FINANCE AND COMMERCE. U.S. LOAN TO BRITAIN.

Press, Volume LXVIII, Issue 20494, 12 March 1932, Page 12

FINANCE AND COMMERCE.

U.S. LOAN TO BRITAIN.

QUICK REPAYMENT,

SHAKE MARKET.

taken at 2-id. Okaritos shaded from 9s 5d to 9s 2d —last week's range was from 9s 8d to 9s 4d. Waihis were fractionally weaker at 16s 2d, 16s Id, and 16s. YESTERDAY'S TRANSACTIONS. Markets continued finn but dull on call vesterday. The recorded turnover was below the average. Transactions, exclusive of vestibule business, were:— £2OO N.Z. Govt. 5J per cent. Inscr., 1937. 100 Comm. Bank of Aust. 100 Bank of Now Zealand. 200 National Insurance. 200 N.Z. Refrig. (10s paid). 300 King Solomon. 900 Mahakipawa. 12 Bank of New South Wales. N.Z. Government 5} per cent., 1937 stock was weaker at £97 2s 6d, market closing £97 buyers, £9B sellers. Buyers of 5h per cent., 1937, Bonds receded to £97 7s 6d, sellers firm at £93. Commercial Bank of Australia (shares wore firm at 13s lid, closing quotes Id on either side. Bank of New Zealand relapsed to 42s 4d, and more were offered at 42b 6d; buyers at 42s id. Bank of New South Wales shares were firm at £25, market closing 2s 6d on either side. Other Bank stocks showed little movement. Other Shares. National Insurance shares eased to dealings at 12s, and there were further sellers at that price; buyers at lis lid. Unsupported sellers of South British Insurance shares reduced tjieir limits to 30s. Goldsbjough, Morts were stronger with buyers at 21s sd, sellers at 21s 9d. N.Z. Refrigerating 10s paid had business at 3s 9d and 3s 7d, market closing 3s 9d buyers, sellers at 3g lid. There was a closer market for New Zealand Breweries, which were quoted 22b 9d buyers, 23s sellers. Buyers of British Tobaccos cum dividend advanced their offers to 265; sellers at 26s 3d. Golden Pawn were firm with buyers at 6s lOjd, Sellers at 6s King Solomons were slightly stronger wltli buyers and business &t Is 4Jdj sellers at Is 6d, Mahakipawas moved up to 4d, buyers staying »n at that price, sellers at 4sd. Okaritos were offered at 0S Ssd (Thursday's business figure); sellers at 9s 4d. Waihis declined to 16s 3d sellers; 15s 7d buyers.

WEEKLY REVIEW. A SMALLER TURNOVER. The volume of business done on the affiliated Stock Exchanges during the past week was below the average and although a few stocks show adduces on closing levels last week, movements generally have been against sellers and in the case of per cent. 193" Stock a new low level was reached ut f'jtf Ms. Recorded turnover in Government Debentures fell away considerably but nevertheless dealings in these and in the banking section again accounted for tho bulk of the business. Gold Mining shares attracted more attention. The following is a comparison of tho daily recorded turnover on the local market for the past fortnight.

An analysis of this week's iigurcs gives the following results, last week's totals in parentheses: Debentures, £SOOO (£10.800); Banks, £3185 (£3267): Goldsbroughs, £351 (£1708) J Gold Mining, £IOBO (£654). Four and a half per cent. Stock due 3938 remained unaltered at £93, the Bonds were easier at £93, and late sellers of the former are offering at £93, buyers at £92. Four and a half por dent. Bonds, 1939, dropped 10s to business at £92 10s. Five and a half per cent. Stock, due 1930, weakened to dealings at prices ranging from £97 15s to £97 10a, and late unsupported xelleri are offering at £9B. Five and a half per cent. 1937 Stock, ranged from £9B 2a 6d to £96 15s, closing at £97 2s 6d. Five and a half per cent. Bonds, due 1937, fell front £OB to £97 10*, later reached £9B 7s 6d t and elosed at £9B, with further sellers at £9l, buyers at £96 7s od. Auckland City 5| per cent. 1940 Debentures, remained at £96 10s, and Auckland _ Electric Power 5$ per cent. 1945 realised £97 lOt. Banking Section. Australasians, oum dividend, declined from £8 4s to £9, and more are oh oner at £9 Is, recent buyers at £8 18s. Commercial of Australia indved Withiii las® week's limits ranging from l4s 3d to 13s 1 Id, and there are further buyers at 13a lOd, sellers at 14s. E., 8. and A. were released at £4 2s 6d, an casing of is 6d*on last week's turnover—-and more are available at that price, buyers at £3 17a 6d. National of Australasia £5 paid, in which dealings a week ago were at £4 18s 6d and £4 18s, had recent sellers at M 18a, but bnyefs had receded to £4 15s. National Of New Zealand weakened to £3 7a 6d» iMIA £» 9s, slid late sellers are asking £3 Bs, buyers at £3 7s 6d. New South Wales changed hands at £24 its Oct and £25 —an easing of 2s 6<x on the previous week. New Zealauds were fairly steady —transactions tanging from 428 7d to 421 3d, to 42s 6d, compared With 43s 8d to 42s 4d. Union Banks at £6 15s showed a drop of 4s 6d on lowest prices last week, and more are wanted ''at that %ttre» sellers It £6 10*. Inttifance and Loan Agency. National Insurances eased (3d to businets at 18s, and thefS are further sel» lei* at that price, buyers at lis lidNew Zeal&nds were steady at 36a 6d> market clotting 14 on eithef side. South British at 50s Were Is down on a fortnight ago, and late unsupported seller! art offering at OOg. Sellers of Standards If dividend of Is 3d per share, an asking recorded business figure, cum dividend—no seller- Gdldsbrdugh, Morts Showed recovery prices ranging froth 218 9d to 225, compared with 21s 7j}d to 21s 2d a week ago. N.Z. Guarantee Corporation remained at 4a, late sellers asking 43 3d, buyers at 3s 7d. Shifting, Ifroaeh and Has, Union Steam Ship . preference were firm at 80s--Id ana 20s. Buyers of P. and 0. defetted Stdck during the week offered 84s, but lowest tellers were 28s. N<l!, Befrigerating fully paid* changed bands at 9s ?d and 9s 9d, ana the 10s paid at 3s 4d, 3s sd, 3s 9d and 3s 7d, compared with 9s 9d and 3s 8d to 3s 6d a agty-the local tttrfidvdr WfUi 2000 shares. The markets for Woollen, and Coal Company Shares were duli and inaetivft. Auawahd tifu lufly #id moVtd Withiii lilt wife's limiti, fugging from US* to sis fld. .Wettingtoji ftrdiawy were plaeed at- 36* M»-,an easing df id on previously reeorded tutnftwweries. New Zeala'nds, which declined, to 24s last wtek are now available at 235, buyers at 22b 9d. 'Tooths recovered •oj&a ef their lost ground with dealings at £si 3d' and 22s 6d, and ii}6re are wanted at siii 3d» sellers at 23». Staples dnrffcg tie week Were offered at £Bs 6d ( best buyers, 21s 6d. .« . 1 ;■ Mitceilaneous Motion. British Tobaeoos enm dividend are stronger with buyers at 265, sellers at S6s 3d-*-deallngs last week were at 25ft 3d and 25a sd. Colonial Sugars at 138, show a drop M <1 10s on last week's dealings, but late 'buyers are offering £36 8s fld, sellers at £BB. D.1.0. for* dinary) 10s paid, changed hands at 18s and the ftrefcreneo at 20a 3d. Duulop Bubbers were fractionally -weaker at 10a 3d, and Wore are Available at 9i lid, buyers at lis. Electrolytic Zitte Preference cum dividend we stronger With buyers at 803 64, stJIeW at 22s—business last week was at 20a. Parmer 1 Trading moved up to Sa Sd. Mount Lyejls recovered to 108 10d, but closed weaker, N.Z. Drugs, cum dividend of 4 per tient. have buyers at 45s Dd, but sellers want 48s. £afii recorded turnover wias at 45s 9d. Thames Theatre realised 7s 6d and Sanfords, 2s fid. Victoria Nyanza Sugars fetched 14s* #d, and there are further buyers at 14s. sellers at 15s 6d. Woolworths 4 N.Z.") preference cum rights Worn placed at 255, and the rights at 3s 3d. Gold Mining. The local' turnover of 13,600 shares was made up as jollOWl; last We6k'» figures in brackets t<~Goiaen INnt, 000 ( —)j Golden Dawn 1156 (350); King Solomon 3200 (1800); Mahakipawas, 8200 (8600); Okaritos 650 (630); Con* solidated Goldfielda were firm at 2s. Golden Dawn ranged from Gs lOd to Ts Sdf compared, with 5$ ll|d to 6s 6d a week ago. Golden Point were a shade easier,at 7jd. Kildares were Id down at Is 6d. King Solomons weak' ened from Is s|d t0 ls SJd, closing at Js 4Jd as against Is 8d to Is ssd last wee*. Mahakipawas ; had dealing at 1 2) d, Sd, OA and 4d» as againit id to last wesk—the prettteAce* Were

AUCKLAND.

