COMMERCE AND FINANCE

Otago Daily Times, Issue 22284, 9 June 1934, Page 7

COMMERCE AND FINANCE

THE SHARE MARKET | ; DUNEDIN STOCK EXCHANGE I • : ■ : '• The following is a list of business recorded on the Dunedin Stock Exchange during the past week:- • ; ."• £ s.' a. .Bank of New. Zealand (two) 212 0 Bank of New Zealand .. .. 211 9 National Insurance (two) ... 1 0 7 N.Z.'Refrigerating (paid) .. 019 2 N.Z. Refrigerating (cont.) .. 0 9 1 N.Z. Refrigerating (four) .. 0 0 Broken Hill South .... 312 6 Doininin Fertiliser .... 017 o Dominion Rubber .... •• } * g, NZ.. Paper Mills, (two) ... 1 9 6 N.Z. Breweries (two) .... 2 4 6 N.Z. Breweries (three) .. 2 4.3 Auckland Gas (cont.) ... ..- 019 6 Bell-Hooper .... .... 0 0 74 Brian Boru .. .... •• <> } I Charleston .. 0 .1 2 Gillespie's Beach .... .. • 0 1 9 |.Golden Point .. .. .. • • £ 0 3* Nevis Diesel .. .. .... 0 0 4 Skippers' .. ...... •• 0 1 0| Skippers .. ........ 0 1 0J The volume of business recorded on the Dunedin Stock Exchange during the paet week has fallen considerably .short of that of the previous few weeks, but, on account of the show one complete day waa lost, and there was no call-over yesterday morning when the Exchange was closed as a ; mark of respect ' to Mr A. Gilchrist, whose death occurred on lhurs\day night; .... j,i • Bank of New Zealand* maintained their market/sales taking place at £2 12a and £2 lis 9d. At the end of the week, however, the demand was less marked, only 12 lis being offered, with a seller forward at £2 Us 9d. None of the other banks had business. Two parcels of National Insurances changed hands at £1 0s 7d, further offers of Id less finding sellers, firm at fi us 9d. Up to £4 is being offered for South British shares, but sellers are firm at 1 There has been a good inquiry for New Zealand Refrigerating shares, and the paid-up issue has been dealt in at 19s -d, and-the contributing shares at 9s Id and 9s. • The latter issue is now wanted at 8a lid. with sellers asking Id more. turned over at £3 12 9 6d, and there is now an unsupplied buyer forwardlaj fl 12s: Business was done in DommionFertflisers at 17s sd, further offers o! 17s 6d. failing to attract a seller. Dominion Rnffii were dealt in at £l 4,6 d, a? d thev a™ nlw available at that figure, the besloffer being £1 4s 2d. There were two sales of New Zealand Paper Mills at £1 9s 6d, and the demand continued at £ Vwo 4 tales of New Zealand Breweries toolc PlaSlt £2 4s 6d, and three parcels raised^£2ls 3d. The closing quotations ? «re. Up to 8s ©d is being offered for Amarus Th e minine section has continued to be oiiiet Bell-Hoopers were dealt mat jjfl. and'a parcel of Brian Borus changed nand'« at" is 7d. Skippers continued # to have a fair demand, and business being done at a fraction over Is. Buyers were offering lid at the close of the market, seIKW asking 2d more. King Solo-mons-improved at and they are now wanted at 4- Id, with » seller, in the market a* *s ™- The demand for Government Loans continues to be steady. <;: SALE.ON'CHANGE. • "• '■'•■■ '•'■}''•■'■' .' ~•' ' & ~;"•. "• N:Z. Breweries (three) •■.. •. 2" 4• 3 SALE REPORTED AFTER LAST • '';.;' ,-' '._■ CALL.- I Dominion Rubber ........... 14 6 The following are yesterday afternoon's buying and selling quotations, which are subject to the usual brokerage : v^/v■"';.•':■■■ BANKING, ."''..

LOCAL AND OVERSEAS MARKETS.

LONDON MARKETS . (United Pressi Association.) (By Electric Telegraph—Copyright.) / LONDON, June 7. Wheat cargoes are duller and 3Jd to 3d down.' Parcels: Australians' are steady, others 3d to 6d down. Futures: London—June, 18s 9d; September, 19s od; December, 20s 8d; Liverpool—July, 4s BJd; October, 4s lOJd; December, 5s l|d. The spot trade is quietly steady. Australian (ex- ship),, 265;6d. Flour firm. Australian (ex store), 1/s 6d to 18s 6d. ;■■''"'■'.- A ' ~,„ Oats: Better demand. ■ Austral an Algerian. 16s to 16s 6d; A Gartons, 18s 6d to 19s 6d. '"',;■,'•' m Peas neglected. Maples: Tasmaman, 46s to 475; New Zealand, 44s to 455; Blue, Tasmanian, 2305. V- „ Beans: New Zealand, 29s to 30s.

