FINANCE AND COMMERCE.

Press, Volume LXIII, Issue 18911, 28 January 1927, Page 12

FINANCE AND COMMERCE.

FLOUR.

DUMPING DUTY.

ATTITUDE OF DISTRIBUTORS, LTD. V

CpMMENT BY MR D. JONES, M.P

To show that Distributors, Ltd., "have not argued pro or con on the matter of the dumping duty," Mr F. R. Corson, chairman of directors ol Distributors, Ltd., has made available for publication the following letter: — Thursday, January 20th, 1927. The Comptroller of Customs, Customs Department, C'hristchurch. . Dear Sir,—ln reply to your enquiry, the shipments of flour -.rranged lor to date are as follows: — . Tons. Karetu, ex Sydney./ nu,v en route 150 Koromiko, ex Sydney, now en route ... ■•• •■■ 150 Moeraki, ex Melbourne, leaving ■ January 26th'< : ■:.... ; ... < 700 Manuka, ex Sydney, leaving January 28th ... .... 275 Kiwitea, ex Melbourne, leaving ■ January 26th ... 870 Waihora, ex Melbourne, leaving February 23rd ... ... "0 Small purchases, shipment not named! ... • ... ... 200 2420 Confidentially, we became aware last week of. a possible serious shortage in the North Island, and these purchases have been r arranged ; with, a view to meeting .the position. We have not made the flour position known to avoid panic buying. 'We recognise further imports are essential for February, and are now arranging for some, as we realise no new season's wheat will, be available, for satisfactory milling in February. Yours faithfully. .-, ..DISTRIBUTORS, LTD.f: R. CORSON, Chairman of Directors,. *""" A Valuable Letter. Mr-D. Jones, M.P., when seen respecting this letter, said' that it was particularly valuable at the present juncture for several reasons. First, it,showed that Distributors, Ltd., are controlling the great bulk of the flour that is being imported from Australia. Mr Corson emphasised the great amount of work lie has had to do in connexion with the allocation of the shipments, and was able to specify the actual amounts in the various ships from' Australia. .This showed a. very close connexion between Distributors, Ltd., and the bakers. Mr Jones quoted the paragraph beginning: "Confidentially, we became aware," etc., and said that the letter showed clearly that for some time Distributors, Ltd., have had control of the flour shipments.

Price. Kept Up. '"The price of flour has been artificiallykept' lip in Canterbury to £lB per ton,"-'.Mr' Jones continued, "and ojio can iquite understand' that the millers would not T)e keen to have a dumping duty put on when" they are importing and selling this flour and reaping the profit. On the face of it, it would appear that Distribiitprs...Ltd., is sufficiently water-tight to be able to make Money. whe.ther they are grinding New Zealand wheat or importing Australian flour.

Dominion's New Wheat: ■ "Mr Corson says, further:—'We realiso that no New Zealand wheat will be available for satisfactory milling in .February/' It is very difficult to understand what yallie. should be put on the word 'satisfactory' by which the writer of the letter safeguarded himself; but it is a fact that millers are. enquiring from all over New Zealand for earlywhc'at, and 6s on trucks has been offered this week for delivery before the end of this week. Does Mr Corson ' suggest that millers are buying this wheat in order to put it in their mills to.be looked at? He must know that a JaTge quantity of new wheat will be milled into flour during February,, and it is safe to say that it will be satis- - factorily milled. I am, glad to have Mir. Corson's assurance that, in his opinion, if the Minister for Customs put on the c dumping duty 'immediately,' people would not be likely to import an excess quantity and hold- it for the purpose of boating the price down. •

Not Wheat-Buyers. "Mr Corson also says that Distributors, Ltd;] are in no way connected with the purchasing of wheat, but he will remember, probably, that the millers in Distributors, Ltd., and others, did have ah inner circle last year, and attempted to fix the price of wheat at 6s 8d f;b'.b."; and he will also remember, probably, as chairman of Distributors, Ltd., that, a large number of millers paid considerably over 6s 8d f.0.b., and that some of.them are.complaining bitterly that they have been severely disciplined for having done so.

FRUIT CONTROL BOARD.

FEES'. PAYABLE TO MEMBERS,

[THE PEESS Special Service.]

