COMMERCIAL.

Press, Volume LXI, Issue 18366, 27 April 1925, Page 12

COMMERCIAL.

jPTWgE ♦ "PRIME CANTERBURY." DISPLAY AT DUNEDIN EXHIBITION.

The question of a display of "Prime Canterbury" frozen lambs at the Dunedin Exhibition, and incidentally the question of an exhibit of the Dominion's frozen meat- industry was discussed at the meeting on Friday morning between Mr W. 11. Hayward (one of tho directors of the Exhibition) and Mr C-. P. Hainsworth (the manager) and members of the Christchureh Committee set up in connexion with the Exhibition. Mr 'W. H. Nicholson introduced tho matter by asking if any steps had been taken in respect of an exhibit of tho Dominion's refrigerated products. Mr Hayward said that the Otago Central people were arranging. for & fairly comprehensive display °f fruit. Mr W. H. Nicholson said that his question had reference to frozen meat and products of that description. He asked if space had been taken by the Meat Board or any of the Control Boards. , Mr Hayward said that he did not think that any application had been received from those bodies. _ . Mr D. Colquhoun asked if the Exhibition authorities were providing refrigerating appliances for the convenience of exhibitors of refrigerated products. Mr Hayward said that so far no provision had been made for a refrigerat- 1 ing plant. One firm had taken space and intended putting in a plant, but whether that plant would be sufficient foiall exhibitors of refrigerated produce ho could not say. TTie chairman (Mr J. H. Blackwell) asked if there had been any indication that the Meat Board intended to maker Mr G. T. Mulcock said that matters had been held up owing to the absence of information as to a refrigerating plant to supply all exhibitors requiring

it. Mr J. A. Frostick suggested that a refrigerating plant might be made attractive to the public as an exhibit. Mr Colquhonn said if such a plant ■was provided it would mean that there would be more exhibits. . Mr "W". Machin, chairman of the committee, who had misunderstood the hour at which the meeting was to be held, attended at this juncture and referred to til© question of being able to show Canterbury lamb at the Exhibition. During the past few days, he said, he had 1 struck something that, he thought, would help. One large freez-* ing company in Canterbury which, having learneid that a comparatively small company in Otago intended exhibiting, naturally felt that in the circumstances New Zealand lamb would not be adequately represented by one brand only. He thought that they were very much inclined to take space in the Canterbury court and were in negotiation/with a firm of refrigerating machinery manufacturers.

Mr H. D. Acland aslted .if the Meafc Board should not run the whale thing for New Zealand.

Mr Machin .explained that li<» had discussed the matter with the chairman of the Board. It appeared that the Board did not think it necessary to advertise New Zealand frozen meat prodpcte.in tho. Dominion. He thought the mqst helpful way would be to assist the Canterbury company he had referred' ■to: The best thing would be to have a> representative exhibit of Canterbury lamb; it was not necessary, to have an exhibit of frozen meat on the same scale as'that at Wembley. Mr Hayward said that as regards the provision of a refrigerating plant, he irtended going into the matter on his return to Dunedin.

Mr Machin said that, to oe quit© frank, if tliey had no exhibit of frozen meat except the Ofcago one, it would not be a typical exhibit. If they were going to have such an exhibit they should have the very best and primesti of Canterbury lamb. He suggested that things should be made easy for such an exhibit in respect of expense and space. Mr Hajrward: You can commit us to anything in reason. Mr Nicholson asked Mr Machin if ho apprqached the Meat Board on a Dominion or Canterbury basis. Mr Machin said that he had approached the Board on both—first regarding a big exhibit of New Zealand meat and then diminished his request. He found the Board reluctant on acoount of the expense and on account of a big exhibit in the Dominion not being considered necessary. He intended having "a further chat with Mr David Jones, the chairman of the Board. Mr G. H. Holford thought that the Board was overlooking the fact that manv people from overseas "would -visit tho Exhibition.

Mr Hayward said that the matter would be gone into on his return to Dunedin.

Mr Machin Baid that if the Exhibition authorities provided the necessary refrigerating plant and the facilities for exhibiting frozen meat, he could almost guarantee carcases from all over the Dominion.

