FINANCE AND COMMERCE.

Press, Volume LXVII, Issue 20178, 5 March 1931, Page 10

FINANCE AND COMMERCE.

. AUSTRALIAN a-..' ONIONS. _ii i; - " ''' . ' t AEIiEGATIONS OF DUMPING. GOVERNMENT TO INVESTIGATE. Mr B. W. Hawke, M.P., has received' from 'the. Prime Minister, . Ml. Fofhes,' a . letter. with- reference to the allegation that Australian onions aro being dumped into the Do-, nunion made' by deputation which wap introduced to Mr Fcfrbes by Mr Hawke on the Papanui railway station recently." The Prime Minister's letter in as follows: —-. .

7*Vrith reference to' the recent interview witli : me -conterning the imntation of onions - from .'.Australia) lave to inform you that I have now gone' irito the matter. As you are'aware, i the r dutyr; on onions « imported- from the. Commonwealth ,is £l.per ton, plus primage.' I ajp. advised that,, according to the most .recent, '.information, * onions we're quoted, on the' Mclbofirno P'arket, "for 'homo, consumption at about £3 per ton.' In view 'of this 1 shall be much obliged if you will 1 forward to me particulars as full as possible, so that the question of whether or not onions are'being dumpedinto New Zealand from Australia can be investigated.'' Mr Hawke intends consulting the growers on the subject. Thq deputation informed the Prime Minister that aa' Australian onions were being landed at Auckland at a price which was considered too low, in view of thfe price , ruling in Australia, the question of dumping had been raised.

N.Z. SHIPPING CO. ORDINARY DIVIDEND . MAINTAINED. The \New Zealand Shipping Co., Xtd., all of whose ordinary capital is owned by the P. and 0. Company, „ maintained its ordinary dividend of 12 per cent, free of English income tax - for the year ended September 30th last,. Allowing £4077 for directors' fees, and after providing for-deprecia-tion and contingencies and ordinary ' W|M)4 preference dividends, there is .a ' 'deWfr balance of £1385. and the win i carried forward, at £43,198, is £5463 -* .' Ite/than the amount brought in. Paidinduding Pro^ 0D

