COMMERCE AND FINANCE

Otago Daily Times, Issue 22351, 27 August 1934, Page 14

COMMERCE AND FINANCE

OVERSEAS TRADE THE LATEST RETURNS MARKED RISE IN IMPORTS (Pm United Pkess Association) WELLINGTON, August 25. The figures for* the overseas trade of New Zealand (excluding specie) for the month of July and for the seven months ended July were as follows compared •with "the corresponding periods in 1933 and 1932. In the case of imports the recorded value is given, with the equivalent in New Zealand currency in parentheses. In the case of exports and the balance the figures are in terms of New Zealand currency. The figures for July of the past three years are as follows: July. July. July. ' *••'• 1034. 1033. • 1032. .. 2.851.018 3.87*6,708 2.032.079 Im n££hd ralue .. 2.385.845 1.403.282 1.530.543 .. 2.80T.000 1.694.000 1.966.000BX l^™cf S "... -10.000 1.082.000 78.000 •Eicmi of Imports. The figures for the seven-monthly period: ended July in each of the past three years' arc as follows: "'■'•. germ Months. ;•'•',-. '*'". W3*- 1933 -- 103 - & \. 84.34M38 20.7 3 £ 9.100 23.531.336 to .. : 13.600.815 11.705.271 •K.001.T00 XX. currency •• ' 10.623,000 14.329.000 13.044.000, "5S « 17.728.000 12.410.000 0.590.000 The value of specie excluded from the above return was as follows: Exporti. Import* t t Tnlr 1934 20.000 113.700 SiTi moU. of 1934 .. 508.000 742.000: In the official statistics the imports from Australia are recorded in terms o. Australian currency ; and the imports from other countries in sterling. SOUTHLAND MARKETS {From Ocr uwn Correspondent.) INVERCARGILL, August 25.;. Markets generally are showing more activity, which is to be expected in view of the near approach of the spring operations on the land. Inquiries now are constant for oats, both in the higher grades for use as seed and for feeding purposes, and transactions have been recorded in A grade at 2s 6d and B grade at 2s 3d, for prompt delivery, with an upward tendency* more : especially for the latter, bookings having been made tor September-October at 2s 4d. It is evident that the general shortage of oats is now being recognised in other quarters, and it is reported that a northern house has booked a fair-sized parcel of old oats for shipment to London. . - There is a distinctly firmer tone about the ryegrass market, due to inquiries, and to a certain amount of business hav-. ing been done with London for distribution, it is understood, to the Continent. The current rate, although this price has been exceeded for shipment overseas, is 4s 6d per bushel for seed exceeding 85 per cent, germination weighing 281 b and The crested dogstail market is also firmer at prices from Is to Is Id per lb for seed of good appearance and high germination. . , Chewings fescue is now almost entirely off the market, stocks being virtually exIn white clover, in which Southland has been gradually coming into prominence owing to. crops elsewhere, some business nas been done at prices varying from 1705.t0 180 s per cwt, much naturally depending on the character of the■ seed. ,•■'„

MERCHANDISE MARKET The Kekerangu, due here this week; will land a small shipment of tinned and loose Australian prunes, jilso transhipments of tea from Colombo. ■/ A parcel of lexia'a seeded raisins arrived last week. Further supplies should be to hand in the course of a fortnight. Clothes pegs recently landed show merchants a- higher cost. ■ ■'■ Further ■ supplies of lor, 2oz, and 4oz Vitamite have arrived from Australia;/ The Port Gisborne has brought supplies,'of'.C. and B. essences, curry powder, anchovy sauce, tinned curled anchovies, and prawns. Further supplies of shelled Brazil nuts are due to arrive ex the Tekoa, at the end of the month. The Waimarino brought a cargo, of sugar during the past week. The Port. Whangarei will land .another cargo. this week. •■ P..'', :'"'•■..', ; .'-.-...';/ v. .-■ ■

Java; shelled, pea nuts are getting into short supply. The Narbada, due at the end of September, will land further supplies. .. • , The Canadian Constructor brought supplies of bulk cornflour, Banquet herrings in sauce, .Windsor iodised salt, and Canadian— macaroni:!: The Tekoa, from Glasgow and Liverpool, will land supplies of Kruchen's salts, Karswood's poultry spice, Radox salts, cream of tartar, M'Clinton's barilla soap. Cerebos salt, Saxa, Bisto, and Kelto salt, and Silver Fern iodised ; salt (slb bags). " .. ■ ;■" ; . , A new line of cigarette tobacco, which will appear on the market at the end of the month, is<"M.P.," packed in London. Mardon'g Silver Ribbon cigarette tobacco, a New Zealand production, has made an appearance on the market. Zig-zag cigarette papers are now to be retailed at 2jd per packet and' Tic-tacs and Roll Rites at 2d: <

