COMMERCE AND FINANCE

Otago Daily Times, Issue 22285, 11 June 1934, Page 2

COMMERCE AND FINANCE

LONDON MEAT MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 9.

BUTTER PRICES (Per United Press Association.) WELLINGTON, June 9. The Australian Board has fixed the rtiinimum forward shipment butter prices to the United Kingdom at 9Jd and 9d for the coming week. 1 ~ ■ ’ V.DEVONPORT STEAM FERRY COMPANY (Peb United Press Association.) ’ AUCKLAND, June 10. The Devonport Steam Ferry Company’s net profit for the year ended April 30 was £7673, ag against £7581 last year, with £399 brought into the accounts. There is a balance of £8072. The interim dividend of 2i per cent, absorbed £3750, leaving £4322 available. The directors recommend a final dividend of 2i per cent., making 5 per cent, for the year (unchanged rate), and leaving £572 to be carried forward. The dividend will be paid on June 21.

LOCAL AND OVERSEAS MARKETS.

£ b. d. N.Z. Breweries' 2 4 3 The following are Saturday’s buying and selling quotations, which are subject to the usual brokerage:— BANKING.

NORTHERN EXCHANGES

(Peb United Press Association.)

The following business was clone on ’Chances on Saturday:— Auckland.—Sales; Bank of New Zealand (D Mort.), 35s 6d; Bycroft, 18s 3d; New Zealand Refrigerating (10s paid), 9s; Mataki, 2s 3d; Rural Bonds (1947), £103; Stock (1940), 4 per cent, £lO5 lOsimditto (1946), 4 per cent., £lO6 10s; ditto, (1949), 4 per cent.. £lO6 10s; ditto (1955), 4 per cent., £IOB 10s, Unofficial list: Auckland Farmers’ Freezing (15 paid), £5; Golconda Holdings, Is 6d; Perpetual Forests. 40s Od. After call: Union Bank, £9 19s; Electrolytic Zinc, 26s 3d; New Zealand Newspapers, 30s fld; Waihi Junction, 4s 3d; King Solomon, 4s 3d. Wellington.—Sales: Stratford Borough, 5i per cent. (1957), £IOO 10s; National Insurance, 20s 7d; Gear Meat, 2S« 3d, 28s 6d (both late Friday); Mabakipawa. 104 d; Gtenroy. 9Jd. . Christchurch—Sales: Bank of New South Wales. £3l 17 s 6d; National Insurance. 20s 6d; Goldsbrough, Mort (cum div.). 31s 3d (two parcels); New Zealand Breweries (cum div.), 44a 2d (five parcels); Electrolytic Zinc (pm), 33s 8d; Alexander (13s 6d paid), 15e lid; King Solomon, 4s Id, 4s 2id; Maerewhenua, Mahakipawa, 10gd (thr©6 parcels); Slount Morgan, 26s (twm parcels), 26 s Id, ?6s 3d (three parcels); Worksop Extended (Is paid). Is sd; Skippers Limited, Is OJd (two parcels). Sales reported: Skippers Ltd., la Id (two parcels); Kinc Solomon, 4s 3Jd; Bank of New South jVales. £32. TALLOW MARKET k < United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 8. Tallow: Stock, 1639 casks; imports, 1000; deliveries, 693.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE The only business recorded on the Dunedin Stock Exchange on Saturday morning waa a sale of New Zealand Breweries at 12 4s 3d. The same figure was being offered at the close of the market, but sellers were not then prepared to accept less than £2 4g fid. An offer of £3l was made for Bank-of New South Wales, sellers remaining firm at £32 2s fid. Ordinary New Zealand Loan and Mereantilea were again inquired for at £57, and a seller came forward at £6l. There was an unsupplied, buyer of Dominion Fertilisers at 17s 7d. SALE REPORTED.

THE WOOL MARKET AUSTRALIAN SELLING SEASON STATE AUCTIONS POSTPONED. «* “ ' (United Press Association.) (By Electric Telegraph—Copyright.) MELBOURNE, June 9. All the wool sales, which would normally have been held this month in Sydney, Brisbane, and Adelaide, will be postponed. The National Council of Wool Selling Brokers’ official statement says that, in view of the present position of the wool market, the Australian Woolgrowers’ Council and the National Council, after conferring with all centres, have, in the best interests of the industry, decided to postpone all wool sales this month. THE GOLD MARKET (United Press Association.) •By Electric Telegraph—Copyright.) LONDON, June 8. Fine gold is quoted at £6 17s BJd per ounce. NEW GUINEA SHARES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 8. New Guinea shares are quoted at 5s 3}d. Bulolo shares are quoted at £6 2s 9d. FOREIGN EXCHANGES (British Official Wireless,) (United Press Association.)

