COMMERCIAL.

Press, Volume LIX, Issue 17808, 6 July 1923, Page 10

COMMERCIAL.

IMPORTS EXPANDING. FIVE MONTHS' FIGURES. It was in 1920-21 that the imports into New Zealand were so excessive and gave rise to so much trouble to traders and bankers. The latter rendered' great assistance, but, at the same time importers had a check olaced on them which resulted m imports being greatly reduced (says the ••-Dominion"). The swing of the pendulum was rather pronounced since and has given rise to some difficulties. When 'there 'was excessive importing the exchange war; all against the importer, for the tanks being almost bare ot runds m London had to impose a high rate to check the demand. Since then the imports have contracted very considerably while the exports have increased, the value of the exports erceedii'g the value or the imports by several millions, and thia has been the feature of the past eighteen months or two years. The result of this has been to give the banks enormous credits in London, with no facilities for transferring same to New Zealand. Jf, however, the imports expand the difficulties of the exchange problem will be eased. The imports fihow considerable growth, for in the five' -months ended May 31st the imports were valued at £17.742,900 as compared with £13,863,377 in the corresponding five months of last year, an increase of £3,879,523, and if the increase is maintained at this rate, the expansion for the year should be between eight and nine millions sterling. But if the imports have increased so also have the exports. For the five months of the current year the exports were valued it £26,026,218, as compared with £22,05(5,212, an increase of £3,970,006, which is ' almost the same as the increase in the imports. Some of the principal increases in the- values of commodities imported are shown in the following table:—

EMPIRE EXHIBITION. PREPARATIONS IN AUSTRALIA. fc-aou ora ows cobb«sposdz?tt.) SYDNEY, June 27. Preparations for the Australian display at the Empire Exhibition next year are proceeding with great activity. Under a Federal Commission, which is co-ordinating all efforts, State Commissions are busily engaged in organising industrial and. other displays. Special pains are being taken to present a true picture.of rural life in with tho object of afctraetrng immigration to the land. In New South Wales two large dioramas showing typical farm homes are being constructed, and in each State the cinematograph is being largely availed of. So tar Queensland has done 1 most in this latter direction, and the pictures that hare been taken should give a faithful idea of the ooundlcss opportunities in that great State. Messrs Ilcymoad Longford (producer) arid Bert Ives (ctnematographer) have been engaged in Queensland forjabout a month, taking the pictures, which will be screened- in the Cinema Theatre to be constructed in' tho Australian Pavilion.. Already pic-tures-have been taken of life and '-ommerce in Brisbane,- while views of tho cotton industry in the Lockyer district and in the Dawson Valley have been ** k e n >, together with moving pictures of the (Gladstone meat works. The latter show all the operations of the works .frqrn - the arrival of the bullocks to the loading of tho meat on the steamer Hororata for conveyance to England 1' mob 'of 12,000 cattle on Jlawbone station'was also filmed, as well as other views which would give the British jrablic an idea of life on a typical cattle station in Australia. Cinema views of Brisbane and suburbs, the river reaches, and of the public and other buildings also have been taken. A film showing the process of ginnino: cotton will bei taken at Winstanos It is desired by the Queensland Commission 'that cinema views of State forests, .Fraser- Island forestry, Mount Morgan, Gympie, B&erburrum Soldiers' settlement C'oolangatta, etc., also should bo included in the Queensland mctures The matter of filming the ■Barron,Falls and Cairns hinterland is under consideration. EMPIRE'S WOOL SUPPLIES. ■i EXPORT TAX SUGGESTED. (ST CABLH-PSJJSS • ASBOCUTIOa-COJPYaiOHT ) (AU.TIULUK A»„ „.,. CABLB ABSO ™BJ LONDON, July 4. Sir Henry Whitehead, writing to the Press, says the Empire's resources should be developed for . the mutual benefit pf all parts of the Empire. In the forefront of such a policy stands .the. development of wool production, •particularly menno, because Australia -Now Zealand, and South Africa hold practically a monopoly of it.' Where the Empire has a monopoly of any raw material, an export tax should be levied on shipments to countries outside the- Empire. The Imperial Economic Conference ought to consider the important question 'of unification of commercial k w and banking practice within tho Empire. _- [Sir Henry Whitehead is a well--known worsted spinner and manufacturer of Bradford. He is tho owner of several large and a director il!*? TltUB Salt ' Bt "> SoilB > ">d Co.,

