COMMERCE AND FINANCE

Otago Daily Times, Issue 21976, 10 June 1933, Page 8

COMMERCE AND FINANCE

DUNEDIN MARKETS WHEAT, OATS. ETC. There is not much to be said regarding the local milling wheat market. Some millers have heavy stocks of wheat, ana are not prepared to buy any more lines in the meantime, and apart from a line or two of sound quality no sales are being made. The advanced prices for milling wheat for the month of June are as follows:—Tuscan ,3s 6d, Hunters 3s Bd, Velvet 3s lOd, f.0.b., sacks extra, growers’ nearest port. . The fowl wheat market remains firm, and local merchants are finding a little difficulty in securing stocks. Local values range round 3s 3d'per bushel, sacks extra, ex truck, the price being based on the quantity and the quality required. Miller*’ prices for flour, etc., are as folFlour: 2001 b. £l4 2s; 100’s, £l4 17s; 50’b, £ls 2s; 25’s, £ls 7«. Bran, £3 per ton, Pollard, £6. , „ Oatmeal: 2001 b, £l6; 255, £l6. The shipping demand for A and B grade Gartons is practically ml. It would appear as if the regular consumers in the North Island purchased their requirements ■when value* were possibly at a lower la\ el - than they are to-day, and the greater proportion of the offerings at the present time are being taken by millers. Ihe nominal value of A grade Gartons fo shipment from thi* port is -is Od per bushel, f.0.b., s.i.. but the quotation* from the Bluff arc 2d per bushel below this figtir*. B grade are quoted at 2s -d, f.o.b, s.i.. Dunedin. Those prices are equivalent to Is 8d and Is 4d respectively, on trucks, country sidings, sacks ® x r ra - A steady d cmani l exJ f^ s chaff tor this time of the year, but most of the sales are for small lots ex the store. Supplies continue to be largely drawn .from the Canterbury district. Best quality is worth £4 per ton, sacks extra, ex truck, and up to f 4 10s per ton, ex the/store. The potato market has a weak tone. The North Island is still well supplied with potatoes from the growing districts there, and also from southern ports, and there is not, for the moment, much shipping demand. On the other hand, consignments to the local market are not heavy, due to the recent broken weather preventing digging. .Only sound lines, well graded, are inquired for, and . these are worth £3 10* per ton, sacks in, ex truck, Dunedin. Line* not of the best quality are very hard to place, and nave to be taken into store in the meantime. All seed markets remain firm, notwithstanding that .the demand from the North Island is very restricted. On the other hand there is an outlet overseas for Chewings’s fescue, crested dogstau, white clover, and cocksfoot. It is also expected that there will be a fairly large eowing I down in the South Island during spring., , Under these circumstances it seems unlikely that there will be a carry-over of any of these pasture seeds at the end oi the year. Machine-dressed cocksfoot w quoted from Christchurch at 7d per lb, while crested doestail has advanced to 74d per Jb„ f.o.b, for really choice export qliality, showing a m l n i'P Ul ’L P url V , 99 and a gemination of 90. This price is a considerable advance on the. opening quotations for dogstail. which were on a basis of 3Jd per lb, f.o.b, about three months ago. Wholesale prices are as foilows.— Chaff: Beet quality. £4 per ton, sacks 11 extra, ex truck; £4 10s ex store. Potatoes, £3 10s per ton, sacks included, Dairy' butter: Milled bulk, 8d per lb; *eparator, Bd. Bacon, lOd per lb Ham: Ordinary, Is; boneless, Is 2d per

lb ' " . Onions: Canterbury, 6s 8d per cwt. Eggs: Stamped, la 7d per dozen; case, l9 'Eggß dropped heavily in price during the tttgolc* . The onion market is a little weaker. - FRUIT REPORT. Apples continue in pood supply, and prices remain unchanged._ A large quan-, tity of the apples offering aye still of poor quality. There is a good demand tor well-Coloured dessert lines, , . Californian oranges are fairly plentiful but high prices rule and sales at e slow. The Island oranges which arrived ex the mail steamer have now been cleared oub of wholesale hands, and. no further shipments are expected until the end ot oranges, and New Zealandgrown lemons are in better supply, and the market is a little easier. . There is a fair demand for Christchurch and local-grown hothouse tomatoes. 1 . Dessert pears, mostly of the winter nebs variety, are in heavy supply. Some of the lines are arriving in very poor condition, and these have to be placed at low of Samoan bananas ex the Maui Pom a re, is expected next week. These will be railed from Lyttelton. v Cauliflowers are in better supply, and the market is a little easier. . Higher prices are being obtained tor demand for lettuce is confined to SOuhddiearted lots. . Other vegetables are m good supply, with fair prices ruling. Wholesale prices are as follows:--. Apples: Jonathans, 4a to 6s; Delicious, 5s to 7s; cookers, 3s to 4s 6d._ Oranges: Californian, Valencias, to 40a per case. ' Poorman oranges, to 10s. Christchurch hothouse tomatoes, Bd to 8d: local hothouse. 7d to 9d, Grapes: Gros Colmar, Is 9d to 2s 2d. Lemons: New Zealand-grown, best quality, to 27» 6d per case. , .. Pears: Dessert. 2s to 2s 9d per halfease: cookers, to 2s. Bananas: Ripe. 20s per case. Rhubarb: To Ud per lb. New Zealand melons, to Id per lb. Californian grape fruit. 42s per case. Lettuce: Choice, to Is 6d per case. Marrows. 7s to 8s per cwt. Pumpkins. 6s to 7s per cwt. Carrot/?, to 2s per sugar bag. Cauliflowers: Choice. 5s 6d to 8s per sack: others. Is fld to 3s. Cabbages, 2s fid to 5s per sack. Potatoes. 3s fid to 4s per cwt. ' Parsnips, to 2a 6d per sugar bag. Swedes, to Is per sugar bag.

