COMMERCE AND FINANCE

Otago Daily Times, Issue 21601, 23 March 1932, Page 12

COMMERCE AND FINANCE

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE A sale of Bank of New South Wales shares was reported on the Dunedin Stock Exchange yesterday at £24 17s 6d. These were later on offer at £25, but no buyer came forward. Commercial Banks were also dealt in at 13s 10d, further offers of 13s 9d failing to attract a seller under 14s. P. and 0. Deferred Stocks improved in demand to 22s 6d, sellers asking 2s more. Paper Mills were asked for at 18s 6d, the best selling ([notation being 19s 3d. There was an unsupplied buyer of New Zealand Breweries at 22s 6d. There was a buyer of Golden Progress shares at 3s, but sellers would Hot accept less than 3s 3d. Sales reported: Bank of New South Wales, £24 17s 6d; Commercial Bank, 13s lOd. The following are yesterday afternoon s buying and selling quotations, which are subject to the usual brokerage:— BANKING. Bank of N.S. Wales—Sel £25. Bank of New Zealand- —Buy 42g 9d. Bank of' New Zealand (long " D ”) — Buy 24s 9d. , . . Commercial Bank—Buy 13s 9d, sel 14s, National Bank of N.Z.—Sel 89s Gd. Union Bank —Sel £0 18s. INSURANCE, National Insurance Co,—Sel 12s Gd. N.Z. Insurance Co,—Sel 375. South British Insurance Co.—Buy 4/S «d. Standard Insurance Co,—Sel 395, SHIPPING, P. and 0. Deferred Stock—Buy 22s Gd, •el 24s 6d. U.S.S. Co. (pref.)— Sel 20s 3d, COAL. Kaitangata—Buy 2s Gd dis. Westport Coal Co.—Sel 21s. Westport-Stock tori (pref,)—Scl 3s. LOAN AND AGENCY. National Mortgage (“ B ” issue)—Sel N.Z. Loan and M. (ord.) —Sel £42. Wright, Stephenson (pref.)—Sel 15s. MEAT PRESERVING. N.Z. Refrigerating (pd.)—Buy 10s. N.Z. Refrigerating (cont.)— Buy 3s 9d. MISCELLANEOUS. Colonial Sugar—Sel £3B. D.I.C. (ord.)— Buy 11s 9d, sel 12s 4d. D.I.C. . (pref.)—Sel 20s 3d. Dominion Rubber—Sel 6s. Kaiapoi Woollen (ord.) —Sel 7s. Mosgiel Woollen Co. —Buy £G 14s. National Electric —Sel 9s. N.Z. Drug Co.—Sel 47s Gd.' N.Z. Paper Mills (ord.)— Buy 18s Gd, •el 19s 3d. Otago Daily Times —Sel 465. Woolwortli’s (rights)— Scl 3s Sd. BREWERIES. N.Z. Breweries, Ltd.—Buy 22s Gd. N.Z. Breweries Debent. —Buy 20s. MINING, Waihi —Buy 16s 3d. Mount Lyell—Sel 19s 9d. Mahakipawa—Sel 4d. Kildare —Buy Is sd, sel Is lOd, Okarito—Buy 8s 9d, sel 9s Id. Paddy’s Point—Buy 2s lOd, sel 3s Gd. Golden Progress—Buy 3s, sel 3s 3d, King Solomon —Buy Is 2d. Gillespie’s Beach —Buy par, sel Gd prem. Blackwater —Sel Ce 7d. Consol Goldfields—Buy 2s. GOVERNMENT LOANS.

4} per cent. Bonds, 1938—Buy £92 10s. 4i per cent. Bonds. 1939 —Buy £92 lOs, 4\ per cent. Inscribed, 1938—Buy £92 10s'. 4\ per cent. Inscribed, 1939 —Buy £92 10s. 5,} per cent. Soldiers’ Bonds, 1933 —Buy 198, sel £99 ss. . 5| per cent. Soldiers’ Inscribed, 1933 — Buy £9B. 5i per cent. Inscribed, 1933—5 el £9B 10s. 5J per cent Bonds, Feb,, 1937 —Buy £9/, •el £99. 5J per cent. Inscribed, Feb., 1937 —Sel 198 ss.

NORTHERN EXCHANGES

(Per United 'Press » Association.)

The following business was done on yesterday:— Auckland. —Sales. Bonds (1941), 4J per cent., £9l 10s; Bonds (1938), 4J per cent., £92 10s; Bonds (1937), 5J per cent., February, £9B 17s 6d; Inscribed Stock (1937), 5J per cent., September, £97; Bank of New Zealand, 42s 9d;,New Zealand Guarantee Corporation. 4g 3d; Taupiri Coal, 14s; Auckland Gas, 21s 9d; Wilsons Cement, 20s 6d; Waihi Grand Junction, 3s 6d,

Wellington.—Sales reported: Alexander Mines (cont.), Os 9d (two sales); New Zealand Government 4j per cent. Stock (1939), £92 ,7s 6d. Christchurch. —Sales: New Zealand Government 44 per cent. Inscribed (1938), £92 10s "(three parcels); Commercial Bank, 13s 10d; Bank of New South Wales, £24 17s 6d; United Building (cum div.), 14s; King Solomon, Is 3d. Is 4d (two parcels); Okarito, 9s OJd; Blackwater, Cs Bd. Sales reported: Commercial Bank of Aust., 13s 10d: Bank of New South Wales, £24 17s 6d; Mount Lyell, 19s 3d (late sale Monday) j New Zealand Breweries, 23s sd; per cent. Inscribed (1935), £92 2s 6d, £92. £92 ss.

