COMMERCE AND FINANCE

Otago Daily Times, Issue 22070, 28 September 1933, Page 14

COMMERCE AND FINANCE

LONDON WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) V:- ' LONDON, September 26. At the wool sales 12,292 bales were offered, including 1795. from New Zealand. About 7511. bales were sold. There was strong Yorkshire and Continental competition,' and ‘prices were fully naaintained. . Merinos: - Greasy—Queensland 18d, .South, Australia 23d; scoured Queensland 27Jd. New Zealand shpe halfbred lambs, “ C.M.C.. Eclipse, Challenge, top 184 d, average 14-Jd. SYDNEY WOOL SALES '•'(United Press Association.) (By Electric Telegraph—Copyright.) ; SYDNEY. September 27. (Received Sept. 27, at 10 p.m.) At the wool sales 13,001 bales were offered 'and 11,520 sold, while 1615 were disposed of privately. \ AH the better classes of ticece wools and good- skirtings were very firm under strong competition. Inferior: woo. and short carbonising descriptions met wife ‘ a restricted demand, and the market for them was weaker. An outstanding feature was the demand tor comebacks and ■ crossbreds, prices for the finer sorts; displaying a hardening tendency, with; other grades firm at late rates. Greasy pierino made 21Jd for seven bales from Curlew is. •/ADDINGTON MARKET 1 (Per United Press Association.) CHRISTCHURCH, September 27. A short yarding of fat sheep of fairly poor quality caused a sharp rise in price *t Addington to-day. Values were fully 2« up, and in cases 4s to 6s, Fat cattle also improved by 10s per head, and store sheep met with a steady demand, particularly ewes with lambs. I . • Fat Cattle. —There was an entry of 335. The quality was better than in recent yardings, with consignments forward from Otago* Southland, and the West Coast, meeting with a steady sale. The top price was £l4 12s 6d. The values showed: Bullocks, £l4 12e 6d; extra prime heavy steers, to £l3 2* 6d; prime heavy, £9 10s to £l2; prime medium-weight, £8 10s to £lO 10s; ordinary, £6 10s to £8; light, to £6; extra prime heifers, to £lO 17s od; prime. £6 15s to £8 15s; medium, £4 15s to £6 ss; light, to £4 10s; show cows, flO 2s 6d; extra prime, £8 10s to £J 7s 6d; prime, £5 10s to £7,105; medium, £4 to £5 ss; light, to £3 15s. Best beet made from 26a to 28s, and. in a few cases over 30s per 1001 b; good made 22s to 265; heavy-weight, 19s to 225; medium, 15s to 18s; and rough down to 14s. Fat Sheep.—There was a yarding ot 3000. The quality was below the average, but there was a strong demand. "Values; Prime heavy wethers, to 40s la; prime heavy, 31s 6d to 355; medium* weight prime, 28» to 31s; ordinary, 24s to 27s 6d; light, 20s to 23s 6d; extra Srime heavy ewes, to 34s 7d; prime eavy, 29s to 325; medium-weight prime, 26s to 28s 6d; ordinary, 23s to 2ss od; light, 19s to 22s 6d. Spring Lambs. —There was a yarding of 220—the biggest this season. There ■was an easing in demand, but a steady sale at an average of from 9jd to 10a. Store Sheep.—There was a fairly small yarning, with not many outstanding lots. Ewes with lambs were in keen demand at good prices. Values: Medium ewe hoggets, to 15s 3d; good wethers, to ICs 2d; medium, 12s to 14a 6d; medium m.a., 13a to 15s; ordinary m.a., 10s to 12s; medium ‘ ewes and lambs (au counted), to 11s 10d; ordinary. 7s to 9a; good am. ewes, to 18s 2d; ordinary, 14b to 16s;\ good wethers, to 18s 2d; ordinary. 14s to 16a. . ... 'V Fat Pigs.—There was a medium entry, which met with a good demand. Mediumweight porkers were in short supply, aud there was & -good demand for baconera. Values: Choppers, 20s; porkers, 27s 6d to 32a 6d; heavy, 35s 6d to 38s 6d. The average price per pound was 5d to s£d. Baconers,‘4ss6d to 52s 6d; heavy, 58s 6d to 62s 6d; extra heavy, to 65s 6d. ine average price per pound was from 4d to 4|d. : GRAIN AND PRODUCE REPORT Messrs Donald Reid and Co., Ltd., report as" follows:- — .... Wheat.—There is very little muling wheat remaining unsold. The local mins have all received their quota, and win have ample to- keep them going until the new harvest is available. Wheat Board rates are as follows: —Tuscan, 3a B£d, Hunter’s, 3s 10id; Velvet, 4a 04d, sacks extra, f.o.b. Fowl wheat sales are restricted to email quantities ex store, and prices vary from 3s to 4s per bushel, sacks extra. , , Qats—So far nothing has transpired to enliven this market._ Merchants holding Blocks receive occasional inquiries tor •email quantities. Farmers will not consider the low prices offering, preferring to': feed their sheaves to their stock. Nominal values are as follows: —A grade, Is 3d; B grade. Is, sacks extra, on trucks at-growers’ sidings. , .. Chaff.—There is ample available of all grades to meet the local demand. BmaU quantities ex store represent the bulls of sales. Truck lots sold ex truck reaUse up to £3 lOe per ton; £3 15s to £4 5e is the value of small quantities, sacks extra, ex store. ... Potatoes—This market is glutted with consignments at present. Holders, realising that they will probably miss the chance of a sale altogether, are sending their stocks into the stores. The consequence is that prices have slumped badly, and- best freshly-picked lines are worth no’ more than £3 Ids, ex-store, Dunedin. Lines that have been held in store some time are worth round about £3 per ton, sacks in, in each case.

