COMMERCE AND FINANCE

Otago Daily Times, Issue 21994, 1 July 1933, Page 8

COMMERCE AND FINANCE

DUNEDIN MARKETS WHEAT, OATS, ETC. Little interest is being shown in the milling wheat market. As stated previously, the bulk of this class of wheat has been taken by millers in Otago, and only an occasional lot is now on offer from the outlying districts. The wheat not required by millers is being taken over by the Wheat Purchase Board. The prices to the farmer have been advanced by Id per bushel for the month of July. They are now 3s 7d for Tuscan, grower’s nearest port, 3s 9d for Hunter’s, and 3s lid for Velvet. No further sales of wheat overseas have been made by the Wheat Purchase Board. The recent advance in the world’s market has, however, placed growers in a more favourable position as regards the sale overseas of surplus wheat. On account of the dry weather in Canterbury resulting in a rather poor sowing of autumn wheat the Purchase Board intends to wait and see what is to happen with the spring sowing before making more sales abroad. The shipping market for fowl wheat is easier, and the' bulk of that business is being done from Canterbury. There is not a great deal of fowl wheat available in this district, and what there is is required for the local trade. Values rule from 3s ,3d _to 3s 9d, sacks extra, ex store, Dunedin, according to quality. Millers’ prices for flour, etc., are as follow*: Flour: 2001 b, £l4 2s; 100’s, £l4 17s; 60’s, £ls 2s; 25’s, £ls 7s. Bran, £4 10s per ton. Pollard, £6. Oatmeal: 2001 b, £l6; 25’s, £lB. The oat market continues in a depressed condition, with little business passing. Shipping values do not vary to any extent, but there is a tendency on the part of some sellers to accept lower prices. The nominal value of A Gartons for shipment from this port is 2s 6d, f.0.b., s.i., with B’s at '2s Id. There arc practically no oats offering from the country, and the sticks held in the stores are not heavy. The above prices are equivalent to Is 7d per bushel, sackt extra, on trucks, for heavy A Gartons, Is 6d for prdinary A’s, and Is 2d for B’s. The chaff ■ market is quiet, and values are inclined to ease in sympathy with the market for oats. Supplies are still being drawn from Canterbury, best quality, delivery ex truck, being worth £3 Ids per ton, sacks extra. Most of the sales are being made ex store up to £4 5s per ton being obtainable for load lots. The demand is chiefly confined to good quality, medium poor lines being slow of sale. The bulk of the'potatoes grown in this district have now been marketed, and supplies are getting short. One or two lines purchased by Canterbury merchants early in the season were re-sold back to this market during the week. This has augmented the local supplies, but it is anticipated that it will not be long before the market here will have to draw -on South Canterbury for potatoes. Shipping values have varied, following on the quantities available in the Auckland market. There have been buyers from Auckland during the past few days at £4 10s per ton, f.0.b., s.i., but on account of the limited supplies available here merchants have been unable to accept the orders. Best quality, well graded, free from blight and growth, are worth £4 10s per ton, sacks included, ex store, Dunedin. The yields of potatoes throughout the South Island this season have been disappointing. In Otago the crops have been considerably lees than those of last season, and owing to the. dry conditions which prevailed in Canterbury growers there have also had smaller returns. It is now considered that there will not be a surplus of supplies, and, therefore, the question of shipping to Australia is not now receiving much attention. With the high charges ruling for .shipment, it would only be possible to send tubers to Australia if nigh prices ruled there. Potatoes ■hipped to Australia have to be put into new sacks. With a freight of 35s per ton, a duty of £2 per ton, landing chargee, •ay, 10s, and new sacks lls, a total of f 4.16 s if'reached. ‘ The market for all lines of seeds is quiet, but the position continues firm. Several sales of ryegrass have taken place during the past week, and up to 3s per bushel, sacks extra, has been obtained for lines for-shipment. The cowgrass market is firm, following on the, poor yields in Canterbury and a certain amount, of overseas business. The white clover and cocksfoot markets are also firm. The price for cocksfoot has moved up to 7fd per lb on trucks, Christchurch, for certified lines. Wholesale prices are as follows: Chaff: Best quality, £3 15s, sacks extra, ex truck; ’£4 5s ex store. Potatoes, £4 10s per ton, sacks included, ex store. Dairy butter: Milled bulk, 9d per lb; separator, 9d. Bacon, lOd per lb. Ham; Ordinary, Is; boneless. Is 2d per lb. „ . Onions; Canterbury, Brown Spanish, 9s per cwt. t Eggs: Stamped, Is 3d per dozen; case, Is 2d. Eggs dropped in price during the week. The dairy butter market is firm. FRUIT REPORT. The apple market is firm, and a better demand exists for all grades. Supplies are now getting into short compass, and it appears more than likely that there will be a shortage of New Zealand-grown apples before the new fruit is available. Dessert pears have -a better demand, and the market is firmer, A shipment of Island oranges arrived ex the mail steamer, but their condition was again unsatisfactory. Most of the fruit had to be repacked. A further shipment of Californian Valencia oranges has reached the market. High prices are still being asked for these. Poorman oranges are in better supply. A few lote of hothouse tomatoes are still on offer. A shipment of Fiji bananas arrived by the Wingatui, transhipped at Auckland. These arrived in good condition. There is still a keen demand for cauliflowers and cabbages. High prices rule. Other vegetables are in good supply and have a normal inquiry. Wholesale prices are as follows: Apples: Jonathans, 4s 6d to 6s 6d; Delicious, 5s to 7s 6d; Sturmers, 6s to 7s 6d; cookers, 3s to 5s 6d.

