COMMERCE AND FINANCE

Otago Daily Times, Issue 21598, 19 March 1932, Page 9

COMMERCE AND FINANCE

THE-'SHARE MARKET i •; DUNEDIN STOCK EXCHANGE BUSINESS OF THE WEEK. The following is a list of the sales reeorded on the Dunedin Stock Exchange during the past week:— Bank of New South Wales, £25 (two). Bank of New Zealand, 42s 3d (three). National Bank of New Zealand, 68s. U.S.S. Co. (pref.), 20s. Electrolytic Zinc (pref-), 20s 6d. Okarito, 0s (two). King Solomon, Is 6d, Is 3d (three). Is, Bd. 54 per cent. Stock (February, 1937), <97"105. , . 5J per cent. Stock (September, 1937), 197. 5J per cent. Stock (February, 1951), 197 As a result of the decision of the Stock Exchange Association of New Zealand that, in future, buyers of Government Bonds, Stock, and all debentures, will receive accrued interest on purchases instead of the seller retaining all the interest up to the date of sale, as has been the case in the past, 1937 5J per cent. Bonds and Stock are now being quoted for both issues—those due in February- of that year and those due in September. The demand for these and all other Government Loans has continued to be easier at, if anything, a little less than last week’s rates. Business has been done in Bank of New South Wales shares at £25, two parcels having changed hands at that figure. These are still being offered at £25 ss, but buyers have failed to come forward recently. Three parcels of Bank of New Zealands changed hands during the week at 42s 3d. The figure which was being offered for the shares at the end of the week was 3d better, but sellers were then demanding 43s 6d. . . . There has been little alteration in the quotations for Insurance The price demanded by sellers of Nationals has cased from 12s 8d to 12s 4d, without any buyer coming forward. . tip to 22s has been offered for P. and 0. Deferred Stock, but sellers have been unwilling to do business at less than 24s 6d. , The demand for Kaitangata coals has continued to improve and there is an unsupplied buyer in the market at 2s discount.

Preferred Wright, Stephensons have been on offer at 15s, but no buyer has come forward. The demand for paid-up New Zealand Refrigeraitings now stands at 10s 4d. with no seller forward. _ The contributing shares are being inquired for at 3s 9d, but no seller is in the market. Ordinary D.l.C.’avhave.been on offer at around 12s 6d, and a buyer came into the market recently at Us 9d. ' New Zealand Paper Mills have had a buyer at 18s 3d, with a seller asking 19s 2d. The latest offer for New Zealand Breweries shares is 235, but sellers have been unwilling to do business at less than 24s 3d. . Offers of, 2ls for Staples have failed to attract a seller, ... A sale of, preferred Electrolytic Zincs was reported during the week at 20s 6d. There have been no further offers for these shares; The ordinary, issue- is wanted at 13s, but sellers are reticent. Okaritos eased again at the commencement of the week! Two parcels have been turned over at os, and the , market now stands at 9s (buyers) and 9a 3d (sellers). Business was done in King. Solomons at' the close of the previous period at Is 6d, and sales have been made since then at la 3d and Is 2d. A parcel of 5J per cent. Stock (February, 1937) has been turned over at £97 10s, and a sale of the September issue of the same Stock has realised £97. A sale wag, reported of 6J per cent. Stock (February] 1951), £97 being the price paid. The 1937 Stock was on offer at: £97 at the dose of the market. . Sales reported: National Bank of New Zealand] 68S; U.S.S., Co. (pref.). 20s; 5\ per cent.' Stock (September, 1937), £97; J>i Per cent. Stock (February, 1951), £97. The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:— . . . BANKING., : Bank of Australasia —Buy £8 14s, sel 19 2s. Bank of N.S. Wales—Sel £25 ss. Bank of New Zealand—Buy 42s 6d, sel 43s 6d. Commercial Bank—Buy 13s 9d. National Bank of N.Z.—Buy 655, sel 69s 6d. Union Bank —Sel £6 16s. "INSURANCE. National Insurance Co. —Sel 12s 4d. N.Z. Insurance Co. —Sel 37s 3d. SHIPPING. P. and 0. Deferred Stock—Buy 225. U.S.S. Co. (pref.)—Buy 19s lOd. COAL. ■Westport Coal Co. —Sel 21s. LOAN AND AGENCY. National Mortgage (“ B ” issue) —Sel 225. N.Z. Loan and M. (ord.) —Sel £42. MEAT PRESERVING. N.Z. Refrigerating (pd.)—Buy 10s 4d. N.Z. Refrigerating (cont.) —Buy 3s 9d. MISCELLANEOUS. Colonial Sugar —Sel £39. DJ.C. (ord.)—Buy lls 9d. sel 12s 6d. : DJ.C. (pref.)—Sel 20 s 3d. .Dominion Rubber—Sel 6s. Kaiapoi Woollen (ord.) —Buy 5s 6d, sel 7s. , -Milburn Lime and Cement —Sel 27s 9d. National Electric —Sel 9s. ~ N.Z. Drug Co.—Buy 465, sel 48s. . N.Z. Express (pref.)—Sel 15s 6d. N.Z. Farmers’ Fertiliser —Buy 12s. -N.Z. Paper Mills (ord.)—Sel 19s 2d. Otago Daily Times —Buy 40s, sel 465. Smith and Smith (pref.l—Sel 16s. Woolworths (rights)—Sel 3s 6d. BREWERIES. N.Z. Breweries, Ltd.—Buy 235, sel 24s 3d. ‘ VN.Z, Breweries Debts.—Buy 20s. t'; MINING. Waihi—Sel 16s 6d. Electrolytic Zinc (ord.)—Buy 13s. Molyneux Electric —Sel ss. Kildare—Sel Is lOd. Okarito —Buy 9s, sel 9s 3d. Paddy’s Point—Buy 2s 9d, sel 3s 6d. Cornish Point (pd.)—Sel 3d. Golden Progress—Buy 2s 6d. -King Solomon—Buy Is Id. Golden Point—Sel Bd. Golden Dawn—Buy 7s Id. ' Golden Terrace—Sel 5s 9d, Blackwater —Sel 6s Bd.

