FINANCE AND COMMERCE.

Press, Volume LXVIII, Issue 20488, 5 March 1932, Page 12

FINANCE AND COMMERCE.

SHARE MARKET. WEEKLY REVIEW. A BIGGER TURNOVER. During the past week most sections ot the "share market received fairly steady attention from investors and price movements generally were towards lower levels, although a few slocks scored advances. The fall in nearly all Government issues appears to indicate the growing belief that the Government's proposals will involve a reduction in interest rates. If they do not then dealings at to-day's prices will bo returning tbe investor iu short dated 5J per cents, approximately 6 per cent, with redemption. Jleavier trading was recorded in Government debentures, banks, and Guldsbrough, but Breweries and Mining and other sections showed a ialling oif. The following is a comparison of the dailv recorded turnover oil the local market for the past fortnight This week Last week,' £ £ Satimkiv ... 927 • 270 Monday ... 4,114 045 Tuesday ... 4,628 -47 Wednesday ... 4,G9;i 4,5 oo Thursday ... 3,519 Fridav ... 1,0/6 3,30 l " 13,957 11,349 Au ana lysis uf this week's total, which has been exceeded on only two occasions this year, gives the following faults, last week s figures in parentheses:—Debentures £IO,BOO (£1150); Banks £3267 (£2189); Goldsbroughs £1703 (£650); Breweries £B3O (£994); Lvells £386 (£684); Gold Mihing £'654 (£IIS9). ■ ' Four and a half per ctsnt. Stock due 1938 dropped to £93 and £93 25,6 d; if per cent. 1938 Bonds fell 10b to dealings at £93 10s, £93 2s 6d, and £93 ss, and late unsupported sellers are asking £93 10s; 4J per cent. Bonds due 1939 declined 10s to £93 10s; 5J per cent. Soldiers' Settlement Loan Stock, due 1933, was firm with transactions at £9B 15s; 5i per cent. 1936 Stock was easier at £9B—the Bonds were placed at £97 10s and £9B, compared with £99 10s a fortnight ago, and late unsupported sellers of the stock are offering at £97 15s. Five and la half 1937 Stock moved between £9B 5b and £97 7s 6d, and the Bonds ranged from £97 5s to £9B,' as against £99 12s 6d to £9B last week. Gisborne Sheep/aimers' 5J per cent, debentures due I§4l changed hands at £77; Auekland City per cent., 1940* at £96 10s; Napier Borough 6j per cent., 1942, at £B9 10s, and New Zealand Breweries 10 per cent, debentures at. j 21s and 21s 3d. . '! . - i , Banking Section. Australasias, cum dividend of 4s per tthare, advanced to £9 4s, £9 ss, and £9 3s 6d, closing at £9 4s buyers,, £9 5s sellers. . Commercial of Australia' ordin&ry fluctuated from 14s 2d to 13s 10d to 14s Id—last week 14s 3d to 14s —and more aro available at 14s Id, buyers at 13s lid. E., S., and A. were Is down at £4 ss. National of Australasia, £5 paid, moved up to £4 10s 6d and £4 18s,/ and more are on offer at £4 18s 6d, buyers at £4 16s Ud. National of New Zealand eased la to business at £3 9s, and more are on offer at that price, buyers at £3 5s tkl. New South. Wales, ex dividend of 14 per cent., were weaker with turnover at £26 and £25 2s fld and further sellers at £25, buyers at £24 l?s 6d. New iSealands ranged from 43s 3d to 42s 0d to 43s' to 42s 4d, compared with 44s 9d to 44s 3d., A Wifeflk and closed at 42s 4d buyers, 428 6a .sellers. Union Banks showed little movement at £7 and £6 19s 6d.

ImUrance and Loan and Agency. National Insurances had recent unsupported sellers at 12s 6d—last week's ; busing figure, New iJeal&nds had dealings at 86s 6d—-last week 87b fld and 37e —nnd late sellers are asking 3*b 6d, buyets "at 35s 3d. South British, Which Based* to itts a WGfik ag&> are now on offer at 60s. buyers at 48s 6d. Standards, cum dividend of is 3d . per share, were-weaker with business at 41a and further unsupported sellers at recorded dealings were at. 42s 9d and 42s 7d. Dalgety and Coftw pany hardened during the week and buyers are now offering £7 s*. filers is away. Goldibrough, Morta ranged from Sis 8d to 2ls 7ld, clojung at ?ls od, aa against 22s to " 21s 6d last ' week.: f»w Zealand Guarantee. Corporation Shares dropped to 4s 3d and 4a. 17111 ted Building Society, cUfii dividend of ii per making £ per cent, for the year, are in demand at 14s 3(J. but sellers Want 14a 9a.

Shipping, STOmH Heat, Odal. Mld Cto. Northern Steams, fully paid, were firmer ab 4s. New Zoaland Itefrigel-a-ting, fully paid, declined to 9« '(l—the 10s paid were fractionally weaker, with dealing* at 3s Bd, 3a 7d and 3s ed, and further sellers at 3s 6d, buyers at 3s 3dr Stockton Coal, ordinary, changed hands all fid—lajt week 7d to 4d. Auckland Gas, fully paids, 'frewMfiM to 22s and 21s 9d. Christchurch, 10s paid, were firmer at lis lid, and more are on offer at that figure, buyers ,at lis. •

Broirntti. Now Zealands dropped to 24s 2d and 24s— a week ago the range was from 25s 7d to 348 9d—and closed weaker at 23s 6d sellers, 22s 9d buyers. Staple seller* are offering' at 23s (last recorded business figure), buyers at 20s 6d. Tooths edsed to business at 225, - bat recovered at the close to 22s 6d buyers, 22s 9d sellers. MiaceUaueouslnvestment Section,

Australian Glaus wefe taken at an easing of 6d on peak prices last week. Beath and Company shares, ciun dividend of 4 per cent., were dealt in at Ids, and more are wanted at 18s, sellers at 21s. British cum dividend of 1) per cent, .dropped Is 3d to business at 235.3d; later recovering to 20u Bd, arid doting at 26s 9d buyers, 26s 6d sellers. Colortiftl Sugars at £37 10s were on ft par with closing rates last week.. Duniop, Rub* berg changed hands at 10s_3d, 10s fld, and lOs nnd there are further buyers at 10» fld, sellers &t 10a 7d. Klectrolytic Zinc, preference, cum dividend, relapsed to 20s. Farmefi Trading weakened to flii f Mount Lyellftj which last week declined from 20s w* 19s 3d. were this week taken.Ut 109 3d, 19s 2d, and 19s ()d, and there are further buyers at 19s Bd,~Bell6rs at 1,9® 9d. - N.Z. Farmers' Co-op, 01 per cent. Stock. 1940, advanced 5s to business at £4l ss, and late buyers tire offering £4l 10s. sellers at £sl. NiZ, Farmers' Fertiliser realised 12s. fld. Wil* son's Cements, which dropped to 80s a •week ago, have since hdd Sellers at 20s 6d, buyers at 245, 'Woolworth (N.Z,) Prcf. cum rights are stronger with buyers at SSa 3d, sellers at 26a 3d—the "rights" were dealt in at 3* 3d, 3a 6d, 3s 9d : 3a 4d, and 3s 6d. aoidminiag. The local turnover of 11,630 *hare» was made up as follows (last week's figures in parentheses)! Blackwater 200 (100); Golden DaWn 300 (2800) ; Ool*

don Progress 50 (50); King Solomon 1800 (000); Okarito G3O (o00); Mahakipawtt .8600 (6000*; Blackwater advanced to 7s sd* but later relapsed to 7s, and more aro available at 0s 9d, buyers at ss. Consolidated Goldfields realised 2s 2d and 2s. Golden Dawns showed recovery with dealings at prices ranging from ss, llid to bs <3d —last week they slid from 7s 3d to os Lid. Golden Progress, ex dividend or 2s Cxi per share, had business at 30s. Kildnros were placed at Is 7d. _ Solomons weakened to Is od, Is od, Is 5?. d, and Is 6d. Maliakipawas went from 2d to Id to 2sd. Okaritoa, ex dividend ol Od per share, were stronger with dealings at 9s 6d. fls sd, 9s Bd. to 9s 4d., TVaihis at 10s 6d show a drop of 8d oil last week's recorded turnover.

YESTERDAY'S TRANSACTIONS

Markets were quieter on call yesterday, and the recorded turnover shrank to smaller proportions. Tansaetions, exclusive of vestibule business, were £4OO 5i per cent.. Inscr., 1937. 250 Bank of New Zealand. ICO N.Z. Refrigerating (10s paid). 100 Dunlop Rubber. 1000 King Solomon.

Now Zealand Government, 54 per cent., 1937 Stock, had dealings at £9* 17s Od. and £97 103. buvers staying ill at the lctwer price, sellers at &<■>< 15s. Unsupported sellers of the Wo Stock reduced their limits to £97 15bBuyers of Bank of Australasia shares crum dividend, raised their bids to £ J 4s, sellers at £9 5s Bank of New Zealand shares sagged to dealings at 9d, 42s Bd, 42s 7d, and 42s 4d, and there were further sellers at 42s Oct, buyers at 42s 4d Other Shares. Sellers of tioUtli British Insurance shal-es came down to 60s, buyers at 4os 6d. Dalgety and Company, shares were firmer on buyers' offers £7 ss, sellers at £7 os. New Zealand Refrigerating, 10b paid shares, shaded to 3s 6d, sellers staying in at that price, buyers at 3 3d. Sellers of New Zealand Brewerie shares reduced their limits to 23s oa, buyoi-B at 22s 9d. • There Was a closei market for Tooth's Brewery shares which were quoted 22s (3d buyers, 2 • 9d sellers. British Tobaccos cum dividend b hardened to 25s 9d buyers but sellers wanted 26s sd. Ihinlop Rubbers were firm, with buyers and business at 10s Gd, sellers at 10s 7d Mt. Lyells had demand at 19s 6d—Tlniisda3''s business figure—sellers at 9d Ivins Solomons showed little movement. with dealings at Is old ana Is' 6d, and further b» y ? rß at l» sellers at Is 7d. Blackwater Mines appeared weaker, with sell<?rs at (is wa, buyers at os

AUCKLAND.

