COMMERCE AND FINANCE

Otago Daily Times, Issue 22203, 5 March 1934, Page 13

COMMERCE AND FINANCE

° mem &M>) OVERSEAS MARKETS. ■'.•>

THE SHAR& MARKET DUNEDIN STOCKEXCHANGE A sale of National -Banks ww reported on the Dunedin .iStpck Exchange on 1 Saturday at £4 4a, the shares being on ;; offers later at 1» more. ; Offers- of £lO,-6s for Dalgetys found;sellers firm, at £lO 10s. Moonlight-Kelson*-Creeks were in firm demand at' Is 'ld, the best selling quotaof Central Shotovcw aifflsiljd was:reported. SALE ' ;■■'■ .. ■■ ; ■.-,£-■■ ». d. National :-Bank%. ; v> ... < * ° '■'■.'■i SALE REPORTED AFTER LAST / CALL. Central Shotover 0 1 1J The following arp .Saturday^A"buying and selling quotations,-which: are.,subject'to - ;■ • |

*• Wellington.—lnscribed Stock, -4 per Cent.- (1955), £lOl. 17 e 6d> (two sales); National Bank of New Zealand,, 84s; Bank of New Zealand, 48a lid,' 48s 10d; Union Bank, £lO 4s; Wellington Gas, 375; Woolworths N.Z. (ord,), £5 5s (all late Friday); New Zealand Breweries, 39s 7d. CGhristchureh.—Commercial Bank, 17s 2d< (four sales),: National Bank,. £4 4s; Bank/ of ; New Zealand, 48s lOd (two sales); Refrigerating (10s paid). 8s; 2d (two sales);, Anthony Hordern, 15s 7d (two sales), ' lss 8d; Beath (Is paid), Be;,. Bell-Hooper (Is paid), Is; Mahakipawai- -2d (five sales); Mahakipawa (pref.), 3}d; ■ Mount:' Morgan (5a paid), 225, 21s Hid; Rewang. Tin, 7s. Sales reported:. National Bank, £4 4s. bd; Wright, Stephenson (pref.), 18s; Chrietchnrch Gas, 29s <two saleejr Beath (Is paid), 8s- 3d; Woolworths (N.Z.) 38s; V:New Zealand ..Government 4 per cent.: Inscribed (1955), £lO2 ss. ,- .<

DOLLAR AND; FRANC ." /..(United Press Association.) , (By. Blectrle f•legrapb--Cbpjrrlght.) '■■''.■■•''■ IONDON, Mareh 2; ; The* doUar is (juoted at" SMI, and the franc'at : 77j. ' " ; ■ ■ "; ■■ .. ■.'-. '." TIN-MARKET, ;';.■;" (United Press Association.)" '., (By Electric Telegrapli-HCopyrlght.) -'.•• - LONDONi March 2. ' The world's visible supplies of tin total 21,028 tbtis; Straits, carry-over, 4067 tons; supplies, 5119 tons; deliveries; 6212 t0n "; * . '« LONDON, March 3; V (Received March 4; at 6.30 p.mi) : Stocks of tin-total 5200 tons^ '■ . SOUTHLAND MARKETS '{'■■HWMOU OCR; OWN;COBIWBI^pBl«T«)- '"-■'> INVERCARGILL, March 2l The stockniatket continues Well supplied in all sections and values are nrm for roost-classes. /Fat cattle are offering Vfreely, the'bulk of these being f cows of indifferent quality. ,Fat bullocks, ot medium weight are selling fairly well, and the markets for. Hhis.;class of;. animal is firm,'but for cows and out-of-conditioned cattle the demand has eased. Fat; sheep are coming to Hand; in fairly large; numbers, .the offerings in thei main being principally" ewes; ; The'market for wethers and' freezing -ewes', is firm, while heavy •ewes are hardly, so/ keenly : competed tor. The yarding of store sheep" at the vanoug country s^le/yaifds;during the weethaYe been'very;heavyi'. and values• for all classes •re •steady. are*now !: cominjj •to hand and 'prices, must Ibe satisfactory to the vendors. - ;*" , „' v : '' _ ' ' F»t ' heavy bullocks,. £7 ss'tO' £8; medium do,!; £5 10a to £6 6s;' prime heavy heifers, £4 ;15» to £5 ss; medium do,: £3 lOtfto £4; prime heavy cows, £4 to £5;. lighter, dp, £2 10s ,to, £3; veilers, to 15s; Tunhers, to £2.',:.- : ■. 'Fat Sheep^—Prime -heavy wethers, - 28 s to 30s; medium 22| to 23s;;pi , im& heavy-ewes, 18s to 20s; medium do, 15s to' 16s;, lighter dp*. 13s, to -Ms;v-■;:,>■■'. "' " "■ \ "*-V"'--"'' \ v V , :' Store toi23a; 6d to ; 188;< tw'oitooth ewes, 30s to 345; two-tooth wether* 20s, to 22s *6d; four; six, r and eight-tooth ewes,. 20s to v275; ; 3 faibte-; mouthed ewes, 16s. to 18s; aged ewes, 10s to 12s, . ■*..-■■'"-',■, - ~i>- /- \ GRAIN REPORT. Oats.i-Ndthing yet has been offered, by growers, hbrVisit expected'that material -will:be .placed.'oh the market for 'the 'next sthree- four; weeks;: : Quotations locally are; based: on--business which, reported, has been done in the north at figures which appear?to be somewhat oh theVlow side the shortage of supplies.' -Inquiries are being made from local, merchants for; A grade, prompt delivery, at 2s 4d, f;o.b;, ; s.i., but this* is ; altogether-;Tjninteresting, hier- ' chants* ideas of values being 2s 5d prompt and-2s fid. for spread "deliveries. Such •figuresVwould ;rieli';grbwers.''round Is 'Bd per bushel on trucks, their; sidings, sacks extra. Such figures cah'hardljr be, considered payable from the glowers!.-point of*view, • < ' S'Chaff ; hiis been -offering 'more freely^by growers,.; and-thpUßhtlhe; demand is small and- shipping; quite Jmpossible_ at, cufrent'prices, growers in : the meantime have-; found'' a ?airly fopd ; old chaff .at ..£2'' 10s .to; £2 15s per ton; on trucks, their.- sacks' supbuyers, these figures .depending on duality and :thVwhereabouts' of the" chaff. ■■", ' .-■- - ■■•:■.-Ryegiass.iT-Fair offers have; been: made ; during the- week -by growers, at prices ranging between 2s 6d and 3s per bushel for'seed' from the,m.ill,-though;the- latter. figure has been exceeded to some extent; for especially fihej, lots. Values ; betwe.en merchants for machine-dressed;(seedjife on the basis of 4s: 6d pet bushel for seed approaching 301 b in weight with; a germination of 90 percent;, ,-•'■ ',;Therie}:isedittle- movement so far jn^reto; crested-dpgstail-and :Chewings fesciie,-both of which are ;known -to;; bes 'distinctly shorter crops, than usual.:, .-.,-..'•