AUSTRALIAN STOCK EXCHANGES (United Press Association,) (By Electric Telegraph—Copyright.) SYDNEY, March 22. (Received March 22, at 9 p.m.) On the Sydney Stock Exchange business was brighter and prices were inclined to be steadier. Sales were made ns follow: — Bonds, 4 per cent. (1938), £94 17s 6d; 4 per cent.-(1944). £92 2s 6d; 4 per cent. (1947), £OO 2s 6d: 4 per cent. (1950), £9O 10s; 4 per cent. (1951-57), £OO 17s Cd; 4 per cent (1951-59), £9l 10s; 4 per cent. (1961-61). £B9 12s 6d; £lO Bonds, 4 per cent, (1951-59), £9 3s; 4 per cent. (1947), £8 10s; 4 per cent. (1951-61), £9; Bank of New South Wales, £2B 10s; Commercial Bank of Sydney. £ls 15s; National Balds, £5 2s: Colonial Sugar. £4O 15s; Tooths, 20s 3d; Australian Gas (A). £5 3s 0d: British Tobacco. 29s Australian Glass, 34s 7Jd; Winchcombe, Carson. 19s; Zinc Corporation, 295: Broken Hill North, 675; Huddart, Parker, 25s 6d; Dunlop Perdrian. Us 3d. Melbourne sales were as follow: —Sulphide Corporation, lls Id: Zinc Corporation, 29s 3d; Broken Hill Proprietary, 13s 7d; Broken Hill North, 675.

LOCAL AND OVERSEAS MARKETS.

FOREIGN EXCHANGES (British Official Wireless.) (United Press Association.) i«> Ploctrlp Telßszmnll—Convrleht. I

LONDON WHEAT MARKET (United Press Association.) (By Electric Telegraph—copyright.) LONDON, March 21, Cargoes are weaker in view of lower American advices, sellers offering at a decline of 3d. Parcels are in moderate demand at 3d down. Futures: London— June, 24s Old; September, 25s 0)d: Liverpool—March, 5s Ojd; May, 5s 2Jd; July, 5s 4fd. » SULPHIDE CORPORATION MINE REOPENING NEXT MONTH. Sulphide Corporation, Ltd., Will reopen its Central mine at Broken Hill on April 4. Owing to the fall in metal prices, the Central mine has been closed down since December, 1930. Hope for an early reopening was expressed by the chairman of directors (Mr Vicary Gibbs) at the annual meeting of the company in London on December 22 last, The chairman said: “ Recently there has been a tendency for metals to rise beyond that due to exchange values. . .. There are distinct signs of improved consumption of metals that mostly interest us, and we trust that the price of these will so improve that we shall shortly be able to resume operations at the Central mine.” Mr Gibbs remarked that during the last half-year that the company operated a very marked improvement had been made in quality and classification of the lead and zinc concentrates produced, and a reduction in cost equal to 0s per ton of crude ore. The Broken Hill correspondent of the Sydney Morning Herald states;—" The cabled decision of the Sulphide Corporation to reopen Central mine on April 4 caused considerable excitement. The report Was confirmed by Gibbs, Bright, and Co., Melbourne agents for the corporation, who stated that work will be resumed on the same basis as before closing down. About 609 men are to be employed. Union officials strongly advise men from other parts not to come here ns there are about 5000 local Unemployed, who should get first preference for work.”

COMMONWEALTH SAVINGS BANK Depositors’ balances in the Commonwealth Savings Bank on February 29 amounted to £114,677,278—a decrease of £831,198 on the month, On the year the increase is £68,867,748. This includes the results of two amalgamations, one with the Western Australian Savings Bank and the other with the Government Savings Bank of New South Wales. On February 29 the number of accounts open was 1.834,964 —a decrease of 23,361 for the month. The decrease is explained by the fact that some depositors who had accounts in two savings banks before the amalgamation have consolidated their balances in one.

PRICE OF FINE GOLD (United Pfesa Association,) (By Ele'ctrlo Telegraph—Copyright.) LONDON. March 21. Fine gold is quoted at £5 12s lOd per ounce. BRADFORD MARKET (United Press Association.) (By Electric Telegraphy-Copyright.) LONDON. March 21. Bradford is quiet, with fait* inquiry for merino tops. LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, March 21, (deceived March 22, St 0. p.m.) Foliotflng are the , official (isolations la (he metal

AMENDMENT TO MINING LAWS

A petition to amend the Mining Act in the direction of affording better titles to mining properties in New Zealand is likely to be in circulation at an early date (says an Auckland report). It is well known amongst mining men that New Zealand is not proving attractive to English and other investors on account of the insecurity of titles for mining leases, and that heavy investments are being diverted to South Africa, Canada, and other countries. The complaint is that our mining titles are not sound, in that properties are liable to forfeiture without due consideration being given to the circumstances surrounding non-working conditions. It is recognised that mining ground locked up merely for speculative purposes should be open to forfeiture, but, with concerns where capital has been sunk, better security is absolutely essential. The purport of the petition is that the Act should be amended to permit of tributing and prospecting where the holders are endeavouring to raise further capital, thus providing a field for the tributor and prospector, subject to such conditions as the warden may impose, and at, the same time not endangering the original title of the claim. With a view to easing the general conditions, it is urged that the rent should be reduced to 2s fid per acre.

