COMMERCE AND FINANCE

Otago Daily Times, Issue 22520, 14 March 1935, Page 16

COMMERCE AND FINANCE

FOREIGN EXCHANGES (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) KUGBT, March 12. Paris— Par. Mar. 11. Mar. 12.

DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) quoted the following dollar-sterling rates yesterday, which are subject to alteration without notice: — __ _ , _ . U.S.A. Canada. Dels. Dols. Conversion of dollar bills received for collection and sale of dollar drafts and telegraphic transfers 4.71 4.77 Purchase of dollar bills 4.75 4.81 On a New Zealand currency basis these rates are equivalent to: — U.S.A. Canada. Dols. Dols. Selling— T.T 3.78 J 3.83 J O.D 3.78| 3.834 Buying— O.D 3.545 3.89| DOLLAR AND FRANC (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, March 12. Exchange on New York is quoted at i. 76 3-16 dollars to the f' and on Paris at 71 11-16 francs to the £. DAIRY PRODUCE The South Island Dairy Association, Ltd., has received the following market report from London; — Butter. —Quiet; 74s to 755; Danish, 106 s. Cheese.—Quiet; white, 44s 6d to 455; coloured, 45s to 45s 6d.

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Bank of New South Wales shares v/ere reported to have been disposed of, at £3O on the Dunedin Stock Exchange yesterday, a closing seller at £3l remaining unanswered. Wright, Stephenson preference shares were reported to have changed hands at 19s 6d, the market closing with a seller at 19s 9d and no buyers forward. Kaitangata Coals were reported to have been the subject of business at £1 Os 3d, but no quotation for these shares was received at the afternoon call-over. A parcel of New Zealand Breweries shares was reported to have been sold at £2 11s 6d, the only quotation received on ’Change being a seller at £2 11s 9d. Gillespie’s Beach shares changed hands at Is 9d, the closing buying and selling quotations being Is 8d and Is 9id respectively. Kildares were also disposed of at 3s 6d, a closing buyer at 3s being unsupplied. SALES REPORTED.

4 p.c. Stock, 1946 105 15 0 The following are yesterday afternoon's buying and selling quotations, which are subject to the usual brokerage:—

DIVIDENDS PAYABLE. The following is a list of the shares on which dividends will shortly be payable:— Broken Hill South, Is 6d per share, int March 15 Golconda Holdings, Ltd., 5 per cent., first int March 23 North Broken Hill, Is 6d per share ( Marcn 29 Bank of Australasia, 8 per cent., 6s per share .. .. March 29 Smith and- Smith (pref.), 5 per cent., Is per share, annual June 1 NORTHERN EXCHANGES AUCKLAND Sales on ’Change £ s. d. Bank of N.Z. (2) 2 9 3 Guarantee Corp 0 5 10 Renown Collieries (pref.) .. 0 2 4 Colonial Sugar 41 12 6 41 10 0 Waihi Junction 0 4 9 Mount Lyell 0 17 11 Unlisted Stocks Loyal 100 WELLINGTON Sales on ’Change Inscribed Stock — 34 p.c., 1938-52 106 lo 0 4 p.c., 1955 (2) HO 15 0 Colonial Sugar (2) 41 12 6 Mount Lyell (2) 0 17 9 Lincoln Mills (pref.) .. .. 1 H 0 Farmers’ Trading 0 7 1 Big River (late Tuesday) .. 0 2 3 Unlisted Stocks Woolworth, Ltd. (ord., late Tuesday) 411 0 4 10 6

AUSTRALIAN STOCK EXCHANGES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, March 13. (Received March 13, at 10 p.m.) Stock Exchange values generally were steady, but banks and bonds were quiet, the turnover being only moderate. MORNING SALES. £ s. d.