- LOCAL AND OVERSEAS MARKETS.

MINING GOLDEN DAWN RETURN. The secretary of the Dunedin Stock Exchange has received the following telegram from Golden Dawn Mines. Ltd.:* For the 12 working days ended June 3, 375 tons of material yielded £824 worth of gold, based on a value of £4 per ounce. BIG RIVER GOLD MINES. The following is the Big River Gold Mines. Ltd, report for the month ot May:— , ' No. 1 Adit Level.—South drive on Duggan’s Reef; Advanced 10ft, total 15ft. The body of stone met with at the end of last month proved to be only 7ft in length—being cut off by a fault. Driving was suspended, but it is proposed to do further work on this lode at an early date. No 2 Level. —South drive off mam adit at 190 ft east of shaft; Opened out to prove upward continuation of Henderson s reef being worked at No. 3 level. '■ Advanced 21ft in nice slate country with several quartz leaders showing in the fa jfo. 2 Chamber.— Repaired and completely retimbered. .... Jones’ Reef—A little stopmg is being done above the intermediate level on stone averaging sft in width. < A little fine gold can be seen in breaking?. No. 3 Level.—Rise above ho. 1 South drive at 80ft from entrance: Advanced ]7ft, total 43ft., The lode averaged about Ift in width of clean quartz, and fair gold was seen in breaking. Winze below No. 1 South Drive at /oft from entrance. —Sunk 26ft, total 34it. The ore body gradually pinched away to the south, and went out of the winze at about 20ft. Fair gold was seen in the solid stone down to this point. ihe last 14ft was sunk on a well defined track carrying a few inches of broken quartz. East Intermediate Crosscut off Winze. —A crosscut was run into the hanging wall country for a distance of Bft, but nothing of importance was met with. South Intermediate Drive off Winze. — A drive was then opened out to intersect the stone which pitched out of winze at about 20ft; advance Bft. A little broken quartz carrying gold is showing in the face, but the main body has not been met with yet. Battery.—The battery ran satisfactorily for 10 days and crushed 200 tons. The plates look well. Repairs to the dam are now in progress.

DEMONSTRATION OP DE-WATERING PLANT. A demonstration of a de-watering plant, which will be used to prepare portion of the river bed in the Lower Nevis Gorge for mining purposes, will he given with a small scale model at Cromwell on Tuesday afternoon. The plant is an automatic siphon which has been devised and patented by Mr R. S. Cree Brown, and it is claimed that it solve* the problem of working rivers which flow between steep, rocky banks.

KING SOLOMON MINE. (Per United Press Association.) INVERCARGILL, June 9 ; The wash-up at the King Solomon mine for the past week totalled 360 z 16dwt. ISSUE OF MINING LICENSES. (Per United Press Association,) • WELLINGTON, June 9. The Minister of Mines (Mr C. E. Macmillan) states that 1982 new mining licenses were granted during the year ended March 31 last, compared with 1276 in the previous year. , The mining privileges struck off the register totalled 154, compared wdth 142 last year. PRICE OF FINE GOLD (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 8. Fine gold is quoted at £8 2s 2Jd per ounce. . ’ ' ~ BEET SUGAR (United Press Association.) (By Electric Telegraph—Copyright.) \ LONDON, June 8, Beet sugar: July, 6s 244. t AUSTRALIAN MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) MELBOURNE, June 9. . Wheat: Easier, 3s IJd. Flour, £8 6d. Bran and pollard, £4 15s. Oats, 2s 3d. Barley: English, 2s sd, 2s 6d. f Maize, ss. . , Onions! Steady. Brown Spanish, £3 15s; Globes, £2 15s.

