COMMERCE AND FINANCE

Otago Daily Times, Issue 21988, 24 June 1933, Page 8

COMMERCE AND FINANCE

DUNEDIN MARKETS WHEAT, OATS, ETC. The milling wheat market continues ▼ery quiet. The bulk o£ the wheat in the Otago district has been marketed, and only an occasional sample is now on offer. Those lines which are not being taken by millers are put into stores on account of the Wheat Purchase Board. It is not expected, however, that the total quantity of Otago wheat to be thus dealt with will exceed 5000 sacks. For the month of June the prices to growers are 3s 6d, f.0.b., grower’s nearest port, for Tuscan, 3s 8d for Hunters, and 3s lOd for Velvet. The fowl wheat market is quiter. The shipping demand has eased a little in Canterbury, and good, whole lines arc offering there at 3g sd, f.0.b., sacks extra. So far as the local market is concerned there is not a great deal on offer, and this is being secured to meet the Dunedin trade. Values range from 3fi 6d to 3s 9d per bushel, sacks extra, ex store, according to quantity and quality. Millers’ prices for flour, etc., are as follows: . ~ Flour: 2001 b, £l4 2s; 100 s, £l4 l<s; SO’s, £ls 2s; 25’s, £ls 7s. Bran, £4 10a per ton. Pollard, £6. Oatmeal: 2001 b, £l6; 25’s, £lB. Bran has been reduced by 10s per ton. The oat market is weaker, the higher value* being obtained at the beginning of the month not being maintained. Quotations, however, have not dropped to any great extent, owing to the small quantity available. Shipping values varv, depending on the port of delivery. From the Bluff A’s are on offer at 2s 31d, f.0.b., s.e., from this port 2s 6d and from Canterbury 2s Bd. The North Island demand is poor, and practically no oat* are being shipped from this port. Values in the country are on a basis ot 1 8 6d to Is 7d per bushel, on trucks, sacks extra, for A’s, with B’s quoted at 4d pet bushel less. . Canterbury merchants are still offering chaff to the local market, where values range from £3 10s to £4 per ton, sacks extra, ex truck. An occasional truck load is also arriving from the farmer* in this district, but there does not appear to be much chaff offering from Otago “ The potato market has been fluctuating, and at the moment there w a weaker tendency. At the beginning of the week shipping values were firm, consequent on a further order of 1000 tons being .received from South America, Prices advanced to £4 10s, f.0.b., s.c., for prompt delivery, but these have not been maintained. The local value to-day is about £4 per ton, sacks included, ex store, tor the best quality. Badly graded or earthy potatoes are difficult to sell. . Although the seed markets remain farm there is now a lull in buying. This, however, is usual for this time of the year, as merchants prefer to wait for the spring demand before stocking up to any extent. Indications point to a fairly heavy sowing out, and prices for all lines, particularly cocksfoot, white clover, cow grass, and dogstail, are firm. Ihere ha\e been export inquiries for some lines, and it w thought in some quarters that there may be a shortage in these particular seeds. Wholesale /prices are as follow*: Chaff: Best quality, £3 10s to £4, sacks extra, ex truck. . , , , „ Potatoes, £4 per ton, sacks included, ex tr Dairy butter: Milled bulk, 9d per Ibj separator, 9d. « Bacon, lOd per lb. Ham: Ordinary, Is; boneless, Is 2d per lb- „ Onions: Canterbury, to 7s per cwt. Eggs: Stamped, Is 5d per dozen; case, Is 4d. The egg market is fairly firm. - FRUIT REPORT. A better tone exists for choice quality dessert apples. This quality is offering in small lots only. Poor grade, which . are plentiful, are offering at low rates. A further shipment of ■ Californian Valencias, grape fruit, and lemons is expected at Wellington on Monday, ex the mail steamer. A fairly large shipment of Island oranges and a small quantity qt Rarotongan bananas are. also aboard this vessel. The Dunedin portion should arrive towards the end of next week. _ A shipment of Fiji bananas, transhipped at Auckland, is expected next week. New Zealand-grown lemons and pootman oranges are now in full supply. Some 20 cases of Hawaiian pineapples arrived during the week. This is the first shipment of Hawaiian pines which has reached*this market for many years —in fact, some merchants say they have never seen them here before. The embargo on the importation of Australian citrus fruit has no doubt prompted the importation of the Hawaiian pines. Prices to the retailers are very high, running into over 2s per pine. Small quantities of Christchurch and locally-grown hothouse tomatoes are still on offer. . , Cabbages and cauliflowers are in short supply. High prices are being obtained in the northern markets, which are taking fair quantities. ... Marrows are in short supply, but pumpkins are plentiful. Parsnips have a better demand. Carrots and swedes are in over-supply. Wholesale prices are as follows: Apples: Jonathans, 4s to 6s; Delicious, os to 7s; Stumers, 6e to 8s; cookers, 3s to ss. . Oranges: Californian Valencias, 35s to 40s per case. Poorman oranges, 7s .to Bs. Choice hothouse tomatoes, 6d to »a; others, 4d to 6d. ■ Lemons; New Zealand-grown, best quality, to 25s per case. Pears: Dessert, 2s to 3s per half-case; tookers, to 2s. Bananas: Ripe, to 18s per case. Rhubarb, to pel* lb. New Zealand melons, to Id per lb. Californian grape fruit, 40s per case. Lettuce: Choice, to Is 6d per case. Marrows, to 9s per cwt. Pumpkins, 6s to 7s per cwt. Carrots, Is 9d to 2s per sugar bag. Cauliflowers: Choice, 8s 6d to 11s per ■ack; others, Is 6d to 4s. Cabbages, 3s to 6s per sack. Potatoes, 4s to 5s per cwt. Parsnips, to 2s 6d per sugar bag. Swedes, to Is per sugar bag. Artichokes. Id per lb. AUSTRALIAN MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) MELBOURNE, June 23. Wheat, 3s 2d. Flour, £8 10s. Bran and pollard, £4 las. Oats, 2s 3d and 2s 4d. Barley: English, 2s 5d and 2s od. Maize, ss. . , , Onions: Dull. Brown Spanish, £3 and £3 15s; Globes, £1 10s and £2. '

LOCAL AND OVERSEAS MARKETS.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE BUSINESS OF THE WEEK. The following is a list of the business recorded on the Dunedin Stock Exchange during the past week: — j £ s. d.

