FINANCE AND COMMERCE.

Press, Volume LXVIII, Issue 20492, 10 March 1932, Page 10

FINANCE AND COMMERCE.

GOLD AND THE CRISIS. A FRENCH VIEW. RELATION TO VALUES OF RAW MATERIALS. DEFLATION AND HARDSHIP. A French viewpoint on the gold standard, and of the part played by continually mounting credits not backed I .y increased supplies of gold, in ; the creation of the present difficulties, is expressed by At. Kobert Kahn in' an article on "La Vraie Kaison des Crises Aetuelles," in the latest "Meicure de France," which is here translated. M. Kahn, while not proposing a way out, emphasises the hardships of gradual deflation, and the chances that it may lead to the bankruptcy of the nations, and opposes to this the idea of inflation, either by tho discovery of new goldiields, or by other means. "Credit is gold that you hope to get: the renewal of credit is gold that you were waiting for, but which did not arrive; it is this accumulation of credit so many times renewed thai, creates i'a lse money,'' writes M. Kahn. "There is an evident relation between the value of the stock of gold and its annual production, and the value of existing raw materials and their annual production, and, consideration of credit Bet aside, the fact will be arrived at that, starting from a basie level, when the stocks of gold increase raw materials will increase in value. If the stocks of gold decrease, raw materials fall in value unless there is a reduction in the quantity of raw material. These proportions are entirely falsified by credit. Credit exists, and would not be a harmful thing if ,it were not only confined, but cont rolled. "If the gold standard alone is maintained it is essential to create a central 'world' bank of credit, armed with full powers to prevent local, national, and international frauds, for credit is a parasitic growth from gold. If the gold standard is to be defended —and it can be defended—the first need is to control credit instead of permitting its ravages to become greater. Balancing the Scales. "The lack of gold chiefly, and, in addition, the destruction of raw material during the war, have given birth to . a tremendous increase in credits—> credits for which the corresponding supplies of the metal have not yet ' arrived. "Labour being, unfortunately, a form of merchandise, just as much as i-orn or coffee, unemployment is a direct consequence of this metallic shortage, a ad is at the same time an index of that shortage, for it is in proportion as unemployment decreases in intensity, that it can be known that the equilibrium between the metal and raw materials is being obtained. On one side of the scales is gold by itself; on the other is everything else—labour, raw materials, and all forms of production, which continue heaping up in disorder with everinereasing rapidity, and in ever greater quantities. "This movement has been going on for so long with - these consequences that the already obvious impoverishment is becoming worse, and if the gold standard is insisted on aa the only means of paying off debts, it can end only in the bankruptcy of nations." A Silver Standard. "One suggested remedy claims that! it is essentially a matter of the redistribution of gold. But if it is ad- ■: mitted that the cause of the trouble is ! the insufficient supplies of the metallic mass according to which the value of the world's production of raw materials is established, it is easy to recognise that the scale will be inoperative. Whether the gold is in one place or another does not matter in the least. It is the same block of gold for the whole world. "Another proposed, scheme is bimetallism, but this offers grave difficulties. Whoever suggests bi-metallism . thinks of gold and silver.' The danger would be that silver is a metal that can readily become over-abundant. Steps could be taken to limit its production, but there would be no guarantee that a country producing silver, finding its finances difficult, might not make use of silver beyond the limit's established, and provoke inflation, with disastrous consequences. "Platinum has been suggested as an alternative to silver. This metal is obviously rarer, and its adoption would have the -probable effect 'of bringing Bussia into the path of capitalism. The Choice of Hardships. "Unless new gold mines are discovered, resulting, according to the advocates of the gold standard, in legal inflation (but inflation, nevertheless), the choice lies between deflation with all its mounful following—increased unemployment, all kinds of debts, and especially war debts, reaching astronomical proportions in relation, to current values and the cost of living; the bankruptcy of nations, for taxable raw materials will be reduced in enormous proportion; ever-mounting tariff walls giving rise to tension, acrimony, and finally; hostility between the nations, and probably to war—or inflation (not at present legal, -but legitimate), with the suppression of mono-metallism based on gold,-or any -other method leading to a consideration of the nations as making part of the same people, with a surplus of receipts for individuals, and starting a relative diminution of the burden of duties of international debts. . Index .of Solvency. "It is probable that nowadays the solvency of a State is no longer de-. terained by the amount of gold located within its borders: exchange is merely the expression of this extent to which that State °ja thought to be solvent , in tyi* execution of its budgetary programme 4 't n >hort, if pothuig is done to remedy thfe disparity between the mass of metal and the mass of raw materials, we are likely to come face to face with clow and inevitable deflation, which may »?t* according to circumstances, five, . or twenty years. Little by little, impoverishment will , come about until masses have, rethoir former equilibrium by ®**®s of a reduction in. the-production Individuals will be

GOLD STANDARD. NECESSARY TO ECONOMIC EQUILIBRIUM. PROFESSOR STEPHEN LEACOCK'S OPINIONS. The gold standard as the best means of • maintaining economic equilibrium was advocated recently by Dr. Stephen Leacock, Professor of Political Economy at McGrill University, Montreal, in addressing a meeting at the Royal \ ictoria College, in the same city. Professor Leacoek is almost as widely known as- a political scientist and as an economist as he is as a humorist. He is a Doctor of Law, a Doctor of Literature, and a Doctor of Philosophy, and has distinguished himself in many other circles of activity. In his address to the McG-ill Alumnae Society he began by predicting a collapse of the value of gold as among the "impossible surprises in the perplexed 1 world of to-day." Possible Collapse in Value. "If the United States and South Africa, the only two large . countries still retaining the gold standard, were to abandon it," he said, '"there would be a collapse in the value of that once precious metal. Gold has lived on, its prestige, while as a matter of fact, almost its only value is as a monetary standard. The metal cannot be used for mechanical purposes, as steel or iron, while its use as jewellery or gold plate is desired only as long as its price is high. Hoarding gold for its own sake is like 'hugging a rag doll.'" Canada, he continued, had an immediate interest in the matter, because of her gold production, which was the third largest in the world. If the gold standard were abandoned entirely, gold mines would become practically worth- j less, since there was enough gold now in the reserves, probably about fifteen billion dollars' worth, to supply, the needs of the world. . ! The lecturer explained the way in: which gold served the purposes of the world as currency, being exchamgable between tho * different countries on a definite basis, and convertible into the coins of that country. What was good in one country was good to the same extent in; another. The relation.betweerv metal money, and prices of commodities was the fundamental cost of production. Year's Crop Comparatively Small. ' A factor in the situation was that the amount of gold taken from tho mines each year was,added to the existing stock, and the world's crop of gold , ■ for a year had little effect on the total value of the gold crop, unlike that of wheat, for example, in which a failure at once sent prices soaring. I Di\ Leacock traced the beginning of the use of paper money and cheques, introducing the element of credit. Through* the Victorian period the his- I tory of economics was a race between production and credit, which on the whole kept neck and neck, prices remaining much the same, and economic equilibrium being maintained. The upheaval caused by the Great War was shown, when gold was tho only purchasing medium that was good, everywhere,! and which consequently wajs too go<>4. for domestic The result was r tlie issue of paper money a,nd expansion of; ciedit, vnth.immediate 1 rise in prices. The effects /of the inflation of paper money in countries resorting to that expedient were pointed out. The movement of exchange* was always faster than that'of prices; while wages wore the last to be affected. Profits From Depreciation. the French exporter, fori instance, ■ sella bis goo,ds abroad for dollars, these'can be eonverted : into many more francs than formerly, while jfhe local price for his materials has -not risen in proportion, and wages reniaiin about the same," said Dr. Leacock. "In the downward movement, the *eiaV tipn is similar. While wages are slow- . c'si to risii they are also Slowest to j <jb- ; cline. -Depreciation of money, which : profits the exporter, has its reaction on tariffs . imposed between countries. • i . Coming- ,io y the ; present 'crisis, Professor Leacock said that some, economists advocated: throwing away the gold standard , and arranging a scheme, of regulated' credits, but he did n,ot agree with this. Such regulation would be, a degree of social control incompatible with economic freedom. . He believed that; a revival of the gold standard was 'the wisest course. . ■ , PURCHASE OF GOLD. . STATEMENT BY": BANKS.; (PBES* ASSOCIATION 'PHLEO&AM.) WELLINGTON, March 9. Mr W. A. Bodkin, M.P., who made a statement in the House of Represents, lives urging the purchase of gold by the State, is corrected by the banks in his allegation, that the banks, in buying gold from small prospectors, ■were making profits by retaining the value of exchange. The "Post" is officially informed that this is contrary to fact. The banks are treating sellers of small and large parcels of gold alike and the exchange rate is changing day bv day. PRICE OP GOLD. (UOTI'IP V'BESS ASSOCIATION—BX ELECTRO TEL* GRAPH—COPYRIG HT.) ' LONDON, March 8. The price of gold has been officially fixed at £5 15s 8d a fine ounce, with dealings later at £5 12s 7d. (On March 7th the price was £5 17s a fine ounce. PRICE OF SILVER. OrriOIAL WIMSLXaS.) (Received March 9tli, 5.5 p.m.) RUGBY, March 8. Silver (pence per ounce) is quoted as follows: Mar. 8. Mar. 7. d. d. Spot ... 18* 19 1-16 Forward ... 18 11-16 19£ AUSTRALIAN ALLIANCE ASSURANCE COMPANY. A strong financial position is. shown in toe accounts of the Australian Alliance Assurance Co., Ltd., as it has' reserves equal to the. paid-up capital of £50,000, and also holds £36,859 in undivided profits. In addition to these reserves,. which are well represented by assets, policy-holders have ' the added security 'of £250,000 of uncalled capital.

ruined, States will be without resources because .there will be such a falling off in taxable raw materials that the return from taxation will 'be insufficient (if it does not. decline to nothing) in relation to commitments fixed on a much higher basis. "And that would mean the bankruDfcay of the nation* on* by one."

THE YEAR'S NEW CAPITAL.

The most cursory glance at the statistics of London's new capital issues in the past year, -which, according to custom, we present in this article, will reveal the blight that fell upon the operation of new financing after the turn of the year (states an editorial article in "The Economist.") In the first half of 1931 the total output of London's new capital market was slightly more than half the total recorded for the first half of 1930. Thereafter the world crisis hit London with relentless force, and we find that in the second half of this year new capital applications reached the puny total of £12.9 millions, in comparison with £98.2 and £110.9 respectively in the corresponding periods of 1930 and 1929. A close observer of the London money market, had he awakened to-day after a year's sleep, would first rub his eyes and then refuse to admit/the accuracy of the following table:— ' CLASSES OF BORROWERS.

