FINANCE AND COMMERCE.

Press, Volume LXVII, Issue 20169, 23 February 1931, Page 12

FINANCE AND COMMERCE.

\ ■ ■ > ■- • W .WOBLD TRADE. J

RISING FIGURES. in spite of the world depression, trade figures have climbed, according to Mr Noel Baker, M.P. The following is an extract from a reecrit speech . by him in the Houso of Commons: , "If members will study the Memo- • Tanda on Trade and Production and • Balances of Trade, published by the Economic Section of the League ox Nations, they will see that since 191 a, in spite of the war and the economic dislocation which the' war brought about, in apite of aftermath of the war, such as reparations,'the Eussian . famine, the Chinese civil war, Indian , unrest, and so on, which tended to check the wealth of the world iyid international trade, there has nevertheless been a growth of world population of only 10 per cent, and a growth of international trade of 24 per cent. "The same is true of every Continent. The population of North America has increased by 26 per cent, and its international trade has increased by 62 per cent.; in Africa, the population has increased by 10 per Cent, and the international trade by 33 per cent. Look at individual countries. "I will only give a few, taken at random —and these are real increases in the volume of trade calculated at 1913 prices, not apparent increases which represent nothing because of the change in -price levels. ' "In Denmark the imports are. up by 42 per cent, and the exports ,by 73 per eent.; in China, which is one of the countries from which we are supposed to have been cut off by its industrialisation, the imports are up by 29 per cent., and the exports, in spite of the 1 chaos which has been reigning there, by 37 per cent. Look at the Uiiited States of America. Since 1913 there have been great increases in its tariff, levels, but nevertheless United States trade has increased in impqrts by--81 per cent, and in exports by nearly 70 .per cent. - "With these figures before ns, surely the conclusion is absolutely irresistible that even if there baye .been increases of tariffs, they have not , affected the fundamental fact, that international trade has also enormously " increased. ;.\, The truth is that even those countries i > which, by tariffs,, have, done their ' *{%* most to make themselves self-sufficient, i sm #»d, as they Jceep out, tjie

MONEY MARKET.

DEPRECIATION IN STOCKS. AUSTRALIA'S POSITION.' »«'*■» MISS } t, • TZLSORAPK —COPIWOHT.) (Received February 22nd, 5.5 p.m.) LONDON, February - 21. The Stock Exchangfe Ahas passed through a=> very uncomfortable week. Both investment "and industrial-stocks have undergone .serious ' depreciation, and all markets are in a nervous condition following Mr Philip Snottden's and Mr Lloyd G<4orge's-speeches, the Chancellor's announcement being regarded as an indication of his intentions to impose additional taxation on unearned incomes. This has brought about heavy selling of gilt-edgeds with a consequent fall in values. As the "Statist" remarks, the markets fallen a victim to Budget fears, while the labour Government's belated admission that a national crisis exists has typpf calculated merely to make matters worse. Australian Stocks and Exchange; In• the absence of • any definite proposal'to deal with the r situation and with - such conditions , prevailing, it is natural that Australian stocks should, be further' marked down. Most of them became lower every day until yesterday, when the announcement was made that the manuring Treasury bills would be repaid.. This had an immediate and salutary 5 effect, and several • Commonwealth and State stocks have hardened, as aresult, it as believed,- of speculative buying by professional operators, Such purchases are not surprising- when it is recalled that, at recent prices some of these stocks give enormous returns.. New South Writes 5 per cents:, redeemable ii*, >1932, are purchasable- at a price wUich will give a Teturn of 234 per' repayments at #IOO in 1932. - Several others yield over 10. per cent. ' ' -The * Australian ,exchange position at last begin? to show slight signs of improvement, -and some- people are talking about *tl>e possibility of an early reduction ifi the rates. It may bb that the wish. 1 is. father to the thought,, but it is > at .fact-that the outside market and the banks here axenow'charging .the aanieSfte/and ifajfc reported that business'■has 1 been-'trwjsicted in Australia at, rates lower than thope quoted by 'the Associated Banks: *. The repayment of also 'regarded as an, A>fleasier exchange; post- j * Jbaptevfy.' - < 1 . A more' .bptistfstic feeling prevails in 4^:tin r prices; advanced by 'feiwly * vpd? ton during 'the -week .owing fto the expectation, of the announcement .-%hich ; was* made > yesterday flarltetj-wi yesljerhorning, gost" the amounts to 22.3 ' in--tlw, exports current year , to between 141,000 „anft 150,000 tons,' or rather less ihari Ltjio anticipated oonaumption, thfe flieasa- utoclcs should gradually di- - mipisK * • 1 Jf' ! 'Batter ' fhe* l>JJtt.er Consumption -has recently jcalei the little 'the end, jlfas befc»= Nfficieitt; to M yNeatly- - ill iJjV 9<»AtiiM!?ital 'countries rfro now on thq lowept-production, consequently the

