Commerce, Mining, Finance

Evening Star, Issue 23379, 23 September 1939, Page 10

Commerce, Mining, Finance

WAR MARKETS COMPARATIVE STABILITY MAINTAINED MORE INTEREST IN AUSTRALIANS FINANCING NEW ZEALAND'S PART IN THE CONFLICT Another week under war conditions has passed and brokers and investors must be agreeably surprised at the comparative stability that has been reached and maintained. Local business has fluctuated, but over the week it was fairly'good, although the commendable policy of caution adopted by operators lias introduced a quiet note into callovers. Prices generally have reflected the calm confidence of the community that the Allies must win, for no sharp, or for that matter any, large scale movements were apparent during the period under review. Uncertainty concerning Russia’s rolebrought hesitancy in some transtasman isnes early in the week, but towards the dose the reactions to this influence and to profit-taking were disappearing and timid purchasers were increasing limits. Australian stocks again captured most interest, but market valuations were cautious. Metals for the greater part of the period failed to attract an inquiry, despite appreciable cuts in some sellers’ limits. Industrials generally found a purchaser, but margins among these issues tended to remain comparatively large. On Thursday, however, reviving confidence was occasionally apparent, but the new trend was not confirmed until yesterday, when the reappearance of buyers for mining shares and slightly increased limits in the industrial section emphasised the recovery. New Zealand leaders, despite their attractions, retained recent levels only with difficulty. Bank of New Zealands regained part of their lost ground with unanswered buyers offering up to £1 18s at the close. Insurances remained quiet at recent easier levels, while meat preservings (which look attractive at the present) had good support. Selected woollens found several keen purchasers, but practically no holders wanted to quit. Front-rank industrials were inactive. In fact, since the outbreak of war ■ some lines have shown restricted losses, notably Dominion Fertilisers and New Zealand Paper Mills. Support is there, but buyers refuse to advance their offers beyond a defined limit. Primary Produce.

Britainls move to assure herself of full supplies of foodstuffs and wool from Australia and New Zealand is a fundamental factor that must dominate local markets. At the moment it seems likely that negotiations will be completed to sell the whole of the Dominion’s output of primary products at prices that will be considered fair to the farmer. It may well happen that New Zealand’s revenue, instead of being curtailed, may be increased as a result of this war, but it seems just as likely that any additional benefits that might arise from wholesale deliveries to Great Britain may be cancelled out by additions to public expenditure, which had already assumed alarming dimensions and will now have to bear the brunt of defence maintenance. In this connection the statement issued by Mr Nash, in which he forecasted additional taxation, will scarcely have taken the market' by surprise. Company managers will be apprehensive in regard to the possibility of additional public burdens, which already exact more than half the not earnings of the average business. Even if they should escape further direct imposts they will get the impact indirectly through the decrease in the purchasing power of their customers consequent upon heavier calls from the State. It is clear, and the fact will becomeincreasingly evident as time goes on, that, apart from the actual fighting, apart from the poignant sufferings inseparable from warfare, New Zelanders will have to bear a share in the eco- ■ nomic deterioration that follows. It is in such tinies as these that investors have the opportunity to realise the value to the community of well-estab-lished enterprises whose financial position had been steadily strengthened year after year when conditions were favourable. Fortunately, there are many of this class in the Dominion, and they provide a safe depository for surplus funds and are at the same time an invaluable support to the State. Latest Sales. Dunedin sales since the last review have been as follows: New Zealand Government Loans. —4 per cent. Stock, September, 1940-43, £97 7s 6d (4) ; 4 per cent; Stock, March, 1940-43, £97 7s 6d ; 4 per cent. Bonds, 1943-46, £9B; 4 per cent. Stock, 1943-46, £9B; 4 per cent. Stock, 195255, £95 lOe; 4 per cent. Stock, 1948, £99 ss. Local Body Debentures. —Christchurch Tramways, 4J per cent., 1942, £99 10s. Banking.—Commercial, 14s 6d (3), 14s Bd, 14s 7d. Insurance. —Standard, £2 14s 6d (2). Meat Preserving.—New Zealand Refrigerating (cont.). 8s 3d. Coal.—Westport. £1 Is. Miscellaneous. —Broken Hill Proprietary, £3 13s 6d; G. ,T. Coles, £3 10s; Hume Pipe. 18s 6d : New Zealand Drug. £3 Bs, £3 7s 9d : Wilsons Cement, 16s 6d (3) ; Woolworths Properties, £1 3s (2), £1 2s Gd. Breweries.—-New Zealand, £1 13s, £1 11s 3d; Tooths, £2 11s 6d. Australian Mining.—Mount Lyell, £1 10s 9d.

