COMMERCE AND FINANCE

Otago Daily Times, Issue 22498, 16 February 1935, Page 10

COMMERCE AND FINANCE

THE SHARE MARKET , Th» following ii » list oLthe business transacted 6a the * Dunedin Stock Ex*.

UNLISTED STOCKS. Upper Watut (2s paid) .. .. 0 6 6 Upper Watut, 2s paid) - 0 o 8, A good volume of business was transacted on the Dunedin Stock Exchange during the past week, the numbers of shares changing hands comparing more than favourably with those of recent weeks, despite the fact that the Exchange was closed on Thursday, for the Dunedin CUP ’ BANKING. ’ Two parcels of Bank of New Zealands changed hands , at.£2.los, a closing seller at the same figure, attracting an otter of £2 9s 9d. The Long D issue was fairly active, shares being disposed of at fl 12s 6d and £1 12s. -Buyers’ final otter was £1 11s 9d, while sellers required threepence extra. Commercial Banks were on offer at 16s 7d at the end of the week, but buyers were not interested. Transactions in E. S. and A. Banks at £5 were ’ recorded, a closing seller at £5 is failing to attract buyers. National ot New Zealands were ottered for sale at £3 Us. but buyers would not than £3 9s. Sellers of Reserve Banks wanted £6 11s at the end of the period, but this price did not, tempt buyers, , . INSURANCE. , . National Insurances were the subject of business at £1 3s attd £1 3s Id, the market closing with a seller_at £1 3s 2d and no buyers offering. New Zealand Insurances were offered for sale at tne easier price of £3 Bg, but buyers did. not respond. Buyers of Standard Insurances were prepared to give £3 12s, but sellers were not interested. , > ■ ! ■ SHIPPING. Preferred Huddart, Parkers were on offer at the slightly reduced figure ot fl 9s 9d without any response being received from buyers. The market for Union Steams remained unchanged with a seller at £1 7s 9d, and no buyers forWafd ‘ MEAT PRESERVING.

Paid-up New Zealand Refrigerating were disposed of at 19s 0d and 19s 7d, ex dividend, the closing buying and selling quotations being 19s 3d and 19s 9d respectively. For the contributing issue buyers offered 9s sd, ex dividend, sellers xequiring 9s 6d. Ordinary Southland Frozen Meats were inquired for at 18s, which was two shillings below sellers requirements, LOAN AND AGENCY. Goldsbrough, Morts were .offered for sale at the slightly lower price of £1 9s, but buyers were not interested. -preferred New Zealand . Loan and Mercantiles were inquired for at £4 15s, without sellers coming forward. New Zealand Guarantee Corporations were in demand at 5s 10d at the end of the week, after having been inquired for at 5s lid earlier, in the period, but at no time did sellers , “ p “ i COAL.

Three sales of Westport Coals at £1 2s were recorded during the week, buyers final offer of £1 la 3d, being ninepence below sellers’ requirements. Kaitangatas were bn offer at £1 Os 3d, but buyers did not tome forward.. Preferred Westport Stocktons were offered for sale at.,4b 3d, but buyers were reticent. MISCELLANEOUS.

Business was done in Australian Glass shares at £3 4s 6d, the last buying and selling quotations received for this stock being £3 3s 6d and £3 4s 6d respectively. British Tobaccos were on offer at the more attractive price of £1 18s 9d, -but no resppnseSwagr buyers* Brokeh SiU -Troprietaty shares were <dis-* posed of at £2 13s, a final selling quotation of £2 13s 6d failing to attract buyers. Ordinary Bruce Woollens changed hands at A 4« 3d, the market closing with a seller ats 14s 6d. Three sales of Dominion Fertilisers at; £1! Is 6d were #recorded, the final buying, offer remaining unchanged at £1 Is 4d. Milburn Limes were offered for sale af the slightly reduced figure of £2 3s 3d without buyers showing any interest. Business at £2 3s 3d was reported. New Zealand Drugs were the subject of business at £3 18s 6d, the closing'buying and selling quotations being £3 17s and £4 respectively. ' BREWERIES.

There was an easier demand for New Zealand Breweries, buyers’ best offer at the ,ehd of the period being £2 10s 3d, but sellers refused to accept less than £2 12s. Timaru Breweries were inquired for at 8s Bd, sellers refusing to do business under 9s Id. I MINING.

There was a fairly steady demand for the more stable mining shares. Big Rivers were inquired for at 2s Id, while sellers asked 2s 4d. Business at 2s 3d was recorded. Gillespie’s Beach shares were on offer at Is 7Jd, without any responge being received from buyers. A sale at Is 7d was reported. There was an improved demand for Kildares, buyers offering 2s' Bd. Sellers, however, required Ss Id. King Solomons were also in,,better demand at 3s lOd, but sellers showed no interest. Okaritos were the subject of business at Bs, the market closing with buyers offering 7s lid and sellers asking 8s

tOCAL: AND OVERSEAS MARKETS

GOVERNMENT LOANS. New Zealand Government Lqans met with a good demand, although fliers did not come .forward freely. Three and ahalf peri >cent. Stocks, 1938-52 issue, changed‘ bands at £lO7, a final buyer at the same figure failing to attract sellers. Four per cent. Stocks, 1940 issue, were disposed ,of at £lO2 10s, the market closing with a buyer at £lO2. SiLES ON ’CHANGE, \ 4 ’, £ s. d. Bank of New Zealand 2 10 0 SALES REPORTED. 'Bank of New Zealand (Long i, • ;; D, late Thursday) ~ .. 112 , 0 Obarito (late Thursday) .. . O-.-vS 0 Bank oLNew Zealand > ; i> 2 10 0 E.S; 'and J A. Bank .. . .. . . 5 0 0 Bruce Woollen (brd.) - 0 14 3 . .N.Zi‘.'Refrigerating (pd.) .. 019 7-1 -3i p. ? ; ;Stock, 1938-52 .. . . 107 0 0 The following are yesterday afternoon’s buying/.and selling quotations, which are the: usual brokerage:— BANKING. ‘ ;