WELLINGTON FRUIT MARKETS

The Wellington Fruit Markets, Limited, report the following Wellington fruit and produce values during the past week: — Reasonably good weather conditions over Easter should further advance values, and heavier consignments are rec mmended. Stone-fruit is nou fust finishing, with limited supplies offering. Apples and pears remain in moderate request, sales of most varieties being comparatively slow excepting Cox’s Orange and Balfai'ats, which realise favourable values, L.B.J. pears have the best inquiry. Fancy Delicious and Jonathan apples improving. Green Vegetables in fair supply with an advancing tendency. Onions firm with fairly good inquiry. Apples.—Cox’s Orange, Dominion mark, 6s 6d to 8s Gd; others, 4s Gd to 6s. Delicious, Dominion mark, 5s Gd to Os; others, 4s to 4s Gd. Worcesters, Dominion mark, 4s Gd to sa; others, 3s Gd to 4s. Ribstons, 6s to 7s; others, 4s to 4s Gd. Jonathans, fancy, 6s to Gs; others, 3s Gd to 4s Gd. Russets, choice, 4s Gd to ss. Cookers, choice green,- 3s 9d to 4s Gd; others, 3s to 3s Gd per bushel. Pears. —The demand continues limited. L.B.J. choice, 6s Gd to Gs Gd. B. Bose, chojce, 3s Gd to 4s Gd. Marie Louise, choice, 4s Gel to ss, Doyenne du Cornice, De Anjou, and Capiamonts and Vicars, 3s to 4s. W.B.C.s, ex cool stores, 5s bushel.

Peaches, choice wanted. Best dessert, 4s Gd to 5s Gdj others, 3s to 4s half case. Plums, choice dessert, 5s to Gs; others, 3s Gd to 4s Gd half case. Consignments recommended. Damsons wanted. Grapes.—Choice hothouse, 9d to Is per lb; outside grown, 4d to 5d lb. Passions,—Choice, 4s Gd to 5s 6d; others, 3s Gd to 4s half case. Blackberries.—Large, 2|d lb to 34d lb; good demand. Tomatoes. —Hutt supplies heavy. Choice, Is Gd to 2s; others, 9d to Is per case (half). Quinces. —Good inquiry. Well coloured, 6s to 7s; green, 4s Gd to 5s Gd bushel. Lemons.—Choice, cured, preferred sizes, 16s to 18s; others, 10s to 13s bushel. Cucumbers. —Choice, Is to Is Gd half case.

Pumpkins.—Well packed large sacks, Gs to 7s sack, Potatoes.—‘Prime table, £6 to £6 10s; others, £4 to £6 ton; Sutton’s Supreme have best inquiry. Onioiis.—Prime table, £9 10s to £lO lOg ton; plcklors, Id to IJd lb. Garlic wanted. Walnuts.—Choice, Gd to 7d lb. Cape gooseberries, 4s to 6s half case. Lettuce.—Well hearted, 3g Gd to 4s Gd bannim case. Cauliflowers.—Choice, 5s to Gs; others, 3s to 4s sack. Celery, Gs to 7s Od banana Case. Green pons, 11s to 13s half sack. Pumpkins.—Rod host, Gs to 7s; others. 6s to 6s Gd sack, French beans and Brussels sprouts wanted. Poultry in moderate demand.

BAWRA LTD. FINAL DISTRIBUTION MADE. About 45,000 cheques, representing in the aggregate about £700,000, were issued in Melbourne last week by the liquidators of British Australian Wool Realisation Association, Ltd. (in liquidation), in payment of the final distribution of the assets of the association. Certain formalities in regard to company liquidation remain to be carried out, and when these are completed the association will pass out of existence. On January 1, 1921, the Commonwealth of Australia Central Wool Committee transferred (0 British Australian Wool Realisation Association, under the directions of the Commonwealth Government and with the approval of the Imperial Government, assets at that date held by the committee, representing by wool, specie. and cash in exchange for f 10,000,000 priority. Wool certificates alid £12,000,000 share certificates of fl each (face value) in the association. The following distributions have been made by Bawra, Ltd.: —July 30, 1921, retirement of small growers and fractional payments, £206,530; July 30, 1021, first payment of 47.5 per cent, on priority wool certificates, £4,487.899; May 18, 1922, final payment of 62,5 per cent, on priority wool certificates, £4,960,310) April 14, 1923, first capital reduction (10s per share), £5,651,495; February 12, 1924, second capital reduction (9s per share), £5,080,345 —£20,392.585; liquidators of Bawra, Ltd. (in liquidation); November 15, 1927, final capital payment (Is per share), £565,149; November 15, 1927, first liquidation (12s 6d per share), £7,064,368; March 15, 1032, final liquidation payment (1h 4d per share), £753,633 —£8,383,0j0. Total, £28,776,635.

LORNEVILLE STOCK SALE (Special to Daily Times.) INVERCARGILL, March 22. There Was a double sale at the Lome* ville yards to-day in view of the Easter holidays. Fat Cattle.-—This yarding was good as regards numbers, but the quality could be classed only ns fair. The number yarded seemed to be in excess of butchers’ requirements, with the result that they receded probably to the extent of from 20s to 25s on the previous sale. Prime heavy bullocks realised up to £8 15s; mediumweights from £0 10s to £7; lighter sorts down to £4; prime heavy cows up to £5; good medium quality cows from £3 5s to £4; inferior, down to £2; good quality medium-weight heifers, from £3 10s to £4 ss. Vealers showed considerable reduction on prices for the previous week. Best sorts realised up to 265; good medium, down to I7s 6d; and younger and lighter sorts were almost unsaleable at 10s. , Fat Sheep.—This class of, sheep declined probably to the extent of 2s, while freezing ewes eased by about 6d. Extra prime wethers sold up to 16s fid; good medium wethers, 13s to 14s; lighter, down to 10s fid; prime heavy maiden ewes made up to lls 6d; prime butchers' ewes, 8s 6d to 10s fid; freezing ewes, from Cs, to 6s 6d. Lambs.—-Prices were a little easier. Best freezing lambs realised from 14s 6d to 16s 0d; and medium sorts from 12s Cd to 13s fid.