GOVERNMENT XOANB. W&px. Im., 1938- . :. 1J43 101 15 0 —;. .! 101-10 0 101 17 6 Jan., ' . ■' : -'.' .- ":-■;■■■ 1940 .. u 101 10 0 '"'* p.c. Bond*, Ftbv - feW .. ~ .. ..101 5 0 4'-'p&'Bondit .April,'. -»'.; .-' ■. ~. '-'?4';P^.^Boait-Jm»e;-''' ; ' .'-^■.■''' :: >;1»55-i .'.'■:..'.'.'■ ...lOl'lSvJO -.■■•,■■< I— - v : : -

MIUT AM>M)PU€E-WORLD

Reilly'g report: selling:— -•■''';. :j Per Dojen.—Cabbage, ls6dy 2s, Cauliflower, 2s, 3b. vCarrots,' Is; Honey: Jib pats, 3b 6d; section,.Sato 9g. Eggs:, Market ratea;,: Lettuce: 'Choice : . largest2s, 3s; Cucumbers, 5s to 6s 6d. :<-* Each.—Champion egg crates: 24 dozen 16s 6d; 12 dozen, 12s 6d. Knapsack gprayer; ; £4 159. : . '■'"'■'L-', ■'■' ',• ■ Per, Bucket.—Blackberries: Cultivated, 6g 6d. 7s 6d. ; -■ ; ;*, -Half Cases.—Peaches: Choice,4 B 6d,65; small cooking, 34. 45;,: Freestone, 4s 6d, ;6s6d. Plums: Kirk's, 3s 6d, 4g 6d; cdokiilg,. Is 6d, 3s 63; Satsuma,'6b, Bs. Greengages, 8«i, 7s I6d. Nectarines: Choice, 4» 6d, 5s 6d; small cooking, 3s, 3s 6d;W.B.C. pear, 3s;. overripe andijvasty,-6s, Is.: _. ■ Bushel Cases.—Apples: Gravenstems, 6s, 8s;: Coxes, 6s 8s; Pearmains, ss; cookers, 4s, 6s. Pears: .W-BiCi, 3s, 6s. Jamaican" oranges: Canadian 'cases, 32s 6d, 355. New Zealand .lemons,: 14s, 16s. Califprnian grapefruit, 30s.' Calif prnian ilemohs, 52s 6ds. , ; Bananas:. Ripe Niues, 22s 6d. Coconuts, 18a :sack. 1 Per lb.—Nectarines::- Crates, 2jd,' 4d. Peaches, 3d, . Blackberries, 4}d- Dessert' plums. -2d, • 4d. ; Bulk honey: New •iaaoni; 4d, -4Jd;.second, 3dj; .Beeswax, la, Walnuts, Cheese, s}d. Grapes: Hothouse, 9d, Is, Scarlet' runners; Id, ljd: Butter beans, Id, -2d. ' Frencn beans,: 2Jd, : 3d. Broad beans, Id. Peas: Choice, 2d, 3d; old: arid dry, Id, lid. Bntter: . Storekeepers, 59, 6ds Peanuts, 4d. Tea: Orange Pekoei 2s••'.; 6d, Porker and bacon pigs: :Prime,6d;,6id. - Bacon: Prime, 9d; inferior, 3d, 5d.-.'•■Hams,: lid. jthubarb, id. 'Garlic, 6d. Tomatoes: I Kakanhi choice. 3d, •, 4Jd;. siriall, M d, 2d; i locals. 4d| sd;. ChristchurCb; Id, 2d;, Central Otiago, -2d,. 3d; Biiiall seconds, Id; I Outrams, sd. ■'■•■•-.■. , >■ ■ : .''Potatoes,: ss, 6s. Onions: Aucklaiids, 8s; Cahterburys, 6si 7s. Oyster s grit, 7s. 'Woodwool, 28s; : Blu.estone: Macclesfield, 42s 5 6d> Marrows, 7s.' ; ;Olive Oil.' 10s 6d gallon; Vallo Giraffe lime gulpbur: 8 gallons, 2s 3d; barrels, Is ■od.-' "••■•'• "Semesan and granosan: 2oz,'-2S'.3d; N >}lb, 7« 6d;llb, 12s 6d; 51b, 555; 251 b; 2455. ' Black Leaf - " 40 ".-r-American—lolb, 525; ;51bV 30s; lib, 8s ,6d; Jib,; 5s 6d; Jib, 4s 3d. £:■ -■■■•,:. -, .. ■ . Restar grasg grub and Eelworm externunaWr: J'Wllon,'3s 6d; h gajlpn, M 6d. j Wheat: Choice Canterbury, 4s, 4s 6d; geconds, 3s 6d. Partridge peas, 5s 6d. . Maize, 63. Kibbled maize, 6s. Oats: A; Gartens, :2s 6d; B, 2 8 3d. Crushed oats, 9s 6d. •: ; ".'' >;■::. ■■■. .;■-■: ; -.'•■■■.'. ; Cross Keys- meat meal, 16s, , Manuka tomato stnkes. . 8s per 100. Chick food: 1001 b, 175,6 d./ .. '. , Acorn buttermilk powder, 3d per lb. Bran, £5. Tollard, :£6 10s, Straw: /.'.'Oatoeal;-£l9.- . : , ■ . « OJ ;,■ Per Pair.-r^-Poultryi'29s hens at 2s 8d •to 6s 2d,. 168 cockerels at 3s to, Bs, 48 tpullets at :3s 4d to 7s, 29 geese, at 3s 6d to 5s 6d, 30-chickenSj at 2d to 2s 4d, 16 bantamg at'ls. ~' ■':;:'■. : '' :' ;'.'v.-