LONDON METAL MARKET (United Pres* Association.^ (By Electric Telesra-h —ropyc'xht.) -* LONDON. June S. (Received June 10. at 4.30 p.m.) The following are the official metal quotation*:—

SYDNEY STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, June 10. (Received June 10, at 6.30 p.m.) Sales: Ronds 4 per cent, (1938), £lO6 3s 9d; 4 per cent, (1941)), £lO6 15a; Tooths, 44s 3d; Anthony Hordern, I4s fid; Associated News, 22s 7jd; Lustre (pref.), 26s 6d. CO-OPERATIVE DAIRY COMPANY In reviewing the New Zealand Cooperative Dairy Company’s policy, Mr C. J. Parlane, general manager, mentions that costs of manufacturing in 1932-33 compared with the costs in 1927-28 showed an annual saving on a tonnage basis amounting to £292,688, During the nine years the New Zealand Dairy Finance Company had been in operation approximately £650,000 had been made available to suppliers. Since the Rural Intermediate Credit Board commenced operations £297,000 had been advanced to the company's suppliers. In summarising the company’s activities, Mr Parlane said the year just concluded had seen the number of suppliers esee.ed 10,000 for the first time, while the total tonnage of dairy produce was expected to be over 60,000 tons. The financial stability of the company was impregnable.

NEW ZEALAND APPLES LATEST ARRIVALS. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 8. New Zealand apples which arrived by the Nebraska and the Port Curtis realised:—- Ballarats, 10s 3d to Us; Jonathans, 6s to 9s; Stumers, 6s fid to 8s fid; Delicious, 6s Sd to 8s fid. BOND'S INDUSTRIES. LTD. Bond's Industries, Ltd., Sydney, reports a net loss of £176.830 for 1933, compared with a loss of £71,284 the previous year, and a profit of £4412 in 1931. The losh is struck after charging debenture interest amounting to £28,481. A transfer of £31,018, the balance from reserve for stock adjustments, together with the credit of £96 brought forward, reduces the loss to £145,716, and this is carried forward as a debit balance. There was a gross loss of £12,537 on manufacturing and trading, compared with a gross profit of £120.553 in 1932. Much of the loss has been due to a revaluation of the stocks of manufactured goods and raw materials. The directors state that during almost the whole of the year there was a falling market, and they felt the position must be faced, whatever the results, so that future trading might be on a sound basis. The bulk of the writing down occurred in the interim accounts prepared at June 30, 1933. During the second half of the year, occupied mainly by reorganisation of the company’s manufacturing and distributing methods, the trading resulted in a relatively small loss.

TEA RESTRICTION SCHEME SUCCESS CLAIMED. In bis address at the annual general meeting of the Mercantile Bank of India, the chairman of director#. Sir Thomas Catto, said, inter alia:—" In my address to you last year 1 1 mentioned that a tea restriction scheme was being considered. I am glad to tell you that this was duly put into ©Deration, and the effects have been most important. It is not. too much to say that they have ‘ entirely changed the critical position of the tea industry. This is a fortunnate thing, indeed, because many tea gardens had reached not only the end .of their own resources, but also of their powers to obtain credit, and another bad season would have meant the abandonment of many gardens and the return to jungle after years of expense and labour of acres of tea-bearing land- Such dire results have been prevented and the industry saved. It is believed, moreover, that the scheme has been devised on so elastic a basis, with so comparatively small a restriction, that there is little likelihood of the scheme being a factor in forcing prices beyond economic levels and bringing the inevitable reaction of reduced consumption.” LONDON MEAT MARKET The Bank of New Zealand has received the following advice from its London Office under date June 8: Frozen Meat—The market for wethers has improved owing to short .supplies. For ewes the market is firm with an upward tendency. For lambs demand and prices arc steady. Wethers, light, 5d to 6d per lb; wethers, heavy, 4Jd to 4|d per lb; ewes, 3d to 4Jd per lb; Lambs — twos, 7Jd to 7|d per lb; eights, 7d to 7Jd per lb; fours, 6§d to 6?d per lb; seconds, 7d to 7|d. THE BANK OF AUSTRALASIA The Bank of Australasia has received the following cablegram from it* London Office: — New Zealand lambs.—Demand good, prices firm for all grades, prospects favourable; New Zealand mutton market firm; prospects good. New Zealand Beef.—Demand and prices steady. Do not anticipate any, material change in the near future. DUNEDIN MARKETS MERCHANDISE MARKET. Advices to hand state that the prices for the new season’s salmon will show an advance as compared with last year’s opening prices. It is also reported that flats in Pink grade will be even higher, in comparison with last year’s figures, as it is understood that tails will be the line chiefly offering. Quotations for new season’s figs show an advance all round of aome shilling* per cwt. Further supplies of African evaporated apricots and peaches are due to arrive ex the next Melbourne boat.

