COMMERCE AND FINANCE FRUIT AND PRODUCE WORLD

Otago Daily Times, Issue 22719, 4 November 1935, Page 16

COMMERCE AND FINANCE

FRUIT AND PRODUCE WORLD

LOCAL AND OVERSEAS MARKETS

TRADING BANKS SEPTEMBER RETURNS The monthly summary of the trading banks of New Zealand at the close of business on September 30 is published the Gazette by the Reserve Bank, and the following are the aggregates of the rii banks of the Dominion compared with those for the period ended August 26: — Aug. 26. Sept. 30. £ £ Demand liabilities In New Zealand 24,778.818 24.635,039 Time liabilities. New Zealand 30,382.220 30,750.037 Demand liabilities elsewhere 430.002 407,741 Time liabilities elsewhere *• 1,123,492 1,114,„67 Banks' own notes in circulation and payable in New Zealand .. 657.880 °32.584 Totals .. .. .- £63,872.481 £03,610,208 Deserve balances In Beserre , r ,. Bank •• •• •• • • ** 4.453,654 4,033,-SS Overseas assets in respect to New Zealand business, . „„ London .. .. ... .. .. 17,173.601 16.206.526 Overseas assets elsewbero .. 0,024,546 5,073,475 Subsidiary coin. New Zealand 815,744 816.015 Advances and discounts In New Zealand 46.330,060 47,711,403 Deserve Bank notes .. -• 3.157,721 3.033,708 Totals .. .. •• •. £77,005,754 £78,074,211 MERCHANDISE MARKET • The Innaven, which is due this week, will land a considerable quantity ot prunes, seeded and seedless raisins, Cana' dian onions, etc. Similar cargo will be unloaded from two following steamers—the Hauraki and the Wairuna. Advice has been received that the new season’s Sicily almond* will be landed within the next few days, A line of Surf Eider Hawaiian pineapples iy expected on the market shortly* Sugar cragoes will be landed this week ex the Wingatui and the Wairaarino. The Canadian Cruiser, from Canada, landed a shipment of sardines, iodised salt, and 700 sacks of flour. , The City of Tokio, from New York, brought a considerable quantity of sugar, manufactured in Jersey, United States. Included in the cargo landed from the Waikouaiti, from Sydney, was a line of tea, transhipped from steamers, trading to the East. . ~ . , The Fresno Star, from Liverpool and London, landed a large cargo of merchandise, and the Eotorua, due on November 21, from London, will also land a fair quantity of merchandise, including sardines, herrings "in sauce, etc. Advice from Ceylon states that the desiccated coconut market, after weakening, has moved up again. . Chinese walnut meat is very short m wholesale hands, and it seems hardly likely that new season’s will arrive before the New Year. DAIRY PRODUCE MINIMUM PRICES FIXED. (Per United Press Association) WELLINGTON, November 2. The Dairy Board has fixed prices on the basis of butter Is and cheese Sid, equivalent to 96s 9d and 45s lid, c.i.f.e. The South Island Dairy Association baa received the following cablegram from London:—Butter: Quiet; 103 s to 106 s; Danish, 1245. Cheese: Quiet; white and coloured, 52a to 535. The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following advice from London, dated Octoher 30:—Butter: New Zealand choicest salted,'lo6s per cwt; market very quiet. Cheese, 54 3 to 55s per cwt; market is slow, * COMMODITY GAMBLING INFLUENCE OF WAR “ SCRAMBLE ” FOR METALS The commodity markets haye recently been providing a happy hunting ground for speculators. Reasoning (says the Economist) seems to have given way to willing credulity. The markets have been swayed by mass, psychology, and prices subjected to wide fluctuations, to the detriment of both producers and consumers. The recent scramble for a number of important commodities can scarcely be justified by reference to changes in the underlying conditions of demand and supply. _ For example, thc_ price of Liverpool wheat futures has risen by no less than 30 per cent, since the middle of August to the highest level since September, 1930. A moderate rise was probably justified by the deterioration of crops in the principal exporting countries. But rumours' or an imminent world shortage of this cereal have no substance whatever. The fact that prices of linseed and linseed oil in Argentina advanced merely because of the rise in wheat prices reveals the frame of mind prevailing among dealers in commodities. Recently cotton prices advanced under the influence of extensive buying from Bombay and the Continent. The explanation given for the purchases by India is the fear that Indian cotton exports may he held up in the event of hostilities between Italy and Ethiopia. Owners of cotton in India, therefore, decided to guard against this risk by selling Indian and buying United States cotton as a “ hedge.” Again, expectations of an increase in the demand for war materials are mainly responsible for the scramble for non-fer-rous metals. Sales of copper on the London Metal Exchange rose from 5440 tons .in three days in one week to 11,550 tons ,in the corresponding period of the next week. The turnover in lead and spelter rose from 1650 tons to 14,600 tons, and from 400 tons to 2550 tons, respectively-. Quotations for these metals advanced under the influence of heavy purchases. There is a danger that this rush to buy raw materials and crude foodstuffs will run ahead of actual requirements and will he followed by a collapse in prices which would harm the slow progress of economic recovery.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE National Insurances were reported to have been dealt in at 19® 6d, cum dividend, on the Dunedin Stock Exchange on Saturday morning, a closing buyer at 19s 4d, on ’Change, being fivepence- below sellers’ requirements. There was a sUght improvement in the market for Mortgage Corporations, buyers offering 5s 6d. Sellers, however, would not accept less than 5s 7d. Milburn Limes were on offer at £2 4s 6d, but buyers remained unchanged at £2 4s. Ordinary Electrolytic Zings met with a stronger demand at £1 12s 9d, but sellers were not interested. Mount Morgans were inquired for at £1 los ou» sellers requiring Is above that figure. Buyers of Upper Watuts were prepared to give the firmer price of 7s, but sellers wofild not accept less than 7s 6d.

