DAIRY PRODUCE EXPORT.

Press, Volume LXIII, Issue 19156, 12 November 1927, Page 14

DAIRY PRODUCE EXPORT.

BOARD'S AUTHORITY. PRIME MINISTER WILL NOT INTERFERE. (PEESS ASSOCIATION TELZGSAIf.) WELLINGTON, November 11. A recent action, of the Dairy Produce Export Board was referred to in the House of Representatives this afternoon. Mr Nash (Palmerston) enquired of the Prime Minister whether he was aware that the Dairy Produce Control Board had prohibited shipments of dairy produce except under the Board, owing to factories refusing to comply with the Board's demands. The Board was insisting upon factories giving full authority in writing to inspect the books of merchants at Home in regard to sales of butter. Many companies had declined to accede to the demands of the Board to sign the authority, and for that reason they were being prohibited from exporting their butter. The Prime Minister said he had discussed the matter with members of the Board, but it was something with which the Government had nothing to do. At first blush it seemed as if the action was somewhat drastic, but the position was that the Board, if necessary, was taking power to have an audit of sales overseas. He did not think the Board would enforce the power unless the companies asked for it. The Board had power to do what it. was doing, and tho Government could not interfere, and did not propose to alter existing legislation. What the Board was doing was in the interests of the industry and the consignors themselves. Tho Minister for Agriculture (Mr Hawken), in some supplementary remarks, said the object of the regulations under which the Board was acting was to enable the Board's staff to know, for the benefit of factories, the prices that each factory 'received, and the charges that were being made inLondon. The information would be made available only with the consent of the factories concerned. He thought that information regarding sales would be of great value to dairy people.

EXPORT LICENSES. DAIRY BOARD'S ACTION QUESTIONED.

[THE PRESS Special Service.] WELLINGTON, November 11. Tho action of tho Dairy Produce Board in declining to grant export licenses to factories which refuse to give particulars of the destination and price of the produce and authority for the Board's ' auditors to inspect the books relating to the transactions, was questioned in the House of Representatives to-day. It was stated by the Minister for Agriculture that only two out of 500 factories had refused. to comply with the conditions of the license, and that tho Board's requirements were welcomed by other factories. The Minister said that any information which the Board thus gained would not be made available to others without' the consent of the companies concerned. Mr J. A. Nash (Palmerston) asked the Prime Minister if he had noticed that the Board had prohibited shipments now due to be made owing to the dairy companies refusing to comply with tho demands of the Board, which were that it had decided to insist on factories giving it in writing full authority to inspect the books of the merchants in England with regard to the sales of the produce. Two companies had declined to accede to the demands of the Board, and for that reason they were now being refused authority to export. The Prime Minister said that quite recently ho had discussed the subject with representatives of the Board. It was true that the Government had nothing to do with it, the Board having the Act and the power to administer it, but he was sufficiently interested to see how far the Board was prepared to go with what at first blush seemed to be drastic action. The Board had the power to have an audit mude of. sales overseas, but there was no doubt that it did not intend to use the power unless the companies asked for it. Mr Nash: I have a telegram here ahout it. The Prime Minister: That is a matter for tho Board. It has the powers and they can be taken from it only by legislation, and tho Government does not intend to introduce legislation. Those of us who have had conversation with the Board believe that it does not intend to use its authority to have the audits made. The Minister for Agriculture (the Hon. Mr Hawken) said it would be recalled that prior to absolute control export licenses were required, but they were not necessary when full control was in force. Now that there was only rartial control the licenses were being insisted upon and new conditions had hf-en laid down by the Board governing their issue. There were about 500 dairy companies in New Zealand, and the Minister understood that only two wero refusine to comply with the conditions or the licenses. "The object of the to enable the staff of the Board to know for the benefit of factories what prices are received and the charges that are made at the other end," continued the Minister. 'The information will ™ade available only with the oon- ™ v stories concerned." Air Nash: You aro aware that many S ' SnCd tHe Condition '

ri/lwi; b #- are ver y f«w,» replied the Minister "I know that one Kn,™t pa ° y n in South Ta ranaki, the £ ka + ? u i Company, has come in beEf S**-* 1 * IS , a very g°° d thin § indeed, for it will enable it to checS T d ,t h j? JS mTn«l° t. m , dair - v industl 7"ti,* • * : That ls questionable. excent w f/l! >r S, atlon not *» " sed except with the consent of the comti h?2 £ & ? y t factor . les which,are glad to have the information. It is a check all round and gives them the inform^ bAin » ' they WoU ' d not other S

