FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 126, 20 February 1908, Page 10

FINANCE AND COMMERCE.

• THE SHARE MARKET. Fair business; wiis'r'doneiin-investment shares,; and the . numlieri .of]; buying,"order'si" coihparos. favourablv witk previous calls. - 'National Bank . chares . sold at £5 75., and the quotations were: buyers £5. Gs. Gd., sellers £5 7s. bd. ■ Bank -of Now Zealand shares ueie .. offered at £9 155., but there were no declared buyers. Insurance shares were without;change. .; ' Nationals, were wanted at jrith..sellefs'iat ■j-'' . 28s. 9d. 'New Zealand'- Ihsuraneo;share.s .werp; y-;.; ; on, sale «it '£3 18s. Ini !^ meat:"sliares'*busihess was done in, Christchurch.'Meats'..at-.JBIOLISs.;' . while buyers bid i£lo l'2s, Gd., sellers holding for i! 10 17s.' Gd; \ '[ .Wellington ?'Meat 'Export shares, third issue, were.' offerodiior iiale at .£3 ss. Bd. For iManawatu Rails' buyers offered : 435. Gd., and seUers; wanted 455.' The financial 1/; /.year,of this Company clos.es on Saturday week. - 'Wlutcombe "and Tombs sharesichanged",hands' ■ - .at, JSi 7s. Gd...;cum,-,i'iglits... For ..other' sliares : " :-.,the ;■ quotations; : were: ' "Wellington," Woollens/ buyers -55., sellers--^B,los.;' Westport-StockT / ton Coal,, buyers 9s. od.-; Leyland-O'Bnen Timber, sellerE ; :i2'ss.'.' Gdi-.-'New 'Zoalarid Portland l Cement, I sellers'..and:; Taranaki Petro- ; leum, buyers.4s." ■' - THE MINING ' MARKET. ' : ■There was.no ,buMe&^wcoiTO"iif",tli!^ ! ket. yesterday. Talisihans. eihib'ited'.a hafden- . ing tendency, - but Waihi eased slightly. ;The ... buying and: selling quotations were as •under':— : -Buyersi--rSellers. l —— ! ; £s. d. ,fi s. d. , ; 'Waihi':/..."': . ... 8 1.9. o.' 9- 2, 0 ; . ■ I Talisman -...■;,1-14 . Oi. -J2-15 ; OS - . May Queen 01 10 02 0 ;/ ; Tairua Brokep; Hills'- 0-3 10 0 4 .1. Golden\Belt, V<.'< 0 2 (> '0' 2"S' . ' Big River " • uA' 0 12- C . tf '13 ,; 6 ■ Mountain King ; ... 0 0 9 0 1 0 INSURANCE COMPAM;ES " y :' > ;■ -The Melbourne "'-AM'sVA'.'Heiilmg.'jwith,' the. Christchurch ;"says:—d''ire: :insur-. ance companies, are, sfarting-' this- year,l.inaus- ' piciously, aftet'J'.having;'sustained--fairlv.-heavy' , ■ losses -during. 1907. " The'fire at Christchurch is the largest' since the Melbourne outbreak in 1897, when an actual settlement of' over .• : ,£600,000 was - made by tho companies: ; ( The damago at Christchurch is '; put.. down 'at , -. -iEoflO.pOO, and' the insurances ■ at " JE250,000l ; ': Claims'of such .'magnitude mean that all the profits that can be earned by the insurance , ; companies from their business in New.Zealand , , for some timo to come will be absorbed in .'.-making up .their losses. The New Zealand ." -' i- i Fu | .Department -.escapes,, ,someiyhat ..W"T' "#7 have.'rdinsuredito.some extent with Lloyd's. Up to the present the com- , . pames . operating in New Zealand have been ; . competing with that Department at'-, "cut" . rates. If such, rates are continued recovery -roust bo slow. Had the Department •to ; meet the wliolo of the claims arising . out of the fire itself, as would; have'been'"the case - had th e companies been, shut.out of the Dominion, ; i "ivould' have , brought homo to . - . tltem .of ; tho risks of tne business. ' -.'.•■••■ Grumbling has been heard from the manager of the Department, as well a-s:from.,the com- . ; names, of--the competition' that''is gome'on / between tliem." ■•• The - Christchurch" fire may •. force a readjustment/of. rates/in favour , of-the! . companies, and the' Departmejat.