COMMERCIAL.

Press, Volume LXI, Issue 18367, 28 April 1925, Page 10

COMMERCIAL.

SECONDARY INDUSTRIES.

GROWTH IN THE DOMINION

AND IN CANTERBURY.

Figures relating to the growth of tho Dominion's secondary industries ■were given at Friday night's meeting of the executive of the Canterbury Industrial Association. They related to tho year 1924, and the figures for 1923 were given for comparison purposes. Canterbury Industries. Mr D. Colauhoun, officer in charge of the Department of Industries and Coramerce ? Christchurch, forwarded the following particulars of the growth of industries in Canterbury:—

1924. 1923. Establishments .. 675 650 Employees .. .. 13,931 13,529 Salaries and wages .. £2,551,320 £2,610,852 Motive power (h.p.) .. 34,589 33,9501 Coat of materials operated on .. £8,674,880 £8,382,918 Value of manufactures £13,469,075 £13,023,529 Value of land, machinocv, and buildings .. .. £8,065,429 £8,152,851

Mr Colquhonn wrote that these figures showed that there had been an increase of 25 establishments, an increase of 395 employees, and an increase in the value of goods manufactured of £446,546.

Mr J. A. Ffostick asked if the Department could not give the /value added bv the process of manufacture which would show the added wealth, the profit- made. Mr > Colquhonn said that could he done and undertook to supply the information.

The Dominion's Industries. The fijnires relating to the industries of the Dominion as a whole were asfollows:— 1924. 1923. Increase. Establishments .. 4,461 4,335 120 Employees 77,661 73,662 4,000 Wages and salaries £14,573,441 £13,764,884 £809,000 Motive power (h.p.) .. 250,911 227,101 24,000 Cost of material .. £17,027,033 £45,095,687 £2,000,000 Value of goods manufactured £76,996,397 £73,853,423 £3,140,000 Value of land, -machinery and .buildings £45,498,054 £44,219,125 £1,280,000

"THE BIG FIVE." DEGREE SUSPENDED. (austbalian akd k.z. cable association.) WASHINGTON, April 23. A decree ordering the big five meat packers of Chicago to divest themselves of all their holdings outside the meat business, issued on February 27th, 1920, was to-day suspended by the District of Columbia Supreme Court. Tho decree was not declared void, but suspended in its operation ■ indefinitely. This is due to the loss suffered by certain Californian canneries •which had / contractual relations with tho packers. Tho Department of Justice in 1920 obtained a decree under tho anti-trust laws alleging restraint of trade, which was putting control virtually of the entire food supply, of the United States into the hands' of the packers. . The suspension permits the packers now to deal in butter, eggs, and multitudinous other food products arid participate in other unrelated businesses.

EMPIRE PRODUCE. (bt cable— pbess association— copxbight.) (beutib's teleobamsO LONDON, April 36. The Imperial Economic Committee Much, since Easter, has been hearing evidence on Dominion food producing and marketing interests, has been split up into three panels to deal (1) with the organisation of cognate matters; (2) with meat, and (3) with fruit. It will periodically reunite to consider general questions:.

SYDNEY WOOL SALES. (bt cabls— pbess association— coptbight.) (australian and x.z. cable association.) ) (Received April 27th, 11.50 p.m.) SYDNEY, April 27.

At the wool sales the market opened irregularly. Competition was more restricted, and finer grades ruled from par to 2£ • per cent, lower. • Strong-haired wools were 5 to 7$ per cent, below last week's level, and crossbreds showed a fall- of 10 per cent. Greasy merino sold up to 31} d per lb.

ASHBURTON MARKET. Since the recent heavy rain, which almost registered six inches in the Ashburton county, the weather conditions have been ex•ceptionally favourable to growth, for this time of tho year. '■ Oats—ln view of the figures published of the estimated yield for the season, oats have shown an easing tendency, and there is sufficient changing hands to" meet the consumptive demands. The values are: Gartons, A grade Se 8d to 3s 9d; B's, 3s 4d to 3s sd; under grades from 3s 3d downwards; Algerians, 2s lOd to 8s; best quality, 2s 7d to 2b 8d; fair average quality, and rough feed down to 2a 3d; Duns, 3s 9d to 3s lOd for the best quality, down to 3s 3d for inferior Samples. All the above prices at per bushel on trucks. Chaff remains on a par with last week, the prices being £3 15s for good bright oat sheaf, light and inferior down to £3. The market for ryegrass is just about on a level with, the report of a few weeks ago to the effect that the prices have receded. But there are %till odd lines offering by the growers. Good perennial is worth up to Ss 6d, with inferior line 9 down to Ss. The market in cocksfoot is still feeling the competition from Danish importations, and'the buyers' idea for average undressed lines is 6d to 7d per lb.

