COMMERCE AND FINANCE

Otago Daily Times, Issue 22743, 2 December 1935, Page 14

COMMERCE AND FINANCE

LOCAL AND OVERSEAS 5 MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Bank of New Zealands were asked for at £2 9s on tire-Dunedin Stock Exchange on Saturday,-shut sellers were unwilling to do business at less than £2 lie-- Reserves were available at £6 2s 6d, but buyers were 1 not offering more than 17b. The 1 demand for contributing New Zealand 1 Refrigeratings was firm at IPs 6d, with' A seller : in the iharket at od more. tip to 12s ,9d was offeredNational Electric, but sellers were firm at 13s 6d. New Zealand Breweries continued in demand at £2 14s 6d, but the shares were , not available at less than £2 105t3d. --’,The market dor ’ Government; Loans was : etgady, and sales of 4 per cent. Bonds; 1949 mild T 955, were-reported at-: £lO4 15s ahd~£lo7 respectively. SALES REPORTED.

WELLINGTON f ■ ’ ■ . r-- v-./y A < " •

NORTHERN EXCHANGES The following business was transacted on 'Changes on Saturday:— AUCKLAND Sale* on 'Change 4 p.c,, Bonds, 1940 103 5 0 4 p.c;, Bonds, 1940 104 0 0 3i p.c. Stock, 1939-43 ~ ~ 102 17 6 4 p.c.,,Stock, 1940 .. .. .. 101 17 6 4 Stock, 1946 104 0 0 4 p.c.. Stock, 1949 ~ .. 104 10' 0 4 p.c., Stock, 1955 , 106 10 0

WAITAKI FARMERS’ FREEZING X COMPANY. LTD. 7. A"5 PER CENT. DIVIDEND. ; , (Special to Daily Times) OAMARU, December 1. The annual report to be submitted to the fifteenth annual meeting of the W attain Farmers’ Freezing Company, Ltd., to be held on December 13, states that the stock dealt with during the past three seasons was as follows: —

The directors'express their appreciation of the support’ accorded the works during the past season, and look forward with confidence to itk continuance.^ After providing! £sßll 18$, ,Id for depreciation and;' ! J2i)oO> fOlp income i.tax, the profit and loss:dcc6untTshows , ,a’ surplus of £5236 10s 6d. To this, lias to he added £1319 Os ' (id brought forward from last year, making a total to be dealt with of £6555 11s, whichitlie'directors recommend shall be appropriated a$ follows:—To pay a 5 per cent, dividend, £4763 11$ Id; ' to carry forward, £1791 10's lid; —£6555 11s. . The retiring •direetdrsiare Messrs E, JT Meredith, R. Milligaift and, R. J. E. Smith, all of whom.are, eligible, and oiler themselves for re-election., I . 'c\ , Mr D. Y. G. Smith,; the retiring auditor, also offers himself for re-election. FOREIGN EXCHANGES (British Olflclal Wireless) '-.si (United• Press, Association.) (By . Electric Telegraph—Copyright.) ' KUGBY, November 30.

• BROKEN HILL SOUTH JUBILEE BONUS DIVIDEND.. '• (Per United Press Association) WELLINGTON. ■December -1. To mark the fact that this year the South mine has been worked for 50 years, the board of the Broken Hill South Company has decided* to distribute a special jubilee bonus of 2s Gd per share, to be in addition to the next quarterly distribution. SOUTHLAND MARKETS (From Our Own Correspondent; INVERCARGILL, November 30.. The stock market continues firm for all classes, with a good healthy demand for store sheep. . Fat cattle are coming to hand in regular numbers and values remain firm at last week’s quotations. Fat sheep are offering freely, the bulk of those coming to hand being ewes, for which the market is firm, with a rather better demand for good quality wethers. The store sheep market is very firm, feed is now plentiful and any sheep coining into the yards meet with good competition. The store cattle market has beenp good during the .week and * values show'a slight yise.4 N?„ Fat : Cattle.—Prime heavy bullocks, £lO 15s to £l2: medium-weight prime do, £0 to £10; lighter do, £7 to £8; prime heavy heifers, £8 10s to £9 10s; medium do, £6-to £7; lighterydo, £4 to £5; extra prime heavy cow’s. £9.to. £10; medium do, £6 10s to £7 ss; lighter do, £4 to £5. Fat Sbeep.—Prime heavy show’ wethers, 25s to 275; medium do, 22s to 23s 6d; lighter do, 20s to 21s; prime heavy show ewes, 20s to 225; medium do, 17s Gd to 18s Gd; lighter, 15s to 16s. Store Sheep.—Romney ewe hogget (show’), 28s to 80s: medium do, 24s to 26sy two-tooth'wethers (show), 17s to 18s; medium do, 14s to 16s; aged ew’es and lambs, 12s Gd to 14s; medium do, Ss Gd to 10s.; ....... -V Vl-. .; V ■ . •Store Cattle.—Three and four-year bullocks, £G to £6 10s; medium do, £4 10s to £5 ss; two-year bullocks, £4 to £5; oneycar and 18-month do, £2 10s to £3 10s; two-year heifers, £1 10s to £3; empty cows £1 to £2 10s.