LONDON METAL MARKET (United Press Association.) (By Electric Telegraph-Copyright.) LONDON, March 12. (Received March 13, at 10 p.m.) The following aro the official metal quotations;—

TIMARU WOOL SALE RECENT RATES WELL MAINTAINED MERINO ATTRACTS ATTENTION. (Per United Press Association) TIMARU, March 13. Prices at the second wool sale of the season in South Canterbury to-day were firm on current rates. A full bench of buyers operated on a catalogue of 22,158 bales. The station clips opened up well, but those from the Plains and foothills showed discolouration, owing to adverse weather conditions. Growers met the market fairly well, the ultimate percentage of passings being comparatively small. The chief operators were Bradford, the Continental buyers and Japan picking up suitable lots. The German representatives operated very sparingly. Keen interest was displayed in merino wools, some of which were the best seen in the district for a long time, and they topped the market at 13Jd. Halfbreds reached 123 d, and three-quarterbreds 9d. The official range of prices was as follows; — Merino — Extra super, to 13|d. Super, lOd to 123 d. Medium, 8d to 9d. Inferior, 6|d to 73d, Fine halfbred, 56-58 — Super, 11 Id to 123 d. Medium, 9ijd to 10Id. . Inferior, 53d to 83d. Medium halfbred, 50-56 —- v Super, 9d to 10 A cl. Medium, 73d to Sfd. Inferior, 63d to 73d. Three-quarterbml, 48-50 — Super, 8d to 9d. Medium, 6*l <1 to 73d. Inferior, s:]d to Old. Medium crossbred, 46-48 —- Super, 63d to 73d. Medium, s;]d to 63d. Inferior, 4jd to 5Jd. Coarse crossbred, 40-44 —- Super, 53d to 6ld. Medium, 43d to sd. Hoggets—--56-58, 9|d to IOJd. 50-56, 8d to 83d. 48-50, 7Jd to Bld. 46-48, fid to 7d. 40-44, 4Jd to 53d. Necks — Merino, 8d to 10}d. Halfbred, 9d to lOd. Three-qnarterbred, Od to 63d. Pieces —- Merino, 73d to 83d. Halfbred, good to super, 8d to 93d. Low to medium, 4:]d to 7d. Three-qnarterbred, 4d to 63d. Crossbred, 33d to 5Jd. Bellies — Merino, to 03d. Halfbred, good to super, 73d to 83d. Halfbred, low to medium, 5d to 6d. Three-qnarterbred, 33d to 6d. Crossbred, 3}d to 43d. Crutchings— Fine, 33d to 63d. ■ Strong, 3d to 4d. LONDON WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, March 12. The'wool sales have opened. Merinos from par to 5 per cent, decline, and crossbreds from 5 to 73 per cent, decline. The Bank of New Zealand has received the following advice from its London office, under date March 12: — The sales have opened -with moderate competition and a large attendance. The demand is mostly from Home trade. New Zealand merinos are not represented. Compared with close of last series fine crossbred 3d to 3d, medium crossbred 3d, coarse crossbred 3d to 3d — all lower. Messrs Murray, Roberts and Co., Ltd., have received the following wool market cablegram from London, dated March 12: — Sales have opened with a good tone, competition good and general; Home buyers principal buyers; Continental buyers operating moderately. Compared with last Loudon sales' closing rate: Merino, poor selection offered, part to 5 per cent, decline; crossbred greasy, medium to fine, declined 5 to 73 per cent.; inferior descriptions show the greatest decline; crossbred greasy, coarse, par to 5 per cent, decline; crossbred scoured declined 5 per cent.; slipo crossbred declined 73 per cent. The Naitonal Mortgage and Agency Company of New Zealand, Ltd., is in receipt of thc i following cablegram from its London office, under date March 12: — The auctions opened here to-day at a decline on last sales closing rates. The selection of wool offered was only fair. Good competition at the lower rates confined almost entirely to Home trade, Continental buyers not operating. Compared with closing rates of last sales we quote:—Greasy merino, best, 3d lower; greasy merino, average, Ml lower; halfbreds, 50/56, Id to 3d lower; crossbreds, 48/50, Jd to 3d lower; crossbreds, 40/48, 3d lower; crossbreds, 44/46, 3d to 3d lower; crossbreds, 40/44, Jd lower; crossbreds, 36/40, 3d lower; fine slipes, Id to |d lower; medium and coarse slipes, Jd lower. Tlie New Zealand Loan and Mercantile Agency Company, Ltd., Jia s received the following cablegram from its London house, under date 12th inst.: — The opening catalogues were not representative. There was a good attendance at the opening of the sales to-day, competition by Home buyers being fairly active.

. As compared with hist sale’s closing rates, prices are lower Jcl per lb for crossbred slipo, medium greasy crossbred and greasy merino; prices are lower par 1o Ad per lb for coarse greasy crossbred; lower Jd to Id per lb for fine crossbred, and lower Id to IJd per lb for scoured merino.

