COMMERCE AND FINANCE

Otago Daily Times, Issue 21627, 23 April 1932, Page 9

COMMERCE AND FINANCE

> THE SHARE MARKET DUNEDIN STOCK -EXCHANGE % BUSINESS OF THE WEEK. ‘/The following is a- list Of the sales recorded on the Dunedin Stock Exchange during the Ipast week;: — Bank of New Zealand,.; 43a 3d. ' 1 National Insurance, I.ls Cd (two). 3/U.S.S. (pref), 20s (two). ;gN.Z. Paper Mills, 195.? /.Golden Point, sd, 4Jd (two) 5J per cent. Stock (1933), £97 10s. 5| per cent. Bonds (1936), £9B 15s. ; The list of sales recorded during the TOSt week is one. of the smallest? for a lengthy ''period, . i i The only business done ih the banking flection was a sale of Bank of New Zeahghds at 43s 3d. These have been in demand throughout the week at 435, but eellers have Keen firm at 43s 9d. « There has been little demand for insurance shares. • Two parcels of Nationals were turned over at 11s 6d, and the shares were later offered at 11s 9d without attracting a buyer. ; ; ;Jn the shipping section, business has been done in preferred Union Steams, two parcels having changed hands at 20s. The demand has been steady, at 19s lOd, and the market closed with an unsupplied buyer forward at that price. . 1; Kaitangatas, though still cum dividend, have eased fairly considerably. The latest quotations for these shares are 3e discount (buyers) and Is discount (sellers). _ , £/There has been some demand for Dalcetya at £7, but sellers have been unwilling to do business at less than £7 6s. !; Paid-up New Zealand have been wanted .at 10s' 6d, but sellers have been reticent! " The contributing shares have been fairly steadily in demand at 4s 2d, with a seller forward at 4s ad. (‘.-'Australian Glass shares have firmed; a little, and there is now an unsuppli,ed buyer forward at 31s. (There has been some improvement in the demand for British Tobaccos- which pow have a buyer at 26a 9d, sellers demanding 27s 3d. There was a sale of Paper Mills at 19s. Further offer's of 18s 6d have found sellers asking Is more. New Zealand Breweries have continued in vdemand at 22s 9d, with a seller forward at 23s 9d. The offer for .Tooths now stands at 225, and there is a seller at 23s 6d. The market for mining shares has remained about the same asdast week. 7'Waihis are wanted at' i6s 6d, sellers asking 17s 4d. . - • - ■ . Offers of 18s for Mount Lyells a have found sellers quoting 18s 6di 1 i Okaritos have been a little unsteady, But the demand improved at the close of the period to 9s 7d, sellers asking 9s 9d. ‘ There was a sale of Golden Points at Ktl, and two further parcels were turned over at 4Jd. The latter figure was being offered at the close of the market, but no aeller .came forward.. 3 Business was done in 5J per cant. Stock (1933) at £97 10s,? and in 54 per cent. Bonds (1936) at £9B 15s, 4J per cent. Bonds and Stock (1939) were quoted ex fnterest during the week, and the demand for these has eased off. The demand for other classes of Government - Loans has been well maintained. VSales reported:—U.S.S. (pref.), 20s; ■$.Z, Paper Mills/ 19s; National ;'lnsurance, lls 6d (two); 5| per cent. Bonds (1936), £9B 15s, - , /The following are yesterday afternoon s buying and selling quotations, which aril Object to the usual brokerage:— |v*. BANKING, V* - • Bank of N.S.. Wales— Buy £24.55. % Bank of Neftr. Zealand —Buy 435, eel'^Ss ’Commercial Ban!:—Buy 13s Bd, sel 14s. U.S. and A. Bank—Sel 84s. 1 National Bank of N.Z. —Buy 68s. fnion Bank—Buy £6 10s. [ INSURANCE. Nttionsl Insurance:Co; —Sel > lls 9dv « «NZ. Insurance Cd.