FINANCE AND COMMERCE

Press, Volume LXXI, Issue 21419, 11 March 1935, Page 13

FINANCE AND COMMERCE

Ipl'>*El >IN • VuoL SALK , coon ( i.i:ai{an( e PER wools ' lIKAPKK * rjjf 5 J: : ' ' f Dl'uN Mann 3-jRCd:;. A;,- a;,d Jil "" :i■. • =:. *. ■ ; t-j - "If -U.i-o I ''-' . . ; this tj 1 1 ri en iced "! c th« auc»'y:i 1-; ■ ••••«..! IMUl '^ fi , r-C o«'fi'.T.s >.•! ! wi'i.ttsxnv " : ;.-. p s from ih»- • - ~! SS ,;aro - ;;V' Er ;vpy of w-i'l a*>'i .••hmviny I'of the severe conditions produring the winter months. • b< >in » laU ' l- :,!,,ni - v -' crt-X?-£y heavier in l ' u!i<l . ,t!on tli; " n offering- tins centre, of clips ali-o Miuwed more 1 ''jft&vml this facing due to the IZ- season and the dry summer f % has been experienced. The of super wools ofTerint; was as at the two previ'^JJheld here. A fair proportion : ;-3fbred wool w.-s <>n "Her. and i' :." P "-aiity cf these clips was up to ; jj>l standard. French Buying | to expectations ;he dethe sale was keener than early in the week. ' f-Cii!? the improved demand, cspcf Tfrom France, can be- attributed 'i'it wore stabili-ert position of -"■ I TTiis probably accounts for section, <<f buyers -{ixreased limits foi lho Duncdin .'."and their competition was Irresponsible for the improved fik throughout the sale. Pxt was strong competition Irom I'J bench of buyers. The demand it well distributed, but the main petition came from Brad l ord unci feet Orders were in evidence for feuay and Japan, but these were prlimited. There was a comparator mall proportion of wool suit--4a for local mills, consequently C competition wjs not so evident .ithe February sale. However, I*purchased any lots which suited fe*trade. Pieces were keenly comI'd'orby the Continent,, and local Aggers were alio operating for fr.-j.g lots. I Decline for Merino ' spared with the February sale > rediri, merinos showed the bige cc-line. and these can be quoted _ ' i lower. Super lots of lrjlf\pre also easier by Id. whilst m tc good halfbreds were sell|■'jd to 'id less. Crossbred wools gpi maintained their value. and |: secline here would be no more t id per lb. | '-npared with the la.-t Dunedin »: ihe rates on all grades >f pieces W : lower in sympathy with lieece ".lie decline bcin:; from id to -"'r ib Tne only improvement in (.j?s va; ncticeable in crossbred pot?, which general lv sold at prices than the hist sale. Uearanre of 92', I'rr Cent. j of the passing-. ;>.t thj sale accounted for by growers' hiuh and rep'v; : cnted approxi"i Per cent., but this would ed by clc.n-ances made after to? Price 1 Icl I'"or Merino s '--ce realised on sale was 14d | - six bales of super combing } *»1, grown by James P'reef- -Green Valley. A bin line of | cmsof super tine halfbred also I3jd per lb. Range of Values •• following is the official range of : compared with the February Feb., 1935. Mar., 1935. d. d. d. d. -i super .. to jr, t to 14 '2„ ■ ll to 13 9| to 1U « to JO.J 8 to 9 . -nor ■■ 8 to Hi 7 to 7:{ ?-■ half--SA-s Spa super .. ir; to 15 : ; to 13 i ;■£ -.lo] to 12i 3OA to 11; I .. a to ioj n to 10 8 to 7i to B.\ 4 -*2 Half-l.'-fa, 50-56 i;!? : •■ hi to iii :u ion r£'= e • oi to 9.'. 8 to it I. fu " 7 t0 5 7 to 7i f' crossbred I f : :f .. 8J to 9i 8 to 9 .. 7 to 8 IV; to 74 'S «• * t0 G » 6to •■asred 46-48- •• 7 to 8 7 to 8 i r ..^ s .. fi to 6', 6 to ■' 5 to 5i 5 to 54 |-a cross--44-46 =sr ;:5 # •• 6to 7i (> to 7 I<s .• '-'25 5 •• 5 to 5 : ; r> to 5 : ; pKi r necks 4 <0 4 '° 4 " I W Pieces— 3i to 104 3 to 9i !f 5 l ° 7! 5 '° 7i * o !>Si t pieces ~ •° ; P» T„ r 510 7 4110 0i •"IBW.' 10 " 3 4! io 7! 61 ,0 7i »|&W! - 6 ' - 8 !1 C : 9* f cr 4 ' 2 to 5 ' to ' " ♦ isT t0 nO- 4r,- r •• sto 0 47 to 6 0. nJ •• 2i to 4 2! to 4 ••, I.'i'Saio- •• 3 to 4 3 to 4 jgjv ' 10 10 0. pN'CH COM PETITION ;o#> : on)< ' ,FLIEN( -K OK monetary troubles r EESS Special Service. 1 DU NEDIN, Mai-r-h f). liM the v. i.'.l vale was I' :; *a« ti, a^art from Bradford, C ' lic£ bu y Cl '- Other v as vcry restricted & *BS akl, , any iarK ° c t uan " n .°'>ced that comy®l Itt.l! pr i nc 'ipal New Zeafacte 6ly absent _' -- -*ott in tt°f u P°n which an im.is a rpf? WOOI market is de■bSWiiL ar ,^ rr l. confidence on 1 Mftz. 0n traril u- removal of rc " it now exist. othor . e , rman y. Italy, g.' buying coungivt able - an increase ii: wPih* WttchL!no lncreased stimu_ 1 tßncaSS 1 '"8 power of the ' Priep'«# n consequently SB*3M enL V WOOI ' resulting The posi■KN*Bt ljj i fl "l pract ically withtimes/for the to tnnL* Continental restrictions on