LONDON WOOL SALES

RATES MAINTAINED (United Press Association) (By Electric Telegraph—Copyriglu) LONDON, November 29. At the wool sales 10,333 bales were offered, including 4110 from New Zealand. About 8774 bales of Australian and Aew Zealand were sold. There was keen competition and rates were fully maiuNew Zealand scoured, “Godlcy Peaks,” top 25d, average 221 d. Messrs Murray, Roberts and Co., Ltd., have received the following tvool market cablegram from London, dated November 29: —- Sales- continue with a good tone, competition keen; greasy merino, except the best descriptions, opening rates are barely maintained. ::: DOLLAR AND FRANC , i(United Press Association) (By Electric Telegraph—Copyright) LONDON, November 29. Exchange on New York is quoted at 4.93 9-16 dollars to the £, and on Pans at 74 15-10 francs to the £. DAIRY PRODUCE (Per United Press Association) WELLINGTON, November 30. The Dairy Board prices have been fixed on,a basis of: Butter. Hid;, cheese, 5Jd. equivalent to butter, p3s; cheese. 45s lid, C ’-The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cablegram from its London house, dated November 27: —Butter: Lew Zealand choicest salted, 995, to 100 s per cwt; market slow. Cheese: White, o3s per cwt; coloured, 55s per cwt. Market quiet. LONDON MARKETS (United Press Association) (By Electric Telegraph-Copyright) LONDON, November 29. (Received Dec. 1, at 5.5 p.hi.) Friday’s closing prices were as follows: Cotton: Spot 6.59 d, December 6.45 d. Rubber: Para 6|d, plantation smoked 6 5-16 d. „ nl Jute: December-Jamtary £l9 18s 9a. Copra: December-January, South Sea, £l3 10s; smoked, £l2 10s; plantation Rabaul. £l4 7s Gd. Linseed oil £27 ss. Turpentine 445. NORTH BROKEN HILL (Per United Press Association) WELLINGTON, December 1. The board of directors of the North Broken Hill mine has decided to proceed with the necessary work preparatory to opening the British section of the north mine. It is anticipated that this work will be finished by April. MERCHANDISE MARKET The Waimarino, which arrived last week, brought sugar from Auckland. Further supplies will arirve by the Waxpiata on Wednesday, and the v\ ingatm on December 12. Advice has been received that further supplies of Guinea Gold cork-tipped cigarettes will not be available. Only the plain-tipped cigarettes of this brand will lie obtainable. A -parcel of Jordan almonds arrived duping last week.. Tinned peas are getting into short supplv in merchants’ hands. The Hauraki from Vancouver, ban Francisco, and Los Angeles is due to arrive about December 12, bringing supplies of unbleached seedless and seeded raisins, salmon, muscatels, resin, and turpentine. The Maramn, which will arrive from Melbourne to-morrow, is carrying considerable transhipments of tea from Colombo. . Jt ig understood that the new; season s dates will reach Dunedin about the middle of December. They are to be transhipped at Sydney, into the Karetu. The Wairuna, which arrived on Saturday: from Vancouver, Sau Francisco, and Lps Angeles, brought consignments of sal* jmon, pilchards, seeded raisins, and prunes.

LONDON MEAT MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, November 30. (Rec. Dec. 1, at 5.5 p.m.)

LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, November 29. (Received Dec. 1, at 8 p.m.) The following are the official metal quotations;—

BRITISH TOBACCO COMPANY (Per United Press Association) WELLINGTON, December 1. Advice has been received that the British Tobacco Company will pay a dividend of 1) per cent. AUSTRALIAN STOCK EXCHANGE

EGG MARKET NEW ZEALAND IN LONDON. The High Commissioner, London, November 23, cabled the Department of Agriculture as follows:—Egg market firmer with little more demand. English, national pack 19s 6d to 245, ordinary pack 17s 6d to 21s. Danish, 13s 6d to 18s Od. Australian, 141 bto 171 b per long hundred, 10s 6d to 13s. New Zealand, ex Mataroa, quality and ondition satisfactory, 10s 9d to 13s 3d; 141 b per long hundred; slow sale.