GOLDSBROUGH MORI DIVIDEND (United press Association.) (By Electric Telegraph—Copyright.) ’ MELBOURNE, June 9. (Received June 9. at 8.20 p.m.) The Goldsbrough, Mort Company announces a dividend at the rate of 2J per cent, per annum. The rate is unchanged. BRADFORD MARKET . (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 8. The Bradford market is very firm, with a hardening tendency. Quotations: Seventies, 27d: sixty-fours, 26d;, sixties, 24 Jd: fifty-sixes, 19Jd; fifties, I3id; forty-sixes, l.Od; forties, 9d. AUSTRALIAN STOCK EXCHANGES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, June 9. (Received June 9, at 8.20 p.m.) The recent steady advances in values on the Stock Exchange culminated to-day in some profit-taking and a mild reverse ,in prices generally. The demand for brewery shares, pastorals, and the better class of industrials slackened. Commonwealth Bonds remained quiet despite the Loan Council’s decision not to suspend sinking fund payments. Tin-dredging scrip reflected the sharp rise in tin which was reported to-day. Sales; Bank of New South Wales, £3l 15s: National Bank (£5 paid), £6 7s; Queensland National Bank, £5 ss; Burns, Philp, 535; Howard Smith, 10s 9d; Associated News, 9s 2d; Associated News (pref.). 19s: British Tobacco, 35s Del; Dunlop Perdriau, 18s lOJdi Goldsbrough, Mort, 25s 7Jd; Godlet and Smith, Us; Standard Cement, 13s 9d; Morns, Hodstvom, 17s 6d; Henry Jones, 39s 6d ; Electrolytic Zinc, 20s; Winchcombe, Carson, 25s 9d; Wilcox, Mofflin, 8s; Greater J. D. Williams, 7s Id; Tooths, 37s 74d; Tooheys. 23s 9d; United Provisions, 8s Id; Mount Lyell, 235; Broken Hi 1 Proprietarv 34s South Broken -Hill, dos, North Broken'Hill, 81s 3d; Zinc Corporation. 30s I0id; Taranaki Oil, 2s. Morning sales; Bonds, 4 per cent., 1938, £lO3 12s Od; 4 per cent., 1944, £lO2 Ids; 4 per cent., 1957, £lO2 7s 6d; Bank of New South Wales. £3l 17s Od; Toohey's, 245; Tooth’s, 37s lOld; Associated Aews, 9s Id: Associated News) (pref.), 19s: Broken Hill Proprietary, 34s Od; Howard Smith, 10s 6d; Wilcox Mofflin, is lid; Winchcombe, Carson, 25s 9d. MELBOURNE, June 9. (Received June 9, at 8.20 p.m ) Goldsbrough, Mort. 25s 3d; Go rt ;° n and Gotch, 34s 6d; Herald and Weekly Times, 575; Howard Smith, 10s Od; Dunlop Perdriau. 18s 9d; British Tobacco, 35s 6d; Taranaki Oil, 2s sd.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE BUSINESS OF THE WEEK. The following is a list of the business recorded on the Dunedin Stock Exchange

Lawson’s Flat 0 1 6J A normal amount of business was recorded on the Dunedin Stock Exchange during the past week, and the market generally was firm. Business was done in Bank of New Zealands at £2 6s 6d, and there is now an misapplied buyer of these shares iorward at £2 6s Sd. Commercial Banks have been turned over at 15s 9d and 15s Bd. They are now available at the former figure, with no buyer in the market. Following inquiries at up to £8 3s, Union Banks were turned over at £8 6s. There is a seller forward at present at £8 7s, but buyers are not in evidence. The insurance, shipping, coal, and loan and agency sections have been fairly quiet, although the demand for the more popular lines in these sections has continued to be firm. . Both issues of New Zealand Refngeratings have improved, and the paid shares are wanted now at 14s 4d, witu a seller asking 8d more. The contributing shares have been dealt in at os 5(1 and os 6d. These are now being asked for at 5s od. with a seller at 5s Sd. There has been a continued inquiry tor British Tobaccos, which are now wanted at £1 14s 9d, with a seller asking od m Dominion Fertilisers have improved in demand to Us 3d, but no business has resulted. The debentures have a buyer at £IOO, no seller responding. Dominion Rubbers have been asked for at up to 13s, but sellers are not at present prepared to part at less than £l. Business was done in Mount Lyells at £1 2s 9d, and the shares are now on otter at £1 3s. the best buying quotation being £1 2s 4d. , , New Zealand Drugs were turned over at £3 4s 6d, further offers of Is less finding sellers firm at £3 4s 9d. There was a sale of N.Z. Paper Mills at £1 7s, at which figure they are nowon offer. The demand now stands at £1 6 A sale of New Zealand Breweries was reported at £1 12s, and there is now an unsupplied buyer forward at 2d J ess - , Okaritos have been steady fluring the week, parcels being sold, at 11s 2d and 11s Id. The final quotations were Id on either side of the latter figure. Three parcels of Paddy s Points realised 5s 6d, and the shares have since been on offer -at os 9d without attracting a Waitahu* firmed during the week from about 7s to 7s 8d and 7s lOd, sales taking place at those prices. The shares are now wanted at 7s 6d, with a seller fo.ward at 7s Bd. . , ~ Freshfords changed hands early in the week at Is. and business was later done at lid. Just before the close of the market there was a sale at lOd. further offers of that price finding sellers firm at Nokomais were turned over at 4s and 4s 2d, but they have improved since to 4s 8d (buyer) and 5s (seller) . f There was a sale of Lawson a Flats at Is 64d. and they are now wanted at la sd, with a seller in the market at Is 6cJ. SALES ON ’CHANGE. £ s. fl. Mount Lyell « ? « Gillespie’s .. ..•••••••• i i oWaitahu (two) n n in Frcshford • • 0 010 SALES REPORTED, Commercial Bank (two) .... 015 8 N.Z. Refrig, (cont.), two .. .. 0 5 o N.Z. Paper Mills (late Thursday) , I 7 2, Gillespie’s Beach ® SALE REPORTED AFTER LAST CALL. Waitahu 078

The following arc yesterday afternoon’s buying and selling quotations, which arc subject to the usual brokerage:—

.** Ex dividend, t Odd parcel, DIVIDENDS PAYABLE. The following is a list of shares on which dividends will shortly be payable: Perpetual Trustees, Is, final .. June 10 Golden Sands, 3-sd, first .... June lo Okarito, 6d, fourth .. .. . • June 16 Australian Glass, Is 2 2-sd, final June 22 Broken Hill South, Is • June 23 Bank of N.Z., Is, final .. .. June 24 North Broken Hill, Is June 20 British Tobacco, 3 3-sd, interim June 30 N.Z. Breweries, 8 2-sd, final '.. June National Mortgage (£2 paid), Is. interim July 1 National Mortgage (£1 paid), 6d, interim July *

