COMMERCE AND FINANCE

Otago Daily Times, Issue 21621, 16 April 1932, Page 9

COMMERCE AND FINANCE

THE SHARE MARKET |- r DUNEDIN STOCK EXCHANGE ... BUSINESS OF THE WEEK. ' The following is a list of the sales resorded' on the Dunedin - Stock Exchange during the past week:— Bank of New Zealand, 43s 3d. I P. and 0. Deferred Stock, 21s. New Zealand Refrigeratings (cont.), 4a Id (two). D.X.C. (pref.). 19s lid (two). New Zealand Breweries, 23s 3d. Okarito, 9s 4d. King Solomon, Is 2d (two). Golden Point, sd, 4Jd (two). 5} per cent.. Stock (1936), f 97 ss. " 5J per cent. Stock' (September,, 1937), :■ 5197 ss. 1< ■ Business was done in Bank of hiew Zealands during the past week at • 43s 3d. There has since been'an easing tendency, hut a, slight improvement followed and. the market closed with a buyer at 43s and a seller at 43s 9d. ' _ _ . The first buying quotation for National Insurances for some time was made just before, the close of the-market, 11s being offered for the Shares., Sellers, however, were' not prepared to do business at less than 12s. ■ '■ • , Huddart, Parker ordinary shares have had an nnsupplied buyer at 21s.' There was a sale of P. and 0. Deferred Stock at 21s. No buyer has come forward since, but the shares are being offered at 21a 9d- “ Westport Coals are now being offered ” cum refund ” as a result of the decision of “the company to reduce the nominal -value of the shares- to 10s. The latest quotations are 17a 9d'(buyers) and 19s Od (sellers); ’’l-’-v Contributing New Zealand; Refrigeratings have seen business at 4s sd, two parcels having changed' hands at that figure.' An oner 61 4g Sd at the close of the market found, sellers firm"at 4e fid. -Crystal .Ices have some demand' at .21s ltd, but sellers have not, so far, come forward;"-' Two parcels of preferred-D.I.C.V have been turned over at, 19s lid.. They had jaxt nnsupplied buyer at the close of the week at 19s 6d. si.v.The best offer for Milburn Limes at is 26s Bd, sellers asking 28s. • it Woolworths “ rights ” have continued in'demand at 2s 3d without attracting a •’? A‘sale of New Zealand Breweries took place at 23e 3d, the offer since then has stood at around 22s lid, with a seller at the close of the market at 23s fid. ■ Okaritos eased somewhat at the com- , raencement of the period. Business was done’ at Os id, and there wae some im•provement in the demand, the -market .closing with •• buyer at Os Cd and a seller 'it 9a 9d.' ■ ■-v ■ ■ :.•”/ c-Two - parcels of’ King. Solomons, changed bands at -Is 2d. The closing offer for these was Is Id, sellers then demanding Is ,6d. ; . ;' a- ■ Business was done in Golden Points at fid, and:iid (two). iThere is now an misapplied buyer .at id. A parcel of 5J per cent. Stock (1936) Was turned over at £97 5«, arid the same figure was paid-for a.parcel of 5J per * cent. Stock (September, 1937). There ■V has been a steady demand for Government 'Loans ' and Some improvement haa been . noticeable. The'following are yesterday i afternoon's buying and' selling quotations, which are “subject to the usual brokerage:— ■ ■ i'. / BANKING,' r . ' Bank of Australasia—Buy £8 15s. Bank of 'N.S. : Wales-HSel; £25; - • " ’ ■ Bank of New Zealand—Buy 435, sel ■i|Ma.K.) Commercial Bank—Sel 13s lid. . i B.S. and A. Bank—Sel 85s. ■’ " 'National. Bank of Australaeia—Buy £9 Ij)s, sel £lO,. : -5 .. • ' . .iTjnion Bank—Buy £6.los,>' -.?v a'" INSURANCE'. : : ; ’ itional lla’ sel ■ fcfcfcK' Insurance Co.—-Sel S7s 6d J . ''’South ' British Insurance . Co.—Sel, • 49s \ ' y . Standard ' Insurance Co. —Buy 82s fid, ■ ' ■■■'/-K'y-'.i''-n'.-f'. '‘X-.