Messrs Wright, Stephenson, and Co., Ltd., have received the following cablegram from their London office:— Wool sales opened with an average attendance of buyers. The market is irregular. Bradford buyers are the chief operators. The demand from France is very quiet. Germany competed for spinners’ 52’s and merinos. The offerings are average selection, and the following are the sale prices:—Greasy halfbred, 50/56's, yielding 68 per cent., B}d; greasy threequarterbred, 48/50’s, yielding 74 per cent., 7r}d; greasy fine crossbred, 46/48’s, yielding 75 per cent., Cd; greasy medium crossbred, 44/46’s, yielding 75 per cent., 53d. SYDNEY WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, March 13. (Received March 13, at 11.15 p.m.) At the wool sales 12,292 bales were offered and 11,163 sold, while 1573 were disposed of privately. Bidding was spirited from Yorkshire and Japan, and there was good support from the Continent. Prices were very firm, and greasy merino sold to 17|d.

MINING NEWS (Pee United Press Association) WESTPORT, March 13. For the fortnight ended March 9, 36 shifts were worked by the Addison’s Flat Gold Mining Company for a return of 37 ounces of gold. AUSTRALIAN PRICE OF GOLD The price fixed by the Commonwealth Bank for gold, including jewellery, lodged at the Melbourne Mint for the week ended March 1, is at the rate of approximately £8 8s 5d per standard ounce (22 carats), equal to a premium of 116.25 percent. Payment is made according to the assay value of the gold. The price is 5a 9d higher on the week. The price per ounce fine is £9 3s 83d, a rise of 0s 2Jd on the week. A new record price for gold in Australia of £9 3s lid per fine ounce was realised in Sydney on March 4. This rate compares with the previous highest of £9 Is sd, paid on March 2. LONDON STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, March 12. (Received March 13, at 5.5 p.m.) New Guinea Gold shares, 4s 10Jd; Bank of Australasia, £8 11s 103 d; Bank of New South Wales, £23 ss; Union Bank of Australia, £6 ss; E.S. and A. Bank, 78s; National Bank of New Zealand, 51s 3d; Bank of New Zealand shares, 43s 6d; Loan and Mercantile debentures, £94 (cx interest); oxxlinary stock, £32 10s. AUCKLAND DELICIOUS APPLES EXPORT EMBARGO NOT JUSTIFIED.