LOCAL AND OVERSEAS MARKETS.

Oranges: Californian Valencias, 35s to 40s per case. Poorman oranges, 7s to Bs. Choice hothouse tomatoes,‘6d to 9Jd; others, 4d to 6d. Lemons: New Zealand-grown, best quality, to 255-per case; Californian, 755. Pears: Dessert, 3s to 4s per half-case; cookers, to 2s 6d. Bananas: Ripe, to 18s per case. Rhubarb, to 3d per lb. New Zealand melons, to Id per lb. Californian grape fruit, 40s per case. Lettuce: Choice, to 2s 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 12s per sack; others, 3s to ss. Cabbages, 3s Gd to Cs 6d per sack. Potatoes, 4s to ss’ per cwt. Parsnips, to 2s 6d per sugar bag. , Swedes,- to Is per sugar bag.Artichokes, Id per lb. . BUTTER AND CHEESE (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 29. The butter market is dull. Danish, 88s to 90s; choicest salted New Zealand, 77s to 78s; Australian, 76s to 775; unsalted, 4s premium. Cheese is quiet. New Zealand white, 475; coloured, 50s; Australian, 46s and 495. BEET SUGAR (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 29. Beet sugar: July 5s lUd. BRADFORD TOPS MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 29. Bradford is firmty held awaiting the London sales. Quotations: 70’s, 31d; 64’e, 29d; 60’s. 26d; 56’s, 19id; 50’s, 14d; 46’a, 10|d; 40 s, 9jd. MOUNT LYELL (United Press Association.) - (By Electric Telegraph—Copyright.) LONDON, June 29. Mount Lyell shares, 17e. P. AND 0. SHARES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 29. P. and O, shares are' quoted at 10s 7Jd. _____ PRICE OF FINE GOLD * (United Press Association.) (By Electrfo Telegraph—Copyright.) LONDON, June 29. >, Fine gold is quoted at £6 2s 4d per ounce. THE PRICE OF WOOL FURTHER RISE PROPHESIED. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June .29. The Daily Mail, citing the increase in the price of wool, prophesies a further rise. It says:—“Nothing can be gained by postponing orders. Retailers’ demands exceed those,.of last year by 10 per cent. / WHEAT. FLOUR, ETC. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 29. Wheat cargoes are following the sharp decline in America. Mamtobas are quoted at Is 9d lower and Australian and Plates 6d down. Parcels are weak. Manitobas are 2s down and others Are 6d and Is easier. Futures:, London— June, 22s lid: September, 23s Id; December, 23s 9d. Liverpool—July, 5s 3d; October, 5s 6d; December, 5s Bd. Spot trading is quiet at advanced levels. Australian (ex ship), 29s 3d. Flour: Australian (ex store), 20s 6d and 21g. Barley, 6d and la up. Australian Chevalier (ex store), 26s and 30s; ex ship, 25s and 295; feed (ex ship), 23» 6d. . Oats, irregular. Beans: Quiet. Peas: Tasmanian Maples (old), 66a and 675; new, 53s and 555; New Zealand best, 50s and 51s; f.a.q., 48s and 495; Tasmanian Blues, 16s 6d and 17s 6d. AUSTRALIAN STOCK EXCHANGES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, June 30. (Received June 30, at 10 p.nu) On the Stock Exchange the turnover was moderate, most of the activity being confined to gilt-edgeds, which Were firmer, while classified stocks, banks, insurance, gas, and steam company shares showed steadiness. The following sales were made:— Bank of New South Wales, £3l 12s 6d; Colonial Sugar, £SB 15s; Australian G,ns (A), £7 4s; (B), £7 4e; Associated News, 8s 9d (pref., 19s); British Tobacco (Cx div.), 33s 9d; Farmers, lls 9d; Anthony Hordern, 10s 8d; (pref.), 10s 6d; Australian Iron and Steel (pref.), 14s 6d; Meggitte, 19s 4Jd; Broken Hill Proprietary, 34s 3d; South Broken Hill, 56s 9d. Commonwealth Bonds —4 per cent. ■( 1938), £lO2 13s 9d; (1941), £lO3 7a 6d; 1944), £lO3.7 S 6d; (1947), £lO3 17s 6d; (1950), £104; (1953), £lO4 12s 6d; (1955), £lO3 2s 6d; (1957).' £lO3 17s 6d; (1959). £lO4 ss; (1961), £lO4 ss. MELBOURNE, June 30. Commercial Bank (pref.), £9 3s; Herald and Weekly Times, 45s 6d; Dunlop Perdriau, 18s 6d; South Broken Hill, 56s 6d; North Broken Hill, 84e. MELBOURNE MARKETS . (United Press Association.) (By Electric Telegraph—Copyright.) MELBOURNE, June 30. Wheat, 3s 3d. Flour, £8 17s 6d. Bran and pollard, £4 15s. Oats, 2s 4d and 2s 4£d. Barley: English, 2s 5d and 2s 6d. Maize, ss. . Onions: A shade easier. Brown Spanish, £3 5s and £3 7s 6d. CANADIAN BONDS ISSUE TAKEN UP IN NEW YORK. (United Press Association.) (By Electric Telegraph—Copyright.) NEW YORK, June 29. A Canadian Government bond issue of 60.000. dollars was quickly disposed of on the market here to-day. AMERICAN WHEAT CROP (United Press Association.) (By Electric Telegraph—Copyright.) WASHINGTON, June 29. In an official statement it was said that the United States crop of wheat this year “ now appears to be ieas than the domestic needs, but because of the carry-over of old wheat the supplies (or the 1933-34 season, including the carryover, and the new crop will probably provide a surplus for export.” The Bureau of Agricultural Economics said to-day that the world carry-over of the principal exporting countries as on Julv 1 “is expected to be as much as 50.000. bushels above that of last year.