The volume of business transacted on the Dunedin Stock Exchange during the past week shows a decrease on that of the previous period, but the market generally has been fairly steady, with a good inquiry for sound industrial shares. Business was done in Commercial Banks at 16s 2d, 16* 6d, and 16s 6d. They are now available at 16s 9d. National Bank of New Zealands were turned over at £3 17s 3d, further offers of 3d more failing to attract a buyer. Standard Insurance shares changed hands at £2-13s. There was no inquiry for these shares at the close of the market. ' , Westport Coals had business at 12s, and the demand for these has since risen to 12s 3d, no seller responding. Interest continued to be good in New Zealand Refrigerating, the paid-up shares having transaction* at 15s 2d and 14s lid. They are in the market now at 15s, with a buyer offering 14s 6d. The contributing issue had several sales at 6s Id, but there has been a slight easing, end they are now at 5s lid, with a seller in the inafket at 6s. Three parcels of Dominion Fertilisers changed hands at 13s, no further inquiry being made. Broken Hill Souths, which have been on offer for some time, had business at £2 I6s 4R . n Mount Lyells saw business at £1 2s sd, and they are now to be had for a penny less. The present offer stands at £1 2s. Five sales of Okaritos were recorded at 10s. and one parcel changed hands at 9s lid. The latter figure is now being offered for the shares, sellers remaining firm at 10s. A buyer of Black waters paid £1 3s 9d for a parcel. Thfcre bas been little subsequent inquiry for the shares. Waitahus have been fairly steady, ana two sales took place at 7s. The closing quotations were 2d on either side of that figure. . . Nokomais were dealt in at 4s 6d and later at 4s. There was an unsupplied buyer forward at the latter figure at the close of the market. The demand for Government Loans continued to be good, but only one transaction resulted. This concerned a parcel of 4 per cent 1946 Stock, which realised £IOO 10s. SALE ON ’CHANGE. £ e. d. Dominion Fertiliser (three) 013 0 The 'following ....are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:— ° BANKING.

The following is a list of shares on which dividends will shortly be payable; — , Bank of N.Z., Is. final .. .. ~|«ne 24 North Broken Hill, Is . • • • June 20 Goldabrouph, Mort, 6d, final .. June ‘29 British Tobacco, 3 3-sd, interim June 30

Blackwater, Is 6d, final ..... June 30 Consol. Goldfields, Gd, interim June 30 N.Z. Breweries, 8 2-sd, final .. July National Mortgage (£2 paid), Is, interim .. July 1 National Mortgage (£1 paid), 6d, interim .. .. July 1 N.Z. and River Plate, 7 l-sd, interim July 1 NORTHERN EXCHANGES (Peb United Press Association.) The following business wa* done on ’Changes yesterday:— Auckland. —Sales: Stock (1940), 4 per cent., £IOO 10s; Stock (1946), 4 per cent., £IOO 10s; Commercial Bank of Australia, 16s sd, 16s 4d; National Bank of New Zealand, £3 16s 6d, £3 18e; Bunk of New Zealand (ex div.), 47s 6d; Union Bank, £8 lls; New Zealand Insurance, 50s, 49s Od; Auckland Gas, 23s sd, 23s 4d; Devonport Ferry, 20s; New Zealand Breweries, 33s lid; Staples Brewery, 27s 2d; Bycroft, Ltd., 375; Colonial Sugar, £56 7s 6d (two parcels); Farmers’ Trading, 2s 6d; Farmers’ Fertiliser, 15s 8d; New Zealand Paper Mills, 275; Wilsons Cement, 32s 6d; Alexander, 13s 6d, lls; Golconda, 9d (two parcels), 9-id; Wuihi, 22s (two parcels). Unofficial; Claude Neon Lights. 265. Wellington.—Sales: Inscribed Stock, 4 per cent. (1946), £IOO 10s; National Bank of New Zealand, 17$ 3d; Bank Of New Zealand, 475; New Zealand insurance (late Thursday), 50s; New Zealand Breweries, 34s (two parcels); Mount Lyell, 22s 4d; Okarito, 10s Id. Unlisted: National Tobacco (late Thursday), 59s 3d. Christchurch. —Sales: 4 per cent. Inscribed (1946), £IOO 10s; Commercial Bank of Australia, I6s sd; Comrnercial Bank of Sydney, £l7; National Bank of Australasia (£5 paid), £6 6s 6d, £6 6s; National Bank of New Zealand (cum div.), £3 17b 6d; Bank of New Zealand (cum div.), 47s 9d; New Zealand Insurance, 49s 9d; Goldsbrough, Mort (cum div.) 26s lid; New Zealand Refrigerating (10s paid), 6s; New Zealand Breweries (cum div.), 34s Id, 345; Anthony Hordern, 9s lOd; Mount Lyell, 22s 4d; Alexander (13s 6d paid), 14s; Cornish Point, Golden Point, Id; Golden Sands, 3s; Nokomai, 4e (four parcels); Okarito, 10s (two parcels). Sales reported: 4 per cent. Inscribed (1055), £IOO 10s; National Insurance, 17s; New Zealand Insurance, 49s 9d; Dunlop Rubber, 18s 6d; Mount Lyell, 22s 5Ad. Unlisted sales: Bell Hooper, Is; Snowy River, 3s; Bell Kilgour, lg 6d, Is sd. COMPANIES REGISTERED The Mercantile Gazette notifies the registration of the following companies:— Deep Stream Gold Mining Company, Ltd. Registered as a private company, June 14, 1933. Capital, £llOO into 1100 shares of £1 each. Subscribers: Dunedin —A. R. Lambert 50, J. G. Bentley 75, J. C. Collins 120, C, G. Smith 75, T. Fergus 50, R. E. Dunne 240, D. G. Murphy 240, E. L. Macassey 50, W, D. Lambert 50. Objects: To acquire freehold or leasehold lands, mining rights, areas and claims, to mine, sluice, dredge, or otherwise work for gold or other valuable metal or minerals. , . Otago Real Estate Agency, Ltd. Registered as a private company, June 14, 1933. Capital: £IOO into 100 shares of £1 each. Subscribers: Dunedin—T. H. Black 60, J. G. M'Vic 10, W. M‘Vie 30. Objects: To carry on the business of land agents and property salesmen of every kind, nature and description, financiers and general commission agents. . Nevis Diesel Electric Dredging Company, Ltd. Registered May 31, 1933. Office: Princes street, Dunedin. Capital: £39,000 into 780,000 shares of Is each. Subscriber*: Dufiedin—-J. Scott 6000, A. J. Campbell 15,000, J. Fowell 15,000, Investigations, Ltd., 60,000. Gore—D. L. M'Kenzie 10,000. Christchurch—R, N. Wood 4000, C. J. Kerr 4000. Objects. Gold mining, etc. . Southland Prospecting Company. Ltd. Registered as a private company, May 31, 1933. Office: Mersey street, Gore. Capital: £6OO into 500 shares of £1 each. Subscribers: Gore—W. W. Knowles 200, J. Copland 100, W. Outselling 100, R. G. Johnson 100. Objects: Gold mining, etc.

