COMMERCE AND FINANCE

Otago Daily Times, Issue 22025, 7 August 1933, Page 12

COMMERCE AND FINANCE

i THE SHARE MARKET DUNEDIN STOCK EXCHANGE Business in Bank of New Zealands at £2 10s was reported on the Dunedin Stock Exchange on Saturday. The shares were later on offer at the same price, buyers offering 3d less. There was a sale of Westport Coals at 13s, further offers of the same figure finding sellers firm at 13s 2d. Australian Iron and Steels were dealt in at 15s and they are now wanted at 14s 9d, with no seller forward. A parcel ot New Zealand Drugs brought £3 6s 3d. There is now an unsupplied buyer in the maxket at £3 5s od. Two parcels of Nokomais changed hands at 3e lOd, and after the call further business was reported at the same figure. Okaritos realised 11a od and are still in demand/ at that figure, sellers demanding. 3d more. The demand for Government Loans was firm. SALES ON ’CHANGE.

LOCAL AND OVERSEAS MARKETS.

NORTHERN EXCHANGES (Per Unites) Press Association.) The following business was done on ’Changes on Saturday;— , Auckland. —Sales: E.S. and A. Bank, £5 6s; National Bank of Australasia (cont.), £6 5s 6d; New Zealand Drug, 06s 3d; Alexander, 19s; Gillespie’s Beach, 2s; Big River, Is 6Jd, . , n i, Wellington.—Sales: Commerciel Bank of Australia (pref.), £8 14s 6d; Bell-Kil-gour. Is 3d (two parcels); Wilsons Cement, 345; Alexander Mines, 20 B (last >two late Friday). . . _ . Christchurch. —Sales: Commercial Bank of Sydney, £l7 7s; New Refrigerating (10s paid), 6s 10ff (two parcels); Big River, Is sd; Central Shotover (9d paid), Is 3jd, Is 4Jd; Golden Point. 2d; Okarito (cum div.), 11a 6d(three parcels), 11s 5d (two parcels); Waihi Grand Junction, 3s 9d. Sales reported :_ New Zealand Government 4 per cent. Bonds (1955), £IOO Tss. PRICE OF FINE GOLD (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, August 4. Fine gold is quoted at £6 4s 6Jd per ° UDCe ’ LONDON, August 5. (Received August 6, at 7 p.m.) The price of gold is £6 4s 9d per ounce. COTTON. RUBBER. ETC. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, August 5. (Received August 6, at 5.5 p.m.) Friday’s closing prices are as follows: — Cotton: Spot, 6.25 d per lb; September delivery, 5.98 d. Rubber: Para, 6Jd per lb; plantation smoked, 4d. Jute.—July-August shipment, £l6 2s 6d per ton. . Hemp.—July-August shipment, i £l4 15s per ton. , Copra. August-September shipment, South Sea, £lO 10s per ton; plantation Rabaul, £lO 12s 6d. Linseed oil, £22 5a per ton. Turpentine, 49s per cwt. LONDON PRODUCE MARKET The Bank of New Zealand has received the following advice from its London office under date August 4:— Frozen Meat. —There is a steady trade in wethers at rather better values. There is a better inquiry for ewes, and the outlook is brighter. For lambs trade is better, and values are improving. Wethers, light, 3§d to 5d per lb; wethers, heavy, 3d to 3|d per lb; ewes, 2Jd to Sad per lb; lambs, two’s, 6id to 6Jd per lb; lambs, eight’s. 6|d to 6|d per lb; lambs, four’s, 6dl to 6Jd per lb; lambs, seconds, s|d to 6|d per lb. DAIRY PRODUCE Messrs H, L. Tapley and Co., Ltd., have received the following cabled market report from London:— _ A - Butter, 85s to 86s per cwt. Market firm. , , Cheese—White, 49s per cwt; coloured, 51s per cwt. Market steady. The South Island Dairy Association, Ltd., hag, received the following market report from London: — , Butter.