ALBERTA WHEAT CROPS DAMAGED (United Press Association.) (By Electric Telegraph—Copyright.) EDMONTON, August 24. (Received Aug. 26,-at 8 p.m.) Heavy damage was done to wheat crops in Central Alberta by the first frost of the season. Eleven*degrees were recorded at Camroso. •

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE . Two parcels of Westport Coals changed hnads at 19s on the Dunedin Stock Exchange on Saturday morning, the market closing with buyers offering 18s lid and sellers asking 19s lid. Four sales of New Zealand Breweries shares at £2 8s were reported, buvers' closing offer: on 'Change being £2 7s 9d, which was 6d below sellers' requirements. Goldfields Dredging shares were also the subject of business, two sales'-at Is 3d being reported. Values on 'Change were somewhat lower, however, buyers offering Is Id, while sellers would not take less than Is 2£d.

UNLISTED STOCKS. Jones Nevis 0 09 The following are Saturday morning's buying \ and selling quotations, which are subject to the usual brokerage:— BANKING.

NORTHERN EXCHANGES (Pee United Pbess Association) The following business was done on 'Changes on Saturday:— Auckland. —Sales: City of Auckland, 1940, 5 per cent., £103; Bank of New Zealand (D pref.), 345; Auckland Gas, 25s 3d: New Zealand Breweries, 48s 3d; Australian Glass, 50s 3d; Farmers' Fertiliser,l9s 9d; Robinson Ice, 18s; Talisman Dubbo, 12a 9d. Unofficial: Woolworths (Sydney), ord., 68s 6d. Wellington.—Sales: Bank of New Zealand, 47s 6d (late sale Friday). 47s 6d; Reserve Bank, £6 10s (late sale Friday). Unlisted sales: Woolworths, 68s 3d. Christchurch. —Sales: National Bank of Australasia (£5 paid), £62s; Reserve Bank of New Zealand, £6 9s 9d (two sales); Anthony Hordern, 14s 4d; Kaiapoi Woollens (7s paid), 4s sd; British Tobacco, 37s Id; Broken Hill Propty., 49s 6d: Dominion Fertiliser, 19s lOd; Dunlop Perdriau Rubber, 19s 9d (two sales); Brian Boru, Is 3d (two sales). Sales reported: Brian Boru, Is 3d (two sales late August 24).; New Zealand Breweries, 47 a 9d. Unlisted sales: Woolworths (Sydney), ord., 68s 9d (three sales); 69s (two sales); Jones Nevis, 7Jd.

FOREIGN EXCHANGES

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

SYDNEY STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, August 25. This morning's sales were as follows: — Bonds, 3J per cent., 1942, £lO4 2s 6d; Anthony Hordern, 14s 6d; Associated News (pref.), 23s 4Jd; Australian Glass, 51s 3d; Broken Hill Proprietary, 50s; Dunlop Perdriau,. 19s 9d; Goldsbrough, Mort,-30s 3d; Lustre, 24s 4£d. OPOSSUM SKIN SALE LOWER RANGE OF PRICES The Dunedin Stock Agents and Woolbrokers' Association (Messrs Dalgety and Co., Ltd.; Donald Reid and Co., Ltd.; Stronach, Morris, and Co., Ltd.; New Zealand Loan and Mercantile Agency Company, Ltd.; Wright, Stephenson, and Co., Ltd.; Otago Farmers' Co-operative Association, Ltd.; and National Mortgage and Agency Company, Ltd.) reports as follows: The largest quantity of opossum skins ever fffered at a sale in New Zealand was catalogued for the second sale of the season on Friday and Saturday, when approximately 60,000 skins were offered. The demand was rather better than anticipated, and the bulk of the skins was disposed of at prices which, compared with July were generally 6d to Is 3d per skin lower. Owing to the absence of demand frpm Germany, competition for dark colours wa6 comparatively weak, and these showed the biggest decline. Blues and greys were in good demand, and a good clearance of these was effected. The following is the range of prices:— Super blues 8s 9d to lis lOd; first blues, 6e 8d to 8s 6d; second blues. 5s to 6s 7d; super greys, 7s 4d to 9s sd; first greys, 5s 10d to 78 3d; second greys, 4s 6d to 5b 6d; super reds, 5s 3d to 5s lid; first reds, 4s 3d to ss; second reds. 3s 3d to 4s; super blacks, 7s 3d to 8s lid; first blacks, 5s to 7s id; second blacks, 3s 7d to 4s lid; super browns, 4s 9d to 7s 6d; first browns, 3s 6d to 4? 8d; second browns, 2s sd.to 3s sd; small blues and greye, is 3d to 3s" 9d; small blacks, lOd to 2s sd; inferior and damaged, Is 4d to 3s 7d. ' ' MILBURN LIME .COMPANY; / DIVIDEND ANNOUNCED. The payment of a dividend of 5 per cent, for the half-year ended July 31 as recommended by the directors of the. Milburn Lime and Cement Company, Ltd., will bring the total dividend-for the year to 8f per cent. * This compares, with 6 per cent, paid last year. DAIRY PRODUCE The South Island Dairy Association Ltd., has received the following market report from London:—Butter: quiet; 80s to 81s. Cheese: Quiet; white, 49s to 49s 6d; coloured, 45s 6d to 465.