WELLINGTON, January 27. By notice in to-night's Gazette* the maximum fees payable to members of the New Zealand Fruit Export Control f Board are'fixed at £IOO per annum for the chairman, and £SO for other membra, with ah additional fee'of £2 2s and£l Is respectively per day when members are engaged'on business other thin 'that connected with ordinary Board.meetings. The maximum travelling allowance is to be £1 per day, plus actual-locomotion expenses. The fruit levy has been fixed* at one penny per-case, and is-to be paid to the 'Board, immediately upon the shipments the fruit from the Dominion.

AUSTRALIAN STATE LOAN IMMINENT. (BY CABLS—PSKSS ASSOCIATioM COPYRIGHT.) (ATJBTBALUS AITD . IT.Z. CABLE ASSOCIATES.) (Received January 27th, 9.20 p.m.) LONDON January 27. The Australian Press Association Briderstands that an Australian Stato JLoan is imminent in London.

•' .'■ ! DUTY ON MOTORS. ■ (THE • PBESS , Special Service.] WELLINGTON, January 27. rflie Customs duty on motor vehicles manufactured in Australia has been the■diity will come into force on May

WOOL SALES.

WELLINGTON COMMITTEE'S ALLOTMENTS,

AUCKLAND BROKERS COMPLAIN

[THE PP.ESS Special Service.]

\ AUCKLAND, January 27. There is very pronounced'indignation in local commercial circles at the announcement, that the Wool Committee, which sits iir-Wellington and regulates allotments that may be offered at the various wool sales, had refused to increase Auckland's allotments. Discussing the position. Mr H. I>. Robinson, chairman of the Auckland Woolbrokers' Association, explained that local merchants found that the wool was coming to hand in such large quantities that an allotment of 20,000 bales would bo insufficient for the next sale. The local Association thereupon took the matter up with the "tt elhngton Committee, which consists, of representatives of the growers, brokers, and the Government, asking for an increase. The committee replied that it would give the matter full consideration and asked for information relative- to the quantity of wool actually in store at the present time, together with an estimate of the quantity likely to be in store on the date of the sale. This information was supplied, and the local Association • was much surprised to receive a reply that the committee,, having fully considered the position, could not see its way to make an additional allotment. Mr Robinson pointed out that theio was a period of three months between the first and second Auckland sales, nwl it was very hard upon the growers to have to wait so long a period tor an opportunity"to dispose of their wool. Auckland brokers considered that tms province was not receiving fair treatment'in comparison with other centres where considerably larger offerings had oeeii made at recent sales than were made last year. Despite the increased offerings that had apparently been permitted in other centres, Auckland could ,not obtain an increased allotment, and ! this although Napier and Wellington had three sales to Auckland s one. "Were market conditions different, added Mr Robinson, "one might understand this curtailment being insisted upon, but when 30,000 hales were submitted at Napier it did not weaken the market. On" the contrary;, prices were firm." The view taken by local brokers was that the Wool Committee had been constituted with the-idea or controlling the quantities of wool coming on the market when the market was weak. This was. quite a good idea, but- the position at the present time was quite different. To. limit the catalogue at the Auckland .sale would not affect values, for the market was firm. Mr Robinson concluded by stating that a meeting of the' Auckland Woolbrokers' Association would be h,eld tomorrow, when a strongly-worded resolution would probablv be adopted and forwarded to the Wellington Committee.

NELSON APPLES.

NO DIRECT STEAMERS TILL MARCH. (PRESS ASSOCIATION TELEGRAM.) - . NELSON, January 27. The announcement that no ships will load apples, at Nelson for overseas before the middle of March, and that no date after that is yet fixed ,'• has caused the greatest dissatisfaction amongst Nelson growers, who are producing at least two-thirds of the export apples By the middle of March, a. large portion of the crop will have been handled, and no boat loading direct means a large, sum in the aggregate for transhipping charges to Wellington. • Growers protest strongly against this'treatment, and consider they are entitled, to more consideration in the way of direct loading. ■

POST OFFICE REVENUE. (PEESS ASSOCIATION TELEOKAM.) WELLINGTON, January 27. A return of. revenue collected at the General Post Office and in the several postal districts of the Dominion for the quarter ended December 31st, 1926, is as follows, the figures for the corresponding period in 1925 being given m parentheses:—Total postal receipts, £392,941 (£381,282); total telegraph receipts, £499,288 (£497,196);. total post and telegraph revenue, £892,230 (£878,478).

