FINANCE AND COMMERCE

Press, Volume LXXI, Issue 21420, 12 March 1935, Page 13

FINANCE AND COMMERCE

WHEAT AND OATS PROGRESS THRESHINGS WHEAT, 26.86 BUSHELS AN ACRE The results of threshing operations carried out during the month of January have been ascertained from returns received up to February 21. The figures show that 1,230,967 bushels of wheat and 138,154 bushels of oats have been threshed from harvested areas of these crops, the ascertained average yields an acre being 26.86 bushels for wheat and 33.28 bushels for oats. A table is appended showing for each land district the quantities of wheat and oats threshed, and the average yield an acre in each case. Wheat Average Total Yield Threshed, per acre. Bushels. Bushels. Hawke's Bay .. 3,712 27.91 Wellington .. 00,937 30.62 Nelson .. 8,098 18.62 Marlborough .. 39,760 26.28 Canterbury .. 1,089,200 26.63 Otago .. 29,260 34.02 Totals .. 1,230,967 26.86 Oats Average Total Yield Threshed, per acre. Bushels. Bushels. Hawke's Bay .. 100 50.00 Wellington .. 15,939 37.42 Nelson .. 4,884 38.16 Marlboroueh .. 13.330 33.08 Canterbury 84.101 31.23 Otago .. 19,800 39.63 Totals .. 138,151 33.28 SYDNEY WOOL SALES COMPETITION STRONG AND GENERAL SYDNEY", March 11. At the wool sales, 11,236 bales were offered, and 9726 were sold. In addition, 1903 were sold privately. Prices were firm at the closing rates of the last Sydney series for all good wools, but were 5 per cent, lower and irregular for inferior sorts. Competition was strong and general, Yorkshire and Japan predominating. Greasy merino made 15^d. POTTERY WORKS ALTERATIONS TO FACTORY A decision to make alterations to its factory building and to call immediately for tenders for the work was come to on Saturday night at a meeting of provisional directors of the South Canterbury Pottery and Mining Company after examining the plans of the architect. The meeting also adopted a number of agreements enabling the company to speed up alterations, and the immediate programme of work was discussed with the company's experts. A further allotment of shares was made, and the organising brokers reported that arrangements were in hand for placing the balance of the capital. The general managef- and the secretary reported that considerable progress had been made in the establishment work since the previous meetin.; and that the company would shortly receive its certificate to commence business, the necessary requirements under the act having been complied with. BONELESS BEEF SHIPMENT TO UNITED KINGDOM [From Our Parliamentary Reporter.] WELLINGTON, March 11. Meat export freezing companies will have permission to ship to ths,. United Kingdom until further notice boneless bull beef from animals slaughtered on or after to-morrow. This permission had been granted by the Minister for Agriculture (the Hon. C. E. Macmillan;, acting on the recommendation of the Meat Producers' Board, and in pursuance of an order-in-councii issued on July 30, which prohibited the export of frozen beef to Britain save by a permit from the Minister and the board. Boneless beef was an important Irade in the North Island in particular, and also to a certain degree in the South Island, said Mr W. H. E. Flint, managing director of the New Zealand Refrigerating Company, Ltd., when the message was referred to him last evening. The trade had, of course, been discontinued under the regulation of last July, but could now be resumed. It would be useful to dairy farmers. However, there was no mention of the boneless beef that might be held in store. The latest Meat Board return gave the amount so held as 26,157 freight carcases up to February 15.

jVTHLY KKVIKW jjfISTICLW* Sl'R\ EY jjSJIPLOVMENT iL-S fit January ftmmlly in®'\f!ichimproved as com " il -<h Januarv 1 '~ ! ° ' rnnicc^iatc '- v the Jc.cl cf uncm- ♦ inparti cu ' ar ' being markedly this time last year. The 'S: ; wholly a uwv ' • ' . • lent Fund was SMfeu m, januCompared w.Hi «4.5-« i a .v™r l;i8S cu * ,• 197 pr.r (nut. a relatively busy month of exoort initio, shipinenU fifd nicat being iriatenally ."than in January - I J . ~-n H -' tin, however, a rnarKcu all m wool a, compared with while cxporu of cheese mtSS* <* ,°" d that dairy production kf mil WMer .hb, the 1933-34 season, exports fLrin o the period July. 1934, i'ary 1935- were t P °'' CCnt ' be i ' fSssorts during the same period rJ §-34 season, wmle a soine;:'JSler fall is observed m the c Sport of cheese viz 2.b