—Firm. 86s; Danish, 100 s to 102 s. Cheese. —Steady. White, 48s to 495; coloured, 51s to 525. THE MERCHANDISE MARKET In sympathy with the advances that have taken place in teas, Bell Tea, Amber Tips, and Roma have all been advanced 2d per lb for the higher grades. Seedless raisins are reported to be getting into short compass., Further-sup-plies should be to hand about the middle of September. . ■ - . . ,• Supplies of walnuts, shelled, arrived during the week, ex Waikouaiti. The Canadian Constructor, with sup-/ plies of Canadian iodised salt, arrived on Saturday afternoon. . . ... The nest sugar boat to arrive is the Wingatui, due on the 10th inst. Further supplies of Mildura sultanas and currants came to hand last week, ex Wainui. . Merchants report that quotations coming to hand from England continue to show an upward tendency in many lines. The Wainui also brought considerable quantities of tea from Colombo, transhipped at Melbourne. Anchor milk powder has been reduced in price. , , . , Stoned dates are in short supply, and further stocks will not be available until towards the end of the year. The Mahana, from London, via Lyttelton, is due at Dunedin on Wednesday with supplies of Hqrlick a malted milk, carbonate of ammonia, Adam s furniture polish, English saltpetre, cut tacks, Hulles strychnine, Morton's soz and lOoz castor and olive oils, Symington soups, Mortons curry powder, and C. and B. anchovy sauce; also a large quantity of oilmens stores. . FRUIT AND PRODUCE WORLD Reilly’s report selling: — Per Dozen. —Violets, 2s 6d, 3s. Sol De Orr, 4s, 6s. Creme, 3s, 4s. Paper whites, 2s, 3s. Local trumpets, 12s. Daphne, 3s, 6s. Freesias, 2s, 4s. Honey: Jib pats, 3s 6d. Rhubarb, 7s 6d. Cauliflowers, 4 fi 6d, 7s 6d. Cabbage, 3s 6d, ss. Celery, Is, 2s. Section honey, 10s 6d; 21b pottles, 10s 6d. Mutton birds, 6s. Lettuce: Choice, 6s, 8s; others, 2s, 4s. Eggs: Poultry keepers, Is 4d; preserved, Is 2d. Gladioli corms, 4s. 6d to 40s. Roses, 10s to 245. . Each—Champion egg crates, 16s. Knapsack sprayer, £5. Roses: Miss Australia, ss; Mrs J. D. Eisele, ss. ■ Half-cases—Pears: Winter Nelis, 3s Gd, 5s Bushel Cases. —Apples: Otago Central Jonathans, 4s, 7s; Delicious, 6s, 11s 6d; Stumers, ss, 10s; cookers—choice ss, 7s, others 2s, 3s. Pears: Cookers, 7s, Bs. Poorman oranges, 7s. Lemons: N.Z. 18s, 20s; Californian, 755. American Cases. —Oranges: Valencias, 37s 6d. Bananas: Ripe Niues, 18s. Grapefruit, 47e 6d. , , Per Lb.—Bulk honey, 4d; discoloured, 3d. Beeswax, Is. Walnuts, sd, Bd. Almonds, 4d, 6d. Cheese, 7d. Butter: Storekeepers, 9d. Tea: Orange Pekoe, 2s. Porker and bacon pigs, 4d, 6d. Bacon: Prime, Bd. Hams, lid. . Potatoes, 6s. Onions: Canterbury, 6s. Oyster grit, 6s 6d. Marrows, 10s 6d. Woodwool, 28s. Blues tone: Macclesfield, 42s 6d. Melons: To arrive, 14s. Seed Potatoes.— Jersey Bennes, 12a to 14s; Arran Chief, 6s; Epicures, 12s; King Edwards, 6s, 8s; Up-to-dates, 8s; Arrau Banner, 20s. ~ , Olive oil, 10s 6d gallon. Semesan and Granosan: 2oz, 2s 3d; Jib, 7s 6d; lib, 12s; 51b, 555; 251 b, 2455. Fruit wraps, 3s 6d ream. Vallo Giraffe lime sulphur: 8 gallons, 2s 3d; barrels, Is 9d. . Black Leaf 40—American: 101 b, 525; 51b, 30s; lib, 8s 6d; Jib, 6s 3d. British: 101 b, 50s; 51b, 27s 6d; 11b, 7s 6d; Jib, 4a 6d. , Wheat. —Choice Canterbury, 4s. 4s 0d; seconds, 3s. Partridge peas, 4* 6d. New season’s maize, 5s 6d. Kibbled maize, 6s. Oats: A Gartons, Is 9d; B, B Crushed oats, 10s. X Keys meatmeal, 16s. Firewood blocks, 2s 6d (manuka). Tomato stakes, .8s per 100. Acorn buttermilk powder, 3d per lb. Palmers chick food: 1001 b, 17s 6d; 501 b, 10s 6d; 251 b, os. Bran, £4 10s. Pollard, £6. Straw; Wheatsn, £2 15s; oaten, £3 ss. Hay, £i 10 s . Oatsheaf chaff: Choice, 755; ex store, £4 ss. Oatmeal, £l6. Per Pair. —Poultry: 263 hens at 2s 4d to 12s, 169 cockerels at 3 S 2d to 20s, 2 bantams at Is 2d, 28 pullets at 7s to 15s, 16 ducks at 4s 4d to 7s. Per Lb. —3 Gobblers at 8d to 9d per lb. 16 turkev hens at BJd to 9d. REILLY’S CENTRAL PRODUCE MART, LTD., Moray place, Dunedin.