MINING GOLDEN DAWN REPORT. The following is the report of the Golden Dawn mines for the fortnight ended March 12:— , No. 3 Level.—Drive north on No. 1 reel has been extended Oft, total 00ft from north end of main etope. The reef here averages 12in wide, and the ore by assay is still of good value. Drive north on No. 3 reef has been extended 22ft, total 72ft from north end of stopes. The reef here averages 2ft wide of nice, clean ore and by assay is still of good value. Stoping on No. 1 reef is being carried on in three different blocks, and the reef averages 2ft 6in wide and looks well, the ore broken out being of very fair value. Stoping on No. 3 reef is being carried on in two blocks. The reef averages 3ft wide and looks very well and the ore broken is also of very fair value. The machines are still working three shifts in all the slopes, and all ore broken is being sent to battery, which is crushing full time. WAIHI MINING COMPANY. The following information has been cabled to the London office of the Waihi Gold Mining Company, Ltd.: — For the period ended March 5, comprising 23 crushing days, 19,218 tone of ore were crushed for a result of 6094 line ounces" of gold and 51.841 fine ounces of silver. This included 2202 tons rained iTom the Grand Junction area, which yielded 773 fine ounces of gold and 4526 fine ounces of silver. No. 10 Level. —Martha lode: Driving east of Brook's block is suspended, while we are putting up a rise at 140 ft east. No. 10 Intermediate Level. —Republic lode: Driving west the next 22ft assays 57s 6d per ton, the reef being wider than the drive. Driving east the next 14ft assays 54s 3d per ton. The reef is about 3ft wide. No. 10 Level. —A prospecting drive on a bearing of 54 degrees has been commenced from Kirk’s south-east crosscut and is out 75ft in country rock. No. 11 Level. —North section of Empire lode: A crosscut has been commenced at 137 ft in the dip and measuring from the south side the first 16ft is a mixture of quartz and country, assaying 14s per ton. The next 12ft assays 44s 9cl per ton, and the next 12ft lls 3d per ton. The crosscut is being continued.