WOOL MARKET. • ■ ■■ •' : -'J '■ ' ■ • I THE SYDNEY ADVANCE. Winchcombe,. Garson, Ltd., reported last week:—' • f ~. ; Tho Sydney wool market has risen 10 per cent, to 2Qper cent, during- the past four weeks, the increase being most pronounced in fleece lines and' skirtings, and that improvement has coincided 1 with an appreciation in the value of most other raw materials. The; world's descent from high commodity prices appears to have ceased, and a- ' gradual return to a moderate basis at. which products can be profitably produced under reasonable costs- now looks to be in process of consolidation. 1 In Australia markets- are benefiting - by tho exchange. Even if 64's. tops ; were made entirely ffom: merino ; pieccs. the wool could 'not be bought in the Commonwealth; and the 'tops sold at 22d without the-aid of; the 30 pey. cent.exchange to reduoe its costs. It t is hoped that when, the exchange is more normal prices abroad will ;have movejd' "upward, so that;rates-locally will'hot sutt'?r. At 22d tops are 20' percent.' under 1913-14 basis, arid at that figure it iB impossible to show a profit : on-wool-growing in Australia or elsewhere. But as commercial confidence is : gradually restored overseas there does not appear to be any reason why the world cannot trade at least at pre-war rates. Judging by recent_ competition in Sydney, every consuming country ia in need ol the staple, for every section of buyers,, embracing- the Continent, Great Bntain, Japa'n, and. America, has purchased :with vigour. Russia: 1 is' the only missing: factor,. and she has not bought -for a year. Exports from Sydney for the • seven months ■ ended January included 2646 bales to Spain. Demand ; from' that t_ quarter i waa experienced last season. _ . ', ' * When j the- present ; series of Sydney sales finish on-Thursday, 'March- fith, only about 140,000 bales will remain on hand for offering. Between March 16th and 26th. 80,000 bales will: be submitted, bo that by the end of- April New South Wales stocks will be almost; down to zero, and Queensland * will practically have the Australian 'selling field to herself.- Very low< value? have at times' ruled •:this'..Beason, butvthe fact that, the :clip has. pasßed so'qujckly into milhtien'sr hands is an: assurance thafc> they- hate faith in. and that then sheep's ptaple -retain^'its high ( place in, .the world's/favoitr-as a textile; fibre.;.;-• Few raw.,commodities have'oontjiiiuod to sell so readily''during tho/ depressing months which have passed. Strong Melbourne Activity. I3ie last of the month's wool auctions in Melbourne were- held 'on Monday week, the market again exhibiting 1 all tho good features of the previous week; says the Melbourne ""Age." Crossbreds in the past fortnight have shown the most pronounced improve- - mentto%i>i^2^Msely' i tov- the t Japanese. soction'.s whuah' h&B oeftn, quite a*toWer fkeenly sought butoddi pieces * and more notugnumerous, Midngjy/on all >cdj''mills. also r giving good ih -a, fair demand from the nomcv^Muti. A feature of-tho-ppst weefcwaa the quantity' cleared- at auction," practically the whole.of tffr catalogues! being dispoged«f -under lAho hamaier. ,Thiß protin,the quant tity I . subniitted here .