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

NORTHERN EXCHANGES TPer United Press Association.) The following business was done on ’Changes yesterday: — —Sales: Stock (1939-43) 34 per cent., £99 15s; Auckland City (1049), 5i per cent., £lOl ss; Commercial Bank of Australia, 15s 9d; E.S. and A., £5 0s 6d; Bank of New Zealand, 475; Bank of New Zealand (D pref.), 31s 2d; Union Bank, £8 6s 3d, £8 6s 0d; Goldsbrough, Mort, 26s lid; Dominion Breweries, 6s 9d: New Zealand Breweries, 325; Electrolytic Zinc, 20s; New Zealand PaperMills, 275; New Zealand Refrigerating (10s paid), 5s sd; Wilsons Cement, 31s; Waihi. 22s 2d; Mount Lyell, 22s 6d (two parcels). Wellington. —Sales: Mount Lyell, 22s 6d (two parcels); Waihi, 22s 2d. Sales reported: Inscribed Stock, 3J per cent. (1938-52), £IOO ss; Stock, 4 per cent. (1940), £IOO 10s; Commercial Bank of Australia, 15s 8d; Bank of New South Wales, £3l; Bank of New Zealand, 46s 9d; Bank of New Zealand (long term), 31s 3d (both late Thnsday); Union Bank, £8 ss; New Zealand Refrigerating (cont.). 5s 6d (three parcels); New Zealand Breweries, 31s lid; Blackwater, 23e 2d. Christchurch. —Sales; Commercial Bank of Australia, 15s 8d; Commercial Bank

of Sydney, £l6 17s 6d, £l6 15s; E.S. and A. Bank, £5 Os 6d; National Bank of Australasia (£5 paid), £6 4s; National Bank of New Zealand, £3 16s 3d; Union Bank of Australia, £8 4s; New Zealand Refrigerating (10s paid), 5s 6d (16 parcels); Westport Coal, 11s 6d; New Zealand Breweries (cum div.), 325; British Tobacco (cum div.), 35s 3d; Dunlop Rubber, 18a Bcl (two pai'cels); Electrolytic Zinc (pref.), 31s 6d; Alexander (13s 6d paid), 9s 6d; Big River, Is 4id; Gillespie’s Beach (9d paid), Is 7id (two parcels); Golden Sands (cum div.), 3s 6d, 3s sd; King Solomon, Is 8d (three parcels); Nokomai, 4s 8d (two parcels), 4s 7Jd, 4a 8d (two parcels); Okarito (cum div.), 11s Id; Waihi Grand Junction (cum div.), 3s 4d (two parcels); Waitahu (4s 6d paid), 7s 6id.-——Sales reported: Commercial Bank of Australia, 15s 9d; Commercial Bank of Australia (pref.), £8 16s; Bank of New South Wales, £3l; Union Bank of Australia, £8 6s; National Insurance, 16s 7d; Goldsbrough, Mort (cum div.), 25s 9d; Dalgety and Co., £8 10s; New Zealand Refrigerating (£1 paid), 14s 9d; Mount Lyell, 22s 7d; Woolworths (Sydney), fl paid (pref., new), 25s 3d.- Unlisted stocks sales: Belle Hooper, 12Ad (two parcels); Charleston Sluicing (9d paid). Is lOd, Is lid, Is Hid; Snowy River, 3s 4d.

LONDON STOCK EXCHANGE * (United Press Association.) (By Electric Telegraph—Copyright.) LONDON. Juno 8. Tha following are the latest quotations of Goveminent securities compared with the prices ruling

LONDON METAL MARKET (United Press Association.) (By Eleotrto Telegraph-Copyright.) LONDON, Jane 8. (Received June 9, at f. 30 p.m.) Tbo following are the official quotations:— Ton.

DAIRY PRODUCE Messrs A. S. Paterson and Co., Ltd., are in receipt of the following cablegram from London: — , , , Butter.—-Market strong, upward tendency, assisted by hot dry weather; decreasing Danish output. 725; New Zealand, 82s; Australian, 81s, 82s, very scarce. Cheese. —Similar. White, 495; coloured, 545. Messrs Dalgcty and Co., Ltd., have received the following cablegram from London, dated June 8: —The butter market is firm. The cheese market is firm. Quotations: Danish butter, 92s to, 945; New Zealand finest butter, 80s to S2s; Australian finest unsalted butter, 80s to 82s; Australian salted butter, 78s to 80s; Australian G.A.Q. butter, 74s to 765. Australian cheese, white, not quoted; Australian cheese, coloured, not quoted; New Zealand cheese, white, 48s to 495; New Zealand cheese, coloured, 645; Canadian cheese, white, 66s to 68s; Canadian cheese, coloured, 66s to 725; Canadian cheese, c.i.f., 54s to 565. COMPANIES REGISTERED The Mercantile Gazette notifies the registration of the following companies:— Otago Skin Company. Ltd. Registered as a private company, May 29, 1933, Capital: £SOO into 500 shares of £1 each. Subscribers: Dunedin—W. G. Thompson 495, C. Thompson 5. Objects: To carry on the business of buyers, sellers, suppliers, ami dealers in bides, tallow, skins, wool, fur and pelts of every nature and description. Goldfields Dredging Company, Ltd. Registered May 30, 1933. Capital: £35,000 into 700,000 shares of Is each. Subscribers: Dunedin —Industries. Ltd., 20,000, W. F. Janies 10,000, G. W. Thomson 4000, A. Burt 4000, J. J. Martin 4000, E. H. Levido 4000, D. Campbell 2000, C. Macdonald 2000. J. Brook 3000, W. Garrett 2000, H. D. Kerr 3000, R. G. Hudson 2000. Arthur's Point—J. M’Mullan, jun., 40.000, Queenstown —A. Smith 10,000. Wellington —H. Vickerman 5000. Alexandra — W. A. Bodkin 1000. Objects: To mine for gold or any metal, precious stone or ore of any kind, to acquire all rights and licenses necessary.

