COMMERCIAL

Southland Times, Issue 21657, 19 March 1932, Page 3

COMMERCIAL

STOCK EXCHANGE YESTERDAY’S QUOTATIONS. At yesterday’s call over on the Invercargill Stock Exchange the following prices were quoted:— Banks. ‘Commercial: b 13/9; s 14/-. National of New Zealand: s 69/-. New Zealand : b 42/3. New South Wales: s £24 17/6. Union of Australia: s £7. » Breweries. New Zealand Breweries (shares) : b 23/-; b 24/-. Coal. Westport: s 31/-. Insurance. National: s 12/6. New Zealand: s 37/6. Standard: s 39/9. Lean and Agency. National Mortgage: s 40/-. Meat Companies. New Zealand Refrigerating (20/- paid): b 946; (10/- paid): b 3/9. Southland Frozen Meat (£1 ord.): b 37/-; (10/- paid): b 18/6; (£1 pref.): b 37/-. Mining. Electrolytic Zinc (ord.): b 13/-; (pref.): b 19/4, s 19/9. Kildare: b 1/5; s 1/10. King Solomon: b 1/-; s 1/3. Mount Lyell: b 19/4. Okarito: b 8/11; s 9/4. Mahakipawa: s 44d. Waihi Gold Mining: s 16/9. Golden Terrace: s 5/9. Shipping. P. and O. S.N. Co. (def. stock): b 22/-. Woollen Mills. Kaiapoi (ord.): b 5/6; s 7/-. Miscellaneous. Donaghy’s Rope and Twine: b 27/6. Colonial Sugar Co.: s £4O. D.I.C. (ord.): b 11/9. Milburn Lime and Cement: s 28/-. New Zealand Drug: b 46/-; s 48/-. New Zealand Paper Mills: s 19/-. Southland Guarantee Co., Ltd.: b 5/.Debentures. Government Inscribed Stock, 44 per cent. 1938: s £92 10/-. Government War Bonds, 41 per cent., 1938: s £93. Government Inscribed Stock, 44 per cent. 1939: 9 £92 10/-. Government War Bonds, 44 per cent., 1939: s £93. Government Stock, 54 per cent., 1937: b £96 10/-; s £97 5/-. Late Sales Thursday. Bank of New South Wales: £24 18/-. Commercial Bank of Australia: 13/11. 51 per cent. Stock, 1937: £97 10/-, THE WEEK’S TRANSACTIONS. Although the amount of business done on the Stock Exchanges of the Dominion during the week has been greater than that of the preceding period, there has been no improvement in prices. Most of the lines dealt in have remained stationary. In some cases further reductions have taken place and in only an isolated sale or two has the market showed any improvement. Government Bonds and Stocks have not experienced the same turnover. Several parcels of the 54 per cent, issues, however, changed hands, but the 44 per cents, tax free issues were not dealt in to any extent. The stock exchanges of New Zealand have decided as from March 15 to conform to the usage at present existing in Australia in dealing in all lines of debenture issues and Government Bonds and Stock. Hitherto in transactions in these securities the seller has retained the interest up to the date of side. Under the new rule the buyer will receive the accrued interest on purchases. Nearly all the business transacted in Government Stocks during the week has been under the new rule, which camt into force last Tuesday. Government 54 per cent. Inscribed Stock due 1937, sold at £96 5/- to £97 10/-, and the Bonds from £96 15/- to £9B 2/6. The 44 per cent, lines are easier at £9l to £9l 15/- for the stock, and £92 to £92 2/6 for the bonds. A fair demand for certain bank shares ruled during the week and a few sales were reported. As to values there is little change compared with last week’s figures. New Zealands, New South Wales and Commercials were all steady. Bank of New Zealands brought 42/4, 42/6 and later 42/7, closing with buyers at 42/3. Commercials were dealt in at 13/10 and 13/11, the market closing at buyer 13/9 and seller 13/11. New South Wales’ shares have several sales at £24 17/6 to £25. The market appeared to be a little easier towards the end of the week, the best buying quotation being £24 10/-, sellers asking 10/- more. There were no sales reported in Nationals of New Zealand, the latest quotation being buyer 64/- and sellers 69/-. Last week a sale was reported