'■ \- WOOLLEN TRADE. OPTIMISM IN ENGLAND. AN EARLY CHANGE INDICATED. A decidedly optimistic outlook' on prospects in the woollen manufacturing trade in England, ■combined-.with ■confidence''in an approaching recovery of English trade generally, was expressed yesterday by Mr M. Hollander, oi" Amalgamated Drapers, Ltd., on his return to Christchurch after nine months" absence in Europe. Mr>Hollander 'a previous visit to Europe was in 1928,' and he was interested to observe the change that had taken place iu trade conditions. He contended that from what he had been able to see in the few days he> had been back,in New Zealand' the people here were far too pessimistic, and that so abject a state of mind was not warranted. « " ' ■ "The woollen and other manufacturers have now settled down, and have realised that they have to face the present conditions, and sell in a competitive market," he.stated. "They are making wonderful progress, and for many things formerly coming from Germany, for example what we call 'facecloth,' the British manufacturers are now making a firm stand, and I am confident that by next season they will be making a good bid for the market. A great many of them have failed through the depression, but 'those remaining are, making a,concerted effort to hold and. bring back their trade, and there is every indication that tbey will be successful.* "For next season I hope to see a small decrease in the prices oft manufactured goods. The price has not como down, earlier,, despite the lower prices being paid for raw'wool, because'of the high overhead costs, and4he wages. Tho effect, has. been shown,,but.not to the extent that some people have expected. In piece-goods the price is now ten per cent, less than it waa, two years ago. "■ v ' l Hand to Mouth Working. '' None of the manufacturers. are carrying big stocks of yarn; most of them are working from' hand to mouth in raw j . wool," he continued. "This is carrisd I ori by the wholesaler, who haß not large - quantities of,the manufactured article,, while i the retailer is not at all as wejl ' stocked as' he ought to be. At present the retailer buys two or three. suit- l lengths, where formerly he .bought a , 1011, preferring this to larger quantities because 'of • the uncertainty of prices. As, soon as they .stabilise conditions every branch of the industry will improve. If the retailer bought only one roll more it would provide 12 months' worisrafor two {shifts. ••2 was'in Bradford and'l fonnd N that the manufacturers there were' Very optimistic o£ a revival of the wool trade, and they are< booking-order, some of them a great number of orders. For many lines it is impossible to get delivery at the moment, There is a general move* toward sending special representatives throughout the Empire as a means of getting trade. It should be remembered that although Australia has a bearing in trade,among the Dominions, that bearing is not nearly so large as i people 1 here seem to,think it is. , Dominion: Credit in England., "Aa far as New 'Z*(ll#nd*s -credit with the commercial interests of Britain' in concerned, X found that it was unii versally held in the very highest esteem. ►. An indication of this is to bo found in • the reception given to the Prime Minister in London, one instance of which -was.a dinner at the Savoy Hotel, which . J attended, and at which there was a really remarkable' gathering of varied I interests. < Not a seat was vacant, and, that is a sure mark of. , interest and." esteem., Since Mr Forbes left England [ there has been some very fine publicity on -behalf of New Zealand products bye the High .Commissioner's office,' and iwaile I was there I was continually •coqi-" 'idg in'contact'with it. j There doubt, : it isservipg/its yurwsetvery well ■'. ik,k*epwig'-Qur;goods before.the public " iey^m'Britain. I cannot, speak sofflUglily ?of the c court«ssy and cohS MdOirßtionTshown myself, and t& allotfito High Commissioner Venice- - r 3sy?;wiur fail to .take advantage, of the; • .they are prepared'to provide, JHNgKta to, bis.own Mas. >, window' A difepjays : at thftt - office, are" 1 remarkably f jjtfwß*" and forafa really important part, folkth'e- publicity, scheme." s "'■s*■>"'' in France. h j; W<jslCt Hollander also spent some time in ; fprfcn^andSn'Belgium/ and from'what ' Ih^-saW-ithere and from what he was told, 1 considered that the unemployed' in' " <Frsnfce -now numbered' something like ' ''M?'-" niillion. ■ There had been" parades ii ;ofn«ffempioyed in Paris. MThere wa s. no '.i in France, so far, toward ;,-, l;a 'Recovery of lost trade, one-indication !<, of j which was to be found in the fact ; Hh'jat' the, British fashion manufacturers . had'gained considerable-ground. The *. Ippsftioa "had so improved- that England '^Tws'a-now-.buying "from-'France 50 per ) less in these lines than formerly, ''inbt : thafc"the buying public were eeonp- ;' ;,&isiflg, bill 'ifasA, the.British manuf ac- ) at'njfWtt-pvW^re. turning out ,an, ■ article, . ojten on French design, .that was /equal :in v quality, but was/ever so much " 'cheaper. TJie' French might, create de- " sighs,' but the English commercialised 'them; 1 ',' In conclusion, Mr Hollander stated that there was no' need for people in the , Dominion to' think that the sun would 'never' Bhine again. In England there was; now afar more general, optimistic , spirit, and with the changes that seemed ' .bound to take place, a sudden and not far distant change of prosperity was indicated. He Was very glad to be back home again, though he was distressed to ' "think of the suffering. caused by the -vearthquiakeV, which, he believed,, was an 'added cause' of the depth of the pes'sjinrism at'present prevailing, here. op !;■-■■-■ SraLiqN. ■■/-, i POSTAL REGULATIONS/ i \! IJostal regulation's regarding bullion in the.Gazette, 'state that parcels of bullion may be accepted : f or, inland transmission,-' and, subject "to. any- law prohibiting-, the exportation of gold from New Zealand,'for .transmission, to places,beyond New" Zea- : land;' - Parcels containing c bullion ,1 ad-'dressed-to , J any-place■ in New, Zealand or Australia, must not. exceed ,111b'in* weight.'* In'all noKexceed 31b.' ~?. ■.'*-, '- '' '■" - If ibV6r ,,, lo f s".i!a;"*valU!B u they rnust/.lje < . finsured, but thVihsurance is liinited to;. 1 ■ fea/JTo''parcel" addres,se6VV'to, •• Great' 'Britain 'or'fpr any .place; served through' Great Britain;and may! Contain/bullion, "exceeding-* ""&$ in. value; Packages gdld. a'ddressed'to" countries beyond New'Zea-* lawi may be, posted only at-money-order., ;,ofitces and -senders must pay thereon tup export duty of 2s per ounce troy, /for in'the Korth Island* and ;'a#o .W per, ounce for "gold . t^inedVitt.any'jpartipftNevpZealand,other 1 ' aUuyia\.mining^