SHIPPING, ■•: ■ -V';:-:;. , Huddari, Parker (ord,)— Buy 21s. P.andO." Deferred Stock—Sel 21s 9d. ,:yTJ.S;S. Co/(pref;>—Buy 19s lOd.; ' , <w ■ ?£ : , GOAL. • Westport CoalCo.-rßuy 17s 93, -sel . 19ei9d.-cum refuiid.'. J;.r i Loan and M. (ord.) -—Sel 14'. Stephenaon ;(pref.),—-Sel 15s. . MEAT PRESERVING. ■, r- N.Z. Refrigerating (cont.)—Buy 4s 3d, v.- ■, ...; . r-w V.-v, • . MISCELLANEOUS. il^EntiSli^Tobacco-— Buy 265. Crystal Ice Co.—Buy 2Js 3d. T; D.1.C. ; (ord.)—Sel 12a 3dV - ' / - :'D<LG.' (pref;)—Buy. 19s 6d, . Dominion Rubber —Sel 6s. Donaghy’e .Rope and Eclipse Petrol—Sel 3s. .' ! Milburn 'Lime and Cement—Buy 25s •d.sel 28s. ■ Mosgiel Woollen Co.—Buy £6 15j. : National Electric-~Sel. 9s. > , N:Z. Drug Co. —Buy 455. N.Z; .Farmers’ Fertiliser-r-Buy l-2s, sel 13s 6d. • , . ■ .. r , , N.Z* Paper Mills (ord.)—Buy 18s<6d. I Otagp Daily Times—Buy 365, sel 41s.'= - ■ Wilsons (N.Z.) Cement—Sel' 27s 3d. 1 Woolworths (rights)—Buy .2s 3d. ... \'" s f GAS. , , - .Auckland—Sel '2ls 6d. ‘ , ■-- ' 1 BREWERIES. ’v ; ; . N.Z.-BreWrieß..Ltd; —Buy'.22s lid, sel 13s 5d.-- • . ■; N.Z. /Breweries Debs.—Buy 20s. - Dunedin Brewery—Buy 10s, sel 20s 6d, Tooths-Brewery—Buy 225.: 3d. '' ; ' . MINING; / :: " Waßii—Buy 10s sd. Mount Lyell—Buy 18s. ’ Broken Hill —Buy 54a 6d.’. Broken Hill South—Buy 365. . Molyneux Electric —Sel 6s. Mahakipawa—Buy 2d, ,sel 3Jd. Kildare—Sells 10d. Okarito—Buy 9a 6d, sel 9s 93. Paddy’s Point—Buy 3s 9d, sel is/Golden Progress—Buy 2g 9d, sel 3s 3d. King Solomon —Buy Is Id, sel Is 6d. Golden Point—Buy id. Blackwater—Buy 6s 3d, . sel 6s Bd, Consol Goldfields—Buy , 2s Id. , ; GOVERNMENT LOANS. - 4J per cent. Bonds, 1938—Buy £93 10s. .41 per cent. Bonds, 1939—8uy £93 10s. ij. per cent. Inscribed, 1938—Sel £94 17s U. . ‘ ■ . Per cent. Soldiers’ Bonds, 1033—Buy 493. 51 per cent. Soldiers’ Inscribed, 1933Buy £OB. ■- ■ ,a| per cent. Bonds, 1936—8uy £97 10s, oj per cent. Inscribed, 1936—8uy £97 10s. ,v 5J per cent. Bonds, 1933—8uy £97. o|' per cent. Inscribed, 1933 —Buy £97 Is. . . ; ' , •sJr=ner cent. Bonds (February), 1937Buy'J97 15s, . ?; •'•■' 5J per cept. Inscribed (February),l937 —Buy £97 15s. / SJ per cent. Bonds (September), 1937 —Buy £97 16s. ~ 54 , per cent. Inscribed (September), 1937—8uy £97 Ids. NORTHERN EXCHANGES (Per UifiTEn I’bess Association.) The following business was done on •Changes yesterday;— • _ ■ Z" - Auckland.—Sales: .Inscribed Stock (1933), 6i percent., £97 sa; Commercial Bank of Australia, 13s lid; Bank of New Zealand, 435 : 3d; Weatport-Stockton, 6d; Taranaki Oil, 9d; Wilson’s Cement, 25s 10d; Waihi, 16s 9d. Wellington.—Sales reported: New Zealand Government, 4 1 percent. Stock (1938), £94 10s (late sale Thursday); 51 per cent. Stock (1936), £97 10s (late sale Thursday); 5J per cent. Stock (1934), £96 ss; 4i per cent. Stock (1938), £94 10s; Bank of New Zealand, £2 3e 4d (two •ales); Commercial Bank of Australia (ord.), 13s lid (late sale Thursday). Christchurch—Sales: New Zealand Government 4 \ p?r cent. Inscribed (1938),

LOCAL AND OVERSEAS MARKETS.