at 67/6, which is the lowest figure this bank’s shares have touched since last September. Union Banks and Bank of Australasias were neglected during the week. Ono has to go back a period of six months to find Union Banks at a lower level than they are at present. An isolated sale of the contributing issue of nationals of Australasia was reported at £4 15/-, 5/- below par. Tlie market for insurance companies’ shares is dull with few inquiries. New Zealands had a sale at 26/9, showing a weakening tendency compared with last week. South British, the only other line dealt in, are also a shade below the price they brought last week, sales being 49/6 and 49/9. Sellers for Standards reduced their limits to 39/9, without attracting sellers. Nationals had sellers at 12/6, but no buying quotation was received. An improvement has taken place in NewZealand Rcfrigeratings, die contributing issue having business reported at 3/8 and 3/9, and the market closing with buyers at 3/9. No business was reported in the fully paid issue. Southland Frozen Meats remain very steady with buvers at 37/-. No business has been reported in shares in pastoral companies, the market being practically the same as last week. Shares in mining companies were the means of several sales. King Solomons, compared with last week, are easier, sales being at 1/44 down to 1/2. Okaritoa are also easier, selling at 9/-, 8/11 and 8/10. Mount Lyells at 19/6 and 19/7 are a shade below the figure they sold at last week. Waihis were done at 16/- and Electrolytic Zincs at 20/6 for the preference issue. Mahakipawas sold at 4d to 4 Id. Business in the miscellaneous section was a little brighter than last week, but the' market is still ’ very dull and depressed. British Tobaccos (cum. dividend) brought 27/- to 26/6. The latest buying quotation is buyers 26/3 and sellers'27/3. New Zealand Breweries have improved in price during the week, sales being at 23/2 to ’ 23/9. The sale reported last week at 22/6 was the lowest price this company’s scrip has been sold at since the company commenced operations about nine years ago. Stacies and Company’s shares have been inquired for at 21/-. This company made a net profit for the year ended December 31, 1931, of £37,162, compared with £47,561 in 1930, and £55,030 in 1929. A dividend of 8-} per cent, has been declared. Last year the dividend was at the rate of 10 per cent, and in 1929 124 per cent, was paid. There was little or no alteration in the quotations for New Zealand Paper Mills, )lew Zealand Drugs or Milburn Limes. New Zealand Guarantees had a sale at 4/-. An interim dividend is generally payable Jy this company during the month of March. The chairman of directors, how- , recently announced that the question e /he declaration of an interim dividend k bld bo considered when the Government s financial proposals have been made public.

NORTHERN EXCHANGES. (Per United Press Association.) Auckland, March 18. Sales on ’Change: Government Bonds (1937) 5-J per cent. £97 5/-; Inscribed Stock (19371 5i per cent. £97; Commercial Bank 13/10; National Bank of Australasia (cont.) 11 16/-; Bank of New South Wales £24 17/6; Bank of New Zealand 42/6, 42/9; New Zealand Insurance 37/-; Dalgety £7 1/-; New .Zealand Breweries 23/9; Colonial Sugar £36; Waihi 15/11; Waihi Grand Junction 3/6. - Wellington, March 18. Sales reported: New Zealand Government 44 per cent. Stock (1938) £92 (late Thursday) ; New Zealand Farmers’ Co-op. 64 per cent Stock (1940) £42 (late- Thursday); New Zealand Insurance Co. £1 17/-. Christchurch, March 18. Sales on ’Change: Commercial Bank of Australia 13/10; New Zealand Breweries 23/9; Golden Dawn 7/6 (3); King Solomon 1/-; Mahakipawa 3d; Okarito 9/1. Sales reported: Bank of Australia £9 (2); Union Steam (pref.) 20/1; New