BANK OF ENGLAND RETURN (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 22. The following is the Bank of England return: — ISSUE DEPARTMENT. Note issue in circulation .. £372,022,079 Banking Department . .v.. 76,073,864 £488,095,943 Government debt £11,015,100 Other Government securities 243,584,307 Other securities 1,750,971 Silver coin .. .. 3,649,622 Gold coin and bullion .. .. 188,095,943 £488,095.943 BANKING DEPARTMENT. Proprietors’ capital £14,553,000 Rest 3,363,135 Public deposit 24,847,802 Other deposit (bankers) .. 95,195,445 Other accounts 39,800,128 Seven-day and other bills .. 1,072 £ 17V,760,582 Government securities .. £73,648,033 Discounts and advances .... 12,670,753 Securities 14,181.180 Notes in reserve .. .. .. .. 76,073,864 Gold and silver coin 1,180,752 £177,760,582 The proportion of reserves to liabilities is 48.30 per cent. Short loans are quoted at | per cent.; three months’ bills at 9-16 per cent. SUCCESSFUL FLOTATION NEVIS DIESEL ELECTRIC DREDGING COMPANY, LTD. (Gone to Allotment.) In accordance with anticipations the above Company has had immediate response from the investing public after the issue of its Prospectus. In a period of two weeks a minimum of 500,000 shares have been applied for in cash (representing £25,000) and when it is taken into account that the undertaking is not “ loaded ” with any promoters’ or gift shares of any description, the figures speak for themselves. Sixty thousand shares have also been reserved in Sydney for cash, so that the remainder open for subscription can last at the most only a few days. Prospectuses may be obtained from the Organising Brokers, Provident Investments, Ltd., Sharebrokers, Whitcombe’s Building, Princes street, Dunedin; P.O. Bos 218; Phone 12-980; or any Sharebroker. — 24/0/33. MINING GOLCONDA GOLD MINING COMPANY. The manager of the Golconda Gold Mining Company reports the following work for the week ended June 10: Seventy-foot Level.—The leading stope was carried along to the rise, and it was necessary to timber to keep this' secure. There is a mass of quartz in the righthand wall, on the south end. but very little has yet been broken, and, with the underlie, the junction of the main and branch reefs is still some distance ahead. A few colours of gold were seen in the ore broken out. In the hanging winze from the tunnel level we h»ve holed through to the footwall winze, and it is now obvious that the reef worked on at the intermediate level nortlj is not the main reef. We had to crosscut about 12 feet to make the connection in quartz stringers all the way. We will have to continue the 70 feet level north on the reef to pick up this formation, as it will be the only way to work it economically. The quartz looks very promising, and shows a few colours of gold, silica, and zinc blend. CROMWELL FLAT MINING. It is reported in mining circles that the Bell-KilgOur claim, which will be taken over by a Dunedin company in a few days, is still producing very rich returns. One day this week, it is stated, nearly 20 ounces were obtained in a few hours. Shares in the company are stated to have been very largely over-subscribed, and are already selling at a Substantial premium. • PROGRESS AT NOKOMAI. Mr G. W. Thomson, mining engineer, reports having just returned from a visit to Nokomai, where he made a close inspection of the plant. The plant, being a new departure in mining operations, naturally presented some unforeseen difficulties, but these have been overcome, and the plant is now running smoothly and giving satisfaction. Owing to the abnormal floods experienced a few weeks ago, the seepage presented some difficulty, but the pumps.are now successfully coping with this. Unfortunately, on the old paddock being dewatered, it was found to contain six feet of silt, and this considerably hampered the digging operations and caused unavoidable delay. However, this has now been removed, and will be uon-recurriug. Some further slight delay has recently occurred due to severe frosts. Up to one-third of an acre has now been excavated to within six feet of the bottom, and two cuts made right to the bottom, laying bare approximately 1200 square feet of floor, thus proving conclusively the capability of the machine to dig the very hardest wash. Operations will now be concentrated on removing the balance of this six feet. The nozzle will then be brought into play, the whole floor cleaned up, and a wash-up announced. It is this bottom layer to be cleaned with the nozzle that contains practically the whole of the gold. When this work is completed, the claim may be said to be fully opened out. The excavator will then be working on a face from top to bottom, and periodical returns will be reported. OPERATIONS AT WETHBRSTONES. The Wethcrstones Gold Mining Company’s engineer reports as follows:- —The shaft is down 171 ft, and timbering completed to about Issft. now been renewed. Sufficient electric power is being supplied to drive the company s own compressor in place of the temporary one used to date. Preparations are well underway for sinking the first 40ft of the vertical shaft. This is a special job requiring a special watertight concrete collar to prevent seepage of water into the mine. The head frame and trestle work for this inclined shaft are nearing completion. Good progress is also being made in the cleaning out of the old race to bring in the water supply necessary for sluicing the spoil from the shaft. GOLDEN DAWN RETURN. The Dunedin Stock Exchange has received the following telegram from the Golden Dawn Company;—For the XI working days ended June 17 405 tons ot material were treated for a return ot £670, based on gold valued at £4 per ounce. GILLESPIE’S BEACH GOLD DREDGING COMPANY, LTD. The latest report from the claim advises that all work is progressing satisfactorily, and the erection of machinery is well in hand, Tlie contractors for the electrical work also advise that they expect to complete their contract by the end of August. To determine the best route, to start dredging, the directors arc having an area closely bored, around the present site of the dredge, and the boring operations were commenced last week. Shareholders will be fully advised when results come to hand. The directors expect to start dredging early in September. KING SOLOMON RETURN. (Per United Press Association.) INVERCARGILL, June 23. The King Solomon wash-up for the week totalled 630 z 14dwt. FRESHFORD WASH-UP. (Per United Press Association.) INVERCARGILL. Juno 23. The Ffesliford wash-up for 120 hours’ work was I2loz.

