COMMERCE AND FINANCE

Otago Daily Times, Issue 22830, 14 March 1936, Page 10

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE The following is a list of the business transacted on the Dunedin Stock Exchange during the past week:—

UNLISTED STOCKS. Woolworths (Sydney) .. .. 615 0 A fairly large volume of business was transacted on the Dunedin Stock Exchange during the past ■week, the sales being evenly distributed throughout the various sections. The market for sound investments remained firm, with a tendency to improve in many cases. BANKING. Sellers of ißank of Australasias wore prepared to accept £l2 10s, compared with £l2 12s last week, but buyers did not come forward. A sale at £l2 5s was reported. Bank of New South Wales shares were disposed of at £34 12s 6d, the market closing with a seller at £34 15s. Bank of New Zealands were fairly active, but the selling prices eased from £2 7s 3d to £2 5s 3d during the period. The final buying offer was weaker still at £2 4s 9d, sellers asking £2 5s 6d. Commercial Banks found purchasers at £1 Os 3d and £-1 Os 4d, the closing buying and selling quotations being £1 Os 2d and £1 Os 4d respectively. Sellers of Reserve Banks asked £5 18s, but buyers remained firm at £5 15s. INSURANCE. National Insurances met with an easier inquiry at 18s, compared with 18s 7d last week, sellers' latest requirement being 18s 9d. Business at the latter figure was reported. New Zealand Insurances also met with a weaker demand at £3, while sellers asked £3 2s 6d, which was the same as last week's buying offer. Sellers of Standard Insurances were prepared to take £3 3s, but buyers would not give more than £3 2s. A sale at £3 3s was recorded. SHIPPING. Huddart, Parker preference shares were on offer at £1 9s, but buyers were not interested. Union Steam preference shares continued to be inquired for at £1 6s. MEAT PRESERVING. Contributing New Zealand Refrigerating were disposed of at 9s 9d, a final seller at 9s lid failing to attract further buyers. Paid-up and preferred Southland Frozen Meats were in, demand at £3 16s without sellers coming forward. LOAN AND AGENCY. Goldsbrough, Morts were offered for sale at £1 13s, but buyers were not interested. Sellers of Mortgage Corporations were prepared to accept as low as 4b 6d, the final selling quotation being 4s 7d. No buyers came forward at the end of the period. There was a ( sharp rise in the market for Trustees Executors, buyers offering £3 10s. Sellers would not accept less than £3 17s 6d. Wright, Stephenson preference shares met with an easier inquiry at 19s, sellers asking Is above that figure. COAL. Kaitangata Coals were disposed of at £1 2s 4d, the closing buying and selling quotations being £1 2s and £1 2s 9d. Westport Coals were on offer at the easier price of £1 2s Bd, but buyers did not come forward.

WOOLLEN COMPANIES. Ordinary Bruce Woollens met with a firmer inquiry at 13s, but sellers would not take less than 13s 9d. Mosgiel Woollens were on offer at £lO 7s 6d, buyers showing no interest. MISCELLANEOUS. Anthony Horderns changed hands at £1 Os 4d, a final seller at £1 being unanswered. Colonial Sugars were inquired for at £42 10s, but sellers' lowest requirement was £43 ss. There was a steady improvement in the market for Crystal lees, the closing buying offer being £1 19s. Sellers, however, did not come forward. Stock Exchange Proprietaries were disposed of at £2, a closing seller at the same figure failing to attract further buyers. MTlburn Limea changed hands at £2 4s, ex dividend, the market closing with a seller at £2 4s 3d and no buyers forward. New Zealand Drugs were on offer at the lower price of £3 18s 6d, but buyers were not interested. There was an easier market for New Zealand Paper Mills, sellers asking £1 9s 9d, but buyers did not respond. G. J. Coles were dealt in at £3 12s earlier in the week, the market for these shares showing a decided drop at the close, when buyers' best offer was £3 9s. BREWERIES. The market for New Zealand Breweries continued to be slightly erratic, buying offers dropping to £2 lis 9d and then rising again to £2 12s 9d at the end of the period, when sellers asked £2 13s 3d. Business at prices ranging from £2 12s to £2 13s was recorded. Timam Breweries (call paid) were disposed of at lis 2d and lis lOd, a final buyer at lis 6d being unsupplied. AUSTRALIAN MINING. Electrolytic Zinc preference shares were offered for sale at £2 is 9d, cum dividend, at the end of the week, but buyers failed to respond. The ordinary shares were inquired for at £1 17s 9d, cum dividend, earlier in the period, sellers refusing to accept less than £1 18s 9d. Mount Lyells were the subject of business at prices ranging from £1 4s 5d to £1 4s 9d, the market showing an easier tendency at the close, when buyers offered £1 3s 6d and sellers asked £1 4s 6d. North Broken Hills were offered for sale at £8 Is, cum dividend, but buyers did not respond. MINING. The market for New Zealand mining shares continued to be dull, no business being recorded in this section. Big Rivers were inquired for at Is 6d, but sellers remained firm at Is lid. Sellers of King Solomons were prepared to accept the easier price of 3s 4d, but buyers would not give more than. 3s Id. GOVERNMENT LOANS. There was a fractional improvement in the market for Government Loans, but sellers did not respond. Business in 4 per cent. Stock 1952-55 at £lO3 10s was reported. SALE ON CHANGE. i s. d. Bank of New Zealand .... 263 SALES REPORTED. Commercial Bank 1 0 4 Stock Exchange Propy 2 0 0 N.Z. Breweries 2 12 9 2 13 0 The following are yesterday afternoon's buyipg and Belling quotations, which are subject to the usual brokerage:— BANKING.

DIVIDENDS PAYABLE. The following is a list of shares on which dividends will shortly be paynlde:—

Electrolytic Zinc —8 per cent., 9 3-5 d per share, half-yearly Mar. 19 Gillespie's Beach —3-5 d share Mar. 19 Mataki—ld per share .. .. Mar. 27 Bank of A'asia —7i per cent., 3s 4d per share, half-yearly .. Mar. 27 North Broken Hill—3s 6d per share Mar. 27 Hume Pipe—s per cent., 6d per share, half-yearly .. .. Mar. 30 NORTHERN EXCHANGES AUCKLAND Sales on 'Change

PRICE OF FINE GOLD (United Press ABBodatlon) (By Electric Telegraph—Copyright) LONDON, March 12.