MINING CHARLESTON SLUICING COMPANY. The mine manager of the Charleston Sluicing Company, Ltd., reports as follows, under date July 19:— Tunnel. —Driving ia finished, and is true to line and grade. The paving will be commenced on Monday, and is expected to take two weeks. Work will be continuous. The gold-saving tables will be complete at approximately the same time as the paving of the tunnel. The water races are all finished to "saddle,” approximately 90 chains from penstock. Though the races are in fair order from the saddle to the penstock, the work to be done is by way of enlargement. It is intended to finish “ shires ” first. This will be completed in about two weeks. Sluicing will probably be carried out before the other race for this 90-chain stretch can be completed. ALEXANDER RETURN. The following report has been received from Alexander Mines, Ltd.:— During July the Alexander Mines crushed 385 tons of ore for 2760 z lldwt of melted gold. Cyanide treatment was applied to 253 tons of sands, and 120 oz 6dwt of bullion were returned. With gold at 120 s per fine ounce, the estimated value is £2225. GOLDEN DAWN REPORT. The Dunedin Stock Exchange has been advised that for the 12 working days ended July 29 the Golden Dawn mine produced 410 tons of ore, realised £714, not including premium and exchange. BIG RIVER GOLD MINES. The Big River report for July is as follows; ■'* No. 1 Adit Level.—Winze on Duggan’s Reef: Contractors started work on July 13. Winze sunk and timbered 10ft, total 23ft 6iu. The lode averaged 2ft in width of clean quartz, and carries a good footwall. No gold seen, but stone is heavily mineralised and samples have been forwarded for assay. No. 2 Adit Level.—Winze below south drive at 190 ft east of shaft: Sunk and timbered 35ft, total 39ft. A good connection was made with rise and ventilation at No, 3 level is now Satisfactory. No. 3 Level. —Rise above No. 1 south drive at 80ft from entrance: Advanced lift, total 81ft. Lode track unsettled and carrying a little rubbly quartz. Connection made with winze from No. 2 level. South intermediate drive 32ft down off winze below No. 1 south drive advanced 7ft,, total 25ft. _ Nothing of importance met with. Driving suspended South intermediate drive off winze at 20ft down opened out and driven loft. The stone varies from 18in to 2ft wide in the upper part of the drive, but was pinched in the bottom. Fair gold waa seen in breaking. Faulting occurred at I3ft and driving was suspended. Winze on Jones’s reef: The winze chamber was completed and winze sunk 7ft. The footwall is well defined, but carries very little stone. No. 1 main south drive cleaned _ out and timbered for last 40ft and driving resumed on lode track on July 29. Advance 3ft, total 161 ft from crosscut. West prospecting drive off north-east branch drive at point 60ft from shaft driven 2ft on small . quartz vein carrying a few colours of gold. Stopihg was continued on Jones’s reef above intermediate level on stone averaging sft wide and showing little fine gold, and on July 25 stoping was resumed off No. 1 south rise on Henderson’s reef on stone averaging from 18in to Sin in width and carrying fair gold. _ x Main Shaft.—New ladders arc being put in below No. 3 level and preparations are being made for repairing winding shaft and commencing operations- at No. 4 level. Battery.—Repairs to dam Were completed and rain fell on July 14, enabling crushing to be resumed with two shifts. Stone crushed practically all from Jones’s reef. Battery clean-up takes place about August 5.

