COMMERCE AND FINANCE

Otago Daily Times, Issue 24569, 13 May 1935, Page 14

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

LONDON MEAT MARKET (United Press Association.) (By Electric Telegraph— Copyright.) LONDON, May 11. (Received May 12, at 7 p.m).

The Bank of New Zealand has received the following advice from London:— Frozen meat: For wethers there is a little better demand, and for ewes the market is rather easier. The iamb market is steady and there is a better demand for first-grade light-weights. Quotations: Wethers, light 34d to 42d per lb, heavy 3d to 3§d; ewes, 2Jd to 3|d; lambs, twos 6Jd to 6Jd, eights 6jd to fijd, fours 62d to 6Jd; seconds, s|d to 6d. TREASURY BILLS (British Official Wireless.) (United Press Association.! (By Electric Telegraph -Copyright.) RUGBY, May 10. (Received May 11, at 5.5 p.m.) The amount applied for in tenders for £35,000.000 of Treasury Bills was £116,215,000. The maximum amount was allotted in bills at three months, the average rate per cent, being 10/0.03, compared with 10/1.01 a week ago. ALLUVIAL HOLDINGS. LIMITED Alluvial Holdings Limited has notified its exercise of the option granted to it by Golden Plateau, Ltd., over the latter company’s dredging claim on the Matakitaki River, near Murchison. The price due to Golden Plateau, Ltd., on completion of the contract is £4500 in fully-paid shares in the capital of the working company. The property has been tested by Alluvial Holdings, Ltd., in conjunction with that company’s own property, and is now being amalgamated into one dredging proposition.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE A sale of National Insurances was reported on the Dunedin Stock Exchange on Saturday at £1 Is Bd, further offers of £1 Is 6d finding sellers firm at £1 Is 9d. A parcel of Crystal Ices realised £2 2s 6d, and Drugs were turned over at £4. The former shares now have an unsupplied buyer at £2 la 6d. There has been inquiry for Staples Brewery shares for some time, and a sale was reported at £1 12s lid. The final offer was 2d below that figure. SALES REPORTED.

The following are Saturday morning’s buying and selling quotations, which are subject to the usual brokerage:— BANKING.

GOVERNMENT LOANS. 34 p.e. Stock, 19381943 104 5 0 3J p.e. Stock, 19391943 104 5 0 105 5 0 3J p.e. Stock, 19411943 104 5 0 3i p.e. Stock, 19381952 106 10 0 3J p.e. Stock, 19391952 106 10 0 3J p.e. Stock, 19411952 106 10 0 4 p.e. Bonds, Jan. 15, 1940 103 15 0 4 p.e. Stock, Jan. 15. 1940 103 15 0 ■— 4 p.e. Bonds, Feb, 15, 1946 107 0 0 4 p.e. Stock, Feb. 15, 1946 107 0 0 4 p.e. Bonds, April 15, 1949 107 15 0 4 p.e. Stock, April 15, 1949 ...... 107 15 0 4 p.e. Bonds, June 15, 1955 11l 10 0 4 p.e. Stock, June 15. 1955 11l 10 0 DIVIDENDS PAYABLE. The following is a list of the shares on which dividends will shortly be payable:— Mosgiel Woollen —Interim, 4 Per cent May 13 Broken Hill Proprietary—Halfyearly, Is share, Australian currency May 15 National Insurance a share May 15 N.Z. Newspapers, Ltd.—Final, 5 per cent May 15 Waihi—Final for 1934, interim for 1935, 6d a share May 17 Dalgety and Co.—lnterim, 2} per cent., or 5 per cent. p.a. May 17 N.Z. Paper Mills—Final. 4 per cent May 20 Donaghy’s Rope and Twine— Final, Is 3d a share .. .. .. May 20 Westport Coal—lnterim, 6d a share ~ May 28 Bank of New South Wales — Interim, quarterly, 5a a share, Australian curency May 29 Farmers’ Trading (Auckland) Final on A and B preference, 7 per cent. p.a. ..• May 31 Smith and Smith, Ltd. (pref.), —Annual. 5 per cent June 1 Dominion Fertiliser—Annual, 4 per cent - June 4 Bank of N.Z. —Final, 5 per cent June 15 Broken Hill South—ls 6d a share June 15 National Bank of Australasia— Annual at the rate of 5 per cent, per annum NORTHERN EXCHANGES AUCKLAND Sales on ’Change

WELLINGTON Sales on ’Change

SYDNEY STOCK EXCHANGE (United Press Association.) (By Electric Telegraph— Conyrlght.) SYDNEY, May 11. (Received May 11, at 5.5 p.m.) f s. d.