LONDON STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, Juno 22. The following are the latest quotations of Go?crnmcnl securities compared with tho prices ruling

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

LONDON MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 22. Cargoes are firm. Sellers raised their limits 3d to 6d, and the demand was more encouraging." Parcels were in fair demand at .an advance of 3d to 9d. Futures: London—June, 22s 4d; September, 22s 8d; December, 23s 4d. Liverpool—-July, 5a 2&d; October, 5s 4|d; December, 5s 6Jd. The spot trade is small. Australian, ex-ship, 27s to 27s 3d. Flour is firm. Australian, ex store, 19s 9d to 20s fid. Oats, peas, and beans are quiet and unchanged. BALCLUTHA STOCK SALE (From Our Own Correspondent.) BALCLUTHA, June 23. There was a large attendance at the fortnightly stock sale to-day. Yardings of sheep totalled 2939 fat lambs, 1228 fat sheep, and 852 stores. A brisk tone prevailed, and prices for fat lambs were 3s and 4s a head above those ruling here a few weeks ago. The presence of the buyer for BorUiwick and Son's Belfast works had a deal to do with the improved prices, and it was noticeable that he secured the buffi of the yarding of fat sheep and lambs, although buyers for other works had increased their limits since last sale. Fat lambs sold at from 19s 9d to 21s for best quality, one extra special pen at 265; medium lambs, 14s to 16s; small fat ewes (heavy-weights), 14s to 21s; medium ewes, 8s 3d to 12s; twotooth wethers, 13s to 18s; two and fourtooth, 15s 3d; four-tooth wethers, 15s Od to 20s 3d; a few extra heavy-weight wethers made 23s to 255. Store Sheep.—Two and four-tooth ewes, up to 20s 2d; ewe lambs (best), 14s; medium, 10s 6d to 11s 4d; wethers, 14s lOd; old ewes. 2s 9d to Bs. . Cattle. —A small yarding. Bullocks made to £6 12s Cd. fat store cattle were not in demand. Pigs.—A good supply of young pigs met a better market than that of a fortnight ago. Best suckers made 11s 6d to 15s fid; medium, 7s 6d to 8s; small, 4s to ss. Slips did not sell so well as the suckers, prices ranging from 8s 6d to 10a. BEET SUGAR (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 22. Beet sugar: July, 5s Bd.

COMPANY BALANCE SHEETS THE COLONIAL MUTUAL LIFE ASSURANCE SOCIETY, LTD.

The total funds show an increase of £579,758. which, though on a smaller scale than the average in recent years, is (still substantial. Revenue has advanced over £50,000, concurrently with a slightly reduced expenditure, so that the surplus on the past year’s business compares favourably with the preceding 12 months. The actuary’s annual investigation reveals a surplus of £483,194, out of which the recommendation is to distribute over £400,000 in the form of bonus among policy-holders. The premium income from all departments amounted to £2,045,667, of which £1,493,084 was contributed by the ordinary section; The total increase was nearly £IIO,OOO, which is slightly above the average progress for the previous three years. As the claims were little heavier than those for 1931, the relation between premium income and claims has improved. The respective positions have been as follows: —

As might bo expected, the net revenue from interest and rent has fallen considerably. The past year was the first complete financial period to feel the full effect of recent legislative deductions, while income tax of £104,000 had to be borne at the same time. One result was that general expenses, which have been steadily rising, now exceed interest and rent by nearly £50,000, and will form a further burden on the premium income to that extent. A comparison of interest and rent with general expenses works out as under:—