A mere £-i millions represents the total new financing in the December quarter by home trade and industry. No foreign or colonial Government or corporation, no foreign Tailway, no rubber, oil, or mining company, floated Sin issue in London between October Ist and the end of the year. The British Government, in spite of the Treasury's difficulties, floated no loan. The figures in the above table under the heading "British Government" refer entirely to National Savings Certificates. In the first three-quarters of the year it was a healthy sign that, in spite of the trade malaise and widespread unemployment, new sales of Savings Certificates steadily and regularly exceeded encashments. It is one of the disquieting signs of the December quarter that the tide has turiied and that encashments are exceeding new sales. The classification of issues is given in more detailed form in the next table:—

Tie year.'s total, after separating Government operations from the rest, Vas £92 millions, against £202 millions in 1930.. iThe 'total for the December quarter at £3.9 millions : compares with £7.5.3 millions in the December quarter of 1930. Stagnation' has indeed overtaken the market. Indeed, in the second half of the 3-ear only two British corporations, the Borough of Walsall and the Galloway Water Bower Company, entered the market, while in the same period Tanganyika, with a July loan of £3,500,000 in 4 pcv cent, stock at 94£, was the only representative in the six months of all overseas Governments, Imperial or foreign. Indeed Tanganyika got in just in time. The destination of the £lO2 millions of new capital is analysed below: — DESTINATION OF NEW CAPITAL. WliaU Va«r«

Gi'ftnd total 196,587,000 855,166,000 369,058,100 385,239,400 267,800,700 102,144,300 So far £ts ■ foreign and Imperial bono wing is concerned, the figures for the full year are substantially tie same as those for the first six months. Roughly, we have lent abroad in 1931 about £.47 millions, as compared with £97 millions in 1930 and £B7 millions in 1939; but after July overseas financing ceased altogether. '•* Evett ill the first half of the year conditions were such as to induce caution, and .one . would; therefore, expect to find —as the following table shows—that' a very large proportion of new money was subscribed in the form of fixed interest obligations:—

The absence of recent new dotations is not caused entirely by the prevalence of crises, the need for economy, or the grave uncertainty of the outlook; it is due, also, to the rise in monetary rates, wKlch, in the second half of the year, has rendered long-term financing an onerous process. A final table reveals that the practical cessation of "straight" new issues is paralleled by the dwindling in the volume of Stock Exchange introductions:—

A direct result of the crisis, the continued absence of capital issues operates also as an aggravation of difficulties; for it represents the cessation of the employment of private sayings in the purchase of capital goods. Its gradual resumption, therefore, when sooner or later it occurs, will be the first favourable omen of trade recuperation.

LONDON WOOL SALES. GOOD GENERAL DEMAND. PRICES MAINTAINED. (united press association—b* electric TELEGRAPH —COPYRIG'IIT.I LONDON, March 8. The offerings of 834.3 bales at the wool sales included:— Bales. Xew Zealand .. .. 3942 New South Wales .. 677 Victoria .. .. G39 Queensland .. .. 577 AVestern Australia .. 503 Approximately 5927 were sold. There was a good general demand and good clearances, prices being firmly maintained. The series closes on March 16th. Greasies, New Zealand, Craiglockhart, top price 10fd, average 10 Jd. Puropuro Bfd : and 7d.' Teviotdale lid and 10;ld. Dalgety and Company, Limited, have received the following cablegram from their London office, dated March Bth: London wool sales continued with rather better tone. Sales close' March 16th. SYDNEY SALES. VALUES UNCHANGED. (Received March 9th, 9.55 p.m.) (CSITED PRESS ASSOCIATION —B? ELECTRIC TBLEGBAPH—COPVBIOHT.^ SYDNEY. March 9.

At the wool sales to-day values were unchanged for good wools, but there was an irregular demand for faulty and burry sorts. Competition was fairly general, excepting the Japanese demand, which was considerably modified. Greasy merino made to 18Jd. The offerings totalled 10,283 bales., of which 8318 were sold, also 923 disposed ■of privately. AUSTRALIAN CURRENCY. PAYMENT OF DEBENTURE INTEREST. A circular been sent by the Ade-. Jaide Electric Supply Co., Ltd., to debenture stockholders, reporting that trustees in London for the consolidated debenture stockholders have challenged the . legality of payment by the cohn pany of interest in Australian currency. The trustees liave been advised that owing to the form of the documents constituting the Australian issues the debenture stock is repayable in English currency, with interest also in English currency. The company states that it has the support of counsel in the view that-as the money was borrowed from Australian holders in Australian: currency it. should be repaid in AttitraJJan currency. #he company Contends that the point raised by the trustees is a technicality, and the company believed that it has morally and legally discharged its obligations by paying Australian stockholders in Australian currency. As the trustees have raised the question, the company proposos to ask Australian debenture stockholders to agree to ratify the practice adopted by the company in the past, and to aecepjfc payment of interest and principal in Australian currency. A meeting will be called for this purpose as soon aa the necessary legal arrangements can be completed. NEW SOUTH WALES CAPITAL. LEAVING THE STATE. Tile Monthly Review of H. Byron Moore, Day and Journeaux, the Melbourne stockbroking firm, states that the banking figures of Victoria and New South Wales in the December quarter show that the flow of capital trom New South Wales to Victoria continues. Since the extreme Labour element assumed control in New South Wales, the decrease in fixed and interest bearing deposits with the trading banks in that State has been continuous. The increase in fixed deposits, held by banks in Victoria, from December, 1930, to December, 1931, was £8,992,000, and the decrease in fixed deposits in New South Wales was £8,530,000. The disastrous effect of the Labour Ministry's legislation in New South Wales is indicated also by other banking returns. Advances in New South. Wales amounting to £101,877,448 are £8,927,882 lower, as compared with an increase in advances of Victorian banks of £6,219,807. Current accounts in New South Wales are £1,404,067 less, but those m Victoria have increased by £3,673,711. The increase in sums held on open account indicates greater trading activity; and the increase in advances also shows an improved volume of business,' and the confidence of the banks in the ability of borrowers to make good use of the money they" obtain. \ln New South Wales such an improvement lias been prevented by the restrictive effect of legislation, by heavy taxes, and the uncertainty of financial conditions generally. The following tablets a. comparison of fixed deposits m New South Wale 3 and Victoria for the last five quarters, which clearly shows the movement of capital that has occurred: New South Victoria. Wales. £ £ fJeceniber, 1930 March 1931 - 67,129,000 63,235,000 Tmifl 1931 04.421,000 66,528,000 Somber, 1931 61.790,000 67,811,000 CLEARING SALE.

c J5. Jones, I.td.. report having licld a successful clearing sale in their rooms. 174 Manchester street, yesterday. There was a record attendance of the public. Among the articles sold the following prices ' were realised: —Verdi piano £24, Squirea piano «17 bedroom suite £ls, chesterfield and two easy chairß £ls 15s, part bedroom suite £15,. couch and two easy ciiairs - 6 15s > chesterfield and two easy chairs £B, couch and two hairs £6 15s, couch £3 15s, three occacional chairs £3 2s, duchesse pair £3; 15s, nafc buffet £4 15s, three chairs £3, three 3ft Wsteads £4 17s 6d, carpet £B, do. £6 10s, So *4 2s 6d, do. £3. do. £2, do. £2 ss, runner carpet £ll 6s 6d, carpet-sweeper SI 17s lawnmower £2 2s, three rugs £2 6s, box' ottoman £3 2« 6d, rug £3 10s, bookcase £1 I® 3 - sideboard £2 ss, four chairs „ 3 i> B occasional table £1 3s 6d, mahogany ;he«okiere.£3 5s mahos an y 1 00 table; £5 finger mwibj ■ancliiiie *3 2a 6d. —-5

CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. Dealings in oi per cent. Government securities, due 1937, raised the volume of busines done on call yesterday, to average proportions. The most actne section of the market was the Gold Mining. Transactions, exclusive ot vestibule busines, included: £IBOO N.Z. Govt. Sir per cent Inscr., 1937 £7OO N.Z.' Govt. 5J per cent. Bonds. 1937. 300 Comm. Bank of Aust. 220 Goldsbrough, Mort. 500 N.Z. Refrig. (10s paid). 200 Golden Dawn. 500 Golden Point. 500 Mahakipawa. 300 Okarito. New Zealand Government 5i per cent. Stock, due 1937, had dealings at £97 10s, buyers staying in at that price, sellers at £97 15s. Five and a half per cent. Bonds, "tie IJo7, changed hands at £9B /s 6d, £9B 10s, and £9B 2s 6d, market closing £9» bufers, no sellers. Commercial Bank of Australia shares were firm with buyers and business at 13s lid, sellers at 14s. Miscellaneous. Goldsbrough, Morts had dealings at 21s lOd and 21s lid, and there were further buyers at 21s lOd, sellers at 225. New Zealand Refrigerating, 10s paid, shares were firm at 3s sd, market closing Id on either side. Buyers or Australian Glass shares raised tlienbids to 29s . 9d, but sellers were reti : cent. Brewery shares were firm at recent levels. Quotations for Tobaccos, Zincs, and Lyells showed little variation. ... , , Golden Dawns were firm with dealings at 7s, and more were offered at 7s lid, buyers at 6s 9£d. Golden Points realised 7Jd, closing quotations id on either side. Mahakipa'was remained at 2d, buyers staying m at that figure, sellers at 2Jd. Ring Solomons appeared weaker with buyers at Is Id, sellers at Is 4d. Okaritos shaded to dealings at 9s 3d, 9s 2Jd, and 9s 2d closing quotations 9s 2*d buyers, 9s 3d. sellers. Grand Junctions were easier with.sellers at 3s 9d, buyers at 3s 3d. Buyers of Black water shares advance" their offers to 6s. sellers at 6s 9d.

DEBENTURES AND SHARES, PRICES IN LONDON. (UKITISD . PRESS i.3SOCIAIIOK—BI, TLECTBIC TELE GR APH—COrTRIGHT:) LONDON, March 8. ; . P. and O. deferred' stock, ~2s 9d. Zinic, ordinary," 23s lid. Debentures-r-Dalgety; and Co. shares £6 lis 6d; 4 per cent, debenture stock £OS 15s, • Goldsbrough, Mort, £62 10s. FOREIGN EXCHANGES. (BRITISH OWICUI. .WIRELESS.) .• (Received ilarcli 9th, 5.5 p.m.) RUGBY, March 8. The following are the current rateg ol exchange, compared with those of March 7th aid par:— Par. Mch. 7. Mch. 8. Paris, fr. to £1 .. 124.21 00i Ml •Jfow York, dol. lo £1 4.866 3.55J 3.714 Montreal, dol. to '£l 4.866 3.91jJ 4.10 i Brussels, bolgas to £1 35 25.45 .26.75 Geneva, fr. to~f 1 .. .25.226 18.52 i 19i Amsterdam, fl. to £1 12.107 8.79J • . .9.24 Milan, lire to £1 .. 93.43 682 71 Berlin, reichmarken i to £1 .. .. 20.48 Hi LSJ Stockholm, kr. to £1 18.159 18.15 18.124 Copenhagen, kr. to £1 18.139 J8.1'5 18.1SJ Oslo, kr. to £1 ... 18.159 13.55 ; 16.37 i Vienna, achga. to £1 34.585 32 32 (nom.) (nom.) Plague, kr. to £1 •• 164.26 119 -123 Helsingfors, marks to £1 .. .. 93.25 220 2171 Madrid, pesetas to £1 .. 24.225 4CJ ' 48J Lisbon, escudos to £1 .. .. 4.50 109J 1091 Athens, drach to £J ..375 . 283J 295 Bucharest, "lei to £1 816.6 592* 593J Rio de Janeiro, pence to milreis 4.988 4J 4J Buenos Aires, pence to dol. .. .. 47.577 . 39| 39| Montevideo, pence to dol.. .. ..51 30i 30£ (nom.) Bombay, pence to rupee .. .. 1G 38 5-22 18 5-32 Shanghai, pence to tael .. ..241 22 20-32 22 13-16 Hon" Kong, pence to dol. .. ..21 171-16 1615-16 Yokohama, pence to yen ... .. 24.85 219-16 18| A new sales reoord has been established by Messrs C, C. Wakefield and" Co., Ltd., whose lubricating oils have a wide distribution in Australia. Com* meriting on the .new record an official of the company said: Ours is an outstanding example of the soundness of British industry. People have said that in times of depression they cannot afford to advertise. . That is wrong. Our faith in Press advertising during' the bad times we have come through has been justified by our increased sales. It is our experience that , the public is paying more attention to advertisements.