per 1 tot exports, on the oilier hand, :Jftr W, heavier tms season ■ ct season, mercies of 11./ pet ; he case of lamb. t,.u per cent. ~IL, of mutton. and 18.0 per i'Vcase of pork being .shown <te last seven months as com:°rfh the first seven months of fr ended on July 1934. The £» the ca:v vi butter and i no doubt duo to the excep- • dry season, which continued Kk. middle of February and l> ally will «• •• probably affect increase in cx*/meals to cial,? ihi* reason can fe be attributed largely to the Cmg of the 1 933-34 season. Sjg to industrial trouble, and ,itemporary restrictions on ex'»iie early pari of last sea- ! fbc Wool Season Mjol-sellinS seaman is now well Lji 18 sales having taken place rjjj> (jid cf February out ol a Stales scheduled for the seatje average price realised ai ■tfi to the end of February was railcly 6£d per lb. as compared si average of il.Oid at the 1933- £ The total production of wool | is estimated at approxi- j >t 32,000,0001b in the grease, last actual production being jjGlb Assuming; tise average I whole of the current seuXm 6td per lb ut will perhaps be Ui«!jer tlian this', tin: total value • parent seasons est'.mated piopwould be in the ner-hbourhoou atOOO as compared with |D last season: lu-vcrtUcJoi-s, pof the 1934-3-3 production wiil anally m advance oi the \aiue pwa«nns immediately preceding I- ie value of production of wool irerage prices realised at sales *'sg those seasons bemg--1930- „ JOOOQ 1931-3-, £6.200.009; and ; £6.200.000. 2Tj' was an exceediu:,:y dry ■ she average rainfall be my, for r-md month in succession, conjiv oelow normal..The drought n paiticularly severe in the awing areas of Canterbury and hough, and consequently it is pied that crops will be exeeplt light. Sowings i.f wheat, oais, Eley were materially less than a case last season, which, comSTith lower yields an acre, will lie substantially lower harvests, jiiof wheat during 1934-35 was sjjat the end ol January at SUtehels, as compared with an sijidd of 9.000.000 bushels last z The preliminary estimate of strop is 2,700,1)00 bushels as £sd with 3,200.000 bushels last ■ while the barley crop is also e.\dto be considerabiy below last sftid (450,000 bushels as against S'tsMs last year). Istne of the external trade fa /or several months past has Is buoyancy in imports. During Sind seven months of the curapatting season the value of exla exceeded that of imports by £lsl,ooo ia New Zealand curSB excess of imports being EinJuly, August, September, OcDecember. The busy poriik export season is, of course, 'fflne; but-it. would seem that Si! of exports for the complete 'KIEon will not be nearly as Swas the ease last season, the ißf exports during the first •tenths of last season amounting Zealand currency, "il excess ol' imports beiny ! ®ily in one month last season L External Trade Glared value of exports during ®th ot January was £5,075,694, with £5.080,538 during Mlait year. A decrease in the *»exports of wool as compare Previous January, combined /*• low prices nov/ ruling for resulted in a fall ot in the total value of wool with the value in ii 1 l ,lcr eased exports of Bleat almost counteracted fz.® 1 the total value of exports WI in the declared value of Wed, the total value of ex*®/,only £4844 less than in [J i last year. |L® of imports increased from ■rJJ (.New Zealand currency J in ??to £3,214,000 in January, the rwe Since 1030. Ex])oi ts durWk xml! exce eded imports in K? in New Zealand 8»i equivalent to £ 1,405,000 m Bluf ' Jan '' : debits to indiB|Jj! ne , rs ' accounts (excludint; ■Cz" s »ows a decrease of 14.2 with the Decern--9k r». ' s ' however, a normal ■feence, December bei.e; - est <-'f the year "i 1 i!s manv other Br.'L o l e!ative! y s!ack month. Hrteitl T arnuu "'- niiiiiev on ■C 8 January was .CG1.100.000 Bolton t £f3o ' ooo ' ooo U "- BtiatK month durint; 1!): M. ■telfcng interest n,erea,ed W ! iinfi L° while fc ,? took place. IK* jc 71 e to fixed deposits nor PCr Collt - Deceinf Cent " in Jaimarv. ihe V Adv, eCOrded sm-e Septem- » w nc ® S fcli »&. fv lha " the fall which ■5? th. 6 beUvOCll Wceember Wf'faliL- r rat! o ot advances to aCernA 0 ' 11 7! ' :; 0 per rent. to 70.42 per cent. US!*'!"**'* Prices ■b^lid 5 £2i r i"r' 7 tl!C month ■S. M :mce thls Ulx u an increase of K%r a W n° Uld in cTudc payChrP* 10 " of tho - orxi ' : ■Bt! lor tl s trade. Sales ■S> ta fe' r ','»« yc. a ,- 100, increase over A° tal bUI WU ' C -' anuaiy, 1935. JP> SS;w? b - C 1 ex ' ,ml •W 01 -anuaiy wa.s Si %jn„ ? t y pl ' a K° export ® hc ycar « J 90!)a increase of 22 points,

