COMMERCIAL.

Otago Witness, Issue 3899, 4 December 1928, Page 22

COMMERCIAL.

LONDON STOCK EXCHANGE. LONDON, November 29. The following are the latest quotations for Government securities, compared with the prices ruling last week: —

BANK OF ENGLAND RETURN. LONDON, November 29. The following is the Bank of England return: — ISSUE DEPARTMENT. Notes issued £419,089,009 Government debt 11,015,000 Other Government securities 233,569,000 Other securities Silver coin 5,240,000 Gold coin and bullion .. 159,089,000 Total £419,088,000 BANKING DEPARTMENT. Proprietors’ capital .. .. £14,553,000 Rest 3,254,000 Public deposits .. ..' ~ .. 21,452,000 Other deposits 99,565,000 Seven-day and other bills .. 2,000 Total £138,826,000 Government securities .. £52,180,000 Other, securities 52,180,000 Notes 52,088,000 Coin 757*000 Total £138,826,000

The proportion of reserves to liabilities is 43.60 per cent. Short loans are quoted at 3i per cent. Three months bills 4 11-32 per cent. FOREIGN EXCHANGES. LONDON. November 30.

LONDON METAL MARKET. LONDON, November 30. Copper: Spot, £6B 9s 4 Id; forward, £6B 18s lAd. Electrolytic: Spot, £74 15s; forward, £75 ss. Wire bars, £75 ss. Lead: Spot, £2l 13s 8d; forward, £2l 18s lid. Spelter: Spot, £26 6s 3d; forward, £26 Ils 3d. Tin: Spot, £239 7s 6d; forward, £237 12s 6d. Silver: Standard, 26 5-8 d; fine, 2SJd. per oz.

BRITISH TREASURY BONDS. LONDON, November 29. The Government is inviting applications for 41 per cent. Treasury bonds, 1932-94, at ninety-nine. Holders of 5 per cent, and 4 per cent. National Wa’ Bonds, and 44 per cent. Treasury Bonds, due February 1, 1929. which are estimated to aggregate £173,000,000, are invited to convert into the new issue, which carries the right of conversion into 4 per cent. Consols, July, 1929. SCOTTISH AUSTRALIAN INVESTMENT COMPANY. LONDON, November 29. The Scottish Australian Investment Company shows a profit of £140,568. After providing for dividends, etc., and a staff bonus, £144,522 will be brought forward. BUTTER AND SUGAR. LONDON. November 29. Butter is quiet. New Zealand is slightly easier: other sorts, unchanged. Choicest salted—New Z-ealand 176 s and 178 s, Australian 172 s and 1745; unsalted —New Zealand 192 s and 1945, Australian 184 s and 186 s, Danish 199 s and 200 s. Cheese is steady. New Zealand, 103 s and 105 s; Australian, 102 s. Raw sugar (beetroot) is on a basis of 88 per cent., f.0.b., Continental ports.

LONDON MARKETS. LONDON, December 2. Sheep.—Canterbury, medium, 6Jd; New Zealand ewes, 4Jd; Australian ewes, 4J,d; Argentine, heavy, 44d. Lambs.—Canterbury, light 9fd, seconds 8d; North Island seconds, Australian firsts —Victorian 9 3-Bd, others 83d; seconds —Victorian Bd, others 74d; thirds, 7Jd; Argentine—firsts Bd, seconds 6Jd. Chilled Beef.—Argentine fores. 4jd; hinds, 6|d. Others are unchanged. Cotton. —January, ' 0.65 d per lb. Rubber. —Paia, 103 d; plantation smoked, 8 9-16 d. Jute. —December-January, £33. Hemp is not quoted. Copra.—December-January, £24 15s. Linseed oil, £3O. Turpentine, 48s 9d. Osmiridium.—Tasmanian, £2B. Hides. —Dry salted —Queensland. 351 b to 451 b, 301 b to 401 b, and 251 b to 351 b, all 133 d; 201 b to 301 b, 14d; New South Wales, 14d, 14d, 14d, and 143 d respectively. No business is passing in wet salteds, which are nominally unchanged. Tallow. —Stocks 1144 casks, imports 799, deliveries S9O. Messrs Dalgety and Co. advise having received the following cablegram from its head office, London, dated November 29:— Frozen Meat. —The market for New Zealand lamb is weak, and the demand is moderate. The market for New Zealand mutton is weak, and the demand runs principally on light-weights. The market for New Zealand beef is unchanged, and the demand is quiet. The market for Australian lamb is steady, and the demand is moderate. The market for Australian mutton is dull, and the demand is nil.