CUSTOMS RETURNS PORT OF DUNEDIN INCREASED SALES TAX FIGURES The Customs returns for the Port of Dunedin for the month ended at noon on Saturday reveal that November was again a good month. Though the comparison with the same period of last year indicates a decrease in most cases, it may be noted that last November was an exceptionally productive period and the latest figures compare more than favourably with those of more recent months. There was very little overseas shipping in port during the first two weeks of the month, but this was more than balanced by the amount of imports which arrived in the third and fourth weeks. Customs returns realised £56,635 6s Id, compared with £61,820 6s 8d for November of last year, a decrease of £5185 Os 7d. The figures for the eight months of the current financial year were £431.766 15s Od, compared with £448,028 8s 5d in the same period of 1934, the decrease being £16,261 12s Bd. During the month beer duty amounted to £23,940 8e 3d, an increase of £2Bl 15s Id, but there was a decrease of £4967 9s lid in the figures for the eight months. This year the total was £150,392 Is, and last year £155,359 10s lid was collected. A general improvement in the business of the city was reflected by the sales tax figures, practically every firm’s return being higher than usual. The total for the month was £23,009 8« lid, compared with £20,192 17s 9d for November, 1934, an increase of £2816 11s 2d. The figures for the past eight months also reveal an increase over those for 1934. This year £165,071 13s Od was the revenue derived from the sales tax, and the comparative figures were £159,590 lls 7d. A total of £11,678 12s 6d was secured from the petrol tax last month, compared with £15,122 7a last year. In the figures for the eight months, the decrease shown was £17,735 11s 9d. The tyre tax figures showed a considerable increase for the month, the figures being £IO6B 12s 9d this year and £462 19s 10d last year. Taken over the period of eight months the improvement was less noticeable. . The gold duty accounted for £1634 Is 3d last month, compared with £1538 15s 10d last year, and in the figures for the eight months, an increased revenue of £2988 0s 4d was revealed. MONTH OF NOVEMBER. The following are the figures for the month of November, together with comparative figures for November, 1934, shillings and pence being omitted: — November, November, 1935. 1934. £ f Customs returns .. 56,635 61,820 Beer Duty .. .. 23,040 23,658 Sales tax .. .. 23,009 20,192 Petrol tax (at 6d per gallon) .. .11,678 15,122 Tyre tax .. .. 1,068 462 Gold duty .. .. 1,634 1,538 PERIOD ENDED NOVEMBER. The following figures give a comparison between those for the first eight months of the current financial year and those for the same period of 1934: April-Nov. April-Nov. 1935. 1034. £ £ Customs duty .. 431,706 448,028 Beer duty .. .. 150,392 155,359 Sales tax .. .. 165,071 159,590 Petrol tax .. .. 90,876 108,612 Tyre tax ~ .. 5,956 5,593 Gold duty .. .. 16,070 13,082 DROP IN AUCKLAND FIGURES INCREASE FOR THE ELEVEN / MONTHS. (Peb United Press Association) AUCKLAND, December 1. Although the Customs revenue collected at Auckland during the last month amounted to only £232,793 as compared with £243,301 in the corresponding month of last year the return for the 11 months of this year is £2,391,915, which is well in advance of the figure for the similar period of lust year,—namely £2,368,513. With the motor spirit and tyre duties added the revenue tor the past 11 months amounts to £2,894,674 as compared with £2,872,607 in the same period of last year. The return from motor spirit duty last month showed an increase over that of the same month of last year, the figures being £48,723 as against £47,270, hut the tyre duty showed a decrease, only £1952 being collected fi’om this source last month ag compared with £2778 in November, 1934. The excise on beer, which returned £10,241 in November of last year, totalled £14,214 during the past month. The sales tax also showed increased figures of £70,240 last month as against £63,451 in November of last year. THE WELLINGTON FIGURES (Per United Press Association) WELLINGTON, December 1. The Customs revenue collected in Wellington for November was £255,871; the sales tax, £78,486; the excise on beer, £5096; motor spirit taxation, £67,518; and the tyre tax, £1475. THE RABBIT MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON, November 29. (Received Dec. 1, at 5.5 p.m.) Rabbits. —First large, ex store, firm at 19s and 19s 6d. WEST COAST MINING MANY DREDGES WORKING. , A satisfactory feature of the goldmining industry in New Zealand is that the new West Coast dredges are now beginning to show better returns and many dredges appear to have overcome the usual “ teething ” troubles and to have settled clown to consistent yardage treatment. The successful establishment of some of the West Coast companies has been the means of again turning investors’ attention to the South Island gold market, confidence in which was shaken by the failure of the Cromwell Flat and other, ventures. Many of the West Coast dredges were rather slow in getting under way, but this is not a fault when ultimate success or failure is dependent on thorough test ing of the ground. With most dredging propositions it is possible to estimate fairly accurately the recovery of gold and the life of the claim. As a whole, the companies undertook exhaustive testing and they are now reaping the benefit of this. There are 10 dredges operating and seven dredges are in course of erection. It is estimated that about £1,000,000 has been invested in dredging and sluicing propositions on the West Coast. A portion of this capital is Australian, the Stafford, Bundi, and Alluvial Tin dredges being Australian-owned. From a dividend-paying aspect, the most successful of the new dredges has been the Worksop Extended, the Is shares being valued at a prejnium of about Is Od. Most of the other shares are selling at oar or slightly better. Gold exported from the West Coast during the year ended September 30 last amounted to 51,0000 z. Possibly the operations of the West Coast dredges will assist in arresting New Zealand’s falling gold production. In 1934, the Dominion produced 160.0000 z, compared with 162,0000 z in 1933 and 166,0000 z in 1932. AUSTRALIAN BUTTER PROSPECTS OF GOOD SEASON. In Queensland there has been a marked improvement during the past month, and all districts report steadily increasing outputs (reports the National Bank of Australasia). Gradings have expanded from 11,000 boxes for the third week ot September to 40,000 boxes For the week ended October 26. In New South Wales prospets are much brighter than earlier in the season, and cream supplies are rapidly increasing. . The Victorian position is exceptional!) good for the time of year, and a record output is indicated for the season. South Australia obtained very helpful rains, which will keep production near its peak for longer than usual. The dairying districts in the south-west of Western Australia report increases in cream supplies and conditions favourable tor growth of pastures.