iWOOL MARKET. CALL FOR CONFIDENCE. VALUES BELOW COST OF BjJODUCTION. (UNITED FBESB ASSOCIATION—BI ELECTRIC TELEOBAPH—COPrEIOHT.) (Eeceived February 22nd, 5.5 p.m.) , LONDON, February" 21. A call for confidence in the wool market was made by Sir Thomas Wilford in' a speech at a banquet of the British Wool Federation at Bradford. He said that the .warehouses were empty because the West Riding of Yorkshire lacked confidence, and bought only from day to day. The prices could not possibiy get lower., Trade was waiting and had not the time arrived to give the all-clear signal! Prices must move upwards. Mr Devereaux, on behalf of the Australian growers, said that the wool valueß were a long way below, the cost of production, although the graziers were using every method of reducing costs. These and other factors were having a serious result on many growers, and ere long they woul<L come to the end of their resources andcease to produce. Top-makers, spinners, ■ manufacturers could not be described as making a fortune, but there appeared to be plenty of scope to bring down the retail, price of the manufactured article, and thus, stimulate a greater eonsumption. . He was of the opinion that this downward tendency had started not only in England, but also abroad. He concluded by advocating a bolder policy, in securing and holding supplies of raw wool and tops, to enable immediate advantage to be taken of the improved HAiminrL '