RAKAIA STOCK SALE. At the Rakaia stock sale on Thursday there was'a moderate yarding of store and fat sheep. Better prices prevailed for both fat ewes and lambs, and no fat wethers were offered. Best lambs made 38s to 89s 9d, good freezing lambs 36s 6d to 37s lOd, light a<ia . soond quality kffibs 3&s Id to 85s; prime £at owes made 34s to 355, freezing .weights 33s 6d to 26s Cd, light and unfinished ewes 18s to £l. Stores: Good four-tooth and six-tooth r-wea made 46s to 48s, email two-tooth ewes 88s 6d, eound-monthed ewes 86s 6d, aged breeding ewes 22a 6d to 30b, rtfpe ewes 14s to 16s 6d, good store lambs brought 28s, lighter eorta 24s 3d, email lambs ISi 6r( to 21s, weoner pigs 8s 6d to 12s fid, store pigs 555.

PRICES OF FAT STOCK FOR EXPORT.

(rmns assocutiox muux.) W KT.T.TyGTON, -April 26. The Se* ZeaJaod Me»t Pzbdncerß* Baud adviws. thsi the 1 following prices are being offered April 23rd, 1925.: , Hawke"s Bay—Prime - woolly limbs, 43fh and under ll£d, 431b and over lid, second quality lambs lid. Wellington—Wethers, 561b and under Bid, prims woolly lambs 431b and under 12d, 43lb sndover lljd, second quality lambs Hid. Canterbury «ad Tforth ■ OUgo—Prime -• woolly lambs, 361b and under lid, 87-421b Hid, 431b and over '- Ud-: second- quality lambs, llid.

POULTRY INDUSTRY. (PXXSS AS9OCUZIO* TWT.WtmiM.) WELLINGTON, A»ril 24. The executive of the New Zealand Farmere" IJnian resolved to support the principle of export control is connexioa -with the pooltzyindoairy.

WHEAT AND FLOUR.

READJUSTMENT OF PRICES

(•PECIAI. T9 "TOT PHIS.")

WELLINGTON, April 26,

Asked to-day for a .statement as to the upshot of the meetings held on Friday in regard to the prices to be paid for this year's wheat crop, the Minister of Agriculture (the Hon. VT. Nosworthy) said that after receiving the deputation of wheat-growers the meeting had been joined by representatives of the flourmillers. "The subject was discussed in all its bearings, and he had put- the suggestion to the millers that they should pay the highest price possible for the wheat now in stock, while the farmers, for their •part, should agree to the importation, duty free, of necessary supplies from Australia after the local crop had been exhausted. Representatives of both parties were then appointed, and the following agreement was arrived at after consultation with the officers of the Department of Industries and Commerce:—

(1) The millers agreed to a readjustment of prices, and to offer to farmers 6s 8d for Tuscan, 6s lOd for Hunters, and 7s for Pearl, an increase of 3d oil present prices, all milling wlieat to be taken over within the next two months.

(2) The wheat-growers' representatives to recommend strongly to their branches the acceptance of this offer. (3) The millers determined upon prices as follows: —£18 per ton for flour f.o.b. South Island (a reduction of £1), not'to exceed £8 per ton for bran f.o.b. South Island, and not to exeeed £9 per ton for pollard f.o.b. South Island. (4) The duty on bran and pollard from Australia to reduced from £.2 10s to £1 per ton. (5) The millers to find the eish for the wheat from Australia to bridge the gap till the next harvest, aiid Government to purchase on their aecount. These suggestions the Minister laid before the Cabinet to-daj T , and they arc now confirmed.

"The result of tlie meetings,'' said Mr Nosworthy, "is I think a matter for congratulation. Farmers will receive prices sufficient to encourage them to increase the area in wheat. The millers, by accepting reduced profits, will help the wheat-growing industry 011 which their existence depends. The reduction in the price of flour will bring about a reduction in the. prices of bread in all those places which recently increased prices by more than id per 21b loaf. As regards the increase in the priee of offals, the net effect of this will not be great, as already local supplies are practically unprocurable, and with the duty of £2 10s per ton the prico of Australian offal is a severe handicap. Tho reduction in duty will therefore largely compensate for the increase in the price of tho locally produced bran and pollard."

DUTY ON BRAN.

REQUEST FOR REMOVAL,

(SPECIAL TO "TM PRISS.")