[THE PRESS Special Sitvicft.]

AUCKLAND, March 4.

Ou the Auckland Stoek Exchange during the past week the turnover has fallen off considerably, while values generally are on a lower basis than wan the case a week ago. Government securities have led the d6wnward movement, and have felt the reaction perhapa to a greater extent than any other section of the market. ' Interest has continued to centre in §4 e<mt.- issues, and dealing in 1937 bonds has been done fairly consistently 15s lower at £9B, while holders were unable to secure quittance at £97 12s OA at the close. A fall of 10s was registered, in 1939 4i per cent, bonds, in which business closed at £93; 1937, 5J per cent, stock weakened on Bales to £97 10s, as against £9B ss, the lowest level touched last 'Week. • Trading was dull in banks, and with the exception Of Australasias downward movements predominated. New South Wales at £25 were 15a easier, and New Zealands declined from 43a to 42S Btt. New Zealand Insurance Were steady at 36s 6d, but enquiry in the insurance section was generally restricted. Other sections of the market Were qUiet in sympathy with the general trend, and business was eitrenicly limited. Interest in mining continued unchanged at declining rates. Waihis eased to and then to iCs4d, compared With the last previous sale at 17s 4a. With better quotations in the metal markets Mount Lyells took an upward trend tb-dfty, With buyers again offering 19s od, and holders quoting 20s. DUNEDIN, [THE fBSSB Sptctil S*rvio«.] IiuNEMII, Match 4. Business was done in Bank of NeW •South Wales shares during the >eek lit £SS 2a Bd, They were later offered at £2o 10s without attracting' a buver, Bank of New Zealands have become easier, business having been dotte at 42s 9d. The closing offer was 425, teller* demanding lsmote. m, S., -&M A; Banks were offered during the early partof the period at around S6s. There was an offer of 83s, sellers then asking 908, but business was done at B6is, awl the-close of the market found an utisubplied buyer fdfward. at 84s. Nationm Bank of Australias are being asked tor at £9 os, sellers' demanding £lO os. Commercial Banks hate a buyer, at 13s 9d, but sellers are unwilling to do business at less than 14s' Id. . ' . . ' . ' There was an offer bf 34s fid for New Zealand Insurances at the end of the week, but sellers were firm at 375. Offers of 19s lid for preferred Union Steams fdund sellers asking 20s 3d. Up to 3s discbunt was" offered for Knltaiigatas without attracting a seller. The present offer for Golds* brougli, Morts, is Sis 3d, sellers being firm at 225, Paid up New Zealand Re* frigerntings have some demand at Us od, but. sellers will not take less than 10s 3d. An offer of 28s 6d for Australian Glass shares found Hellers firm at 30s 6d. New Zealand . Breweries were fairly steady. The close of the market found buyers offering 23$ lOd with a sleller forward at 24s 3d. Kildarcs were dealt in at Is 7d, Id less than the price paid for-the last parcel sold on 'Change, The shares Were Inter offered at Is lOd with no Iniyer in the market. There was a sale of Okaritos nt 9s Bd, nnd this was followed by business at 9s 4d. The demand eased during the latter part of the week, and closing quotations were Ss Sd (buyers), and 9s 4d (sellers). King Solomons have reached a very dlose market, quotation® this aftmmnn being la 73 and Is 7|d from buyers and .sellers respectively. There wt>s' bitsiuess earlier in the week at h Bd, A sale was reported to-day at Is fld. and there was business on 'Change snbw*fluently at Is 7d, Three parcels of Golden Prosress shares were turned' over at 345. The shares were on offor at the close of the ni&rket at 355. with no buyer forward. There has been little demand ff>lGovernment Loans, but. several parcels of 5J per cent. (1937), Bonds and Stock have been turned titer. Two pariCete of Bonds realised £9B ss, and n similar price was paid for a "parcel of Stockt - Another marcel changed hands at £97 14s, Bonds had a buver nt £97 lOs' at the close of the market, sellors demanding £1 mbre. The same .offer was made for the Stock, the best selling quotation being £9B. • j

liability for INCOME TAX.

INSURANCE COMPANY SHARES. CAPITALISATION FROM RESERVES. [THE PRESS Special Service.] AUCKLAND, March 4. The Commissioner of Taxes has advised the Ndw Zealand Insurance Company, Limited, that he has decidod that the capitalisation of 4s a share from re serves, made in August, 1930, is assessable for income tax, as "dividends or other profits derived from shares or other rights of membership in companies." The company lias notified its shareholders that the matter has now become one for individual shareholders to take up with the Commissioner whorl they receive their respective demands for the increased tax. The decision out of which the present, development has arisen was made at Hie annual meeting on August sth, 1930, when the shareholders authorised a capitalisation of £300,000 by making a call of 4s a share; the company simultaneously declaring a dividend of a similar amoiint to be applied in payment and satisfaction of the call. Thia brought the paid-up value of the company's shares ,to their nominal value of £l. In addition, a dividend of one shilling a share was declared and paid in cash. Tho Commissioner's View. In acknowledging the company's return of dividends paid to its New Zealand shareholders, the Commissioner of Taxes on Jftnuary 9th last drew attention to the fact that, in addition to dividends of Is a share in August, 1930, and February, 1931, the company distributed 4g a share in August, 1930, to each shareholder from reserves, making tho shares 20s paid up, instead of 16s. Tho i Commissioner .added that under Section 6 Ot the Land and Ittfco«r.e Tax Amendment Act, 1931, ib assessing the individual shareholder it was hecessary to bring into account his now assessable income fftitrt ''dividends of other profits thrived from shares or other rights of membership in companies, and as tho company's lists gave figures for the two one shilling dividends only, it would be necessary to treble the figures to arrive at the Correct amount in each case. Before an alteration was maile the Commissioner Bought any comments the company could make on the matter.''

Company's Statement. To this the general manager of the comp&ny (Mr A. I. Johns) replied that tho capitalisation from reserves was not set out in the return because it was hot considered as a dividehd paid to shareholders during the period; that it was not considered to como within the meaning of Section .C in the sense contemplated by, that, section; that no shareholder had any right whatever to receive a demand for payment of the said amount of 4s a share, as the declaration of the dividend, referring thereto wad restricted to the amount, being applied for one purpose only, namely, that of liquidating a simultaneous cftll,bf the Same amount made for the purpose of extinguishing' an. uncalled liability iti respect of his shared; that the dividend was merely a capitalising operation, made solely for the extinguishment of this uncalled liability, and effected i ill the manner indicated, instead of through the channel of the reduction of the company's capital through the medium of the Court; that beyond the extinguishment of this uncalled liability the shareholder derived no benefit whatever from the operation referred to, nor did the same affect in afty way the market value of the shares after it had come into force. Final Decision. On February 19th tho Commissioner advised the company that he had decided that the capitalisation of 4s a share came within Section 6 (2) (c) of the Land and Income Tax Amendment Act, 1931. He proposed to treble the figured shown in the company's lists to arrive at the correct amount in each shareholder's case, except for those in which the shareholder had bought or sold some of his shares during the year. In the case of tho latter cl&fls a supplementary list was sought, show* ing the full amount of dividend, including the 4* capitalisation 'derived, by them during tho year ended March 31sv, 1931. , . , Tho shareholder* &t6 nOW being advised accordingly. • It should be noted that the ruling of the Commissioner does not mean that tlie 4a capitalised will be subjected to a direct tax, bilt that it will be treated in the same way as the 2s dividend, i.e., it will be added to the total income for the purpose Of fixing 'the rate ,' of tax. By increasing the rate of the tax applicable to taxable income the total tax payable will, of course, increased. NEW BRITISH LEATHER PitOpUCT. Ever since the introduction ol i'ubber and "Composition" soles tor btotb and shoes, factories ill Great Britain turning out real leather soles havej found the competition represented by the other material very serious. Numerous efforts hate been mftde to liupart to ordinary leather the lasting qualities claimed for rubber and "composition," and now the Camden Tanning Company, of Runcorn, Cheshire—one of the biggest firms ol tanners in the United Kingdom—has succeeded in producing what is said to be solo-leather ol a durability hitherto unknown. Bv a special process the leather is rendered hard all through, the gener* ally loosely fibrous inner part being solidly compressed The Company lias already received such large firders that, from being on half-time, its factory is now working day and niglit and the number of its workers has been doubled. PRICE OF GOLD. (UNITED l-JtuSS ASSOCIATION —Hi ELtCTWC TBLHaItAPtt —corvßtoiiT.) (Received March 4th, 5.5 p.m.) LONDON, March 3. Gold (per fine ounce) is quoted as follows: — £ 9. d. March 3rd .. .. 5 18 5 March 2nd .. .. 5" 18 10 March Ist .. ... 518 10 PRICE OF SILVER. (Beceived March 4th, 5.5 p.m.) LONDON, March 3. Silver (pence per ounce) id quoted: March 3rd. March 2nd. d. <l. Spot .. lf)i ]9jf Jforward .. 19J 19 15-16

MINING.

ALEXANDER MINES, LTD. TO THE PRESS.) IIEEFTOX, March 4. During February the Alexander mines crushed 454 tons of ore for a return of 2850z 15dwt of melted gold. In addition, 283 tous of sand vrerti treated for a return of 990z 17dwt of bullion. The estimated value of the gold won is £1404, exclusive of the premium on the sale of gold in London and the premium on exchange. KING SOLOMON DEEP LEAD • rftESa ASSOCIATION TtLtUiJAM.I IXVEfICAKGILL, March 4. The manager reports that the washup for tlio King Solomon mine for last week wa& 41oii lodwt. GOLDEN POINT CO. ,Tiie Golden Point, Company has received from London intimation of the v'jilue of the gold bar, representing the bullion part of the November return, shipped to Londort at the end of December. The bar contained 103oz lHdwt, and netted £640 IBs 3d, including gold premium and exchange. This works out at £6 3s 4d an ounce. The first shipment of '25 tons of gold concentrates arrived at- Southampton on February 20th, and should now be undergoing treatment in Germany. A second shipment of 30 tons, the assay of which showed value of 4£oz to ooz Sdti-t to the ton, will be Bliipped from Dtinedin next Thursday to the same destination.