BULOLO SHARES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, May 10. Bulolo share s are quoted at £7 7s Cd. PRODUCTION OF WHEAT (United Press Association.) (By Electric Telegraph—Copyright.) WASHINGTON, May 10. Winter wheat production, indicated by conditions at May 1, is 431,637,600 bushels. MARKET FOR WOOL THE LONDON SALES. (United Press Association.s (By Electric Telegraph—Copyright.) LONDON, May 10. At the wool sales 10,445 bales were offered, including 6166 from New Zealand. About 7222 bales of Australian and New Zealand were sold. There was good Home and Continental competition at full recent rates. There were some withdrawals of inferior Australian sorts. New Zealand sales: Scoured merino, “R Company/T,” top 23 Jd, average 23d; greasy crossbred, “ Glengarrie,” 9|d and 7|d: halfbred lamb slipe, ‘‘ TBS/Canterbury,” 14d and 13|d. SALES AT ADELAIDE. (United Press Association.) (By Electric Telegraph—Copyright.) ADELAIDE, May 11. At the wool sales competition wag fully maintained and values were easily the best of any Adelaide sale this season, and probably the higest of any in Australia. The average price during the series was £l2 10g per bale. • The Bank of New Zealand has received, the following advice from London: —The wool sales continue with opening prices fully maintained. Current quotations: Greasy merinos, 60-64’s, 131 d to 144 d per lb; ordinary 00-64’s, 12 Jd to 12Jd; inferior 60-64’s, lOd to 10Jd; greasy halfbreds. 56’s, lOd to lOid; 60-56’s, B|d to Old: greasy crossbreds, 50’s, 7fd to Sid; 48-50’e. 7id to 44-46’s, 6id to 6®d; 40-44’s, Gid to GM; 36-40’s, 6d to 6Jd. THE RABBIT MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, May 11. (Received May 12, at 6.30 p.m.) Rabbits. —Business has been practically suspended until the end of August. DAIRY PRODUCE The South Island Dairy Association, Ltd., has received the following market report from the New Zealand Produce Association, Ltd., London: — Butter: Steady; finest, 77s to 78s: Danish, 80s. Cheese: Steady. White, 43s 6d; Coloured, 44s 6d to 455.

MERCHANDISE MARKET The Colonial Sugar Company has advanced the price of sugar, syrup, and treacle by 10s per ton, and cube and icing sugar by £1 per ton. On account of the dry season affecting the pea crops, marrowfat, Prussian blue, and split peas are being quoted at advanced prices, and it is difficult to obtain full supplies. A further reduction has taken place in the price of white pepper. The Port Whnngaroi and the Wingatui are due this week with cargoes of sugar. Mildura sultanas are now coming forward freely, except in the case of one Crown, and it is questionable whether any of this latter quality will be available from Australia this season. It is understood that Lexia raisins will be to hand about May 18. A shipment of English crystallised and drained cherries has arrived. Prices are slightly easier than those ruling last season. Supplies of Californian evaporated peaches, prunes, seedless raisins, British Columbia salmon, Canadian flour, tinned peas, and canary seed were on board the Indien, which has now completed the discharge of her cargo and left port. The Mahia, now discharging at Port Chalmers, has brought supplies of Antelope cream powder, tobacco, bicarbonate of soda, caustic soda, Black Horse coarse salt, iodised salt, etc. The Hurunui, from Liverpool and Glasgow, brought cornflour tobacco, M'Clinton’s barilla soap, fine and coarse salt, and spirits and beer. The arrival of the Narbarda, which is due on May 18 from the East, is eagerly awaited. She will land supplies of Singapore pineapples, white and black pepper, sago and tapioca, Rangoon rice, haricot beans, whole nutmegs, Indian tea. etc. LONDON FRUIT MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON. May 11. (Received May 12, at 6.30 p.m.) APPLES. Apples ai'e in good demand. New Zealand. —Cox’s, lls to 16s; Jonathans. 8s 6d to 12s; Delicious, 9s 6d to lls !)d; Granny Smith, 9s 6d to 13s; Cleopatras, 9s to 9s 6d. Australian. —Cox’s, 7s to 14s; Jonathans, 7s 6d to 12s; Cleopatras, 7s to 10s; Granny Smiths, 10s to lls. PEARS. New Zealand. —Boxes; Winter Coles, 8s to 10s; Packhams, Bs. Three-quarter cases: Boses, 7s 6d to 9s; Josephines, 10s 3d to 10s 9d. Australian. —Boxes: Winter Coles, 7s Cd to 9s 3d; Packhams, 7s to 9s 3d. PRICE OF FINE GOLD (United Press Association.) (By Electric Telegraph—Copyright.) LONDON. May 11. Gold, a fine ounce, is quoted:— ’ £ s. d. May 11 7 3 4 May 10 7 3 5 May 8 7 4 0J May 7 7 3 7* May 3 7 3 Hi May 2 .. .... 7 4 0 May 1 7 5 0 April 30 7 4 8 April 29 7 4 54 April 27 7 5 4 April 26 ...... 7 4 94 LONDON MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, May 11, (Received May 12, at 6.30 p.m.) Yesterday’s closing prices were as follows:. — Cotton.—Spot, C.BBd per lb; June, 0.54 d. Rubber. —Para, 4|d; plantation smoked, 5 11-16 d. Jute. —May-June, £lB 16s 3d. Hemp.—May-June, nominal, £ls 15s. Copra.—May-June South Sea, £l2 2s 6d; smoked, £l2 2s 6d; plantation Rabaul, £l2 17s 6d. Linseed 0i1.—£23 ss. Turpentine.—s9s 6d. THE WHEAT MARKET NEW YORK. May 11. (Received Slay 12, at 6.30 p.m.) Chicago wheat: May. 93J cents; July, 94; September, 945. New York cash: 1124 cents. SHARE VALUES INDEX NUMBERS. The following table gives the index numbers of the listed shares. The basis of the index is July, 1930, equals 100: —