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: — f s. d!

Not for some considerable time has there been so much activity on the Dunedin Stock Exchange on the last day of the week as was the case yesterday. The bulk of the business was in mining shares, but there were also several transactions in Bank of New Zealands, and two sales of Government Stocks were recorded. The volume of business for the whole week was considerably greater ! than that of the previous period. Four parcels of Bank of New Zealands have changed hands at £2 Bs, at which price the market is now steady. The demand for Kaitangata Coals has been consistent, and the chares were turned over at £1 0s 6d. They were somewhat easier at the close of the market, being available at £L Buyers were inquiring at 19s 3d. DalgetySv had business at £9 7s 6d. There is no inquiry for these shares at present. A parcel of Goldsbrough Morts brought £1 7s, and further bifciness was done at £1 6s. There is an unsupplied buyer forward at the latter figure. A buyer of National Mortgages paid £2 2s 6d for a parcel, further offers of £2 failing to attract a seller. New Zealand Refrigerating contributing shares were turned over at 5s lid, 5s 10a. and 5s 9d. The demand has improved once more, and the shares are being asked for at 5s lid, with a seller in the market at 6s Id. _ . Paid-up Southland Frozen Meats are now wanted at £2 5g 9d, sellers demanding 2s 3d more. Preferred Bruce Woollens were sold at £l, and they are still on the market at that price. . „,. , . Mount Lyells realised £1 Is 9d, a later offer of 3d less finding sellers firm at £1 19 lld - . ~ * One penny half-penny was paid for a parcel of Mahakipawas, They are still wanted at that figure with no seller forOkaritos have improved throughout the week, sales taking place at 10s 2d, 10s 10d, and lls la. The close of the

market found buyers offering lls, and sellers demanding lls 4d. There was a sale of Cornish Points at 4d, and up to is now being offered, with no seller forward.

King Solomons have also been firmer, business being done at 2s and 2s > Id. The closing quotations were Id on either side of the latter figure. Two parcels of Gillespie’s changed hands at Is 6Jd. Different sized parcels were quoted by buyer and seller at that figure at the close of the market. Waitahus changed hands at 7s Id, and Big Rivers were dealt in at Is 5Jd and Is 6d. Nokomais have seen some activity, though the tendency has been to ease. Several parcels changed hands at figures ranging from 4s to 3s Bd, five parcels being sold at the latter price. The market closed with a buyer at 3s 7d and a seller at 3« 9d. Central Shotovers had 12 sales, the prices ranging from Is Old to Is 3d. The best offer at the close of the market was Is Id, sellers asking Id more. There have been three transactions in Government Loans, and a steady demand has been maintained for all Bonds and Stocks. SALES ON CHANGE.

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

FARMERS’ FERTILISER COMPANY

** Ex dividend. $t Cum' dividend. DIVIDENDS PAYABLE. The following is a list of shares on which dividends will shortly be payable:— N.Z. Breweries, 8 2-sd, final . - July National Mortgage (£2 paid), Is, interim ... July 1 National Mortgage (£l. paid),.. 6d, interim July 1 N.Z. and River Plate, 7 I-sd, interim July 1 National Bank of N.Z., Is, final July 15

NORTHERN EXCHANGES (Pkb United Press Association.) The following business was done on ’Changes yesterday;— Auckland.'—Sales: Bonds (1940), 4 per cent., £IOO 16s; Stock (1938-52), 3A per cent., £100; Stock (1939-43), 3§ per cent., £100; Stock (1940), 4 per cent., £IOO 15s (two parcels); Stock (1946), 4 per cent., £IOO 10a; Stock (1049), 4 per cent., £IOO 12s 6d (two parcels), £IOO 1 Oe; Stock (1955), 4 per cent., £IOO 10s (two parcels); Piako County (1960), 5$ per cent., £95: Auckland Ga« (1935), 6J per cent,, £lOl 10a; Bank of Australasia. £ll 7s 6d; E.S. and A. Bank, £5; National Bank of Australasia >(paid), £l2 13s 6d; Bank of New Zealand, 48»; Now Zealand Insurance, 50s; Goldsbrough, Mort, 26s Id; Traders’ Finance (pVef.), 18s 3d; Kauri Timber, 13s: National Timber, Gs 9d; New Zealand Breweries, 335, 33s 3d; Colonial Sugar, £57 10s; Kempthorne, Prosser, 64s 3d; New Zealand Newspapers, 26s New Zealand Refrigerating (cont.), 6s; Wilsons Cement, 335, 33s 3d, 335; Blackwater (ex div.), 24s 3d, 26s 3d, 25s 6d: Consolidated Gold, 11s Bd, (ex div.) 11a 4d. 11s 6d; Cornish Point, 4Jd; Golconda, lid (two parcels); Mataki. Is sd; Waihi, 21e 9d (two parcels). Unofficial: Investment Exec. Trust (B debs.), £BS: Snowy River, 3s 64d. Wellington.—Sales: Inscribed Stock. 34 per cent. (1938-43). £100; (1938-62), £100; 4 per cent. (1940), £lOl (all late