HIDES AND SKINS. (PRESS ASSOCIATION TILBQBAJf.J i WELLINGTON, November 11 At the hide and sheepskin sale to-day dry sheepskins sold well up to recent rates well woolled salteds bein| slightly easier' ■ Ox and cow were firm at last sale's prices ' while super and medium calfßkins advanced • about one halfpenny per lb. Tallow was also j firm at last sale s rates. ' wTJl 6 s , e ° f prices was—Sheepskins: . ?. a J £bred ,- 9d t0 14id ' fine "ossbred lOd to \ l-ld, medium coarse crossbred lOJd to 13d ■ short to half wools 8d to lljd, lambs 9d to i 1« dead and damaged crossbred Sd to 11 Id inferior and badly damaged 4d to - Bd, pelts 6d to BJd, damp, salted, and green 5 5s to 12s 6d, pelts salted 2s Od to 3s sd, lambs salted 2s 3d to 3s lOd, hides, ox extra heavy 9d to lOJd per lb ox < heavy lOJd to lOgd, ox medium 9Jd to lOld i ox light 9Jd to lOJd, cut, slippy, and in- e ferior 8d to 9Jd, cow heavy 9d to 103 d cow medium 9d to lljd, cow light 9Jd to ( lljd, cut, slippy, and inferior 5d to lOld 1 bull stag 3Jd to 6d, yearlings lid to 121 d t yearlings Bjd to 12Jd; calf, superior 13d I £ to 17|d, calf medium to good 12Jd to 16gd I s calf damaged 3d to 14d. Tallow in casks 22s ! i 6d to 255, in tins, etc., 18s to 18s 6d. Horse- I h hair 253 d, 27$ d per lb. ' j

I GENERAL MERCHANDISE. GROCERIES. Wholesale houses have had a fairly fcnsy week, more or less upset through the holidays. Further supplies of sugar landed ex Kamo, following close on the previous steamer. Stocks are at present sufficient to meet the demand. The tea market remains very firm, with every prospect of remaining so. Of late years the sale of bulk tea to the public has reached considerable proportions. Canned fruits have commenced to move and fair sales are reported. This line should enjov a steady sale from now on until after Christmas. The demand for Australian pack canned fruits continues. A fair quantity of Califoruian has landed and gone into consumption. _ ... Desiccated coconut is again being quoted, but to arriv* after Christmas. Prices, which are down a trifle, look favourable for operation. Half-chests are quoted Is 6d cwt over chest price, and packets 16s cwt advance on chest quotations. Linseed oil in London this week was quoted for shipment to New Zealand at 2s 7jd to 2s 9d, drums extra, f.o.b. London. This market appears to be weakening, and at present prices the article looks worthy of attention. , . American resin, G grade, is being offered to land about February at very low prices. As it is used extensively here in making cheap soap, the present low quotations both for G. and N. should tend to keep tu.:p values down; the cheapest grados, at any rate. The demand for ice-cream cones and cups set in this week in earnest. Stocks are fair and all demands wero mot at 3s 6d per box, reducible to 3s 3d for parcels of 12 or over. New season's herrings from England aro opening up well, and meeting with a very good demand, except the "frosh," which is neglected. This line, which years ago was a very heavy seller, has fallen in public favour until now the demand hardly warrants importations. Markets this week have shown little or no movement. Tho general tone iu business is much better, and buyers are operating more freely than they have dono for some time. Money appears to be getting easier, and tho summer season has caused a marked improvement generally. "Things this summer are going to bo quite good," remarked one man in the trade,' and this idea seems fairly general.