FRUIT AND PRODUCE WORLD Reilly’s report selling: Per dozen. —Cabbage, 3s, 4s; Cauliflower, 3s, 6s; honey, Jib pats 3s Cd; lettuce. choice Is Cd; eggs, storekeepers’ Is lid, guaranteed 2s, pullets’ Is Bd, preserved Is 4d; section honey, 8s; violets, 3s, 4s 6d; chrysanthemums, 2s 6d, 3s Cd; mutton birds. Os. Cs 6d. Each. —Knapsack sprayer, £4 15s; Champion egg crates, 24 dozen, 17s Od. Bushel and American Cases—Apples: Choice Jonathans, 4s, Cs; Delicious, 4s, 7s; Stunners, ss, Cs; cookers, 3s. ss. Pears: W. Coles, ss, 6s Cd; W. Nelis, 5s 6d, 7s; cooking. 4s Cd. Californian Valencias, 38s; Island oranges, 21s; bananas, green Samoan and Niue to arrive 16th, ripos 20s. Californian lemons, 42s Cd; New Zealand lemons, first grade. 15s; mandarins. 10s.

Half Cases. —Pears: W. Coles, 2s, 3s; W. Nelis, 2s Cd, 3s; cooking peai’s. 2s; passions wanted: kippers, best English. 11s Cd box.

Per Lb. —Grapes, Gros Colmars, Is 'sd to 2s 2d; green peas, choice. .*5(1; French beaus, clioice sd, hothouse 7fd; peanuts, 4d; walnuts, 4Jd, 6d; tea, orange pekoe, 2s Gel; butter, storekeepers’ 81d: tomatoes, Christchurch hothouse, first 41d, sicl, second and small 3d, 4d; local, 7d. 8d; second, sd, CJd; pickling onions. Id; bacon, prime Is; porker and bacon pigs, Gd, Old; overweights, 26d, 4d; quinces, Id: kumeras, lid. Per Cwt. —Potatoes, King Edwards ss, 7s, Arran Chief ss; onions. Canterbury 15s; oyster grit, Gs 6d; woodwool, 20s; marrows, 3s, 4s; melons, ss; pumpkins, Cs. Olivo oil, Us Gd gallon; Giraffe lime sulphur, 8 gallons, 2s; barrels, Is 9d; Semesan and Granosan, 2oz 2s 3d, Boz ss, 11b Bs, 251 b 150 s. Black Leaf “40”: American, 101 b 525, 51b 28s. lib 8s Gd. 41b 5s 3d; British, 10lb 48s, 51b 2Gs, 11b 8 S Gd, Jib 4s 3d. Rcstar grass grub exterminator, -J gallons 3s Gd, 1 gallon Cs Gd. Patent codlin moth tree bands, 200 ft lengths 17s Gd; prepared white oil, ss. Arsenate of lead paste, Gel to Is. Id; powder, BJd to Is Id; white oil, 4s._ Red oil. 3s Od; special soap, 275; improved spray, Gd lb: _ French bordcaux, Is Id; wood preservative, 4s Gd. Powdered charcoal, 4d; granulated charcoal, 4d; fowl wheat, first grade ss, second grade 4s. Partridge peas, Cs; maize. 5s Gd; kibbled maize. 6s Gd; oats, A Cartons 3s, B 2s Gd. Crushed oats. 9s Gd; X Keys meatmeal, 10s; buttermilk powder. 3d. Bran, £5 10s; chaff, b. 0.5., £4 15s; straw wheaten, £2 10s; oatmeal, £l9. Clover hay, £5; pollard, £G 15s: manuka tomato and ch'vsanthcmum stakes. 2s Gd dozen. 18s hundred. Per pair.—Poultry: 320 hens at Is Gd to Gs; 200 cockerels at 3s to 7s Gd; 29 pullets at Cs to 10. s Gd; 10 bantams at Is to 2s; 170 ducks at 3s Gd to Gs per pair. REILLY’S CENTRAL PRODUCE MART. LTD., Moray place, Dunedin.

FOREIGN EXCHANGES (British Official Wireless) (United Press Association.) (By Electric Telegraph—Copyright.) KUGBY. May 10.