LONDON MEAT MARKET

The Bank of New Zealand has received the following advice from London, dated August 24:—Frozen meat: For wethers the demand is firm, and for , ewes the demand and prices are steady. The lamb market is quiet and unchanged, while for seconds the demand is falling off. Quotations: —Wethers, light 51d to sgd per lb, heavy 4§d to s£d per lb; ewes, 3|d to 4Jd per lb; lambs—twos 7d to per lb, eights 6fd to 6R fours 6|d to seconds 6gd to 7Jd. LONDON MARKETS (United Press Association.) (By Blectrlo Telejtrapb—Copyright.) LONDON, August 25. (Received Aug. 26, at 8 p.m.) Friday's closing prices were as follows: — Cotton: Spot, 7.12 d per lb; September, 6.92 d. Rubber: Para, 5Jd per lb; plantation, smoked, 7Jd. Jute: August-September, £ls 6s 3d. Copra: September-October, South Sea, £7 17s 6d; smoked plantation, Rabaul, £8 17s 6d. Linseed oil: £22 ss. Turpentine, 41s Od. WELLINGTON WOOLLEN COMPANY The Wellington' Woollen Company attained its jubilee this year. Addressing shareholders at the annual meeting last week, the chairman of directors (Mr W. H. P. Barber) stated that since manufacturing was commenced in 1886 the company had disbursed £7,500,000 in wages and salaries, taxes, and other expenses. In addition, since 1889. the first year in which a dividend was paid, £595,771 had been distributed to shareholders. On only two occasions, in 1894 and 1895, was a dividend not declared. When on full time the company gave employment to 900 persons. After dealing with the charges in the balance sheet made necessary under the new Companies Act, Mr Barber mentioned that changed industrial and transport conditions had rendered the finishing factory for knitted wear at Petone unnecessary, and it was proposed to centralise again at the main mill. The building additions being carried out for the purpose were not assisted by a Government subsidy.

MINING NEWS

PADDY'S POINT RETURN The secretaries of the Paddy's Point Gold Mining Company, Ltd., report that a paddock has just been completed for a total return of 43£oz. The time taken was five weeks. CHARLESTON COMPANY'S RETURN The Charleston Sluicing Company's return for the fortnight ended August 25 was 270 z 9dwt llgr for 23. shifts. GOLDEN SANDS RETURN The Golden Sands return was 10oz4dwt for 23 shifts of eight hours. The dredge is working in old tailings. BRIAN BORU RETURN (Pee United Press Association) a GRBYMOUTH, August 26. The master of the Brian Boru dredge reports a return of 230 z 19dwt for 118 hours' work. MAHAKIPAWA RETURN (Pee United Press Association) CHRISTCHURCH, August 26. The Mahakipawa Company reports a return of 50oz for five days' work. KING SOLOMON DIVIDEND (Per United Press Association) WELLINGTON, August 26. The King Solomon Deep Lead Company has advised the Stock Exchange Association that a dividend of 25 per cent, (equal to 3d J a share) is payable on September 15. AFRICAN MINING SHARES PRICES STRENGTHENED. fßrltlsh Official Wireless.) (United Press Afsoclatlon.) (By Electric Telegraph—Copyright.) RUGBY, August 24. The rise in price stimulated interest in South African mining shares on the ounce, and is now only 9d below the record high price touched on February 5, following President Roosevelt's announcement oi his dollar devaluation plan. To-day's price included a premium calculated at 2s 3d over the dollar and 7d over the French This rise stimulated interest in South mining shares on the stock market and prices strengthened. NEW GUINEA GOLD SHARES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, August 24. New Guinea gold shares are quoted at 5s 9d. ____________ BULOLO SHARES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, August 24. Bulolo shares are quoted at £7 16s 3d. R T. WIMBLE AND CO. F T. Wimble and Co., Ltd., type founders, report a net profit of £17,420 for the year ended June 30, compared with £16,300 the previous year. Ordinary dividend of 6.2 per cent, is at an unchanged rate and requires £5877, and preference dividend requires £3IOO. A sum of £5500 is transferred to taxation reserve, and £2OOO is placed to contingencies special reserve, leaving £1752 to be carried forward, against £BO9 brought forward. Gross profit increased by £5849.

