CHRISTCHURCH STOCK EXCHANGE.

Press, Volume LXII, Issue 18722, 19 June 1926, Page 12

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS. Salea reported—Bank of Australasia, £U 5«; Bank of JTew Ze*l«jd (own div.), 655, G4s, CSa 6d; Goldsbrcmgh, Mott (cutn div.), 49s 6d; Coram, of Aust., 316. Sales on 'Chonge-Goidsbvougb, Mort (cum div.), «s sd; N.Z. Kefrig. (eont;\), 83 Gd (two parcels); British Tobacco (cum div.), 52s 2d; Dental and ilcdical, 16s 63; Eloetro. Zinc (ord.), CG3 2d; K.Z. Farmers' Fertiliser (ex div.), IOOs. LATEST QUOTATIONS.

OTHER EXCHANGES. (rasas tsgocUTioft nhjcqiwhs.) AUCKLAND, Juno 18. 1 Sales—Soldiers' Bonds, m 13b 6d; N,Z. 1 Btoworieo, 2fia <kl; Auckland Harbour Board • Debentures, 61 per cent., £OS; National 1 Bank of Australasia (con.), 13 IS* Od; Auck* land Gas (con.), 8a 84; Milne and Cboyce Debenture Stock, 25s 6d; Tarunaki Oil, 428 04; Alburnia, 5s id, 5s 2d, Ss 3d; Lucky ■Shot (otp.), Is 8d; Majestio, la fid; Now Waiotalu (con.), Is 8d; Ohinemurl, 5s 9d. WELLINGTON, Jum is. Sals on 'Changcr-Kawarau Mining, 74 sd. ' DUNEDIK, June 18. 1 Sales.—'Bahk of New Zealand 64s Gd (flvo); St. Bathau's A Issue 2a 6d discount ' (two). . PLEA FOR BRITISH FILMS. Tho Federation of British Industrial recently asked tho British Government that ' the question of the exhibition qf films in the Empire should bu placed ob the agenda of the forthcoming Imperial Conference. Ip a review of the situation in the Emplfe "the federation points out that fully fid per cent. ' of tho pictures shown are pf American origin, and a bare B per cent. British, while 1 : in some Dominions the theatres are Very - largely In the control of American interests. Some Australian States view the predominance of the American picture so seriously that legislative action has been taken, while 1 in the case of Canada the Ontario Legislature is to consider. a motion requiring a gradually diminishing percentage of nonBritish alms until only 25 per cent, of foreign films can bo shown on the programme In tho Dominions, therefore, there is dofln ite evidence of the same dissatisfaction as is felt in Britain with the existing state of affairs, and the Federation believes that some co-ordination of the. legislative proposals is desirable, so tliat the question may be dealt with as a whole. The Viotoiian Government Intends to take drastic action to ensure , that a fair proportion of British films is shown in picture theatres in that State The Chief Sccretray, Or, Argyle, recently intimated that it was the intention of the State Ministry to reintroduce a Bill to provide for tho censorship of ajl films. The Bill would contain a olause compelling every picture show to screen at least 1000 ft of British film. The development of the British industry is, of course, involved In the project, for there must be a sufficient output in number and quality to satisfy demands. ELIMINATING PRICE-CUTTING. The grocery trade in Canada is boing or- , ganised for the purpose of maintaining the prices of trade-marked products and eliminating price cutting, reports tho Montreal cor- - respondent of "Tho Times." The Canadian Fair Trade League has been formed. It has the support of the Wholesale Grocers' Association, and certain manufacturing firms have plodged their cooperation. In the drug trade, in which the campaign for the maintenance of prices appears to have originated in the Dominion, 80 per cent, of the' i retail druggists in Canada have signed as ; members of the retailers section of the i Canadian Proprietary Articles Trades Asso- : elation. Almost all the wholesale druggists, 1 and a large majority of the manufacturing 1 druggists, inoluding most of the larger firms. 1 have joined the respective sections of the ; wholesalers and manufacturers. It will 1 be Borne time before the scheme can be made 1 fullv effective, but the promoters appear to 1 bo confident that the organisation \yj l bo successful in eliminating the prico-cutting Of ; articles distributed through tho drug .trade. • In other branches of Canadian business the ; experiment is boing watched with much in- , terest Tho movement in favour of price- 1 maintenance is the outcome of unsatisfactory internal trade conditions combined with ah 1 excessive number of distributors competing , ?or the limited amount aw!liable , Some of the keenest students bellevo that retail and whole merchandising in Canada is ; in the course of changes of far-reaching importance, and that better trade organisation , will result eventually in the adoption of new , mothods. It soems highly probable that in somo of the more highly competitive trades, such as the grocery business, an increasing ; aumber of morchants will ndopt ; a two-price 1 selUng plan, with the lowest possible price , on "cash and carry" sales, and a surcharge : in some form to apply on "charge and delivery" accounts.