. DIVIDENDS PAYABLE. The following is a list of stock on which dividends will shortly be payable:— Broken Hill South, —, Is 6d .. June 15 Bank of N.Z., final. 5 per cent. June 15 North Broken Hill, interim, Is 6d .. .... . • •• June 29 N;Z. Perpetual Forests, Ltd., 8 per cent. .. June Goldsbrough, Mort, final, Is 22-5 d.. .. • • • • • • June - Australian Glass, final, Is .. June N.Z. Breweries, final, 3J per , cent July National Mortgage (A shares), interim, Is July 2 National Mortgage (B shares), interim, 6d July 2 NORTHERN EXCHANGES (Peb United Press Association.) The following business was done on -"Changes yesterday:— Auckland.—Sales: Stock (1949), 4 per cent., £lO6 10s; Auckland Harbour (1940), 5£ per cent., £lO4 10s (two sales); Bank of Australasia, £ll 16s; Bank'of New Zealand, 51s 3d, 51s; Northern Steam, 7s 3d; Kaiapoi Wool (con.), 4s; Bycroft, 48s 6d; New Zealand Drug, 77s 6d; farmers' Fertiliser, 19s lid; New Zealand Refrigerating (con.), 9s Id; Robinson lee, 20s; Wilsons Cement, 29« 6d, 29s 7d (two parcels); Woolworths (N.Z.), £;> 17s 6d; King Solomon, 4s, 4s 3d; Mauakipawa, lid (two parcels); Mataki, 2s 2d, 2s 3d; Talisman Dubbo, 13s (two parcels). Unofficial list: Golconda Holdings, Is 6d. ■;■ Wellington.—Sales: Bank of Australasia, £ll 17s 6d, £ll 13s 6d"(odd lot); Bank of New South Wales, £32 Is -id; South British Insurance, 80s; Standard Insurance, 65s (last two late Thursday); Taupo Totara Timber, 3e 6d; BntwU Tobacco (cum div.), 37s 7*d; Woolwortns N.Z. (ord.), £5 16s 6d; King Solomon, 4e; Skippers, Is, Id (two parcels). Christchurch.—Sales: Bank of New Zealand (cum div.), 51s lOd, 51s tid; Union Bank of Australia, £lO (two parcels); National Insurance, 20s 6d; Goldsbrough, Mort, 30s 9d; Timaru Brewery (75,6 d paid), 6s 6d (two parcels); Anthony Hordern, 14s 6d; Beath and Co. (1 8 paid), 8s 4d; Dunlop Rubber. 18* 5d (four parcels), 18s 6d; New Zealand Farmers' Co-op. 4J per cent, btodt (1940), £Bl (two parcels); New Zealaud Newspapers, 30s 3d; Alexander Mines (13s 6d; paid), 15 8 9d; Brian Boru ,U paid)-. Is 7d* (two parcels) ;_Glenroy (9d paid). 9id (two parcels); King Solomon, 4s Id, 4s 3d (three .parcels); Maerewhenua, 9d (five parcels); Mabakipawa, lOd, lOidV (three parcels); Mount• Lyejl, 21s (two parcels): Mount Morgan, 2os. Sales reported: Commercial Bank ot byttney, £-17 ;9s; Union Bank of Australia, £10; Goldsbrough, Mort (cum div.), 31s; New Zealand Refrigerating (10s paid), 9s; Dunlop Rubber, 18s 6d (five parcels); New Zealand Farmers' Fertiliser, 19a 10d; Nevis Diesel Electric, 4id; Mount Morgan, 25s 3d. Sales on 'Change ot unlisted stocks: Procera Bread (10s paid), 13s 3d; Snowy River, ljd; Sun Newspapers (10a paid), 4s 2d (three parcels). . LONDON METAL MARKET : .(United Press Association;) (By Electric Telegraph—-OopyH*ht.> LONDON, lun» T. (lUcMfed Ji»n» 8. »t 8.25 p.m.) Th« following an th» official metal auotttlom:-

DUNEDIN MARKETS

WHEAT. OATS, ETC. The bulk of the wheat crops in the Otago district has now been harvested, but a few samples are still coming forward. Most of the < millers have purchased their full requirements, but there is an odd buyer who is interested in Tuscan of milling quality. Other varieties are difficult to place. Surpluses of milling wheat will now be submitted to the Purchase Board, and where the cereal is up to standard it will be taken over at the rates ruling in Otago for the month of June. For Tuscan 3s Bd, f.0.b., growers nearest port, will be paid, for Hunters 3s lOd, and for Velvet 4s. The fowl wheat market is quite. Ample stocks are held here and sale s are difficult to make. Best quality is worth .3s 4d, sacks extra, delivered in Dunedin. The shipping market is also'quiet, prices having declined to 3s lid, f.0.b., sacks extra. ' There i s still a fairly large quantity of wheat in Canterbury which does not come up to milling standard, and this, has to be disposed of for poultry purposes. The quantity of fowl wheat avail-able-in the Canterbury district has had a weakening effect on the markets throughout New Zealand.