■ or 2.2 per cent., over the index num- ; ber for the previous month. The index i number for the wool group, which fell sharply from 1041 in October to 750 in December, recovered somewhat in January when the index was 795. The all-groups index number of retail prices rose from 814 in December ion the base: average prices ruling during 1926-30 equals 1000) to 818 in January. The food groups index rose from 792 to 801, an increase of 1.1 per cent., groceries and dairy produce contributing to this increase,, while the index number for the meat group fell slightly. j The index number of share prices I rose from 1017 in December to 1027 in January, the highest figure recorded since November, 1929. The general wholesale-prices index number rose from 1338 in December to 1345 in January, the index number for locally produced commodities rising from 1333 to .1373, while that for imported commodities fell from 1343 to .1312. MINING SKII'PERS, LIMITED The mine manager reports a wash-up of 75 ounces, representing more than an ounce a square yard for the whole paddock bottomed. GOLDEN SANDS The mine manager reports that the-wash-up which took place on Saturday. March 9, produced 50oz sdwt of gold for 45 shifts of eight hours each. GILLESPIE'S HEAOH ■,I'RZSS ASSOCIATION TELEGRAM.) DUN 15D1N. March 11. Gillespie's Beach return was 720z for 123 hours' dredging. OKAIiITO .i'RESS ASSOCIATION TELBG.TAV - DUNEDIN, March 11. The Okarito return was 340z 16dwt for 126 hours. BELL-KILGOUR COMPANY LIQI IDATION PROPOSAL | TIIS TRESS Special Service.l DUNEDIN, March 11. An extraordinary general meeting of the Bell-Kilgour Gold Mining Company, Ltd., will be held on April 2 to consider the position of the company and, if thought fit. pass a special resolution recommending voluntary liquidation. In a report to shareholders the directors state:—"As shareholders are aware operations on the Bell-Kugour section of the claim ceased in November last, after results had proved that the gold-bearing areas wore exhausted. Since November the manager has concentrated on the Murray section of the claim, which now appears to have been worked out by the old miners. The directors have come to the conclusion that the claim cannot be economically worked and now submit to shareholders'the future of the company. It is with extreme regret that the directors have to propose liquidation after results have been so disappointing It is estimated that on realisation a return of approximately one halfpenny a share will be made." MATAKI KE'ITKN (TRES3 ASSOCIATION' TnLEGHAM.) AUCKLAND, March 1.1. The Mataki return for the week ending March 10 was 23 ounces foi 105 hours' work. LONDON BUTTER PRICES DAIRY CONTROL BOARD CRITICISED SUPPLIES FOR THE MARKET The policy of the Dairy Control Board in controlling deliveries of New Zealand butter to the London market, which in a cablegram printed yesterday morning was said to be responsible for the recent tall in butter prices, was criticised yesterday by Mr L. Hansen, manager of the Knvi Dairy Company. Mr Hansen agreed that this control of deliveries had a good deal to do with the smaller price for New Zealand butter. The policy was dictated from New Zealand, said Mr Hansen, but the actual control of deliveries was left to the London office of the board. The effect of the control had been that everybody was buying from hand to mouth, and the market was never properly established. The whole question should be left to the exporters themselves, who would see that the market was properly supplied. MARKET QIiET The South Island Dairy Association, Ltd., has received the following market report from the New Zealand Produce Association, Ltd., London: — Butter—Quiet; 74s to 765; Danish, 107s. Cheese—Quiet. White, 45s to las 6d; coloured, 45s to 465. MILNE AND CHOYCE INTERIM DIVIDENDS PASSED li-KEJS ASSOCIATION TELEGRAM.) AUCKLAND, March 11. The directors of Milne and Choycc, Ltd.. have decided to adopt again the procedure instituted three years ago, ot passing the interim dividend on the company's ordinary shares and debenture stock, and preference and B preference shares. The question of dividends will be considered when the year's accounts close oil July 31. | The dividends paid last year, in September, were: Preference G per cent ' B preference, 7 per cent.; ordinary and debenture sLock, 3A per cent Tile subscribed ordinary capital _ is £29,250, preference £7OOO, B preference £15,000, and debenture stock £198,750. Reserves at the 1934 balance were £90,934.1 J'UOPEKTY SALES Messrs C. E. Jones, Ltd., report l iav " inf sold to a client, on account or tlie mortgagee, the property at 167 Norwood street, Beekenham, compns mg a bungalow of five rooms and kitchenette, with all niKlern conveniences, together with one acre and 3 0-10 perches of land, with six 2 ld houses.