The Waipiata is due on Wednesday with a cargo of sugar, and the Port Waikato on Thursday with another cargo. The cheese market continues firm. .

A parcel of Grecian currants which came to hand recently shows merchants a considerably advanced price, as compared with last year’s figures. Bulk dates continue in strong demand. Local supplies are getting into short compass. • ' A, further shipment of Australian rice is expected to arrive ex the Wainui. Camp coffee shows a slight reduction in price. A sharp advance has taken place in the price of hops. Preserved ginger and peel show an increase in price, Australia reports that the prices of canned peaches and apricots have been increased. , Ivelcon is now again plentiful on the market. FRUIT AND PRODUCE WORLD Reilly’s report selling:— Per Dozen. —Cabbage Is, 2s. Cauliflowers 2s fid, 4s. Carrots Is. Honey, 41b pats 3s 9d, sections Bs, 9s. Eggs Is 9d, pullets Is fid, preserved Is 4d. Lettuce Is fid. Violets 3s. Cucumbers: Hothouse 6s, 8s fid. Each.—" Champion ” egg crates 24 dozen 16s fid, 12' dozen 13s. Knapsack sprayer £4 15s. Mutton birds 5Jd, fid. Half Cases.—Passions: New Zealand 12s fid, 13s fid. Dessert New Zealand lemons 10s. Bushel and American Cases,—Apples: Cox’s 9s. 10s; Jonathans 4s, 6s: Cleopatras fis, 8s; cookers 3s fid, 5s fid; Delicious ss, 7s. Pears: Cooking 4s; Winter Coles 4s, ss; Nelis 4s, ss. Californian oranges 42s fid. Californian grapefruit 40s. Californian lemons 57a fid; New Zealand lemons 15s, 20s. Bananas: Ripe 17s fid. Rarotongan oranges: Repacks 18s, 20s; Poorman oranges 12s to 13s fid. Per Lb.—Beeswax Is Id. Bulk honey: New season’s 4Jd, sd; seconds 3d. Brussel sprouts 3d. Walnuts Bd. Cheese sd. Peas: Choice 4d, black Id. Grapes: Gros Colmare Is Bd, 2s. Peanuts 4d. Butter: Storekeepers 2Jd, 4d. Bacon: Prime lOd. Tea: Orange Pekoe 2s fid. Porker and bacon pigs; Prime sd, overweights 2Jd, 4d. Eschallots Id. Tomatoes: Locals lOd, Is Id; Christchurch hothouse: Choice 6d, Bd. Olive oil 10s fid gallon. Giraffe lime sulphur, 8 gallons 2s, barrels Is 9d. Semesan and Granosnn, 2oa 2s 3d, Jib 7s fid, 11b 12s fid. 51b 555, 251 b 2455. Black leaf “40 American, 101 b 525, 51b 30s, lib 8s fid, Jib 5s 3d; British. 101 b 50s. 51b 27s fid, 11b 7s fid, Jib 4s 3d. Restar grass grub exterminator, J-gallon 3s fid, 1 gallon fis fid. Arsenate of lead paste fid to Is Id. Lead powder BJd to Is Id per lb. Patent codlin moth tree bands, 200 ft lengths 12s. Prepared white oil se. White oil emulsion 4s gallon. Red spray 3g 7d. Special spray soap 275. Improved spray fid lb. French Bordeaux Is. Calcium arsenate Is. Benzole emulsion 7d lb. Atomised sulphur fid lb. Weed and scrub killer fid. Wood preservative 4s fid. Fowl wheat 4s fid, seconds 3s. Partridge peas 4s fid. Maize 6s fid. Kibbled maize fis. Oats; “A” Cartons 2s 3d; “B” 2s. Crushed oats fis fid. Cross Keys meatmeal 16s. Chick food. 1001 b 17s fid. Acorn buttermilk powder 3d per lb. Bran £4 10s. Pollard £6 10s. Chaff, 8.0.5., £4. Straw, wheaten, £2 15s. Oatmeal £l9. Per Pair.—Poultry: 209 hens at 2s to 7s, 145 cockerels at 2s fid to 8s 4d, 2 bantams at 2s 4d, 11 ducks at 7s fid. 51 pullets at 5s to 12s 4d per pair; 2 gobblers at lOd, 1 hen at 8d per lb. REILLY’S CENTRAL PRODUCE MART, LTD., Moray place, Dunedin.