In the absence of a general balance sheet, the balance sheet published for the ordinary and accident departments combined shows the disposition of the greater part of the funds. The chief liability consists of claims under consideration, which come all together to £108,724, the figure mounting with the increasing business. This may be regarded as the maximum of that liability, but possibly may be subjected to some diminution before being ultimately settled. Sundry creditors, at £38,273, are also up, but canfiot be viewed as high in relation to the quantities on the wnole. Except for a sum of £l2O paid in advance, the above items comprise the total indebtedness. Contingency fund remains at £120,000, but, if the superannuation fund of £61,709 be excepted, the other funds are relatively small. In view of the substantial surpluses brought out annually, there does not seem to be sufficient cause meanwhile to increase the reserve funds to any great extent. Among the assets, freehold and leasehold property stand out with office property as the solo fixed assets. Their aggregate of £1,800,975 is equivalent to about one-ninth of the total assets, Depreciation of £3530 has been written off office property, or 6 per cent, approximately, bringing it down to £71,031, but no similar provision appears to have been made for the more extensive freehold and leasehold property. At £1,729,044, it has increased over £120,000, indicating that investment of the funds in that form is looked upon favourably. The bulk of the liquid invested funds is contained in Government and other stocks and debentures grouped at £7,812,118. Their increase of nearly £700,000 shows that they still occupy premier place for employment of the funds. Their nature may differ widely as, with the exception of loans on mortgage, they embrace all the general investments. Loans on mortgage, at £2,487,257, come next in size, but have diminished during the year, while loans on policies have risen to £1,597,689 with the expanding business. When cash at bank and in hand, at £199,819, are included, the cash investments aggregate £12,096,883 after writing off £26,919, the bulk cf which has fallen upon the industrial department. Other assets include outstanding premiums (£165;958) and agents’ balances (£18,081). Despite the larger premium income, the former have decreased. Assets total £14,262,794, as against £13,663,265 at December, 1931, a rise which is encouraging under prevailing conditions. CANTERBURY MARKETS (Per United Press Association.) CHRISTCHURCH, June 23. There was an upward move in the potato market during the mid-week, due principally to operators calling for June deliveries, but matters have quietened since. Quotations to-day for whites are £4 15s, f.0.b., s.i., but buyers are few at this figure. The equivalent on truck value is £3 10s to £3 12s 6d. Dakotas appear to be very scarce, as £5 Iss, f.0.b., s.i., is being quoted, and the market is very firm. There is very little disposition on the part of traders to deal in forward deliveries. Reports of crops continue to be variable, but generally the yields are turning out to be lower than was expected. The later crops which met with the worst effects of the drought, are most affected. Oats show little change, and the demand is small. A Garions are worth 2s 71d, f.0.b., s.i., Lyttelton, and B’s 2s 3d. Chaff is being inquired for to very little extent considering the advance of winter. It is quoted at £2 to £2 2s 6d per ton on trucks, or £3 10s, f.0.b., s.i. Partridge peas are quiet. Nominal quotations are 4s 9d, f.0.b., s.i., for A grade The home inquiry is small Fowl feed is worth to 3s 6d, f.0.b., s.e. THE PRICE OF GOLD (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 22. Fine gold is quoted at £6 2s 3d per oz. BRADFORD MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 22. Bradford is firm. Quotations: Seventies, 28d; 64’s, 27d; 60’s. 20d; sG’s, 19Jd; 50’s, 14d; 46's, 10Ad; 40’s, 9jd. AUSTRALIAN STOCK EXCHANGES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, June 23. (Received Juue 23, at 8.14 p.m.) On the Stock Exchange fluctuations within narrow limits indicated a generally healthy tone. Buyers continued to display confidence, while sellers here and there were willing to grant concessions on the late advanced rates. Sales.—Bank of New South Wales, £3l 17s 6d; Commercial Bank of Sydney, £l7 3s; Colonial Sugar, £57 ss; Australian Glass. 49s 6d; Associated News, Ss lid; Associated News (pref.), lOslJd; Anthony Hordern, 10s; Gordon and Goteh, 34s 3d; Goldsbrough, Mort, 27s 3d; Dunlop Perdriau (pref.), 345; Greater J. D. Williams, 6s 6d; Morris, Hedstrom, 17e sd; British Tobacco, 355; Tooth’s, 38s; Toohey’s, 245; Henry Jones, 38s; Wilcox, Mofflin, 7s 6d; Standard Cement, 13s 6d; Broken Hill Proprietary, 34s Ljd; North Broken Hill, 84s. Morning Sales. —4 per cent. Bonds, 1938, £lO2 12s 6d; 1953, £lO4 7g 6d; Australian Gas (A). £7 ss; Tooth’s, 38s; Associated News, 9s Id; Associated News (pref.) 19s 3d; Goldsbrough, Mort, 27s 4Jd; Morris, Hedstrom, 17s 6d; Wilcox, Mofflin. 7s 6d. MELBOURNE, June 23. (Received June 23, at 8.14 p.m.) Sales.—Goldsbrough, Mort, 27s 3d; Dunlop Perdnau. 18s 9d; Herald and Weekly Times, 52s 2d; Electrolytic Zinc, 20s 6d; Huddart, Parker, 31s 3d; South Broken Hill, 565.

LONDON METAL MARKET

(United Pres* Association.) ' (By Electric Telegraph—Copyright.) LONDON, June 28. (Received June 23, at 8.43 p.m.)