LATEST RATES. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON. May 11. Exchange on New York is at the rate of 4.864 dollars to the £1 and in Paris at 73 13-16 francs to the £l. ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, ounied the following rales for purchases and sales of foreign exchange on Saturday:—

DOLLAR 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:— r , 0 . „ Q.S.A. Canada

LONDON METAL MARKET i United Press Association.) (By Electric Telegraph—Copyright.l LONDON, May 10. (Kecolred May 12. at 8.30 p.m.) The following are the official metal quotations:—

ANTHONY HORDERN. LTD. The recent payment of a dividend on the 5.8 per cent, cumulative preference shares of Anthony Hordern, Ltd., for the six months ended August 29, 1934, directs attention to the prospects of this Sydney drapery store. Its balance sheet for the year ended February 28 wiil be issued this month. Last year’s profit of £51,800 was barely sufficient for one year’s preference dividend to February, 1932, but this announcement makes a total of 21 years’ preference dividends, requiring £108,985. paid in a year, leaving six months’ arrears to February 28. If only one year’s preference charge had been paid from this amount of £108,985 the remainder would have sufficed for a 5i per cent, dividend on ordinary capital. BOBBY CALF TRADE The South Auckland Dairy Association passed a resolution last week that if it was found necessary to apply an embargo on the export of bobby calves and boner beef next season the Meat Producers’ Board should reimburse dairy farmers for any losses incurred. The meeting resolved to ask the Government to continue the fertiliser subsidy this season.

MINING NEWS MAORI GULLY DREDGE The master of the Maori Gully dredge reports a return of 68oz 12dwt of retorted gold for 1014 hours’ work. GOLDEN DAWN RETURN The manager of the Golden Dawn mines reports that for the nine working clays ended April 29 226 tons were treated for £1241 worth of gold on a basis of £7 2s per ounce. TALISMAN DUBBO MINE The Talisman Dnbbo Company advises that 56 tons were treated for a return of gold valued at £394. MAHAKIPAWA GOLDFIELDS, LTD. The following is the report of Mahakipawa Goldfields, Ltd., for the period ended May 8; —The leading face has been advanced 10ft on a slightly rising bottom. The gutter has a decided tendency to bear to the left, the ri"ht-hand wall having come over 4ft in the last 6ft. The top half of the left, or eastern, wall has not been visible for the last 9ft, but the lower half has projected out in the form of a shelf. The bottom is now about 2ft above the floor, which is cemented in places, and does not contain any values. The face is now 1375 ft south and 155 ft west of the main shaft. . At a point 23ft away from the drive, and approximately 12ft into the wall, the crosscut started to rise vertically, and at a distance of 14ft cut the wash. After rising another 6ft the back was caught up and a drive started on the south side of the rise. This has now been driven for 10ft, the first sft of which was more or less level, but in the last sft the bottom has started to fall and is about 6in lower than it was at the start. The wash is sandy and contains no values. The co-ordinates of this face are now 1460 ft south and 130 ft west of the main shaft. MOSSY CREEK RETURN (Per United Press Association) GREYMOUTH, May 12. The Mossy Creek dredge obtained a return of 730 z 17dwt for 8000 yards of wash treated. MAORI GULLY DREDGE (Per United Press Association) GREYMOUTH, May 12. The Maori Gully dredgemaster reports a return of 68oz 12dwt for 1014 hours' work. PALMERSTON STOCK SALE (From Our Own Correspondent.) PALMERSTON, May 12. There was a poor market at the stock sale held in Palmerston on Friday. Low prices were obtained for sheep, but cattle and pigs sold at a fair price. Good sound-mouthed ewes realised 21s Id, others 13s 9d to 16s. Best full-mouthed ewes sold at 13s 6d and others from 8s 3d upwards. Fat ewes brought 9s 6d and 9s 9d. Four and six-tooth ewes sold at 10s 6d, and failing-mouthed ewes from 4s to 6s 9d. Ewe lambs brought from 12s to 10a 3d and wether lambs 10s to 16s. Some eight-tooth wethers sold at 13s and fullmouthed wethers brought from 6s to 9s, according to their condition. A pen of 12 ewes and nine wethers brought 8s 9d each. There was practically no market for rams. Two four-shear Leicesters brought 12s, but four one-shear Romney rams realised 14 guineas. Three threeshear Border Leicester rams brought only 10s 6d. A bull realised £2 10s and another 355. Two bullocks sold at £5 10s- and smaller steers 25s to f2 10s. Four steers were sold for £3 14s and six calves, three steers and three heifers for 17s each. Cows (July calvers) sold at £2 to £2 10s. Two June culvers brought £3 5s and £3 15s each, and another in calf 15s. A sound Jersey cow, August calver, brought £2 2s 6d, and two Jersey heifers £2 12s 6d and £5 17a 6d respectively. Empty cows brought from 17s to £2 15s, according to condition. Empty heifers sold from 22s 6d to 28s. A heifer in calf brought 255. Sound cows (August calvers) brought 12s 6d and 14s, cow (second calf) £4 and £4 ss, and a third calver £3 10s. A heifer (first calf) was sold for £3 15s, and two cows in calf brought 255. Two bulls and two heifers brought 13s, and a pen of mixedsex cattle £3 10s. A good pony brought £ll 10s. Pigs sold from 6s to 13s.