%^clf' certainly speaks well for & «5 SYDNEY. . . , * - , \ ffWlii'yi fAXSa *SBOCIATfOK—B* BL*CT*IO : xswaMEn—cofTßioßi.) j \' ißeceived t irf r arch 6.40 plm.) * 1 i f \ ' SYDNEY/March i: 'w"i,t"; !y the wool sales, the o%riil»! totqtUed' 10, SIS bales, of Mrefe.' Wd, also 675 which were * d.isweed. of, privately. r ' * There'was'a very brisk demand and clearances were. made. , ®rieea snowed an" advance of 6. to 7J per cent, Japanese demand for Wds w(u» a feature. Greasy merino .up 'to jsgjd. ' 1 < ■ ">WO SLACKENING IN ; . , PRODUCTION. , AN EXPERT'S ADVICE. • f 'LONDON, March,3., ' '"'Mr Si B. HjctlUngs, the wool expert[ _ pt Bradford, said everyonewas Miying tljAt ther» was a great fear of j? losoenedN supply,' and a' pfircpptible.fear ofsinfpr;pr breeding and classing. , Jt '■wotdd certainly be a mistake if thfe.pas* toraiwt# pf Now iStealand and •ftpirin Africa slackened their efforts-in good Sheep, producing a' larg® tiitd- aMpplv of good yrool, canse* they thought that the pripee were going to last ltely. < . r . BANE OF AUSTRALASIA. X • V < " /' u • .'NET PROFIT OP £615,084. A' redaction of about £62,000 <ui thq nqt profits of the Bank of Australasia ■is by « prelimiiiary announce,--TCsults for'the year' ended Iks^' October. Tho profits in 1928-29 cohstituted- i; record for the hank; and foie, the/fourth year in succession : the .As', already announced, the reduction o{ the final dividend to- 6s a share reduces tbe distribution for -1929-30 to 13 per eenfct the rate Mid for many years up. .to 1924-25. - Following is a comparison of tly> result* for the last three years:—:,-- • :••• ' 1028. *1929. 1930 , i £ s. Broaght ibrwaTd 139,588 139,760 161,943 Not profits .. 676,192 677,188 6,15,084 ' 814,760 816,948 t77,027 To nmn , Ptttfaifes n/o 80,000 iXfivwcnd. p.c. 14 i 14 ■: . ( - .• "Carried forward 139,760 161,948 193,027 . Tj l " jAQt wo the lowest, 1980*2), when the amount declared 'was ;<sß9,SßftHho following report showing iacWMO' to «??OAOS. The capital of is and the tsmver J. ■ - W ;

WHEAT. - - .■.■■■■ ■ . ' ' ■ THREE PROBLEMS FOR INVESTIGATION. {UHITKfr *B1B» ASSOCUTIOX—VX UJCOXBIO mJtOBi-PH—COPTEIOHT.) - OTTAWA, March 3. The appointment of a Royal Commission to enquire into grain marketing is announced. 'Three > paramount problems will be investigated: (IV Should the Grain Exchange be • retained or abolished P . . (2). If retained, -should trading in futures be continued?. .. : (3)' Would the establishment of a 1 100 per . cent, pool ■[ he conducive to more orderly marketing, arid bo more satisfactory than. tho exchange and pool method P OPPOSITION TO COMPULSORY • • • POOL. . ' /-• ' . L> ' ' ■■■ 1 , - ' OTTAWA, March 3. : •;A. meeting of farmers at Killarney refused, to. permit .Mr R. F. Chapman, director of the 'Manitoba Wheat Pool, W' spfeak; in : favour* of the compulsory "pool system. _ " ; At Winnipeg 500 wheat-growers, including.many memhere of the pool, protested againstthe, proposed compulsory wheat pool. THE EUROPEAN SURPLUS. OVERSEAS COUNTRIES TO BE CONSULTED. (BBITISH OFKCI4.L WIBEUiaS.) (Received March 4th, 6.5 p.m.) BUGBY, March 3. The President of the Board of Trade, Mr W. Graham,' questioned, on the recent conference at, Paris on the existing European grain surplus, said that the final Act declared the willingnesaof the countries importing foreign grain 'to participate- to : the utmost possible extent in. the purchase • of stocks available in the grain exporting countries of Gerftral and Eastern Europe, having regard to the interests of thti Dominions. Tho British representative did: not, feel able to associate himself * with the declarations. Since thexi ia report has been made? to the Commission for tho European Union emphasising the importa,ncoof consulting with overseas countries. An early opportunity for "an. exchange -of views with those countries may be provided by the conference of the International Institute of Agriculture at Rome on March 26th. ■ , - r