—Sel'iSTsidd. Soith British Insurance Co.—Bel 49s 6d.. »Staydard Insurance Co.—Buy 33s %6d, a •el 38t SHIPPING. . I/. art O. Deferred Stock—Sel 21s. ■ U.SB/Co. (pref.)—Buy 19s lOd, . v coal. Kaitangta—Buy 3s dia., sel Is dis. Westport Coal Co. —Buy 17s. 9d, sel 18s Bd (cum reiind), , ... Westport-&ockton (pref.)—Buy 6d, sel 2s 6d. LBN AND AGENCY. Dalgety ad Co. —Buy £7. , GoklSbroiti, Mort —Buy 21s 6d. N.Z. Loaiiand M. (ord.) —Sel £4O. Perpetual trustees —Sel 61s. Wright, Stphenson (pref.)—Sel 15g 3d. .;’MET PRESERVING. ■N.Z. Refrijratinii (paid)—Buy 10s 6d. N.Z. Refrijrating (cont.) —Buy 4s'2d, •el 4s sd. 1 i ■ . t - ’ South Otag Freezing—Buy 40s. • " MICELLANEOUS, ’ ‘ Australian (lass—Buy 31s. British Tpbaco—Buy 20s 9d, sel 27s 3d. , Crystal'lce b.—Buy 21s 6d. : D.I.C. Cor’d.)-Sel 12s 3d. ' Dominion Ruber—Sel 6s. ", ' Donaghy's Rde and Twine —Buy 28s, Eclipse Petroi-Sel 2s, ■ Milburn Limelnd Cement—Sel 27s 6d. Mosgiel WoolSn Co.—Buy £6 15s. National Electic—Sel 9s, N.Z. Drug Co.-Buy 455. N.Z. ExprereVipef)—Sel 15s 3d. N.Z. Farmers ertiliser—Buy 12s. N.Z. Paper Mji (ord.)— Buy 18s 6d, ■el 19s 6d. \ Otago Daily Timy—.Buy 355, sel 395. Wool worths (pr{.)—Buy 22s 9d. ds... Auckland—Sel 22* BREHfIRIES. ’ - ' N.Z. Breweries, Ld.—Buy 22s 9d; sel 23s 9d. ■ ? ‘ ‘ N.Z, Breweries Eelent.—Buy 20s. ■; Tooths Brewery—3u,- 225, sel 23s 6d. • • "MINING.’ Waihi—Buy 16s fill sel 17s 4,d. Electrolytic Zinc ()ref.)—-Buy 18g 6d. Mount Lyell—Buy/Bs, sel ,18s 6d. ‘ Molyneux 3s 6d. Mahakipawa—Buy fld! sel 4d. Kildare—Se! Is lo| , . Okarito —Buy 9s 7d;ser'9s, 9d. . Paddy’s Priint—Buy « 2d, sel.3s Bd. Cornish Point (paid)-Sel 2d. . . Golden Progress—Bu#2s lid, sel 3s 3d v King Solomon—Buy 2d, sel Is 4d. Golden Point —Buy 48, Golden Terrace—Sel 4«fid. Blackwater—Buy 6e; 3d, sel 7s. Gillespie’s—Buy pair. B?;'3d prein. Consol Goldfields-—Buy‘?s 2d. ! “ GOVERNMENT LOANS. 41 per cent. Bonds (1038) Buy £93 10s.. 44 per cent. Inscribed, (1918)— Buy £94, •el £95 ss. ■ ■■ 54 per cent. Soldiers' Bonds (1933) Buy £9B, ... , :‘i 54 per cent. Soldiers’ Inscribed (1933) —Buy £9B. , 5| per cent. Bonds (1936)—8uy £99. Si per cent. Inscribed (193ffJ— Buy £9B. 51 per cent. .Bonds (1933) Buy £97 ss. 51 per cent. Inscribed (1933)U8uy £97 OS. V; £98'16s r Cent ‘ Bondß A Feb -> 1937)— Buy ,iM er cent ‘ Bonds (Sept.,'l937.)—Buy 108 Ids. ♦ ■ ! B S Si<*s f’)54 per cent. Bonds (1937)—8uv <£96. o 4 per cent. Inscribed (1937)—8uy £96. NORTHERN EXCHANGES (Peb United Press Association.) The-foUowing 1 business/was done on ’Changes yesterday:— “ Auckland.—Sales: Bonds f1'936). 54 her cent., £9B 10 8 (three sales); Stock (19370, K3 Pterriber l’ £6B 10g : Mount feh £9 fi Ce , nt \’ £o , B ' lss ; South British, £2 8s /two sales); Dominion In 4 vestment Banking, _lss 6d; Auckland Gas; (* y 8 6d; Australian Glass, £1 11 8 6d )l Moturoa Oil, Is 9d; Waihi Junction, 3s< Wellineton.-Sales reported: Bank of! N , e 1 w XT Zea ‘ Bnd - 12 3s 3d (two sales); Bank of Aew Zealand £2 3 ? (on ’Change); NeW Zealand Refrigerating Company, Ila 4d; Anckland Gas Company. £1 <o* 6d; New Zealand Mies).