GOLDSBOROtfGH, MORT, LTD. GcldebroiigJvMprt, and 0?,, In |t» rwort for tfce yea? ended March, gist, ibuwi a profit of W,BM, compared with the or*, vjous year. Wit}, 4108,877 (lees bonu* ft staff. <ei1,864) brought forward, «4ia,«i i» available. Payment of dividend, 'go Mar interim dividend, at tb« r»te of }0 Mr M'it. per annupi, absorbs £165,800, and payme*t of a. bonus at the rat* ef 6 per cent, iw,660. A euro-of £62,500 is' transferred to reserve, and £6OOO in transferred to the ttroVu)»nt fund, the beUnee carried forward . is' $110,069. Paid-up canftai i» now jH jjloOO, as compared with «,500,600{ And reserve*' ire #,4M,500< as compared with jßJ.lM.Sfiji ft year ago. A comparipon of accounts follow i YEAR ENDED MARCH 31»t. -' l&ai. 1925. 1926. Net profit .. 281,130 620,207 Div: amount .. 06,634 187,582 18?,500 Bonus .. 46,342 75,000 87,500 To fesorve, otc. 46,000 60,440 $2,500 To provident fllud 2,800 5,000 's,ooo Forward .. 72,443 108,tj77 110,968 Capita) ... 066,540 1,500,000 1,760,000 Debenture Sth. A 872,765 850,855 850,833 Debenture Stk. B 688,245 684,843 883,808 Seuerve fundi .. 677,500 1,184,558 1,433,500 Sundry creditors, ' etc. .. 258,782 814,723 772,465 Asset*Caflli arid deposit's 40&.C89 267,973 616,607 Government and - other 86euriHe» 803,105 266,965 806,441 Advfttices ..2,103,676 3,631,157 3,637,U3 Properties and stock .. 364,360 3}6,514 316,500 Promisee, .. 878,684 582,092 624,549 Skres .. 25,962 88,877 85,616 Other Meets .- 18,919 55,800 58,372 Accrued iitereet "on investments Bills receivable ' . The- report states that the ported oovofed by the accounts was on abnormally dry one, with consequent depression of price* fftr sheep and cattle, and lessened Ealea These factors contracted the returns from stock business, and earnings were Also a&abUA by the heavy fall in wool values.' Effect of tb,e latter factor, however, was largely neutralised by reason of the inorcawd qu&ntitie* of wool sold. Fot the year tho corny* ll * handled a record quantity of, wool,- selling 279,099 bales and shipping ?072 bale*, as against a total of 163,880 bales handled in 1924-23. Wool iii store unsold on Maroh Bfet wob 86,187 bales, as against £9,654 bales On March 31st, 1925. Competition was well Sustained throughout the wool seaeon, and the whole of the year's clip, in addition to a. heavy carry-over, was cleared at satisfactory price*, though at priccß m'.loll below tho pealts of 1024-25. WOOL STATIBTICS. The proposed regulation of sales of wool 111 the Commonwealth and the publication of further statistics on. the production of wool are being keenly discussed, sfiys the Brad* ford correspondent of ''The Times." It is admitted that the preparation pf such estimates is neceiisary In order to .enable Australian wool-selling brokers to arrange their selling programme, but it is contended by sbme that "tho wisdom of making such Agues publfc is much open to doubt. An altogether erroneous Impression may be caused by premature publication of estimates of production. Whatever the figures are, Wool users will be inclined to' exaggerate them, and growers to disparage them." If this objection be sound in' regard to the publication of estimates of the production of wool, it is sound also in regard to estimates of consumption concerning which wciolgrbwari are anxious to be informed. The Objection also cuts right across the opinion expressed by wool buyers and by users in practically all tbe consuming centres in the world, who have been agitating for the compilation Of statistics of an international character by one central authority. The best plan would be to publish as many statistics as possible, provided they are given in geod faith, and leave all parties to form their own estimate of their value when offered in the open market. . To keep secret statistic* as to the estimated probation of wool in Australia Will only arouse suspicions, and cause a restriction of bidding for raw material