Quotations are as follows for frozen meat: —New Zealand prime Canterbury lamb, 28-361 b, 9 7-8 d; North Island, 9£d. New Zealand prime Canterbury lamb, 36-421 b, 9 7-8 d; North Island, 9jd. New Zealand prime Canterbury lamb, second quality, 8d; North Island, second quality, Bd. New Zealand prime Canterbury lamb, 42-50 lb, 9d; North Island, not quoted. New Zealand prime Canterbury lamb, 48-561 b, 6Ad; North Island 6 l-Bd. New Zealand prime Canterbury lamb, 56-641 b, 6Jd; North island, 5 7-Bd. New Zealand prime Canterbury lamb, 64-721 b, Cl, North Island, 5 5-Bd. New Zealand prime Canterbury ewes. 48-641 b, 4 l-8d; N rth Island ewes, 48-641 b, 4d. G.A.Q. Australian lamb, 28-361 b, 9Jd; F.A.Q. Australian lamb, 28-361 b. 8d; third Australian lamb, not quoted; G.A.Q. Australian mutton, 40-601 b. 4Jd; F.A.Q. Australian mutton. 30-551 b, 4d. Austr; lian ewes, 4d. New Zealand prime ox beef hinds, 43d; fores 3|d; Argentine chilled hinds, 6Jd, fores 44d. English porkers, 80-lOOlb, 9sd; New Zealand porkers, 801001 b, 6d to 64d. Dairy Prouce. —The market for New Zealand butter is very quiet. The New Zealand cheese market is slow. The Canadian cheese market is steady. Quotations are as follows: —Danish butter, 198 s to 200 s; New Zealand finest, 174 s to 1765; Australian finest unsalted, 182 s to 186 s; salted, 170 s to 1745; Australian G.A.Q.. 164« to 168 s; New Zealand cheese, white, 101 s to 103 s; coloured, 101 a

to 102 s; Canadian cheese, white, 106 s to 112 s; Canadian cheese, coloured, 106 s to 110 s.

LONDON WHEAT MARKET. LONDON, November 26. Wheat: Cargoes are steady and unchanged. There is a fair amount of trading for an unnamed ship loading in mid-December for Calcutta at 46s 3d; ditto for Karachi at 46s lid; and an unnamed ship loading early in January for Calcutta at 45s 6d. Parcels are in poor demand at late rates. Ex the Anchises and the Clan M’Gillivary, 48s 3d. Liverpool futures: December, 9s 3d; March, 9s 4gd; May, 9s 4»d. November 27. Apart from a sustained Indian inquiry, Australian cargoes are quiet and practically unchanged. Lionel for Calcutta, 45s lOld; unnamed, loading January 1, for Calcutta, 46s 3d. Parcels are quiet at late rates. Liverpool futures:—December, 9s 33d; March, 9s 4.}d; May, 9s 4gd. November 28. Wheat. —Cargoes are quiet, with quotations 3d to 6d lower. India is uninterested in Australians, and has reduced bids la. Meanwhile, Plate is pressing to sell. Parcels are inactive, mostly 3d lower. Liverpool futures: December, 9s 2Ad; March, 9s 3d; May, 9s 3 3-Bd. November 29. Wheat cargoes are dull, and declined 3d. The Indian demand is in abeyance owing to the rains in the United Provinces, Punjab. Parcels have poor attention, and are 3d down. Liverpool futures: December, 9s 13d; March, 9s 2§d; May, 9s 2gd. Spot trade in all sections is quiet. Australian is unchanged. Flour is slow. Australian, ex store, 355. Oats are firm. Peas and beans ffre steady. . , November 30. Wheat: Cargoes opened quiet at a decline of 3d to 6d without selling pressure, and closed barely steady at a decline of 3d. Unnamed ship in March for Caleuta, 44s 3d. Parcels have a quiet demand at a decline of 3d to 6d. Liverpool futures: December, 9s IJd; March, 9s 24d; May, 9s 2£d. December 2. Cargoes are mostly 3d lower, but the market is steady, and there is an improved inquiry generally. Parcels are inactive at 3d decline. Liverpool futures: December. 9s Old; March, 9s IJd; May, 9s 21d per bushel.LONDON WOOL SALES. LONDON, November 27.