TRADE WITH THE EAST. THE PROPOSED COMMERCIAL !■;... v.:.' mission.' The Canterbury Chamber of Commerce ha 3 decided to call a meeting of those interested in the promotion of trade with the East, and in the proposed Commercial Mission to Java and Singapore, for 4 p.m. next Tuesday. Some particulars, regarding the proposed Commercial Mission appeared in Wednesday's issue of "The Press." Reference is made in the outline of the proposal as issued by the Associated Chambers of. Commerce to the success of the "group" system adopted in Australia. _ It is explained that the 'group" system is a combination of business houses trading with the East, •which appoints a secretary to receive all orders on behalf of the group for execution by the individual houses concerned, and appoints a travelling representative to keep in touch with Australian merchants Mutointed as agents.

TRADE WITH GERMANY

SOME OF THE DIFFICULTIES PRICES AT SIXES AND SEVENS. In communicatinns received from the Department of Overseas Trade, the British Trade Commissioner in New Zealand (Mr Nnei Kimsiie) is advised that the Leipzig iSiieiut: Trade Fair attracted 14,000 exhibitor-, of which 680 were foreign, inel'idinrr 300 Czecho-Slovakian. The JTussian f-xfi:hit was solely confined to the productions of the Bokhara Republic. The exhibits were compose'! of Russian embroidered silks and tapestries, carpets and chemicals, produce, semi-precious stones, and furs. Tier." were hot very extensive. Prices- w:rc quoted on a dollar basis, and the principal buyers were stated to he British and Americans. The prices of furs appeared to be iow, but for embroidc-re i silk very prices were asked. As instances, it m-.<y be mentioned that a polar bear ?kio was priced ;ii 2io, whereas for a tjif-sc oi ernbroiden-d tilk of the nature of a bed cover £220 was asked. Theiv was only one weit-know-i British firm exhibiting at Leipzig. The Collapse of the Mark. This year's Fail formed a direct contrast to that oi last vera-. In 1;i22, German firms were full up with orders, and undertook more than they could possibly hope to fulfil. AI any ridiculous contra, ts u ere m :.;]<.', and all i-orts of subterfuges were adopted by buyers in their efforts to obtain goods. Last year is notable tor the world-wide discontent which arose regarding German linns' business methods and failure to deliver in accordance with the terms of their contracts. At the end of December, prices of German goods had in many instances already reached world market prices. "With the rapid drop of the mark at the end of Januarv, 1923, to 200,000 to the £l, German goods again became cheap and profiting from their previous experiences, many Brftish buyers toured the industrial centres early in January and February with a view to securing their requirements before the Fair. The fall waa of short duration, and the mark soon appreciated to 10G,000, and very little business was concluded. The rapid drop of the mark to 200,000 was, however, followed bv an eoually rapid increase in the cost of production and wages, etc. This increase continued even after the mark had improved. Further, the occupation of the Ruhr had brought a general disturbance of economic conditions. At the opening of the Fair the German market was full of uncertainty, and instead of there being a rush to purchase goods on the opening day, very little buying took place. It soon became known that German prices were above world market prices. It Is impossible to give a statement regarding all German industries, but from enquiries which were made it appears that German firms were mostly basing their prices on an exchange rate varying from marks 120,000 to 180,000 to the £l. Shortage of Capital. Owing to the increased costs of production most of the medium and smaller concerns were short of capital, and bankers' charges were about 20 per cent, to 30 per cent., and even more. In addition, the still further improvement of the mark to 96,000 meant less return in marks for their foreign orders. Fearing the consequences of a slump, heavy reductions in prices were made. Some firms in their anxiety to sell were reported to be offering tiieir goods at prices below the coss of production. The official reports stated that 33 1-3 per cent, reductions were made in the leather goods trade and 50 per cent, in the textile industry. These reductions were publicly announced in the morning papers on the second day of the Fair. Reductions were also made in the hardware industry, but, in general, the demand for everyday hardware articles was maintained and tho reductiont were small. As a result of the decreases in prices buyers were attracted and commenced to buy, whereupon German firms endeavoured to advance their prices again. On the Tuesday prices were at "sixes and sevens," and buyers were faced with the problem as to whether German prices would continue to improve or whether a break would occur and caU6e prices to tumble once more. Many buyers who had received definite instructions to cover the seaBon's requirements carried out their instructions, but within the ir.ost modest limits possible . Official export control prices still existed, but evasions by way, of drawbacks and commissions were numerous. Even the most uninitiated buyer ciuld obtain certain reductions. Another interesting feature as Tegards export prices waa tho fact that whereas, formerly, these were always higher than home prices, and German manufacturers consequently had good margins to assist them in meeting their foreign competitors, many eases came to our notice at the Fair where export prices were lower than Home prices. Specific instances of this were obtained both from British and Dutch buyers. Ono Dutch buyer related the difficulty he had experienced in this connexion, as he wanted to consign his purchase to a German firm to be worked up. The seller, however, stipulated that the Dutch buyer must take delivery first, as he was unable to deliver direct to the German fir?n in view of the fact that his prices to the latter were higher than those quoted to the Dutch concern.