COMPANY BALANCE SHEETS STATE FIRE INSURANCE OFFICE. ACCIDENT BRANCH.

* After deduction of land and Income tax. The reduction, which the revenue has suffered, has been more than counteracted by the smaller outgoings. Both claims and administration expenses have been smaller, so that the surplus of £18,929 is £5056 higher than that for 1932. After the statutory payment of £1174 to the Treasury, the balance of £17,755 is available for reserves, £15,000 being assigned for investment fluctuation. Administation expenses have been curtailed by £B4l, but income tax has risen to £10,787. As the practice, is to deduct this charge from interest, which itself has slightly fallen, the net unearned revenue comes out at £4452 in place of £8551. The decline in the net premium income to £80,206 makes a further inroad upon the revenue, but the substantial drop in claims to £48,593 more than compensates for any deficiency. Claims, which during the years 1929-31 had shown a rapid increase which proportionally outstepped the growing premium revenue, have been restored to something closer to their former level. Apparently the larger business had been acquired by acceptance of greater risks. The respective positions of premium income and claims have been as under:—

As the accident branch does not possess premises of its own, the matter of funds sunk in land and buildings does not arise. Property under agreement for sale and purchase is entered at £39Bo—the same figure as in former years—but what might be regarded as a temporary position for the funds appears to have become more or less permanent. Government securities are grouped at £163.502, which was practically the total of the different sections at December, 1932, with the difference that at that time they were entered at round sums. Perhaps premiums on conversion may have something to do with the odd amount that now appears. Local-authority securities have risen to £113,071, most of the year's surplus having evidently been placed there. Rural advances bonds remain at £14,425, but money on fixed deposit and at short call has increased by £SOOO to £45,000. Cash investments in the aggregate have risen to £335,999, an increase of some £22,500.

Among the other assets, sundry debtors swelled oy the third party risks " pool," is the chief item, and, in regard to its companion amounts, appears disproportionately large. The figure of £49,431 denotes a steady increase for which motor vehicles insurance may be assumed to be chiefly responsible. Interest accrued is down to £4OIB, although now there should be a larger amount to collect, but the accident of payment dates may enter here. Interest overdue remains at £199. while agents' balances at £2064 are little altered. Cash in hand stands, at £6297 —a small item compared to the cash liabilities still to be met—but it is supported by the £45,000 in fixed deposits and at 6hort call. The prominent feature of the balance sheet is the comparatively large sum. of £44,147 in claims outstanding. They are equivalent to 90.85 per cent, of the total claims for the year, as against £68.99 per cent, at December, 1932. In late years, the tendency has been for the proportion to increase annually, but, on this occasion, outstanding claims seem to have reached an abnormal height. Government taxes to be paid come to £14,787,

or f4OOO higher than the annual total. As the 1932 taxes were duly entered in the corresponding period's accounts, it is a little difficult to see why payment of a part has been withheld until after the close of the following year. Other liabilities consist of outstanding charges—commission, premium, and other deposits, and reinsurance premiums—aggregating £504, and sundry creditors which represent £4O. In reserves, the investment fluctuation reserve is rafsed to £41,000 by the £15,000 allotted from the surplus, while the £2755 remaining from the surplus will go to swell the general fund to £252,787. As the premium income continues to fall, no necessity seems to arise for {Mding to the unearned premiums reserve, which is retained at £47,221. Bad debts reserve remains intact at £IOOO, which is equivalent approximately to the small proportion of 2 per cent, of the sundry debtors, but which may nevertheless be adequate for all needs. The accumulated funds, as represented by the total reserves, continue a growth, which has been accelerated during the past two years. TAXATION REMISSIONS CONCESSIONS IN AUSTRALIA. The annual value of the taxation remissions that have been arranged in Australia for the past three years have been summarised as follows by a special representative of the Sydney Morning Herald:— Direct taxation f 4.240,000 Indirect taxation 5,530,000 Other revenue concessions .. 210,000 Total remissions .. .. £9,980,000 While income and land taxation are, of course, paid only by those with income or property assets, the indirect taxation affects all sections of the community. Of the total of £5,530,000 of remissions of indirect taxation, £3,540,000 its represented by remissions of sales tax. A start was made in 1932-33, when exemption from sales tax of an annual value of £750,000 were made. The main sales tax remissions were made last year, when the rate was reduced from 6 to 5 per cent., representing a concession of £1,350,000, and further exemptions, valued at £1,220,000, were made —a total of £2,570,000. This year the additional exemptions, mainly building materials, certain requirements of primary industries, and specified foodstuffs, have been of a relatively minor character, valued at £220,000 annually. The Customs and Excise remissions total £1,990,000, on an annual basis. In 1932-33 there were primage exemptions, amounting to £50,000. The main iemissions were made last year. The application of the Tariff Board's recommendations to the British Preferential Tariff represented a concession on account of exchange of £310,000. Reductions of primage, chiefly! affecting British trade, were valued at £450,000, and other items brought the concessions for 1933-34 to a total of £1,540,000. Thi9 year's remissions have been confined to primage. The principal item was the reduction from 10 to 5 per cent, of primage in respect of various goods entitled to admission under the British Preferential Tariff. This concession was valued at £287,000, and other primage concessions, either exemptions or reduction of rate, brought the total remission this year to £400,000. TRANSATLANTIC SERVICES CONFERENCE MAY BE CALLED. An international conference of shipping interests may soon be called (says the London corrspondent of the Sydney Morning Herald) to discuss the plight of companies operating thp Atlantic services, which are in a- bad way o "-ing to the slump in passenger traffic. A drastic curtailment of sailings during the coming winter is almost inevitable, involving, possibly, the laying up of the Majestic, Rerengaria, and Leviathan. The Daily Herald states that the Ounard-White Star Line is having great difficulty in finding profitable employment for 25 ships which have recently come under its control. " One of them, the Albertic." it says, "has already been sold to Japan, and others are to be disposed of as opportunity occurs." Luxury suites on big liners have been unoccupied voyage after voyage, and elimination of second-class