•' NORTHERN EXCHANGES; .'• (Pm Umn» Pw«» AwocUTioir.) Tha following, business was done on iSatnrday:— "AicU»pa.- i -8»le»: ; Stock (1049) ,4, per //D : Moris). 32» 93; New Zealand Inaurait*' • 56a • 3d;' New Zealand Refrigerating 1 (lOi paid). 8i: Id. WUwhs^Cement, i|^^ilew : ai«liliilfeJWiimii Dubbo, ,7a. .Unofficial: ; .Inviatment: Jfixeeutita Truat (B);,£l01 15a.

- • REILLY'BCENTRAL PRODUCE :■■ ■:■■>: -.,-. ■ , MART, LTD., • ;■.- MOBA¥^MCEiDUNEDIN,

FOREIGN EXCHANGES

(British Official Wireless.) (United Press Association.) (By Electric Telegraph—CoDvrlght.)

• PREFERENCE' SHARES SHAREHOLDERS* RIGHTS. Many Investors in preference shares are 'under. •■; the impression '(stages ; v the Melbourne Argus) that vsuch shares carry certain .rights! which cannot be modified With6ut the consent;of the 'holders, .but thely find in many peases, when the question yof altering . these rights, crops up, that-they are; subject to the will of the ordinary shareholders." This confusion of shareholders' rights is due: to the various ; ways in : which ;' preference shares, are created. A really fixed preference share is one-which is defined* by...'the? memorandum of association of , the .company, and is. : specified as unalterable. "Not so secure is. "the : preference share,, which may be altered ' in! the manner set "forth in -ibfi articles of association." •'■ As 'the 'articles of ; association are alterable by special resolution, a minority-holding preference shares may-not be" in a. position to prevent- interference with its' rights. Equally unsatisfactory is the- position of .preference shares created by power in the articles of asociation without reference td the memorandum of association. Least desirable of all is the method of creating preference shares by I resolution, of a ;board of ; directors. Not many, investors know the conditions attaching to the preference shares; they "hold; -. ■•''; .. ~ • • Mr' W. O; Burt has done useful- work in directing- attention to the matter in the . Stftck Exchange Official Record,,, and suggesting amendments of the Companies Act to "safeguard more. effectually .the rights'* of preference . shareholders. He recommends' that ;the manner in which preference shares are to,:be,created ind the Irights' jttacjiing i-tp"' them should : be set-out' ; in;every prospectus':aind on<every Scrip.'certificate,. -and that the precise rights as to -the repayment of capital, particularly in'surplus asslts and profits, claßfl of. dividends, priority of payment, arid other details > snould .appear in the .memorandum-,., of association- ox. in the articles. ■: ■-•■-','.•".,.■'...'.' : ■' ■■'■■' ■'•'■'■

MERCHANDISE MARKET The; landed ia-icargo of. sugar-on Saturday morning. The mhga-r tui-is 'due: on; the' Bth with a -cargo, and the Waipiatabh the 14th.; ;,, : . The ,WaiheiWo arrived, at Dunedin last week from Pacific coast portsi; She brought, supplies' of prunes, salmon, pilchards, borax, seedless and seeded raisins, and a considerable, quantity: of Canadian flour. The firm market in California for prunes; and. raisins is being reflected.by higher landed- costs'in Dunedin; -.-, . '"•,;. r ;'; _ '•: .:. A .slight alteration ; hajs taken_jplace in the price of Highlander and IXL milk, Cthe former being slightly reduced: in .price and Hhe latter; advanced. ; r;.'" ; - :■ ' A- further shipment of plain sultanas arrived- from Mildura, .ex, the WainUi, ion- -March !• This- vessel' also brought Australian canned fruits : and transhipments of:,figs : . in: bags ■' from.-,Smyrna, and te&/from Colombo. ■','■;'• /.' "'/.'..."'>.'..,*;';,.-""'■ ■■■). . 'The? first of, new season's. mar.ro-w----i{at'.beas.-haye made an appearance on the market.- ••''•.. i ■ ■ ? The Karetu, from Sydney, brought transhipments of tea, supplies 'ji&- Austra-lian-dressed rice. ; ;'■ .-•-. , Oak .arid K. beans and spaghetti hav ( e been reduced in j ''.'..« .„ i vTherTamaroa, dtie on March IQ,i will land supplies! of Benger's food, drained cherries, strychnine, caraway; feeeds,.; etc.