*Ei interest, DIVIDENDS PAYABLE. The following is a list of shares on which dividends will shortly be payable:— National Mortgage, 5 p.c., Is interim Feb. 27 National Mortgage (B issue), 5 p.c., 6d interim .... .. Feb, 27 N.Z. Insurance 10 p.c., Is, interim .. .. Feb. — Gas, 6 p.c., 7 l-5d interim Feb. Electrolytic Zinc (pref.), 8 p.c., 9 3-sd, interim Mar. 13 Broken Hill South, Is 6d .. Mar. 15 Smith and Smith (pref.), 6 p.c., Is June 1

NORTHERN EXCHANGES AUCKLAND Sales on 'Change Stock, 1940 4 per cent. . . .. £lO2 5 0 Stock, 1946 4 per cent, (ex , int.) .. 105 0 0 Mount Albert, 1965 4J per cent 103 5 0 Bank of New Zealand .... 2 911 2 9 9 Reserve Bank 6 11 0 New Zealand Insurance .. 3 7 0 National Timber (2) 0 15 0 Bycroft 2 10 6 GcariMeat 1 2 0 Mataki 02 0 Waihi Junction (2) 0 4 9 WELLINGTON Sales on ’Change Inscribed Stock, 4 per cent., 1946 £lO5 0 0 N.Z. Refrigerating . 0 19 7 Dunlop Perdriau ........ 018 9| 0 18 9 Wilsons Cement 1 14 0 King Solomon 0 4, 0 Unlisted Stocks Woolworth, Ltd. (ord.) (5) 412 6

CHRISTCHURCH Sales on ’Change

DOLLAR AND FRANC (United Press Association.) (By Electric Telegraph-r-Copyrlght.) LONDON, February 14. Exchange on New York is quoted at 4.88 dollars to the f, and on Paris at 74 francs to the £. QUILL. MORRIS, LTD. RECONSTRUCTION IN SIGHT. (Per United Press Association) CHRISTCHURCH, February 15. The report and balance sheet of the liquidators of Messrs Quill, Morris, Ltd., in voluntary liquidation, has been issued. The liquidators state that further progress has been made with the liquida-. tion of the company, the bank overdraft having been reduced from £41.896 in January, 1932, to a net figure on January 25, 1935, of £7233. Trading operations for the year resulted in a net, profit of £3027 14s. The accumulated profits for the three years that liquidation has been in progress amount to. £6610 15s. The report .adds: —"We feel that you will agree that the trading results and overdraft reductions can be considered with a measure of satisfaction, the achievements suggesting that the successful reconstruction of the company is now definitely within sight.”

DUNEDIN MARKETS

WHEAT, GATS. ETC. During the week samples of milling wheat have been coming forward from southern districts, including the Taieri and Balclutha, and also from Central Otago. The quality is very good—better than the bulk of the wheat which is being threshed in _ Canterbury. Millers are readily accepting all lines and are also taking delivery of northern-grown w T heat. The qualities coming to hand are heavy, and the deliveries are much earlier than usual, owing to the dry weather conditions which have prevailed. Most growers are anxious to get their wheat away, and indications point to a congestion at millers’ sidings, owing to wheat coming in from, all districts at the one time. The advanced price being paid to growers is on a basis of 4s per bushel, f.0.b., for Tuscan, with the usual increments for Hunters and Velvet. The fowl wheat market is firm. Nearly all the offerings of wheat are being accepted by millers, and this is causing a shortage of fowl wheat. Stocks locally are on the light side, and 4s fid per bushel, sacks extra, ex- store, is the ruling quotation. The shipping market has advanced in Canterbury, the general quotation there now being 4s 3d, f.0.b., sacks extra, with higher prices being asked for deliveries for later months.

Millers’ prices! for flour, etc., are as follows; —

Flour: 2001 b. £l3 2s; 100’s, £l3 7s; 50’s, £l3 12s; 25’s, £l3 17s. Bran, £5 per ton. / Pollard, £6 5s per ton. Oatmeal: 2001 b, £l9; 25’s, £2l. There is little life in the oat market. Practically no inquiries are being received for shipment, but, on the other hand, supplies are on the short side. It is not expected that there will be a great deal of oats available from farmers this season, owing to the dry weather conditions affecting the crops. Growers are inclined to ask higher prices for any lines they have for sale, but merchants are not keen to follow the market in view of the absence of business in this cereal. Normally A Gartons are worth 2s Bd, f.0.b., s.i., with B’s 2s and Is 9d respectively, on trucks, country sidings. Where there is a short railage better prices than those quoted would be paid to the farmer.

The chaff market is firm, in sympathy with the firmer tone for oats. As moat of the farmers are busy harvesting it is difficult for the present to secure supplies from the country, and most of the requirements for the local market are coming from Canterbury, where prices have moved up. The demand locally is confined to lots ex the store, the value being £5 per ton, sacks extra. An occasional truck load is sold for delivery ex the truck at £4 15s per ton, sacks extra. It is too early yet for the main crop of potatoes to come on the market, but indications point to a shortage in the returns. A fair amount of forward business has been transacted, most of the sellers being from South Canterbury. It is reported that the crops in this locality are fairly good, as better rains have been experienced there than in other districts. In the Otago and North Canterbury districts the needs will not be up to the average. Sales for forward delivery have been made on a basis of £5 10s per ton, and in one or two instances over this price has been realised for deliveries May and June.