The supply of potatoes is now slightly in excess of the demand, the value being £3 10s on trucks for both whites and Dakota reds.

There is yet no sign of a move in peas on the London market, and the value is still nominally 5s per bushel on trucks.' Good malting barley is also quoted at the same figure.

Linseed still remains in the vicinity of £l7 to £lB per ton.

TOMES ROAD SUBDIVISION. ! Jones, HcCrostie Compan- Limited, held a sale of sections in their land sale rooms last evening, on account of the vendors. The sections aie situated in Tomes toad extension, just off Papanui road. The following are the particulars of the sales made:—' Lot. Area Price. Purchaser, (perches) '£ 2 25 240 Mr T. H. Dawson 3 25 240 Mr H. Tarrant 6 29 233 Mr H. R. T. Spanier 8 30 235 Mr A. J. Lamb 18 30 190 Mr G. C. Brown 34 30 195 Mr G. Condliffe WAffll COMPANY. t»I , CABLE—PBESS ASSOCIATION—COPTBIGHT.) (AT/STBAtIAV AND N.Z. CABLE ASSOCIA^IOK.) (Beceived April 27th, 7.15 p.m.) ' LONDON. April 27. The "Waihi Goldmining Company has declared a dividend of 2s per chare for the •year. The sum. of has heen allocated to the dividend equalisation account, £25,000 to. the trine development account,

FINANCE AND TRADE.

OPTIMISM IN BRITAIN

(bt cable—pbsss association—coptbioht.) (abstbaliax and n.z. cable association)

LONDON, April 25

The Stock Exchange closed yesterday in a decidedly cheerful frame of mind after a week of steady improvement. Members' view.* regarding Tuesday's Budget became increasingly optimistic throughout the week, and the anticipation that there will be some relief from taxation is now general. This feeling has been reflected by an appreciable hardening of prices in most markets, and a good professional demand has arisen, especially for giltedgeds in anticipation of a strong enquiry from the public next week. One weak spot has been the Home railways group, in which prices have declined seriously owing to fears of labour troubles, but tho prevailing optimism has spread even to this market, and there was some recovery yesterday.

Foreign Exchange Market. The outstanding feature of the foreign exchange market has been the steady improvement of sterling in New York, which to-day stands at the highest x>oint recorded since the war. The strength of the market generally is attributed to anticipations that Mr Churchill will announce in the Budget •Statement that Great Britain! is returninsr to the gold standard. There are also reports from New York that a group of American 'banks is prepared to form a credit of a hundred million dollars to insure the Bank of England's reserve against any risk which may prove incidental to the free movement of gold on this side. It is pointed out that the substantial interests of American finance all favour a real monetary working alliance with this country and keening sterling at a parity when once it reaches there.

Metals. According to the report of a leading metal .broking firm, there is evidence that the wave of depression which passed over the non-ferrous metals market following on last December's exaggerated " optimism i 3 losing force, and there is a suggestion that bottom has been reached. During the last few days a great change has come o*ver the temper of the markets and signs of returning confidence have been evident. In connexion with the metal trade, a Berlin correspondent points out that German trade papers re|y)rt that English metal firms are acquiring interests in old-established German enterprises. It will be* remembered what an outer- there was when the outbreak of war revealed that the world's metal trade was in) the hands of the Germans. It appears that the tables are now being turned.

Woollen Industry. The event of the week was a visit and deputation from the Wool Textile Association to the Committee on industry and 'Trade when important evidence' was submitted by. influential witnesses. The principal difficulties arising fitom (external cirouirjstences were said to be the uncertainty of the raw material oosition and the heavy fluctuations in "wool values during the last three or four years, also competition from countries with depreciated currencies. There was also competition from new countries. Italy, for example, was actively competing for foreign markets, and Japan, is bent upon establishing a "wool industry of her own. The members of the delegation said it was evident that the consumption of wool and substitutes had increased during the past three or four years, and that machinery' activity was. gradually recovering from the subnormal : position in • the great slump of 1921, while the turnover in manufactured goods is greater. There still is, however, much leeway to make up before the ore-war volume of trade is reached, but the witnesses said it was true that ° n the whole the actual improvement in turnover has been as good in Englaud as in anv other textile producing country. Our percentage of the total world .trade in wool textiles was at least equal to the prewar figures.