LOCAL AND OVERSEAS MARKETS.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE A large amount of business was done on the Dunedin Stock Exchange yesterday, and the sales recorded were distributed among a large number of sections. Bank of New Zealands had business at £2 6s 3d and £2 os, two parcels changing hands at the latter figure. The closing offer for these shares was £2 5s 9d,seljers asking 0d more. National Bank of New Zealands were turned over at £4 5s Od, attracting no demand at the close of the market, and a sale of Commercials was reported at 17s Id. National Mortgages were sold at £2 12s 6d, later offers of £2 10s 6d failing to attract a seller. Two sales of paid-up Southland Frozen Meats took placg at £2 13s. They were asked for at the close at 6d more than that figure, but sellers demanded £2 14s. There was considerable activity in the mining section. Mount Lyefis had business at £1 3s 8d and fl 4s, three parcels changing hands at the latter figure. ' The closing quotations were £1 3s 6d (buyers), £1 4s 2d (sellers). A sale of Okaritos at 11s was followed by offers of 10s 9d, but sellers demanded 6d more. A sale of 4 per' cent. Stock (1940) took place at £IOO 17s 6d. SALES ON ’CHANGE.

£ e. d. National Mortgage .. 2 12 6 Mount* Lyell .. ..... •• 1 3 11 Paddy’s Point .. 0 5 4 Bell-Hooper .. .. .. .. .. 0 1 0J SALES REPORTED. Bank of New Zealand ...... 2 6 3 Bank of New Zealand (two),. 2 6 0' National Bank of N.Z. 4 5 6 Commercial Bank .. .. .. 017 1 Moegiel Woollen (two) . . . 9 5 0 Southland Frozen Meat (paid; ; two) 2 13 0 Mount Lyell 1 "..6 Mount Lyell (three) .. .. 1 4 0 Okarito, .. .. .. •• •• JIJ ® King Solomon .. •• 6 « Gillespie’s Beach (two) .. 0 2 3 Bell-Kilgour .. 0-’ 1.-74 Bell-Hooper .. .... •• •• ■ , ® 9® 4 p.c. Stock (1940) .. .'. 100 17 .6 SALES REPORTED AFTER LAST CALL. Waihi Grand Junction .. .. 0 4 4 Bell-Kilgour 0 1 74 The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:— BANKING, Buyer. Seller. £ b. d. £ b. d, A’asia ffl2 18 .0 - N.Z. 2 5 9 2 3 3 Commercial .... 0 17 4 E.S. and A. .. 518 0 6 2 6 Natl, of N.Z Union 10 7 6 INSURANCE. National ...... 0 18 0 —■ New Zealand .... 