MINING NEWS MAORI CULLY RETURN The Maori Gully return for last week was 550 z 4dwt for 122 hours’ work. MOSSY CREEK DIVIDEND (Per United Press Association) GREYMOUTH. December 1. The Mossy Creek Dredge return was 330 z 7dwt from 10,745 yards for 131 hours’ work. The third dividend of v ld a share has been declared, payable on December 18. GOLDFIELDS RETURN The secretaries of the Goldfields Dredging Company Ltd., report that telegraphic advice has been received from the dredgemaster that a return of soz was won for the week’s dredging. WAIPAPA BEACH RETURN Messrs W. A. Mitson and Co., secretaries of the Wainapa Beach Gold Dredging Company, Ltd., report that advice has been received from the dredgemaster that a return of 38oz has been won for 121 hours’ dredging. GILLESPIE’S BEACH RETURN The secretary of the Gillespie’s Beach Gold Dredging Company, Ltd. (Mr F. R. Thompson), advises that the wash-up for the week ended Friday was 320 z 9dwt for 129 hours’ dredging. BIG RIVER REPORT The' following is the Big River Gold Mines, Ltd., report for the week ended November 28,: — South Stope.—Sloping proceeding. The shoot of stone from the hanging wall is cot developing too well as yet. North Winze.—Sunk three feet; total 48 feet. Still carrying stone in the south end of winze. North Stope.—Stope being filled. Crosscut North of Old Workings.— Driven six feet; total■ 21 feet. No developments here as yet. Shaft. —The straightening is almost completed. Hope to commence placing centres and guides in position in lower portion next week. Battery.—Twenty-five tons of stone sent to battery. WORKSOP EXTENDED REPORT The following is the official Worksop Extended Gold Dredging Company's return for the week ended November 29: — Yield, 45 ounces: hours dredged, 135; yards treated, 10,000. BRITISH TREASURY BILLS (British Official Wireless) - (United Press Association) (By Electric Telegraph—Copyright) RUGBY, November 29. (Received Dec. 1, at 6.5 p.m.) The total amount applied for in tenders for £45,000,000 of Treasury bills was £63,605,000. The average rate per cent, for bills at three months was 11 9.31 d against 10 9.99 d a week ago. WOOLWORTH'S (N.Z.), LTD. LARGE INCREASE IN PROFIT. The directors of Woolworths (N.Z.), Ltd., report for the year ended October 1 last thht the pt'ofit for the year after deducting all working expenses, provision for depreciation, and directors’ fees aa set forth in the profit and loss appropriation account, was £88,354 3s lOd. After setting aside as provision for taxation £28,250, the net profit for the year is stated to be £00,104 3e lOd, compared with £48,225. Interim dividends have been distributed ag follows:—Preference shares: 4J per cent., on April 15, 1935, £2250; 2 7-10 per cent, on October 15, 1935, £1350; total, £3OOO. Ordinary shares: 10 per cent, on old capital (equivalent to 4 per cent, on present capital) on July 1, 1935, £9801; totalling £13,401. This left a balance available for appropriation of £46,703 3s lOd. _ The directors now recommend delaration of the following final dividends for the year:—Preference, 1 4-5 per cent, bonus dividend on preference share capital (making a total of 9 per cent, for the year), £900; ordinary shares, 10 per cent, dividend on ordinary share capital, £24,502 10s, making in all £25,402 10s. They propose to transfer to general reserve the balance of £21,300 13s lOd. After making the above transfer to general reserve of £21,300 13s lOd, the amount at credit of general reserve and reserve account will aggregate £193,525 0s 9d. The directors state that they “ are pleased to report that the affairs of the company have progressed favourably, and that all branches are operating successfully. During the year under review a new store was opened at Timaru; a new freehold was purchased and a new store erected in premises in Queen street, Auckland, to replace the old store which was destroyed by fire.” In accordance with the requirements of the National Expenditure Adjustment Act, 1932. a reduction of 20 per cent, in the annual preference dividend was made from the payment made to preference shareholders on October 15, 1935. The directors recommend that a bonus of 1 4-5 per cent, he given to the preference shareholders. OUTLOOK FOR SHIPPING A CONFUSED POSITION. “ The outlook for shipping generally is very confusing,” said Lord Essendon. chairman of Manchester Liners, Ltd., at the annual meeting of the company in Manchester, “ Unfortunately the progress made with rationalisation has been slow, and there is still a great deal of ground to be covered before a universally acceptable scheme can be submitted to the International Shipping Conference. On the other hand, the past year has been remarkable for the successful efforts of the Tramp Shipping Committee in establishing minimum rates in several of the most important tramp trades, and in which the liner interests have co-operated. “ More recently, however, political developments in the Mediterranean and East have created employment for a considerable number of snips, with the result that at the moment freight markets are in many instances on a more reasonable level than has been' experienced for two or three years past. “This improvement may be of a temporary and misleading character, particularly as it has the effect of upsetting many regular trade routes and prolonging certain voyages via the Cape of Good Hope instead of through the Suez canal. For the time being, however, an improvement is undoubtedly in evidence, and I have no doubt that when the next quarterly statement of the Chamber of Shipping is issued it will be found that there has been a considerable reduction in the volume of tonnage laid up. “ Because of the uncertainty of the conditions which are partly responsible for this improvement, I look upon the immediate outlook as confusing, and I am afraid these uncertainties may further delay the consummation of the plans for rationalisation within the industry, upon which so much labour has been expended.” A LOWER AVERAGE BUTTER-FAT PRODUCTION. Mr W. M. Singleton, director of the • Dairy Division of the Department of Agriculture, reviews dairy herd testing during the 1934-35 season in the New Zealand Journal of Agriculture. He remarks that the season witnessed a definite falling-off in the number of cows submittted for test, while a climatically unfavourable dairying season resulted in a decline in average production of tested cows. Some 256,931 cows were tested, as compared with 297,647 for 1933-34, representing a decrease of 40,716 cows, or 13.67 per cent. The average butterfat production per tested cow was 252.011 b, a falling-off of 10.431 b fat over the previous season’s average of 262.441 b. A return to better butter-fat prices and more normal conditions should make it possible to regain the lost ground.