SOUTHLAND MARKETS (From Our Own Correspondent.) INVERCARGILL, May 11. . The stock market is well supplied in ail sections and values remain firm at late quotations. Fat cattle continue to come forward in fairly large numbers, the quality of which, taken all over, is only fair. For good quality bullocks and heifers values are firm, but poorer sorts are harder to sell, and prices show an casing. . . , . , Fat sheep are coming to hand in large numbers, the bulk of the yardings being ewes. The demand for these hag firmed during the past few weeks, and export buyers appear to be operating at higher limits. The store sheep market is firm for all classes, young ewes and ewe lambs meeting with good competition. The store cattle market is quiet, and apart from odd lots selling in the yards, very little private selling i s being transacted. , , „ , Fat Cattle. —Prime heavy bullocks, £8 to £9; medium do, £6 to £7; lighter do, £5 5s to £5 15s; prime heavy heifers, £5 to £6; medium do, £3 10s to £4; prime heavy cows, £5 10s to £6 ss; medium do, £3 10s to £4 10s; lighter do, £2 to £2 10s; runners’ £2 to £2 10s; vealers, 15s to 255. Fat Sheep.—Prime heavy wethers, 2Cs to 28s; medium do, 23s to 245; lighter do, 20s to 21a Cd; prime heavy ewes, 17s to 18s; medium do, 14s to 15s; lighter do, 10g to 11s Cd; prime heavy lambs, 21s Cd to 235; medium do, 18s to 19s Cd; lighter do, 16s to 17s. . Store Sheep.—Ewe lambs, 20s to 225; medium do, 17s to 18s; wether lambs, 7a to 10s; two-tooth ewes, 30s to 32s Cd; medium do, 27s to 28s; s.m. ewes, 23s to 255; failing-mouthed do, 14s to ICs; aged ewes, 8s to 10s. Store Cattle.—Three to four-year bullocks, £4 10s to £5; two and three-year do, £3 15s to £4 15s; 18-month steers, £1 10s to £2. RISKS OF CAPITAL THE PRINCIPLE OF PROFIT.

In an editorial article headed “ Full Recovery Dependent Upon Profits,” the New Zealand Accountants’ Journal discusses some of the popular fallacies on the question of profits in industry. “ The restoration of the profit motive is an essential to full recovery, and without it the most effective economic driving force is lacking,” the writer declares. “ Not only would more men be placed in useful employment if industrialists and others could use the funds which are readily available for worth-while enterprises, but in many instances companies which now have large sums earning a low rate of interest on ■ fixed deposit would release this frozen capital if they had some assurance of a fair leturn. . . .

“ The fact that so many of our companies have been able to survive the effects of the slump is a tribute to the sound policies adopted in the past in the way of building up reserves and of meeting falling returns by a rapid adjustment of expenditure. In this connection members of the accountancy profession have played an important part in the way of Inculcating amongst business leaders sound principles in finance and management. It is now necessary, however, to go further and instil into the mindg.of the public generally the need for cautious management and the necessity for the creation of reserve strength to meet contingencies in the future. It is also desirable that the man in the street should be taught that if capital has to take a risk it has to be paid for that risk, and that unless a fair return is forthcoming business enterprise will be stifled. In many ways accountants can do much to bring about a better appreciation of just what capital means in the social fabric, and unless this is done the reckless theories of irresponsibles with no stake in the country will ultimately wreck what has been built up over the last century.’’