LOCAL AND OVERSEAS MARKETS,

Christchurch.—Sales New Zealand Government 44 per cent Inscribed (1938), £94 10s; Commercial lank of Australia, 13s lOd; Bank of Neu Zealand, 43s 3d, 43s 2d; Goldsbrough, Mort., 225; New Zealand Breweries, 23s British Tobacco, 26s Id; Golden Dawi, 5s lOjd (five sales); Golden Point. 4jl (five sales), 5d (four sales); Mahakip.wa, 3d. Sales reported: British Tolacco, 27s (two sales), 26s 6d. BALCLUTHA STOCK SALE \ ■ (From Ouk Own Ccsrespondent.) BALCLUTIA, April 22. The attendance at the weekly sale today- was not so good as usual, ■ doubtless due to the fact that maiy farmers were leading-in during the eaiy part of the day. Fat sheep were in am rill supply, but prices showed no notheable improvement. Fat wethers made lls to 16s 6d; fat ewes, 6s to 10s 9d for lest; fat lambs, up to 16s. Store Sheep.—3ooo yarded. Forward wethers, to 12s 6d; store wethers, 8s to 10s 9d; forward ewes, lls b 13s; medium ewes, 8s (id to 10s 6d; sradl lambs; 3s to 6s; two-tooth ewes, 16s; sound-mouthed ewes, 7s to 9s 6d; full and hiling-niouthed ewes, 4s to 7s.

A number of rams wen offered to a weak market. Romneys sod atjfour for Ign; Border Leicesters wire passed at 2gns. ■ w . '

Cattle. —A very small yuding. A fat cow was passed at £2 10s. i small line of dairy cows realised £5 5s fer coiv in full milk, £4 ss, and £2 10s. Calves, well grown, sol’d at 15s. Pigs.—Suckers were in demand at 8s 6d for small to 12s 6d anl 13s 6d for better grown. Good slips sdd at 19s 6d.

BUTTER AND CHEESE k ■ 1 (United Press Assoclaion.) (By Electric Telegraph-^-Opyrlglit.) LONDON, April 21. Butter is slow. Danish, lbs. Choicest salted New Zealand, 104 s. Uisalted New Zealand, 112 s to 114 s; Austraian 104 s to 1.065. Cheese is quiet. New Zedand white, 61s; coloured, 625. Australian cleared. - Messrs Dalgety and Co..* Ltd., have received the following cablegram from |heir head office, London, cated April - Dairy Produce.—The buttei market is extremely dull; the cheese maritet is slow. Quotations are: Danish buttir/ 116 s to 118 s; New Zealand finest but;er, 104 s to 105 s; Australian finest unsated butter, 102 s to 104 s; Australian finest salted butter, 102 s to 104 s; Australian G.A.Q. butter, 99a to 101 s; Australian cheese, white, not quoted; Australian cheese, coloured, not quoted; New Zealand cheese, white, 60s to 61s; New Zea.and cheese, coloured, 61s to 625; Canadian cheese, white, 66s to 725; Canadian cheese, coloured, 36s to 70s; Canadian cheese, c.i.f., not quoted.

The National Mortgage'and Agency Company is in receipt of ihe following cablegram from London;— Butter.—r Market weak; .New Zealand finest, 104 s, 105 s: New Zealand firsts, 103 s, 104 s; New Zealand unsalted, 112 s, 114 s; Danish,, 112 s, 114 s; Atstrnlian, 102 s, 1045.'-, f :■:,/•■ Cheese. —Market slow; New Zealand 6AMARU MARKETS (Special to Daili Times.) OAMARU, April 22. Threshing mills" are tow able to get on fhe ground, and several lines of wheat threshed; duritig -the w(ek are of quite, ■satisfactory’’quality. The bulk of the’ lines on offer show signs of the wet weather conditions, aifd have sprouted/ but there has been no difficulty in finding buyers of this quality* at the arranged prices. There has been some inquiry for oats, but there is practically none offering fn this district, and it looks apparent that 'Southland will have to supply oats inquired here for seed or feed purposes. No seeds have been offered, but a few areas of cowgrass have been cut, and reports are quite satisfactory so far as yields ate concerned. l The following private stock sales were transacted:—'Fat lambs, 16s 0d; rape lambs, lls 3d; store lambs, 7s and 9s 6d: fat 1 wethers,'l3s; two and four-tooth wethers, 12s to 14s:’six and eight-tooth wethers, 12a 6d: two-tooth ewes, 20s: twotooth Romney crossbred ewes, 18s 6cl and 19s 6d;-sound-mouth'ewes, 7s 9d to 8s; ■fat ewes, 'Bs; failing-mouth ewes. ss; Border Leicester rams, Ijgns, 2gns, 24gns, and 3gns; steers, £6 10s to £7; lightweight steers, £5 10s; fat cows, £5 10s; fat ° Heifert, £5: three-year-old bull, £5 12s 6d; aged gelding, £ls.