MINING GOLCONDA HOLDINGS, LTD. (Feb United Press Association.) AUCKLAND, June 10. The directors of Golconda Holdings Limited, have received notice of the exercise of the option to the Mataki Junction Gold Dredging Company. There is no liability over Golconda Holdings, Mataki Area {No. 1). Preparations are now proceeding to install a dredge which it is claimed will be the most modern yet installed in New Zealand. BELL-HOOPER RETURN CHRISTCHURCH,’June 9The Bell-Hooper (Cromwell) Gold, Ltd., return for the week ended June 8 was 12oz ISdwt 3gr. GOLCONDA MINES On June 2 the manager of Golconda Mines, Ltd., reported:—During the week the following work has been carried out: The main drive is now 136 ft from the shaft. No reef has yet been cut, but we passed through another break and the country is good. The crosscut into the hanging wall was advanced 6ft. We are still in quartz and the reef is wider than the drive, but no footwall is showing. The quartz has a better appearance as we go towards the footwall and some of it looks most promising for making gold. OPERATIONS AT WAIHI The following information has been cabled from Waihi to London:— Surface Level.—ln the school drive at 200 ft, east of Oats crosscut, have intersected leader, course being 288 degrees true and dip 1 in 14 south-west. We have driven west by north-west on this for 44ft. Assay value 265, width about lift No. 4 Level.—North branch Martha lode, driving south-west; next 48ft is ore of good grade and width of lode varies from 3ft to 4ft. No. 5 > Level. —North branch of Martha lode, driving south-west; next 26ft, assay 8s 9d per ton. Lode is about 4ft wide. No. 6 Level. —Lode, at 468 ft in the cross-cut at 100 ft west, is now a total distance of 41ft north-west, with nothing material to report. No. 7 Level. —Crosscut to north-west in search of north branch of Martha lode. 'At 312 ft have intersected a mixture of quartz and country, 3ft wide, assaying 17s per ton. Course is 63 degrees true and dip 3 in 4 north. This is probably identicaFwith lode met in No. 6 level and reported in our cable of February 1. PRICE OF OSMIRIDIUM (United Pres* Association.) (By Electric Telegraph--Copyright.) LONDON, June 9. (Received June 10, at 6.30 p.m.) The price of osmiridium is unchanged. LONDON MARKETS "(United Press Association.) (By Electric Telegraph—Copyright.) LONDON. June 9. (Received June 10, at 6.30 p.m.) Friday’s closing prices were as follows: Cotton: Spot, 6.65<J per lb; July, 6.32 d per lb. Rubber: Para, 5Jd per lb; plantation smoked, 6 9.10 d per lb. Jute: June-July, £l4 12a 6d per ton. Hemp; May-July, nominally £l6. Copra: June-July, South Sea, £8 per ton; smoked, £6 ,15s per ton; Plantation Rabaul, £8 12s 6d per ton. Linseed oil, £24 per ton. Turpentine, 46a 6d.

THE WHEAT MARKET f (United Press Association.) (By Electric Telegraph—Copyright.) NEW YORK, June 9. S Received June 10, at 6.30 p.m.) icago wheat: July, 98§ cents per bushel; September, 99J cents; December, 101 i cents; New York cash, 1091 cents. DAIRY PRODUCE The South Island Dairy Association, Ltd., has received the following market report from London:— Butter. —Steady; 77s to 795; Danish, 86a. Cheese.—Nominal owing short available supplies. White,, 47a to 48s) coloured, 45s to 465. BANKING PROBLEMS Many interesting aspects of banking were dealt with by the vice-chairman of the board of directore of the National Bank of Australasia (Sir Frank Clarke) at the annual meeting in Melbourne last month. On the controversial question of “ releasing credits,” Sir Frank Clarke pointed out that in the absence of a wider buying demand necessitating an expansion of productive industry the only way the banks could further extend credit would be by reducing the margin of security to an unsound extent, or by lending for unproductive purposes, and he was emphatic that the bank would take neither of these courses. It is a mistake to consider that lending rates of interest by banks are the most important factor in the development of industry, but at the same time, Sir Frank Clarke declared that these rates are now as low as they have ever been in modern times, and he contended that they would not deter anyone from extending sound operations. In paying a well-merited compliment to hard-working primary producers, Sir Frank Clarke directed attention to the fact that in the last three years the National Bank of Australasia had no record of having taken proceedings to evict any Victorian farmer, and that in lees than a dozen cases had it been obliged to enter into possession of abandoned properties.