berths has not had the effect of increasing the demand for first-class accommoda.-r.Si tion. Though more people are travelling tourist or third class, and the aggregate number of passengers had increased; receipts generally have fallen. .. ~,,,• Fewer Atlantic voyages have been made : . this year, by British vessels than for »-■ long time, and wherever possible steamers have been diverted for pleasure eruises,, which are still very popular. A: message ..', received in London from Hamburg makes J it clear that an earnest effort .will, be : made to induce the president' of ' ther > Board of Trade (Mr Runciman) to adoptj* .the suggestion of various Continental:';'' Governments to call an international coni . ference in London to deal with the situa,- > tion at the earliest possible dateJ Should such a conference be . convened, it will ■ ' probably also discuss methods of coping, with the world-wide slump consequent. - jupon the universal restriction of trade.. ■" It is felt in shipping circles',that, unless something is done, tariffs will eventually be the death of the ocean carrying in-, dustry. ■ . ■ ,j '. •_'.;: : J FRUIT AND PRODUCE WORLD Reilly's report selling:— Per Dozen.—Cabbage, Is, 2s. Cauli- :; flower, 2s, 3s. Carrots, Is. Honey:: Jib ••■ pats, 3s 6d; sections, Bs, 9s. Eggs: Storekeepers, lOd; guaranteed fresh, lid, Is. \ Lettuce: Hothouse, 4s, 7s; small, Is, Is . 6d. Violets, Is 6d, 2s. Sol d'Or, 6s, ' Bs. C re me narcissi, 4s, ss. Iceland pop-' pies, 2s 6d. Cucumbers, 7s 6d, 8s 6d. < Boronia, 6d, 8d bunch. Daphne, 8d bunch. * Anemones, lOd, Is dozen. Freesias, 4d, 6d -'• bunch. , ...... Each.—Champion egg crates: 24 dozen, ■■ 16s 6d; 12 dozen, 13s 6d. Knapsack"" sprayer, £4 15s. ': Half Gases.—Passions, wanted. Dessert '4 pears, 3s, 4s. New Zealand-lemons,* 10s; .; 12s. Bushel and American Cases.—Apples:"' Jonathans,. 6s, 7s; Delicious, 6s, 8s; Stur- ' mers, 4s, 7s; Cleopatras, ss; cookers, 3s, ss. • Pears: Cooking, 4s 6d, 6s; Winter Coles, Nelis, 6s, Bs. Californian oranges, 455; Australian oranges, to arrive Sep- .. tember 4. grapes, 325. r Grapefruit, to arrive, 455. New Zealand lemons: First grade, 18s, 225; second, 10s . to 14s. Cahfornian plums, 18s 6d. Bananas: Ripe, lZs 6d. Poorman oranges, 9s to 10s 6d™ Pineapples, 18s to 21s. Mandarins, 26s 6d. ■.-■•■ Per Lb.~Whitebait, 3s to 4s. Bulk . honey: New season's, 4id, sd; seconds, 3d.'' Beeswax, Is Id. Brussel sprouts, 3§d. : '. Walnuts, Bd. Cheese, sd. Peanuts, 4d. - Tea: Orange Pekoe, 2s 6d. Butter: Storekeepers, Bd. Bacon: Prime, 9d. Porker and bacon pigs, sd, 5Jd; over- '2 weights", 3d, 4d. Per Hundredweight.—Marrows, 9». Pumpkins, Bs. Potatoes, 3s, ss. Onions, •• 6s, 9s. Oyster grit, 7s. Woodwool, 28s, .: Bluestone: Macclesfield. 42s 6d. Olive oil, lis 6d gallon. Giraffe lime sulphur: 8 gallons, 2s; barrels, Is 9d. .: Semesan and granosan: 2oz, 2s 3d; ilb," - 7s 6d; lib, 12s; 51b, 555; 251 b, 2455. ■". Black Leaf "40 ": American—lolb 525, - 51b 28s. lib 8s 6d, *lb ss; British—lolb 48s. 51b 265, lib Bs, *lb 4s 6d. ' Restar grass grub exterminator: J gallon. 3s 6d; 1 gallon. 6s 6d. •'.'.',- Patent eodlin moth Tree Bands: 200 feet lengths, 12s. Prepared white .'oil, ss. Arsenate of lead paste, 6d to Is I<L . Lead powder, B£d to Is Id per lb. ■' .'■■>-- :t? White oil emulsion, 4s gallon. Red "oil, ' 3s 9d. Special spray soap, 275. Improved spray, 6d lb. .French Bordeaux, Is Id. Calcium arsenate, Is Id. Benzole emulsion. 7d lb. Atomised sulphur, 6d lb. Weed and scrub killer, 9d- "- Wood preservative. 4s 6d. -; Fowl wheat. 4s 3d; seconds. 3s 6d. Part- :.. ridge peas, 4s 6d. Maize, ss. Kibbled •; maize. 6s. .... Oats: A Gartons. 2s 3d; B. 2s. Crushed "■" oats. 9s 6d. Cross Keys meat meal, 16s.' :■ - ■ Chickfood: 1001 b. 17s 6d; Acorn milk nowder. 3d lb. Bran. £4 lfls. ■■■ .''"' Pollard, .f 6. Chaff: 8.0.5.. £4. Straw: Wheaten. £2 10s. Oatmeal, £l9. Hay, .14. . , • v ■■■ v > Per Pair.—39 bantams at Is 6d to 3s, "■ 183 hens tt 2s to 10s. 110 cockerels at"' 9d to 10s 2d. 54 pullets at 3s to 6s 6cV 11 ducks at 5s 6d to 7s Bd, 2,geese at 7s 6d; 14 gobblers at BJd to 9d; 28 turkey " hens at 8d to BJd per lb. REILLY'S CENTRAL PRODUCE "•'■* MARTi LTD., , ' •- Moray place, Dunedin.