REACTION IN EXCHANGE. | 7 AUSTRALIAN COMMENT. Discnssing.th& reaction,-in exchange rate^.W&i^"eliinfhatfiii tot the .down to the baAk jop^i^a tea, issue .■of* tie* tMp^irpm tije country,* says! thaV"lj|£ thbse Who desire to remove tfefix C&pital f romthe country there are two obstacles to overcome. ■ In - the t firat ■ place, the realisation of assets ' within'. A would, aa a rule,; involve.a; subptfuttial compared with t a year or two ago ih«. * qost of J theajßctta*> In" the second - plajee, the *prsß6spjb *idver*e rate of, exchange .would metujia" stillifurther loss. r So that , the #de&- of itrajwferring capital, is -by no means 1 attractiye, 1 and • ■ advantage 'is on, the side ; o,f, retaining' eapital within Australia,, **ith tnist in •jaitr improvement 6t tlie_> <?oniditiqns 'and in' theterof: the' public, ,which>3<i>eß:aot. favour • snch proposals in (Of have ?rocfthtly ; fy&n f ventilated circles./ A, ii*ekl,impTove- ; W^trJn^thewSitpft^on, vrould - fce, acooa;'pliishelt.bjr actida.otr tnq part oral] ArtsItralian, Governments to - effect >■ financial reform in accordance with , the resolutions passed last August. ■ The question of a substantial improvement in ex'change and an ultimate return to the gold standard, however, presents difficulties of its own; for'experience- h&s' "Shown ,that descent is easy, but recovery ' apt to be a lepgthy process. The effects of r the adverse movement during the past year axe being felt in directions in which hitherto the question of!exchange has not needed-con-sideration. Now,that it has become clear that British, Australian, and New Zealand currencies are three distinct things, ,it is becoming necessary to .jreedgnise -£he . difference between them in.matters which do not, consist of mercantile -transactions .in <goods, including "such matters as oversea • shipping freights* marine insurance, the transfer "of-fife assurance policies _ from' one register to another, .especially when loans are granted on the security of the policies, and the transfer of shares, is companies to and from Australian registers. The; position of exchange, moreover, is to the' disadvantage Government* and others in making > external payments of interest while, they receive their revenues in", Australian currency, the disadvantage being of the 'same character as .that experienced by the Indian Government during the period when the rupee was "declining from its original level. The question is sometimes asked: Who obtains the benefit •of'the present rates? The answer'is supplied by the 'course of such markets as those Jtor wool and wheat, shippers of which are enabled to much more ; money, expressed in Australian currency, .the position of exchange being reflected-in prices of commodities.

WEST COAST FREIGHT.' j TRADE WITH CANTERBURY. | A .considerable decrease is recorded in the amount'of freight .carried through '.the Otira * Tunnel from , the <West Cotat to Canterbury last month, as compared' with February of last year. The figures are as follows: Tons. ' February, 1930 53,402 ' ' February, 1931 . 84,375 j '• Decrease . .'1 19^027 S ' rV >' >' / * - Y AUCTION SAI(E OP MOTOE VEHICLES. - H.' O, South', of the Cj&y Market, held a, »uq<*ssful -auction dale of the yo?t' and t Telegraph Department. ,All lota 1 were flold, with the exception'of an electric truck. 'The'rnwipf! BW«. were: Fordaon' "tractor £GC, Dennis lofty £24, Hudson oar ■ 10b, utility" ford trupte 'JK, *l7 Ms; £l6 10s; ton Fowl trucks #l4, £ld 10», %fill ; m/MJi Ford van £U, St>, Tniimpi motor-; | - cycW' JW 15s/ B,S<A. £4' 10*, "to l , i. 87# 6d. bolte £B. Bs, «lectrus ' mowt and i 'propl7b 6d.< • ' " j i' 1 Y f

OHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. <«• Markets were buoyant on call yesterday, and there * wdis (Spirited bidding for those stocks in which dealings; were recorded, with prices generally, showing a hardening tendency. Transactions, exclusive of . vestibule business, included 4 £2OO New Zealand Government 64 per cent. Bonds, 1933. * ' < 4 Bank of New 'South Wales/ 25 Dalgety and Co. I 200,Goldsbrough, Morts. 200 New 5 Zealand . Refrigerating (10s paid).' 200 New Zealand Breweries. \ 100 Tooths Brewery.300 British Tobacco. 800 Mt. Lyell. 500 King Solomon. 4600 Mahakipawa Goldfields. 300 Mahakipiawa Goldfields (pref.). Buyers of • New Zealand Govern-, ment 4j per ••cent., 1938, .and _ 1939 Bonds, moved .up to . £93 10s without attracting sellers; ol per cent. Bonds, 1933, changed, hands at £99 2s 6d. Buyers of Australian Bank of Commerce raised their bids to 15s 3d, sellers at 17s fid. Australasias,, cum dividend, of 6 per cent., which apparently had not been anticipated by the market, advanced to £9 ss, but holders were reticent. Bank of New South Wales moved up to £26 2s 6d, and there were further buyers at £26, sellers at £26 7s 6d. New Zealand showed recovery, with buyers at 48s 4d, sellers at 48s Bd.

Miscellaneous. South British Insurance shares were stronger on' buyers' offers, 52s Id, selat 535; Dalgety and Co. jumped to .£6 15s, and more were; wanted at £6 12s 6d, no sellers. Goldsbrough, Morts advanced to dealings at 20aJ5d, buyers staying in at that price,- sellers at 20s 'fid. New Zealand Refrigerar ting Company,; 10s paid shares, * were fractionally ■> firmer, with- business and buyers at 2s 4d,r sellers at 2s 6d. New Zealand * Breweries changed hands at 35s fid., and closed, stronger, with .buyers at 365,- sellers at 80s 6d. Tooths Brewery shares hardened to 21s ld> closing quotations : 21s 1 buyers, 2ls 3d sellers? British" Tobaccos advanced to 29s 6d, 29s 7d,.and 29s 9d. and there were further buyers at 29s .Bd, sellers at- 29s 9d.' Electrolytic? Zinc; ence shares were firmer on quotes, 15s 6d, sellers at Lyells rose to dealings at 20s,9d.And 21s on the morning call, but on the afternoon call relapsed to dealings, at SOs. 'Hd, 20a lOd, and 20s ,9d, market closing 20s 8d buyers 20s lOd sellers. King Solomon Gold Mining shares were taken at Is 7d, buyers B s ay £, g in at/ that price, sellers at Is Ba. Mahakipawa Goldfield (fcares, on »n active market, ranged from 9d to„7Jd, closing at Bd, and more were available at BJd. buyers at 71d—^thei preference shares eased to B|d. Waihi prand Junction buyers moved _up a point to 2s. sd, sellers-at-2s 9d.

YESTERDAY'S SALES. CHRISTCHURCH. Sales on 'Change—

■ position: bbttbr than f, Slating thai the slump eitenVappki^ntly' "a| as ' secretary ofthekyt-; teltbn Harbour Board,; it of yesterday," sulfonated" ffgures'the purgoirit! o£> whish wai'to show that trade' during, the last five months wasnot fcpbad its; wa* 'genferajly thought when c&mjpired corresponding period of twelve! ioontita ?ago. ; t MrClibbora pt&ied 'wt-.tne. cash-jfft--ceipts'for ihe &lfcnibntha under review ~'J\ ' i - 19.30-00. jr, »' ' 1'! £ a. 4- £ „ «f '*• <»•««' I Oct. ' ' 8,610 IP 1 9 \ Nov. i <8.156 ? 4. 0." Dec., • 7,488 19 7 , 7,165. 6 IS - tt.e{ 3m. i2,i82 ia e a e jis.ai Feb.. ■: . 8.3Q6,. 6 .O T 0,085 15i- 8 - »9.sj Totals i 44,608 15-10 41,1b} 18,10 ■ f Decrease .£3401 Ift .0, equal-to 7.7 jer etaf. JDecreaae. *lntire&*e. - - m- / • & He added that the was a true barometezyof the trade of the community, and that.the decrease in trade-was not so large as might have been' expected. Although the Board'had .made a reduction in dues of 15 per cent., in* volving £15,000, it would bo'seen the decrease in tfre revenue,, amounted to only £3461 19s. MEAT. EXPQRT. « V ' KILLINGS TO . DATE. ' Killings for export at all works during the 1930-31 season, 1 commencing October' Ist, 1930, to' Febrtaiy 15th, 1931, are as follows, those for the preceding season, also being given:—'' *

The killings of lamb .in the SouthIsland are 1,222,069, compared with 806,424 for the ' corresponding ' period last' year; of. wethers, 33,871, as against 45,321; and of ewes, 24,267,' •as against ,46,874. . -*• Stocks on Hand. . ' -1