BUTTER AND CHEESE (United Press Association.) (By Electric Telegraph—copyright.) LONDON, June 22. Butter is slow. Danish, 90s to 925. Choicest salted New Zealand, 79s to 80s; Australian, 77s to 78s. Uosaited, 4s premium. ■ , Cheese is dull. New Zealand white, 475; coloured, 62s to 535, Australian, 45s and 40s 6d. The National Mortgage and Agency Company, Ltd., is in receipt of a cablegram from London reading as follows;- - " Butter. The market is slow. New Zealand finest, 78s to 795; New Zealand first grade, 76s to 775; New Zealand unsalted, 82s to 84s; Danish, 88s to 90s; Australian, 77s to 78s. Cheese. —The market is slow. New Zealand white. 46s to 475; New Zealand coloured, 52s to 535; Canadian white, 64s to C6s; Canadian coloured, 66s to 68s. Messrs A. S. Paterson and Co., Ltd., have received the following cablegram from London, dated June 23: —Butter: Buyers holding off, not interested; market dead; New Zealand, 78s; Australian, 78s; Denmark, 70s, f.o.b. Cheese; More inquiry; white cheese, 46s 6d; coloured, 51s. Messrs Dalgety and Co., Ltd., have received the following cablegram from London: —The butter market is slow. The cheese market is slow. Danish butter, 90s to 925; New Zealand finest butter, 78s to 70s; Australian finest nnsalted butter, 80s to 82s; Australian finest salted butter, 76s to 78s; Australian G.A.Q. butter, 73s to 755. Australian cheese, white, not quoted; Australian cheese, coloured, not quoted; New Zealand cheese, white, 46s to 475; New Zealand cheese, coloured, 51s to 525; Canadian cheese, white, 64s to 68s; Canadian cheese, coloured, not quoted; Canadian cheese, c.i.f, not quoted. HIDE SALE SHARP RISE IN VALUES. Messrs Waters, Ritchie, and Co., Ltd., report as follows: We held out monthly sale of hides on Thursday. Buyers were in full attendance when we brought forward a very fine selection of 1977 hides, 174 yearlings, and 239 calfskins. Exporters, although keen for business up to their limits, were completely outbid by .very strong competition from local tanners, who secured the bulk of the offerings. Vqlues for all grades were from Id to l§d, and frequently up to 1 id, higher. Cows, light and medium ox, showed the most consistent advance. Exporters competed very keenly for yearlings and calfskins at figures from 2d to 4d higher. We disposed of 720 ox hides at prices ranging from 7d to Bid and 325 from 6d to 7d, 684 cows from 6d to 7|d, and 196 from 5d to 6d. The following are some of our best prices;—Ox: 4 68ib BJd, 2891 b BJd, 3 861 b Bld, 13 65/68Ib 8R 10 791 b BJd, 38 66/781b Bd, 107 64/771b 7|d, 60 641 b 7|d, 48 641 b 7?d, 126 75/761b 7Jd, 19 64/751b 7id 250 55/641b 7d, 29 761 b 7d, 101 49/601b 6Jd. 13 491 b 6|d, 66 63/771b Gjd. 46 49/581b 6?d. 26 63/721b 6R 7 30lb 6id, 36 55/641b od. Cows: 5 701 b 7|d, 6 691 b 7R 14 641 b 7d, 266 45/571b 6R 22 36/551b 6§d, 195 44/571b 6Jd, 74 36/541b 6d, 94 37/431k> 5R 25 43/541b 3fd, 41 39/471b sjd, 22 36/471b sd. Yearlings: Light 6?d to 9Jd. heavy 6|d to "id, Calfskins; 8d to 10|d.

DUNEDIN STARR-BOWKETT BUILDING SOCIETY The report of the directors of the Dunedin Starr-Bowkett Building Society for the year ended May 3, 1933, states, inter alia:-—Yobr directors have pleasure in placing before you the thirty-seventh annual report and statement of accounts of the society for the year. No. 3 group: During the year dividends of £4 per share have been forwarded to shareholders. The balance at credit of profit and loss account now stands at £2697 18s 7d. No. 4 group: Eleven appropriations were disposed of by ballot and one by sale during the year. The minimum premium in this group has been reduced to £5 per £IOO. This may not be generally known to shareholders in this group, who would doubtless avail themselves of purchasing their loans. The shares current are 552. No. 5 group: Twelve appropriations were disposed of during the year, four by ballot, and four by sale. The shares current are 526. No. 6 group: Five appropriations, three by ballot and two by sale, were disposed of during the year. Shares current, 828. RATE OF EXCHANGE VIEW OF BANNING EXPERTS. Brief reference to the raising of the rat# of exchange on London was made by the chairman (Mr K. W. Gibbs) at the annual meeting of the Bank of New Zealand in Wellington yesterday. “la January last, after lengthy negotiations with the Government, said Mr Gibbs, “ the Associated Banks consented to raise the rate of exchange on London from 10 per cent, to 26 per cent., a condition being that legislation would be put through indemnifying the banks against any loss, due to a change in the rate which the banks still could not advocate, thus throwing the entire responsibility on the Government. “At our last annual meeting, the chairman remarked: —‘It is certainly not the business of the banks to adjust exchange rates to meet variation in the price of produce. Nor can they be influenced by the rates prevailing_ in other countries which are our prinsipal competitors in the London market. Neither the Government nor the banks could view with equanimity the heavy depreciation of New Zealand currency which would result from any considerable increase in buying rates on London.’ This expression of opinion wag the carefully considered view taken by your board at that-time, and nothing has transpired since to warrant any modification of that opinion. “As a eounterstroke, our chief competitor, Denmark, soon followed suit, the kroner being quoted about 22.4, which in relation to sterling is about the same aa the New Zealand pound. France also, to offset various depreciated currencies, lias imposed a surtax of 15 per cent, on South African and New Zealand imports. 'Retaliation of this nature which might reasonably have been expected, destroys much of the anticipated benefit to be derived by the primary producers from a high exchange. To what extent the reduced limits of the wool buyers may have been influenced by the exchange, it i« difficult to say.” >