[THE PRESS Special Service.] AUCKLAND, March 11. The volume pf business on the Auckland Stock Exchange during the p&flt week has again been small, although there was a temporary return to mt>re active trading conditions to-day. The WBfek opened with values on a low level, and a further decline was re-* corded in some sections. However, today (saw a slight firming in prices apart from mining, in Which the demand WoAkottßd* The movement in ties was confined to three or four issues at prices which have not varied greatly? Attention was directed mainly to 1937 5J Mf ceak stock, in which several dales took place, ranging from £97 10s to the final price of £9B. The 1936 64 rtfer bent. Stock weakened on flftloS to £97 against a steady price in the pre' vidua week of £9B, Trading was faifly active m the banks on the basis of lata rates. New Zealands sold regularly through the week unchanged at 42s 6d.. After hands last week at #25 NeW South Wales weakened to £24 178 oa, but movud b&ek to the former level to-day. Austfalasiaß sold at £9 4s, later declining 3s to £9 1?. Sales jh insurance were confined to one day, on which there Was increased activity in all fcectiQhs. . Colonial Sugars showed a sljarp fall, and salfei haVe tajtea plaee 30s lower at £BO. There Wa« an increased turnoVef, ah mining oh lower price level. Wailus, Which eomfflanded i6s 4d in the pfSVi l pus week, fell by gradual stages to 166. Mottttt liyells, Whifih showed signs of an upward, ttehd, hftve depreciated and were sold to-day oyer 1b lowef at 19S Id. Golden Dawns changed hhiids frequently on a slightly higher basis.

DUNEDIN.

A FAIRLY qtllET WEEK. [THfi PEESS lipecUl iSrvlce.] DUNEDIN, March 11. Business has been fairly quiet during the past week, but several lines have been turned over. There was business in National Bank of New Zcalahds at BSs. A further offer of 66s was made, but sellers did not come forward until later, when 69s was asked. Bank of New South Wales are wanted at £24 10s, with sellers asking £1 more. The offer for Bank of New Zealands is round about "425, sellers ashing 40§ 9d. Commercial Bankg Have tope# (Siwiy it demand during the period at IBs 9d, With a seller forward it afaiind J4s. . 5ChWe Mi been little demand for National .Insurances which hftves b6ofi on t>ffer at l2s S)d» The demahd for South British is steady at 6d. Thete Was a seller at the close at 525, but lid business resulted* Standard Insuranees have tendfed to ease and. the elase of the market found the shares being bi?e*e<i at 41«. Buyera wore unwilling to give more than 38s. The demand for Union Steams has continued firm &t Ids lid, and there was a sale at 20a. Saitangataß had a buyer at sne stage during the week at 2s 6d dlseouht. The demfeild faded again, however, ahd there were ho iquotatidna ijt the close ef the market. Westpert Coils &re hoiv being asked for at 19s od, sellers demanding 21Si fidth ordinary and preferred Wright Stephensdns have been offered at 138 without attracting a buyeh The current dffer fpj* paid-up New Zealand Refrigerating;} ig 9s td, but there is no seller ih the market. There was an unsupplied buyer Of contributing Shares forWaird recently at Ss Bd. Australian Glasses are a little firmer in demahd. There was a buyer at the close at 89s, bill ho seller came forward. firtSiheSß lia§ Wen dbne iji New Zealand Breweries at 245, two* t pateels changing bands At that figure. The Closing quotatiotts were 22s 6d. (buyeM), and 24s' (sellers); A parcel of Tottth's Breweries WAS turned ofer at Sd, but sellers are now demanding 22a 3d. Up to 20s was offered for preferred Electrolytic Zincs, but sellers Were retiee»t. K-ildares wore dealt in at Is 64 and lfttef offers of is §d were met with demands for Is 7d. Okaritos were easier, the market closing with a bu>er at 9s and a seller at 9s 3d. Golden Proemit whlbh are now shares, hava a bUyer at par and a seller at 3s 3d. There wat) a said of King Solomons at la 6d at the end of tho Wefek. The pHte previous to this was Is od, sellers quoting Is fld. Biackwaters have a buyer at 5s 9d, but sellers are *skiftg:.7«.. . , Ther* hM been J it tie demand for Government Loan?. A parcel' "of 51 per

WOOL MARKET.

WELLINGTON AUCTION. LONDON DECLINE REFLECTED. [THE FBESS Special Service.] WELLINGTON, March 11. The recent decline in wool values at the London sales was fully reflected at the fourth sale of the season held at Wellington to-day, the result being disappointing to growers and brokers alike. The market was, if anything, slightly firmer than at Invercargill last week but there was a marked fall on the prices ruling at the February sale at Wellington. The total quantity catalogued was just over 20,000 \> a l es , but this was reduced by fairly lieavy withdrawals, and passings as the sale progressed were monotonously frequent, growers obviously not being prepared to meet ' th« low market. Clearances at auction m some of the catalogues were from 00 to 05 per cent, and in others up to over 70 per cent., but it is stated that a fair quantity was sold privately after the sale. " The wool offered consisted largely or crofcsbreds with a small proportion .of halfbreds and average to low merinos. The great bulk of the catalogue was topmaking sorts and included a large quantity of inferior to low average wools. Bradford Dominates the Market. There was a fully representative bench of buyers, but several sections, notably the Continent, were more or less Inactive. The attitude of the French and Gorman buyers was indicative of the situation created by the recently effective British tariff and the uncertainty of the political outlook in Europe, while the rise in sterling is having the effect of making purchases dearer for the Continent. Yorkshire dominated the buying and operated vigorously at the low limits ruling. Buyers on Japanese account were also busy, and with Bradford took tho great bulk of the wool sold. Japan bought all grades of wool from crutchings upwards. The French representatives bought sparingly, their purchases being confined chiefly to lambs, bellies, and pieces, lialfbreds, and merinos. German buyers Were comparatively inactive, only one operating at all freely, and ho mainly on inferior crOssbrcds and halfbreds. Representatives of local mills took whatever suited their requirements at the low range Of values ruling. Competition was fairly brisk on all good wools, particularly any well gotup sorts, but for all Other kinds the bidding Was very poor, some lines not bringing a , single bid. The sale dragged badly at times and was not without its effect On the fairly large gallery of farmers and other interested onlookers. Occasional bursts of excitod bidding for desirable lots were the only bright feature of a disappointing sale. Compared with the values ruling at the February sale at Wellington, prices at tO-day'B sale were as follows:—Merinos $d down, halfbred -id to Id dbWn, average crosabreds 46-50'S $& to Id down, 40-40's id to Id down, inferior crosflbireds of all grades id to Id, arid in some eases l?d down, bellies and pieee# id to Id down, crutchings Jd d6WU, and lambs id to Id down. ■

Ba»gd of Prices. FolloWihg is the Gfflcial range of pfices, that for the previous sale being fiiven for comparative purposes. . Feb. 11. March 11. d. d. d. d.

Loelcs— Merino .. l a -to « Half bred up to -4 Crossbred . • Ht° "'3 BRADFORD TOPS MARKET. LONDON, March 10. On the Bradford tops market more business was offering.

cent. Bonds (1937) was turned over at £9B 15s. Tliere was a buyer of thes6 at" £1 )£ss to-day, but no seller came forward.

LONDON SALES.

GOOD COMPETITION. (UKITED PRESS ASSOCIATION —BT ELECTRIC TELEQHAPH— COSYBIGHT.) LONDON, March 10. At the wool sales, 6631 bales were offered, including 522 from New South Wales, 495 from Queensland, 269 from Victoria, 469 from Western Australia, 110 from South Australia, and 4754 from New Zealand, of which approximately 4845 were sold. There was good competition and prices were maintained. New Zealand greasy crossbred, JRA, top price Bsd, average 6Jd; halfbred, Ben More, lid and 9fd: merino, Lansdowne llid and 10jd; slipe, lambs, Pareora lljjd and lOd.

WHEAT TRADING.