Unlisted Stocks Selfridges (Aust.) .... 10 3 WELLINGTON Sales on 'Change

LONDON STOCK EXCHANGE (United Press Association) (By Electric Telegraph—Copyright) LONDON, March IS. The following are the latest quotations ot Government iccurltles compared with the iirices ruling last week: —

LONDON WOOL SALES . (United Press Association) (By Electric Telegraph—Copyright LONDON, March 12. . At the wool sales 9564 bales were offered, including 6805 from New Zealand. Altogether 8481 bales were, sold. There was a good selection, chiefly New Zealand crossbreds. Competition was active. The Home trade were the chief buyers, with prices in sellers' favour. New Zealand greasy merino, Marchburn," 18id and 17R """MELBOURNE MARKETS (United Press Association) (By Electric Telegraph—Copyright) MELBOURNE, March 13. Wheat, 3s 9jd. Flour, £9 ss. Bran, £6. Pollard, £6 ss. Oats, 2s 2d to 2s 3d. Barley: English, 2s 9d to 2s lOd. Maize, 5s to 5s- 3d. Potatoes, £6 5s to £7 ss. Onions, £6 to £6 ss. BRADFORD TOPS MARKET LONDON, March 12. Bradford Tops—Merino: 70's, 34id; 64's 33d: 60's, 32d. Crossbreds: 58s, 26d; 56's, 2lid; 50's, NJJd; 46's, 14Jd; 44's, 131 d. The market is firmer and rather more active. BALCLUTHA STOCK SALE (Fkom Our Own Cokkespondent) BALCLUTHA. March 13. The yarding of sheep at the weekly sale to-day numbered 794 fats and 3715 stores. Values for fat sheep showed little difference from those of last week. Extra heavy lambs made 28s 9d, good export lambs 21s to 23s Cd. medium 17s 6d to 19s 6d; best butchers' ewes, 17s 9d to 18s, freezing ewes 12s 6d to 13s 3d: fat wethers (heavy), 26s 3d to 26s 9d; others, 15g 3d to 20s. Store Sheep.—A first-class demand again existed for breeding ewes. Best two-tooth ewes made 34s 8d to 34s lOrt; ewe lambs, 18s to 18s 3d: wether lambs, 16s; mixed-sex lambs, 12« Cd to 15s; sound-mouth ewes, 225; failing-mouthed ewes, 15s 3d; old ewes. 10s to 12s. Cattle.—Fat heifers, £2 15s to £3 15s: forward steers, £3 3s to £4 7s 6d; good two-year-old steers. £4 12s 0d; three-year-old bullocks, £5 9s; 18-month heifers. £1 7s to £1 12s Cd; well-bred yearling heifer, £2 Is; young bull, £2 ss. Pj 2S _ —a fair yarding of young pigs, which met with a iiood demand at reduced rates. Small suckers sold at 5s to 7s; better finality. 10s to Us: wellgrown suckers, 13s to 15s.

DUNEDIN MARKETS WHEAT, OATS, ETC. The continued broken weather is causing concern union;; farmers, as there have not been sufficient spells of line weather to enable them to thresh ov stack. At the end of last week some turesiling was done on the Taieri, but it extended over <i very short period. The samples showed that, although the wheat had' been affected by the ruins, its condition was much better than that of samples which had come on the market from Canterbury. The lines from the Taieri have been accepted for milling, but further rain has again stopped thrashing. About 25 per cent, of the crop has been threshed, the balance still being out in the paddocks. Lines coining in from Central Otago are of excellent quality, but these represent wheat that has been threshed out of the stack. They have been readily purchased by millers, but the future position of suppliers of milling wheat is uncertain. This depends largely upon the quantity stacked in Canterbury, and, unfortunately, only a small percentage that has sprouted can be used m the manufacture of Hour. It is understood that the millers are to have a meeting with the Wheat Committee in Dunedin at the beginning of the coming week to consider the position. In the meantime farmers would be well advised, should the weather become more favourable, to stack their grain and leave the sheaves stacked for a period before threshing. This would ensure a better sample than could lie obtained by threshing from the stooks. Supplies of fowl wheat locally arc short, and the quality offering from Canterbury for poultry purposes is very poor. Local buyers are not keen to purchase these lines, and prefer to wait and see whether better quality will be available later. In the meantime the market is firm at 4s 9d a bushel, sacks extra, delivered at Duiycdin.

The following are the prices to be charged by millers for Hour:—2oo's, £l3 12s; 100's, £l4 12s Cd; 50's, £l4 17s 6d; 25's, £ls 7s 6d. Bran, £5 5s per ton. Pollard, £6 5s per ton. Oatmeal: 2001 b, £l9; 25's, £2l. The quantity of oats offering from farmers is on the small side, but, on the other hand, there are very few inquiries for shipment. The broken weather has prevented threshing, and any odd lines that are coining to hand .are selling at 2s 3d, sacks extra, country sidings, for A Gartons and 2s for B Cartons. Shipping values are 2s 9Jd, f.0.b., s.L, for A Cartons, and 2s 7d for B's. Millers are accepting any lines of heavy-weight Gartons that are in good condition at up to 2s 4d, sacks extra, country sidings. Trading in chaff is very small. With the accumulation of wool held in the various stores small stocks are available. Those, however, arc sufficient for the demand, which is poor. Supplies have been drawn from Canterbury as required. Present values are £5, sacks extra, for old chaff, and £4 10s for • new season's. These prices are ex truck and an extra 5s is being charged for deliveries ex stores. There is no alteration in the local market for potatoes. The demand is quiet, and the quantity arriving is on the small side. The arrivals are, however, sufficient to meet the demand, and the market remains stationary at £5 per ton, sacks included. There has been a fair inquiry for shipment following reports of damage to the North Canterbury crop, but a difference of opinion exists in regard to the future, Reports from the North Island indicate that it will have considerably more supplies this season, and South Canterbury advises that the crops are satisfactory. So far _as local potatoes are concerned the indications are for a good crop. The firming in the shipping market has really been caused by the weather, and, with a fine spell, values may be expected to settle down. Most of the markets for seeds are quiet, with very little export business _ being done. Some orders are still coming to hand for fescue, but these are so plentiful as a few weeks ago. The market for this seed is still on the low side at 6id to 7d for machine-dressed. Dogstail is also on the low side. There is no inquiry for this seed from overseas and it appears that there will be more than sufficient to meet local requirements. In addition to this, there is a heavy carryover from last season. The same applies to brown top, the market for which is quiet. Ryegrass is unchanged with very few lines changing hands. Farmers are still holding out for prices which merchants are not prepared to pay. Cocksfoot remains firm and has a tendency to advance. Most of the lines coming m show the pressure of foreign matter, and the loss in dressing will be heavy. Wholesale) prices are as follows: — Chaff.—Good bright oaten sheaf, about £5 per ton, ex store. Potatoes, £5 per ton. Market weak. Dairy Butter.—Milled bulk, to 9d per lb; sep'arator, to 9d. Supplies wanted. Bacon, IOJd per lb. Ham.—Ordinary, Is 2d per lb; boneless, Is 4d. Eggs—Stamped, la 7d per dozen; case, lsGd. J _ . Onions.— Canterbury, up to 8s per cwt. Quality irregular. FRUIT REPORT.