MINING : -

MOLYNEUX GOLD DREDGING COMPANY ■ ISSUE OF SHARES.; (United Press Association.) (By Electric Telegraph-r-Copyrlght.) * ' 'LONDON, Marcb3. (Received March:,*, ati6.3o p.m.) . The Molyneux Gold Dredging Company of New Zealand is issuing 1;250,000 2a shares, which have been underwritten. ,' ; ~., '.■%'■. ...... ; . BELL-HOOPER: RETURN I(Peb United PitEßs Association.) , ■ : > March l'_d.% The Bell-Hooper Cromwell'' Gold. Ltd., return for. the'week ended March 3 was 68oz 6gr. FOURTEEN MILE BEACH COMPANY ■; ; ;; ; \;; ' ANNUAL MEETING. * ._• The first, annual jg'enerai meeting- of shareholders: of the Fourteen Mile Beach Gold Mining Company, Ltd., was on Tuesday last, a fair number of shareholders being present. , - % ■ t '- <' Moving the adoption of the annual .report and balance sheet the chairman. (Mr. James Park) Stated that the company was incorporated on October 14, 1932, and in December of that year a gang of men under the supervision #>f Mr J; MLeltan proceeded to the claim to install and erect the necessary machinery and plant on the claim. This work was completed by theiendof April* 1933, when actual mining operations commenced. These had been carried on from May 8, 1933, untol the end of the year, with a good deal of stoppage on account of high river conditions r the paddock' being;entirely flooded during the months of May and June. Approximately a further seven weeks were lost during the following;months through the same cause. The first wash-up took place on September 2, 1933, ,and resulted in a return of 450 z . 12dwt .18gr.: On December 18 the boxes only were resulting in.a return of 2£oz 4dwt 12gr. On' December 22 ,the top box was cleaned, returning 10oz 6dwt 14gr, and on Janur -,ary- : 23 of this year: the second paddock was cleaned and washed, returning 720 z 6dwtr 15gr,.- part of which bad-been included' in this year's figures. The! ;total gold Won to date "was; 156bzl0dwt ll'gr. The plant: during the period: had f given little trouble, and was working very elhcir entlyy. and the addition of an ■ air .compressor,, which the directors proposed, installing, should , considerably speed up the work. Although not in a position, to pay a dividend, expenses had been cleared, despite: /adverse river conditions and the difficmlties experienced:in securing capable. management. - The >recent. appointment .of Mr Arthur Donnelly, of Roxburgh,,', ns manager was, he felt, a step in tbe right direction. - . ' ■ ■._, - 1_ The retiring directors, Messrs James Allan and J. H. Kirkwood, were re-elected. Messrs James Smeaton and Co.: wererreelected auditor* for'the ensmngj'ear. ; On the motion of, Mr J. E. Wheeler, hearty vote, of thanks was accorded to the directors for the efficient_nfanner m which they had managed, the affairs ot tne company during the past year. • : .

OPERATIONS AT _ The following, information bias' -been cabled 'to- the London •■ office of the Waihj. Goldmining Company,; Ltd;,;f or the period, ended 'Penary; 17,* comprising 22!■,crush-., ing days:— -■■. \ '"'..*■.• >'••','■;..', •••'',".•■'","- : ',' ■ • ■■', Eighteen thousand nine, hundred -ami thirty-six tons of ore were crushed, for 'the result of 5252 fine; ounces of gold,.and 36,459 fine ounces of silver. Th.isancludeß: 2048 tons* mined froni the Grand' Junction area, which yielded 550 ounces of gold and 1549 ounces of silver. _V . No; 4 Level.-—North : branch of .Martha lode: Driving east. ; The, next; 18/ feet assays. 28s 6d a ton. The width ?f - the lode Varies from eight inches: to 12 inches. Edward lode: Driving r south. The next, 26 feet assays 7s fld- a ton, and the next 22 feet is ore of good? grade. The width ofthe lode is about :two feet., , " -No; S ' Level.—-Marthb';■'■': lode, ■> north branch: The next 24 feet; is •ore of good grade. : >The width of the lode is .about two feet and a-half. Martha lode: Driving West. The next 13 feet assays 18s a ton. A crosscut at .440, feet has connected to the drive on the; north branch of the Martha'lode. -.■'•' \ KALGOORLIE ; ENTERPRISE ■ MINES Kalgoorlie Enterprise Mines, Ltd., has been registered in Melbourne with a capital of £275,000 in £l shares. Directors of the company are H. G. Darling, R. 0.. Blackwood, R. C. Meares, W.G.. Duncan, and Essingtrin Lewis, who are also directors of the Broken, Hill Proprietary C6mpahy. ; ., '. ... The company.has.been formed as a sub--sidiary : to, the Broken Hill : Proprietary, to carry on the testing of the Enterprise leases at Kalgoorlie, begun by the Broken Hill Proprietary, when it obtained an option over the .leases about 18 months ago. The option recently expired, and, as the Broken Hill Company did not wish to waste the exploratory work already done,' it. agreed to take over the leases, and in .payment granted the vendors fullypaid shares in the, new company formed.' The Wort done ,so far has comprised di iving, cross-cutting, and ; diamond drilling from the lower workings of the Great Boulder and South Kalgurli mines, which adjoin the leases on the east and.north. It ir understood that the formation 6i the company does 'not,; imply immediate active mining operations, but it, will enable .the : Broken Hill Proprietary Company to continue x is exploratory work, which,,if satisfactory," will, lead' to development of the property later. ROUND HILL COMPANY The;first annual report of the. directors of the Round Hill .Gold Mining Co., Ltd. (Southland), states,that the company has commenced operations and is winning gold. The pipe line was finished on July 29, 1933. The water was then turned' on and elevator sinking, commenced, the bottom of the wash being reached on-. October 16, 1933. So far a total of 1750 z 19dwt 4gr of gold has- been won, the? estimated value being £l2lO. OUTLOOK FOR; LAMB ■•'■'•■A ' - The prospect of a further rise in* the price of lamb after Easter was foreshadowed by Mr D. Jones, a member of the Meat Export Control Board; when addressing a gathering of farmers at the Kaiapai Freezing Works on Thursday afternoon. He said that the Ottawa agreement had been of great benefit to New Zealand, and the rise in the price of lamb this year was due largely to the limiting of the supplies from South America to the Home market. The board, in regulating shipments, had seen that the market had been reasonably supplied, and there had been no glut this year. Then again, as the Argentine was sending very little mutton to Great Britain, but wanted to' send more lamb, it meant that New.Zealarid mutton-was in demand.

LONDON MEAT MARKET

(United Press Association.) (By Electric Telegraph—Copyright.) LONDON, March 2 (Received March 3, at 6.30 p.m.)