GOLDEN PROGRESS QUARTZ MINING COMPANY, LTD.

Tlie manager of the Golden Progress Quarts Mining Company, Ltd.. reports as follow*:

During the past mouth the 6ast end cross drive has been extended through tirm country to a distance of 85-leet. Several strong Hows of water—apparently Stored up—liavu been - inet and dwilt with. If. the reef holds its average dtp from the surface approximately another 15 feet is yet required to be driven. A stope over the east end main drive has now been prepared, arid stopmg out the block is in hand. iTwo shifts are working on the west end face cross driving to pick up the reef which previously appeared to displace in broken country. In the prospecting level above preparations are now in hand to extend the west end face on the reef in this level. A stope is also being prepared on this level to take out what appears to be a promising body of ore. In order to get ahead with the development and prospecting v/ork, the battery is being kept idle until sufficient ore is in sight. The Wilfley tabic has l>een running on tailings previously stored up from prefifttis eriishirtgs, and about seven tons Of concentrates are riow ill lmnd. estimated to yield 133 ounces of gold. TONIC FOR BUSINESS.

LIFE INSURANCE COMPANY'S

EXPERIENCE.

Mr IC. W. Phillips, manager I'of Great Britain of the Manufacturers' Life Insurance Company, of Cauada, is a constant user of advertising. In a rocent letter to a well-luioWn jj ish business magazine, the writes: — "f find advertising the beat possible tonic for business. I first tfied it in 1025, and since then I have used bo othel-. "Although the Manufacturers' Life Insurance Company of Cnnada waß founded us lolig ago as 1667, we began tA England from a 'dead start.' \Ve had no ready-made business at all. We occupied one small room with a teni*porary loan of an actuarial assistant Toronto. "Notv our sales fofce is 150, aiid otiiclerical staff 40. This year the turnover of the British branch will probably reach or exceed £1,000,000. 'There must b© a reason.' From tne very first we were convinced that if we combined a field foi'ce of trained specialists with consistent advertising, that combination Would form the foundation of suecess. We hitched our waggon of advertising to the star ot expert salesmanship. Every advertising nian knows the value of repeated advertising. It is by this means that you gradually get a favourable impression of your goods into the conscious mind of the public through their subconscious mind, We can vouch for tlii®, because we happened t(> cutc'n tbo procebs when it was half completed. "Six years ago we wore unknown. Whenever our salesmen called, they were invariably greeted With the statement, 'I hnve never heard of you.' Two years ago we began to find that people had stopped laying that they had not hoard of our Company, but looked as if they were trying to recall the name. Tb-day we are just beginning to find tliftt our n&ffte is farni-* liar." TOOHEY'S BREWEttY, LIMITED. AN" INTERIM DIVIDEND. (V?lteo ASfeOClATlOX—fit BLScTftic TfeLEOftArfi—CdrYftfSHt.) (Received March 4th, & p.m.) SYDNEY, March 4. Toohfey's Brewery, Limited, announces an interim dividend for the half-year at the rate of 0 per cent, per annum, payable on March 16th. CABLES AND WIRELESS, LIMITED. NO DIVIDEND ON PREFERENCE SHARES. (Received March 4tli 4 5,5 p.m.) LONDON, March 3. Cables and Wireless Limited are unable to declare a dividend on 5} pet cent, cumulative preference shares. P. AND O. STOCK. (LNITED I'KLSg ASSOCIATION—*I BIiSCTBICi tEtiaftAPH—corrjsioftr.) (Received March 4th, 5.5, p.ntv) LONDON, March 3. P. and O. deferred stock is quoted at 23s ?*d.

VALUES ON STOCK EXCHANGE. CHRISTCHURCH RATES, 4TII MARCH. FORMER LEVELS COMPARED.

a/interim dividend ft rale « ' of \ dend at rate of 4 per <*»*• P« a" num - . ~ , Where no approxltateta markfet is given, return i« worked on toid-mWk«t juice, unlaa only one quote is given. , ■ i

OTHER QUOTATIONS. Buyer*. Seller*. £ s. .d. 3, s. d. N.Z. Government Debentures — uer cent, Inscribed, ■ 1938 ... 92 10 0 03 10 0 11 otr cefil. lnloHbed, JL93O •• .. 92 10 0 44 per uenti Bbndl, lOCS • • • - *"*" 03 10 0 5£ per cent. Inscribed, mi '. fl» s v 61 v>er cfent. Inscribed, 193G -• 54 pel- cent. Inscribed, 1037 .. .. 97 10 0 97 15 0 51 per cent. Bonds, 1337 ../ .. 97.10 0 98 0 0 51 per cent. Inscribed, 1051 9" 0 0 100 0 0

AUCKLAND. Sales on 'Chaa&e — • £ s. d. Bonds, 1939, 4J per cent. 93 0 0 Bonds, 1037, 5* per cent. 9? 15 O tascribed Stock, 1&37, 51 per e6iit k . -9/10 0 Cdmmerciftl Bank of Aus- , 0 14 0 Eank of New Zealand ... 22 9 22 8 New Zeal&hd Insurance .116 6 GoldsbroUghj Mort ... 116 Traders' Finflnco (2s 6d paid) ... ... 02 6 Auckland Ods ... ••• 12 0 Consolidated Goldfields ... 0t- 11 Kins; Solomon ... ... 016 Waihi ... ... 016 4

Other Debentures— Cliristchuioh Trams, oi per cent., 19C4 YPAimakaiiri ltivfcv Trust, 8i pel' cent., 1965 •• ••• 36 0 0 Christcliuroii City, 4 J pfef cfent., 1932 .. 100 0 0 CHlistchurch City, ofc 1 per cent.) 1954 ... . * — 85 10 0 Christchurch City, 5J per cent., 1945 .. 96 15 096 0 6 Uhrfstcliureli Drainage, 5j per cent., 1907 Glttito. 6} per cent., 1945 .. 85 0 0 . 92 0 0 K.Z. Refrig.. 61 per cent., 1935 95 5 0 £8 10 6 Booth, Macdonakl, 64 per cent-., 193 7 0 0

DUNEDIN. sales oa 'Change— Mr s. d. King salotntm ... •. ol '' Five and a liftlf cent. Bonds (1037) , (2) 98 5 0 Five and a half cent. stoek (1937) ... 97 lo 0 Sale* Reported— Bank of Xetv South Bank of New Zealftnd ... 32 9 Kin« Sotbrft6h ••• 01 0

Miscellaneous— Amalgamated AVlreieM (contr.) .. 0.12 0 016 6 D I.C. (10s paid) .. 010 3 012 3 D.LC. (prafi) - 110 Cienmore ffrick and Til« .. •• ' 013 9 Gol'dOtl and Gdtcli .. 1 a 0 N.Z. Farmers' Fertiliser 0 9 0 013 9 United Pictures - . 0 $ 0 036 0 Victoria Nyanztt Sugar 011 0 Yt'oo'.wovths (N.Z.), (pref., cum lights .. 1 5 0 1 C 3 Woolvrortlis (Jtf.Z.) (pref., rights) 0 3 3 0 SlO Wunderlicb oi6 o Mining— Alexander •• Cornish Point .. o 0 l o o y Golden Dawtt .. 0 t> t)» 0 6 104 Golden Point .. 0.6 7J o 0 8 Kawarau •• •• 0 0 3 ' King Solomon .. 0 1 3J o 1 7 Mftiuikipaw* .. ... 0 0 2 0 0 3| Mahakipawa (pref.) ... 0 0 2J 0 0 3i Ckftrito . •• U !» 2 0 9 G Waiiii 036 0 016 8 Waihi Graiid Junction 0 3 6 0 31l Plackwater ... •• 0 5 0 0 6 9 Consolidated Gftldfields 0 2 1. o G G YESTERDAY'S SALES. CHRI9TCHURCH. Sales on 'Change—- £ i. <]. NZ. Government 6J per nent. Inscr. 1937 ... 97 10 0 Bank of New Zealand ... 22 0 '228 2 2-7 22. 4 N.Z. Refrigerating (10s paid) ••• ••• 0 3 fi Dunlop Rubber ••• 010 fi Kins: ••• ••• 0 1 oJ " 0 16 Sales Reported—- \ Z Government 5£ per cent. Inscr, 1937 ... 97 17 C WELLINGTON. Sales Reported—- ■ £ s. d. 51 pgr cent. Bonds, 1937 .. 98 0 0 1937 Bonds •• 97 IT 0 stock, 1937 -• 98 0 0 1937 ( 2 ) 98 0 0 N.Z. Brew eries Bonds .. 113 Commercial Bank of Aust. ord. •• 0 U 0 Bank of New .. 22 9 Bank of Now South Wales "2o 0. 0 Goldsbrengl'. Mort and Co. 1 1 4J 11 2

SYDNEY.