CARGOES, PARCELS, AND FUTURES. (UNITED I'aF,S3 ASSOCIATION— BY ELECTRIC TELEQRAPH —COPYRIGHT.) LONDON, March 10. Wheat cargoes, in sympathy with better Winnipeg advices and the reduction in the Bank rate, are steady at late rates to an advance of 3d. Reports that the Italian quota had been increased by 10 per cent, and that the German import duty had been reduced also acted as "bullish" factors. Parcels are in quiet demand, unchanged and occasionally 3d up. South Australian, on passage, changed hands at 27s 9d. The spot trade is slow. Australian, ex ship, 29s to 30s. Futures are quoted as follows: ■ Per Quarter. London — s. d. Juno ... ••• 26 2} September ... ... 26 11 Per Cental. Liverpool — s. d. March ... ••• 5 4 May ... ... 5 61 July ... ... 5 B,j October ... ... 5 11 CHICAGO WHEAT. NEW YORK, March 10. Chicago wheat futures are quoted as follows: — Por Bushel, cents. . March .. ( ... 57-i May .. '.. 60S July .. .. 62J September .. .. 64jj' New York (cash) .. 71

LOWER PRICE FOR STERLING.

(BRITISH OFFICIAL WIRELESS ) •RUGBY, March 10. When the foreign exchange market opened this morning the New York rate for the pound sterling, which closed last night at 3.09$ dollars, was quoted at 3.67J dollars. The Paris opening rate was 93J francs.

HOW TO FIGHT DEPRESSION

MANUFACTURER'S SUCCESSFUL EFFORT. Back about 1903, when the United States was enjoying one of its most sever depressions (writes Amos Stotis) a New England manufacturer of fine papers scraped together ten thousand pounds and put it all into advertising. His associates thought lriln mad; but. they could not stop him. Ho-held the majority of stock. Two weeks later he closed down the plant, to the accompaniment ot criticism for throwing away money that Wblild have kept the plailt ruritijiig. But there not an order in the place. He told his workmen the whistle would blow when tlicy Were wanted back to work. Two Weeks, after that, his first advertisement appeared. Two days inure passed, and his first order came in, It was not enough to justify starting up the mill, but he did it just the same, for lie was convinced that more orders Woiild follow, And so they did. The fact, is that sane advertising with something Worthwhile to offer, set that paper mill running at a profit When' its big neighbours Coilld not run at all. For s_oine tiflife to conic every penny went into advertising and factory improvement. It was later timt he married the daughter of one of the biggefit mfeli hi the paper industry. jfiiries Gibson Taylor died a young man, some years ago, hut not before he proved what advertising could do in ttie fftce of hard times. AUSTRALIAN PRODUCE. MELBOURNE MARKETS. (UXITED PRESS ASSOCIATION—BY ELICTBIC TELEGRAPH—COPYRIGHT.) MELBOURNE, Hatch 10. Whtsat (nominal)—Bs 2d to 3fe 3Jd. FlbUl>- 1 - I f 7 10b A .'ton. Bipaft arid Pollard—£3 5s 4 ton. Oats—Milling. 2ls 2d 16 2fe 3d; fetid, Is 7d to Is 10di B'arley—-English, 3s 2d to 3s 3d; Cape, 2s 7d. Maize—4b a bushdl. Potatoes—£6 to £6 10s a ton. Onions—£li 10s to £l2 a ton. COMPANIES REGISTERED. The current issue of the "Mercantile Gazette" notifies the registration of the following hew companies:— Wooler (F. C.), Ltd.—Registered as a private company, March 3rd, 1932. Office: 218 Manchester street, Christcliurch. Capital; £2OOO, int 02000 shares ot £1 each. Subscribers: OhristcliUrch—F. O. Wooler 50, M. F. WoOler 1950. Objects: Wholesale warehousemen and manufacturers' agents and in- . cideiital. Wallis FbOd Products, Ltd. —-Registered as a private company, March st.hi 1932. Office: 062 Colombo street,. Christchurcb. Capital: £3OOO, iii 3000 shares of £1 each. Subscribers! Chrlstchurcli—C. L. Dickons 1000, S, D. Wallis 1000, F. \V. Deightttn 1000. Objects: To acquire and tq.k6.over as a going concern the business of H. W. beighton, C. L. Dickens, and S. li. Wallis as pork butchers arid incidental. Co-operative Beech Company (Southland), Ltd, —Office: Invercarglll. Capital: The members of the company Undertake to contribute amongst themselves to any such amount frequired, but not exceeding £2OO. Subscribes: Southland—Smith lind Co., Ivilkelly Brds., Hamilton atid Coi, J. Mclhtyre, Ermedale Timber Co., Traill {Srot., Alton Sawmill Co. Objects. Sawraillers and timber merchants. Harris (H. J.), Ltd.—ftegistcred as a private company, February 22nd, 1932. -Office: 54 High street, Dannevirki. Capital: £ISOO, in 1500 shares of £1 each. Subscribers: Dannevirke —H. J. Harris 1000, Eliza i. Harris 500. Objects: Business of booksellers, stationers, and general incidental.

To Toanui Research n»d Development Company, Ltd.—Registered as a. private eoitipany, February. 27th,. 1932. Office: sti Willis Street, Welllngtoh. Capital: £3OOO. in 3000 shares of £1 each. Subscribers: Welling-' ton—H. H. Adams 2000, A. R. Perry 1000. Objects: Seftrch for, \vork, win, And raise "gold, ores,- metals, minerals, anfl siaei'al incidental. ' • ; •• '

VALUES ON STOCK EXCHANGE.

CHRISTCHURCH RATES, 11TH MARCH

FORMER LEVELS COMPARED

+ Interim dividend passed. . , . n r Interim dividend it rate of 3 per cent. p.a.; b, interim dividend at tale of 8 per cent.'per miuub; c, interim dividend at rate of 8 per ceftt. Mr antnttn; d iitrMatuf af ruth of 0 bet cent. pet anhum; jntetim cMVi46nd fct tat 6of 10 tet cent. P d Z»m; tMm aividLTrt fate ot ia per cent, per fcftttttft.; g, interim dlvn c itnd at 'rateo! i, per cent, per annum. Where,no approximate market is given, return is Worked da mid-market price, unless c«ly one quote ia givftn. ; . ... .. .' ...

OTHER QUOTATIONS. Buyers. Sellers, £ s. d. £ b. d

WELLINGTON. Sales Reported—- £ s. d. 5i per cent. Bonds, September, 1937 .. .. 08 0 0 Bank of NeW Zealand (2) 2 3 6 Waihi Gold Mining .. "10 0 Wellington Gas Co., ord. .. 1 6 6 ißank of Neiv Zealand ... 22 6 DUNEDIN. Sale-R6$6WM—- £ s. d : King Solomon ... 0 16 SYDNEY. On the Sydney Stock Exchange yestefday prices for Gomtnonwealth BdUds were well maintained. Battles, Stealii, insurance, and Gfts shares Were uueliiiligfetl. Breweries Were steady; Sales Recorded—

Banks — Bank of New South Wales 29 0 0 National Bank (£ 5 paid, New Zeakiid delivery) 5 8 0 Commercial Bank of Australia (Nevp Zealand delivery), .• •• 013 6 Commercial Bank of Sydney 15 17 6 ,

YESTERDAY'S SALES CHRISTCHURCH. Sales on 'Ohafige—

MELBOURNE. & S. d. National Bank (£5 paid) 5 9 0 Broken Hill South • • 2 6 6 Zinc Corporation •• 19 6 LONDON STOCK EXCHANGE. (UKITED pBESS ASSOCIATION—EX ELECTBTC "tfeLEGaAPH—COPyRTG^-) (Received March 11th, 7.10 p.m.) LONDON, March 10. "s. d. P. and 0., deferred .. 22 9 Zinc, ofdinary •• 21 10J Ziflc, pref. ■' 55 0 Sulphide ...87$ The Sulphide Corporation is opening the Central Mi he on April 4th. CLEAfeING SALE. Johfes, AtcGiostie and Cp., Ltd., held a buc ; cessful fcleariilfr sale oh Thursday on Account of the trusties in the'estate of R. H. Rdwell, on the premises, No. 15 Maxwell street, Ric cartofi, when therE was a lar*;e atteiiiifliice, and satisfactory prices were obtained tne fqi-iillHte. ftfcd effects. Tbe property was passed in at £540.

AUCKLAND

CANTERBURY MARKETS.