imports. Even during the worst o£ the slump foreign merchants were allowed to buy abroad so long as they could finance their operations, but the recent import restrictions introduced by several countries have effectively eliminated a large measure of foreign competition among the bench of buyers. The market this season has been extraordinarily sensitive to fluctuations in monetary values. A general decline in the price of wool has followed on the drop in sterling and the recent, weakening of sterling has been reflected in the lowering of buyers' limits at late sales. The firming tendency of sterling noticeable within the last, few days, was responsible for some elasticity of buyers' limits to-day, as compared with recent sales. The catalogue contained a large proportion of line wools ranging from 56's to 58's, suitable for scouring, and of a type which is in particular demand on the Continent. Much of this wool, which was heavy in condition, was from back country stations, and showed evidence of severe conditions. LONDON SALES GOOD COMPETITION EXPECTED (united vhbsh association—by electric 'IT. LEO It A I'II—COPYRIGHT.) LONDON, March 8. The "Yorkshire Observer" says Russia and Germany are expected to operate again at the London wool sales next week. France also will probably be a buyer because of the depreciation of sterling in relation to the franc. Russia bought substantial quantities at the last series, but her full needs are not satisfied. It is generally expected that Tuesday's values will be reduced compared with the previous series, but the course of the sales depends largely on Continental operations. THE SEASON'S EXPORTS LARGE DECREASE TO DATE The quantity of wool offered at Dominion centres during February was 115,790 bales, of which 103,910 bales, or 89.74 per cent., was sold, according to returns compiled by Dalgety and Company, Ltd. The total offerings throughout New Zealand for the eight months of the 1934-35 season ended February 28 were 346.608 bales, of which 304.117 bales, or 87.74 per cent., was sold, compared with 488,255 bales offered and 465,273 biles, or 95.29 per cent., sold, during the corresponding period of 1933-34. The effect of the lower prices this year is clearly shown by this comparison of the figures. The total offerings for the eight months of this season wore 141,647 bales less, while the actual sales were 161,156 bales less than for the corresponding period of last season. The offerings and sales for the respective periods compare as follows: oriVi-cii. Snlil. OITiM-cd. Sold, li.iliv. Hhl.'R. Ji.'iles. I n vcrriirgiU "_'U.<i:; 1 'JO.24U :!<l.(>4<i 2!l, ] >ll In-fl ill 4 2.! I(j 1 4'1,82 7 (i4,lsrf (i-J,. Tiin;iru S,!K>2 S.ti.'lli 7111 :'>2,7'.i2 I hri-t. li'i h 45,:;:;'-! 42,7:12 57,2711 55,91 it n 1.11 hoi in 5 1 54 2 8 '2 5 Well: ni on 70.77:! ill.nil !i7,!MI T'.'J.riSrt Wiinsuniii Ji.jsn :;5.0:n (ih.ocm 5.->,s:u N;i jii. •i* (17.HI!) 5!>,7-Sf) Sl.O-Sli 70.185 <;M.h:-!im l, 71:; 1,172 1 :s Aii kin n.l 4 4>!i:: :.54,:!2S 5:;,8<>4 5::.4*2 T»t>i! :;U!.117 4*5,255 .105.27:! A marked decrease is also shown in the exports of wool from the Dominion this season. Shipments during February were 137,859 bales. For the eight months ended February exports totalled 324,318 bales, compared with 514,667 bales for the corresponding period of last season, a decrease of 190,349 bales, or nearly 37 per cent. The export figures are shown in the following comparative table:— 10S4-:J3. l 'j -i. Bales, .. 18,301 31,047 l>inieriin .. .. 33,722 55,107 U;im;iru . . . . 15,077 2.2H5 Tinianj .. .. 17,000 . 38.500 rhrNteliurch .. 39,2110 00,350 Blenheim .. .. 1,052 SIR NVUOn .. . . 079 2,73 3 AVellirifflnti .. .. 09,397 97,270 Wnnganui . . . . 25,109 39,738 New PJynmuili .. 922 2/119 Napicr-Wnikoknpu . . 51,905 74,62:; Oisfoorne-Tokomaru Bny 23,898 41,515 Aui-k land-Opua . . 40,174 07,904 321.318 514,007 SKINS AND HIDES WELLINGTON MARKET Prices were steady at Friday's sale of sheep skins, hides and tallow, held by the Wellington brokers. All sections of the trade were interested in sheep skins, competition being keen for all descriptions submitted. Practically the whole of the offering was sold at values quite equal to the previous quotations. Salteds were in short supply and sold at late rates. Fair catalogues of hides were offered, exporters and tanners bidding freely. As compared with last sale's rates, lights and mediums sold on a par, and heavies id to |d better. Kip and yearling sold well up to the level of previous quotations, while calf were slightly easier. For tallow there was good competition, especially for shipping parcels, and prices improved Is 6d to 2s per cwt. The range of prices is as follows: Sheep skins: Fine crossbred, 3ifd to 6,jd; medium crossbred, 4|d to 53d; coarse crossbred, 3Jd to sd; half-wools, 2Jd to s£d; quarter wools, 2d to 44d; pelts, 2d to 32d. Salted skins: Quarter-wools, 6d to Is 6d; half-wools. 8d to 2s 2d; lamb, 9d to Is 3d. Hides: Ox, 331b to 441b, 4£d to 4&d; 451b to 521b, 4Jd to 54d; 531b to 591b, sjjd to 701b and over, to 7gd. Cow, 331b to 391b, 3sd to 5Jd 401b to 481b, 3Jd to s£d; 401b to 481b, 3fd to s£d;' 491b and over, 4id to s|d. Kip, 251b to 321b, 3d to sd; 171b to 241b, 4fd to s|d. Yearling, 111b to 161b, 6gd to 7 Id. Calf, 91b to 101b, 6d to 7£d; 61b to 81b, 7d to 9d; lib to 51b, 4|d to 8&d. Tallow: In casks, etc., 17s to 255; in tins, 14s to 14s 9d. Sundries: Horse hair, 5d to 16d. COAL AND TIMBER EXPORTS RETURNS FROM PORT OF GREYMOUTII The following is the return of exports from the Port of Greymouth foi the four-weekly period ended March 2, with the returns for the same period last year given in parenthesis:—State Mines 3744 tons (2931); Blackball 1198 (1145); Rapahoe 1247 (1175); Paparoa 1070 (913); Castle Point end 1149 (2585); Dobson 1134 ( ); Briandale 83 (630); other mines 1806 (3486). , , . . . , During the same period a total ol 1 710 703 superficial feet of timber were exported from Greymouth, compared with 2,257,445 superficial feet for the corresponding period last year.