N.Z. SHEEP— rH Canterbury and North >> ri & Island selected crosss s bred wethers and (Per lb.) maiden ewes: d. d. d. 48-561b 4* 44 44 67-64lb 33 34 34 65-721b 35 33 33 Ewes: 34 n 34 48-641b .. n n 65-Wlb .. .. .. 2* 24 21 North Island: 48-561b 4* 4 4 57-641b 3i 34 31 65-721b 33 3| 33 AUSTRALIAN SHEEPFirst quality crossbred and/or merino wethers; 34 40-G51b 3 3 Second quality; 30-551b 34 S 5 . Ewes: 30-551b SJ 35 35 ARGENTINE SHEEP— First quality crossbred wethers: 48-64Ib S3 34 35 65-721b 3i 3 8 PATAGONIAN SHEEPWethers and/or maiden ewes: Under 501b — _ — 50-601b .. — ... — Ewes: 40-5/lb — — ARGENTINE LAMBSFirst quality: 361b and under 53 5J 55 S7-421b 53 54 54 Second quality: Average about 281b .. 53 54 54 PATAGONIAN LAMBSFirst quality: S61b and under — 5 5 S7-421b — 54 54 Second quality: Average about 281b — — — N.Z. Lambs— Canterbury: First quality: s 861b and under .. .. 64 6§ 63 37-421b 64 63 63 43-501b 63 6f 6f Second quality: Average about 321b 55 54 5J Other South Island; S61b and under .. .. 64 63 63 37-421b 64 6| 63 43-501b 64 63 63 Second quality: Average about 321b 6| — Selected North Island, including Downs: 361b and under .. ,. — 63 63 37-42Ib .. — 63 63 43-501b .. 64 63 63 Second quality: Average about S21b 64 65 64 Other North Island: First quality: S61b and under .... 64 64 64 S7-421b 64 64 64 Second quality: Average about 321b .. 55 51 54 AUSTRALIAN LAMBSVictorian: First quality: S61b and under ,. ., 53 54 54 37-421b 53 55 54 Second quality: S61b and under .. .. 54 54 54 Other States: First quality: 361b and under .. .. 54 55 55 37-421b 54 54 54 Second quality; S61b and under .. .. 54 51 53 All States: Third quality: Average about 281b 53 54 54 N.Z. FROZEN BEEF— Ox fores (160-220lb) .. 23 2 } 2? Ox hinds (160-2201b) .. 3) 34 35 AUSTRALIAN FROZEN BEEF— Ox hinds (1601b and under) 33 S3 Ox hinds (over 1601b) .. 33 3J 33 Ox crops . (1001b and under) .. 34 34 34 Ox crops (over 1001b) .. £>■4 34 34 ARGENTINE CHILLED BEEF— Ox fores (160-2201b) .. 33 31 34 Ox hinds (160-2201b) .. 53 5| 6i N.Z. PIGS— First quality; 60-801b 6 0 6 81-100Ib .. 54 55 54 101-1201b .. 53 53 53 AUSTRALIAN PIGS— First quality: 60-801b 6 6 c 81-1001b 53 5S 53 101-1201b 54 55 55

£ B. d. National Insurance .. 1 8 Crystal Ice 2 6 N.Z. Drapes 0 0 Staples Brewery .. .. 1 12 11 UNLISTED STOCK. Jones Nevio 0 9

Buyer. Seller. £ 8. d. £ 8. d. A’asia — 11 2 6 N.S.W. .. .. .. .. 30 10 0 — New Zealand .. .. 2 10 9 — N.Z. (Long D) .. — 1 14 3 — 0 16 0 E.S. and A 4 16 0 — Natl, of N.Z. .. 3 7 0 — Reserve 6 12 6 — Union 8 11 0 — INSURANCE. National .. .. .. 1 1 6 1 1 9 New Zealand .. .. 3 10 0 — South British .. .. 4 18 0 — Standard 3 12 0 3 13 6 SHIPPING. P. and 0. Def. Stock 0 18 0 1 0 0 U.S.S. Co. (Pref.) 1 7 0 — MEAT PRESERVING. N.Z. Refrig. (pd.) 0 19 6 — N.Z. Refrig, (cont.) 0 9 1 0 9 2 South. Froz. Meat (paid) — 3 17 0 South. Froz. Heat (cont.) — 1 19 0 South Otago Freez. 6 12 6 — Waitaki Farmers.. 3 9 0 — LOAN AND AGENCY. Dalgety and Co. .. — 8 5 0 National Mortgage (B Issue) .. .. 1 11 0 — N.Z. Guar. Corp... 0 5 3 * Trustees, Executors 3 3 0 — Wright. Stephenson (pref.) 0 19 S GOAL. Westport 1 1 4 — Westport-Stockton (ord.) .. .. ;. 0 1 8 0 2 6 MISCELLANEOUS. British Tobacco .. 1 18 0 — Brown, Ewing (pref.) — 1 4 0 Crystal Ice 2 1 6 ’ — D.I.C. (ord.) .... 0 14 9' — Dominion Fertiliser 1 2 0 1 2 6 Dominion Fertiliser (Debs.) 105 0 0 — Dominion Rubber.. — 1 11 0 Donaghy’s Rope .. 2 10 0 — Stock Exchange Propy — 2 3 0 Milburn Lime .... 2 4 0 —• National Electric.. 0 9 3 — N.Z. Drug Co 3 19 9 — N.Z. Paper Mills .. 1 14 3 — Regent Theatre .. 0 17 0 — Smith and Smith.. 1 0 0 — Sun Newspapers .. 0 6 4 — Woolworths (ord.) 11 0 0 — Woolworths (Sydney) — 4 10 0 BREWERIES. N.Z. Breweries .. 2 14 9 2 15 3 Staples 1 12 9 AUSTRALIAN MINING. Electrolytic Zinc (ord.) 1 4 ,6 — Mount Lyell .. .. 0 19 10 1 0 6 Mount Morgan .. 1 17 6 1 18 0 MINING. Bell-Hooper .. .. — 0 0 3 Bendigo Goldlight 0 1 0 0 1 0J Big River .. .. .. 0 2 4 0 2 5A Charleston .. ., 0 0 5 0 0 9 Gillespie’s Beach .. 0 1 4* — Golden Dawn .... 0 2 6 — Golden Progress ,. — 0 1 0 Kildare 0 3 3 — King Solomon .... — 0 4 5 Moonlight-Nelson Creek 0 0 1 Nevis Diesel ., .. 0 0 1 — Nokomai .— 0 2 9 Okarito 0 5 10 0 6 3 Paddy’s Point 0 0 9 0 1 9 Sandhills ' 0 0 4i 0 0 9 Skippers 0 0 2 0 0 3 Waihi 2 2 0 — Waitahu 0 2 8 — Maori Gully .. .. 0 1 6 —