LITTLE RIVER EWE FAIR

A FIRM SALE [ GOOD PRICES FOR TWO TOOTHS i Values at the.Little River ewe fair ! yesterday were better than anticipated. The offering at this fair com- , prises for the most part ewes with . fleeces of medium to fine quality, of which there is practically ' no representation at the preceding North Canterbury fairs. Last season, when fine wool was making high ; values, halfbrcd ewes were in keen demand, coarse woollccl being correspondingly affected. This season,, the "spread" between the two classes- of wool is much less, and possibly as a consequence of this prices ycsteiday of coarse woolled ewes compared much more favourably with finer wools than was the case last season. The entry yesterday was larger than at the last fair, comprising 13,500 head, compared with 10,000. The entry last season, however, was the smallest for a number of years. The sheep came forward surprisingly well, considering the season, particularly the two-tooths, and it is evident that parts of the Peninsula have not had such a dry period as the plains. The two-tooths contained a number of well-grown threequarterbred lines, and also several good Romney cross pens. Most of the older sheep were a fair age, penned up as four and five-year-olds. There was a big showing of failing-mouthed crcssbreds, some of Them backward in condition. The number of guaranteed four-year ewes was few. Top Priced Lines The sale of the very few classici lines of two-tooth threc-ciuarterbrcds yesterday was practically on all fouis with the rates ruling for halfbreds at Ambcrley last week. As a matter of fact, the best prices at the two fairs only differed by threepence. A. E. Williams (Port Levy), who has made something of a habit of topping the market at Little River, again occupied that position yesterday. His first draft of 249 three-quarterbreds was solcl at 35s to 35s Gd, and a second pen of 105 Romney cross at 31s. Last yea l his draft of 419 sold at 37.s to iws 3d. Best halfbrcd price at Ambcrley last week was 35s 9d. drat I were outstanding ewes, particularly even and well jurown. A draft oi 404 two-tooth Romneys from Poverty Bay, which had landed a fortnight previously, met with keen competition. Tho two "first runs-off of 100 each sold at 335, and the remainder at 32s 6d. They were i-old on behalf ot L- Coop* and were an outstanding line. Other excellent prices fur good quality twotooths we're 32s for the firstj'un-ofl of 232 from T. Feather, sen. lie C)ka), the remainder making 3,15. Several other good drafts sold at from 29s to 30s, and the average quality ot crossbreds at from 22s (3d to 2as. '1 he more unattractive lines ot crossbred two- : tootiis sold about Addington parity, but a comparison with fair values is valueless on account, of the entirely different class represented. An exceptionally good dralt of ..10 four, six, and Romney cioss ewe-; were sold bv E. llay (Pigeon Bay) at 25s 9d to 265, and 139 at 23 o. There were very few attractive drafts' of four-year sheep. Most of the older sheep were penned up as four and live-v ear-olds, and some ot them were undoubtedly more than five. However, there was one 4ine of four-year-olds, including some fiveyear," that was outstanding. This was a draft of 110 Romney cross that sold at 20s (id, lop price for sound-mouthed sheep for the day. A pen of 178 fourvear from T. Brankin (Little TJivoi) sold at 17s 9d, and another of 204 thrcc-quartcrbrcd from Kinloeh Estate at 17s 6d. The four and five-year ewes averaged from 12s Od to 14s 9d, pens of five-year at from 10s to 12s, and a number of small pens of failingmouthed at from 7s to 9s. Aged sheep were not unrep, csented. these sold at from 5s (id to (is Od. For the older sheep at Little River, there is always a sound demand from the smaller Plains flock owners, and this demand was apparent yesterday at a price. There were some passings of both two-tooths and mixed ages, but vendors of the older sheep generally met the market. - Range Of Values The following is a range of values compared with the tail* 12 months ago. ] 93 4. 1935. Extra good 2-th xbd 34, - to 36. - 31/- to ~0/ Good 2-th. xbd . • 29/- to 33/- 27/- to 30/Ord. 2-th xbd . - 25/- to 28/- 22/- to 2a/Inf. 2-th xbd .. 21/- to 24/6 18/- to 21/Extra good 2-th ;;bd to 37/3 to 35/9 Good 2-th vbd 30/- to 34/- 27/- to 31/Go'od 4yr to 20/3 17/- to 20/9 Ord. 4yr .. 13/9 to 16/- 13/- to 15/6 Good syr 9/- to 14/3 to 12/Good 4. (>, and 8-th Romney - to 26/Av. 4 and syr .. - to 14/9 Av. f.m. .. Aged .. -