LONDON MEAT MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, November 2. (Received Nov. 3, at 8 p.m.)

CANADIAN BOND ISSUE (United Press Association) (By Electric Telegraph—Copyright) OTTAWA, November 2, (Received Nov. 3, at 7 p.m.) A 75,000,000-dollar Canadian Government bond issue will be offered to Canadian investors on Monday, according t <j> an announcement by Mr Dunning. There will be two maturities of 4 and 191 years at 2 and 3 per cent, respectively. The loan is for general purposes. BRITISH TREASURY BILLS > (British Official Wireless) (United Press Association) (By .Electric Telegraph—Copyright) RUGBY, November 2. (Received Nov. 3, at 5.5 p.m.) The total amount applied for in tenders for £40,000,000 Treasury bills was £63,690,000. The average rate per cent, for bills at three months woe 11s 1.32 d, against 11s 9.24 d a week ago. NEW GUINEA GOLD SHARES (United Press Association) (By Electric Telegraph—Copyright) LONDON, November 1. New Guinea Gold chares are quoted at 4s 9d. ALKALI INDUSTRY FACTORY FOR SOUTH AUSTRALIA. Subject to a promise of support by the Commonwealth Government, Imporia - ' Chemical Industries, Ltd., has decided to establish an alkali industry at Port Adelaide. Mr B. E. Todhunter, a director of the company, before his departure for London by the Narkunda on October 25, said that the expenditure involved would be between £1,000,000 and £1,250,000 Probably 160 men would be required when the plant was in operation, beside 100 needed for salt harvesting during the summer, A Port Adelaide site had been tentatively selected. In .addition to salt, the main raw material required was limestone, of which 70,000 tons a year would be drawn from South Australia. Coal and coke from New South Wales would be used. About 00 per cent, of the production of the factory would be exported to other States. BROKEN HILL SOUTH , A dividend of Is 6d and a bonus of Is per share have been declared by Broken Hill South, Ltd., payable in Melbourne on December 19.