DAIRY PRODUCE I

LONDON QUOTATIONS MARKET QUIET The New Zealand Dairy Produce Board has received the following market report from its London office, dated March 8: — Butter New Zealand salted, 75s to 76s (last week, 80s to 81s), equals approximately 3.63 d f.0.b.; unsalled, 86s (88s to 90s). Australian, salted 755, ex 76s (80s to 31s); unsalled, ;*4s 'B6s to 88:;): Danish, 36s f.0.b., 106s to 108s spot (90s, 112s); Dutch unsalted, 88s to 92s (00s to 945); Estonian unsalted, 76s 1o 80s. Market quiet. New Zealand retail price lOd; Danish, Is Id. Cheese New Zealand, white 45s 1o 45s (id. ?x 46s (4.8 d f.0.b.) (last week 46s to 46s 3d), coloured 45s Gd to 46s (4.86 d '.0.b.); Australian, while 44s (42s to 14s), coloured 44s (455); Canadian, .vhite and coloured, 60s to 62s (60s lo )2s); English finest farmers, 82s to 80s :82s to 90s); English factory cheese, 13k (43s to 465). The board has also received the f'olowing advice from ils agents in Canida:—Butter; New York, 32:; cents; Montreal, 25 cents. The minimum f.o.b. prices for the Deriod from March 9 until further notice arc: Butter, B : ,'d (less l. 1 , per .•ent. commission) 72s 2d c.i.f.c.; cheese, j«d (less 1£ per cent, commission), 44s Lid c.i.f.c. WEDDEL AND COMPANY'S REPORT The following market report was "cccived by A. H. Turnbull and Company, Ltd., on Saturday morning from -heir principals, Messrs "VV. Wcddcl and Company, London:— Butter—The market is steadier. Danish 104s, New Zealand linest 765, Kangaroo 755. The Australian mininum price has been reduced to 725. Cheese—The market is slow. New Zealand, while and coloured, 45s (id; Canadian, 60s. MEMBER OK DAIRY HOARD ELECTED (I'HESS ASSOCIATION T R 1.1'.C It AM .) HAMILTON, March 9. Under the recent legislation governing the reconstruction of the New Zealand Dairy Board one member is to be appointed by the New Zealand 30-operative Dairy Company. Mr W. E. Hale, of Turua, representing the Hauraki Plains ward oC the company ;>n the directorate, has been appointed to fill the position. APPLES IN LONDON STATE OF MARKET (Received March 10. 7 p.m.) LONDON, March 9. Apple prospects have slightly improved. English Bramleys arc at present 8s 6d a bushel, while the oopular Oregon Newtowns range to 13s 6d, in spite of good supplies from America, which are expected to decrease. leaving relatively small quantities by the time Australian supplies arrive. EXPORT OK FRirr (PRK.SS ASSOCIATION 1 T.I. EG It AM .) HASTINGS, March 10. At a representative meeting of fruit growers on Saturday, the following resolution was carried: "That this meeting views with alarm the tact that Messrs Munros and Poupart are not handling our fruit, and that the board should be asked to make further efforts to persuade them to handle it." DOMINION RUBBER COMPANY A SUCCESSFUL VEAK (rnjsss ASSOCIATION TELEUP.AM.) DUNEDIN. March 9. The annual report of the Dominion Rubber Company, Ltd., states that the profit on the year's working, after providing for depreciation and income :ax payable, amounted to £5879 5s sd. This was exclusive of the balance of £l9O 4s 7d brought forward from last pear, which made a total profit of £6069 10s. An interim dividend of Is a share was paid on September 28, 1934. which accounts for £2500 of the profit. In addition to this the directors had placed £6BB 9s 8d to reserve account, which now totalled £6500. With the balance of profit it was proposed to pay a final dividend of Is a >hare, accounting for a further £2500, which would leave £3Bl 9s 4d to be carried forward. The output for the year was >36,0001b and the crop was curtailed from August 1 through the operation of the plan for the restriction of the output. The all in all cost for the year, including depreciation written off and Dunedin charges, was 3.31 d i pound on the output. The average celling price of rubber for the year .was 5.37 d a pound. LONDON MARKETS LONDON, March 0. Friday's closing prices:— Cotton—Spot, 7.10 d; April 6.86 d. Rubber—Para, 4ijd; plantation imolted, 6£d. Jute —March and April, £l6 13s 9d. Hemp—February and March, £l6. Copra—March and April, South 3ea, to London and Rotterdam, £l2 !s 6d; smoked, to Marseilles and Genoa, £l2 2s 6d; plantation, Rabaul, to Lonion and Rotterdam, £l2 12s 6d. Linseed Oil-—£22 ss. Turpentine—£2 9s. RABBIT MARKET (united mess association'-~rt klectrtc TELEdiiAl'li I'OrvIItGXJT.) LONDON, March 9. The rabbit market is lifeless, large, sx store, being nominal at 15s to 15s 3d. WHEAT MARKET CHICAGO FUTURES NEW YORK, March 9. Chicago futures arc:— Cents a bushel. Mar. 1. Mar. 9. May .. .. 97£ 952 July .. ..92g nog September .. 91 i 90* New York (caslf*,.. 117g 114 i