\ SALE ON' 'CHANGE. Westport Coal (two) .. ... SALES REPORTED, N.Z. Breweries (four) .. .. Goldfields Dredging (two) £ 8 0 19 2 8 0 1 .d. 0 0 3

Buyer. Seller. ■£• s. d. £ B. d. Australasia .. .. ;—. 11 10 0 New" Zealand 2 7 0 — N.Z. (long D) 1,13 9 — Commercial (pref.) 9' f 9 0 — National of N.Z. .. — 3 16 0 6 9 6 6 10 3 —-■, ;]' 9.12 0 INSURANCE. National -..'•■ .. — 1 o 0 Standard .. 8 5 9 ■•— SHIPPING. U.S.S. Co. (pref.) 16 9 — COAL. Kaitangata .. 10 0 v — Westport v. .. 0 18 11 019 0 Westport-Stockton (ord.) .. — 0 3 6 LOAN AND AGENCY. Goldsbrough. Mort 19 7 — National Mortgage .. —. 3 1 0 National Mortgage (B issue) .. .. — 1 12 0 N.Z. Loan and M. (ord.) j — 57 0 0 Wright, Stephenson (pref.) .. 10 4 1 1 ! 0 MEAT PRESERVING f. Canterbury Meat - (pref.) '"'.•.•. .. 5 10 0 : — N. Refrigerating (cont.) .. 0 8 S 0 9 0 South. Frozen Meat (paid) .. ... 3 10 0 . — South. Frozen Meat (cont.) .. 115 0 — South. Frozen Meat , (pref.) .... 3 10 0 — Waitaki Farmers 2 10 0 3 10 0 MISCELLANEOUS. Associated News .. 1 3 0 — Broken Hill South — • 4 0 0 Brown, \E wing 1 (pref..)-. ..;>.' 11 0 — Bruce Woollen . (ord.) :. . .- 0 11 9: — Bruce Woollen (pref.) .. .., 1 J 0 r— D.I.C. (ord.) 015 0 — D.I.C. (pref.) .. 1 4 6 1 5 6 Dominion Fertiliser 0 19 10 1 0 2 Dominion Fertiliser (debs.) ■; ......: 102 10 rb . -. •— Dominion Rubber 1 8 '3 1 /:9.. 6 Dunedin-Kaikorai Trams .. 1 16 0 ~ Stock Exchange Proprietary- . .. p: 0 <)t ■■'"?—' Kaiapoi Woollen (ord.) 0 13 6 _» Kaiapoi Woollen v (pref.) .. .. 0 19 3 '.''■ —' Milburn Lime .. . 113 6 ; .'7-r. Mount LyeKjiy/Q;,;. - ; 1 ff&flk ■■•,: , -^- National Electric :,A _„■ _ .":/ ''%' ; 9* : o; ; N.Z. Drug, Co. .. svr 9 ' :"•-_■ Farmers' Fertilser _. ■. 1 0< 0 N.Z. Paper Mills 1 11 3.... — Smith and Smith .'. 0 17 0 —» Wilsons Cement .. 19 9 1 10. 6 Woolworths .., ...«... (Sydney) .. .. 3" 8 3 3 9 0 Woolworths ,(ord.) 7 10 0 _ '* : BREWERIES. N.Z. Breweries 2 7 9 2 8 3 OIL. Taranaki .. 1 10 0 Moturoa .. — 0 3 9 MINING. Aotearoa .. —- .. 0 0 9 Bell-Hooper • • —. 0 0 6 Bell-Kilgour .. .. —- 0 0 4i Bendigo Goldlight 0 0 9 0 1 0 ■Blackwater .. 1 12 S — Gillespie's Beach 0 1 10 0. 1 11* Golden Point 0 0 1* 0 0 3* Golden Progress .. — 0 1 6 Golden Sands — 0 2 11 Goldfields Dredging Oil 0 1 n ... —'. 