Heavy supplies of apples are still cornin" forward, and are offering at prices which cannot show the grower a great margin. Cooking apples are m better supply and the market is easier. Peaches are still hard to place unless the quality is choice. Nectarines and plums are almost finished for the season, and better prices are being obtained. . , Small lines of quinces are coming i<Uward and Have a (rood demand. A few raspberries are still appearing, but prices are low. n Pears are in good supply, but the demand is limited to choice quality dessert lines. , , Californian oranges and lemons aie plentiful and are offering at low prices. A shipment of Samoan bananas will arrive by the Maui Pomare at Lyttelton on Monday, and the local portion will reach Dunedin on Tuesday afternoon. Cabbages arc in over-supply, and prices are low. . . Cauliflowers and lettuce arc reaching good values. Supplies arc not sufficient for the demand. Choice quality green peas have a bettei inquiry. ' , ~ Marrows and cucumbers are in tun supply with low prices ruling. French and butter beans have a better demand. . . . Other vegetables are increasing in supply with a normal demand ruling. Wholesale prices are as follows: — Apples.—Gravenstcins, 4s to 6s per ,-ase- Worccsters, 4s to ss; Cox's orange pippins. 4s to 0s 6d; cookers, 4s to ss. Tomatoes—Choice, lid to 3d; seconds. Id lb. ■ , ■ , n ~ Lemons.—New Zealand-grown, 12s to 14s- Californian, 45s to 50s per case. Peaches.—Crates, ljd to 2d per lb; cases, Is 6d to 2s 6d. Pears.—Bon Chretiens, 2s to 3s per half case. Grapes, 8d to lOd per lb. Nectarines.—Crates, 2d to 3id per lb; cases, 3s to 4s 6d. ■ Raspberries, 3s Od to 5s per bucket. Blackberries. —Cultivated, 5s 6d to 7s (id per bucket. Plums.—Dessert 2s 6d to 4s per case. Bananas.-—Ripe, to 22s Od per case._ Oranges.—Californian navels, to 35s case; Jamaican. 26s to 30s. Quinces, 4s Cd to 5s Cd per bushel case. Cauliflowers. —Choice, 4s to 6s per sack. Cabbage, Is to 2s per sack. Carrots, 2s Cd per sugar bag. White turnips, 8d per dozen bunches. Peas, l|d to 3jd per lb. Rhubarb, to Id per lb. Potatoes, 2s to 2s 0(1 per baa. Beetroot, Is per dozen bunches. Lettuce. —Choice, 3s per dozen. Marrows, -Is to 5s per cwL. Cucumbers.—Hothouse, 3s to 4s Od per dozen; outside-grown, Is Od to 2s per ( ase. French and butter beans, ljd to 2Jd l ,er lb. , ~ Runner beans, to 2d per lb. DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, March 12. Exchange on New York is quoted at 4.97 7-16 dollars to the £l, and on Paris at 74 15-16 francs to the £l. NEW GUINEA GOLD SHARES (United Press Association.) (By Electric Telegraph— Copyright.) LONDON, March 12. New Guinea Cold shares arc quoted at 3s 6d.

BANK OF ENGLAND RETURN (United Press Association) (By Electric Telegraph—Copyright) LONDON, March 13. The following is the Bank of England return:— ISSUE DEPARTMENT. Note issue in circulation .. £404,500,000 Bank department 5(5,100,000 Government securities .. .. 240,200,000 Other securities 1,800,000 Silver coin 1,000,000 BANKING DEPARTMENT. R cst 3,700,000 Public deposits 14,200,000 Bankers' deposits 91,000,000 Other accounts 30,100,000 Government securities .. .. Discounts and advances .. 9,900,000 Other securities 14,800,000 Notes in reserve 50,800,000 Rate of reserve to liabilities is 40.05 per cent. Bank of England discount rate remains unchanged at 2 per cent. FOREIGN EXCHANGES (British Official Wireleaa) (United Press Association) •By Eieotr'c Telegraph—Copyright) RUGBY, March 12.

ON NEW ZEALAND CURRENCY BASIS The Back of New South Wales, Dune.lin (itioted the following rates tor purchases ann sales of foreign exchange yesterday:—

All rates subject to alteration wlthoui notice. DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand curreuc.y_ basis. They are subject to alteration without notice. U.S.A. Canada (per £1 (per £1 N.Z.) N.Z.) Selling— dols. dols T.T 3.98 S 3.99 i O.D. .. 3.99J1 3.99 J Buying— O.D 4.03 J 4.04 J BEET SUGAR (United Press Association) (By Electric Telegraph—Copyright) LONDON, March 12. Beet sugar, April, 4s B]d. STANDARD PORTLAND CEMENT ' Directors of the Standard Portland Cement Company. Ltd., will seek the shareholders' approval of a return of capital amounting to 4s a share. It is proposed to reduce the nominal capital of £500,000, in £1 shares (of which 499,257 shares are issued and fully paid), to £400,000, in 500,000 shares of 16s each. The reduction, the directors suggest, should be effected by returning 4s per share in cash to shareholder?, and by reducing the nominal amount of all shares to 16s each. The directors believe that the reduction will in no way interfere with the operation of the works and the company's business generally. They state that money has been accumulating which it is becoming increasingly difficult to invest on a basis remunerative lo shareholders, and it is therefore deemed expedient to return some of it. COST OF FENCING WIRE REDUCTION IN AUSTRALIA. Australian manufacturers have announced a reduction in their prices of black and galvanised fencing wire, baling wire, tie wire, and high-tensile wire. The reduction was about 12s 6d a ton. The concession was immediately passed on by merchants to users. The wholesale distributing price of No. 8 gauge galvanised fencing wire is now £l6 15s a toil. compared with the previous price of £l7 8s 4,1 a ton. and of No. 9 gauge £l7, against £l7 13s 4d a ton. In the last few months supplies of wire have been imported from Canada, and have been landed at lower prices than the Australian article.

AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, March 13. (Received March 13, at 10.15 p.m.) On the Stock Exchange a moderate volume of business was transacted to-day. but prices generally followed a downward course. This also applied to banking shares. THE MORNING SALES.

WAIKOUAITI STOCK SALE A special sale was held at the Waikouaiti stock yards on Thursday whew two-tooth ewes sold up to 30s sd,' fullmouth ewes 22s Id. failing 12s 3d, four and six-tooth wethers fetched 17s 4d, store lambs 12s, and two-year-old steers £4 Is. The lease of the water reservo of the Waikouaiti Borough Council for 21 years was also offered for sale, but the reserve of £75 per annum was not reached. The area of the reserve is 530 acres, and the carrying capacity about 350 ewea. .

DAIRY PRODUCE (United Press Association) (By Electric Telegraph—Copyright) LONDON, March 12. Butter is irregular. Danish, 120 s. Choicest salted New Zealand, 85s: Australian, 85s. Unsalted New Zealand, 88s to 90s: Australian, 80s to 88s. Cheese is quiet. New Zealand white, 50s to 50s 6d, coloured, 52s 6d to 535; Australian white, 48s to 495; coloured, 50s to 51s. Messrs A. S. Paterson and Co., Ltd., are in receipt of the following cabled advice from London: — Butter.—Market has been most irregular; now steady. New Zealand, 85s to 86s; Australian, 85s; Danish, 100 s; landed cost, 121 s. Cheese.—Market steady; white, 50s to 50s 6d; coloured, 52s to 52s 6d; Australian white, 495; coloured, 51s. The National Mortgage and Agency v Company, Ltd., is in receipt of the following calfonram from London: — Butter: Market steady. New Zealand finest, 84s to 85s; New Zealand first, 83s to 84s; Danish, 120 s f.0.b., 101 s; Australian, 84s to 85s. - . " Cheese: Market steady. New Zealand, white 50s'to 50s 6d, coloured 52s 6d to 535; Canadian, white and coloured, 60s to 625. SYNTHETIC WOOL (United Press Association) (By Electric Telegraph—Copyright) LONDON, March. 12., The Financial Times says the rise, in wool shows that synthetic substitutions have gained little ground. The competition, especially from Home and French buyers, was even greater than on the opening day of the sales. KING SOLOMON RETURN (Pee United Press Association) TNVERCARGILL. March 13. The return at the King Solomon mine this week was 590 z 12dwt. IMPERIAL TOBACCO DIVIDEND OF 24 PER CENT. With a final dividend of'7£ per cent, and a bonus of 9 per cent., a total distribution of 24 per cent, is being made by the Imperial Tobacco Company (of Great Britain and Ireland) on its £37,492.625 ordinary stock for the year ended October 21, 1935. This compares with 22$ per cent, paid in the previous year and 20' per cent, for 1932-33. In 1933-34 the profits were f 9,594,976, but the last year's figures are not yet available. How'ever, the extra 1$ per cent, dividend involves a sum of £562,389, and the company is placing £500,000 (against nil) to reserve. Allowing for the fact that the carry-forward is now reduced by about £IOO,OOO, whereas last year it was raised by rather more than £300,000, the profits would appear to have increased by upward of £600,000. t ____________ HOWARD SMITH, LTD. The directors of Howard Smith, Ltd., investors in shipping, coal mining, and sugar businesses. Sydney, have announced an unchanged dividend of 2£ per cent, for the year ended December 31. Payment will be made on April 6. An unchanged quarterly preference dividend at the rate of 6 per cent, per annum also ig payable on April 6. ■ ■ > »

CHRISTCHURCH STOCK EXCHANGE THE WEEK'S ACTIVITIES (Special to Daily Times) CHRISTCHURCH, March 13. Tlie weakness in the markets which developed last week after the readjustment of certain Australian bank fixed deposit rates was considerably accentuated this week, when the European situation took its unexpected turn. Exchanges over the whole Empire were shaken and the trading since has been quiet and at falling levels. The situation in New'Zealand is at present most complex, as the markets are subjected to at least three major influences directly and indirectly. Of first importance in the mind of the New Zealand investor is the uncertainty he feels over the programme of the Government. No faintest indication has been given of the Labour programme, except that there has been a constant reiteration of the determination of the new Government to " implement" its full programme of guaranteed prices, restored wages and pension cuts, full wages for all workers, protection for secondary industries and so on, provided "finance" can be arranged. Various Ministers have said time and again that finance is the only obstacle, and it is this value generalisation that has induced a quite serious feeling of misgiving in the marrket. This misgiving naturally turned the mind of the investor to Australian stocks, which would be unlikely to be nffected by major economic adjustments here, and the steady and somewhat excited buying of Australian stocks became the second major influence on the New Zealand majket. Australian stocks were already for the most part very fully valued when, the new wave of New Zealand buying set in, though there were many companies whose prospects appeared to be bright enough to justify prices higher than immediate returns warranteu. The third influence has developed this week, as the weakness on the Australian and other overseas exchanges has followed the German move toward' France. The sudden relapse in Australia has revealed not only to New Zealand investors, but to those in Australia as well, that many stocks, particularly the more speculative ones, were, in fact, considerably overvalued, and keen sellers have forced markets down. Business in New Zealand has been restricted, and the market is at the moment in a confused state. Several stocks have fallen sharply, but there arc others which have risen. The general tendency, however, hag been for weakness all round.

The turnover on the Christchurch Exchange was £29,589, as against £34,108 last week.