• A NEW SCHEME. MARKET GARDEN PRODUCE. There was a large attendance of growers interested in the marketing of produce at a meeting held at Lower riutt on Monday even, ing to discusß a new scheme for the handling of goods in town. The proposal, outlined' by Messrs Turner and McAliater, was that an existing private company, the United Growers, shouid be converted into a public ' concern, with a share capital of £40,000, of which £12,5C0 should be preference, and £27,500 ordinary shares. The business should be under the control of a directorate consisting of seven members, three to be elected by preference shareholders, and three by ordinary shareholders. The seventh member would be chosen by the directors elected by preference shareholders. Discussion on the proposal was adjourned till later in week. Formerly the growers of the Hutt Valley, Wairarapa, and Manawatu districts worked with the Wellington Aasociated Auctioneer but a dispute (which is still unsettled) arose over the returning of containers. SALE OF RABBITSKINS. -Large catatlogue'j of rabbitskina. were submitted to a full attendance of buyers at Duncdih this week. Best winter skins showed about 6d advance, while inferior grades were on a par with late prices. Quotations: Jiunners and suckers, 171 d to 20Jd; light racks, 20$ d to 27Jd; summers, 26d to 28jd; prime racks, 30Jd to 31Jd; early autumn, Slid to 39Jd; late autumn, 40jd to 49d; incoming, 43Jd to 53} d; early winter, 62Jd to 65d;, first winter bucks, to 82Jd; first winter does, 75jd to 89j[d; super winter bucks, 81id to 83Sd: super winter does, S2£d to SSJd; spotted wiriters, 40d to 56d; ri.se winter black, 80id to Old; winter fawn; e6Jd to-63id. liorschair, 18d to 26Jd CALCUTTA TEA SALES. CALCUTTA, July 4. At the- tea. sales a better' selection was offered.: All. grades-sold-'at improved ratea. A parcel of Assam broken x'ekoe brought tho record prioe of five rupees.