£94 12s Gd, £94 11s 3d; National Bank of Australasia (£5 paid), £4 16e fid (three sales); Dalgety and Co., £7 2s fid; Goldsbrough Mort., 21s 7d; Mount Lyell, 18a fid, 18s 7d; Golden Dawn, 5s 7d (two sales), 5b 7id (two sales); Golden Point, 4Jd (two sales); King Solomon, Is 4d; Okarito, 9s fid; Waihi, 16s 7d. LONDON STOCK EXCHANGE. (United Pres* Association.) (By Electric Telegraph—Copyright.) ’ ' LONDON, April 14. The folic Trie* are the latest Quotations for Gotimment reiurltles compared with the prlcei nillns

BANK OF ENGLAND RETURN (United .Brest- Association.) (By Electric Telegraph—Copyright.) . • ■ ■, ,■' •. L(WD<m!%ril 14. The following is the Bank’of England return:— , ; '" ;• «' v •' ! ISSUE DEPARTMENT. Note issus in circulation .. ,£356,763,055 Banking department .. .. .. 39,055,292 ' • . . £395.808.347 Government debt .. .. .. f 11,015,100 Other Government securities ■ > 223,293,702 Other securities ~ . i ... .. 39,891,544 Silver coin ;. ... .. .. .. 3,799,654 Gold coin and bullion i .v ..- ,' 120,808,347 .£395,808,347 BANKING DEPARTMENT.. Propretors’ capital’.. . JV. .' £14,553,000 Rest ... .. .. .. .. :. .. 3,099,286 Public deposits .... .. .. 12,258,934 Other deposits (bankers) .. 78,446,795 Other accounts Seven-day and‘other bills .. 1,185 ,' L -£141,182,802 Government, securities .. .. £55,385,906 Discounts and-advances /.. .. 11,267,453 Other securities .. 34,833,853 Notes in reserve .... .. .. 39,055,392 Gold and silver coin .. .. .. 640,298 - £141,182,802 The. proportion of reserves to liabilities is .32.10;,pe r’ cent., Short loans are .quoted at/2J per cent'.; three months’ bills at 2 3-16 per cent.MELBOURNE MARKETS (United Press Association.) . , v (By Electric Telegraph—Copyright.) MELBOURNE, April 15. Wheat, 3s 3Jd, f Floiir, £7 12s 6d. „ Bran land pollard,. both £ 5 sq. Oat«,,;2i 3d and 2s 4d. Barley; junchanged. Maize,: .'!* lid and 4s. Onions:; Steady, £l3 15a and £l4. • ;V:,;PWCE-OF FINE-GOLD (United .Press Association.) (By Electric Telegraph—Copyright.) ” I" •; LONDON, April 14. Fine' gold 1 is * quoted. at ,£5 9s 7d per ounce. • . , '•

