.Z. 0 p.c.. 1030-51 . 04 0 0 07 0 0 N.Z 4 p.c.. 1020 .. •. . 75 7 6 77 5 0 N.Z. 8% P-c.. 1040 . 74 5 0 73 12 0 N.Z. ? p.c.. . 1945 .. .. 0 0 05 6 0 N.S.W. 6% p.c.. 1930-40 . 88 0 0 04 2 c N.S.W, 6 p.o.. 1930-40 .. , S4 0 0 88 0 0 N.S.W. 5% p.c.. 1922-32 . SI 0 0 85 0 0 N.S.W. 4 p.o., 1933 . 81 0 0 84 6 0 N.S.W. 8% p.c.. 1930-60 . 09 10 0 73 10 0 N.S.W, 3 p.o.. 1035 .. . 50 0 0 GO 0 u Vie. OH P.C., 1930-40 .. . 74 10 0 78 10 0 Vlo. 6 p.c.. 1932-42 .. , 08 0 0 72 10 0 Vic. 4% p.o., 1940-00 .. . 79 10 0 S3 6 0 Vlo. 314 p.o.. 1929-49 .. . 62 0 0 01 10 0 Vlo 3 p.c.. 1929-40 . 58 0 0 60 10 0 Q’land 6 p.o., 1030-40 . 84 0 0 90 0 0 Q’land 6 P.O.. 1940-00 . 73 0 0 77 6 0 Q’land 8 p.o.. 1022-47 . 60 0 0 58 15 0 B.A. 6% p.o.. 1930-40 .. . 80 10 0 89 0 0 S.A 3% p.o.. 1039 . 05 0 0 07 10 0 B.A. 8 p.o., 1018 or after . 44 10 0 45 10 0 W.A 6 p.o., 1930-40 .. . 80 0 0 88 0 0 W.A 3% p.o.. 1020-35 . 72 10 0 78 17 ti W.A. P.o.. 1915-35 . 71 0 0 71 10 0 Tas. 6Vj P.o.. 1930-40 .. . 88 0 0 91 10 0 Tas 814 p.c.* 1920-40 .. , 03 0 0 00 5 0 Tas. 3 p.c.. 1920-40 . 02 17 6 03 0 0

Paris, fr to £1 .. Par, 124.21 Jan 14. 87 Jan 15. 88 7-10 Brussels. beluas to £1 25 24% 24 15-1(1 Oslo, kr to £1 .. 18.150 18 5-10 18% Stockholm, kr to £1 IS. 150 17% 18 Copenhagen, kr to £1 18,150 18 3-10 1844 Berlin, marks to £1 20.42 14% 14 10-32 Montreal, do] to £1 4.8(1 23 4,05 4.12% New York, do) to £1 4.80 2-3 3.41 3.40% Yokohama, pence to von 34.58 25% 2544 Honpkona pence to dot 25.15 17% 17% Bombay, pence to rupee ' 48 1844 IS 7-04 liatnrla, llonhs to £1 12.107 — 8.00 Milan, lire to £1 112.45 0744 08% Amsterdam, guild to £1 12.107 8.1044 S. 002 44 Prague, kt to £1 24.02 115 117 Geneva, kr to £1 25.224k 1744 17 25-32 Vienna, schillings to ei 24.55 % 30% 30 Helsingfors, marks to £1 103.334 23244 2;;5 Madrid pesetas to £1 25.22*4 40% 411% Athens, drachma to £] 25.2244 200 200 Lisbon, escudos o £1 5.51144 100% 205% Bucharest, let to £1 037 510 57(1 Itlo de Janeiro pence lo millets • IS )% 4% Bucnoi- Alrw*. pence peso* to 47.82 3(1% 30% Bhanplial. pence to ' rad 2'',.',*4 10% 23% Montevideo, pence to uuho 01 3144 31%

Copper, spot .. .. . Ton. S S Fall £0 17 e Copper, forward .. . . 41 6 3 Fall 0 13 6 Electrolytic, spot .. .. 47 0 0 Fall 1 10 0 Electrolytic, forward . . 49 0 0 Fall 1 0 0 Wire bars .. .. . 0 0 Fall 1 0 0 Lead spot s 8 Fall 0 3 9 Lead, forward .. . . 15 T 6 Fall 0 2 0 Spelter, spot S No Change Spelter, forward .. . 15 0 0 Fall 0 1 s Tin, spot .. .. . 1 S Fall 1 2 G Tin. forward 6 3 FaU 0 17 G Sllrer, fln? Oz. . 19 15-16d Rise %d Bilrer. . standard .. , . 21%d Rise %d