TIMARU GAS COMPANY ■ (Ter United Press Association.) WELLINGTON, August 6. The Timaru Gas Company has advised the Stock Exchange Association of Now Zealand that an interim dividend of 2J per cent, for the half-year ended June 30~, has been declared, payable to-morrow. LONDON WHEAT MARKET . (United Press Association.) (By Electric Telegraph—-Copyright.) LONDON, August 4. Wheat cargoes are steady in sympathy with Winnipeg. Sellers asked an advance of 3d for Manitobas, but buyers did not respond. There was good business’ in Australians, which were occasionally 3d down. Ex King William-- 28s; bags, 427 s lOJd; bulk, Lauralauro, 28a; bulk, part Westralian unnamed steamer, September, 28s 3d; parts Comlibank, 27s 9d; Tennessee, 28s; Heraclides, 28s. Australian parcels were neglected and were 3d down, There was fair inquiry fi;om French operators. Futures—London:' September, 24s 6d; December, 25s 6d; February, 25s Bd. Liverpool: October, 5e 7|d; December, 5s 9|d; March, 5s Hid. HELD OVER WOOL A HEAVY REDUCTION. Stocks of wool held in New Zealand as at June 30 last “were 78.600,0001 b, compared with 117,900,0001 b last year, 97.000,0001 b for 1931, and 82,800,0001 b for 1930. These total returns, as compiled by the Government Statistician, arc of wool converted to a greasy basis. The holdings of wool at June 30 last, according to description, and including greasy, scoured, washed, sliped. on skins, crutchinga, and other were as follows; lb Merino 1,970,538 Halfbred 5,708,275 Corriedale .. .. .. .. 829,195 “Other, sheep 57,851,987 ■“Other, lambs 6,107,492 Unspecified 1,448,516 Total lb 74,006,003 * Includes crossbreds. The wool is held as follows; lb Woolbrokers 27,308,437 Woollen milks .. .... 5,659,371 Freezing works .. .. 3,637,345 Wool scouring _.. .. 3,504,233 Shipping companies .. 5,207,524 Harbour boards .. .. 148,083 Railways 197,965 Farmers 28,283,045 Total lb 74,000,003 Of the total held, 74;006,0031b, the quantity of wool in the grease amounts to 55,580,6621 b,

FROZEN MEAT MARKET (United Press Association.) (By Electric Telegraph—Copyright.)

LONDON, August 5. (Received August 6, at 5.5 p.m.)

LONDON METAL MARKET (United Press Association.) (By Electric Telegraph -Copyright.) LONDON, August 8. (Received August C. at 7 p.m.) The following are the official quotations:— Ton

P. AND O. COMPANY (United Press Aasnr'atlon.) (By Electric Telegraph—Copyright.) LONDON, August 4. P. and O. Shares are quoted at 19s 4d. SOUTHLAND MARKETS (From Our Own Correspondent.) INVERCARGILL, August 5. GRAIN REPORT. The markets generaly speaking are somewhat lifeless, but with spring almost upon us a revival in so far as seeds are concerned can be expected. Oats for some little time have been lifeless, even inquiries being few and far between. For this reason nominal values can only be as given. “A ” grade quotation at 2s 2d, “ B’s ” Is lOd, f.0.b., s.i., with prime Duns at possibly 2s sd. The drop in importation of barley to the north may induce some movement in so far as oats are concerned. Ryegrass for machine-dressed seed is quoted between merchants as from 2s 6d for 27/281b seed, while 3s is asked tor heavy-weight machine-dressed seed in excess of 301 b. No interest whatever is shown in crested dogstail, in the entire absence of shipping and owing to the fact that the Irish crop is reported to bo particularly fine quality.