DOMINION AIRWAYS. LTD. Attention is drawn to an advertisement appearing in this issue relative to the formation of Dominion Airways, Ltd., a company now being formed for the purpose of operating regular passenger, mail,and freight services throughout New Zealand. The company’s directorate is an exceedingly powerful; one, being headed by Air-commodore Sir Charles Kingsford Smith and including also Mr G. W. Hutchison, Mayor of Auckland, and a leading public accountant; Mr Ernest Davis, managing director of Messrs Hancock and Co., Ltd., Auckland; Mr J. Marsden Caughey, managing director of Messrs Smith and Caughey, Ltd., Auckland; Mr Eric Rhodes, a director of the Fletcher Construction Company. Ltd.; and Mr C. D. Morpeth, of Wellington, public accountant and a member of the Wellington Mortgagors’ Relief Commission. Associated with the company’s directorate as consulting specialists are a number of the Dominion’s leading aviators, together with Mr John S. W. Stannage, Sir Charles Kingsford Smith’s radio specialist.. The company proposes to inaugurate its eer- i vices upon two main routes. The first 1 of these, upon which a daily service will be operated in both directions, extends j from Auckland to Dunedni, via Hamil- | ton. New Plymouth, Wellington, Blen- ] helm, Christchurch, and Timaru. The second principal service will be operated between Auckland and Nelson, and will pass en route through the airports of Hamilton. Rotorua, Gisborne, Napier, Dannevirke. Palmerston North, and Wellington. The company will operate twinengined aircraft of the most advanced design, having a carrying capacity of from six to eight passengers in addition to air I mail and luggage, and being equipped with the latest two-way radio telephony installations will enable pilots to keep themselves advised of weather conditions along their routes. These aircraft will, incidentally, have a flying range of 400 miles when fully loaded upon only one of their two engines, thus ensuring an | exceedingly high safety factor. Sir I Charles Kingsford Smith has been per- j sonally responsible for framing the scheme ' upop which the company will operate, and t has undertaken to return to New Zealand j after the Melbourne, Centenary Race in ’ October next for the purpose of personally supervisin'* the inauguration of the -/Mv.rtenv’s services.