DUNEDIN MARKETS WHEAT, OATS, ETC. Offerings of milling wheat are still being made from the country. As haa been stated before, however, the absence of drying winds and the rains experienced have made it difficult for farmers to deliver wheat in the best of condition. This has been one of the worst years for harvesting operations that we have had in the south for some years past, and it' is only in cases where the wheat was sown in the autumn and saved early that there has been little trouble. The later sown crops have not only had to contend with weather, conditions, but" also with rust. Millers are accepting any sound quality lines at > the prices fixed by the Wheat Marketing Agency—namely 4s Bjd, f.0.b., for Tuscan, 4g IOJd for Hunters, and 5s OJd for Velvet. Wheat not suitable for milling is readily saleable as fowl wheat,, supplies of which are not over plentiful. The current value is. 4s fid per bushel, ex store, Dunedin, sacks extra. The shipping market in Canterbury is firm, and sales are being made on the same parity as milling wheat. It is reported from Canterbury that two-thirds of the wheat crops have been threshed, the balance being in stack. These stacks will be threshed once the ij-heat has matured. Millers’ prices for flour, etc., are as follow; Flour. 2001 b, £l4 2s;. 100’s, £ls 2 S fid; 50’s, £ls 7s; 25’s, £ls 17s. Bran, £5 10s per ton. 1 Pollard, £7 per ton. Oatmeal: 2001 b, £2O; 25’s, £22. The oat market has not the same firmness as was experienced during the past week, as the pressure from the North Island, Canterbury, and millers to buy has eased off to a certain extent. This has resulted in an easing off in the demands for oats from farmers. 'A’s are worth 3s per bushel, sacks extra, on trucks, country sidings, and B’s 2s 9d. Shipping quotations are. on a basis of 3s Bd, f.0.b.,’ s.i., for A’s and, 3s 4d to 3s 5d for B’s. A number of lines whch are discoloured are being sold for feed oats at 2d to 3d below the above prices. The chaff market remains quiet, with the market firmer in sympathy with the firmness in oats. The demand is still purely local, as there is no chance of shipping froin this port in view of the low prices ruling at Blenheim, where chaff is being sold to Auckland at £5, f.0.b,, s.i. The local price is £4 10s per ton, sacks extra, ex truck, and £5 for small quantities. Supplies are not plentiful, but are quite sufficient to meet the demand, which is confined to good quality chaff. .Other quality is hard to sell. The | potato market is fairly firm, but there is not the same demand for prompt delivery as for deliveries ahead. Practically no inquiries have yet been - re- ' ceived from North Island merchants for prompt shipment, as most of their requirements are being secured from the Rangitikei district.. In the meantime, North Island merchants are not interested in , South ; Island quotations. There is not, however,, any weakness for prompt deliveries, despite this fact. Some speculative business'is still going through on a fairly high basis,-' delivery July, August, September.