STUDHOLME STOCK SALE. There was a yarding of 50 hoad.ot' cattle and 1000 sheep, of which 670 were fats and 330 stores, at the Studholme stock sale. There was a fairly large attendance of farmers and buyers, and most lots offered were quitted at auction. The quality of fats was' exceptionally good. Prices for fat ewes and wethers showed a slight advance. Fat lamb values seemed to be barely maintained. The following are prices:— ..„.,, Cattle —Fat cow £8 7s 6d, do. £6 ss, do. £4 10s, fat cow and heifer £6 each, empty cows £2 to £4, yearling steer £2 10s, bull £3, cows in.profit £2 10s to £4 ss. Sheep—Fat lambs: 21 at 24s lid, 20 at 25s 6d, 17 at 235, 24 forward. 24s Bd, 35 passed at 26s 6d, 69 passed 235, 44 at 25s 9d, 5 at 265, 56 at 25s lOd, 40 at 23s 3d, 27 at' 265, 30 at'26s 6d, 72' at 265. Fat ewes: 12 at 16s 9d, 30 at 19s, 16 at IDs 9d, 3 at 14s 6d, 24 at 28s, 7 at 19s, 14 at 17s. Fat.wethers: 2 at 30s 6d, 8 at 26s 6d, 17 at 248^3d, 17 at 24s sd, 3at 24s 3d, lat 235. Stores—69 rape lambs 25s 9d, 40 do. 22s 7d, 35 four, six, and eight-tooth crossbred owes 23s 6d, 55 four-tooth Romriey crossbred ewes 34s 6d, 102 failing-mouth ewes 12s 6d.

TALLOW. Messrs Dalgety and Company have received the following cabled advice from London:—Tallow: At the weekly auction 8.70 casks tallow were offered, nnd 24 per cent, sold. Prices are unchanged. We quote: Good mixed 30s 6d, inferior 345, fine mutton' nominally 395.'

WOOL. Messrs Dalgety and Ctnipacy have received tlio following cibled advice from London: —The wool sales tontinue animated. With fine slipes and jrcasy fine merino the change, ii any, is <n favour of sellers, scoured inferior merino is irregular, and_ heavy, wasty, and greasy merino is irregular. Greasy crossbreds are rather dearer. There is keen Continental demand for good skirtings. Sales clone en February 2nd.

CLEARING SALE. Messrs W&lliiec, Wade Company, Ltl., report having held a highly successful auction clearing sale of furniture and effects . in their rooms on account of' Mr Barbour. Some of the prices realised w«re: Chesterfield suite (3-piece) £l9 ss, oak duchesse £6, oalc bedstead .£-5 10», carpet £9, . oval■< table £2, dining suite £3 7a 6d, carpet run-, ] ner £1 155,-cottage piano £lO 10s, single"| bed £3 2s 6d, sun blinds (four) 3Ss each, wire stretcher £1 2a Gd. picture £l,'hearthrug l ' 10s 6d, bed screen 19s, lawnmcwer '2os. Every line as sold. —lO

WOOL CHEQUES,

BIG PAYMENTS IN NORTH ISLAND. [THE PKESS Special Service.] WELLINGTON, January 27. To-day was "prompt" for the wool sale held in Wellington on January 12th and 13th, and the wool "cheques, aggregating approximately £403,000, were posted to growers by the various woolbrokers. On Tuesday next the Napier.woolbrokers will be distributing even a larger amount, owing to the bigger catalogue sold in that centre, and on Fridav of next week the Wanganui woolbrokers will be distributing about £300,000. These bij wool cheques should help business along. The next woo] sale to be held in the North Island will be at Wellington on February Ist. A sale will be held at Invercargill to-day.

CASH ON DELIVERY SYSTEM

BUSINESS MEN'S OBJECTIONS

(PRESS ASSOCIATIOH TELBGBAM.)