OATS FIRMER. (.BY oun COUiIEBCIAr. EDITOE.) Friday Evening. The potato market shows little difference from the mid-week. April-June delivery is quoted at £5 7s 6d f.0.b., s.i., and later months 'at £G 12s 6d. Jne on truck price for the earlier months is £i 7s Gd. Prompt fowl feed is quoted at 4s 4sd f.0.b., and spread 4s 5Jd. Oats are firmer. Up to 3s bd a bushel, f.ob., s.i., has been paid ior spread A Gartons. Very lew are offering, and apparently growers fli© leaving them in stack as tney are very scarce. Local Gartons are quoted at 2s 9d to 3s on trucks. Algerians are quoted at 3s on trucks. , , Blenheim chaff is being offered to, Auckland at £5 a ton, and as freight from the former point is 5s a ton cheaper than from Lyttelton, the price in Ohristchurch lias to be 5s a ton lower to conipete. The Blenheim chaff is reported to be bright an<l heavy. The Christchureh quotation to farmers is £3 los to £4 a ton. . The pea market moved up during the week on account of some forward sellers having to come on the market. This raised the price to £6 f.0.b., s.i., which is above London parity. Prices on trucks have been os a bushel. The onion market is a shade easier, quotations being £7 to £7 10s on trucks. Supplies are coming in with more freedom now that the season is advancing- The first shipment from Lvttelton to Sydney will leave on the 18th inst., and a further consignment will bo sent early next month. This is expected to be a larger one than nevt week's. Values in Sydney remain at £ls a ton. Quotations. The following are quotations for 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-Jd, f.0.b.; Hunters, 4s 10-ld; Pearl, 5s OJd. Fowl Wheat—Prompt, 4s 4d to 4s 4id; spread, 4s s£tU. Oats—A Gartons 2s 9d to 3s for prompt; lis, 2s 6d; Algerians, 3s; Duns 3s. Bran—£4 a ton for shipping, £o local. ... Pollard—£s a ton for shipping, £6 10s local. Flour —£13 12s, with the usual increments for small packings. Peas—6s a bushel. Potatoes —£4 7s 6d to £4 10s. Onions —£7 to £7 10s. Cocksfoot—Akaroa, 0d to 61d; Plains. 4d to sd. Perennial Ryegrass —To 4s. Italian Ryegrass —3s 6d to 3s 9d. Wliite Clover—ls 6d to Is 9d. ASHBURTON MARKET. Odd lines of ore still being offered, but the quality of many sitapleß is not up to milling standard. A good, deal of fowl wheat will be offered from now onward, and the market has shown a slightly easing tendency; ■ There has been a demand for heaVy lines of Garton oats, but few lines of this description are available. Most of the oats are light and unsuitftblfc . fofr Jtollling. _ ... Partridge peas have been offering in fair quantities, atid sftllSS of No. 1 grade have taken jtfacfe at 4a 9d pir bushel too tracks. Occasional orders for chaff arts being received, and up to £4 per ton on trucks has bfeen paid to pwlrs. ' Th6re isstiu a good demaftd for ill Heeds, artd recently there have been enquiries for good lilies of coctufoot and Westfttn Woltbs from the North Island. The potaW _ pdlitSdh' fß' Mill unchanged, values remaining firm at late rates. The following ht-e quotations to be paid to f&rtaeJs, on tfdeks, countrystationt;, sacks fextrh!"- " vr i "Wheat —Tuscan 4s Bid f.0.b.. Hunters 4S 10 H f.0.b., Pearl 5s Old f.d.b., fowl wheat 41 44 f*o;tl. - - Gai-tona 2s 9d t B a 2 s 6d, Algerians 86 to 8a 3d, Ddfis 3s. , Grass Seeds —Perennial 4s to 4s 3d, Itauftn and "Western WolthS 3? 9d to 4s, cocksf&ot 6d per lb. white clover 18 6d per lb. Peas —No. 1 partridge 4s 9d per bushel, f.a.q.'s 4s t6 4s 3d. . r Chaff —Good bright oatsheaf, £3 las to £4. dunedin. [Ttifi MMftis ajteciu umioi.] DUIS'EDiNi Jlaveh 11. Offerings of milling Wheftt have not been very plentiful during the fc&st We6k. 80 fa* as Ota so is ' concerned. The Oily • district from whioh whfeat IS being offered is Central ptago, where the i-ainfall has been Etflaller than in most pthfe* idealities. AS » quence greater" progress has beed wade there with harvesting operations than in other places in Otago, Ctops til Ot&go Central wilt be lighter this season thaii UsUal, fctit the quality of the wheat is eieellent. In' the meantime what wbe&t is bßifttt sold iii Wrings iiig tho prices fixed by tli6 Wheat marketing agency, namely 4s fbfr Tliechh, 4a >lO for llunters'i and Gfi Uid tor V ulVtil, all i.o.b. saoks extra. The lowl wheat tnAt*ket haa developed iiito » loctll 6fl®, AS the require' ments foi- the North lalUiid dt-b being obtained from Caiiterbwyi Wrt* W °* pricea obtains then at this port, Shipments to the North inland are being toide oil the basis of 4s 5d f.0.b., sdbk's dktrti, bUt> id Dunedm the local denland is kfeepiflg price* fairly high. I'he wholesale value to-day is 4s 8d pbr bushel, sacks extra, eSt ttlittk. The oats market i& firm, with fenijttliftes fot shipment to tfae NortU Jsl&iid ceiitrted Dunedin and Bluff. t)ry Weathet Iti Canterbury has caused a short&ge 6f oats there, and from now onwards it i& expected ■ • that northern orders .for feed purgosfes will be filled from Duriedln and Bluff. The present value of A Gartons is 3s 6d f.0.b, ( s4t, aad folf fi's, 3s 4d. Thfese VilWes iIM equivalent, to 28 9d, sacks extra on trucks country sidings, with 2d per bushel less for B'b. There is not a great deal of business being done in the chaff market. Sales are confined to email iots, ex store, and tlieseare Baleable at about £3 6b, sacks extra, fruclc lots are difficult to plaee owing to the limited demand. The price of the latter is 6s to 10s per ton lower than that ruling for small lots. It is anticipated that the supply Of chaff for this market during the comitlfe fceasoa will have to be drfciwii from soutllcrn distHcts, drought cohtiitions in Canterbury hiving caused a BhdrtagS Of crops suitable tor chaffing.

The potato market is quiet, Witli plentiful supplied Coming forward. Mei'chaiitiare eatisflea to vroi-k on a Hand-to-mouth basis. The thfethihg of the ryegrass crops iti Southland has beeii delayed on account of unsuitable weather, and it has only been within the past few days that further . aatnplei ltavo appealed on the market. High - prices were obtalbfed, for the fifst lots threshed, but merchants have hot been inclined to follow tha knarket as they ate laced with a possible difficulty of finding ah outlet for their purchases later id tlt« season. A reßult of this hesitancy 'has been a decline in values ana 4t .3d per bUshel On trucks is iioW the highest price bbtaihfkble for hfeaVy lines. A number of other lines of lighter tjUality have been selling at 3s 6ft pet bushel. In bther seeds little business IB passing. White clover will be in short supply, and the market is firm. The cowgtass market is also firni. Cocksl- - values Venialn unchanged; Up to the present the market has not opened for fescue, and no orders have so fir been received fron> America:

LONDON PRODUCE MARKET.

(VKWJED pn?ss ASSOCIATION—Bi ELECTitO TEtEQjftA PH— COP YBtGHT.) LONEOK, Match 10. Floiir is quiet, Australian ex store 21s 6d to 225. Oats are slightly easier. Peas and beans are quiet and unchanged. TIN QUOTATION. NEW tOftS, Match 10. : Tin (March)—2l.B6.

RANK OF ENCt?llll|j RETURN.

(emu rlxti AMoa»Tio»_ M _ "■ *: T*L*Q*APH—cornuaiT.) (Received March 11th, GB nm\ LONDON, 3?® : Tii© following is the Bank of Etoi" ' 'i rstuin for the week ending Mardj lotk ISSUE DEPARTMENT. \X Kotcs issued— Govt. debt, n ifi. In circula- Other Govt. " r tion .. Ca1,475,000 p eountjea rua..! In banking Other aecudept .. 41,326,731 rities .. ll lM Suver coin s «?vS fiduciary i ' 7ai ' t ® ißsue 276/100^ GoltJ coin jgS bullion lolal 395,801,731 Total SMjWW '% BANKING DEPARTMENT. j® Proprietors' Gqvt.secu- ' * U capital . 14,003,000 ritieg . '.tlie rest 3,669,115 Othet seca- , I'lies— , I e " Discounts "-Jj posits .. 7,830,Gia and ulvances*- 11 deposits- Securities tfSS'g Bankers' 92,563,017 Notes 4r-SeW?"v? : Other acs. 23,182,1E3 GoW Seven-day silver coin em,.. '-.-'i anH of.ber t bills .. 1,795 Total 152,826,685 Total Proportion of reserves to liabiliti-' - per cent.; short-dated loans, S» ni.' •h™ - - ' three-months' bills, 2i per cent '-"'i rate has been reduced to 4 per pent. A'The fiduciary issue of i' 275,000,000 «mni>u of the folio viug items: other Government securities, ""othtt'SS rities, and silver com. ' " l ?| GOVERNMENT SECURITIESL ' JVKITED PRESS ABSOCUTIOK— M (Hie™* TELEGRAPH— COPYRIGHT.) ■ I I (Received March lHh, 5.5 p.tn.)' March io.t \ The following are the latest quotaiSo it 'dl- I 'i Government securities, compared wilh l.iices ruling on March ■ '

FOREIGN EXCHANCfI&jj

(BRITISH flfttClAl, MttLfeSt) ' ||mj (ReoSited March 11th, 5.5 fM.) ' '%m BtJGBY, MkKk » *=s£. 'J'lab filiating hre the cane&t »trt cseliArigfi, compared With thtt&e fit ** I>ftT ' Pbi. Meh.B.Mtt.lO- ! S

. THE PRICE; OP ' SILVER* • "||| (BKitien OMlciAt WiBfc&ESS.) (Received Marqli 11th, 5.S JM&J , -BCG&V, MtfA 1°- V||| Silver (pence per oUiVCe) is qttottS ** March*. M*rtH Jo*f|| Spot ~ . .. i7jd "Id Forward .. .. 17 7-16 d Ul-lW -

EGOS AND POULTRY.