(Per United Press Association) AUCKLAND, March 13

After visiting orchards in the vicinity of Auckland in company with Mr J. A. Campbell, director of the Horticultural Division of the Department of Agriculture, the Fruit Export Board decided that the ravages of the codlin moth in Delicious apples are not so extensive as to justify an embargo on the export of this variety, as has been suggested, but all apples for export will still be inspected by officers of the Agricultural Department. Of 130,000 cases of apples which are to be exported from Auckland this season 02.000 cases will contain Delicious apples. A small proportion will go to Canada and America, but the bulk will go to England. ADDINGTON MARKET (Per United Press Association) CHRISTCHURCH, March 13. Entries generally were larger at today's Addington market, and in most sec : tions there was a slight easing. Store Lambs. —There was a heavy penning of about 15,000, principally backward lambs from stations, and recent values were about maintained. Rape lambs made from 13s to 16s 7d; ordinary wether, 9s to 12s: ordinary ewes, 15s to 10s 3d. Store Ewes. —Another heavy entry included Chatham Islands and Nelson sheep. Good ewes maintained recent rates, but ordinary and inferior were easier. Extra good Romney two-tooths made to 31s 9d; beet halfbred to 28s 6d; extra good s.m., 2ls to 22s 3d; good s.m., 17s to 17s 9d; medium, 15s Gd to 10s 3d; inferior, lls to 12s 6d. Fat Lambs. —There was a smaller entry of 2500, and a weaker sale resulted, schedule rates not being maintained tor lighter sorts. Best made to 29j< Id; prime heavy, 22s 6d to 255; others, 18s to 225. , Fat Sheep.—Some 4250 were penned, the sale dragging! Wethers were down by one shilling a head, and ewes by Is to Is 6d. Best wethers realised 2os to 27s Id; prime, 22a to 245; medium, 19s to 21s 6d; light, 14s to 17e 6d; best ewes, to 23s Id; prime, 19s to 21s; prime medium weights, 15s. to 18s 6d; others, 9s to 14s 6d. . Fat Cattle.—Some 485 were penned, and there was an average drop in values of 10s a head. Extra good steer beet made to 20s 1001 b; good, 22s to 245; heavy, 19s to 21s; and secondary, trom IG S to 18s; extra prime heavy steers, to £ll 12s 6d; prime_ heavy, £9 to £lO os; medium weight prime. £8 5s to £J JUS; ordinary, £4 5s to £7 ss: extra prime heifers, to £8 12s 6d; prime, £5 to £0 10a; medium, £3 10s to £4 15s; light, to £3; extra prime cows, to £7 hs M. prime, £4 10a to £0 ss; ordinary, £2 lo« to £4 ss; light and riged cows, 30s to £2 10s. Fat Pigs.—There was a good entry in the fat pig section. Baconers were firm at late rates, but porkers were slightly easier. Choppers brought £2 to £4 l»s Gd; baconers, 47s 6d to 54s Gd; heavy baconers, 57s Gd to £3 0s Gd; extra heavy baconers, £3 8s Gd to £3 Us Gd (average price per lb, sid to 6d): porkers,3oa to 34s Gd; heavy porkers, 3Qs Gel to 43s Gd (average price per lh, Gd to Gjd). MOUNT BERGER SALE The Dunedin stock and station agents report ns follows; — , , The Mount Bonger sale was held on Monday, and attracted an entry of faOOU to 7000 sheep. Ewes and lambs comprised the bulk of the yarding, with an odd pen or two of wethers included. Inc quality was well up to the usual standard ottering in the district, several pens of outstanding ewes being noticeable. Buyevs were present in force from the surrounding districts, and these, along with the local buyers and some assistance from Canterbury representatives, helped to make the sale a most successful one. . Quotations; Good two-tooth ewes sold to 27s Od; extra good conditioned soundmouthed ewes, to 21s 2d; good s.m. ewes, 10s to 18s 3d; ordinary s.m. ewes, 12s to 15s; full and failing-month ewes, is to lls: Corriedale ewe lambs, to IGs Gd; forward lambs, 12s to 14s Sd; medium wether lambs, 8s to lls; inferior, 6s to 7s; two-tooth wethers, 14s; extra good, to 17s Od. KEMPTHORNE, PROSSER, AND CO. Submitting the fifty-sixth report and balance sheet on the years workings, the directors of Kempthorne, Prosser, and Co.’s New Zealand Drug Company, Etd., recommend that the profits should be dealt with as under; —The unappropriated balance brought forward from profit and loss account last year was £34,391 and the net profit this year 54,493, making a total of £88,884, less interim dividend for half-year to July Si last at 31 per cent., £20,405, leaving £08,479 17s lOd, which it is proposed to deal with as follows: — The payment of a dividend of 4J per cent., making 8 per cent, for the year, £20,235; contribution to staff provident fund, £2500; addition to general reserve (making £115,000), £5000; carried forward to next year, £34,744 17s lOd. A dividend of 41 per cent, is now recommended on the shareholdings on the register on March 8, making, with the interim dividend already paid, a total of 8 per cent, for the year, and will be payable to shareholders in the Dominion on and after April 4, 1935, at the Union Bank of Australia, Ltd., Dunedin, and at its branches throughout New Zealand.

Fraser and Co., selling agents for Otago and Oamaru Egg Circles, report as under:— Eggs: Poultry farm eggs, Is fid; others, Is 3d to Is 4d per dozen. Butter: generator pats, 7d to Sd per lb; bulk, 7d per lb. Tallow. 14s to 15s per cwt. Pigs; Good bacon weights, sld to fid per lb; over-weights, 2d to 3d; porkers, fid per lb. Potatoes: Now. 6s to 7s per cwt. Chaff, £4 10s to £5 per ton. sacks extra, ex store. Whole fowl wheat, 5s per bushel. Bulk honey, 4d to 41 d per lb: 101 b tins, 4s fid to ss. Beeswax. Is. Poultry: White Leghorn hens, 2s to 2s fid; heavy breeds, 3s to 4s: cockerels, light 2s to 3s. heavy 5s to 6s; roosters. 2s to 3s; ducks, 3s to 5; ducklings, 5s to fi.s (all per pair) ; turkey gobblers, Sd to 0d per lb, live weight; hens, 7d to 8d per lb. We stock “Palmer’s” chick food, “National” meat meal. leg rings Is per dozen (special quotes for quantities). We are agents for “Champion” egg crates, “Jsco” cod liver oil for poultry fprices on application), and Williams’s “Premier” bacon, boneless hams Is 3d per ]h, rolls Is Old per lb, ham ends Is Old per lb. Consignors please note that all pigs and poultry must arrive not lalor than Wednesday morning of each week. We have a stock of poultry crates on hand for the use of our clients.