WELLINGTON, January 27

A deputation of business men waited on the Acting-Prime Minister and the Postmaster-General to-day to protest against the assistance given by the Postal Department to the cash on delivery system,-at present operating between Great Britain and New Zealand. The objections of retailers were emphasised, the general arguments being similar to those made by .a recent deputation on the same subject. The Minister promised to consider the points raised and to furnish a reply in writing.

INVERCARGILL WOOL SALE. VERY SPIRITED BIDDING. (PRESS ASSOCIATION TELEGRAM.) INVERCARGILL, January 27. At the Invercargill wool sales,. or 22,244 bales, commenced to-night, there was a full bench of.buyers, Bradford., the Continent, and America being represented. The wool was probably the best crossbred offered in New Zealand this year. It was light in condition, well-grown, and free from.faults owing to the good winter. Bidding was very spirited, practically, nothing beins passed in. On last year's Invercargill sale prices fine wools showed an advance of about 2d per lb and crossbred Id. Dominion buyers were operating freely. The best price obtained was 19Jd for super halfbred. The sale is proceeding to-morrow.

INVERCARGILL LOANS. TWO SANCTIONED AT POLL. (PBESS ASSOCIATION TELIGEAM.) INVEECAKGILL, January 27. Loan' proposals totalling £140,000 were submitted to the' ratepayers, and two were carried, one of £60,000 for roads, and £ISOO for a pilot station. The following was rejected:—Electricity £25,000, library £20,000, harbour £16,000, Oreti bridge £II,OOO, Town Hair extension £6OOO .

Only one-fourth of the ratepayers voted.

AUCKLAND GAS CO. ,

THE ANNUAL REPORT. [THE PRESS Special Service.] AUCKLAND, January 27. The annual report of the directors cf the Auckland Gas Company, for the year onded December 31st, states that the profits, after deducting working expenses, cost of repairs and renewals, management expenses, interest, bad debts, depreciation, and other charges, amount to £83,393 7s 7d. To this must be added a balance at the credit of profit and loss aecount amounting to £38,474 8s 7d, making the amount at the credit of the profit and loss, account £121,867 ]<3s 2d. An interim' dividend absorbing £40,572 18s was paid in' July, 1926, leaving a balance of £81,094.18s 2d to be dealt with. The directors recommend the • payment of a dividend for the past:; half-year at the rate of 8 per cent, per annum on £1 fullypaid shares, and a proportionate amount eta contributing shares (lis - paid), which wall absorb £41,983 12s Bd, leaving £39,311 5s fid to be earned forward. The Btatement of accounts shows that receipts from the sale of gas were £405,2b9 19s Gd (against £410,041 13s 7d in the previous year); from residuals, fittings, etc., £81,212 12s 5d (£79,138 9s 7d); and interest on war loam and debentures £1716 18s (£1716 18s). The manufacture of gas cost £240,788 15s 3d (£246,698); distribution, £65,678 15s 2d (£64,897 10s lid); and management, £»,630 7s 2d (£21,309).- Bates and taxes amounted to £28,547 7s 4d, against £32.597 ir. the previous year. The following is a comparison of the company'* results for the past three years, 1924 1925, and 1926:—Brought forward, £34,519, £37,452, £38,474; net -profite, £79,036, £79,305, £83,393; dividends, £<6,098; £78',283, £82,556. The dividend in each year has been, at the rate of 8 per cent., the increase in the amount distributed corresponding with the increment of the contributing share capital.