The Red Comb Egg and Poultry Oonip&Ay -j| report gooa supplies of poultry at tMir »U e " -y, tion on Wednesday and Saturday. btW* , clearances have been made at tecent ? tHina, and there is every indication tf prjf?*'' ;« hardening. especially good boilers. », ~^£ little variation in tie prices reall»«d the 'prftVlouß week's auction. The offering was mixed, but contained a l<lf Js®" •' Jg JJbrtioß of fiSod bird*, tor which 1: Wafe good. the lighter birds, '< cheap, were hard to dispose of, as bflyo" ."4? were hot itrtfemt&d in them. Thew i* " g&od enquiry tot heavy ducks and dw«j A feature ol Saturday's sale' was a B®*j llfie of yearling hens, folr which comp^ l * lo > • wis keen. ■ ■ . . , * J . Hed Comb brand machine graded, testgj> >' ■ guaranteed fresh eggs:—First gr»d» **Jt .af sbfioad grade is 24 pet dozen. . ~ . AVerae* pficfes pet pair ffedeiVfctt lor <•& 1 try during the week pullets up to IQs, heavy breed pullets #P 10s, roast chicken (light) 4s 6d; , ro !i chicken (heavy) 9b; ducklings, light: • heavy 6s: geese ss; hens, light 3» ®*'. T.i 6s; ROBlin|l! to; tUfkey h4ns 14s. »» rtey gobblers 3M. 1' -,3 .V - ■ '

EXCHANGE RATE. NO ALTERATION TO BE MADE. STATEMENT BY MINISTER FOR FINANCE. (I'RESS ISSOriATIOX TEI.EORAM.) WELLINGTON, March 11. The Government's intentions regarding the exchange pool were stated in the House of Representatives this aftronoon in a reply by the Hon. "W. Downie Stewart to a question asked by Mr C. A. Wilkinson (Ind., Egmont). "I am fully alive to the fact that the exchange question is causing much concern to mercantile firms and others," said Mr Downie Stewart. "It is for this reason that the Government has given much time to the consideration of every aspect of the problem, and has made repeated efforts to bring about agreement between all the interested parties. So far, however, these efforts have not been successful, and in any case, before any alteration in the present arrangements can be made, the concurrence must be obtained of tho London interests which undertook certain obligations on behalf of the Dominion on the faith of the arrangements made in New Zealand to meet -the overseas emergency. In recent times many Governments have found it necessary to talce control of exchanges in much the same way as the New Zealand Government found it necessary to create an exchange pool owing to a sudden emergency arising in the London money market. The pool as created is not for the purpose of keeping down the exchange rate, but as a precautionary measure to see that adequate funds could bo purchased for Government requirements, and that all exchange credits wero conserved and used in the best interests of the Dominion. In a national emergency of this nature, national requirements must take precedence over private or sectional interests, and some measuro of restriction on individual freedom must inevitably be accepted in the public welfare. Conditions In London Improving. "Conditions in tho London money market are improving rapidly, and if the present favourable tendency continues the Government may in due course find it possible to get som.e relief from the stringent conditions'which rendered necessary the formation of the exchange pool. In this event a reconsideration of the persent conditions. imposed in' New Zealand will be possible, and the regulations will not be maintained any longer than is necessary to ensnre Government requirements being met. "In conclusion, I may Bay that the Government does not propose to interfere with the rrte of exchange, and in the meantime docs not consider it advisable to make, any alterations in the regulations for effecting tho pooling of exchrfhgc resources." GUARANTEE CORPORATION. HALF-YEAR'S OPERATIONS. CrXESS ASSOCIATION TSt.EOB.IX.) WELLINGTON, March 11. Mr Sidney Kirkcalflie, chairman of th»» New Zealand Guarantee Corporation, "Ltd., announces that the result of tho half-year's operations ending February 29th last- discloses a reasonable profit under existing circumstances, the elimination of all liabilities, including bank overdraft and deposits, and the accumulation of a substantial cash credit balance. _ The question of the declaration of an interim dividend will be considered when the Government's > financial proposals have been made public. BUTTER AND CHEESE. LONDON QUOTATIONS. ' . LONDON, March 10. The batter market it quiet after aa active three days. Quotations:— Danish, 124s a ewt.' Choice salted—New Zealand, Ills to 112 a; Australian, 106t to 107s. Unaalted—New Zealand, 114* ta 118 a; Australian, 100* to 112«. The cheeae market is glow. New Zealand, white 62a, coloured 63g, Australian, temporarily cleared. Painty and Co., Ltd., have received the following message from Samuel Page and Son. London, under data March 10th:- ' Batter—Market firm but top' ' quotations nominal. Danish 192s to 1345; finest Naw Zealand 109 a to 113* | finest Australian unsalted 108s to 110s; salted IQG* to. 108s; g*.q. 102s to 104s. ' Obese—Market quiet, following an aotive demand. Quotations—New Zealand white AOs to 61», and coloured 61s to 635; Canadian. spot, whits 68s to 745, and coloured 68s to 725. The National Mortgage and Agecny Co. of N.Z., Ltd., have received the following ' message from their principals, A. J. Mills and Co., Ltd.. London:— Butter market is slow. .New Zealand, ftrest Ills to 112s, firsts 110s, unsalted 117s to 118s. Danish 130s. Australian 105s to 107s. Cheese—Market is steady. White 61s to ■ 62», coloured 62s to 635. A. S. Paterson and Co., Ltd., have received the following message from their principals, J. and J. Lonsdale and' Co. (London), Ltd.:— j Butter—All markets are slow. Banish hat been further reduced equal to the amount of the duty. Danish 125s (including duty); New Zealand 110s to Ills; Australian 105s to 106«. Cheese—White 59s to 625, coloured 62a to 635. DISTRICT COMPETITION. EXPORT LAMBS. The New Zealand Meat Producers' Board announced at the , beginning of the season that it was inaugurating a special district competition, with a view to improving the quality of our export lambs. The two Islands were divided into suitable districts, and the Board offered perpetual challenge shields for the best district display of lambs from each Island respectively. Special prizes were also offered by the Board for the best individual pans of three lambs shipped from each Itland. • The Meat Board has ■ receivod advice from its London manager which .confirms the Press announcement that the Challenge Shield for the best district display of lambs from the -North Island has been awarded to the Mana- . *«tn district) The" special prices for the neat individual pen of three lambs shipped • ! r ?. m North Island were awarded as follow*: • Walrarapa. Pen No-. 47 (P. R. Welch Masterton) ... ... ~ 1 W«irar«pa, P«*n No. 20 <R. R Tilson, Greytown) .. .•• • . . g Xanawatu, Pen. No. 32 (lan Mitchell', I M - r