r CEMENT ANNUAL MEETING HELD. DIVIDEND PER -iqiNT. There was a good’ of shareholders in Wilsons (N.Z.) : ; Portland Cement Company at the annual meeting held in Auckland oh/ Wednesday. la moving the adoption of the report and balance .sheet the chairman (Sir George Elliot) supplied the following comments upon the balance sheet:— Marine insurance reserve has been’ credited with premiums on all cargoes of cement shipped coastwise by the company, ,a risk that is /carried by company itself. Full depreciation at rates allowed by the Income Tax Department has been, taken off all fixed assets. After taking into aeconnt certain additions made to the plant during the year, the depreciation makes a reduction of £22,013 in v the fixed assets compared with that ot last year. Shares in the subsidiary company still stand at £49,996. This item, which in former balance sheets was included in investments, is now shown separately as required by the new Companies Act. It represents this company’s holding in Wilsons Collieries, Ltd., which company for many years mined and supplied coal, for the cement works at Portland. Owing to the very high cost of coal, brought about by the unfriendly attitude of the miners, together with serious flooding troubles, the mine was finally closed in November, 1933. Subsequently the plant, buildings, stores, etc., were sold at a price much below book values. I'his loss has been fully taken care of in the accounts of the Collieries Company, and the remaining assets of an easily realisable nature more than cover the credit shown in the balance sheet. Wilsons Collieries, Ltd., still retains its entity, and purchases of coal for the cement works are made through its agency; Shares in other companies, New Zealand Government securities and mortgages, do not call for comment, other than to point out that Government securities have been reduced by the amount given to shareholders by way of return of capital. Although cash in bank and. on deposit bulks fairly largely, very little of it i» not interest-earning. RIVER PLATE COMPANY In his annual address at the meeting of the River Plate Trust Loan and Agency Company in London on March i 26, the chairman of directors, Mr James Anderson, stated that in regard to the outlook for the current year, he regretted that the prospects were not encouraging. ' In Argentina the cereal harvest of wneat and linseed just ended had been a fair one, hut maize bad suffered from drought and locusts, and the '.crop was likely to be rather under than over an average one. The depression in the farming industry, due to the extremely low prices ruling for primary products, still continued, and many of the company’s clients were finding it difficult to meet their mortgage indebtedness with the usual promptitude. Although the picture could not be termed a bright one, it was not without redeeming features. The financial position of the company was thoroughly sound and its liabilities small in comparison with its available assets. The balance sheet showed that, after full allowance for all depreciation at Home and abroad, the capital was intact, with a surplus of £982,000. The Argentine assets for the moment were under a cloud, but that would, he believed, lift in time. In the company’s experience of 53 years, they had ((one through many a crisis and had come out without serious hurt. He hoped they would have a similar experience in the present case. The country’s potential wealth in soil, climate and transport facilities was enormous, and would in time make itself manifest. X! STEEL TRADE IMPROVES | An increase in net profits from £119,993' for 1932 to £459.552 for 1933 was shown in the accounts of Stewards and Lloyds, Ltd., a British concern, which manufactures wmight-iron and steel tubes and pipes. A dividend of 2J per cent, was paid on the deferred shares, against nothing in the previous year. In addition, to the usual preference dividends £30.000 has been allocated to special depreciation reserves £65.000 to income tax reserve, and £1.30 000 to general reserve, all of which compare with nil a" year ago. The balance carried forward is £158,126, against £156.738 brought in.

(Received June 10, at 6.30 p.ip.) N.Z. SHEEP- ■ O (N . o CZ . r-i Canterbury and North c § Island selected crossbred wethers and (Per -lb.) maiden ewes: d. d. d. 48-561b 54. 53 54 57-641b .. .. 45 4| 5J 65-721b .. ..... .. 44 4| 43 North Island: 48-56lb .. 59 57-641b 4) 4|' 5 65-721b .. .. .. .. 44 43 4| North Island ewes: Under 4Slb .. .. .. 44 41 — 48-641b ...... .. H 33 35 65-721b .. .. .. .. 3 34 33 AUSTRALIAN SHEEPFirst quality crossbred and/or merino wethers: 40-651b 44 4J 4§ Second quality: 30-551b 44 41 4* Ewes; 30-551b 35 44 44 ARGENTINE SHEEP— , First quality crossbred wethers: 48-64Ib 45 42 5 65-721b .. 32 4 44 PATAGONIAN SHEEPWethers and/or maiden ewes: 501b and under .. . . 41 45 5 50-601b .. ..... .. 4 44 4| Ewes: / 40-501b — — — PATAGONIAN LAMBS- * First quality: 361b and under .. .. 7 74 7i 37-421b 65 64 62 Second quality: Average about 301b 7 74 71 ARGENTINE LAMBS— First quality: 361b and under .. •. 05 7 74 37-421b ,.. «4 ■6| 62 Second quality: 74 73 Average about 281b 65 N.Z. LAMBS— Canterbury: First quality: S6Ib and under .. .. 7* •7f 72 37-421b 65 74 74 43-501b 64 62 62 Second quality: / Average about 321b .. 74 '74 74 Other South Island: 361b and under .. .. 74 7| - 37-421b .. .. .. .. 64 7 74 43-501b .. .. .. .. ■64 6| 62 Selected North Island, including Downs: n 72 7f 361b and under .. .. 37-421b i 74 74 43-501b 65 72 72 Second qualits: 73 74 i 7j Average about 321b .. Other North I land: First quality: . 361b and under •.. ..’ 75 73 7f 37-421b .. .. •• .. 62 7 . 7 Second quality: 74 78; ; 7g Average about 32lb .. AUSTRALIAN LAMBSVictorian: ; First quality: 74 78 361b and under .. .. 7 ■: 37-421b ....... .. ....■ 61 03 62 Second quality: 74 - 78 361b and under .. .. 7 Other States: First quality: 36lb and under .. .. 64 74 78 37-421b '>■. . .. 61 64 58 Second quality: ’ • 361b and under ,. 7 74 71 ' All States: ■ Third quality: Average about 261b . • 74 74 . 74 N.Z. FROZEN BEEF— Os fores (160-2001b) .. 24 24. ...24 Ox hind* (160-2201b) .. 34 ■ mm 3i AUSTRALIAN FROZEN ;.. .. >r „• .’■.p x-.v. BEEF— Ox binds (1601b and ... under) •• •• ••• 35 35 , 34 Ox hinds (over 1601b) .. 3g 38 33 Ox crops (1001b and 21 28'. v, 28 under) ...... Ox crops (over 1061b) . 23.'.. 23 28 ARGENTINE CHILLED BEEF— 2| 22 34 Ox fores (l60-2201b) .. Ox hinds (160-2201b) ... 55 55 N.Z. PIGSFirst quality: ■ 60-S01b .. .. .. , •• 64 M 81-lOOIb .. .. .. 6 6 6 101-1201b 55 52 62 AUSTRALIAN PIGS— First quality: 60-1001b (average about 6 64 801b) .. .. .. 6 10M201b .. ... . . .. 51 5| 52