214 0 215 3 Standard 3 0 6 3 2 6 SHIPPING. P. and O. Deferred Stock U.S.S. Co. (pref.) 13 3 15 0 COAL. Kaitangata .... 11 6 Westport ...... 012 10 013 3 LOAN AND AGENCY. Dalgety and Co. ~ 10 9 0 10 15 ,0 Natnl. Mortgage .. 2 10 . 6 Natnl. Mortgage (B issue) 17 6, N.Z. Loan and M. ford.) N.Z. Loan and M. (pref.), .. .... 70 0 0 N.Z. Guarantee Corp. ~ .. ttO 7 9 Wright, Stephenson (ord.) ...... 013 0 015 0 MEAT PRESERVING. N.Z, Refrig, (paid) 019 3 019 8 N.Z. Refrig, (cent.) 0 9 9 0 910 South. Froz. Meat (paid) 213 6 214 0 South. Froz. Meat (cont.) 17 0 South. Froz. Meat (pref.) 213 0 / South Otago Freezing 5 0 0 MISCELLANEOUS. Broken Hill Propy. —2 0 0 Brown, Ewing (ord.) 0 11 0 Bruce Woollen (pref.) ...... Crystal Ice .. .. 18 6 D.I.C. (ord.) .... 011 9 D.I.C. (pref.) 110 Dominion Fertiliser 012 6 012 10 Donaghy’s Rope .. 2 1 0 2 3 0 Kaiapoi Woollen (ord.) ...... 0 8 0 Kaiapoi Woollen (pref.) ...... Milburn Lime .... 110 9 Mosgiel Woollen .. 9 0 0 910 0 Mount Lyell .... 1 3 6 1 4 2 Natnl. Electric .. 0 6 0 N.Z. Paper Mills 17 6 18 3 Smith and . Smith 015 0 Wilsons Cement .. 1 15 0 BREWERIES. N.Z. Breweries .1 1 16' 9 117 6 Dunedin .. >. .. 13 0 Tooths —2 0 0 MINING. Waihi .. .... 1 6 3 17 0 Waihi Grand Jctn. 0.4 3 0 4 4J Kildare Okarito 010 9 011 3 Paddy’s Point _.. 0 5 4 0 5 5 New Cornish Point 0 0 6 Golden Progress .. 0 16 King Solomon .... 0 3 2 Golden Point .... 0 0 2} Gillespie’s Beach 0 2 24 0 2 3 Waitahu ...... 0 I £ Golden Sands .. Big River .. “ « \ ®. Nokomai .*..... Freshford'.. .. .. "T 9? 9 Central Shotover 0 010 0 1 0 Bell-Kilgour .... *“ ' ® 1 ® Bell-Hooper .. .. 0 1 0 0 10* Oxenbridge. 0 0 10 Nevis Diesel (9d , ■ paid) ...... 0 0 9 GOVERNMENT LOANS. 34 p.c. Ins., 19381943 100 0 0 . 34 p.c. Ins., 19381952 .. .. .. •• 100 15 0 34 p.c. Ins., 1939“1943 100 0 0 34 P-c. Ine., 19391952 100 15 0 - 34 p.c. Ins., 19411943 100 0 0 34 p.c. Ins., 19411952 ........ 100 lo 0 4 p.c. Bonds, Jan., > 1940 - 101 0 0 4 p.c. Ins., Jan., 1940 100 15 0 4 p.c. Bonds, Feb., 1946 100 10 0 4 p.c. Ins., Feb., 1940'........ 100 10 0 j , 4 p.c. Bonds, April, 1949 -.101 5 0 4 p.c. Bonds, June, 1955 100 10 0 4 p.c. Ins., June, • 1955 ........ 100 10 0 ft Cum dividend.