DAIRY PRDDUGE PRICES THE CONTRACT WITH BRITAIN [Per United Press Association.] NEW PLYMOUTH, September 22. Prices, for dairy produce are to be paid on an entirely new basis in future, according to a statement made to-day by the Dominion vice-president of the Farmers’ Union (Mr H, E. Blycle). It has been agreed to abandon in the meantime all the arguments advanced bv the union and other farming organisations regarding the guaranteed price. Mr Blydesaid. He thought it could be taken for granted that the price paid to the New Zealand Government for dairy produce by Britain would be based on that paid to Australia, with the addition of the usual premium paid for Now Zealand produce.

NEW ZEALAND ECONOMY CHAMBER OF COMMERCE REVIEW BUSINESS CONDITIONS BEFORE THE WAR GOVERNMENT'S POLICY LEADING TO AN INEVITABLE CONCLUSION An extensive review of the Dominion’s new economic structure and movements affecting commercial interests during the first half-year is given in the latest bulletin of the Canterbury Chamber of Commerce. The growing part played by the present Government in the business world is emphasised by the bulletin, which concludes its analysis with the opinion that if the Government decided to live within its means and to avoid inflation, price increases might be escaped, and, “ after a period of adjustment and probably of some business contraction, sounder and more normal conditions may be restored.”

The most disturbing feature of the overseas trade returns, is the maintenance of imports at a high level, and their sharp rise in May and June of this year, despite the control system in operation. From 1933 imports rose in response to the general rise in exports. In the 1937-38 export season wool prices fell, and, after reaching a peak of £67,170,000 for the year, exports declined from January, 1938. Imports Continued to increase until April, when the year’s total reached £58,180,000, and then began to decline. A year later, by April. 1939, they had fallen by £4,500,000. In May and June, however, they turned upwards and an increase of £2,770,000 was recorded- in these two months.