Franca to £1 124.21 71 23-32 71 19-64 Brussels — Belgas to £1 30 20.26 20.16 Oslo— Kroner to £ X 18.180 19.901 19.901 Stockholm — Kroner to £1 18.130 19.391 19.391 Copenhagen— Kroner to £1 18.150 22.391 22.391 Berlin — Marks to £1 20.34 11.75 11.69 Montreal — Dollars to £1 4.86 2-3 4.821 4.801 New York— Dollars to £1 4.86 2-3 4.773 4.731 Yokohama — Pence to yen .. 24.582 141 141 Hongkong— Pence to dollar 24.58 24 1-16 24 Bombay— Pence to rupee _ 181 181 Batavia — Florins to £ 1 12.10 6.881 6.961 MilanDire to £X .. 82.46 56J 56| Amsterdam— Guilder to £1 12.107 6.981 6.941 Prague— Kroner to £1 1045 113 1-16 1121 Geneva — Francs to £ X 25.221 14.571 14.49 ■Vienna— Schillings to £1 84.861 251 251 Helsingfors— Marks to £1 193.23 2261 2261 Madrid — Pesetas to £1 25.221 S4J 34J Belgrade— Dinars to £1 25.221 207 209 Athens— Drachma to £1 375 492 495 Dlsbon — Escudos to £1 110 1101 1101 Bucharest — Dei to £1 931.6 4671 470 Bio da Janeiro— Pence to mllrels 5.890 41 41 Buenos Aires — Pence' to pesos 47.28 361 361 Shanghai— Pence to tael _ 191 19 3-16 Montevideo — Pence to pesos _ 411 413 Warsaw— Zlotys to £1 — 24.75 24.75

ON NEW ZEALAND CURRENCY BASIS The Bans of New South Wales, Dunedin, ouoted the following rates for purchases and sales of foreign exchange yesterday:— Buying. Selling. London— £N.Z. to ElOOstg T.T. 124 124/10/O.D. 123/10/124/7/6 Australia — £A to £100 N.Z. T.T. 101 100/10/O.D. 101 100/10/Fiji— £F to £100 N.Z. T.T. 90/7/6 89 O.D. 90/7/6 89 New Tork— 3.79J Dollars to £1 N.Z. T.T. 3.83J O.D. 3.85J 3.791 Montreal — 3.84i Dollars to £1 N.Z. T.T. 8.88i O.D. 3.893 3.85 France-*-57.94 56.64 Francs to £1 N.Z. T.T. O.D. 58.24 56.69 * 58.89 55.89 Francs to £1 N.Z. T.T. O.D. 59.29 55.94 Papeete— 58.89 55.89 Francs to £1 N.Z. T.T. O.D. 59.29 55.94 Belgium— 16.567 15.867 Belgas to £1 N.Z. T.T. O.D. 16.667 15.882 Germany— Reichsmarks to £1 9.196 N.Z T.T. — O.D. — 9.201 44.77 Lire to £1 N.Z. T.T. — O.D. 44.81 Switzerland — 11.866 11.466 Francs to £1 N.Z. T.T. O.D. 11.941 11.476 5.715 5.465 Florins to £ 1 N.Z. T.T. O.D. 5.765 5.469 5.456 Florins to £1 N.Z. T.T. 5.681 O.D. 5.731 5.460 Japan— N.Z. pence to 1 17 13-16 yen . • . • • • T.T. — O.D.- — — Shanghai— N.Z. pence to 1 T.T. 23 24 5-16 dollar .. .. O.D. 222 24i India and Ceylon— N.Z. pence to 1 22 23-32 rupee .. T.T. 228 O.D. 22i 22 21-32 Hongkong— N.Z. pence to 1 29 5-16 308 dollar .. .. T.T. O.D. 29 3-16 30 5-16 Singapore— N.Z. pence to 1 34 9-32 35 7-32 dollar .. .. T.T. O.D. 34 5 32 35 5-32 These rates are subject to alteration without notice.