THE MUTUAL LIFE AND CITIZENS’ ASSURANCE COMPANY, LIMITED BONUSES MAINTAINED At the forty-sixth Annual Meeting of the Company held recently the Chairman (the Hon. James Ashton, M.L.C.), in moving the adoption of the Report and Balance Sheet, said: — The Company during the past year has maintained its business and increased the solidity of its financial structure —an accomplishment of which I think in these times of stress and strain we may feel justly proud. A BAROMETER OF GENERAL CONDITIONS.

The business of Life Assurance is probably as good a barometer- of general conditions as it is possible to have. The progress in the Industrial Branch tells us how matters are faring with the wageearning classes, while that in the Ordinary Branch is a good indication of the state of affairs with the rest of the community. In both branches, I am glad to say, there is evidence of impx-ovement, particularly in the Industrial Branch. Not only did we write more business in 1932 compared with the previous year, but thousands of our policy holders availed themselves of the Company’s plans for helping those who had been out of work by applying for revival of their lapsed policies. We more than made up the leeway of 1931; and in the new year thus far we have made an excellent start.

LARGE NEW BUSINESS FIGURES. In the Ordinary Branch also premiums were in excess of last year’s figures. The new business in this Branch again exceeded £4,000,000, and in addition we wrote term assurances for no less than £2,071,500, a proof of the deserved popularity of the family income and other new tables and of the energy and ability of our field representatives. From Australia and New Zealand came a full share of the results.' It is an achievement that under the’anxious conditions for the community prevailing throughout the last three years our business—sums assured and bonuses of £56,455,058 —has gone ahead, not, perhaps, at the rapid pace of more prosperous years, but steadily and appreciably.

POWERFUL ACTUARIAL RESERVES. The wisdom of our practice for many years in valuing the policy liabilities of the Ordinary Branch on a 3 per cent, basis is more than ever apparent in times when rates of interest havlp b?en so reduced by legislation and taxation that the margin earned over the 3 par cent, assumed is narrowed considerably. The net rates of interest actually earned are £4 2s 4d in the Ordinary Branch and £3 19s lid in the Industrial Branch, and I think I can confidently affirm that no other Australian Life Office has made a better showing in interest earnings' for the past year. ’ We have provided for the same rates of reversionary bonuses to participating policy holders as were allotted for 1931. HIGH QUALITY ASSETS. Our Assets are invested principally in Government and Public Securities, and these with, Loans-on-our-policies Account form 93 per cent, of the total of £21,000,000. In view of the distinct recovery in assetsvalues within the Empire since we r ive the book-values of our securities consideration (at the time of our last report) the provision made in 193 J needs no further addition. We have written off from interest revenue the interest due and uncollected since the year closed, £4743. Our expense rates to premium income have been steady during the last three years, with the tendency downwards, which we strive for in the interests of the economical management characteristic of the Company. UNRIVALLED FINANCIAL STRENGTH. In every respect, therefore, the financial structure of the Company has been strengthened and safeguarded, so that not oply is the position of the Company at the' present unchallengeably secure, but the possibilities of the future, so far as they can be, have been foreseen and anticipated. LARGE CLAIM PAYMENTS. An impressive item iu our report is the total of payments to policy holders during the 46 years of the Company’s existence, which now exceeds the sum of £26,600,000, tile payments for the year 1932 exceeding £l,700,00t). CANTERBURY MARKETS (Feu United Press Association.) CHRISTCHURCH, June 9. The week has not shown much business activity, but most classes of produce are firm. Potatoes for forward delivery are a shade firmer. There is still very little inquiry "from the North Island. It is understood that there is a probability of a further 1000 tons of potatoes being shipped to Smith America. This would offset to a small degree the lack of shipments to the north. An interesting factor in the market this season is the Southland production. Last season the southern province came on the northern market with very heavy supplies, and offset the shortage in the Canterbury crop, but for which prices would undoubtedly have been much higher. The present autumn in Southland has been very wet, and blight under such conditions is not improbable. Quotations, f.0.b., s.i., Lyttelton, are from £4 to £4 2s 6d for prompt, or £3 to £3 2s 6d on trucks. June delivery, £4 5s to £4 7s 6d, f.0.b., s.i., and July-Septomber, £5 ss. Dakotas are at a premium over whites, prompts being worth £3 Ss to £3 10s, on trucks. The oats market is somewhat easier. A Gartons are worth 2s 5d to 2s Cd, f.0.b., s.i., for spread July-SScptomber, and 2s 5d for prompt. B’s are quoted 2s to 2s Id on truck. Values are 2s for A’s and ,Is Cd to Is 8d for B’s. Chaff is meeting with> a little more inquiry for local needs. Values are £3 10s per ton, f.0.b., s.i., or to £2 2s Cd on truck's. Fowl wheat is slightly easier, and is quoted 3s 5d to 3s 6d, f.0.b., s.e. No. 1 partridge pens are quoted 4s lOd. f.0.b., s.i., or to 4s 3d on trucks.