MONEY on fixed DEPOSIT. MORTGAGE INVESTMENTS LOSING FAVOUR. the peksonal covenant in BUSINESS. Jjlf extent ol' loan anil mortgage funds available in New Zealand was discussed with Thk Phksj- yesterday by 1 folding Christchurch solicitor. lie pointed out that mortgage investments were ttlre a <l.V losing favour ami he deplored the current rumour that the personal coiiveinnit in mortgages was to to limited or eliminated by the next amendment to the Mortgagors Relief let—» condition which, he said, no sane Oovernincnt could even contemplate. "Bank deposits are high because of the general lack of confidence/' began Ae solicitor. "People are flatly turning deim mortgage investments because of tleir uncertainty. There has been so interference since the moratorium a { Wl4 onwards that this class of linearity is losing favour, although it is utill a very large field of investment. [Hmtge to mortgage investment, it must fc emphasised, brings repercussions in jt» train detrimental to the whole cumBtwitf. At the present time the public » disinclined to invest in industry M even in local body debentures. There have already been defaults by some Ik*] authorities." Growth of Fixed Doposits. The movement of money to the banks way from mortgage and other investments was shown by the continuous growth of fixed deposits:— £ millions. ; IKS .. •• .. 20 , 192« .. •• • 21 1927 • • U£B r ..29 IM9. ... --..30, ■ 193 32 1931 • • 34 The averages for the December' bankjag quarter, published in January, had rtvea&d a contraction in advances of % £9)000,000, a further increase in tuQ deposits which then stood at the neord total of £34,635,000, and a shrink- " agate fHM deposits to £16,000,000, comparts with £18,000,000 in 1930, and * £33,900,060 In 1025. / jt'pliirt th#' growth of fixed deposits there iro a steady decline in the value ol mortgages registered over the same periods*—! 1 • £ millions. ia?s .. .. ..41 V 1920 .. ■ .. .. 47 1927 .. .. ..3!) 1988..' .. .. 33 1M» ' •• 33 1930 .. ' ..39 1831 ..... .. 30 The solicitor went on to discuss the possibility of floating a Government tou witii# we Dominion: "If a Govtrmeat km were floated locally at a imr ate ..interest—and there are MUf people so concerned that at i , prtftMt they prefer to have their money > oa« depMlt—it would probably meet jwitfi mat response, particularly if the asked to take it up from OOtives of public spirit. But if, the . Into market being closed, we arc to offer more attractive rates in t Imr Zealand, then the effect will be ' w»' shall probably some pt tie sece&sarv adjustments and urm* economies, and we shall certainly ■* fWtpMe the supply of money so ur- ' gtjStMjr necessary to primary producers. , Tho Personal Covenant. for the suggestion that the Govtmseat intends to Eliminate the pcr- „ covenant," he continued, "this -'(tan* has such far-reaching dangers . ■ Hat. flne ean hardly believe it could be Jt&wly considered. For this reason &'is unnecessary to say much beyond that it is to be hoped that the sugges- ■ only a rumour and does not ' from anyone in a responsible ' connected with the Govern'went on to explain that the of the personal covenant Wwfeftrike at the very heart of busi- •' i **®Mox , ality. The personal covenant ' Integral part of any mortgage, ' Advance was a straight or _ yitfan or a loan on current account. JwMt and stock and station agents placed in an extraordinary €nce they had accepted fe for their advances they would £ «MWe to sue in cases of default. -:& m* respects, therefore, they would .wj* * better position without the t' : ' «««> than with them. could do business on these t ended, "and to differentiate ;Wbm banks and lending institutions band and mortgagees on the * r Inconceivable." OF NEW ZEALAND. #JOTRALIAN dividend in JlJp Nz - CURRENCY. ' Bank of New Zealand has in 1 shareholders that dividends * 'fc" treated as payable in New Zea-' currency. The decision affects the dividends and the bonus of last the interim dividend declared tot the current year. In case, Australian shareholders an additional £lB for each £IOO lllllffittdend payable in New Zealand, ease of the interim dividend on al or of divideif enlar accompanying the addij*®°unts is in these terms: As JBSK* questions being raised by .^S^E^ ,u, tralian shareholders, the Bank .wMKaZf has taken opinion of has. been resolved that On the Australian registers j dividend and afflHW®®® ror the year ended March 31st. lllfillibwie interim dividend declared last in respect of the curnHHy2?r | .> ew Zealand currency. a c ' le< l up for the difference 1 amount you actually re* y*" amount, you should have 0U ee " banded a dividPayable in Npw ZealandfJeKEMm 0 COLLIERIES. IVIDEND 0F PER CENT. • PSBSS Special Service.] AU CKLAND, March 9: r, ®tors of Pulcemiro Collieries, Related an interim dividend payable on March 30th. the rate for interim dis- ® l )er cent., and the final

PRIZE LAMBS. AWARDS TO NEW ZEALAND. MANAWATU WINS CHALLENGE SHIELD. (UNITED TRESS ASSOCIATION— BY ELECTRIC TELEGRArn—COPYRIGHT.) LONDON, Mat-eh 8. A display of 800 lambs from seven districts in tho North Island, which was entered for the New Zealand Meat Pro rtucers' Board's competition, attracted much attention by the Smithfield crowds. Wholesalers and retailers inspected them, and the consensus of opinion was that the quality and appearance were excellent. The .judges awarded the Challenge Shield for the best district to Mamtv.atu, and prizes for the best pens as I follow: — ! First, pen of 47, Wairarapa. Second, pen of 20. Wairarapa. Third, pen of 32, Manawatu. 1 Lady Wilford represented, the High Commissioner. DAIRY PRODUCE. FIRST SHIPMENT TO GLASGOW. RECEPTION IN THE HARBOUR. A civic reception was given in Glasgow Harbour to-day to the Federal Line steamer Middlesex, which has brought a cargo of food direct to the city from New Zealand. It is the first time that su#h a reception has been given in Glasgow to a ship from our overseas Dominions, states the Glasgow "Evening Citizen" of January 26tli. To-day's ceremony was carried through" in an attempt to interest the public in the excellent quality of Empire products and to increase the trade between our Dominions, notably New Zealand, and Scotland. The Middlesex is berthed at Plantation Quay, and has on board 1200 tons of New Zealand lamb, butter, and cheese. A Civic Recaption. At the civic reception, the Lord Provost, Sir Thomas Kelly, read a telegram which he had received from Auckland, and which expressed thanks for the assistance given in furthering the cause of Empire trado in Glasgow. His Lordship congratulated the Clyde Trust on the enterprise which had been shown in arranging for this cargo being sent direct from New Zealand to Glasgow, lie was sure it would have a far-reach-ing and beneficial result. He would like the people in NewZealand to know that the citizens of Glasgow were supporting the movement to popularise the products of their rich and productive country. Lord Home said that a large number of interests in New Zealand and other parts of the Empire seemed to think that by sending their products to London- they were necessarily opening up the markets of Great Britain. That was an entirely mistaken idea. They had facilities in Glasgow which \>«ro second to none. He thought they should send a message to our Dominions and ask them to do their part by seeing that their goods were shipped direct to Glasgow. A fleet of about 60 decorated vehicles was drawn up in one of the sheds. The vehicles were loaded with Now Zealand produce and during the day they paraded various routes in the city with a view to bringing the prodiice to the notice of tne public.

' MINING. TAITAPU GOLD PROSPECTING COMPANY. At a recent meeting of directors of the new Taitapu Gold Prospecting Company, Limited, held in Wellington, a report was received from Mr E, V. Ellis, technical director, who stated that since the company had commenced operations on the field,, which is situated in the western portion of the Neleson Province, much ground prospecting had been undertaken. No. 4 lpvol had been cleaned out for 1700 ft, and a careful ex-, amination had been made of the old workings. The winze, would require dewatering and this would be rather costly. The Anthill workings had been surveyed and in order to thoroughly prospect this area, from which samples of stone had given lOoz to the ton on a Government analysis, a drive was now being put in due north about 250 ft from the mouth of No. 4 block tunnel, three shifts being worked. There was stone showing in it. Mr Ellis further reported that an examination of the Morning Star mine had resulted in the discovery of a reef, Tich samples of stone from which were exhibited to the meeting. SELLING CEMENT. An exclusive interview was recently accorded to the "Advertiser's Weekly" by the well-known British sales expert. Mr A. J. Greenly. Mr Greenly referred to the success of Red Triangle cement. He pointed out that cement was not nn inspiring substance to advertise, but that lor a comparatively small sum, £OO,OOO, Red Triangle cement lm<l been made known throughout Britain. and had become a leading brand. Mr Greenlv advanced the view that every firm should spend at least onetentli of its annual profit upon advertising "There are," he continued, "products in Britain about which the public know nothing. Every home in the country, for example, which uses electric iight has several switches in it Yet the manufacturers have never told the' public—the real buyer and owner of these switches—the difference between a good British swifck and a cheap, foreign-made switch. "The maker of switches, if von asked him to tell the public about Ills wares through the Press, would say:, 'The SstSr fa the a, tbUc tra dt„'t ,S switches ' And .vet. he grumbles at for°i? ' n No C in. the .electrical • i .R Miider-advertised," contmSTS SrS?""Md io Other industries-89 furniture, hats to otner I"" f , lean j nK . and dyeing, to clocks, tih-s. v __ wc find practically no mention a being put out whatsoadvcrtising oems ? ever."

