COMMERCE AND FINANCE

Otago Daily Times, Issue 22505, 25 February 1935, Page 6

COMMERCE AND FINANCE

FOREIGN KCHANGES- " '(British...Offlclal Wireles*.) > "i (United fttis* Association.) . ' (Br,ipitbtrtß/Tel««raph^CopyrJglit.) V. V; ;•,.... .-.. KU6BT; lebruarr 22. . -_■ *'* p» Feb. 21. •'■ Jreo.-:22. %* toreiSui T 3

ON NEW ZEALAND CURRENCY BASIS. The Bank or New South Wales; Dunedin, anoted the following rates for purchases and sales of forelen exchange on Saturday:— Buying. Selling.

These rales are subject to alteration without notice. ' • • - DOIJLAR RATES The Associated Banks (other than the Bank of New South Wales) on Saturday quoted the following dollar-sterling rates, which are subject- to .■ alteration without notice:-rr- •/"■■■. ." .• U.S.A. Canada. . .*; '■ ' '•' /-■:' '" Dols. '/ " Bols. Conversion of dollar bills re--celred for collection and sale of dollar drafts and tele- ~. . . graphic transfers .. ••<•§* "HsPurchase of dollar bills .... 4.88 _ 4.88 On a New Zealand currency basis these rates are equivalent to : ■ ' U.S.A. Canada. *'.;'■'■„ Dols. Dols.. Mf£* ' ~».«.. ..B.BBi S.MI o!d'. .. .. .. >•■'■ •• 8 - 89 * 3 - 89 * B ... ~ ■-.•>.-» "«-wi 3 - 95 » CHICAGO WHEAT MARKET (United Press Association.) '(By Electric Telegraph—Copyright.) I NEW YORK, February 23. (Received Feb. 24, at 10,. p.m.) Chicago wheat.: May 96§ cents ,per bushel, July 91fc September 90|; New York cash 116$. '• DAIRY PRODUCE PRICES (Per United Pbess Association) WELLINGTON, February 23. The Dairy Board hag fixed the following minimum prices:—Butter, 10$d; cheese, 5Jd, equivalent to butter 80s 6d, and cheese 46s lOd, c.i.f.e.

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE A sale of Okaritos at'Bs was .reported on the Dunedin ] Stock Exchange on Saturday .morning, the" closing with a" buyer at'7s lod and no sellers forward. Buyers of paid-up New Zealand Refrigeratings were prepared to.give 19s 4d,. bufc,;fiellers remained 'firm at "198 7d. Wrighti'Stepheneon-preference shares met with a slightly easier inquiry, buyers bffetv ing 19s lOdi Sellers, however, wou}d_not accept less than £1 ,0s 3d. Broken Hill Proprietaries were 'inquired "for at £2 10s 6dj sellere refusing to do business under £2 :12s. New Zealand Drugs: were in demand .{'at £3 18s 6d, sellers' lowest requirementseing li:. • iSALE REPORTED,; , ' ; : - -',■<■''••:; ; I .V.';V.--:.'v«-'s.'d. Okarito ... '."... .. ..' v. 080 The. following' are Saturday morning's buying and selling quotations, which are ieubject to the* usual brokerage : •v;w : : - 1 :.";; 'BANKING.

NORTHERN EXCHANGES WELLINGTON Sales on 'Change • ~ ' : '. . £ .8.. d. Auckland Gas (late Friday) 1 7 6 N.Z. Insurance (late Friday) 3 6 8 Mauri Brothers and Thomson (ord.) •• •• Big River .... .. •• •/ v * a Unlisted Stock* Woolworth's, Ltd., ord. (late • Friday) •• * 12 0 CHRISTCHURCH Sales on 'Change Bank of New Zealand (D mort. shares) ■• •• ■• M|,f Australian Provincial Assurance 0 10 6 N.Z. Guarantee Corporation 0 6 0 Tooths Brewery .. .. .. 2 7 3 Dunlop Terdriau Rubber (2 parcels) . - ...... JW J Rawang Tin (ex div.) .... 076 Sales Reported New Zealand Breweries (late sale Friday) 2 10 0 Skippers - • • • • 0 0 6 Bank of New Zealand (D mortgage) 1 11 11 E. Reece, Ltd. (pref.) .. .. 0 2 6 Woolworth's (Sydney), ord. 412 6 Unlisted Stocks Macetown 5,! n Woolworth's (Sydney) .. .. 411 9 SYDNEY STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Gopyright.) SYDNEY, February 23. (Received Feb. 24, at 5.5 p.m.) . The following were the sales on the Stock Exchange:—