Commonwealth bonds on the Sydney Stock Exchange yesterday Were irrOgUlar, and a few issues were weaker (ropOrts a Press Association cable message). Industrial shares were firmer generally, while p&Stor&l Sales also inipioved." Barrier Stocks responded to the higher prioes for metals in the London market on Thursday.' Warning Sales—- ' .&. s. d Bonds, 4 per cent., 1938 .. ' 94 IS 6 94 10 0 Bonds, 4 per cent., 1041 r. 02 12 6 Com. Bank of Australia .. 015 10J Australian Gas, A shares .. 5 2 6 Tooth's Brewery .. .. l 8 .'1 5 9 Burns, Philp . .. , .. 119 6 Goldsbrough, Mort .. .14 3 GoldsbrOugh, Mort, N.Z. delivery ..! .. 14 3 AViiiehcombe, Carson ... 019 0 ' Closing Bates— \ Bouds, 4 per cent., 1838 .. 94 10 0, Bonds, 4 per cent., 1944 .. 91 7 0 Bonds, 4 per cent., 1941 .. 92 15 0" Bonds, 4 per cent., 1047' ... 89 10 0 Bonds, 4 per cent., 1955 .. 86 5 p Bonds, 4 per cent, 1961 .. 91 2 6 Com. Bank of Australia ~ oid 104 Com. Sank of Sydney 15 7 8 Bank of New South Wales, Melbourne register, .. 29 10 0 Bums, Philp .. 110 9 Mercantile Mutual InsuranpO 014 0 Australian Gas "A" .. 5 2 0 Australian Gas "B" ..52 6 Toohey's Brewery .. 017 8 Tooth's Brewery .. l 5 71 Goldfibrough, Mort, N.Z. delivery " .. .. 14 3 Dmilop Perdridu 0 ll'H Winehcombe, CarsOn .. 0 19 0 Broken Hill Proprietary ... 0 15 104 North Broken Hill .. ' 3 9 T 7inc Corporation ~ I 10 3 Sulphide Corporation 1 Id 3 Mt.'Lyell .. .. I S 1* MELBOtTBNE, , £. s. d. Com. Bank of Australia .. 015 8 Goldsbrough, Mort .. l 4. 5 South Broken Hill .. 2 8 0 North Broken Hill . . 3 9 f> Kifly Corporation .. 110 ji Taranaki Oil „. 0 010

CANTERBURY MARKETS.

FIRMER POTATO DEMAND. (BY OUR CCIMMEiCIAt. EDITOa.) Friday Evening. Potatoes have firmed to a slight extent during the week. April-May-June delivery has bfietl sold at £5 108 f.0.b., s.L, and July-September at £0 12s 6d to £6 15s. Business, however, is n&t active, the North Island, so far, showing little interest. The price to farmers is £4 10s, but only 4 few are selling at this figure. The onion market is slightly easier, consequent on a lower quotation fromSydtoey, where the valtte recorded m this morning's cables was £ls. Onions have been bought from farmers for export at £B, but to-day'S prico is i 7 10s. A fairly large consignment, it is expected, will be shipped from Lyttelton towards the end of the month. Fowl wheat is quoted at 4s sd» f.o.b. for prompt. The break in the wcatliei damaged some crops, and this is bfeing sold as under grade at about 4s on trucks, slightly under the f.o.b. equivalent for good fowl. Later delivery is quoted at 4s Sid to 4b Gu. Oats remain unchanged locally, A Gartons being worth .2s 9d on trucks. "Spread" oats are A shade firmer. One SalO is reported- —South Island ports, Bluff excluded, &t 3s 4d t'of A Gartons. The business in sm&U seeds is confined to little parcels, the North Island so far not shoWihg mufeh interest. White elovef is firm, prices being quoted at Is 6d to Js 9d a lb to farmers. Perennial ryegrass is worth about 4s a bushel on truftks and Italian 3s Gd to 3s 9d. . „ . Cocksfoot is slightly fc&sicr. Peninsula is Worth fid to.fljd-a lb, and Plains 4d to sd. Blenhfeim is offering exceptionally good samples of ryegrass, which will heed little dressing. The price is lOd to lid a lb for farmers' dressed of this Reports of the fescue harvest from the south are to the effect' that a good crop has been gathered» So far no orders have come to hand. The present value is round about Bjd a lb f.0.b., sj. Pdllafd has been increased in price during the week and is now quoted at £5 for shipping and £6 10s for local. Bran prices are unaltered. Quotations. the following are quotations tor produce to be paid to farmers, on trucks, free of commission, sacks extra, except Where otherwise stated:— Wheat—Wheat Marketing Board's price: Tuscan, 4s 8)d, f.0.b.; Hunters, 4s PetLtl, 6s OJd. Fowl Wheat—Prompt, 4s sd, f.0.b.; spread, 4s 5Jd 16 4s 6d. Oats—A QalftO&s 2s 9d for prompt; B'S, 2s 6d; Algerians, 3e to 3s 3d; Duns, 3b. Cocksfoot—Akaroa, Gd to 6Jd; Plains. 4d td s<i. Perennial Ryegrass—To 4s. Italian Ryegrass—3s 6d to 3ft 9d. White Clover—ls 6d' to Is 9d. Peas —4s ,8d a bushel.. I* otatoes—£ 4 10s. - Onions—& 7 lOs. Bran—£4 & ton for shipping, £5 lotiil. Pollard —£5 a ton for shipping, £6 10s local.

ASHBURTON MARKET. If ''v. - The potato Imtirket still 'continues to B6 firm, and towers here are showing- Sib inclination to (ell forward. There are conflicting reportk'regarding the estimated yields,Uiit the general opinion is that the crops will be lighter) than, nsiiai. . . meat T« Still being delivered, but the quantities offetihg are gradually beebmittg less.. Fowl whkat Is Olftrint tderk freely, and this price has eased slightly. Very few oats are -on offer, and last season's Algerians for autumn sowing are in keen demand. ■ • Odd lines of Gartons have been disposed of at 3s per bushel for heavy linefii: There ■ is a tsbbi demand fdr Partridge peas, and up to 4S 9d per bushel has been jiaid for Np> 1. grade. The marklt for all »6edfc is firm it'lata rates. The following are quotstiens to be paid to farmers, oil trtitkfe, eouhWy atktltths: — Wheat—Tuscan U 81a, Hunters 4s 101 d, Velvet Ss Old, fowl wheat 4s 6d, all f.o.b. Oata—A Oartftfls SI, B'l Sk 6d< AltfSriina Ss to 3s 3d. • • ■ ' Peas—No. 1 Partridges 4s-9d, f.a.q.'S 4,n. «r ! ass , 3s - M ts 45 AVestern WolthS »«d lultail 3s 6« to 48/ Cocksfoot—6d lh. Chaff—-G.b.o.s. £3 168 t6 M.

DUNEDIN. • 1 ■ . 1 [THE PfcfiSS Special SeJtTicfl,] Maroh 4. There laaa been «. lull in offerings of fiiillt infc wheat fiorn Canterbury owing ,to i»tn Inventing threshing fer iha tiffiS hait.fr South of Duofedin there has ndt beeh fluieh Cutting of ctoji so fat, but in Central Otago ttjiresjiing is becoming general. The quality ft e , ntxa ' Otago -wheat is very good, but tb* yields, are not, taking them all round, *6ty high. FfiGea hre unehitfged #6 4s did •Tuscan, 4s lOjd fofc HuAteM, and 08 Og<i for Velvet. So iar as iowl wheat is concerned, the - market- locally, is firm, but only hand-to-mouth business is being done.* supplies are being obtained from the north and the ■ current quotation is; now about 4a ed pet bushel, Skcka extra. it truck. Tm shipping ntaiiet ia weaker with It 4d f.Oibi.i •«W, extl ', ll « ruUbg quotation, Pollard lift* beta (Mivaneed iOH pH toii. rf «a*™t i». firm iot prompt »hip; bin biiflg received from tti* fjorth Jttlind and »tlce's Ate fiwuer thati those ruling last. week. A's are, now saleable 0 ° , th ®, hasia 6f 3s 4d pfer bushelr f.p.b,. i.i., with B s at 3s 2d, Only an, ooeasiftnitl order 18 received, Mt on aoaoiwt of tit JGW stocks in hand, these, 6rders are Sufficient to keep the market flint. The abete Bti&es are equivalent. to 2a sd, sacks extra, on trucks country sidings for A's, and 2s 3d Ai , 8 ' ■ ® e forward markfet is also firmer 4bu - The ch&# markfet i-etaains unchanged with rH" ne . ss pfwticalljr cohfljidd to the A 11 1! tB et s *? r ®* Mies* J Me worth S er i tf,n i SlielM feiti'4. tftiek lot# f ? difficult to place At about £i li)ji be? toh, sacke extra. ' Hi- j p^a i°» ina^®t is well supplied, but * h « demand is not strong. j-J: broken weather has prevented offer*>f F egra f e by frMaew. A few samples fnewseasoas seed have reached the maiSf- ! nd tbe "nes that have been offered for fairly', high prices. UoU tLia t mefoh *nt», however, do not feel in*Hy eKtent * With the allv » r or f arm products generh6t to sow out l,rfl I lV v ® eds ' and this fact will probably s£E±£* Ha ? on the toMket on. The Cockafoot market remains firm with high Mioes. bting paid fof- Akaroa. ufldregßed seed. aßlv l>; P i lo^ B ia B^d w . m be a»nsideri m f y . be Incited on acadtinl of the J"™'l The white clover and r,tf«f n. 1^ larke, ' 18 fi rtn ihdtt suph,tf i« u l * c ? ouil , t of the growiiier areftg havrft by the drought, l than thOße ruling for t number ef yefcis past. , • RANGIORA horse sale. A N,r*i £ol «. a lon F i' me I,aß there been sucJ) w-tf, ®»^- v o f " draaetat Howes tts werd it tfj Ranglora yards yosterday tnt sale. There was ii y ° C 142 horses. About S5 of these rt» r ?-fci I®, and four-year-old unbroken the annual draft ttom fit. <james s Station. The highest price was £l7, Iwt a «i° T* year ' old Celding. Ueßt four-year- °^ n ® llies mada iT ° m £ iO to £IS, in» lt ea lih d flll 'os and geldings frfrm £8 *uL ? I" the broken-in drHughts a thi-ee-J-ear-dld gelding m«dfl £4O. This was Jo* aij exoeptionally good draught. There wis a good demand for good draughts, but anything btft the best were very-dragglhg. „VA" e -:-'*"S*'"ef.-"prlek# was: Beat four seven-year-old draughts from £25 to £34 J On, medium drsvclits £l7 to £2B, aged draughts *7 10* to £l4 10s. '