QUARTZ MOUNTAIN. LTD. ANNUAL MEETING OF SHAREHOLDERS. The first annual meeting of the Quartz Mountain (Papua), Ltd., was held on Thursday last in the Returned Soldiers’ Club rooms, Moray place, Dunedin, when there were about 100 shareholders present. The chairman of directors (Mr J. W. Thomson) presided, and, moving the adoption of the report and balance sheet, stated that it was very gratifying to the directors to see such a large attendance and to have the opportunity of giving them further information regarding tno company’s operations. The whole plant, was very near completion, the water supply was now flowing to the treatment tanks at the rate of 2500 to 3000 gallons per hour, and there was plenty of ore available to keep the plant supplied. A letter from Mr R. Boyd at the mine was read, in which he stated that he was driving a level on the footwall of the main lode wide enough for a double truck line, and that as the result of continuous sampling he considered the lode all payable. It consisted of quartz and*blaek oxide of iron. As the assay office was now completed, Mr Thomson went on to say that proper assays would very soon be available, and with regard to the actual starting he stated: “Many parts of our plant are started, some working, the mine itself is producing and there is plenty of payable ore ready to crush. The aerial is erected and on being tested under load disclosed trouble with the hauling rope, which is now being remedied. The crushing plant is in working order, the treatment plant is erected and practically ready to work. We would have been started by this meeting but for the trouble with the aerial.’’ There was the question of listing the shares on the Stock Exchange. The directors had carefully weighed this matter and did not consider it advisable to list until the company was established as a working concern. When the time is opportune, the directors would go carefully into the matter. During the year, Mr Thomson stated, he had had great assistance from his codirectors —Messrs C. G. Smith, A. J. Harris, W. T. Easton, and W. H. Gordon, —who had all worked very harmoniously They had had very difficult problems and decisions to make, and ho wished to thank them one and all. Mr Thomson exhibited a number of lantern slides showing maps of the island, the locations of Quartz Mountain, and the other mines on Misima, the hauling and erection of the plant, the power house, etc., and gave an interesting description of the gcheral lay-out.

Mr Baxter Wilsoij seconded the motion. Undoubtedly there had been many difficulties to overcome, he said, and Mr Thomson bad had to devote a great deal of time to the company’s interests. He considered the returns from the other mines showed fairly well what was to be expected from Quartz 'Mountain. The adoption of the report and balance sheet was carried unanimously. The retiring director. Mr W. T. Easton, was re-elected on the motion of Mr W. H. Shepherd, seconded by Mr Ralph Malcolm.

Mr T. C. Coull. in moving that the remuneration of the directors be £l5O, expressed the shareholders’ appreciation of the directors’ services, and on the motion being seconded by Mr H. Copper, the addition was made to the motion at the request of the directors that such remuneration be not paid until the companv paid a dividend to shareholders. Messrs William Brown and Co. were reanpointed auditors for the ensuing year.

Mr Alexander Harris. moved that a letter be written to Mr Robert Boyd conveying the company’s recognition of his

valuable services, and wishing him many years of continued good health. He would also like shareholders to instruct the secretary to rvrite to Mr Gordon expressing their gratification that he was recovering from his recent illness, and the hope that he would soon be fully restored to good health, and also to thank Mr N. B. Higgins, of Misima, for his services as assistant manager in Mr Gordon’s, enforced absence. The motion was l carried.

PRICE OF FINE GOLD

FRUIT AND PRODUCE WORLD Reilly’s report selling: Per Dozen. —Spring cabbage, 2s; cauliflowers, 5a to 9s 6d; local cucumbers, 10s to 12s; small, 5s 6d to 7s; carrots, Is 9d; white turnips, Is; lettuce, choice. Is to 2s; small unsaleable; spinach, Is; eggs, poultrykeepers’, Is Id; storekeepers’, Is; narcissi, Poeticus 4s; Asparagus, Christchurch 5s 6d to 7s 6d, Outram 14s. Each.—Knapsack sprayer. £4_ 15s; Champion egg crates, 24 doz 17s 6d; strawberry crates, 6s. Bushel and American Cases. —Apples: Choice Delicious, 13s to 14s; Stunners, 13s 6d to 14s 6d: Rokewoods and Dochertys, 10s 6d to 12s. Pears, W. Cole, 12s; Californian lemons, 50s; New Zealand lemons, 12s to 15s; Australian Valencias, to 30s; pineapples, 20s; bananas, 27s 6d; Californian grapes, 30s; Californian navels, 38s 6d. Per Lb.—Peanuts, 4d; walnuts, 8d; tea, oyange pekoe, 2s Cd; gooseberries, 3d to 3Jcl; cherries, 8d to is Id; small, 4id to 6d; extra choice, Is 3d to Is 7d; jam. Old; strawberries, choice 10Jd to Is Id; butter, storekeepers’ lOd; bacon, prime, lid: porker and bacon pigs, s)d to 6d;, over-weights, 3d; rhubarb, Id; mushrooms. Is to la 3d; now potatoes, Pukekohe 3d, locals 4d to 41d; Christchurch tomatoes, firsts Is Id to Is 3d, seconds, small 7d to Is; local tomatoes, firsts 1» 3d to Is 4Jd; green peas, 3Jd to S.d; broad beans, 2Jd; beeswax. Is Id. Per Cwt.—Old potatoes, 15s; Californian onions. 255; oyster grit, 6s 6d; woodwool. 265; coconuts. 14s 6d per sack, Olive oil, 12g gallon; Giraffe lime sulphur, 8 gallons 2s, barrels Is 9d. Semesan and Granosan, 2oz 2s 3d, Boi ss. 11b Bs. 251 b 150 s. Blackleaf “ 40 British. 101 b 455. 51b 265, 11b 8s 6d, Jib 4s 6d; patent codim moth tree bands, 200 ft lengths 17s 6d; prepared white oil ss. Arsenate of lead paste 9d to Is 3d, powder Is to Is 6d; red oil, 5s 6d; French Bordeaux, Is Id; strawberry pottles. Star 635, Jubilee 61s 6d.