A heavier demand for seeds of all varieties has'' set in from the North Island. This has been caused by dry conditions in the North Island, enabling burning operations to be carried out, and recent rains have now encouraged farmers to pay attention to sowing. The demand from the North Island has come to a bare market, with the result that prices are firm for immediate delivery. This applies particularly to cocksfoot and ryegrass. The samples of ryegrass threshed m this district are of good quality, and for good clean seed 2s 9d per bushel is being paid. In one or two instances higher prices have been paid for exceptional quality. Wholesale produce prices are as follows: Chaff; Good, bright .oaten sheaf, to £5 per ton, ex store. Dairy butter: Milled bulk, 8d per lb; separator, Bd. Bacon, Is Oid. Ham: Ordinary, Is Id; boneless, 1s 3d per lb. Canterbury onions, up to 12s 6d per cwt. Eggs: Stamped, Is 3d. Prices for onions are irregular. • Eggs have firmed in price. FRUIT REPORT. The auctioneers have found it difficult to make sales during the week. Inferior grade lines of stone fruit and tomatoes have been particularly hard to sell. Many lines have been auctioned at values which could not’ show growers any margin of profit—in fact, they will probably be on the debit side when their returns come to hand. The hot weather has resulted in heavy supplies of nectarines and peaches, but retailers are only buying in small quantities as they find the fruit is not keeping. Brown rot has never been so prevalent and many lines which are in sound order one day have collapsed the following day. In addition to this large quantities of fruit are being sold by the case, consequent on the cheap prices ruling, and this is also affecting the business of the retailer. Stone fruit of choice quality has, however, a good demand at payable prices. There was a better demand at the end of the week for greengages and nectarines. ' Apples are .offering more freely. Cox’s Orange pippins are now arriving from the Nelson district. Tomatoes are selling at low rates. The season is not expected to last long, as most lines on offer are on the small side, consequent on the dry weather. Bon Chretien pears are plentiful, with low prices ruling. Small lots of raspberries are still on offer, but the demand is poor. The demand for locally-grown potatoes has improved, and the North Island market is very firm. Prices are considerably higher there as compared with local values. French and runner beans are in heavy supply. Green peas are also fairly plentiful. Choice quality lettuce have a good demand. Choice quality cabbages are very scarce. Wholesale prices are as follows: Bon Chretien pears, 4s to 5s per bushel; others, 3s to 4s, Nectarines, Is fid to 2s per case. Oranges: Jamaican, 25 s to 30s per case; Californian navels, 37s to 40s. Apples: Gravensteins, 6s to 7s per bushel case; Cox’s Orange pippins, 7s fid to 10s; cookers, 4s to ss. Greengages: Choice, 2s fid to 8s per case; others, to 2s. Raspberries, 4s to 5s per bucket. Lemons: Californian, to 45s per case; New Zealand-grown, 10s to 12s. Peaches: Cases, Is fid to 2s fid; crates, 2d to 3Jd per lb. Apricots: Crates, 2d to 3Jd; cases, Is fid to 3s.

Plums: Dessert, 2s to 2s 6d per case; jam, Is to Is 6d. Tomatoes: Choice, Is 6d to 2s per case; others, Is. Cauliflowers: Choice, 3s to 4s per sack. Carrots, to Is per dozen bunches. Spring cabbages, 3s to 4s 6d per bag. Green peas; Choice, lid to 2|d per lb. Cucumbers, Is to Is 6d per case. White turnips, to Is per dozen bunches. Rhubarb, to Id per lb, 1 . New potatoes: Locally-grown, 6s to 7s per cwt. French and .runner beans, Id to 2d per lb.

THE WHEAT MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, February 14. (Received Feb. 15, at 5.5 p.m.) Wheat; Cargoes are steadier and in better demand. Parcels are steady, but trading is quiet. Futures: London—February, 19s 10d; April, 19s 9Jd; June, 20 s 6d; Liverpool—March, 4s 8d; May, 4s 11 Jd; July, 5s lid. Spot trade is slow, with an easier tendency. Australian, ex ship, 24s 6d to 25s 9d. MELBOURNE WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) MELBOURNE, February 15. Animated bidding at the Melbourne wool sales resulted in a 90 per cent, clearance of the 8592 bales offered. The top prices were; Merino 17Jd (the highest of the present series) and comeback IG^d.

BANK OF ENGLAND RETURN (United Press Association.) (By Electric Telegraph—Copyright.)' LONDON, February 14. The following is the Bank of England return: — ISSUE DEPARTMENT. Note issue in circulation .. £374,945,595 Bank department .. .. •• 77,488,531 £452,434,126 Government debt .. . • • • Other Government securities 245,638,421 Other securities 900,813 Silver coin 2,440,666 Gold coin and bullion .. .. 192,434,126 £452,434,126 BANKING DEPARTMENT. Proprietors’ capital £14,553,000 Rest .. .... • • • • 3,625,036 Public deposits 18>340,176 Other deposits (bankers) .. 101,819,644 Other accounts .. ••. • • ■ • 40,426,696 Seven-day and other bills .. £178,704,552 Government securities ••. ■ • £82,766,413 Discount advances .. .. .• 7,942,59/ Securities 9’?oo’r*|i Notes in reserve . 77,488,031 Gold and silver coin .. .. 587,608 £178,764,552 The proportion of reserves to liabilities is 48.60 per cent. Short loans arc quoted at f per cent.; three months’ bills at 5-16 per cent. AUSTRALIAN STOCK EXCHANGES (United Press Association.! (By Electric Telegraph—Copyright.) SYDNEY, February 15. (Received Feb. 15, at 10 p.m.) On the Stock Exchange values continued to ease. Leading industrials, including Broken Hill Proprietary and Colonial Sugar, slackened. Commonwealth bonds — £ s. d.