AUCKLAND, April 25

At a meeting of the executive of the Wholesale Mi lie Producers' Association, it was unanimously decided to telegraph the Minister of Customs about the urgent necessity!of at once removing the duty on bran. .On account ot the exceptionally dry weather experienced for the last two months, the majority of the fanners producing milk 'for Auckland City have used tho bulk of their winter feed, aid are now faced with bare paddocks to start the winter. JBven if ram fell within a few days tha season was. now too I&ie for much autumn growth except in a few favoured localities. It was stated New land was unable to produce' enough bran for its own requirements, and at the present moment Auckland gram merchants were unable to supply tha full demands of buyers. _ One large supplier said he could not c&U to mind any winter for the last ten years with so black an aspect, aid not only was, there .no grass, but autumn sown grass, which at this time of tho year can usually be grazed; has not even sprouted, and in a great number of cases will haive to be resown. He predicted that milk would be both scarce and expensive to produce.

MARKETING OF EGGS.

Need foe co-operation.

(SPECIiL TO "TSM "WMiLINGTON, April 24,

Captain E. Alexandre, formerly of the French Army but now closely connected with the egg trade. of London and Paris, has spent about three months in New Zealand,' investigaiting the conditions and possibilities of the export of eggs from the Dolnmion. In the course of an interview, he said he had been, told prior to reaching the Dominion tJbait the industry was in its infancy, but after investigating the position he had come to the conclusion that the industiy was suffering from infantile paralysis. He had had several interviews with-Mr Brown, the Chief Government Poultry Instructor, whom he found to be an enthusiast with a wide knowledge of the poultry industry. Through the courtesy of >Mt Brown he was enabled to meet quite a number of poultry farmers. Most of those with whom he had discussed affairs appeared to be very good poultry farmers, but they knew little or nothing of the marketing end oi the proposition. Each one pretended to know more and to be better informed than the other fellow, and apparently personal jealousies constituted a big factor in the struggle between rival egg circles, agents, and individual poultry farmers. The true co-operative spirit appeared to be absent, and yet with co-operative effort rightly applied the export of New Zealand could be developed into a big and profitable business. Britain's imports of eggs were worth £15,000,000 per annum, and of this New Zealand's share laet secson was about £15,000. It appeared.to him that, fin aJici illy, the co-operative concerns, with few exceptions, were dependent upon some big firms, and their system of handling the eggs appeared to be more expensive than it should, be. Captain Alexandre is of opinion that when organisation is perfected, personal jealousies eliminated, and the true principles of co-operation applied, the export of eggs will expand. : He urged poultry farmers to continue the grading, of eggs for export, and suggested some minor improvements which could be effected, such as, grading for weight of crates as well as for uniform eize. The crates ahould weigh 15, 14 or 161b per crate, and not 14jlb and 16Jlb, as was the case last season. ; Captain Alexandre'will continue his investigations in Australia.

WHEA^r. (Keceived April 26th, 5.5 p.m.) NEW YOEK, April 2S. CSbicago wheat quotations are:—May HBJ cents per bushel, July 138}, September 131}.

BANK OF ENGLAND RETURNS.

(BT CABLX —PKESS iSSOCIATIOK— COPYRIGHT.) (aTSTEALIATT AND S.Z. CABLt ASSOCIATION.)

LOXDOJT, April 23. Following are tin Bank of England Tetania for the week ended April 22nd, compared -with the previous week: April 16. April 22. £ £ Coin and bullion .. 126.903,000 106.906,000 Reserve .. .. 27, 105,000 2S, 204.030 Proportion of lOSirre to

liabilities 21.66 22.93 No*e circulation .. 321,263,000 120,279,003 Public <iepo?its ~ 14.780.000 17,058,000 Otter deposits 110,333,000 105,770.000 Govt, securities .. f19.-:92.000 33.812.000 Other securities 76,416,000 75,529,000 Short loans r.r? quoted at 31 nor cent.; three months' bills per cent.

GOVERNMENT SECURITIES. LOXDOX, April 23. The following are the latest quotations for Government securities:—

FOREIGN EXCHANGE RATES. LONDON', April 23. The exchange rate# are:

GOLD. ■ J^OKDON,-April 23, {■rold is • quotod afc-B€e 6d per ,oz..

NEW COMPANIES.