(Special to Daily Times.)

Thursday); Stock, 3J per cent. (193943), £100; Commercial Bank of Australia, 16s 3d; Bank of New Zealand (long term), 30s (two parcels); Blackwater (ex div.), 255. Unlisted: Bell Hooper, Is Id.- • , . Christchurch. —Sales: New Zealand Government 4 per cent. Inscribed (1940), £101; Commercial Bank of Australia, 16a Id; National Bank of Australasia (£lO paid), £l2 14s; Bank of New Zealand, 48s (two parcels); Goldsbrough, Mort, 265, 26s Id; New Zealand Refrigerating (£1 paid), 14 s 10d; do (10s paid), 6s (six parcels), 6s Id (three parcels); New Zealand Breweries (cum div.), 33s 0d; Woolworths (Sydney), pref. (fl paid), new, 25s 2d (two parcels); Alexander (13s Cd paid), 18s 3d, 18s 4d. 18s sd, 18s skl; Freshford, le Id; Gillespies Beach" (9d paid), l e 7d (five parcels); Golconda (6d paid), 9|d; Golden Uawn> Is 9d, Is 9id; King Soijmon, Is Hid (two parcels); Lawson’s Flat, Is 6d, Is 4d, Is 3d (four parcels), Is 3£d; Nokomai, 3s BJd (three parcels), 3s 8d (three parcels); Okarito, 10s lOd; Waihi Grand Junction, 3s 3d; Waitahu (4s 6d paid), 7e. Sales reported: New Zealand Government 4 per cent. Inscribed, IJoa (late sale 29th), £IOO 12s 6d: New Zealand Government 4 per cent. Inscribed (lOoo), £IOO 12s Gd; Bank of New Zealand, 48s (late sale 29th); New Zealand Breweries, 33s 4d (two parcels; cum div.); Beatn and Co., 26s 6d; Colonial Sugar (late sale 29th), £57 10s. _ LONDON STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) LONDON. June 29. The following ate the latest quotations of Go*eminent securities compared with the price* ruling last week:—

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

YEAR’S OPERATIONS REVIEWED.

AUCKLAND, June 30. A net profit of £13,282 was earned by the New Zealand Farmers’ Fertiliser Company, Ltd., for the year ended May 31. This compares with £15,785 in the previous year. The unappropriated balance brought forward from last year was £20,343, making £33,624 available for distribution. The directors propose that a dividend of 5 per cent, for the year (unchanged rate) be paid, absorbing £13,100, and leaving £20,524 to be carried forward. MORRIS HEDSTROM. LTD. Morris Hedstrom, Ltd., an Island produce trading company, reports a net profit of £36,164 tor the year ended Marco 31. This shows an increase of £12,554 on the previous year’s results. Gross profits, at £111,863, increased by £7791. Preference dividend of 6 ner cent, requires £13,152, and ordinary dividend of 4 per cent, (an unchanged rate) £20,816. Against £36,431 brought forward, £37,626 is carried forward.

GOLD IN NEW ZEALAND I PROSPECTS FOR INVESTORS At no time in the Dominion’s history has gold meant more to New Zealand; similarly, never before ha» it opened up avenues of such startling profits to investors large or small. The reason for this is two-fold; first, with gold at 50 per cent, above its normal value (plus in New Zealand a further 25 per cent, owing to the Exchange Rate) the net earnings to gold-mining organisations naturally increase by that percentage. Secondly, and more important, the methods capable of adoption to secure the gold have vastly improved since the time when New Zealand had its early experience in the production of gold. It need not be emphasised that with gold the dominant factor in the world to-day, the best practical brains and technical skill are now available to got *the utmost from New Zealand’s goldbearing areas. Foremost in this movement is The Mining House (N.Z.), Ltd., an organisation that has come into prominence by the establishment of a policy which enables it to apply methods of exploration, testing, and the application of proven processes that almost entirely remove the margin of speculation that previously applied in the working of Their principles and methods of working have gone far beyond the “promise” or experimental stage, as evidenced by those Companies which have been sponsored by them and are already in operation—literally thousands of pounds have been made by investors with a practical certainty of more to follow. The next opportunity to occur will be that of “Skippers,” an enormously rich claim on one of the world’s best gold-bear-ing Rivers (The Shotover, Central Otago). In recent months as much as 222 ounces of gold was won from this claim in 75 hours of actual sluicing. Natural difficulties of working preventing further development, The Mining House (N.Z.), Ltd., were consulted as to the best means to adopt. A proven process having been applied, “ Skippers ” now offers phenomenal returns over a period of several years. The Prospectus is not yet issued, but as extensive reservations have already been received, the number of shares that will be available to the public is not expected to last long. Those interested may obtain full information (at no commitment) from The Mining House (N.Z.), Ltd., Dunedin. Representatives: Bailey and Murray, Thomson’s Buildings, 176 Rattray street, Dunedin, who will be pleased to demonstrate, also, how they have achieved present success of Companies now operating. —1/7/33. LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 29. (Received June 30, at 10 p.m.) The followins are the official (juotatlons:— Ton,