Gonsol Goldfields—Buy 2s. Gillespie’s Beach—Buy par, scl 4d prem. GOVERNMENT LOANS. 4J per cent. Bonds, 1938—Buy £92. 4| per cent. Bonds, 1939—8uy £92. 4| per cent. Inscribed, 1938—Buy £9l 10s. per cent. Soldiers' Bonds, 1933—5 el £99 ss. 51 per cent. Soldiers’ Inscribed, 1933 Sel £99 ss. 5J per cent. Inscribed, 1933—5 el £9B 10s. 51 per cent. Inscribed (February). 1937 —Sel £9B. 51 per cent. Inscribed (September), 1937—5 el £9B. ' NORTHERN EXCHANGES (Feb United Peess Association.) The following busines- was done on ’Changes yesterday:— Auckland. —Sales; Bonds (1937), 51 per cent., £97 ss: Inscribed Stock (1937), 5J per cent., £97; Commercial Bank, 13>, lOd; National Bank of Australasia (con.), £4 16s; Bank of New South Wales £24 17s 6d; Bank of New Zealand, 42s 6d, 42s 9d; New Zealand Insurance. 375; Halgety, £7 Is; New Zealand Breweries. 2.°s 9d: Colonial Sugar, £36; Waihi, 15s lid: Waihi Grand Junction, 3s 6d. Wellington.—Sales reported: New Zealand Government 4i per cent. Stock 11938), £92 (late sale Thursday); New Zealand Farmers’ Co-op. 6§ per cent. Stock (1940), £42 (late sale Thursday);

LOCAL AND OVERSEAS MARKETS.

New Zealand Insurance Company, £1 17s. Christchurch. —Sales; Commercial Bank 'of Australia, 13s lOd; New Zealand Breweries, 23s 9d; Golden Dawn, 7s 6d (three parcels); King Solomon, Is; Mahakipawa, 3d; Okarito, 9s Id. Sales reported: Bank of Australasia, £9 (two parcels); Union Steam (pref.), 2Cs Id; New Zealand Refrigerating (10s paid), 3s lOd; New Zealand Farmers’ Co-op. 61 per cent.'Stock (1940), late sale March 17, £42; New Zealand Guarantee Corporation, 4s 2d; New Zealand Government 54 per cent. Bonds (September, 1937), £96 17s 6d. BUTTER AND CHEESE (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, March 17. Butter is slow. Danish, 118 s; choicest salted New Zealand, 107 s to 108 s; Australian, 104 s to 105 s; unsalted New Zealand, 114 s to 115 s; Australian, 107 s to 108 s. Cheese is dull. New Zealand white, 61s; coloured, 625. Australian, 59s and 60s. Messrs A. S. Paterson and Co., Ltd., have received the following cablegram from their London principals, dated March 17:— Butter.—Continental market demoralised. Recent Danish quotation stopped demand; also difficult obtain payment Germany. Danish, 116 s; New Zealand, 108 s to 109 s; Australian. 104 s to 1055.. Cheese.—Market dull, lower. West Coast shipments in excess, and has bad effect. White, 60s, 61s; coloured, Cls, 625. National Mortgage and Agency Company of New Zealand, Ltd., has received the following cablegram from London:— Butter. —The market is slow. Quotations are: New Zealand finest, 108 s to 109 s; New Zealand first grade, 107 s; New Zealand unsalted, 116 sto 118 s; Danish, 116 s; Australian, 103 s to 104 s. The market is unsettled owing to a sharp decline in Danish to 98s-100s, f.o.b. An improvement is anticipated in the near future.