LONDON MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, February 14. (Received Feb. 15, at 5.5 p.m.) Beet sugar: March, 4s 2Jd. Butter is quiet after the activity earlier in the week. Danish, 114 s; choicest salted —New Zealand 89s, Australian 88s; unsalted —New Zealand 955, 'Australian 925. ' Cheese is firm. New Zealand coloured •and white, 495; Australian coloured 465, white 475. Eggs are dull—l3J, 7s 9d; fourteens, 8s 6d; fifteens, 8s 6d to 9s; sixteens and seventeens, 9s to 9s 3d. Flour is quietly steady. Australian, ex store, 18s fid to 19s. Oats, peas, and beans are quiet. BALCLUTHA STOCK SALE (From Our Own Correspondent.! BALCLUTHA, February 15. The yarding of sheep at the weekly sale to-day numbered 6873, including 1459 fats. Fat lamb prices were well maintained, but fat ewes showed a backward tendency. Best fat lambs made 21e 3d to 255, others 16s 9d to 18s 3d; butchers’ e.wes 14s to 15s 9d; freezing ewes 12s 9d to 13e 3d; fat wethers to 245. Store Sheep.—Lambs sold at, for best quality, 18s 3d to 18s 9d; smaller, 14s to 14s fid; cull lambs, 6s scl to 9s 9d; twotooth ewes 2ls fid; sound-mouth ewes, 10s fid to 14s; old ewes, 9s 2d to 9s 8d; wethers, 17s to 18s. The sale of store sheep was a remarkably good one. Included in the yarding of 5414 were store lambs from Canterbury. A consignment of 60 Southdown rams from Burwood, Canterbury, sold at for two-shear, 6£ guineas; one-shear rams, 2k guineas to 4 guineas. Cattle.—-A small yarding which sold at up to recent low values. . Pigs.—There was a fair yarding of young pigs, but the demand was slacker than at the previous sale. Small suckers were down to 6s to 9s fid; better grow, I7s to 18s; store pigs, 27s to 27s fid. Before the stock sale the National Mortgage and Agency Company offered a freehold farm of 316 acres at Romahapa under authority of the mortgagee, but not a, single bid was forthcoming. COMPANIES REGISTERED The Mercantile Gazette notifies the registration of the followingcompanies.— ■ Edinburgh Loan and Mortgage Corporation, Ltd. Registered as a pm ate company January 30. Capital: £SOO into 500 shares of £1 each. Subscribers: Dunedin—S. F. Greens!ade 499, G. W. Ferens 1. Objects: To transact or carry on all kinds of investment business and in particular in relation to the investment of money, the sale of property, and the collection and receipt of money. Holloway (A. J.), Ltd. Registered as a private company February 2. Office. 58 Princes street, Dunedin. Capital: £SOO into 500 shares of £1 each. Subscribers: Dunedin —A. J. Holloway 499, W. Beadle 1 Objects; To carry, on business as jewellers, gold and silversmith dealers in china and precious stones. STERLING MOVEMENTS DEPRECIATION OVER LAST YEAR. During 1934 sterling underwent marked depreciation in terms of .gold currencies, the French exchange falling over 10 per cent, (says the London Times). In the early months of the year the Continental gold exchanges moved in favour of sterling, but in May the tide turned against sterling, and the pound was under persisent pressure for some months. It was not until November that the pressure against sterling lifted. This is. the longest spell of declining rates experienced since the departure of the pound from gold. Throughout this prolonged period the efforts of the control authorities "ironed out" the fall, and their activities helped to narrow margins between buying and selling rates.

FOREIGN EXCHANGES (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) RUGBY, February 14.

ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates for purchases and sales of foreign exchange yesterday:—

BANK OF NEW ZEALAND RATES The Bank of New Zealand advises that the following exchange rates London on New Zealand operate as from February 11: — BASIS £IOO LONDON. BUYING. *

Selling. £ s. d. ('Telegraphic transfer .. .. 124 0 0 tOn demand 124 1* 3 tßy either steamer or air mall. DOLLAR RATES ASSOCIATED BANKS’ QUOTATION. The Associated Banks (other than the Bank of New South Wales) yesterday quoted the following dollar-sterling rates which are subject to alteration without notice; — U.S.A. Canada. Dols. Dols. Conversion of dollar bills received for collection and sale of dollar drafts and telegraphic transfers .. .. 4.86 4.87 Purchase of dollar bills .. 4.90 4.91 On a New Zealand currency basis these rates are equivalent to: — Selling: T.T 3.91 S 3.922 On demand .. 3.92 J 3.93| Buying: On demand .. ... 3.9!)8 3.96 J PRICE OF GOLD (United Press Association.) (By Electric Telegraph—Copyright.) • LONDON, February 14. Gold (a fine ounce) is quoted:—

BRITISH STOCK MARKETS (British Official Wireless.) (United Press Association.) ißy Electric Telegraph—Copyright.) RUGBY, February 14. The stock markets were in a buoyant mood throughout to-day, in strict contrast with the previous few days. The satisfactory figures of the trade returns were largely responsible.