The Bank of New Zealand has received the following advice from London, dated November 1: —Frozen meat: For wethers the demand and prices are steady. Weaker values are ruling for ewes owing to lack of demand. For lambs trade is slow. The market is affected by heavy supplies of homeffiilled meat. Quotations: —Wethers, light, 4|d to sfd per lb; wethers, heavy, 4jd to per lb; ewes, 2|d to 3Jd per lb; lambs—twos 7Jd to B|d per lb, eights 7|d to 8d per lb, fours 7|d to 7|d per lb, seconds 7Jd to 7§d per lb. LONDON MARKETS (United Press Association) (By Electric Telegraph—Copyright) LONDON, November 3. (Received Nov. 3, at 8 p.m.) Friday’s closing prices were as follows: Cotton: Spot G.45d per lb; December, 0. Rubber: Para, 5Jd; plantation smoked. 6|d. Jute: November-Decembcr, £2O 7s (id. Copra: Novembcr-December South Sea, £l2 17s 6d; smoked, £l2 10s; plantation Rabaul, £l4. Linseed oil, £27 ss. Turpentine, 47a (id. THE RABBIT MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, November 2, (Received Nov. 3, at 8 p.m.) Rabbits: Large ex store, 17s and 17s 6d. COMPANIES REGISTERED The registration of the following companies is reported in the Mercantile Gazette; — Reilly’s Central Parking Station, Ltd. Registered as a private company October 19. Office: 308 Moray place, Dunedin, Capital: £3OOO into 3000 shares of £1 each. Subscribers: Dunedin —Reilly’s Central Produce Mart, Ltd., 2998, A. Reilly 1, W. C. Reilly 1. Objects: To acquire and take over as a going concern the business of a motor service and parking station and garage now carried on at Dunedin by Reilly’s Central Produce Mart, Ltd., to deal in petrol or other fuel, oil, grease, electricity, tyres, accessories, and incidental. Woolf (L. D.) Insurance, Ltd. Registered as a private company, October 22. Office: Office of R. Crooks, accountant. Union Bank Chambers, Princes street, Dunedin. Capital: £IOO into 100 shares of £1 each. Subscribers: Dunedin—L. D Woolf 95, R. Crooks 5. Objects: To acquire and take over as a going concern the business of insurance agents, land agents, commission and _ advertising and general agents now carried on by L. D. Woolf, of Dowling street, Dunedin, under the name of L. D. Woolf and Co., and general incidental.