PRICE OF,SILVER (United Press Association.) (By Electric Tele||raph--<3bpyrig!it.y -;• *.•-'■ LONDON; March ' (Received March 3, at 5 p;m.) Silver .—Spot, 29&d per ounce; forward, 20 9-16 d. :\ ;,.■;.■:;.' ■'»,;■" ' CHICAGO WHEAT . '.; (United , Press. Associations) ' (By Bleotrio Telegraph-—Copyright.) NEW YORK, March 2, ' . .(Received March 3, at 5/p.m.) ' ; Chicago wheat.—May, 878 cents per bushel; July, 87; September, 88J; s New York (cash), 98|. V ' '". ...■-. ~ ...... ■ .- . .. v.'■•.:' LONDON MARKED • ■ (United Press Association.) ' ',' {By Electric Telegraph—Copyright.) '".'r" r LONDON, March 3. (Received March. 4, at 6.30 p.m.) Friday's closing .prices were:— ; Cotton: Spot,-6.55(1. per' lb; April, 6.28 d. -■•'-. ::•■,". ',',•■' Rubber: Para, 4|d per lb; plantation smoked, 4 15-16 d, ;;' • Jute:. March-April; £l6 15s. . . Copra: March-April South Sea, £7; 15s per ton; smoked, £7 2s 6d; plantation Rabdul, £8 10s. . Linseed.oil, £2O 6s. Turpentine, 49s 9d per cwt. . ■ THE RABBIT MARKET (United Press Association.) _ (By Electric Telegraph—Copyright.) '■■'■'<■' LONDON; March 3.' (Received March 4, at 6.30 p.m.) ;.'•'■. Rabbits, first quality, large, ex store, 18s. . ___________ , BRITISH WAR LOAN (United Press Association.) (By : Electric Telegraph—CopyrSght.) LONDON, March 2., '"'. (Received Match 3, at 5 p.m.) War loan, 3J per cent., is quoted to-day at £lO3 4s, compared with £lO2 on February 9. , ■ V CHILLED BEEF TRADE '

'< GOING RIGHT AHEAD."

Although arrangements have not yet been completely finalised, Messrs Thomas Borthwick and Sons will be definitely making a. shipment of chilled beef next month, according ta a statement made to a Dominion representative by, Mr E. G* Norman, the firm's, managing director. It is the intention of the firm to carry right ahead with the trade now, in view of, the highly satisfactory results which attended the two experimental shipments made last year. . Next month's shipment will be made on the new motor vessel Port Chalmers, which has been specially fitted for the trade, and is now on its maiden voyage. The consignment will consist of about 15,000 quarters, of which probably about 12,000 will be from the Wairarapa. It is expected that the. remainder will consist of beef from the Feilding district. The Port Chalmers will sail finally from Welling-, ton with.the shipment about March 24,

THE WOOL MARKET

;' RAPID SELLING . 'ADVICE TOUJROWERS. (United Press. Association.) [ .-; (By Electric telegraph~Copyrlght.) 'I ' \ : v '', Mi •■''■'.;.,SYDNEY,'March.^.V,■' (Received March 3, at 5 p.m.) . The Sydney Herald's wool letter says: —" The closing of the local -sales next week' wilt be the earliest for years, due to, the good market .enabling rapid selling. In the past week's market, the values have' shown little: quotable change. At the same time, it has displayed no particular buoyancy, : except for the' choicer fine wools, which are tending \ upward. The market for bulk merino and crossbred lots is stationary, barely' holding therr position, Medium, to fine and • small clips, more or/less-. unelassed, brought good averages, though .the. bidding tya/s; irregular. The grower Who .secured 18d ; to 19d for such'lots obtained an acceptable average all-round price, but if such lack of preparation for the .market were -general ; the trade ■ would ■ suffer ' and buying, would become difficult." •.' ... BRITISH TOBACCO, COMPAJW QUARTERLY DIVIDEND; ■■ - .'..■, »■■'■ .■■„.»;;,.'• .:■"' !i ': ,;;'■;;','• .'■■ '.;'.'■":■'::,'■'.• '•. "■■ (Pes United, Pbess Association.) '' WELLINGTON, March 3. ~ A cablegram received on Saturday .by the; Stock Exchange Association ■;■ states that;the British. Tobacco Company (Australia) has declared; a quarterly dividend of: l| per 5 cent; on :tKe ordinary'-.shares, payable on March 29*. DUNLOP PERDRIAU RUBBER . I DIVIDEND ON PREFERENCE I ■.,.-■ -SHARES.'- ' !■ ■:;.'(PEa'-.UNmD;'PEEsa'Assp^Ti6»^' ;; ' | :, WELLINGTON.; March 3;' ! -The Diinlop Perdriaußubber. Company j has declared an, interim dividend on the j preference shares fbr ; the''half-year ended December/31 at the rate :of 10 per: cent. Ipfer;annum. No interim dividend,on the I ordinary shares-? has" been ..declared.-; SYDNEY STOCK EXCHANGE I (United Press Association.) ' -" ; (By- Electric Telegraph—Copyright.) .'. [:K- SYDNEY, March 3. . Stock'Exchange sales; this'morning; were las hfblk>ws:~'V-' :-.-■.. „ :v :' i ■■• - "'■' ■'. :: --. I Mount Lyell, 20s; Peninsular, 18s 3d; ! New Guinea Goldfields, 6s 2|d; /bonds (4 per cent.)i 1938, £lO4 3s 9d; 1941, £lO5 10s;, 1944, £lO6 58; 1953, £lO6 7s :6d; 1957 r £lo6 8s 9d; .1959, £io6 17s:6d; 1961, £lO7 sa> ... Bank of New South .'Wales, £34' [ 7s 6d> Australian Gas A, £7 14s; Dunlop, 19s " 6d; , Gbldsbrongh,. : Mort, ' 33e. 6d; Lustre, 29s 9d; Meggitts, 20s 9d; /Wilcox, Mofflin, 13s, 13s Id. . ' ' pmcroFl ,•.'.v !'■'•-■■'•: .(United;Press/;Association.) y:,:-.,'' '"■■) (Bf} Electric' : r LONDONI March 2. ', Fine -gold, is quoted "at £6 : l;6s :7d per -ounce.-' - >'.- •• ,'■'. ■ fv „■■ ■ Z\:'-\y:,c■■^■. : S'- :i^ LONDON,;..March:V3.s.: ■:■:."• (Received March 4j at 6;30 p.m.) ~ . .'Pine; gold is, quoted'■ At £6''l6s. -10jd. • ; „ UDNDON MEHTAL MARBKT (United Press Association.) (By Electrlo Telesrapb—Copyright.)., r , LONDON; March 9. (Beeeifed March *. »t 8.80 pirn.) ;: The following are' tbe offlcls) metal quotation*:—;■.'