MINING

TALISMAN DUBBO RETURN The report on March 9 was that for 58 : i tons treated at the Golden Dawn battery the actual return was £427. MOSQUITO creek progress The subsidised prospectors working under the Unemployment Board's scheme at Mosquito Creek, near Marsden, who have been carrying out tunnelling operations continuously for some time past, have reached the wash dirt at between 600 and 700 feet. The shaft there was bottomed some months ago at a depth of 1000 feet, and this drive on which the men are now working was put in to reach the bottom of the shaft. Several dishes of the wash dirt showed good colours. It should not. be long now before actual production of gold. MATAKI REPORT Under date March 5, the dredge- j master reports as follows:—During the week eroding March 3, the dredge pulled ahead 60ft in ground the aver- j age depth of which was 16ft. The length of the face is now 280 ft. The dredge had a fairly good run for the week, and we are across the river. On the extreme outside of the river cut the ground has dipped to 13ft and is making solid wash; the inside remains hard, but is very poor. Mechanical trouble developed in the main engine to-day nnd this will stop dredging while repairs are effected, but we anticipate restarting on Thursday morning. RIG RIVER REPORT The report for the week ending March 7, states:--No. 4 north drive —West crosscut, distance driven seven feet. Cut continuation of reef beyond fault, stone 18 inches wide in which gold can be seen. No. 3 south drive—Level face not being worked this week. Filling slope during week. Main shaft—Repairing work progressing satisfactorily. Battery—Held up for repairs. j MOSSY CREEK iniEsa ASSOCIATION TELEGRAM.} GREYMOUTH. March 9. The Mossy Creek dredge return for last week was 15oz 12Jdwt for 3750 yards of wash. The acute shortage of water has continued, rain being badly wanted, this accounting for the small yardage treated MAI! A KIPAWA The following telegram lias been received by Mr J. R. Templin, from the mine manager:— "Good gold has been struck in the leading face. The bottom is dipping, which will require a lift of 50 feet of bottom for drainage. The work will lake three days, after which blocking will begin. GOLD MOVEMENTS LARGKR LONDON HOLDINGS International gold movements during 1934 again reflected the tendency for Britain to absorb gold on account of other countries. According to figures published in the "Bankers' Magazine" for January, total British imports of the metal were £251,880,422, while exports were £123,464,024. Gold in England Was increased by £128,416,000, of which 1,600.000 sovereigns were added to the holding of the Bank of England. Arrivals from India and South Africa were on a scale comparable to those for 1933, while outstanding import movements were £23.000.000 from Germany, £83.000,000 from France, and smaller amounts from other European countries. Among the exports, more than £15,000,000 was sent back to France, while the United States of America absorbed the huge amount of £92,400,000 of gold on balance during the year. This large movement reflected American purchases of gold in the London market, which had been continuous since President Roosevelt instituted his gold-buying policy. It is also largely accounted for by the general efflux of gold from Europe to the United States. This movement across the Atlantic assumed very large proportions in the early part of the year, and again in the autumn. Meanwhile the Bank of France managed to replenish, probably from other golcl-standard countries, any gold it had lost to the United States or for hoarding in England. Its gold reserves at December 7, 1934 amounted to 82.000,000,000 francs, against 77,000,000,000 francs at the corresponding date of 1933. The greater part of the excess of imports over exports in the figures for various countries must be attributed to hoarding by interests unwilling to face the fluctuation of currencies of any country. This assumption is borne out by the fact that a relatively high premium was maintained in the London price for gold over dollar and franc parities. ENGLISH GOLD MOVEMENTS Exports to Imports from England. England. £stg. £stg. Australia .. 7.204,030 New Zealand .. 2,147,834 South Africa .. 51,609,351 British India . . 34,061,239 2,000 Germany .. 23.654,078 21,810 Netherlands .. 7,304.582 1,11.9,172 France . . 83,646,791 15,159,367 United States .. 4,619,625 97,019,578 Total' . . 251,880,422 123,464,024 "Including other countries, whose figures are small. PRICE OF GOLD (niUTrsn OFFICIAL WIRELESS.) RUGBY, March 8. Gold, a line ounce, is quoted:— £ s. d. March 8 .. 7 8 3J March 7 .. 7 8 10 March 6 ..794 March 5 ..7 7 10A March 4 .. 7 8 10*" March 2 .. 7 0 10£ February 28 ..741 February 27 .. 7 3 Hi SALE OF SECTIONS Messrs Sheppard and Smith, Ltd.. land agents, 133 Hereford street, report having sold on account of the Presbyterian Church Property Trustees a block of land situate at the sputh-west corner of Idris and Taylor's roads, comprising 2 roods 20 perches, to a client at a satisfactory figure. —£

HAWARDEN EWE FAIR

TOP PRICE FOR FOUR-YEAR-OLDS Top price for four-year-old sheep at the Hawarden ewe fair last Thursday was 25s 6d, which was secured for 250 from a line of 971 sold on account of Mr G. L. Rutherford (Macdonald Downs), by Messrs H. Matson and Company. The line averaged 24s 4d, and the detailed sales were as follows: 250 at 25s 6d, sold to Mr A. G. Gardner, Scargill. 210 at 255. sold to Mrs D. H. W. Curry, Akaroa. 70 at 245, sold to Mr P. Butler. Medbury. 210 at 23s 6d, sold to Mr P. Mowatt, Fairfield. 231 at 23s 3d, sold to Mr N. Murdoch, Mayfield.