MINING NEWS NORTH BROKEN HILL DIVIDEND PAYABLE. (Per United Press Association) WELLINGTON;' February 24. The North Broken Hill .Company has advised the Stock Exchange Association that a dividend ,of Is 6d per share will h& payable in Melbourne on March 29. MOSSY CREEK RETURN (Per United Press Association) GREYMOUTH, February 24. The Mossy Creek dredge return was 18oz 17dwt from 4000 yards. The rainfall has facilitated readjustments, and a larger yardage is now anticipated. MAHAKIPAWA GOLDFIELDS, LTD. VISIT OF DIRECTORS. Mir J R. Templin, chairman of director of the Mahakipawa Goldnelds Company, and Mr J. D. Kenton have returned from their visit to the mine, during which an • inspection was made of the development work which is now nearing completion with the south end of the company's claim. ' Last Week the unwatering of the Golden Gate shaft and of the underground workings which extend from this shaft to the King Solomon' shaft were completed, "and these old workings were also connected up'with the company's main drive. The old workings were found to be silted up, and in some places were partly stoned up. Most of this silt has now been removed, and. the old drives are being cleared to facilitate mining operations in this sector. The old workings were inspected to within a few feet of the King Solomon shaft, and from careful examination it was evident that the King Solomon lead dipped to the west of the old workings. A crosscut is now being driven between the King Solomon and the Craig shafts to confirm the location of this lead. ' The company successfully opposed an application in the Warden's Court at Blenheim by E. H. Brooker for an ordinary prospecting license over an area at the north end of the company's claim. WEEKLY REPORT. The arch drive to connect with the Golden Gate workings was advanced a further five feet, and holed through. An immediate start is being made to crosscut west from a point mid-way between Craig's shaft and King Solomon shaft. The south-east crosscut from behind the leading face has been driven for 18 feet in bottom. At 13 feet wash was encountered in the root, and this has already dropped 18 inches. v WORKSOP RETURN The weekly return of the Worksop Extended Gold Dredging Company, Ltd., was 460 z in 108 hours" from 7600 yards. CANADIAN GOLD YIELD Gold produced in Canada last year wa s valued at 102,242,000 dollars (about £20,448,400 "at par),, compared with an output value of 84,350,237 dollars (£16,870,505) in 1933." The amount of gold produced was 2,964,395 fine ounces, a slight increase over the previous year. NEW REEF REPORTED An indication; that,.!? promising gold find'has been made in the Rose district was given by„a .telegram received at Greymouth last week by the authorities from five subsidised prospectors working up the Totara River near the old abandoned Zala quartz mine battery. The telegram stated that the men had struck a two-foot reef in a new tunnel, carrying good gold. The prospectors concerned nave been working up the Totara River prospecting for reefs for more than a year, but up to this stage have been unsuccessful.- The new tunnel referred to was commenced recently by the men, acting on the advice of Mr S. W. S. Strong, district mining engineer to the. Unemployment Board. BIG RIVER GOLD MINES, LTD. The following is the report on the Big River Gold Mines, Ltd., for the week ended February 21:—No. 4 North Drive. Advanced 7ft. The . country is better, and no stone has yet developed. Stoping is progressing as usual, stone 6ft wide, rise 57ft up. The reef is broken at this point; stone Ift wide. No. 4 South Drive: Work has been suspended in this face during the week. The stopo overhead is developing well; stone Bft wide. Main shaft: This work is going along satisfactorily. The battery is working two shifts per day. PRICE OF FINE GOLD (United Press Association.) (By Electrio Telegraph—Copyright.) LONDON, February 22. Gold (a fine ounce) is quoted:—

LONDON MEAT MARKET (United Press Association.) (By Electrio Telegraph—Copyright.) LONDON, February 23. (Received Feb. 24, at 8 p.m.)

The Bank of New Zealand has received the following advice from London, dated February 22: — Frozen meat: The wether market is dull and there is a' little better demand for ewes. There is a fair demand for lambs, although the market has a weaker tendency. Trade generally is slow. Quotations: Wethers, light, 4£d to 5Jd per lb; wethers, heavy, 3|d to 4id per lb; ewes, 3d to 4d per lb; lambs, twos, 6|d to 6gd per lb; lambs, eights, 6|d to 7d per lb; lambs, fours, 6Jd to 6|d per lb; lambs, seconds, 6Ad to 6Jd per lb. , FRUIT AND PRODUCE WORLD Reilly's report selling:— * Cabbage, 2s 6d, 3s. Cauliflower, 4s, 6s. Honey: Alb pats, 3s 6d. Cucumbers, 3e, 4s 6d. Eggs: Storekeepers', Is Id; guaranteed, Is 3d. Lettuce: Choice, Is 6d. Section honey, 7s, 8s 6d dozen. Each.—Knapsack sprayer, £4 15s. Champion egg crates, 24 dozen, 17s 6d.

Bushel and American Cases.—Apples: Choice Coxes, 6s, 8s; Worcester -Pearmains, 4s, 6s. Pears: W.8.C., 4s 6d, 6s. Californian navels, 40s. Grapefruit, 37s 6d. Bananas: Ripe Niues, 22s 6d. Californian lemons, 67s 6d; New Zealand lemons, first grade 20s, second grade 18s. Pineapples, 16s, 17s.