LESSON OF THE PAST IGNORED. In December, 1931, an acute shortage of sterling funds developed and exchange was pooled and rationed by the trading banks. By the following April affairs had been so adjusted that the pooling system became unnecessary in practice. It was officially discarded in June, 1932, after only six months of nominal operation. In December, 1938, another acute shortage of exchange developed. The Government, instead of following the previous plan, imposed an elaborate and detailed s. .item of control over both exchange and imports. The import control was complicated and burdensome, but the results of its first six months of operation show that, as a means of reducing imports and replenishing sterling funds, it has been completely ineffectual. For the first half of 1939, despite the previous declining trend of both imports and exports, imports have been £1,000,000 greater than for the same months of 1938, and for the last two months, May and June, when it was expected that the full effects of restriction would appear, imports were £2,770,000 greater than in the same months of the previous year. Now exports credits have been arranged in London for amounts up to £9,000,000 sterling, but the export surplus has fallen so low that, even with the assistance of these credits, a considerable reduction of imports is inevitable. Moreover, since the methods of exchange rationing now being applied mean drawing on future export receipts to pay for 'present imports, it appears that part of the adjustment required at present is being deferred for the future, and that both control and restriction y will be prolonged thereby. LESS EXCESS INCOME. Little change has occurred in the bank returns during the last half-year but the absence of change is itself of particular significance. The first halfyear includes most of the season during which export receipts are greatest, and in which the Dominion normally accumulates the excess of income over expenditure needed to finance the second half-year, when export receipts are smaller. In order to maintain the same relative position the accumulation of overseas funds in the first half-year should normally exceed £9,000,000. This year it has slightly exceeded £2,000,000, so that the relative position is decidely worse than it was in December last. Normally the accumulation of export receipts between December and June results in increased overseas funds, with roughly corresponding increases in bank deposits and decreases in bank advances in New Zealand. In private business, these normal changes have occurred in some measure in 1939, and their results are seen in the trading banks’ returns of deposits and advances. But instead of accumulating assets in London, as is usual, the trading banks, operating under the exchange control scheme, have surrendered them to the Reserve Bank, and instead of increased sterling funds, they now hold increased deposits at the Reserve Bank. Meanwhile, the Government’s net indebtedness to the bank has increased. In June, 1938, the Government’s advancers exceeded its deposits by £100,000; in December, its advances exceeded its deposits by'£13,620.000; and in June, 1939, by £16,090,000, or about £16.000.000 more than a year earlier. INTERNAL CONDITIONS. In the past it has always been the rule that, when the export surplus is insufficient to meet debt payments, etc., overseas, the excess of payments over recepits on overseas account, which is met by- depleting sterling funds, also reduces bank deposits and increases bank advances in New Zealand. In effect, the Dominion as a whole then spends more than it receives. It meets the shortage of income out of its overseas reserves, but, since it must use up local money in purchasing the necessary exchange, it has less money left to spend in New Zealand. Consequently demand falls, imports diminish, the balance of payments becomes favourable again, and overseas funds are increased to normal levels. In 1938 when the balance of payments became unfavourable, the excess payments were met as usual from overseas funds. But the accompanying contraction of purchasing power in the Dominion was offset by inflationary credit creation in the form of Reserve Bank advances to the Government. In consequence, the reduction of spending^power in New Zealand, a necessary effect of past over-spending and an essential preliminary to on increase in overseas funds, was not permitted to operate. Consequently the demand for imports remained high and the adverse balance of payments was not corrected. H was expected that the official control imposed would restrict imports, but. «.r> far. that control has proved ineffectual and no restriction has oo rurred. Hence, while no appreciable increase has been made in overseas funds, internal spending power has been expanded and the nominal value of in-

DOLLAR EXCHANGE HEW RATE WILL AFFECT NEW ZEALAND RISE IN PRICE OF AMERICAN GOODS Already the rise in the value of the dollar is beginning to increase the price of American goods landed in New Zealand. One merchant, trading with New York, stated that he had recently received a shipment from the United States half of which was sold, but as the draft had not yet arrived he did not know the rate of exchange he would have to pay. The shipment would, however, be subject to the increase ,which had taken place while the goods were in transit. TovVards the close of last month the dollar was quoted at around 5s 4d in New Zealand, but the recent depreciation of sterling in dollar terms has caused the local equivalent to rise to 6s 3d. While this will work against merchants and other importers. Dominion institutions receiving grants from such organisations as the Carnegie Corporation will benefit appreciably. AUSTRALIAN STOCK EXCHANGES SYDNEY, September 22. Buyers are showing restraint in the local share market, and some sections are slightly weaker,- notably Barriers, Sellers are, however, not pressing. —Morning Sales.—

LONDON STOCK EXCHANGE

ternal business has continued to rise, though this is partly a result of rising internal prices consequent upon the inflation that has occurred. GOVERNMENT AND BUSINESS ACTIVITY. Since exchange and import control were imposed it has been expected that a reduction in imports would effect a reduction in internal trade, offset in some part by an increase in local manufacturers. Up to the end of June, .this anticipated reduction was not realised, for imports increased rather than decreased. Future developments must depend largely on the volume of imports, but this depends in turn mainly on the administration of the control scheme and related matters. Internal trade and price levels, too, must depend largely on the Government’s operations, which now bulk much larger than ever before in the Dominion’s total business activity. If the Government carries out the plans for expenditure outlined in the Budget, it is difficult to see how they can be financed without further inflation, and a shortage of goods occasioned by import restriction, combined with an increase of spending power consequent upon inflation, must necessarily result in the rising prices which inevitably accompany inflation. If, however, the Government decides to live within its means and to avoid inflation, price increases may he escaped and, after a period of adjustment and probably of some business contraction, sounder and more normal conditions may be restored.