SHARES WITHDRAWN FROM: STOCK ; - r EXCHANGE; LIST.;,;//•./' ./ - (Peb United Press Association.) CHRISTCHURCH, March 4. Although the, shares in the New Zealand Reserve Bank• were quoted on,the Christchurch Stock Exchange on Thursday they have been -withdrawn from the lists because of the absence' of any machinery for the registration ;of transfers. With no offices' yet opened and ho officials appointed "With the exception, of the : governor, who-is not yet in the Dominion, it is impossible for shares to change hands officiallyj although it is understood, the transactions;carried out on Thursday were' completed '•■ oh , the . understanding that formal "delivery' will' be made' as-soon as the transfers can be registered; The hope is expressed' by sharebrokers that the* Government may delegate the power of registering transfers' to -the' Treasury until the bank takes Up the business. 'ln the meantime.; official '! trading -; in '■ shares ap: parently will be impossible until* the-bank opens on August 1, ;.'.. . , DAIRY- PRODUCE PRICES (PebUnited Press Association.) ;."'■•>-' WELLINGTON, March 3. The, Dairy Produce Board;has;been advised by the Australian Board that it has fixed the minimum, prices at which Australian butter may be sold for forward shipment to; the United Kingdom in the coming' weSkat B|d and Bd. '

The South Island Dairy Association, Ltd., has received the following market report from London:— Butter.—Slow, 70s; Danish, 995. White, 42s ; 6d; coloured, 44s 6d. Mr G. A. Lamb, of. the South Island Dairy Association, has received the following cablegram from Liverpool-:—••■' Cheese ig dull.. White 42s 6d, coloured 455.,.. .. ....

Butter hag gradually weakened-and is now. 69s.and 705,-eellers. , "..;

LONDON PRODUCE MARKET '-" ' I> .; ■'■" -"= : -VS "":.•'■■ -.-:: ••'"' ' ■ '•■ >'• '■':'" : '-.' .'*■'."•' .-: r 1 The Bank of New Zealand -has received the -following .advice' from its London office under-date March'2:— Frozen Meat.'—For ■ wethers and ewes lower "pricea^are.,expected in : the; near future owing t 6 larger* supplies'' arriving. There is a fester demand for lambs. Wethers) light;: 5Jd to 6d per lb, heavy 4id to 5Jd; ewes, 3fd to "4gd; lambstwos 6ld to' 7d, eights 6Jd to 6|d, fours 6Jd. to 6|d, seconds 6Jd< to 6fd. '

NEW ZEALAND ANP RIVER , .PLATE

The possibility of the directors'omitting payment of an interim dividend • in the succeeding-year was mentioned' at the annual-meeiiriK. of the .New Zealand- and River. Plate Land Mortgage. Company, Ltd., which was held in London last; month.' .Mr A. M. Mitchisoh, chairman of directors, said the' accounts for the year were/the worst submitted for. many years; ; Mr jMitchison referred to the low prices received for agricultural and pastoral products affecting earnings in Argentina and 'toi difficulties experienced in. -releasing funds held-there. He said' that 'a moratorium law affected the company's River "Plate mortgages, and under the circumstances it. was, impossible to make any estimates of the immediate prospects of future dividends. '

"We do not feel justified in recommending more than a final distribution of 2 per cent., and we should never have paid an interim dividend of 3 per cent, had we anticipated a moratorium would be imposed," said Mr Mitchisbn. "As it is, we are diminishing our carry-forward by £6374. Unless there is an improvement in the position before June, it is quite likely that we will not pay an interim ■■ dividend, but will wait until, the ;final accounts are available."