ADDINGTON MARKET.

| KEEN FAT STOCK SALES. | LARGE ENTRY OF STORE SHEEP. (by cub commercial editor.) Entries generally at the metropolitan market at Addington yesterday were larger than at the market of the previous week, and the auctions were quite satisfactory. In the store sheep section the penning was the largest of the season, and over a somewhat erratic sale values remained on a par with those ruling last week, but below those at the ewo rairs. The storo lamb sale was a keen one at late rates. Fat lambs were slightly firmer over a steady sale for a siriall entry. Fat cattle met with a keen demand for all prime sorts, and light and handy-weights recorded a slight advance. The entry of fat sheeu was larger than for a week or two, but there was a general advance, which varied from .slight to sharp. STORE SHEEP. Tlio yarding of storu sheep was the heaviest forwurd this season, being more than double any offering penned previously, and more in keeping with what is expected »t this time of the year. It consisted chiefly of ewes, o£ almost every description, but with old and shabby sorts in tho majority. There were odd pens of useful-looking twotooths forward, but the yarding on the v/hola was a poor one. Keen interest was shown in tho sale, but seldom was the demand brisk, and over an irregular market passings were not infrequent. Values were certainly not as good as those that have ruled at the country fairs, but there appeared to be little difference from those, ruling Inst week at Addington. There was n demand for four-year and five-year-old ewes at from about 6s to 9s, but beyond that figure it was confined to comparatively few. Values were:— Kxtra good two-tooth threc-quartcrbrcd twos, to 20s. Good two-tooth halfbred owes, 13s to lGs Cd. .Medium two-tooth halfbred ewes, 13s to lis Od, Ordinary two-tooth halfbred ewes. to 12s Od. Extra good four-year crossbred ewes, to 13s sd. Extra good four-year Corriedale ewes, to 14s 3d. Medium four And t-ix-tooth crossbred ewes, 12s :',d to l.'is 9d. Good six and eight-tooth crossbred ewes, 12s Cd to 1-ls Cd. Medium six and eight-tooth halfbred ewes. Os Od to lis Cd. Good s.m. ewes. 10s to 12s 9d. Average s.m. ewes, 7s Od to 0s Od. ■S. ond f.m. ewes, 5s Od to 7s. Aged and inferior ewes, lis to ss. Itopresentative sales were:— Ewes—27B s.m. lmlfbrfed at Ss 3d, 170 :it 10s 7d, 130 s. and f.m. halfbred at O.s lid, OS two, four, six, and eight-tooth Romney cross at 14s Cxi, 109 f.m. crossbred at 5s fid, 80 two-tooth halfbred at Bs, 70 s.m. halfbred at 12s Oil, 7:t nt 12s 3d, 140 four, six, and eight-tooth halfbred at 9s 7d, 209 s, arid f.m. halfbred at 5s Oil, 300 four, six, and eight-tooth crossbred at lis lid, 70 f.m. hnlfbrod at 6s Od, 74 s.m. crossbred at Cs 9d, 380 s. and f.m. halfbred at (is, 172 at 0s 7d, IGI at 6s, 00 b. and f.m. crossbred at (is 3d, 170 two-tooth halfbred at 16s 3d, 30 two-tooth Corriedale at 13s 4d, 38 two-tooth halfbred at 12s 7d, 63 s.m. crossbred at fls lOd, 54 two-tooth three-quarter-bred at 10s 9d. 50 at 20s, 170 s.m. Komncy cross at 108 3d, 84 two-tooth halfbred at lfis 3d. 32 s. and f.m. crossbred at 6s, 63 at 6s lOd, 62 two-tooth halfbred at 1-ls 2d, 38 at l'.'K Id, 40 s. and f.m. halfbred at 4s fid, 113 s.m. halfbred nt 7s Od, 39 two-tooth halfbred at 13s Cd. 80 s. and f.m. halfbred at Gs 9d, 22 at 3s 2d, 82 s. and f.m. crossbred at 6s, 127 s.m. Romney cross nt 9s 2d, 283 four, six, and eighttooth Romney cross nt 10s Bd, 78 four and six-tooth Romney cross at 12s 3d, 157 six and ei(jht-tooth halfbred at 10s 6d, 66 aged crossbrod at 3s 6d, 124 four, six, ar.d eighttooth Corriednlo at lis lid, 156 aged crossbred at 4s, 70 two-tooth Corriedale at 10s 4d, 23 nt 10s 6d, 184 fottr-yenr Corriedale at 9s 1 Od. 281 at 14s 3d, 330 two, four, six, and eight-tooth halfbred nt 6s 9d, 219 four-year halfbred at Bs, 163 two-tooth Corriedale at 14s 3d, 143 four-year Romney cross st 15s sd, 30 four-tooth crossbred at 13n Od, 67 four-year Romney cross at 8s Od, 34 two-tooth linlfbred at lis 3d. 64 aged halfbred at 4s, 57 f.m. three-quarterbred at 7g, 59 s.m. halfbred at 4s 3d, 125 two-tooth Romnoy cross at 19s, 74 two-tooth Corriedale at 15s 3d. Wethers —22 two-tooth Corriedale at lis 6d, 42 two-tooth halfbred at 9s Bd. STORE LAMBS. Entries of storo lambs were about the same as they were last week. The nnlo for them opened keenly on a basis of the previous week's values, but after progressing a little way it became a shade less brisk, particularly for the fine wools, but there was no great difforenco in values. Anything in forward condition and with a little size to it was worth round about 10s or lis. Values were: — Rape lamb*, 10s to lis 9d. Medium rape lambs, 8s to 9s 6d. Ordinary m.s. lambs, 6s to 7s 9d. Backward lambs, 4s to ss. Medium ewe lambs, 7s 6d to 9s. Representative sales were: —45 halfbred at 7s 6d, 91 at 8s Bd, 52 three-quarterbred at 6s 2d, 77 halfbred at 6s 6d, 210 threequarterbred at 9s 3d, 65 at lis, 89 halfbred withe* at 8s 6d, 129 halfbred ewe at 8s 3d, 52 halfbred ewo at 6s 9d, 91 halfbred at 8» Bd, 85 crossbred at 9s 3d, 43 three-quarterbred at 9s 6d, CO Corriedale at 9s, 280 halfbred at 10s 6d, 71 crossbred nt 12s, 63 three-quarterbred at 7s lid, 53 halfbred at 6s Id, 50 halfbred at 7s 6d, 80 three-quarterbred at 10s 9d, 58 Corriedale at 8s 6d, 160 halfbred at 7s 6d. 70 halfbred ewe at 9s, 83 halfbred at 8s 6d, 86 Corriedale wether at 83, 70 halfbred wether at 10s Bd, 210 halfbred at 8s 6d, 61 threequortorbred nt 9s 6d, 92 halfbred wether at 6s 10d, 27 halfbred at 10s 6d, 160 halfbred at 7s Id, 65 three-quarterbred at 9s. 187 halfbred at 7s Id, 95 three-quarterbred ewe at 7s sd, 160 halfbrod at 6s 7d, 86 threequartorbred at 9k 9d, 94 three-quarterbred at 7s Id. 180 halfbred at 10s lid to lis 2d, 149 halfbred at lis. 168 halfbred at 7s 3d, 45 halfbred at 4s 6d, 122 crossbred at lis 9d, 83 three-quarterbred at 9s Od. 194 tnreequarterbred at 9s sd. FAT LAMBS. The fat lamb entry was again a small one, totalling 2500 as against 2000 last week. There were a few lines of West Coast lames forward, but fhey were not of such good quality as these forward last week. The yjrding did not include as many good lambs as that of last week, and from the start butchers bought freely at prices a little firmer than those then ruling. .Freezing buyers did not get many lambs. Top price wat 20s Id, paid for one sold on account ol a client. Values were:

IMra prime lambs to 20s Id. Prime lambs, 17s to 18s 6(1. Medium lambs, 13s to 16s 6d. Lislit lambs, 10s to 12s 6d. The principal sales were: —On account ot client, 3 at lGs Id to 20s Id; E. A. Washbourne (Dunsandel), 14 at 19s 4d to 19s lOd; P. J. Dulieu (Greenpark), 26 at 15s 7d to 18s 10d: West Coast client, 312 at lis 4d to 18s 7d; J. M. Wheeler (Cust), 1 at 18s id; Jas Stewart (Rakaia), 75 ttt 16s 4d to 18s Id; W. E. Baxter (Waddington). 73 at 14s lOd to 17s lOd; G. E. Royda (Fendalton), 25 at 15s lOd to 173 4d; S. R. Boa<? (Brookside), 33 at 143 Id to 16s lOd; client, 152 at 13a 7d to 10s lOd; W. Anderson (Charteris Bay), 112 at lis 4d to 16s 7d; P. L. Kime <DunBacdel), 54 at 14s 4d to 16s 7d; Shepherd Bros. (Southfcrook), 36 at 36s Id to 16s 7d; G. M. Watson (Sandy Knolls), 8 at 15s lOd to 16s 7d; M. P. Kingsbury (Wakanui), 30 at 14s 4d to 16s 7d; Mrs G. McCarten (Southfcridge), 3 at 16s 4d; R. Harrison (Rakaia), 14 at 14s 4d to 16a 4d; Mrs Benbow (B&nkside), 11 at 16a 4d; R. T. Urawford (Yaldhuret), 13 at IGs Id; client, 56 at 12s lOd to 15s lOd; K. H. Parkinson (Haiti na), 20 at 15s Id to 15s 7d; G. Haasall (Cmrkville), 53 at 15s 6d; G. G. Smith (Btoadfield), 17 at 13s lOd to 15s 4d; R. McClelland (Brookside), 25 at 14s lOd to 15s 4d; J. W. Heslop (Brookside), 14 at .15s 4d; A. Bower (Swannanoa), 17 at 14s Id to 15s Id; West Coast client, 80 at 9s 7d to I3s Id; L. J Parnham (Kaiapoi), 28 at 13s Id to 15s Id; R. and M. Graham (Motukarara), 10 at 14S'l0d to 15s Id; G. T. Robinson (Courtenay), 15 at 14s lOd to 15s Id; Mrs' Willey (Lakeside), 50 at 13a ICd to 15s Id; H. B. Inch (Southbridge), 10 at 14s lOd; K. U, C. Plimmer (Templeton), 68 at 13s Id to 149 lOd; E. Rountree (Marshland), 7 at 12s 7d to 14s lOd; S. Ford (Templeton), 12 at 14s 4d tc 14s 7d; Howson Bros. (Sedgemere), 65 it 12a 7d to 14s 7d; Glenmore Farm (Halswell), 10 at 13s Id to 14s 4d; H. Carter (Southbridge), 10 at 14s 4d; F. G. Banks (Kaiapoi), 2at 13s lOd; F. H Green-wc-od (Southbridge), 30 at 12s 7d to 130 ICd; Mrs E, D. Hooker (Wainui), 24 at 12s lOd to 13s IQd; H. McGough (Halswell), 12 at 13s lOd; L. Hunt (Little Rive;), 12 at 9s to , 13s lOd; T. Habberjam (Southbridge), 2-2 at 13s Id to 13s 7d; Treleaven Bros (Styx), 14 at 13s 4d; J. H, Ridge (Broadfield), 31 at 18s Id to 13s 4d; W. Wilson (Kirwee), io at 13s id; W. M, Walker (Dunsniidel), 15 at 13s id; A. H. Clark (Greenraik), 19 at 12s Id to 12s lOd; A. R Turnr>ul! (Balcairn), 20 at lis lOd; R. A AnderI son Bay), 21 at lis 7d; R. Mo- | Adam (Motunau), 19 at 10s lOd.

