FINANCE AND COMMERCE.

Press, Volume LXV, Issue 19666, 9 July 1929, Page 12

FINANCE AND COMMERCE.

DULLNESS ON STOCK EXCHANGE. PERIOD OF UNCERTAINTY. (UKITZD PEESS ASSOCIATION- Bt ELELTBIC TELE GBAPH—COPYRIGHT.) LONDON, July 7. Dullness on the Stock Exchange is causing the stockbrokers great concern. The position is difficult to clar.fy, since the influences at work on it at present are a curious mixture of political fears, financial technicalities, and mass reaction against last year's rampant gambling. The public, nevertheless, is inclined to speculate. The uncertainty regarding the safeguarding of industries is adversely affecting industrial stocks in view of the likelihood of a renewal of AngloRussian relations. It is interesting to observe that American capital has latelv been pouring into the Soviet in renewed volume. It is doubfut wV>atever happens, whether British capitalists would be equally enthusiastic. —United Service. BANKING FACILITIES. SYDNEY JOURNAL'S COMMENT. Commenting on Sir George Elliot's recent survey at the annual meeting of the Bank of New Zealand of the economic condition of the Dominion, the "Sydney Morning Herald," says: "It seems to us that both Australia and New Zealand are feeling the effects of a great expenditure of borrowed money on development works, which have not yet become reproductive. The heavy taxation necessitated thereby—and in Australia, at least, the extensive social legislation —has caused an increase in the costs of production, and these increases again in the case of Australia hjive been added to by the attempt to spread the declining production over a greater area of labour by the operation of shorter hours of employment. "The heavy costs have resulted in a want of confidence so far as the establishment of new industry is concerned, and capital' is competing with itself for investment in established institutions, whose securities are considered gilt-edged. Were costs lowered and confidence restored there would be openings for fresh investments and no need to speak of the Dominion be-, lug over-bauked." PULVERISED COAL. SPECIALLY DESIGNED STEAMER. (i'BOil OCR OWH COSBEsPOXDBST.) LONDON, May 23. On the Clyde to-day there is being launched a single screw steam collier which is the first ship in the world to bo specially designed and constructed to burn pulverised coal in her furnaces. -This is- the Berwindlen, built by the Blythswood Shipbuilding Company for the Berwindmoor Steamship Company. Tho vessel is of 8000 tons deadweith. with a length of 400 ft, a breadth of 52ft, and a depth of 32ft. That such a large vessel should have been built to use pulverised coal (says the "Daily Telegraph") is a striking tribute to the confidence which shipowners now feel in tho efficacy of. the new system ;rof-j-'aising- steam. -.'-... -, The Berwindlea will bunker in the usual way, taking her coal on board ■in lumps; It will then be transferred to the pulverising plant, which takes up verv little horizontal space. After being reduced to a fine powder it will be sprayed into the furnaces througn nozzles

Trials which have been made in other ships—converted for the purpose—hate' demonstrated that powdered coal enables the furnaces to bo maintained at a constant heat far more easily than when fired with lumps. The steam pressure can thus be kept at a steady level, resulting in increased economy and higher speed for a given consumption of fuel. Two Scottish boilers, each 17ft m diameter, are installed in the Berwindlea. Working at a pressure of 2001b, and fitted with superheaters, they will supply of steam to the triple-expansion engine. Many novel features have been introduced in the arrangement of bunkers and storage chambers to eliminate the risk of fire or explosion. The construction of tho Berwmdlea marks a distinct advance in the progress of pulverised fuel, which, in the opinion of many experienced engineers and shipowners, is destined to become a serious rival not only to ordinary coal, but to oil-fuel as well. The substitution of powdered coal for oil in the driving of internal-combus-tion engines does not lie beyond the bounds of possibility. GERMAN ELECTROLYTIC WORKS. SILESIAN ZINC ORES. An electrolytic zinc piant, with a capacity the same as the Electrolytic Zinc Company's at Risdon—so,ooo tons a year Silesian zinc ores. Since the separation of Upper Silesia two years ago, Germany has had no adequate treatment plant; now the German Government has made money available on very favourable terms to assist in establishing the industry. This is the first electrolytic zinc works In Germany, although Europe has eight of them with a potential output of 90,000 tons a year. The United States, during 1928, produced 160000 tons of electrolytic zinc. Originally the production of electrolytic zinc was only commercially practicable where cheap power was available. Indications, are that cheap power, although still very important is not now the controlling factor in deciding whether a plant to distil or one to electrically produce zinc should be erected The recovery of valuable byproducts such as cadmium, copper, cobalt, and manganese which is not possible in zinc distillation, and the growing demand for high-grade zinc for brass, alloys, and galvanising are firmly establishing electrolysis as a more economical method than distillation, even when power is- not very cheap. ENORMOUS MINE BLAST. At the Volunteer pit of the Palmer Mining Company near Lake Superior (L.S.A.) in April a charge of 212,0001b of dynamite was used to loosen 600,000 tons of iron ore. During the winter 635 churn drill holes, 5 inches* in diameter, were sunk, on one bench to an average depth of 44ft, and on the other to 58ft The powder employed was 40, (50, aDd 80 per cent, gelatine, and 10 miles of fuse was used. A single cap in a stick of powder, connected to a battery, detonated the charge. The vibration half a mile from the explosion was a quarter of an inch. The drilling cost £15,000 and the powder ff.ooo. CLEARING SALE.