Half Cases.—Cooking and preserving plums, Is 6d, 2s 6d; Sateuma, 3s 3d to 4s 6d. Greengages, 3s 6d, 4s 6d. Pears: W.8.C., 2s. 3s. Peaches, Is 6d, 3s 6d; freestone, 2s 6d, 4s. Apricots, 3s, 4s 6d. Cucumbers, Is 6d, 3s. Passions, ss. Cooking pears, Is 6d, 2s. Egg fruit, 2s 6d, 3s 6d. Per Bucket.—Raspberries, ss, 7s. Blackberries: Cultivated, choice, 6s, 7s. Per Lb. —Grapes: Local, 9d, Is; Kakanui, lOd, lid. Figs, lOd. Peaches, 2|d, 4id. Apricots, 2Jd, 4d. Nectarines, 2Jd, 3Jd. Dessert plume, ljd, 3d. Green peas: Choice, 2Jd, 3d; old, unsaleable. French beans, 2d, 2Jd. Scarlet runners, lid. Butter beans, 2d, 3d. Garlic, 3d. New potatoes, Id. Peanuts, 4d. Tea: Orange Pekoe, 2s 6d. Butter: Storekeepers,. 6d, 7d. Tomatoes: Christchurch hothouse. 2d, 2£d; outside, Is 2d; small, Id; local, first, 3d, 4d. Pickling onions, Hd. Bacon: Prime, Hd. Blackberries: Wild, 2d, 3d. Porker and bacon pigs, 6d; overweights, 4d. Per Cwt. —Onions: Canterbury, 12s 6d. Oyster grit. 6s 6d. Woodwool, 265. Marrows, 6s. Bluestone: Macclesfield, 42s 6d. Pumpkins, 10s. Olive oil, lis 6d gallon. Giraffe lime sulphur: 8 gallons, 2s; barrels, is 9d. Semesan and Granosan: 2oz, 2s 3d; Boz, 5s 6d; lib, 8s; 251 b, 2455. Black Leaf "40 ": American—lolb, 525; 51b, 265; lib, Ss 6d; Jib. 5s 3d; British—10lb, 48s; 51b, 265; lib, 8s 6d; Alb, 4 S 3d. Restar grass" grub exterminator: 31b, 3s 6d; 1 gallon, 6s 6d. Patent Codlin moth tree bands: 200 ft lengths, 17e 6d. Prepared white oil, ss. Arsenate of lead paste, 6d to Is Id. Powder, BJd to Is Id. White oil, 4s. Red oil, 3s 9d. Special soap, 27e. Improved spray, 6d lb. French Bordeaux, Is Id.

Wood preservative, 4s 6d. Powdered charcoal, 4d: granulated charcoal, 4d. Fowl wheat: First, ss; seconds, 4s. Partridge peas, 4s 6d. Maize, 5s Cd. Kibbled maize, 5s Gd. Oats: "A" Gartons, 2s 6d; "B," 2s 3d. Crushed oats, 9s 6d. X Keysmeal, 16s. Acorn buttermilk powder, 3d. Bran, £5. Chaff, 8.0.5., 15; straw, wheaten, £2 10s. Oatmeal, £lO. Pollard, £6 ss. Manuka tomato and chrysanthemum stakes, 2s 6d dozen; 18s hundred Per Pair. —Poultry: 351 hens at Is 6d to 5s 6d, 25 pullets 4s 6d to 6s 6d, 24 bantams Is to 2s, 180 cockerels 2s 2d to 7s 6d, 47 ducks 3s 4d to 7s 6d, 4 chickens l e per pair; 1 turkey hen 6Jd per lb; 1 hen and 11 chickens ss. REILLY'S CENTRAL PRODUCE MART, LTD., Moray place, Dunedin.