STOCK EXCHANGES

CHRISTCHURCH SATURDAY'S TRANSACTIONS The outstanding feature on call on Saturday morning was the activity in Kildarc gold mining shares at advanced prices. Price levels generally were well maintained, and there was a moderate turnover. Transactions, exclusive of vestibule business, were: LISTED STOCKS Sales on 'Change £ p. d. £250 N.Z. Govt. 4 p.c. Ins., 1952-55 .. .. HO 15 0 5 Bank of N.S.W. . . 30 0 0 150 N.Z. Breweries (2) 211 3 100 Sun Newspapers .. 0 4 0 300 Gillespie's Beach .. 0 1 7'. 1000 Kildare .. 0 3 3i (2) 0 3 4 0 3 :u (51 0 3 4 .0 3 4i 1500 Mahakipawa <2i 0 0 9 200 Maori Gully . . 0 14 100 Broken Hill Prop. .. 211 1 Sales Reported 100 Standard Insurance (late sale Bth) .. 312 3 UNLISTED STOCKS Sales on 'Chan&'c 200 Woolworths (Syd.i, ord. -• <2> 411 JJ Bonds anil Bank Shares New Zealand Government 4 per cent, stock due 1955 changed hands at £llO 15s, buyers staying in at that price, sellers at £lll. Commercial Bank of Sydney were firmer on buyers' oilers £l6 5s Gd. Bank of New South Wales remained unaltered with buyers and business at £3O, sellers at £3O 2s (id. 1 A late sale of Standard Insurance on March 8 was reported at 72s 3d. Buyers of National Mortgage "A" raised their bids to 545, sellers at 57s 6'd. New Zealand Breweries advanced to 51s 3d, and there were further buyers at that price, sellers at 51s 9d. Christehurch Gas were firmer on buyers' offers 35s 3d. Broken Hill Proprietary were fractionally weaker at 51s Id,"market closing 51s buyers, 51s 3d sellers. Sun Newspapers had business at 4s, and more were wanted at that price, sellers at 4s Id. Mining Gillespie's Beach were a shade stronger with buyers and business at Is 7Ad, sellers at Is Bid. Kiklares were firmer with dealings at 3s 3£d, 3s 4d, and 3 s 4Ad, and further buyers at 3s 4d. sellers at 3s 4Jd. Mahakipawas remained unaltered with sellcis and dealings at 9d, buyers at BAd. Maori GLillys were firm with sellers and business at Is 4d, buyers at Is 3£d. Mount Morgans were easier with-sell-ers at 38s 3d, buyers at 37s 6d. Unlisted Stocks Woolworths (Sydney) ordinary remaincd unaltered with dealings at 91s 9d, closing quotations 91s 8d buyers, 92s sellers. LATEST QUOTATIONS

BRITISH GOVERNMENT STOCKS FIRMNEiiS AFTER OFFICIAL STATEMENT [i:nmsTi official W ; RUGBY. March o The outstanding feature of the stock markets this morning was the marked firmness of British Government stocks!, following the Chancellor's gold statement in the House of Commons. SUGAR AGREEMENT FEDERAL GOVERNMENT'S ATTITUDE (united mass association— by klbctric TELEGRAPH—COPYRIGHT.) CANBERRA, March 3. Although the Federal Ministry agreed three weeks ago to renew the sugar agreement for a further five years, the Government will not introduce legislation to renew the agreement until the end of the year. Various modifications in the form of Ihe agreement are contemplated, and these will not be undertaken until Mr J. A. Lyons (Prime Minister) returns from England. POULTRY PRODUCERS, LTD. Large consignments of good quality poultry were penned in the Canterbury Co-operative Poultry Producers, Ltd., yards, last Wednesday and Friday, and sold well to the representative gathering of buyers present. A particularly fine line of medium chicken was received, causing keen competition. Ducklings were again in evidence, but unfortunately for the seller, the sale for these is still on the slow side. Boilers are still plentiful, but the market could absorb more of this line, if the quality is right. ~ . The following prices were realised a pair:—Chicken: Heavy, realised to 9s 3d; medium, in good supply and demand, and brought up to 7s 9d; light, good quality light chicken rose in price to 5s 3d. Boilers: heavy, sold up to 5s 6d; medium to light, the best of these birds realised as high as 3s 6d. Ducks: light, 2s; heavy, 4s; goslings to 7s; pullets from 5s to 8s 6d, while turkeys realised from lOd to Is per lb. Egg market: Eggs, machine graded, tested and guaranteed, first grade Is 3d; second grade Is Id. —4

FROZEN MEAT SMITHFIELD MARKET EASING IN PRICES The New Zealand Meat Producers' Board has received the following cable message from its London office, dated March 8, advising that the following are the approximate average prices realised for the week, based on actual transactions of wholesale quantities of the descriptions of meat mentioned, and are for representative parcels of the goods offering during the week, being for business done on the basis of delivered to Smithfleld market, and/or ex London stores: — (Prices for the two previous weeks are also shown.)

Lamb Market—Shade easier owing to selling pressure, but consumption good for the time of year. Mutton Market—Wethers; weaker for heavy-weights. Ewes; demand slow. Beef Market—Demand slow. New Zealand Porker Pigs—Trade slow, with prices easier for heavyweights. New Zealand Baconer Pigs—Prices easier. Equivalent New Zealand Parity The New Zealand Meat Producers' Board supplies the following table, giving the equivalent New Zealand parity, ctter deducting all costs, including selling commission. The costing is based on to-day's estimated skin values and includes exchange at current rates. The calculation is on the basis of a prime woolly lamb weighing, say 341b, delivered at freezing works:— If price delivered N.Z. overall parity to Smithfield is delivered at works (approx.) per lb per lb d. d. 6.90 6 : ! 6.75 6.60 In the above estimate the cost of killing, freezing and placing on board steamer is based on a charge of .575 d per lb. Retail Prices in London The New Zealand Meat Producers' Board has been advised by its London manager that the following retail prices were being quoted for New Zealand lamb and mutton retailed in London during February, 1935. These prices represent a fair average of the prices quoted by the better class shops in London for the best quality of New Zealand lamb and mutton: — NEW-ZEALAND LAMB Per lb. d. Legs .. ..12 Shoulders •. .. 10 Loins .. .. 10 Necks .. .. 6 Breasts .. . • 3 Forequarters .. .. < a Hindquarters .. ..11 NEW ZEALAND MUTTON (Wethers) Legs . . .. Shoulders .. .. 8 Loins .. .. .. 8 Necks .. .. ..4 Breasts .. .. 3 Bank Report The Bank of New Zealand has received the following advice from its London office as at the close of business last week:— The market for wethers is weaker for heavy-weights, light-weights remaining steady. Trade in ewes is slow. There is a good demand for lambs for this time of the year. The market is over supplied and sellers trying to force sales have weakened prices. Per lb. Wethers ' d. d. Light .. ~ 4{ to 51 Heavy .. .. 34 to 4 Ewes .. .. 23 to 4 Lambs—2's .. .. 61 to 61 B's .. .. 6J to 6| 4's .. .. 64 to Seconds .. 6g to 6|