AUCKLAND MARKET. i.SPSCIAL TO "THE 53233.") AUCKLAND, July o.\ Reports from the wholesale grocery trade ibis week point to business being a little qtiieter. The retail trada is fairly steady. Now that stocktaking is over, many firms are in a. position to look mere closely to replenishments, and as quotation? tor forward delivery are in many instances very favourable to payers, heavy bookings are anticipated. iJrapei-- houses continue to be busy, the attractive snip prices on offer being taken advantage or by many who ha-.-e held off pending lower rate? ruling. . Competition ia siill keen, and it ia anticipated that business will ahow considerable improvement from now on to the e.ew Year. Country business remains quiet, and r.j creat improvement is expected until next miwh. Sugar—The portion ha? improved slightly, and the djenanei ha-; e ..ted a little, but it is still to adjust deliveries, rationing of supplies still having; to be resorted to. iljrdvaro—Builders report that business -U sucwiug imprcvt-rAert, but the high prices asked tor sections make i: difficult to bring down tiie cost of houses, except to the extent of tiie mntcri.il used. Favourable quotations are named for English linseed oil, but, generally speaking, prices for hardware lines continue at firm levels. Butter—The wholesale price of butter remains unchanged, ii-,iw:ikstanding th- 'ow price reding at >hr, or. .sent :l,ac or. the London market Tho i\<?X wholesale quotatee:, is Is pee lb on the local, market, buperlme is quoted at Ir- r, : ;d net "or prompt; jeitt in, ?.n,-i 'rough ;i: ; who: ;?.:jj r.';e for tieti is still la !IVi ■-;-,- dozen, j, : = omo cases a penny under tii.it figure has been accepted to clear lines. The lower r.rices hav» resulted in an increased censiimntfon of eirVs. Potatoes-The market f.-.r -ootatocs 'lnia weakened since last report, as'the o"anti'y coming forward b--en'in excess" of requirements. Further large shipments of peuiioos are on trie way n., from the South. rue stccies held locally are larger at the present time than in any other season durin» the month or duly. Indications point to lower prices ruling ;y. r pet;,toes in the near -ulure. Best quality are -.vorth £l2 to £l2 it's per to.i c-:; store. ,„ o! fv" S_ " A i few Au3 traliari onions are keeoi? ' ,? ! ? :lr , !£et S°ms, hut supplies are somewhat limited pending the arrival of the Kai,Z" % ? h "™ dei ' a - vod h y bad weather, «d will not arrive here before Monday or Tuesday next. This market is now entirely dependent upon Australia for onions, as the Southern crop is now exhausted. Australian are quotea at £ll lfl 3 to £l2 per ton. »t oa fid per bushed ex store mand ß-8 * PPl '" C 1 a "" q " ite Pqilal to the da " store afd ?? "? WMth 9d b ™** l Ch,ff '™ Al ° eran °at3 7s 6d. S'o.'thfrn" t ma r| Ke x l f * e " supplied. Best w£lc, !tU £ll ios to £l ' 2 ' P" ton. Wholesale cim-ent prices are:--Superfine 62d T lb „ £w P»»*S BeßaA'or Wl ' i 1° nd rade l 3 5d ' f "nier S ' »epa-raoor.lod per-lb; cheese,- 10d to Is per b; hams 10d. to fa per rb ; bacon 10d B'd toVri \ S" h ? lk P= t3 3d;, honey, to 9Jd; etfga, hen's 1 3 lod, -ducks' Is fid per. dozen; flour, £l7 5s (less discount of n l.ran, £6 10s; oatmeal (25's), £25 per