ASHBURTON MARKETS. Fresh life has beon Infused into the potato market. Both whites and Dafcotas are in great demand. Whites, which lately were practically unsaleable, have now advanced in price. A little over a week ago there seemed to be enough potatoes in sight to keep the North Island, chiefly Auckland, supplied until tho new tubers wore offering in larger quantities, but it appears that supplies in the South Island are not plentiful, thus causing a tightening-up of tho market generally, and merchants are finding it hard to obtain any quantity. Odd orders are being received from the North Island for oats, but on the whole the market is quiet, export business having ceased altogether. There is a firmness in the wheat market. The only lotß offering are from growerß who have seed left over from sowing. Very few growers are holding anything like substantial supplies. The demand for good, whole fowl wheat is fair, and the price is steady. Nothing fresh is reported in grass seed and clover. The following prices are quoted on trucks, country stations, sacks extra:— Milling Wheat—Tuscan 6s 4d per bushel. Good whole fowl wheat, 6s 3d. Oats —A grade Gartons 2s Bd, B's 2s sd, Algerians 2s 6d to 2s 9d for the best seed, 2s 5d for heavy feed; Duns, * good, dark, heavy seed 2s 9d, feed 2s 4d. Chaff —£3 5b per ton for good, bright oatsheaf. Partridge Peas—7s 6d to 8s per bushel. Potatoos—£6 on trucks for white tables, and £4 10s for Dakota tables. Grass Seed—Perennial 2s 9d to 3s per bushel, Western Wolths and Italian Is 9d to 2s, red and white clover 8d to 9d per lb, according'to quality; cocksfoot, 6d per lb. DUNEDIN MARKETS. [THE PEESS Special Service.] DUNEDIN,, November 11. Wheat —Any odd lots of milling wheat can be placed with millers, who, however, are not keenly interested in the market. Tuscan is worth round about 6s 9d per bushel, sacks extra, ex store, Hunters 7s, and Velvet 7s 3d. Supplies of fowl wheat are not plentiful, but they aro sufficient to meet present requirements. The current quotation for best quality is 6s 6d per bushel ex. store, Duncdin. Oats—The oat market continues in a stagnant condition, but there are now few stocks in the Dunedin stores. There have been one or two enquiries for lines from Auckland, during tho week, but no business has resulted. What business is going through is between local merchants for small lots only. A Gartons are nominally worth 3s sd, f.0.b., s.i., and B's 3s Sd. These prices are equivalent to 2s 8d and 2s 6d respectively on trucks country sidings, sacks extra. Chaff—lt has been necessary again to draw on Canterbury for supplies of chaff, Although a few consignments nave come forward from Central Otago. Good, heavy, bright oatensheaf is worth £5 5s to £5 10s per ton, ex store Dunedin, sacks extra. Seeds—There is no alteration in the prices of seeds, and there is little business passing. Merchants genorally have experienced a good average spring demand. It has been noticeable this year that pastoralists have been devoting more attention to cocksfoot and have sown considerably more of this valuable grass in their seed mixtures. Potatoes—The firmness in the potato market has continued and, in fact, increased. Most of the local stores have cleaned out their stocks of potatoes. Up to £8 per ton, sacks in, is being paid on trucks South Canterbury, for freshly graded tables, equivalent to £9 per ton, ex truck, Dunedin, bags in. For small lots £lO per ton is the price to-dajr. Supplies of old potatoes right through the South Island are now almost exhausted. The Auckland new potato crop is very much later than usual, but fair supplies are now reaching the .market from the Hutt district.

Fruit and Vegetables—A fair quantity of choice Sturmers has come forward from Canterbury cool stores. The consignment of American apples which arrived a few days ago has been sold out. Another consignment is due early next week. Pears are also arriving from Canterbury cool stores. Theso are bringing about 4d per lb. Ohristchurch hothouse tomatoes eased in price consequent on fairly heavy supplies coming forward from the Islands. The market is bare of oranges. A few cases of Sydney Valencias have come forward. These were on the small side, but the market being bare of supplies they were readily placed. Fiji pines have a fair enquiry. The Kamo brought a shipment of Fiji bananas which realised good prices. The market is bare of American grapes. The next shipment should meet with a keen demand. Peninsula-grown seed potatoes are in better supply, and prices have eased a little. Green peas are coming to hand from Canterbury. So far supplies are not available from local growers. Lettuces are being forwarded from Canterbury, Oamaru, and the Dunedin district. Supplies of rhubarb have slackened off and good prices rule. Asparagus is more plentiful. Supplies are chiefly arriving from Canterbury. Cabbages are in plentiful supply, but prices remain firm. Cauliflowers are now short on the market. Sound quality bring high prices. Supplies of spinach are easing off. Old season's carrots and swedes meet a good sale. New season's turnips bring up to 2s per dozen bunches.

