FINANCE AND COMMERCE

Press, Volume LXXI, Issue 21411, 1 March 1935, Page 15

FINANCE AND COMMERCE

l(tI VITIKS OF f()3iPA^ Y

3IEET IN WELLINGTON ....tjonal i.orrr:!Mi:s ■ft t . s »*>'■■■* *■-' ' M'Ellington. Feb. .a:y 23 t' : ' Xe-WM, Ltd, vo.eed by > 'pr Jen "{d ! i'• .. C Ltd. was uurpese of conducting o''l< 'o'enei with : .-adquar- ,* Thee was a division r TJ'ceen the fully paid up ■~7;X paid up share , offered \va< mat :=£ -formation of me ;.c!ivier; had been ,ne,n. --.'-. -i sohcitor. Mi J - N| - uu '--•r-Te'hquidator, realised that >' ;",; e r S had not been given 0 * v.-hicii they were cnRoval Conur.i-i-'JM wmch * '■". -sed it-\cial fnaucnl conZealand had rccorn--r«--<t (.orr.uunits pi«.po-ing to Series -<H-uM be v.ound up 1 -;::;.-, The directors bought *- woid feel some diffidence in *r c<'concur ion.- at a definite i*l.; o thev hud communicated fTvJstraha'n company and had j-r\Al 'heir concession lor .LoO iVd ,hare for .hare for fully ~ltVc-ho!ders. was aho ~ivcn to the jVmriirv m wh-L'h to define ' '.'-'i up shareholders Tne curee- ' !"•" tnev had reached a stage ";".i- e c : onee--:o:i was placed r,"/ : of aiw wmdmg-up t'4*"-i AJneetin:-' h.ad been held ,7""'/'r':'i for liquidation carried.

said the pr< sent mect- '.'-, <- t i'r- f l'ltima'.ion that had ] r '~vl that the parly p.'nc! up ,'■!«■:, t'lM participate hi tin; Z'v. Cvmpany proposal. If fully paid up. m his "„',. >r, t -.,",panv had been "pretty :"*"::..- r«'i.aik v.a- greeted with fESTPORT-STOCKTON COAL COMPANY ANMAL MEETING 1 r f< i t ' til" West- *■ c" C Cf p"j held I •» n- L L t r mof j I rf th icpoi't tn ! "' e ahc-ndy ' c ~ in *nd that fit cw s last i ic c r > i bid oeen '_f ) if t*f debentures r ~ ' j In-d t* less P f _OOOU i per it < ' l 1) ' i r,t ai peiir r < - Thc\ bad < c i d nn' t ■* inrly c r\ c tditr", were t "-1 t i Pof t and 1 dm ) £1023. ♦ Ic- b £77-55. o C i rl n r f i (fl by 5 - d o<- \ c l !l=s by " i' ' 1 ink en de- " crr ♦ cc<" -nt it d cash ■ ' i * err s ( <i I £ff)-)2 The : " ' ' < d c'(' it nc was rT ' * j w f fo- th" d r'cience - \ riumc- hr-d beer! built T " ./ 'err irlci 7'e ex- '•* '*" '"<" iiitpo't <"f coal from :-'*>r di-.- Th" Hume had * -»c . i R r-ontns when - - s A"j r-i , o n c par- *' - *. r \. remained. It cost " -WXi '- hi Id cfT-t from # - l-Oi- j -Cc'lC- —'O cr; of 1 '*- ") ~ „» i-t" est on £ ,0.000 -* ; •"" r c ( t nni th« flume. ' » - r lf-rd <- d"f f c 1 made » > ' i f_ ic erre ,-i Trff 1" , \ct\ l ule d fTer- .." * c I ur vmt It, i cs com- ; 'll iJ I r nuif t in the ' ■" " COL ' f ' l r as rr s tco--d dcoe turr interest • J»-*_-t «ax to pi\ Debenture <:>-■ 'cor-c '»j abo u * i ICOO rrrre and net

tr ' e ' sst -' cnr 'continued the *-•-"*'"' th?-y had done a good deal ■■■«2 work to buildings and thev y considerable num- ;»::?" '-^ ■<:■: poles, etc. It was t"o,.i , ; l,lat h: '-y had had no »'**«'." " c^ a * f - at the mine during An inspection had been k-t£* p!ans anfi workings, and ? VL K "*' : i r v v, ' tre pl'-y-sed to state ::"i^" :JC " ry t j!r,nt "" Hie surface ••**"wls had lj, -<-' :l kept up .f ten standard .f.J*r I stated that piosoects -^;,;-f rove nc-i.t in ti.e coal trade 3 ', 1 - II : ~' - i!: ' that " t .", <-'"-it!cok for an im)r~,'r'J '? : nfc trad '' i? aiivtiiing but •-r.;:;v ! r aed Mr H-nd>e: ►&£•"' v '" as r " c "-'t--fi rc-c>:i:mending i*-,W t0 consider the pavment '*'#-,, , d:,!( '-' !!ri u "d a reduc*Ss?-*? Af ' er " lo:, S discussion i .:?:>iH"i n ,('''' ClS . rc J f:Ct<: 'd by a large • f g «.ij ,i:e d;rectois' policy was z "' balance-y::ir-t were ■*■ C r " rr.' ri " rri l v -' il -- Messrs T. -:--i'!^; v :Cesar - d th - '" the stair ■'*■:*•:''"? / j ; -'-' rr - ,JO ">- year. ■'<•- - , ' t^r ' C.dfrev and "■--• r(-ippt J :- tt:f j auditors. DEDUCTION OF CAPITAL " l - ATLAS FLOI/R company ■■ K -I* Ti * !Ar! - J ' a "*; fr r, " turtKlr ! r o f Ewns i»., , JUr "dOu <,] Mill lu »u'., r i nJ h*id ir Jtl uuam U* < j4 'W d rf 0l l Jt thc j '**, of Ll„' a b Mll> •;*" J fe th' r 1 * 0 i»-»"> Paid up ■" l *« appro al r - LOW ( (j\\i usiON "iW-UTioa -je1e0;....!:., February 28. Bor °ugh Council has anction f0 " iho conft?* re'tf 36 *, 0 *- thus "curing Jt f ; f , f ' f mterest burdens " c,t 'he principal.