DOMINION’S STOCK DAIRY OUTPUT DOWN MEAT AND WOOL INCREASES AGRICULTURAL DEPARTMENT'S STATISTICAL REVIEW Reviewing stock statistics for the past few years the Investigational and Statistical section of the Department of Agriculture notices the fall in recent years of the numbers of dairy cows and breeding sows in New Zealand. Dairy cows in milk reached a peak in 193435 and breeding sows in 1935-36, since which seasons both have fallen in numbers each year inclusive of 1938-39. Another feature, and coincident with that just referred to, but one not given as much notice, has been the continued rise in numbers of beef cows and breeding ewes. The position is shown in tabular form from 1926-27 to 1938-39, but the past three years only are taken for the purposes of this reference. The returns are as follows:

Breeding ewes are given as at April 30 of each, season ; other livestock as at January 31. Productive rather than total livestock of the different classes are featured in the table for the reason that it is contended they supply a better index, since total livestock, particularly with the meat animals, rise and fall from year to year due to increased or temporarily decreased killings as a result of fluctuations in price, amount of autumn and winter feed available. Female breeding stock are much less subject to fluctuations due to causes of this kind. NOTABLE CHANGES. During depression years farmers were heavily Tiit by the fall in prices, particularly livestock farmers. Dairy farmers met the fall in prices of butterfat by rapidly increasing the number of dairy cows, from 1929 to 1934 the total increase being 562,000, or 41 per cent. The rapid exploitation of the brood cow came later in the depression years, since the call for 1 extra young dairy stock was so heavy, and early in the depression organisation for rapidly expanding production naturally was showing less effect than later in the depression. On the other hand, sheep farmers, as is usual in their case, increased slaughterings of mature sheep tremendously during early depression years; the increase in the four seasons ending March 31 following the 1928-29 averaging close on a million head a year more than the 3,500,000 recorded in 1928-29. Numbers of breeding ewes _on _ the whole, however, were maintained. Slaughterings of beef cattle were also considerably increased, as also of lambs in various years. The huge yearly increases in dairy cows during depression years were brought about • in a threefold manner. Culling was reduced; increased young stock was raised; a proportion of beef cpws was milked to the number of possibly 50,000 of such cows. These animals eventually went back to the beef herds.. Dealing with replacement <md other problems, it is remarked in the review that dairy farmers did not realise what they had* let themselves in for in later years in the way of a herd maintenance problem. A heavy and sudden increase in cow numbers makes it necessary in a few years’ time for heavy and sudden increases in the number of young replacement stock. The ultimate demand for extra replacement stock was greatly underestimated by those who usually provide them. The rapid 1 increase of slaughterings of bobby calves during depression years, and maintenance at a high level since, only increased the difficulties of finding _ a sufficiency of replacement stock to maintain dairy cow numbers. SHEEP REPLACE COWS. Undoubtedly the latter aspect is somewhat linked with another avenue which dairy farmers in many of the dairy districts exploited in later depression years—namely, the introduction of sheep. Although this trend to mixed livestock farming by many former straight-out dairy farmers was intended by most as a temporary measure only, the augmentation of income with a minimum of extra labour requirement, and the better control and utilisation of grass production through alternate rotational grazing by the two classes of stock, proved so advantageous that most of those making the change appear to have adopted it permanently In - fact, many such farmers have been increasing the sheep farming side considerably since the depression to such an extent that they bavq seen fit to considerably reduce . dairy cow numbers, and even in some cases go out of cows altogether. This movement in many dairy districts has been responsible for decreased dairying, and naturally, along with reduced dairy cows, numbers of pigs have had to be reduced. Also the initiation and rapid rise of the chilled beef export trade in recent years is having repercussions in livestock farming. ‘ CHILLED BEEF TRADE. The higher price of chilled as against frozen beef renders it economic for beef raising of this type to be conducted on better-class land, and this is tending to find its way into the mixed livestock zones, where dairying is of some importance. The rise in beef production is also tending to have some effect on pig production, since instances have come under notice where dairy farmers running the heavy breeds have entirely replaced pigs in the utilisation of _ skim-milk by raising young stock suitable for beef purposes and disposing of them generally as one-year-olds, or when their grazing requirement can no longer he met. “ It has to be admitted, therefore, that definite changes in livestock farming have been taking place 'in recent years, and that, although they were barely perceptible in the earlier stages, these changes are now of such proportions as to he obvious to all.