FEILDING STOCK SALE. (PBESS ASSOCimOH TILIOBAK3.) FEILDING, November 11. At the Feilding stock sale the entry consisted mainly of cattle, with only a medium entry of fat sheep and a small lot of store sheep. All sheep sold on a par with late rates. There was a good ontry of store cattle, mainly three-year-old steers. Verv few grown bullocks were offered. A keen demand was met for all classes, and practically every pen was sold under the hammer at prices well in advance of late rates. The fat cattle included some very prime heifers and bullocks, which sold well. There was a large entry of yearling dairy heifers, good quality heifers selling well, 'but inferior sorts were not in demand. tJ I l^:~7$ b0 F x £ at bo ?B*tB 22s lOd, shorn ft. £ 9» 9s t0 ,? 15 , 2d ' Bhorn fat wethers 24s to 28s woolly fat wethers 345, shorn black-face hoggets 225, store ewes shorn) i»m>J?<»o B i!j n f' m o 0 = th . J ewes with white-face Ke 3 ts 3 3 8 ls 6 7d t0 36S 6d ' mediUm Wool * *™ Good fat cows brought £6 10s to»£7, light at cows £3 18s 6d to £5 12s 6d, light fat ieifers £6 Is, prime heifers £9 7s to £lO Us, prime fat bullocks £ll to £l2 4s, fresh 2. i t ! on t . n »* ed flours grown bullocks £8 ii', "? ree and four-year Shorthorn steers ;6 18s, three and four-year Hereford-Short- £?,. t% eT L i 7, * t , hl ; e „ e - rear Aberdeen-Angus -teers £7 3s to £7 13s, small two-year Hereif.n, s * e . eTS £6 *° ,£6 Us, good ditto -7 12s 6d, three-year Shorthorn steers £6 Is, two-year Aberdeen-Angus steers' £6 ss, mall two-year Shorthorn £5, speyed iVberdeen-Angus cows £5, Aberdeen-Angus lows running with bull £5 6s. empty cows A, three-year Shorthorn heifers £4 13s, hree-year Hereford heifers £5 13s, two-year tZ?°A n^ B,{ V? i 4 ".■■ marling Hereford ■? i, «l *' Ab f. rde en-Angus yearling steers ■* m Jj d > yearling Aberdeen-Angus cross .eifers £3 5s to £3 14s, best quality vearling ersey cross heifers £4 10s to £6 10s.

PETROL TAX

SMALLER DISTRIBUTORS IN A DIFFICULTY. [THE PEESS Special Service.] AUCKLAND, November 11. A cheque for nearly £2OOO for petrol duty was reluctantly drawn in favour of the Government this week by an Auckland importer, who received an unwelcome shipment of 12,000 cases by the West Henshaw on Tuesday. The distributor was compelled to increase his price to resellers by the amount j of the tax, 4d a gallon, or 2s 8d a case !of eight gallons. Competitors who have large stocks are still distributing case petrol at the old price, so that the large supply which arrived this week is on the market under a handicap. There are nine brands of motor spirit represented in Auckland, but the two bulk distributors with large reserves are keeping prices at Is 9d to the discomfiture of the smaller oil agencies, which import only case supplies. Nobody knows how long the consumer will benefit by the control which the bulk distributors exercise, but it is apparent that if they raised the price and simplified matters for their competitors in the wholesale business, the two dominant companies would extract from the motorist an extra 4d a gallon for many thousands of untaxable gallons. The small importer of petrol is deeply concerned at his position. Some case petrol was on the water when the Prime Minister's announcement was made. The wholesale dealers who have been caught by the tax contend that the Government should have taxed every gallon of spirit in the bulk tanks on November Ist. Alternatively it is suggested that supplies of eased fuel which had been shipped when the tax became operative should be exempt. It is stated by distributors who handle the less popular brands of petrol that the two bulk distributors hold four months' supply. _ The retort of bulk dealers is that thev have invested over £1,000,000 each in providing' bulk facilities in New Zealand. By this organisation the motorist escaped an immediate increase in the price of petrol.