There is not a great volume of business passing in small seeds, but several products have been firming in value. The quality of small seeds this season is much above the average. Cocksfoot has been improving in price, and Akaroa is nowquoted at 4d to 4id for farmers’ dressed and plains to 4d. < Italian ryegrass has also improved in price, and is quoted at Is fid to 2s per bushel on trucks. Perennial has scarcely improved to the same extent, and is worth is fid to Is lOd. Cowgrass is quoted at fid to 7d a lb on trucks, according to quality. Production is slightly more, than normal. ' Most of the white clover crop is in merchants’ hands. The production was not so heavy as was anticipated. Values are fid to lid per lb on trucks. It is too early yet for any export inquiry. Dogstnil lias moved up sharply in price. The market opened at 3Jd a lb for machine dressed, and sellers are now asking 74d. The crop turned out much lighter than was expected earlier in the season. Chewings fescue has also firmed to a small extent. The opening prices wore 3d,per lb for dressed, and to-day’s value is 4d, which, however, is still a very low price. A few sales have been made for export. AMERICAN WHEAT (United Press Association.) (By Electric Telegraph—Copyright.) NEW YORK, June 8. (Received June 8, at 7.30 p.m.) Chicago wheat: July, 734 cents per bushel; September, 75; December, 77-4. New York: Cash, 84J.

BANK OF ENGLAND RETURN (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 8. (Received June 9, at 7.30 p.m.) The following ia the Bank of England return:—' ISSUE DEPARTMENT. Note issue in circulation .. £378,462,948 Banking department .. .. 68,185,736 £446,648,684 Government debt £11,015,100 Other Government securities 243,586,139 Other securities 1,751,439 Silver coin .. .. 3,647,322 Gold coin and bullion .. 186,648,684 ' £446,648,684 BANKING DEPARTMENT. Proprietors’ capital .. .. £14,553,000 Pest 7 071 Kfio Public’deposit.V ! 5’925’218 Other deposit (bankers) .. 102,409,999 Other accounts 38,233,303 Seven-day and other bills .. 1,591 £167.394,673 Government securities .. .. £76,288,503 Discounts and advances .. 11,073,188 Securities 10,758,486 Notes in reserve 68,185,736 Gold and silver coin .. .. 1,088,860 £167,394,673 The proportion of reserves to liabilities is 46,30 per cent. Short loans are quoted at 11-16 per cent.;. three months’ bills at 7-16 per cent. • , BALCLUTHA STOCK SALE ' (From Oub Own Correspondent.) BALCLUTHA, June 9. To-day was the first of the fortnightly sales, and the attendance of farmers and others was good. Borthwiek and Sons’ buyer for that firm’s Canterbury •works was again in evidence, and his presence gave quite a s fillip to the sale of fat lambs and fat ewes. The latter were up in value 2s to 3s a head compared with previous sjles. The freezing schedule for lafhbs is up Jd a lb; this helped the sale. The yardings of fats comprised 2000, and of stores there were two or three pens of lambs, one pen of two-tooth ewes, and a pen of failing-mouthed ewes. Fat lambs sold at from 12s to 13s 9d and 14s 6d for best quality; medium, 10s to 11s: small, 6s 9d. Fat ewes made 5s 6d to 6s 9d for freezing ewes, and 9s to 11s for butchers’ ewes. Fat wethers, of which there was but small supply, sold at 11s 9d. Store Sheep.—Good forward lafnbs, 8s 6d to 9s 2d; mixed sex lambs, 7s 7d: twotooth ewes. 14s: small wether lambs, 4s to ss; forward failing-mouth 5s 3d; (jjd ewes, 3s 3d. Cattle.—A fair yarding forward. Three-yeai'-old steers sold at £3 5g to £3 10s; 18-month steers, £2; calves, ss. Dairy cows realised £1 to £4. Pigs.—The yarding of young pigs was in excess of the demand, and prices were low, suckers selling at 6s to Bs, and slips at 10s,.

LONDON MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 8. ■ Wheat cargoes are dull. Parcels are 3d down. Futures: —London: June, 21s 3d; September, 21s 8d; December, 22s sd. Liverpool: July, 5s and Ss 8d; October, 5s 2}cl; December, 5s 4jd. The spot trade is quiet. Australian (ox ship), 26s 9d and 275. Flour: Steady. Australian (ex store), 20s and 20s Cd. Oats: Dull, Australian Algerian, 15s and 15s 6d; A Cartons, 18s and 19s. Pens: Blue, neglected; Tasmanian, 340 s and 3605; maples, steady; new crop Tasmanian, 53s and 555; New Zealand, 50s and 525; New Zealand beans, 28s and 295.