NORTHERN EXCHANGES (Pek United Press Association.) The following business was done on ’Changes yesterday:— . . Auckland—Sales: Stock (1940), 4 per cent., £101: Stock (1940), 4 per cent., £IOO I2s Ocl; Stock (1949), 4 per cent, £lOl ss; Stock (1955), 4 per cent., £IOO 12s 6d (two parcels); Commercial Bank of Australia, 17s Id; Bank of New South Wales, £33 17s 6d, £34; Bank of New Zealand, 45s 9d (two parcels); Union Bank. £lO 8s Cd: New Zealand Insurance, 55s 3d; South British. 74s 9d; Dalgety, £lO 13s 6d; Goldsbrough, Mort, 29s 4d, 29s 2jd; New Zealand Guarantee Corporation, 7s 9d, 7s lOd; Auckland Gas, 23s 7d; Devonport Ferry, 20s 3d; Huddart, Parker, 31s 6d; New Zealand Breweries. 375; Bycroft, 38s 10Jd, 395; Colonial Sugar, £59 ss; Dunlop Rubber, 19s 3d; New Zealand Newspapers, 28s 3d; New Zealand Refrigerating (cont.),

9s 9d; Robinson's Ice, 17s Cd; Big River, Is 74d; Gillespie’s Beach, 2s 34d; Golconda (7(1 paid), 9d; Okarito, 11s (two parcels); Waihi Junction, 4s sd; Mount Lyell, 24s 2d, 24s 3d (three parcels); Rawang Tin, 5s 7d. Wellington.—Sales: Inscribed Stock, 34 per cent. (1939-43), £IOO 7 a 6d, £IOO ss; Stock,- 34 per cent. (1038-52), £lOl 7s '6d, £lOl sb; National Bank of Australasia (£lO paid), £l3 11a (two parcels); Bank of New Zealand,. £2 6s (late sale yesterday); Bank of New Zealand, £2 6s (five parcels); New Zealand Guarantee Corporation (cum div.), 7s Bd, 7s 9d, 7s lid, Ss; New Zealand Loan and Mercantile (ord.), £65; South British Insurance, £3 14s 6d (late yesterday); New Zealand Refrigerating (10s paid), Os 04d (late yesterday); New Zealand Breweries, £1 16s 6d (two parcels); New Zealand Drug, £3 10s. Christchurch. —Sales: Bank of New South Wales, £34; New Zealand Government 4 per cent. Inscribed Stock (1940), £lOl 7s Od; New Zealand Government 4 per cent. Inscribed Stock (1940), £IOO 10s; 4 per cent. Inscribed Stock (1949), £lOl 10s; Commercial Bank of Australia, 17s Id, I7s (two parcels), ■ 16s lid; Commercial Bank of Sydney, £lB 8s; (two parcels); National Bank of Australasia (£5 paid), £6 15s; Bank of New South Wales, £33 17s 6d; Bank of New Zealand, 45s 9d; Bank of New Zealand (“ D,” mort shares), 345; Goldsbrough Mort, 29s Id; New Zealand Guarantee Corporation (cum div.), 7s 10d, _7s 9d (two parcels); New Zealand Refrigerating (£1 paid), 19s 6d; New Zealand Refrigerating (10s paid), 9s 9d, 9a 10d (two parcels); Kaiapoi Woollens (17s paid), 9s 2d; Dunlop Rubber (cum div.), 19s (five parcels); Mount Lyell, 23s lOd, 24s (five parcels); New Zealand Farmers’ Cooperative 4 i per cent. Stock (1940), £6O (three parcels); Alexander Mines (13s 6d pd., cum div.), 17s sd, I7s 7d, 17s Od; Nokomni, 2s lid; Waihi Grand Junction, 4s 34d; Mataki, 2s 3d. ——Sales reported: New Zealand Government 4 per cent. Inscribed Stock (1949), £lOl 12s 6d; National Bank of Australasia (£5 paid), £6 15s fid; Bank of New South Wales, £34; Dalgety and Co., £lO 7s 6d; Bank of New Zealand (late sale Tuesday), 46s 3d; Goldsbrough, Mort, 29s 4d; New Zealand Guarantee Corporation (cum div.), Bs, 7s 8d; Southland Frozen Meat (fully paid ord.), 535; Electrolytic Zinc (pref., cum div.), 34s Cd; Mount Lyell, 245, 23s lid (two parcels), 24s Id; New Zealand Farmers' Co-operative 44 per cent. Stock (1939). £oo._ LONDON STOCK EXCHANGE (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright. 1 RUGBY, September 27. The stock markets closed with irregularity. British funds remained steady. Japanese bonds closed weak. Kaffirs became firm on news that tbe strikes at the mines had been called off. PRICE OF GOLD (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 26. Tbe. latest quotation for gold is £6 ISs 2d per ounce. THE DOLLAR .(United.Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 26. Exchange on New York is quoted at 4.75| dollars to the £., LONDON FRUIT MARKET The Otago Provincial Fruitgrowers' Council, Ltd., advises that the High Commissioner’s cabled report for the week ended September 23 on the London fruit market is as follows: — Apples.—Steady demand, but no rise in prices.