Messrs H. Hatson and Co. held a clearing sale on account of Mr R. A. Pettigrew, Barry's Bay. There was a large gathering of buyers and bidding was spirited. On the whole a most satisfactory realisation was effected.' Among the principal sales were 8 pairs of pullets, Ss pair, copper £2, double bed £1 ss, tabie £1 10s, dressing table ss, wardrobe £5 10s, chair £1 10s, double bed £1 15s, picture 255. Alfa Laval separator £5; milk pans £1 "r 6d each, tank £2 10s, stack of hay £6 15s, milking machine £2O, linoleum £1 15s. linoleum £4 ss, 1 roan mare £32, harness £2 ss, spring cart £6.

CHRISTCHURCH STOCK EXCHANGE. There was a good volume of diversified business on call yesterday, with the bulk of the turnover in Brewery shares. Exclusive of vestibule business, transactions included: — £SOO 4| per cent. 1939 Bonds. £4OO North Canterbury Hospital Board 52 per cent. (1910). 100 Australian Bank of Commerce. 305 Commercial Bank of Australia. 20 National Bank of Australasia £lO paid. 10 Dalgety and Co. 600 Goldsbrough, Mort. 1000 New Zealand Breweries. 200 Staples' Brewery. 200 Timaru Brewery 5s paid. 100 Tooth's Brewery. 200 Beath and Co. Is paid. 100 British Tobacco. 100 Electro Zinc (preference). 250 Mt. Lyell. 400 Mahakipawa. 500 Winding Creek 6d paid. Government issues wer • firm at late rates. The 4J per cent, tax free issue, due 1939, changed hands at £IOO. North Canterbury Hospital Board 5| per cent. 1940 Debentures were firmer with business at £lO3. A late sale of Christchurch Tramway Board o-i per cent. 1944 Debentures on July oth was reported at £lOl. Australian Bpnk of Commerce were taken at 36s Id. Commercial Bank of Australia ordinary shares were weaker with dealings at 29s 6d, and further sellers at that figure, buyers at 29s sd. National Bank of Australasia fully paid shares hardened to £l9 15s, sellers and business, buyers at £l9 13s 6d. Union Banks were weaker with sellers at £ls 13s Gd, buyers at £ls 7s 6d. Dalgety and Co. shares showed recovery with business at £ls 2s 6d, buyers staying in at that price, sellers asking £ls 4s. Goldsbrough, Morts were firmer with dealings at 48s, and further buyers at that figure, no sellers. The announcement of the proposed distribution of New Zealand Breweries' shares in the proportion of one for every two held had been anticipated by the market, and shares were released at 795, 78s Cd, 77s 6d, 76s 9d, and 775, with further buyers'at" 775, sellers at 77s 3d. Staples' Brewery shares acted sympathetically, sales being effected at 55s and 54s 6d, on the morning call, market closing 54s lOd sellers, 52s 6d buyers. Timaru Brewery 5s paid shares remained at 8s Od. Tooth's Brewery shares realised 60s on the morning call, and 61s on the afternoon call, closing stronger, with buyers at 61s 3d, sellers at 61a 9d. Beath and Co. Is paid shares showed a hardening tendency, sales at 9s 3d and 9s 4d, with further buyers at the higher price, sellers at 9s sd. British Tobacco shares weakened to 4Ss- sd, market closing Id on either side. Electrolytic Zinc preference shares were taken _at 36s lid, buyers staying at that price, sellers asking 375. Mt. Lyells were fractionallv firmer at 41s 9d and 41s lOd Mahakipawa Goldfields shares remained at 7*o. Winding Creek 6d paid were easier at 2s 2d and 2s Id.