Manufacturing Trades. The federation of British industries will publish next week its quarterly forecast. This will point out that while last October's prediction of an improvement in trade is being fulfilled as regards the world as a whole, the improvement so far ss. Great Britain is concerned has been disappointing, but there is no need to be pessimistic. Certainly the position of the British constructional trades is serious, but this also is true of the same trr.des throughout Europe, much of the trouble being due to the existence of a temporary over-expansion of capacity in the case of the iron and steel and shipbuilding trades, and the substitution of oil for coal in the coal mining industry, but in contrast wi,th these (positions the manufacturing trades | generally show a substantial improvej ment, both at Home and abroad.

DOMINION RUBBER COMPANY. The seventeenth annual meeting of the Dominion Rubber Company was held at Dunedin on Friday afternoon.' The chairman of directors (Mr T. Glendining) presided, and there were about 40 shareholders present. ■ . The chairman, in moving the adoption of the annual report and balance-sheet, said that during tho latter half of the year under review the demand for rubber had increased, and the price had advanced accordingly, the result being reflected in the profit and lo3s account. The chief leasona given for the improved market were that America found itself with a shortage, London stocks were lower than for some years, and there was an increased demand' for the commodity generally. Every effort had been made to keep down the expenditure, but very necessary costly cleaning and general estate work had to be faced, and the estate was now in excellent order. It was'much easier and less costly to keep a plantation in good order than to allow lallang and' other weeds to grow and then to retrieve the situation afterwards. Expenditure in this direction, (however, should be lighter in the current year. In view of the fact that rubber had continued to command a payable price, the board had decided to recommend tho payment of a 10 ' per cent, dividend at the Uosin» date of the year, absorbing £SOOO. and to carrv forward £636 15s to next year's accounts. The expenditure had been slightly less than in the previous year, and there was little prospect of decreasing .the amount if the reputation of the estate was to bo kept up. Silt pitting on the hillsides, a very necessary work to prevent the soil being washed away, was being carried on gradually. Certainly there was nothing spent unnecessarily. " Restriction was still in vogue, and attempts had been rcade to make it more effective. The Dutch, however, were still reaping the benefit of the restriction scheme, and were selling all tho latex they could produce at ft price they could not hope for were it not for the fact thait British plantation owners had restricted their own _ output. The Dutch were their enemies in this respect, but they cared not, so long as they made money at the expense of the British companies. At any rate they were more than ever convinced that restriction in ita present form had gone a long way towards stabilising the industry. Messrs "W. B. and G. A. Bell, their manager and assistant manager, had not spared themselves to do ail that, was possible in the interests of the company, and the condition of the estate reflected great credit upon their management. ' '

EVEN DEVELOPMENT.

BALANCING PRIMARY AND SECONDARY INDUSTRIES.

U7ZCIAL TO *TUI PPJISS. ')

WELLINGTON. April 27

"Keep your primary products and your secondary industries well balanced. If you attempt to develop the second at the expense of the first vou will find that it must be at too great a cost." These were the significant words of Sir John Davies to-day.