Millers' prices for flour, etc., are as follows: — Flour: 2001 b, £l4 2s; 100's, £l4 17a; 50's, £ls. 2s; 25's, £ls 7s. Bran, £4 10s per ton. Pollard, £6 10s per ton. Oatmeal: 2001 b, £l9; 25's. £2l. The oat market continued depressed, with little business passing. The thresiiing returns published recently show that the quantity threshed up to the present is considerably below that of previous seasons. Even, however, with the reduced returns there appear to be ample stocks to meet all the demands in the Dominion. Millers are not operating, and it is difficult to make sales to merchants in the North Island. Prices have eased slightly. A Cartons are worth to-day 2s 4d per bushel, f.0.b., s.i., and B grade 2s lJdFew oats are offering from the country. The nominal value is Is 9d on trucks for A's and Is 6d for B's. Growers, however, are not prepared to sell at these The chaff market also continues quiet. Ample consignments are arriving and few sales are taking place. It is quite the exception to sell a truck load. Best quality is worth £3 15s per ton, sacks extra,' ex truck. The sales are chiefly confined to store lots, and these are realising up to £4 5s per ton. Medium and poor quality ia in poor demand,_ as buyers prefer to secure best quality. Medium and poor quality chaff is selling wholesale at £3 per ton, sacks extra. There are no signs of any improvement in the potato market. The local consumption is poor, and the consignments arriving from the surrounding districts and from South Canterbury are not very readily placed. Best quality tubers are to-day worth £4 per ton, sacks included, ex store. An occasional line of King Edwards sells at a higher figure, as bull's show a preference for t this variety. The shipping demand continues quiet, with North Island merchants buying sparingly. Little business is going through in teeds The markets remain firm, particularly for the finer seeds, such as Chewings Fescue, brown top, and crested dogstail cocksfoot is also firm. During the winter months not much interest is displayed in seeds. There will, however, be activity towards sowing time, which commences in August, The present indications point to a fairly large area again being sown down in pastures, as the broken weather is preventing the sowing of wheat. It is anticipated, therefore, that a good many farmers will turn their attention to root crops and the sowing down in pasture. Wholesale produces prices are as follows:

Chaff: Good, bright oaten sheaf, .to £4 5s per ton, ex store. Potatoes, £4-to £4 5s per ton, ex store.

Dairy butter: Milled bulk, 7d per lb; separator, 7d. Bacon, 10*d per lb. Ham: Ordinary, 11 Jd; boneless, Is 6sd per lb. Canterbury ouions, to 4s per cental bag.'

Eggs: Stamped, Is 9d per dozen; case, Is 8d; preserved, Is 4d.

FRUIT REPORT. Fairly heavy supplies of poorly coloured Jonathans and Delicious are on offer, but the demand for these is poor. Well coloured lines have a keen demand, and there is a better inquiry for Sturmers. Large cookers realise sound values. Small grade are hard to place. Lemons are in good .supply. Bananas are not so plentiful. A further shipment of Samoan will arrive next week. A line of Fijian is expected in Auckland to-day, and the Dunedin portion will also arrive next week. Choice quality dessert pears have a better demand.

Paseion fruit is in short supply. A few lot* of tomatoes are still on offer. Outside-grown have a poor demand, but choice quality hothouse realise good values. '■■.'-• Hothouse grapes are still reaching the market, and are bringing, high prices. Island-grown oranges, are on'offer in the fruit marts. There will be no further shipment of Island oranges until the end of June. Californian Valencias are in good supply,'and a further shipment will arrive in Auckland to-day. Cauliflowers have a ready sale. Cabbages are in over-supply. The demand ie confined to sound quality.

Rhubarb has a better demand. Swedes, carrots, and parsnips are in heavy supply. The demand for artichokes has eased off, and sales are harder to effect. Pumpkins and marrows have a better demand.

Wholesale prices are as follows: — Apples: Delicious, 4s to 6s 6d; Jonathans, 4s to 6s; cookers, 3s 6d to 4s 6d; small desserts aDd cookers, 3s to 4s. Lemons: New Zealand-grown cured, 15s to 18s per case; Californian, to 30s per case. . ■

Bananas: Ripe, 15s to ISs per case. Pears: Winter Cole and Winter Nelie, 5s to 6s per bushel case; cookers, to 2s per half-case. Passion fruit, to 10s per case. Hothouse grapes: Gros Colmar, choice, Is 9d to 2s 3d per lb. . - Christchurch tomatoes, 2d to 4Jd; hothouse, 6d to 8d per lb. Oranges: Island repacked, 15s to 18s; Californian Valencias, to 40s. Poorman oranges, 9s to 10s per case. '■ Lettuce: Choice, Is to Is 6d per dozen. Marrows, to 6s per cwt. Cauliflowers: to 5s 6d per sack of 18; others, 2s. Rhubarb: Best quality, lid to 2Jd per lb- , ~ Cabbage: Choice, Is per sack; others unsaleable. Potatoes, 4s 6d to 5s per. cwt. Swede turnips, 1* per sugar bag. Carrots, to 2s per sugar bag. Parsnips, to 2s per sugar bag. Artichokes, 7s per cwt. Pumpkins, 7s to 9s per cwt. Violets, 2s to 3a per dozen bunches. POTATOES AND FRUIT NEGOTIATIONS WITH AUSTRALIA. (Special to Daily Times.) WELLINGTON, June 8. It, was stated in a Press Association telegram from Invercargill published on June 2 that advice had been received thatthe New Zealand Government would allow the entry of Australian citrus fruits into New Zealand on condition that the Commonwealth Government agreed to New Zealand potatoes being allowed into Australia under certificate with a duty of not more than. £1 per ton. It was added that the Commonwealth Government wished to impose a duty of £2 10s a ton. The question was raised with the Minister of Customs to-day, but Mr Coates stated that he was not yet in a position to discuss the matter, a s negotiations were still proceeding between the two countries. BEET SUGAR (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 7. Beet tugar: July, 4a 9Jd. SHARE QUOTATIONS (United Press Association.) (By Electric Telegraph-—Copyright.) LONDON, June 7. Mount Lyell shares are quoted, at 16s 3d; P. and O. shares at 16s 9d; and New Guinea shares at 5s 3Jd.