At the wool sales 10,030 bales were offered, of which 6786 were Australian and 2599 New Zealand. There was an excellent selection of greasy merffios and a good offering of slipes. with a few crossbreds. The market continues firm, with prices unchanged. Sales: “ Acoa,” 25Ad and 24d; “ Corrella,” 21d and 201 d; “Mill Stream,” 19d and 18d; “Terrick,” 254 d and 24Jd; “Cambridge Downs,” 24d and 21d; “Hastings,” 22d and 204 d; “ Caiw«rro,” 221 d and 20d; “ Kilcummin,” 25Jd and 24d; “Moorlands,” 24d and 22d. November 26. At the wool sales 9692 hales were offered, of which 4765 were Australian and 725 New Zealand. There was a miscellaneous selection of merinos, chiefly second-hand, and a limited supply of other sorts There was keen Continental competition at late rates. Bradford prices are unchanged and new business is quiet. Nove..iber 28. At the wool sales 9700 bales were offered, of which 5684 were Australian and 3121 New Zealand. There was an excellent c -lection of greasy scoured merinos, principally Continental style. There were large offerings of slipes, with a few crossbreds. There was keen competition for all sorts, and prices were firm.

November 29. At the wool sales 8766 bales were offered, of which 4489 were Australian and 4236 New Zealand. There was a fine selection of the Continental style merinos, and a good offer! ig of all descriptions. Crossbreds were strong. General competition at late rates was fully maintained. New Zealand greasy, “Waipaoa,” 2Ud and 20d. At Bradford merinos were slightly easier and crossbreds unchanged. 64’s 474 d; 60’s, 45d; 56’s, 33d; 50’s, 29Jd; 46’s, 24d; 40’s, 231 d. November 30. At the wool sales 6858 bales were sold, of which 5623 were Australian ami 1002 New Zealand. The catalogue consisted chiefly of merinos suitable for Continental topmakers. There was good competition, and prices were firm.Messrs Murray, Roberts and Co. has received the following cablegram from, its London agents, dated November 29: — The sales continue with a good tone, competition is keen and general, with all sections operating. The greasy merino inferior market is irregular in favour of buyers. Crossbred greasy market showed a hardening tendency, and the selection is very limited. Slipe coarse crossbred and slipe medium crossbred market is par to 5 per cent, advance. THE WOOL CONFERENCE. LONDON, November 26. The wool conference passed *a resolution that European wool importers should strongly urge buyers to refrain from purchasing from a woolgrower, and buy only at public auction. LONDON STOCK EXCHANGE. LONDON, November 27. Bank of Australasia. £l4 8s 9d; Bank of New South Wales, £49 ss; Union Bank of Australia, £l5 2s 9'U National Bank of New Zealand, £7 5s 71d; Bank of Now Zealand, 4 per cent., £92; Bank of New Zealand shares, 59s 7ld; Loan and Mercantile Debentures, £74 10s; Loan and Mercantile, ordinary’ stock, £122 15s. TALLOW SALES. LONDON, November 28. At the tallow sales 1030 casks were offered and 186 sold at Is decline. Quotations: Mutton —fine 45s 9d, medium 40a 6d; beef —fine 465, medium 40s. AMERICAN WHEAT PRODUCTION.

NEW YORK, November 30. Jardine’s annual report, which has just been published, shows that the United States wheat production this year will exceed 900,000.000 bushels, the highest since 1919. The indications now are that the world’s wheat supply will be about 5 per cent, greater than in 1927. Wheat prices for the last two months have been about 23 per cent, lower than a year ago, due largely to the increase in the world’s production, but even with this factor the price decline was greater than the supply and demand conditions justified. This season’s experience strongly emphasises the need for market machinery to feed the wheat supply into trade channels as it is required, so that gluts may be avoided and prices kept reasonably stable.”