FOREIGN EXCHANGES

Press Association—By Telegraph—Copyright

LONDON, September 22. (Received September 23, at 1.30 p.m.) New York, dollar to £1 ... 4.03 Paris, franc to £1 1761 Montreal, dollar to £1 ... 4.43 to 4.47 Amsterdam, florins to £1 ... 7.45 to 7.55 Switzerland, franc to £1 ... 17.55 to 17.85 Stockholm, kroner to £1 ... 16.70 to 16.9 C Athena, drachmae to £1 ... 540 Lisbon, escudo to £1 Uoi Kobe, pence to yen Hongkong, pence to dollar 15 Shanghai, pence to dollar 4 Brussels, belgas to £1 ... 23.35 to 23.65 Rome, lira to £1 ... 77

FRUIT AND PRODUCE

Bray Brothers (Dunedin) report for week ending to-day:— As millers are bolding full stocks they are at the present time not interested to any extent in milling wheat. With the heavier sowing of wheat in the South Island this coming season, plus a carry over, there should be no shortage of wheat supplies or of flour for 1940.; ■ So far as the .Otago district is concerned, farmers' generally are anxious to respond to the appeal of the Government to plant as much wheat as possible. There is little life in the fowl wheat market. Ample stocks are available, and the value of the best quality is 5s 9d, sacks extra, ex store, for quantities, with small lots worth up to 6s 3d a bushel. Wholesale prices are as follows : Flour.—-200’s, £l3 15s 6d; 100’s, £l4 2s 6d; 50’s, £l4 17s 6d; 25’s, £ls 7s 6d. Bran, £5 5s a ton. Pollard, £6 15s a ton. Oatmeal. —2001 b sacks, £23 10s a ton ; 25’s, £25 10s a ton, An improvement in the demand for oats has been experienced during the week, especially from the North Island. Local merchants are, however, only holding limited stocks, and few sales are being made from this port. The quotations ruling at other ports are 3s Id f.0.b., s.i., for A Cartons, and 2s lOd Tor Bis. The stocks M* country are also limited, and all the oats in the local stores will be required for either feed or seed purposes, beed oats are now being delivered to the country. • ■ ■ . . 1 The chaff market continues quiet, owing to the poor outlook for business. Consignments are on the small side, as farmers are busy with spring work. Values remain unchanged, best quality oaten sheaf being still worthy £4 os a ton, sacks extra, ex truck. Ibis price is for anv considerable quantity. 1 tactically all the business going throughis confined to small lots ex store, at £4 15s to £5 a ton, sacks extra. A fairly quiet period has been experienced in the potato marke . especially with old tubers, for merchants are disinclined to buy. any quantity, being satisfied to deal in small orders to meet the wants of the retail tra^ e i nr We have arriving on Monday a further consignment of potatoes Pacific Coast. Retailers are awaiting their arrival, as they state' a good demand exists from the purchasing public. A telephonic conversation advises hr that they are in excellent condition. Odd panels of South laland-grown potatoes are still available, coming from the southern districts and from South Canterbury. Merchants are still disinclined to buy any quantity, being satisfied to deal only in small orders to meet the wants of the retail trade. Nominal prices only can be quoted in the meantime, these ranging round about £l6 10s per ton for best, quality A BusinesiTcontinues quictin the wholesale markets. Fruit of Ml descriptions is on the short side, and the sa n,e r ‘‘ mark applies to vegetables, with •the exception' of cauliflowers and cabbages A sHpment of Australian oranges, valencias. and seedlings, reached Bayed n yesterday. and approximately 2,700 cases were distributed t° local brokers and subsequently disposed of to "Thm'i. . better i-wto for So,/ ;;;, n „i? e ™tu h "wS. ‘ux raal P elv 2,000 cases of Samoan and Niue Island bananas will be landed.. A shipment of Australian Pines was sold by us this morning and were in excellent condition, and satisfactory Prices were realised.for growers. Small lots of passion fruit are arriving the Bay of Islands.. Sup,plies are easing off. Choice quality apples have an improved demand, and these B are sold out immediately on arof the pears now reaching the market are from Canterbury cool Sto riuliflowers are in heavy supply, with low prices ruling. Values should, however, improve shortly, as the rush of siippl es is not likely.to last long Savoy cabbages are in good supply, aud supplies of spring cabbages are m-"Waiy-grown rhubarb is now reach--3 and carrots are realising S °Swedes U are in heavy supply. Most of the supplies are of poor quality. Supplies of choice quality lettuce are im La?ge n quantities of flowers from Canterbury and the North Island are arriving. Wholesale prices are as follows; Pineapples, 26s to 29s per case. Grapes, 42s 6d per case. Aipples—Stumers, lOsrto 12s 6d per case; Delicious. 10s to 12s; Jonathans, 10s 6d to 14s 6d. Pears— Winter Coles. 12s Cd to 15s 6d per 3-case; Winter Coles. 6s to 8s 6d per |-case : Winter Nelis, 6s to 7s 6d per i-case. Pumpkins. 2Jd per lb. Melons (jam). 2Jd per lb. Brussels sprouts, 3d to 4d T>er I”. Rhubarb, 4s to 4s 6d per dozen 11b bunches; loose, 4d to 4}d per lb. Leeks, 4d to 6d per bunch.