As is usual at this time of the year little business is passing in the seed market, . Only an occasional; line is going to the North Island for autumn sowing. The prices for ryegrass, cocksfoot, and clovers continue high, but there has been no life in the chewings fescue market. Orders from oversea are still being sought, but without any response. Produce lines are quoted wholesale as follow: Chaff: Good totality, to £5 per ton, ex store; ex truck, £4 10s per ton. Potatoes, £4 10s to £4 15s per ton. ex Dairy butter: Milled bulk, 9d to 9Jd per lb; separator, to 9Jd. Bacon, lOd per lb. ■ Ham: Ordinary, lOJd; boneless, Hid per lb. Onions: Canterbury, 1 to 12s per cWt. Eggs: Stamped, Is lOd per dozen; case. Is 9d;; pullets’ eggs. Is. 6d. Eggs, advanced 2d per dozen early in the week. FRUIT REPORT. The apple market remains unchanged. are plentiful,; and the sale of all varieties with the . exception of Cox’s Orange Pippins is slow. The fruit marts are now carrying considerable stocks. There has been a little better inquiry for Jonathans, and some choice samples have been offering from Central Otago. Pears are not so plentiful, and a better demand exists for choice dessert varieties. Cookers are in heavy supply and prices are low. A few lots of peaches are. still reaching the market, but the demand is'not btisk. Suppliss of outside-grown tomatoes have not been bo heavy, owing to the cold weather, but the demand has not improved Many lines are showing the effects of frost and these are hard to place. Lines free from frost and well coloured have a fair sale. Hothouse-grown have a better inquiry. Offerings of these tomatoes are on the small side. . Locally-grown grapes are in good supply. Prices are on the low side, owing to heavy supplies of Victorian-grown being available. These latter arrived by the Wainui. About 500 cases of_ Valencia oranges arrived by the Wainui, and met with a very keen sale. Supplies are now out of wholesale hands. A small lot of Californian Sunkist, transhipped from Auckland, realised 50s per case of 176. Lemons are in good supply and prices are easier. The New Zealand grown which have so far been offering have been of much better quality than those offering in previous years. Italian and Californian grown are also on the market, and these are bringing high prices, owing to the exchange and the duty. A shipment of Rarotongan bananas came to. hand during the week. These were’ readily taken up by retailers. A large shipment of Samoans is expected ex the Maui Pomare, which is due at. Lyttelton on Monday. The Dunedin consignment will be railed to .Dunedin. It is understood that the vessel will bring a full cargo, and that at least 2000 cases will be available for the local market. Quinces are in good supply and prices are low. Supplies of cabbages, cauliflowers and lettuce are in excess qf the demand. Inferior quality are, unsaleable,. Green peas, -grown, in the Waimate and Sawyers’ Buy; districts, are offering iii small lots. They show the effects of unfavourable weather and are slow of sale. , '• ' ■/■■... .■ French beans are in short supply and good prices are being obtained. Carrots, parsnips and swedes are plentiful and prices are low. Wholesale prices are as follow; Apples: Cox’s Orange* Pippins, choice, 8s to 10s; Delicious, 4s 6d to 7s; Jonathans, 4s to 5s 6d; poor quality all varieties, 2s 6d to 3s 6d; cookers, 2s 6d to 4s. Bananas: Ripe, to 18s per case. Pears, Is 6d to 3s per half-case; dumps, to ss. Oranges: Australian Valencias, 22s to 27s 6d; Californians, 50s. Lemons: Californian, to 52s 6d per case; New Zealand-grown, 15s to’ 18s per case. Local grapes, 7d to 9d per lb; Victorian, 12s to 15s per box. Tomatoes: Hothouse, 2Jd to 4jd; out-side-grown, Id to 2id. Peaches: Crates, 2d to 3d per lb; cases, 3s to' 3e 6d. Pie melons, Id per lb. Quinces, 2s to 2s 6d per half-case; Cucumbers, to 2s 6d per half-case. Green peas, Id to 2d. Broad beans, Id per lb. French beans, 3d to 4d. Cabbages, Is per sack. Cauliflowers, Is to 2s 6d per sack. Lettuce: Choice, Is per dozen. Carrots, 2s per sugar bag. Potatoes, 4s to 5s per cwt. WHEAT. FLOUR. ETC. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, April 14. Wheat cargoes were offered at 3d to 6d down, but the undertone was steadier following the increase in the Italian quota, easier sterling, and fair Chinese and Japanese inquiry for Australians, but bids were below market values. King Williams, 27s 6d. Parcels were in quiet demand at 3d to 6d down. Ex Temeraire, 27s 3d; ex Largs Bay, 27s (net). Futures: London-Llune 25s Id, September 25s Bd, December 26s 4d; Liverpool—Mayss3|d, July ss -53d, October 5s Bfd. The spot trade is quiet. Australian, ex ship, 28s 9d to 295. Flour is firm. Australian, ex store, 20s 6d to 225. . Oats are firmer. Australian Algerian, 18s to 19s; A Gartons, 22s 6d to 23s 6d. Peas are quiet. Maples—Tasmania, 60s to 67s 6d, New Zealand 64s to 655, Blue Tasmanian 360 s to 380 s, New Zealand 3405; New Zealand beans, 29s to 30s.