AMERICAN WOOL TARIFF

DESIRE TO PROTECT GROWERS USE OF SUBSTITUTES BY .MILLS i-RESS ASSOCIATION TELEGRAM.I WELLINGTON. February 28. Edwin J. Bourke, of Portland, Oregon, a passenger on the Franconia, and a wool dealer of long experience,' in an interview to-day mentioned that America's exclusive tariff was to protect American wool growers, whose production was about 350,000,0001b annually. Mr Bourke said that under present conditions sheep farmers in the United States were not making a living wage. In another month a new wool clip would begin to come off, and they would enter the season with an unusually large carry-over of old wool. the reason for this being the lack of demand. Many mills had been using wool substitutes, with the idea of producing chearper garments. Throughout last summer and fall there was an active demand for cheap goods, while the demand for high-class woollen goods was poor. ' The United States, he said, did not use as much wool as formerly, but there was a movement afoot to popularise wool. Producers and manufacturers were co-operating in an effort to make the people wool-conscious. The use of rayon was found to have increased enormously, and the demand for wool had decreased proportionately. Scuth America produced a large quantity of the coarser wools used in the United States, but manufacturers •■enerallv preferred Australian and

New Zealand wools. All things being equal—such as price and other factors —many of the mills would fill their requirements from these two countries. WHEAT MARKET CARGOES, PARCELS, AND FUTURES LONDON AND LIVERPOOL QUOTATIONS ii-Mir.i) association —r.y klbctbio TEI.EGK.U'II cui'viiioin.) LONDON, February 27. Wheat cargoes are firm, responding well to overnight trading. There was further business in Australians and Plates. Sellers of Manitobas demand an advance. Plates are occasionally 3d dearer. Australians are steady. Quotations are—Western Australian, ex Anglo-Indian. 24s 6d; South Australian, ex Padua, 24s 4id, ex Passat 24s Parcels are well supported. Manitobas are ljd to 3d dearer. Plates are receiving more attention and are 3d up. Futures are quoted:— London (a quarter) Feb. 25. Feb. 27. s. d. s. d. Fcbruarv . . 19 10-\ 20 Oi April ' . • 19 B.'. 19 10} June .. 20 5i 20 7i

Liverpool <i\ cental) March .. 4 7J 4 8 May .. 4 103 4 112 July . • 5 1 5 13 A SMUT RESISTING WHEAT CANADIAN DISCOVERY CALGARY, February 27. Following the announcement by the Agriculture Faculty of the University of Alberta, of the discovery of a smutresisting wheat. Dr. O. S. Amody announces a new grade of barley, with a smooth awn in place of the rough coating on the head. BRITAIN'S RETAIL TRADE INCREASE SHOWN IN JANUARY (BRITISH OTIICIAL WIHLI3S ) (Received February 28. 5.5 p.m.) RUGBY, February 27. The money value of retail trade sales in January was 4.2 per cent, larger than in January, 1934. The index number was at 105, higher than in the first months of tile thiee preceding years, though considerably below the peak attained last December. Stocks at the end of January were 1.2 per cent less in value than a year earlier. Employment was 2.3 per cent greater. DAIRY PRODUCE MARKET DEMAND SLOW The South Island Dairy Association, Ltd has received the following market ' report from the New Zealand Produce Association. Ltd., London:— Butter—Slow. 81s to 83s. Danish, 112s - , , j Cheese —Slow, white and coloured, 46s Gd to 475.

A cable received by Dalgety and Company, from Samuel Page and Son, dated February 27, states:— Butter —Market weak. Danish, 90s. Finest New Zealand. 80s to 81s. Finest Australian unsalted. 86s to 87s; salted. 80s to 81s; g.a.q.. 78s. Cheese—Market weak. Quotations: New Zealand white and coloured, 465: Canadian spot, white and coloured, 58s to 625. The New Zealand Loan and Mercantile Agency Co. advise that they have received a cablegram from their London office under date 27th instant, giving the market quotations as below:— Butter —New Zealand choicest salted, 79s to 80s. Market declined owing to no business. Now steadier. Cheese —46s to 46s 6d. Market quiet. PROPERTY SALE Messrs Ford and Hadfield, Ltd., report that following upon their having offered for sale by public auction on account of Miss Hodgson, her residential property, comprising six-room dwelling and a quarter acre, situated 11 Dilv/orlh street, Riccarton, they have sold the property privately to a client. — 8