Zealand Refrigerating (10/- paid) 3/10; New Zealand Farmers’ Co-operative 64 per cent. Stock, 1940 (late sale 17th) £42; New Zealand Guarantee Corporation 4/2; New Zealand Government 54 per cent. Bonds (September, 1937) £96 17/6. Dunedin, March 18. Sales reported: National Bank of New Zealand 68/-; U.S.S. (pref.) 20/-; 54 Stock (1937, September) £97; 54 Stock (February, 1951) £97. HUNTER & REID. DALGETY’S BUILDINGS, DON STREET, INVERCARGILL. DUBLIC ACCOUNTANTS, AUDITORS, 1 SECRETARIES, AND SHAREBROKERS. J. B. REID, F.P.A., N.Z. Member Invercargill Stock Exchange. Telegraphic Address; “Foxhound.” Telephone: 212. Ax 1043 WINTON STOCK SALE. LARGE YARDING OFFERED. BRIGHTER TONE PREVAILS. STORE SHEEP KEENLY SOUGHT. (From Our Correspondent.) Thursday’s stock sale at Winton was by far the brightest that has been experienced for some time and of the 10,000 sheep yarded the bulk of this number was disposed of at auction. Despite wintry weather conditions earlier in the day there was a large and representative attendance of farmers and buyers present, and this fact contributed in no small measure to the brisk tone of the bidding throughout. Fat Sheep. In the fat sheep section close on 800 freezing ewes were yarded and the bulk of this section were disposed of at prices from 5/6 to 6/6, with butchers’ ewes realizing up to 8/6 according to quality. Very few wethers were submitted and for this class prices up to 13/9 were ruling, while lambs brought from 11/- to 15/-, according to quality. Some of the sales made in this section were: — National Mortgage and Agency.—32o lambs at 13/9, 30 ewes at 7/-, 15 ewes at 5/6, 1 lamb at 12/6, 10 ewes at 3/6, 12 wethers at 13/9, 4 lambs at 11/9, 1 lamb at 11/-, 2 ewes at 8/9, 17 ewes at 6/6, 7 ewes at 6/6, 3 ewes at 10/-, 9 ewes at 6/10, 7 lambs at 14/-, 12 ewes at 12/6, 49 ewes at 6/6, 17 ewes at 13/6. Southland Farmers’ Co-operative Association.—s2 ewes at 7/-, 6 ewes at 12/-, 10 lambs at 13/6, 3 ewes at 9/-, 1 ewe at 10/4, 3 ewes at 11/-. New Zealand Loan and Mercantile Co., Ltd.—3B lambs at 12/9, 24 ewes at 6/6, 49 lambs at 12/11. Wright, Stephenson and Company, Ltd.— 7 lambs at 14/6; 46 freezing ewes at 6/-. Store Sheep. The tone of the store sheep section was brisk when good breeding ewes were in keen demand. Extra good quality twotooth ewes brought up to as much as 17/4, while poorer sorts exchanged hands at prices ranging from 7/- to 12/6. Forward conditioned two-tooth wethers brought up to 11/9, with lighter sorts from 8/9 to 9/11. Sound-mouth ewes met with a spirited inquiry' and prices from 8/- to 11/- prevailed, while extra good tussock ewes sold up to 13/-. Broken-mouth ewes in fair condition were not hard to dispose of at prices ranging from 3/- to 4/6. Good ewe lambs sold up to 11/-, while mixed sex forward condition sorts realized from 9/- to 10/8. Cull ewe lambs were not hard to dispose of at prices in the vicinity of 5/-. Small wether lambs were not in demand and light sorts were hard to quit at prices from 2/6 to 4/-. Some of the sales made at auction were as follows:— National Mortgage and Agency:—lo3o sound-mouth ewes passed in at 8/6, 59 failing-mouth ewes at 2/7, 48 ewes passed in at 5/9, 227 sound-mouth ewes at 13/7, 75 mixed sex lambs at 9/7, 67 ewe lambs at 9/-, 127 sound-mouth ewes at 10/3, 46 mixed sex lambs at 4/8, 65 ewes'at 4/6, 8-1 mixed sex lambs at 9/4. Wright, Stephenson and Company, Ltd.: —33 Romney ewe lambs at 5/5, 71 twotooth ewes at 14/2, 78 Romney ewe lambs at 5/4, 134 full-mouth ewes at 8/11, 180 mixed sex lambs at 5/7, 75 mixed sex lambs at 9/7, 200 Romney ewe lambs at 11/-, 71 wethers passed at 8/9, 22 six-tooth ewes at 11/6, 41 sound-mouth ewes at 6/3, 154 mixed sex lambs at 9/9. Southland Fanners' Co-operative Association.