SOUTHLAND MARKETS. (SPECIAL TO "TOT PRESS:") „ ~ „,_ July 5. J. ruit—lie market is heavily supplied with apples and the prices ruling ' are particularly low. The Hoeraki brought a consign-men-t of oranges and lemons from 'Adelaide. Ihese l an{ i ed in perfec( . condition aJ]d ffl6t with a ready sale. Poorman oranges are selling slowly owing to the sugar shortage, prices being in buyers' favour. Island bananas and oranges are expected about July 13th,- and as the market is bare A these fruits at present, it is expected that they will realise good values. Mandarines, pines an<i jam melons are due by the Waikouaiti, and these also will reach a baTe market. All varieties of vegetables are scarce. Approximate wholesale prices are as follows:—Fruit: Apples, Delicious, 7a to 12s 6d; Cleopatras, 7s to 3s; Jonathans, 53 to 9s; Scarlets, 5s to 7s; Pears, desserts, to 4d per lb, cooking- to 2d per lb; Poorman oranges, 14s to 16s; mandarines, 255; pines, 2os; passions, 20s; Adelaide Navels to 30s; oranges to 255; -lemons to 27s 6d. Oats—The market has shown no improvement during the week. Offerings from the country are not large, but on the other hand the demand for shipment is small. There is now no demand whatever from Australia. Under the circumstances, merchants are not inclined! to pay more than the prices quoted le«t week, namely 2s 8d for A grade, 2s 6d for B grade, and 2s 4d for f.a.q. The demand for Duns is slack, best samples being worth about 2s 6d on trucks to farmers. "Wheat—Millers are buying milling quality for later delivery at the fixed prices. Fowlwheat is in good demand. Prices to farmers run from 4s to 4s Id, sacks extra, o.t.c.s. Chaff —There are large offerings of chaff, but merchants are fully stocked and not ineb'ned to buy any but the primest lots, for which the price is about £3 15a per ton on trucks country stations. Inferior is saleable only at a considerable reduction on this price. Eyegrass—The market is very firm, and practically nothing now is being offered from farmers! There is a good demand for shipment, and it seems unlikely that supplies held by merchants, which are considered small, will be sufficient to satisfy requirements until the next season's crop is available. Any lines offerings from farmers will probably make 5s 4d to 5s 6d per bushel if heavy-weight seed of good type and clean. Lighter and inferior lines are worth proportionately less. Potatoes—The market continues S*m, Southland supplies proving quite inadequate for local requirements. Considerable quantities have already been brought from Canterbury and North Otago districts. Further supplies will be required as the season advances. Under these circumstances local potatoes are commanding good prices. Any available lines of good quality are-worth £lO per ton on trucks. Seed potatoes are in good demand. Up-to-dates are worth about £lO on trucks, but many other favourite varieties are also commanding a high figure.

STUDHOLME STOCK SALE. There was a good attendance of farmers, and most lota offered sold under the hammer. It was most noticeable that fat cattle, nono of which was prime, showed a distinct increase on late values. The fat sheep yarding was comprised of *>wes, which showed a very distinct rise. For store sheep (owes and hoggets) bidding was keen. The yarding comprised 70 head of cattle, 220 fat sheep and about 1000 store sheep. The following prices were realised: Fat cattle—Two bullocks at £5 7a 6d, cow at £6, 1 at £4 10s, 1 bullock at £8 10s, 1 cow at £6. Stores—One cow with calf at £3 10s, 1 steer at £5, 1 cow due to at £1 108, 1 springing cow at £8 ss, 3 heifers at £3 Ba, 1 yearling at £l. Fat aheep—Twelve ewes at 15s Bd, IT ewes at 203 3d, 21 ewes at 21s, 22 ewea at 245, 20 ewea at 265, 40 laraba at 25a, 44 ewes at 27s Id, 21 ewes at 22s sd, 36 half bred wethers (small) at 25a Gd. Stores—Thirty-three wether hoggets at 26a, 50 ewe hoggets at 275, 25 f.m. ewes at 26s 2d, 14 cull lambs at 15a 6d, 14 e.m. ewes at 29a lOd, 54 sis and eight-tooth ewes at 34s 2d, 20 crossbred wether 3 at 26s 9d, 40 wether hoggets at 25s 6d, 8 wether hoggets at 22s lOd, 100 two-tooth crossbred ewes at 27s 6d, 100 f.m. halfbred ewes at 33s 2d.

RAKAIA STOCK SALE. Owing to the freezing works being now closed, there were no freezing buyers in attendance at the Bakaia aale yesterday, and the yarding was very small. The priceß realiaed were:—Fat ewea 275, breeding ewe 3 225, rape ewes 12s. Pigs: Weaners 12s, porkers 30s, light baconers £2 sb. SCARCITY OF VEGETABLES, IN DUNEDIN. {special to "thb rasas.") ■DUNEDIN, July 5. Vegetables are almost as scarce as they were in Noah's Ark. This morning at the Dunedin auctions, Savoys from Outrain realised up to 10s 6d a sack of anything from sixteen to twenty. Cauliflowers grown on the Peninsula were sold at prices ranging up to 14s 6d for a sack of eight. Celery brought up. to 2s 2d for bundles of six, and not by any means of champion quality. METALS. (bt cable—fbssss ASSOCIATION—COPTMGST.) (ATJSTBALIAN AND K.Z. CABLE ASSCCIATIOH.) LONDON, July i. Tin—Stocks, 17,5-13 tons; on spot, 1545 tons; afloat, 368 tons; deliveries, 2097 tono.