Cheese.—The market is quiet. Quotations are: New Zealand white, 60s to 61s; New Zealand coloured, 61s to 625. Messrs Dalgety and Co., Ltd., have received the following cablegram from their head office, London, dated March 17: —

Dairy Produce.- —The low price of Danish butter has depressed the market for colonial butter. The cheese market is slow. Quotations are: Danish butter, not quoted; New Zealand finest butter, 108 s to 109 s; Australian finest unsalted butter, 104 s to 108 s; Australian finest salted butter, 1 103 s to 105 s; Australian G.A.Q. butter, 98s to 102 s. Australian cheese—white, 59s to 60s; coloured, 60s to 61s; New Zealand cheese —white, 60s to 61s; coloured, 61s to 625; Canadian cheese—white, 66s to 725; coloured, 66s to 725; c.i.f., not quoted; Danish butter, 995, f.0.b., plus duty and freight, equals 113 s landed. COMPANIES REGISTERED The Mercantile Gazette notifies the registration of the,following companies:— Stephens Hydraulic Pump Company, Ltd, Registered March 1, 1932. Capital: £ISOO into 3000 shares of 10s each. Subscribers: Dunedin—F.'L. Weddell, G. W. Bowron, George Thompson, A. D. Edgar, J. 6. Butler, R. S. K. Brown 60 each; I. W. Cowie 10. Objects: To use, work, etc., an invention described as “ Improvements in and relating to water jets and the like ”; to contract for the drainage of lands, etc. Wallace Agencies, Ltd. Registered as a private company, March 4, 1932. Capital; £SOO into 500 shares of £1 each. Subscribers: Dunedin—S. G. Wallace 499, B. L. Wallace 1. Objects; Manufacturers and dealers in merchandise articles and things of every description, including chemical, industrial and other preparations and articles, and dealers in proprietary articles of all kinds. Silver Fern Taxi Company, Ltd. Registered as a private company, March 8, 1932. Capital; £240 into 240 shares of £1 each. Subscribers: Dunedin—R. P. Steele, W. J. Hodge, J. M. Prentice, and R. G. and equipping motor cars, taxicabs, etc.; to purchase, construct and sell motors; general carriers, etc; garage proprietors, engineers, etc. Broadway Jewellers, Ltd. Registered as a private company, March 9, 1932. Capital: £IOOO into 1000 shares of £1 each. Subscribers: Dunedin—W. Nichol 250, A. E. Anderson 750. Objects: Watchmakers, jewellers, gem merchants, goldsmiths, etc.

DUNEDIN MARKETS WHEAT, OATS. ETC. Samples of milling wheat are still arriving from the Central Otago district, and odd samples are also appearing from the Taieri. Some of the Taieri wheat is inclined to be on the soft side on account of threshing being carried out from the stook before the sheaves were properly dry. Millers are taking delivery of lines that are in good condition, and there appears to be ample offerings to meet their requirements. The prices, ruling are on the basis of those fixed by the Wheat Marketing Agency—4s 84d, f.0.b., for Tuscan. 4s 104 d for Hunters, and 5s 04 d for Velvet. The yields of wheat in Central Otago have been affected by dry weather, but the quality is excellent. In the Taieri district and further south the yields are very good, taking the crops all round. Unfortunately, some of them iiave been affected by rust, and this will cause a decrease in the return of milling wheat per acre.