Granulated charcoal, 4d; fowl wheat, 5s 6d; partridge peas, 7s; maize, 5s 6d; kibbled maize, 6s 6d; oats, A Garton* 3s 9d, B 3s 3d; Palmer’s chick food, 100’« 18s 6d; crushed oats. 9s 6d: X Keys meatmeal. 15s; buttermilk powder, 3d; bran, £5 10s; straw, wheaten £3, oaten £3 10s; oatmeal, £l9; hay, £5 ss; chstff, b. 0.5., £5; pollard. £6 15s; tomato stakes, 12e per hundred. Per Pair.—Poultry: 171 hens, 3s to 7« 8d; 14 cockerels, Is to 7s 4d; 4 ducks 6s; 1 bantam Is 6d, One gobbler. ISlb, at Od, REILLY’S CENTRAL PRODUCE MART, LTD., Moray place, Dunedin, C.L

*'* ... V-V . p. iS. d; ; IroWaV -. .. S ! i'' ; .6 ■,■3 0 4 p.c. Bonds, 194!) 104 15 0 4 p.c. Bonds, 1955 107 0 0 UNLISTED STOCK, Mackintosh Caley Phoenix 0 11 0 1 The following are Saturday's buying and selling quotations, which are subject to. the,..usual brokerage;— BANKING. Buyers. Sellers. £ £ s. d. £ ■ s.' d. New Zealand .. .. 2 9 0 2 11. 0 . Commercial .. . • 0 17 0 — National of New Zealand 3 12 0 3 14 0 Eeserve 5 17 0 6 2 6 Union of Australia, Ltd. — 9 15 0 INSURANCE. National .. .. .. 0 19 9 New Zealand .. .. 3 2 6 3 6 0 SHIPPING. P. and 0. Deferred Stock .. 1 1 6 • U.S.S. Co. (pref.) 1 7 4 — MEAT PRESERVING. N.Z. Refrigerating 1 , (paid) .. .. .. 1 2 0 1 2 9 N.Z. Refrigerating (cont.) 0 10 6 0 10 11 Southland Frozen •i -(paid) , — 3 18 0 ■ LOAN AND AGENCY. Goldsbrough,. Mort — 1 12 6 Mortgage Corporation 0 5 1 6 5 13 National Mortgage {“ B ” issue) .. 1 12 0 — Perpetual Trustees — 3 6 0 Trustees Executors and Agency .. .. 3 3 0 — Wright, Stephenson (ord.) — 0 18 9 COAL. Westport .... .. — 1 2 9 Westport-Stock ton (pref.) .. .. .. ■ • — 0 2 9 S WOOLLEN COMPANIES Bruce (ord.) *.. 0 14 0 Bruce (pref.) — 1 i 6 Mosgiel ... v AO 0 0 10 5, 0 ' MISCELLANEOUS Broken Hill Propfietary .. .. — 2 17 9 Brown, Ewing (ord.) 0 14 6 — D.I.C. (pref.) .. 1 3 0 — Dominion Fertiliser 1 0 '0 1 4 0 Dominion Fertiliser Debs 106 0 0 — Dominion Rubber. ' 1 •7 0-Dunedin-Kaikorai Trams .... .. 1-18 0 Dunedin Stock Exchange Propy.. .. 1 18 0 2 0 0 Milburn Lime and Cement — 2 4 9 National Electric 0 12 9 0 13 6 N.Z. 'Drug Co. .. 3 19 • 0 4 0 6 N.Z. Paper Mills ”1 5 0 1 9 6 Regent Theatre .. 0 16 0 0 19 0 , r; J3REWERIES if. / 4/ ■ New Zealand .. : ,iv ; 2514 : 6 ■2 15 3 Tooths .... .. '■ " 2 16 0 c AUSTRALIAN MINING. Electro. Zinc (ord.) — 1, 15 6 Mount Lyell 1 0 10 1 1 3 Mount Morgan .. — 1, !7 3 GOLD MININGBendigo Goldlight 0- 0 34 ' 0 0 4 Big River .... .. 0 . 1,10 . 0 .2, .0. Gillespie’s' 5 .. 0 1 0 0 1 2 Goldfields Dredging — 0 0 Si Kildare — 0 2 a King Solomon 0 3 3 — Lawson’s Flat .. — 0 0 6 Nokomai 0 1 6 0 2 6 Okarito 0 5 6 0 5 9 Sandhills . . .. .. — 0 0 .6 Skippers .. ' 1. — 0' . 0 ' 4 v AVaipapa Beach .. 0 1 6 0 1 8 Waitahu — 0 3 0 : N.Z. GOVERNMENT LOANS. 34 ’Stock, Nov., 1938-52 .. ... .. 102 5 0 — 34 Stock, March, 1939-43 —: 103 5 0 3£ Stock, - Sept., 1939-43 — 103 5 0 34 Stock, May, 1939-52 102 5 0 — 4 Bonds, 1937-40 .. 101 10 0 — 4 Stock, 1937-40 .. — 102 5 0 4 Bonds, 1943-46 .. 104 0 0 — 4 Stock, 1943-43 . , 104 .0 0 — 4 Bonds, 1946-49 .. 104 10 0 105 0 0 4 Stock, 1946-49 .. 104 10 0 — 4 Bonds, 1952-55 . . 107 0 0 — 4 Stock, 1952-55 .. 107 0 0 — UNLISTED' STOCKS. Wcohvorths (Syd.) 5 17 0 — Fuller-Hayward Debs — 66 0 0 Quartz Mountain .. 0 9 6 0 11 . ’ * J 0