DAIRY PRODUCE The National Mortgage and Agency Company, Ltd., is in receipt of the following cablegram from London:— Butter: Market slow. New Zealand finest, 107 s to 108 s: New Zealand firsts, 105 s to 107 s; New Zealand unsalted, 114 s to 116 s; Danish, 116 s; Australian, 104 s to 106 s. Cheese: Market quiet. New Zealand white, 625; New Zealand coloured, 635. Messrs Dalgety and Co., Ltd., have received the following cablegram from their head office, London, dated April 14: — Dairy Produce.—The butter is slow and quotations are nominal. The cheese market is. slightly easier. Quotations are:—Danish butter, 118 s to 120 s; New Zealand finest butter, 107 s to 109 s; Australian finest unsalted butter, 105 s to 107 s; Australian finest salted butter, 105 s to 107 s; Australian G.A.Q. butter, 102 s to 104 s. Australian cheese —White 60s to 61s, coloured Gls to 625; New Zealand cheese—White 625, coloured. 635; Canadian cheese—White 68s to 725, coloured 68s to 725, c.i.f., not quoted. White cheese is also 6d less. BALCLUTHA STOCK SALE (From Our Own Correspondent.) BALCLUTHA. April 15. The yarding at the weekly sale to-day was a large one, comprising 900 fat sheep and 8500 stores. Buyers were in strong force, and a good sale resulted, although towards the finish prices for store sheep slackened off and there were some bargains. Fat ewes sold at 7s to 9s; fat lambs, 12s 9d to 15s 6d. Store Sheep.—Two-tooth ewes, 11s 7d to 18s; sound-mouth ewes, 6s to 10s; fail-ing-mouth ewes, Is to 3s 6d for poor sorts; better quality, 4s to 6s; forward ewes, 10s to 12s 6d;*'small lamb?, 3a 9d to 6s; forward wethers, 12s to 16s 2d. The yarding of cuttle was a small one, and the demand was very slack. Eighteenmonth steers, £3 10s; empty cows, £2 10s. A dairy cow (July calved) went at 20s. Pigs.—Suckers sold at 8s to 12s; good well-grown slips, to 235. OAMARU MARKETS , (Special to Daily Times.) OAMARU, April 15. A few lines of wheat came forward during the week, but the quality baa not been good. In gome cases the grain' has beep hard enough to be accepted by millers, but many lines were badly sprouted and only suitable for'Towl wheat at lower prices. No doubt farmers would be wise still to hold wheat in stack for another three or four weeks, as the condition of lines being offered at present is quite unsuitable for milling. The oats market is firm, but there is practically nothing offering. A few small lines of chaff came on the market, and were worth £4 5s to £4 10s on trucks. The following private stock sales were transacted: —Failing-mouth ewes, 16s; twotooth Corriedale ewes, 15s 3d; fat ewes, 7s; sound-mouth ewes, 9s; Romney crossbred two-tooth ewes, 19s; two-tooth wethers, 7a 6d; fat wethers, 14s 6d; mixedsex lambs, 11s; store lambs, Is; Border Leicester rams, 3gns; Shropshire rams, 2Jgns; fat heifers and steers, 15 10s and £6 10a; three-year-old bullocks,- £5 12s 6d; fat cows, £5. CHICAGO WHEAT MARKET (United Press Association.) (By Electric Telegraph—Copyright.) NEW YORK, April 14. Chicago wheat: May, 60J cents per bushel; July, 6.33 d; September, 56Jd; New York, cash, 73Jd. BUTTER AND CHEESE (United Press Association.) (By Electric Telograpb-^Copyrlght.) LONDON. April 14. Butter is slow. Danish, 118 sto 120 s. Choicest salted New Zealand,.-107s to 108 s. Australian, 105 s to 106 s. Unsalted: New Zealand, 113 s to 116 s; Australian, 105 s to 106 s. Cheese is dull.’ New Zealand; White, 02s; coloured, 635. Australian, 61s and 625. BEET SUGAR I United Pres* Association.) (By Electric Telegraph—Copyright.) LONDON, April 14. Beet sugar: May, 4g Old. P. AND O; SHARES (United. Press Association.) (By Electric Telegraph—Copyright.) LONDON, April 14. P. and 0.,- 17s BJd. AUSTRALIAN EXCHANGES (United Press Association.) (By Electric Telegraph—Copyright.) . SYDNEY, April 16. (Received April 15, at 9 p.m.) The Stock Exchange, while not so active to-day had a good undertone. The price variations were inconsequential, but banks and industrials more than held their own. Sales -recorded were as follow: —Bank of New South Wales, £29 12s 6d; Commercial Bank of Sydney, £ls 12s6d; Bank of Adelaide. 105 s; New Zealand Inscribed, 5i per cent. (1937), £109; Toohey’s, 16s 93; Colonial Sugar, £42 ss; British Tobacco, 30s 3d; Goldsbrough, 24s 6d; Berlei, 20s; Burns Philp, 39s 7Jd; Australian Gas (a), 11s 6d; Australian Glass, 35s 9d; Broken Hill Proprietary, 15s 7d; Zinc Corporation, 15s 7d; Commonwealth bonds—fours (1938), £95 l£s 6d; fours (1941), £94 2s 6d; fours (1944, without interest), £9l 17s Od; fours (1947), £9l 10s; fours (1950), £9l 7s 6d; fours' (1955), £9l 7s 6d; fours (1959, without interest), £9O; fours (1961), £9l 2s 6d. The sales in Melbourne were -as follow: —Goldsbrougbs, 24s 6d; British Tobacco, 30s 4id; Dunlop Perdriau, 10s 10d; Gordon and Gotch, 26s lOJd; South Broken Hill, 42s 9d; North Broken Hill, 83s; Mount Lyell, 21s; Taranaki} Oil, 9d.