FOREIGN EXCHANGES

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

NEW COMPANIES ACT On April 1 the New Companies Act came into force. This will help to protect the investor from exploitation, but it is not sufficient to protect investors from themselves. The best protection for the investor desiring maximum safety with good returns is in the New Zealand Investment Trust, Ltd.—the only type of British Trust in the Southern Hemisphere. For complete information write to the New Zealand Investment Trust, Ltd., D.T.C. Buildings, Wellington (P.O. Box 1617). Branches: Christchurch, Dunedin, luvercargill, and Auckland. Chief Brokers: The Securities Corporation (N.Z.), Ltd., Dunedin.—Advt. FIXING THE PRICE OF GOLD INTERNATIONAL AGREEMENT NECESSARY. There can be little doubt that the present price of gold in terms of, dollars or sterling is more than a passing phase, but considerable confusion still exists as to the new standard likely to be accepted as the basis for fixing price levels in terms of gold. Whatever the new price of gold may.be it is evident (Messrs H. Byron Moore/Day, and Journeaux write in their May review) that currencies of most countries must suffer depreciation when measured against the old gold /standard. That position has already been acknowledged by the depreciation which has taken place in the currencies of all countries who have abandoned the old gold standard. The depreciation is at present measured against currencies of the gold bloc, which includes France, Switzerland,'. Holland, and . also some smaller countries, but in the final adjustment or fixation of the new price of gold it is evident that the currencies of these countries must also suffer some depreciation.

The manner in which the price of gold is arrived at is obscure*to many people, but there can be only.one method which will ultimately determine the. new price of gold or, in other words, the new gold standard. That method will only be reached by an international agreement between the important' countries, who Avill ultimately decide upon a meaSure of dilution to the gold content in their respective currencies under the old gold standard.

The gold standard enacts that its principal coins, which are legal tender to an unlimited amount, shall contaih definite weights of gold of a specific fineness. In England the sovereign under -the old, standard contained just over 123 J grains* of standard gold eleven-twelfths, thus an ounce troy of standard gold could be coined into three 429/480 sovereigns, which was the equivalent of a standard price of gold of £4 4s lljd per ounce eleven-twelfths fine. The old United States dollar contained 23.22 fine grains of gold, and an ounce of gold could be coined into 20.67 . dollars. After America's departure from the gold standard President Roosevelt obtained authority from Congress to dilute the gold" content of the dollar by a maximum .of 50 per cent., and has since introduced a 40 per cent, dilution, which hag increased the dollar price of gold to 34.45 dollars per ounce. In some quarters 'it is expected that th* amount of dilution will be increased to 50 per cent., and thereby raise the dollar price of gold to 41.34 dollars per ounce and reduce the gold content of the.dollar to 11$ grains.

In England the price of gold has not been fixed, and at present is subject to daily fluctuations in sympathy with the sterling dollar and sterling franc exchange rates. Ultimately it is expected . that Great Britain will return to a new gold standard and fix a lower gold content of the sovereign probably somewhere between 65 aod 75 grains. . Before this is likely to happen, however, some definite understanding must be reached between the gold bloc, comprising France, Switzerland, Holland, arid other countries, and the sterling dollar group comprising Great Britain and the United States of America. As the two latter countries control the strongest currencies, both being creditor countries and in receipt of large sums in interest and dividends from investments and loans abroad, they must exert a powerful influence in formulating the basis of a new gold standard. Both countries favour dilution,, but agreement on the actual amount has not been reached, and until they can agree and give a lead to the other nations the world cannot adopt a new standard. Price levels and foreign exchanges must continue to reflect the internal condition of each individual country, influenced accordingly by capital movements and gold shipments. It is of considerable importance to all to know how the new price of gold.will be fixed, and also its probable duration. The former is not difficult to follow, but the latter will depend entirely upon future circumstances. The mint price of gold in terms of sterling has undergone many changes since the Middle Ages, but each successive change has remained in existence for lengthy periods, and it is reasonable to assume that when a new standard is fixed it will stand for many years.

COMPANY BALANCE SHEETS GORDON & GOTCH (AUSTRALASIA), LIMITED. Paid-up capital, £600,000.