\ COMPANIES REGftS|H The registration oI ■ the companies is notified is the of tW "Mercantile Gaze tit'" >^!sh® McSfistis's., Ltd. edmpsny February 24th, Stafford street. Timaru. 350 shares oi £1 each. .^lWaiy C. M. McErlane 1, J. j, jeets: To actjuireand take.MeK;ifsisi Concern the business of fatnllti*a%Wn (lifers now carried on by J 1 SiSaWif Smith Investment Co., Ltd VbmßWbS it private company February". vSSI Office, 44 RlCeßrton road, ChrtranSlillH tal: £6OO into 500 Shares of scribfrs —Christohurch: H. C K. £. 25. Objects: Blnckinore (6. A.) t Ltd. private company February astb -iSSSB 457 Colombo street, Christchnt&L?JflH £4OOO into 4000 shares of il jiitMl «cribeM: Q. A. Blnckmort SOOB ImSwhSS more 1000. Objects: To purchase I&ShHS acquire and take orer as a toTftislH!? tile business of sen«r&l nlumbAn^^H A /»[ l ®. »i«dSS?^?flS National Finance Corp., Ltd a private company February" Office, Brandon House. Featherston wJ®' Wellington, Capital: £2OOO into 3MIMi3S of J-l each. Subscribers— Brooks 1000, R. K. Simp'sOn fJfXuESi' G. E. Frethey :. Objects: and finan'-e company in sill itg wi-jiffi GENERAL MERCHAND]|| GROCERIES. J' fp Turnover during (he past week Very satisfactory. ■■. :■ 1 "■"'iuS There is a feeling amongst many' 'iri'St that the Government may inUodtice' r tax, in the etinJe manner as in Au«ttill£?M quostion ivas discussed recently at ihg of a number Of grocferS. the possibility o£ extra duties grocery lines. , Many grocers are buying freely, as -» contend that ovejuea lines are^gMdttipjS flour. New price lists are out for Jotir/.tM! iu all grocers' hands. The rtduttttift i|fo welcome, and it should put An importation Of Canadiuji fioiir, a titv of-Which has bSeh 1 hading The flour market in Australia,-iujlljj and a report by lliis, week's malt'fSS that mills are working full .time 'Qtftm orders for the East. Prices i& Atf6UWj£t £t 10S to £7 121 6d based on whfcttt at Si 4Jd: 1 This week's report from M«tbein|i|&j|i Sydney advises that onions are /*Blftpj|gjS Melbourne advises an increase' o! SOIjpH There prime Globes are. fetching Sydney this week, .white' 6i1189l 'MtonH £lB, with a heavy demand £lO. Pickling 6&l6hs brtufcht U6'4affißß An Australian message Teferrjng,&S|ffi portations there of onions from land states that Ifew Zealand after the Cansdifth onion ma*Mh?lMwß soihe parcels had alrShdy Sew Zealand. for VaacoU v6ri'/ftffOgßmn Me, it Wilt Mob»biy M AWHttOH aa. the rectttt landing' jamai tons) In SydflSJ, wars fiearlf 'Jul', afuHffi from Auekla&tlj v A very int&r«itifl& rtljdrt from Australia aefletrblng" that the shippers ate eagerly imjamKKm fticpgetlfif larga MdM-r riimi ' ihllpfßfii Italy, as it it expetted that. thfti«j§ffiH be adjusted to permit im from oversea. Australian ahlppexranHHU eXpectihfe substantial orders.; ,SiWH| 34 fA>bi art etpeeted to ruU Os» %etl-k&o*rn afad 'wall of toilet aoap baa been as from March Ist. Retailers shwdjraHH time be in possession ol As the timt is from MB' 'Mtewfatwmsl^M liyttelton Consider the 6tU>stlte.Jpineapples >n <|ifiitii|; imjnMmwm higher. Even, at - is ridicnlously reasonable abond. Of tfiia market, prtt<*'; IwAb than Advioa &6a mark«t th«re Ik, excitad ami 'S**!®* Juffi&ii' conataWifcly.'ll^ eana fer dispatch to Chiu may b«. oaly a tefcßOW^yjwMgip^jiiM hosMHtiH MmM,<aa iipw^SeM^^H| aintnt), Ifieit tfiis msrket).vill aide again. > Walnut pieces and 4dot»a ler ti»ly-djSF atcll are, cOAaiderinf tiia tronWe .tWmJffiH being about ! lfd'?ln advance MMM qudtatiAna. I'M-»3 era plaecd i»Py|aMM bk. ted in May wa-i»smlMi gnarantea sat* UEMUr; H« th* hna Ma from seisurt («ngH| Customs edfiMAhAtion through JHH had, and should l>o htelndeA JnMHHH tracts. The eASt ia not no loss can occur if the goapi'a^^^Hn #o itfvr* Htfing arrived sale to he held la Calcutta, eeriftia' ihit it liae not yrt MH| laat' cabled «twa stated that ftfMiffl boine «rtbh«ed) Out the settled. Laat week's tea of Ceylon teaa totalled X.Boo.WrowMMl good clearance ia reported. 9 a **'JSjg|Bßi considerable > improvement SWJISHB VaneSd f#6t# S J to 5 cents,.,; l thao>SMa being m the batter types, and broken oratage Pekoes. ' ' 'jMPwUBi The Java market last and prices equal to preyioqs WHhHH a trifle higher were ruling. Canary Tht Ka# X6ftikS& at^fcllgJiHWW i&rtt kata ia«M..«tep ttdWWMBMMi sead. are another feature W -'W cMHfjMBH|H •ri&tk tfl~paat yt*M eMl«niMbHBH| fioufltiry faftit hAd u itt it, afid thlt iflVers value. London operator^ Wftea Wfdariat Argentine not cMUIb Am of Vraed fetd. This isrtM only <MHH ler AfJ6ntine caallry A late message . .fr6m ! Kan that prices for prunes are raMQH . little movernant la the quotations wire cabled. . it was reported that new prieea had in Mft4aifcajHl|Bß statemant to this e*«6t appe^W report. Oablad (juatatiflßs. to.TiMlfflß Snd) advise that tfca nrjce st,»aaß Siar dataa had a«t;*l»«aa t UMHH figure ** waa qubted tbbtat February was again cabledprice mentioned for KhadrattK jMjfiSSB U taken that this trad* Fresh quotations for Frihch.'ffltjSSjs hive been cabled. These ahoW *» jjfiajß 6i each on tvrO gallon tli&,Mff'%3jH9 « dozen on pints and sona are with prices ouoted in J«WHWB the cama aotir<;e. French iaiad i refined niit oil) ia *U«> ;«u6ted basis as January"tnie*' U^/'v. Almond*. ,i »jHH| Prices have been named fot febjltainber dispatch Sicily the usual method with algtandlt SBgSRBM fruijf as Soou as tho tta«# art w WWffl a lot of speculative buying on this banis Prices nOw tainly below What they, wfae 4 lra®3HjH so far aB New 2esuind buyers ecrned they usually wait till before operating, and than thsy 'BSaSsc able to judge the position. Sicily almonds ia London arr nH^ PROPERTY SALB,4^| Messrs H. ti. Livingstone after submitting to public auetiottsJMfflSgK of Mf-D. M. Foreman, tht at No. 14 Fulton avenue, prising a two-storey bnitgaMw. and balconies, with garage sad fS!sz3m 86 perches, -to Mr A.

WOOL MARKET.

INVERCARGILL SALE. f RICES BELOW JANUARY LEVELS. (PRESS ASSOCIATION TELEGRAM.) INVERCARGILL, March 4. The second wool sale of the Invercargill series was held to-night, when a record catalogue of 28,000 bales was offered to a representative bench of buyers. As anticipated there was a substantial drop compared with the values ruling at the first sale in January last, the decline being more than a halfpenny. The values ruling were closely approximate to the level of January last year, when the great bulk of Southland wool was sold at prices averaging about £5 per bale. Passings were very frequent, and probably 40 per cent, of the offering failed to change hands at auction, but it is believed that a considerable quantity of this will be sold privately overnight, the sale continuing until the early hours of the morning, but late indications are that a general hardening will take place ju the later catalogues. Competition appeared to be very keen from all sections, but within the most rigid limits. No section could bo singled out as securing the advantage, and local buyers appeared to be taking a very reasonable speculative risk in making purchases. Competition from this quarter helped the market fairly substantially.

LONDON SALES. HIGH SELLING LIMITS. NEW ZEALAND TOP TRICE ELEVEN-PENCE. (UNITED PRESS ASSOCIATION —E 'I ELECTRIC teleor aph—co r r jiio ut .)

LONDON, March 3,

Afc tho wool sales 10,033 boles -wore offered, including 3794 from New Zealand, of which approximately 6260 were sold.

There wns a steady Yorkshire and Continental demand, prices being maintained. There were some withdrawals owing to. high selling limits. Now Zealand slipee, Eclipse, top price lid, average 9d.

Dalgety and Company, Limited, have received tho following message from their London Office, dated March 3rd: Wool sales continue irregular. Market generally rather easier. Good scoured merino, demand poor. Seven and a half per cent, to 10 per cent, lower as compared with closing rates of last series. Scoured merino, snort and faulty, about the same as last and selling, freely, also scoured broken pieces. Dates of remaining series after July are September 20th and November 22nd.