MARGARINE. BIG COMBINE. INTERNATIONAL SYNDICATE. (FROM OTm OWK CORRESPONDENT.) LONDON, Septomber 80. .New Zealand is indirectly concerned with tne latest trade combine that haa been formed for acquiring the controlling interest in both Jurgens' and Van Den Bergha' undertakings in all countries. These two margarine manufacturing concerns use a great deal of New Zealand butter to give a high standard to their produce. Moreover, all the copra from Samoa ie taken by them and used in the manufacture of margarine. The amalgamation of the firms is the outcome of negotiations which have been in pi ogress for the past few months. Although an understanding has now been reached, there are eti'l many points, some of importance, to be settled before a more detailed announcement is possible. The two companies between them controlpfactically the whole'of the margarine trade, or the greater portion of it in England, Holland, Germany, wide ramifications in Central Europe and France, with interests, in other Continents than Europe. Lower Prices. Although information in authoritativu quarters is very meagre, M is understood that the international syndicate will be in the main a private arrangement as to the controlling interests of both families in the respective businesses. A reliable authority estimates that the benefit to each company should ultimately not be leas than half a million* sterling a year, while an equal sum should accrue to the publio by reason of lower prices. Of course, considerable time must elapse before the full effect of the amalgamation can be realised. These two concerns control in England alone, either direotly through shareholdings or through management agreements, such businesses as the Home and Colonial Stores, Meadow Dairy, Pearks Fairies, Liptons, etc. The outcome of this latest step is likely to be commercial unification of large competing businesses.

Issued Capital of £7,000,000. The importance of the announcements is reflected by the fact that the issued capital of the distributing companies named alone is nearly £7,000,000. The j scheme not only marks an amalgamation of one of the' largest interests in the commercial world, but it denotes an end to a of differences between two great merchant families. The commercial value of margarine is claimed to have been brought about by the initiative and enterprise of the father of the present senior direotore of Van Den Borghs, Ltd. The present managers and directors consist only of the Van Den Berghs and their sons, with one outside director, Sir Walter Townley, late British Minister at The Hague* The existing enormous business has passed through three generations of the Van Den Bergh family. A Frenchman's Ecclpe. Jurgens, also originally wholly of Dutch nationality, started in the margarine business'not long after the Yan Den Berghs had successfully proved its commercial value, and though for generations these two firms have had working and trade agreements and joint interests, the struggle and competition for first position has played such a part as to nullify those arrangements and to bring them almost to breaking point Jurgens secured from a Frenchman, M. Mege-Mouriea, in 1670, his reoipe for a butter substitute, and it was in the- Jurgens" factory, diear Paris, that margarine was first made.

WAITAHU COLLIERY, LTD. MEETING IN LONDON. (FBOM OUB OWM COREESPOHDF.NT.) LONDON, September 30. After a long period of quiescence the owners of the Waitahu (New Zealand) Colliery, Limited, seem to have made up their minds to get a return for their money. The majority of the shareholders are in the North of England, and the sixth ordinary general meeting was held in Manchester on August 10th. At that meeting Mr A. Mitchell (chairman) presided, and Mr E. Ogden, Dr. R. Proudfoot, and Mr S. D. Potts were the other directors present. It was stated that the whole of the expenditure, both New Zealand and London, had been capitalised, which would enable immediate advantage to be taken of future profits. It was also stated that the directors were having an independent report made in New Zealand, and this would be forwarded to shareholders at an early date. This week an extraordinary general meeting of the company was held in London, and the report referred to was received. Mr J. Beban, who made an inspection, of the mine and submitted the report, said that the property consisted of an area of 178 acres held under mining lease, and he conservatively assessed the total coal deposit in the area at 1,500,000 tons of semi-bituminous coal of excellent household quality. He was convinced the mine had not been worked to the best advantage, the methods used being both crude and obsolete. He made suggestions whereby a total output of 150 tons of scrr-ned coal could be handled per day. In his opinion the cost of putting the coal on truck at the railway station at Reefton would not exceed 19s per ton, and the company should meet a ready market for their screened coal at 26s f.o.r. Reefton. Mr Mitchell covered the points _of Mr Beban's report. He announced his intention, at the request of his colleagues, of making a visit to the property with a view of studying the position on the spot, and, if necessary, of taking such steps or engaging such assistance as would appear requisite. On his return it would probably be necessary to raise additional capital of £SOOO, or, if this was not forthcoming, of resorting to some scheme of reconstruction. Mr Ogden mentioned that Mr Mitchell was paying his own expenses to New Zealand. In due course these expenses would bo paid back to the chairman in shares. A number of shareholders took part in the subsequent discussion, and everyone appeared to be optimistic concerning the future of the company.