STUD EWE FAIK

POOR QUALITY ENTRY VERY HEAVY PASSINGS The entry at the stud ewe fair organised by the Canterbury Agricultural and Pastoral Association and held at the Show Ground was not a true indication of the general standard of the stud flocks of Canterbury. The sheep were, with a lew exceptions, an exceedingly poor lot. It was obvious that many breeders who were represented had made the day an occasion for getting rid of their culls, instead of offering something that would do them credit. Most ot the rams offered at the ram fairs are selected from the best a flockmaster can muster, but it was painfully obvious in many cases yesterday that tne opposite procedure had been adopted The success of the sale may be judged from the passings. They amounted to about 80 per cent, of the offenng. Approximately 770 sheep were put up, and 130 sold at auction. Lenient Inspectors The stud ewe fair was introduced, or rather reintroduced, last year because it was felt that offering the ewes at Addington during an ordinary Wednesday sale did not give the buyer the leisure to look over the sheep properly, nor did it give the vendor the best auctioneers available ut every case, because on a Wednesday every auctioneer is liable to be very busy. There was also the feeling that the fair might be successfully built up into a yearly fixture, ranking m importance almost with the ram fair. Last year the inspectors for the different breeds were inclined to be lenient, as it was the first sale of the kind Looking yesterday at many of the pens which contained no sheep with tne tell-tale blue raddle on the rump, the visitor was forced to the conclusion that again the inspectors had been kind. It is safe to predict that it breeders persist in using the fair as an opportunity for selling their culls where the dignity of guineas may perhaps be bestowed on them instead ot humbler shillings, the fair may not continue. x , Some of the breeders represented had sent forward first-class sheep—in fact, some were as good as could be seen almost anywhere but these good sheep had a poor chance of selling well in company with the mediocre animals that filled the majority of the pens. The entry consisted ot rather less than 800 ewes all told. There were 50 English Leicestrs ottered, and the rest were all South-

downs. Last year there were Southdowns English Leicesters, Comedales, and Border Leicesters, the total entry being a little more than 800 head Passings were heavy last year. The quality of the Southdowns offered yesterday was mixed in the extreme, a very bad fault bein'" weakness in the head. The Top Price The best price of the day was live guineas, which was paid for a pen oi live excellent one-shear ewes from the stud of the Canterbury (N.Z.) Seed Company. Leeston. Those vendors sold three more pens of the same age at four guineas. The price for the best was 3i to live guineas, for medium sorts two to three guineas, and for inferior kinds one to 1:J guineas. The Sales The following were the sales, the ewes being one-shear except where otherwise stated: — Southdowns Balgety and Company, Ltd., sold:— On account of Canterbury (N.Z.) Seed Company iLeeslon): Five at sgns, 5 at 4gns to a client; 5 at 4gns to A. W. Penny (MitchamJ. A. C. Greenkood (Southbridge): Five at 2.'.gns, 5 at 2jgns, to John Watson (Pendarves); 10 two-shear at 2.1 gns to Georee Gould (Fendalton). R. T. McMillan llrwell): Ten at 2gns to A. Allen iKillinchy); 5 aged at 1-igns to J. F. Duncan (Hawkins). W M. Gabbie (Southbridge): Five at 2.1 gns, 4 at 2gns, to A. M. Carpenter iFernside).

Canterbury Agricultural College (.Lincoln): Five four-shear at 2igns to R. L. Tweed ißurnham). H. Matson and Company sold:—On account of Yarr's Estate (Greenparkj: Four at 2gns to John Watson (Pcndarves). Canterbury Agricultural College (Lincoln): Five at 3gns to W. and J. A. Evans (Fernside). W. M. Gabbie (Southbridge): Ten at 21gns, 4 at 2gns, to A. M. Carpenter (Fernside.). Pyne, Gould, Guinness, Ltd., sold:— On account of W. J. Jenkins (Sheffield): Five four- and five-shear at 1L gns to a client. E. Odgers (Springfield): Nine one, two, three, and four-shear at ligns, to R. Clarkson (Greendale); 5 one, two, three, and four-shear at lgn to J. Slate (Kaikoura); 5 at l.lgns to Jas. Deans (Kirkstyle). A. C. Greenwood (Southbridge): Five at 2gns to Allington Bros. (Ashburton) New Zealand Loan and Mercantile Agency Company, Ltd., sold:—On account of Canterbury (N.Z.) Seed Company (Leeston): Five at 4gns, to A. W Penny (Mitcham). R. T. McMillan (Irwell): Five at 2gns, 5 three-shear at ligns, to Allington Bros. (Ashburton).

MINING GOLDEN DAWN RETURN For 12 working days, ending February 18, 282 tons of ore were treated for an actual realisation of £1385, with gold at £7 2s an ounce. TAIPO REEF The latest report regarding the Taipo quartz reef find is that rich stone has been struck in a lower level prospecting crosscut. TALISMAN DUBBO The mine manager's report for the period ending February 23 states:— Mclntyre's Level—Was extended 10 feet, making it 87 feet south. The leader is broken up into numerous stringers of good value. Dubbo and Mo. 1 levels: The stopes are maintaining their size and value. PRICE OF GOLD LONDON, February 27. Gold (a fine ounce) is quoted at £7 3s Hid, a new high record. Recent

METALS MARKET (UNITED PRESS ASSOCIATION—BY ELECTRIC TELEGRAM—COFYRIGIIT.I LONDON, February 27. Feb. 20. Feb. 27. £ a. d. £ 'a. d.