Potatoes—King Edwards,- 20s per cwt-;'Arran Chief, 15s to 17s per cwt. . Carrots, Is to Is 4d per dozen. Lettuce—Large, 4s to 6s 6d per dozen: small. Is to 2s fid per dozen. > Spinach, Is to 2s 2d per dozen. Celery, 3s fid to os 6d per dozen. Cabbages, Is 6d to 2s fid per bag. Spring cabbages, 3s to 3s 9d per case. Cauliflowers, 4s to 6s 6d per bag. Parsnips, 4s to 5s per bag. Carrots, 3s fid to 4s per bag. Onions, 24s fid per bag. Eggs, market rates.

BANK OF ENGLAND RETURN

Press Association—By Telegraph—Copyright LONDON, September 21. The following is the Bank of England return: — —lssue Department.— Note issue m circulation £546,500,000 Bank department 33,600,000 Government securities 565,700,000 Other securities ... 3,000,000 Silver coin ... 300.000 —Banking Department.— R es t ... -3,700,000 Public deposits , 21,400,000 Bankers’ -deposits ... Other amounts ... ... Government securities 121,900,000 Discounts and advances 2,500,000 Other securities ... ... 28,900,000 Nctes and coins ... 34,200,000 Ratio of reserve' to liabilities is 20.21 per cent. The Bank of England discount rate is 4 per cent. -

CANTERBURY MARKETS

EXPORT OF SEED LINES [Per United Press Association.J CHRISTCHURCH, September 23, Business in the local potato marked is still very dull, and the quotation of £l3 to farmers is only nominal. It appears that there are still a number of small odd lots held in the country, and in the present state of the market these are proving difficult to quit. The Government- has notified merchants that it requires a monthly return to be made of the stocks of seeds held in stores, and it is understood that in the meantime the export of all but three lines has been prohibited. The three lines excepted are stated to be fescue, hrowntop, and Suckling clover.

COMPANY REGISTERED

FILLYBURN GOLD MINING LTD, Notification of the registration of the following company appears in the latest issue of the ‘ Mercantile Gazette ’: — e Fillyburn Gold Mining Company Ltd. Registered as a private company., Capital, £3.500 into 3,500 shares of £1 each. Subscribers; Dunedin—Macrae’* Gold Mining Company Ltd. 2,000, J. R. Bell 225, W. S. Bell 115, S. Dunkley 50, W. Currie 100. J. L. Bell 110, R. J. Knowles 175. R. Moore 350; Miller’s Flat —P. Atkinson 100; Auckland—A. W. Good 225: Sydney—G. B. Wimble-50. Objects: To lake 0.-c-r the mining syndicate called the BellGurrie Syndicate, and all its mining privileges; to mine for gold or,other valuable minerals in New Zealand.