aemana. THE RECOVERY. AMERICAN AUTHORITY'S OPTIMISM. "So long as. we go on requiring food, Nothing, shelter and reasonable facilities for recreation, there' exists a powerful pressure of necessitous demand which overrides mistakes and sooner or later swings us back into our stride after every period of faltering," says the monthly review of the Nation, al City Bank of, New York in discussing the outlook for the present year. After mentioning various points, such as * the prospective demand for the replenishment of stocks of merchandise and the free availability or credit "wherever business wants to use it," the review sayß that 1980 has been a year of debt paying, when a large part of the current income of the people (in the United Statoß) has been absorbed in liquidating all sorts of obligations incurred during the period of free spending. Of stock ex»iiange credit alone, the American people have paid off upwards of £1,300,000,000 since the 1929 peak, to say nothing of the liquidation of instalment credit ani other forms of in- * debtedness. As soon as this liquidation •is-' completed, it means the'release or nh enonhous amount of funds for_ car? rent purchasing. And not only that, it moans also that people, having paitt off iheiT old debts, are one* more in a position to contract new ones ana so start all over again the process or supplementing current funds by m anticipating future income. This is always the wav in which the clean-up after a period of excess lays the Joußj dation for a new? period of expansion,, , t A** VGISBORNE ' SIIEEP SALE., : , '• V* — , ' , (SPSCIMt -?«> , TH« PBBSS.) - > . « ■■ ' . &ISBORNE, February 21. ./>A't .% s ;Gisbortte'sale of fat sheep there .Iras' no ehknge in prices. •_" ' iECeiyy ewes/ j»s 7*. to »2s\ dow»Vlaml»,*l()8; 'others,,7s.'ite'.to 8b . *3dir l secoiid-gradejewes J F/-2s tp.'SsllOd. * ' Store Sheep—An entry of '4OOO. Twotooths: Best, 8s 7d; goodi 5s 10d to 6s. .Id; medium, 4s. Four-tooths; Good,. 4s ■ 10d. Six" and eight-tooths: Good, 8s 4d. Five-year: Best,. 6s 8d; good, 4s 4d to 6s Id; moderate' condition, Is 9d to Bs. Six-year with size and condition, 3s 8d;t our-tootb> to fomvyear, good, 7s 2d; good.months.lacking condition, 2s to . 3sj ;g9rierally. unattractive, a few pence. Lambs —A little "easier,. Best, " ss; good, '3s 6d tb'4sj fairly good, shorn, , ~2s'lod; culls,, J-Od'to.ls CANADIAN MOTOR TARIF^. IMPORTERS FEAR FOR INpUSTRY (VXITES PEESB aSSOCIAVIOir—tt EUSOTBIO - TEtEdSAPS—OOF-maßT.f - •■ \ \ . VICTORIA!, February 20. < Automobile importers in British .Columbia plan' to make representations , to the Government claiming that the industry faces ruin as, the result of the announcement of a 20 per cent, increase in the tariff of United States automobiles. ■ * BRANCH FACTORIES TO BE ' ESTABLISHED. \ ~ . OTTAWA, "February. 20. It is reported 'that' four ' \ leading United States, automobile , • manufac- < fcurers plan to 'establish branch,'fac-tories-in Canada as'the result of the new tariff. ' ' INTEREST RATES., . / , VaLl> IN ' v VICTORIA. " i *" • i ■The Commissioners of the State Savings Sank of Victoria recently reduced' the rate of interest on.mortgages to .6 per. cent, per annum.' No corresponding action had been taken by the' Commonwealth Bank,' but- al-though-the ordinary overdraft ■ rate' of, the bank is ,6i per cent., tho rural credits department the bank charges only 6 per cent, on advances. ' ' ' The ■ trading banks is Victoria hare no fixed- overdraft rate, but, in, moat -instances from. 7to 7J-per cent, -is, charged. In the bankers! ' view, interest is s 'rent of capital plus risk. ' Where ,the .risk,'is large a 1 'high rate of interest ,ia, charged, and where '"it'is low and' other''profitable business , - flows from the same customer, a Tate lower even-than the usual minimum of 7,per cent, may I>a paid. - ..... ' . ' % -° The chairman, of the • Associated Banks , (Mr..Tranter) explains that,very often the ;, bank . : worked out-at''very "much, less "' thaii 'the stipulated—'overdraft rate.- For * instance,' ,'if"' a .customer'*''had an » overdraft ' liirut..of,>ißlo,<)OO'he-would-expect the bank - W. have-the .iull sum available for him in .care, he, required. 4t, although , he, might- , eventually; use .only .half the amount. It ~ would not be safe for. the hank in the meantime to . lend the unused balance of 'the any" other customer, >nd interest on it would thus" be lost: '•Mr'Tra.n- ----■ ier. did' not think the trading banks could ■their .overdraft rates, with-v-out also" reducing their depejsit. rates, a* , \jthe ; ono. must bear a direct'relationship to is^sma^i«BßMi^isisisßß»d»»