MINING. ! KING SOLOMON DEEP LEAD. (MESS ASSOCIATION TELEOR\« ) IX YE RCA JIG ILL, March 11. The -wash-up at the King Solomon Mine for the past week totalled 3-loz ochvt. PRICE OF GOLD. LONDON, March 10. Foreign exchange moved slight X against the pound, causing the go price to be fixed at £5 12s 3d. SUGAR QUOTATION. LONDON, March 10. s. cL Sugar (April) ••• 5 ° GENERAL MERCHANDISE. groceries. There is nothing out of the ordinary to report in the grocery trade this «' eck \ }l ° chants are finding that fltorekecpc " "Y^' 1 buying freely, and in some cases stocking up. Sugar supplies are satisfactory, an arrival on Wednesday being welcomed as >n some quarters'stocks were low. Nuts and Almonds. ■ | , bAi , were 24s- per cwt. low 0 those quoted this week. This difference is based on c.i.f. values only m each case, so the exchange increase is n °*,« issued for Early in February prices were issued tor new season's Sicilians, and they were lis do r cwt above-the latest quotation. It looks as if the paucity of business is causing prices t0 Filbert nuts in shell, prompt shipment, have declined 6s per bag compared with the position just before Christmas. New senson's quotations aro now available, but intending buyers arc shy of operating. • Fruit Pulp. A full rango of eleven varieties of Tasmania.! fruit pulp is being offered locally on account of a Tasmnnian factory. I he usual size's (viz., G's and 3's) are quoted, should be noted when buying that the 0 tins are a long way cheaper in proportion than the .Vs. This fact may not bo apparent at first, and may be overlooked by somo intending buyers. In the case of raspberry, the landed cost of 3's is a shade over 2d per lb more than the G's tins. All the others are in like proportion. Australian. Dried Fruits. Prices for new season's Mildura sultanas and currants are anxiously awaited by the trade, and up to last night had not been announced. The prices for Australian trade were announced 011 March 3rd. As the first part of the crop will be ready early in April there will not be much time, after the prices come out tor New Zealand, for merchants to sell ex ship before the fruit will be arriving. . Tea. , ' The usual auction of Ceylon tea Was held oh March Ist, when 1,550,0001)) wore entered. (Jaality was . satisfactory, and the market, stood at , th# same lqvel as tho previous- auction,. except ill the highest grades, which advanced'in some, cases as much as 2id ■'per lb. An- auction salp of Indian tea was hold in Calcutta -.'os* Starch 2nd and attracted very strong competition'for a.'rather small entry, only 5000 chests of leaf tea and IMKr Cfutlnjjq of ftuiiuSgs; Buyers from Persia tvei'p exceedingly #etive ; ahd' pushed prices | up. All lines tho rise r running from 6 pics to l onna. ' There will not be any furtlier auctions of teas in Calcutta until the last week in May or the first week in Juno. The Java tea market is still very active ant, -prices running too high for New Zealand buyers. The Australian public soem to prefer to Ceylon or Indian tea, as agalnst-the almost, Exclusive coll for Ceylon tea in New Zealand, • -■■•■••-cr Onions.'.- . '■fha market in Australia is being very carefully "watched'from here, and all-movements upward are likely to reflect, on prices here. A messages few' days ago from Melbourne stated that the supply of Globes there was About exhausted, but new supplies of Brown Spanish were, coming in'from North Victoria. The last -advice received here from Melbourne quoted Globos at £l3 10s. This did not state whether f.o.b. or rot, so the information is of/little value. The Brown Spanish were not quoted. *' Singapore Markets. There ..has been a little excltemiiet in sago ami tapioca since last' report, , and, thero ,have been 'one/ or Uvowoves which have rested '-prices ' Is (d . Is ?d per cwt highor. Shippers advise that the market' is expected to go higher, aiid advise. buyers to. consider operating early. Pineapples, are: still at the same level as; previously, but the increasing' number of orders'going'tq Singapore,may causa the market: to -move 'ilijfbtly, that is,if the business continues.^ There is no word regarding-peppers, and. this -can he taken'as indicating-" that pri'oes. are stationary. . . Californian Fruits. This market jg still' vary high, but this week seeded and seedless raisins in packets: fell: 3d, a cwt. TWs'is-probably a as between exporters, and no indication 'of lower prices coining. • DUNEDIN. lIBH FBEBS ''Special Service.] DUNEPIN, Jlqrch 11. Heavy supplies of apples have fyeen arriy-' in; from JUelson and Central A. shipment bl Rarotohga bananas came* to hand' during the-week, but-supplies are now out: , of wholesale hands. A. further, consignment wilt arrlv» ex the Maui' Pomare about March 23r<l> A smalt line of Fijian-grown arrived during: the'week e* the Pors Alma.'The dition 'of these bananas was only fair. Bon Chretien pearshavaabetter demand, as supplies are; not" plentiful. Cookers. are'in good supply, and prices are low. There is a better demand for choice dessert plums. Nectarines are not so plentiful, and better prices are ruling. A small consignment of Californian lemons arrived during the week.- New Zealand grown are also available. The Californian lemons ara very dear, the high rata of exchange being the chief cause. Local hothouse grapes are In good supply. Tomatoes aro in heavy supply both from -Central Otago and Ghrlstchurch. The quality of both lines has much improved. A good demand exists for blackberries. FROZEN MEAT. SHIPMENTS TO UNITED KINGDOM. The New Zealand Meat Producers' Board is advised by its London office that the shipments from Australia and South America to tho United Kingdom during the month of February were -as. follows s-*-AVSTRALIA. Carcases mutton' .. 15,081 .Carcases lamb v. ... 140,175Quarters beef . . - J9,i85 ' ' SOUTfT&MERIOA. Carcases mutton . . . 28,125 Carcases l#mb . .■ . . 303[573 Quarters beef (frozen) .. ' 3,833 Quarters beef (chilled) .. 437,'715 The shipments from New Zealand to the United Kingdom for the same period were as follows —rCarcsses mutton . 017,521) Carc'itsda, taint ' .. 1,011,{90 Quwrats; hoe£<i: • - ... "1,238 The stiiptaeuts fio»n South America to tho Continent of Europe duriqff |he yamo period were its foirows:—Mutton, 201 tons: frozen beef, 2685 tons.

How lias Great Britain managed in five months before duo date to pay 150,000,000 dollars of tlie total amount of 200,000,000 dollars advanced to the Government by United States bankers in August last in order to preserve the gold standard, an effort which was acknowledged as a failure by suspending the standard on September 20th, observes the Sydney "Morning Herald.'' Made shortly after the suspension of the standard, the forecast of events by the Midland Bank has been justified, just as events have also proved to be the justification of the suspension of the standard. Before the suspension of the standard the balance of international payments and receipts on current account had been running heavily against Great Britain. On the suspension tlio review of the Midland Bank forecast that the process would bo naturally checked by the resultant fall in tho external value of sterling. Imports would be deterred, and exports stimulated. On capital account, too, it was explained, that relief should naturally follow. New oversea lending and purchases of securities abroad, even when regulations permitted, would be discouraged by the lower exchange value of sterling, while sales of foreign assets by British holders were rendered more attractive. On both capital nad current account, therefore, the tendencies should work towards a material strengthening of sterling, until appreciation took pla'co to a point approximating true equilibrium. Prom month to month overseas financial transactions between Great Britain and other countries have on balance been favourable to Great Britain. The high price of gold in terms of sterling has brought forth hoards from India—estimated at £25,000,000 up to the middle of January, and there wero then hopes that the movement from India would continue until £100,000,000 has been released. Foreign assets have been sold by: British holders with good results jn terms of sterling. All these transactions have proved the financial strength of Great Britain, and have placed her in the .position in which the world finds her to-dav. Has sterling been stabilised? Experience of the course of exchange over somo months will bo required to show this. That the restrictions on foreign exchange, alight though they were, compared with restrictions imposed on dealings in foreign exchange in other countries, have been removed, is nn in : dication that equilibrium is considered to be in sight. The restrictions were 1 placed on exchange with a two-fold object; one was to prevent British nationals transferring their capital out of the country, the other was to prevent speculating in exchange whose end would bo to depress sterling. No restriction was placed on tho removal of foreign balances from London, but British nationals were permitted to obtain exchange only for genuine commercial purposes. To prevent speculation ip exchange dealings in forward exchange were prohibited. The prohibitions have now been removed. In tho state of the world there ia little of British nationals ♦being desirous of exporting their capital 16 any other : country. Forward exchange does favour speculation, but it is ,als9- of great, uso in. business transactions. It enables a merchant to mako certain of tho receipts ho will acquire in his own currency on the sale of goods to-day for their delivery to his customer overseas three jnonths hence. With exchange liable to. fluctuate widely, as it is liable to-day, when forward dealings in. exchange are prohibited, a trader is uncertain of Ms actual receipts following sales, aud to. cover that risk he would have to quote a higher price. With tho restriction removed trade will bo freer.