CHICAGO WHEAT MARKET. NEW YORK, November 26. Chicago wheat: December, 116 J cents per bushel; March. 121; May, 123§. NEW YORK, December 2. Chicago wheat quotations: December, 1164 cents per bushel; March, 120 7-8 cents; May, 123 7-8 cents BANK OF NEW SOUTH WALES. SYDNEY, November 29. At the annual meeting of the Bank of New South Wales the report showed net profits for the year of £1.184.943. After adding the balance from the previous year (£170,616) and deducting the three quarterly dividends already paid, a balance of £793,694 remains, from which a fourth dividend, making 10 per cent, for the year, and a bonus of 10s per share will be paid, £250,000 will be added to the reserve fund, which is now £5,500,000, leaving £168,645 to be carried forward. Messrs Buckland and Burns were reelected to the directorate. MELBOURNE HIDES MARKET. MELBOURNE, November 29. At the hides market values were firm at late rates. AUSTRALIAN MARKETS. SYDNEY. November 29. Wheat.—At country stations, 4s Id; ex trucks at Sydney, 4s Sd. Flour, £l2. Pollard and bran, £6 ss. Potatoes. —Clarence River, new, to £l2; Tasmanian, £5 to £B. Onions. —Victorian Globe, £l4; Brown Spanish. £lO. Oats. —Algerian and white, 4s 6d. ADELAIDE, November 29. Wheat. —Growers’ lots, 4s 84d. Flour. —Bakers’ lots, £ll 15s. Bran, £6. Pollard. £6 7s 6d. Oats, 2s 9d to 3s. LEYLAND O’BRIEN TIMBER COMPANY. AUCKLAND, November 28. The thirty-first annual meeting of shareholders of the Leyland O’Brien Timber Company. Ltd., was held to-day, Sir George Elliot presiding. In moving the adoption of the annual report, the chairman referred to the depression in the timber industry. The past year, so far as the company was concerned, and indeed most other timber companies, had been the worst since 1915, and only that morning he had been advised that the present month would probably be the worst on record. It had been the policy of the directors in the past not to distribute all the profits. The company had over £142,000 invested in mortgages and nearly £IO,OOO in war loan, and these accumulations of funds had enabled it to

keep on paying dividends and to maintain the business in a sound vondition. Mr A. G. Lunn said the present position of the timber industry showed that the conservative and cautious policy which had been pursued by the directors in past years was amply justified. If the slaughtering of prices had resulted in some firms being knocked out of business it would probably be to the good of the industry, for there was no doubt there had been twice as many firms in business as the demand for timber warranted. The report and balance sheet were adopted. SYDNEY WOOL SALES. SYDNEY, November 28.? At the wool sales 11,194 bales were sold. Competition was good for lines showing fine quality, but the demand for broader descriptions was somewhat irregular, prices for them being 5 per cent, lower than they weft last week. Greasy merino made 32Jd. November 29. At the wool sales the market was very firm for finer descriptions, which made full late rates. Skirtings had especially keen request, but lower levels for broadfibred wools were again in evidence. Good clearances were effected, 12,297 bales being sold. Greasy merino brought 301 d. COAL DIS . ILLATION. It is now apparent that avenues for the use of coal must be found other than those that have existed in the past. This state of affairs is not peculiar to NewZealand alone. Alive to the economic necessity of finding new uses for coal, scientists and industrialists have, for some years past, been striving to improve and extend the utilisation of coal. Coal distillation promised an avenue of the kind required, but the methods of distillation at first used precluded the treatment of any but first-elms coal of bituminous and sub-bintum:nous nature. It is now claimed, however, that under the “L. and N.” process the cost of treatment is so low that handsome returns can be won with all classes of coal, and. that, nob* only the bituminous varieties of coal, but also brown and lignite coals, together with the practically worthless accumulations of slack coal, can be made to yield valuable returns in the form of motor spirit, lubricating oils, gas, diesel oils, and smokeless fuel with better burning and heat-producing qualities than raw or untreated coal. A company is nowbeing formed in New Zealand to be known as the “L. and N.” Coal Distillation (N.Z.), Ltd., which is primarily intended to operate as a parent company providing machinery and plant for subsidiary companies that will operate-under license and pay royalties to the company now being formed One year’s importations of motor spirit, lubricating oils, diesel oils, and kindred products, total nearly £3.000.000.