The Department of Agriculture has received the following cablegram, dated March 2nd, from the High Commissioner for New Zealand, London: —Sales opened March Ist with large attendance, but moderate competition, Home trade giving chief support. Greasy crossbred formed bnlk of offering. Compared with cloning rates for last series, merino declined Id to Id; fine crossbred id to id; medium and coarse crossbred id to 3d; slipe, id to id. To-day (March 2nd) sales show slight hardening tendency; 149,000 bales a?e available for series, of which Australian 53,000, New Zealand 70,000, and South-American 20,000. BRADFORD TOPS MARKET. (WHITE© FBZBS ASSOCIATION —BT ET.ECTaIC TELEGRAPH—COPYRIGHT ) LONDON, March 3. The Bradford market is quiet. Quotations:— Feb. 25th. Mar. 3rd. d - ' Seventies .. .• 26 26 Sixty-four*' .. •• 23 22 Sixties .' .. •. 21i 20 Fifty-sixes .. 17i 17 Fifties .. .. 12i 12 Forty-sixes .. .. 9i Forties .. •• ® 9 ' AUSTRALIAN GRAZIERS INSURANCE SCHEME REJECTED. SYDNEY, March 4. The Graziers' Conference approved of the Wool Council's decision not to adopt the wool insurance scheme suggested by Sir John Higgins. The coiracil and the British Board of Trade considered the scheme impracticable. WHEAT TRADING. CARGOES, PARCELS, AND FUTURES. (UHITED PRESS ASSOCIATION —BT ELECTRIC TELEGRAPH —COPTBIOHT.) (Beceived March 4th, 5.5 p.m.) „ LONDON, March 3. Wheat cargoes, helped oversight by foreign advices, are fully steady and unchanged, trading being quite. Interest centred on Australians. Ex Anglo bulk, 28s 6d. Parcels are firm and unchanged: ex Port Hardy 28s 9d; ex City of Canberra, bags,2Bs; ex Annam 28s net. Futures were quoted as follows: Per Quarter, London — s. d. June .. • • 27 0 September .. .. 27 7 Per Cental. Liverpool— March *. .. 5 5| May .. ..5 8} July .. .. 511 October .. .. 6 If Spot trade is quite. Australian ex-ship, 19s 6d to 30s 9d. . VICTORIAN WHEAT. /.Received March 4th, 5.5 p^n.) MELBOUBNE, March 4. Wheat is quiet, at 3s 3Jd to 3s 3}d ft bushel.

DOMINION TRADE.

THE BANKING POSITION. Tho February Abstract of Statistics states that the general business outlook of the Dominion is still hovering round the low level of activity established over a year ago. In some respects the prospects appear to be brightening perceptibly, although the future trend renlains obscure.

Banking statistics reveal a somewhat sounder position than twelve months ago, inasmuch as advances during the month diminished in volume, while deposits —particularly free deposits — moved slightly upwards. Thus a better relationship was established between advances and deposits, and between free and fixed deposits. Tho volume of bank debits for tho month compares very favourably with the experience of January, 1931, and, , indeed, if all the depreciatory influences are taken into account, the figure probably represents a measure of business activity very little altered, if not slightly improved. Financial circles, however, are definitely undergoing a period of intense slackness, which appears on the latest figures to bo further accentuated. The returns of the banks of issue, for the week ended .February 15th, with those of the corresponding date of last year, compare as follows s-r- -

Feb. 19, Feb. 16,, 1932. - 1931. : £ £ Free deposits .. 17,08 a Fixed deposits .. 34,411,046 ; "33,041,300 Advances .. .. 49,151,826 53,232,953 Discounts .. •• 694,681 1'??!'qko Note circulation ... 5,727,32) j,034,859 Metal reseats ... <5,568,661 .6,973,879

It will bo seen that this year, although free deposits or moneys at-call are less by over a million, yet "moneys on fixed deposit havo increased by over a million and advances and discounts are well down. Compared with deposits with the banks the public is in credit- this year by approximately £1,1550,000, as against an indebtedness this time last, year of £.1,890,000 represented by excess of overdrafts and bills discounted. The external trade balance, too, is 011 the right side, but the Government Statistician observes that "The stimulus given to overseas trade last month was not continued during the month under review. Although the visible trade balance remains strongly in favour of the Dominion with a credit of over a million pounds (New Zealand currency), the total value oi exports for the month records a heavy slackening-off from December, and also in comparison with a year ago. Imports, on the. other hand, increased: since the previous month, although the total value .thereof, remains well below the, figure for January, 1931 . ..- The new British tariff should, stimulate demand for . the ■ Dominion's produce in the near future."

BUTTER AND GHEESE.

PRICES IN LONDON.

(uKIT ED PRESS ASSOCIATION—BZ EUSCTBIO 'rELBoaArH— cppvaioiiT.) ■

(Received March'4th, 5.5 p.m.) , LONDON, March 3. The butter market is quiet. Quotations: Per owt. B'. ' S. Danish (including "Ift p.c. duty) 133 : New Zealand choicest ealted .. ■ 109 to 110 Australian choicest salted ... 1&5 t6 106 Now Zealand unsalted •• U* t° IJ6 Australian unsalted .. ■ ; •< 108 to 110 .Cheese —The market is" firm. ' Porcwt. ». <l. New .Zealand, white • • 01 0 New Zealand, coloured .. 62 0 Australian, coloured' ... .. 50 to 60 0

Dalgety and Company, Ltd., have received the following message from Samuel Page and Son, London, dated March 3rd:—- ■ Butter—Market steady at present prices. Danish, 132s to 1365; finest New Zealand, 108s to 110*; finest Australian, unsalted 108 s to 112s; salted 103s to 105s, g.a.q. 100s to 102s; Danish.weak, £5 16s f.o.b. Cheese—Market steady at present prices. Quotations; New Zealand, white 60s to 61s, coloured 60s to 625; Canadian spot, white 68s to 745, coloured 68s to 725.

The National Mortgage and Agency Compnay have received the following cable from its principals, A. J. Mills and Company, Ltd;, London;— Butter —Market is steady. New Zealand, fineßt 109s to 110s, firsts 108s, unsalted 116s to 117s; Danish, ,1265; Australian, 104s to 106s. " Cheese —Market is steady. White, 60s to 81s; coloured,'6ls to 625.

A. S. Peterson and Company, Ltd., have received the following message from J. and J, Lonsdale and Company, Ltd., London Butter —Market quiet; buyers inactive; tendency easier. Danish, 1245, plus 10 per cent.; New Zealand. 108s to 109s; Australian,' 104s to 105s. : Cheese—White, 60s to 61s; 'coloured, 61s to 625. '

LONDON MARKETS.

FLOUR, ■, OATS, , AND BEANS

(Received "March 4th, 5.5 p.m.) I - LONDON, Maxell 31 - Flour is quietly steady. .Australian, ex store, 22b to 23s 6d. Oats ate Slightly easier, : Beans are quiet. , , Peas are'firm. Tasmaniin • maples, 64s to 665; New Zealand, 62s 6d Fo 635. AUSTRALIAN, PRODUCE. MELBOURNE MARKETS. (Received March 4th, 5.5 p.m.) MELBOURNE, Maroh 3. Flour i» steady at £7 15s a ton. , Bran—£s ss. . Oats, milling, 2s 2d to 2s 3d; feed, Is 9d to Is lOd. Barley, English, 3s 2d to 3s 3d; Cape, 2s 6d to 2a 7d. Potatoes—£s to £5 10s a ton. METALS MARKET. ■ (Reoeived March 4th, 8.30 p.m.) LONDON, March 3. The prices of metals continue upward. Quotations: — • ' • Mar.. 2. \ Mar. 3. per ton. per fcm." Copper— • £• •• d. £■ »• d. Standard, spot ... 33. 3. 9 . 34 11 S Forward .. ' 33 13 9. -34 10 .74 Electrolytic .. 37 5 0 38 0.0 to .. .. 37 15 0 38 10 0 "Wire bars .. 37 IB 0 , 38 10 0 Lead— * .Spot .. .. 12 11 3 12 16 3 Forward .. ' .. 13 3 9 13 8 9 .Spelter—f? ot- ~ .. 13 7 6 13 11; 3. ctrward ... >... 13 15 0 'lio. 0 Tin— ■ *"■ ■ . ' Spot ■ • ... 138 17 6 ■ 139 13 9 ' Forward' .. -, .. 141 2 .6 .= ill J3 3 . Silver — Standard, pert oz. 19Jd 19fd Fine, per eoz. „ 2X l-16d 20Jd

BANK OF ENGLAND RETURN.

(UKITED PRESS ASSOCIATION —BT EL*CT*IC TILEGBAI'H—COPVBIG IT.) (Received March 4th, 5.5 p : ni.) LONDON, March 3. Tho following is tho Bank of England return for the wcok ending March 3rd: ISSUE DEPARTMENT^ £ £ . rsolcs issued— Govt, debt 11,010,000 In circula- Other Govt. ■' tion .. 351,785,820 securities 247,u33,(3S In banking Other secu- ' dept. .. '4.1,014,860 rities ... 12,G22,G27 Silver coin 3,928,635 fiduciary . issue .. 275,000,000 . Gold coin ■ & bullion 120,800,686 Total 395,800,686 Total 395,800,686 BANKING DEPARTMENT. £ £ Proprietors' Govt, secucapital . 14,553,000 rities .. 47,235,906 The iest- .. 3,G72,562 Othei securilies— Pv-blic dc- Discounts posits .. 7,022,690 and adCHlier . vances .. 11,3a6,G45 deposits— Securities Bankers' 80,432,570 Notes .. 44,014,080 Other acs. 33,175,807 Gold and Seven-day silver coin G5u,029 tin'! other bills .. 1,015 Total 139,207,674 Total 139,207,674 Proportion of roservc to liabilities, 06.90 per cent.; short-dated loans, 3J per cent.; three-months' bills, 3| per cent. Tho fiduciary issue of JG276,000,000 consists of the folio ving items:—Government debt, other Govarrrocnt securities, other securities, and silver coin.