( FAT SHEEP. The fat sheep entry totalled 2900 compared : with 1700 last week, but the lncrcaso in supply was not suiticient to satisfy trio uejr.und. There was a sharp rise m the price of the best sorts of ewes and wetliere, i tli6 advance in this section being as much as 3s to 4s a head in cases, Ihe lightei sorts did not advance as much, and mlerioi types sold about on a par with last weeks 2ates. The rise over the wliolo sale was is txt a head. Tho quality o£ the yarding was mixed, but contained a fair proportion or I good sorts. .Exporters were unable to get mere than a few pens. A fine line of ewes from Southland was forward, and sold well. Top price was 28s lOd, paid for an exeepi tmnally Bolder Liecester wether | on account oi K. A. Washbourne (Selwin). An outstanding line was the 38 Bold on account of F. H. Savill (St. Helens) for from 23s 4d to 25a 7d. The top ewe price was 24s 7d, secured for five sold on account of E A. Washbourne (Selwyn). Show wether, 28s lOd. Extra prime heavy wethers, 22s Gd to 24s 4d. Prime heavy wethers, 20s to 22°. Medium-weight prim# wethers, IPs to 19s 6u. Ordinary withers, 14s Gd to lis 6d. Light wethers, lis to 31a. Kxlrn prime ewe?, 20s (o 21s 7d. Prime ewes, 16s 6d to 103. Prime medium-weight ewes, lis to 16.«. Ordinary ewes, lis to l'is fid. Light ewes, Ss to 10b Cd. The principal sales were: — "Wethers—On account of E. A. W nslibourne (Selwyn). 5 at 24:; 7(1 to 28s 10(1; 11.I 1 . H. Savill (St. Helens). J8 at *1(1 to 25k 7(1; Millikin's Estate (Sheffield), 70 at IBs Hkl to 24s 4d; li. T. Crawford "14 at 22s Id to 23s lOd; F. 11. Greenwood (Southbridge), 13 at 22s Id to 23s 10d; Miss Macfarlano (Ilawkeswood). 16 at 19s 7d to 28s 4d; J. Brown (Motukarara), 3 at 22s 7d; H. O. Dixon (Kast Evreton), 22 at 20s 4d to'22s 7d; J. It. Klford (Springston), 11 at 18s 7(1 to 22s 4d; J. O. Chapman (Omihi), 11 at 12s lOd to 22s 4(1; I). L. McGregor (Selwyn), 1 at 22s Id; J. Campbell (Mothven), 60 at 15s lOd to 22s Id; A. E. Lang-dale-Hunt (West Melton), 4 at 10s 4(1; D. W. S. McLaehlan (Dunsandcl), 71 at 12s lOd to IBs lOd; Leslie Bros, (..rondftold), 6 at 16s 4d; .T. 11. Ridge (Broadfiold), 13 at 10s Id; N. Rutherford (Mendip Hills), 67 at lis 4d to IGb Id; Spencor Bower (West Eyreton), 9 nt J4s 10(1 to 15s 4d. Ewes—On account of E. A. Washbourne (Selwyn), "7 at 13s 4d to 24s 7d; E. A. Richards (Kakaia). 60 at I'Js 3d to 23s 1(1; D. Chapman (West Eyreton), 61 at 17s 4(1 to 21s 7d; J. and I'. Clinton (l)arficld), 16 at IDs lOd to 21s 7d; P. A. Westenra (Flea Bay), 94 at 8s Id to 21s 4d; Southland client, 62 at 15b lOd to 20s 30d; client, 9 at 20s Id; R. O. Dixon (East Eyreton), 311 at 12s 3d to l!)s 30d; Leslie Bros. (BroadHeld), 35 at 17s Id to 19s 7d; R. Harrison (Rakaia), 10 at 12s 7d to 39s 7d; To ICaawa Estate (Port Levy), 42 at 14s Id to 18s lOd; R. and M. Graham (Motukarara), 58 at 10r Gd to 18s lOd; At. P. Macfarlane (Waikari). 74 at 7* Id to 18a 7d; W. Keane (Springfield). 68 nt Us 30d to 17s 4d; D. G. Wright (Omihi), 33 at 10s 30(1 to 10R 7d; F. L. Kearney (Akaroa), 21 at I.'Js Id to 10s 7d; Guildford Estate (Port Levy), 22 at lis 7d to 16r 4d; 11. J. Francis (Lees Valley), 62 at 13s Id to 16s Id; R. McClelland (Bankside), 40 at lis 4d to 15s lOd; G. R. Power (Swannanoa), 50 at 9s 7d to 15s 7d: W. Mcllraith (Lakeside), 42 at 9s lOd to 15s 4d: \V. 11. Atkinson (Woodbank), 52 «t 7« to 34s 7d; Miss Macfarlane (Hawlces wood), 28 at 10s Id to 14s Id; F. 11. Savill (fet. Helens), la at 9s 4d to 13s lOd; L. D. Hooker (Wainui), 41 at 7s 4d to 13s 7d; client, 21 at 9s Id to 13s 7d; D. L. McGregor (Selwyn), 7B at 7s lOd to 13s 4d; 1-lowson Bros. (Sedgemere), 113 at Vs 4d to 13s 4d; client, 31 at 13s 4d; client, 1G **• k- Kime (Dunsandel), 17 at lus Id; client. 54 at 7s lOd to 12s lOd; S. Harris (Styx), 14 at 32s JOd; S. Smith (Cust), 30 at 10s 7d to 12s 9d; A. It. Turn(Bakairn). 46 at 6s 7d to 12s 7d; G. A. McLean (Glasnevin), 20 at lis 7d to » o<l: „ F '.■ L y»skey (Kaiapoi), 23 at lis Ja: Ij. Parnham (Ivaiapoi), 66 at 7s 4d to lis; S. R. Boag (Brookside). 29 at . in to T. Maguire (Mothven), 10 ob ? S rr s P t ' nce '" Bower (West Eyreton), ? s } od: cl!ent > 70 °s Id to » O V Inch (Waipara), 23 'at 6* 7d 7°. is ? n : R oJ"ds (Fendalton), 17 at Ia . 2 ? d: Wnlfcer (Dunsandel). Nt ■? iL ii? B ,' (llomebusli), 11} \ 3, ' cl '' (Riccarton), 18 at 6s lOd to 7s lOd; J. N. Ridge (Broadfleld), 18 ?' ° s J" j : J; Lb wry (Irwell), 67 at 5s Id J - Madiley (Olioka), 73 at os ia to os 7u. FAT CATTLE. The entry of fat cattle totalled 33 2 head, compared with aso at Inst week's market. Iho quality war quite good, with t :omo choice lines forward from tho Ellesmcro and Banks Peninsula districts. The market was a buoyant one, with heavy types Felling on a par with last week's rates, while there was an advance of from 10a to 15s a head for light steers and good coivs and heifers. The top price for stoois was £l3 12s 6d secured for two sold on account of E. o! JlcCulloch (Cashmere). There were 11 steers m the line, which averaged £l2 9s sd. The top price for heifers was £lO 7s Od for one sold by J. R. Thackcr (Okain's Bay), who had a particularly attractive lino of seven hciferii, which brought from £7 12s Gd to £lO 7s Gd, five cows from £7 2s Cd to £8 Cd, and 15 steers from £9 12s 6d to i £l2 7s (id. The top price for cows was £lO 7s Gd. Best beef made up to 27s per 1001b, good from 21s to 245, medium quality and heavy from 18s to 21s, and inferior from 12s to 17s. Values were:— Extra prime heavy steers, to £l3 12s Gd. j Primo heavy steers, £9 15a to £ll 10s. ! Prime medium-weight steers, £7 5» to £0 I 10s.

Medium quality steers, £5 to £7. Light steers, to £4 15s. Extra prime heifers, to £lO 7s Gd. Prime heifers, 27 to £9. Medium heifers, £5 to £6 15s. Light hoifers, to £4 15s. Extra prime cows, to £lO 7s Gd. Prime cows, £6 5r to £8 ss. Medium cows, £4 10s to £6. Light cows, to £4 ss. The following were the principal Bales:— On account of E. G. McCullough (Cashmere), 11 steera at £ll 12s 6d to £l3 12s ,6d; J. R. Thncker (Oksin's Bay), 7 heifers at £7 12s 6d to £lO 7s od, 5 cows nt £7 2s 6d to £8 2s 6d, 15 steers at £0 12s 6d to £l2 7s 6d; A. F. Leonardo (Le Bon's Bay), 10 cows nt £5 12s 6d to £9 2s 6d, 4 heifers at £6 7s 6d to £9 2s Gd: clients, 0 steers at £4 17s Gd to £9 12s Gd. 8 heifers nt £4 12s 6d to £6 17s 6d, 13 cows at £2 17s 6d to £lO 7s fid; E. Hay (Pigeon Bay), 10 steers at £0 to £ll 2s 6d; D. C. Gardiner (Waipara), 8 steers at £8 17s 6d to £lO 7s 6d; clients, 24 cows at £4 17s 6d to £7 17s 6d. 12 heifers at £5 2s Cd to £8 12s 6d; D. O. 0. Gebbie (Piebbleton), 1 cow at £6 7s 6d: M. Tamploton (Motu-, karara), 2 cows nt £4 7s 6d; M. Foley (Burwood), 5 steers nt £4 7s 6d; Mrs Spreadbury (Woolston), 1 cow at £4 12s fid; client, 5 cows at £4 12s 6d to £7 2s 6d; It. Edwards (W'oodend), 8 steers at £7 17s fld to .£9 7s fid; R. J. Robinson (Waikufcu), 7 cows at £5 12s 6d to £8 12s 6d; S. Smith (Oust), 3 heifers at, £6 12s 6d to £8 12s 6d; G. Dnrey (Harewood), 2 heifers at £8 2s 6d to £8 7s 6d; H. Edwards (Kaiapoi), 8 steeTg at £8 2s 6d to £lO 17s 6d: Peninsula client, 5 steers nt £7 7s 6d to £lO 12s Bd, 12 cows nt £4 17s 6d to £7 17s Gd, 4 heifers at £6 2s fid to £7 7s Gd: clients, 28 cows nt £3 2s fld to £fi l"s Gd. VEALERS. There was a large entry of vcalers, one. good line from Edendale being the feature of the market. Good sorts maintained last veek's rates, but rubbish was not wanted. The top price was £5 18s 6d. STORE CATTLE. Tbero was a fairly large yarding of store cattle, which consisted of a big proportion of rough cows. Two and a half-year-old steers made £3 15s, mixed-coloured 18-montha steers to £2 12s 6d, Shorthorn calves to 22s 6d, 16-months heifers to 30s, cows to £3, and bulls to £3 7s 6d. DAIRY CATTLE. The entry of dairy cattle was an average one, consisting of 60 head. The quality was fairly good, with one outstanding Shorthorn cow, which brought £l4. Apart from this, the highest price for cows was £8 10s, and for heifers £8 ss. There was ft good demand for the best sorts, but inferior and aped cows and cows in profit were bard to sell. Values were: Good second and third calvers, £6 to £B. . Medium seoond and third calvers, £i 15s to £5 15s. Aged and inferior, £2 to £3 10s. Good heifers, to £8 as. Medium heifers, £4 to £6. Others. £2 to £3 10s. FAT PIGS. Tbere was a medium entry of fat pigs, which met with a fair demand at prices much the same as those ruling last week. \ alues were: Choppers, 37s Gd to £4 3s 6d. Baconers, 36a Gd to 42s 6d. Heavy baconers, 45s 6d to 50?. Extra heavy, 52s 6d to 59s 6d. Average price a lb, 3Jd to 4id. Porkers, 27s 6d to 30s. Heavy porkers, 3-2s 6d to 31s G:l. I Average price a lb, Gd to 6M. ! STORE PIGS! . The yarding of store pigs was a small one, consisting chiefly of slips and wqaners. There were very lev;- large stores in. Prices were on a par with last week's. Values "'oro: Weaners, 7s to 9s. Good weaners, to lis. • Slips, 10s to ]-2s. Small stores, lis to Ms. Medium stores, 15s to 17s Gd. Good stores, to 235.