FULLER-HAYWARD DEBENTURES. The prospectus is published this morning of an issue of 7J per cent, mortgage debentures offered in association with Fuller-Hayward Theatres over the freehold assets of the Majestic Theatre Building, Ltd., situated in Queen street, Auckland, and valued at £175,000. After allowance for the first mortgage of 6 per cent., with sinking fund to the Public Trustee, the net assets are estimated at twice the amount of the issue. The income of the property is £lO,OOO per annum, 45 per cent, coming from premises other than the theatre. The terms of the theatre lease make the lessee liable for all the outgoings of the property. The debentures are for a term of 15 years without prior right of repayment.

A.M.P. SOCIETY. As usual, all new policies issued in the participating section of the A.M.P. Society’s ordinary department before the close of the year’s accounts at December 31 will be entitled to share in the bonus distribution for the year. The bonuses allotted for 1927 were on the average of over 50 per cent, higher than those of 1920. Last year the cash surplus dividend, after appropriating considerable reserves on a basis ensuring absolute impregnability, amounted to nearly £3,000,000, making the total distributed in cash bonuses since the society’s establishment over £41,000,000; the reversionary bonuses added to the policies for the one year 1927 amounted to about £5,000,000. SALE OF “TOLCARNE” SECTIONS. The well-kpown “ Tolcarne ” estate, the former home of the late Mr Peter Duncan, has had to give way to the demand for building allotments, and is being offered to the public in sections suitable for building purposes. The allotments, which are well turfed, and have a very attractive appearance, adjoin the Town Belt at the foot of Driver’s road, and command -an excellent -iew of the harbour and the Otago Peninsula. They will be sold by Messrs Park, Reynolds, and Co. on Thursday night.

UPPER NEVIS DREDGING COMPANY. The dredgemaster of the Upper Nevis Gold Dredging Company reports a return of 54 ounces for 220 hours’ dredging. He adds that the rim reef has twisted to westward and he is manoeuvring the dredge to follow the lead. CUSTOMS AND TYRE TAX. AUCKLAND, December 1. The Customs revenue and tyre tax for the past 11 months was £2,014,384, a decrease of £140,000 compared with the corresponding period of last year. The motor spirit tax was £190,843, and the tyre tax £39,911, DAIRY PRODUCE. The National Mortgage and Agency Company is in receipt of the following C blegram from London: — Butter. —Market quiet. New Zealand finest, 176 s to 178 s; New Zealand first grade, 173 s to 1745; Danish, 198 s to 200 s; Australian, 172 s to 1745.

Cheese.—Market slow. New Zealand white and coloured. 100 s to 102 s; Canadian matured, 108 s to 110 s; current make, 101 s to 102 s. WELLINGTON STOCK EXCHANGE. ANNUAL MEETING. WELLINGTON, November 28. The annual meeting of the Wellington Stock Exchange was held to-day, when all the retiring officers were re-elected. Mr R. Wynn Kirkby, who succeeded the late Mr A. T. Bate as chairman, has held that position for several years. w The chairman said that while many of the best shares on the list returned only about 5 per cent, or less on the purchase price, there was the fact that the best sound shares, such as banks, insurance, etc., were practically gilt-edged investment, and were certain in the-long run to increase in value, and tln-s ultimately produce a better return than mortgage debentures or fixed deposits. As compared with a year ago, bank shares showed an average increase in value of 7| per cent., financial companies 94 percent., gas companies 6J per cent., insurance companies 10J per cent., and meat companies 14J per cent. With respect to meat companies, tffe increase was due largely to the fact that a year ago these concerns were suffering from trade depression, and their shares were abnormally low. With respect to the ininier diate future, as our principal export products were selling well, these would bring in a substantial monetary return to the Dominion, which would stimulate trade and activity all round. This would mean that more money would be available for investment, and brokers should have a good year in front of them.