Sir John, who is vice-chairman of the famous firm of Baldwins. Ltd., iron and steel manufacturers, has just arrived in New Zealand. He advocates an exchange of Empire goods in all practicable fields and a whole-hearted assault upon the problem presented by marketing and freight. We should agree upon a definite policy which would be of use to both nations, said Sir John. "It i§ very essential in voung countries, such as Australia and New Zealand, that thev should keep in the closest possible touch with the Old Country, which has been of the greatest possible service to them, and will continue to be so. What strikes me very forcibly is that there is not that relationship between England and Australia and New Zealand which one would expect. It should come, and I hope it will come, hut at present it does not exist. From our point of view it does not exist in trade for several reasons. There are three factors which help to explain why we do not take so many of your products as we might—the_ cost of production, of freight and of distribution. • In some cases the cost of production is too high. In others the trouble is freight. In others again all might possibly be too high. I have,investigated the position very thoroughly since I left England, and I am profoundly impressed with the possibilities of Australia, the magnitude of which is not appreciated by the people at Home. They have no idea of just how much these lands are capable. "Take vour meat and fruit for example. There are thousands of tons of fruit in Australia to-day going to waste. The Australians are doing their best to ensure good canning, grading and inspection. They have a great deal to battle with at the moment, but are taking every possible care. At Home you are,up against competition, and I am trying to discover why other countries should be able to undersell you in some of your staple products." At present it is a mystery to me. Of course, you cannot send your meat into our country in the same condition as the Argentine, hut experiments in chilling have been made and improvements have been effected. I I know that an experimental parcel now is on its way to the Old Country, and that if it arrives there in good condition it may be possible to land your meat in London at say, 3|d to 4d per pound, in the case of beef. That is buying cattle in Queensland at from £3 15s io £4 10s per head.

"Do not misunderstand me. T do do not mean to refer to your Canterbury lamb, of which I cannot speak too highly. It is in good demand at Home, but we pay for it. There is a vast difference ' between what your producers get for their products and what we pay for them, and I cannot see that it is not possible to cheapen marketing and freighting both ways. We should coma to you both as buyers and sellers, not as sellers alone. If we sell tinplates to a cannery, for instance, we might offer to market the products in that cannery at the other end. ;

"The great thing, too, is to keep, the primary products and the secondary industries well balanced. If you attempt to develop the second at the expense of the first you will find that it must be at too great cost. No country can have a monopoly. ,Of course, once England was the manufacturing and industrial emporium of the world." cannot hope to hold that position always, but ib is to the credit of the Empire that we had it once. Still, we manufacture much and we can manufacture more; and it seems to me that it is only fair that the Dominions should, take from us many of those things with which we can supply and that we should take from you those things which we can use, at no matter what cost."

CLEARING SALE AT FERNSIDE. On Friday Messrs Dalgety and Co., Ltd., in conjunction wijh Messrs Pyne, Gould, Guinness, Ltd., held a clearing salo for Messrs Johns Bros., on their farm at Fernsido, known as "Mairangi," which is •about to be occupied by a new owner. The well-known high-class quality of Messrs Johns Bros.' stock, especially the sheep, attracted a very large attendance, many flock owners from distant parts !»ing present. The sale opened with the dispuaal of the farm implements and sundries, which in over two hundred and fifty lots, included everything required to work a fawn on up-to-date iinea. The majority of the lots realised full values, but now and then one went at a bargain price. This was notably tbe cose in the disposal of a large oil engine tractor which a few years ego cost about £6OO, and was eli'.l in good running order. The auctioneer starting wijh a suggested bid of three figures climbed down to £lO before he drew any .response, and eventually the machine found n new owner at £ls The ealo of the i horses followed. Tho draughts, nine in number, ranged from 6 to 12 years of age. The best price was £7O for an eight-year-old mare. The other sales were inaiea at £SO, £47, £46 10s, £46, £43, £4O, and £39, and geldings at £4O and £2O. The sale of the sheep opened with the flock lines, 146 two-tooth ewes making 45s 6d, 146 six and eight-tooth at 40s, 68 sound-mouth at 435, ift fat lambs at 40s, 106 fat ewes at 265, and 7 fat wethers at 37?. Before proceeding with the sale of the flock and stud sheep, the. contents of the wool shed, including sheep-shearing machinery, wool presses, and also a quantity of grain, was disposed of. There were about 80 lot.i of flock and stud sheep, and the whole were disposed of with the exception of 'five Shropshire rams. The sales made were: 10 oneshear CorriedaJe ewes at 9igns, 10 two and four-tooth at sgns, 10 two, four, and sixtooth at Signs', 11 six-tooth at 3Jgns, 10 6 and 8-tooth at 3§gns, 10 four-shear at 41gns, 10 six-t:>oth full and failing-mouth at 2Jgns, 11 two, four, and rix-tooth at 31gns, 20 Corriedale ewe lamb 3 at 4}gns, 10 at 3grs, 12 at 4gns, 5 Corriedale ram lambs at 4Jgus, 25 at 4gns, 2 English Leicester ram lambs at 3gns, 10 one-shear Border Leicester ewes at sgns, 10 two-shear at 4Jgns, 10 one, two, and three-shear at 3gns, 30 three-Bhear at Signs, 30 one, two, and three-shear at 3J?ns, 10 two and four-shear at 2|gns, 22 aged at 2Jgns, 20 Border Leicester ewe lambs at Signs, 20 at 3gns, 16 at 2srns, 5 Border Leicester ram lambs at 4Jgna, 5 at sgns, 5 at 4}gna, sat 4gns, 10 at 4gns, 30 at 3Jgns, 10 at 3|gns, 9 at 3gns, 10 English Leicester cwe3 one and two-shear at 4gns, 9 at 2sgns, 9 two-shear at 4gns, 9 fonr-ihear at 2Jgns, 18 aged at 2Jgt.e, 35 English Leicester ewe lamb 3 at 2}gns, 35 ram lambs at 2ignß, 6 Shropshire ewes at lOgns, 1 Shropshire ram at 14gns. Stud sheep—Six Corriedale ewes at 6gns, 5 ewe lambs at sgns, Corriedale rams at Bgns, 1 at sgns, 1 at 6gns, 5 ram lambs at lOgns, Border Leicester ram at Sgns, 2 at 6gns, 5 ram lambs at sJgns, 5 ewe lambs at srgns, 5 at 3Jgns, 2 ram lambs at s}gns, English Leicester ram »t 25gns, 2 ram lambs at Signs, 3 ewe lambs at SJgns.. Tho sale concluded with the offering of a email herd of Jersey cattle, but owing to the lateness of the hour and darkness falling, only two sales were made.