There was little business in Government issues, only four sales being made during the week. The 4 per cent., 194346, was done at £lO2 10s, and the 4 per cent., 1937-40, had three sales at £lO2. Business in banking shares continued comparatively brisk, though as a. general rule values trended steadily downward. The section accounted for about one-third of the total turnover for the week. The 10s Commercial of Australia, which showed a consistent hardening last week, reached £1 0s 6d, but lost 2d by the end of the period at £2l. Commercial of Sydney were 5s weaker than they were at the end of the previous week, and E.S. and A. were also cheaper. National of Australasia and New South Wales showed fractional weakness, but the fall in Union was more pronounced. The New Zealand banks were all definitely weaker. Reserve were done at £5 16s in three sales, but yesterday a <*ale was made at £5 12s. At £3 14s 6d National of New Zealand were about 2s 6d cheaper, and sellers of New Zealand reduced their limits considerably without attracting buyers. The insurance market was extremely quiet, but weakened a little in sympathy with banking. . A sale, of Dalgetys was made at £9 10s, 4s cheaper than last business, and Mortgage Corporations were down at 4s 6d, a loss of Id over last week. New Zealand Breweries were one of the few stocks to show any strength. They rose steadily, though slowly, throughout the week, and finished at £2 13s, a gain of 9d. Anthony Horderns were steady, and Australian Glass showed a slight improvement. British Tobaccos were below £2 for the first time since December, a sale having been made yesterday at £1 19s. Broken Hills, which touched £3 last week, ended yesterday with sales at £2 18e and £2 17s 6d. There was a sharp fall in Dunlop' Rubbers, which lost Is 2d on the week. In sympathy with the rising metals market overseas, Electrolytic Zincs were inclined to be stronger, and the preference iesue was done at £2 Js 4d, a fractional advance over the last sale made. There was a consistently good demand for Woolworths (Sydney, ordinary issue), and an advance of 4s 6d was made, the shares finishing with sales at £6 17« and £6 16s 6d. The mining section was again practicHlly dead, except for trading in Mount Lyells arid Mount Morgans. Mount Lyells were weaker, and Mount Morgans lost i little on the week. LONDON METAL MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON. March 12. (TtccelTed March 13. at 10.30 p.m.) The following are the official metal quotations:—

MAORI GULLY RETURN (I t ek United Press Association) GREYMOUTH, March 13. The Maori Gully dredge return was 51oz lGdwt for 128 hours' work. Dredging in the gorge is proceeding satisfactorily. PRICE MOVEMENTS RETAIL AND WHOLESALE LEVELS. According to the Abstract of Statistics, tho' retail price index (base: 1926-30, equals 1000) for all groups for January registered a fall of 5 points—from 845 to 840—as compared with that for the previous month, a decrease of 57 points, or 6 per cent., in the groceries group — due to considerably lower prices for potatoes and onions—being particularly counteracted by an increase of 13 points in the dairy produce group—due to higher prices for butter. The index for the meat group remained unaltered, The wholesale price index (base: 190913 equal 1000) for all groups fell from 1414 to 1405, this result having been brought about by a. number of divergent variations in the different groups. Agricultural produce recorded n fall of 281 points—due, as in the retail index, principally to the price of potatoes—while the meat and wool, hides, etc., groups showed considerable increases. The export price index (base: 1909-13 equals 1000) for all groups registered an increase of 37 points, the groups principally responsible being those for dairy produce, wool and minerals. The timber group was the only one to show any considerable decline. The share prices index (base: 1920 equals 1000) rose 12 points—from 1016 to 1028—and is now at the level of August last and 5 points above the index for the year 1038,

LOCAL AND OVERSEAS MARKETS.

CANTERBURY MARKETS GRAIN AND PRODUCE. (Peb United Press Association) CHRISTCHURCH, March 13. The grain and produce markets remain remarkably dull, the trade having so far failed to adjust itself to the exceptionally difficult season. The chief speculation is over the amount of damage done to the different crops and the estimates vary widely in the absence of reliable figures. These figures are, of course, extremely hard to get, and the full extent of the harm done by the weather cannot be known accurately till the crops are all dealt with finally. The Government announcement of the ban on barley imports had an immediate effect on the market, and quotations rose from about 2s to 2s 3d to 2s 6d on trucks according to quality. A few lines are coming in, and the qunlity so far has been indifferent.

Fowl wheat that will grade "good whole" is very scarce and is worth 4s 7d. There is a fair amount of activity in undergrade wheat for feed which is being bought on sample at 3s 8d to 3a 9d on trucks. Some lines have changed hands at figures even lower than these.

No oats are offering, and supplies will continue -short till threshing out of the stack can be undertaken, probably in a week or 10 days. The market will probably weaken again as supplies become more plentiful. Peas have attracted a certain amount of interest, and No. 1 Grade have been bought as high as 5s on trucks. This grade is very scarce, which accounts for the firmer inquiry. The small seeds trade is almost inactive, as there are few outside orders and little local interest. Italian ryegrass has firmed a little since last week, but arare from this there has been no movement.

No North Island inquiry has developed for potatoes, and till the full extent of the damage to the crops is known the market will continue uncertain. There, has been a rise since the end of last week but all quotations are purely nominal.' The figures mentioned are from £5 to £5 10s. but.little business is being done. Onions remain at £2 10s on trucks, with very little interest in the line. WORLD TRADE OUTLOOK "While there has been some sustained advance in the volume of Great Britain's external commerce, the improvement is not such as to justify complacency, even if that were a state of mind trades should ever cultivate," said Mr E. B. Orme, chairman of directors of Martins Bank, Ltd., in reviewing world trade conditions at the annual meeting of the bank at Liverpool. "It may be argued that we must still exercise patience, and that, in putting its own affairs in order, 'although by-inten-sive nationalistic action, each country is endeavouring to stand strong in itself and ready to take its part in world recovery, but it is obvious that the doctrine of self-sufficiency # cannot be continued indefinitely," said Mr Orme. "If countries which are favourably situated for the production of primary products, formerly exchanged for the manufactured goods of countries best able to produce those goods, adopt a manufacturing policy themselves, and manufacturing countries, by various means, foster uneconomic development of their agricultural industries, we shall, sooner or later, arrive at a position of stalemate so far as world trade is concerned, for world trade consists of the exchange of goods. " Permanent world recovery can only come about by general stabilisation of currencies. Without that, and the confidence thereby engendered, enabling traders to undertake contracts with assurance that they will be successfully and profitably carried to completion, we shall not arrive at the solution of international problems, financial or otherwise. "We have made little progress during the year, in this direction, unless it be that the steady deterioration in the position will ultimately force action to be taken, while the political complications brought about by the attitude of Italy have accentuated existing difficulties. It should be regarded as essential that stabilisation of the world's currencies and the position of gold should in the near future engage the serious attention of the ' best brains' among the financial advisers of the nations, not from any academic point of view, but with the sole object of terminating a state of affairs which has brought into being abnormalities such as exchange equalisation funds, which we are compelled to take on trust, tariffs, and other impediments to world trade."