f CHRISTCHURCH STOCK EXCHANGE. SATURDAY'S TRANSACTIONS. Dull and inactive conditions prevailed on - call on Saturday morning, and the recorded dealings were small. The : market for coal - company shares was neglected. Transactions, exclusive of vestibule business, included: 300 Commercial Bank of Australia. 100 Bank of New Zealand. 200 King Solomon Deep Lead, Limited. 800 Mahakipawa Goldfields, Ltd. Commercial Bank of Australia shares were released-at 13s 3d, market closing 13s 2d buyers, ,13s 3d sellers. Bank of New Zealand shares were frationally weaker, with dealings at 46s 6d, buyers staying in at that figure, sellers at 46s 7d., Sellers of Dalgety and Company shares reduced their limits to £6 6s, buyers at £6 2s 6d. Unsupported sellers of United Building Society shares came down to 14s. Carlton Brewery shares. Cum dividend of Is per share, made payable March 7th, making 10£ per cent, for the year, were available at 255, buyers at 21s 6d. Buyers of New Zealand Breweries shares moved up a point to 33s 7d. sellers at 345. Timaru Brewery, 5s paid shares, were stronger on buyers' offers 4s 4d, sellers at 4s lOd. King Solomon Gold Mining shares were fractionally weaker at Is Bd. market closing Is 7d buyers, ,Is BJd sellers. Mahakipawa Goldfields shares changed hands at Bd, sellers staying in at that price, buyers at 7sd. LATEST QUOTATIONS. Buyers. Sellers. £■*.&.£■». d.

;i ) 1 • 4 "" "a 1 • - ■. - <i> (witzb . miss* Aaso<^noai—■»* - uaotaio TKLBOaiPK— CO PtJUGHT.) '(Received February 22nd, 5.5' p.m.) LOND,ON, February; 2J. In the House of Commons, t)r. Drommond Shiels, replying to' a question, said-that the Government had approved of the principle o$ the <3oy'ernmenUo£ ' the Malay. States and Nigeria legislating to the/production and , ex ? jport of Mareh. Ist.* .

NEW CALEDONIA. EFFECT OF AUSTRALIAN CONDITIONS. SCOPE FOR NEW ZEALAND , TRADE. [THE pBEBB Special Service.] AUCKLAND, February 22. , Blocked out of Australia by recent developments and by the tariff wall, New Caledonia is looking to New Zealand to see if there-are possibilities for. trade here, says. Miss D. Miller, of the Auckland University College, who has just ret- ied from a. holiday there. The island;must have flour, butter, sugar, and cheese,- and New Zealand can supply at least two of those commodities. "Hitherto New Caledonia has dealt with the Commonwealth," said Miss Miller, "but they are being blocked by the hostile tariff and by the depression in Australia." Members of the New Zealand House of Bepresentatives had asked Miss Miller whether it was possible for better trade relations to. exist between the Dominion and New Caledonia. On their part the people of New Caledonia were very anxious that it should be so, as it might "mean, their salvation. They were struggling against overwhelming odds, and were prepared to do anything which might ameliorate the position. They would send a boat-to New Zealand by way of Norfolk Island with produce from New Caledonia if given any prospects of being able to dispose of their produce. j MEAT MARKET. I SMITHFIELD QUOTATIONS.. I The New Zealand Meat Producers* Board ' has received the following cable from its London office, dated February 20th, 1931, advising I that the followine are the approximate ayerI age prices realised for the week, based on ' actual transactions of wholesale quantities of the descriptiona of meat mentioned, and are for representative part els of the goods, offering during the we'ekj' being for business done on the basis of delivered to Smithfleld market and/or ex London Stores-(priceaifor the tw previous weeks are ajso shown) i—- ■ -. NEW ZEALAND SHEEP.. ; ' '. .- ' ' NEW SEASON'S. ' ',.".'