Buyo rs. tsollotB. N.Z. GOVERNMENT DEBENTUBE64i per cent. Bonds, 11)30 07 0 0 — 5 per cont. Inscribed, 1927 03 0 0 — 5 per coat. Inscribed, 1850 93 5 0 —. 5 per cont. Bonds, 1927, 98 10 u ~- iij per cent. Inscribed, vm S3 10 0 — 5S per cmt. Bonds, 193:j CO 12 6 30 15 0 OTHER DEBENTURESABbbtirton Borough, i>\ por cent. — 90 10 0 ■ N.Z. Breweries, Iiuvr, — 16 9 N.Z. Breweries, Bonda 1 6 3 1 0 8 BANKS- . Australasia U i 0 14 7 6 C'omni. of Aunt. i n 0 1 U 3 Coram, of Anst. (pref.) 0 15 0 7 0 0 E., S., and A. s 0 0 8 2 0 National of Australasia (£5 paid) S 17 6 8 10 0 Rational of N.Z. (cum div.) .. .. 6 13 0 7 0 6 Now South Welos •15 0 0 45 fi 0 New Zoaland (oum div.) 3 4 0 3 4 6 Royal (£1 pnid) 7 0 0 7 4 0 Union of Aust. 15 6 0 15 7 0 Victoria (ord.) 8 15 0 8 19- 0 Western Australian •• 2 17 3 •2 17 6 1NSUHANCENaiional 3 19 0 3 19 6 Queensland 3 H 6 — Routh British 2 W (> 3 10 Standard •2 10 6 3 1 9 LOAN AND AGENCY— Dalgcty and Co. 16 0 0 — Goldabrough, Mort (cuin div.) 2 9 4 2 9 6 National Mortgage — ' 3 18 0 N.Z. Loan and M-^rc, (ord. stock cum div.) 90 10 0 100 0 o Wright, Stephenson (prof.) — 0 1$ 6 SHIPPINGHoward, Smith .. 1 13 3 —, ' Huddart-Parker 2 4 6 2 5 0 Huddart-Parker (prof.) 1 0 9 — P. and 0. Deferred Stock 215 0 0 260 0 0 FROZEN MEATCanterbury 9 5 0 _ N.Z. Rofrlg. (A'l pd.) 0 17 3 • 0 18 0 N.Z. Refrig. (ccntr.) .. 0 8 2 0 8 3 WOOLLENSKaiapoj (7b paid) „ 0 4 3 0 4 9 Kainipoi (prof.) .. on 0 0 15 3 COAI^ Westporfc .. „ 1 16 0 1 16 11 Stockton (pref.) .*. 0 2 0 0 13 GASClu'istohurch ,. 1 4 3 14 6 BREWERIES1 Manning ., 1 18 0 — Now Zealand .. — 2 19 3 Staples ,. „ 1 18 6 119 0 CEMENTS- • Wilson's ,. ,. 114 4 llfl T1MBERKauri ... ., 1 12 9 _ MlSCELLANEOUS.Beath and Co. 111 0 1 12 8 British Tobacco (cum div.) 2 12 0 2 12 3 Burns, Philp 1 16 4 1 16 9 Dental and Medical Supply Co. 0 16 0 0 17 0 Dominion RubW (ex div.) 2 9 0 2 14 0 Donaghy's Ropa • and Twine — 1 14 0 ,Electro. Zinc (pref.) .. 1 16 0 1 18 3 Henry Jones Co-op. .. 2 6 3 2 6 9 Hume Pipe 0 16 8 0 17 6 N.Z, Drug Co. 3J0 0 8 11 0 N,Z. Farmers' Coop. (lot pref:) 2 13 6 3 0 0 N.Z. Farmers' Co-op (pref. re div. only) 1 U 0 2 10 0 N.Z. Pftrmera' Ferti'iser (ex div.) .. 4 17 6 ■ — N.Z. Guarantee Corpn. 0 9 10 0 10 3 N.Z. Milk Products .. 1 12 0 — Weeks, Ltd. (fullv paid) — 9 0 0 Whltcnmbe and Tombs 3 8 6- — MININGKawarau 0.7 0 0 7 S Mt. Lyell (cum div.) .. i e 6 16 7 Waihi 0 18 6 0 19 0

LrsI Week. Buyers. Sellers. Ln«t iear. Buyers. Soll«». 93 0 0 99 0 0 — 93 10 0 97 13 0 - - - 03 10 0 - - - — - - 101 10 o 1 6 4 i e 9 Z ' j "a o U 3 0 1 10 0 G 15 0 7 17 0 1 u 7 ID 0 0 1( 10 0 14 13 0 ■ 1 iO 9 1 11 e i 8 15 0 8 18 0 8 2 6 6 5 0 GOO a 17 6 3 2 6 7 S 0 .15 4 0 7 0 45 5 7 5 15 6 C 0 0 0 41 7 C 41 12 6 2 17 0 — 14 15 0 14 16 0 i 2 17 6 2 18 3 - 212 0 3 19 0 a 14 6 .110 2 16 0 3 13 2 15 3 a 3 0 6 6 0 0 3 11 0 — — 2 10 0 15 17 6 -' U 6 0 14 17 6 2 9 5 5 9 6 2 6 3 2 7 0 — 3 17 0 1 13 3 I 3 4 6 10 9 1 16 0 2 4 11 2 5 0 2 6 5 1 350 0 0 280 0 0 250 0 0 272 1Q p 9 7 6 ' 0 17 8 0 8 8 9 16 0 17 0 8 0 9 4 — 0 19 8 0 9 0 0 9 8 I 0 8 9 0?4 1 014 3 - 0 13 3 1 16 6 I 0 2 8 1 17 0 6 6 0 18 9 1 11 6 — 0 4 0 i nil 1 4 4 - 118 7 3 19 119 6 3 1 15 0 1 17 0 1 114 6 i a u 1 13 6 1 18 0 ' 113 9 - — 1 W 6 JIM i 116 6 2 12 117 0 0 115 6 116 6 I 2 8 0 3 10 0 ~ 1 1 16 4 l 2 6 0 ! 0 16 9 1 3 10 6 2 6 7 0 16 10 8 11 0 19 0 19 6 — 860 ) — _ _ _ 4 10 0 0 9 8 ,5 0 0 10 0 3 18 0 — 8 8 8 8~9 9 8 10 0 8 11 0 ! 0 7 1 r 16 8 1 0 0 18 4 3 lie i T id