bank of England return (United Preen Association.) (By Electric Telegraph—COpyrlglU LONDON, June 29. The following is the Bank of England return:—

The proportion of reserve to liabilities is 46.70 per cent. Short loans are quoted at J per cent.; three months’ bills at $ per cent. CANTERBURY MARKETS (Per United Press Association.) CHRISTCHURCH, June 30. There has been a firming in the potato market since the mid-week due to inquiry from Auckland and other northern centres. The result was an advance in values to £5 per ton, f.0.b., s.i., for prompt whites, which increased the on-truck price to £3 15s. Dakotas, which are in very scarce supply, are worth £5 15s, f.0.b., e.i., or £4 10s on trucks. July Whites are quoted at £4 per ton, on trticks. The market is firm. The Waimea took a consignment from Timaru and Lyttelton of slightly over 3000 sacks, and the Wingatui is due to load on Monday or Tuesday. Yields are very irregular. On some of the heavier land 10 to 13 tons of tables to the acre have been secured, yet in the same district other yields have been from one and a-half to three. This irregularity makes it difficult to estimate the probable crop, but in all likelihood the average return will be lower than usual. Onions are weaker, and are quoted at £3 per ton, on trucks. Fowl wheat is quoted at 3s Sjd to 3s Gd, f.0.b., s.e. There is a little inquiry for oats. A Cartons are worth 2s 7d to 2a 8 0, Lyttelton; 2s od, Dunedin; and 2a sd, Bluff, The on-truck quotation locally is ,2s. Chart' is slow of sale at £4 a ton, on trucks. Partridge peas are weaker at from ae 7d to 4s 8d per bushel, on trucks, for A grade. The demand from England has disappeared. , There is no change in the small seeds ■market. LOW RETURNS FROM TEA A disastrous year for tea plantation companies is shown in the annual reports (or 1932, and the break in prices of the tea auctions during t] le latter half of last year is revealed by the lowest average prices ever realised by many of the leading tea estates. One of the principal Ceylon companies returns the lowest profit for any year since 1889. Owing to labour ordinances, higher salaries, and general increase in charges, costs of production remain relatively high, and the outlook will be worse for the Indian companies, the reports of which appear later than for Ceylon, owing to the difference in the crop year. Prospects now are better, as with the restriction scheme in force exports will be _ lower during the coming months and prices at the auctions steadier in consequence, so that a higher comparative average price should be seen as against the low level of prices at the end of 1932.

MINING FOURTEEN-MILE BEACH. The Fourteen-mile Beach Gold Mining Company, Ltd.,* report* that, after a much longer delay than was expected, owing mainly to abnormally high river conditions, mining operations have been under way for the past fortnight. The machinery and other mining i plant is all in excellent condition, and is operating to the satisfaction of the management. A small wash-up following cleaning up the paddock and preparatory to shifting the elevator to a position nearer the newlyexposed face may be expected shortly. AUSTRALIAN PRICE OF GOLD. The price fixed by the Commonwealth Bank for gold, including jewellery, lodged at the Melbourne Mint, for the week ended June 16, was at the rate of approximately £6 18s Id a standard ounce (22 carats), equal to a premium of 77.32 per cent. . Payment is made according to the assay value of the gold. The price was 3d lower on the week. , The price an ounce fine wae £7 10s Bd, a fall of 3d on the week. The Commonwealth Bank’s price for sovereigns at head office, Sydney, remains at 355. NEW MINING COMPANY. The Mercantile Gazette notifies the registration of the following company: — Soho Mining Company, Ltd, Registered as a private company June 15, 1933. Office; 142 Featherston street, Wellington. Capital: £4500 into 4500 shares Qf £1 each. Subscribers: Wellington—A. M. Dunkley 1000, A. J. Clegg 845, B. V. Davies 100, G. F. Oudaille 23, Eva N. Butts 150, W. R. Keraball, jun., 140, B. De Bakker 25, S. L. White 100, J. Rod 50, W. B. Brown 100, Alma Clegg 25, Agnes B. Clegg 25, G. L. Davidson 25, A. Hoffmeister 50, Kathleen A. Hoffmeister 10, C. G. Turner 75, J, W, N. Nanearrow 50, S. S. Dean 25; Arrowtown—T. R. M’Gregor 100, G. W. Paterson 1500; Christchurch —C. Humphries 50, Alice M. Humphries 50. Objects: To mine for gold or any metal, precious stone, and general incidental. KING SOLOMON DEEP LEAD. (Peb United Press Association.) INVERCARGILL, June 30. The wash-up at the King Solomon mine for the week totalled 01oz 17dwt. FRESHFORD DREDGING COMPANY. (Per United Press Association.) INVERCARGILL, June 30. The Freshford dredge secured a return of 191 oz for 112 hours’ work. OTAGO MUTUAL STARRBOWKETT SOCIETY ■ ® Members of the Otago Mutual StarrBowkett Society are advised that a special general meeting of the society will be held on Tuesday, July 11, to confirm the resolutions passed at the special meeting held on June 20. After the meeting a ballot for a free loan of £6OO will be held in No. 3 group. Shares are still available in the No, 4 group, and a free loan for £IOOO will shortly he held. MARK FOY, LTD. Mark Foy, Ltd., made a better showing in its year ended March 15.' Gross profit was £224,264, compared with £220,518 the previous year. Loss on trading was £5460, which’ is £18.261 less than the loss of the preceding year. After , providing £13,930 for interest on new building loan, a debit of £19,390 is provided for by a transfer of an equal amount from the general reserve. The directors state that a more optimistic note is now evident, confidence is being restored, and unem ployment is being reduced, all of whicii should produce a good effect on business during the current year.