A. V. LAITY. LTD. Under the Companies Act an order has been made in the Supreme Court approving of the change of name of Ford’s (Gore), Ltd., to A. V; Latty, Ltd; AUSTRALIAN IRON AND STEEL SMALL NET PROFIT. A net profit of only £18,071 is shown in the accounts of Australian Iron and Steel, Ltd., for the year ended November 30, ■which represnts a very small , return on capital. Only one dividend on ordinary shares has been declared by the company, and this has not yet been distributed to shareholders, the amount (£91,675) being held in an appropriation account. Preference dividends have been paid regularly until this year, when, the directors report, owing to stringent financial conditions, it has been decided that it is in the best interests of shareholders to postpone payment; a liability against future profits of £75,000 has thus been created. The directors state that the erection of a large rolling mill, purchased from Baldwin’s, Ltd., of England, has been completed at' Port Kembla. The Merchant Bar - Mills, have been transferred from Lithgow to Port Kembla, and are in operation, so that the steel - manufacturing activities of the company are now concentrated, at Port Kembla. All sections of the plant have been forced to w.ork intermittently owing to the shortage of orders. Undivided profits of £224,451 are carried forward. Outside liabilities have been reduced by about £72,000, otherwise there has been little change in balance sheet figures. A fall of £141,000 in the value of’stocks reflects the decrease in business experienced by the company.

LONDON WOOL SALES Messrs Murray, Roberts ahd Co., Ltd., have received the following wool market cablegram from London, dated April 14: — Scoured merino inferior declined 5 per cent. -Crossbred, except the best descriptions, declined 5 to 10 per cent. Crossbred greasy medium shows the greatest decline. BANK OF ADELAIDE (Per United Press Association.) WELLINGTON, April 15. - The directors of the Bank of Adelaide, according to a cable message received today by the Stock Exchange Association, have declared a dividend of 4 per cent, per annum on the paid-up capital for the half-year ended March 28. The dividend is payable on May 4, and the transfer books will be closed from April 21 to Mav 4, both dates inclusive. ■s CANTERBURY MARKETS (Per United Press Association.) CHRISTCHURCH, April 15. The market for fowl wheat is a trifle steadier. The discussion in the House of Representatives concerning the free entry into the Dominion of poultry wheat is affecting the inquiry. In the meantime values are nominally 4s 9d to 4a 94d, though in mid-week some sales were made at 4s lOd for prompt delivery. The oats market continues quiet. Local A Gartons are quoted at 3s to 3s Id, on trucks, and B’s 2s 9d at southern ports. The quotation for f.0.b., s.i., is 3s 7d for, A’s and 3s 4d for B’e. Algerians are quoted locally at 3s to 3s 3d, on trucks. Chaff is in weak demand, being quoted nominally at 70s on trucks. Potatoes are slightly easier. The quotation for April delivery is £5 10s, f.0.b., s.i.; for May-June £5 7s 6d to £5 10s, and for July-Scptember £6 17s 6d to £7. The amount of business passing at the moment is limited. The season is a little later this year, and the main digging is not likely to be in full swing until early next month. The autumn seed trade is over, and there is no overseas inquiry. Very little is offering from farmers, and it is to be presumed that most of the seed is in the hands of merchants. LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON. April 14. Olocelml April 15, at 10 p.m.) Following are the offlcial quotations in the metal market:—