THE WHEAT MARKET (United Press Association.) (By Electrio Telegraph—Copyright.') LONDON ? February 24. * (Received Feb. 24, at 8 p.m.) Wheat: Cargoes are featureless. Business was done in West Australian for China amounting to-7500 tons'to be delivered between March 15 and 29. The price was ,not reported. Manitobas and Australians are held for late rates, and La Platas are occasionally 3d easier. Parcels are inactive and prices unchanged. Futures: London—February 19s 10£d, April 19s 9d, June 20s 5Jd; LiverpoolMarch 4s 7|d, May 4s lOjfd, July 5 S o£d. THE RABBIT MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, February 23. (Received Feb. 24, at 8 p.m.) Rabbits: First large, ex store, nominal 15s to 15s 6d. ' LONDON MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, February 23. (Received Feb. 24. at 8 p.m.) Friday's closing prices were as follows: — Cotton: Spot, 7.10 d per lb; . March. 6.89 d. Rubber: Para, 4gd; plantation smoked, 6|d. Jute: February-March, £l6 10s. Copra: March-April, South Sea, £l2 2s 6d; smoked, £l2 7s 6d; plantation Babaul, £l2 17s 6d. . Linseed oil, £23. Turpentine, 48s. THE HIDES MARKET (United Press Association.) (By Electric Telegrauh—Copyright.) LONDON, February 23. (Received Feb. 24, at 8 p.m.) Hides; Meat works dry salted —Queensland, 35-451 b, s|d; 301 b to 401 b, 5Jd; 251 b to 351 b, 4§d; 201 b to 301 b, 4Jd; New South Wales—s|d, 53d, Sjd, SJd. Wet salted—Queensland, 501 b to 601 b, 4Jd; 401 b to 501 b, 3jd; New South Wale*., 4|d, 4Jd, Victorian abattoirs, 4Jd, 4Jd. MERCHANDISE MARKET The cheese market continues firm. A shipment of Canadian sardines and herrings in sauce will be landed ex the Canadian Challenger. New Zealand-manufactured soap has been advanced—first and second, grade by £2 per ton and third grade by £3. A shipment of Temate (a South American tea), in half-pound packets, has reached the market. , The next sugar vessel is the Waimarino, due on Wednesday. Shelled peanuts are reported to be scarce, and small lots coming forward will show a sharp increase in cost. The Omana, from Adelaide,, landed a shipment of fine and coarse salt. She also brought a line of South Australian wines. A shipment of Smyrna bag figs has just reached the market. Advice has been received that packers are unable to accept orders for Sockeye flats, Cohoes halves,, and pink tails. Supplies of New Zealand and Australian tinned peas are now practically sold out of packers' hands. The Port Hunter, from Liverpool, will land supplies of herrings in sauce, bulk cornflour, etc. The market for sago and tapioca continues firm. . The Fordsdale, from London, will land King Oscar sardines, Keiller'e marmalade, Holbrook's rennet, C. and B. • anchdvy sauce and curry, Symington's soups, and Morton's olive and castor oils. SOUTHLAND MARKETS (From Ouu Own INVERCARGILL, February 22. Markets' generally are somewhat slack as can only be expected at this time of the year, though inquiries are now being made by northern brokers for seeds, in view, no doubt, of the approaching need for autumn sowing. Oats are just beginning to come forward from growers, current quotations for which are A's 3s, B's 2s Bd, f.0.b., s.i., Bluff. It seems evident that the crop is somewhat smaller than last year but on the other hand there will be a greater percentage of gr.ade oats as the crop has been saved in good condition. The bushel weight will be found as being slightly reduced owing to dry conditions, such heavy weights as are generally current in Southland 401b-461b from the mill will be unattainable in all probability this season. The ryegrass market has hardly yet developed to such a stage of stability when it is possible to give exact indications of values as the bulk of the business that has, been passing has been in dressed lines on trucks at country sidings. Merchants' ideas of wholesale prices are much in keeping with those of last year, from 4s 3d to 4s 9d per bushel for machinedressed seed. The fluctuation in price depending on weight, purity, and germination. Chewings Fescue is commanding high prices, but at the present tipe overseas merchants have shown little interest in this article and the high prices ruling. Here again it is rather difficult to give a true indication as to market values. Growers are showing more disposition to sell at the high prices ruling but merchants, on the contrary, do not display the same anxiety to secure stocks as during: the opening weeks. F.o.b. values for Crested Dogstail between merchants range from Is 3d to Is 6d per lb. the latter being seed of exportable quality. For once in the last decade white clover will be one seed at a price which will appeal to users. Not only in the main producting centres but in Southland there is a considerable crop. The general opinion is that the opening prices for good, bright quality will be round about Is per lb though any extra choice lots may just exceed this figure. The stock market continues well supplied in all sections with increased offerings in the store sheep section. Fat cattle were hardly offering so freely during the week and values shower a slight increase in those recorded recently. Fat sheep are coming to hand in fairly large numbers and as the export schedule remains the same values are steady. The store sheep market is firm for all classes, a large number of store lambs have been offered during the week and have met with good sales. The breeding ewes coming to hand have also met with good competition. Fat. Cattle.—Prime heavy bullocks, £7 10s to £8; medium-weight prime bullocks, £6 to £6 10s; lighter bullocks, £5 to £5 10s; prime heavy heifers, £5 to £5 15s; medium heifers, £3 10s to £4; prime heavy cows £3 15s to £4 10s; medium cows, £2 5s to £3; vealcrs, 10s to 15s; runners. £1 10s to £2. Fat Sheep.—Prime heavy wethers, 24s to 25s 6d; medium wethers, 22s to 235; prime heavy ewes, 16s to 17s 6d; medium ewes, 14s 6d to 15s 6d; lighter ewes, 13s to 14s; prime heavy lambs, 23s 6d to 255; medium lambs, 21s to 225; lighter lambs, 19s 6d to 20s 6d. Store Sheep.—Forward rape lambs, 17s 6d to 18s 6tl; medium lambs, 15s to 16s; smaller lambs. 10s to 12s 6d; Romnev ewe lambs, 18s to 20s 6d; two-tooth wethers, ISs to 19d: four, six, and eighttooth wethers, 20s to 21s: s.m. ewes, 20s to 22k; two-tooth ewes, 28s to 30s. EVANS ATLAS FLOUR COMPANY A profit for the year of £5057 is disclosed in the forty-seventh annual report of the Evans Atlas Roller Flour and Oatmeal Milling Company, Ltd. The profit is made after allowing ample provision for depreciation. To the profit is to be added the amount brought forward from last year, £1498, less the interim dividend of £2400, making available for appropriation £4155. The directors recommend that this should be allocated by the payment of a dividend of 5 per cent., absorbing £3000,* and malcing 0 per cent, for the year, and by carrying forward the balance, £1155.

CENTRAL BANKS

LONDON METAL MARKET (United Press Association.) (By Electrio Telegraph—Copyright.) liONDON, February 22. .(Received Feb. 24. at 9 P.m.) The following ato Jhe official metal quotations:—

WITHIN THE EMPIRE OWNERSHIP AND OPERATION. ' In some respects the new central banks of New Zealand, Canada, and India hiive been modelled on a.common plan, particularly in regard to the provision of share capital and the apportionment of control. The Reserve Bank of New Zealand began business on August 1 last year, the Bank of Canada has been provided with the required capital and it is expected to open early this year, and it is believed that the Reserve Bank of India will raise capital and begin operations in the latter part of the year. The capital of the New Zealand central bank has been taken up in shares of £5 each by public subscription, and the 50dollar shares of the Canadian central bank have also been issued publicly. Both are fully paid. The capital of the Indian Reserve Bank is to be' offered to the public in shares of 100 rupees each. Shareholders in each case must be domiciled within the country, and, subject to minor qualifications, the shares can be held only in British hands. In general, the arrangements are designed in each case to achieve the widest possible numerical distribution, within strictly national limits, of capital and ultimate control. In conformity with the principle that central banks should not be unduly concerned with the earning of profits for' distribution to their proprietors, the permitted rates of dividend are defined in strict terms. GOVERNMENT FINANCES. The Midland Bank, which has examined the constitutions of the Empire central banks and presents a comparison in its monthly circular, state 8 that the three new banks are evidently designed to perform all the banking services required by their respective Governments. The laws under which they are established contain' strong safeguards against the giving of undue weight in the operation of the banks to the requirements of government finances. The arrangements regarding board representation, executive appointments, and voting powers of the boards are all designed in part to this end. These provisions, along with those for the furnishing' of capital, are in marked contrast to those which apply to the Commonwealth Bank of Australia, which is a government-owned bank whose entire board is officially appointed. The difference arises from the origins of the banks, for, whereas the three new institutions are founded specifically as central banks, the Commonwealth Bank became a true central bank only a number of years after establishment.