STOCK EXCHANGES

CHRISTCHURCH YESTERDAY'S TRANSACTIONS Markets continued firm on call yesterday, but apart from dealings in the gold mining section the recorded turnover was small. The market for shipping shares was bare. Transactions, exclusive of vestibule business, were:— Sales on 'Change £ s. d. 50 E., S., and A. Bank .. 5 0 0 400 N.Z. Refrig. (10s paid) (2) 0 9 0 100 British Tobacco .. 117 9 100 Dunlop Rubber .. 0 18 11 GOO Big River (2) 0 2 01 2000 Brian Boru (2) 0 0 2i 1000 Goldfields Dredg. (2) 0 0 7 1000 Mahakipawa (2) 0 010 200 Mount Lyell (2) 017 4 2000 Skippers (2) 0 0 4s 0 0 5 100 Waihi . • 2 12 Sales Reported 400 Standard Insurance (cum div.) (late sale February 27) .. 3 13 0 250 Chch. Gas (late sals February 27) .. 1 15 0 500 Christchurch Gas . . 115 0 UNLISTED STOCKS Sales on 'Change £ s. d. 300 Upper Watut (2s pd.) 0 5 G 0 5 7 50 Woolworths (Sydney), (ord.) .. 4 12 0 Banks and Insurance e!, S., and A. Banks were firm at £5 market closing Is on either side. A late sale of Standard Insurance on February 27 was reported at 735. New Zealand Refrigerating (10s paid) were firm at 9s, closing quotations Id on cither side. A late sale of Christchurch Gas on February 27 was reported at 35s and business to-day was recorded at that price. New Zealand Breweries were firmer on buyers' offers 50s 3d. British Tobaccos were steady with sellers and business at 37s 9d, buyers at 37s Bd. Buyers' offers for Broken Hill Proprietary, Burns Philps, Dominion Builders' Supplies, Dominion Fertiliser, and Henry Jones Co-op. revealed firmer markets. Dunlop Rubbers moved up a point to 18s lid. sellers staying in at Hint figure, buyers at 18s lOd.

Mining; Big Rivers changed hands at 2s (Md and there were further buyers at that price, sellers at 2s Id. Brian Bonis were easier with sellers and dealings at 2£d, buyers at 2d. Goldfield? Dredging were a shade easier at 7d. buyers staying in at that figure, sellers at 7Jd. Mahakipawas were a shade stronger at 10d. market closing Old buyers. lOd sellers. Mount Lyells were fractionally weaker at 17s 4d closing quotations Id on cither side. Skippers were firm with dealings al 4 : ,' cl and 5d and these were buyers' and sellers' closing quotations respectively Waihis were firm with buyers and business at 41s 2d, sellers at 41s (id. Waitahus were firmer on buyers' offers 2s 9d. Unlisted Stocks Upper Watut eased to 5s Od and 5s 7d, buyers staying in at the higher price, sellers al 5s Bd. V/oolworths (Sydney) ordinary recovered to 92s and more were offered at that price, buyers at 91s lid. LATEST QUOTATIONS

UNLISTED STOCKS All transactions in stocks quoted in this section are subject to a different rate of brokerage from listed stocks, and are not quoted on the official list. £ s. d. £ s. d.

Unlisted Stocks Woolworths (Syd.) .. 411 9 WELLINGTON Sales on 'Change £ s. d. 4 p.c. Ins. Stock, 1940 .. 102 0 0 4 p.c, 1949 .. .. 108 10 0 108 12 6 E., S., and A. Bank .. 5 0 6 National Bank of N.Z. .. 3 9 0 N.Z. Guar. Corpn. .. 0 6 0 South British Insurance .. 414 3 Union Steam pref.) .. 17 3 British Tobacco .. 1 18 0 1 17 7 Mount Lyell ~ 017 4 0 17 5 Big River .. 0 2 l\ Mount Morgan .. l 19 o DUNEDIN Sales Reported £ s. d. Gillespie's Beach (late Wednesday) .. .. 0 16 3J p.c. Stock, 1941 .. 102 0 0 P. and O. Stock .. 10 0 Westport-Stockton (pref.) .. 0 3 8 N.Z. Refrig. (paid) .. 0 19 3 Woolworths (Sydney) .. 4 12 0 Waitahu (after last call) .. 0 210 WAR LOAN STOCK (BKmsn ornciAL wikelbss.) RUGBY, February 27. British War Loan Stock, 3£ per cent,. is quoted:— £ s. d. February 27 .. 106 15 0 February 25 .. 106 7 6

SYDNEY Although there was not a great volume of business on the Sydney Stock Exchange yesterday, an improved tone was perceptible, values making a further recovery from last week's setback. Morning Sales £ s. d.

MELBOURNE £ s. d. Com. Bank of Australia . . 016 4 National Bank (£5 paid) .. 6 7 0 Australian Glass .. 2 19 9 Broken Hill Proprietary .. 2 116 Dunlop Perdriau .. .. 0 18 10 Zinc Corporation .. 1 10 0 RESERVE BANK WEEKLY STATEMENT j ASSETS AND LIABILITIES (PRESS A.SSOCIATIOH rELgQBAM.) WELLINGTON. February 28. A Gazette issued to-night contains a statement of the assets and liabilities of the Reserve Bank of New Zealand, as at the close of business on February 25: Liabilities £ s. d. (I) Paid-up capital . • 500,000 0 0 <2) General Reserve Fund .. 1,000.000 0 0 (3) Bank notes .. 9,326,978 0 0 i 4) Demand liabilities—(a) State .. 10,240,659 5 3 (b) Banks .. 5,953,894 13 5 (c) Other .. 4,326 12 10 ■5) Time deposits .. (6) Liabilities in currencies other than New Zealand currency .. (7) Other liabilities— 44,679 18 10 Total .. 27,076,538 10 4 Assets £ s. d. (8) Reserve—(a) Gold .. 3.001,731 0 0 (b) Sterling exchange . . 21,810,624 11 9 (c) Gold exchange (9) Subsidiary coin 184,617 1 10 (10) Discountsfa) Commercial & agricultural bills (b) Treasury and local body bills .. (II) Advances—(a) To State or State undertakings .. (b) To other public authorities <c) Other .. (12) Investments .. 2,043,799 0 4 (13) Bp.nk buildings - (14) Other assets .. 35,766 16 5 Total .. 27,076,538 10 4 Proportion of reserve (No. 8 less No. 6) to notes and other demand liabilities 97.18 per cent.