The market for fowl wheat is quiet, and the demand is only on a hand-to-mouth basis. Sales are confined to small quantities, merchants preferring to wait until supplies become more plentiful. An occasional lot is changing hands at 4s 8d per bushel, sacks extra, ex store. Millers’ prices for flour, etc., are as follow:

Flour: 2001 b, £l4 2s; 100’s, £ls 2s 6d; 50’s, £ls 7s; 25’s, £ls 17s. Bran. £5 10s per ton. Pollard, £7 per ton. Oatmeal: 2001 b, £2O; 25’s, £22. The oat market has undergone a change. The forward position has weakened, there now being sellers of A grade, spread delivery, at 3s sd, f.0.b., s.i. These sellers are mostly Canterbury merchants who u few weeks ago were prepared to buy at 3s 6d, f.0.b., s.i. The weakening in the forward market has had an effect on the market for prompt delivery, for which the demand has fallen off. It is now difficult to make sales at recent quotations—namely, 3s 6d, s.i., for A’s, and 3s 3d for B’s. Offerings have commenced from the country, but, following °, n . “ le difficulty of securing orders for shipment to the North Island, merchants are not inclined to operate to any extent at the prices asked.. It will not be long before offerings from the country become more plentiful. The chaff market is still confined to sales of small lots. The demand is quieter than has been experienced for sonie time, and it is quite the exception to be able to place a truck load. Sales are mostly in small lots at round about £5 per ton, sacks extra, ex store. The value for delivery ex the truck is £4 10s sacks extra.

The potato market is fully supplied, and there is a tendency to dig earlier than usual owing to the appearance of blight in some of the crops. Locally good sound tubers are worth up to £5 per ton, sacks in, ex truck. Owing to the poor keeping quality of the tubers at this time of the year, buyers will not stock to any extent.

The unsettled position in regard to finance is having an effect on the high prices that have been ruling for seeds. The ryegrass market has weakened, but samples are not very plentiful owing to the delay in threshing, consequent on the broken weather. It is noticeable that both fescue and brown top are in poor demand, practically no orders being received from overseas for these vaireties. As a result, merchants are chary about buying. Most buyers are content to waif and see if orders will be available later on. The cocksfoot market remains steady, and both cowgrass and white clover are very firm. The crops of cowgrass and white clover are limited in the areas affected by drought conditions. Produce lines are quoted wholesale as follow: Chaff: Good quality, to £5 per ton, ex store; ex truck, £4 Ids per ton. Potatoes, £4 10s to £5 per ton, ex store. Dairy butter; Milled bulk, 9d per lb; separator, 9d. Bacon, lOd per lb. Ham; Ordinary, lOAd; boneless, lljrt per lb. Onions: Canterbury, 12s per cwt. Eggs: Stamped, Is 4d per dozen; case. Is. 3d. Eggs advanced Id per dozen during che week. FRUIT REPORT. Apples are in heavy supply, and sales are hard to make, unless the quality is good. Low prices are ruling for ordinary lines of Jonathans, Delicious, and cookers. The best demand exists for sound Cox’s Orange Pippins. The bulk of the fruit offering is of inferior grade. The Maui Pomare will arrive at Lyttelton early next week, and approximately 2000 cases of Samoan bananas will be railed to the Dunedin market. The wholesale market is bare of bananas in the meantime. Prices in the north are much firmer than those ruling some weeks ago. The Wainui is expected from Melbourne on Tuesday with the first of the Victorian outside-grown grapes. She will also bring a fairly large shipment of Valencia oranges. Lemons are in better supply, but prices still rule high. Dessert and cooking pears are in full supply and prices are low. Hothouse grapes have been offering more freely and the market is easier. Heavy supplies of outside-grown tomatoes are coming forward from Christchurch and Central Otago. Only good quality have any demand, other sorts being practically unsaleable. Local hot-house-grown are also much lower in price. The stone fruit season is drawing to a close and there is a much better demand for dessert plums, peaches, and nectarines. High prices were obtained for crated nectarines towards the end of the week. Blackberries are in good supply and prices are low. Cucumbers are offering freely at low rates. A better demand exists for really good lines of green peas, but poor-quality are hard to place. Other vegetables are in short supply and prices are low. Wholesale prices are as follow: — Apples: Cox’s Orange Pippins, 6s to 9s 6d; other desserts. 3s to ss; cookers, 3s 6d to 4s 6d. Bananas: Ripe, to £1 per case. _ Pears: Dessert, 2s to 3s; cooking, la to 2s per half-case. Oranges; Australian Valencias, 18s 6d to 22s 6d.