Representative Sales The following were representative sales:— D and Company sold on account of: R. F. W. Newton (Mount Boussu), 35 two-tooth three-quarterbred at 18s, 33 two-tooth at 18s, 235 four and five-year crossbred at 14s 3d. F. W. Williams (Robinson's Bay), 469 two-tooth three-quarterbred at 29s to 29s 3d. G. E. Murray (Le Bon's Bay), 69 two-tooth at 14s Gd, 72 four-year at 10s ' 9d. Jas. Dalgleish (Le Bon's Bay), 119 two-tooth at 235, 149 four and five-year at 13s. Miss H. Montgomery (Little River), 51 four and five-year at 14s. M. Waghorn (Pigeon Bay), 129 four ■ and five-year at 14s. W. Dalgleish (Le Bon's Bay), 118 five-year at 12s 3d, 90 four-year at 17s. A. R. Menzies (Menzies' Bay), 201' four and five-year at 13s, 38 lambs at lis 9d. C. E. Kay (Little Akaloa), 135 four and live-year at lis 6d, 55 live-year at 9s sd. N. K. Macfarlane (Little River), 41 four and five-year at 15s 6d. F. W. Robinson (Kaituna), 40 six and eight-tooth at 18s 3d, 132 fourtooth at 22s 6d. Pyne, Gould, Guinness, Ltd., sold on account of: C. E. Gray (Kaituna), 115 two-tooth three-quarterbred at 22s 9d, 140 twotooth at 20s 6d. W. H. Montgomery (Wairewa), 57 I two-tooth crossbred at 20s 6d, 327 four and five-year at 14s 9d. T. Feather, sen. (Te Oka), 152 twotooth Romney cross at 23s Gd, 300 twotooth at 30s, 232 two-tooth at 31s to 325. Commander Hall (Peraki), 348 four and five-year Romney cross at 12s Id to 12s Cd. J. Waller lOkulu Valley). 76 s.m. crossbred at 15s 3d. R. S. Thomson (Double Bay), 70 four-Year at 13s 6d. F. Jenkins (Port Levy), 242 f.m. at 7s 3d. ■ A. Murray (Lc Bon's Bay), 77 fouryear at 13s. Knight's Estate (Laverick's Bay\ 421 four and live-year at 10s 9d, 257 ewe lambs at 12s. D. Hunt (Pigeon Bay). 185 live-year crossbred at 10s tid. Gracia's Estate, 69 four-year at 10s 9d. Moore Bros. (Hickory), 142 at 10s 9d. The New Zealand Farmers' Co-opera-tive Association sold on account of: A. E. Williams (Port Levy), 51 twotooth crossbred at 25s 6d, 105 Romney cross two-tootn at 31s. 249 two-tooth crossbred at 25s to 25s 6d, 249 two-tooth three-quarterbred at 35s to 35s 6d. A. McPhail (Wainui), 105 two-tooth at 19s. V. Craw (Chorlton). 319 four and five-year crossbred at 12s 9d. ,1. V. Chapman (Little River;, 110 four and live-year at 12s. J. E. Thacker (Okain's Bay), 100 four-year at Hs 3d. Estate T. Thompson (Little River;, 92 two-tooth at 19s (id. l\lrs M. Symes (Le Bon's Bay), <lB s.m. at 10s. F G. A. Wright (Wainui). 74 lour and livc-voar at lis (id. D. and * G. McKay (Pigeon Bay>, <io I'ull-inoiilh, al 9s 3d. .1. Stewart < Duvauchellei, 4ti full-mouth at 9s. T. A. McKellar (Pigeon Bay), 128 4 and 5-year, at 14s. .J. G. Lewthwaite (rattle Riven, !!!! sound-mouth, at 14s 9d. Estate R. S. Hay, 80 at 10s 3d. ! New Zealand J-oan ami Mercantile Agency Co., sold on account of: C. S. Hardy (Cough's Bay;, 70 2tooth, at 27s 6d. L. Coop (Waihora), 404 2-looth Romney. at 32s (id to 335. • Joe Ilayward (Robinson's Bay;, 175 4 -and 5-year at os (id. Joe Bund! (Te Oka) 70 4 and 5ycar at 10s (id. Sir Bruce Stewart (Pigeon Bay), 11(1 4-year Romney cross at. 20s lid. Stan. Eirdiing (Rirdlnig's Flat), 72 4 and 5-year at 12s. Keenan Bros. (Little River), 30 4 and 5-year al lis (id. National Mortgage and Agency Company sold on account of: E. ilav (Pigeon Bay), 139 4, 6, and 8-tooth Romney cross at 235, 210 4, 6, and 8-tooth at 25s 9d to 20s. 11. Matson and Company sold on account of: R. Craw (Chorlton), 40 2-loolh at 2Gs. T. Brankin (Little River), 178 4-year at 17s 9d. Kinloch Estate, 204 4-ycar threequarterbred at 17s (id. T. R. Mould (Wainui;, 45 full-mouth at 7s. L. Waghorn (Chorlton), 95 fullmouth at 12s. J. Mould (Duvauchellei, 100 lullmouth at 9s. IT. and A. Jennings (Port Levy), 85 full-mouth al 9s. DOLLAR STEULINti ICATKS Tin; A ssocia ted Hunks (other than the lSunk of Now »Soulh Wales) quoted 1 ho following dollar-.slerlin;,' rales yesterday, which arc buhjeet to alteration without notice: U.S. C:t nada. dol. dol. Conversion of dollar bills received 'or collection and sale of dollar drafts and telegraphic 1 ransfcrs • • *1.7-"» 1. , :i Pti ivliitsi; (if dollar bills d.7!' On a New Zealand currency bat-is Uie:>e rales arii equivalent to: U.S.A. Canada, dol. dol. Selling—• r \\'\\ <s 1 A ci.s oak J5 ii v i nic —- O.I). . o l i ' i