AUSTRALIAN STOCKS. ■■* . \ AN IMPROVEMENT' REPORTED. (UKIXXO PBKBB ASBOCU.TION—BT BUtCTBIO. , XKUKOBAPH—COPtWOHT.) LONDON, Uucb 3.< The latest political developments is.Australia have produced a good effeot on the Stock Exchange and all stocks have hardened. DeiJineu were recorded as under;—

COMPANY NEWS. OVERSEAS OPERATIONS. Operations for the yew ot Australian com- • panies are as follows: Howard Smith, I*d. The directors of Howard, Etmitih. Limited, announce that the result of the.pjst, -year a trading has .been very seriously , affected y, the acute industrial depression ttowghout Australia. • Itsoperattons for the months resulted in a profit in f u ® c t^1 »n----enable the directors to recommendjat ttte an nual meeting of shareholders to he'a Melbourne on' March 20th, dividend on the ordinary capital^fo' the } year ended; December . B JSur™h'Riiit on usual quarterly dividend to the 6 per cent, cumulative preference shares' 18 No C 'ordfnary dividend hj« been decided since the first hall, of ,19-9. wlien 2i P cent, was paid. . . N. 25. ■ perpetual Forests, The directors of New Forests, Ltd., have decided that until «* ther notice transfers of •hares fi . the company from'the'Australian registe the New Zealand register will not be #c copted. t _ . . ...■ winding xtp of "Sunday Times." : In the Equity Court In Sydney the Chief■ Justice (Mr Justice Harvey) made on order for the winding up of the Sunday im ® . Co., Ltd., on the ground that it could not pay its debts. The company was registered in 1899, and had a .fully paid-up capital ox 200,000 £1 shares.

FOREIGN EXCHANGES. fntrm omciAi. wmxjcsf.) RUGBY, March 3. The following are the current rota of exchange, compared with those of February 26th and par:— _ „ lfi . ,

SUPPLIES OP TIN. LONDON, March B.' Tin supplies at the end of February wore: Tom. Visible fcT < 48,288 ■Spot .» .. 1,411 Afloat .»■ ~ 1,045 Deliveries »v. I,Bo#, SILVER. ? 1 T T. (■ f V J* *<', , (asm** o»rcut, vikxlmb.i - , '• 'v _ BUGBYi itaifch'/Si, '£ilver is quot»d' *S under: —Spcrt. per]: ounce;; 12$d[ pei, ounce. , I •i-.-ffhe galea wg, ;' J ■ f'k - l»t Eww-»3foyjrteon at 4s<.4d,'B-At 4a Id,, •9 at 4a 7d/8 at «fl 4d,"> 88 10d,',» WW <4, 18- at''4* 43, T"aP-W 10 6s Id, 8 at-6«;ld, e 6s id, 4'at: 4s'!lodT:«. At 5s Id. 4 at 4a lOd, 10 at Fa 4-1 11 at 4».7d,; 8 at 5a 4d, at^S^lO&% at Sb lOd, » at 5b id, i at 58 7d, s, at 6&Xd. ;• —Six at 18s lcL 0 at 13a Id, 'B':,at f.^Oa W '7d, Vila Id. * at. IDs li,}.* at OarLOdk , 0( r ?df»- iVJ'* t ifs 6-vf • i !i> '4UM''lfSWw' 'i' "Fat —Six at 22a Id, 4 at'l3a Id, ft at 16a-id,, 4; at"WiW.wif: Ms 7d. 1 «t Oa id, 10 at 12a 7d, 3 at 11b 4d, 3V • Tat,J ; s« . 7d,l 87? fit' 14b iSa; -:47\ -,at \ftU v ' ■' 8d:" 20 at 18b 2d< <l9 at ,11b, 73 'at 4M ;i|t.lWi<Uw.,\'iv.% w i Store»—Sixty-seven eroiSbnd ewe lambs at •SB fid,r94. do. «t 4»-10d, >lO4 do.Vat.Sa. Bd. 839 do! tat Bb,-?199 forward, thiefr-qtisiter' fcre4 ~wether lambs at 7a, 47 (thTco-qogrterbwd Hmbg 'at U ~10& i9B Ws tt St.Mi'lß? do. At 4s 2d; lllVii{ud.'a«c, halfbred. eve lambs at Ob 6d, 10Q 4orwaor4 tbree-qnarterbred and cro*Bjbrcd u]xed-*ex "U&ibs' at 7»V7d,,24t do. at 7* JOS, 100 wos«bred iwethtrtlambß at 7a Od, 299 do. at Bs. r 4T mixed-sex f crossbred 'Jamb* at/4«i do. at Is Bd, 205„d0. i ,ar2g'3d,,.55- ; bred J ewe Oa 7d. 19$ fall and fafitttg'aionth balfbred'ewes at 9&, 181 six and eiglit* tooth* crofcg and tbree-qnaMerbred ewea at ,5s ad, tooth -half -and three-fluarler-; ,bred ewes at 10«, 100 'thrce-quarterbiled ,and eronsbred lambs at 5b ftd, 183 three-quarter--Jwed ewe lambn at 5s (Id, 91 fonr-tooth* hrtlbred errM at; 7s Id, 64 •. ilx aarti ewes at 4e -7d^,loo;<r three-qriarteVj, bred we "lambs at 4s 9d, 119 do. at, 4b Id, '245 "two-tootbllmlfbred ewea at Ts Bd, 'BB halfbred wether lambs at 2*. >l9B three-quar* , terbred ewe" lamha at pi '6d, > CkttJe-r-Ono fat cow at £9 15s, 2 do. ' at At 12s M.W; BCRNSIDE MARKET. , % <*. s 1 . t ,A * «?'! lit? 1 ■- 1 ' . ■ *' >; '*% r f ' J . Urms 'assocuxior nuoiu,l ' ' 'DtmiinrTH values at the Burnuida sale wore tSiglitly S?* eo ®PM®d -with those xnlinff last Treelt. . There was a slight advance in the wixnber °t iia^tcattle penne'd,- the '.quality gen> ""uy was not good,, the proportion of prime onupoKs being)small. The market opened With ▼ataisa- flrmad by thsn t rutin* at laTst -week's Bales,<fbut, afi the sale.' P*o*resaed tQlnes e«ised,somewhat, the market closSngf jaJceg «n'a par, with .last veejc'.s. ExtraN prime, heavy bullocks sold io-«l6"tzrf Bd, prime heavies £lllos to £l3 10s, medium' £0 'los to and-light <a7..to- £Q. Extra prime '»nd heifers broWht Hp, to' ,£9~ *4'tp-ig^loS 6 6 ■ *^ 8 ' and * »9 E ta •t .fc «shter' entry' of <f*t sh'eep;| I°®? against aSOO the prßTlotw t 86 , wethers., -than •t/ Jast. sale, hy vlg fid .per fined, . whilst I y^B : Per J ,hi l dLPxtra M« L h^7 sold to 15 » , c f",' "to lls,-Butl lighter 10t ? V ***2* fjrwtvM ~to Although'the qa*Uty ef>tj»e Wmßs'pwned Sr fc nr * t : PrevSoas 8<a «» jnr Qnnand .Was* keener, andt -prices -w£m' 'l7? e 9d ? li S? 7 3 * mb » Bold to «d a ° diata *o 118 «d, H * nt, 7 with # drag' LORNEVILLE STOCK SALE. .. " - - ' - ~'' / 'J, -1 1 ; a Large entries wero at. th», weeM£-I < orn'i>yilia l was fine nwtW> "gj. enee.nl a large aUondante. , . There was an exceptionally in the fat sheep section, mmwinj |