MINING NOKOMAI RETURN. The secretary of the Nokomai Gold Mining Company, Ltd., reports a return from the claim of 90oz 14dwt for a digging time of 14 days 16 hours. MAEREWHENUA COMPANY. The mine superintendent of the Maerevvhenua Development Company, Ltd, (Mr Evan Williams), reports that the Mosquito race is now completed, with the exception of a short section at the head of the race. The Bushy section was the most difficult part of the race to widen, there being 6000 feet of solid rock in that section with a batter in some parts 15 to 20 feet high to be taken down. Preparations are now being made to bring in water from Bushy, Stoncy, Snowy, and Spring Creeks, and by the end of next week sufficient water will be available to start sluicing operations in Duffer’s Gully. Approximately 500 feet of 24in pipes have been laid from the dam to Duffer’s Gully, and to carry the pipes further it will bo necessary to sluice a way through old claims. The masonry core of. the lower Bushy dam lias been built to a height of 15 feet, and pipes have been placed ready to start and shiice the material for filling. The filling will be kept to the height of the core. A compressor has been placed in the tail race tunnel, and a hydraulic ram is being prepared to supply water for boring purposes. ALEXANDER MINES. The latest official report from Alexander Mines. Ltd. (Reefton), regarding i the lode intersected on September 20 m New No. 4 (lowest) level states that the | reef js 3ft Oin wide, and is being foli lowed northwards —eight feet so far hav- | ing been driven north. The ore body . is clean and solid, and is showing visible "old, but assay values are not, yet to I hand. I In the intermediate level (40 feet vertically above new No. 4 level) the lode 1 is being driven upon north from the point where it was first intersected, and hue widened out to six feet in the present face. Fully 45 feet has been driven north on this reef to date. Values are low at present, but should improve. RAND GROUP PROFITS. The profits of the Rand mining groups for July show an increase of £J 14,490 compared with June. There was the same number of working days in each month, but the valuation of July was 123 s per fine ouuce, compared with 120 s in June. The total profit of £2,518,791 is second only to the January total of £2,734,433 (valued at 120 s per ounce), but that was before the policy of mining a larger proportion of low-grade ore was adopted. The following table shows the profits of the individual groups and a comparison with the corresponding month of 1932 (without the gold premium) and with June: — July, 1933. June, 1933. Group. f ' £ Anglo-Am. .. 326,550 317,099 Barnato .. .. 801.477 771,768 Central Mining 769,831 722,953 General Mining 88,370 89,043 Cons. Gold Fields 262,662 246,781 Union Corp. .. 270,001 256,657 2,518,791 2,404.301 Total profits for July, 1933, were £1,250,387. DAIRY PRODUCE The Otago Farmers’ Co-operative Association of New Zealand, Ltd,, is in receipt of the following cablegram from London, dated September 26; — Butter.—Finest, 107 s; first grade, 104 s. Decline owing less activity. . Cheese.—White and coloured, 03b to 545, Market quiet. Messrs H. L. Tapley and Co., Ltd., have received the following cabled market report from London:— Butter, 106 s to 108 e per ewt. Cheese. —White and coloured, 54s per cwt. , Markets quiet. The South Island . Dairy Association, Ltd., has received the following market report from London: Butter. —Weak. Finest, 108 s; first, I04s; Danish, 116 s. Cheese. —Quiet. White and coloured, 545. AUSTRALIAN STOCK EXCHANGES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, September 27. j . (Received Sept. 27, at 9.30 p.m.) On the Stock Exchange, despite some irregularity, gains were more numerous ; than falls. Pastoral stocks were inclined J to ease. r The following sales were made: — I Bank of New South Wales, £34 ss; i National Bank (£5 paid), £6 17s; Queensland National Bank, £5 I2s Od; Colonial Sugar, £59 17s 6d; Mercantile Mutual Insurance, 20s 3d; Australian Provincial Assurance. .12s lOd; Howard Smith, 13e sd; Associated News, 19s; British Tobacco, 37s 3d; Dunlop Perdriau. 19s Id; Tooths, 40s; Tooheys, 23s 6d; Electrolytic Zinc, 26s 9d; Henry Jones, 38s 6d; Anthony [ Hordern, 12s (pref., 20s 4^d); Meggitts, 22s 3d; Lustre Hosiery, 16s 74d; Farmers, 14s; Standard Cement, 16s 9d; Berlei, 27s 9d; Australian Glass, 49s 6d; Automatic Totes. 15s 9d; David Jones, 33s 3d; Broken Hill Proprietary, 40s 4Jd; North. Broken Hill, 90s; Mount Morgan, 49s 3d; Bulolo Deposits, Is 10(1. MELBOURNE, September 27. Anthony Hordern (pref.), 20s 2d; Melbourne Steamship, 28s 6d; Howard Smith, 13s 3d; Dunlop Perdriau, 19s; Herald and Weekly Times, 43s 4d; Mount Lycll, 23s 9d. LIFE INSURANCE A recent publication issued by the Los Angeles Chamber of Commerce has the following:—We were very much interested to note the other day the excellent position held by New Zealand in the life insurance world. While the amount of the life insurance per capita throughout the world varies from 2 dollars in India to 843 dollars in the United States, New Zealand was third in the ranks. Figures given are: Canada, 640 dollars per capita: New Zealand, 358 dollars; Australia, 273 dollars: United Kingdom, 266 dollars; Sweden, 205 dollars; Italy. 152 dollars; Norway, 137 dollars; and the Netherlands, 123 dollars per capita. These figures speak well for New Zealand and Australia, because life insurance is one of the bases of wealth of any nation, MELBOURNE HOTELS, LTD. Accounts of Melbourne Hotels, Ltd., for the year ended June 30 show that operations bn.ve resulted in a net profit of £3231, which follows losses incurred in the previous two years. At the beginning of this year assets were revalued, ordinary capital was written down 10s a share, and preference shareholders agreed to cancel arrears of preference dividends to December 31 last. Gross revenue increased by £5033. and net profit is struck after providing £2084 for depreciation, ana £2OO for taxation. A dividend of 3J per cent, on preference shares jfor the six months ended June 30 is proposed, and it requiries £2975, leaving £256 at the credit of profit and loss account to be carried forward,