Lemons: Californian, to 58s per case; New Zealand-grown, 18s per case. Local grapes, 8d to lid per lb. Tomatoes: Hothouse, 2Jd to 31d; out-side-grown, Id to 2Jd. Blackberries: Cultivated. 7s 6d to 8s 6d per bucket; others, 3s to 4s per bucket. Peaches: Crates, 2d to 3-ld per lb; cases. 2s 6d to 3s Cd. Plums: Crates, 2d to 4d; eases, Is to 4s. Nectarines: Crates, 4d to 5d per lb; cases, 2s 6d to ss. Cucumbers, 2s 6d to 3s per half-case. Green peas. Id to 2d. Broad beans, Id per lb. French beans, to 3d. Cabbages, Is per sack. Cauliflowers, Is to 3s per sack. Lettuce; Choice, Is per dozen. Carrots, 2s per sugar bag. Potatoes, 4s to 5s per cwt. RABBIT SKIN SALES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, March 17. At the rabbitskin sales 2600 bales were offered. There was poor competition, and only 20 per cent, was sold. Hatters’ and pulling sorts declined 10 per cent, compared with January 14. Unpulled were 20 per cent. down. No furriers sorts were sold. WHEAT, FLOUR. ETC. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, March 17. Wheat cargoes are idle and unchanged Parcels are inactive. Manitobas are obtainable at 3Jd down. Others are unaltered. Futures; —London: June, 25s Sd: September. 26s 3d. Liverpool: March, 5s 2|d; May. 5s 4Jd; July, 5s 61d; October, os 9d. The spot trade is slow. Australian, ex-ship, 29s to 30s. Flour is quiet. Australian, ex store, 21s 6d to 225. Oats are slow and easier. Peas and beans are slow and unchanged.