GOVERNMENT SECURITIES. (UNITE!* THEB3 ASSOCIATION —B1 ELXCXAIO > TFI.EORAPH —COPYRIGHT.) (Received March 4th, 5.5 p.m.) LONDON, March 3. Tlio following ore the latest quotations of Government securities, compared with the prices ruling ori February 25th:— Lnst week. This week. £ r. d. £ i. (i. Consols - * 57 10 0 .59 2 6 Funding Loan, 44 p.p.. 1930-60.. 02 0 0 96 5 0 War lioan, 5 p.c., 1920-47 . . 100 5 0 10 L 0 0 Conversion Loan, 3 J p.c. (ex div.) 78 10 0 82 10 0 Victory Bonds, 4 p.c. (ex, div.) 91 5 0 97 0 0 Commonwealth, 5 p.c., 1945-74 .. 80 10 O 86 10 0 Commonwealth, 6

p.c.; 1931-41 01 18 O 96 10 0 Victoria 3 p.c., 1929-40 • . . 58 10 0 61 0 0 Victoria, 'Jj p.cj, 1929-40 .. 61 0 0 *Ol 3 0 0 Victoria, flj p.c., 1930-40 . . 81 5 0 *B7 10 0 Victoria. 5 p.c., 1932-42 . . 79 5 0 ,*B2 0 0 Victoria, 42 p.c.,

1940-60 . . 72 10 0 *75 15 0 Now South Wales,

4 ;>.c„ 1933 . . 79 0 0 83 15 0 New South Wales, 4 p.c., 1935 . . 69 10 0 71 10 0 New South Wales, 33 p.c., 1930-40 57 10 0 58 2 6 New South Wales, fij p.c., 1922-23 88 17 S 94 0 0 New South Wales, ' '6i p.e., 1030-40 8S . O 0 88 10 0 New South- Azalea, 6 p.c.. 1930-40 82 0 0 88 7 6 Queensland, 5 p.c., 1 Stock, redeem- . able 1940-60 77 0 0 *Bl 5 0 Queensland, 3 p.c., 1922-47 59 0 0 60 0 0 Queensland, 6 p.c., 1830-40 . .... 86 ,10 0 91 10 0 New Zealand, 41 p.c., 1948-58 81 15 0 88 0 0 New Zealandj 3i . p.c., ,1940 . . 77 5■ 0 83 0 0 New Zealand, 3 p.c... 1945 . . 68 7 6 *7l 10 0 New; Zealand, ' 6 p.c., 19361-51 98, 15 O South Australia. 3} " \ \ J-. p.c., 1939 .. 67,10 0 s 68" 0 0 South Australia, 3 • p.c., 1916, or , ' after ... 45" 10 "0 46 15 ' : 0 South Australia, 6J > p.c., 1930-40 .89 10 0 93 12 6 Tasmania,' 8J p.c,, : 1930-40 , .. 69 15 0.. 70 10 0 Tasmania, 3 p.c:, 1910-40. .. 62 10 0 -02'10 0 Tasmania, 6) p.c., ,

1930-40 . . 94 0 0 95 0 0 "Western Australia, • 3J p.c., 1926-36 79 0 0 83 0 0 Western Australia, 3 p. 0., 191S-35 73 10 O 73 10 0 Western Australia. 0 p.c., 1930-49 87 0 0 92 0 0 * Ex dividend.

SHARP RISE IN SECURITIES.

ACTIVE LONDON MARKET

(BRITISH OFFICIAL WIRELESS.)

RUGBY, March 3,

The stock market has been extremely active throughout the day, and. a further sharp rise in British Government securities lias had a bracing effect all round. Some reaction occurred on the announcement that the bank rate remains unchanged, but the market closed with a strong appearance.

FOREIGN EXCHANGES. CBftITISH OFFICIAL WlfifeLESS.) (Received' March 4th; 5.5- p.m.) . HUGBY-, March 3. The following afe the current rates .of exchange, compared with those of March 2nd and par:— p ar ; M'ch. 2. Mch.'3.. Paris, fr. to £1 •• 124.21 884 882 New'Vork, dbl. to £l' 4.866' 3.488 3.491 Montreal, dol. to £1 4.860 3.944 3.63 Brussels, belgas to £1 35 . „ ■ Geneva, fr. to £X ■ • 26.226 18.024 , Amsterdam, fi. to £1 12-10 7 Milan, lire to £1 .• 93.43 671 67g Berlin, reichmarken, to iX .. 20.48 14.65 14.70 Stockholm, kr. to £1 18.139 18& 18-1 Copenhagen, kr. to £1 18.159 18.16 18.10 Oslo, kr! toll •• 18.15? 18i 183 Vienna, ecbga. to £1 84.580 3- 32 (nom.) (nom.) ( Prague, kr. to £1 .• 154.25 1174 117J Helsingfoif,. marks to £i .. .. 93.25 224J 224 Madrid, pesotas' to £1 ■ •• 24.225 45 7-16 45g Lisbon. - cscudos to £1 .. ... 4.50 109J 109J Athens, drach to £1 375 2724 2721 Bucharest, lei to £1 816.8 582 a 5824 Bio de Janeiro, pence to milreie • • 4.988 4J 41-16 Buenos Aires, pence to dol. .. 47.577 391 401 Montevideo, pence to dol 51 304 804 (nom.) (nom.) Bombay, pence to rupee .. . .. 16 18 5-32 18 5-32 Shanghai, pence to tael ■ -.244 234 231-16 Hons Kong, pence to * dol. - •• 21 1713-32 17 3-32 Yokohama, pence to yen .'. .. 24.85 22J 22J POULTRY AND EGGS. ' The Red.Comb Egg. and Poultry Company report a' large yarding' of poultry, at their . auction ■ market on Wednesday and Saturday! The demand for cMcken has slackened and prices have eased. is a- fair enquiry for yearling hens and pullets, which: are selling at. satisfactory prices. Bed- Comb Brand machine graded, tested, guaranteed fresh eggs: First .grade Is 3d, second grade Is 2d per dozen.. Average -prices, per pair, received ; for poultry at auction during the week were:— White Leghorn pullets" up to 10s, heavy breed pullets up to 10s, roaßting (light), up'to: 4s 6d, : roasting chicken (heavy) up- to 9s, ducklings (light) up to 4s fid, duckling*, (hea^y). up: to 6s, geese up to ss, hens (light) up to 3s 6d, hens (heavy) up to 6s, goslings up to 6s, turkey hens up to 14s, turkey gobblers up to 24,5. .—8

FALL OF THE POUND.

/ HOOVER FACTORY IN ENGLAND. (FROM OUR OWN CORRESPONDENT.) LONDON, January 28. Another example of the increased employment produced-in this country by the depreciation of the pound is provided by the decision of the Hoover Electric Cleaner Company to erect a factory at Perivale, in Middlesex, for the manufacture of their product, at which over 2000 workpeople will eventually be employed. At present the Htoover vacuum cleaners sold here are all manufactured at the company's Canadian factory. Owing to the depreciation of sterling in Canada- by 15 per cent,, the company was faced With a serious - situation so far as its sales in this country were concerned. If the; company had raised its prices by- 15 per cent. to. meet this drop, it could not" have met the English competition. Consequently, instead of extending the Canadian works, as had been intended, it was decided to build a factory m this country where the electric cleaners will be wholly manufactured. Defore this decision was reached the firm had begun at Perivale the erection of a building to incorporate under one roof the repair, clerical, distribution, and warehousing departments, housed in five separate buildings in different parts of London. Now this building will be extended by the erection of the factory, which is expected to be ready for occupation in about three months. The finished factory will occupy about ten acres of land. As. the different parts are completed work will be started in them at once. Altogether about £IOO,OOO will be spent on the site and buildings. When the Hoover company came to England in 1319 it started with throe employees, two men and a girl j now it, lias establishments in all the big cities and its salesmen and- maintenance men are known throughout the land. From the new factory the firm will supply the needs of this country, of Europe generally, and of the British Empire.: FRUIT MARKET. CHRISTCHU RCH. .Supplies of apricots uro practically over, and high prices are ruling. Freestone peaches are now coming forward from Central Otago, and the best quality have sold up to 4d tt lli Highly coloured Gravenstems liave sold during the week to 7s 6d. Nelson Cox s have realised -to 7s. and local Cox s. for 'which there is a strong demand, havo sold during the week up to 10s. There have been heavier supplies o£ vegetables throughout, and green varieties havo been selling at good prices. The market lias been steady for onions and potatoes. On Monday » shipment of Hji bananas s expected, and on Tuesday there will be a shipment of Cook Island bananas and a small parcej of American oranges and lemons. Supplies from Australia are now practically finished. The following were the average prices received at auction _ for the week tended March 4th: — „ Apples. Gravenstein, per case up to ls 6d: apples, Oox's, per case up to 7s; apples, (jox'e, per case, up to 10b; applos, cooking* per case 4s to 6s; apricots,'dessert, per lb up to sd; grapes, firsts,- per lb up to Is 4a; oranges, Valenclas, per case 'up to 17s 6d; pears, dessert, per lb lid; peaches,, cooking, per . lb Id to 2d; peaches, dessert, per lb up to 4d; plums, cooking, per -lb - 3d; plums, dessert, per lb' Id tp lid; etrawberries, per lb up t<? Is 6d; tomatoes, dessert, per lb 21d; beans, Trench, per lb up to'2d; beans, runner, per lb up to ad; beet,, per dozen bundle* 4d, to Is; cabbages, per d,ozen up to 5s 6d; cauliflowers, per dozen up to 7s; carrots, per dozen 6d to Is;' cucumbers, outdoor, per-case Is;- celery, per dozen Os 6d; greeq -peas,■- per peek lud to Is 4d; leeks, por dozen 2«; ,lettuce, per dozen 6d: to 2s; marrows, per dozen 1# to 8s; new potatoes, per lfr idy; Potato**, per sugar* bag 3s; onions, local, per sugar bag 4s to Bs; parsnips, per dozen Is to Is 4d; pump-', kins, per lb Id; jhubarb, per dozen 2s; spring onions, per dozen -Id; turnips, per dozon •id to Bd;' spinich, per- dpzen ;2s; swedes, per sugar, bag Is Qd to 2s; ,<

DUNEDIN. [THE FBESS Special Service.] DUNEDIN, March i , Heavy supplies o£. Cox'b Orange Pippins have arrived from Nelson and the prices jib a result have shown a considerable drop.: Giavenstoins have been in better supply and pncea are also easier for: this variety. The values being realised for des«ert apples are,; l'owever, about on a par with those ruling at this time last year. Cookers are in good supply and prices are reasonable. Bananas are in short supply. A shipment of Raroti iigan and Fijian is'due next week. A fairly large shipment of oranges arrived by the Wainui from Melbourne. Lemons are in sliort supply and are being sold retail at round about 3d each. Further supplies from California are expected early next week. Hothouse grapes are more plentiful. Outside mown tomatoes are in heavy supply, mainly from Christchurch. Central Otago grown tomatoes are in better supply and those are meeting with a better demand than those from Christohurch. Prices have eased consequent on the heavier supplies, Apricots and greengages are about finished for the season. Plums and pears are in full supply and aro being placed at low values. Towards the end of the week supplies of nectarines eased off and the market was a little firmer There is not a very heavy crop of nectarines, arid prices are likely to be well maintained. Freestone peaches j are in good supply.