WEEKLY MARKET REPORTS

Burnside, March 22. Fat Cattle. —There was a medium yarding, 151 being forward. The quality on the whole was only inediiim, the entry consisting principally of cows and heifers. Competition was not keen, and prices were a shade easier. Extra prime bullocks made to £l2 7s Od; medium bullocks, £lO 10s to £11; interior bullocks, £7 10s to £8 10s; best cows and heifers, 11 to £7 10s; medium, £5 to £5 10s; inferior, £3 5s to £4. —Stronach, Morris, and Co., Ltd., sold: For A. S. Murray (Mosgiel), 2 bullocks £lO 12s 6d; W. Kirk (Mosgiel), 2 bullocks £9; W. Lindsay (Allanton), 1 cow £G 2s Cd, 1 £4; Mrs C. Fisher (Middlemarch), 1 cow £5 12s Cd; S. Bray (Waikouaiti), 3 heifers £5 2s Od, 1 £4 12s Cd, 2 £3 12s Cd; Mrs R. James (Middlemarch), 2 cows £5; T. J. Kedge (Middlemarch), 1 cow £3 2s Cd. ——-Dalgety and Co., Ltd., sold: For executors late William Kirk (Mosgiel), 2 bullocks £8 12 s Cd; A. S. Murray (“Keith Hall,” Mosgiel), 2 bullocks £7 17s Cd; J. C. Renton (Mosgiel), 1 bullock £C 15s, 1 £6 10s; John Deering (Ohakc), 2 bullocks £4; John Faulks (Pembroke), 2 bullocks £7 12s Cd, 1 £7 2s Cd, 3 £6 17s Cd, 2 heifers £3 17s Cd: N. F. Scaife (Pembroke), 1 heifer £5 7s Cd, 1 cow £5 7s Cd, 1 £4 12s Cd. New Zealand Loan and Mercantile Agency Company, Ltd., sold: For A. S. Murray (Mosgiel). 2 bullocks £lO ss; W. Kirk (Mosgiel), 2 bullocks £9 7s Cd; W. Lindsay (Allanton), 1 bullock £8 17s Cel, 1 cow £4 7s Cd; George Scott (East Taierl), 1 heifer £4 7s Cd, 1 cow £4 7s Cd. 1 heifer £3 7s Gel; a client, 2 heifers £3 12s Cd. Wright, Stephenson, and Co., Ltd., sold: For W. Lindsay (Allanton), 1 bullock £lO 7s Cd, 1 £9 12s Cd; Mrs W. Kirk (Mosgiel), 2 bullocks £lO 7s Cd, 9 £l3; A. S. Murray (Mosgiel). 2 bullocks £ll 17s Cd, 2 £ll 10s; G. Kennedy (Purakanui), 2 bullocks £7 7s Cd, 1 £3 12s Cd. 2 £7 ss; Crawford Bros. (Fortrose), 1 heifer £G 12s Cd, 1 £5 17s Cd, 1 £4 17s Cd, 1 £4 2 S Cd, 2 cows £G 7s Cd, 1 £5 12s Cd; M. Leask (Omakau), 1 heifer £4 12s Cd, 1 cow £7 7s Cd, 2 £5 17s Cd, 1 heifer £0 17s Cd, 1 cow £4 7s Cd; W. Lindsay (Allanton), 1 bullock £7 7s Cd. The Otago Farmers’ Co-operative Association of New Zealand, Ltd,, sold: For Alexander Murray (Mosgiel), 1 bullock £lO 15s, 1 £8 17s Cd, 1 heifer £5 12s Od, 1 £6; W. Kirkland (East Taieri), 2 bullocks £lO 12s Cd, 1 heifer £0 17b Cd; Peter MTherson (Invercargill), 2 bullocks £7 17s Cd, 2 £5 17s Cd, 1 £5 12s Od: J. C. Renton (Mosgiel), 2 bullocks Cl 17s Cd; Thomas G. French (Waikawa), ] heifer £G 7s Cd 1 cow £0 12s Cd; AlnStair M’Allastair (Rock and Pillar), 3 bullocks £5 7s Cd, 1 £5 17s Cd; W, Lindsay (Allanton), 1 bullock £C 17s Cd, 1 heifer £5 7s Od; F. J. M*Arthur (Tnhatika), 1 heifer £4 7s Cd, 2 bullocks £3 5b. ——The National Mortgage and Agency Company of New Zealand. Ltd., sold: For W. Lindsay (Allanton), 1 bullock £lO 12s Od, 1 cow £5 12s Cd, 1 £5 7s Cd; estate of the late Janies Anderson (Ida Valley), 1 bullock £lO 2s Cd, 2 £7, 2 heifers £7 2s Cd, 1 cow £G 17s Od, 1 £0 ]2s Cd, 1 £5 l2s Cd, 1 £4 7s Cd: A. S. Murray (Mosgiel), 1 bullock £9 7s Cd, 1 cow £7 2s Cd.- ‘•■■-■Donald Reid and Co., Ltd., sold - For executors late W. Kirk (Mosgiel), 2 bullocks £9 7s Od; A. Murray (Mosgiel), 1 bullock £9 2b Cd, 1 £5 12s Cd, 2 heifers £5 Id Cd, 1 £5 2s Cd;.J. Renton (Mosgiel), 2 bullocks £8 17s Cd; K. B. Burns (Mount Ross), 1 bullock £8 10s, 1 £7 17s od. 1 heifer £8 17s Cd, 2 cows £5 7s Od, 2 £4 17s Od, 1 £3 2s Cd; W. Lindsay (Allanton), 1 bullock £8 15s, t fG 17s Cd, I cow £4, 1 £3 7s Cd, 1 heifer £5 12s Cd; G, Ford (Mosgiel). 1 heifer £6 2s Cd, 1 £3 12s Od. Store Cattle. —There was a medium entry, nlul the market was on a par with late tilling rates. Included in the yarding w'ns a line of 80 two-and-a-hnlf-year-old and tlircc-year-old bullocks from flic lakes. These brought from £4 17s to £7 2s od. Stronaoh, Morris, and Co., Ltd., sold: For clients, 4 cows to 30s, 1 VCaler £1 1 Is, 1 14s. Dalgety and Co., Ltd., Sold; For N. F. Scaife (Pembroke), 2 bullocks £8 17s 6d, 2 £7 2s Od, 9 £6 15s. 9 £C 3s, 8 £0 os. 1 £5 15s, 22 £5 ss, 10 £4 17s. 10 £4 18s; Mrs Hooper (Mount Barker), 1 bullock £4 11s, 1 vcalcr ss, 5 steers £2 7s, 2 cows £2 Cs. 3 lieifers £2 Ids, 2 heifers £1 2s Cd; J. Faulks (Pembroke), 1 bullock £4 19s. Wright, Stephenson, and Co., Ltd., sold: For Turner Bros. (Gore). 10 steers £0 10s; J, Hamilton (Outram), 1 vcnler £1 ss, 1 fl; A. Murray (Mosgiel), 1 voalev £1 19s. 1 £1 lOs: M. Leask (Omakau), 1 cow £l 7s. —The Otago Farmers’ Co-Operative Association of New Zealand, Ltd., Sold: For W. Curran (West Plains). 1 cow £5 10s, 1 £5 3s ; 1 £4 15s. 1 £4 7s Od, 1 £4, 1 £3 10s, 2 heifers £2 10s; John Black (Mataura), 1 cow £5, 1 £4 15s. 2 £4, 1 heifer £3 15s, 1 £3 10s, 2 £3; W. Lindsay (Allanton), 1 cow £5, 1 £4 10s, 1 £4, 1 £3 7s Od. 2 £3 10s, 1 £2 10s, 1 venlor 15s; F. Hutton (Edendale). 1 cow £4 17s Cd, 2 £4 17s Cd, 1 £4 12s Cd, 1 £4, 3 £3 10s; J. L. Ford (Pine Hill), 1 cow £4 8s; a client, 1 bull £3 15s; P. O'Connor (Adams Flat), 2 steers £3 15s; George Stevenson (East Taieri), 2 cows £4 17s Cd; P, Hanley (Milton), 1 steer £.3 Bs, 3 lieifers £1 11s, 1 hull £3 10s; A Central Otago client, I steer £2 17s Cd, 1 heifer £2 15s, 3 veaiers 18s, 217 s. 6 15s; D. Miller (Stirling), 1 cow £2 6s; H, Flett (Pine Hill), 1 vcnler 18s, 1 cow 10s; a client, 1 heifer £2 ss; A, Scotland (Milburn), 1 cow £2 10s; a Milton client, 1 heifer £3; R. Forrester (Milton), 1 cow £1; F. J. M'Artfiur (Ovvnka), 1 heifer £1 7s Cd.—— The National Mortgage and Agency Company of New Zealand, Ltd., sold: For a client, 4 steers £0 10s, I cow £4 15s, I £3, 1 bull £2, 1 cow £1 10s, 1 £1 ss, 1 £l. Donald Reid and Co., Ltd., sold: For S. M’Craw (Pine HilD, 1 cow £5 4s; a client:, 1 lioifer £2 ss; K. Burns (Mount Ross), 1 vealer £3. 1 vealer £2 16s.