REDEMPTION LOAN AUCKLAND POWER BOARD. Formal steps preparatory to dealing with a loan of £224,500 at 4i per cent, which fell duo on March 31, 1933, were taken by the Auckland Electric Power Board on Monday. The loan was raised in London in 1914 by the Auckland City Council. A motion of which notice had previously been given by the chairman (Mr W. J. Holdsworth) was carried, stating that “the board hereby resolves by way of special order to raise the sum of £224,500 for the purpose of repaying a loan of that amount by the issue of debentures maturing on March 1, 1938. At a meeting of the board in committee on July 24 the chairman said he had recently been approached by the agent of a financier in connection with the raising of fresh money in London. The agent had said he was confident he could make satisfactory arrangements for a loan of approximately £105,000 for a term of five years, this being the amount required to complete arrangements in connection with the loan of £224,500 now due for repayment. In addition, the agent was prepared to deal with an amount of approximately £200,000, representing new money, for a term of, say, 21 years. If the board was prepared to give him a firm offer, he felt the amount could be raised at a rate of interest not exceeding 4J per cent, at par. These proposals were referred to a meeting of the board in committee. The general manager (Mr R. H. Bartley) mentioned that the board’s only reason for raising the loan in London was to save the 25 per cent, exchange.

BOBBY CALF TRADE A satisfactory season for the export of bobby calves is predicted this year (says the Dominion), as the animals are coming forward in good condition, and higher prices are offering. Killing operations are in progress at the four works in the province, but the peak of the season will not be reached until about the middle of August. Prices current ,for calves range from 2s 6d to 7s 6d, compared with an average price last year of about 2s. Apart from the better values in the meat market, the hides are now selling at a substantially higher figure. The low values for byproducts ruling last _ season accounted largely for the decline in exporters’ rates. A satisfactory feature of the trade is the money distributed in the province at a time when the farmers’ outgoings are heavy. It is estimated that the total killings last year wore about 250,000 calves. This number will probably be exceeded in the current season,- but on a 250,000 basis, at 4a a head, a distribution of £50,000 is involved. The money is widely distributed, _ the farmer, the carrier, and the railways all taking a share. The trade, which began about five years j ago, is now firmly established. There is a steady demand in Great Britain, where moat of the moat finds it way, while [ smaller supplies arc shipped to the Con- ; tinent.

PRICE OF THE DOLLAR (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, August 4. The dollar is quoted at 4.50 J. SYDNEY STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, August 5. This morning’s sales were as follows: — Bonds, 4 per cent., 1938, £103; 4 per cent., 1941, £lO3 11s 3d; 4 per cent., 1950, £106; Australian Gas (A), £7 5s (id; Toohy’s (New Zealand delivery), 245; Tooth’s, 39s 3d; Associated News, 8s 4d; Fairymead Sugar, 28s 3d; Millaquin Sugar, 28s; Morris, Hedslrom, 18s 9d; Winchcombe, Carson, 2Gs 9d. WELLINGTON WOOLLEN COMPANY A reduction of £3OOB, or 16.38 per cent., to £15,348, in net profit for the year ended June 30, 1933, is shown in the accounts of the Wellington Woollen Manufacturing Company, Ltd. In their fiftieth annual report, the directors state that they are pleased to be able to show a result which, in this time of trying commercial conditions, should be considered satisfactory. The directors recommend that a further dividend of 2\ per cent, be paid on both preference and ordinary shares, making, with the interim dividend, 5 per cent, for the year, compared with 6 per cent, for the two preceding years. The dividend foe the year absorbs £15,000, and the balance of £3787 is to be carried forward. The directors state that the sum of £SOOO has been written off for depreciation of plant and buildings, which are always maintained efficiently and up-to-date from revenue.