0 16 2 0 16 6 Commercial Bank (two) .. .. National Bank of N.Z Standard Insurance Westport Coal N.Z. Refrigerating (paid) .. N.Z. Refrigerating (paid), 0 16 5 3 17 3 2 13 0 0 12 ‘0 0 15 2 0 14 11 N.Z. Refrigerating (cout.), 0 6 1 Dominion Fertiliser (three) Broken Hill South .. 0 13 2 18 1 2 0 4i 5 0 10 0 ' 0 9 11 1 3 9 0 7 0 0 4 6 0 4 0 4 p.c. Stock, 1946 100 10 0

Buyer. Seller. d. £ s. d. £ 8. N.S.W 31 15 0 0 NZ 2 7 9 2 N.Z. (long D) .. 1 10 9 — 9 Commercial .. .. 3 17 6 0 16 Natl, of N.Z. .. ... —* Natl, of Australasia 6 2, (cont.) .. ...Vi 6 — 9 Union 8 10 6 8 11 ■■ insurance: National .. .. 0 16 10 — 6 New Zealand 2 9 6 2 10 , SHIPPING. Huddart, Parker (pref.) 1 2 3 — U.S P S. Co. (pref.) 1 2 3 — COAL. Westport ..... .. 0 12 3 — LOAN AND AGENCY. Dalgety and Co. . . 9 6 0 — Goldsbrtmgh, Mort 1 6 3 1 7 0 Natnl. Mortgage .. 2 0 0 2 5 0 Natnl. Mortgage (B 6 5 issue) I 2 1 0 N.Z. Guaran. Corp. 0 6 0 — Perpetual Trustees 2 10 0 — Trustees, Executors 2 10 0 — Wright, Stephenson 0 10 (ord.) 3 . Wright, Stephenson 0 12 6 (pref.) — MEAT PRESERVING. N.Z. Refrig. (paid) 0 14 6 0 15 0 N.Z. Refrig. (cont.) 0 5 11 0 6 0 jjjouth. Froz. Meat 2 6 (paid) 2 5 0 3 South. Froz. Meat 6 (cont.) 1 1 9 I 3 MISCELLANEOUS. Australian Glass .. — 2 9 0 British Tobacco .. — 1 14 6 Broken Hill Propy. 1 13 6 0 — Bruce Wlln. (ord.) — 6 10 0 D.I.C. (pref.) .. 0 19 — Dominion Fertiliser 0 13 0 — Dominion Fertiliser (debs.) 100 5 0 — 0 Donaghy’e Hope .. — 1 19 Stock Exch. Propy. 1 11 0 1 11 6 Dunlop Perd. Rub0 19 6 ber — Kauri Timber 0 12 0 — Milburn Lime .1 8 3 — Mosgiel Woollen .. 8 2 6 — 24 0 0 Mount Lyell .. .. 1 2 0 1 2 4 N.Z. Drug Co. .. 3 3 9 3 4 0 N.Z. Paper Mills .. 1 6 0 1 7 0 North Broken Hill 4 0 0 4 4 6 Smith and Smith 0 10 9 — Wilsons Cement .. 1 12 0 — Wool worths (pref.) 1 1C, 0 8 0 N.Z. Newspapers .. 1 5 6 1 BREWERIES. N.Z. Breweries .. 1 13 6 — Staples .. . • • • 1 6 6 MINING. Kawarau .. .. 0 0 5 0 0 7 Waihi Grand Jctn. 0 3 1 0 3 5 Mabakipawa . • • • — 0 0 2 0 2 1 0 2 5 Okarito 0 9 11 0 10 0 Cornish Point 0 0 2 0 0 — Golden progress .. King Solomon 0 1 11 1 2 9 3 Alexander (cont.) 0 13 6 0 18 0 Alexander (paid) — 0 18 0 Gillespie’s Beach .. 10 0 1 7 Waitahu 0 6 0 7 2 Big River 0 4 0 0 I * 04 Central ShotOver Lawson’s Flat Golconda 0 1 0 0 1 1 0 0 0 9 0 0 104

34 p.c. 1943 34 p.c. 1952 3J p.c. 1943 3J p.c. 1952 34 p.c. “1943 3J p.c. 1952 4 p.c. 1940 4 p.c. 1940 4 p.c. 1946 4 p.c. 1949 4 p.c. 1955 GOVERNMENT lus., 1938100 LOANS. 0 0 Ins., 1038100 0 0 Ins., 1939100 0 0 — Ins-., Ins., 194110.0 100 0 0 0 0 _ Ins,. 1941100 0 0 Bonds, , Jan., 100 10 0 Ins., Ins., Jan., Feb.. 100 10 100 2 0 0 100 10 0 Ins., April, 100 15 0 Ins., June, 100 15 0 DIVIDENDS PAYABLE.