DAIRY PRODUCE Messrs Dalgety and Co., Ltd., have received the following cablegram from London, dated June 29:--The butter market has a fair inquiry. _ The* cheese market has rather more inquiry this end of week. Quotations: Danish butter, 86s to BSs; New Zealand finest butter, 77s to 78s; Australian finest unealted butter, 70s to 82s; Australian finest salted butter, 76s to 78s; Australian G.A.Q. butter, 73s to 755; Australian cheese —white not quoted, coloured not quoted; New Zealand cheese —white 47s to 4Ss, coloured 48s to 495; Canadian cheese—white 64s to 68s, coloured 64s to 68s, c.i.f. not quoted. The National Mortgage and Agency Company of New Zealand, Ltd., has received the following cablegram from London:—Butter: Market steady: New Zealand finest, 775, TBs; New Zealand first grade, 70s, 775; New Zealand unsalted, 82s, 83s; Danish, 88s, 80s; Australian, 765, 775. Cheese: Market steady; . New Zealand white, 475, 48s; New Zealand coloured, 495, 50s; Canadian white, 645, 665; Canadian coloured, 60s, 68s.

Bank of New Zealand (four) 2 8 0 Kaitangata Coal 1 0 6 Dalgety 9 7 6 Goldsbrough, Mort .. 1 7 0 Goldsbrough, Mort .. 1 6 0 National Mortgage 2 2 6 New Zealand -Ref rig. (cont.) 0 5 10 New Zealand Kefrig. (cont.) 0 5 11 New Zealand Refrig. (cont.) 0 5 9 Bruce Woollen (pref., three) 1 0 0 Mount Lyeil (two) 1 1 9 0 0 11 Oknrito 0 10 Okarito 0 10 10 Oknrito (two) 0 11 1 Cornish Point 0 0 4 King Solomon (two) 0 2 0 King Solomon (two) 0 1 Gillespie's (two) 0 1 Cl Waitnhu 0 V 1 Big River 0 1 51 Big River •. .. 0 1 (3 Nokomai .. .. .. 0 4 0 Nokomai 0 3 11 Nokomai (two) 0 3 10 Nokomai 0 3 9J Nokomai 0 3 !) Nokomai (five) .. 0 3 8 Central Shotover .. 0 1 01 Central Shotover .. 0 1 «i Central Shotover (four) 0 1 Central Shotover (two) 0 1 3 Central Shotover 0 1 21 Central Shotover (two) 0 1 U Central Shotover .. 0 1 2 31 p.c. Stock. 1952 100 2 6 4 p.c. Stock, 1949 .. 100 10 0 4 p.c. Stock, 1955 .. 100 10 0

£ s. d. Bank of New Zealand .. .. .. 2 8 0 Goldshrough, Mort .. .. .. 1 6 0 Okarito (two) .. .. o 11 1 Gillespie’s Beach (two) .. .. 0 1 6 9 Nokomai .. .. 0 3 Nokomai (five) .. .. o 3 8 3) per cent. Stock, 1952 .. .. 100 SALES REPORTED. 2 6 Bank of New Zealand .. .. .. 2 8 0 4 per cent. Stock, 1955 .. .. 100 10 0 SALES REPORTED AFTER LAST CALL. Bank of New Zealand .... 2 8 0 Mount Lyell (two) .. ,. .. 1 1 0 King Solomon (two) 0 UNLISTED STOCKS. 2 1 Bell-Hooper .. .. 0 1 2 BellKilgour (three) .. 1 6 Bell-Kilgour (four) .. 1 5