£ «. d. Bonds, 1940, 4 p.e 7 6 Stock. 1940, 4 p.c 0 0 Bank of New Zealand .. 2 11 0 Northern Steam 7 5 Broken Hill Proprietary .. 2 15 0 Claude Neon (N.Z.) .. 2 3 0 Claude Neon (Sydney) .. 2 10 0 2 11 0 Farmers’ Trading 7 11 0 7 10 0 8 0 Union Oil 9 0

Wilsons Cement . .. 1 15 0 Woolworths (N.Z.) .. . 5 0 Mount Morgan . .. 1 18 1

Inscribed Stock, 1939-43 3£ n.c National Bank of Austral104 12 13 13 0 0 N.Z. Insurance (2) 11 0 South British Insurance 4 19 0 Unlisted Stocks Woohvorthfl (Sydney) .. .. 4, 9 6 CHRISTCHURCH Sales on ’Change Reserve Bank 6 13 0 National Insurance (cum div.) 1 1 8 Timaru Brewery (7s 6d paid) 0 7 10 British Tobacco 1 18 9 Broken Hill Proprietary (cum div.) 2 13 10 0 Dunlop Rubber 0 10 0 10 9 Sun Newspapers 0 0 0 Brian Boru 0 0 5 Mossv Creek (2) 0 2 6 Mount Morgan 1 18 0 Sales Reported Claude Neon, N.Z. (2) 2 3 3 Manawatu Knitting Mills (late sale Friday) .. .. 1 17 0 Standard Insurance 3 12 9 National Insurance 1 1 8 Unlisted Stocks Woolworths, Syd., ord. (2) .. 4 8 G

Commonwealth Bonds — 3 per cent., 1948 98 15 0 4 per cent., 1938 103 17 0 4 per cent., 1941 105 11 3 4 per cent., 1944 104 17 0 4 per cent., 1950 .106 15 0 4 per cent., 1955 .. .. .. 107 10 0 Commercial Bank of Sydney 17 15 0 Bank of New South Wales .. 31 7 6 Tooheys 1 9 0 Tooths 12 G Associated News 1 2 10.V (pref.) 1 3 104 British Tobacco 1 18 9 Dnnlops 0 17 0 Winchcombe, Carson 1 8 0

Australasia .. May 2. 87.7 May 9. 89.4 Commercial (ord.) 75.4 75.4 Commercial Sydney 85.0 87.1 E.S. and A 76.8 78.4 Nat. A’asia (contr.) 83.4 85.8 National N.Z. 55.6 56.2 New South Wales 84.8 85.3 Bank N.Z 90.5 90.7 Union 76.7 76.7 Dalgety .. .. 79.7 77.4 Goldsbrough .. .. Tooth’s 109.7 110.9 173.3 175.0 Toohey’s .. .. 124.4 124.4 N.Z. Breweries .. 109.7 111.2 Mount Lyell .. .. 89.5 80.6 Zinc (ord.) .. •. 125,0 125.0 Zinc (pref.) .. .. 149.1 148.0 British Tobacco .. 103.8 103.1 Colonial Sugar .. 211.8 208.2 Average .. .; 104.8 (cx div.) 104.6

Paris— Par. May 9. May 10. Francs to £ 1 124.21 73 39-04 73 41-04 Brussels — Bellas to £ 1 30 28.67 2&.09 Oslo— Kroner to £ 1 IS. ISO 19.90J 19.901 Stockholm— Kroner to £ 1 18.130 19.395 19.391 Copenhagen— Kroner to £1 18.150 22 22 Berlin— Marks to £1 20.34 12,07 12.07 Montreal— Dollars to £1 4.80 2 3 4.855 4.855 New York— Dollars to £1 4.80 2 3 4.85 4.85 5-16 Yokohama — Pence to yen .. 24.5S2 14 5-32 14 5-32 Hongkong— Pence to dollar 24.58 28 7-16 28 9-16 Bombay— Pence to rupee _ 184 181 Batavia— Florins to £ 1 12.10 7.115 7.171 Milan— Lire to £ 1 .. 82.46 582 47 2 Amsterdam— Guilder to £1 12.107 7.171 7.171 Prague— Kroner to £1 104J 1104 1101 GenevaFrancs to £ 1 25.221 15 15.01 Vienna— Schillings to £1 84.861 20 26 Helsingfors— Slacks to £ 1 193.23 2261 2261 Madrid— Pesetas to £ 1 25.224 351 85 9-16 Belgrade— Dinars to £1 25.224 213 213 Athens— Drachma to £1 37*5 509 509 Lisbon— Escudos to £ 1 110 110 110 Bucharest— Lei to £X .. 931.6 ‘480 480 Klo de Janeiro — Pence to mllreis 5.890 41 41 Buenos Aires— Ponce . to pesos 47.22 364 SGI Shanghai— Pence to tael 20 i 201 Montevideo— Pence to pesos 401 401 Warsaw — Zlotys to £ 1 — 255 255 i - -i -