^ . : THE WOOL MARKET : r :' The produce circular, of the Bank of New " .. Zealand, dated January, 8, has the following' : . regarding _wool:—Towards the ' close of the . year the depression in the wool, market,be-' • more>. acute,- and 'at .one time it looked as, if there- :wquld'"be •an \utter' collapse "in pnccs... Buyers'-pf••merinos.-were: face to.-fa'ce" . with ;'a heavy loss on their Australian pur- :. chases, and it was freely reported that the weaker houses would have .to ,liquidate, owing :to -their inability to get accommodation from their bankers. , Since 'then, however, thanks to the improved monetary outlook, the .posi-- . tion has improved,..,and, although .weak holders may have to go to the wall, the trade as a whole appears to be in a sound condition. At the end of 1907, 40's (Lincoln) tops . -dropped to 12Jd. per lb. in Bradford. ~ln, , January, 1907, they touched 17jd.;which shows : ? 1 of Sid.jier.lb. from the highest' point Jast year. Within the past ten 'days they have improved, and. are now - quoted., at' 135"d. : per lb. Now. that the, worst of the crisis appears to have been "passed it is hoped that . values may further • improve' before , the, sales, , open on January 21. •As far as trade is concerned, it .-is asserted that cro'ssbrcds aro not likely to be so popular as merinos during the . . coming year, owing to the fashions in dress' goods being decidedly, in favour of fine. wool. ; The general impression is'that values of or-' - ; dinary crossbi'eds will range fronv'Sd. .to'9d„ rising to about lOd. for the best. growths. It . is reported, that-America; hasl J only bought, a small quantity of wool in. the Australasian markets , this season. This gives rise to the .. idea that, should tho position in the States right itself • soon, 1 American" buyers may have' to purchase considerable quantities on tho . London If so, the best grades of crossbreds and merinos would benefit. LONDON BUTTER ;MAREET.)}j l.' With the London butter market'in. an es- . cited condition, the. \followihg, taken .'..from'.' Messrs. W. Weddell : and Company's dairy, ! produce circular, dated January . 10,' will be read with interest:—The' demand for both ; Australian and New Zealand butters this week has been k'een, owing to ,•the short;;supp.ljes 'ori •\ ;•'•, the quays,. ar.(l shorttstocks^in.-ythu'■wholesale : / ' and in the retail 'establishments.;:'. The; market is very firm, anil'thero. is 'no immediate . prospect of any decline. Indeed, it looks as if ; any material reduction;.'oii^prescnt!.-values' /was very far away. "'Shipments, this week from Australia amount: to only 37,000 .boxes, and from New Zealand to 43,000, both of which are below those of this .time last, year. ; According to' the; Itoard of -Trade -returns for December, the 'imports of' butter from. Aus- ; tralia are Ct,22G boxes, and from" New Zealand 10,830 boxes less than last year, which averages over 2G00..U. day.; During this present* • -• month of'Juniiary the imports from Australia will he about 121,000 boxes leiis. and from New ' Zealand about 13,000 boxes less than last - year, or an average, of 4400 boxes a.day .below arrivals' last-.'Januar}'.'!,;' ■ The ! foi' foreign butter,-, has been equally .keen as for : Colonial, and .this" is mainly] due to, tho, same ' - 'causes. Danish has.'risen in' value by' one kroner in Copenhagen, or about Is. 3d. per cwl. on our markets. - Russian . aud i Swedishr has sold'at an advance of ,'fijlly ,45... per, cwt; I'rench -is'very dear "here, and in "'France is extraordinarily, dear.; . Dutch scarce, and iJtosether'the butter'market is in'a very.