YESTERDAY'S TRANSACTIONS. -i"igiii-ea ia-.-parentheses after sales, indicate number of parens.) Sales on 'Change—N.Z. Govt. 4J per cent. Bonds, 1929, £100; Aust. Bank « Commerce, 36s 4d; Dalgcty and Co., - £ld ; a Goldsbrough. Mort, -tSs (4); *ew Zealand Breweries, 78s 6d, 77s 6d (2), <6s 3d t2), <7s (2i; Staples Brewery. soe (2). 54s 6d; Timaru os paid), Ss 6d; Tooths, 6C». 61b; Heath and Co. (Is paid), 9s 3d, 9s 4d; British Tobacco, 43s 5d (3); Electro. Zinc 'pref.), 36s lid; Mt. Lyell, 41s 9d, 41s 10d v?), Mahakipasva,, 73d; Winding Creek (6d paid), -3s 2d (2), 23 Id (2>; National Back cl A ua " tralaßia, (£3O paid\ £l9 15s. Sales reported— l Christchurch Tramway ,JJoard, per. cent,, 1944. (late sale Saturday), £101; Comm. Bank of Aust., 29s 6d (2); New Zealand Breweries, 793, 77s 6d; North Canterbury Hospital Board, 52 per cent., 1940, £lO3.

OTHER EXCHANGES. (PEMS ASSOCIATION TEL-BOBAJIS.) AUCKLAND, Julv g. Sales —National Bar.k of Australasia (con.). £9 13s; Australian Provincial Insurance, 12s 3d; Northern Steamship, 14a 9d; New Zealand Breweries, 775; Hayward's Pictures. 19s 3<l; Ohinemuri, 8s Sd; Waihi, 12 E; Mount Lyell, 41s 7£d. WELLINGTON. July 8. Sales —N.z. Breweries Bonds, 2G S 3d; N.tf. Breweries Shares, 78s; Kauri Timber, 18s; Waihi Mining, lis lid.