The laws governing the new banks lay down regulations regarding accommodation to public authorities'. In New Zealand such accommodation is limited in amount to one half of the year's actual or estimated revenue of the Government, or one quarter, of that of other authorities. Similar provisions apply to the Bank of Canada, while the law prescribes in addition short periods of repayment. The general tenor of all three laws is to enBure, on the one hand, the rendering by the banks of the fullest legitimate service to their Governments, and to afford, on the other, the maximum protection possible by law against improper pressure from governments which might be ternpU'd to abuse the great . powers vested in amply equipped and technically efficient central banks. RELATIONS WITH COMMERCIAL BANKS. ■

It is obvious (the Midland Bank continues) that no central bank in a countryeven moderately advanced in monetary organisation can fulfil its functions unless it acts as a-main depository of the cash reserves of the commercial banks. Modern central banking laws accordingly prescribe that commercial banks shall maintain with the central banks reserves bearing minimum proportionate relationships with their deposit liabilities to the public. This is the method adopted in all three countries.

A striking feature of the laws governing the new banks is the effort to divorce themas completely as possible from commercial bank influence, notwithstanding that the commercial banks are to furnish a large part of their resources. Special provisions guard against secondary control through shareholdings, the Canadian law going farthest in this matter, for it prohibits the holding.of shares by or for the benefit of any chartered bank or any of their officials or employees. In India and New Zealand, while there is no provision of this sort, the limitations on the size of individual shareholdings and on voting powers afford similar protection. In brief, the relationships between the new reserve banks and the commercial banks are confined, broadly speaking, to the maintenance of reserves, the regulation of discount and exchange rates and the provision of facilities of rediscount. "In surveying all these provisions." the Midland Bank states, "comparison is natural with the structure and operation of the Bank of England. In one vital respect an attempt is made in all three countries to achieve by legislation what in England had been arrived at by accident of formation followed by long evolution. The outcome of that process is a position of independence, on the one hand, of undue Government pressure, and on the other of commercial banking influence." AUSTRALIAN CONVERSION LOAN THE RECENT' FLOTATION. Commenting on the fact that some eight millions of the recent Australian conversion loan of £22,384,000 were left in the hands of the underwriters, the National Bank of Australasia says in its February circular:— "Various reasons have been advanced for the relatively poor response to this latest conversion, many of them suggesting what might be classed as unfavourable features in the Australian position. It would appear, however, that the main reasons lie outside Australia, and of purely Australian finance." The decline in the favourable trade balance is accounted for almost entirely by the drop in wool prices and a marked increase in the value of imports. The latter is due very largely to the high prices for wool obtained during the previous season. With a decrease in value of exports a decline in import figures may be expected before long, tending to correct the recent unfavourable movement. Political factors, while important, are always to some extent uncertain, but the determination of the Australian people to meet their obligations was so positively indicated in the last Federal elections that minor swings in political opinion should not markedly affect the outlook of investors overseas. The poor response given to loan flotations in London which followed shortly after the Australian conversion loan shows clearly that the investment market in England is either not overburdened with surplus funds or is in a somewhat disturbed condition.. The latter would correct solution and may be associated with political unsettlement in Europe." DAIRY PRODUCE The South Island Dairy Association, Ltd., has received the following market report from London: — ' Butter: Slow; 82s to 84s; Danish, 112 s. j Cheese: Quiet; white and coloured, 475.

ZINC CONTROL SCHEME CARTEL NOT RENEWED. The meeting of memberß of the International Zinc Cartel, which was to have been held at Brussels on December 21, was put off at the last moment. This being so (says an English paper), the cartel will come to an end on December 31 in the, normal course of things. The situation had for a long time been chaotic, and many difficulties arising from day to day had proved impossible of solution. In particular, the system of fines imposed for overproduction was no longer satisfactory to important members, who were determined to secure proper respect for all the clauses of the cartel. The s principal obstacle to the proper working of the cartel was the artificial conditions in which the London market has been operating. In consequence of the important duties imposed by the British Government, the London quotations are alleged to have been out of equilibrium, and the members of the cartel were almost unanimous in their complaints of this. It is held that until the London market is freer the cartel cannot begin to work again in the same conditions as before. From January 1, then, all producers regain their liberty of* action. But in well-informed circles it is predicted that contact will be renewed towards the middle of next year. TRADE OF FIJI DECREASE IN IMPORTS. Imports into Fiji for 1934 totalled £998,204. compared with £1,069,266 in 1933, but Customs duties, owing to a considerably increased tariff, amounted to £281,717, against £276,164 for 1933. Sugar showed a decline from 113,836 tons, valued at £1,180,782, to 103,863 tons, valued at £1,069,049. Copra showed an increased output but a lower valuation, namely. 23,597 tons, valued at £127,941, against 22,597 tons, valued at f 195,788 in 1933. Bananas fell from £69,243 to £67,845. Molasses rose from £12,937 to £16,828. and trochus shell from £19,945 to £20,733. The total trade of the colony fell from £1,725,529 in 1933 to £1,456,455 in 1934. The general feeling in business circles now is that the corner has been turned and that the coming year should show a considerable improvement over the last three seasons.