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS. Sales Reported—N.Z. Govt. <§ per cent. Bonds, 1330, £B6 los; N.Z. Govt. 5J per cent. Bonds, 1933, £102; Bank o: New South \\ alas, £lO 10s (3 parcels); Xew Zealand Insurance (cum d:\\), £1 12a 6d: Canterbury Frozen Heat (cum div.), £l6; Weatport Coa.;, £'2; Ward Bravery, iis. 3d (3 parcels), 45s cd. Sales on 'Change—Ward Brevrerv, 45s Sd, ■!ss 3d. LATEST QUOTATIONS. Buyers. Sellers.

OTHER EXCHANGES. (PKBSS ASSOCIATION TELEGBAHS.) AUCKLAND, July 5. Sales—New Zealand Inscribed, 1927-41, £36 10s; Soldiers' Inscribed, £IOO 12a 6d; Bank of New Zealand, 61s 9d; New Zealand Insurance, 323; South British, 40a; Takapuna Trams, 20s 6d. WELLINGTON, July S. Sales on .'Change—-Loan and Mercantile (ord.), £9O; New Zealand Drug Co., £3 to 6d. SYDNEY STUD SHEEP SALES HIGH PRICES REALISED. (bt cable—press association—copyright.) (austbaliak and n.z. cable association.) SYDNEY, July 5.. The atud sheep saleß were marked by a keen demand and a buoyant market. High-class animals from the Wonganella Stud made a record for the' Sydney market, ten rama averaging 427 guineas, and two bringing 650 guineas each. Other top prices were 550 and 500 guineas. LONDON WOOL SALES. (Received July sth, 8.15 p.m.) LONDON, July i. At the wool Bales a representative selection in all classes elicited good general coinpetition. Prices were firm, but withdrawals were frequent owing' to tho high reserves. "Grey Hill" (New Zealand), scoured, raado 53^d. TALLOW. (Received July 6th, 8.15 p.m.) LONDON, July 4. At the tallow sales 714 casks were offered and 302 sold. Prices weTe unchanged. LONDON WOOL SALES. Pyne, Gould, Guinness, Ltd., hare jreieived the following cablegram from their London brokers under date 4th inst.: —"We quota 56's, Is lOd, 2s 2d; 50's, U sd, Is 8d; 46's, 48's, Is 2d, Is 4d; 44's, 46's, Is IOJd, la 2d; 40's, 44's, ICJd, Is." Dalgety and Company, Ltd., have received the following cablegram from their London office, dated' July 3rd:—"Wool sales continuo active and competition brisk. The principal operators are English and Continental buyers! Prices are fairly'maintained, but irregular." '

TALLOW. Pyne, Gould, Guinness, Ltd., have received the following cablegram from their London dated 4th instant:—'"There was very little bidding. Prices remain unchanged. About half the offerings were oold." Messrs A. H. Turnbull and Co. are in receipt of the following cablegram from "W. Weddel and Co., Ltd., dated London, July 4th:— "At tallow auctions to-day 700 casks were offered and 3<)o sold Prices unchanged." Messrs Booth and Co's London house cables under date July 4th that at the tallow sales 714 casks were offered and 304 sold. Prices are nominal'y unchanged. On July Ist stocks in London were 7249 tons, an increase of 1353 tons for the month. June imports were 3734 tons an.d deliveries 2381 tons. AUSTRALIAN MARKETS. (Received July sth, 10.40 p.m.) SYDNEY, July 5. Oats —Taemanian Algerian feed and white, 43 6d to 4s £d. Maize —Yellow and white, 3s. Potatoes —Tasmanian, £ll to £l4. Onions —Victorian, £5 10s to £5 15a. ADELAIDE, July 5. Oats —Quotations are nominal. PRICE OF MEAT IN DUNEDIN. (special to "tkb raass.") DUXEDIN, July 5. Sheep for local consumption are likely to be dear in, Otago within the next three months. The soaJiage of the ground has deteriorated the turnips that are to be fed off, and the deterioration ■is hastened by the trampling in of the roots. It is considered that cattle will also rise in price appreciably, since the Taieri, one of the chief breeding grounds, is in such a mess after the floods and the subsequent wet weather.