WAIAREKA SALE. At Tuesday’s Waiareka stock sale there were larger entries than for some time past, and a good sale resulted. Two races of fat sheep were penned, and there was a large offering of store sheep, seven , ens being occupied by ewes with lambs. These were in excess of the demand at the prices sought, with the result that passings were frequent. The actual sales of sheep were made at the following rates: Prime fat wethers, in the wool, 45s 3d; prime shorn fat wethers, 32s to 33s 6d; light shorn wethers, 28s to 31s 6d; heavy woolly fat ewes. 38s 6d; medium woolly fat ewes, 34s 6d; heavy shorn fat ewes, 30s 9d; light shorn fat ewes. 24s 6d and 24s 9d; pen of full and failing-mouthed ewes, with forward lambs. 23s lOd (all counted); pen of aged ewes, with lambs, 17s (all counted) ; two-tooth wethers, one pen at 21s and one pen at 23s 6d. The offering of fat cattle was much larger than at any sale of late, 23 head being penned, practically' all cows and heifers. All realised good prices, the range being as follows:—Prime cows, £ll 15s; good cows, £lO to £ll ss; medium cows, £8 to £9 15s; light cows, £5 15s to £6 12s 6d; prime heifers. £l2 12s 6d; good heifers, £lO to £l2; light heifers, £7 7s 6d; two small steers, £7 to £8 ss; a pen of 18-months-old steers and heifers brought £5 15s 6d. A young Jersey bull realised £3 17s 6d. and a Shorthorn bull £7 15s. Best dairy cows coming to profit sold at from £7 to £8 10s, and aged cows coming to profit £3 5s to £4. A Jersey’ heifer in milk realised £8 10s. There was a medium yarding of pigs, and prices were on about a level with those of last sale, the range being as follows:—Big stores, 335; medium stores, 265; best slips, 16s 6d to 18s 6d; medium slips, 14s 6d to 15s 6d; best wearners, 12s to 14s; medium weaners, 10s to Us.

CHURCH BOARD LEASES. Messrs Park, Reynolds held a sale of Church Board leases of building sites at the foot of the Glen' road, at their rooms on Wednesday- evening. There were in all 17 sections in the subdivision, and all were disposed of with the exception of two at the top end of the property. Ground rents were paid for the allotments at from £3 10s to £7 and £lO. DAIRY PRODUCE. The New Zealand Loan and Mercantile Agency Company- has received the following cablegram from its London house, dated November 28: — Butter. —New Zealand choicest' salted sold from 178 s to 180 s. Cheese sold from 102 s to 103 s. The markets are very slow. CUSTOMS REVENUE. FIGURES FOR SEPTEMBER QUARTER. WELLINGTON, November 29. The Customs duties collected at the ports of New Zealand during the quarter ended September 30, 1928, totalled £2,109,090, compared with £2,107,116 for the corresponding quarter of last year. The excise duties collected in the same period of 1928 totalled £176,103, compared with £170,436 in the quarter ended September, 1927. CUSTOMS DUTIES. FIGURES FOR DUNEDIN. The following is a comparison of the duties received for the Port of Dunedin for November 1928 and 1927: — 1928. ’ 1927. Customs .. £76,972 7 5 £53,519 17 5 Beer .. .. 19,497 11 4 19,235 11 1 Tyres .. 804 11 0 — Motor spirit 3,740 2 4 — The discrepancy between the Customs duties for the two months is accounted for by the fact/ that last year the tariff came down in September, and prior to its' announcement the wine and spirit merchants, thinking there would be an increased duty, cleared heavy stocks of whisky, etc., from the bonds. _ There was then, of course, a decrease in the Customs duties for some months following September. The figures for tyres and motor spirit were not kept separate from the ordinary- Customs duties last year.

PORTS OF NEW ZEALAND. WELLINGTON, November 30. The Customs duties col ected at the ports of New Zealand during the quarter ended September 30, 1928, totalled £2,109,000, compared with £2,107,116 for the corresponding quarter of last year. The Excise duties collected in the same period of 1928 totalled £176,103, compared with £170,436 in the quarter ended September, 1927. WELLINGTON FIGURES. WELLINGTON, November 30. The Customs revenue collected at Wellington for November was as follows: — Net Customs, £274.091 Ils 9d; compared with £198.983 15s 7d for November, 1927. Beer duty. £4422 14s 3d (£5297 19s lid). Motor spirit tax, £33,651 6s 4d; tyre tax, £8246 6s.