CANTERBURY MARKETS (Per United Press Association) CHRISTCHURCH, February 15. Markets continue firm, with an upward tendency in some classes of small seeds and oate. Potatoes provide a minor exception. Auckland inquiry has slackened owing to arrivals in that centre from various parts of the North Island. This has weakened the prompt market in that centre. Quotations are £5 15s, f.0.b., s.i., for May-June delivery, or £4 7s fid on trucks The small seeds market is firm. Cocksfoot is worth BJd to 9d per lb on trucks, for Akaroa, and 8d to BJd for Plains. Italian and perennial ryegrass is worth up to 3s a bushel on trucks. Odd lots of partridge peas are being offered by farmers, the quotations being 4s to 4s 3d a bushel, on trucks. Reports from the south are that fescue and dogstail crops will be very light in quality, and small in bulk. High figures are mentioned for undressed fescue. Although no definite quotation is available for oats, the market has firmed during the week. Algerians, doubtless for sowing for green feed, are quoted at 2s per bushel on trucks. Heavy A Grade Cartons are worth up to 2s 3d on trucks, and B’s to 2s. There is no inquiry so far for chaff. . Fowl wheat remains firm, values being 4s to 4s 3d for prompt and 4s 4d for spread delivery.

DAIRY PRODUCE ' Messrs A. S. Paterson and Co., Ltd., are in receipt of the following cabled advise from London:— Butter: Market quiet; buyers Inactive; easier. New Zealand, 88a to 89s; Australian, 88s to 89s; Danish—market weak, 03s. Landed cost, 114 a. Cheese.—Market slow White cheese, 48s 6d; coloured, 48s to 48s 6d._ Messrs Dalgety and Co. advise having received the following cablegram from •their head office, London, dated February 14:— The butter market ia very slow. The cheese market is dull at present prices. Danish butter, f.0.b., 965; New Zealand finest blitter, 89s to 90s; Australian finest unsalted butter, 92s to 935; salted, 88s .to 80s; G.A.Q., 86s to 87s. Australian, cheese —white not quoted, coloured not quoted; New Zealand —white 48s _6d to 495, coloured 48s to 48s 6d; Canadian —white 56s to 60s, coloured'66s to 60s; c.i.f., not quoted. The National Mortgage and Agency Company, Ltd., is in receipt of the following cablegram from London: — Butter: Market quiet. New Zealand finest, 88s to 89s"; New Zealand first, 87s to 88s; Danish, 116 s fo.b.; 96s f.0.b.; Australian. 88s to 89s. Cheese: Market steady. New Zealand—white 49s to 49s 6d, coloured 48s 6d to 495: Canadian, 62s to 645, c.i.f, 68s to 60s c.i.f. SALES TAX RECEIPTS HIGH DECEMBER YIELD. Sales tax collected in the Dominion during December amounted to £202,383, which is the highest monthly total except in November, when the receipts were £205,256. In December, 1033, the collection was £166,847. The December yield indicates a continuation of the higher volume of wholesale transactions which has been a feature of'recent months. PARCELS BY RAIL RAILWAYS DEPARTMENT’S SERVICE. Without infringing any principle of business as how conducted in New Zealand, the Railways Department undertakes delivery of parcels from sellers to buyers on the “cash-on-delivery” basis. In the ordinary course the department accepts consignments up to a declared value of £SO, and charges only 4d_in the f (minimum charge 6d), in addition to freight. It is anticipated that when this service becomes widely known it will be appreciated by sellers and buyers in all parts of the Dominion, particularly when the supplier and the orderer are far apart. This delivery service has the same extensive range as the interisland booking system. .

OLD GOLD SALES DECREASE IN HOARDINGS. In the last three years 233,9290 z of fine gold have been produced at the Melbourne branch of the Royal Mint from jewellery, trophies, medals, and old trinkets. But for the extraordinary, increase that has. occurred in the price of gold in terms of currencies that are off the gold standard, much of this old gold (says the Sydney Morning Herald) would have remained in the homes of the owners. In 1932 the rise in the price of gold became pronounced, and people began searching jewel boxes and drawers for gold articles which were of no particular use. The “ production ” of gold from these sources in that year was nearly three times as great as that from the whole of the gold mines in Victoria. In the following year the total quantity of old gold sold to the mint decreased by more than half, and last year it fell further, to little more than one-third of the amount of 1932. Apparently most of those domestic “gold reserves” have found their way into the melting pot, and it is not anticipated that the 1932 figures will be equalled again. *