Buyer. Seller, £ 8. d. £ 8. d. N.S.W 32 0 0 —. New Zealand .; sta s 0 2 8 0 N.Z. (long D) .. 1 10 2 1 10 .4 Commercial .. .. 0 16 5 Natl, of N.Z. .. 3 17 0 — ■Union ,. i . .. . • — 8 11 6 INSURANCE. National .. .... 0 16 9 —* New Zealand .. .. 2 9 3 — Standard 2 12 0 2 13 6 SHIPPING. Huddart, Parker (pref.) 1 3 0 P. find 0. Def. Stock 1 0 3 — U.S.S. Co. (pref.) 1 2 3 —- COAL. Kaitangata .. .. 0 19 3 1 0 0 Westport 0 12 3 0 13 0 LOAN AND AGENCY. Goldsbrough, Mort 1 6 0 — Natiopal Mortgage 2 0 0 National Mortgage (B issue) .. .. 1 4 0 — Perpetual Trustees 2 10 0 Trustees, Executors 2 11 0 Wright. Stephenson (ord.) .... .. 0 10 9 — Wright, Stephenson (pref.) 0 12 9 0 u 0 MEAT PRESERVING. N.Z. Rrefrig. (pd.) 0 14 9 — N.Z. Refrig, (cont.) 0 6 11 0 6 1 South. Frozen Meat V, (paid) 2 6 9 2 8 South Otago 1) reez.. 4 8 0 —* MISCELLANEOUS. British Tobacco .. — **1 14 6 Bruqe Woollen (ord.) * 0 9 0 Bruce Woollen (pref.) .. ... •• —‘ 1 0 0 D.I.C. (ord.) 0 10 6 — D.I.C. (pref.) .. 0 19 0 — Dominion Fertiliser 0 13 3 — Dominion Fertiliser (debs.) .. • • • • 100 0 0 — Donaghy’s Rope .. — 1 19 Stock Exchange Propy. .. .. •• 2 2 0 Electrolytic Zinc (ord.) .. •• •• i 0 0 Kauri Timber 0 12 3 Milburn Lime .... 1 8 6 — Mosgiel Woollen .. 8 2 6 **“* M'Leod Bros 24 0 0 Mount Lyell .. . • 1 1 6 1 1 11 National Electric.. 0 N.Z. Drug Co, .. 3 4 0 —— Farmers’ Fertiliser — O 10 N.Z. Paper Mills .. 1 6 0 i 0 Smith and Smith.. 0 11 0 Wilsons Cement .. 1 12 9 breweries. N.Z. Breweries ■ • * 1 13 9 Staple’s 1 6 3 * GAS. Christchurch — 1 7 0 OIL. MoturOa .. • ■ • • — 0 4 0 MINING. Kawarau 0 0 5 0 0 7 Waihi Grand Jctn. 0 3 1 — Mahakipawa .. .. 0 0 1| Kildare .. ... • • 0 2 1 0 2 Okarito , • • • • • 0 11 0 0 ii 4 Paddy’s Point .. — 0 5 7 Cornish Point •• 0 0 4i Golden Progress .. — 0 1 King Solomon 0 2 0 0 2 2 Golden Point .. .. 0 0 1 0 0 24 Blackwater .. . • *»1 4 0 — Alexander . • ■ • 0 18 0 0 19 6 Consol, Goldfields., **0 10 6 Gillespie’s Beach.. K0 1 (54 0 1 64 Waitahu * 0 7 0 0 7 1 Big River — 0 1 Mount David .. .. — 0 2 0 Nokomai .. .. • ■ 0 3 7 0 3 9 Freshford 0 1 04 0 1 1 Central Shotover.. 0 1 1 0 1 2

GOVERNMENT LOANS. 3i n.c. Ins., 19381943 100 0 0 — 3=’< n.c. Ins.. 19381952 100 0 0 — 3i p.c. Ins., 1939‘1943 100 0 0 — 31 p.c. Ins., 1939‘1952 .. .... .. 100 0 0 — 31 n.c. Ins.. 194 U 1943 100 0 0 — 31 n.c. Ins.. 19411952' 100 0 0 — 4 p.c. Bonds, Jan., 1940 100 10 0 — 4 n.c. Ins.. Jau., 1940 100 10 0 — 4 n.c. Bonds, Feb., 1949 100 10 0 — 4 n.c. Bonds, April, 1949 100 10 0 — 4 p.c. Ins., April, 1949 .. 100 10 0 — 4 n.c. Bonds, June, 1955 110 10 0 —