strong ? positi'orif- ; The; Board .of . Trade returns show tliat,,fpr li thb yeiir 1907 the imports 'of; .butter' have !bcen -110,723cwt.". less than in for tlio previous ten; years., .-was .150,000cwt. a year, there has been a'real deficiency of 260,700qwt, 'in .tho imS oris for 1907,'; which is an e'riorriious. amount. 'oubtlcss the Home production has been much above the •. WELLINGTON P^QDUCE. ;: MA.RKETS. The United Farmers' Co-op. '.Association,• Limited, auotes- as-follows:—Wheat, ss. 3d. per busliel;. maize, Algerian, oats, Bs. 4d.; sparrowbill feed,; 2s. lOd. and 35.; .'new oatensheaf chaff, riGS "10s.; pollard,, J67' 10s>, bran, £o 10s.; Sunlight oilcake, ,£9 10s. ; flour, sacks, ■ClO lOs.; 100's, .£l3; 50's, ,£l3 ss. ; butter, prime separator fin-lib., pats), ,Is. 2d.; factory, Is. 3d.i^b'illc '"Hairy Ibuttel 1 ' 1 (in 561b. boxes), lOd.; bacon, •Hdes, , -Bjd.';* h'ams,' 9d.; cheese, old fac'tory,'' 1 B3d.';'::lb'afi"7d. , i, : honey,', refined (in '561b. : tihsJ,"'lJd:'; ; :.cncksfoot, ' prime "'machined, 7d. to >7Jd.-; -.farmers' parcels; 6|d. aud ,7d.;, ryegrass,. 'pereffiiia,l''.CantStb'ufy"machined,; ss'; 3d. to Gs., fid.,;", Pacey^s';;English ryegrass, ,'ss.. Bd.. per bushel.-v '' LIVE' STOCK .MARKETS.' Messrs; - Abraham''- and'. Williams, Limited, 'report on'their Jolinsonvillc sale as follows :— .A,'.heavy. ..entry,; ?f.,b,eef; the bulk were fair aiialitv'cattle and-a' 'line of rough cows. Beef sold, freely - at 215.; best bullocks, ,£B, £7 7s. Gd. to lifht, M 155.; cows, M 10s. to .£} 155., A fail- yarding'of sheep; the bulk,' of Hhe ewes, we're -of -• fair • quality, ; tho wethers""mostly, i'pnme.i; Wo quote wethers at 165.; others, 15s. 6d.;'-light, 12s. 3d.; ewes, 12s. Iv6d. - to .13sj. Idi"; -light,- '.llsilambs, lis. to 125.. '6d.',- •' ,g ,'imv:u!< jn;;[ '"'■■{ BY TELEGE;APn--rnESS. association.) . " !'•'/',.j l Cheistohcrch,.February 19. 'At' 5i the'"iAddingtoti-.-.live, stock market to-dav ' there iwere. veryjdarge.'yardings, of. sheep, and :g6od; entries''in'; other-departments. The attendance was : 'also'large; Fat cattle, were, dull of sal«":at'. late' J rates.','Well ..finished fat lambs wero .firm, and store sheep, especially, lambs and wethers, were easier. Pigs were only in liniifed demand-.' late rates. The yarding of store 1 - sheep" wasN.'a.: heavy one, and, • though .t.here. was ;a .large : attendance of buyers,, the continued' dr'v weather the, demand ••and;iwethers,and lambs were down about Is. per head. Good young ewes maintained their values fairly well. ' , The entry of'fat lambs was.ojie of the largest peen in the yards, and, as only natural nnder •the .present..conditions, the'bulk of them were •not more or*three parts, fat. There was a g6bd~demand for all lots tit for freezing, tho well-finished lambs selling very firmly, 'though'there was little or no change in values. Tegs: mado 15s. 3d. to 17s. 2d.; ordinary ■ weights, to 155.; lighter, 10s. 6d. to 12s, 6d.; and. rape-fed lambs, Bs. to 10s. - There was an average yarding of fat sheep. The supply of beef totalled ,-290 head, and only a few • consignments werts, really '- prime. There was a slack demand, as" there is no feed in the'holding paddocks, and in the absence of a cool chamber only short supplies of Beef can be' kept* on hand. Prices were about on a par with the; previous week's sale, i/Tho. 'range of-,'-price wasSteers,\.