DUNEDIN MARKETS WHEAT, OATS, ETC. , The bulk of the samples of milling wheat coming to the market from the various districts are being taken up by millers. The ■ Central Otago wheat continues of excellent quality, but the grain from other districts in Otago shows a considerable variation in quality. Millers, however, are allowing a certain amount of latitude this season, and are accepting lines that they would have rejected in other years. This has caused some shortage of fowl wheat, but there is nevertheless sufficient to keep the market supplied. Milling prices are on the basis fixed by the Wheat Marketing Agency—namely, ,4s B§d, f.0.b., for Tuscan, 4s 104 d for Hunters, arid 5s OJd for Velvet. Fowl wheat is selling at 4s 6d per bushel, sacks extra, ex truck, Dunedin. Merchants are not showing much confidence in the fowl wheat market, seeing that'an attempt is being made in Parliament to reduce the scale of duty on imported fowl wheat. If a reduction is made it will mean that those farmers whose crops are not up to milling quality will be from this penalised by having to accept a lower price than is in sight at present for their wheat. Millers’ prices for flour, etc., are as follow:

Flour: 2001 b. £l4 2s; 100’s, £ls 2 S 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 shippinjjimarket for oats is weaker. A grade have been sold at a reduced figure, quotations having been made from this port at 3s 7d, f.0.b., s.i. The market, however, is irregular, and in odd cases 3s Bd, f.0.b., s.i., is obtainable. There is a distinct falling off in the demand for oats’\ for shipment to the North Island, buyers there having apparently filled their requirements. B Gartons are quoted at 3k ;4d to 3s sd, f.0.b., s.i. Despite the lower values for shipment, prices have ruled 1 fairly firm in the country. This has been caused by the operations of millers, and also by the fact that some merchants have had to buy to cover forward commitments. A grade Gartons are today worth 3s, on trucks, country sidings, sacks extra, and B’s 2s 9d. Some lines of very heavy oats have appeared on the market. These weigh from 471 bto 481 b to the bushel, and 3s Id per bushel, on trucks, country sidings, has been paid for them.

Nature appears to make up a shortage of crops in one district by heavy crops in other districts. In Canterbury this season, owing to drought conditions, the oat crops have not returned heavy yields. In the South Otago oat-growing areas, on the other 'hand, some heavy crops have been cut. Up to 120 bushels tri the acre have been obtained in and around Garston.

The chaff market remains quiet. The local demand is small with only odd lots being sold. Owing to the lack of contract work few horses are now being used in Dunedin and its surroundings, and this factor plays no small part in the lack of demand, which is chiefly confined to the best quality. For this chaff £4 10 s per ton is being obtained, sacks extra, ex truck. Medium and poor quality chaff is hqrd to sell. *

The potato market is irregular. The position is governed from Canterbury, where it is found on some days that the market' is weak and then there will be a turn at buying by merchants there. Supplies are now coming in fairly freely from the digging areas in Otago, and the bulk of the tubers are of excellent quality. Some of these fire being supplied to the North Island, owing to the fact that the potatoes are in a riper condition than those in Canterbury. The shipments are causing a firmer position in the local market. The value of best quality is up to £4 15s per ton, sacks included, ex truck. Little business is passing in the seed markets. The lack of an overseas demand for such lines as brown top, fescue, and dogstail has caused an exceptionally quiet period. For the foregoing varieties prices are lower than in previous years. For other lines such as ryegrass, cocksfoot, white clover, and cowgrass prices remain high, the dry weather in Canterbury havaffected the yields. Produce lines are quoted wholesale as follow:

Chaff: Good quality, to £5 per ton, ex store; on truck, £4 10s per ton.