r '. Bank of New Zealand .. Reserve Bank\.. - 5 .18 , 6 Mortgage Corporation .. «•; , 0 5 .30 5 6 • Christchurch Gas (10a paid) 0 l(i 9 Northernr'Stearasiijp , .. . . U 0 o British Tobacco r/ i .r. ,. • • -12 1 o G. J. Coles '-V. .. .. 3 G 0 Union Oil 1 10 0 Goloonda Holdings .mv ; 0 1 .6 - Solatiit >./•;?■ •• ' - 1 19 0 Placer ', • •• 5 10 :0 ' — v ’

Sales-on ’Change 4-,p.c., Stock, 1949 .. 104 15 0 4 p.c., Stock, 1955 .. .... 107 0 0 Bank" of New Zealand (late . Friday) .. • • • • 2 8 3 Christchurch Gas (cont.) 0 17 0 Tauiio Totara (late Friday) 0 9 3 Procera Bread Vendor (late 0 . Friday) .. .. D lSkip$fej3 (late hnday) . •• • • • • . • • • 0 1 1 0 i 0 3i 0 11 Unlisted Stocks Woolworths (Sydney, Ijjte 18 6 Friday) .. .. •• 5 Woolworths (Sydney, (late 5 IS 0 CHRISTCHURCH n : Sales on ’Change -Bank of N.SiW. (cum div.) .. So 2 6 Reserve Bank of New Zealand 15 15 0 2 (2).- .. , New Zealand Breweries (7) 5 2 British Tobacco (cum div.) .. 2 2 0 0 11 10 i . Sales Reported N.Z. Farmers’, Co-op (10s 0 0 paid, late Friday) ..' .. 3 Christchurch Gas (10s paid, 0 16 9 late Friday) i .. .. •• Christchurch - Gas (10s paid) 0 17 0 N.Z. Refrigerating 4J p.c., 102 1 -1940-45 •. . 0 0 Unlisted Stocks Woolworths (Sydney) .. .’. 5 18 0

1933. 1934. 1035. Sheep .. 43,836 28,305 53,229 Lambs .. .. 344,583 339,021 326,069 - 388,419 367,326 379,298

Parts—' ; 'i *'*V. Par. Nov. 28. Nov. 30. Francs to £1 124.21 74 57-64 74 55-64 Brussels — Belgas to £$ I SO 29.17ft 29.10ft Oslo— ’• 19.90ft ' Kroner, to £1 Stockholm— ,18.ISO 10.90ft Kroner to £1 18.130 , 19.39ft . 19.39ft Copenhagen— Kroner to £1 18.150 22 22 ■Berlin— r Marks to £1 20.34 12.27 12.26 Montreal — Dollars to £1 4.86 2-3 4.98ft 4.98J New York— Dollars to fil 4.86 2-3 4.93 7-16\4.93 1-16 Yokohama— Pence to yen 24.582 14 13 63-64 Hongkong— 1 Pence to dollar 24.58 173 173 Bombay— Pence to rupee ■—•f.'.v18ft' . .. 18ft Batavia— ; r Florins to £1 ftlllan— 12.10 7.27 7.27 Lire to £1 82.46 60S 601 Amsterdam— Guilder to £1 12.307 7,283 7.283 ■ Prague— , A Ktoner to £1 104J Geneva— 119ft • 119 3-ib ; Francs to £1 25.22ft 15.20 • 15.26 , Vienna— Schillings to £1 Helsingfors— 84.86ft 26ft • : • 2GJ, Marks to £3 193.23 220| " 22GJ' Madrid— Pesetas to £1 25.22J 36 '3-16'; • soft ; ' Belgrade— • ' 217. V Dinars to £1 25.22ft 217 ' " Athens— . , Drachma to £1 .. .. 375 518 SIS Lisbon— Escudos to £1 110 1108 1103 Bucharest— Lei to £1 . .. 981.6 ,630 V . '. .629 Rio de Janeiro— V , "‘A'.:Pence to A mltrei? . .. it 6.890 ’■•4ft Buenos Altes — Pence to pesos 47.22 36J Spft Shanghai— ■ ■ Pence to tael Montevideo— ~ 14 9-16 14 9-16 Pence to pesos Warsaw— — 39ft 39ft Zlotys to £ 1 — 26.06 26.06