SOUTHLAND MARKETS. [THE PEESS Special Service.] INVERCARGILL, January 27. An exceedingly quiet time is being experienced .in the grain and. produce m / rkei - There, is almost an absence of demand and as the prices offering are much below merchants' costs they are simply marking time. The wool business is at present claiming most attention in. the produce departments of the various firm 3. ... Oats—There is really netting fresh to report in this market. Northeru buyers are indicating 3s 2d to 3s 3d-for A grade, f.0.b., 8.i., Blue, and 3d less for B grade, and it ib reported that Borne holders of ,pats haye met the market and accepted As 3d for A s and 3s; for TV*. • Sellers, however, are ftot the InvereargiJl merchants, who are not prepared to quit at these prices, which must show a heavy loss to the sollers. Values to fanners on the' basis of the above prices would oe from 4s 2d to 4s 5d on trucks at country stations for A's and 3d loss for B grade.. Wheat—At present there is no business at all being done in Southland wheat, as supplies for local fowl feed purposes are b«ng drawn from outside markets. There are indications of lower nrices ruling during-the incoming season, and it is reported there is a spread quotation frow Canterbury lor new season's wheat at 5s 7d a bushel. Chaff —The chaff market is, in sympathy with oats, very dull. The shipping demand which existed a month or two ago seems to have ceased, and the only outlet Rt present is for local requirement*. Values in farmers for prim© quality are £3 15s to £4 a ton. Interior chaff is very unsaleable, ard can only be disposed at- a sacrifice. Ryegrass and Italian —There is no improvement to report in these markets, and it is almost cert*in that lower prices will rule during the incoming leason. Last season*! stocks have not all been quitisd, and as sufficient stocks are still h»ldby merchants, many of the farmers are still holding last season's seed. On the present appearance of the market it is unlikely that new. season's ryegrass, not even the best quality, will exceed 2s 6d a bushel on trucks. Italian iB also very dull,- and will pribsbly rule about Cd a bushel cheaper. Potatoes—Trade in the potato world is at present confined to small sales for local consumption, and it will be or three months yet before any business is done frith the main crops. Apparently quotations are being made in other South Island centres for spread delivery (April. May, June), and buyers are indicating £3 15s a ton, f.0.b., t.i. Southland ■ merchants, however, are not ki»n on forward business, especially with potatoes, on the basis of the price mentioned. Value* to farmers would be about £3 a ton.

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS. Sales reported—X.Z. Insurance (cum tliv.), ?.7s 37s fid ttwo parcels); Electro. Zinc (prcf. cum div.), 3"3; Kawarau as 9d; X.Z. Drug Co., 71s. Sales on 'Change—National Bank of Xew Zea!and,.i7 Is Cd; X.Z. Insurance, ;}7s 7d; Staples Brewery, 3Ss Gd. ,

OTHER EXCHANGES. (press association telegbams.) AUCKLAND, January 27. Share market sales—.Wat'loan. WV 41 «er cent., £O6 ss; Inscribed Stock,' 1929,, 5 tier cent., £9B; National Bank of Australasia, 18s 9d; Bank, of New Zealand (new issue), lis 10d; South British. 56s 9d; Leyland O'Brien Timber, 41s; Colonial Sugar, £56 ss; New Zealand Drug, 70s; Kawarau, 3s lOd; Lucky Shot (con.), Is 4d.

HIDES. (BY CABLE-PEE3B ASSOCIATION—COPYRIGHT.) (AUSTRALIAN AND N.Z. . CABLE ASSOCIATION.) (Received January 27th, 11.20 p.m.)

MELBOURNE, January 27. ■ At the hides eales, the market was firm. Medium and lights advanced one-eighth to a farthing, but kips declined one-eighth to a farthing.'

AUSTRALIAN MARKETS

(Received January 27th, 11.20 p.m.) SYDNEY, January 27. Wheat—The quotation is -Is 7d at country stations, equal to 5b 2£d ex truck in Sydney. Flour-£l2 10s a ton. ■ Oats—White Giants 4s_ 3d a bushel, Algerian 4a. Maize—7s 9d to 7a lOd a bushel. Potatoes—Taamanian £l7 to £lB a ton, Victorian JEI7, new local £l7 to £2O. Onions—£7 a ton. ADELAIDE, January 27. Wheat-growers' lots are quoted at 5s l|d to 5s 2d a bushel, and parcels (sellers) at 5s 3Jd. '. ,' ' .' Oats—2s 4d to 2s 6d a bushel.

HAWKE'S BAY RAM FAIR

' (PHISS ASSOCIATION TBLIOBAM.) HASTINGS, January 27. The Hawkc's Boy annual ram fair opened to-day in perfect weather, when SBIB Romneys were offered. There was a fair attendance ot buyers. Bidding: opened week, improving later, but.towards the close many lots were passed in. Tho balance of the Romneys, totalling 1909, will be offered tomorrow, succeeded by • various breeds • of flock rams, and Saturday will be devoted to stads. The top price for Romneys to-day was 13J guineas far'a lino of 13 she»riings sold on account of Mr David Smith, ot Masterton. The total entries were" 7637, as against-6506 last year.