FOREIGN EXCHANGES (r.IMTISM OKfll'IAr, WIRELESS.) RUGBY, Mn rcli fl. .Mar. 7. ■Mar. 9. I'jiriN fr. In XI 121.2 1 71 1-1'! 7 1 i 'ncw York, dol. to X 1 '1.81)5 7.7-13 ■1.773 Montreal, <lol. to £1 -l.Stili -1.81 4.82 Brussels, belgas to XI 35 20.07 20.23 Geneva, fr. to XI 25.2215 J4.45 14.54 Amsterdam, 11. to XI 12.107 <1.9 I d Milan, lire to XI 913.47 50 3- If. 50 « Berlin, rcichmarkeu to " XI 20.43 11.04 j J ,7:t Stockholm, l<r. to XL 18.159 19.39J; iu.;u>i Copenhagen, kv. "to X! Osi 1 u, kr. to v I i ft. 1 :,<) — Vicuna, scfips. to XI :: t.'/ s r. 'j. ~t j 2 •*) \ i'rri 14:11 c. k r. 1o XI J 'i 1.25 1 1i ] i - ; Uelsingfors, marks to XI 3 O:S.U:J 220J 'J 'J 0 j Madrid, pesetas lo XI 25.22 I r> rtin:i2 \ o Hi Lisbon, esrudos to XI 110 J 1 0 1 1 1 0 \ Athens, draeh 10 .i" t H75 too ■\ r> 5 Bucharest. lei to XI 8 1 H.(i -t 05 •I'M h d''. dinars 25.22 15 20.7 'J<). 7 Rio dc Janeiro, pence to inilreis . . 4.392 4i 'U Buenos Aires, pence to do], 5 7 30 J o i Montevideo. penfo to dol. 57 4 1 J •lU Bombay, pence to rupen 19 1 Si \ ( J 7-10 Shanghai, ponce tn dol. • 1!i2 1 :} Hons KOIIK prneo !o dol. * 2 3.1 5-1 fi — Yokohama. pence to yen * Ft I ( Batavia. guilder* 12 107 not Warsaw, j ar zlotyn to XI 4n.no 24.75 '.M.7 5 * i determined by price of si I v er. rOKHIf.N EXCHANGE HATES The Jin nk o Now South Wales , Christflui rcli, quoted (I10 follow-in;, ot exchange ai) ruling on Saturday for its purchases nnd sales of foreign exchange. TI10 rales arc subject to alteration without notice. Jiuying. Selling. London — i- N.Z. to X 100 MR. T.T. '12 4 1'J \ /10 . <>.l>. 12 3/10 J2-I/7/0 Australia— £ A. to £100 N.Z. T.T. 10 1 300/JO O.P. 101 J0U/1.0 Fiji— £ 1'. to i'l00 N.Z. T.T. <>0/7/C, SU O.P. 00/7/0 h'J New York — Pol. to A'1 N.Z. T.T. ::.X7 o.p. 3.8*.i 1 Montreal — Pol. lo £1 N.Z. T.T. 3.'JI»4 o.p. 3.91-4 Fra ner 1''nines to £1 N.Z. T.T. 58.22 oli.'l'J O.I). 58.52 !>7 Noumea— Francs lo .11 N.Z. T.T. 59.17 r.ii. 17 O.P. 5if57 ;>(i. 'j - Papeete—• Francs to A' 1. N.Z. T.T. 5!). 17 :»(>. 17 O.P. 59.5 7 Belgium— iiolgas to £1 N.Z. T.T. 1(>.(>4o 15.0 10 O.P. 10.740 J 5.055 Germany— Reichmarks to J 1 N.Z. T.T. ll.'JU'i O.P. L Italy — Lire to J'l N.Z. T.T. - - -t t.H-J O.P. ■H.dO Switzerland—■ Francs to A 1 N.Z. T.T. 3 1.902 3 1.502 O.P. 11.977 11.51'2 Holland— Florins to ,fl N.Z. T.T. 5.7311 5. '1H l i O.P. 5.780 5. 100 Java—Fiorina to £1 N.Z. T.T. 5.'i98 5.47:: O.P. 5.718 5.'177 Jai an— N.Z. pence to yen T.T. 17 J 3-10 O.P. .— Sh- glial— N.Z. pence to dol. T.T. 2 3 9 - J ft 2-U O.P. 2'3 7-P) India and Ce.vlon — N.Z. pence to rup. T.T. 22 11-32 22 11-10 O.P. 22 7-32 2 2 § Mont; Kong— N.Z. jiencc ti dol. T.T. 29 21-32 :Jo O.I,). 29 17-32 Ii(t 2 l-.!2 Singapore— N.Z. pence tc dol. T.T. 31.11-32 ;;5 o-:i2 O.P. 34 7-32 ;;5 7-o2 T.T. represents telegraphic transfers. O.D. represents on demand transactions. DOLLAR STERLING RATES The Associated Banks (other than the Bank of New South Wales) quoted the folio wing - dollar-sterling rates on Saturday which are subject to alteration without notice :— U.S.A. Canada, dol. dol. Conversion of dollar bills received for eollecl ion and sale of dollar drafts am] telegraphic t ransfers -!.7f> •1. so .Purchase of dollar bills 4.80 1. st On a New Zealand currency bi< sis these rates are equivalent to: —- U S V. Canada. dol. dol. Selling- - T.T. 3.S2.1 85 A O.P. 3.82S . H o g Buying— O.P. 3.88i o.02J METALS MARKET (UNITED l'UES8 ASSOCIATION'— 1IY KLEUTHIO X IS LEGRArH—COPYRIGHT.) I.OX PON, Mi rcli 0. Mar. 7. March 9. A' s. d. ; ti. d. Copper — s 1. 10£ Standard, s )ot 2S 9 4i 2 .For ward 28 (i 10i — Fled roly tic 3 1 0 li 3 1 5 0 to . . 3 1. lit 0 3 1 .10 0 Wire bars .. 31 JO o 3 1 7 <> American electrolytic: It cents pi r lb. Load— Spot 10 7 0 10 7 f> Forw»nl 10 12 ti 10 12 ti Spelter Spot, .. 1! 10 0 1 I JO 0 Forward i. .. 1 1. 15 0 J1 J 5 0 TinSpot, i. . 2 Hi 2 (i 21 7 15 O Fonv ard ..213 2 0 212 0 0 SilverFine, per ii7„ .. 27 Jd 2 7d Standard, per oz. 29 7:.1(h1 20 id Pig Iron — March 1. Mar.:h 0. Home trade 3 7 (i i 7 (J Fx port 3 12 ti ! 2 ti Antimony— British . . 77 10 0 8 2 10 0 .Foreign .. tiO 10 0 G1 IS 0 (a unit) (a unit) Molybdenite 1 14 ('. 115 C> Wolfram 1 18 0 1 19 0