This week. Last week. £ £ Saturday Sol U27 Mouduy .. 2,039 4,114 Tuesday ■4,628 Wednesday ;j,262 4,093 Thursday 1)43 3,51U Friday * 973 1,070 10,703 .18,957

Merino—64/70, 70/64: Super ..10 to 1U Average . . 7J to 9J Fine Halfbred — 50/58i Super .. 9i to 11 Average .. 7| to 94 Inferior .. 5J t6 1 J Medium Halfbred — 50/50:. Average .. 7\ to 91 Iflfefior .. 4§ to 71 Coiftiedaife — Average .. 8 to 10 InfccHOr .. 6 to 74 Extra Fine • Crossbred— 48/505 Super 8i to 9i Average •. 61 to 8 Inferior .. 4 to (5 Fine Crossbred — 46/48: Super ... 7 to 8J Average .. 5 to 6i -. 3 to 4f Medium CfrGBsbtefl— 44/46: Bilper ... 0 to 8iAverage .. 4$ to Of Inferior .. to 41 Coawe Crossbred — 40,'44: Super .. o to 7% Average .. 4 to 4$ Inferior .. 3 to 3$ Low Crossbred — 36/40: Super .. — to 51 Average .. 3£ to 44 Inferior .. -i to 3-J 0 to 7 to di to 4 to t to 4 td 7 to 6 to 41 to H to 6 to 41 to 2 to SJ to 3} to 14 to up to 34 to 2 to 31 to 24 to 0 85 53 61 8 t U 8 54 &i 61 5 &4 7 J 44 34. 32 3 iioggevs — 48/50 Fine, 46/48 Med., 44/46 * Coarse, 40/44 Low, 3(j/40: Special LambsDown, 00/56 Fine Med., 40/44 Seedy and Inferior— All grades Bellies and PiecesMerino: Good to super Low to lhed. Halfbred — Good to super Low to med. Crossbred — Good to' super Crossbred— Low to med. Crutcliings — Med. to gdod Infet-ior and seedy 5\ to 9 4J to 7i 4 to fij 3i to 33 6f Up Ci 6J to 81 55 to 91 45 — 2 to ~>l 6 to 71 5 to 7-i 31 to 5 3-i to 5 11 to 3 A 3J to 51 1 to 3 44 to 4 to 4 to up to 5i to 54 to 1 to up to 32 to 23 to 21 to 1 to 3 to .4 to 7 6i 44 74 ■8 5 41 ■5J 31 51 3 a 21

Quotations: Mar. 3. Mot. 10. d. d. Seventies ... 26 26 22 \ Sixty-tours 22 Sixties ... 20 20$ - FiftV-sifces Fifties ... 17 ... 12 17 12 Forty-sixes ... 9} 9> , Forties ... 9 9

Companies. A'mt paid per ih'e. Buyers. Sellers. Approx. market price. Approx. market {.rice a year ago. Div. per cent, or am. per sli. Div. payable. Boturu price on investment at approx. market. Bank*— Adelaide Australasia. Comm. of Aust. Comm. of* Aust. (pref.) Comm. of Sydney K., S., and A. .. Nat. of Aus'asia Nat. of Aus'aeia (cfontr.) National of N.Z. Xew South Wales Now Zealand Union £ 5 10s 10 12i 3 JO 2i 20 ■S l.d. 0 13 10 13 0 0 3 17 6 3 7 6 84 17 6 2 2 1 0 15 0 £ a. 9 1 0 14 It 15 4 2 3 9 25 2 2 2 6 16 d. 0 0 0 6 0 6 6 0 £ s. d. 9 0 0 0 13 11 6 3 0 4 2 6 10 0 0 4 18 0 3 7 6 25 0 0 2 2 4 6 15 0 £ •. 10 0 0 10 5 16 15 10 5 0 10 12 5 5 5 0 27 5 2 10 9 0 d. 0 1 0 0 0 6 0 0 0 0 0 £ g7 9 mi 4 b8£ 8 b8J clO 8 Hi g7 Nov.-May Oct.-Mch. Oct.-Mcli. Feb.-Aug. Jan.-July May-No v. Nov.-Hoy Nov.-May Jan.-July Quarterly (F., M., A Dec .-June Jan.-July £ «. d. 5 0 0 8 11 11 6 8 0 5 8 1 5 16 4 6 0 0 6 2 5 5 18 6 6 8 0 ,N.) 6 13 5 2 19 3 Insurance — National New Zealand .. South British •. Standard 1 1 1 0 11 1 15 n 6 0 12 1 17 2 10 2 1 0 6 0 0 0 12 1 16 10 2 0 0 6 0 0 0 13 2 1 2 12 2 10 0 3 6 0 Od 10 2/8 12J May-Nov. Feb.-Aug Apl.-Oct. Moh.-Sep. 6 5 0 5 9 7 5 6 8 6 5 0 Loan anfl AgencyDa lgety and Co. 5 Gcldsbrougli, M. 1 Guarantee Corpn. 8s United Building- 1 7 1 1 1 0 3 0 11 0 5 0 7 7 1 1 0 4 o rs 0 9 3 0 7 5 1 1 0 4 0 14 0 6 0 3 fr 10 1 2 0 6 0 11 0 9 3 0 5 5-21 5 May-Nov. Dec.-June Mch.-Oct. Oct.-April 4 16 6 4 18 0 10 8 4 7 0 4 Froaen Meat— Gear N.Z. Befrig. N.Z. Bofrig. (con.) ' 1 1 10s 0 9 0 3 6 9 0 3 11 1 7 0 9 0 3 0 9 9 1 8 0 11 0 2 0 0 10 10 5 5 June-Oit. Feb. Feb. 7 8 1 10 5 1 13 6 8 Oa»— Auckland Auckland (contr.) Christchurch Christchurch (con/ Trniaru 1 15s 1 10b 1 0 11 0 0 18 0 1 1 0 16 1 4 0 11 9 0 3 9 1 3 0 16 1 4 0 11 1 2 3 9 6 3 0 7 8 8 Jnly-Feb. July-Feb. Aus.-Feb. Aug.-Feb. Aug.-Feb. 6 8 8 6 11 3 6 11 11 6 16 2 Shipping— Huddart - Parker P. and O. Det. Ui.ion (prof 1 1 1 - - 1 2 1 5 1 0 0 0 0 1 3 1 15 1 0 0 0 0 a°< 6 SI Sop.-Mch. May-Dec. M#y-Dec. 4 8 10 4 16 0 5 10 0 Coal— Grey Valley Taiipiri Weatpoit 1 \ 1 0 10 6 1 0 11 0 1G 1 0 0 0 0 36 1 1 1 4 0 6 6 10 81 May-Oct. N ov.-May May-Nov. 12 10 0 8 15 0 Breweries— Carlton New Zealand .. Staple* Timatu Timaru (con.) •. Tooheys Tooths 1 1 1 10s 7/6 IBS 1 1 2 1 1 1 2 9 0 3 1 3 1 3 P 15 0 a 1 3 0 6 0 9 0 1 3 1 2 0 15 1 2 0 0 0 6 1 4 1 17 1 14 0 15 i 0 15 1 2 0 0 0 9 0 3 8 cl2i 8i 71 n 61 8 Oct.-Mch. Jan.-July Aug.-Feb. Oct.-April Oct.-April Moh.-sep. May-Nov. 6 19 1 7 14 6 5 0 0 9 15 8 6 18 8 7 2 2 Miscellaneous— Aust. Glass • ■ Beath and Co. •. 1 Heath & Co. (con.) la British Tobacco 1 Burns, Phtlp * Colonial Sugar •• '-0 Dunlop Kubber L Electro. Zinc .. 1 lileeti-o. Zinc (prtf.) 1 ) Henry Jones .. 1 Kauri Timber .. 23s N.Z. Drag Co. .. 2 Mt. Lyell J Farm. Fertiliser 1 Whit, and Tombs 2J Wilson's Cement 1 1 6 3<5 2 0 0 1 0 1 4 2 5 0 19 0 C 0 6 0 9 0 1 6 38 0 0 9 1 2 2 8 0 19 0 11 0 0 7 1 9 n 19 1 6 1 15 t(i 5 0 9 1 0 1 5 0 10 2 6 0 19 0 12 2 13 1 7 0 0 0 0 0 6 9 0 0 6 3 6 0 0 1 6 1 2 0 2 1 10 1 10 81 0 0 9 0 13 0 17 1 1 Q 7 2 16 1 1 0 15 2 15 2 0 O 6 9 9 6 0 6 0 3 0 6 6 3 0 0 0 6 8 8 bS 10 12J n 8 6i n 5 8 12J Dec.-J una Mcli.-Sep. Mnh.-Sep. March Nov.-M&y May-Nov. Apl.-Oct. Mch.-Sep Mcli.-Sep. June-Dec. June-Dec. S&p.-Apl. JtthS-Dec. August. Moh.-Oct. Nov.-Jtme 4 2 9 8 8 5 4 12 3 5 14 3 6 if 11 6 5 3 '7 11 2 5 0 0 6 10 5 5 2 6 7 5 5 9 6 2

N.Z Government Debentures —• 4J 45 per cent. Inscribed, 1988 ... •• 02 0 pet cent- Inscribed, 0 93 0 0 1939 •• ..9'2 2 6 93 0 0 44 per cent. Bdrids, 1S3S -. •• 92 2 6 — ■tj per cent. Bonds, 1939 •• .. 92 2 6 93 0 0 5* per cent. Inscribed, 1933 -• ~ 98 10 0 51, per cent. Inscribed, 1011 .. — 95 0 0 6 a per cent. Inscribed, 1933 .. ... •• E7 0 0 — • 5J per cent. BfeilcU, 1933 •. .. 98 0 0 — Si per cent. Inscribed, 1936 -. • ■ — 98 0 0 5J per cent. Inscribed, 9fl 3 937 .. 97 0 0 0 0 5& per cent Bonds. 1937 •• 96 7 6 9S 0 0