«£6 ,10s. to ,£lO ■175.; heifers, ißi ss. to. <87; and'cows, .£3 15s. to £6 17s; 6d.—equal to 20s to 225. Gd. for prime, 17s;- to 19s. <6d. for , medium, and 14s. to lGs.'Gd. for cows and inferior, per 1001b.,; Veal calves sold at ss. to 505., according , to! size and-.'quality. . • . . . "" There was.,a moderate, yarding of pigs, and the demand was not so keen as of;late, thbugh prices .'remained 1 about the same. Choppers made 555. " to - 90s. ; heavy, bnconers, 555." to G2s.; lighter, 4Ss..,"to L S4s...(equal .to'sd.,per. lb.); porkers, 355. to 445. (equal .to 5Jd. per lb.); large, stores,.2ls. ,to ,305.; medium, 15s. to 205.; ana weaners, 9s. to 12s. .(BY TELBGBAPH—PRESS • ASSOCIATIOS.) ' Dunedin, February 19. At tho Burnside stock market the following were . olTeredßheep—ls7B penned, a medium yarding, a large proportion being well finished wether 6. The balance was made up of' good' to:--inferior"ewes. The yarding was just cqual. to. requirements, and .prices were as firm as last week's rates. Best wethers, 18s. 9d.. to .205.; extras,, 235. 3d.; good, : 17s. to 18s.; 'medium, 14s. 6d. to 16s. Best ewes, lGs. 9d. to 18s.; extra,';'to" 206.;" good, 13s. 6d. to'-.lSs.; medium,, lis. to 13s. Lambs.—A good yarding of -fair quality-lambs';'- Prices, .owing to the presence of j,freezing .Unyerij, were much on a par with. last week's. Best lambs, 14s. Gd.: to-lGs. Gd.j extra,.,to 17s. "Gd.; medium, 125., Gd, to 145.; unfinished, 10s. to, 12s. Pigs.—l6o yarded,, li full, yarding, comprising mostly of porkprs and .baconers. Small pigs. wero .firm at late rates,' buMi'cavy pigs, were a; shade easier.,:.SUc]cers, 135.., Gd. to 155.; slips, 17s. to 203,; store's,' 23s."'to '275. ,6d.; porkers,. 335. to 335. j light-' : "baconers, 42si to 455.; heavy, 48s. to 555.; choppers, up to 645. j Cattle.—lo9 yarded.''"A "fair"cntry"of good quality, bullocks. Prices , were about 10s. per head higher " than last week. Best bullocks, ,£9 ss. to £10 155.; -extra,"to Gd.;,medium to' gobd;'iß 10s. to £d 55.; light sorts, £R 15s. to £7 15s. Best cowg arid heifers, up ,to £6 10s. SOUTHERN GRAIN MARKET. (nr 'telegraph—r'nusa association. ) ! Duneijin," February 19. There'are a large number of samples of new oats-in the market, coming chiefly from the North.- 5 For .-best -2s. to. 2s. id. on trucks has"- been'-iii'doured.,, , Very,, fow., old samples . are in the; market, ;and .those; selling are chiefly for feed purposes.' Prime milling, 2s. 3d..-; good to best feed, 2s. 2d. to 2s. 2k1.; inferior to medium'; (2.SJto 2s. ,ljd. per bushel. A fair amount, of business, is passing in wheat, but, as prices in the North are higher than local quotations, holders are not disposed to sell/ Fowl wheat is scarce, and com-mands-/prices....equal,: to- milling values. Primo milling, 4s. SJd. to 4s'.; fid.;, meidum to--g00d,"45.-4d. to 4s. sd. per bushel. ■ ' RAM FAIR. . (BI : IELEOBirH— SPICIAL ', COUHBSPONOENT.) Mabton, February 19. i".!The"''annual'.''raniJ.'fair at Hunterville to-dav 'fras fairly; . The. entries, in ail classes .were satisfactory, and representative of the.,best,.flocks from all parts: of the district and elsewhere. Although ; the entries were largo, the qiifijity-, ,far below the standard, and prices •.wieVe'-mucli-.below those ruling, last yeiiriNearly a' thoiisand rain's were',-offered, and more than half this number were sold under-the hammfir at prices avaraciae two.