during the past week: — £ s. d. Bank of New Zealand .. .. 2 6 6 Commercial Bank 0 15 9 (two) 0 •15 8 Union Bank 8 6 0 N.Z. Refrigerating (cont,) (four) 0 5 6 (five) 0 5 5 Electro. Zinc (pref.) .. .. 1 ii 0 Mount Lyell 1 2 9 N.Z. Drugs • • • 3 4 6 N.Z. Paper Mills 1, 7 0 Smith and Smith 0 10 (5 N.Z. Breweries .. .. .. .. 1 12 0 Okarito (three) 0 11 (three) 0 11 1 Paddv’s Point (three) 0 5 6 Gillespie’s •• • i 0 0 i 7-i Waitniiu (five) 0 7 0 0 -7 8 0 7 10 Fresh ford (two) 0 1 0 (three) 0 0 11 0 0 10 Nokomai (two) .. .. .. 0 4 2 0 4 0

BANKING. Buyer. Seller. £ 8. d. £ s. d. N.S.W 31 0 0 — New Zealand .. .. 2 6 8 •— Commercial .. .. — 0 15 9 Natl, of N.Z. .. 3 15 6 — Union — 8 7 0 INSURANCE. National 0 16 2 0 16 7 New Zealand .... 2 9 6 — South British .. .. 3 5 0 — SHIPPING. Huddart, Parker (ord.) — 1 11 0 Huddart, Parker (pref.) .. .... 1 2 3 — U.S.S. Co. (pref.).. 1 2 0 — COAL. Kaitangata .. .. 1 0 0 — Westport 0 11 4 0 12 0 LOAN AND AGENCY. Dalgcty and Co. .. S 0 0 — Goldshrough, Mort 1 5 0 1 5 9 National Mortgage (B issue) .. .. 1 0 0 — N.Z. Guar. Corp... ■— 0 6 0 Trustees, Executors **2 9 0 — Wright, Stephenson (ord.) 0 8 10 — Wright, Stephenson (pref.) 0 11 6 — MEAT PRESERVING. N.Z. Refrig, (pd.) 0 14 4 0 15 0 N.Z. Rcfrig. (cont.) 0 5 0 0 5 8 South. Froz. Meat (paid) 2 4 0 — South Otago Freez. 4 3 0 — MISCELLANEOUS. British Tobacco .. 1 14 9 1 15 0 Broken Hill South — 2 15 0 Broken Hill Propy. 1 13 6 D.I.C. (ord.) 0 10 S 0 11 0 D.I.C. (pref.) .. — I 0 0 Dominion Fertiliser 0 11 3 — Dominion Fertiliser (debs.) 100 0 0 — Dominion Rubber 0 13 0 1 0 0 Donaghy’s Rope .. 1 18 0 J1 19 6 Stock Exchange Propy 1 13 a — Electro, Zinc (pref.) 1 11 5 1 11 6 Electro. Zinc (ord.) 0 19 0 1 0 0 Kaiapoi Woollen (pref.) 0 6 e — Milburn Lime 1 8 0 — Mosgiei Woollen .. 8 0 0 — M'Leod Bros. 24 0 0 — Mount Lyell •, .. 1 2 4 1 s 0 N.Z. Drug Co. .. 3 3 e 3 4 9 N.Z. Paper Mills .. 1 6 6 1 7 0 Smith and Smith.. 0 10 6 — Wilsons Cement .. 1 10 0 — BREWERIES. N.Z. Breweries 1 11 10 — Dunedin 1 1 6 Tooths .. .... .. 1 10 3 — mining. Kawarau 0 0 5 0 0 7 Waihi 1 2 0 — Waihi Grand Jctn. *»0 3 2 0 3 10 Mahakipawa .. .. 0 0 1 . Kildare 0 2 1 0 2 4 Okarito 0 11 0 0 11 2 Paddy’s Point — 0 5 9 Cornish Point .... 0 0 2 0 0 5 Golden Progress .. 0 1 4 0 1 9 King Solomon 0 1 6 0 1 9 Blackwater 1 2 6 — Alexander .. • • .. 0 8 0 0 11 0 Gillespie’s Beach .. 0 1 n 0 1 8 Waitahu 0 7 6 0 7 8 Golden Sands 0 3 3 — Big River 0 1 4 0 1 H Mount David .. . • • 0 2 0 Nokomai 0 4 9 0 5 0 Fresh ford \ — 0 0 n Central Shotover .. 0 0 10 0 1 0 Lawson’s Flat .. .. 0 1 0 0 1 0 GOVERNMENT LOANS. 3J p.c. Ins., 19381943 100 0 0 — 34 p.c. Ins., 10381952 100 0 0 — 34 p.c. Ins., 19391943 100 0 0 — 31 p.c. Ins., 19391952 100 0 0 — 3j p.c. Ins., 19411943 100 0 0 34 p.c. Ins., 1941’1952 100 0 0 * 4 p.c. Bonds, Jan., 1940 100 10 0 — 4 p.c. Ins., Jan. 1940 100 10 0 101 0 0 4 p.c. Bonds, Feb., i046 100 5 0 — 4 p.c. Ins., Feb., 1946 100 3* 0 100 16 0 4 p.c. Bonds, April, • 1949 .. 100 5 0 — 4 p.c. Ins., April, 1949 100 5 0 100 15 0 4 p.c. Bonds, June, 1955 100 5 0 “ 4 p.c. Ins., June, 1965 .. .. .. .. 100 5 0 100 10 0