£ S. d. Commonwealth Bonds— 3J per cent., 1951 97 15 0 35- per cent., 1948 100 7 6 3J per cent., 1954 97 5 0 3J per cent., 1955 98 17 6 4 per cent., 1941 100 10 0 4 per cent., 1944 100 15 0 4 per cent., 1947 99 12 6 4 per cent., 1950 99 15 0 4 per cent., 1953 99 12 6 4 per cent., 1959 100 1 3 4 per cent., 1961 98 12 6 Commercial Bank of Sydney (New Zealand delivery) 17 2 0 Tooheys 1 6 6 Tooths 9 9 0 Broken Hill Proprietary ... 3 7 9 Burns, Philp ... ... ... 2 11 3 Coles —Afternoon Sales.3 8 0 Comm. Banking of Sydney 17 3 0 (New Zealand delivery) 17 2 0 Union Bank 6 13 0. Burns, Philp British Tobacco 2 11 0 2 5 3 (New Zealand delivery) 9 5 0 Associated News 0 15 6 (pref.) 0 18 6 Tooheys ... 1 6 6 Coles 3 8 0 Australian Con. Industries 1 13 0 (rights) 0 4 1 Hume Pipe (ex div.) 0 16 9 Farmers 1 7 0 Woolworths ... 1 1 0 Goldsbrough, Mort 1 9 9 Felt and Textiles 1 9 3 John M‘6rath 1 6 0 Electrolytic Zinc 2 14 0 Mount Morgan 0 9 0 (pref.) 1 0 9 Mount Lyell 1 9 6 Broken Hill Proprietary ... 3 7 4 South Broken Hill ... ... 1 7 7 Emperor 0 9 2 MELBOURNE, September 22. Bank of Australasia ... 7 16 6 Comm. Bank of Australia 0 14 5 Goldsbrough, Mort 1 9 6 Coles ■ 3 8 0 Dunlop Perdriau 0 17 3 (pref.) 1 11 0 Australian Con. Industries 1 12 10 (rights) 0 4 1 Broken Hill Proprietary ... 3 7 9 North Broken Hill 9 7 0 Mount Lyell ... i 10 0 Loloma 1 2 5

Press Association—By Telegraph— -Copyright LONDON, September 21. £ s. d. British— Consols, 2£ p.c. 62 2 6 Funding Loan, 4 p.c. 102 12 6 War Loan, 34 p.c. 88 12 6 Con. Lcran, 34 p.c. 87 10 0 Victory Bonds, 4 p.c. 102 0 0 Commonwealth — 5 p.c., 1945-75 ... \ §5 5 0 4 p.c., 1943-48 ... 92 0 0 3J p.c., 1948-53 ... 84 10 0 3i p.c., 1956-61 ... 74 2 6 3 p.c., 1955-58 ... 70 10 0 New South Wales— 3J p.c., 1930-50 ... 82 0 0 Victoria— 3 p.c., 1929-40 ... 80 0 0 4} p.c., 1946-60 ... 95 0 0 5 p.c.. 1945-75 ... 95 0 0 Queensland— 3 p.c.. 1932-47 ... 84 0 0 5 p.c., 1940-60 94 10 0 South Australia— 5 p.c., 1916 or after 65 0 0 5 p.c., 1945-76 ... 95 0 0 Western Australin— 4 p.c., 1942-64 ... 85 0 0 Tasmania34 p.c., 1929-40 ... 99 0 0 4 p.c., 1940-50 ... 90 5 0 New Zealand— 44 p.c., 1948-58 85 0 0 34 p.c., 1940 100 0 0 3 p.c., 1945 81 10 0

1936 37 1937-38. 1938-39. Dairy cows in 1,744,000 milk 1,805.000 1,764,000 Breeding sows 113,000 105,000 97,000 Beef cows 608,000 .711,000 737,000 Breeding ewes 10.332,000 19,664,000 19,980,000