FOREIGN EXCHANGES

last week:— Last week. This weeA. . £ A. <L 1 A. <L Imperial Cniuoli, 2)4 c.c, .. 60 12 0. ; oo io 0 Wit Load. 6 p.c.. 1020;17 .. 102 10 0 103 0 9 I'ODvertlos Load. ?,Vb p.c. .. 31 0 0 . 81 10 0 Victory 1 p.c. .. .. .. .. 87 10 0 98 0 0 li’weAltb # ' p.e.. 1031-41 96 15 0 96 3 6 ii’wcAltli .J’/i .P.o.,: 1922-27 88 150 S3 6 0 H.a 6 p.o., 1030-61 .. . .103 0 0 101 17 6 K.Z., 4 P.0,. 10211... „ 89 10 0 . 89 10 0 11.8. 3)4 p,o.. ; 1010 .. .. , 81 6 0 81 0 0 H.t 8 p.e.. 1946 .. ,. .. i-1. IT 6 72 0 0 11.8,W. i% , p.c.. 1930-40 .. 04 6 0 03 17 6 M.8.W. 0 p.o., 1930-40. .. .. 88 10 o' 86 7 G 1I.B.W.’ 6% p.o.* 1022-82 .. , 84 i 0 0 83 10 0 tl.8.W„«p.c., 1983 82 0 b 82 0 0 ■11.8.W. IHt P.Om 1930-60 -73 10 0 70 10 0 M.STW. 8 .p.c., 1986 .. .. 83 5 0 50 10 0 -Via 6)4 P.O., 1030-49 .. .. 81 10 0 82 10 0 11a. 8 p.o., 1932-41 ., 70 8 0 78 5 0 11a. 414 p.o.. 1940-60 .. .. 88 0 0 87 10 0 11a. 8)4 P.O.. 1019-49 .. 61 0 0. 02 10 0 Via 1 p.cv. 4929-40 V. 61 10 0 '60 10 0 (fliaO « MU’ 1930-40 . .. .94 6 0 ?2 10 0 O’lud 6 3.O., 1940-S0 83 10 0, '82 2 6 Ci'liad 1 tia, 10*2-47 ' .. 61 16 0. > . 62 0 0 8.A. 0H pa.. U80hW : 94 10 0 ■J9i io 0 9.JL 1% rva, IIM .. T4 10’ 0 : 1.78 10 0 8.A. 1 p.e., ■ 1*19 ot Alta .. 60 O' 0 80 10 0 WJL 1 P.V, 1930-40 .. .. 92 16 0 98 ' 6 0 V.A: .. IH’.*•» M*M»t ’ .. 82 10 0 83 10 0 W.A. «*■>«. 1916-86 .. 70 0 0 78 10 0 lAl 8)9 P.3.. 1030-40 .. .. 95 16 0 98 10 0 lu 3)4 P.B.. 1920-40 .. 75 10 0 71 2 n Tab. 1 p.e.. 1920-40 .. .. TO 0 0 69 10 0

Copper, spot .. Ton. £29 9 4% Ilise £0 0 7% Copper, forward 29 15 7% niso o i io% Electrolytic, epot 34 0 0 No chance Electrolytic, forward 34 10 0 No change Wire bar* 34-10 0 No change * Lead, spot 11 6 3 Ilise 0 ;6 3 Lead, forward * ii n 3 Else 0 6 3 Spelter, apot .. 11 8 9 Ilise 0 6 3 Spelter, forward 11 18 0 Rise 0 12 0 Tin,'apot .. .. 103 17 G Rise 0 7 6 Tin. forward .. 108 1 3 Rise 0 13 9 Sllrer,. standard surer. One •• Oz. 16%d 17 13-lfld Fall %d Fall W

/ (British Official Wireless.) (United Press Association.) i (By Electric Telegraph—Copyright.) RUGBY. April 14. Par. April 13. April 14. P»rls, fr to £1 05% 05 11-10 Brussels, beiges to £1 85 27.02% 22.00 Oslo, te to 11 .. .. 18.150 10 7-10 19 0-10 Stockholm, tar to £1 .. 18.160 19.05 10% Copenhagen. kr to £1 18.150 18 5-16 18 5-10 Berlin, marks to £1 24.43 15 16-10 1574 Montreal, do! to £1 4.60 2-3 4.10 4.10% Now York. dol to £1 .. 4.80 2-3 3.78% 3.77% Yokohama, pence to yen 34.58 21 21% Hongkong, oence to dol 25.15 14% 14 11-10 Bombay, ponce to rupee 18 18 1-16 18 1-10 Batarla, Gorina to £1 12.107 — 9.37 Milan, tire to £1 .. 02.46 7384 73% Amsterdam, guilder to £1 12.107 0.33% 0.31% Prague, kr to £1 .. 24,02 127% 127% Genera, kr to £1 .. 25.22% 19.45 198a Vienna, schillings to £1 24.65% 32 32 Helsingfors, marks to £1 183.334 215 215 Madrid, pesetas to £1 .« 24:65’,4 49% 49% Athena'drachma to £1 a. 25.22% 300 300 Lisbon, escudos to £1 5.50% 100?i 10984 Bucharest. lei to £1 037 037% 032% Rio do Janeiro, pence to mllrels .. .. .. 18 4% 4% Buenos Aires, pence to PMOI 47.82 30% 36% Shanghai, pence to I tael 24-U 19 13-10 19 13-1* Monterldeo. pence to peso 61 20 29 Warsaw, elotya to £1 43.38 — 33.70