Dairy Cows. —Wright, Stephenson, and Co., Lid., sold; For J. Pryde (St. Kilda), I cow £0; J. Hamilton (Outram), 1 cow £4 10s; M. Leask (Omaltati). 1 heifer £3 10s. The Otago Farmers’ Co-operative Association of New Zealand sold: For E. J. Allen (Caversham), 1 cow £6; A. M'Donald 1“ Fall'vlew ”), 1 heifer £5 2s 6d; J. B. Booth (Leith Valley), 1 heifer £5 ss, 2 £4 15s; a client, 1 heifer £3 10s, 1 £2 ss, 1 cow £1 10s; W. Harbrow (Tomahawk), 1 cow £2 10s; a client 31 cows and heifers at quotations.——-Donald Reid and Co., Ltd., sold: For a northern client, 1 cow £5 2s Cd.

Calves. Stronaeh. Morris, and Co., Ltd., sold: For Mrs R. Johnston (Green Island), 1 calf £1; Clarke and Mackenzie (Woodhaiigh), 1 calf 7s, 1 4s, 2 3s, 1 2e Od; a client, 1 calf 12s. New Zealand Loan and Mercantile Agency Company, Ltd., sold: For A. F. Walker (Outram), 1 calf 17s; a client, 1 calf 13s, 1 10s, 1 9s, 1 8s; F. Johnson (Momona), 1 calf 10s; Mrs E. J. Walker (R.D., Outram), 1 calf 10s, 2 7s. Wright, Stephenson, and Co., Ltd., sold: For W. H. Brown, 1 calf 15s, 216 s; J. Wither, 1 calf 10s; Mrs M'Kenzie, 1 caff 14s. The Otago Farmers’ Co-operative Association of New Zealand, Ltd., sold: For Peter Ralston (Allanton), 1 calf 20s; H. F, Shephard (Knikorai), 1 calf 12; Mrs D. Shane! (Wylie’s Crossing), 1 calf 12s; C. D. Falconer (Milton), 1 calf 12s; J. Parslow (Wylie’s Crossing), 1 calf 10s, 1 8s; a client, 1 calf 7s; F. Stevens (North-East Valley), 2 calves 6s; a client, 1 calf 8s; J. Thompson (Green Island), 1 calf 6s, 2 2s; J. Brensell (Waitati), 1 calf ss; T. D. Marshall (Caversham), 1 calf 4s, 1 2s; Valpy and Sons (Green Island), 1 calf 2s; John Agnew (Sawyers’ Bay), 1 calf 2s; W. Harbrow (Tomahawk). 1 calf 2s; T. Kirkland (Fairfield), 1 calf 2s. Donald Reid and Co., Ltd., sold: For R. M. Farquhar (Higheliff), 1 calf 16s; Mrs J. Lindsay (Momona), 1 calf 12s; D. L. M’Coll (Brighton), 1 calf 11s; H. Heaps (Janefield), 1 calf 2s.

Fat Sheep.—There was a small yarding of 1600, consisting principally of ewes. Competition was not keen, and prices were easier by Is per head. Extra prime wethers sold to 21s; prime wethers, 15s to 17s; medium, 13s to 14s; extra prime ewes, to 11s 6d; medium ewes, 7s to 8s; inferior, 5s to 6s. Stronach, Morris, and Co., Ltd., sold: For Edie Bros. (Edievale), 1 wether 18s 6d, 1 ewe 16s, 28 ewes 11s 3d, 24 10s Od. 7 8s 6d; W. D. Mason (Middlemarch), 12 ewes 10s, 13 8s 6d, 7 6s 6d; R. F. Allen (Ngapuna), 1 ewe 10s 9d, 26 8s 6d, 41 6s Cd; P, Briscoe (Waitati), 11 wethers 8s 6d; a client, 19 ewes 7 s 6d, 23 Os 6d; Lyders Bros. (Berwick), 25 ewes 7s Od. 40 6s Od; a client, 5 ewes 0s 6d, 17 5s 9d. Dalgety and Co., Ltd., sold; For Robert Finlay (Dunrobin), 5 wethers 18s 6d, 3 18s, 5 16s, 6 ewes 11s Cd, 5 11s, 6 10s 6d; James Wallace (Clyde), 7 wethers 16s, 7 13s 9d, 10 12s 6d, 15 owes 7s Od, 13 6s 9d, 10 6s 6d; CroSsan Bros. (Roxburgh), 15 ewes Bs, 25 7s 6d, 20 Js; Richard Mitchell (Outram), 10 ewes 7s 9d; G. Johnstone (Blackstone Hill), 7 ewes 6s 9d, 16 6s. New Zealand Loan and Mercantile Agency Company, Ltd., sold: For estate R. Robinson (Moneymorc), 2 wethers 17s od, 5 ewes 11s, 9 10s, 5 8s 6d; C. 6. Shand (Mosgiel). 7 wethers 17s, 5 16s 9d, pen 10s 3d; P. J. Scanlan (Milton), pen wethers 10s. 4 ewes 10s 6d, 4 7s 9d; a client, pen wethers 15s, 3 ewes 10s 9d. 2 7s 6d. 23 ewes 7s; I). A. Drinnan (Milton). 10 ewes 10s 3d; a client, pen ewes 10s 3d. ——Wright, Stephenson, and Co., Ltd., sold: For K. Nevill (Tawhiti), 9