BANKING. ',.---' ':■ ■ . ■■''. ■■''- :■'. Buyer. '■". "SeUei . '<W - '".;"-.■ ' I lid. .- 4.'"'"' : d.>i • New ■■South--Wales.. ' Tv pfeft. 0 New^Walaodci. .; * ; v — " ; 2 9 6 NJE* {long D) .. 1 »: « '5 *•-"■ Conufesrcial' .. ■- .. 4- : -*-—, - ,-ft'17-v 'ftt '•.'.;". ■— ■•> •:ft'l7Or' National of 3J:Z. .* s —i 4 5 ,Q,"v National of A'aeia 7, ■ ■ («mt) ,.. ;-*,-:-;.' « 9 ft ■/ ,-'^ i ""; INSURANCE. ' ' «Jt 0 New Zealand >,.. 2.W,t; '■-'""■■; Staadatd .. 3 1 ft •'■-' SHIPPING. Hoddart, Parker '■'""'"; ' '-'l»i»*V.;'':■'-'■■ .,' ■ 1;.V4 ■ 87 P.and atock .',:£*-V •' •. ivi' >■ (pcefi)'-.'•: :i r 5 ©1 '- ~ „ & " ;.. vv COAi. ; ''WKkparl'sS. ... ■•••■ 0 1* » : ft ;li.: * WJittport-Stockton :.' J ;; "T^" Weetport-Stockton - T";-.", V- . - . '""■'■■: LOAN AND AGENCT2 '. ' ; ' Co;.. 10 6 0 10 12i ft:' -":'-- .0 3 10 • !, ' Truatats Executors 2 10 0 ) I -- . i-- . ? Wright, Stephenson (ord.) •:- 0 19; .-ft-, :Writht,".SteBhenson- ■-'., v"-~- ; J 4IBAT PRESERVING "'':■" ■'N.?y* Refrigerating (conU; -.. -• 0 7 10 •■- 0 v»v 'M •.; Meat. ''. J;'4r '%'■ South Otagb Free*. 6 0 0 ;■■'- ,~' /MISCELLANEOUS., Brokeni Hill Prptjr. 2 5 6 Brown. Jiwing (ord.) 0 19 6 '-• '■—'{. ■ ■■T: . ;,Br»wn;r Swing •■ . V(preJj)' .. .... 0.19 ft 1 2!: r 0 r - t Bi ! ic*'"Wbolln,'-Xordi)i'-::.T" : '■ - : ftrtft ■*?- Bruce WHn (pref:) 0 1* ft ""■'-■ : '' —-':' Crxstal |ce ,..- .. . -~ ' 119 i ■b - 7 3>£G (pref.) ;. • .. ; 1 2 9 .'■ - -"7■". , Dominion .r-ertHiaer v to v Dominion /Fertiliser v ,,» ■■ . (dejba,)C ; .. -. ,. 102 0. 0 ■" Dominion Rubber.. ... '.■■■- =—, - -.:ii-1o>' : -ftDnnlbpPerd.Rbbr — : .-l^°-> •-•15;Mosgiel Woojhm .. 9 10:,' 0 ' ' T M'LeodBro*:....< 28 0. 0 -, .TTii Mount Lye!l ,.; 7? --■ 1 — . «1"'4 : - 3 16 ? ft 6 ■ mm Drutf Co. • ■ "3 IS .o Farmers' Fertilieer ~ 0 17 1 0 -6.': ;:6:. Reaent Theatre .. • ■ -r ■• ■, Smith and Smith... 0 17 0 0 18; ft' BREWERIES., NJfc'.Breweries ..8 19 0 2 0 -ft'. Duncdin :•■ >:-' i,-~\ «-• - 0 •* :<"ft'." 0 : 'v: -.V-.''.;; - /; • MINING.- ;. ■■ ... 1 10 ;9-i' Wiflti Grand Jnctn — 0 5 '■I.'- ■- tiV--E v' ,"• -i n in 2i 8L jJMj^l J T 7$w5 r Co|nish Point - - ' jaid) ...... ~ 2M Golaen rrogreee .. — ;o^« ,3^ King s Sdomon ,.. 0 4* ■ GoMen Point '■('. . 7v; ■ "'7 •;~?.:' o- or 2J GifleWie's Beach >. 0 J 2;: : 15 0-2 /..2v-■--.0>.'5* ."-'0.' :; - 0 VO^U: 1 Mount Darid ■•'. • • • — . -: ft. 12" '" u ■::■ NdmnaiV;;.-,,.-*:... '-■.;.' — : -- : .-.. 0 1 0 .0 ft 3 '9 ••2; '■ v 8Bbotover .. 0 3 2 "/>£«irson's^Flat;.-.-:» J. : -•; > : ;'-~.''•'. 'I. "' 0 0^ 8 riShotoyer- 0 .1-1' 0 1' 2 ;; •- o 2 ,1, 0 0 ...9,:-Ball-Hooper .. .. ;0 10| Oxenbridga 0 .0 ,7 ?0 <Jd0 Z0' 0 ; ■-9 : : :ft : :"-'I; :.9' ■'■V;Ba^«B»V''.■ "' — . 0 8J Moonfifcht Nelaona -ft i-,V->'3" KfcVj' f^'fe^^^mitiHtHB4BriS : M ; Chatleiton v .. • - -.'."T : -*- tl io :;,ft- : g: v jBrtiaB?5BoruV v r '. .--• '■ 7'. ■:«/ "."'. v: ~" -•:^airisypiesel:•-;.>;"-'v.:>^rO l .1 :ft • 0 1 ,'i-

RUGBY, March 2. , .(Becelved Mar. 3, at 5 p.m.) ParisPar, Mar, 1. Mar. a. Francs to £1 124.21 77 9-32 77% Brussels— Belgas to £l 30 21.811 21.79 OsIcht Kroner to £1 18.180 19.90 19.90 Stockholm— Kroner to.. £1 18;150 19.391 19.391 Copenhagen— Kroner to £1 18.150 22.40 22.40 f BerlinMarks to £1 .. 20.43 12.81 12.80 • Montreal Dollars to £1 4.86 23 5.11i . 5.091 New YorkDollars to £1 486 2-3 5.07| 5.071 Yokohama—, Pence to yen .. 24.582 14 3-16 14 7-16 Hongkong— Pence to dollar 24.58. 18% 18% Bombay— » .:.; Pence to rupee ■ —' 18 3-32" 18 3-32 Batavla— : Florins to £1 12.10 7.50 .7.52 J Mllan-r ,, tire to £1 ■■■:..' 82.46 ' 59% . 58%. Amsterdam — Guilder to £1 12:107 7.561 v 7.54.. Prague— ■ Kronor to £11041 1221 122 J Geneva — Francs to £1 25.221 15.741 15.70 Vienna— Schillings to £1' 84.861 281 281 Helsirigfors— ; .Marks to £1 .. Madrid— ' 'Pesetas to £1 193.23 2261 2261' 25.23J 37 13-32 37,11-32 BelgradeDinars to £1 25.221 225 . 225 Athens— , Drachma'to £1 375 530 v'. .530* V Lisbon—. . Escudos to £1 110"'.,' 109% 109% Bucharest — lei to £1 '■-..; 931.6 ; 510' ■ - 510 Rid de Janeiro— •. '' ." '. -)"' Pence to mllrels .5.890 **w ~ : 4% Buenos' Aires —,'...:• /.' ■'.-.- Pence to pesos47128 36i 361*t Shanghal-r Pence to tael • 'r— "'. 161, 161 Montevideo— : , Pence to pesos — '_'..'■; ;.88j, ■ 38%*t Warsaw — • ■ ■, ''- ■' , Zlotys to £1'■'..• — '''-' •26.96. ■ —: ,:•; s ... ■>"■■ ..■;;,-,; "Sellers. T Official.