New..ze4landPrime;Bsco&er Pl« m-l&Olb 5 5 'sl ' li»mb Market*—?j}eeß «a»iar owing to prig- ' sure to nIL -Consumption excellent lor tin* of year, but stock* all. sourcss still too hear?. < Mutton- MatVet —Wothers still aegTccted otyinjr ta low priceaof lamb". a'ifliglitr; & ly better demand for ewe* at lower prices, ifssi f, Frozen Beef —Neglected owing to low prices* . ofArgentila beef. ; New Zealand 'P<>r|r«r Pijja—No change,' Itaris overloaded with Australian an A Homo New Zealand B&ooner Pigs—Nominal . of New < Zealand' Em received . ( uto '.following! advice - ixpm . its. liondofl' ©{See as at 'tmWose ytaf 4 tju?i»e»s hit- V- - The mtoleet for vrothera ia slow. There is' a better enquiry for ewe mutton. There is a fair demtund for laqibs, but sellers trying to fore* Mile* have, weakened the. prices. STrnAa. ; {n.(tiA' ' kaaf j« blnn* hnnta.

DAIRY PRODUCE. ' , LONDON QUOTATIONS. . 5 $ „,! •, The New Zealand Dairy Produce Board 'baa received the followlnic market report from its London Office dated' February " 20th: — Butter—New' Zealand salted 121s to 124s (last .Week 120s tg 1245), unaalted 120s ''.tow aßos'(l24s to 128s); flrstjwhey 116a-<UBs), , second whey *. 114s ;(1165)., - Deliveries, ' ■Nevf< Zealand week 2400 - tons, in store New. Zealand this Week 4800)tqnB. , Australian salted 1205,/1825,. exceptional 228s ■ (118s-to 1225),-unsalt6d 122s to 126 a/ ; Australian J.S25' tons. In store ""Australian 1075 tofts. Price'steadier. / Demand less active. New Zealand 'retail >prics unchanged" <ts:Sd.- to 12«s (118r to 120*). Mtfrket alow,'} Danish - 141s f.0.b., 148b to, 150s spot (150s, 152s to l&8s).> Market slow. Retail 'price increased to 1* 6d.rDutch unsilted^SSs 1 to 1545,- market slciw (150 ato 1B2«). 1 . •• Cheese—New -Zealand white 96b to 6ps< (55s to 58s), coloured 58s to 595, exceptional flßos, f("B6s to. 68s). Deliveries Ne# Zealand <lan€>tbis*wfaeklO7;OoO.Crates (includes 6000 .crates iß&toruu). Market steadier. Retail price 9d. 'Australion white 665, coloured ?j>6» :to 80s; tjanadinn white and eol<n»e4#4a. to 78s <M» to 70s). Market quiet.' Deareiles Canadian 4387 boxes"ln ~ store - >flanadiai>,«;l«? ; 440 boxes. English, fluest farVlOSajqOflfj to % lops)r.-l ; '* ■' JcmiW'Jjtwrt* ißscMrusMmlßT ,ujtoni<i * i . . fßewlved TBSbSwy: ?2tt4;iS,S • < tt-a Ji - i ■ ■ LOJrDON » February 21. prices were: ...CottOta—Jtarch, 5 92d. - 18-16 a. ~ j t t iv **• ■ -j < Jute—Februtiry-M&rch, £ls. * -'Hemp—Nonei offerwig, ~ 'j-,' T '? • Copra—Mnteh South Bri, £ll IDs planla tioli, lUbaul, £l4*l2s 6d.«Va' l - r,.< ?. . \ <• - Linseed Oil—£2o 105.*,. > * v > _ JTurpentine—3*7B. Osmiridium—Tamnsnian, £ll, South Afri-

„ • —=_ . •, « t KING SOLOMON £ A visit~ nat pud by 'tlLa iiSfetop* to. tlrtV * King Solomon Itopf Lekd,' l/t4i''gold* >' Waited#, Iwt waek, .w)Eie)Si*»l3qs»artit]Bity' w|B£;fv tallen to' «»ple ,«om£V 2 Bich Bich tmuS£» , | ■ Gotten jj The following' report' has Wil'"received "j from tlie Beccft*ry ol the Goldfcn. PngnMy ( Quata, 1 JJinlnkfCkwipftay - * On visiting '-thtt JiritaaftX "work T at'.' 1 A' ,j ndwtttMd. ■ - "wiuM«n|gX il^SßfipaiK^wHafa. 1 ' -

day*, ,'Tiifi v of ithe eKaft/ d| i« fcnmtion, ..with *< kt | bre*jc in tie. x««f- | lack. but 1 ihe''79«t7lu* JfnftdqhVtiptoV irfil 3*l i from 20 isch«& to- I gold in some of, tlfe\rf^''*^^Ob , :Sw; ft n.irface. Then '& JWvT"JlhSJi&fflW»W'*& H the reef ,^™"''foqTt^ J w-s|«Sg§fflSb»'itf § ■width, indicting 1 out as it is liping' V *■« 5