LIMITATION OF DIVIDENDS NEW LAW IN GERMANY. _A new law in Germany provide** that the maximum cash dividend in future is to be 6 per cent, on the paid-up capital, or 8 per cent, in the case of companies having distributed more than 6 per cent. ?. r the . Preceding year. Any increase above those rates must be invested in Government bonds for a period of four years. One of the leading German metallurgical companies, in announcing an -.inchanged dividend of 9 per cent, subject to the law, complains that in recent years it has made investments out of its own funds in new fields in order to make up for losses in others. By not raising its capital at the same time it has to some extent impaired the results to shareholders in favour of internal financial consolidation as well a g in favour of the workers' welfare fund, to which considerable allocations have regularly been made. The regulation of dividends, in the opinion of the company, is an unjustified punishment of itself, and of its shareholders, for its cautious financial policy. It ia also arbitrary injustice to the company in comparison with other concerns which have been less scrupulous about raising capital in the money market, FACTORY PRODUCTION Striking evidence of the improvement in conditions in New South Wales in the last two years is contained in factory figures issued by the Government Statistician. After a marked decline in factory production and employment during the three years, 1929-30, 1930-31, and 1931-32, there was a substantial recovery in 1932-33 and 1933-34. The number of factories in New South Wales increased by 47 in 1933 and by 373 in 1934, while employment in those factories increased by 10,546 in 1933 and 15,066 in 1934. Wages and salaries paid increased by £1,032,000 in 1933 and £1,962,000 in 1934, while the net value of increased production was £2,916,000 an' £4,453,000 respectively. During the year ended June 30, 1934 i the value of finished goods produced if these establishments was £136,536,004 while the materials used were valued a? £77,274,753 and fuel consumed a= £5,239,241. A total of £25,745,043 was paid in wages and salaries to an average of 157,864 employees.

■nUMM— , r • ■' Bolgaa f to/.fil. SO 20.831 20.761 °&on«M*i "-MO 191901 . 19.901 I •tockholm— i ■•.'U;'V,it«i Kronar to *?1 W.130 19.39) : 19.391' • Copenhagen— . . ■■ ; •„. Kroner to ■;■.■* 1 18.150 i 22.391 Berlin— .-V■ ... _ rt Marks to '*1, 20.31 12:111 '.; 12:03 ' 7 *"" «*;.' .'■ :4.88V'. *Doi5*t» ei ««*-» «» .'4.881 . Pence toJren-.. 24.582 14:1-84 14 1-64 Hongkong—..- „.•.•.- Pence to dollar 14.08 »' ■ . : 21 15-16 Bombay—•?-'. ' ■-':, '. ''.■■•':■, Pence toi/rttfee•,.— ; 18.5-32 . 18 5-32 'wmiie'M^MM,7,171 -7.151 Milan— ','■■' ■■■*■■■>■.• ■'.!.■■'::■•■ Lire to fcl'.v 82.46... , 57 15-32 57 3-16 Amsterdam— _ ■ Guilder to Cl 12.MT-)-fMl: I', 7.i7i'.': Prague— •■ ' > ■ "Kroner t»Vfil ,10.41 116 5-16 lie' Geneva—; ;/*•.'.-" • : .'.i .'• - '- Franca .fc^fil.;.»,221 15.02 14.971 Vienna— ,'■■••. V f: ''_' Schillings to £1 - 84.861 : .:'.?'•' "'.;•■ 26flelsingf ■■•..■ ■''■.■■'■:• Marka ttf.V'*? 1193:23 2261 2261 ' v .v. Madrid— '■'■{"-■:''■:•. :•'-■ :■'',. Pesetas to Bl.'25,221 •' 35 9-16 ; 85 15-32 Belgrade— : Dinars to fil 25.221 214 '; ; 214.: ■'■ Athens— --: •■v.* Drachma to £1 875 814 514 Lisbon— ■"•';- Bscudos to £1 110 ; 1101 1101 Bucharest— • • " Lei to £1 .. 031.3 488 488 Bio de Janeiro41 Pence to mllreli 5.380 41 Buenos Aires361 Pence/ to pesos 47.22 861 Shanghai— < Penco to Uel — 18 5-16 18 5-16 Montevideo— ' 40| Penco to pesos — „ 401 Warsaw— : .A ■ Zlotya to fil — 25.81 25.81

London — CN.Z. to filOOitg T.T. 124 124/10/O.D. 123/10/- 124/7/6 Aurtralla— £A to £100 K.Z. T.T. O.D. 101 101 100/10/100/10/: Tl]l— BW to £100 N.Z. T.T. 90/7/8 89 O.D. 90/7/6 89 X«w York— ■ .„., Dollari to £1 N.Z. T.T. O.D. 3.981 3.941 3.891 3.891 Montroal— w Dollar* to £1 N.Z. T.T. O.D. 3.931 3.941 3.891 3.891 francs to £1 V.%. T.T. O.D. 59,88 59.98 58.38 58.43 • Run to £1 »•». T.T. O.D. 60.93 61.03 57.68 57.68 'feim j| 60.63 61.03 . 57-68 57.68 ■*STL *i'»i T.T. 17.062 16.362 atijAJL-tama mBMEM O.D. 17.162 16.377 Germany— Belchsmarki to £1 .'T.T.; 4.D. r -i ■__ 9.501 . 9.506' Italy— •,, ut» to ei ha T.T. O.D. :~j£' ■ 45.2945.33 Bwitxerland— f _ Kr ; i . . . - O.D. • 12.829; 11.864 Holland— i>;j - florins to filM.-, .T.T,. 9 D v t 6JMT >•■ p47 6.647 5 S «51 ■;■:•* Jara— Florins to £1 N.Z. T.T. OJ>. 6.859 ,5.909 , 5J634 5.638 Japan— , : ; I N.Z. penfie to 1 ' ' '■' '." • T.T. — 17 21-32 O.D. — TT !.':■. Shanghai— "• N.Z. pence to 1 dollar . .. • • T.T. V22 23 5-16 .OJ>. ?1| 231 .. India and Ceylon— N.Z. .pence to 1 rupee " ••"" **"••■ T.T.* -22 iSrSa 221 O.D. 22 9-32.' : 22 11-16 Hongkong— N.Z. pence to 1 dollar .. ;'•• T.T. 27 5-Z% 28 7-32 O.D. 72 1^32 28 6t32 Singapore— ' ' ' :?''& N.Z. pence to 1 dollar • • • • T.T. 34 13-32-35 11-32-O.D. 34 9-82 35 9-32