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

Reilly’s report selling:— Per Dozen.—Spring cabbage, 2s 6d; cauliflowers, 3s to ss; cucumbers, 8s to 10s; lettuce. Is CJ to 2s; small, 6d; spinach. Is; eggs, storekeepers’ lOd, guaranteed Ud; narcissi, Poeticus 3s to 4s, tulips 9s to 12s; lily of the valley, 6d; asparagus, Christchurch, 4s 6d to 7s; Outram. to 13s 6d. Each.—Knapsack sprayer, £4 15s; Champion egg crates, 24doz, 17s Gd; strawberry crates, 6s Gd. Bushel and American Cases. —Apples: Choice Delicious, 8s to 10s; Jonathans, 8s Gd; Stumers, 7s to 10s Gd; Tasmae, 8s; Rome Beauty, Statesman, Ballarats, 9s; smaller grades, 4s to Cs. Pears: W. Cole, 11s; Easter Buerre, Bs. Californian lemons, 555: New Zealand lemons, 5s to 8s; Australian oranges to arrive November 5. Pineapples, 20s; bananas, ripes, 23s Gd; Californian grapes, 25s Gd, Per Lb. —Whitebait, Is Gd; peanuts, 4d; walnuts, Gd; tea, orange pekoe, 2s Gd; gooseberries,. Gd to 8d; butter, storekeepers’, lid; bacon, prime lid; porker and bacon pigs, Gd; over-weights, 3d; rhubarb, Id; cultivated mushrooms, 10d to Is Id; new potatoes, Pukekohe, 3Jd; locals, 7d to 8d; Christchurch tomatoes, Is 9d to 2s Id for firsts; seconds, small, Is 4d to Is 8d; local tomatoes, firsts, Is lOd to 2s; seconds. Is 8d; green peas, 4Jd; beeswax, Is Id. Per Cwt.—Old potatoes, 10s; Californian onions, 27s Gd; oyster grit, 6s Gd; woodwool, 2Gs; carrots, parsnips, 12s; coconuts, 14s Gd per sack. Olive oil, 12s gallon; Giraffe lime sulphur, barrels Is 9d. Semesan and granosan, 2oz 2s 3d, Boz ss, 11b Bs, 251 b 150 s. Blackleaf “40”: British, 101 b 455, slb 2Cs, lib 8s Gd. Jib 4s Gd. Restar grass grub exterminator, J gallons, 3s Gd; patent codlin moth tree bands, 200 ft lengths, 17s Gd; prepared white oil. ss; arsenate of lead paste, 9d to Is 3d; powder, Is to Is Gd; white oil, 4s; red oil, 5s Gd. French Bordeaux, Is Id; wood preservative, 4s Gd; strawberry pottles, Star, 635; Jubilee, 61s Gd. Powdered charcoal, 4d; granulated charcoal, 4d; fowl wheat, first grade, 5s Gd. Partridge peas, 7s; maize, 5s 6d; kibbled maize, 6s Gd; oats, “A” Gartons 3s 9d. “ B ” 3s 3d. Palmer’s chick food, 10’s 2s 3d, 25’s 5s Gd. 50’s 10s, 100’s 18s Gd. Crushed oats, 9s Gd; X Keys mcatmeal. 15s: buttermilk powder, 3d; bran, £5 10s. Straw, wheaten £3, oaten £3 10s; oatmeal, £l9; hay, £5. Chaff, b. 0.5., £5; pollard, £6 15s; manuka stakes, 12s per 100. Per Pair.—Poultry: 65 hens at 3s 8d to 7s 8d; 20 cockerels at Is 2d to 7s; 67 chicks at 4d to 8d per pair; 1 hen and 10 chicks for 10s Gd; 1 hen and 6 chicks for 6s Gd. REILLY’S CENTRAL PRODUCE MART. LTD., Moray place, Dunedin, C.l.

MINING NEWS FIJI GOLD PRODUCTION For the eight months ended August 31 a total of 37000 z of gold was exported from Fiji, valued at £29,420. It is believed that the gold values exported to the end of this year will range about £50,000. For the 1934 period the gold exported was 10340 z, valued at £7590. MAORI GULLY RETURN The Maori Gully return was 270 z Bdwt for 115 hours’ work. ELECTROLYTIC ZINC REPORT The production statement of the Electrolytic Zinc Company of Australasia, Ltd., for the four weeks ended October 10 is as follows, the figures for the previous four weeks being given in parentheses: —Zinc 6470 tons (5498 tons), amount used at works 70 tons (70 tons), lead 170 tons (185 tons), silver 16,5000 z UO.OOOoz). THE HIDES MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, November 2. (Received Nov. 3, at 8 p.m.) Hides: Meatworks dry salted—Queensland 351 b to 451 b 6K 301 b to 401 b OR 251 b to 351 b OJd, 201 b to 301 b OR New South Wales OK «R OR OR Wet salted —Queensland 601 b to 001 b 4;R 40lb to 501 b 4|d; New South Wales 6d, 4R Victorian Abattoirs 4|d, 4R PRICE OP FINE GOLD (United Press Association) (By Electric Telegraph—Copyright) LONDON, November 2.