2T.Z. Government Debentures— 44 per cent. Inscribed, * 1939 .. - 95 0 0 li per cent. Bonds, < 1938 and 1989 .. 93 0 0 — 61 per cent. Inscribed, / 1932 .v .. 96 10 0 — Other Debentures— Waimakariri ltivpr Trust, 5i per cent., 1965 .. . .. — 92 0 0 Waimakariri River Trust, 61 per cent.. 1968-' '.. — 100 0 0 N.Z. Breweries, Bonds 110 12 6 N.Z. Hefrig., 6i • per . cent., 1935 .. — 95 0 0 Fullers' Pictures, £i per cent., 1919 •• ..jr- 90 0 0 Banks — Aust. of J Commerce 1 .. 0 18 3 0.18 11 Australasia . .> ,. 8 10 0 •rComm.' of . Aust. • .. 0 13 2 p 13 3 Comm. of Aust. (pref.) • 6 10 O ' v~ - National of N.Z. .. 4 10,0 414 ;0 .< New South *Wale«' (cum • div.) , - 25 2 6 ■ rr h ' . New Zealand .. . 2 6 6 3 .6 :7 Union of Aust. .. 6 10 6 — Insurance — if a .. •• • 0 4 0 National ■■■-.. • •• — 013 3 United .. — 6 6 0; Loan and Agency— Dalgety .and Co.' .. 6 2 6 6 S 0 Goldsbrough. Mort -. 0 17 0 0 17 5 United Building Society — Q1* 0 Shipping— iludda'rt-Parker (cum div.* .. - - 1 8 0 P. and O. Deferred Stock .. 1 10 0 2 -0 -0 Union (pref.) 0 19 9 10 8 Frown Meat — t ' f , Canterbury (pref.) .. ' N.Z. Being. (il paid) 0 8 .7 *• ~ J < N.Z. Befrig. (10s paid) 0 16 0 i',7 Woolletm— ' - 'J.y Kaiapoi (17s > paid) (J 1 6 0 0 9 6 Gas— ■ - * ; Chriet'cliurch .. v ... 14 6 1 .6 '0 Chrigtohuxoh (10s paid) 0 10 O 011 0 ? : f r t K 9 r ■ ,n "u ■ V $ p "* rBreweriejS— , Carlton (etan, div.) .. 1 1 « 1 ,5 <0; Foster's .. — S ft JO MontaitK'ii 1 .. . •• — 9,4? i£ New Zealand 118 7.j 1&« ij. Staples ' Timaru . , .. — ,i 0 Iff 0 r'Timaipr (5s/ paifl)->1y-'V. -fi/ * 10' Tooths '■* t .. '• r 0 19 T - 6 ' • —^ Miscellane&os— f - i v <■ , Amalgamate \ WireiM* (contr,), - r ;.»?! ,• Allied Motor* ' / AuitraUwyGlais , fcl Beathm4. -Cot'.-V' " .Beath .and Op: (Is pd,}' British TptWeV > Broken Sill Propty. .. Bums, Philp Dunlop-Perdriau ■' Hub' ber i Eleotro. Zino (ord.)- .. Gleitmore Brick , • and Tile Greater Crystal Palace Hsymrd'a * Pictures .. Holden's Motors r -.. i Hume, Pipe ;(Au»t.) Kauri Timber Jtt. Ly41', N.Z. Drtig Cb. N.Z. Farmers' Co-bp.' ' ("B" pref.) " JTlZ.'.-' Fannors* Go-op,' > (61 per cent.Stock, 1940V Quill; Morris Wilson's 'Cement • . Mining— Alexander l .. .. Cornish "Point .. King Solomon ,, Mabakipawa .. Okarito - .. ,,, ,, , Stoney Creek (7id paid) Waihi . '.. /' ■ Waihi Grand Junction Winding. Creek, (la ,pd.) Winding Creek (9d pd.) 12 '6 i) 6 i0 0 Iff B 1 •> O'W ! 0 17 6 I 19 O ,7- 0 — ' o ,-7 «; • ,•) / i , \ ■ o 19 o 0 1,0 — . » 9 s * 0 1110 - o i* ;o -f—~ *10 » , Olf.9 0 18 10 - „ — ' „ 910-8 1 y ')',&? ' K - t ,0 40 o o — : 0 6 0 0 9 0 1 0 1 19 . — ' 'o io 0 o o, n v ».» »,i ? o' a « '0 p. JJ-, 0 .0.8 0 5 7 0 « ,0 , — l , 0 0 < Oils 4 0 Iff 0 0 2 1 i —1 , o, o, w o ,o:«. ,001 SATURDAY'S SALES. CHRISTCHURCH. ' " Sales on 'Change— ' ■ ! : £ s.'d.' Bank of New Zealand. (2) '2 6.' 6 King Solomon- ... >... 0 .1' 8 • Mahakipawa ... (2)" 0 <k 8 Sales Reported— ' Commercial Bank of Aus- ' tralia ... "" ... /0,13 3 ( . AUCKLAND. ' Sales on 'Change— *" Y, ; \ i ■ a. , Government Bonds, 1933; X ,• . 5* per cent.' .99,10 • 0 Inscribed Stock, 1937, 5J-, ' per cent.' ... 94 5:>.0 Bank of New Zealand ... 2.6 6 Union Bank ... • .... , 6 10 .,6 Waihi Grand Junction 0/ WELLINGTON. > !»: SaleB Eeported— ' ■ - > . -■ j». di - Bank'of New .Zealand....- < 2 .6 ? 4 j , i p , i "■ * PRODUCTION OF TIN.;';, , CURTAILMENTAPPROVED. , [