INVERCARGILL FRUIT MARKET. [THE P3SBS Special Eervice.] INVBRCARGILL, Januniy,27. Busiftess in the Invorcargill fruit market continues to be particularly brisk, the week showing a marked increase. Stone fruits are now coming forward in - full supply, consequently : prices aie fluctuating. Peaches are ruling very low iu price, but apricot values remain firm. Sweet dessert plums are in keen demand, hu< full supplies have not yet commenced. A line of late cherries arrived during the week. They opened up quite fairly, but were not rushed. Christchurch tomatoes »r« arriving in increased quantities, the result being, that price* are dropping steadily. The market ia only lightly supplied with banana* and'orange*. Tiero is, however, a small consignment selling to-day, and tfc*se should realise the highest prices. Current price* for the week are as follows: —Apricots, to 8d lb; peaches, 2d to sd; dessert plums, 2|d to 8d; cherries, 9d to.ls; late strawberries, to Is 6d; navel orange*, to 50s; lemons, to 40s; grapes, to 2s 9d; cauliflowers, to 8s; : e»bbage«,. Is to 2s 6d; new potatoes, to l£d; green peas, 3d to Bd.

"A LEAN TIME."

A BANKER'S WARNING.

SCHEME FOR RELIEVING UNEMPLOYMENT.

[THE PBESS Special Service.]

AUCKLAND. January 27

••I am inclined to think we are in for a lean time," said Mr H. Buckleton, general manager of the Bank ol New Zealand, in -an interview at Whangarei. "At least," he added, "indications point that way. In any case, I am afraid we are due for it." Mr Buckleton further stated that New Zealand had been rea/sonably prosI>erous for a good many years, and in the natural cycle of events a lean time was to be expected. Asked how such a condition of affairs should be met, Mr Buckleton said the first thing for everyone to do was to work, because there was no room for idle, people in.New Zealand. To a question as to where the work should be done, he said that, apart from national works, farmers in the rural districts required assistance, and he was anxious to see more work being done on the farms. Unfortunately, said Mr Buckleton, the average farm holding in New Zealand was much too largo, with the result that in many places noxious weeds were gaining the ascendancy, and in ether places the pasture had deteriorated. The first step in the improvement of farm lands, lie urged, was a reduction in thesizo of holdings by means of subdivision. This, of course, would not* be an easy matter owing to the difficulties of finance, but in the meantime, and until the responsibility of keeping farm land in proper order was more widely distributed, he. suggested that every farmer who could possibly afford it should find employment for those seeking work, in the matter of fencing, clearing land of noxious weeds, .and ■ general improvements. By doing this they would help themselves, help the State, and help the unemployed. Mr Buckleton said there were plenV of farmers who would willingly prov ide a few days' work, which in the . aggregate would mean employment for hundreds of men. The Defence Department might very well come to the : State's aid by loaning tents and transport facilities to any group of men who would go out into the country, employ their own cook,, erect the State tents to live in, .and offer their ser vices to farmers. Transport waggons . could run the men out to their job in the morning and bring them back to camp in the evening. An organised scheme of this kind would give much needed employment to those willing to work, would assist farmers to improvo their land, and would lift a burden from the State.

"Let us work, and let us be full o c hope, and we have nothing to fear,'' concluded Mr Buckleton.