MOSGIEL WOOLLEN COMPANY ANNUAL REPORT. The annual report of the directors of the Mosgiel Woollen Factory Company, Ltd., to be presented at the annual meeting of shareholders on November 12, states;— Although the year was an exceptionally difficult one for trading and there wag a decided drop in the values of wool, the directors are able to show satisfactory results. After payment of an interim dividend on April 6, which absorbed £3815 4s, providing £4OOO for depreciation, and transferring £2OOO to reserve, there remains a balance of £17,299 7s 2d. The directors recommend that a final dividend of 4 per cent, and a bonus of 2 per cent, should be paid, absorbing £5722 16s, and making a total of 10 per cent, for the year. This.leaves £11,576 11s 2d to be carried forward. TUNGACRES, LIMITED The first company to take action under the terms of the Companies (Bondholders Incorporation) Act, 1934-35, Tungacres, Ltd., has been registered as a public company at Auckland in terms of the incorporation order issued by the Bondholders’ Incorporation Commission after hearing evidence in September. The new comSany, which will take over the assets of fatural Products, Ltd., a tung oil company, hag a capital of £66,111, divided into 32,111 A ordinary shares, 12,000 B ordinary shares, 12,000 C ordinary shares, and 10,000 preference shares, of £1 each.

SALES REPORTED. £ 6. d. National Insurance ttO 19 6 Guarantee Corporation (2) .. 0 0 0 Woohvorths (Sydney) .. .• 5 12 0 4 p.c. Stock, 1937*40 .. . • 101 10 0 UNLISTED STOCKS. , Cash Orders (Amalgamated) 1 1 6 United Provisions .. .. •• U IX 5 The following are Saturday’s buying and selling quotations, which are subject to the usual brokerage:— BANKING. Buyer. Seller. £ b. d. £ e. d. — N.S.W 32 0 0 33 0 0 JTZ 2 10 0 — N.Z. (Long D) .. — 1 14 0 B.B. and A 5 6 0 ■NTnfl of N.Z 3 11 8 Reserve 6 " o — 9 XX 0 INSURANCE. National tfO 19 4 0 19 9 SHIPPING. Huddart, Parker (pref.) ...... 17 6 P. and 6. Def. Stock 110 1 3 0 U.S.S. Co. (pref.) 17 3 — MEAT PRESERVING. N.Z. Refrig, (paid) 12 0 — . N.Z. Refrig, (cont.) — U XX 0 South Otago Freesing .. .. .. 700 LOAN AND AGENCY. Mortgage Corporation ...... 060 Natnl. Mortgage .. — 0 5 2 14 7 6 Natnl. Mortgage . „ (B issue) .. .. 1 12 0 Pernetual Trustees 3 3 0 “ Trustees, Executors 3 3 u Wright, Stephenson (ord.) 0 18 7 COAL. Westport 12 3 — MISCELLANEOUS. Broken Hill Propy. .. . • .. 2 14 6 2 15 6 Broken Hill Propy. (new issue) .. 