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

V LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON. September 20. (Received Sept. 27, at X 0 p.m.) Tho following are the official quolations:-

INDUSTRIAL CODE UNITED STATES PLAN. Criticism of the industrial code of the United States, which is appearing almost daily in cabled messages, invests with particular interest the actual working of the “ universaj covenant ” to which employers in the United States are being asked by President Roosevelt to subscribe. Mail advices from America set out the code which employers are being asked to sign aa follows: 1. Not to employ any factory worker or artisan more than a maximum of 35 hours a week, or of eight hours a day. Employees are, however, given the right to work a maximum week of 40 hours for any six weeks within the period of the agreement. 2. Not to work any accounting, clerical, delivery, or sales employees for more than 40 hours in any one week, and not to reduce hours of business below 52 a week, unless a shorter working period was in operation before July 1. 3. Not to employ any person under the age of 16. 4. To pay factory workers and artisans not less than 40 cents (normally Is 8d) an hour, unless the rate existing on July 15 was lower, in which case the latter rate may be adhered to provided it is not less than 30 cents (normally Is 3d). 6. To pay all other workers a minimum weekly wage varying from' 15 dollars (normally £3 2s 6d) in cities of 500,000 population or more, to 12 dollars (normally £2 10s) in towns with a population of less than 2500, 6. Not to reduce rates of pay at present in' excess of these minima, even though hours of work may be reduced by the operation of the agreement. 7. Not to increase the price of any merchandise beyond that ruling on July 1 except to the extent of actual increases in. production costs. In calculating such increases full weight must be given to probable increases in the volume of sales. 8. To support and patronise establishments which have also signed the agreement, and which are listed as members of, the National Recovery Administration. 9. To co-operate to the fullest extent in submitting a permanent code of fair competition for the employers’ particular industry, such codes to be submitted not later than September 1. 10. Not to use any subterfuge to' frustrate the spirit and intent of this agreement, which is, among- other things, to increase employment by a universal covenant, to remove obstructions to commerce, and to shorten hours and to raise wages for the shorter week to o living basis. Acceptance of the above conditions is voluntary, but business and social pressure is being exerted to force employers to “ co-operate.” DANISH AND RUSSIAN BUTTER In a report received by the Australian Dairy Board from its London manager it was 1 stated that in Denmark fine summer weather had been experienced, but dry conditions were now prevailing. A continuance of these conditions for a few weeks might have a very noticeable effect on production. The exports from that country during August were 3 per cent, lower than for the same month last, j year. The exports to Great Britain were i 7 per cent, lower. It was anticipated that the Danish winter exports to the United Kingdom would show a fairly heavy decline, compared with last winter, possibly from 8 to 10 per cent. A serious view was taken by the board in regard to the large quantity of Soviet butter imported into Great Britain. During three weeks in August the quantity imported was 7300 tons. The London manager reported that according to competent authorities the recent heavy shipments to Britain were due to the Russian desire to export all available butter, fearing that quota restrictions might be imposed by the British Government at any moment. There was a feeling that stocks in Russia _ were very low. From September 1 till the end of December it was ) estimated that the exports to England i would not exceed 7000 tons, or about the same quantity as last year.