Potatoes, £4 10s to £4 15s per ton, cx store.

Dairy butter; Milled bulk, 9d to Old per lb; separator, to, Ojd. , Bacon, lOd per lb. \ Ham: Ordinary, lOld; boneless; 11 Jd per lb. Onions: Canterbury, to 12s per cwt. Eggs: Stamped, 2s per dozen; case, Is lid. • Eggs advanced 2d per dozen during the week. FRUIT REPORT. Supplies of Nelson-grown apples have eased’ off a little. There has been a better demand for choice coloured Delicious, Jonathans, and Cox’s Orange Pippins, Only odd lots of Cox’s Orange Pippin are, however, now coming to hand and these are realising good prices. Cooking apples are in heavy supply and prices are low.

A line of 1000 cases of Samoan oranges arrived during the week. These were railed from Lyttelton, ex the Maui Pomare. The bananas were in prime order, but the prices realised in the marts were rather disappointing to consignors. The market is bare of npe bananas for the present, and the Samoans will not be ripe until next week. Further supplies are not expected until a line of Rarotougans reach the market about May 4. There is a better demand for dessert pears. Only small lots are on offer. Cookers are in good supply and m-ices are low.

The orange market continues firm. Further supplies are expected on the Wainui, due on Tuesday, May 3. A small line of Fsland oranges is also expected to be landed with the Raratongan bananas.

A much better demand was experienced towards the end of the week for locallygrown grapes. Most of the local vineries are finished for the season, and the bulk of the supplies are now coming from the Oamaru and Kakanui districts. Fairly large quantities of tomatoes are still coming forward from Christchurch. The demand is practically confined to firm, well-coloured lines. A good portion of the Christchurch-grown tomatoes have been affected fay frost and these )/. - e being sold at low rates. Hothouse gr4wn have a better demand.

Small lots of> peaches are still available. Prices rule low, and the demand is not very keen. Waimate-grown green peas continue to reach the market. Most of the lines show signs of weathering. Good, clean lines have a ready sale. Cabbages, cauliflowers and lettuce are in over supply. Carrots, parsnips and swedes are offering freely. 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 fid to 3s fid; cookers, 2s fid to 4s. ■ Bananas; Ripe, to 18s per case. Pears. Is fid 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 IBs per case. Local grapes, 8d to Is per lb; Gros Colmars, Is 8d to 2s; Victorian, I2s to 15s per box. Tomatoes: Hothouse, 3d to sd; outsidegrown, Id to 3d. Peaches: Crates. 2d to 3d per lb; cases, 3s to 3s 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. French beans, 3d to 4d. 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. BRADFORD TOPS MARKET (United Press Association.) • (By Electric Telegraph— Copyright.) LONDON, April 21. Bradford is quiet, with little business. Quotations: —Seventies, 24d; 64’s, 21d; 60’s, 201 d; 50’s, 17d; 50’s, lid; 4(i's, 9Jd; 40’s, 9d.

WHEAT, FLOUR. ETC. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, April 21. Wheat cargoes arc quieter and mostly 3d down, owing to lower American advices. The bank rate reduction had no influence. Parts Benarty for the Continent, 27s 6d; Grace Harwar, 27s 9d. Parcels were quiet, with a decline of 3d. Ex Turakina. 275; Victorian, ex unnamed, due, 275; ex unnamed, all ports in May, 27s 3d. Futures: London —June 255, September 25s sd, December 265; Liverpool—May 5s lid, July 5s 4>]d, October 5s 7Jd- The spot trade is quietly steady. Australian, ex ship, 28s 6d, 29s 6d. Flour is firm. Australian, ex store, 20s 6d, 225. Oats, peas, and beans arc quiet and unchanged.

BEET SUGAR (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, April 21. Beet sugar: May, 4s 2}d. LONDON WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, April 21. At the wool sales 6506 bales were offered, including 3925 from New Zealand. Approximately 4700 bales were sold. There was a firm tone, with good competition. Yorkshire was actively buying crossbreds. New Zealand greasy crossbreds, “NAT ’ top 71 d, average 7d; slipe halfbrod lambs, “ C.M.C.,”—top lid, average, 10}d. BANK OF ENGLAND RETURN (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, April 21. The following is the Bank of England return:— ISSUE DEPARTMENT.