MINING NOKOMAI GOLD MINING COMPANY. SHARES ALLOTTED. CONTRACTS ARRANGED. The provisional directors of the Nokqinai Gold Minina Company, Ltd., at their meeting yesterday, allotted applications for shares which had been received. The chairman, Mr H. Douglas Kerr, stated to a reporter that applications received since the shares were advertised exceeded by 2000 the agreed minimum. This meant that within a period of a little over eight weeks a sum of over £20,000 had been secured for the company. In view of the position secured, the provisional directors had decided to proceed immediately with the development of the company’s property. A moderate amount of work had been done in the last few weeks in anticipation of the company's operations. This work comprised a further test area that had been opened up. It was the directors’ intention to complete this test area. The previous area of about one-eighth of an acre gave 300 oz of gold. The indications of a further area of about the same dimensions led the directors to expect even better results. These tests were, however, only incidental to the main policy decisions of the directors. The large scale operations were dependent on the completion of the company’s hydro-electrical scheme, and the construction of the drag-line excava-. tor. At yesterday’s meeting instructions were given to the company’s engineer to accept the tenders of the Vulcan Steel Construction Company, Ltd., for the drag-line excavator, and the tender of the National Electrical and Engineering Company, Ltd., for the electrical generating plant, including Boving Felton Turbine British; Thomson-Houston Company, Ltd., genera-, tor and switch-gear. Further tenders for power house transformers, power_ line, and pumping gear will be called immediately. Mr Kerr said he anticipated that, these works would take upwards of from six to eight months to complete. A large part of the work on both contracts would be executed in New Zealand, and apart from the labour involved in these works, the completion of the scheme would mean the permanent employment of a largo number of mine workers. BALCLUTHA STOCK SALE (From Our Own Correspondent.) BALCLUTHA, March 18. The sale to-day was a big one, the yarding of sheep comprising 1195 fats and 0500 stores. Fat shsep were in good demand, heavy lambs selling at from las to 19s, others 10s 6d to 14s Cd; fat wethers 12e to 16s fat ewes 5s to Bs. Store Sheep.—Store lambs, 10s 7d to Us lOd for best; others, 9s to 10s; mixedsex lambs, 10e 2d; small lambs selling as low ae Is lOd. An exceptionally good pen of two-tooth ewes was bought by a Milton buyer at 28s 2d (a record price for the yards this season): other twotooth ewes sold up to 15s; four, six, and eight-tooth ewes, 12s 9d; four-tooth ewes, 9s 5d to 16s 2d; store wethers, 9s 9d to 16s, a line of old wethers selling as low as 3s. The yarding of cattle was a negligible one. Pigs.—There was a good demand, and the limited yarding sold under keen competition. Good suckers sold at from 14s to 19s; smaller sorts, 7s, and 9s 6 C I to 12s 6d; while well-grown slips, which were not so much in demand, realised 12i 6d to 15s 6d. BANK OF ENGLAND RETURN (United Press Association.) (By Electric Telegraph— Copyright.) LONDON, March 17. The following is the Bank of England return; — ISSUE DEPARTMENT. Note issue in circulation .. £353,714,022 Banking department ~ .. 42,090,963 £395,804,985 Government debt ..> . . .. £ 11,015,100 Other Government securities 246,952,520 Other securities 13,231,457 Silver coin 3,800,923 Gold coin and bullion .. .. 120,804,985 £395,804,985 BANKING DEPARTMENT. Proprietors’ capital .. .. £14,553,000 Rest .. .. 3,700,394 Public deposits 9,477,179 Other deposits (bankers) .. 73,054,023 Other accounts .. .. _.. .. 32,433,010 Seven-day and other bills .. 1,785 £133,219,391 Government securities .. .. £40,295,906 Discounts and advances .. 11,379,503 Other securities 38,796,928 Notes in reserve .. .. -. 42,090,903 Gold and silver coin .. .. 656,092 £133,219,391 The proportion of reserves to liabilities is 37.10 per cent. Short loans are quoted at 2J per cent.; three months’ bills at 2 3-16 per cent. PRICE OF FINE GOLD (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, March 17. Fine gold is quoted at £5 14s 5d per ounce. AUSTRALIAN STOCK EXCHANGES (United Press Association.) (By Electric Telegraph—Copyright.l SYDNEY, March 18. (Received March 18, at 11 p.m.) The Stock Exchange is quiet and there has been no movement of note. Owing to the bridge holiday to-morrow the Exchange will be closed. Sales were made as follow:—Bonds: 4 per cent. (1938), £94 15s; 5 per cent., (1941), £93; 4 per cent. (1944), £92; 4 per cent. (1947) and 4 per cent. (1950). £9O 15s; 4 per cent. (1961) £90.; Bank of New South Wales, £2B 10s; Commercial Bank of Sydney, £ls 15s; Commercial Bank of Australia, 15s 9d; Queensland National Bank, 102 s; Colonial Sugar, £4O 14s; Victoria Nyanza. 17s; Australian Gas (A), 102 s; ditto (B). 101 s 6d; Tooths, 25s 9d; Tooheys, 16s 6d: Henry Jones. 29s 13d: Dunlop Perdriau M 11s 2d; Goldsbrouphs, 24s 6d; Winchcombe, Carson, 19s 6(1; Electrolytic Zinc (ord.), 14s 2d. Melbourne sales were:—Bank of Australasia, 210 s; Carlton Brewery, 28s 9d; Herald and Times, 43s 9d; South Broken Hill, 46s 6d. CHICAGO WHEAT MARKET (United Press Association.) (By Electric Telegraph—Copyright ! NEW YORK, March 17. Chicago wheat: March, 54 5-8 cents per bushel; May, 57f; July, 69i; September, 61 5-8: New York, cash, 68£. BEET SUGAR LONDON, March 17. Beet sugar: April, 5a 2d. OAMARU MARKETS (Special to Daily Times.) OAMARU, March 18. A moderate quantity of wheat was offering during the week and merchants and millers have been well pleased with the quality. The wheat has certainly threshed out much better than was at first expected. Millers are accepting any wheat of milling quality at fixed prices. There appears to be a shortage of Velvet wheat, and few lines of fowl wheat have been offered. On account of the quality being inferior in some cases low prices have to be accepted by the farmers. Good fowl wheat is selling at 4s 4d, f.0.b., but very little is available. Very few lines of oats have been offered. A line of Garton oats of good quality has come on the market, but the fanners’ idea of value is above market prices. Small lines of oaten sheaf chaff have been offered and have realised £4 to £4 10s, on trucks. The following private stock sales were transacted: —Fat lambs, 13s 6cl; store lambs, 8s; halfbred lambs, ss; fat ewes. 6s to 6s 6d; two-tooth ewes, 11s 6d. 16s 6d, and 20s; Corriedale ewes, 5s to 7s 6d; good half-bred ewes, 7s; 650 ewes, 9s 3d; wethers, 10s; fat wethers. 12s to 14s; two fat cattle, £8; four-year-old draught gelding. £36 10s; eight-year-old draught mare, £29.