Buyer. Seller. f s. d. £ fl. d. A’asia .. .. .. 11 15 0 — N.S.W 31 0 0 32 2 6 N.Z 2 11 0 2 11 9 Commercial .. .. — 0 16 9 National of N.Z. .. — 4 2 0 Union — 10 0 0 INSURANCE. 8 National .. .. .. 1 0 New Zealand .... — 3 3 9 Standard 3 4 0 — SHIPPING. Hnddart, Parker 0 1 5 —— U.S.S. Co. (pref.) 1 6 6 — COAL. Westport 0 17 0 — Westport-Stockton 3 (pref.) .. ., .. 0 0 — LOAN AND AGENCY Goldsbrough, Mort — 1 12 0 National Mortgage — 3 2 0 N.Z. Loan and M. (ord.)' .. N.Z. Guar. Corp. 67 0 0 4 0 6 61 0 0 Wright, Stephenson 6 (pref.) ,. .. .. 0 19 0 1 0 MEAT PRESERVING. N.Z. Refrigerating 19 (paid) .-. .. .. 0 0 — N.Z. Refrigerating (cout.) 0 8 11 0 9 1 South. Frozen Meat (paid) .. .. 3 6 0 3 10 0 South. Frozen Meat 9 (cont.) 1 13 — South. Frozen Meat (pref.) 3 6 0 — Waitaki Farmers — 3 10 0 MISCELLANEOUS. Broken Hill Propy. — 2 fl 6 Brown, Ewing 6 (ord.) .. .. .. 0 18 — Brown, Ewing 1 0 0 _ D.LC. (pref.) .. 1 4 0 — Dominion Fertiliser 0 17 7 Dominion Fertiliser io4 . (debs.) 0 0 — Dominion Rubber i 4 3 — Dun-Kaikorai Trams 1 15 0 5 Stock Ex. Propy;i 18 6 2 0 Eleetrotlyio Zinc 9 (ord.) i 5 — Kaiapoi Woollen 7 (ord.) .. .. .. 0 » 0 10 3 Kaiapoi Woollen 6 (cont.) .. .. .. 0 3 — Miiburn Lime .... 1 12 3 — Moegiel Woollen .. 10 0 0 M‘Leod Bros. .. .. 28 0 0 Mount Lyell .. .. 1 0 9 — National Electric — - 0 « 0 N.Z. Drug Co. .. 3 16 0 — N.Z, Express (pref.) 1 2 0 — Malay Rub. (pref.) 1 0 0 —. 6 Regent Theatre .. — 1 0 Smith and Smith 0 17 0 — - Wilsons Cement ■ 1/ 8 9 1 9 11 BREWERIES. N.Z. Breweries.. 2 4 3 2 4 6 Dunedin 1 5 0 Timaru ..... .. 0 8 P — OIL. Moluroa 0 3 0 0 i 3 MINING. Aotearoa — 31 0 0 9 Bell-Kiigour .. .. 0 0 0 0 41 Bendigo Goldligbt 0 0 7 0 0 0 Big River .. .. — 0 0 10 Central Shotover... — 0 1 0 Charlstou .. .. . • Gillespie’s Beach — 0 1 5 0 1 7 0 1 9 Golden Point .; .. 0 0 3 — Golden Progress Golden Sands — 0 1 0 — 0 3 0 Goldfields Dredging — 0 0 101 Glenroy . . .. 0 0 9 — Hatter’s Flat — 0 0 7 o 1 10 0 2 0 King Solomon .. 0 3 6 0 4 2 Lawson’s Flat — 0 0 5 Mahakipawa .. .. 0 0 11 Mining House . , 0 0 7 Moonlight-Nelson 081 Creek .. .. .. — 0