—loo full-mouth ewes at 9/7, 73 sound-mouth ewes at 10/2, 119 soundmouth ewes at 13/1, 147 rape lambs at 10/4, 66 four, six and eight-tooth ewes at 16/9, 68 two-tooth ewes at 13/-, 19 two-tooth ewes at 13/-, 94 ewes at 1/5, 150 full and failing-mouth ewes at 1/9, 272 fullmouth ewes (from Hedgehope district), at 11/-, 19 ewes at 5/3, — broken mouth ewes at 1/-, 30 six and eight-tooth ewes at 10/7, 54 ewes at 2/10, 37 ewes at 6/1, 46 full-mouth ewes at 8/6, 72 full-mouth ewes at 11/3, 36 two-tooth ewes at 16/3, 70 mixed sex lambs at 9/6. Dalgety and Company.—soo mured sex lambs (from Warrock Downs), at 10/8, 304 ewes (on account G. Wadworth) at 12/8. New Zealand Loan and Mercantile Company: 84 mixed sex lambs at 9/4, 59 fail-ing-mouth ewes at 3/7. Cattle. About 100 head of cattle were yarded, the bulk of this number comprising fat cows and heifers and a few pens of steers. Fat cattle prices were well maintained and the inquiry was fair, while stores were hard to quit, especially poor conditioned offerings. Fat heifers made up to £5 7/6, fat cows to £6, fat bullocks to £9 2/6, empty cows to £1 5/-, and two-year-old steers to £2 15/-. Sales were:— Wright, Stephenson and Company, Ltd. —1 fat heifer at £5 2/6, 1 fat cow at £3 15/-, 1 fat heifer at £2, 1 heifer coming to profit at £3 7/6. Southland Farmers’ Co-operative Association.—! fat bullock at £9 2/6, 1 fat cow at £4 12/6, ,2 fat cows passed at £1 12/6, 2 fat cows at £6 2/6, 1 fat cow at £2 2/6, ' 2 fat steers at £3 2/-, 18 mixed sex Shorthorn calves passed at 12/-, 6 cows passed at £2 19/-, 22 yearling steers at £1 10/, 13 steers passed at £2 2/6, 1 steer at £l. National Mortgage and Agency Company. Two fat steers at £4 17/6,1 empty heifer at £2 12/6, 1 heifer corning to profit at £1 10/-, 3 empty heifers at £1 7/6, 1 steer at £1 7/6, 5 cows and calves at 24/-, 3 steers at £3 7/6, 2 steers at £1 10/-, 15 mixed sex yearlings at 21/-. RIVERSDALE STOCK SALE. A GOOD INQUIRY. The first big sale at Riversdale this season was held yesterday when the entry was chiefly comprised of breeding ewes with an occasional pen of lambs. There was a very large attendance, including a number of dairy farmers from the Mataura, Wyndham and Edendale districts. The market for fresh, old breading ewes

was about on a par with that at Balfour on the previous day, and again vendors, with very few exceptions, were prepared to accept the prices offering. A fair proportion of the ewes sold at auction were purchased by southern district dairy farmers. Good roomy breeding ewes with fairly sound mouths realized from 6/- to 8/6, with smaller and lower conditioned sorts from 4/- to 6/-. Good forward lambs were in keen demand and lines of well-grown sorts requiring little feed to top- them off realized from 10/10 to 11/1, with slightly less forward sorts up to 9/6. Sales were: — New Zealand Loan and Mercantile Agency Co., Ltd. :'25 f.f. and f.m. ewes at 6/3, 121 do. at 5/9, 55 do.’ at 8/-, 198 do. at 5/2. 160 do. at 7/7, 130 do. at 6/2, 20 do. at 7/8, 90 do. at 7/11, 140 do. at 8/6, 50 ewe lambs at 11/1, 201 mixed lambs at 9/6, "75 cull 2-tooth ewes at 10/-, 15 cull ewes at 2/-. Passed in: 100 wether lambs at 8/11. Southland Farmers’ Co-operative Association, Ltd.: 129 f.m. ewes at 4/4, 44 cull ewes passed at 1/7, 90 f. and f.m. ewes at 6/1. * Dalgety and Co., Ltd.: 900 wether lambs at 10/10, 120 2th owes at 14/-, 71 forward wethers at 14/-. Passed in: 83 f. and f.m. ewes at 4/-. J. E. Watson and Co., Ltd.: 50 f.m. ewes passed at 2/6, 46 do. at 3/4. Wright, Stephenson and Co., Ltd.: 74 s.m. tussock ewes at 8/1, 7600 at 7/-, 53 s.m. ewes at 5/10, 37 f. and f.m. ewes at 8/-; 141 do. at 5/10, 204 g.s.m. ewes at 8/10, 158 f.m. ewes at 4/1, 361 f. and f.m. ewes passed at 5/6, 68 do. passed at u/8, 51 do. at 4/-, 100 mixed sexed lambs