1 5 ts —*■ Consolidated Brick • — . I 2 0 D.I.C. (pref.) .. **1 3 0 Dominion Fertiliser 13 0 — Dominion Fertiliser (Debs.) 106 0 0 — Dominion Rubber — 1 s 6 Dun-Kaikorai _ „ Trams 1 17 0 — Stock Exchange Propy. "7 2 0 0 Milburn Lime • • 2 4 0 2 4 6 N.Z, Drug Co. .. 3 17 0 N.Z. Newspaper* 2 0 6 2 1 0 N.Z. Paper Mills 18 0 1 9 6 Wilsons Cement .. 2 10 Woolwortbs (Sydney) .. .. 5 11 0 ‘ WOOLLEN COMPANIES. > Bruce (ord.) .... — 0 15 0 Bruce (pref.) •• — 1 2 6 Kaiapoi (pref.) .. — 0 18 0 Mosgiel “ 10 10 0 Oamaru (pd.) .. — 1 2 G BREWERIES. N.Z. Breweries .. 2 11 9 2 12 6 Staples 1 12 0 Dunedin — 1 10 0 AUSTRALIAN MINING. Electro. Zinc (ord.) 1 12 9 — Mount Lyell .... 0 19 2 1 0 0 Mount Morgan .. 1 10 6 1 17 6 Upper Watut .. 0 7 0 0 7 6 Irowat 0 2 6 0 3 0 MINING. Bendigo Goldlight — 0 0 5i Big River .. .. 0 1 11 ■’ 0 2 0 Central Shotover — 0 0 2 Gillespie’s Beach 0 10 0 1 2i Goldfields Dredging 0 0 2 — Kildare .. .. .. — 0 3 0 Mount David .... — 0 1 6 Nokomai 0 1 0 Okarito 0 4 10 0 5 3 Paddy’s Point .. — 0 2 6 Sandhills — 0 0 6 Waihi Investments 0 16 0 — Waipapa Beach .. 0 15 Waitahu 0 3 0 — Martha 1 1 3 1 1 6 UNLISTED. New Bendigo (5s pd.) 0 0 9 — GOVERNMENT LOANS. 31 Stock, Nov., 1938-52 104 5 0 — 31 Stock, March, 1939-43 102 10 0 — 3J Stock, Sep., 1939-43 102 10 0 — , 31 Stock, May, 1939-52 104 5 0 — 4 Stock, 1937-40 .. 101 10 0 101 15 0 4 Bonds, 1943-46 .. 104 5 0 — 4 Stock, 1943-46 .. 104 5 0 —- 4 Bonds. 1946-49 .. 105 0 0 — 4 Stock, 1946-49 .. 105 0 0 106 0 0 4 Bonds, 1952-55 .. 108 0 0 —- 4 Stock, 1952-55 .. 108 0 0 — **Ex dividend, ttCum dividend. NORTHERN EXCHANGES AUCKLAND Sales on ’Change £ S. d. South British .. 4 8 0 Broken Hill Pty. .. .. .. 2 15 0 Martha 1 1 4 Mataki .. 0 2 0 Waihi-Investments .. .. 0 16 7 Skippers .. .. 0 0 2J Worksop 0 2 4 Unlisted Stocks Woohvorths (Sydney) .. .. 5 10 6 5 10 9 5 11 0 WELLINGTON Sales on ’Change N.Z. Guarantee Corpn. (late Friday) 0 5 0 N.Z. Insurance (late Friday) 3 3 4 Taupo Totara (late Friday) 0 7 6 N.Z. Breweries (late Friday) 2 12 s N.Z. Newspapers (late Friday) .. 2 0 0 CHRISTCHURCH Sales on ’Change Commercial Bank of Australia 0 16 7 Bank of New Zealand (2) .. 2 10 9 N.Z. Guarantee Corpn. 0 5 2 Christchurch Gas o 14 6 N.Z. Breweries 2 12 1 Australian Iron and Steel (pref., ex, div.; 2) .. .. 1 5 0 Broken Hill Propy. (cum div.) •• 2 15 0 Dunlop Perdriau Rubber (2) 0 16 7 Electro. Zinc (ord.) .. .. 1 12 9 1 13 0 Kauri Timber (cum div.; 2) 1 3 4 I 3 6 Skippers (2) 0 0 2 i Sales Reported Kauri Timber 1 3 5 1 3 0 Morris Hedstrom I 3 9