Registration of the following new companies ,wag announced in last week's "Mercantile GaEette":—

Put and Take Gold -Mining Co., - Ltd. Segd. as a private company March 20th, 1923. Office: 152 Hereford street, Christchurch. Capitol: £ISOO into 6000 shares of 5s each. Subscribers—Chriatchmeh: A. L. Moffat, W. A. Barnes, Dr. Simjpoon, B. H. Wilson, D. Marqnet, ■ A.- P. Greenfield, W. S. McGibbon, B. S. Held, F. C. Cottier, M. G. Mason. Ashburton: E. C. Bathnrst. Dtrvauchelle: E. Pritchard, 500 shares each. Object: To acquire and take over as a going ooncerr. the agreement for lease dated September 24th, 1924, between the Kawazwa Gold Mining Co., Ltd., and W. Baxnee, and .to carry on business of gold mining company, etc.' South Canterbury Sports Depct, Ltd. Begd. »3 a private company April let, 1925. Office: Timara. Capital: £ISOO into JSOO shares, of £1 etch. Subscribers: Timaru: J. "V. McKeague and A. T. Hustin each 750. Objects: To acquire and take over as a going concern and to cany • on the business lately carried' on at Timara hy J. McKeagne as Sooth Canterbury Sports Itepot—wbofcsale and zetaal vendors of Exporting materials, etc. Zoalandia Milling Co., Lid. JRegd. as a private company April 6th. Capital: £IO,OOO into 10,000 shares of £1 each. Subscribers— Chxistchtuch—■'V*. J. Lore 6000, and Jessie Xxjto <OOO. Objects: to purchase lands, stock-in-trade, plant, etc., and to carry on business of floor and general millers, etc. Maibolite Caksunent . (N.Z.), Ltd. Begd. April 3Wa». 1925 Office: No. 220 Lambton quay, Wellington. Capital: £50,000. into 60,000 shares of £1 each. Subscribers— Hawera 1 . J. N. Anderßon, J. B. Laurenson, M. P. ComerfoTd'. Auckland: J. D. Bartholomew, P. W. Stone. Collingwood: A. L. Caselberg, A. G. (Soring. Wellington: J. Baiter, all 50 shares each. Objects: ©> adopt and carry into effect, an agreement dated May 6th, 1925, to purch«£e or acquire the invention for improved hydraulic cementing material or cement or plaster, and manufacture of same, to vae, exploit, eell, eierciae, grant licenses in respect of or otherwise turn to aoramnt the said invention and general incidental. Miuchißoa Oil Co., Ltd. Begd. Apnl 4th, 1925 Capital: £30,000 into 80,000 shares of £1 each. Snbscribers—Auckland: B. Bassett 100. H. J. D. Bobertson 100, J. M. Cauehev 300, C. M. Heather 100, F. A. Brown 300, M. Rndd 100, H. T. Goldie 100. Cbjects: Boring for and dealing in oil and general incidental.

FROZEN MEAT MARKET. Dilgety and Company, Limited, have received the following cablegram from their London office, 'under date April 23rd: — "Frozen Lamb—Demand for New Zealand lamb runs principally on light -weights. Market is firm. We quote prime crossbred lamb, Canterbury heavy, 11<3, light 12d, North Island heavy lOJd, light Hid. "Froaen ifuttcro —Demand rans principally on light -weights. Any change in prices is in favour of buyers. We quote prime crossbred mutton, North Island heavy, 5Jd, light 3d. ' "Prwen beef —Demand for N.Z. beef is good. Prices nomina'. We quote N.Z. prime ox beef hinds ojd, fores 4id.*'

POVERTY BAY MEAT WORKS. Crsus assocusoh TiLjujiiit.} WELLINGTON, April 24. ' The Boyal Commission which is enquiring * into the sale of the Poverty Bay meat works to Yesteya leaves Wellington on Monday for Gisborne, where it will commence the taking of evidence on Wednesday. Later the Commisrion returns to Wellington for the further crose-examinaiion of Mr David Jones, chairman of the Meat Export Control Board, by Mr Lysnar, and to near any other evidence available.

DAIRY PRODUCE. Dalgetv and Company, Limited, have' received the following cablegram from . their London office, dated April 23rd:— "Sutter—Market steady {or finest . and quiet far secondary and inferior. We quote 'Danish ISSs, finest N.Z. salted. 166 a, foe exceptional N.Z...brands 168s, nnest Australian salted 158 a, unsalted 1625. "Cheese—Market alow. We quote N.Z. white and coloured, 986."