at 8/4. In conjunction with the National Mortgage and Agency Co., Ltd., the firm offered and sold 56 4 and 6-tooth ewes at 9/2, 265 g.s.m. ewes at 8/10, 134 2-th owes at 16/6. National Mortgage and Agency Co., Ltd.: >2 f. and f.m. ewes at 9/4, 50 do. at 5/1, .'O6 do. at 9/4, 151 f.m. ewes at 3/9, 9 owes and 5 lambs at 4/-. DUNEDIN MARKETS. Dunedin, March 18. Samples of milling wheat are still arriving from the Central Otago district and odd samples are also appearing from Taieri. Some of the Taieri wheat is inclined to be on the soft side on account of threshing being carried out from stook before the sheaves were properly dry. The prices ruling are on a basis of those fixed by the wheat marketing agency, 4/84 f.ob.. for Tuscan, 4/101 for Hunters, and 5/01 for Velvet. The yields of wheat in Central Otago have been affected by the dry weather, but the quality is excellent in the Taieri district and further south the yields are very good taking the crops all round. Unfortunately some of them have been affected by rust and this will cause a decrease in the return of milling wheat per acre. xhe market for fowl wheat is quiet and the demand is only on a hand-to-mouth basis. Sales are confined to small quantities, merchants preferring to wait until supplies become more plentiful. An occasional lot is changing hands at 4/8 per bushel, sacks extra, ex store. The oat market has undergone a change. The forward position has weakened, there now being sellers of A grade spread delivery at 3/5 f.0.b., sj. These sellers are mostly Canterbury merchants who a fewweeks ago were prepared to buy at 3/6 f.0.b., s.i. The weakening in the forward market has had an effect on the market for prompt delivery for which the demand has fallen off. It is now difficult to make sales at the recent quotations, namely, 3/6 f.o.b, s.i. for A’s and 3/3 for B’s. Offerings haye commenced from the country, but following on the difficulty of securing orders for shipment to the North Island, merchants are not inclined to operate to any extent at the prices asked. It will not be long before offerings from the country become more plentiful. The’chaff market is still confined to sales of small lots. The demand ns quieter than has been experienced for some time and it is quite an exception to be ab.o to place a truck load. Sales are mostlj in small lots at round about £5 per ton, sacks extra, ex store. The value for delivery ex truck is £4 10/-, sacks extra. The potato market is fully supplied and there is a tendency to dig earlier than usual owing to the appearance of blight in some of the crops locally. Good sound tubers are worth up to £5 per ton sacks in ex truck. Owing to the poor keeping quality of the tubers at this time of the year, buyers will not stock to any extent. The unsettled position in regard to finance is having an effect on the high prices that have been ruling for seeds. The ryegrass market has weakened, but samples are not very plentiful owing to a delay m threshing consequent on the broken weather. It is noticeable that both fescue and brown top are in poor demand, practically no orders being received from overseas for these varieties. As a result merchants are chary about buying. The cocksfoot market remains steady and both cowgrass and white clover are very firm. Fruit Report Apples are in heavy supply and sales are hard to make unless the quality is good. Low prices are ruling for ordinary lines of Jonathans, Delicious and cookers. The best demand exists for sound Cox’s Orange Pippins. The bulk of the fruit offering is of inferior grade. The Maui Pomare will arrive at Lyttelton early next week and approximately 2000 cases of Samoan bananas will be railed to the Dunedin market. The wholesale market is bare of bananas. In the meantime, the