FIGURES FOR CHRISTCHURCH. CHRISTCHURCH, November 30. The Customs returns for Christchurch for November, 1928, were £101,785, -and for November. 1927, £B2 275 —an increase of £19,509. The figures for the JanuaryNovember period of 1928 were £962.575. and for the corresponding period of 1927, £1,055,204. The beer duty- for November, 1928, amounted to £6649, and for November, 1927, £B9lO. The figures for the Janu-ary-November period of 1928 were £74,983 and for 1927, £79,784. The motor spirit tax for November, 1928, was £10.606. The amount collected to date for 1928 totalled £68,487. The tyre tax for November, 1928. was £lOlB, and the amount collected to date was £17,172.

Last week. This week. £ s d £ 8 d Imperial Consols, 2J p.c. ... 5G 0 0 56 10 0 War loan, 6 p.c., 1929-47 ... 101 15 0 101 12 6 Conversion loan, 3j p.c. ... 78 15 0 79 0 0 C'wealtb 6 p.c., 1931-41 ... 101 17 6 102 2 6 O’wealth 5J p.c. 1922-27 ... 100 5 0 100 12 6 N.Z 6 p.o.. 1936-51 ... 108 5 0 108 5 0 N.Z. 4 p.o., 1929 ... ... 99 7 6 99 10 0 N.Z. 3J p.c., 1940 _. 88 15 0 89 0 0 N.Z 5 p.o., 1945 ... 80 0 0 79 17 6 N.S.W 6} p.o.. 1930-40 ... 100 15 0 100 17 6 N.S.W. 6 p.o., 1930-40 „. 100 12 6 100 12 6 N.S.W. 5J p.c., 1922-33 ... 102 17 6 102 17 6 N.S.W. 4 p.c.. 1933 ... „ 94 10 0 94 11 3 N.S.W 3J p.o. 1930-50 ... 85 17 6 86 0 0 N.S.W. 3 p.c., 1935 ... 77 10 0 77 12 6 Vio 6J p.o., 1930-40 — ... 98 0 0 97 17 6 Via 5 p.o., 1932-42 ... ... 94 17 6 94 15 0 Vio 3J p.c., 1929-49 „. ... 100 12 6 100 13 9 Vio 3 p.c., 1929-40 ... ... 78 10 0 78 12 6 Via 4j p.c., 1940-60 .„ ... 73 0 0 72 6 3 Q’land 3 p.c., 1922-47 ... 102 2 6 101 17 6 Q’land 3J p.o., 1930 ... ... 97 15 0 98 2 6 Q’land 6 p.o., 1930-40 72 15 0 72 17 6 S.A 6} p.c., 1930-40 ... ... 102 15 0 102 17 6 S.A. 3J p.c., 1939 ... 75 17 6 85 0 0 S.A. 3 p.c., 1916 or after ... 61 10 O 61 10 0 W.A. 6 p.c., 1930-40 .„ ... 102 10 0 102 11 3 W.A. 3J p.c., 1920-35 ... ... 89 0 O 89 7 6 W.A 3$ p.c.. 1915-35 ... ... 86 15 0 87 0 0 Tas. GJ p.c.. 1930-40 ... ... 103 11 3 103 7 6 Tas. 3$ p.o., 1920-40 ... ... 87 O 0 86 17 6 Tas. 3 p.c., 1920-40 ... ... 82 0 0 82 5 0

Par. Nov. 27. Nov. 30. Paris, fr. to 4.1 25.221 124.10 124.10 Brussels, belgas to £1 25 34.89 34.19 Ctslo, kr to £1 18.81 18.19 18.18 Stockholm, kr to £1 18.103 18.14 18.14 Copenhagen, kr. to £1 18.150 18.19 18.18 Berlin, reichmkn to £1 9.1!) 20.35 20.35 Montreal, dot. to £1 4.45 4.842 4.843 New York, <lol. to £1 4.86J 4.85 9-32 4.85 3-1G Yokohama, pence to yen 24.83 22j 22 23-32 Hongkong, pence 1 .o dol. 24.3 24 i 243 Calcutta, pence to rupee 23 18 1-32 18 1-32 Batavia, guild to £1 22.331 12.083 12.0 3-14 Home, lire to £1 25.32J 92.55 92.55 Amsterdam, guild to £1 12.108 12.07| 12.073 Prague, kr. to £1 12.107 1G3J 1G31