GREYMOUTH STOCK SALE. (mcXAli TO "TBI PEISB.") GBETMOUTH, April 27. The fortnightly sale of stock at Preston road yards saw a good clearance of th? lines offered. Small steer beef brought from 32s fed to 35s per 1001b, and the remainder from Vte to 32b 6d. The following wsre the principal aales effected:—On account Mr S. Clayton (Ahoura), 6 prime medium-weight bullocks £9 10s, 1 small prime £6 17s 6d, I maiden heifer £6 17s 6d; Te Eingi Land Co., 4 small ballooks £8 6s, runner £4 10s.

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS. Sales Keported:— Beath -nnd Co., 3Ss Cd; Mount Lyell Mining, 21b 6d. Sales on 'Change—Bank c£ Victoria, £~ -23 (two parcels); N.Z. Kefrigeratin;r (confer.), 10s 2d. LATEST QUOTATION'S

OTHER EXCHANGES,

(rxsss association tkcjsgbams.)

AUCKLAND, April 27. Sales—National Bank, £7 3s 4d; Union Bank, £l4 53; Auckland Gas, 235; Kauri Timber, 33s 6d; Waihi, 265, 26s 3d. DUNEDIN, April 27. Sale—Dominion Rubber, 22s 6d. Sale reported—New Zealand Breweries, debentures, 225. - ~.

SAMOAN-GROWN COTTON.

PROSPECTS OF INDUSTRY. Experimental work in connexion with the growing of cotton is now being carried out at Samoa, and there is every reason to believe that in a few years the cotton industry will be a fjourishing one on the island. The authorities were prompted to experiment in the growing of cotton on account of tne general shortage of the article in the world's markets and the consequent high prices being offered for it. "Prospects for cotton growing are very bright indeed," stated Mr W. A. Foster, who returned to Auckland ye&terday by the Tofua after four years' residence at Samoa. "In the near future every agricultural school will have its cotton plantation and the experimental work is being carried out under the expert advice of Mr- H. J. Moors, a cotton authority, and officials of the Agricultural Department. His Excellency the Administrator is taking a keen personal interest in the new venture and the natives themselves are beginning to realise that the prospects of the industry are very good indeed."

Asked if Samoa was suitable for growing cotton, Mr Foster stated that expertß had no doubt on the matter and were full of confidence.

PRICE OF BUTTER. (»T CABLE—FBIBS ASSOCIATION—COI'TBJGKr) (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.) (Received April 27th, U.lO p.m.) SYDNEY, April 27. The wholesale price*of butter ha,s been increased by 4s Sd to 149s 4d per cwt.