Mr Orme said that the point of view that Britain was not doing so badly under existing conditions, and that any approach to stabilisation on its part should be made with caution, might reasonably be advanced. However, this should not'deter Britain from taking its part, and a leading part, in a general endeavour to adjust disordered conditions throughout the world. TRADE WITH GERMANY According to a recent cable message, Germany is disinclined to buy from any country more than she sells to that country, and reference is made to the unwillingness of New Zealand and Australia to buy German industrial products. As far as trade between New Zealand and Germany is concerned (the New Zealand Herald says), the Dominion apnears to have better grounds for complaint Jhan Germany. The trade figures for the past five years show that imports from Germany have expanded since a low point was reached in 1933, whereas exports to Germany were lower last year than in any year since 1921. Except in 1933 and 1934, every year since 1929 has seen the balance of trade against the Dominion. Figures in New Zealand currency for the past five years are as follows, together with the balance from the Dominion's aspect:— Exports Imports to. from. balance.

Wool purchases accounted for the heavy exports to Germany in 1934, but, in curtailing subsequent purchases, Germany seems to have swung to the other extreme. Perhaps the results of the current wool season will reflect what Germany considers is a fair basis of reciprocal trading with the Dominion. New Zealand ie not likely to enter into a barter agreement with Germany on the basis of the German-South African agreement, which, in spite of German eulogies, is causing some dissatisfaction in South Africa. Under the arrangement, German buyers have been granted credits in South African currency for the purpose of buying South African wool, the credits in German currency with which the South African credits were obtained beina taken over by the Union Reserve Hank of South Africa. The understanding was that the credits so. obtained in German currency would he used to buy German goods, but, according to a report from Johannesburg, the credits in German currency have by no means been completely used' in financing imports from Germany. Hence the Union Reserve Hank holds frozen credits' in German currency and is incurring losses. As the report states, South. Africa is virtually paying Germany a subsidy to purchase South African wool. LUSTRE HOSIERY, LTD. Lustre Hosiery. Ltd.. reports a net profit of £31,251 for 1935. compared with £33,158 for 1934 and £25.155 for 1933. Ordinary dividend is maintained at 7? f per cent., requiring £12.917, and preference dividend of 10 per cent... less the statutory deduction, requires £0458. A sum of £IO.OOO is transferred to reserve, and £17.544 is carried forward, against, £15.067 brought forward. A sum of £I6OO was voted in March. 1035, for directors' fees chargeable to 1934 profits.

£ s. d. Bank of Australasia .. .. 12 5 0 Bank of N.Z. (2) 2 7 3 2 7 2 2 7 0 2 5 ('. -.2 5 3 Commercial Bank (2) .. .. 1 0 3 1 0 4 34 12 6 National Insurance 0 18 9 Standard Insurance .. .. 3 3 0 U.S.S. Co. (pref.) 1 6 3 N.Z. Refrigerating (cont., 2) 0 9 9 Kaitangata Coal (2) .. ... 1 2 4 Kaiapoi Woollen (ord.) 0 14 9 1 0 4 Broken Hilt Propy. .. 2 19 6 Brown, Ewing (ord.) ... .. 0 13 0 2 4 0 Stock Exchange Propy. (2) .. G. J. Coles 2 0 0 3 12 0 0 17 2 2 12 0 2 12 6 2 12 9 2 13 0 Timaru Brewery (call paid) 0 11 o 0 11 10 1 4 5 1 4 6 1 4 n 1 4 9 0 7 3 4 p.c. Stock. 1952-55 .. 103 10 0

Buyer. Seller. i B. d. £ s. d. * — 12 10 0 N.S.W. — 34 15 0 New Zealand .. 2 4 9 2 5 6 Commercial .. 1 0 2 1 0 4 Natl, of N.Z. .. — 3 16 0 5 15 0 5 18 0 INSURANCE. 0 18 0 0 18 9 New Zealand .. 3 0 0 3 2 6 3 2 0 3 3 0 SHIPPING. Huddart, Parker U.S.S. Co. (pref.) — 1 9 0 1 6 0 — MEAT PRESERVING. N.Z. Refrig. (cont.) — 0 9 11 South. Froz. Meat 3 16 0 South. Froz. Meat 3 16 0 _ Waitaki Farmers 3 15 0 — LOAN AND AGENCY. Goldsbrough, Mort 1 13 0 Mortgage Corpora- — 0 4 7 National Mortgage 2 11 0 — N.Z. Loan and M. (o«i.) 30 0 0 40 0 0 Perpetual Trustees —. 3 5 6 Trustees. Executors 3 10 0 — Wright, Stephenson 0 19 0 1 0 0 COAL. '— 1 2 8 Westport-Stocklon (pref.) — 0 2 5 WOOLLEN COMPANIES. Bruce (ord.) ..... 0 13 0 0 13 9 Bruce (pref.) — 1 4 0 — 10 7 6 MISCELLANEOUS. Broken Hill Propy. — 3 0 0 Broken Hill Propy. (10s paid) .... .— 1 15 6 Colonial Sugar .. — 43 10 0 Crystal Ice ..... 1 19 0 — Dominion Fertiliser 1 5 0 — Dominion Fertiliser (Debs.) 104 0 0 — Dunedin-Kaikorai 2 0 0 — Stock Exchange — 2 0 0 Dunlop Perd. Rub. — 0 14 0 Milburrt Lime — 2 4 3 National Electric — 0 12 9 N.Z. Drug Co. .. — 3 18 G N.Z. Paper Mills .. — 1 9 9 Regent Theatre .. — 1 1 0 Woolworth's (ord.) — 5 8 0 G. J. Coles .... 3 9 0 — BREWERIES N.Z. Breweries .. 2 12 9 2 13 3 GAS. Christchurch .. .. — 1 16 0 AUSTRALIAN MINING. Electronic Zinc (pref.) — m i 9 Electrolytic Zinc (ord.) tfl 17 6 — Mount Lycll .. 1 3 0 1 4 6 Mount Morgan .. — 0 16 2 North Broken Hill — rts i 0 Upper Watut .... — 0 7 0 MINING. Alexander (paid) 0 13 3 — 0 1 0 0 1 11 Brian Born .. — 0 0 3J Central Sliotover.. 0 0 1 — Gillespie's Beach .. 0 0 10£ 0 1 0 Goldfields Dredging 0 0 n 0 0 5 King Solomon 0 3 i 0 3 4 Lawson s Flat — 0 0 5 — 0 2 0 Okarito 0 4' 0 — 0 0 2i 0 0 3 Waipapa Beach .. — 0 1 0 — 0 2 3 GOVERNMENT LOANS. 3£ p.c. Stock, Nov., 1938-52 102 15 0 — 34 p.c. Slock, Mar., 1939-43 102 15 0 — 3J p.c. Stock, Sept., 1939-43 102 15 0 — 31 p.c. Stock, May, 1939-52 102 15 0 — 4 p.c. Bonds, 193740 102 0 0 — 4 p.c. Stock, 193740 102' 0 0 ~ 4 p.c. Bonds. 104340 102 10 0 — 4 p.c. Stock, 1943102 10 0 — 4 p.c. Bonds, 1946103 10 0 — 4 p.c. Stock, 1940103 10 0 104 0 0 UNL1STED STOCKS. Mackintosh Caley 0 10 0 0 11 6 National Tobacco (B pref.) .... — 2 0 0 Woolworth's (Syd- — 6 18 fi tt Cum dividend.