BANK OF ENGLAND RETURNS. »

(BY CABLI-PMSB 4SSOCUTION-COPTWOHTI mi. /,i • LOI *DON, November 11 The followmg are the Bank of England returns for the week ended Wednesday?--Issue Department, Note circulation .. 135,929,000 -Notes in reserve .. _ aS^OOO „ ToUI " - - i®^ooo Government debt „ n nis nnn Other securities .. V. 87350 M Gold coin and bullion .. .' lso'iftf'ooo Total •• ■•' •• 168,914^000 Banking Department. Proprietor capital .. .. U ,L,m ii,- j - ■• 3,187,000 Public deposit. .. .. is 413000 Other deposits .. 95 467 000 beven-day and other bills. ~ 3000 Total •• •• .. 131,622,000 Government securities .. {.41 310 000 Other securities .. M Wooo rvotes in_ reserve _ .. .. 33 ggj ' m Cxold ana silver com .. ~ • 1473 ooq Total •• •■ .. 131,622,000 The proportion of reserve to liabilities is 31.10 per cent. Short loans are quoted at 3J per cent three months' bills at 4 5-16 por cent.

FOREIGN EXCHANGE RATES.

GOVERNMENT SECURITIES.

LONDON, November 10. The following are the latest quotations for Government securities compared with the prices ruling last week:—

LONDON MARKETS. (Received November 11th, 6.20 p.m.) LONDON, November 10. Wheat—Cargoes are inactive. Business is occasionally possible at a deoline of threepence. Parcels are unchanged to a turn easier. Liverpool futures are quoted: De» cember 10s lid, March 10s 2 8 d, May 10a lgd per cental. Spot trade is quiet. Australian ex store -is quoted at 52s a quarter. Flour—The market is dull. Australian ex store is quoted at 38e a sack. Oats—The market is slow. Australian Algerians are quoted at 27s 6d. A grade Gartons 31s a cental. \ Peas—Prussian Blues, Tasmanian 400s to 4405, New Zealand 880s to 420s j • Ma/plea, Tasmanian 92s 6d to 955, New Zealand 87s 6d to 90s per cental. Beans—l4s to 45s a cental.

DAIRY PRODUCE. (Received November 11th, 8.40 p.m.) LONDON, November IQ. Butter is firm. Choicest salted New Zealand is quoted at 1726- to 1745, exceptionally good lots 1765, Australian 168e to 1725. Unsalted is in small supply, New Zealand making about 186 a and Australian 182s. Danish butter :s quoted at (about 200e. Cheese is dull. New Zealand is quoted at 983 and Australian at 96a. Eggs are firm owing to the cold at 10a 6d to 20s. woot. (Received November 11th, 8.20 p.m.) LONDON, November 10. The Bradford tops market shows that fair business is passing. 64's quality is quoted at 62d. 60*8 47id, 56's 37d, 50*8 28Jd,-46's 23d, 40's 21Jd. METALS. (Received November 11th, 9.2S p.m.) LONDON, November 10. Copper—Standard spot, £SB 3s IJd pet ton; forward, £BB is 4Jd. Electrolytic—Spot, £63 Ss a ton; forward, £63 15s. ' Wire Bars—£63 15s a ton. Lead—Spot, £2O 6e 3d a ton; forward, £2O ■l7s 6d. Spelter—Spot, £25 13s 9d a ton; forward, £25 10s. Tin—Spot, £257 6s 3d a ton; forward, £261 7e 6d. Silver—Standard, 26Jd; fine. 281 d per ounce. SOUTH AUSTRALIAN REVENUE. (BI CABLE— PBIBS ASSOCIATIOir— COPYRIGHT.) (AUSTRALIA* A\D K.Z CABL* ASSOCIATION.! . ADELAIDE, Novembei 11. *„ ?v Trea ? nr er estimated the State revenue lor the.coming year will be £11,545,000, and . "Ponaitare £11,538,000. It is estimated that the harvest, which up to recent rams was expected to yield between 14,000,iTooO^Oo'ouTel 0 . 00 bUßhelS ' Wi " yi6ld P. AND O. COMPANY. (BT CABLE—PRESS ABBOCIATIO2T—COPYRIOHT.) (Stdhey "Stm" Service.) a „,„ •• . LONDON, Kovember 10. D ™i-»? ? «? , i! ° l - the P ; and °- Company ap. Hil i the ' Sßn « "f new capital affecting both classes of shareholders.