. .a : (Per lb.y ■A'. ; A -'A AUSTRALIAN SHEEPEwes: ; 30-55lb ;..;.. ..... U. ... 4| 48 ARGENTINE SHEEP— First quality crossbred wethers: : ■. /- 48-641b ..' .. •..'.. ■ —-.r ■■•5J 5 i 65-721b .. .-. .. .. '."-"'' 4", , ; 5>: N.Z. LAMBS— . Canterbury:, . . j ■361b and under ...... ,7': : '' fil6J 37-421b„ ..... ..*..; ■: t . er .61 ' Other South Island: 36lb and tiuder ..';'. i--,. 61 6i 37-mb) .'.;..;.;..,;..;.,.,. • — .' 6i 61 Second Quality! Average about 321b ... 6g v— ■ : : ..—- Selected North Island* including Downs: ■. ''. :: ..' 361b and under .. ■'.. 1 ' : .6|: ; I '6X, 37-421b v ..' .. ..' v; ■•7iv. . 8|■■S 6| 43-SOIb \l ■'.;..- ■:._.. '-i'vV;..:' ■ — '; — ■■ 6f U Second. Quality: Average; about, 321b 61 ■— ■ ;,"—' ..... Other NorthvIsland: f .First quality:, ' ,. 3.61b and under .. ... 6| 61 65 37-431b .,: .. .,>.- >. ef 68 ..;. ;;6S, . .'Second-Quality:. ';: Average about 321b .. 61 .;' -r., ■ ■— AUSTRALIAN .LAMBS- _■'... "Victorian: First .quality: . 361b and under .. ■...'.. 6 ". '..■"—'.. ■ ~, 37-421b : ;;•■....■:..< ; —- ;;'■'. —, ' : ~~~ '! Second quality: / '1 361b-and under ..... ''—" ' — ■. . ..— Other States: ." : FiTst quality: 361b and under '.'.'. ■*. '' —- ■ . —. '-r-. 37-42lb •■' .: . .'. ... ...-, ' — -. 6i 46jSecond quality:. 361b and under .... ■:H.r V — -■ 'T' ••" AH States:V:.. }.'..':■/:: '■ • Third quality t . . ' Average about : 261b'' • • ■fti !' •■-•; ' ' ;, "*T' .ARGfENTiNE.'.LAMBS— y . ... .!. ;■. " : First .quality: '.->' 361b and under .... ■—: j — '. ''.- i —' 37-421b ..,•...:;.•.. . ■—:. ■' : m '' ." 6J Second quality:.: { Average about 281b ■ 5| ■; ■-:[ I)? ' 6 N.Z1 FROZEN BEEF— •; jOx fores (i60-2201h) W": )■-"•■' 3f Ox hinds v ((160-22(Jlb)'V; \m-r- —,' ' '.— AUSTRALIAN' FROZEN ■ ' r '-oS';''v ■'. :7"BEEF— '•■ ;. -.■'•..'-:. Ox ; hinds (leolb' and under)*' i ....' .. .'. 31 38. 3J Ox binds (over 1601b) \3J ■, : 38;. ; 3i Ox crops (1001b >hd •;.uhder)''''•.; •;/.'■■• .•: .-.,;' ,2|- '■'" — ~: j .'— ■' Ox crops (over 1001b) .. ''.' '28 ARGENTINE. CHILLED i . '■'BEEF^- ; -. Ox fores (160-220lb)- .. ''—■ •■', 8 . ■M. Ox hinds (160-2201b) .. ,-T ...; 8V-. 48 NZl"PIGS— ';:'■■/. : ; '-.,;. ; ■.. First quality: - r" 60-80fb ,., ,.. ..,■,..'' ■ '6 ' ' ■'■ 5j,;. 8i-iooib ;;..;;;... .. .^.. \W< ■T"■■'' .''■"~ '".■."--.■■'■. '— : AUSTRALIAN PIGS--■ - "First- quality: . ' 6o-iooib■•'.. v,.',.•.; .. M. : -'.5S?V ■;**; ioi-i20ib ;?...■:.■■. '.-v.- 1 ;••■'• ■"": -^~ :; i ; '' ,..';—.

Ton. Coprar. ipot .. .. . , £33 ?, m FaUiEO 2; 2% '. Copper.''; forward;.';..,_. . 32 14 4& '■,No change:: .,.'., Electrolytic' spot .'.. ... . 35 18 C Rise 0 2 ,6 i Electrolytic forward . . ST 17 6 Rise 1 .12 6 : • ; Wire bari;.*'..'■••'...•/ : . . f 85 17 6 • No. change Lead, spot, .. .. . .1110 0 Rise 0 3 ,6 Lead, forward ., , . .11 17 6 BiseHoi;;2:; ,; 6j./ Bpeiter,",''»pbt. ! '..' ; . ,,, , .14,12 0- , ..Bise-.'.O. ■'■S.'.'ip; , Spelter.' forward .. . „ 14,18 9 Kiss A 0' 2. 6 Tia/ «pot.. .. .V-"; . 229 3; 9 Rise 0 12 .«:•'- Tin. forward .... :■. .228 8" 9 Rise 0 10 0 Pig Iron, borne trade . i" >''8'W. a ' ..No change Antimony. Britlth . 8910 0 No change;. Antimony, foreign . . 24 2 6 : :.'■;. da. -.;•,., Rise 0 7 6 Slher,. standard .. . ; :-20%dFall' l-ifld< : r' ; SIIjw, fine .. .. . ,. 22%d .;. ;,.OniL ' •:. Rise ,l-16d Molybdenite .. .. . . ,' ; 0 No; change 111 0 BiiiMiOia ;6- ;