Wainui is expected from Melbourne on Tuesday with the first of the Victorian outside grown grapes. She will also bring a fairly large shipment of Valancia oranges. Lemons are in better supply, but prices still rule high. Dessert and cooking pears are in full supply and prices are low. Hothouse grapes have been offering more freely and the market is easier. Heavy supplies of outside-grown tomatoes are coming forward from Christchurch and Central Otago. Only good quality have any demand, other sorts being practically Local hothouse-grown are also much lower in price. The stone fruit season is drawing to a close and there is a much better demand for dessert plums, peaches and nectarines. Blackberries are in good supply and prices are low. DAIRY PRODUCE. Messrs Henderson and Co., Ltd., report having received the following cable dated 18th instant from their London principals Messrs Trengrouse and Nathan, Ltd.: Butter 107/-. Nothing doing. Cheese r White 60/-, coloured 61/-. Quiet. Messrs Dalgety and Company, Limited, report having received the following market cable from Messrs Samuel Page and Son, London, under date of March 17, 1932:— Butter Market. —The low price of Danish has depressed market for colonial. We quote: Danish 99/- f.o.b, equal to 113/landed; New Zealand finest salted 108/- to 109/-; Australian finest unsalted 104/- to 108/-; Australian finest salted 103/- to 105/-; Australian g.a.q. 98/- to 102/-. Cheese Market.—Slow. We quote, Australian white 59/- to 60/-, coloured 60/to 61/-; New Zealand white 60/- to 61/-, coloured 61/- to 62/-; Canadian white 66/to 72/-, coloured 66/- to 72/- c.i.f. CANTERBURY MARKETS. n PRICES FOR OATS HARDEN. Christchurch, March 18. The wheat market has shown renewed life. The probability that there will be no surplus of wheat this year has stimulated buying. Before the break in the weather wheat was coming forward faster than millers were prepared to accept, but a temporary cessation of threshing gave them |

some breathing space. Fowl feed has- also firmed, not much of it being offered by farmers. Sales have been made at 4/5 f.o.b. for prompt delivery and to-day 4/6 is being asked for “spread. April-Sep-tember is worth 4/6 i to 4/7. The oats market has hardened. Very little of any variety is offering. The crop in Canterbury has been light and most of it is in stack. Up to 3/6 f.o.b, s.i. has been paid for A Gartons. Prices on trucks are 3/- for A Gartons and to 3/3 for heavy. Algerians are worth 3/- to 3/2 on trucks. The chaff market is weak. Quotations are £3 15/- a ton on trucks. The potato market for the early months eased during the week from £5 7/6 f.0.b., s.i. to £5. This afternoon, however, there was an indication of firming, sellers at £5 disappearing. Later months showed little movement, the quotation for JulySeptember being £6'lo/- f.o.b, .s.i. The small seeds market is unchanged and business is very restricted. LONDON WOOL SALES. Messrs Murray, Roberts and Co, Ltd, have received the following wool market cablegrams from their London agents, Messrs Sanderson, Murray and Elder, Ltd, dated the 16th instant:—“Sales have closed irregular. Competition good, all sections operating moderately. Compared with closing rates last London sales—greasy Merino best descriptions, declined 5 per cent. Greasy Merino medium to good par to 8 per cent, decline. Greasy Merino inferior declined 5 per cent. Scoured Merino inferior to medium advanced 5 per cent. Scoured Merino other descriptions declined 5 per cent. Crossbred greasy comeback and crossbred greasy fine best descriptions, declined 74 to 10 per cent. Other descriptions declined 10 to 15 per cent. Crossbred greasy medium and crossbred greasy coarse, declined 10 per cent. Crossbred lambs greasy market shows no change. Crossbred