RUGBY, June 8. (Received June 9, at 5.5 p.m.) Parts— Par, June 7. June 8. Francs to £1 .. 124.21 85 1-32 85% Brussels— Beiges to £ 1 .. SB 24.285 24.195 Oslo — Kroner to £ 1 .. 18.189 19.75 19.80 Stockholm — Kroner to £1 .. 18.150 IB 13-32 19.40 • Copenhagen— Kroner to £1 .. 18.150 22.425 22.424 Berlin — Marks lo £1 SO.43 14.55 14.555 Montreal— Dollars to £1 .. 4.88 2-S 4.50ft 4.S4 New York— Dollars to £1 .. 4.86 2-3 4.07 4.111 Yokohama — Pence to yen 24.5S2 14 31-32 14 31-32 Hon Rhone— Pence to dollars 24.58 16 1146 16 13-16 Bomba v— Pence to rupee — 18 5-64 18 5-84 Batavia— Florins to £1 12.10 — —* MilanLire to £1 .. 82.46 65 1-16 64 13-18 Amsterdam— Guilder to £1 12.107 8.415 8.38 Prague— Kroner to £ I .. 104ft 1132 11356 Geneva— Francs to £ 1 .. 25.225 17.525 17.425 Vienna— Schillings to £1 84.805 305 305 Helsingfors— Marks to St .. 198.23 2265 226} Madrid— Pesetas to £1 25.235 39% 39 7-16 Belgrade— 250 Dinars to £1 .. 25.225 2475 Athens— 590 Drachma to £1 375 590 Lisbon— no Escudos to £1 110 110 Bucharest— Lot to £ X .. 031.6 5725 5725 Rio de Janeiro— 43 Pence to mllrels 5.890 43 Buenos Aires— 413 Pence to pesos 47.28 413 Shanghai— 15 Vs 15 3-16 Pence to tael .. — Montevideo — 34 34 Pence to pesos — Warsaw— Zlotys to £ 1 .. ~

list week;— Last week. This week. £ 6. d. a s. (1. Consols •• •• 73 s 0 73 0 0 Funding Loin, 4 p.c., 1969-90 107 8 9 •4,09 15 0 Assented War Loan .. .. 09 17 6 09 2 0 Conversion Loan, 3% p.o. .. 09 0 0 99 5 0 Victory Bonds, 4 p.c. (oi dlv) 103 T « 108 7 6 O’wealth '5 p.c., 1945-47 103 8 9 104 5 0 C’wcalth, 6 p.c., 1945-47 ,, 102 6 0 102 7 6 C’-voalth. 3% p.c.. 1036-37 .. 100 3 9 100 0 0 Victoria, 3 p.c,, 1929-40 88 10 0 87 5 0 Victoria. 814 p.c.. 1020-40 .. 93 5 03 2 6 Victoria, 514 P.O.. 1930-40 ... 102 7 6 101 17 6 Victoria. 5 p.o., 1032-42 101 13 9 101 7 6 Victoria, 4% p.c 1940-G0 •• 101 12 6 100 7 8 N.S.W.. 4 p.c., 1033 .. .. 103 5 0 103 5 0 N.S.W.. 3 p.c.. 1035 .. .. 09 10 0 99 15' 0 N.S.W.. 314 P.c., 1030-40 ., 02 10 0 91 2 8 N.S.W.. 014 P.o., 1030-40 .. 101 7 6 101 10 0 N.S.W., 6 P.c.. 1930-40 .. 101 7 6 99 15 0 Queensland. 5 p.c. Stock, redcemaWe 1040-60 102 15 0 102 17 6 Queensland. 3 p.c., 1922-47 .. 88 10 0 87 2 6 Queensland, 6 p.c., 1029-40 .. 102 15 0 103 7 6 New Zealand. 414 P-c., 1045-57 107 12 6 108 0 0 New Zealand. 314 p.c., 1940 .. 100 0 0 98 15 0 New Zealand. 3 p.c.. 1945 .. 92 IS 0 03 0 0 New Zealand. 6 p.c., 1030-51 103 15 0 104 8 0 S.A.. 314 p.o.. 1939 .. .. 99 10 0 09 7 6 S.A.. 3 p.c., 1910 or after .. ■ 72 5 0 72 7 6 S.A., 614 p.c.. 1930-40 .. .. 103 3 9 103 5 0 Tasmania. 314 P.o., 1930-40 08 7 6 98 12 6 Tasmania, 3 p.c.. 1910-40 .. 07 17 ,0 07 17 6 Tasmania. 014 P.c.. 1930-40 .. 103 1. 3 104 5 0 W.A.. 314 p.c.. 1026-36 .. .. 00 10 0 00 10 0 W.A., 3 p.c,. 1015-35 .. 00 7 6 00 1 3 W.A., G p.c.. 1030-40 .. 103 0 0 100 10 0

Copper, spot .. £37 « 10',4 Fall £0 5 0 Copper, forward 37 10 7% Fall 0 0 3 Electrolytic, spot 42 3 0 Fall 0 13 0 Electrolytic, forward 43 3 0 Fall 1 0 0 Wire bars 43 5 0 Fall 1 0 0 head, spot 13 10 0 Ulse 0 2 c Lead, forward 13 15 0 Else 0 X s Spelter, spot ,. 10 1(1 3 Rise 0 5 0 Spelter, forward .. IB 10 3 Rise 0 6 0 Tin. spot .. .. 221 7 0 Rlso 5 15 0 Tin. forward 7 .. 221 7 (1 Rise 5 15 0 O z. Sliver, standard .. ItIVirt Kite l-16d Sliver, fine 20%d Rise 1-lCd