N.Z. Government Debentures Buyers. Sellers . l, s. d. £ s. "d. 3.1 p.e. Ins., 1938-43 — 107 5 0 '4 p.c. Ins., 1938-52, *1939-52 and 193943 — 107 10 0 ' 3;J p.c. Ins., 1941 . 102 0 0 — 4 p.c. Ins., 1937-40 102 10 0 4 p.c. Ins., 1943-46 105 10 0 — 0 4 p.c. Ins., 1952-55 110 15 0 111 0 4 p.c. Bonds, 193740 ' 102 15 0 — 4 p.c. Bonds, 19.3255 111 r> 0 — Other Debentures North Canty. Hospital Board, 4 0 0 p.c, 1/11 /3« 101 0 0 103 Booth, Macdonald, 01 p.c., 1937 (id 0 0 — Gisborne Sheepfarmers, (U p.c., 1941 100 5 0 101 10 0 Banks Australasia (cum 8 6 div.) It 3 8 11 Comm. of Aust . . 0 10 2 0 16 4 Com, of Aust. (pf.) 9 17 6 9 19 6 Com. of Sydney 16 5 6 16 6 6 E., S., and A. 4 19 0 5 0 0 Natl, of A/asia. 0 (£5 paid) — 6 9 Natl, of N.Z. 3 7 6 — New South Wales 30 0 0 30 2 6 New Zealand 2 9 3 2 9 6 N.Z., "D" Mort. shares 1 12 0 1 13 0 Reserve 6 10 3 6 10 9 Union of Aust. — 8 15 0 Insurance A.P.A. 0 10 2 0 10 5 National 1 0 0 1. 2 0 New Zealand 3 7 0 3 8 0 Loan and Agency Goldsbrough, Mort 1 7 6 1 7 9 Mutual Benefit .. 14 5 0 15 15 0 National Mortgage "A" 2 14 0 2 17 ()' National Mortgage "B" 1 11 3 — N.Z. Guar. Corp. 0 5 11 G 0 N.Z. Loan and Merc (ord.. stk.) 32 0 0 48 0 0 Permanent Invest. — 10 10 0 United Bldg. Soc. 1 2 3 1 2 9 N.Z. Mortgage Security (£2 pd.) 1 4 0 2 0 0 Frozen Meat Gear — 1 1 9 N.Z. Refrig. (£1 paid) 0 19 1 0 19 5 N.Z. Refrig. (10s paid) o a 10 0 9 0 Woollens Bruce 0 13 0 0 14 6 Kaiapoi (17s paid) 0 12 6 — Kaiapoi (prcf.) .. 0 17 0 0 17 (5 Coal Wcstport 1 I 2 1 1 9 Stockton (ord.) .. 0 1 3 — Gas Chrislchurch 1 15 3 1 15 9 Christchurch (10s paid) 0 16 9 — Timaru — 1 1 9 Timaru (con.) — 0 6 6 Breweries Crown (in liquid.) 0 1 0 __ New Zealand 2 11 ;? 2 .11 9 Staples 1 11 3 — 0 Timaru 0 11 0 0 13 Timaru (7/6 paid) 0 8 5 0 8 8 Tooheys 1 8 6 — Tooths 2 3 0 —