;

LATEST QUOTATIONS, < • 1 ' Buyer*."" 'Seller*. ■ ( d.< £/s,. N.Z. Government Debontaies-^ " 41 "per cent; Inscribed,'' 1 193S >■ » B 0.4} por 1 cent, Inscribed, > 1889 93 0 0 4J per cent." Bonos, . , 1986 , . , «•» t \4vi»®®i*®<r® -V 1939' •• J 7* 8316 * 4| per. cent. Boad£,/. ' ' 1941' .> •• 93 5 0 51 per cent. Inscribed, *. - ' 1932 ,f ■, ® 51 per cent. Inscribed, 1983 . W 2 in 61" per cent. Bonds, T - 'v 1933 . ' • ■ "• ®,-®; , 6i per- .cent,'- Inscribed, ; T ,« *?V'. 98,10 tno |I IS teio $6^0 0 0 Q 0 Other Deljentareg--'Mslkerna' . 6. pert cent., ■ 194$ Spting«'Elle»m.en Power, M per cent., 1987,.. ' N.Z. Breweries, Bonds Glaxo, ■ 6i- per cent; , -1945 • N.Z. ' Befrfr; ' 61/per < " ceit.i 'Wa 1 ' : ' Jailers' Pictures,' 6J-per 1949 ... •• ' — ' 9»'0 rrv; 1 ra T t \ *■ q , so; a, b 0 0 0 M 0 -i'Aflstrf o£ <Jomw?n» i- r } Australasia j ' t .ti Comm.' oi Aust. Comm. of Aftst. (pref.) Comm. of Sydney - .. £., 8., and A National of Australasia (£6 paid) .. .; National at N.Z. New South Wales Now Zealand ... New Zealand ("D" Mortgato shares) '.. Union ol Auat. 1 A .OJ5 Wm '0 u 6 IB 4, 10 a? 26 0 2 8 1 S T 2 K. w 0 0 6 0 0 4 0 6 6 5 0 16 0 0 : 5 3 0 6 0 0. 26 7 0 2 8 8 8 0 0 Insurance— r A.P.A. ' M ". s 'National •• New Zealand ... South British Standard . 1 012 1 19 2 12 2 1 9 8 1 0 0 6 0 13 a i 2 13 6 'ft 0 0 Loan andAgeacy— Cbristchurch , Building Society Dalgety and' Co. - Goldsbrough, Morfc : Mutual;Benefit 1 N.Z. Guarantee Corpn. N.Z. Jlojitgage Security -C>' 11 7 6 12 1 0 S 0 5 6 6 6* 0 12 10 0, 13 0 0 0,6 11 17 6 Shipping— P. and O. Deferred Stock 1 11 0 ' 1 17 '.ti' Prozen MeAt— N.Z. Befrig. ' (£1 paid) N.Z. Befog.. (10s paid) North Canty. Freezing 0 7 0.3 0 1 6 4 7 0 2 '5 Woollens— Kaiapoi (17a paid) .. .0 6 0 0 8 i: Coal — | Westport .. .. Stbckton (ord.) 1 3 9 1 4 0 2 9 0 Gas— Christchurch•• Ohristphuioh' (10s paid) •Jimaru .. . ... ' 1 S' 010 6' 9 :i s on 1 2 0 8 0 Breweries—, ' Carlton ' .. Monteith's .. .. New Zealand .. . ... Staple# •• ' >• limaru (5s paid) ... Tooheya Tooths .. .. 1 3 0 5 1 16 1 12 0 4 0 14 1 1 9 6 0 0 6 6 0 1 7 0 18 X 16 1 15 0 5 1 1 8 6 : 6' 0 0 3 Mlfsoollaneous— • Amalgamated "Wiieleaa" (contr.) Australian Glass Beath and Co. Beath and Co. (la paid) - British Tobacco - , Dunlop.-Perdriau £ub- < ber - .., Electro. Zino (ord.) .. IS'eotro. Zino (pref.) .. Glenmore Brick and Tile ' Greater . Palace HoIdenV Motors Kauri Timber :1ft. Lyell • N,Z. Farmers',, Co-op. (1st pref.) ., N.Z. farmers' Co-op. ("B" pref.) N.Z. " 'Farmers' ■ Co-op. (61 per cent. Stock; 1940) N.Z. Farmers' ■ Co-op. - (61 per cent. Stock. 1945) Quill, Morris Whitcombo and' Tombs, v Wilson's Cement ' Wunderlich ... iRural r Bonds, 5 per cent., 1947 ■ N.Z. , Sugar,, of Milk (pref.) 0.13 6 14 0 10 9 0' 1 11 ,19 8 0 8 6 0 9 3 0 15 ft 0 15 0 0 8 0 10 8 47 0 0 45 0 0 0 5 2, 213 0 1 19 0 0 5 6 0,3 0 '- 10 0 3,' 9 0 ISO 0 3 0. 19 9 0 9 9 0 13 8 0 16 11 0 19 0 0 10 0 1 0 10 8 10 0 110 0 0 7 o: 3 4 0 2 0 0 0 IB 3 91 0 o' 0 14 0

w ' « ■' ' Bayers. Sellen. ■ v1 t JS «.d. 4 a. d. Mining— Cornish Point • o a 0 0 4 Kawarau — 0 1 0 King Solomon ' ' 0 1 7 0 1 8 Mahakipawa .. „ 0 0 71 0 0 8J Mahakipawa (pref.) .. 0 0 7J 0 0 9 Okarito .. 0 6 8 0 7 8 Stoney Creek (7§d pd) :— 0 0 1 WaiW 0 16 0 0 16 2 WaiBi . Junction 0 2 6 0 2 9 Winding Creek (Is pd.) 0 0 2 0 0 8 Winding Creek (9d pd.) — 0 0 2 Kuala Kampar 0 4 8 0 6 5 V North Broken Hill 1 .. 1 17 8 2 4 0 Komata .. .. 0 5 0