£ s. d. Stock—' 102 10 0 15/4/49, 4 p.c. (2) .. 103 15 0 Thames County, 30/9/65, ij 98 10 0 Commercial Bank of Australia 1 0 4 National Bank of New Zealand 3 15 0 Bank of New South Wales 34 12 6 Bank of New Zealand .. 2 5 2 4 0 o Reserve Bank 5 16 0 Farmers' Auct. (£3 paid) 2 2 9 Mortgage Corporation (2) 0 4 7 1 5 1 5 3 Auckland Gas (15s paid) 0 18 9 Auckland Gas (odd lot) 0 18 7 Kotoiti Timber 0 6 3 Yarra Falls 2 2 0 Dominion Breweries 1 1 6 Bycroft 2 1 fi Dunlop Pcrdriau .. ., 0 13 !) Farmers' Trading .. 0 8 5 Lewis Eady (nref.) 0 15 0 Farmers' Fertiliser 1 0 6 Northern Roller .. .. 1 4 0 Wilsons Cement .. •• 1 19 9 Golden Crown .. .. 0 8 fi King Solomon 0 3 3 Nevis Diesel 0 0 H Mount Lyell === 1 4 2

Commercial Bank of Australia 1 0 31 Mortgage Corporation .. 0 4 6.. Squtli British Insurance .. New Zealand Refrigerating 4 12 0 (cont., late Thursday) 0 9 8 Consolidated Brick 0 10 fi G. J. Coles 3 11 0 1 2 3 Woolworths (N.Z.. ord.) 5 0 0 Mount Morgan (2) .. .. 0 10 0 Unlisted Stocks Woolworths (Svd., late Thursday) 0 18 0 6 17 G G 15 3 CHRISTCHURCH Sales on 'Change N.Z. Govt. 4 p.e., Jnscr., 102 0 0 Conim. Bank of Australia (5) 1 0 3 E.S. and A. Bank 6 2 0 National Bank of N.Z. (2) .3 14 C 5 12 0 Mortgage Corporation (3) .. 0 4 0 New Zealand Breweries 2 12 0 2 12 10 (3) 2 13 0 (2) 2 12 11 British Tobacco (cum div.J.. 2 0 3 2 0 0 Broken Hill Proprietary 2 18 0 2 17 0 0 13 10 0 13 ° Electro. Zinc (pref.; cum div.) 2 1 4 0 1 n. Maori Gully (cun div.) 0 0 11J 1 4 0 Sales Reported Conim. Bank of Australia (odd lot) 1 0 3 5 16 0 N.Z. Drug (cum div.) .. 3 17 6 British Tobacco (cum div.) 1 19 0

Last week. This wc i* t l. d. £ s. d. 85 5 0 84 10 C Funding Loan. 4 P.O., 1969-90 118 15 0 118 5 0 Assented War Loan' .. .. 107 0 0 105 15 0 Conversion Loan, SM P.c •• 107 5 0 105 15 0 Victory Bonds, 4 p.c. (ex dl».) 115 10 0 114 15 n C'wealth 5 p.c 1945-75 .. 111 12 6 111 7 0 C'wealth. 3# P.O.. 1930-37 .. 105 3 9 105 5 0 C'wealth. 4 P.O., 1943-4S .. 103 2 0 103 0 7 \t. C'wealth. 3*4 P.O.. 1948-53 .. .104 8 0 103 5 0 C'wealth. S14 P.&. 1955-61 .. 99 15 0 99 10 0 N.3.W.. 3% P.O.. 1930-50 .. 101 3 9 101 0 0 N.S.W.. i'A P.O.. 1935-45 .. 101 15 0 101 12 a N.S.W.. 5 P.c. 1935-55 .. 102 10 0 100 0 0 Victoria, S P.O., 19119-49 .. 99 0 0 99 0 0 Victoria. 4% p.c,. 1940-60 .. 106 5 0 108 10 0 Victoria. 8 p.c 1945-76 .. 111 10 0 111 5 0 Queensland, 3 p.c 1922-47 .. 99 0 0 98 17 6 Queensland. B p.c. 1940-60.. 107 10 0 107 5 0 S.A.,-3 P.O.. 1919 (opt) .. 89 15 0 89 15 0 S.A., S P.O.. 1945-75 .. .. 111 10 0 111 5 0 W.A., 4 P.O. 1942-62 .. .. 103 2 0 103 0 0 Tasmania. 3ft P.O., 1920-40 .. 103 13 9 103 7 6 Tasmania, 4 P.O.. 1040-50 .. 103 12 6 103 6 S New Zealand. 4% P.c 1948-55 109 7 0 108 15 0 New Zealand. 3& p.c 1940 103 15 0 103 8 9 New Zealand. 3 p.c 1945 .. 101 0 3 100 17 6 New Zealand, 6 p.c 1936-51 102 2 6 102 3 9

i b. d. March 12 .. .. 7 1 U March 11 .. .. 7 1 01 March 10 .. .. .. 7 1 0 March 9 .. .. .. 7 1 o March 8 .. .. .. 7 1 01 March 5 .. .. .. 7 1 1 March 4 .. .. .. 7 0 111 March 3 .. .. .. 7 1 1 March 2 .. .. .. 7 1 li