SHEEPSKIN SALES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, March 17. At the sheepskin sales 3000 bales of; Australian and New Zealand were offered and about 2250 were sold. There was a poor selection of Australian. Both merinos and crossbreds were par to 5 per cent, cheaper than on JanuaTy 28. New Zealand fine crossbreds were par to 5 per cent, cheaper. Medium and low were unchanged and slightly irregular. Lambs and hoggets were par to 5 per cent, dearer. Messrs Dalgety and Co.. Ltd., have received the following cablegram from their head office, London, dated March 17; Sheepskin Sale.—Offered, 6225 bales; sold, 4731 bales. selection poor; other descriptions, selection good; good attendance; Home trade and Continent demand better than expected. As compared with the closing rates of the last series, Australian merino par (unchanged) to 5 per cent, lower; crossbred par (unchanged) to 5 per cent, lower; New Zealand halfbred, par (unchanged) to 5 per cent, lower; fine crossbred, par (unchanged) to 5 per cent, lower; medium and coarse crossbred, practically unchanged; crossbred lambs and hoggets, par (unchanged) to 5 per cent, higher. Messrs Murray Roberts, and Co., Ltd., have received the following sheepskin market cablegram from London, dated March 17:— Sheepskins: Market very irregular; declined 5 per cent. FOREIGN EXCHANGES • (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.)

LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON. March 17. (Deceived March 18. at 11 p.m.) Following are the official quotations In the metal market:—

LONDON STOCK EXCHANGE. LONDON. March 17. The following are the latest quotations for CJovernment securities compared with the prices rullno lest week:— Last week. This week.

PROVIDENT LIFE ASSURANCE COMPANY The Annual General Meeting of the PROVIDENT LIFE ASSURANCE COMPANY was held at the Head Office of the Company, Dunedin, yesterday. Dr W. S. Roberts being in the chair. The Report showed the total New Busi ness completed to be £318,896 in the Ordinary Branch, £476,794 in the Industrial Branch, £579,270 in the Accident Branch—a total of £1,374,960. The Premium Income for the year was £219,371 10s lOd, while £58,628 7s lOd had been received for Interest and Fees, the Net Income for the year showing an increase of £2412 16s 5d over that for 1930. The sum of £89,581 2s 4d was paid in claims, and £80,317 8s was added to the Funds, which amounted, at the end of the year, to £1,119,235 8s lid. In moving the adoption of the Report ■and Balance Sheet, the Chairman referred at some length to the reduction in interest rates in Australia, explaining that Life Offices were unduly penalised under such schemes. In spite of the great difficulties caused by the depression, the Company was showing excellent results for the year. In the Ordinary Branch the jew business completed was greater than in 1930, and the premium income (omitting non-recurring items) also showed an increase. Death Claims were £2500 lighter, but the total payments to policyholders had increased by £4500. The expense ratio had been reduced by 1 per cent. In the Accident Branch the premium income had been maintained, while the claims were less by £2500. The experience would have been still more favourable but for the unfortunate calamity in Hawke’s Bay in February last; the losses there, however, had been comparatively light, and were under £IOOO. In the Industrial Branch the premiums were less than £IOOO below those for 1930, while interest receipts had increased by £I3OO The Chairman explained that all expenses in connection with the purchase of important premises in Sydney last year had been written off. The Company now had suitable headquarters in Australia, and he was satisfied that the investment would prove a profitable one. The amount paid in claims was £11,300 higher than in the previous year, but nearly £9OOO of the increase was due to maturities. The expenses had been reduced by £O4OO and the expense ratio by 4 per cent The thanks of the directors were due to the management and staff, whose efforts had resulted in such satisfactory figures being presented to the Meeting. The report and accounts were adopted, and. after several shareholders had expressed their appreciation of the results, the Meeting closed with a vote of thanks to the Chairman. —19/3/32.

MELBOURNE MARKETS

< United Press Association.) (By Electric Telegraph—Copyright.) MELBOURNE, March 18. Wheat, 3s to 3s Id. Flour, £7 7s 6d. Bran, £5 3s. _ Pollard, £5 ss. Oats, 2s 2d to 2s 3d. Barley. English. 3s 2d to 3s 3d. Maize, 3s lid to 4s. BRADFORD MARKET , more business passing. LONDON, March 17. Bradford is quiet. Quotations are barelv steady. Seventies, 25d; 64's, 223 d; go’s, 20icl; 56's, 17d; 50’s, 12d; 46‘s. 9Jd; 40’s, Od”.