scoured market shows no change. £>lipe crossbred par J.O 5 per cent, decline. Opening of series prices in parentheses:— 60/64’s (N,Z. Merino) yielding 48 per cent. 8d (8d), 56’s yielding 60 p.c. 83d (9|d), 50’s yielding 65 per cent. 63d (7d) ; 48/50’s mixed preparing and canting yielding 70 per cent. 61 ( —), 46/48’s do. do. 72 per cent, 53d ( —), 44/46’s preparing do. 74 per cent. s}d (54d), 44/46’s carding do. 72 per cent. s}d (old), 40/44’s do. 73 per cent. 43d (43d), 36/40's do. 75 per cent. 44d (44d.) SHEEPSKIN SALES. Messrs Dalgety and Company, Limited, report having received advice from, their head office, London, .under date of March 17: Sheepskin Sale: 6225 bales were offered, 4731 bales sold. Selection poor. Australian, selection good, other descriptions. Good attendance. Home trade and Continent demand better than expected. As compared with closing rates of last series:— Australian Merino par to 5 per cent, lower, Crossbred par to 5 per cent, lower; New Zealand halfbred par to 5 per cent, lower; fine crossbred par to 5 per cent, lower; medium and coarse crossbred practically unchanged; lambs, crossbred par to 5 per cent, higher; hoggets par to 5 per cent, higher. AUSTRALIAN STOCK EXCHANGES. YESTERDAY’S QUOTATIONS. (Rec. 9.25 p.m.) Sydney, March 18. The Stock Exchange was quiet to-day with no movement of note. Owing to the holiday to-morrow for the opening of the bradge the Stock Exchange will be closed. Sales: Bonds, 4 per cent. 1938, £94 15/-; 4 per cents. 1941, £93; 4 per cents. 1944, £92; 4 per cents. 1950, £9O 15/-; 4 per cents. 1961, £9O; Bank of New South Wales £2B 10/-; Commercial Bank of Sydney, £l5 15/-; Commercial Bank of Australia 15/9; Queensland National Bank, 102/-; Colonial Sugar, £4O 14/-; Victoria Nyanza 17/-; Australian Gas (A) 102/-, (B) 101/6; Tooth’s Brewery 25/9; Toohey’s Brewery 16/6; Henry Jones, 29/1J; Dunlop Perdriau 11/2; Goldsbroughs 24/6; Winchcombe Carson 19/6; Electrolytic Zinc (ord.) 14/2. Melbourne Sales: Bank of Australasia 210/-; Carlton Brewery 28/9; Herald and Times 43/9; South Broken Hill 46/6. GOVERNMENT SECURITIES. London, March 17. The following are the latest quotations of Government ’ securities, compared with the prices ruling on March 10: — Last week. This week.

£ s. d. £ s. d. Consols 60 0 0 59 15 0 Funding Loan, 44 p.c., 1930-60 96 7 6 96 7 6 War Loan, 5 p.c., 1920-47 101 17 6 102 0 0 Conversion Loan, 34 p.c. (ex div.) — 83 2 6 Victory Bonds, 4 p.c. (ex div.) 96 17 6 ' 97 0 0 Commonwealth, 5 p.c., 1945-74 87 5 0 89 5 0 Commonwealth, 6 p.c., 1931-41 97 0 0 97 7 6 Victoria, 3 p.c., 1929-40 60 0 0 60 0 0 Victoria, 3$ p.c., 1929-40 66 0 0 66 0 0 Victoria, 54 p.c., 1930-40 98 15 0 87 10 0 Victoria, 5 p.c., 1932-42 83 10 0 83 10 0 Victoria, 4} p.c., 1940-60 79 0 0 80 3 9 New South Wales 4 p.c., 1933 85 10 0 86 0 0 New South Wales 4 p.c., 1935 73 5 0 74 10 0 New South Wales 3 J p.c., 1930-40 60 0 0 59 10 0 New South Wales 5| p.c., 1922-23 97 0 0 97 0 0 New South Wales 6J p.c., 1930-40 88 15 0 89 5 0 New South Wales 6 p.c., 1930-40 91 0 0 90 15 0 Queensland, 5 p.c., Stock redeemable 1940-60 63 0 0 63 5 0 Queensland, 3 p.c., 1922-47 — 84 10 0 Queensland, 6 p.c., 1930-40 92 15 0 93 0 0 New Zealand, 44 p.c., 1948-58 90 5 0 89 10 0 New Zealand, 31 p.c., 1940 84 2 6 83 7 6 New Zealand, 3 p.c., 1945 72 10 0 72 10 0 New Zealand,. 6 p.c., 1936-51 100 10 0 100 10 0 South Australia, 3| p.c., 1939 72 0 0 72 0 0 South Australia, 3 p.c., 1916, or after 51 0 0 51 0 0 South Australia, 6i p.c., 1930-40 96 0 0 97 0 0 Tasmania, 31 p.c., 1930-40 75 2 6 75 15 0 Tasmania, 3 p.c., 1910-40 70 0 0 70 0 0 Tasmania, 64 p.c., 1930-40 96 0 0 ' 96 15 0 Western Australia, 3J p.c., 1926-36 84 0 0 82 10 0 Western Australia, 3 p.c., 1915-35 73 10 0 78 5 0 Western Australia, 6 p.c., 1930-40 93 7 6 94 0 0