last week:— Last week. This week 6 S d. E t. d. 73 0 0 72 10 0 Funding Loan, 4 p.o., 1069-80 110 10 0 no 6 0 Assented Wit Loan .. .. 09 0 0 08 15 0 Conversion koto, 3H P*°» • • 90 5 0 00 u 0 Victory Bonds, 4 P.o. (c* dlv.) 109 15 0 109 5 0 O'wealth 8 p.o,. 1945-47 <. 104 18 9 104 12 6 C*wealth, 6 p.c.. 1345-47 .« 102 12 6 102 12 6 C’wcaltli. 314 p.o.. 1936-37 .. 100 s 0 100 8 9 Victoria. 3 p.o.. 1039-40 .. 87 17 6 80 10 0 Victoria, 314 P.c.» 1030-40 .. 83 10 0 03 12 6 Victoria. 614 P.®.. 1830-40 .. 102 0 0 102 7 6 Victoria. 5 P.o.. 1032-42 .. •01 3 9 101 12 0 victoria. 4% P.O 1040-00 .. 101 2 6 101 10 0 N.S.W., 4 P.c.* 1033 .. *. 103 3 9 103 5 0 N.S.W., 3 P.C.. 1936 .. .• 00 10 0 09 10 0 N.S.W.. 314 P.«.. 1030*-40 .. 81 0 0 90 IS 0 N.S.W.. 014 OO.. 1030-40 .. 101 12 0 101 12 6 N.8.W., 0 P.o.. 1930-40 100 0 0 100 0 0 Queensland. S p.<v Stock. 1 f«103 0 0 Queensland. 3 p.o., 1022-47 .. S3 0 0 80 17 8 Queensland, 6 p.c., 1029*40 . • 103 15 0 103 15 0 New Zetland. 4 3 /fc p.o., 1045*57 103 0 0 107 15 0 Now Zealand,- 314 P.®„ 1040 .. 09 7 fl 90 5 0 New Zealand. 3 p.o.. 1045 .. 02 12 0 92 12 6 New Zealand. 6 p.Ov. 1930-61 104 0 0 103 IT 6 S.A.. 314 P.o.. 1939 .. .. 09 10 0 99 6 0 g.A.. 3 p.c., 10J.6 of after .. 73 0 0 72 2 6 8.A,. 614 P-0-. 1030-40 .. .. 103 6 0 103 B 0 Tasmania. 314 p.o.. 1030-40 .. 08 7 6 93 10 0 Tasmania. 3 p.c.. l01«-40 *. 90 0 0 90 2 0 Tasmania. 614 P.o.. 1030-40 .. 103 8 9 103 6 0 W.A., 814 P.c.. 1020-36 .. .. 00 16 0 99 12 6 W.A., 3 p.o., 1015-36 .. .. 00 7 ,8 99 0 0 W.A., 6 P.O.. 1930-40 .. .. 100 10 0 100 15 0

RUGBY, June 23. Paris— Par. June 28. June 28. Francs to £1.. 124.21 86 7-32 86 1-16 Brussels— Belgasto £1.. 86 24.24 24.18 Oslo— ' 19.30 Kroner to £1.. 18.189 19.80 Stockholm— 19.43 19.42} Kroner to £1 .. 18.150 Copenhagen— Kroner to £1.. 18.150 22.42} 22,42} Berlin— 14.81 14.29 Marks to £ 1 *. 20.43 Montreal— 4.76 Dollars to £ 1.. 4.86 2*3 4.76 New York— 4.29} Dollars to £ 1 .. 4.86 2-3 4.88 Sokoharaa— 15 1-32 Fence to yen 24.582 15 1-16 Hongkong— 17 16 13-10 Pence to dollars 24.58 Bombay— 18 3-64 18 1*16 Pence to rupee — Batavia— 12.10 Fiorina to £ 1 — — Milana ' 64 V» Lire to £! Amsterdam— 82.46 64% 8.45 8.41} Guilder to £1 12.107 Prague— 1133 Kroner to £ 1.. 104} 114 Geneva17.55 17.52 Francs to £1 . - 25.22} Vienna — 31} Schillings to £1 84.86} 31} Helsingfors— 226} 226} Marks to £1 .. 193.23 Madrid— 25.23} 40 13-32 Pesetas to £1 40} Belgrade— 250 Dinars to £1 .. 25.22} 250 Athens— 500 Drachma to £1 375 590 Lisbon— no Escudos to £1 110 110 Bucharest572} Let to £1 .. 931.6 572} Rio dO Janeiro— Pence to miirels 5.800 4} 4% Buenos Aires— 413 Pence to pesos 47.28 41J Shanghai— 15 5-32 Pence to tael .. — 153 Montevideo— pence to pesos — 34 . 34 Warsaw— Zlotys to £1 .. — — —

Copper, spot .. .. £37 1 3 Fall £0 12 a Copper, forward .. 37 4 4Va Pall 0 12 0 Electrolytic, spot .. 40 10 0 Fall 0 IS 0 Electrolytic, forward 11 10 0 Fall 0 S 0 Lead, spot .. .. 13 7 0 FaU 0 3 9 Lead, forward . • 18 11 3 Pall 0 E 0 Wire ban. .. .. 41 10 0 FaU 0 6 0 Spelter, spot .. .. 17 10 0 Pall 0 S P Spelter, forward .. 17 2 0 FaU 0 10 0 Tin, spot .. .. .. 222 17 S Pall 2 10 0 Tin, forward .. %. 222 2 02. 6 Pall 2 2 0 Silier, standard .. 18&d Pall 9-lSd Silver, fine .. .. It 19 13-10d FaU %d

ISSUE DEPARTMENT. Note issue in circulation .. £375,124,634 Banking Department .. . • 74,235,293 Government debt .. .. t .. Other Government securities £440,359,927 £11,015,100 243,879,420 1,406,909 3,638,565 189,359,927 Gold coin and bullion .. .. £440,359,927 BANKING DEPARTMENT. Proprietors’ capital .. .. .. £14,553,000 . 3.439.737 Public deposit .. Other deposit (bankers) Other accounts *.. .. .. •• Seven-day and other bills .. 14,001,045 ' 105,120,626 42,164,622 2,022 Government securities .. . • Discounts and advances £179,341,652 £75,373.033 16,642,593 11,866,539 74,235,293 1,224,194 £179,341,652 Gold and silver coin . • ..