crmus FRurr embargo _______ t ORCHARDISTS APPEAL TO POTATO GROWERS. Methods by which Victorian potato growers who objected .to the importation of New Zealand potatoes might assist citrus growers in securing the removal of the embargo in New Zealand on some Australian citrus fruits formed the basis of a report which (says the Melbourne Argus) was made to the annual conference of the Victorian Central Citrus Association by the president (Captain D; B. Halhed)/v -•.-. „,; ■ • . The loss of the New Zealand citrus, market since the imposition of- the embargo by the Dominion in 1932 had coincided with. the peak of _ production; in the citrus industry, said Captain Halhed, and failure to restore this avenueof export.might involve the Government in substantial compensation to the industry. It was hoped that representative* of the Federal Government who would visit New Zealand next month to discus* the position would, effect a settlement. Citrus growers had no wish to do anything which would adversely affect growers of potatoes, hut within the industry there was a tendency to believe that the potato growers had been selfish. This belief might be dispelled if potato growers, when protesting against the importation- of New Zealand potatoes, would explain more clearly the position regarding the disease of corky scab in New Zealand, Quarantine experts now agreed that the embargo on potatoes could be removed without fear of introduction of the disease provided that care was taken in selection; for export. The Federal Government proposed to allow the entry of 10,000 tons of potatoes a year, but that was only 2J per cent, of Australia’s consumption of potatoes. Captain Halhed added that if potato growers would be content to take precautions to prevent the entry of New Zealand potatoes to prescribed potatogrowing areas, as Mildura protected itself by having its area gazetted as One to which diseased vines could not be admitted, they would receive the sympathetic co-operation of those engaged in the citrus industry. . The conference decided to request the Federal * Government to make early negotiations with the New Zealand Government for the removal of the embargo against the entry of Australian oranges. , ; AUSTRALIAN GOLD YIELD INCREASE RECORDED LAST YEAR. y Preliminary figures made available indicate that the value of gold production in Australia last year was approximately £A7,500,000, an increase of more than fA1,000,000 on the value of production in 1033. In the five .years of revival since the low mark of £A1,814,457 was touched in 1929, the value of gold won has increased fourfold. All States, excepting Tasmania, show an increase for last year compared with 1933, as seen in the following table:—

change during the past week;l‘l a. d. Bank'of New Zealand, two 2 10 0 Bank: if N.Z. (long D.) >.. - 1 12 6 three 1 12 0 E.S.aad A. Bank, two .. v. 5 0 0 National/lnsurance .v .. . • 1 3 0 V L. 3 1 N.Zi’Refrigerating (paid) .. *f0 19 9 * # 0 19 9 Westpori Goal, threo ..- .... \ 1 2 0 Australian Glut . ■ .. .i -3 A 6 Bruce Woollen (ord.) .. .. d i4 3 Broken/.BUI Pty. . .. .. .. 2 13 0 Dorninion Fertiliaer, three .. ■' 1. I 8 Milburn Lime .... .... 2 8 3, New Zealand Drug 3 18 6 Christchurch Gaa 1 14 104 Motmt Morgan .. .. .. ... •• Big. River • • •: • 2 U 0 2 0 3 Brian Born .. .. •• •• •• 0 0 0 0 0 0 6i 3 Glenroy •• 2 Gillespie’s Beach .. .. 0 1 79 0 6i 0 Goldfields Dredging .. ...; Okarito .. .. • ■ • • •• d o" 0 8 34 p.c. Stock, 1938-52 .. . • 0 0 107 0 4 p.c. Stock, 1940 .. .. .. .. 102 10 0

... K i ) Buyer. Seller. 4 :■ ■«.■ d. £ d. N.S.W.; 11 12 6 New Zealand 2 9 9 2 10 0 ■N.Z. (Long D) 1 11 9 i 12 0 Commercial .. -10 16 7 E.S. and A — 5 1 0 National of N.Z. * 3 9 0 3 11 0 Reserve . 6 11 0 Union — 9 0 0 INSURANCE. National 'V. .. " 1 3 2 New Zealand ' 3 8 0 Standard 3 12 0 — - ■ SHIPPING, Huddart, Parker (pref.) .. .. — 1 9 9 U.S.S. Co. (pref.) — 1 7 9 MEAT PRESERVING. N.Z. Refrig (paid) 0 19 3 0 19 9 .N.Z. Kefrig. (cent.) 0 9 5 0 9 6 South, Frozen Meat (paid)' ..; 3 18 0 4 0 0 South. Frozen Meat (cont.) .. — 2 0 6 ■South Otago Freez, 6 7 6 — LOAN AND AGENCY. Dalgety and Co. .. — 9 0 0 Ooldsbrbugh, Mort — 1 9 0 N.Z. Loan and M. . (pref.) .. ., 4 15 0 N.Z. Guarantee Corn. 0 5 10 — Wright, Stephenson (ord.) .. .. ' 0 18 9 Wright, Stephenson (pref.) .. ,. 0 19 10 1 0 3 .. COAL. i Kaitangata .. .. 1 0 3 Westport . t .. 1 1 3 1 2 0 Westport-Stockton (ord.) . \ 0 2 6 Westpprt-Stockton (pref.) .. .. . — 0 4 3 iMISOELLANEOUS. v Associated News*.. -V — 1 3 9 British Tobacco .. — 1 18 9 Broken Hill Propy. — 2 13 6 D.I.C. (pref.) — 1 6 3 Dominion Fertiliser 1 1 4 Dominion Rubber 1 11 0 Dunlop Perd. Rub. • ■ ■— 0 19 3 Kaiapoi Woollen (ord.) .. .. — Od 5 8 Milburn Lime — 2 3 3 N;Z. Drug Co. 3 17 0 4 0 0 N.Z. Paper Mills 1 14 6 Smith and Smith .. ? 0 19 0 ' —-■ Sun Newspapers .. T-%; 0 4 6 Wilsons Cement- - ■... 1 13 s 1 14 0 Woolworth’a (Sydney) ... .. 4 13 0 BREWERIES. N,Z. Breweries .. 2 10 3 2 12 o. Timaru : . •■■,/ 0 8 8 0 9 1 • OIL. Moturoa .. .. ' - _ 0 , 4 0 Moturoa (pref.) ... —■ 0 6 0 AUSTRALIAN MINING. Mount Lyell 0 17 0 Upper Watut P 7 0 mining. Aotearoa .. ,. — 0 1 0 Bell-Kilgour . .. 0 0 Oi 0 0 1 Bendio Goldlight 0 0 104 Big River .. - .V 0 2 0 2 4 Charleston .. ,-.W —-e. r 0 1. 0. Gillespie’s Beach — 0 1 .,74 Golden Progress- — 0 1 .0 Golden Sandra .. 0 2 9 Goldfields Dredging — 0 0 10 Glenroy .. ., 0 0 li 0 0 6 Kildare .. ., 0 2 8 0 3 1 King Solomon 0 3 10 Lawson’s Flat — 0 0 5 Maerewhenua —. 0 0 3 Nokomai ■'■' .. ■ ,, 0 2 0 0 2 9 Okarito .. .. 0 7 11 0 8 0 Oxenbridge .. .. — 0 0 10 Skippers .. — 0 0 64 Waitabu .. .. 0 2 1 Maori Gully 0 1 3 0 1 5 GOVERNMENT LOANS. 34 p.c. Stock, 19381943 107 0 0 107 10 0 3| p.eV- Stock, 1939- ; •" 1943 ;. • Nv- .; 107 0 0 34 p.c. Stock, 19411943 .. .. .. 107 0 0 34 p.c. Stock, 19381952 ... .. .. 107 0 0 34 p.c. - Stock, (9391952 ...... .: 107 0 0 3J p.c. Stock, 19411952 .. .... 107 0 0 4 p.c. Bonds, Jan. 15. 1940 ... .. 102 0 0 4 p.c. Stock, Jan. 15. 1940 .. ., 102 0 0 — (4 p.c. Bonds, Feb. 15, 1946 ., *104 0 0 4 p.c. Stock, Feb. 15. 1946,. .. *104 0 0 4 p.c. Bonds, Ap. i 15, 1949 .. .. 106 10 0 —- 4 p.c. Stock, Ap. 15. 1949 106 10 0 4 p.c. Bonds, June 15, 1955 .. .. 108 15 0 — 4 p.c, Stock, June 15, 1955 .. .. 108 15 0 —