LONDON, November 10. The exchange r&tes on ' London MO U follows:— Par. Nov. 7. Nov. 10. Paris, fr. to £1 .. 12.22J 124.00 124.03 Biussels, belgaa to £1 5 34.94 28.63 Oslo, kr. to £1 .. 18.169 18.10 1B.46 Copenhagen, kr. to £1 18.159 18.17 18.17 Stockholm, kr. to £1 18.159 18.10 18.10 Amsterdam, fl. .. 12.107 12.07J 12.08 Berlin, Reichmarken to £1 .. ■• — 20.41 20.44 Montreal, dol. to £1 4.86J 4.663 4.86! New York, dol. to £1 4.8GJ 4.871-16 4.87 8-16 Yokohama, et. to yen 24.5 23 13-16 .22J Rome, lire to £1 .. 25.22$ 89.18 89.75 Calcutta, at to rpe. IB to gold* 18 18 Hong Kong, st. to dol. • 24J 21j Batavio .. . - — 13.07J 12.00 Prague, kroner to £1 — 164J 164J • Governed by price o! silver.

Last Week. This Week. £ s d & 8 d Imperial Consols, 21 p.c. 55 a 6 55 O 0 War Loan, 5 p.c. 1929-47 100 2 6 100 5 0 War Loan, 3J p.c , 1925-28 100 10 0 100 15 0 Conversion loan, 3) p.c. 75 10 0 75 2 6 Commonwealth, 6 p.c, 1931-41 .. 103 3 6 103 5 0 Commonwealth S p.c, 1945-7.5 .. ioo a 6 100 7 6 New Zealand, 6 p.c, 1936-51 .. 108 10 0 • 108 2 6 New Zealand, 4 p.o. 1929 07 15 0 97 17 6 New Zealand, 8) .p.c, 1940 87 12 6 87 7 6 New Zealand, 3 p.c. 1945 , 78 0 0 78 5 0 New South Wales, 6 p.c, 1930-40 .. 101 5 0 101 2 6 New South Wales, 5g p.c, 1922-32 .. 108 17 6 104 0 0 New South Wales, 5 p.c. 100 7 6 100 7 6 New South Wales, 4 p.c, 1933 94 2 6 04 10 0 New South Wales, 81 p.c, 1930-40 .. 78 10 0 76 2 6 New South Wales, 3 p.c, 1935 85 7 6 85 10 0 Victoria, 51 p.c, 1930-40 95 17 6 96 0 0 Victoria, 51 p.c. 1921-26 100 17 6 100 17 6 Victoria, 3 p.c, 1 1929-49 72 12 6 72 12 6 Victoria, 5 p.c, 1932-42 99 2 6 09 0 0 Victoria, 3 p.c, 1920-40 77 7 6 77 10 0 Queensland, 6 p.c, 1930-40 .. 103 0 0 103 0 0 Queensland, 31 p.c, 1930 95 12 6 96 0 0 Queensland, 8 p.c, 1922-47 72 2 6 72 7 S South Australia, 61 P.O.,'1930-40 .. 103 7 6 103 16 0 South Australia, 81 p.c,.1939 85 17 8 86 2 6 South Australia, 3 p.c, 1916 or after 62 7 6 62 0 0 West Australia, 6 P.O., 1930-40 .. 103 5 0 103 7 * West Australia, 81 P.O., 1920-35 . . 88 0 0 88 10 0 West Australia, 8 p.c, 1915-35 .. 85 0 0 85 15 0 Tasmania, 61 p.c, 1980-40 105 0 0 104 10 0 Tasmania, 3} p.c, 1920-40 84 12 6 87 15 0 Tasmania 3 p.c. 1920-40 79 0 0 79 0 0