PAYMENT OF INTEREST. EFFECT OF NEW SOUTH WALES LAW. AUDIT OFFICE RULING. Further advice has been received from tho Audit Office by local bodies in Christchurch relative to the effect of the New South. Wales law limiting the rate of interest. From this circular letter it would appear that any local bocly which pays the full rate of interest will bo committing an offence against some regulation whereunder a local authority must not pay more than it is legally under the necessity of paying. The circular letter from tho Audit Office sets out that the effect of Section 5 of the Interest Deduction Act, 1931, New South Wales, is that local bodies in New Zealand are entitled to a reduction of 4s Cd in the £ on interest payable in New South Wales on debentures issued before October lltli, 1031, provided that this reduction does not reduce tho rate of interest below 5 per cent. If local bodies, after being advised of the effect of the legislation in question, pay interest in full in New South Wales, such payments to the extent of 4s Gd in the & will be contrary to law, and the members of local bodies making such payments will bo liable to be surcharged. The Christchurch City Council is affected only in respect of a loan of £15,000, and the reduction in interest approximately amounts to £194 per annum. The City Treasurer (Mr J. W. Nivon) already has notified holders of debentures in this loan that the interest payablo on August Ist will be subject to the reduction mentioned. METALS MARKET. (UNITED PHKSS ASSOCIATION —lit ELEt'TiUC TRLKOaAJ'U—COPXKIGHT.) (Jteccived March 9th, 9.43 p.m.) LONDON, March 8.

BURNSIDE MARKET. (PRE 39 ASSOCIATION TELEGRAM.) DUNEDIN, March 0. Sheep were sold at increased values at Burnside to-day, but prices for fat cattle wore considerably easier. Tho lamb sale was very buoyant, owing mainly to the operations of export buyers, who were present in large numbers. Included in tho yarding of 300 fat cattle was a consignment of choice bullocks and a few pens of heavy animals. Cows and heifers formed the bulk of the yarding, and heavy cows wero cheaper by 203 per head. Heifers sold at prices on a par with those which ruled at the previous sale. Heavy bullocks were 20s and bullocks 15s perhead cheaper. One line of prime bullocks sold at £l3 7s 6d, which was the top price. Several pens sold from £ll lCs to £l2 10s. Prime light wero worth from £3 to £9 10s. Heifers brought from £6 to £7 10s and cowa to £6. Prime ox beef sold on the basis of about 2us per lOulb, plain 23s Gd, prime light-weight 27s Gd, and cows and heifer 3 from 18s to 255. .Nearly 1800 fat sheep wero offered. Wethora were in very short supply and no prime soi-ts were forward, 'l'l'rre were several pens of prime ewes, but tho greater part of the yarding consisted of aged light ewes. Owing to tho small entry of prime sheep the sale opened on a line of ewes, which sold at an advance of 2s 6d per head on last week's prices, while light sorts were disposed of at an average rise of Is Gd per head. As the sale progressed prices wero higher, and in the last stage heavy fheep were about 4s dearer and light-weights about 3s as compared with tho rates obtained at last week's oale. Values were about equal to 3Jd per lb for wethers and 2{d per lb for primo ewes. Heavy wethers sold from 17s 9d to 20s, medium H«i to ICs 9d, light lis to 13s 3d, extra heavy ewes to lis 6d, heavy lis 6d to 13s 3d, medium 9s 9d to 10s Sd, and light Cs 6d to 8b 9d. More than 1000 lambs were forward. The yarding was of good quality generally. Heavy lambs sold to 18s Gd, prime to 163, and medium to 14s.

The qualify of the store cattle entry was not of the best. Several pens of young steers sold from £3 15s to £i 5s and cows found buyers at' from £1 10s to £3. In tho pig Bection 82' fats and 107 stores were offered. Prices were similar to those obtained- at tho las; sale. Good bacon pigs oold to £3 5s and porkers to £2 2s. Porkers were worth about jjd nivJ baconpra about 4Jd per lb.

HUDDART PARKER, LIMITED. NET PROFITS, £70,363. , I Xet profits of £70,363 are shown by Hud-dart-Parker, Ltd., for the year ended December 31st, compared with £95,981 earned in the previous year. With £15,103 brought forward, £ll5 } 4C6 is available, ou t of which preference dividends of 6 per cent, require £30,000, and ordinary dividends of 5 per cent, take £37,5C0, leaving £47,966 to be ctiried forward. The directors report that a further falling off in passenger and freight earnings has to be reported, and the profits are also smaller because of the receipt of a lower rate of interest on the company's holdings of Government securities and other investments, and of smaller dividends from shareholdings in other companies. Owin* to the decreasod demand for coal from New South Wales and the keen competition fo> business offering, there has been no profit from the collieries owned by the company. The accounts show few | changes apart from the decrease in profitß, ; the most important being a reduction of £17,438 in the amount owed by sundry debtors The net profit is equal to about 4.9 per cent, on the amount shown for investments in Government and other securities- This implies that the earnings of the crmpany from trading must have been very small. Following is a comparison, of items from the last two balance-sheets:

"THE MIKADO."

TITIPU REVISITED. LAST NIGHT'S SUCCESSFUL REVIVAL. My catalogue is long, Through every passion ranging, And 1o your humours changing I tunc my supple song. —Xanki-l'oo. Though the revival of somo of the Savoy operas may bo a risky undertalcing in these restless times, our peripatetic players need have no doubts about the reception "The Mikado" will ensure if it is done at all well. All love "The Mikado" for its brightness, its Oriental charm, its sparkling wit, and its fresh, though popular music. British theatregoers have loved it since 1885, when it was first played to wildly enthusiastic houses at the London Savoy. It has since been played by a numerous succession of professional companies, and has been played by ambitious amateurs the world over, for the last half century, and yet it retains its .old attractions for many. In far-flung New Zealand, at any rate, whero the visit of a light opera company of merit is a far more rare occurrence than a change of Government, "The Mikado" is surely "une pi&ce qui porte toujours." That is why people went to the Theatre Royal last evening with the certainty in their minds that they would be right royally entertained by. those benefactors of depressed humanity, Gilbert and Sullivan. That is why they came away with a feeling of satisfaction, content to know that an evening [ spent pleasantly had not been wasted, that the old is "s»UI new, and that .such i popular genius does not pass so very quickly after all. After their ■ success with "The Gondoliers," the J. C. Williamson Company have every reason to feel verv pleased with themselves at the reception accorded their "Mikado. They did it well, as well as one could expect of a touring company with a long and varied repertoire, and the only regret is that the "Mikado" season is limited to two nights before the faery lolanthe and pretty Patience trip lightly on to their itinerant stage. Last night's performance must rank among the best presentations of Ihe Mikado" seen in Christchurch for many years. The characters were well suited to their parts, and most of the singing was good. Mr Ivan Menzies, as KoKo, the Lord High Executioner, was happy in his role, and made his audience extremely happy at times, but his version of the irresponsible official was not always strictly according to Gilbert. Mr Leo Darnton, handsome and at his ease, was well cast as Nanki-Poo,' and sang the music gracefully and attractively. The solo with chorus, "A Wandering Minstrel I," done well early in the first act, prepared the way for the serios of melodies and lyrics for which "The Mikado" is so widely loved. Perhaps the most polished performance—and certainly the most pleasing—was that given by Miss Marie Bremner in the part of Yum-Yum, the little maid from school. Her clear, pleasing voice was heard to advantage in all lier songs, and her appropriate by-play throughout was not in the least overdone. Her singing of "The Moon and I," and her part in the trio, "Three Little Maids from School," were among the best features of the opera. Mr John Ralston was amusing as Pooh-Bah, the walking compendium of high State officials, and his pompous bearing and haughty demeanour were in the spirit of the part. His singing was good, and his powers of repartee were well provided for in the role of the bulky old rascal, so skilfully drawn by the writer. Mr Gregory Stroud, as PishTush, was sufficiently Oriental, but the part did not give him much opportunity to display his ability. The great Mikado was finely acted by Mr Bernard Manning, who interpreted the' title role extremely well. His makeup was excellent, and the singing, though taken a little slow in several numbers, notably "The .Emperor of Japan," was impressive. "My Object All Sublime" was one of the % most popular songs of the evening. Miss EveJyn Gardiner, as Katislia, the disappointed maiden of doubtful age, played her dominating and somewhat terrible part with talent. Her change of manner, after poor Ko-Ko made his necessitous advances towards her, was also well done, and her singing of "Hearts Do- Not Break" was marked with feeling and fine interpretation Miss Nancy Home and Miss Mary Hotham, in the minor of Peep-Bo and Pitti-Sing', sustained their parts competently. The choruses were excellent, one and all, right from the vigorous "We are gentlemen of Japan" to the merry sounding finale. The concerted singers had good tone and supplied the necessary volume when required. Mr Gustavo Slapoffski and his orchestra were also well up to Gilbert and Sullivan standard, and their sympathy of treatment and skill of interpretation were all that could be desired. The scenery and stage effects were lavish, and supplied a bright background to one or the brightest of light operas. "The MikadcT" will be played again this evening.

"lOLANTHE." FRIDAY AND SATURDAY. # Or, Friday and Saturday nights and Saturday afternoon tho J. C. Williamson, Ltd.. Gilbert and Sullivan Company will appear in j three magnificent representations of the charming- and whimsical fairy opera.' "lolanthe," which was regarded by many people in Wellington as their best all-round performance. Two important things hav» been said of "lolanthe." "has been contended, for instance, that Gilberts treatment of tho members of the House of m? rcla shewed democratic tendencies in him. ioei'fl aie undoubtedly shrewd shafts against the peers, hilt "lolanthe" really is merely Gilbertian in every way and devoid of political attributes. Sullivan composed some of his best music for "lolanthe," and the soprano, the tenors, the baritones, and the chorus are all heard at their very best. - It is said that the chorus and march of the Peers in the first act is one of tho features of the present company's production. Mr Ivan Menzies scored one of his best successes in Auckland in tho role of the Lord Chancellor. Miss Evelyn Gardiner, it if said, makes a very fine Fairy Queen, and Mies Marie Bremner's voice is heard -to special advantage in the music allotted to the role of the Chancellor's ward. Mr Gregory Stroud will appear as Strephon, a part he playtd successfully in England, and Mr Leo Darnton will take the important part of Earl Tolloller. Bernard Manning's singing of the number "In King George's Glorious Reign' always creates much enthusiasm, and Mr John Kalston will play the pail of Private Willis. Th* title role will bo portrayed by Miss Marr Hotharn, who scored an outstanding triumph in this part in Australia. On Monday and Tuesday nights the evergreen comic opera, "Tlie Pirates of PenBance," preceded by "Trial by Jury," will bp revived, and on Wednesday afternoon and evening and following two nights "The Yeomen of the Guard" will be produced. It will be followed by "H.M.S. Pinafors," pr«ceded by "Cox' and Box." "Patience" and a final production of "The Gondolici's" will be staged on Tuesday. March ?2r.d.