N.Z. SHEEP— Canterbury and North o i—"t CO (M t>* o rH ci o Island selected crossp bred wethers and maiden ewes: d. (Per lb.) d. d Under 481b 5.1 52 52 48-5611) .. a 48 44 57-041b - - 4^41 44 C5-721b 4 a44 44 Ewes: Under 481b '. .. 38 3 3 48-641b 22 21 25-65-721b 24 24 ■ 23 North Island; 57-6411) 42 42 41 65-721b 4S 4S 43 AUSTRALIAN SHEEPFirst quality crossbred and/or merino wethers: 48-64lb 4 4 4' Second quality: 30-551b n 3 3 Ewes: 30-551b — 3i 31 ARGENTINE SHEEPFirst quality crossbred wethers: 48-641b 44 44 65-721b — 4 4 PATAGONIAN SHEEPWethers and/or maiden ewes: Under 50lb 34 34 34 SO-GOlb 3:1 3 3 Under 50!b ... .. .. 3ii 3i 35 Ewes: 40-501b _ — — ARGENTINE LAMBS— First quality: 361b and under 7 7 62 64 37-421b 6.2 61 Second quality: Average about 28lb .. 6.2 6.2 64 PATAGONIAN LAMBSFirst quality: 361b and under .. .. 62 62 62 50-601b — — — Second quality: Average about 301b •. — 65 65 N.Z. LAMBS— Canterbury: First quality: 361b and under 72 72 72 37-42lb .. .. • • .. 74 74 vi 43-501b 74 7 7 Second quality: Average about 321b 74 74 73 Other South Island: 361b and under 7? 71 72 37-4211) 72 72 74 42-501b 74 7 ■— i Second quality: Average about 321b .. Selected North Island, including Downs: 361b and under .. .. 8 8 8 37-4211) 8 8 8 43-50lb 72 72 72 Second quality: Average about 301b 7§ 78 7§ Other North Island: First quality: 361b and under .. .. 72 72 72 37-42U) 72 72 72 Second quality: Average about 311b 74 74 74 AUSTRALIAN LAMBSVictorian: First quality: 361b and under .. .. 72 72 72 37-42lb 74 72 V Second quality; 361b and under 74 7 7 Other States: First quality; 361b and under 74 74 73 37-4211) 74 72 65 Second quality: 361b and under 7 65 65 All States: • Third quality: 361b and under 6J 62 62 N.Z, FROZEN BEEF— Ox fores (145-210Ib) .. n 2| 24 Ox hinds (145-210lb) .. 32 32 3^ AUSTRALIAN FROZEN BEEFOx crops (1001b and under) Ox ci'ons (145-21011)) .. 22 28 2g Ox hinds (145-2101b) .. 34 35 3g Ox hinds (over 1601b).. — — — N.Z. CHILLEDHinds 42 44 44 Force 24 24 24 AUSTRALIAN CHILLED— Hinds (145-210lb) .... 44 44 44 Crops (145-210Ib) .... 24 n 24 UNION OF SOUTH AFRICA CHILLED— Hinds 42 s 5 Fore s 24 21 n SOUTHERN RHODESIA CHILLED— Hinds 35 42 42 Fores 24 2| 24 ARGENTINE CHILLED BEEF— Ox fores (145-2101b) .. 22 25 3 Ox hinds (145-21011)) .. 52 54 TURUGUAYAN CHILLED— Hinds 5 52 54 Fores n 22 25 BRAZILIAN CHILLEDHinds , N.Z. PIGS— hirst quality: 60-801b 64 65 62 81-1001b 6.2 62 6A 101-1201b 64 64 64 AUSTRALIAN PIGSFirst quality: 00-801b 64 63 6g 63 81-1001b 6:2 63 101-1201b 64 64 64

Toa Cornier, spot £35 S 114 No change Copper, forward , 35 5 0 Fall £0 5 Vk Electrolytic, spot . SD 10 0 Else 0 10 0 Electrolytic, forward .. 30 10 0 No change Wire bars . SO 10 0 No change Lead, spot .. . 17 18 3 Else 0 X 3 Load, forward . .. 17 18 0 Else 0 1 3 Spelter, spot . • •• 15 18 0 Fall 0 2 6 Spelter, forward . • .. 15 18 0 Pall 0 2 6 Tin. spot .. . 221 15 0 Else 1 0 0 Tin. forward 211 10 0 Fall 0 5 0 PI 8 iron, home trade 3 10 0 No change Pig Iron, export a 1 6 No change Antimony, British 70 10 0 Pall 3 0 0 Antimony, foreign 53 10 Unit. 0 FaU 2 15 0 Jlolybdcnlto .. . 1 14 0 No change Wolfram .. . 1 14 Oz. G No change Silver, standard . Silver, fine .. . 29 3-lGd 31%d No change No change

Commonwealth Bonds— £ s. d. 34 per cent., 1943 .. .. 15 0 3,i per cent., 1942 .. .. 10 0 4 per cent., 1944 .. 0 0 4 per cent., 1947 .. .. .. 102 17 6 4 per cent., 1953 .. .. lluddart, Parker .. 10 0 0 0 Tooths 15 0 Associated News (pref.’l . .. 1 4 3 British Tobacco , O 0 0 Colonial Sugar 10 0 Morris Hedstrom 4 10£

(United Press Association) (By Electric Telegraph —Copyright) LONDON, November 29. f s. d. November 29 . 7 1 Oi November 28 0 11 November 27 1 0 November 26 0 11 November 25 .. ,. . ... V 0 Hi November 23, 0 11 November 22 1 3 November 21 .. .. . 1 5