BORING FOR OIL. (rSXSS ASSOCIATION TELEGRAM.) NEW PLYMOUTH, April 27: A further report on the progress of the oil boring operations in Targnaki, issued to-day," states that at Moturoa there is a good show of oil at 930 feet. It is proposed to cement, case and tese the sand for the oil. At Tarata it is expected to make the 12$ inch casing good to-morrow.

Buyei Sellers. £ s. a £ s. d. N.Z. GOVT. DEBENTURES— V. wr cent. Inscribed, '193S 97 0 0 C7 7 6 ■1; per cent. Bonds, 193S 97 0 0 97 10 0 i\ uer cent. Bonds, 1939 97 0 0 — 5 per cent. Bonds, ml 93 2 6 — 5 per cent. Bonds, iua .. •■ 9S 10 0 o'i r-e'i c:nt. Inscribed, 19S3 — 101 0 0 OTHER DEBENTURES— Waimairi County, 6| per cent. — 103 0 0 Christchurch Tramways, 5J per cent. 97 0 0 — Christchurch Drainage, 5J per cent: 97 10 0 — N.Z. "Breweries, Bor.tb — 1 2 0 Gisborne Sheopfarrners 71- per cent. — 102 0 0 Glaxo, per cent., 1945 83 0 0 90 0 0 BANKS— Adc-laidc .'■ 8 5 0 8 10 0 Aus<t. Bank of Comni. 1 7 9 — Bank of Victoria G 19 0 — Comm. of Aust. 1 7 s 18 0 National of Australasia (£10 paid) , v 16 3 0 — National of Australasia (£5 paid) .. 7 15 0 7 19 0 National of N.Z. 7 0 0 7 4 0 New South Wales — 41 3 6 New Zealand 2 14 0 — New Zealand (new) .. 2 13 0 2 14 0 Union of Aust. 14 2 6 14 4 G INSURANCE— National (cum div.) .. 3 11 6 — New Zealand .. 1 11 9 1 12 3 South British 2 G 6 — LOA.\ .-'NU AGENCY— Dalgety and Co. (cum div.) IS 2 G 15 10 0 Goldsbrougli, Mort 2 7 6 2 8 0 National Mortgage — 3 18 G N.Z. Loan and Merc. (ord. stock) 93 0 0 — Permanent Investment — 10 0 0 SriU'i'iNG— Howard, Smith — 1 1G 0 Huddart-Parker 2 2 6 2 3 3 Huddart-Parker (pref.) 1 0 0 — Union (pref.) .. — 110 FROZi-.N MEAT— Canterbury — 14 2 G Gear 2 3 G — N.Z. Refrigerating (pa.) 1 0 3 — N.Z. Rcfrig. (contr.) .. n 10 0 0 10 9 WOOLLENS— Kaiapoi (ord.) 0 12 8 0 13 3 COAL— Wcstporfc 1 12 6 1 14 0 Stockton (pref.) — 0 5 3 GAS— Christchurch 7 13 0 7 15 0 Australian Gaslight (now) — 6 14 6 Napier '£5 paid) — 6 0 0 BTJKWEBIF.S— Manning (cum div.) — 2 0., 0 Crown 1 14 6 — New Zealand .. — 1 19 9 Ward — 2 17 3 TIMBER— Bartholomew .. 1 1 0 , — Kauri .. •• 1 13 0 1 13 G IV ■> KbTANEOUS— B.A.W.R.A. 0 11 3 0 11 G Beath. and Co. 1 13 0 1 13 6 Burns, Philp .. 1 1G 9 1 17 3 Electro. Zinc (pref.) .. — 18 0 Electro. Zinc (deferred) — 17 3 ' Mason. Struthers (£1 paid) 13 3 14 0 Mason. Struthers (14s paid) .. 0 15 9 0 16 6 Mason. Struthers (10s paid) 0 11 5 0 11 9 N.Z. Farmers' Co-op. (£5 paid) — 2 10 0 N.Z. Farmers' Co-op. (G* per cent. Stock, 1930) 85 0 0 89 0 0 N.Z. Guarantee Corpn. (cum rights) 0 9 6 0 10 0 N.Z. Milk Products .. 1 7 6 — N.Z. Paper Mills 1 0 6 12 0 N.Z. Sugar of Mali .. — 1 6 0 MINING— Mt. Lyell 1 1 6 118 0 2 0 Junction —