DUNEDIN, July 8. Sale—New Zealand Brsweries (shares), 77a. Sale Reported—Waihi, 12s Id. MINERALS AND OIL. At the April meeting of the New York section o£ the Institute of Mining Engineers, Professor L. C. Graton said that deep mining on the South African Rand was entering a rather uncertain stage, and the outcome oi operations there would undoubtedly h3vs a marked influence on the extent to v.-hich mineral deposits in other parts of the world .were exploited at considerable depths. Changes had to be mada in the practice on the Hand if operations such as those at the Village Deep mine, which exceeded 7DOO feet in vertical depth, were to be extended downward, and leave a sufiicient margin between operating costs and revenue. Excessive nee of water in the slopes resulting in the hot atmosphere at depth becoming saturated with moisture greatly reduced the capability of labour. Professor Graton drew a comparison unfavourable to the Hand between underground atmospheric conditions at the lower levels of the Village Deep mine, and those at the same depth in the St. John Del Key mine in Brazil. Rock pressures were becoming an increasingly important factor, he said, and a proposal for improvement was that the open stoping method be replaced by a retreating caving method. The employment of large of workers underground reduced to a serious extent the etfectivo shaft capacity at deep mines, and the increased use of machinery in ttie mine waß considered to be a remedial measure for this conditions. During the height of the mining boom in Otago and Southland SO years ago many claims were possessed by syndicates who regarded the possibilities through very rosy spectacles. The slump brought about the abandonment of many of as capital gave out and the investing public had been too severely "bitten." Some o£ the3e claims are beicg taken tip again, and a few that have reached the operating stage are promising well. The Golden _ Progress quartz mine, in the Otuebua district of Central Otago, was discovered 40 years ago, but was not properly exploited. After lyinj dormant for so long, the idea of prospecting along this line was taken up recently by some of those in the district. There tv&s at first some difficulty in getting the moderate amount of capital to test the proposition, but indications became so good that there has been no difficulty about the necessary funds. As the result of several months work the continuity-of the reef has been proved. The assays that have been m.'Je of the quartz are stated to have "deliguted those who have been responsible for the prospecting venture." Success in this proposition might mean the investment of more of our own capital in Dominion mining ventures and less of it abroad. In business a weak member of a group frequently- casts an unfavourable atmosphere around the other members, who arc entitled to take any steps they deem necessary to protect themselves, . states a Melbourne paper. This Is fhe' position in the search for oil in Australia, and a movement is on foot in Sydney to form a petroleum association of Australia and New Zealand which could be given P ow " to discipline companies and could act as a clearing station for general information and boring data. All companies and persons interested in the work will be irlvited to join, and all States win bo represented at the first meeting. A similar isation is already being formed in Victoria. If all prospectors can be brought together under & pound constitution they may eventually be able to join forces, financially and technically, to ensure that the quest for oil will be continued without the interruption which is threatening because some companies are having trouble in collecting call-money. This is the inevitable result of so many small no-liability companies being engaged in an undertaking in which costly disappointments are numerous, and in which company Promoters are inclined to be over-zealous while speculators are "biting" well. The depression after a period of good reports ia always severe and is not conducive to the successful conclusion of work of such national importance as the search for oil. Labour troubles are having a strangling effect on Australian mining enterprise. Operations of the Scottish-Australian Mining Co., Ltd., for the twelve months ended December 31st last resulted in a loss of £3356, and was attributed by Mr I. R. Forbes, at the annual meeting in London, to the serious trouble in the Australian coal trade. Mr Forbes said that during the year the Lambtone mine was closed. The cost of maintaining the Lambton pit was £l4O per month. In February last the Burwood pit was also closed in view of the high cost of production. For more than twenty years the industry had been in an unsettled state. Repeated strikes had led. through the Arbitration Court, to repeated increases in the cost of coal production, until a point had been reached with the industry had become paralysed owing to the high prices that had fo be charged to consumers. The only remedy was in the cost of production, which, as well as a cut in heavy charges for haulage, harbour dues, freights, etc., necessitated a cut in wages. DEBENTURE CONVERSION. AUCKLAND TROTTING CLUB, j i Proposals for the redemption or conversion of the Auckland. Trotting Glub'a 8 per cent, debentures have been made to the debenture-holders by the committee of the club. The club has in contemplation the erection of permanent substantia] improvements to its property, involving an expenditure in the vicinity of £40,000. To finance these works, it may be considered desirable to exercise the right to redeem the present issue of £60.000 8 per cent, debentures next March and to issue fresh debentures for £IOO.OOO, ' having a currency of 10 years and bearing interest at 6$ per cent. This would provide the £40.000 required, but the club already has £IO,OOO in cash toward the cost of the work. Debenture-holders are asked to advise if they would require or accept repayment in full of their debentures in March, if they would convert their debentures into the new 6$ per cent, issue, and if they would apply for any of the extra £40,000 of debentures that may be issued.

LONDON PRODUCE MARKETS.

The Bank of New Zealand has received the following advice from its London office as at the close of business last week: Butter —Slow; 172 a to 173s per cwt. Cheese —Slow. White, 90s per cwt; coloured, 92s per cwt. Frozen Meat—The market is firmer for heavy-weight wethers There ia a little better demand for ewea. There is a fair demand for lambs but sellers forcing sales have weakened values. The market for beef is firm. Wethers, light 6d to "Id per lb, heavy 5d to 5-Jd per ib; ewes, i%d to 51d per lb; lambs, twos 9Jd to 9jd per lb, eights BJd to 9d per lb; fours 8d to BJd per lb, seconds ?d to 9jd per lb; ox hinds, s§d to 6d per lb- ox forss, 4| to 4jd per lb; cow hinds, od'to sid per lb; oow lores, 4d to 4Jd per lb. SHEEPSKINS. The New Zealand Farmers" Co-operative Association have received the following cablegram from their London office:—"Sheepskins sales: Competition poor. Merinos, combing 10 per cent to 12J per cent., clothing 7i P er cent- i crossbreds, coobing 10 per cent clotb» n ß s 5 P er c «nt- -to 7J per cent.; lambs, 10 per cent, down."