and a half guineas. Thcro was 11 Rood domand fcr Romney sheep, although the highest prico was given for Lincoln sheep. The sale was successfully conducted by Messrs. Abraham and Williams. AUSTRALIAN PRODUCE MARKETS. OT TEI.EGItArn—riIKSS ASSOCIATION —COtfTIUOHT. / Sydney, February 19. . Wheat, milling, 4s. Id.; chick,: 4s. 4jd. to 4s. sd.j flour, JEIO; oats, white, 3s. :ld7; Algerian, milling, 3s. 2d.; barley, Cane, -Is. 3d.; maize, 4s. 4d. to 4s. 7(1.;' South African, 4s. 3d.; peas, Is. Bd.; bran, 13Jd.; pollard, Is. 3d.; potatoes, Tasmnnian, .4G to £7; local, prime new, to J2S 10s.; onions, Victorian. JC to ,C"; butter, 113s. to 1165.; cheese, 7d. to Bid.; bacon, 9d. to Is. * Melbourne, February 19. Wheat, 4s. 3d.; flour, .£10; oats, Algerian, milling, 35.; barlev, Cape, 3s. Bd.; maize, 4s. 2d.; bran and pollard, 14d.; potatoes, «£3 10, > to £1; onions, JSS to £5 10s. Adelaide, February 19. Wheat, 3s. 9d.; flour, £9 10s.; bran and pollard, 13d. THE METAL MARKETS. BIT TELEGRAPH —FRESS ASSOCIATION—COPYRIGHT. London, February 18. Silver is quoted at 26 l-6d. . Copper—On spot, £57 12s. 6d.; three months, .£sß;.electrolytic, J2SS. Tin—On spot, ,£126 155.; three months, .£125 15s. Lead, .£l4' ss; —— ■ • ••'• | THE WHEAT MARKET. BY TELEGRAPH —PRESS ASSOCIATION—COPYRIGHT. London, February 18. The wheat market is flat, shipping lines being' Is. 6d. per quarter cheaper on the week. .

WELLINGTON SHAKE LIST. COMPANY ' M'' ' TWfl COMPANY. - •■PftirtTTn : --Balanco •. por . '< >■., .. ... -Last' ; : : (Forward. Sri Sh ?™; IJuT0r. ;> Eellor. : guio. Investor. '. -BANKS. £ • :: *. .i; ... .,£ -, ,/f «. <1. A-hS 1, £ *• a *' ■ * »•*• KeirZealand. . - 2,000,000 581,673'. 34' 34 ' • jo • 91« '« • 916 0 . 0-13 6 ■ 3 8 0 --National - . ; , 375,000 335.313 Sj .15. 13 0 Q' 6 ( ! !' 6 7. 0 512 2 INSURANCE. . „ ' - .„ , National - - - 300.00,1 MM® 'J'-'unHd. -15- '.J 8< 0 J -g ° 17 6 B0 1 KewZealand. - . 2CO.CXX) j.395,674. .j>, B . 10 , ]'> ■■ . . ; . Eonth British - 300,000 512,199.. -'j nnltd. . . 30. ' fl? « Standard ■ ■ 75,000 87.38S . s naltd. 110 1 4 d FINANCIAL. : . . ' „ „ Equitablo Building 50.000 45,240 .. £. ~5 . , 10 ,M .0,0 10 0 0 6 0 O • Metropolitan Building 21.000 6,22),'' JO: nil. '7' ... , „ . „ , Wellington Invest. - 50,000! - 3,033. 4 . j ' 6 .' „ " 0 12 5 0 0 Wel'gtonTrust&Loan 101,250 • 44,334 5 5' -. 8 • ,77 8, 6 J 10 0 T 8 -0 6 8 0 . National Mortgage - 500,000 '112,250 • '2. 8 30 -3 5 0 376 350 .631 ' N.Z. and r.ivcrPlato - SOO.OCO 552,000 . j !ml ' :»-V :l 110 0 ; 110 0 413 4 : Loan and Mercantile - 135,'22J 315,133. 4 ' fc4 ■ 6 0 5 0 0 5 6 0 5 0 10 0 0 ' /,QAS.' .' Auckland-:-" . - " 360,370 '-C3.35!)' " ! 