Isst week:— Last week. This week. £ B. d. £ B. d. Console 74 0 0 73 O 0 Funding Loan, 4 p.o.. 1969-90 110 10 0 no 10 0 Assented War Loan *. .. 00 10 0 99 0 0 Conversion Loan, 314 p.o. .. 90 12 6 99 6 0 Victory Bonds, 4 p.c. (ei dlv.) 108 17 0 109 15 0 C’wealth. 5 p.c., 1943-47 101 12 6 104 13 9 C'wealth, 6 p.c., 1945-47 •• 102 10 0 102 12 6 C’wealth. 314 P.o., 1930-37 ,. 100 2 6 100 5 0 Victoria, 3 p.c., 1920-40 .. 87 2 0 87 17 6 Victoria. 314 P.c.. 1929-40 .. 93 5 0 93 10 0 Victoria. 614 p.o., 1930-40 .. 101 18 9 102 0 0 Victoria. 5 p.c., 1932-42 .. 101 15 0 101 3 9 Victoria, 4% p.o, 1040-00 .. 101 5 0 101 2 6 N.S.W.. 4 p.c., 1933 .. .. 103 5 0 103 3 9 N.S.W.. 3 p.c., 1935 .. .. 90 12 G 09 10 0 N.S.W.. 314 P.c., 1030-40 .. 91 5 0 01 0 0 N.S.W., 014 p.o.. 1930-40 .. 101 12 G 101 12 0 N.S.W.. (5 p.c., 1930-40 .. 00 15 0 100 0 n Queensland, 5 p.c. Stock, redeemable 1040-00 .. .. .. 102 15 0 103 0 0 Queensland. 3 p.c. 1022-47 .. S7 5 0 S3 0 0 Queensland, 0 p.o.. 1020-40 .. 103 12 6 103 15 0 Now Zealand. 414 p.c.. 1945-67 108 2 0 103 0 0 Now Zealand. 314 P.o.. 1010 .. 99 10 0 09 7 G New Zealand, 3 p.o., 1943 .. 93 2 6 92 12 8 New Zealand fl p.o.. 1930-51 101 0 0 104 0 0 S.A.. 314 P.c., 1939 .. .. 90 15 0 09 10 0 S.A.. 3 p.o., 1910 or after .. 72 15 0 73 0 0 S.A., 614 p.o., 1030-40 ,. .. 103 5 0 103 5 0 Tasmania, 314 P.c.. 1930-40 ., 98 15 0 93 7 6 Tasmania. 3 p.o.. 1910-40 .. 90 0 0 90 0 0 Tasmania, 614 p.o.. 1030-40 .. 103 2 0 103 3 9 W.A.. 814 P.c.. 1920-36 .. .. 09 12 6 99 13 0 W.A., 3 P.O., 1015-35 ., .. 99 2 6 99 7 6 W.A.. 0 p.c., 1030-40 .. .. 100 6 0 100 10 0

Paris— Par. RUGBY, Juno 21. June 22. Juno 22. Francs to £ I .. 124.21 86% 86 3-16 Brussels— ficlgas to £ 1 .. 35 24.311 24.261 Oslo— Kroner to £ 1 ,. 18.189 19.80 19.80 Stockholm— Kroner to £ 1 ,, 18.150 19.421 19.45 Copenhagen— Kroner to £1.. 18.150 22.42} 22.45 Berlin— Marks to fi 1 ., 20.43 14.301 14.28 Montreal— Dollars to £l .. 4.8G 2-3 4.623 4.66 New York— Dollars to £1.. 4.80 2-3 4.161 4.23J Yokohama— Pence to yen 24.582 15 1-16 15% Hongkong— Pence to dollars 24.58 17 16 15-16 Bombay— Pence to rupee _ 18 5-64 18 5-64 Batavia— Florins to £1 12.10 Milan— Lire to £1 ,, 82.46 041 64 11-16 Amsterdam— Guilder to £1 12.107 8.40 8.44J Prague— Kroner to £1.. 104J 114 114 GenevaFrancs to £1 .. 2 o. 2 2 a 17.611 17.57' Vienna— Schillings to £1 84.861 Sll Sll Helsingfors— Marks to £ 1 ., 193.23 2261 2261 Madrid— Pesetas to £1 25.231 40 1-10 40 3-16 Belgrade— Dinars to £1 .. 25.221 250 250 Athens— Drachma to £1 875 590 590 Lisbon— Escudos to fil 110 110 110 Bucharest — Lei to £1 .. 931.0 5721 5721 Bto de Janeiro— Pence to milrels 5.890 4% 4% Buenos Aires— Pence to pesos 47.28 412 41| Shanghai— Pence to tael .. 15 5-10 15J Montevideo— Pence to pesos 34 34 Warsaw— Zlotys to £1 .. _ _

Total ExpendiDec. SI. Funds. Revenue. ture. .. Surplu*. £ £ £ £ 1024 .. 7.718,004 1.473,331 934.424 538.807 1025 .. 8.308,874 1,630,831 1.051,437 685,394 1026 .. 9.008.077 1,811,080 1,144,189 067,791 1027 .. 8,817.709 2.033,619 1.282,546 751.079 1028 .. 11,128.447 2.632,143 1,321,343 1,310,800 1031 .. 13,474.210 2,498.142 1,979.257 518,885 1032 .. 14.053,008 2,553,005 1,972,821 581.374

Premium Income. Claims, etc. natlo. C £ J).C. 1921 .. .. 1,095,107 575,181 52.51 1925 .. .. 1,210,759 048,958 53.33 1920 .. 1.315,220 710,273 52.70 1922 ..... 1,510,015 705.201 52.42 3928 .. .. 1,077,020 810,701 18.33 1931 .. ,. 1,937,811 1,283.206 60.22 1032 ., .. 2,015,007 1,287,187 02.02

Interest General ami Kent. Expenses. Katlo £ £ p.c. 1024 .. 377.209 339,238 89.91 1025 .. .. 418.872 379.608 90.02 1023 .. .. 404,092 408,552 87.92 1027 .. .. 498,012 450,234 92.05 1923 .. 532.013 475,904 89.45 1031 .. .. 658.420 520.107 93.13 1032 .. .. 500.401 533,339 109.27

The following are the official Quotations:— Ton. Copper, spot £36 10 TH Rise (0 8 1H Copper, forward • • 36 11 Rise 0 8 «4 Electrolytic, spot • • 40 0 0 No change Lead, spot .. 13 3 8 No change Lead, forward • • 13 10 0 Fall 0 X S Spelter, spot .. IT 2 8 No change Spelter, forward 10 15 0 No change Tin. (pot .. ., 229 8 9 Rise 1 18 8 Tin. forward .. 222 IT Oh. 6 Rise 2 10 0 Sllrer, standard *• • » m Fall l-18d Sllrer, fine .. 20«d Fall M«d