Paris— Par. Mar. 11. Mar. 12. Francs to £ 1 124.21 74 57-61 74 57-61 Brussels— Belgas to £1 30 2D.291 29.294 Oslo— Kroner to £1 18.180 19.90J 19.904 Stockholm — Kroner to £1 18.130 19.391 19.394 Copenhagen— Kroner to £1 18.150 22 22 BerlinMarks to £1 20.34 12.29 12.281 Montreal— Dollars to £1 4.86 2-3 4.981 4.98 New York— Dollars to £1 4.86 2-3 4.98 4.97 11-16 Yokohama— Pence to yen 24.582 14 13 31-32 Hongkong— Pence to dollar 24.58 15 11-16 15 11-10 Bombay— Pence to rupee — 184 184 Batavla— Florins lo £1 12.10 7.234 7.234 MilanLire to £1 82.46 621 G2J Amsterdam— Guilder to £1 12.107 7.264 7.204 Prague— Kroner to £1 1044 nog 1191 GenevaFrancs to £1 25.224 15.14 15.134 Vienna— Schillings to £1 84.86} 265 261 Uelsingfors— Marks to £1 193.23 227 227 MadridPesetas to £ 1 25.221 36 3-16 36 5-16 Belgrade— Dinars to £1 25.224 217 217 . Athens— Drachma to £1 S75 51S 518 Lisbon— Kscudos to £1 110 110 110 Bucharest— Lei to £1 931.8 6C9 669 Rio de Janeiro— Pence to milrcls S.890 4} 4J Buenos Aires— Pence to pesos 47.22 36 36 Shanghai— Pence to tael — 141 14J Montevideo— Pence to pesos — 394 394 Warsaw— Zlotys to £1 _ 26.25 26.25

LondonBuying. Solllnp El N.Z. to £100 Btg. .. . . T.T. 124 124/10/ O.D. 123/10/124/8/9 Australia— £ A to £100 N.Z. T.T 101 100/10/ O.D. 101 100/1(1/ FIJI— £ IT to £100 N.Z. T.T. 80/7/6 89 O.D. 90/7/6 89 New York— Dollars to £ N.Z. T.T. 4.02J 3.983 O.D. 4.033 3.991 MontrealDollars to £ N.Z. T.T. 4.021 3.99 O.D. 4.032 3.99J France— Francs to £ N.Z. r.T. 60.72 • 59.89 O.D. 61.17 59.93 vcumea— Francs to fl N.Z. T.T. 62.52 58.52 O.D. 62.97 58.58 Papeete— Francs to £ N.Z. T.T. 62.52 58.67 O.D. 62.97 58.73 Belgium— Belgaa to £ N.Z. T.T. — 23.307 O.D. — 23.408 Germany— Beichsmarks to £ N.Z T.T. — 9.797 O.D. — 9.802 ItalyLire to £ N.Z. T.T. — — O.D. — — Switzerland- - Francs to £ N.Z. T.T. 12.333 12.063 O.D. 12.438 12.06S Holland— Florins to £ N.Z. T.T. 5.939 5.789 O.D. 5.999 5.793 lava— Florins to £ N.Z. T.T. 5.913 5.753 O.D 5.973 5.757 Japan— \ Z. Pence to 1 Y«e .... T.T. — 17 9-16 O.D. — 17 35-61 Shanghat— N 7i Pence to 1 Dollar .. .. T.T. 17 17-64 18 41-64 O.D. 17 5-64 18| India and Ceylon— N.Z. Pence to 1 Rupee .. .. T.T. 22 9-64 22 57-61 O.D. 22 3-64 . 22% Hongkong— N.Z. Pence to 1 Dollar .. T.T. 18 13-K i 20" 9-16 O.D 18 23-32 ; 20 17-32 Singapore— N.Z. Pence to 1 Dollar .. .. T.I. 34 25-64 33 29-64 O.D. 34 13-64 35 7-16 Sweden— Kroner to £ N.Z. T.T 15.7S5 15.490 O.D. 15.845 15.500 NorwayKroner to £ N.Z. T.T. 16.183 15.893 O.D. 16.243 15.903 DenmarkKroner to £ N.Z. T.T. 18.203 17.893 O.D. 18.263 17.903 AustriaSchillings to £ N.Z T.T. — 20.73 O.D. — 20.75 CzechoslovakiaCrowns to £ N.Z. T.T. — 94.90 O.D. 91.95

Commonwealth bonds' — £ s. d. 102 0 0 Comin. Bank of Australia .. 1 0 7} 10 0 0 1 12 0 2 12 6 Anthony Hordern (pref.) .. 1 5 0 Austral Glass 4 3 9 2 0 0 Broken Hill Proprietary .. 2 18 9 -43 0 0 0 13 10 0 17 4J 13 6 ADDITIONAL SHARES. Bank of New South Wales T. Q. u. (London delivery) .. 35 7 e Commercial Bank of Sydney 21 13 0 Commercial Bank of Australia 1 0 4} National Bank (£5 paid) .. 7 14 0 Union Bank 10 0 0 43 0 0 7 0 0 12 0 (pref.) 13 0 1 18 0 0 10 4J 7 12 0 2 0 0 2 12 6 Carlton Brewery ... .. •• 2 11 6 Australian Iron and Steel 15 0 4 3 3 1 17 0 1 18 3 2 6 3 General Industries .. •. 10 9 1 3 71 2 7 0 2 10 1 7 6 Rargents 14 0 Richardson Wrench .. .. 18 5 0 13 4 I 1 9 Broken Tlill Proprietary . 2 18 6 Sonf.li Broken ITill •• •• 5 35 0 0 8 10 0 11 2 Woohvorths (ord., last eale February 28, £0' lis Od; sellers to-da. / £0 19t>; no buyers. MELBOURNE, March 13. Commercial Bank of Ausrtalia 1 0 4 National Bank (£10 paid) .. 15 10 0 Metropolitan G;is 14 0 0 Uoldsbipugh. Mort 1 12 0 4 3 0 1 17 0 3 10 3 2 0 0 Koroere 0.4 6 0 18 6 0 11 G 1 3 t)

Ton. Copper, spot £36 S VA No change Copper, forward .. *.. 36 10 VA No change Electrolytic, 6pot .. ... 40 S 0 No change Electrolytic, forward .. 40 15 0 No change 40 15 0 No change 16 12 0 Fall CO 1 3 Lead, forward .. .. 10 10 3 Fall 0 1 3 Spelter, ipot .. .. 15 17 0 Fall 0 5 0 Spelter, forward .. .. 16 2 6 Fall 0 2 0 215 10 0 lilse 0 15 0 Tin. forward .. ,, 205 5 0 Itlsc o r 0 I'm Iron, borne trade 3 10 0 No change 1'iS Iron, foreign 3 10 0 No change Antimony. British 72 10 .0 No change Antimony, rorelgn 4<; io 0 No chnugc Dnlt. 1 II ti No I'liangf 1 15 02. (1 No I'hangi Silver, standard .. .. 19%tl ItUe lid 21 S111(1 Rise lid

£ £ £ 1931 .. 309.847 419,015 -139.108 1932 .. 289.917 419,795 -129.878 1933 .. 376,88(5 350,994 + 25,892 1934 .. 944,310 370,595 + 507,715 1935 .. 1G5.304 469.854 -304,550