FAIRLIE STOCK SALE

The fortnightly stock sale was held in the shipyards, Fairlie, on Tuesday. The yarding of fat stock was small, but thpro was a full yarding of stores. Between 5000 and COOO lambs were offered, nearly all beinp sold. Prices showed a falling off from 3s to 4s a head.

Tho following prices were realised: —Two hundred fat lambs from 17s (id to 22s Id, fat wethers 17s fid, 10s fid, to 22s 4d: fat ewes lis Gd to lis fid, rape lambs from 12s fid to lGs, small lambs lis fid to 16s 3d. A small lino of two-tooth ewes brought 18s lOd, old ewes from 6s to 16s, pigs six weaners at 14s 6d.

FOREIGN EXCHANGES (BBIJISH OFFICIAL WIBELESS ) RUGBY, February 27. Par. Feb. 25. Feb. 27 Paris, fr. lo

Buying. Selling. Java—--I'lorins to £1 N.Z. T.T. 5.834 5.G00 O.D. 5.854 S.GILJ Japan— N.Z. pence to yen T.T. O.D. Shanghai— N.Z. pence to dol. T.T. 2:1 5-3'J 24 15-32 O.D. 23 1-32 24 13-32 India and Ceylon— N.Z. pence to rup. T.T. 22 13-32 222 O.D. 22 9-32 22 11-18 Ilcng Kong— N.Z. pence to dol. T.T. 28 5-32 29 7-32 O.D. 28 1-32 29 5-32 Singapore— N.Z. pence to dol. T.T. 34|J 35 5-16 9.U. 34i 354 T.T. represents telegraphic transfers. O.D. represents on demand transactions. DOLLAR-STERLING EXCHANGB The Associated Banks (otliei than Mia Bank of New South Wales) quoted '.lie following dollar-sterling rates on Saturdav, which are subject to alteration without notice: U.S.A. Ca'is.U. dol. dol. Conversion of dollar bills received for collection and sale of dollar drafts and telegraphic transfers . . 4.84 i-M Purchase of dollar bills 4.8f» I.«S Od a New Zealand currency ; tiivsn rates' are equivalent to: U.S.A. Canada, dol. dol. Selling— T.T 3.S.S:' :'..88J O.D. 3.59J 3.894 Buying— O.D. 3.95g :; 95g

MEAT EXPORT PROGRESS KILLINGS HEAVY LAMB AND MUTTON INCREASE Killings for export at all works during the 1934-35 season, commencing October 1, 1934, to February 15, 1935, are notified by the Meat Producers'

Board, those for the corresponding period in 1933-34 being also supplied. North Island 1934-35. 1933-34. Beef (quarters) . . 93,842 57,754 Wethers (carcases) 463,172 310,121 FAves .. .. 519,111 277,495 Lambs .. 3,196,593 3,027,673 Porkers .. .. 223,248 158,596 Baconers .. 77,501 64,294 Boneless beef .. 19,259 136,348 Sundries .. 101,239 87,944 South Island 1934-35. 1933-34. Beef .. .. Wethers .. .. 80.708 12,920 Ewes .. .. 127,171 25,365 Lambs .. .. 1,592,453 1,243,414 Porkers .. .. 10,533 7,279 Baconers .. 6,909 3,576 Boneless beef ~ 6,429 12,563 Sundries . . 31,235 29,365 Dominion Totals 1934-35. 1933-34. Beef .. -- 93,842 57,754 Wethers .. .. 548,880 32^,041 Ewes .. .. 646,282 302,860 Limbs .. .. 4,789,046 4,271,087 Porkers .. .. 233,781 165,875 Baconers .. 84,410 67,870 Boneless beef .. 25,688 148,911 Sundries .. 132,474 117,309 Stocks on Hand

Stacks on hand in stores in New Zealand on February 15 in each season were as follows: — 1934-35. 1933-34. Beef .. -. 29,973 39,121 Wethers .. .. 282,334 140,243 Ewes .. .. 431,128 128,884 Lambs .. .. 2,178,024 1,707,972 Porkers . .. 73,004 29,239 Baconers .. 21,11(5 21,445 Boneless beef . . 26,157 75,031 Sundries .. 69,819 73,234 81-MONTHLY SHIPMENTS The Meal Producers' Board is advised by cablegram from its London oiiice that the shipments from Australia and South America to the United Kingdom during the first half of February were as follows:--Australia Carcases mutton .. .. 22,787 Carcases lamb .. .. 117,221 Quarters beef . . • ■ 0.877 South America Carcases mutton . . . . (J.Hi) Carcases lamb •. 135,022 Quarters beef (frozen) .. 586 Quarters beef (chilled) .. 158,249 The shipments from New Zealand to the United Kingdom for the same period were as follows: — New Zealand Carcases mutton .. .. 07.956 Carcases lamb .. •• 365,119 Quarters beef (fro/.en) .. 4,107 Quarters beef (chilled* .. 2,973 FUTURE OF COAL DIMINISHING DEMAND Stating that the output of the West-port-Stockton Coal Company, Ltd., last year was almost 3000 tons less than the previous year, Mr W. Hardie, chairman, said at the annual meeting

yesterday that although the output from the West Coast mines continued to decrease, the actual number of mines in operation had increased. There had been a considerable reduction in net profit. This had been brought about by several causes, the main reason being keen competition, which had led to cutting of prices for the decreasing business offering. There were very few coal-burning vessels in New Zealand or trading to New Zealand to-day.