•Excluding taxation reserve. fßato per annum. The improvement recorded six months ago in the net profit has been almost maintained. After preference shareholders have received their customary 8 per cent., there is a sufficient balance to admit of a 10 per cent, dividend on the ordinary shares and leave £1829 to swell reserves. In recommending the increased 2 per cent, distribution to the ordinary shareholders, the directors have doubtless considered that reserves were sufficiently strengthened at September last, and that ordinary shareholders were now entitled to reap the benefit of the better trading results, The rise of approximately £IOOO in general expenditure has been more. than neutralised by the lower taxation provision. As this provision is entered to a penny, the assumption is that it is the exact amount. chargeable.' Although the nature of the other charges is detailed, the respective amounts, as usual, are not given. Owing to the decrease of over £IOOO in the trading balance, the relief afforded by the reduced taxation is outweighed. Expenditure continues to.stand •in a low relation to the gross profit, the ratios having been as follows:

Reserve accounts are practically unchanged. General reserve at £215,212 and leasehold property reserve at £3452 show a slight increase, but contingencies' reserve (£31,000) remains as before. The largest difference is seen in the floating balance, which is raised to £25,537 by the unallotted portion of the net profit. After the demands made upon them a few years ago to supplement dividends, reserves are steadily moving upwards. The taxation reserve of £21,864 would seem to contain enough to meet the requirements for two or three years. In computing reserves the asset of goodwill', entered at £118,074, has to be taken into account.

Outside liabilities' apart from taxation consist of sundry creditors and subscriptions paid in advance amounting to £98,339 and £3726 respectively. Sundry creditors have receded part of their advance of the previous six months, but no further than by ordinary fluctuation. In relation to sundry debtors, sundry, creditors have not altered much.

Sundry debtors, inclusive of bills receivable (£6911) > come to £239,842. Their decrease during the six months is made up for by larger stocks. All debts considered bad and doubtful have been pro.vided for, but no mention is made of such a provision in the profit and loss account. Stocks, which chiefly, consist of stock on hand, aggregate £209,782. Taken partly at cost and partly at valuation, they represent an amount nearly four times as large as the gross profit brought out. Their valuation in consequence has an important bearing in arriving at the gross profit. Stock taken, at, valuation.is confined to the stock on hand, the assumption being that the former is represented by those lines Whose market value has fallen below cosk Other: prominent liquid assets are investments at £150,270, and investments earmarked for reserve. fund amounting to £19,745, Each group is. entered at cost, but no. indication is given of. the nature of their employment. The general group may contain the controlling interest in a subsidiary company, or companies, but, as it owes its presence in the balance sheet mainly to reserveß, it would seem to partake of the nature of .an 'investment sresefve. as well as -its smaller, companion. A sum; of £2531 represents/.depositfi—not • necessarily bank deposits—while the bank r balance, at £7928/;:b;is been , considerably'-■.reduced. Goodwill, which is retained at. its costpriceHof; £118,074, may be placed against general Reserve; Excep.t\lfeasebold property,- which, with its gVbwihg reserve, is reduced to the ..net figure of £19,299,. fixed; assets have .increased. The freehold property group, including lifts and sprinklers, has risen: to £214,832. It i« gathered from the profit and loss account that no depreciation has been allowed at'the present.time for the. group, and that, the capital expenditure during the past six months has taken full effect. Plant, fixtures and ' firings, for which there has been a deprecia"tion provision of unstated amount; have increased to £34*167.. Fixed assets represent rather more than one-quarter of the total assets, a proportion which, for. a business of this nature, cannot be re,V garded as large. The even distribution of. the assets continues to be a feature of the balance sheet, LONDON STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) ;•'.•'•.'/■!'• . ' LONDON, T. The following are the latest Quotations of (2oreminent, securities compared with the price* ruluw last week:— Last week. This week.

I . . ______ ■ BANK OF ENGLAND RETURN (United Press Association.) (By Electrlo Telegraph—Copyright.) LONDON, June 7. i The following is the Bank o£ England return: — , ISSUE DEPARTMENT. ' Note issue in circulation .. £378,886,154 Banking department .. .. 72,446,994 £451,333,148 Government debt.. .. .'. i 11,015,100 Other Government securities 243,887,906 Other securities .. ..< .. .. 1,632,888 Silver coin . .• .. 3,464,106 Gold coin and bullion .... 191,333,143 £451,333,148 BANKING DEPARTMENT. Proprietors' capital .. .. £14,553,000 Rest . .. 3,283,109 Public deposis 16,253,428 Other deposits (bankers) .. 97,992,427 Other accounts ..'. .. ... .. 35,957.203 Seven-day and oalier bills. .'. 6,822 , £168,046,051 Government securities■ ~-..; £77,780,318 Discount advances .. .. .. 6,128,333 Securities .'. '... ..... ..: 10,921,233 Notes in reserve .. .. ~ ~ 72,446,994 Gold and silver coin .... . 769,168 £168,046,051 The proportion of reserves to liabilities is 48.70 per cent. Short loans are quoted at $ per cent.; three months''bills at 29-32 per cent. !