Commercial Bank of Auat. (2) £0 16' 5 National Bank of N.Z 3 9 6 Reserve Bank 6 10 0 Goldsbrough, Mort 1 8 3 N.Z. Guarantee Corporation (2) 0 6 0 N.Z. Breweries 2 10 6 British Tobacco (2) .. .. 1 18 2 Dunlop Perdriau Rubber .. 0 18 4 Sun Newspapers .... .. .. 0 4 0 Big River 0 2 3 J Brian Boru (6) .. .. .. 0 0 6 0 0 4i , 0 0 5 Maori Gully 1 4 Mahakipawa (3) 0 10 0 Mahakipawa (pref.), 1929 0 1 3 Sales Reported Mount Lyell .. .... .. .. ., . 0 17 9 King Solomon .. . f 0 4 0 Goldfields Dredging 0 0 9 Dunlop Perdriau .. 0 18 9 Colonial Sugar 12) 41 0 0 Bank of New Zealand .. '2 10 0 New Zealand Government 4 per cent. Inscribed. 19371940 (2) 102 9 0 Unlisted Stocks Macetown 0 i 5 Woolwortha (Sydney, ord.l 0 i 3i (2) 4 12 3 4 12 6

3 per cent., 1948 100 10 0 34 per cent., 1948 101 10 0 4 . per cent., 1941 106 0 0 4 per cent., 1944 107 6 3 4 per cent., 1947 108 10 0 4 per cent., 1 1953 107 12 6 4 per cent., 1955 .. .... 107 12 6 4 ner cent., 1901 .... .. 109 5 0 Tooths (N.Z. delivery) .. .. 2 8 6 Anthony Hordern 0 18 0 Associated News (pref.) .. ... 1 3 44 British Tobacco 2 ■13 0 Broken Hill Proprietary .. , . 2 13 0 Burns, Philp 3 2 G Dunlops 0 18 104 Dunlops (pref.) .1 19 0 Goldsbrongh, Mort 1 8 3 Janies Stedman 0 16 3 THE AFTERNOON SALES. Colonial Sugar 41 10 0 Bank of New South Wales 30 10 0 Commercial Bank of Sydney 16 5 0 National Bank (£5 paid) .. 6 8 0 Union Bank 8 12 6 Associated News 1 2 9 Ditto (pref.) .. .. .. 1 3 44 Howard Smith 0 16 3 Huddart, Parker 1 18 6 Australian Gas (A) .. .. 7 18 0 British Tobacco 1 18 9 Tooths 2 8 6 Tooheys 1 9 3 Carlton Brewery 2 15 3 Australian Glass ■ ,. S 1 0 Dunlop Perdriau 0 18 9 Goldsbrough, Mort 1 8 8 Winchcombe, Carson .. .. 1 6 6 Fairymead Sugar 1 17 0 Electrolytic Zinc 1 1 104 David Jones 2 0 0 Anthony Hordern .. .. .. 0 18 0 Lustre Hosiery 1 6 9 Standard Cement'.. .. .. 0 19 44 Drug Houses of Australia .. 1 4 104 Australian Iron and Steel (pref.) 1 2 104 Broken Hill Proprietary 2 11 9 Bulolo Deposits 0 0 11 Placer Development .. 28 5 0 General Industries 0 14 6 MELBOURNE, February 15. Commercial Bank of . Australia 0 16 9 National Bank (£5 paid) .. 6 8 0 Goldsbrough, Mort 1 8 3 Australian Glass (pref.) 2 3 0 Australian Iron and Steel (pref.) 1 2 9 Broken Hill Proprietary 2 12 0 Dunlop Perdriau 0 18 . 8 Howard Smith 0 16 6 Mount Lyell .. 0 17 10 Electrolytic Zinc 1 2 2 Tongkah Compound .. .. 1 2 3