RUGBY, September 26. Paris— Par. Sept. 25. Sept. 26. Francs to £1 .. Brussels — X24.2X 79 13-32 70 11-33 Balsas to £1.. Oslo— S3 22.27} 22.27 ; Kronor to £1 .. Stockholm— 18.189 19.90 19.90 Kronor to £1 ,. Copenhagen— X8.X50 19.40 19.40 Kropor to £1 .. Berlin— 18.150 22.40 22t40 Marks to £1 .. Montreal— 20.43 13.02 13.01 Dollars to £1 .. Now York— 4.86 2-3 4.85 4.85 Dollars to £X .. Yokohama— 4.88 2-3 4.74J 4.74 Donee to J'en Hongkong— 24.582 14 1-16 14% Pence to dollars Bombay— 24.58 17 8-16 17% Ponce to rupee Batavia— — 18 3-64 18 8-64 Florins to £ 1 Milan— 12.10 7.65 7.65 Lire to £1 ... Amsterdam— 82.40 59% 58 15-16 Guilder to £1 Prague— 12.107 7.70 7.69 J Kronor to £1 .. Geneva104J 105 104} Francs to £1 .. Vienna— 25.22} 16.04 16.03} • Schillings to £ 1 Helsingfors— 84.861 29 20 Marks to £X ., Madrid— 103.23 227 226} Pesetas to £1 Belgrade— 25.23} 37 3-32 37% ■ Dinars to £ X .. Athens— 25.22} 228 230 Drachma to £1 Lisbon— 375 550 565' Escudos to £1 Bucharest— no 103 1034 Lei to £1 .. Rio de Janeiro— 931.6 525 530 Ponce to mllrols Buenos Aires— 5.890 4% ‘ 4% Pence to pesos Shanghai— 47.28 43 45 Ponce to tael .. — 15 7-16 15 7-18 Montevideo— • ' Pence to pesos Warsaw— — 87 37 Zlotys to £ X .. — — —

Copper, spot .. Ton. . £31 2 G No change Copper, forward . 34 G 3 No change Electrolytic, toot . 37 5 0 No change Electrolytic, forward . 38 0 0 No change Wire bars 0 No change Load, spot 0 Rise £0 1 3 Lead, forward . 12 8 a Rise 0 1 3 Spelter, spot .. 3 Fall 0 1 3 Spelter, forward y , 16 15 0 Fall 0 1 3 Tin, spot.. .. 3 Fall 0 6 0 Tin, forward ., . 215 7 0 Fall 0 1 3 Tig Iron, home trade . 3 2 Q No change Pig Iron, export , 2 12 e No change Antimony, British , 3D 10 0 No change Antimony, foreign , 23 10 0 Rise 0 10 u Molybdenite Dnlt 0 No change Wolfram 6 Rise 0 2 9 SIWer. standard . Os. . 18V4d . Rise 1-lGd Sllrer. line .. . 10 10-lCd Rise 1-lGd