Worksop Extended .. .. 0 2 4 Bank of New Zealand .. 2 10 9 Unlisted Stocks Argo Gold (2) 0 1 3 Wool worths (Sydney, ord„ 3) 5 11 9 AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, November 2. (Keceived Nov. 3, at 5.5 Commonwealth Bonds — p.m.) £ S. d. 3 i p.c., 1948 96 15 0 3 p.c., 1948 102 15 0 4 p.c,, 1941 .. .. .. .. 103 17 6 4 p.c., 1944 102 2 6 4 p.c., 1955 104 10 0 4 p.c., 1957 104 12 6 4 p.c., 1961 Australian Gas (A) 103 7 0 7 16 0 Anthony Hordern 0 19 3 Associated News (pref.) X 4 3 Broken Hill Proprietary (first instalment paid) 1 V u Howard Smith 0 18 9

N.Z. SHEEP— CO I" (N Canterbury and North -J -g Island selected crossbred wethers and O (Pe? lb.) £ maiden ewes: d. d. d Under 481b .. .. H 68 51 48-561b 45 5 5 57-641b 4 1 45 45 65-721b H 45 45 Ewes; Under 481b .. •. — — 34 48-64lb 3 3 3 65-721b 21 21 25 North Island: 57-641b 45 45 45 65-721b AUSTRALIAN SHEEP— First quality crossbred and/or merino wethers: 45 45 45 40-G41b .. 38 34 3J Second quality: 30-55!b .. :. .. 3g 34 34 Ewes: 3G-651b ARGENTINE SHEEP— First quality crossbred 35 35 34 wethers: 48-64!b 4J 4J 44 65-721b PATAGONIAN SHEEPWethers and/or maiden 4 4 4 ewes: Under 501b .. .. 35 35 34 50-601b 34 34 Under 501b .. . • n 38 3g Ewes: 40-501b .. ARGENTINE LAMBSFirst quality: 361b and under 75 78 74 37-421b U 74 7 Second quality: Average about 281b .. PATAGONIAN LAMBS7 7 65 First quality: 361b and under 65 65 65 60-G01b —• •— •— Second quality: Average about 301b 64 65 64 N.Z. LAMBS— Canterbury: First quality; 361b and under • . 8 8 » 37-421b 8 8 8 43-501b 71 71 78 Second quality: Average about 321b Other South Island: n 74 74 361b and under . . 8 8 37-421b 8 Sir 8 43-501b 71 74 74 Second quality: Average about 321b .. Selected North Island, including Downs: 361b and under 8 8 8 37-421b 8 8 8 43-501b 75 75 75 Second quality: Average about 301b Other North Island: 71 78 78 First quality: 361b and under 75 74 75 37-421b U 75 75 Second quality; Average about 311b AUSTRALIAN LAMBS7S 74 74 Victorian: First quality: 361b and under .. . . — It 37-421b — — 74 Second quality; 361b and under • . — — 74 Other States:, First quality: 301b and under .. 74 74 78 37-42!b 75 74 74 Second quality; 361b and under .. 75 74 74 All States: Third quality: 361b and under .. .. N.Z. FROZEN BEEP— 7 7 7 Ox fores (145-2101b) .. 24 24 21 Ox hinds (145-2101b) .. AUSTRALIAN FROZEN n 3i 35 BEEF— Ox crops (1001b ana under) — — v — Ox crops (145-2101b i .. 25 25 2 f Ox hinds (145-210lb i .. — Ox hinds (over 1601b).. — — — N.Z. CHILLED— Hinds 5 5 45 Force 24 24 24 AUSTRALIAN CHILLED— Hinds 54 54 55 Crops — — — UNION OF SOUTH AFRICA CHILLED— 55 55 Hinds 55 Fores SOUTHERN RHODESIA 28 25 25 CHILLED— Hinde 45 4g 54 Fores ARGENTINE CHILLED 25 21 25 BEEFOx fores (145-2101bl ., 28 54 25 Ox hinde (145-2101b) .. 5g URUGUAYAN CHILLED54 Hinds 5& 54 55 Fores BRAZILIAN CHILLED25 28 Hinds — — — N.Z. PIGS— first quality: 60-801b 64 6 65 81-1001b 6 6 6 101-1201b A US 1 KALIAN PIGS— H 6 6 First quality: 60-801b 6 6 65 81-1001b 55 55 6 101-1201b .. .. 55 6 0