CHKISTCHURCH STOCK EXCHANGE. FRIDAY'S TRANSACTIONS. Sales Reported—South British Insurance (ex div..), 46b 6d, 46s 9d: Burns, Philp, 3Ts; Ms«on, Struthcrs (14s paid), 15s 9d. Sa:e.; on 'Change—Bank of New Zealand. 51?; Goldsbrough, Mort, 47s 9d. LATEST QUOTATIONS

OTHER EXCHANGES. (PRESS ASSOCIATION TKUCQRIVS.) AUCKLAND. April 34.-, ' Saleji—New Zealand Inscribed Stock, 1338, £97; 1939, £97; Auckland Harbour Board, 4 per. cent.' debentures, £B3- lOe; Commercial Bank of. Australia, £l3 16s 6d; Taupiri Coal, 17s 6d; Anckla.nct Gas, 23s 3d,. 28s; 43s 6d; National Timber, 23s . 9d; His Majesty's Arcade Theatre (pnrf.), 20s 3d; Wilson's Cement, 32s 6d.

SALE OF MARLBOROUGH SHEEP RUN.

H. H. Cook aiid Co., Ltd., have effected the Bale of a Marlborough sheep .run, the price being in the vicinity of £70,000, as a going concern.

ENGLISH MARKETS. LONDON, April 23. Butter—The market is slow. Quotations — New Zealand choicest salted ids to 166s per cwt, unsalted 172s to 1745, Australian 156s to 1589, unsalted 162s to 1645, Danish 186s. Cheese—The market ia dull. Quotations — Now Zealand 98s per cwt, Australian 965. Bradford tops market—Them is a pessimistic < and unsettled tone. No business is passing. Quotations ape—Sixty-fours quality G9d, go's 54d, 56's 40d, Bffa 33d, 46's 27d, 40'3 26d.

Wheat —Cargoes are firmer and 6d to 9d per qr. dearer in sympathy with the American strength. Parcels opened quietly, but firmed Gd to Is per qr. owiDg to Australian sales. Liverpool futures are quoted as under:—May 12s per cental, July-October lis s£d. Spot trade is more active. Flour —The market is steady. Australian ex-storo is quoted at 47s to 47s Gd per qr. Barley—The market is firm. Oats—Tho market ia 6teady.

Peas and beans—The market is inactive. Sugar—Granulated 32s IJd per cwt.

■Frozen Mutton —Canterbury, light 9d, medium 7Jd; North Island, light B£d, medium 7Jd, heavy 6|d; New Zealand ewes GJd.; Argentine, light 7Jd, medium 6£d, heavy sid. Frozen Lamb—Canterbury, light 12id, medium lljjd, heavy 101 d, seconds lT|d; other selecteds, light 12d, medium lltjd; North Island, both llfd. No Australian offering. Argentine firsts, light Hid, medium 10£ d. Frozen Beef —Australian, crops 3Jd, hinds sjd; Argentine, hinds 6d, chilled hinde, Argentine 7id; Uruguayan, 6Jd. Other meats unchanged. Cotton —The Liverpool quotation for. American middling upland, May delivery, is 13.15 d per lb. Rubber—Fine hard Para 13d per lb; plantation first latex crepe 20Jd; smoked ribbed sheet 20|d. Jute—lndian native first marks, April-May shipment, £53 per ton. Hemp—New Zealand hemp, April-June shipment, £B7 per ton. Copra—Sooth Sea, bagged, April-May shipment, £29 per ton. Linseed oil, £45 15e per ton, equal to 3s 8d per gallon. _ • Turpentine, 5s 3sd, jper gallon. Antimony—English £69 10s to £7O per ton, foreign £6O to £6l.

The New Zealand Loan and Mercantile Agency Co., Ltd., have received the following cablegram from their London office, under dale 22nd inatmi: — "Tallow—We quote present spot values for the following, descriptions:—line mutton, 43s 3d per cwt; goal beef, 44s per cwt; mixed, 396 9d per cwt. Market quiet. "Butter—Choicest salted, 164s to 165 a per cwt; choicest unsalted, 170s to 172b per cwt. Market weak. "Cheese—loos per cwt; market weak. "May wool sales—Lists closed April 20th. Norfolk, Anglo Columbian, and Tekoa available."