0: 1 a King Sojomon .. 0 3! 11 04 . 2" Moonlight-Nelson ': Creek' ... :..;_. ... : — 0, 0 54 Nevis Diesel .". .»'■' 6 '0 4 0 0' 4* New Cornish Point (paid) ... .. — 0 0 6 Nokomai .. .. — 0 3 4 Okarito .. .. 0 7 10 0 8 2 Sandhills .. .... 0 0 5 0 0 9 Skipjjers .. .. 0 '0 7 0 0 8 : Upper: Shotover .. 0 0 6 — Waihi .. .:. ... Waitahu,. .. .; Wetheretones 1 13 0, — : — 0 5 0 ■ — 0 1 3 Stafford ... .. ... — 0 1 4* '",'■ GOVERNMENT LOANS. '•-. ,

3* p.c. Stock, 19381943 .. . 107 10 0 — 3i p.c. Stock, 19391943 .. . 107 10 0 — 3% p.c. Stock, 19411943 .. . 107 10 0 — 35 p.c. Stock, 19381952 .. . 107 10 0 — 3J p.c. Stock, 19391952 .. . 107 10 0 — 3J p.c. Stock, 19411952 . ■ . 107 10 0 — 4 p.c. Bonds, Jan. 15, 1940 . 106 0 0 — 4 p.c. Stock, Jan. 15,. 1940 . . ' .-. 106 0 0 — 4 p.c. Bonds, Feb,, 15, 1946 . 106 0 0 ' ■ — 4 p.c. Stock, "Feb. 15, 1946 .. 106 0 0 — 4 p.c. Bonds, April 15, 19.49 ,107 10 0 __ 4 p.c. Stock, April 15, 1949 ,. 107 10 0 — 4 p.c. Bonds, June 15, 1955 . 110 0 0 — 4 p.c. Stock, June 15. 1955 . 110 0. 0 —

RUGBY, August 24. Paris— Par. Aug. 23. Aug. 24. Francs to £1 124.21 75 31-32 75 25-32 Brussels— Belgas to £ I 30 21.351 21.281 OsloKroner to £1 18.180 19.90} 19,901 , Stockholm — Kroner to £1 18.130 19.391 19.391 CopenhagenKroner to i£l 18.150 22.39} 22.39} BerlinMarks to £1 20.43 12.81 12.771 Montreal — Dollars to£l 4.86 2-3 4.932: 4.92 Now YorkDollars to £1 4.86 2-3 6.081 5.07 Yokohama — Ponce to yen .. 24.583 141 141 Hongkong— Pence- to dollar 24.58 181 18) BombayPence to rupee _ r 18 1-16 18 1-16 Batavla— I Florins to £1 12.10 7.39 7.36 MilanLire to £1 .. 82.46 58 7-16 58 3-16 AmsterdamGuilder to £1 12.107 7.391 7.37 Prague— Kroner to £1 104J 120 J 120| Geneva— Francs to £ 1 25.22J 15.35 15.301 Vienna— Schillings to £ 1 84.86} 27 27 Helsingfors— Marks to £1 193.23 2263 2263 MadridPesetas to £1 25.22J 36 21-32 36 9-16 Belgrade— Dinars to £1 25.22} 221 220 AthensDrachma to £1 375 523 520 LisbonEscudos to £1 110 110% 110% Bucharest — Lei to £1 .. 931.6 502 500 Rio de Janeiro — Pence to mllrels • 5.890 4 i ! . ■ 41 Buenos AiresPence to pesos 47.28 36} 36} Shnnehiil— Pence to tael — 16! 16 11-16 MontevideoPence to pesos — 372 39 Warsaw— Zlotys to £1 — — 26.62