• £ s .d. N.Z. Government 5| per cent. Bonds, 1933 ' ... 99 2 6 Bank of New ■ South Wales 26 2 6 Dalgety and CJo. Golasbrough, Mort. (2) 6 15 1 o 0 o New Zealand Befrigerating (10s paid) , ■ (2) 0 2 4 New Zealand Breweries ... 1 15 6 Tooths Brewery 11 1 , British Tobacco ... 19 6 1 9 7 Mount Lyell ••• 1 0 9 (4) 1 1 0 1 0 11 1 0 10 1 0 9 King Solomon ... ... 0 1 7 Mahakipawa .U • ... 0 0 9 0 0 8J (3) 0 0 8 (2) 0 0 7} 0 0 8 (2) 0 0 a* (2) 0 0 8 Mahakipawa! (pref.) ... 0 0 81 Sales Reported— New > Zealand Breweries .. * 1 16 6 British Tobacco 1 9 9 AUCKLAND. Bales on 'Change— £ , s. d. Commercial Bank of Australia ... . 0 14 8 Bank of New Zealand'...; 2 8 2 South British Insurance (2) 2 12 9 Goldsbrough, Mort 1 0 7 Ring Solomon ... (2) 0 1 9 WELLINGTON. : .• . Sales Reported— £ Vpr; d. Commercial Bank of Auatra- „ lia (ord.)' 0 14 9 Stages* and'Co. ... 1 12 6 British TobaccoCo. (ord.) 1 9 6 "Wilson's Cement Co. (2) 1-19 3 DUNEDIN, Cales on 'Change— £ s. dWaihi Grand Junction ... 0 2 6 Sales Reported— Wilson's (New Zealand) 119 3 Cement ... 4} per cent. Inscribed 98 7 0 . Stock , i... HARBOUR BOARD REVENUE. y,\»

1030-31. 1929-30. Best (quarters) ' 3s,a» *48,485 Wether mutton • ,. 662,881 - ■ .605,878 Ewe mutton .. 313,448 887,448 Lamb ■.. .. 3,557,177 2,780,628 Pork (porkus) >64,948 JM.81Q Pork (bayonets) ' 18,317 19,ESS Boneless beef „66,4p0 ■ ' - 69,648 Sundries , .• vt,m ' 46,727

1960-31. 1M8-80. Beof (quarters) *7,6X8, ' 19,584 Wether mutton 261,268 202,569 : Ewe mutton 182,681 180,719 Lamb 1,€62,297 966:991 Pork (porkers) . . ' 16,944, 5,918 Pork (baconers) 8,649 8,297 Boneless ljeel.. ' 40,918 84,435 Sundries * 29,890 ' -10,626 * . i ,.

vuvu* j wwiuugB nBiw * •Cojwnonwealth— £ 8. i: a.6' per cents. . 71 10 o 78 15 0' 6 per cents. . 80 10 0 88 0 0 "VictoriaSi per. cents. . *54 0 0 *73 "q ,6J per cents. . 71 10 0 0 5 per cents. . *68 .0 0 *-■• <J per cents* . 65 0 0 . > .. New," Sonth ■ Walesr- •• •'> Jzl S per cents. . *66 '5 0 E4 0 ,M 8J per cents. . , 62 0 0 0 S3 per cetata, ' . 82 0 0 84 0 0" fih per .cents. . 76 0^ 0' Queensland — 1 5 per cents-. . *66 0 0 South Australia— 6J -per, cents. © CO. *> 0 Tasmania-^-0> 'Si per cents. .. 65 0 . 6| per cents. . 78 0 0 — W«it Australia—' , . 81 0 6 .per cents. 0 1 # - * Ei (Jividentl. * 1 : t \ f Ml

' Par. Feb 26 Mar. 8. Paris, fr. to £1 •• 134.21 123.95} 123.961 Brussels, belgas to £1 35 34.84 34.84 18.16 CbIo, kr. to 18.159 18.151 Copenhagen, kr. to £1' 18.159 18.152 18.161 Stockholm, kr. to fl 18.159 18,14 J 18.13$ 12.11J Amsterdam, &.'to'£l 12.107 12.11 Berlin,' reicbmuksn 29.44 - 20.431 to £1< .. ■ •• 39.43 Montreal, dol. to £1 4.866 4.85} 4.85J < New York, dol, to £1 4.866 4.85} 4.66 aw«Prague, kr. to £1.. 164.26 161 1B1 Geneva, fr. to £1 .. 25.225 25.21) 25.23 Milan, < lire to £1».. 93.43 90.78J • 92.72J Vienna, schgs. to £1 84.583 84.56} 34.66i HplBingfors, -marks to ; £1 ..1 ■ ' 193.35 1934 193 Madrid, pesetas to £1 25.225 47.06 45.65 Lisbon, escudos to - 108.25 r'-£l - ' 4.50 106.25 Athece. drftch . to £1 875 375 • 875 Buch&test.- lei ; to £1' 818.8 817 817 Bio pence 4 3-16 . 41-16 to -milreis' k , *.. 4.983 Buenos Ay res, pence to dol. «- ■. .' 47.577. 87 87} Montevideo, -/pence ■ to\ 85i 35} doi. .: SI Bombay, pence to 1617} 17} rupee Shanghai, pence to . li 14} tSd .. • . 24} HonjpKong, pence to 21 ioi 1QJ Yokohama, penee to 2413-32 yen .. J .. 24.58 2413-32