2 1-16 p.er cent. LONDON STOCK EXCHANGE. LONDON, April 21. The -following are tho latest quotations for Government securities with the prices ruling last week:—

FOREIGN EXCHANGES (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) RUGBY. April 21.

MELBOURNE MARKETS (United Press Association.) 1 (By Electric Telegraph—Copyright.) MELBOURNE, April 22. Wheat. 3g 2d to 3s 3d. Bran, £5. Pollard, £5 sa. Oats, 2s 3d to 2s 4d. Batdey: Unchanged. Maize, 3s lid to 4s. Onions: Quiet and steady at £l3 10s to £l4. P. AND 0. SHARES 0 (United Press Association.) (By Electric Telegraph—Copyright.) LONDON. April 21. ■ P. and 0., 14s 7Jd. PRICE OF FINE GOLD (United Pres* Association.) (By Electric Telegraph—Copyright,) LONDON, April 21. Fine gold is quoted at £5 9s lid per oz. KING SOLOMON DEEP LEAD (Peh United Press Association.) INVERCARGILL, April 22. The mine manager of the King Solomon Deep Lead, Ltd., reports a wash-up for the week of 2Coz lOdwt.

CANTERBURY MARKETS (Per United Press Association.) CHRISTCHURCH, April 22. The potato market is a shade weaker, May-June delivery being quoted at £5 7s Cd, f.0.b., s.i. However, later months (July-September) are quoted at £7, but buyers at this figure are very few. The Waipiata sailed to-day for Auckland with 4100 sacks from the three main southern ports. Lyttelton’s contribution being 2950 sacks. Fowl feed is worth about 4s Sid to 4s 9d, a few sales at the latter figure having taken place. The former figure is about the general quotation. Oats are not attracting much inquiry. Cowgrass is about Id a lb cheaper, and is now worth lOd a lb to fanners. Machine-dressed Blenheim seed, of good quality, is being offered at 115 s per cwt. White clover shows little change in value, though there is an easier tendency. The crop is a very light one this season. There is very little demand from America for Chewings fescue, and it is quoted in the south at 6d to 61d per lb tor machine-dressed. Brown top was a small crop in Canterbury this season. Values are lid to 12d per lb for machine-dressed. Dogstail is worth 5d tp 6d per lb for machine-dressed. There is no change in the -market for cocksfoot or ryegrass. AUSTRALIAN EXCHANGES 5 (United Press Association.! (By Electric Telegraph—Copyright.) SYDNEY, April 22. (Received April 22, at 10 p.m.) The Stock Exchange market responded briskly to the Higli Court’s rejections of Mr Lang’s applications against the Commonwealth and the banks, and a much healthier tone was in evidence. Sales were made as follow: —Commonwealth Bonds; Four per cents. —1938 £95 10s, 1941 £94 2s 6d, 1944 £9l ss, 1947 £9l. 1959 £9O 7s 6d, 1955 £9O 8s 9d,

New Zealand debentures, 5J per cent. (1937), £lO9 ss; Commercial Bank of Sydney, £ls ,10s; Colonial Sugars, £43 ss; Burns, Philp, 40s; Australian Provincial Assurance, 4s 3d; Huddart Parker, 255; British Tobacco, 30s 3d; ditto (pref.), 245: Dunlop Perdriau, 11s 3d; ditto (pref.), 255; Goldsbroughs, 24s ]OJd; Toheys, 16s 10L1; Tooths, 26s 3d; South Broken Hill, 425. The* following sales were made in Melbuorne:—National Bank (£5 paid), 108 s: Metropolitan Gas, £lO 4s; Broken Hill. Proprietary, 15s 9(1; Dunlop Perdriau, Us 2d; South Broken Hill. 42s 6d; Electrolytic Zinc, 13s; Mount Lyell, 20s 6d.

Note issue in circulation .. Banking department £354,271,157 41,544,341 £395,815,498 Government debt .. . . . ■ Other Government securities Other securities £ 11.015,100 208,680,635 51,486,758 3,817,507 120,815,498 £395,815,408 Gold coin and bullion .. .. BANKING DEPARTMENT. Proprietors’ capital Rest Public deposits Other deposits (bankers) .. Other accounts Seven-day and other bills .. / £14,553,000 3,115,867 9,149,015 72,839,657 34,585,207 1,864 £134,244,610 Government securities .. .. Discounts and advances .... £57,605,906 .11,197,845 23,282,500 41,544,341 614,018 £134,244,610 Notes in reserve .. The proportion of reserves to liabilities is 36.10 per cent. Short loans are quoted at 1J per cent.; three months’ bills at