LONDON, August 2 5. (Received August 26 at 7 p.m.) N.Z. SHEEPa cc MS Canterbury and North to to til 3 Island selected cross- < < < bred wethers and (Per lb.) maiden ewes: d. d. d. 48-561b .. __ — .— 57-G41b .. 51 58 58 05-7211) 51 5i. 5 North Island: 48-561b — H 55 58 58 51 65-72Ib 51 51 5ft North Island ewes: Under 481b — 4| 41 48-641b .. .... .. 38 4 4 65-721b H 3| 32 AUSTRALIAN SHEEP- . First quality crossbred and/or merino wethers: 40-051b .. .. .. .. a 4J 41 Second quality: 30-551b a 41 a Ewes: 4 4 4 ARGENTINE SHEEPFirst quality crossbred wethers: 48-641b -_ 5 5 — 41 4| PATAGON1AN SHEEP- . Wethers and/or maideD ewes: 42 45 45 41 n H Ewes: _ — — ARGENTINE LAMBS— First quality: 361b and under .. _ — 65 Second quality: Average about 28Tb — n 71 PATAGQN1AN LAMBS- _ First quality: o61b and under 62 65 65 37-421b 6 ' 6 6 Second quality: Average about 301b 65 65 61 N.Z. LAMBSCanterbury: First quality: 361b and under .. .. — n n S7-421b .. .. .. .. 63 62 ai 43-501b. 6g 6i m Second quality: Average about 321b 6? 63 63 Other South Island: 3Glb and under .. .. n 74 75 37-421b .. .... .. 6| 62 63 43-501b .. 65 6jj n Selected North Island, including Downs: 361b and under .... _ 71 71 • — 68 68 68 6S 6g Second quality: Average about 321b — .7 63 Other North Island: First quality: 361b and under .. ™ 7 7 — 62 62 Second quality: Average about 321b — 63 of AUSTRALIAN LAMBS- - Victorian: First quality: 361b and under .. — 68 65 — 61 61 Second quality: S61b and under .. 68 68 6*1 Other States: First quality: 361b and under .. .. 6§ 65 65 — 6£ 61 Second quality: -. 361b and under .. .. 6g 63 61 All. States: Third quality: Average about 261b .. 7§ 71 7 N.Z. FROZEN rfEEF— Ox fores (160-220lb) .. n 2i 21 Ox hinds (160-220lb) .. 3| Si 31 AUSTRALIAN FROZElS I BEEFOx hinds (1601b and n 3i 38 Ox hinds (over 1601b) .. 31 3§ 38 Ox crops (1001b and 2* 25 25 Ox crops (over 1001b) .. 2S 21 21 ARGENTINE CHILLED BEEF— Ox fores (160-2201b) ".. 3 31 3 Ox hinds (160-2201b) ».. 6 61 61 N.Z. PIGS— First quality: 6 61 61 52 6 6 10M201b 5! 53 AUSTRALIAN PIGS— First quality: 60-1001b (average about 801b) .. .... 101-1201b ... .. .. .. K9 g Q 55 52 53

Administration Deo. 31. Iteservos. •Kevenue. Surplus. Expenses. £ £ £ £ 1920 . . 108.241 34,805 23.212 8.449 1022 . . 132.94D 39.456 21,009 6.621 1921 . . 135,845 40.805 38.538 10.431 192G . . 101.202 07.470 14.333 15.201 1028 . . 227,816 S0.805 17,593 16,482 1929 . . 252.739 00,757 15.067 18,341 1930 . . 281,418 115.451 21.531 19,121 1931 . . 311.554 111.129 0.487 18.744 1032 . . 324.253 95,019 13.873 17.706 1933 . . 342.008 84.059 18.029 16,865

Income. Claims. Ratio. £ £ p.e. 1920 .. . . .. 29.852 14.978 50.17 1922 .. . . .. 33.348 20.330 60.96 1924 .. . . .. 39.614 24.761 62.51 192G .. . . .. 58.340 33.854 58.03 1S2S .. . . .. 71,731 43.953 01.27 1929 .. . . .. 81.354 49.853 61.23 1930 .. . . .. 104.627 61,041 58.34 1931 .. . . .. 101.725 82.502 81.16 1932 .. . . .. . 80.789 63,760 73.47 1033 .. . . .. 80.207 48,503 60.58