. per lb. ., Feb. Feb. Feb. 20. 13 d. . d. d. Canterbury, and North' Island ; selected— . Crossbred wethers and . ' maiden ewea: ' . I 48-561b ' -4 —, — ' 57-B41b .. 31 — —: 65-721b *. .. 33 — — North Island — ■ / , > V. ,, , 48-56Ib ,.8J — —, - 67-641b .. .. 8f — 65-721b . > ... 38 — — Kwea (old* aeaaon'e)— , , ,. , *" 48-under ' .. 28 2J 8) . 48-641h .. .,-2| 2% 2% 65-721b ... ..21 21 2) New Zealand Lambi-*- ' _ Canterbury (new 'season's): ; 361b and under 7g 7| . ~ 37-421b .. .. 71 ,7J ,-r-. 48-60Ib 7J —, — ■ Second quality: < « , Avoraga 33lb / .. 6 6 . — Other Soutblajand brands^— * {MSlbt-and. under; — — — :.;; - :>a7-iSib;:: V'—I Selected 'North Island * : brands, {including JDotirai) - 801b; and under ■>., 7g 78 * . h. 71 71 '8 4&£0lV 7/.. 7i T- ~ Second quality: • . Averae* 811b ■ .. 6 6 • 61-" Other North Inland brandJr- ' t | First % , ■ ,;>■ V* , ' 36Ib .and under .. fl| ,1 ,71 Seoohd quality: - • , , ■ l , - --Average 811b < .. si". -'sfc ' 6| i r „ * Ffr*t\qu»iUyt.(s>esir. Reason's):, .. ,, »L £■'. S61b '»nd under .. 51 *53 *> quality, (new season's): " ■ , ' under ... 5J 51 ,<i| . > 87-421%/.'". 6?, 61-' «i- •, i .: «04qQlV:>; ..'5 5 5} ,' . .. 41 , 41 6

'Hade in tno beet tiona •.r- / ■ narket is Blow. Quota-, d. d! VothH*, light .. 9* to li. . W«thn«, liMvy -8 to 8S v .. a to s . X»mb#— <7 io 7| , j..Vi f ; c #r t» V, to 71 a > 8'« v ' ' * .i a .. 7 toty Second* .. i. 6 io 6J Ox hind# .. .... ; ,..81 to 81 Ox fores ., 2j to 8 Oow hind*. > •••, i*-. to 81 Cow ioiei > <. 2i,to.3i . 4f