£ 8. d. -Electrolytic Zinc (ord., late Tuesday) 1 i 10 Bank of N.S.W 30 0 0 Wright, Stephenson (pref.) 0 19 6 Kaitangata Coal 1 0 3 V.Z. Breweries .. 2 11 6 Gillespie’s Beach b 1 9 Kildare .. 0 3 6

BANKING. Buyer Seller. f e. d. f S. d. N.S.W — 31 0 0 N.Z — 2 9 6 N.Z. (Long D) .. 1 12 0 — Commercial .. .. 0 16 0 0 10 2 .National of JSJ.Z. — 3 10 0 Reserve — 6 11 0 Union — 8 13 0 INSURANCE. National — 1 1 0 New Zealand .. .. 3 7 9 — Standard — 3 12 9 0 10 0 — SHIPPING. U.S.S. Co. (pref.) 1 7 0 —- MEAT PRESERVING. N.Z. Rfrigerating (paid) • 0 19 4 N.Z. Refrigerating (cont.) — 0 9 0 South. Frozen Meat (paid) — 3 18 0 South Otago Freezing 6 8 0 — LOAN AND AGENCY. Goldsbrough, Mort — 1 7 9 National Mortgage (B Issue) .. .. 1 10 0 — Wright, Stephenson (pref.) 0 19 9 COAL. Westport — 1 1 9 Westport-Stockton (pref.) . , 0 3 8 — MISCELLANEOUS. Bruce Woollen (pref.) 1 1 0 — Colonial Sugar — 42 0 0 D.I.C. (ord.) 0 14 3 — Dominion Fertiliser 1 2 1 1 2 3 Dominion Fertiliser (Debs.) 105 0 0 — Dominion Rubber 1 11 6 1 14 0 Milburn Lime 2 2 0 ■— N.Z. Drug Co. .. 3 18 6 4 0 0 N.Z. Paper Mills — 1 15 0 Regent Theatre .. — 0 19 6 Smith and Smith 0 19 6 — Wilson’s Cement .. X 13 3 1 14 3 Woolworth’s •(Sydney) .. .. — 4 10 0 BREWERIES. N.Z. Breweries .. 2 11 9 Timaru — 0 8 9 Carlton — 2 12 0 GAS. Timaru .. .. .. — i 2 6 : AUSTRALIAN MINING. Electrolytic Zinc (ord.) 1 1 0 i 2 0 Mount Lyell .... 0 17 6 0 18 0 Upper Watut — 0 6 6 MINING. Bell-Hooper .. .. — 0 0 3 .Bell-Kilgour .. .. 0 0 1 Bendigo Goldlight — 0 , 0 104 Big River 0 2 2 n 2 4 Central Shotover — 0 0 6 Charleston .. .. — 0 0 7 Gillespie’s Beach .. 0 1 8 0 1 94 Golden Progress .. — 0 1 0 Golden Sands 0 2 0 — Goldfields Dredging 0 0 54 0 0 64 Glenroy 0 0 ll 0 0 4 Jr Kildare .... .. 0 3 0 — Mahakipawa .. .. — 0 0 11 Nevis Diesel .. .. — 0 0 4 Nokomai 0 2 0 0 3 0 Okarito — 0 7 7 Oxenbridge .. .. — 0 0 9 Skippers .. .. .. 0 0 — Stafford — 0 1 2 Waitahu 0 2 3 — Maori Gully .... 0 1 3 0 1 6 GOVERNMENT LOANS. 3J p.c. Stock, 19381943 — 107 5 0 3£ p.c. Stock, 19391943 — 107 5 0 3J p.c. Stogk, 19411943 — 107 5 0 3J p.c. Stock, 19381952 — 107 5 0 34 p.c. Stock, 19391952 • 107 5 0 34 p.c. Stock, 19411952 — 107 5 0 4 p.c. Bonds, Jan. 15, 1940 102 10 0 103 0 0 4 p.c. Stock, Jan. 15, 1940 102 10 0 — 4 p.c. Bonds, Ap. io, 1949 108 10 0 — 4 p.c. Stock, Ap. 15, 1949 108 10 0 — 4 p.c. Bonds, June i5, 1955 110 5 0 111 0 0 4 p.c. Stock, June i5, 1955 110 5 0 —