j STOCK EXCHANGES

CHRISTCHURCH YESTERDAY'S TRANSACTIONS The bulk of the recorded turnover on call yesterday was in the gold mining section, and prices of some stocks showed improvement. New Zealand Breweries were firmer and active, and other sections of the market were firm. Transactions, exclusive of vestibule business, were:— Sales on 'Change £ s. d. 50 Bank of N.Z. .. 2 9 1 200 N.Z. Refrig. (10s pd.) .0 8 11 GOO N.Z. Breweries (6) 211 6 200 Timaru Brewery (7s 6d paid) (2) 0 8 5 100 British Tobacco (cum div.) .. 1 17 10 800 Bell Kilgour .. 0 0 1 50 Blackwater .. 1 12 3 1000 Brian Boru .. 0 0 2;; 0 0 2: 1300 Golden Sands (2; 0 22 0 2 21 1000 Goldfields Dredging .. 0 0.. 6 400 Kildare (4) 0 3 6 3300 Mahakipawa (2) 0 010 0 0 11 0 0 10i (2; I) 0 11 200 Okarito (2; 0 7 (i 1000 Skippers .. 0 0 5 V 0 0 5h Sales Reported 1950 Lawson's Flat .. 0 0 3 1000 Auckland Gas (contr.) 10 6 Miscellaneous Bank of New Zealand were easier with buyers and business at 49s Id, sellers at 49s 3d. New Zealand Refrigerating 10s paid shares were firm with sellers and business at 8s lid, buyers at 8s lOd. Auckland Gas contributing shares changed hands at 20s 6d, and late oflers to 20s 9d tailed to attract sellers. Buyers of Weslport Coals raised their bids to 21s (id, sellers at 225. New Zealand Breweries moved up to 51s (id, market closing Id either way. Timaru Brewery, 7s (id paid, had dealings at 8s 5d and more were wanted at 8s 4d, sellers at 8s 9d. British Tobaccos, cum dividend, had business at 37s lOd, closing quotations Id on either side. Colonial Sugars were firmer on buyers' offers, £4l 7s (id. Mining ■ Bell Kiifiours appeared easier with sellers and business at Id, buyers at id. Blackwaters were firm at 32s 3d, market closing 31s 9d buyers, 33s sellers. Brian Bonis were weaker with dealings at 2:; d and 2Jd, and these were sellers' and buyers' closing quotations respectively. Golden Sands were firm at 2s 2d and 2s 2). d, and further buyers at the higher price failed to attract .sellers. Goldfields Dredging were linn wilh sellers and business at (id, buyers at s : jd. Kildares advanced to 3s (id. market closing Id either way. Lawson's Flat had business al 3d. Mahakipawas showed recovery wilh dealings at lOd, 10Ad, and lid, and further buyers at. IOJd, .sellers at lid. Okarilos were firmer with buyers and dealings at 7s (id, sellers at 7s 7d. 1 Skippers changed hands at s',d and sid j markol closing 5d buyer:-.. r,[d .sellers., Unlisted Stocks Ar;;o Gold were dealt in al is -t'.d and more were offered al thai, price, buyers al ls<ld, Wool worths (Sydney) ordinary wen; easier at 91s (id, closing quotations 90s buyer. 91s <Jd siji lers. LATEST ROTATIONS

N.Z. Debenture s BlJVel Sellers. x: s. d. s. d. 3.', p.c. In:., 1933-43 107 5 0 ,3.', |).c. Ins., 1941-43 107 10 0 3J p.c. Ins., i 100 0 0 107 10 0 4"|).c. Ins., 1 937-40 i o:: 7 <; 103 5 0 3',' p.c. Ins., 71)41 .. 102 0 0 4 ]).c. Ins., 1913-46 105 7 (> 10(5 0 0 4 p.c. Ins., 1 !jr>!2-55 110 12 <> 111 5 0 4 p.c. Bond::, 193740 102 10 o 4 p.c. Bond.-;, 19434f> 105 15 0 — 4 p.c. Bnnds, 195255 111 0 0 — Other Debentures fvlakcrun Drainage, 4', p.c., 1 /!!/ 51 .. 101 0 0 North. Cunly. Hospital, 4', p.c.. 1 /1I/3(i 101 15 0 102 10 0 Booth, Macdonald, (I. 1 , p.c., 1937 71 0 0 Gisborne Sheepfarmers, (!'. p.c., 1941 100 7 (i 101 5 0 I'anlis Australasia 'cum div.) 1 1 7 (i Com. of Ausl. 0 Hi V 0 Ki 3 Com. of Ausl. (pf.) 9 17 (') !) 1!) <) Com. oil Sydney .. 16 li 6 1(> 5 (» E„ S„ and A. 5 0 0 Natl, of N.Z. 3 !) 0 New South Wales 2!) 15 0 30 5 0 New Zealand 2 !) 1 2 !) 3 New Zealand ("D" Mori. .shares) .. 1 12 0 1 12 <i Reserve (i n 0 (i 10 3 Union of Ausl. . . 8 7 <) o 15 0 Insurance A.P. A. 0 10 2 0 10 5 National 1 0 3 1 0 New Zealand 3 7 li 3 n 0 Jjoan aiu Agency Goldsbrough, Mori 1 7 0 1 7 9 Nat. Mori. "A" .. — 3 0 0 Nat. Mori. "B" .. 1 11 0 Mutual Benefit .. 14 0 0 Hi 5 0 Permanent Invest. !) 17 fi 10 5 0 United Build. Soc. 1 2 3 I 9 N.Z. Guar. Corp. 0 5 10 0 « 0 Frozen Meat Gear 1 1 0 1 1 N.Z. Refrig. <£J paid) 0 1!) 2 v) 11) 4 N.Z. Refrifi. < 10 s 11 paid) o a 10 0 8 Southland 3 16 0 19 Southland (conlr.) -- 1 0