Nevis Diesel .. .. — 0 0 4 New Cornish Point — 0 0 10* Nokoniai . • .. 0 2 8 0 3 0 Okarito .. .. .. 0 8 2 0 8 5 Oxenbridpre .... 0 0 II 0 1 0 Paddy's Point — 0 1 1

Skippers .... .. —■ 0 13 GOVERNMENT LOANS. 3J p.c. Stock, 10381943 104 0. 0 - s 31 p.c. Stock, 19391943 104 0 0 — 31 p.c. Stock, 19411943 104 0 0 — 31 p.c. Stock, 19381952 •; 104 0 0 — .3J p.c. Stock, 19391952 104 0 0 — 31 p.c. Stock, 19411952 .. .. .. .. 104 0 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. Stock, Feb, 15, 1946 .. .... .. 105 5 0 — 4 p.c. Bonds, April 15, 1949 .... 100 0 0 — 4 p.c. Stock, April 15, 1949 .. ..106 0 0 — 4 p.c. Bonds, June 15. 1955 .. .. 107 10 0 — 4 p.c. Stock, June 15, 1955 .. .. 107 10 0 —

(By Electric Telegraph—Copyright.) Paris— RUGBY, June 8. Par. June 7. June 8. Francs to £1 124.21 ; 76 25-32 764 Brussels— Belgas to £1 80 21.69 21.64 Oslo — Kroner to £ 1 18.180 19.904 19.904 Stockholm — Kroner to £ 1 18.130 19.40 19.40 Copenhagen— Kroner to £ 1 18.150 22.89 22.394 Berlin— Marks to £ X 20.43 18.15 13.08 Montreal— Dollars to £X 4.86 2-3 5.031 8 New York— Dollars to £ X 4.86 S-3 8.0744 8.064 Yokohama— Pence to yen .. 84.582 14i 121 Hongkong— Peace to dollar 24.88 it* 151 Bombay— Pence to rupee — 18 1-3S 16 1-32 Batavia— Florins to £X 12.16 — . Milan— Lire to £X . . 82.46 58 7-16 88 T-10 Amsterdam— Guilder to £X 12.107 T.47 7.45| Prague— Kroner to £1 1044 121% 1214 Geneva — 2'3.22J Francs to £1 15.60 15.574 Vienna — Schillings to £1 84.864 27 27 Helsingfors— Marks to £ X 193.23 2261 226J Madrid— ‘ Pesetas to £ X 25.224 S7 1-S2 36 15-16 Belgrade— 221 Dinars to £1 25.224 221 Athens — 325 Drachma to £1 375 625 Lisbon — 110 Escudos to £X X10 110 Bucharest — 505 Lei to £1 .. 931.8 505 Rio de Janeiro — 41 41 Pence to mllrels 5.890 Buenos Aires— 364 Pence to pesos 47.28 36} Shanghai— 17% 134 Pence to tael — Montevideo— 88* • 38% Pence to pesos — Warsaw— Zlotys to £ 1

Copper, apot Too. £32 10 TH ;F»U.£0 .» 9 Copper., forward .. 82.18 1054 r»u o s 9 Electrolytic, apot.. 35 10 .0 FaU .0 1# 0 Electrolytic, forward S« 0 0 Fall 0 B 0 Wire bars .. .. ' S« « 0 FaU 0 8 0 bead. »sot .. .. use No change Lead, forward ■■ • u r o No change Spotter, spot .. 14 17 6 Rise 0 1 3 Spelter, forward .. 15 I S FaU ,0 1 3 Tin. spoi .. .. SSO T 6 FaU 0 IT 6 Tia. forward .. 228 7 « FaU 0 5 0 PI* Iron, borne trade 3 7 6 No change Pi* Iron escort 3 S 6 No change Antimony, British 43 10 0 Blse 1 0 0 Antimony, fore)an 25 15 0 FaU 0 10 0 ■Sllrer. standard .. O*. 10%d Rise Ud SUrer, fine .. .. 21 6-16d Blse Hd Molybdenite .. .. Colt. 1 16 0 No change Wolfram .. .. 2 9 0 Rise 0 2 0