BDOBY, March XT. Par. Mar. 10, Mar. 17. 1’arls, fr to £1 124.21 92 1-10 01% Brussels, hclgas to ££1 35 25.07% 25.00 Oslo, kr to £1 .. 18.150 18% 18% Stockholm, kr to £1 18.150 13% 18 3-18 Copenhagen, kr to £1 18.150 18.15 18 3-10 Berlin, marks to £.1 .. 21.43' 15.25 15 3-10 Montreal, dol to £1 ., 4,80 2-3 4.00 4.00 New York, dol to £1 4.80 2-3 3.62% 3.01% Yokohama, pence to yen 34.58 21% 21% Hongkong, police to dol 25.15 10 5-10 10 3-10 Bombay, pence to rupee 18 18 5-32 18 5-32 Batavia, florins to £1 12.107 — — a Milan, lire to £1 .. 92.15 70 70 1-10 Amsterdam, guild to £1 32.107 8.07% 8.97% Prague, kr to £1 .. 24.02 122% 122% Geneva,, kr to £1 .. 18.75 18 23-32 Vienna, schillings to £1 21.55% 82 32 ■ Helsingfors, marks to £1 193.331 217% 217% Madrid, peseta to £1 25,65% 47% 47% Athens, drachms to £1 25.22% 290 237% Lisbon, escudos to £1 5.50% 100% 100% Bucharest, lol to £1 037 007% 007% Illo do Janeiro, pence to 4 1-10 mllrcls 18 1 1-10 Buenos Aires, pence to ’ pesos 47.82 38% 38% Shanghai, pence to tael .. 24% 22 1-10 21 13-10 Montevideo, pence to peso 61 30% 30%

Copper, spot Ton, £32 18 0 Fall £0 10 0 Copper, forward .. .. 32 18 0 Fall 0 7 6 Electrolytic, spot .. .. 36 10 0 No Change Electrolytic, forward .. 37 10 0 No Change Wlra bare .. .. .. 37 10 0 No Change Lead, spot 12 10 0 Rise 0 0 3 Load, forward .. .. 12 13 9 Rise 0 0 3 Spelter, spot .. .. .. 12 11 3 Rise 0 7 6 Spelter, forward .. .. 12 18 9 Rise 0 S 0 Tin. spot 128 11 3 Fall 1 5 0 Tin. forward 130 3 9 Fall 1 6 0 Silver, standard .. .. Sliver, fine .. .. Oz. 18d 19 7-Kid Fall W Fall W

£ a. (L £ B. d. Imperial Consols, 214 p.o. .. 00 0 0 59 15 0 War Loan. 8 p.o.. 1020-47 .. 301 17 c 102 0 0 Conversion Loan. R14 p.o. .. 83 2 G 83 2 8 Victory 4 p.o G 07 0 0 C'vrealth fl p.c., 1931-41 .. 07 0 0 07 7 6 C’wcaltb 814 p.c., 1022-27 .. 87 8 0 80 5 0 N.B, fl p.c,, 1030-81 .. .. 100 10 0 100 10 0 N.Z.. 4 p.o.. 1020 .. .. 6 0 89 10 0 N.Z. 314 p.c.. 1040 .. 84 2 0 83 7 6 N.Z. S p.c., 1048 .. .. 0 72 10 0 N.B.W. 614 P.o., 1030-40 .. 07 0 0 07 0 0 N.S.W. 6 p.c., 1030-40 .. .. 01 0 0 00 15 0 N.S.W. 8% p.o., 1022-32 .. 88 JS 0 80 5 0 N.S.W.. 4 p.o., 1033 .. .. 88 30 0 86 0 0 N.S.W. 314 P.o.. 1030-80 .. 73 5 0 74 10 0 N.S.W. 3 p.c., 1038 „ .. 00 0 0 60 10 0 Via 614 p.o.. 1030-40 ,. .. 83 10 0 83 10 0 Via 6 p.a, 1032-42 TO 0 0 80 3 0 Via 4% p.c., 1040-00 „ 98 15 0 87 10 0 Via 314 p.o.. 1020-40 .. .. 06 0 0 00 0 0 Via 8 p.o., 1020-40 .. .. 60 0 0 CO 0 0 O'land 6 p.c., 1030-40 .. 02 15 0 03 0 0 Q'land 6 p.o.. 1040-00 ., S3 10 0 84 10 0 Q'lnnd 3 9.C.. 1022-47 .. 03 0 0 63 6 0 B.A. 614 p.a, 1030-40 .. 90 0 0 07 0 0 S.A. 314 P.o.. 1030 .. 72 0 0 72 0 0 B.A. 3 p.c., 1918 01 after .. 51 0 0 51 0 0 W.A. 6 p.a. 1030-40 .. .. 03 7 0 04 0 0 W.A. 314 P.a. 1020-38 84 0 0 82 10 0 W.A. 314 P.a. 1018-38 .. 73 10 0 73 5 0 Pas. 614 p.c.. 1030-40 ., .. 96 0 0 06 15 0 Pas. 814 p.a, 1020-40 .. .. 75 2 G 75 15 0 Tas. 3 p.c., 1020-40 ,. .. 70 0 0 70 0 0