The ever-increasing use of oil and electricity, continued Mr Hardio, had had a most marked effect on the coalmining industry in New Zealand. The New Zealand Railways were still using all New Zealand coal, but the board of management was making it very difficult for the West Coast bituminous coal mine owners, as they had reduced their orders for supplies of bituminous coals. Half the number of coal mines could more than supply all the coal that was required in the country. Practically all coal mines were only working half-time, and it would seem that there was very little prospect of the mines working better time in the near future.

Their own company had great reserves of coal, and if the markets were available the output could be increased considerably. Research work in many countries in the world was being carried out to find other uses for coal, and a considerable quantity of oil was being produced from coal. These developments were being carefully followed. If the hydrogenation plant of the Imperial Chemical Company at Billingham, England, at a cost of £8,000,000, proved to be a commercial success, it

would undoubtedly be a step in the direction of assisting the coal mining industry. BANKRUPTCIES TWO LAST MONTH There were two bankruptcies in the Christchurch district during February, as contrasted with one in February, 1934. Details follow: Feb., Feb., 1935. 1934. Deceased estate .. 1 0 Farmer .. 1 0 Hotelkeeper ~ 0 1 Total ..2 1 In the two months of the present year there have been two bankruptcies, as compared with five in January and February, 1934. SYDNEY MARKET (Received February 28, 8.55 p.m.) SYDNEY, February 28. Wheat, new season's, on country sidings, is quoted:— Bagged, 2s 6d; bulk, 2s 6d; equal to 3s Id and 3s 2d ex trucks Sydney. Flour, £lO 17s 6d. Bran, £4 ss. Pollard, £4 15s. Potatoes, Tasmanian £9 10s and £lO. Onions, Victorian Globes and Brown Spanish £lO 10s and £11; white, £lO. Maize, yellow, 3s 4d (Adelaide). Wheat growers' lots, new season's, 2s lOd; old crop, 2s 7Jd. Flour, baker's lots, £ll. Bran, £5. Pollard, £5 2s 6d. Oats, Algerian, Is lOd and Is lid. Barley, 2s 7d and 2s Bd,

quotations are:— £ s. d. February 26 .. 7 3 61 February 25 .. 7 3 91 February 23 .. 7 3 : 11 February 20 .. 7 o 91 February 10 .. 7 2 8 h . February 15 .. 7 2 8h

Cupper— Standard, spot 20 it 2 7 1 4£ 27 6 10.\ 27 i:j IJ Electrolytic to Wire bars American el ectr 2'J 10 30 0 30 o olytic: 0 0 0 0 cent 30 12 G 30 15 0 30 15 0 s per lb. Lend— Spot Forward 10 6 10 6 3 3 10 6 3 10 6 3 Spelter— Spot Forward 11 13 11 10 0 3 11 13 0 11 16 3 TinSpot 214 17 fi ■216 0 0 Forward 212 12 (i 212 12 (i SilverFine, per o/.. . . Standard, per oz. 2 5 0-1 (id 27 9-16d 2ogd 27 11-lGd

N.Z. Government Dehentum Buyer s. Sel lcrs. £ s.' d. £ s d U p.c. Ins., 1938-52 — 107 10 0 4 p.c. Ins., 1037-40 102 5 0 102 15 0 4 p.c. Ins., 1943-40 105 0 0 4 p.c. Ins., 1946-49 108 5 0 — 4 p.c. Ins., 1952-55 109 5 0 4 p.c. Bonds, 193740 102 5 0 103 0 0 4 p.c. Bonds, 194346 105 0 0 — 4 p.c. Bonds, 194G49 108 5. 0 — 4 p.c. Bonds, 195255 110 0 0 — Canks Australasia (cum div.) 11 5 0 — Comm. of Aust. .. 0 1G 1 0 16 3 Coffim. of Aust. (pref.) — 1 19 0 Comm. of Svdney 15 17 6 16 0 0 E„ S., and A. 4 19 0 5 1 0 Natl. of A/asia. (£10 paid) 12 16 0 13 0 0 Natl. of A/asia. (£5 paid) fi 5 0 6 6 G Natl, af N.Z. 3 3 9 3 9 3 New South Wales (ex div.) 29 17 6 30 5 0 New Zealand 2 9 0 2 9 2 N.Z. ("D" Mort. shares) 1 11 11 1 12 0 Reserve 6 10 6 6 10 9 Union of Aust. 8 9 0 8 17 6