Woollens Buyers. Sellers. £ s. d. £ s. d. Bruce 0 11 9 0 14 6 Kaiapoi (pref.) .. 0 17 1 0 17 6 Coal Westport 1 1 6 1 2 0 Stockton (ord.) .. 0 1 1 0 1 6 Stockton (pref.) .. 0 3 9 0 4 9 Gas Auckland (contr.) 1 0 9 — Christchurch 1 15 0 1 16 0 Christchurch (10s paid) 0 16 4 — Timaru 0 16 0 1 1 3 Timaru (contr.) . . — 0 6 6 Breweries Crown (in liquidation) 0 0 9 — New Zealand 2 11 5 2 11 7 Staples 1 11 0 1 12 0 Timaru 0 10 0 0 13 0 Timaru (7s 6d pd.) 0 8 4 0 8 9 Tooheys 1 8 6 — Tooths 2 8 0 2 9 0 Miscellaneous Assoc. Newspapers 1 2 0 1 2 9 Allied Motors 0 2 0 0 3 9 Anthony Hordern 0 17 3 0 17 10 Aust:. Distillery.. — 1 . 6 0 Aust. Glass 2 17 fi 3 0 0 Beath and Co. (cum div.) 1 10 0 1 12 6 Beath and Co. (Is pd„ cum div.) .. 0 9 0 0 9 10 British Tobacco (cum div.) 1 17 9 1 17 11 Broken Hill Pty. .. 2 11 0 2 11 9 Burns, Philp 3 1 0 3 2 0 Claude Neon (Syd.) 2 5 6 2 8 0 Claude Neon (N.Z.) 2 5 6 2 10 0 Colonial Sugar . . 41 7 6 41 15 0 Consolidated Brick —■ 0 9 11 D.I.C. (10s pd.) .. 0 14 0 — Dominion Fert. . . 1 2 0 — Dunlop Perdriau 0 18 2 Rubber 0 18 1 Electro. Zinc (ord.) 1 1 10 1 1 11 Electro. Zinc (pf., cum div.) 1 15 0 1 16 0 Hays, Ltd. (15s pd.) 0 15 6 0 17 9 Greater Crystal 0 19 Palace — 3 Henry Jones Co-op. — 1 15 0 Howard Smith (cum div.) 0 12 6 0 15 5 Kauri Timber 0 18 10 0 19 fi New Colosseum 1 7 9 1 10 i) N.Z. Drug Co. (cum 4 0 div.) —- 3 N.Z. Farmers' Coop. (1st pf.) 2 0 0 — N.Z. Farmers' Coop. ("A" pi.) .. 0 17 6 — N.Z. Farmers' Coop. <"B" pf.) 0 14 0 1 10 0 N.Z. Farmers' Coop. (41 p.c. stk., 1940) 82 0 0 83 10 0 N.Z. Farmers' Coop. (4a P-C. slk., 0 0 1945) 82 — N.Z. Newspapers — 1 14 0 Quill, Morris (in liquidation) 0 3 9 0 4 9 Sun Newspapers 0 3 10 0 4 1 Taupo Toiara Timber (pf., 1 (3s pd. — 0 18 6 Victoria Nyanza Sugar 0 G 0 Wilsons Cement — 1 14 3 Woo]worths <N.Zj, ord. 9 3 (i 9 16 6 Wool worths (N.Z.), pref. 2 1 0 — Woolworths (Vict.), pref. 1 8 9 1 10 0 Mining Addison's Flat .. 0 1 11 0 2 8 Alexander 0 17 'A 0 19 0 AlexandeH 15s pd.) 0 J 5 9 0 17 3 Bell Hooper 0 0 1 — Bell Kilyour 0 0 0z 0 0 1 Bendifio Gold. .. 0 0 (i 0 0 10 Bin River 0 2 3.', 0 2 4 Blaekwater 1 11 9~ 1 13 0 Brian Born 0 0 2', 0 0 O." Ceniral Shotover 0 0 1 0 0 5 Charleston 0 0 1 0 0 (i Consolidated 0 1 5 0 1 0 0 Deep Lead 0 1 9 0 2 1 Finatha 0 3 G 0 4 6 Gillespie':-; Picaeh 0 1 7 h 0 1 9.', Golden Dawn - 0 2 (i" (,olden Point 0 0 o ; v 0 0 1 Golden Sands 0 2 2,i, — Goldiiolds Dred.n. 0 0 5 0 0 6 Kildare 0 5 0 3 7 Kinp, Solomon 0 3 11 Maori Gully 0 i 4 0 1 4'. Maerewhemia 0 0 21 0 0 3 V Maluikipawa 0 0 101 0 0 11 Mahakipawn (pf.), 1921) issue 0 1 1 0 1 5 Mahakipawa (pf.), 1930 issue 0 1 U 0 1 5 Malaki 0 1 6 0 2 1 Mossy Creek 0 2 5 J 0 2 8 Mount I,yell 0 17 8 0 17 11 Mount Morgan 1 17 3 2 0 0 Nevis Diesel Elee. 0 0 U 0 0 2 Nokomai 0 2 2 0 2 5 Nevis Diesel 0 0 11 0 0 2 New Cornish Pt. 0 0 1 0 0 ti Kawan,r; Tin 0 7 0 0 7 9 Okarito 0 7 (i 0 7 7 Skippers 0 0 5 0 0 51 Upper Shotover (ll)d paicl> 0 0 1 0 0 5 Waitahu 0 2 4 0 2 7 Worksop Extended 0 51 0 2 9 UNLISTED STOCKS A1J transaclions in slocks in this .section are subject to a different rate of brokerage from lis led slocks and are not quoted on the official list. Buyers. Sellers. £ s. d. £ s. d. Assoc. Motorists' Petrol (pref.) .. 1 4 0 1 5 0 Gold 0 1 4 0 1 41 Dominion Life ((is paid) 0 3 y Alacelown 0 1 2 National Tobacco 3 3 0 .— N.Z. Mining Invest. -- 0 1 0 N.Z. Perp. Forests 2 4 0 2 10 0 Para Rubber (las paid) 0 15 9 Resent Theatre Buildings 0 7 0 Smith, Wylie 0 1 (i 0 7 0 Stacey & Hawker (pref.) 1 o 6 1 2 8 Upper Watut (2s paid) 0 5 101 0 fi 0 W c i ■ e' s I n v e s 1 m e n t Trust 0 4 7 0 4 8 Woolworths (Syd.), ord. 4 10 0 4 11 9 Unlisted Stocks 500 Aryo Gold 0 1 41 2:> Woolworths (Syd.), ord. 4 11 G WELLINGTON Sales on 'Change Rural Bonds, 5 p.c., 1947 S. ..105 7 d. fi Comm. Bank of Sydney (late Saturday) (2) 16 5 0 16 5 6 Bank of New South Wales 30 0 0 Bank of New Zealand 2 9 3 Reserve Bank 6 10 3 3 Westport Coal (late Sat.) 1 1 Leyland O'Brien (late Sat.) 1 1 fi N.Z. Breweries (late Sat.) 2 10 10 2 10 11 2 11 3 Staples Brewery 1 11 9 N.Z. Newspapers 1 12 9 Bijj Rjvcr (2) 0 2 2 (late Saturday) 0 2 3 0 2 2.'. Mount Morgan (late Sat .) 1 .18 3