BEET SUGAR QUOTATION

. . (Received Jkfarch 4th," 5.5 p.m.) LONDON, March 3. Beet sugatf is quoted: April 6s 2|d.

FEILDING SALE

(PRESS ASSOCIATION TBr.EaBAM.) • FEILDING, • March 4.

At the stock sale there was. a'large yarding of sheej). Pats firmed''to the extent of Is per head F&t ewes sold to lls Bd, wethers to 13s 9d, lairibs-to 13s fid, two-tooths to 145.. Stores were in good, demand, breeding ewes especially so. Young two-tooths, made to 16s 7d. The store cattle market' was-weak, cows in /inilk sold to £4,- springing cows to £6 1.05,. springing heifers to ,£5 10s 6d, fat cows to £4 10s, and fat heifers to £5 12s.

JOHNSONVILLE STOCK SALE.

At the Johnsonville sale prime cattle met with a good demand at'last week's rates; unfinished and plainer Bdrts were dull of sale. Wethers and ewes met with good competition, with no alteration in prices as compared with last week. Lambs met with a fair demand. Heavy bullocks sold to £7 2s 6d, medium to £6, prime heavy cows and heifers to £4 10s, light to £3, runners to £2 6s, calves to £l, prim© heavy wethers to 14s fid, medium to lis 9d, prime heavy ewes to 8s 6d, medium to 8s 2d, heavy lambs to 12s. OXFORD MARKET. At the fortnightly market at Oxford on Thursday there was an entry of 1400 fat sheep and about 500 stores. The sale was an exceptionally good one. The lambs were all in good condition, and there was a keen demand. Freezing buyers operated freelyBest fat lambs made from 14s fid to 16s 3d, medium fats made from 12s to 13s 6d, light lamba made 10s to 12s, fat ewes 6s 7d to •lis, and'wethers 16s lOd. In the store pens a very fine line of 242 store lambs 'belonging to- Mr H. Bunn made 9s 9d for .the'" line. Forty-five store wethers made 7s, and 67 m.s. store lambß made 10s lOd. There was an entry .of seven head of cattle, only three dry cows being sold at 155.,' There.'was a small entry of small pigs. Big stores made 14s, and small f pigs made. 9s to • 10s. The following sales of sheep were made: — Fat Lambs —-45 at 14s, 23 at 12s 9d, 24 at 12s 6d, 16 at 10s, 47 at 12s 9d, 28. at 10s 3d, .7 at 10s 7d, 54 at 14s 9d, 57 at 12s,10'at 15s 6d, 12 at 16s Bd, 22' at s4b,* 13- at 14s 7d, 20 at 14a. 7d, 28. at 15s, 19 at 13s 9d, 37 at 13s lOd, 6 at 12s 4d, 15 at 12s Id, .16 at 13s 6d, 5;6t 14s. 2-at 15s 7d, '5 at 12s 9d, 66 at 7d, 49 at 13s, 6d, 35 at 14s 3d, 48 at 12s 9d, 54 at 14s 6d, 32 at 13s, 51 at 13s 4d, 89' at 12s, 21 at 13s, 69 at 16b, 105 at 12s Bd, 178 at 15s 6d, 5 at 14s. Fat Ewes—Four at 15s 9d, 2 at Us, T at 6s 3d, 9 at 7s, 31 6s 10d,

Coiupanie 1 . A'mt p*id per •h'e. Buyers. 1 Sellers. Approx. market price. Approx. market price a yc&r ago. If P o Uiv. 1,'eiuin "prifie on investment at approx. market. Bank*— Adelaide Australasia Comm. of Aust. Comm. of Auat. (prcf.l Comm. of Sydney K.. S., and A. .. Nat. of Aus'sisia Nut. of Aua'asia (cotil 1'.) National of N.Z. New South AVale3 Xrv? Zealand .. Union £ 103 10 12i 3 10 'k 20 1 £ 0 0 1 9 •t 21 0 a. 4 i3 0 10 IG 17 15 d. 0 11 0 0 9 0 6 0 £ s. i) 5 0 14 14 15 4 7 •I 18 3 9 23 0 7 0 d. 0 1 0 6 G 0 0 G 0 £ s. 3 4 U 14 6 10 1 5 4 18 ii 9 2o 0 G 19 d. 0 0 0 0 0 0 0 G 0 £ 8. 9 10 o i; 3 IG 15 0 5 0 10 0 5 0 27 0 2 8 7 15 d. 0 0 0 0 0 0 0 0 6 0 J g7 9 till , 4 bSJ 8 bSJ b8i blO 8 "4 g7 Nov.-llay Oct.-Meh. Oct.-Mck. Feb.-Aug. Jan.-July May-No v. Nov.-May Nov.-May Jan.-July Quarterly (F., M., .0 Dec.-June Jan.-July £ a. d. 4 17 9 8 0 3 0 3 0 5 18 5 12 11 6 6 3 6 2 5 5 13 11 G 8 0 N.) G 14 10 2 17 G Insurance — National Now Zealand .. 8011U1 British Standard 7b 1 1 1 J o l.i G c 1 17 10 C O 0 0 12 1 IG .2 10 2 1 G Q 0 U 0 IS 2 0 2 12 0 G 6 0 tM 10 2/8 12* May-Nov. Feb.-Aug. Apl.-Oet. Mch.-Sep. 6 0 0 5 9-7 5 (S 8 G 1 11 Loan and Agency— Dnlgety and Co. 5 Cirildsbrough, it. 1 Guarantee Corpn. 3s United Building 1 1 0 I 11 0 G 3 7 C 1 L 0 H 0 7 9 i i 0 4 0 11 0 6 0 3 6 !3 1 1 0 5 0 13 0 6 9 6 7 G-24 5 May-Xov. Dec.-Jtirife Me'h-Oct. Oct.-April 4 16 fl. 4 18 0 10 8 4 7 0 4 Frozen Meat — Gear N.Z. Rorrig. N.Z. Iiefrij. (con.) I 1 ICS 0 0 a 3 8 3 0 10 0 3 0 6 1 7 n 9 0 3 0 9 e 1 8 0 9 0 2 0 0 4 10 5 5 Jhtte-Oot. iTcb. Feb. 7 8 1 10 6 1 14 5 8 Gaa— Auckland Auckland (conti.) Cbrietchurch OhriRtchurch (con.) Timaru 1 '.5a 1 10s 1 l n 0 11 0 0 1 5 0 11 0 11 1 I 0 IG 1 5 0 11 9 0 0 9 1 2 0 16 1 4 0 11 1 2 9 9 e 0 0 7 7 8 8 July-Feb. July-Feb. Aug.-F«sb. Aug.-Feb. Aug.-Feb. 6 8 8 6 11 3 6 8 0 6 16 2 Shipping— Huddavt - Parker l\ and 0. Del. Ui.ion (pief * i 1 i 3 0 1 8 9 1 2 1 5 1 0 G A 0 1 2 1 15 1 0 G 0 0 »8 6 Sep.-Mch. M&y-Defc. May-Bee. 4 8 10 4 16 t> 6 10 0 Coal — Grey Valley Tsiupiri VVestport 1 •1 1 - 0 17 1 0 0 0 0 1'J 1 1 1 4 G 6 0 6 10 May-Oct. Nov.-ifay Miy-No^. 11 15 4 8 15 0 Breweries— Carlton New Zealand .. Staples Timaru . Titnam (con.) Toolie.VB Tooths 1 1 1 108 "id IBs 1 l l 3 2 0 2 0 0 6 1 D 1 3 0 5 1 2 G 0 9 9 1 3 1 2 0 13 1 2 6 0 0 6 1 4 I 17 II <r 0 13 0 4 0 15 1 1 0 6 6 0 8 0 6 8 C12J 84 74 74 6J 8 Oct.-Mch. Jan.-July Aug.-Feb. Oct.-Aprii Oct.-April Mch.-Sep. May-N-re. 6 IS 2 7 14 6 6 18 8 7 2 2 Miscellaneoua— Auat. Glass Heath and Co. .. Bcath & Co. (< on.) British Tobacco Burns, Pliilp Colonial Sugar .. Dunlop Rubber Electro. Zino Electro. Zinc (pref. Henry Jones Kauri Timber .. N.Z, Drug Co. ... Mt. Lyell Farm. Fertiliser 1,Vhit. and Tombs Wilson'* Cement 1 1 Is 1 1 20 1 1 1 1 05 s e I i 2* • 1 ■ 1 -6 0 18 1 o 0 10 0 12 1 0 1 4 2 5 0 19 0 9 1 4 0 a. G 0 0 G 9 6 0 0 1 9 1 1 1 6 0 10 1 8 2 7 0 10 0 13 2 16 1 10 9 0 7 0 0 9 9 e 0 1 9 0 19 1 6 1 15 37 10 0 10 1 " 1 5 0 10 2 G 6 m 0 10 1 is 1 8 0 0 0 0 0 6 0 0 0 1 ft 0 1 6 1 1 0 2 1 10 1 9 30 0 0 9 0 11 0 16 1 0 0 7 3 0 1 1 0 15 3 15 1 19 0 0 § 0 6 0 6 0 6 3 0 0 3 0 0 8 6 8 8 b8 10 124 34 8 6J 10 5, 8 124 Dec.-J urie Mch.-Bep. Mbh.-8ep. March Nov.-May MtiyNov. Apl.-Oct. Mch.-Sep. Mchi-Sep. June-£>ec. Jutlfe'Dec. Sep.-Apl. 3 une-DaC. August. MclU'Otft. Ntt'.-June 4 2 & 8 0S 4 12 3 5 14 3 6 13 4 4 15 2 7 16 1 5 P 0 8 13 10 5 2 6 7 8 5 8 18 6