Lasl week. This neth £ e. d £ t. 4 Imperial Consols. 254 p.c. GO 10 0 GO 10 0 War Loan. 5 p.c.. 1029-47 103 0 0 103 2 6 Conversion Loan. 854 p.c. 84 10 0 84 10 0 Victory 4 p.c. .. .. 08 0 0 98 .6 0 C’wealtb 6 p.e.. 1031-41 .. 90 2 0 01 10 0 C'wealtb 654 p.c.. 1022-27 S3 5 0 S3 0 0 N.Z. 6 p.c., 103G-61 101 17 G 100 15 0 N.Z., 4 p.o.i 102!) .. .. so 10 0 89 10 0 N.Z. C54 p.c,. 1040 84 0 0 82 12 it N.Z. 3 p.c,. 1045 .. .. 72 0 0 70 10 0 N.S.W. G54 p.o„ 1030-4? 03 17 0 80 10 0 N.S.W. 6 p.o„ 1030-40 .. 80 7 r. 77 0 0 N.S.W. 5% p.c,* 1022-82 82 10 0 70 0 0 N.S.W, 4 p.c.. 1033 .. 82 0 0 73 0 0 N.S.W. 354 P.C.. 1030-60 70 10 0 03 0 0 N.S.W. S p.c,, 1035 .. 59 10 0 50 0 0 Via 654 P.o„ '1930-40 .. 82 10 0 76 0 0 Via « p.c.. 1032-42 79 S 0 73 0 0 Via 4H p.a. 1040-90 ,, 87 10 0 70 0 0 Via 354 P.o.. 1020-40 ., 02 10 0 ■ 59 10 0 Via 3 p.a. 1020-40 .. GO 10 0 50 10 0 Q'lamJ 6 P.a. 1030-40 ,, 02 10 0 90 10 0 Q'land 6 p.a. 1940-60 82 2 0 72 5 0 Viand 8 9.C.. 1022-47 02 0 0 50 10 0 8.A. 654 p.a. 1030-40 .. 93 10 0 01 15 0 8, A. 854 P.a. 1939 73 10 0 61 0 0 8.A. 8 p.c., 1018 or after 50 10 0 45 10 0 W.A, « p.0.. 1030-40 93 0 0 SG 10 0 W.A. 854 P.a. 1020-33 ,, 82 10 0 75 10 0 W.A. 854 P.O., 1015-85 7(1 10 0 71 10 0 Tas. 054 P.o., 1030-40 .. 9G 10 0 90 5 0 Taa 854 P.c.. 1920-40 .. 71 2 0 OS 0 0 Tas. 3 p.c,. 1020-40 .. GO 10 0 C7 10 0

Paris, fr to £1 Par. 124.21 April 20. 0514 April 21. 05 7-1C Brussels, bclgas to £1 .15 20.00 20.85 Oslo, hr to £1 .. 18.150 3014 30 3-16 Stockholm, kr to £1 18.150 20% 20 3-16 Copenhagen, kr to £1 18.150 1814 1814 Berlin, marks to £1 21.13 15.85 15.8214 Montreal, do) to £1 4.80 2-3 1.19 1.1814 New York, dol to £1 4.80 2 3 3.70% 3.7014 Yokohama, pence >a yen 31.53 21% 21 1-10 Hongkong, pence to dol 25.15 11% 14% Bombay, pence to rupee 18 181-10 18 Batavia. florins to £1 12.107 — 0.31 Milan, lire to £1 ,, 02.15 7314 73% Amsterdam, guilder to £1 12.107 9.30 9.2814 Prague, kr to £1 .. 21,02 12814 127 Geneva, kr to £1 .. 25.221,4 10.40 10.35 Vienna, schillings to £1 21.2514 42 32 Helsingfors, marks to £1 103,334 215 210 Madrid, pesetas to £1 21.5514 181-10 ' 18 3-10 Athens, drachma to €1 25.2214 300 300 Lisbon, escudos to £] 6.5014 11014 100% Bucharest, tel to fit . 937 030 030 Uto de Janeiro.' pence milrels to IS 414 1% Buenos Aires, pence pesos to 47.82 30% 30 3-16 Shanghai, pence to ael 21% 19 29-32 10 31-32 Montevideo, pence to peso .51 20 29 Warsaw, zloty* to £1 13.38 — 33.70