AUCKLAND Sales on ' Change £ s. d. Stock, 1938, 3\ per cent. .. 107 0 0 Bank of N.S.W. .. 30 0 0 Bank of N.Z. 2 9 3 (2) 2 9 4 Union Bank 8 13 0 South British Insurance .. 4 13 6 Rotoiti Timber 0 4 6 Rotoiti Timber (pref.) 0 12 6 N.Z. Breweries , , 2 11 3 2 11 6 2 11 7 Colonial Sugar . , 41 12 6 Elec. Zinc (pref.) 1 15 0 Farmers' Trading .. (3) 0 7 2 N.Z. Newspapers .. 1 12 9 N.Z. Refrig. (10s paid) 0 9 0 Whittome, Stevenson 0 14 0 Wilson's Cement .. 1 14 0 Brian Boru ,. 0 0 23 Mahakipawa 0 0 10 Skippers ,, 0 0 5} Waihi 2 10 DUNEDIN ' Sales on 'Change £ s. d. Electrolytic Zinc (ordJ 1 1 10 4 p.c. Slock, 1949 (2) 102 0 0 N.Z. Refrigerating (paid) .. 0 19 3 Sales Reported Bank of N.Z. (late Sat.) 2 9 3 Broken Hill Prop. 2 11 0 Killdare 0 3 1 Mount Morgan 1 18 6 Union Bank (2) 0 8 3 Mount Lyell 0 17 9 Blackwater 1 12 3 4 p.c. Stock, 1940 102 10 0 SYDNEY On the Sydney Stock Exchange yesterday business in the investment market was restricted, and buyers were inclined to hold off. Values therefore were easier. > Morning Sales £ s. d. Commonwealth 4 p.c. Bonds— 1955 104 15 0 Bank of New South Wales 30 5 0 Associated Newspapers (pf.) 1 3 6 Closing Sales Bank of New South Wales 30 5 0 Com. Bank of Sydney .. 16 10 0 Aust. Provincial Assur. 0 10 5 Colonial Sugar 41 15 0 Associated Newspapers 1 2 H Associated Newspapers (pf.) 1 3 6 Australian Gas A 7 17 6 Berlci 1 15 9 British Tobacco 1 18 0 Tooths 2 8 9 Newcastle Gas C " 0 13 6 Dunlop Perdriau 0 18 3 Goldsbrough, Mori 18 0 Winchcombc, Carson 1 5 n Henry Jones 1 15 6 Millaquin Sugar1 15 0 Farmers' 1 4 10i David Jones 1 19 0 General Industries 0 14 11 Aust. Iron and Steel 'pf.) 1 2 10J Broken Hill Proprietary .. 3 17 6 Zinc Corporation 1 10 9 Rawang Tin 0 7 6 Placer Development •• 28 11 0 MELBOURNE £ s. d. Bank of New South Wales 30 10 0 Herald and Weekly Times 2 19 0 Goldsbrough, Mort 18 3 G. J. Coles 3 0 3 FOREIGN EXCHANGES UUliliY, March 10. L'ai'. Mar. 9 Mar. 10. I'arif, fi". 1" 711 A 1 121.-1 71 J New York, <lnl. to A 1 -1.8(if) ■1.771 4.7 7 £ Montreal, dol. to .s.1 1.82 4.80S Brussels belgas 1 ii ,V 1 ■'!•"> 20.23 20.22 Geneva, fr. to i'L 25.22 15 11.54 1-1.531 Amsterdam, fl. to £1 12.107 6.9GJs Milan, lire, to 5 Kg 'i'l 93.17 5 OS Berlin, reichmarken to .i'l .. 20.13 1 1.7" 11.73 Stockholm, kr. to .>:l 18.159 19.39} i9.r>9i Copenhagen, 23.391 ]< r. 1 o £ 1 IS.159 23.394 Oslo, kr. to .i'l IS.150 — Vienna, schgs. to i'l 34.585 251 251 Prague, kr. 112 J in A'l 1 112* Uelsingfors, marks to <"l .. 193.23 2 2(U 220* Madrid, jiese(as to L 25.22 ! 5 31 o-tr 34 17-32 Lisbon, cseu<To* loll 110 110 J noi Athens, draeli. to VI 875 <95 497 Bucharest, lei to « l sis.r, •irwi 4l>71 Belgrade, dinars 25.2215 20.7 20.7 Itio do Janeiro, pence to ■11 111 i 1 re i s . . .1.892 •u Buenos Aires. pence fo dol. 57 ani noi Montevideo. pence to dol. 57 ■US ■US Bombay,pence to vupeo 10 19 7-11 19 7-16 Shanghai, pence (o dol. * 102 193 Ilong Kong. pence lo dol. * — 23 9-16 Yokohnma, pence to >eri * 11 14 Batavia, . guilders 12.107 r;.o<u 6.9-11 Warsaw, par zlofyslo.n 43.30 24.75 21.75 by price of silver. PRICE OF SILVER LONDON, March 9. Silver (pence an ounce) is quoted:— Mar. 7. Mar. 9. Spot 27.1 26 15-16 Forward 27£ 27 1-16

FOREIGN EXCHANGE RATES The liunk of New South Wales, Christchurch, quoted the following rates as ru!ing yesterday for its 6ales and purchases of foreign exchange. Tho rates are subject to alteration without notice:— Buying. Selling. London— £N.Z. to £100 Ftg. T.T. 124 124/10 O.D. 123/10 124/7/8 Australia — £ A. to £100 N.Z. T.T. 1H1 100/10 O.D. 101 100/10 Fiji— £F. to £100 N.Z. T.T. 90/7/6 *9 O.D. 90/7/6 8:9 New York— Dol. to £1 N.Z. T.T. 3.868 3.SIJ O.D. 3.87£ L-.S-k Montreal— Dol. to £1 N.Z. T.T. 3.89g O.D. 3.90S U.SOa France — Francs to £1 N.Z. T.T. 58.17 5ti.ST O.D. 58.47 00.92 Noumea — Francs 'to £1 N.Z. T.T. 59.12 56.12 O.D. 59.52 r, 6.17 Papeete— Francs to £1 N.Z. T.T. 59.1 2 58.12 O.D. 59.52 56.17 Belgium—■ 13olgas to £1 N.Z. T.T. 1 fi.fi 40 15.940 O.D. 16.74H 15.955 G crmanv— Eeiclnnarks to £ I N.Z. T.T. .—. 9.2ns O.D. — '.<213 Italy— Lire to £1 N.Z. T.T. .— 44.S3 O.D. 14.86 Switzerland— Francs to £1 N.Z. T.T. 11.898 11.493 O.D. 11.973 11.508 Holland — Florins to £1 N.Z. T.T. 5.732 5.482 O.D. 5.782 5.48S Java— Florins to £1 N.Z. T.T. 5.698 5.473 O.D. 5.748 5.477 Japan— N.Z. pence to yen T.T. .— 17 1316 O.D. . _ Shanghai— N.Z. pence to dol. T.T. 23 5-16 2-li O.D. 213 3-16 24.9-16 India and Ceylon— N.Z. pence to rup. T.T. 22 11-32 22 11-16 O.D. 22 7-32 Hong Kong— N.Z. pence lo dol. T.T. 29 ir,-32 30 17-32 O.D. 29 11<>2 30 15-32 Singapore—■ N.Z. pence to dol. T.T. 3 4 11 32 35 9-32 O.D. 34 7-32 35 7-32 1.1. Telegraphic transfers. O.D. On demand.