DALGETY AND CO., LTD. Dalgety and Co., Ltd., adfise that they have received cable advice from their hood office tiai an interim dividend of 7b per share has be«r. declared, being at the rate of 14 per cent, per annum. This dividend is payable on May 15th.

TARANAKI OILFIELDS.

(FUSS ASSOCIITIQK UTiIMM.) NEW PLYMOUTH, April 26. The following official report on the work at the TaranaJri oilfields was issued tixlay: "The Tarata bore is now down 1430 feet in shale. The l2J4neh diameter casing parted at a depth of 503 feet. We are now endeavouring to make the joint good and expect a few days' delay. Hie Moturoa bozo is now down 886 feet in shale. A good deal of gas is making." Asked what importance was attached to the break in he casing, he Tarata moline manager of the oompanv said that they had all the necessary tools on the field for repairs. No difficulty was anticipated in mending the joint.

MELBOURNE MARKETS. (BY CX*L*—PSB6B ASSOCIATION—COPIRIGHT.) (AUSTBALIAS AMD K.Z. CABLX ASSOCmiOH.) MELBOURNE, April 24. O&ta— Milling, 2s 9d to 2e lOd; feed, 2s 7d to 2b 8d a bushel. Barley—ss 3d to 6a; Cape, 4s to 4s 6d a bushel. Potatoes—£7 5g to £7 10* a ton. Onions—£l2 to £l3 a ton.

Aoril 16. April : x- , . d £ s. d. Imperia'. consols, p«r cent. 57 0 0 57 0 0 War Loan, 5 p.c., 192047 IK 0 6 1U2 7 6 W»r Loan, p.c., 192528 SG 5 0 96 5 0 Conversion Loan, 3i p.c. 77 0 0 77 0 0 Commonwealth, 5?-. p.c., 1931-31 101 17 R 101 17 6 Commonwealth, 6 p.c., 1922-27 103 17 6. 104 0 0 Xew Zealand, 6 p.c., 1928-51 109 15 0 109 15 0 New Zealand, 4 p.c., 1929 95 2 r> 95 2 6 I7ew Zealand, 3?. p.c., 19-10 .. 85 2 6 85 2 G iCe\v Zealand 3 p.c., 1913 75 15 0 75 12 6 Sew South Wales, 6 p.c., 1930-40 10G 0 0 106 0 0 Xew South "Wales, 5J p.c., 1922-23 New South Wales, 4 103 0 0 100 0 0 p.c., 1923 .. 99 17 6 99 17 6 New South Wales, 3$ . p.c.. 78 5 0 78 5 0 New South Wale«, 3 p.c., 19-10-50 82 15 0 S2 15 0 Victoria, 5 p.c., 1930-40 102 0 0 101 17 G Victoria, 3J p.c., 19-21-26 99 ~ G 99 10 0 Victoria, 3i p.c., 1929-40 78 2 G 78' 5 0 Victoria, 3 p.c., 1929-49 73 7 6 72 2 6 Queensland, 6 p.c., 1930.40 105 0 0 105 2 ' 6 Queensland, 35 p.c., 1930 Queensland, 3 p.c., 392292 0 0 92 0 0 47 71 a 0 71 5 0 South Australia, Gj p.c., 1920-40 105 17 6 106 0 0 South Australia, 3| p.c., 1945 or after 83 15 0 83 10 0 South Australia, 3 p.c., 1930 63 0 0 63 0 0 West Australia, .6 p.c., 1930-40 ... 104 0 0 104 0 0 West Australia, 3£ p.c., 1930-S5 ' 87 10 0 87 12 6 West Australia, 3 p.c., 1915-35 82 15 0 82 10 0 Tasmania, 61 p.c., 193040 105 15 0 106 5 0 Tasmania, 3* p.c., 1920- » 40 84 0 0 84 0 0 Tasmania,-3 p.c., 192040 77 0 0 77 5 0

Par. April 20 April 23 Paris, fr. to £1 .. 22.225 91.70 92.15 Brussels, fr. to £1 22.225 94.90 94.85 Oslo, kr to £1 .. 18.159 ®.31 29.45 Copenhagen, kr to £1 18.159 26.10 25.96 tStockholin, lcr. to £1 18.159 17.77 17.80 Berlin Beichmarken to £1 — 21.11 20.25 Montreal, dol. to £1 4.86 4.782 4.801 Hew York, dol. to £1 4.86 4.78J 4.801 Borne, lire to £1 .. 22.224 1165 117 Yokohama, st. to yen 21.5 21 d 21d Calcutta, st to rpe 10 to gold £ 17£d 17|d Hong Kong, st. to cM. * srjd 27Jd Amsterdam, fl. .. 12.10S 12.00 11.99J Batavi*. fl- 12.106 12.01 12.01 *Det«rmiHefl'bjr the price of silver.