CHILLED BEEF DISAPPOINTING SHIPMENT; (United Press Association.) (By Electrlo Telegraph—Copyright.) LONDON, June 7. The Port-Fairy's and Port Huong New South Wales chilled beef turned out in a disappointing condition. There was no mould, but it wae too hard and the colour w§s poor. . BUTTER AND CHEESE (United Press Association.) (By Electrlo Telegraph—Copyright.) LONDON, June 7. Butter is firm. Danish,'B6s. Choicest salted New Zealand, 78s to 795; Australian, 755. Unsalted: New 'Zealand, ,78s to 80s; Australian, 75s to 765. Cheese is in better demand. .New Zealand coloured 455, white 475: Australian temporarily cleared. * BRADFORD MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 7. At Bradford, business is restricted and prices are irregular. Quotations: Fifties. 16jd; forty-sixes, 12d; forties, IOJd. DAIRY PRODUCE Messrs A. S. Paterson and Co., Ltd., are in receipt of the. following cablegram from London, .dated June 7: — Butter. —Market firm but slow demand. New Zealand, 78s 6d to 795; Australian, 74s to 755; Danish, 665. * . Cheese.—Market is firm in consequence of small stocks. White, 475; coloured, 44s 6d; Canadian, 495, c.i.f. Messrs Dalgety and Co., Ltd., advise having received the following cablegram from their head office, London, dated June 7: — Messrs Samuel Page and Son report as; follows:-r-The butter'market is firm, but' less active. The cheese market is firm. Danish butter. 86s; New Zealand finest butter, 77s to 795; Australian finest unsalted butter, 74s to 765; Australian finest salted butter, 73s to ,755; Australian g.a.q., 71, s to 725. Australian cheese, white, not quoted; Australian cheese, coloured, not quoted; New Zealand cheese, white, 4(is to 475; New Zealand cheese, coloured, 44s to 455; Canadian cheese, white, 52s to 565; Canadian cheese, coloured, 52s to 565; Canadian cheese, c.i.f,, 47s t 0.485. The National Mortgage and Agency Company of 'New Zealand, Ltd., has received the following cablegram from London:— Butter.—Market steady; New Zealand finest, 78s-to 795: New Zealand firsts, 77a to 78s; New Zealand unsalted, 80s to 82s; Danish, 86s, 65s f.0.b.; Australian, 74s to 75«. Cheese.—Market firm: New Zealand—white 46s 6d to 475, coloured 44s 6d to 455: Canadian—white 54s to 565, coloured 52 s to 545.. V.

Buyer Seller. £ e. d. £ b. d. Australasia;-' ■ . •;• 11.14 0 12 1 0 Newi-, Zealand. '.'.■'.'•. ,3-11. ■. 0 2 11 9 SZ'ikng P) ■•"..., 1 IS 0 0 18 9 Commercial ..' '■■ :■••■ ■ ■—~ National, of N.Z.;. rrr 4 2 0 Union .,'.'. '••'.'... ■ • ' •—;. 10 1 0 ..^''':.;■■•:'■ -INSURANCE. National .. .'"•' 1 o. 6 1 0 9 New.Zealand , ; V. —. 3 3 9 South', Britiah ... 4 0 0 4 10 Standard :.. •• 3 3 0 ,... T- ..*.■.■.,■*-- 'SHIPPING. Huddart, -Parker, (p*ef.) .: - •• 15 6 — U.S.S; Co.. (pref.) 1 5 6 ™"~ :/'•>'.> \ -COAL.. Kaiiangata; .. V. 1 0 3 ■ •—. ' ■ Westport ... ■•'.■>. 0 17 0 ■""" : ' LOAN AND AGENCY V ■:'.'•■•.' ';■ Gdldsbrough, Mort / — 111 0 National Mortgage N 55 -Loan and M. ;—■ 3 2 0 X**£J. JAflU DUU *•*• -(ord.); :•• •'. 67 0 0 . '-r.--.-J; NJZ. Guarantee Corp. ..... ... 0 4 4 ..•" — '••:. Wright, Stephenson ■ ' (pref.); .... 0 19 0 1 1 0 . MEAT PRESERVING N.Z. Refrigerating (cont.) .. '-.. South. Frozen Meat 0 "8 11 0 9 0 -(paidj .'•■■ ■••"■••' 3 7 0 3 10 0 South. Frozen Meat ,,(pref.).. ,. ■....• 3 7 0 ! South Ofcago Freezing- .. .. Waitaki Fanners 5 19 0 — 2 7 6 . . " : ':'. •.'' MISCELLANEOUS. British Tobacco ..'■ 1 17 0 " '— Broken'Hill '; Proprietary ■...-' — 2 8 6 Broken Hill South 3 12 0 ■..—• Brown,; Ewing (ord.) ■;■:.■.■ . 0 18 6 ■ — Brown,' Ewihg" (pref.) ... .■....'■ 1 o 6 —- Bruce Woollen. , (ord.) .. .. . 0 9 6 .._■ Bruce Woollen ; (pref.) ... .. 1 1 0 — D.I.C. (ord.) ; .. 0 14 0 . — Dominion Fertiliser 0 17 6 ■ — Dominion Fertiliser (debs.) .. ... 104 0 0 ' — Dominion Rubber 1 .4 2 14 6 Dunedin-Kaikorai Trama ..'. .. 1 15 0 . — Stock Exchange . Proprietary .. 1 19 0 2 5 0 Kaiapoi Woollen (ord.) ••.•• Kaiapoi Woollen 0 9 8 0 10 2 (cont.) .'■.'■ •• .0 3 6 ."~" Milburn' Lime , .. 1 12 3 — Mosgiel Woollen .. 10 0 0 .'—. M'Leod Bros. .. 28 0 0 ■—. Mount Lyell .. # .. 1 0 6 1 1 3 National. Electric — 0 6 0 N.Z, Drug Co. .. 3 16 0 ■ — Malay Rubber ..'. (pref.) .. .. .1 1 3 1.3 0 N.Z. Paper Mill* . • 19 4 — Regent. Theatre .. Smith and Smith 0 17 0 10 0 Wilsons Cement . —; 1 10 0 /.BREWERIES NZ. Breweries .'.'• 2 4 0 2 4 6 Timaru .... 0 8 9 "" 'oil; Motuxoa-. .....' .. 0 3 0 0 4 3 ' ;'";.-: MINING. Bell-Hooper .. .. 0 0 5i 0 0 8 Bell-Kilgour .. .. 0 0 3i 0 0 5 Bendigo Goldlight 0 0 7 0 0 10 Big River .. — 0 0 10 Central Shotover ■ — 0 10 Gilleapie's Beach .. — 0 1 9 Golden Point :. 0 0 3 0 0 31 Golden Progress .. — 0 10' Golden Sands — 0 3 0 Goldfields Dredging • —, 0 0 11' 0 0 s: — Kildare .. ..... 0 1 10 0 2 0 King'. Solomon .. 0 4 i 0 4 3 Lawsrin's ° Flat .. - Maerewhenua; .. — 0 0 5 ' — 0 0 9 Mahakipawa .. 0 0 10 0 0 11 Mining House (cont.) • .. •. — 0 0 8: Moonlight-Nekont Creek ... .. 0 0 7 0 0 9 Nevis Diesel .. — 0 0 4 New Cornish Point -— 0 0 10J . Nokomai ; .. .. 0 2 10 0 3 0 1 Okarito ■:'.'•• •• 0 8 2 0 8 5 1 Oienbridge «... .. —: 0 10 Skippers .» ••■■ 0 0 11 0 11 Waitahu .. .. . — 0 4 8