wethers 15s 9d; G. Kennedy (Purakanui), 15 wethers I4g Cd, 12 14s 9d, 9 13s Cd, 21 12s 9d, 1 ewe 12s; J. Geoffrey (Wedderburn), 11 ewes 11s, 14 8s; W. C. Davis (Ranfurly), 12 ewes 9s 3d, 11 8s 9d, 18 8s 9d, 17 Bs, 15 7s Od, 15 7s 3d, 10 6s Cd, 16 7s; R. Mitchell (Outram), 16 wethers 15s Cd, 214 s 6d, 13 ewes Bs, 9 9s 9d; J. H. Lewin (Pukerangi), 18 ewes 0s 9d, 16 9s, 16 8s 3d; T, Kirkland (Fairfield), 15 ewes 7s 3d, 16 Os; J, Miller (Maungatua), pen IGs Od, pen ewes lls Cd; A. Dow (Ranfurly), 9 eyes Is 3d.--—The Otago Farmers’ Cq-opeTa-tive Association of New Zealand,. Ltd., sold: For Finlay Bros, . (Dunfobin), 8 wethers 18s, 5 16s Cd; 11, Mitebell (“ Olenin,*’ Outram), 4 wethers 14s, 2 13s Gd, 3 ewes 8s; A, E. and E, B. Stewart (Manuka Creek), 1 wether 13s, 10 ewes 9s, 8 7SJ Finlay Bros. (Dunrobin), 5 elves 12s, 7 11s, 5 10s; J. Cameron (Snttoh), 12 elves 10s Od, 15 9s, 4 7s 9d, 8 0g Cd; William M'lntyre (“ lurtisfree ”), 15 elves 10s, 1 9s,* 4 7s 6d; .A, Scotland (Milburn), 1 ewe Is; J. Kirkland (“ Poplar Grove,” Itiddlc-mul-c-h), 7 elves 9s, 8 7s 9cl, 7 Os Gd; a Mosgiel client 10 ewes 8a;. J. M’Grouther (Milton), 2 ewes 7s 9tl; P. Laing (Hindon), 14 ewes 7s Cd, 4 Qs Cd.—-The National Mortgage and Agency Company of New Zealand, Ltd., sold;, For M. J, Shea (Wedderbum), 2 wethers lßs. 6 l4s, 8 ewes 11s Od, 10 Is Od, 4 6s; U. Throp (Moa Flat), truck ewes to 14s; R. Grey (Milburn), 8 ewes 12s, 7 9s; A. Farmer (Edievale), 12 elves lls 9d, 4 7s 3d, 11 Cs. Cd, 0 6s 3d: A. Robson (Lovell's Flat), 24 ewes 8s 3d, 25 7s Od. 14 Cs Od; D. B. Craighead (Middlemarch), 16 ewes Is 6d, 22 7s 3d; a client, 18 ewes 6s. Donald Reid and Co., Ltd., sold: For K, B. Burns (Mount Ross), 13 wethers 10s Gd, 0 18a Od, K, Mitchell (Outram), 18 ewes l3s; u southern client, 14 ewes 10s 9d, 210 s Od, 0 10a 3d, 13 10s, 14,0 s Gd, 7 Os, 0 7s Od; L. Graham (Berwick), 4 ewes 8s 3d; n client, 12 ewes 6s, Fat Lambs,—There was a small yarding, 500 being penned. The quality was only medium, and prices were firm at lust Week's rates, —Extra prime lambs made from 16s to 225, medium lambs 13s to 14s, light 11s to 12s, rape lambs 9s to 10s Od. —-—Stronach, Morris, and Co,, Ltd., sold: For W. D. Mason (Middlemarch), 11 lambs 16s 3d, 17 14s Od; Mrs Galvin (Shingle Creek), 22 lls, 37 7s; a client, 11 l6s 3d, 11 15s, 10 to 13s Od, 13 Ga Od. -—Dalgety and Co,, Ltd., sold: For H. G. Christie (Allanton), 8 . lambs 225; George Stevenson (East Taieri), 1 lamb 13s; Thomas HaySer (Beach road), 14 17s, 18 10s od,. 34 14s Od, 14 14s 0d; Richard Mitchell (Outram), 4 12s, 3 lls Gd; Q. Johnston (Blackstone Hill), 10 16s od, 5 14s Od; CrOssaU Bros, (Roxburgh), 5 14s Od; Harry Thomson (Pukernil), 10 18s Od.-—-New Zealand Loan and Mercautile Ageilcy Company, Ltd., sold: For F. Johnson (Momona), 6 lambs 14s Od, pen 12s, a client, 5 15s, 7 14s 9d, 6 13s 9d, 4 18s Cd: T. Finnie (Saddle Hill), 5 14s Cd; C. O, Shand (Mosgiel), perl, 13s Cd. —-Wright. Stephchsrtn, and Co., Ltd., sold: For J, Geoffrey (Wodderburn), 1) lambs 17s 3d, 24 l6s 3d; T. Kirkland (Fail-field), 20 10s Cd, 28 I4s 9dj H, Kennedy (Purakanui), 8 9s Cd, 1 12s Od; MisSes Davidson, 1 13s, 3 12s! John Miller (Meuligatua), 3 15s, 15 12s Od) R, Nevill (Tawhiti), 10 14s 0d; T. Finnie (Saddle Hill). 0 12s od.—The Otago Farmers’ Co-Operative Association of New Zealand, Ltd., sold: For A, E, and E. B, Stewart (Milton), 1 lamb 17a Od; J, Kirkland ("Poplar Grove,” Middlemarch), 215 s 3d; A. B, Hall (Ranfurly), 38 16s 3d, 34 15s 9d, 5 15s 3d; F, Johnston (Momona). 0 14s 9dj P, Laing (Hindoo), 214 s 9d, 13 13s, 72 15s.—The National Mortgage and Agency Company of New Zealand, Ltd., sold: For M. J, Shea (Wedderb«t‘n), 20 lambs 16s, 13 13s Cd; A. Robson (Middlemarch), pen 15s 3d; A, I)armor (Edievale), 17 13s Cd, 17 12s 3d; E. M. Lake (Mosgiel), 7 10s 6d.—Donald Reid and Co., Ltd., sold: . For A, P, Flouting (Otokia), 5 larnbs 19s Cd# 4 16s pa; W. L. Matlieeon (Berwick)# 13 16s 9a, 1 15s 3d. 21 15s, 9 13s Cd; G. Graham (Berwick), 11 15s 9d, 6 15s. Fat Pigs.—There was a small entry, and prices were firmer. Stronach. Morris, and Co,, Ltd., sold: . For Thomas Smith (Bannockburn), 4 pigs £2 15s; W. Booth (Clarendon), 2 £2 12s, 1 £2 IS; a client, 1 sow £2 12s, 1 pig £2 lls. ■■■— Wright, Stephenson, and Co., Ltd., sold: For Mi's L, Orbcll (Waikouaiti), 1 fat pig £2 2s, I£2 Is, The Otago farmers' Co-operative Association of New Zealand, Ltd,, sold: For W. Hare (Milburn) , 2 pigs £3 ss, 1 £2 16s.- ——Donald Reid and Co., Ltd., sold: For L. V. Keating (Mount Allan), 1 pig £3 ss; George Ford (Mosgiel), 1 pic £2 18 s, 2 £2 lls, 1 £2 0s; A. M'Lcan (Broad Bay), 0 pigs £2 Is, 2 £1 IDs. „ , Store Pigs.—There Was a medium yarding of stores, and these sold on a par with-late rilling l 4 at^. < - s^SttOtiaCn, M6tS ris, nml Co., Ltd., sold: For W. M Dickson (Tomahawk), 2 pigs 7s od, A, * ~ Wright, StepheQion, and Go., Ltd., 301(1. For S. Purvis (Balclutha), 3 store pig® lls; T. G. Paulin (Outram), 4 store pigs 8s; J. Kreft (Momona), 7 store pigs lls. The Otago Fanners’ Co-operative Association of New Zealand, Ltd., sold: For F. Thornton (Momona), 2 pigs 15s, 1 13s, 1 9s: F. Johnson (Momona), 7 pigs Bs.-—Donald Reid and Co., Ltd,, sold: For A. P- Fleming Otokia), 7 pigs 15s; George Stevenson (East Taieri), 2 pigs 9s, 4 Ss, 2 7s; a client, 1 pig. 9s, 2 8s Cd; T. G. Paulin (Outram), 2 pigs Bs, 1 ss.