Buvers. Sellers. £ s. d £ s. d. N.Z. GOVT. DEBENTURES— 4\ per cent. Bonds, 1933 and 1939 97 0 0 5 -oer cent. Inscribed, " 1929 97 0 0 — 5-\ per cent. Inscribed, 193; — 101 0 0 OTHER DEBENTURES"tVaimsiiri County. 61 per cent. — 103. 0 0 Cbrisichurch Tramways, 51 per cent. . 57 0 0 53 0 0 Christchureh Drainage, 0?; per cent. 97 15 0 — Hearhcote County, 5i CP!' cer.t. — 92 0 0 N.Z. Breweries, Stock . — 1 2 0 N.Z. Braveries, Bends 1 1 9 1 2 0 Gisbore* Sheepfarmera T?t tier cent. 100 0 0 102 ft 0 BANKS— Aust. Bink of Comm. 1 7 6 — National of Autralaaia (£1U paid) 16 2 6 1G 5 0 National of Australasia (£5 paid) — 7 19 0 National of N.Z. 6 18 0 7 10 0 New South AVa'es — 41 10 n New Zealand 2 14 0 2 14 6 New Zealand (new) .. 2 12 6 2 13 6 Royal (£1 paid) 1 15 0 1 16 0 Union of Aust. 14 2 0 14 5 0 INSURANCE— National tcmn civ.) 3 11 3 — New Zealand 1 11 C — South British (ex div.) 2 6 6 — Standard 2 1 3 — LOAN AND AGENCY— Dalsety and Co. 15 n 0 15 12 6 G-oldsbrough, Moit 2 7 3 2 8 0 National Mortgage — 3.18 6 N.Z. and River Plate 1 0 6 — Permanent Investment — 10 0 0 i-b.IP.fJNG— Howard, Smith 1 15 8 1 16 3 Huddart-Parlter 2 3 0 2 4 0 FROZEN MEAT— Canterbury — 14 2 6 Gear 2 3 6 — N.Z. Reirisj. (paid) .. 1 0 4 1 1 0 N.Z. Refrig. (contr.) .. 0 10 3 0 10 4 WOOLLENSKaiapoi ford.) 0 12 9 — TLaiapoi (contr.) 0 5 6 — COAL— Westport — 1 13 6 Stockton (pref.) — 0 5 3 GAS— Christchurch .. 7 12 6 7 15 0 Napier (£5 paid) .. — 6 0 0 BREWERIES— Manning (cum div.) — 1 19 0 Now Zealand — 1 19 6 CEMENTS— "Wilson's ;>j* It1 12 3 — Kauri .. .. 1 13 0 1 13 6 ii- W:K1jT.aKH0USB.A.W.R.A. 0 11 3 0 11 6 Beath and Co. 1 12 9 1 13 6 Beath. Schiess 0 7 0 — British. Tobacco 2 1. 6 — Burns, Philp 1 16 9 — Electro. Zinc (pref.) .. 1 7 0 1 7 9 Electro. Z'nc (deferred) — «1 7 8 Henry Jones Co-op. .. — 2 2 3 Mason. Struiliers (£l paid) 1 3 0 1 8 9 Mason, Strutters (14s paid) 1 13 9 — Mason. Strathera (10s paid) 0 11 4 0 11 7 N.Z. Drug. Co. 3 5 0 — N.Z. Farmers' Co-op. (6i per cent. Stock, is®» 85 0 0 88 10 0 N.Z. Farmers' Co-6p. (6J per cent, stock, 1935) 81 0 0 — N.Z. Milk Prodncts .. 1 7 6 — N.Z. Paper Mills 1 0 6 1 2 0 Sharland and Co. — 1 1 ■ft . Taranaki Oilfields — 1 9 0 'Whitcombe and Tombs — 3 12 6 MINING— Mt. Lyell 1 1 1 — Waihi w 1 5 0 1 '5 6