LATEST QUOTATIONS. Buys >rs. Selle: rs. £ s. d; £ s. d. N.Z. GOVT. DEBENTURES— ij per cent. Inscribed, 1033 and 1939 .. 26 7 6 96 12 6 4} per cent. Bonds, 1930 ... .. . — 98 0 0 ii per cent. Bonds, 1938 .. .. 90 10 0 96 15 0 4i per cent. Bonds, 1939 •• .. 96 10 0 — 5 per cent. Inscribed, 1929 .. .. 95 7 6 93 0 0 5 per cent. Bonds, 1927 .. .. 99 5 0 99 10 0 5i per cent. Inscribed, 1933 .. .. 101 0 0 101 5 0 5i per cent. Bonds, 1933 .. .. 101 2 G 101 10 0 OTHEK DEBENTURESKew Brighton Borough, 5J per cent., 1955 .. — 101 0 0 X.Z. Breweries, Bond3 1 1 3 14 a Booth, Macdonald, GJ per cent., 1932 .. 77 0 BANKS0 82 0 0 Adelaide .. .. 9 2 0 9 7 6 Australasia .'. .. 14 3 6 14 6 0 C'omm. of Auat. .. 1 12 7 1 13' 0 Comm. o£ Sydney .. 26 10 6 26 17 6 E., S., and A. .. 8-5 0 8 9 0 National of Australasia

'• (£10 paid) 18 5 0 18 10 0 National of Australasia (£5 paid) .. 9 2 0 9 6 0 National of N.Z. 7 1 0 7 1 6 New South Wales 46 17 6 47 5 0 New Zealand .. 2 19 0 2 195 New Zeaiand (mortgage shares) — 0 12 3 Royal (.41 paid) 1 17 10 . ,— - Royal (£i paid) 7 3 " 0 — Union of Aust. (ex div.) 15 2 6 15 3' 6 Victoria • (ord.) 10 0 0 — Victoria (pref.) 20 6 0 21 0. 0 Western Australian ... , 2 15 3 2 1G 3 INSURANCE- , , Mere. Mutual 1 6 9 1 7 6 National — 3 W 9 New Zealand (cum div.) 1 17 6 1 17 9 Queensland 2 13 3 ' — South British 2 1« 4 2 16 9 Standard 2 16 9 2 17 6 LOAN AND AGENCYOoldsbrough, Mort .. •3 10 6 2 10 11 Mutual Benefit 12 0 0 — National Mortgage '— 3 8 0 N.Z. and River Plate 1 4 0 — Permanent Investment 10 5 0 11 0 0 SHIPPING— P. and 0. Deferred Stock 250 0 0 — Union (pref.) ; 1 .0 0 — FROZEN MEATCanterbury — 8 10 0 Gear — 1 16 0 N.Z. Kef rig. (fl paid) 0 13 3 0 14 3 N.&. Refrig. (contr.) , 0 6 4 0 6 7 U'OOLLENSKaiapoi (17b paid) — 0 10 0 Kaiapoi (7s paid) 0 3 3 0 4 ° Kaiapoi (pref.) 0 14' 9 — COALWestport .. - •• — 1 13 a GASAshburton — o 5 0 Auckland .. •• ■ — 1 ' 4 3 ChristchuTch (cum div.) ■.1 5 9 1 6 1 BREWERIESCrown .. 0 14 0 0 16 6 New Zealand 2 12 0. 2' 13 0 Staples 1 18 0 1 19 0 CEMENTS— : Wilson's 1 15 2 1 15 ' 5 TIMBER- ' Bartholomew 1 1 B — Kauri 1 6 7 1. 7. 5 MJSCELLANEOUS- ■ Allied Motors - ., — 1 5 G Beath and Co. 1 11 0 1 12 3 British Tobacco 1 12 10 2 13 4 Burns, Philp 3 0 0 — Electro. Zinc (ord. cum div.) 1 16 0 1 16 6 Electro. Zinc (prof. cum. div.) . ' - — 1 17 0 Hume Pipe .. 0 17 0 0 18 0 Mason, Struthers (£1 paid) ' 1' 1 9 1 2 0 Mason, Struthers (14s paid) ». , ■ • ..— 0 15; 0 Mason. Struthers. (10s ptid) -!q io. 6: 0 11 0 Mercantile Finance Corporation (cs paid) 0. 4/ 2- - J) ■ 4 8 N.Z. Drug. Co. . — 3 12. , o IC.Z. Guarantee • Corpn: 0 10 1 0 10 ' 5 Greater Crystal Pakce 0 15 0 —; MININGKawarau 0 3 8 0 4 0 Mt. Lyell 1 8 G1 -8. 9 Waihi 0 16 0 0 18' 0 St. . Baihana "A" . .. . 0 6. 0 -.0. 2 0 discount. discount. St. Bathans "B" 0 G 0 —. discount.