Insurance A.P.A. — 0 10 5 National 1 1 6 1 2 0 New Zealand 3 7 3 3 9 0 Loan and Agency Ch.Ch. Build. Soc. 13 0 0 Dalgety and Co. .. 8 5 0 8 11 0 Goldsbrough, Mort 1 8 2 1 8 0 Mutual Benefit .. 14 0 0 — National Mortgage "B" (ex div.) .. 1 10 3 1 19 0 N.Z. Guar. Corpn. 0 5 11 0 6 0 N.Z. Loan and Merc. (pref. stk.) 80 0 0 — Permanent Invest. — 10 7 6 United Build. Soc. 1 1 9 1 3 0 Frozen Meat N.Z. Refrig. (£1 paid) 0 19 3 0 19 (i N.Z. Refrig. (10s paid) 0 8 11 0 9 1 Woollens Kaiapoi (17s pd.) — 0 15 0 Kaiapci (pref.) .. — 0 17 9 Coal Westport 1 1 4 11 9 Stockton (ord.) .. — 0 1 3 Stockton (pref.) .. 0 3 3 0 4 0 Gas Auckland 1 7 3 1 7 9 Auckland (contr.) 0 19 3 Christchurch 1 14 9 1 15 3 Christchurch (10s paid) — 0 17 6 Breweries Carlton (ex div.) __ 2 12 6 New Zealand 2 10 3 2 10 8 Timaru 0 10 0 Timaru (7s 6d pd.) 0 8 2 0 8 5 Staples 1 9 6 1 11 6 Tooheys 1 7 9 — Tooths 2 6 9 2 7 6 Miscellaneous Assoc. Newspapers — 1 2 9 Amalg. Wireless (cont., cum div.) -— 2 2 0 Anthony Hordern 0 17 4 0 18 0 Aust Glass 2 19 0 2 19 G Aust. Iron and Steel (pref.) 1 1 6 1 2 5 Beath and Co. 1 8 0 1 12 0 Beath and Co. (Is paid) 0 8 3 — British Tobacco .. 1 17 8 1 17 9 Broken Hill Pty. 2 10 6 2 11 3 Burns, Philp 3 1 0 3 2 G Claude Neon (Sydney) 2 5 0 2 10 0 Claude Neon (N.Z.) 2 5 0 2 12 9 Consolidated Brick 0 8 9 0 9 9 D.I.C. (pref.) 1 3 C 1 6 2 Dominion Builders' Supplies 0 5 4 0 9 10 Dominion Fert. 1 1 11 — Dunlop Perdriau Rubber 0 18 10 0 18 11 Electro Zinc (ord.) 1 1 9 1 2 0 Electro Zinc (pi., cum div.) 1 14 0 _ Henry Jones Co-op. 1 15 3 1 16 6 Kauri Timber 0 19 3 0 19 10 New Colosseum .. 1 7 6 — N.Z. Drug Co. .. 3 18 0 3 19 6

Buyers. Sellers. £ s. d. £ s. d. N.Z. Farmers' Coop. ("B" pref.) 0 10 0 1 . 0 0 N.Z. Farmers' Cood. (44 p.c. stock, 1940) 82 10 0 8£ i 0 0 N.Z. Farmers' Coop. (44. p.c stock, 1945) 82 12 6 — Quill, Morris (in liquidation) . .. 0 3 9 C 1 4 6 Woolworths (Vic), pref. — 1 10 0 Sun Newspapers .. 0 3 9 C 1 4 2 Taupo Totara Timber 0 4 0 c 1 5 9 Wilson's Cement 1 13 6 1 14 3 Woolworths (N.Z.), ord. 9 13 6 9 18 0 Woolworths (N.Z.), pref. 2 1 0 2 ! 3 0 Mining Addison's Flat .. 0 1 7 0 2 9 Alexander 0 14 0 0 16 11 Alexander (15s paid) 0 12 0 0 16 6 Aotearoa — 0 1 0 Bell Hooper 0 0 1 0 0 3 Bell Kilgour 0 0 Of 0 0 u Bendigo Goldlights 0 0 84 0 0 Hi Big River 0 2 01 0 2 1 Blackwater 1 11 0 1 12 0 Brian Boru 0 0 2 0 0 24 Central Shotover — 0 0 8 Charleston 0 0 04 0 0 5 Deep Lead 0 1 9 0 2 0 Gillespie's Beach 0 1 3 0 1 64 Glenroy 0 0 2 0 0 44 Golconda (lid paid) 0 0 2 0 1 0 Golden Dawn .. — 0 2 6 Golden Point .. 0 0 01 0 0 1 Golden Sands .. 0 2 2 0 2 6 Goldfields Dredg. 0 0 7 0 0 74 Kildare 0 2 9 0 3 0 King Solomon .. 0 3 84 0 3 11 Kuala Kampar (ex div.) 0 13 0 — Maori Gully 0 1 3 0 1 4 Lawson's Flat .. 0 0 22 0 0 4 Maerewhenua 0 0 U 0 0 2i Mahakipawa 0 0 94 0 0 10 Mataki — 0 2 0 Mining House Concessions .. — 0 0 2 Moonlight Nelson Creek — 0 0 14 Mossy Creek 0 2 3 0 2 4 Mount Lyell 0 17 3 0 17 5 Mount Morgan .. 1 18 0 1 19 0 Mount Morgan "rights" 0 17 9 — Nevis Diesel Elec. 0 0 U 0 o 2 : ; New Cornish Pt. _ 0 0 4 Nokomai 0 1 10 0 2 4 Okarito 0 7 3 0 7 6 Oxenbridgc Shotover — 0 0 10 Placer Develop. 27 10 0 28 10 0 Peninsula Tin (15s paid) — 1 3 0 Rawang Tin 0 6 84 0 7 6 Sandhills Gold .. — 0 0 V 32 Skippers 0 0 4.? 0 0 5 Upper Shotovcr (lOd paid) 0 0 1 0 0 9 Waihi 2 1 2 2 1 6 Grand Junction 0 4 8 0 4 11 Wailahu 0 2 9 0 3 5 Wnrkson Extend. 0 29 0 2 11

Andersons, Ltd. <pref.) 0 16 G 0 19 0 Argo Gold — 0 1 5 Ben Ledi 0 0 4 0 0 5 Barrytown — 1 3 6 Cantv. Roller Flour aOs pd.) — 0 10 0 Golden Gully — 0 0 9 De Forrest Phono Films (£1 pd.) — 0 4 11 Mining Research — 0 0 5 Jones Nevis 0 0 8J 0 0 lOi New Paver (6d paid) — 0 0 5', Macetown — 0 1 0 National Tobaeco — 3 8 0 N.Z. Min. Invest. — 0 1 0 Procera Bread (10s paid) — 0 13 3 E. Reeee, Ltd. (prel.) 0 2 4 0 2 9 Stacey & Hawker (prof.) 1 0 0 — Upper Watut (2s paid) 0 5 7 0 5 8 Woolworths (Syd.), ord. 4 11 11 4 12 0 AUCKLAND Sales on 'Chan :ge £ s. d. Stock, 1940, 4 p.c. 102 10 0 Natl. Bank of N.Z. 3 9 0 Bank of N.S.W. 29 17 6 Bank of New Zealand ( 2) 2 9 3 Reserve Bank 6 10 6 South British Ins. ( 2) 4 14 3 Standard Ins.' 3 12 0 Auckland Gas 1 7 6 N.Z. Breweries 2 10 6 Colonial Sugar 40 10 0 Electrolytic Zinc 1 1 10 Electrolytic Zinc (pf.) 1 14 6 Hill and Plummer 0 17 6 Waihi 2 1 3 Mount Lycll 0 17 3