■ ■.■''.'■ '.";•'.!:.':-„•; Buyers. • Seller! i. .--"•; - £ fl. d. £ s. d. New.Zealand. , .. 2 9 0 2 9 7 New Zealand (long N i.D) :.;■■ .. '•■.:.:,',.• — 1 12 0 Commercial • • • • 0 16 2 — E.S. and A. .. 4 18 0 — ■' National of N;Z. .. , — 8 10 0 .. •• '8 90, ■;. — •' Union of Australia, ;- ; '8-i7' 6 . ' •' : : '; : '%SURA^CE V .;. : National . :. i .. , : rr 1 ' .1, 3 0 Standard. ' ••. .'«•; ' —' v 3 13 0 ,V shipping; ; U.S.S. Co (pref.) —.. ' . .l..;7; 9 MEAT PRESERVING '•'"'..■ •.'■;' N.Z. Refrigerating ■ ; v .>' * : V (paid) ....: 0 19 4 0 19 7 N.Z. Refrigerating (cont.) .. ..'•'•.• 0; 9;0' 0 9 3 Southland Frozen (paid) >: .. .; — 4 0 0 LOAN AND AGENCY; National. Mortgage , — 3 0 0 N.Z. Guarantee Corporation >. 0 5 10 \ — Perpetual Trustees 3-10 '.— Wright, Stephenson (ord.) . .... - 0 18 4 Wright, Stephenson (pref.) .. .. 0 19 10 1 0 3 COAL. Kaitangata .... 0 19 4 — Westport .... — 1 2 0 Westport-Stockton (ord.) .... — 0 2 6 MISCELLANEOUS. • Broken Hill Prop. 2 10 6 2 12 0 D.I.C. (pref.) .. — ■ 1 6 3 Dominion Fertiliser 116 — Dominion Fertiliser Debs. .. .. 104 0 0 — Dominion Rubber 1 10 6 1 12* 0 Dunedin-Kaikorai Trams .... 118 6 — Dunedin 15tock Ex- ,- change Propy. .. — 2 8 6 Diinlop Perdriau» Rubber ....... 0 18 « 0 19 0 Kaiapoi Woollen (ord.) .; ...-•■■ — 0 16 9 Milburn Lime and Cement .... . — 2 3 3 Mosgiel Woollen Co. 10 15 O — : N.Z. Drug Co. .; 3 18 6 4 0 0 N.Z. Paper Mills 114 0 1 14 6 Regent Theatre :.. — Smith and. Smith .'■■■•■ 0 19 6 • .'•.-.-;.... 0-19- 0 . .— Woolworths (Syd.) — 4 12 6 "C- BREWERIES. NeTr>Zealand -.' 2';9 6 2^10 9 Tiriiaru .. .;.'.. .-'..— 0, 9' 0 ' ■'";:• ■ '<::■;. OIL...- v> ■ •Moiuroa-ford.;) ::.. ; ' Moturoe, (pref:) . • v ~ 0.3. .0 0 S 0 AUSTRALIAN MINING. *Mount Morgan,* ex rights .... — 1 19 6 Upper Watut (2s ' « paid) .. .. — 0 6 6 GOLD MINING. Bell-Hooper .... 0 0 1 0 0 3 Bell-Kilgour .. .. 0 Q 0J ! Bendigo* Goldljght,; .0 ;. o 9J 0 0 1 0 0IUJ Bie Kiver, : ;. ... ,•■ -rr' Brian Boru v .. '.. '"'■ '— 0 2 " 0 0 4 3J .Central Shotover .. y.rr0 0 8 Gillespie's . . v ... 0 1 5 0 1 7 Gulden Progress .. — 0 1 0 ,G61dfields Dredging - — 0 0 8J Gleproy r..': 0 0 2 0 0 5 Kildare - .i.v vi : \'■ — 0 3 0 Laweon's Flat .._ — 0 0 5 Maerewhenua .." — 0 0 3 Mahakipawa .. — Maori Gully .... 013 0.0 11 — Mining House .. 70 0 5 Nokomai .... 0 2 3 — Okarito .. .. 0 7110 ■ — Oxenbridge .... —, 0 0 10 0 2 R Paddy's Point .. : Sandhills .... — 0 0 4 Skippers . ... .. — 0 0 6£ Waihi ... .... 2 0 3 2 1 0 Waitahu •. '.'..: ... 0 2 4 0 2 9 N.Zl" GOVERNMENT LOANS. 3} p.c. Stock, 19381943 .. .. ..107 0 0 .—• 3i p.c. Stock, 19391943 107 0 0. —— 3J p.c. Stock; 1941- ' 1943 .. .. .. 107 0 0 ~"r 3£ p.c. Stock, 1938- ■ —- 3i p.c. Stock, 1939- ™— 3J p.c. Stock, 1941- — 4 p.c. Bonds, January 15, 1940 .. 102 0 0 — 4 p.c. Stock, Janu.'ary 15, 1940 .. 102 0 0 — 4 p.c. Bonds, Feb- '. ruary 15, 1946 .. 104 15 0 — 4 p.c. Stock, Feb- ' rnary'15,1946 ... 104 15 0 — 4 p.c. Bonds, April 15, 1949 ..... 107 0 0 — 4 Bonds, June .. ■. .< 15, 1955 .. .. 108 15 0 —, 4 p.c. Stock, June - 15, 1955 .. .. 108 15 0