COMMERCIAL BANK OF AUSTRALIA

The Commercial Bank of Australia, Ltd., had improved business during its year ended June 30. Profits advanced by £13,964 from £199,670 to £213,634. Ordinary dividend at an unchanged rate of 5 per cent, absorbs £IOO,OOO. The dividend on the 4 per cent, preference shares requires £84,694. A sum of £20,000 —against £IO,OOO the previous year—is placed to reduction of premises account, and the balance £8940 added to £70,311, brought forward, provides £79,251 to be carried forward. Dividends are in Australian currency. The increase in business is shown in an addition of £645,627 to deposits, and of £888,604 to advances, together with a holding of bills receivable in London greater by £560,876. Cash items are lower by £356,610. The item, money at call and short notice in London, disappears. More use has been found for the money in Australia than in London, where the rates of interest for call and short call are extremely low. Also, Commonwealth Treasury bills in London are not now held, and this accounts for at least part of £252,141 reduction in the item “British war loan stock, etc.” Holdings of Australian and New Zealand treasury bills are £682,248 lower, but Government and local Government securities have increased by £605,029. THE TRADE OUTLOOK “Never baa there been a moment when it was more difficult to discern amidst the confusion of contemporary events the main trend and tendency of trade,” remarked Mr J. O. M. Clark, chairman of J. and P. Coats, Ltd., cotton thread manufacturers. “People who are well placed to judge tell me that there are visible signs which suggest that business as a whole has now entered upon an ascending curve. I hope this is so, although our own figures as far as the present year has gone do not bear it out. Recovery is, in my opinion, certain to be slow, and there are sure to be very considerable fluctuations. These matters lie outside the ambit of our control. The most that we can achieve is to meet as efficiently as w e may each emergency as it arises, and constantly to endeavour to better the organisation of the company. By this means alone can we hope to secure that when prosperity returns we shall be in the best possible position to avail ourselves fully of our opportunities.”

■■ .. ,. £ 8. d. Okarito .. 0 11 0 Nokomai (two)- .. . 0 3 10 Central Shotover .. 0. 1 2 SALES REPORTED. Bank of New Zealand ., '.. 2 10 0 0 13 0 Australian Iron and Steel . 0 15 0 3 6 3 0 1 5i SALE REPORTED AFTER LAST CALL. Nokomai .. 0 3 10 The followintr are Saturday morning s buying and selling quotations, which are subject to the usual brokerage: BANKING. Buyer. Seller. .* £ s. d. £ B. d. N.S.W. .. .. 32 0 0 — New Zealand 1. .. 2 9 9 2 10 0 N.Z. (long D.) .. 1 11 0 Commercial .. .. 0 16 3 0 16 6 E.S. and A 5 2 0 — Union 9 2 6 9 6 6 INSURANCE. National 0 17 0 — South British .. .. 3 8 0 — Standard .. .... 2 18 6 — SHIPPING. U.S.S.Co. (pref.).. 1 S S — COAL. Kaitangata 1 1 3 ‘ — Westport 0 13 0 0 13 2 Pukemiro'.. . . .. — 1 6 0 LOAN AND AGENCY. Goldebrough, Mort — 1 6 3 National "Mortgage — 2 7 0 National Mortgage (B issue) .. .. 15 6 Perpetual Trustees 2 10 0 Trustees, Executors 2 ,11 0 — Wright, Stephenson (ordj .... •- — 0 12 6 MEAT PRESERVING N.Z. Refrig, (cont.) 0 6 8 0 6 10 South. Froz.,Meat (paid) .. .. .. 2 11 0 2 12 0 South. Froz. Meat (pref.) .: .. .. 2 11 0 — South Otago Freez. 4 10 0 5 5 0 MISCELLANEOUS. Australian Iron and ■ Steel .. ... .. 0 14 9 — British Tobacco .. 1 13 6 — Colonial Sugar .. 58 5 0 — D.I.C., (pref.) .. 10 0 — Dominion Fertiliser (debs.) 97 0 0 — Electrolytic Zinc (otd.) •• — 1 2 0 Mosgiel Woollen .. 8 5 0 — M’Leod Bros 24 0 0 — Mount Lyell .. .. — 1 2 3 National Electric.. — 0 6 0 N.Z. Drug .. .. 3 5 9 — N.Z. Paper Mills .. 1 6 10 — Regent Theatre .. — 1 0 0 Smith and Smith.. 0 11 9 — Wilsons Cement .. — 1 13 9 N.Z. Newspapers.. 16 0 — a breweries: N.Z. Breweries .. 1 13 3 1 13 9 Staples — 1 6 6 _ ■ ... MINING. * Kawarau .. .. .. 0 0 5i — Waihi 1. .. ... 1 3 0 — Waihi Grand Jctn. 0 3 6 — Mahakipawa : .., . . 0 0 2 0 0 3 Kildare : .". .. .. 0 2 2 0 2 5 Okarito .. . ; .. tfO 11 6 0 11 9‘. Paddy’s Point ■ ' i 0 5 4 King Solomon .... 0 1 11 0 2 1 Golden Point .... 0 0 1J — Blackwater .. .. 18 3 — Gillespie’s Beach.. — 0 1 11J Waitahu 0 7 4 0 7 5 Big River .. .. .. 0 15 0 1 7 Mount David .... — 0 2 9 Nokomai.. 0 3 9 0 3 11 ' Lawson’s Flat •. .. 0 12 — Central Shotover.. 0 12 0 1 3 Bell-Kilgour .. ..' 0 1 21 0 1 34 Oxenbridge .. . 0 0 10J0 0 11 GOVERNMENT LOANS. 31 p.c. Ins., 19381943 100 0 0 — 3J p.c. Ins., 19381952 100 0 0 — 34 p.c. Ins., 19391943 100 0 0 _ 34 p.e. Ins., 19391952 .. .. • • • • 100 0 0 **■ 34 p.c. Ins., 19411943 100 0 0 •— 3J p,c. Ins., 19411952 .. .. .... 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., .1946 .. 101 2 6 ■ — 4 p.c. Ins., Feb., 1946 101 2 6 _ ft Cum dividend.