GOVERNMENT LOANS. 3V p.c. Stock, 1938"1943 ... 104 10 0 — 3J p.c. Stock, 1939"1943 .. . 104 10 0 — 3J p.c. Stock, 19411943 .. . 104 10 0 ■— 3J> p.c. Stock, 1938"1952 ., . 104 10 0 — 3J p.c. Stock, 19391952 ... 104 10 b — 3i p.c. Stock, 19411952 .. . 104 10 0 — 4 p.c. Bonds, , Jan. 15, 1940 . 105 5 0 — 4 p.c. Stock, Jan. 15, 1940 . 105 5 0 — 4 p.c. Bonds, 'Feb. 15, 1946 . 105 5 0 — 4 p.c. Bonds, April 15, 1949 . 106 0 0 ,' — 4"p.Oi -Stock, April 15, 1949 . 106 0 0 —- 4 p.c. Bonds, June ■i ' 15, 1955 . 107 0 0 — 4 p.c. Stock, June 15, 1955 . 107 0 0 —

Ton. Copper, apot •• • , £32 14 ,4'i . Rlso£0 5 0 Copper! forward v. ,. . 33 0 Vk Rise 0 B 0 Electroljtlc. ipqt.. . . ; 35 15 0 ' Rise 0 S 6 Eleetrolytlo. forward . . .36 , 5 ; 0 Rise o y S Wire bar* .. .. . . 38 5 0 Rise 0 7 6 Lead, apot .. .. . . 11 S'9 Rlee 0 1 3 Lead, forward .. . . 11 8 9 Rise 0 1 3 Spelter, ipot .. . , 14'.'17 6 Rise 0 3 0 Spelter, forward .. . . 15 2 6 Rise 0 3 « Tin. apot . ..... . 23117 6 Rise 3 10 0 Tin. forward ■.'. . , 229 17 6 Oa. Rise 3 13 9 SUrer. itandard".. •. , 19%d Fall l-10d SUrer. One .. .#'.■». . 21 5-10d . FaU l-10d