£ s. d. Commonwealth Bonds — . 104 11 3 . 105 8 9 . 106 13 9 . 107 3 9 .107 7 6 4 p.c, 1961 . 108 10 0 Bank of New South Wales . . 30 0 0 ]Mew Zealand Insurance . 3 10 0 Tooths •; •• «• ■ •'.,, • ".'. 2 7 0 Associated News ..... . . 1 -2 6 British Tobacco .. .. . . 1 18 s Burns/ Philp .... .. . . 3 2 0 . 1 6 G Colonial Sugar .. ... t . t . ; 40 15 0 . 0 18 9 •'.' T",8 0

»•,'£•( j. d. February 22, ...,-'. . ..-. 7 J } 6^ February 21 . ;. 7 : I 11 February 20 .. . . .'.'• 7 : J 91 February 19 .. .... 7 : 2 10 February 18 ,.i ..7 ! J 7 February 16 .. . . .. 7 : I 8i February 14 . .. 7 : J ej

N.Z. SHEEPC5 to (M Canterbury and North ,0 r2 4 Island selected crossft ft bred wethers and 1 [Per lb.! 1 " maiden ewes: d. d. d. 48-561b .. 5} ..« 5 57-641b .. 5 4| 44 42 44 4| Ewes: Under 481b .. .. .. 44 4 44 48-641b 31 3A 31 65-721b .31 3i 34 AUSTRALIAN SHEEPFirst quality crossbred and/or merino . wethers: 40-05Ib .... .... 41 4 - 4 Second quality: , a 44 4 Ewes: 30-551b .< 4 31 31 ARGENTINE SHEEPFirst quality crossbred wethers: 48-641b 4J H 44 65-721b .. 4i 4 '4 PATAGONIAN SHEEP- _ Wethers and/or maiden ewes: Under 501b — —. _ — Ewes: 40-501b ■ ... — — — ARGENTINE LAMBS- . First quality: 36lb and under .. ... 64 6§ 61 37-421b 64 61 64 Second quality: Average about 281b .. H 64 6 PATAGONIAN LAMB8- _ First quality: 361b and under .. .. — ■ — — — ■' — — Second quality: Average about 28lb — ,— — N.Z. LAMBS— Canterbury: First quality: 361b and under .. .. — 747 S7-421b — 74 7 — 74 7 Second quality: Average about 321b 8 05 61 Other South Island: 361b and under .. .. .— — — 57-421b .. .. ;..-... _ — — -— — — Selected North Island, including Downs: 361b and under .. .74' 74 7 71 7 65 Second quality: Average about 32lb 7 65 65 Other North Island: First quality: 361b and under .. 71 7 64 71 7 63 Second quality: , Average about 321b 65 6f 6g AUSTRALIAN LAMBSVictorian: First quality: 361b and under .; .. 6J 64 6| 68 64 H Second quality: 361b and under .. .. —• 6| 68 Other States: First quality: 361b and under .. .. 64 6i 64 64 64 64 Socond quality: 361b and under .. .. 61 64 6 All States: Third quality: Average about 281b .. 6* «4 6 N.Z. FROZEN BEEF— Ox fores (160-220lb) .. 3 25 2§ Ox hinds (160-220lb) .. 35 3| 33 AUSTRALIAN FROZEN BEEF— Ox hinds (1601b and 4 35 Sf Ox hinds (over 1601b) .. 4 S5 3| Ox crops (1001b and 31 3k 34 Ox crops (over 1001b) .. 3i . 5* 34 ARGENTINE CHILLED ' BEEF-. Ox fores (160-220lb) .. Ox hinds -(160-220lb) .. 3J 3J 31 5 5 44 N.Z.-PIGS— First quality: 53 5* H 5i 5 5 5i 5 5 AUSTRALIAN PIGS— First quality: 60-1001b (average'about 54 51 54 H 5 5

, Tea Copper, spot' ..*.. £20 18 Vk Fall 0 S 0 Copper, forward .. .. 27 i VA ' Fall 0 3 8 Electrolytic, spot.. .. 30 0 0 Fall 0 7 6 Electrolytic, forward .. 30 5 0 Fall 0 5 0 30 5 0 FaU 0 5 0 10 5 0 No change Lead/ forward .» •• 10 8 ,0 No change Spelter, spot '.. ., 11 16 3 Rise 0 1 3 Spelter, forward.. .. 11 18 9 No change 221 7 c Fall 3 0 0 Tin. forward .. .. 221 15 0 Fall 2 7 .8 Pig Iron, borne trade 3 J 8 No change PJg Iron, export .. s a s No change Antimony, British .. 77 10 0 No change Antimony, foreign .. so 10 Dnlt 0 No change 1 14 a No change 1 18 0 No change Silver, standard t. '.. 25 V4 Fall l-16d 27 >A Fall l-10d t