RUGBY, November 1. Pans— Par. Oct. 31. Nov. 1. Francs to £1 124.21 74 41-64 74 39-64 Brussels — Belgas to £1 SO 20.18 29.16 Kroner to £1 IS.ISO 19.90} 19.99} Stockholm — Kroner to £1 18.130 19.39} 19.39} Copenhagen— Kroner to £1 18.150 22 22 Berlin— Marks to £1 20.34 12.22 12.21} Montreal — Dollars to £1 4.86 2-3 4.97? 4.967s New York— Dollars to £1 4.80 2-3 4.91 9-16 4.91 9-10 Yokohama— Ponce to yen 24.582 14 3-16 14 3-32 Hongkong— Pence to dollar 24.58 22 21 13-16 Bombay— Pence to rupee — 18& Batavia— Florins to £1 12,10 7.24} 7.21} Lire to £1 82.46 60 7-16 CO 13-32 Amsterdam— Guilder to £1 12.107 7.233 7.23} Prague— Ktoner to £1 104} 118} 1183 Geneva— Francs to £1 25.22} 15.13 15.12 Vienna— Schillings to £ 1 84.86} 26| ' 26} Helsingfors— Marks to £1 193.23 227 227 Pesetas to £1 25.22} 36 35 63-64 Belgrade— Dinars to £1 25.22} 216 215 Athens— Drachma to £1 .. .. 375 516 616 Lisbon— Escudos to fil 110 1101 1100 Bucharest — Del to £1 .. 931.6 025 625 Bio de Janeiro — Pence to milreis .. 5.890 4} 4} Buenos Aires — Pence to pesos 47.22 36} 36} Shanghai— Pence to tael — 15 1-16 15 1-16 Montevideo — Pence to pesos — 39 11-16 39 11-16 Warsaw— Zlotys to £1 — 26.06 26.06 ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedtn, Quoted the following rates tor purchases and sales of foreign exchange on Saturday;— London— Buying. Selling £1 N.Z. to £100 124 124/10/h O.D. 123/10/124/8/9 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 York— Dollars to £ N.Z. T.T. 3.077b 3.930 O.D. 3.99} 3.94} Montreal— Dollars to £ N.Z. T.T. 4.02} 3.97% O.D. 4.032 3.980 France— Franca to fl N.Z. T.T. 60.58 59.28 ■ O.D. 60.88 59.33 Noumea— Francs to £ N.Z. T.T. 01.53 58.53 O.D. 61.93 58.58 Papeete— Francs to £ N.Z. T.T. 61.53 58.53 O.D. 01.93 08.58 Belgium— Belgas to £ N.Z. T.T. — 23.127 O.D. — 23.142 Germany— Reichsmarks to £ N.Z T.T. — 9.606 O.D. — 0,611 Italy— "Lire to £ N.Z. T.T. — 47.89 O.D. — 47.93 Switzerland— Francs to £ N.Z. T.T. 12.367 11.967 ■ O.D. 12.442 11.977 Holland — Florins to £ N.Z. T.T. 5.948 5.698 O.D. 5.998 5.702 Java— Florins to £ N.Z. T.T. 5.907 5.682 O.D. 5.957 5.086 Japan— N.Z. Pence to 1 , Yen .... T.T. — 17 11-10 O.D. 17 43-64 Shanghai— N.Z. Pence to 1 Dollar .. .. T.T. 1774 19 3-16 O.D. 173 19% India and Ceylon— N.Z. Pence to 1 Rupee .. .. T.T, 228 2* 23-32 O.D. 22} 22 21-32 Hongkong— N.Z. Pence to 1 Dollar .. .. T.T. 27 28 1-16 O.D, 26} 28 Singapore— N.Z. Pence to 1 Dollar .. .. T.T. 343 35 5-16 O.D. 34} 35} Sweden— Kroner to £ N.Z. T.T. 15.790 15.460 O.D, 15.830 15.470 Norway— Kroner to fi N.Z. T.T. 16.201 15,871 O.D. 16.241 15.881 Denmark— Kroner to £ N.Z. T.T. 18.208 17.878 O.D. 18.248 17.888 Austria— Schillings to £ N.Z T.T. — 20.63 O.D. — 20.65 Czechoslovakia— Crowns to £ N.Z. T.T. — 95.01 O.D. — 95.06 All rates subject to alteration without notice. DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates on Saturday on a New Zealand currency basis. They are subject to alteration without notice. U.S.A. Canada (per £1 (per £1 N.Z.) N.Z.) Selling— dols dole. T.T 3.933 3.98i O.D .. 3.943 3.985 Buying— O.D ,. 3.98| 4,03i

£ S. d. November 2 .. .. 7 1 6* October 31 .. .. 7 1 b October 30 .... 7 1 4 October 29 .. .. 7 1 4i October 28 .. .. 7 1 (i October 26 .. .. 7 1 6 October 24 .... 7 1 31