N.Z. SHEEP— Cl Cl 0> CM Canterbury and North £ >> Island selected cross3 < bred wethers and (Per lb.) maiden owes— d. d. d. 48-5eib 4*4 3J 57-641b — — 65-7211) .. 3i 3% — North Island ewes: 481b and under — 3% — 49-C41b 3 — — N.Z. LAMBS— Canterbury: 3Clb and under 6% 64 — 37-421b 6* 64 — 43-501b 64 8 — Second quality: Average 321b 52 — 5% Other South Island brands: Sfilb and under .. .. .. 6% 64 — 37-421b 64 — 43-501b 64 6 —- Selected North Island brands, including downs: 3Glb and under 62 — 37-42Ib 62 — — 43-50Ib 64 6 — Second quality: 6% Average S2Ib 5% 52 Other North Island brands First quality: 361b ami, under .. .. 6% 64 6% 37-421b 64 6% — Second quality: Average 321b 51 — — AUSTRALIAN LAMBS— Victorian— Second quality: 361b and under .. .. 5* —• — Other States — Second quality: 361b and under .. .. 5% — — All States— 5% Third quality .. .. .. 5% 52 ARGENTINE SHEEP— First quality crossbred wethers: 3% 48-641b — — 63-721b .. .. .. .. — S — ARGENTINE LAMBS— First quality: 5J 361b and under .. .. — — ARGENTINE CHILLED BEEF— Ox fores (X60-220Ib) 24 2% 24 Ox hinds (160-2201b) .. 5% 4% 42 NEW ZEALAND PIGS— First quality: 60-80Ib 44 44 .— 81-1001b 4% 44 — 101-1201b — — 4%

Copper, spot .. .. £3G 1G 10W Rise £0 2 0 Copper, forward .. 87 0 7 W Rise 0 1 10W Electrolytic. jpot .. 41 0 0 No change Electrolytic, forward 42 0 0 No change Wire bars .. .. 42 0 0 No change I.ead. spot .. .. 12 7 6 Fall 0 S 0 bead." forward .. • • 12 15 0 Fall 0 2 6 Spelter, spot .. ■■ 1G 15 0 Fall 0 1 3 Spelter, forward .. .. 17 i 3 Fall 0 2 6 Tin, spot.. .. •• 215 10 3 Rise X S 9 Tin. forward .. .. 214 18 0 No change Or. surer, standard .. 17 %d No change Silver, fine .. .. 19 6-16d No change