Miscclliincotis Buyers. Sellers. £ s. d. £ s. cl. Associated Ncwst) papers 0 0 1. Allied Motors 2 0 3 (5 Anthony Iiordem (1 17 4 0 17 9 Aust. Glass 2 17 8 3 0 0 A list. .Iron and 0 Steel (. prof.) 1 2 1 3 3 Beath and Co. G (cum div J 1 10 <> 1 12 Beath and Co. (Is 0 10 0 paid, cum div.) 0 8 10 British Tobacco 1 17 11 (cum div.) 1 17 10 Broken Hiil Pty. 2 11 0 2 11 3 Claude Neon (> (.Sydney.) 2 5 — Claude Neon (N.Z.) 2 5 6 — 0 Colonial Sugar . . 40 12 6 41 5 Consolidated Brick - - 0 9 9 D.I.C. (10s paid).. 0 14 0 — 3 D.I.C. (prcf.) 1 3 0 1 6 Dora. Builders' (5 Supplies 0 4 3 0 0 7 {Dominion Fcrt. .. 1 2 — Dun lop Perdriau 5 Rubbe. — 0 18 Electro. Zinc (ord.) 1 1 9 1 2 0 Electro. Zinc (pre!., 0 cum div.) 1 15 3 1 1(5 Hays, .Ltd. (15s G paid) 0 15 G 0 17 Greater Crystal Palace — 1 0 0 Henry .Jones — 1 15 3 Kauri Timber 0 19 0 0 19 0 N.Z. DruH Co. 'cum div.; 3 19 3 4 0 0 N.Z. Fai-mcrs' Coop. (1st prcf.) .. 2 3 0 — N.Z. Fanners' Coop. ("A" prcf.) 0 18 0 — N.Z. Farmers' Coop. ("B" pref.) 0 11 0 1 2 6 N.Z. Farmers' Coop. (4•> p.e. stock, 0 1940) 82 10 0 83 5 N.Z. Farmers' Coop. (44 p.c. stock, 1945) 82 10 0 — 0 N.Z. Newspapers — 1 14 Quill Morris (in 9 liquidation) 0 » " 9 0 4 Sun Newspapers 0 4 0 0 4 1 Taupo Totara Timber 0 5 0 — Taupo Totara Timber (pre!., Ids paid) — 0 18 G Wool worths (N.Z.J, ord. 9 12 (i •— Wooiworths (N.Z.), prcf. 2 1 6 2 2 6 Woo!worths (Vic.), prcf. 1 10 0 Mining Addison's Flat 0 1 0 2 6', Alexander 0 17 o~ 0 19 0 Alexander (15s paid > 0 16 0 0 17 9 Bell Hooper (1 0 1 Bell Kilgour 0 0 1 0 0 li Benditfo Goldlights 0 0 (5 0 0 10 Big River (1 2 3 0 2 4 Brian Born 0 0 O-'l 0 0 3-i Central Shotover 0 0 r 0 0 5 Charleston ___ 0 0 5 Consolidated 0 15 0 0 1(5 9 Deep Lead 0 1 10 0 2 0 Euratha 0 3 0 0 4 .9 Gillespie's Beach 0 1 7 2 0 1 84 Golden Sands .. 0 2 o Golden Point 0 0 0.', 0 0 1 Goldlields Drcdg. 0 0 (i 0 0 64 Kildare 0 3 4 0 3 4i King Solomon .. 0 3 11 Maori Gully 0 1 34 0 1 4 Lawson's Flat 0 0 21 0 0 Si Maerewhenua 0 0 2 1 Mahakipawa 0 0 84 0 0 9 Mahakipawa (pf.) 1929 issue 0 1 2 — Moonlight Nelson Creek 0 0 n Mossy Creek 0 2 4 0 2 64 Mount Lyell 0 17 9 0 17 10 Mount Morgan .. 1 17 6 1 18 3 Mount Morgan 0 (rights) 0 17 8 0 18 Nevis Diesel Elec. 0 0 14 0 0 2 New Cornish Pt. 0 0 14 0 0 5 Nokomai 0 2 24 0 2 44 North Broken Hill 5 0 o" Okarito 0 7 1 0 7 (5 Skippers 0 0 5 0 0 5i Waitahu — 0 2 7 Waihi 2 1 0 2 1 7 Worksop Extend. 0 2 a 0 2 8 UNLISTED. STOCKS Subject to different rate of brokcraiie from listed stocks: — £ s d. £ s. d. Assoc. Motorists' Petrol (pref.) .. 1 4 3 0 — 5 Argo Gold 0 1 4 1 Ben Ledi 0 0 410 0 44 Golden Gully .. — 0 0 8 11 Jones Nevis 0 0 9 0 0 N.Z. Mining In0 0 vestment — l N.Z. Woolpacks .. — 0 16 0 Para Rubber (15s 0 15 paid) — 9 E. Reece, Ltd. G (prcf.) 0 o — Regent Theatre 0 0 Bid. (Ch.-Ch.) — 7 Smith, Wylie 0 1 0 0 7 0 Snowy River — 0 0 14 Tru-Color Films 1 0 (16s paid, pref.) 0 H 0 4 Upper Watut (2s 10 0 (i paid) 0 5 4 Were's Investment Trust 0 4 4 — Wool worths (S.vd.), 12 0 ord. 4 11 8 4 AUCKLAND Sales oil 'Change d. £ s. Ins. Stock. 1940, 4 p.c. 102 10 0 Renown Coal 0 7 9 South British Ins. 4 13 (5 Auckland Gas 1 7 9 N.Z. Breweries 2 30 9 Elec. Zinc (prcf.) 1 15 0 Big River 0 2 2 TJnoiTici.il List Loyal, Ltd. 1 0 G DUNEDIN Sales Reported £ s. d. Union Bank 8 13 0 N.Z. Rel'rig. (paid> 0 19 7 N.Z. Farmers' Fertiliser 0 19 3

WELLINGTON Sales on 'Change £ z. rt„ Jus. Stuck. 4 p.c., 15)40 102 10 0 Wellington City, 41 p.c., 1937 100 17 fi Wellington City, 4 p.c. 1944 304 12 Bank of Australasia 11 7 0 Bank of New South Wales 30 0 0 N.Z. Insurance (all latcFri.) 3 7 9 Com. Bank of Sydney lb' ti n Bank of New South Wales 30 n n N.Z. Breweries o 10 9 British Tobacco 1 is 0 Colonial Sugar 41 12 0 41 15 0 Maori Gully 0 1 4 Unofficial List Woolworths, Ltd. (ord.) .. 4 11 6

Per lb. Mar. Mar. Feb. 8. 1. 22. d. d. d. N.Z. SheepCanterbury & North Island selected crossbred wether3 and maiden ewes: 5 48 to 561b 5 5 57 to 641b 4i 41 44 65 to 721b 4 44 41 North Island: 48 to 561b .. 41 5 5 57 to 641b 44 4§ 44 65 to 721b 4 44 4g Ewes— 44 44 481b and under 4& 48 to 641b 3g 34 31 65 to 721b 34 3k 34 N.Z. LambsCanterbury: 361b and under 6it 7 7 37 to 421b 65 6! 7 43 to 501b 6i 62 7 Second quality: 64 62 Average, 321b .. 6| Selected North Island brands: 361b and under 6| 7 7 37 to 421b 61 61 7 43 to 501b 65 61 65 Second quality: 6i 61 Average, 321b .. 6& Other North Island brands: First quality: 61 63 361b and under 61 37 and 421b 6| 68 6| Second quality: 64 64 Average, 321b .. 61 Australian Lambs —, Victorian 1st quality: 64 64 361b and under 63 37 to 421b 6*t 6i 6§ Argentine Lambs— H 361b and under 6 64 37 to 421b 51 6 64 N.Z. BeefOx fores 21 21 21 Ox hinds 31 31 32 Argentine Chilled Beef3 4 Ox fores ~3h 3 J Ox hinds H 5 4 J Australian Frozen Beei — Ox crops, over 3k 3J 1001b 3Jr Ox hinds, over 31 32 1601b 31 N.Z. Prime Porker Pigs53 60 to 801b ~5i 5g 81 to 1001b 4 J 42 5 100 to 1201b 45 4g 5 N.Z. Baconer Pies— 54 120 to 1601b .. 51 5|