ACCIDENT AT STYX.

VERDICT AT INQUEST. CROSSING ADEQUATELY GUARDED. A verdict that William Hobman Cook, a butcher, living at 483 Madras street, was accidentally killed as a result of a fracture of the skull sustained when the motor-truck he was driving collided with a north-bound train at the Styx railway crossing on December Ist, 1931, was returned by the Coroner, Mr H. P. Lawry, at the conclusion of the inquest yesterday. The Coroner added that the crossing was adequately provided with flashing signals to indicate the approach of trains, and that these were operating at the time of the accident. Sub-Inspector G. Edwards conducted the proceedings for the police, Mr A. Pittaway represented the Railway Department, while the relatives of the deceased, the owners of the truck, Archi'bald's Garage, and the car salesman, John Wilson, of 237 Gloucester street, who was seriously injured in the accident, were each represented by counsel. Evidence was given that Wilson had driven the truck, a Rugby light'delivery, to the Kaiapoi Meat Works, but Cook was the driver on the return journey. The accident occurred a few minutes after 5 o'clock, the vehicle being struck by the Christchurch-Wai-kari train. Both Cook and Wilson wore thrown clear, the former being killed instantly, and the latter receiving injuries to the head, chest, and left foot, which had to be amputated. The truck passed another car that was drawn up waiting for the train to pass, Wilson seeing the danger too late to warn the driver. Passengers in the Oxford bus which was waiting on the other side of the crossing, heard the whistle of the train, and testified to the operation of the red flashing lights, a pair of which are mounted on red and white poles on either side of the crossing. Visibility at the crossing was considered good.

(£ n lilllon.) British Mines. Foreign Colonia For Finance Hub Balance British and and eign and bor (llainly Total. GovernColonial Foreign Exploand Home inment. Govt. ■ Corpn. ways, ration. Oil. dustry). Total whole year, 1923 . 271.4 77.7 95.8 4.8 5.4 15.5 7.7 64.5 Total whole year, 1924 . 209.3 13.7 90.6 38.8 3.0 12.7 2.3 70.2 Total, whole year, 1925 . 232.2 15.6 30.7 25.3 3.8 18.0 19.1 89.7 Totat whole year, 1926 . 230.7 4.7 54.6 49.2 8.2 26.9 6.2 80.9 Total whole year, 1927 . 355.1 66.0 67.5 37.9 5.4 3.3*. 2 11.0 134.3 Total whole year, 1928 . 369.0 83.8 56.1 26.4 3.1 49.7 8.7 141.2 1920— 1st quarter 96.9 1.9 2 7.2 0.3 3.8 21.2 4.9 37.6 '2nd quarter 77.4 Dr.0.3 Nil 11.4 Nil 12.9 0.1 53.3 3rd quarter 18.7 Dr. 1.4 2.8 0.4 Nil 2.4 1.1 13.4 4th quarter 92.2 65.2 Nil Nil 4.0 5.0 0.3 17.7 Total whole year, 1029 . . 285.2 65.4 30.0 12.1 7.8 .41.5 6.4 122.0 1930— * 1.0 6.7 1st quarter 87.7 38.4 14.6 15.9 2.7 8.4 2nd. quarter ; 81.9 1.6 30.9 18.8 Nil 6.3 2.0 22.3 ■ 3rd quarter 22.9 . 3.8 3.0 Nil 0.8 3.0 0.5 11.8 4th quarter 75.3 21.8 21.8 10.0 4.1 1.2 0.1 16.3 " Total whole year, 3 930 . 267.8 65.6 70.3 . 44.7 7.6 11.5 9.3 58.8 1931— 5.6 1st quarter. 45.2 6.1 14.5 2.7 Nil 0.1 16.2 2nd quarter 44.0 4.1 14.9 3.5 2.8 5.9 0.1 12.7 3rd quarter 9.0 2.3 2.8 0.5 0.1 0.7 '— 2.6 4th quarter 3.9 Dr. 1.8 Nil 13 Nil — 4.4 Total whole year, 1931 . 102.1 • 10.7 32.2 8.0 2.9 12.2 0.2 35.9

Tear, 1931. Whole Three-quarters to Fourth Total whole Description. year, 1930. Sept. 30. quarter. p year, 19-31. £ . British Government loans .... 65,640,000 12,550,000 Dr.l,850,000 10.700,000 Dominion and Colonial Govt. Nil 30,571,600 loans - ; ' . . ... 49,081,300 30,571,600 Foreign Government loans .. 21,350,000 1.740,000 Nil 1,740,000 'British Corporations, County, 6,705,300 1,302,000 8,007,300 and Public Board loans 41,657,600 Colonial Corporations and PubNil . Nil lic Board- loans 3.001,500 Nil Foreign* Corporations Nit Nil Nil Nil Nil British railways .. 16 r l 19,50(1 Nil Nil Colonial railways 2,875,600 Nil' Nil Nil Foreign railways .. 7,615,000 2,910.000 Nil 2,910,000 Australasian mine* . . 25V,800 Nil Nit Nil South African inines 493,500 371,900 Nil 371,900 Other mines 4,597,500 8,953,300 10,000 8,963,300 Exploration, financial and. 2,949,500 Nil 2.949,500 investment trusts 0,316,000 Breweries and distilleries ... 2,078.500 ■ 112;500 ' . Nil 112,500 Merchants, importers, etc. .. Nil , 337,500 Nil 337;500 Stores and trading 3,220,30(1 10,401,300. Nil 10.101,300 Estate and land " .. 445,4,00 124,700 15,000 139,700 Rubber 1,160,000 151.000 23.800 174.800 Oil 8,050,000 Nil Nil Nil Iron steel, coal, and engineering 1,285,000 42,500 25.000 67,500 Electric light, power, 4,217,100 and telegraph 3,728,100 3.838,300 378,800 ■ Tramways and. omnibus Nil ; . 9.8,0.00 , ... Nil. ; 98.000 ilotor traction and manufacturing 681.600 6,3oo:ooo '802:300 7,102,300 Gas and water 3,393,300 429,000 Nil 429,000 Hotels, theatres, and entertainments 20,000 .82,500 Nil '82,500 l'atents and proprietary articles :?r>7.50't 300,000 Nil 300,000 Dock?) harbours, and shipping Nil 1,020,000 2.100.000 3.120,000 Banks and insurance 3,023,600 i 36,400 Nil 136,400 Manufacturing and miscellaneous 21,361,800 8,139,900 1,072,300. 9,212,200 -' v.; -t . ' r . 267,800,700 , 98,265,200 3,879,200 t ' 102,144,400

United Kingdom— , Government Other Whole Years. l!l 1!i, 1927. 1928. .1929. v £. £ £ Nil .66,083,800 -88,861,000 65,400,000 35,951,200 140,799,800 179,722,100 132,626,500 1930. £. 65,640,000 105,006,100 1931. £ 10,700,000 43,802,000 25,951,200'206,883,600 263,683,100 198,026,500 170,646,100: 54,502,000 British' Po»' ; • ' Government , Other 26,278,700 49,858,500 55,697,200. 44,115,200 40,22S,000 ' 32,935,400 26,366,100 34,010,900 49,081,300 12,366,900 30,571,600 7,936,800 76,137,200 99,812,400 03,158,400 60,977,000 61,448,200 38,508,400 Foreign coun- : i ' " tries— ' Government Other 1' 26,158,200 58,290,400 11,822,500 36,647,500 15,008,900 28,877,700 3,650,000 21,330,000 22,585,900 14,376,400 1,740,000 7,393,900 84,448,600 48,470,000 42,816,600 26,235,900 35,706,400 9,133,900

NATURE OF BORROWING. Debentures, Prof, stocks Ord. stocks. Bonds, etc. and shares. and share *■ Total. Year 1927 228,958,000 86,886,600 89,371,400 £ 355,166,000 Year 1928 . .' 212,817,900 . 45,062,600 111,177,600 369,158,100 Year 1929 .. 137,670,300 31,543,400 110,025,700 285,239,400 Year 1980 . . 230,364,800 15,824,600 22,090,100 268,279,500 Year 1931 . . 74,935,600 6,911,900 20,296,800 102,144,300 As was to be expected, the list of individual issues exceeding SI millioii in amount is exceptionally short, and the second half of the year only makes two contributions, both of which have been mentioned above:Month. Price. Nominal Dec. 21, of issue. Name and description. Amount. Issue price. 1931. 1931. January—London Power 5% Deb., 1952 3,000~000 100J 96 February—Gqvt. of India 51% Stk„ 1938-38 2,000,000+ .97 st; February—Surrey County Council, 41% Stk. 1,500,000 99 90 February—Reading Corporation 4i% Stk. 700,000 99 J 90 March—Sold Coast 45% Stk., 1960-70 1.170,000 98 901 March—'Rio Tintb Co. 5% Deb. Stk 2,000,000 91J 67 jj March —Greik Govt. 6% Public Works 2,000,000 87 65 March—Lancashire Cotton Corporation 2,000,000 97 i 81-85 April—Corpor. of Derby, 4J% Stk., 1951-61 1.000.000 98 90 May—Govt, of India 6% Stk., 1933-34 .. 10 000 000 par 93 June—Middlesex County Council, 4£% Stk., 1950-70 2,500,000 „ 101 89 June—Buenos Ayres Great Southern Railway Debs. 3,000,000 95 82t June—F. W. Woohvorth (os ord.) 562,500 ■f.2 June—F. W. Woohvorth, 6% cum. pref.,' £1 4,860,000 pav 19/lo| July—Tanganyika Govt. 4% Guar. Stk. 1951-71 3,000,000 94J 81J November—Galloway Water Power, 5% Red. Deb. 1947-91 1,400,000 93 3-2 dis . t Also £5,000,000 for conversion purposes.