Buying. Selling. London— £N.Z. to £100stg 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. 101 100/16/FIJI— £F to £100 N.Z. T.T. 90/7/6 89 O.D. 90/7/6 89 New York— 3.883 Dollars to, £1 N.Z. T.T. 8.92J O.D. 3.945 3.S9 g Montreal— 3.891 Dollars to £1 N.Z. T.T. 8.921 O.D. 3.941 3.891 France— 59.83 58.53 Francs to £1 N.Z. T.T. O.D. 00.13 58.58 Noumea— Francs to £1 N.Z. T.T. 60.78 57.78 O.D. 61.18 57.83 Papeete— Francs to £1 N.Z. T.T. 60.78 57.78 O.D. 61.18 57.83 Belgium— Belgas to £1 N.Z. T.T. O.D. - 22.732 22.747 Germany— Reichsmarks to £1 N.Z T.T. 9.481 O.D. — 9.486 Italy— Lire to £1 N.Z. T.T. 46.65 O.D. •— 46.69 Switzerland — 12.285 11.885 Francs to £1 N.Z. T.T. O.D. 12.360 11,895 Holland— Florins to £1 N.Z. T.T. O.D. 5.897 5.947 5.647 5.651 Java— Florins to £1 N.Z. T.T. 5.875 5.650 O.D. 5.925 5.654 Japan— N.Z. pence to 1 yen T.T. — 17 27-32 O.D. — —• Shanghai— N.Z. pence to 1 dollar .. . • T.T. 241 25 13-16 O.D, 2i'i 251 India and Ceylon— N.Z. pence to 1 rupee .. •• T.T. O.D. 22| 221 22 23-32 22 21-32 Hongkong— N.Z. pence to 1 dollar .. . • T.T. 35 25-32 36 27-32 O.D, 35 21-32 30 25-32 Singapore— N.Z. pence to 1 dollar .. •• T.T. 34 5-16 35} O.D. 34 3-18 35 3-16 Sweden— Kroner to £ N.Z. T.T. 15.787 15.457 O.D. 15.827 15.407 Norway— Kroner to £ N.Z. T.T. 16.198 15.868 O.D. 16.238 15.878 Denmark— Kroner to £ N.Z. T.T. 18.208 17.878 O.D. 18.248 17.888 Austria— Schillings to £ T.T. 20.22 N.Z — O.D. — 20.24 Czechoslovakia — T.T. 92.60 Crowns to £ N.Z. — O.D. — 92.63 These rales are subject to alteration without notice.

Dots, Dols. Conversion of dollar bills received for collection and sale of dollar drafts and telegraphic trans4.84 fers 4.84 Purchase of dollar bills 4.87 4.87 On a New Zealand currency basis these rates are equivalent to:— n.s.A Canada Dols. Dols. Selling— T.T 3.88| 3.882 O.D 3.896 3.896 Buying— 3.94| 3.94§ O.D

. « Copper, spot Ton. £33 4 4% also £0 5 7% Copper, forward .. 33 11 10% Rise 0 S 0 electrolytic, spot .. 30 10 0 No change Electrolytic, forward 37 5 0 Uise 0 10 L Wire bars .• .. 37 S 0 Rise 0 10 0 Lead, spot .. .. 13 7 6 Rise 0 1 3 Lead, forward •• 13 7 0 Fall 0 1 3 Spelter, spot .. 14 5 0 Rise 0 2 6 Spelter, forward .. 14 8 0 Rise 0 1 3 Tin. spot .. .. 225 7 0 Rise 0 10 0 Tin. forward 210 7 G Rise 0 2 0 1'Ijj Iron, homo trade 3 7 6 No change Pig Iron, export 3 2 6 No change Antimony. British 70 10 0 No change Antimony, foreign 40 15 0 Rise 1 10 0 Molybdenite .. .. DnlL 1 14 0 Fall 0 0 6 Wolfram .. .. 1 13 G Fall 0 1 0 Silver, standard .. Silver, flno .. .. •• 02. 33d 35%d Rise %d Rise 8-lGd