1923 1922 Tea. , 375,487 218,161 Whisky " " ... 268,147 205,661 Cigarettes ... 301,859 241.398 Tohneco 410,400 259,247 Boots and shoes 435,550 154,290 Cotton piece goods 947,491 650,405 Kill-rs, etc 273,855 171,920 Motor vehicles 863 218 242,468

& a d £ s d DEBENTURES— N.Z. Govt, li pev cent. Inscribed, 1933 — 97 0 0 N.Z. Govt. 4* per cent. Inscribed, 1*939 — S7 0 0 N.Z. v. ov, -lj per cent. Bonds, 1930 — 97 5 0 N.Z. Govt. 5J per cent. Ir.scnbed, i9!3 101 12 6 N.Z. Govt. 3A per cent. Ijonds, 1933 Booth, iIacdo::a!d ''■. 102 0 0 ?jcr cent., 1931 — 100 0 0 BANKS— Australasia — 13 11 0 Con:m. of Australia — 1 19 6 Corp.ru. of Australia (4 per cent, cum prei'.J — 7 o 0 -rational of N.Z. cum div.) — 7 1 0 Xe'.v Souih "Vvaica 40 7 6 11 o 0 Mevr Zealand (cum rig-h ta) 3 1 6 3 1 9 Hoyal (£1 paid) — 1 16 0 Union of Australia — 15 0 0 F.r.ghsh, Scottish and Australian 5 2 6 INSURANCE— National i a e •i 2 0 New Zealand (cum div.) South British l n 1 19 9 6 1 12. G Standard — 2 0 0 LOAM AND AGENCY— Dalgety ar.d Co. 12 16 0 13 0 0 Goldsbrough, Mort 2 6 0 a e 6 National Mortgage -i 5 0 SHIPPINGHcvatd, Smith 2 13 e Huddart-Parkcr 2 3 9 2 4. 9 New Zealarid (t> per cant. cum pref.) .. — 9 2 6 FROZEN MEAT--N.Z. Refrigerating (£1 paid) 1 5 0 1 6 0 COAL— Westport 2 0 0 2 0 6 "WOOLLENS— Kaiapoi (10s naid) 0 12 0 GAR- ,. " Chriatchurch .. 8 10 0 BREWEEIESCrown 2 13 6 2 11 0 Manning 6 3 6 6 10 0 Ward 2i 5 0 2 5 6 MISCELLANEOUS— Beath and Co. 1 12 6 1 14 0 Burns, Philp 1 11 9 1 12 s D.I.C. (10s paid) 0 12 6 — D.l.C. (7s 6d paid) .. 0 9 6 — Eclipse Petrol (£1 paid) 0 7 6 0 15 0 N.Z. Drug Co. 3 5 e N.Z. Farmeis' Co-op (£2 paid) 0 15 0 N.Z. Farmers' Co-op (7§ Bonds, 1926) ' 94 10 0 96 10 0 N.Z. Farmers' Co-op. (7J per cent. Bonds, 1931) 91 10 0 95 0 0 N.Z. Sugar of Milk .. — 1 11 0 United Pictures 1 E 0 1 0 6 "Whitcombe nnd Tombs 3 13 0 Electrolytic Zinc (pref.) 1 9 9 1 10 6 Electrolytic Zinc (rights) 0 10 C —