RUGBY, June i. ParisPar. June 6. June 7. Francs to £1 124.21 76 21-32 70 25-32 Brussels— Belgas to £ 1 30 21.04 21.69 Oslo— Kroner to £ 1 18.180 19.901 19.901 Stockholm— Kronor to £ 1 18.130 19.40 19.40 Co|;«nhagen— Kroner to £ 1 18.130 22.391 22.39 BerlinMarks to £1 20.43 13.424 13.15 Montreal — Dollars to £ 1 4.S6 23 5.041 5.03J New York— Dollars to £1 4.86 23 5.06% 5.07 Va YokohamaPence to yen .. 24.582 141 HI Hongkong— Pence to dollar 24.58 lTVs 171 Bombay— Pence to rupee — 18 1-32 18 1-32 Batavla— Florins to £1 12.10 ' — — MilanLire to £1 .. 82.46 58% 58 7-16 Amsterdam— Guilder to £1 12.107 7.46 7.47 Kroner to £11041 1211 121% Geneva— ' Francs to £1 25.22S 15.58 15.60 Vienna— Schillings to £1 84.861 27 ; 27 Helslngfors— Marks to £1 193.23 226J 226* MadridPesetas to £1 23.22J 36.31-32 37 1-32 Belgrade— Dinars to £1 25.22J 223 221 Athens— Drachma to £1 375 525 525 Lisbon — Escudos to £1 110 110 no Bucharest— Lei to £1 .. 931.6 503 505 Bio de Janeiro— Tence to milreis S.890 41 41 Buenos Aires'— Ponce to pesos 47.28 361 361 ShanghaiPence to tael ■ •— 15% 1T% Montevideo— Pence to pesos — 38} 382 Warsaw— Zlotys to £1 ~ . — —

Trading Net fDlTii ana •Hcserues. Balance. I'roflt. Pref. Ord •£ £ £ p.c. p.c SO/3/1027 .. 168.380 75,019 41.947 8 10 si/::/i928 .. 187.535 80,872 47,073 , S 10 30/0/1028 .. 200.283 78.1G7 40.880 8 12 31/3/1029 .. 217.390 83,037 51.575 8 12 30/0/1020 .. 235.542 87.070 52.955 8 12 31/3/1930 .. 248,310 70,553 41.078 8 10 30/0/1030 .. 357.330 02.413 32.702 8 8 31/3/1931 .. 201,445 53.058 27.802 8 8 30/0/1031 .. 261.413 47.377 23.751 8 8 31/3/1032 .. 261.050 41.723 2;2.S42 8 8 30/0/1032 .. 203,726 43,807 23.458 8 8 31/3/1033 .. 205.620 50.043 25.078 8 8 30/0/1933 .. 273,117 57,184 31.280 8 8 31/3/1034 .. 275.201 56.100 30,824 8 10

Expenditure. . Total. Trading Balance. Ratio General. Taxation £ £ . /,'■£< £ p.c. 30/9/1929 : 21,751 12.304. 34.115 87.070 39.1S 31/3/1930 21.238 7,030 28.874 70,553 40.03 30/9/1830 21,330 . 8.S17 29,053 02.415 47.51 31/3/1931. 17,985 7,181 23.166 53,058 47.43 30/9/1931 17,900 6,720 23,626 47,377 49.87 31/3/1032 14,400 4.972 19,381 41,723 40.45 30/9/1932 13,951 G.488 22,439 45,807 48.89 31/3/1933 13.500 9.75G 25.205 50,943 49.59 30/9/1933 17,322 8,581 25.903 67,184 45.30 31/3/1934 18,317 7,020 25,337 50,100 45.11

£>.; a. t a. d. 77 10 0 •77 0. 0 Funding Loan. * p.c., 19C9,-90 .113 0 0 113 0 0 Assented War Loan .. .. 102 S s 102 0 0 Conversion Loan. p.o. 102 10 0 102 8 0 Victory Bonds, t p.c (exdlr.) 110 12 0 110 17 6 C'wealth, 6 P.c. 1945-47 .'.. 110 3 9 •107 17 6 C'wealth 8 p.c, 1945-47 .. 100/12 0 100 0 0 C'wealth. S% P.O.. 1930-37 .. 101 16 3 102 0 0 Victoria. S P.O., 1829-40 .. '95 12 s •94 0 0 Victoria. S# p.c, 1929-40 .. 99 11 3 99 13 9 Victoria. 4% p.c. 1940-60 .. ''■' — •104 0 0 N.S.W.. 8 P.O.. 1038 .. .. 101,11 3 101 10 0 N.S.W.. 3% P.c, 1930-40 .. 09 lo' 0 •97 5 0 Queensland;' 5 p.c Stoefc. redeemable 1940-80 .. ..... 107' 3 9 106 13 9 Queensland. 3 p.c. 1922-47 .. 98 1 3 •94 11 3 New Zealand, 4% p.c. 1943-57 107.15 0 106 17 6 New Zealand, S'/i p.c', 1040 101 17 0 •100 3 a New Zealand, 3 p.0., 1945 97 17 0.. 87 13 9 New Zealand, 6 p.c. 1938-51 107 2 6 107. 11. 3 S.A.. 8?4 p.c. 1930 .. ., . 102 0 0 •100 12 6 S.A., 3 p.c. 1910 or after .. • 85 12 •6 •84 0 0 Tasmania,- S% p.c. 1930-40 101 15 0. 100 2 6 Tasmania. S p.o., 1910-40 .. 99 0 0 •97 17 6 101 5 0 101 10 0 W.A. « p.c, 1930-40.... .. 101. 0 0 100 13 9 •Ex dividend.