Paris— Par. Feb. 13. Feb. 14. Francs to £1 124.21 74 1-32 73 31-32 Brussels — Eelgas to £1 SO 20.89 20.09 Oslo— Kroner to £1 18.180 19.90} 19.90} Stockholm — 19.40 19.40 Kroner to £ 1 18.130 Copenhagen— Kroner to £ 1 18.150 22.39} 22.39} Berlin — Marks to £ 1 20.34 12.16 12.16 Montreal — 4.88} Dollars to £1 4.86 2-3 4.89 New York — 5 4.88 Dollars to £1 4.86 2-3 4.88 1-D Yokohama — 14 14 Pence to yen .. 24.582 Hongkong— Pence to dollar 24.5821 11-16 21 9-16 Bombay— Pence to rupee _ 18 5-32 18 5-32 Batavia — 7.20} Florins to £ 1 12.10 7.23} Milan— * Lire to £1 .. 82.46 57 7-16 5r7-16 Amsterdam— 7.22} 7.22 Guilder to £1 12.107 Prague— 1161 Kroner to £1 104J 1162 Geneva— 15.08 Francs to £ X 25.22} 15.08 Vienna— 26} Schillings to £1 84.86} 26} Helsingfors— 226} 226} Marks, to £l 193.23 Madrid— 35 23-32 Pesetas to £1 25.22} 35 25 32 Belgrade— 216 Dinars tb £1 25.22} 216 Athens — Drachma to £1 375 515 514 Lisbon — Escudos to £1'110 110} 110} Bucharest— 485} Lei to £1 931.6 485 Bio de Janeiro— 4} Pence to mllrels 5.890 4} Buenos Aires— 36} Pence to pesos 47.28 36} Shanghai— 17 13-16 171 Pence to tael — Montevideo— Pence to pesos — 391 391 Warsaw— 25.87 Zlotys to £1 — 25.96

Buying. Selling. London — 124/10/£N.Z. to SlOOstg T.T. 124 O.D. 123/10/124/7/6 Australia — 100/10/£A to £100 N.Z. T.T. 101 O.D. ,101 100/10/Fiji— 90/7/6 89 £F to £100 N.Z. T.T. O.D. 90/7/6 89 New York — 3.95 i 8.89! Dollars to £1 N.Z. T.T. O.D. 3.963 3.90J Montreal — 3.958 3.911 Dollars to £1 N.Z. T.T. O.D. 3.968 3.91? France — Francs to £1 N.Z. T.T. 60.08 58.78 O.D. 60.38 58.83 Noumea — 61.03 58.03 Francs to £1 N.Z. T.T. O.D. 61.43 58.08 Papeete— Francs to £1 N.Z T.T. 81.03 58.08 O.D. 61.43 58.08 Belgium— Belgas to £1 N.Z. T.T. 17.171 18.471 O.D. 17.271 16.486 Germany— Reichsmarks to £1 9.566 N.Z T.T. — O.D. — 9.571 Italy— 45.50 Lire to £1 N.Z. T.T. — O.D. — 45.64 Switzerland— 12.338 11.938 Francs to £1 N.Z. T.T. O.D. 12.413 11.948 Holland— 5.686 Florins to £1 N.Z. T.T. 5.936 O.D. B.986 5.690 Java— Florins to £ 1 N.Z. T.T. 5.895 5.670 O.D. 5.945 5.674 Japan— i N.Z. pence to 1 yen T.T. — IT 21-82 O.D. — — Shanghai— N.Z. pence to 1 dollar .. .. T.T. 21! 28 1-16 O.D. 21{ 23 India end Ceylon— N.Z. pence to 1 rupee .. .. T.T. 22 13-32 22| O.D. 22 9-32 22 11-16 Hongkong— N.Z. pence to 1 ' dollar .. .. T.T. 28 17-32 27 19-32 O.D. 26 13-32 27 17-32 Singapore— N.Z. pence to 1 dollar .. .. T.T, 34.7-16 S5| O.D. 34 6-16 36 5-16 These rales are subject to alteration without notice.

By By air mall. steamer mail £ s. d. £ s* On demand .. *125 7 6 125 10 80 days .. *125 17 6 126 0 60 days .. *126 7 6 126 10 90 days .. *126 17 6 127 0 120 days .. *127 7 6 i 127 10 * Plus postage.

£ 8. d. February 14 .. .. 7 2 6i February 13 .. ., 7 2 4 February 12 .. .. 7 2 2* February 11 .. .. 7 2 February 9 .. .. 7 2 n February 7 .. .. 7 2 i

1933. 1934. SA £A Western Australia .. 4,915,958 ,. 5,536,000 Queensland 710,168 .. 954,000 Victoria .. .. .. 596,000 New South Wales 220,068 .. 307,000 Tasmania .. .. 51,579 40,000 South Australia .. 46,619 .. 51,000 N. Territory .. .. , 4,449 .. _ 16,000 Total .. .. £6,406,069 £7,500,000 The quantity of gold produced in eaca State last .year is as follows: — Oz. (One). Western Australia 651,337 Queensland 112,621 Victoria 70,196 New South Wales .. .. . 36,123 Tasmania .. , , , , , . 4,789 South Australia .; .. . 6,000 Northern Territory 1,919 ■