MELBOURNE BOARD OF WORKS LOAN (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, March 21. It is understood that the results of the Melbourne Board of Works conversion loan is very satisfactory, AMOUNT OF LOAN. (United Press Association.) (By Electric Telegraph—-copyright.) MELBOURNE, March 22. The amount of the Board of Works conversion loan is £1,140.000. PRICE OF RUBBER LOWEST LEVEL REACHED. (United Press Association.) (Uy Electric Telegraph-—Copyright.) LONDON, March 21. Owing to the failure of the restriction negotiations, rubber fell to Ijd, the lowest on record.

(By Eiectri p reie arnpn — topyri mi. i IIUGBY, Ma n:h 21. Par. Mar. 10. Mar. 21. Barls. fr to £1 124.21 02% 02 V» Brussels, belsas to £1 .. 35 2fiU 2G 3-111 Oslo, kr to £1 .. 18.150 18 11-lf 1811-10 8 tockholm. kr to £1 .. 18.150 18'i 18% c o cnliagen, kr to £1 .. 18.150 18.15 18.15 Be tin, marks to £1 .. 24.43 15 5-10 15.35 Montreal, dot to £1 .. 4.80 2-3 4.07 1 .* 4.08»4 New York, dol to £1 .. 4.88 23 3.05 3.04 "4 Yokohama, pence to yen 34.59 tVA 21 3-10 Hongkong, oence to dol 25.13 10 1-18 10 1-10 !T?!jjnT^tMHISi!5^C rupee 18 18 5-32 18 5-32 IUta.fi?., florin* to CI .. 12.107 — — Milan. lire to £1 02.45 rotf 70 7-18 Amsterdam, guilder to £1 12.107 9.05 O.Of.14 Frague, kr to £1 24.02 123 123 Genera, kr to £1 ., .. 25.23',4 13% 18 20-32 Vienna, tchilllnss to £1 24.55MI 32 32 Helilnxfori, marks to £1 103.334 21514 21S Madrid, pesetas to £1 .. 25.55>/4 4S"i iS^ Athens, drachm* to £t .. 25.23% 287 Vj 28714 Lisbon, escudos tc £1 .. 5.5014 lODUi 100% Bucharest, lei to £1 ,. 037 go;',4 C07',4 mo de Janeiro, penes to mllreis .. ■ ■ 18 4 1-10 4 1-10 Buenoa Aires, pence to 47.82 38 3S'4 Shanghai, pence to tacl 24% 21% 2114 Itonlerldeo, pe«c# to peso U 3054 30 V4

market v— Ton. 414 Rise £0 15 714 Copper, forward ■ .. 32 IB 714 Fall 0 3 lli Electrolytic. 6pot .. .. 30 10 0 No change Electrolytic, forward .. 37 e 0 - Fall 0 S 0 Wire bars .. •• ,, 37 5 0 Fail 0 6 0 Lead, spot .. it G Fall 0 7 0 Lead, forward .. .. 12 7 G Fall 0 0 3 Spelter, spot «. », .. 12 12 G Hiae 0 13 Spelter, forward .. 13 0 0 Rise 0 13 Tin, spot .. .. a .. 127 8 0 Fall 12 0 Tin, forward .. .• ..120 1 Ot 3 Fall 12 0 Silver, flile .< .. Silver, standard .. .. 17%d Fall Fall S-lfld 1 S-lOd