TOTAL CASH INVOLVED IN ISSUES BY STOCK EXCHANGE INTRODUCTION. United. _ Kingdom. Colonies. Abroad. Totul. Year 1929— £ £ ' £ £ 1st Quarter ... .. 15,191,600 . 393,700 3,094,400 18,679,700 2nd Quarter ... . . 9,465,500 1,284,400 2,166,400 12 916,300 3rd Quarter . . . . 3,574,700 217,100 5,778,300 9 570 100 4th Quarter ... .. 733,400 304,400 1,437,500 2,475,300 Total year 1929 ... 28,965,200 2,199,600 12,47.6,600 t48,641,400 Year 1930— 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 3,082,300 839,800 67,200 3,402,900 1,477,000 Nil 100,000 1,667,600 8,399,900 2,685,100 601,500 721,200 13,859,200 3,524,700 768,700 5,791,700 Total year 1930 8,292,000 ' 3,244,600 12,407,700 *23,944,800 Year 1931— 1st Quarter 2nd Quarter 3rd Quarter ■ 4th Quarter 2,174,200 1,121,600 1,289,500 Nil 632,900 2,366,300 Nil . 451,500 Nil 581,900 265.600 Nil 2,807,100 4,069,800 1,555,100 451,500 Total year 1931 . . 4,585,300 ' 3,450,700 '' 847,500 t Nominal amount nt capital introduced, £31,519,934. $ Nominal amount of capital introduced, £22,158,480. II Nominal amount of capital introduced, £8,757,183. 118,883,500

LATEST QUOTATIONS / Buyers. ; i' «. d. Sellers. £ a. d. N.Z. Government Debentures— tk per cent. Jnscribeu and Bonds, 1939 ... 5i per cent. Inscribed, 1941 .. — 51 per cent. Inscribed, . „ 1933 -• .. 97 10 0 6s Der ■ ceb.t. Bonds, 1933 •• 98 0 0 ■ 5i per cent. Inscribed, 10S6 .. .. 96 15 0 54 per cent. ; Bonds," 1336 97 JO 0 '5J per cent; Inscribed, 1937 ... 97 10 0 5} per cent. Bonds, ' 1 1937 . ... •• .98 10 . 0 93 10 95 0 99 0 96 0 97 15 0 0 0 0 0 Other Debentures — Invercargill Borough, 5J per cent., 1918 Christcbuich Trams, 52 per cent-. 1944 Christchurch Drainage, 5g per 'ent., 1937 Christchurch Trams, Gi per cent., 1934 92 10 92 10 97 5 0 0 0 97 0 99 10 99 0 00 10 0 0 0 0 Banks— Australasia/ 1 (cuin \ dif.). Comm. of Aust. - 5 E., S., and A.. ' •• N'ationa! of Australasia (£10 paid)_ National of N;Z, New South y Wales New Zealand .. Union of Auet. 8'18. 0 0 IS' H 4 10 9 10 0 3 7.6 24 10 0 3 2 5 6 10 0 9 2 0 14 10 10 3 8 25 0 1 2 7 0 :i>v It 0 0 0 : 7 0 Insurance— National ... •• New Zealand .. • • Queensland Standard 0 n 1 14 1 15 6 0 0 0 12 1 17 2 2 2 2 a a 11 0 Loan and Agency— Christchurch Building Society Goldsbrougli, Mort Dalgety and Co. N.Z. Guarantee Corpn. United Building Society, (cum div.) .. 10 0 i 1 7 2 0 3 0 14 0 10 6 6 0 1'2 10 1 2 7 8 0 4 0 15 0 0 0 6 3 Shipping— P. and ' 0. Deferred Stock Union (pref.) 1. 3 0 19 0 9 1 10 1 0 0 e Frozen Meat—. N.Z. Refrig. (fl paid) .. ' S.Z. Refrig. (lps paid), 0 9 0 3 6 4 0 10 0 3 ' 0 .6 Woollenflj— K.aiapoi"(17$ paid) 0 s 6 0 8 : 0 Coal— Wcstport-Stockton (ord.) Kaitansata .. 0 0 5 0 "M 0 (disc.) .0 0 9 Gas— ' Auckland .. Christchuroh (Jhristcliurc'u (10b paid) 1 2 1 3 0 11 0 9 0 1 4 0 12 5 0 Breweries — New Zealand .. .. Staples Tooths •. 1 3 1 O 1 2 4 3 6 1 3 1 3 1 3 3 0 2 MiscellaneousAllied Motors Australian Distillery .. Australian Glasa Beath and Co. (cum dir.) Beath and Co. (pref., cum di?.) .. British Tobacco (cum div/i Colonial Sugar Dunlop Rubber Electro. Zim (ord.) Electro. Zino (pref.) .. Glenmore Brick and Tile Gordon and Gotch Kenry Jones Co-op. .. Kauri Timber Mt. Lyell N.Z. Drug Co. (cum dir.) N.Z. Farmers' Co-op. (6H per cent. Stock, 1940) .V.Z. Farmers' Co-op. (6* per cent. Stock, 19lg) United Pictures Victoria Nyanza Sugar Wilson's Cement, Woolworths (N.Z.), pref., cum rights) Woolworths (N.Z.), pref., rights 0 0 6 19 9 0 18 0 0 19 9 15 9 35 15 0 0 9 10 0 12 6 1 0 7 1 3 6 12 0 0 6 9 0 19 3 2 5 8 41 12 6 41 10 0 0 8 0 0 11 0 13 6 0 3 0 0 1 0 17 1 1 1 S 1 6 38 15 0 10 0 13 1 2 0 16 1 5 * ~ 0 19 2 7 47 5 4fe 0 0 18 0 16 1 9 0 3 3 0 6 0 3 0 4 9 8 0 6 8 0 0 0 0 0 0 3 Mining— Alexander (old. and pref.) . . k Cornish Point Golden Dawn .. Golden Point .. Kawaiau King Solomon Mahakipawa (pref.) Mahakipawa .. Okarito Wajhi Waihi Grand Junction Blackwatcv Consolidated Goldfields Golden Progress (2s pd.) 0 7 n 0 0 6 0 0 0 0 0 1 0 0 , 0 0 0 9 0 15 0 3 0 6 0 1 C 2 6. 1 91 7 21 1 2 2 2* 9 3 0 6 6 0 0 2 0 7 1| 0 0 6 0 14 0 0 34 0 025 0 9 3 0 16 5 0 3 9 0 6 !» 0 4 3

YESTERDAY'S SALES. CHRISTCHURCH Sales on 'Change— N.Z. Goyt. 5i per cent. Bonds. 1937 Comm. Bank of Aust. • Goldsbrough, Mort N.Z. Refrig. (10s paid) ... Golden Dawn w Golden Point Mahakipawa Okarito ••• (4) Sales Reported— N.Z. Govt. 64 per cent. Inscr ; 1937 (-') £ s. d. 98 7 6 98 10 0 98 2 6 0 13 11 1 110 1 1 11 0 3 5 0 7 0 0 0 7\ 0 0 2 0 9 3' 0 9 2i 0 9 2 O 9 2} 97 10 0 AUCKLAND. Sales on 'Change- £ s. d. Inscribed Stock, 1937, oh per cent. • • * ' Commercial Bank of Aus . Bank of New Zealand Union Bank • • . Auckland Gas Mount Lyell Golden Dawn 97 0 0 6 1 0 0 15 14 13 2 15 1 19 7 0 0 11 6 0 9 10 0 . WELLINGTON. Sales Reported — £ s. d; ' Union Steam (p-ref.). .•• Woolworths (pref. Wellington Gas Co. (ord.) Bank of New South Wales Okarito Gold Mining Commercial Bank of Australia (ord.) • • National Bank of >ew Zealand 1 0 1 .25 0 0 3 0 3 6 . 0 9 13 7 0 3 ' 6 . . 0 11 6 SYDNEY. On the Sydney Stock Exchange yesterday Commonwealth Bonds showed a sharp .rise, chiefly .the, issues. Bank shares were easier. Industrial stock was steady. Barrier stocks were weaker. ' Morning Sales — Bonds, 4 per cent., 1938 . . Bonds, 4 per cent., 1941 .. .Bonds, 4 per cent., 1944 .. Bonds, 4 per' cent., 1947 . ... Bonds, 4 per cent., 1950 ... Bonds, 4 per cent., 1951 . . Bonds, 4 per cent., 1951-59 Bank of New South Wales, prompt . • • Goldsbrough, Mort .. £ 94 '92 91 91 89 89 91 29 1 1 s. 13 12 15 10 7 17 10 6 4 4 d. 6 "6 0 0 6 6 0 0 9 10i' Tooths Breweries Colonial Sugar ... 1 41 5 5 n 0 Closing SalesBonds, 4 per cent.,' 1938 .... Bonds, 4 per cent., 1941. • v Boiids, 4 per cent., 1944 ... Bonds, 4 per cent., 1947 Bonds, 4 per cent., 1950 Bonds, 4 per cent., 1959 .. Bonds, 4 per cent., 1955 .. Bank of New South Wales National Bank, £10 paid Queensland Insurance Colonial Sugar Australian Gas "A" Tooths Brewery .. • • Tooheys Brewery - ,.f; Goldsbrough, Mort; ll.teclfolytic Zinc South Broken Hill •North Broken Hill Broken Hill Proprietary- ? ... Zinc Corporation . . •; 94 92 91 92 89 ■91 89 29 11 2 41 5 1 . .0 - J 1 0 p2 S - 0 1 1G 15 15 0 15 12 17 5 10 5 15 1 5 17 4 19 3 6 8 15 9 3 0 0 0 0 0 0 0 0 0 0 6 71 3 <3 I-. 1 . 4A 0 0 6 10* MELBOURNE. Commercial Bank of Australia • • Carlton Brewery }* • Electrolytic Zinc (pref.) Zinc Corporation . • • £ <1 1 1 1 s. 15 9 * 3 9 (1. 10 3 6 9

Metals market quotations: — ~ Mu rt li 8. March 7. per ton. per ton. Copper— ,r s <1. £ a. tl Standard, si ot .. at 16 3 33 18 0 Forward .. .. 35 3 !) 34 8 9 Electrolytic .. 40 0 0 M9 0 0 - to .. 41 (I <i 40 0 0 Wire bars .. 11 0 (J 40 0 0 I-ead— 12 17 6 Spot .. 13 0 0 Forward . . .. 13 10 (1 13 7 6 Spelter— 1'2 18 9 Spot .. 13 0 Forward .. 13 15 0 13 7 e TinSpot .. 137 12 6 133 2 6 Forward .. ..139 3 •J 134 12 6 Silver— standard, per m. 10 1-1 fid IS'.d Fine, per or.. .. 20 0-H'd 11 15-16d

1930. 1331. Dividends— Per cent. Per cent. Preference .. 6 6 Ordinary 8 5 £ £ ?\et profits 95,981 70,363 Liabilities— Capita] 1,250,000 1.250.0C0 Reserve fun! .. 400,000 400,COO Insuranoe fi;nd 309,668 309,948 Reserve for contingen424,691 cies 420,623 Deposits 50,6-2!! 34,600 Sundry creditors 262,35-2 252,937 Undivided profits 00,103 81,716 Tot al 2,8-23,369 2.813,912 Assets— Steaniahips, plarit, free1,258,U0 holds, shores 1,845,768 ■Debentures und invest-1,1-13,114 ments 1,291!,351 Coal and stoics .19,536 3S.203 Sundry debtors 118,067 70,629 Cash 26,627 20,796