Commonwealth Bonds— 4 per cent., 1938 104 11 3 4 per cent., 1941 105 11 3 National Bank (£5 paid) .. 6 6 0 Bank of New South Wales i 30 2 6 British Tobacco 1 17 9 Dunlops 0 19 n Dunlops (pref.) 1 18 0 C. J. Coles 3 1 6 Lustre 1 8 3 Morris Hedstrom 0 19 0 Closing: Sales Commonwealth Bonds 4 per cent., 1938 104 11 3 4 per cent, 1941 105 11 3 4 per cent., 1953 107 15 0 4 per cent, 1955 107 17 6 4 per cent, 1957 108 2 6 4 per cent., 1,961 108 15 0 Colonial Sugar 41 0 0 Bank of New South Wales 30 2 6 Com. Bank of Sydney16 2 0 National Bank (£5 paid) .. 6 6 0 Burns, Philp South Sea .. 1 6 6 Tooth's 2 8 0 Dunlop Perdriau 0 19 0 Wilcox, Mofflin 0 9 0 Farmers (first pref.) 1 4 0 David Jones (second pref.) 1 9 9 Anthony Hordern 0 17 lOi Standard Cement 0 19 0" Mount Morgan 1 18 9 Broken Hill Proprietary .. 2 11 9 Bulolo Deposits 0 1 0 Placer Development 28 0 0 General Industries 0 15 3 General Industries (pref.) 1 7 0 Victoria Nyanza 0 6 8

£1 124.21 73 27-32 73 15-16 New York, dol. to £1 4.866 4.soy 4.86 s Montreal, dol. to £1 4.806 4.S0g 4.86J Brussels, belgas to £1 35 20.74 20.06} Geneva, fr. to £1 25.2215 14.96?. 14.92 Amsterdam, fl. to .£1 12.107 7.17 7.14 1 a Milan, lire to £1 03.-17 57 310 57 lmirken to £1 20.13 12.OS 12.03J Stockholm, kr. to £1 18.13!) 19.39J 19.39J Coppnhaijen, kr. to £1 18.159 22.39J 22.39J; Oslo. kr. to £1 18.159 19.90X 19.90J Vienua. schgs. to £1 31.585 26 26 Prague, kr. to £1 164.25 116 115.38 Helsingfors, £1 Madrid, pesetas to i'l 193.23 2201 226J Lisbon, I'scudos to £1 110 110i 1101 Athens, drach to £1 875 514 510 to'£l 818.6 4 00 J 4901 Belgrade, o.- ,,,- •> Uio dc Janeiro. " 1 "' J 21.5 pence to milreis . . 4.892 4 J 4 I linen.is Aires. pence to dol. 57 39a 391 Montevideo, pence to dol. 57 401 401 Bombay, pence to rupee 19 18 5-32 18 5-32 Shanghai, penc e to dol. * 18 18 [Ion:; Kong, pence to dol. Yokohama, * 22 9-10 18J pence to yen Batavia, * 14 1-64 — guilders 12.107 7.14} 7.123, Warsaw, par zlotys to £] 43.36 *Detcrm ined by price of si :lver.

FOREIGN EXCHANGE RATES Tho Bai :ik ol E Ne\ v Sou Hi Wales , Christchurch, quoted the follow i'ing rate s of e.x;'haugo as rulinj ? yesi terday for its i mrchases and .sales of I oreigi l exel lange. '1 ?lio rates are subject : to c literal lion w itliout no tice:— 1 ordo Buying. Selling. £N.Z. to £100 stg. T.T. 124 124/10 Australia— O.D. 1:28/10 124/7/6 £ A. to . £100 N.Z. T.T. 101 100/10 Fiji— O.D. 101 100/10 £ F. to . £100 N.Z. T.T. 90/7/6 89 O.D. 90/7/6 89 New Tort — Dol. to £1 N.Z. T.T. 3.93| 3.885 O.D. 3.94J 3.S9g Montreal— Dol. to £1 N.Z. T.T. 3.93JJ 3.393 France— O.D. n.y-ii 3.S9i Francs t o £1 N.Z. T.T. 50.4H 58.18 O.D. 59.78 58.23 Noumea— Francs t o £1 N.Z. T.T. 60.4I-) 57.43 Pu jeete O.D. ro.83 57.48 Francs t o £1 N.Z. T.T. 60.43 57.43 O.D. 60.83 57.48 Belgium— Belgas t o £1 N.Z. T.T. 16.978 16.278 O.D. 17.078 16.293 Germany— Reichma rks tc >£1 N.Z. T.T. — 9.461 rtalv O.D. — 9.466 Lire to £1 N.Z. T.T. O.D. - 45.09 45.13 SAvitzerlani :1— Francs t o £1 N.Z. T.T. 12.206 11.806 O.D. 12.281 11.816 Holland— Florins t ;o £1 N.Z. T.T. 5.875 5.625 O.D. 5.925 5.629