6 nil 16 ; Christoharch • 152,000 . 65,067 . 6. till 10. . 10 2 6 10 0 0 BOO .'. Feilding ,■ . .. .10,801' .; , 303. .1 \ r ml <— . ,v Gisborno '- 17,S03 ■ < v 10,5>1 - i 1 nil ■ >133 - ' • ■. ♦ \. .? Hawera . . . 8,550. 745" } i 10 Now Plymouth .. .''.<18,009. ,' .3459;/ 6 ■ nil 10 .7,17,6 . Napier 1 10 liil -15- • - - ' . 49,957 f 23J83 5 5 15 ' „ „ 7 ... J 1 . a 15 3 7 6 . :, . Falmerston North " 17,000 11,001 *44 4 i . ' 10' .T'7'0; ' Wellington - ' iw™ 1 '7i,'i»d JU nil - 10 1815 0 U 17 6 ✓ '..V ,~7 . 124,570j . . 6 . 5 . 10 8 10 0 MEAT..',. :' '. : " ' r "* ' ' Canterbury - ■- . *.'.'383,7-27 - ■ EO.C74 . 74 24 8 7 38,0 . !•:Cbiiatehtucb 363,393 '|7,641 .JU nil. 8 30 13 6 1017 6 3015 0 >.,» 9 0 Gear - - . ''. . „ 1 .' 961261 ' ' 1 '..'nil. J24 .2 8 6. -2 10 0 2.9 0 5 1 3 • . . -WJf - ' 4 6 124 . . .;. Vfellingtoniieat'Eip )' ' ■ 5 nil.:.. 8- . .... 612 6 . : / • 305,765 r , t3,767- i 1 ' . 8 5 0 0 5 2 0 5 3 0 6 5 6' . . . ) : SB 2J 8 3:5 0 3 6 U ' 3 5 ti 68 3 ' VTanganui ■ ■' ..'45,850 -11,401 .. 6 .: uil, .; .. 8. - - TRANSPORT,' ' ' ~ — W.&M.Iiaiiway : " • 170,003.1. 321,4-53 . : l .4,7 2 3 6 .2 5 0- 3 3 6 ■ J-3 9 N.Z.Shipping.'. <73,810 313,751 :' .:, 8 nil. 5Union Steam • • . 600,001 - • l;47i,593 " 1 'nil.'. " 74' " 112'0' ''133 0 Wetn: Steam Ferry • i6,25J tia.'-.. 1. i.'nil, G ...'- . COAii. ' ,. ''' X" Westport • ■ VX £BD,001 .»■ ; .-J17,215 , . 34': 14 8,:6 . ,.,7,10 0. • J:8 9 6 0 0 . .. laajpiri - .- . •t2,50J ;,-6.339- .1-- nit-'i -Si 1-0 0 , -1 0.3 ' . . : ■x::- WOOIdjEN. :r ■■■■»— - • 'Kaiapoi- . .v.-,. '300,003-,. ' . S2.85I •> 5- ■ niL ' 6 Vosgiol. t3,157f ■' ->.1T;2M-' ;'EJ" :-14 , -4 • ; S il P .' v ' ' '' Wellington - : - - .id/ui.t. ■: i .- 1 r.V« , SJSiO 't310 0 8- 6 0, ,766. V 'MISCELLANEOUS. > . ' ' "' ' ' „ ' ' :' ' ', DonaghyKopa - 47,0M. j — 5 nil' — ; g 0.0 • -60 0 Leyland & O'Brioi, . .35,000 37,761 i ClaC "1.7^' -S'.S 6- i 5 0 6 3 0 . iiftcriceviiloLiiiij .-'. 7,003 £0i . .'.1; nil a. . . N.Z. Candle-10,000 ■— 30 .-'ml ' . ■'. N.Z.Drngs ."SOO.OOl v -£4;514- -■ !!- -nil- 7- --211—6 £11 6 2 11 0. 6 3 0 'N.Z.l'aparMilU " ■ 94,753 1,17/ ,1 nil 7 . 1 3 0 1 4 0 . 1 3 '3 ' 6 0 5 N.Z.Comeai- .- 7 / ~ *40,003,.' 7-'',?,i4l' : , ., .1. l.J'i 0 .. , ,11?. 0 '. " banning & Co, - ' . Be.oOJ ; ,: r/.J>7,67J / <.»'«* !*•. f 10 1 inri k 1 -• Wardi-Co.- ' - * W.OUO- . 10,653. . 4 1. 10 411 0 Wgtn.OporaHoasi - 18,iS!J 1,701 -6 nil 8 V-W'gtu Fresh Food -I 28,261 . —. • 3 nil ,,", . . . . ,Whiicoinl)o4:.'i'ombs ; : t lliSU '• : I 53 . 5 ; »U7 10,, , / . . 4 ,7'6: 11 8 7 ' khariaud. Limits a , iti.WJ -11,.,. ,-;l ,',011 ' Va 4 7 fj ,019 6 013 3 3 4 i