Otiier Debentures— Chiistcliurih City, 5J 98 10 por cent., 1845 — 0 Ohristchtuch Triluis, 4jJ 99 10 per cent., 1944 — 0 Christchurcli Trains, oi per cent., 1SK54 — 93 10 0

Miscellaneous — General Motors-Koldsn's • (Ptef-) " 0 7 3 0 11 0 Gordon and. Odtch 1 - 3 6 1 8 0 Hcrftld and Wfeekly TiitteB 1 15 0 — K.Z. F&riiierk' Co-op. (OJ per Cbnt. Stock, 43 17 1940) 41 10 0 6 United Pictures (cum. div.) 0 10 0 1 0 0 Victpria iN*V»nza Sugar 0 14 0 0 15 6 Woolworths (N.Z.), (pref., cum rights 1 i 0 ■— Woolworths (N.Z.) (pref., rights) 0 2 3 0 3 4

Milling— Alexander (contr.) 0 a S 0 18 0 Col-nish Poiht 0 0 1 0 0 2 GoWeh DaVrii 0 C 104 0 <i ili Oblden Point 0 0 7 0 0 8 Itawarnti 0 0 G 0 2 2 King Solomon 0 1 0 1 (5 liahakipftwfl .. 0 a t 0 0 ii Mahakipawa (pref.) .. 0 0 34 0 0 5 Okarito 0 !) 1 0 9 n AVailii 0 15 7 0 16 3 AVavhi Grand Junction 0 3 1 0 3 9 Blackfc'ater ■■ 0 5 9 0 6 9 Consolidated Goldfiolds 0 1 8i 0 2 2 Kildare •• 0 1 o . 0 1 8

& s. d. N.Z. Govt, 51 per cent. Inscr., 1937 .. .. 97 2 6 Oomm* Bank of Australia 0 13 11 Bank of New Zealand .. 2 2 4 K&tldnai insurance 0 12 0 N.Z. Refrig. (10s paid) 0 3 9 King Solomon .. Mahakipawa (3) 0 0 1 0 4-: 4' Sales Beported— National Insurance 0 12 0 NZ. Refrig. (10s paid) .. 0 ■3 7 Ban!? of New South Wales 25 0 0

Sales 011 'Change— J & s. d. Bonds, 1937, 54 per cent. (2) 98 0 0 Bank of New Zealahd ... 2 2 6 Bank of New South Wales 25 0 «j Auckland Gas i 1 104 Farmers' Trading 0 5 3 Saiiford •• 0 2 6 Waihi • •• (3) 0 10 0 Golden Dattn 0 7 19 to Mount LyeJl •• •• 0 1 Central Electne Power Hoard, 1956, o* per cent. 98 0 p.'

£ s. ■lPour per cent. Bonds— 193S 94 15 0 1941 ..' 93 2 6 1944 ... 91 17 6 1950 90 10 0 1947 .. 92 2 6 1961-55 90 15 0 1951-57 91 0 0 1951-01 • .<? 92 0 (>

General- \ colonial Sugar 41 15 0 Australian Gas "A" .. 5 i 0 Auckland Gas "B" . ■ 5 2 0 Australian Glass 1 14 British Tobacco 1 10 .6 Tooth's Brewer^ 1 5 n Toohey's Brewery 0 17 4J Goldsbrougli, Mort (New 4 Zealand delivery) 1 6 WibChcombe, Carson Dlinlop Pfirdrian (pre?.) .. Mercantile Miitu&l IttSiiraiifce 0 19 n 1 4 0 13 <5J 9 Broken Hill, piop. 0 15 n. broken Hill South 2 6 6 Zinc Corporation 1 9 9 Sulphide Corporation 0 1Q 8

Urt «eek. Consols .. SB 2 6 Fundinjr Loan, 4£ p.p., » ; "" >'3&' 1930-60 .. 96 5 0 66 1 4LIP. War. .Loan, a p.c., 19-20- - , "■ •• jBr.' „ 47 r • •• IP 1 0 0 10117 ffiL Conversion Loan, 3J ' vSSp ii p.o. (ex div.) .. 82 10 0 8S 2 Yictory Bonds, 4 p.c. -" Tilltf (ex div.) ... 97 0 0 94 17 Commonwealth, S p.c.,- ••.JHSKi 1945-74 .. .. 86 10 0. 87, g Commonwealth, 6 p.c., ' \ 1931-41 .. .. 96 10- 0- 87' Victoria, 3 p.c., 1929-40 "ftT*Q : 0 60 Victoria, 3i p.c., 1929-40 »«4 10- 0 ! 66 0- ! »SSp Victoria, 5J p,c., 1330-40 *87 10 0 98 lfi 0 HjBb Victoria, S p.c., 19$$-4S *6i\ 0) 6 83 10 ftllMi' Victoria, 4J p.c., 1940-8& *?5.15 IS " 59 0 New Soutli WaleB, 4 St P.O., 1933 .. .. 83 13 0 86 Iff H'&fc £.ew South Wjkles, 4 . , 'jl-fml p.c., 1835 .. .. 71 10 *0 * TS "fiV-'flfi New South Wales, 3i '■ "». P.O., 1930-40 .. 56 2 6 60 0 9"v%s' New South Waiei", 51 . '<m| p.c., 1922-23 . . MOO 37 0 .0'w|$G New South Walts, . 6J -jagj p.C., 1930-40 .. 88 10 0 '81-0-0 '«! New South Wales, ~ 6 p.c., 19SO-40 ..■ W 7 6, '4815 VJ|| Queensland, 5 p.o. Stock, ,'•$?!] redeemable 1946,60 *81 fi 4 89 K> 9 fffl| Qufeensltnd. 3 p.C., 1998.' Jig 47 .,*• (q„o -0 at 0 fr 3m Queensland, 6 p.c., 1BJ0- - <§§| •_ 40 .. 9110 0 3215 0 MM New Zealand, 4} p.c.-, H 1948-58 .. '7 .. i|J 1 ft 90 5 0 iff New Zealand, 3} p.c., i-Wm 1940 .. -- .r 83 0 0 81 .2 New 1 Zealand, 3 p.c., „ '~'^3$8ga liH5 .. «nifr to imdii££P Nfe#.> Zealacl, 6 p.v.. • aSt. 193&-51 ..100 5 0 . # J 1 SbUth AttftHliU, 3| fx.,- • " ' * . HKljEB /."ato .. 0 Q" 9outh Australia, 3 p,c. ( . '1916, or after *"*. 46 15 fflB. J§ B<ratfc. Australia, 6} 19S6-46 .. .. 03 13 Tasmania, 3} p.c., 1930- ,' 46 .. 7610 *-- ; ' 7ral»l TtsuiSifiia. ft p.c., 1516- "••"''-WMI 40 .. jaM'O • to HH|| Tasmania, 6i p.c., 1910- - JSilHffii 40 . .. 96 QrMMiih Western Australia, Si --mM • PA, 192M6 j. 9..0 tojmM Wtiliti Australia, 3 -'l wfflE p.c., 1915-S5 . 72 J.0" 0 Western Australia, 6 < - ■ .- s'SaHa b,c., 1980-40 *, n. <t,0 „ 93 Tr(BajB * Ex dividend. ' .• ;J| :-i.a a .

Paris, fc tb £1 .. New Yoi-k, dt)l. to ifil Montreal., <361, to £1 Brussels, belgas to £1 Geneva, fr. to j£l .. Amsterdam, fl. to. JEl., Milaii, liro to il .. Berlin, reichmarken to £1 J iHockholm., kr. to £1 Copenhagen, kr. to f I Oslo, kr. tb"£1 Vienna, sphgs. to J51 124.& 4,866 4.86? 38 23.22$ 13.107 93.13 Ef>,4i 18.150 18.159 iS.159 34.585. i/M sss ,9.ia—£$$$$ 7i 1-IB rot v® 15.45 15 5-16' ; H 181 IwPjSf 1 1816 18.35 18T-1S -$ 32 « /tiiw t r IKiiAJ 'JISP ferifsu®, Jtar. to ±1 .. Hel&ingfora, bi&rkfe io Madrid, pesetas to . M •• . - I--isbSn, Sscudos to ,# / .. Athena, .drach tq fl lfei to fl Rio de Janeiro, pence . to mitreie ., Buenos. Airee, pence to del. ., Montevideo, pence to doi. ; .. Bombay, pence to -rupee . .. Siiirrigftai, pence to tael ... lion* Kohg, hince to dot. ..* Yokohama, pfcnce to yen . lSi.20 93.23 24.225 4.50 &73 8l6.B 4.686 47.577 51 16 24} 21 24.83 1344 am tm'|| 48) 'J 1J0 " Jl» '? 9jn . 385$! 6 Jj M ■» «• 'V> ssi-ie 31 - J? (n6H»J , l«9J5l- ■ 16 W J 210-16 W" 16 3-1A ; 16 H« 2oi \ ;