CHRISTCHURCH Sales on ’Change Commercial Bank o£ Australia (pref.) 9 17 6 National Insurance (3) 1 1 2 N.Z. Breweries 2 11 7 2 11 0 Tooths Brewery o 8 3 British Tobacco (cum ciiv.) .. i 17 9 Dunlop Rubber (S) 0 IS 0 Electrolytic Zinc (ord.) i 2 0 Big River (4) 0 2 3 Kildare .. 0 2 6 0 3 5* Mahakipawa 0 0 10J Mossy Creek 0 2 6 Mount Lyell .. .. 0 17 10 Skippers (2) 0 0 H Sales Reported N.Z. Breweries 2 11 7 Electrolytic Zinc (ord.) 1 2 0 Alexander Mines (15s paid) 0 16 9 Brian Boru 0 0 n Mahakipawa (late Tuesday) 0 0 n Waihi Grand Junction .. 0 4 9 Unlisted Stocks Argo Gold n 1 5 Woolworth’s (Sydney, ord.) .. 4 10 6

Commonwealth Bonds— 4 p.c., 1938 104 8 9 4 p.c., 1950 107 2 6 Tooths (N.Z. delivery) .. .. 2 9 0 Associated News (pref.) .. 1 2 n Associated News .. .. .. .. 1 3 6 Goldsbrough, Mort 1 7 10i AFTERNOON SALES. Bank of New South Wales 30 5 0 National Bank (£10 paid) .. 12 18 0 Colonial Sugar .. 41 15 0 Howard Smith .. 0 15 0 Australian Gas A 7 18 0 Tooths 2 9 6 Tooths (N.Z. delivery) .. .. 2 9 0 Carlton Brewery 2 11 0 Dunlop Pcrdriau 0 18 0 (pref.) 1 17 3 Goldsbrough, Mort .. .. .. 1 8 3 Fairymoad Sugar 1 17 0 Nestles (pref.) 1 17 9 General Industries 0 14 10 Mount Morgan 1 17 Broken Hill Proprietary 2 11 9 Zinc Corporation 1 10 3 Kuala Kampar 0 12 6 Malim Nawar 0 12 0 Tongkah Harbour 1 1 9 Placer Development 28 10 0 Commonwealth Bonds — 4 p.c., 1938 .. 104 10 0 4 p.c., 1941 105 16 3 0 4 p.c., 1944 100 17 4 xi-c*» 107 2 6 108 6 MELBOURNE, March 13. Commercial Bank of Australia 0 10 7 Bank of Australasia 11 10 0 Goldsbrouh, Mort 1 7 10J G-. J. Coles 3 0 U

Ton, Copper, spot £27 IS 1% Fall £0 8 9 Copper, forward .. 28 6 3 Fall 0 6 10% Electrolytic, spot .. 31 0 0 Fall 0 6 0 Electrolytic, forward .. SI 2 G Fall 0 12 6 Wire bars .. .. 31 10 0 Fall 0 5 0 Lead, spot .. .. 10 7 6 Fall 0 1 3 Lead, forward .. 10 12 0 Fall 0 1 3 Spelter, spot «. ii 11 8 Else 0 1 S Spelter, forward ., ii 1G 3 Else 0 1 s Tin. spot .. ., 218 17 G IB SB 1 15 0 Tin. forward 213 17 6 Else 1 5 0 Pig Iron, home trade 3 7 6 No change Pig iron, export 3 2 0 No change Antimony, British 82 10 0 No change Antimony, foreign Cl 15 0 No change unit. Molybdenite .. 1 15 G No change Wolfram «• .. 1 19 0 No change Oz. Silver, standard .. 27 3-10d No change Silver, fine .. .. 29%d No change PRICE OF FINE GOLD LONDON, March 12. Gold (a fine ounce) is quoted:— £ s. d. March 12 7 7 G March 11 7 8 4 March 8 7 8 31 March 7 7 8 10 March G 7 9 4 March 5 7 7 104 March 4 7 8 10