NEW ZEALAND FRUIT. SUCCESSFUL CONTINENTAL TRADE. DAMAGE ON -THE MIDDLESEX. LONDON". Kay 31. Mr H E Stephens (London manager ot ■r, '*•"„,* Control Board) arnred from the Fruit Export Conu«* l-r „ j -u- m «rnine. where he has b«ea to Holland thii morning. superintend the unloadmg o*» consignment of New Zealand froit by the Middle.*.. The „ . . ...A*, ma far hai been aatisfacContmental trade *o "" OI ?/ c. i,.„. Trent over to Hamburg early JQ- Stephen* went . c^onm Don. nfon Line. He left the ship wealth and Doo.»|o» RoUer<Um there "l/p° rt Fremantle. which vra> carry. t0 m , e ?Vflo"e«r. of New Zealand apple, and !?£, ' ?. «? neara for Rotterdam. These tt" a C U Tn b'eaSl condition-one of the were au in i» step heni aaya. that ha hat b66t the Dominion. The fruit is first teen froff tae " -„a nrir«t« v,m-*r« disPlaced in cool store, and private buyers an ' < it .< their convenience. pose of it at """ r ,| to 17 . Delieiona ISs Jonathans made ic-s « ifi» to to 16s, Dunns 16s. to 18s. 16 « t0 i■> t nr>Hnn PioDins 15s to 15s ea. .jo.i sold to South Germany. Aus ria Switzerland, and France. Very few renMta in Holland. Freight to Hamburg is th« same saw London. Selling charges are W h"he" but against this cool .tor.*. Cha A r f e H a ß mbu T rT' the" 8 Pon" Fremantl. landed 24 000 «..? of »PPI«. Out of that .he Board had sold 17,000 cases c.i.f Mr Stephens sold another 3000 case. when the boa? arrived. The remainder were ch.eny red apples—Jonathan. and Delicious—sad these are being gradually cleared. Price. in Hamburg are fairly good—between Rotterdarn and London figure;. w „,,„. The G477 cases of peara landed at Bolter dam were mainly P. Barrys. These wer • difficult to sell in London last year, but they did well ia Holland. They ran from 16s to 13s a crate.

Too.r Vessels Together. It was rather unfortunate that the Mataroa Coptic, Herminius, and Middlesex should all' have arrived at the WhiUun week-end. Together they brought about 140,000 cases, and they had to compete against a very heavy shipment of Australian apples. Last week, therefore, the market v.as rather too well Fuppiied. ilr Stephens has given instructions to the brokers not to be in a hurry to -sell, as no vessels are expected durin* the next fortnight. In spite of the quantities available, prices have held o;>_ fairly well. Jonathans are making 13s to 15s, and Delicious l£s 6d to 14s 6d. The first of the Sturmers are making to 14s. Cooking apples are scarce, so that large Dunns are being sold at from 14s t-o 15s, equal to the -price of a dessert apple. Coxes were rather wasty, but all other varieties by these four vessels were in fair condition. The condition of the pears by thesa four veEsels has been variable. Winter Coles, on the whole, have been rather forward, and forced sales have had to bo made at from 14a to 15s a crate. Josephines and Gloumorceau have both been good, prices being from 15s to £1 a crate. Winter Nelis and Packman's Triumph hive both been selling at about 15s a crate. Clairgeau wefe mostly in poor condition. Some cases soki at low figures; other* had to go to the destructor. Cornice pears, for the most part, had to be repacked, but repacked fruit was sold for as much as 10s to 12s a tray. Damage by Water. Of tho 16,195 cases of apples and the 600 cases of pears landed at Rotterdam from the Middlesex, some 4000 cases have unfortunately been damaged badly by water. Many of the cases were drenched through. The damage appears to have been done by drippings from the grids. Snow forms on the cooling pipes, and evidently the temperature has risen enough to melt this. In any case, there should have been trays to catch any of these drippings, and these apparently were missing. The matter it in the hands of the underwriters. An agreement as to the amount of damage was also arrived at yesterday at a conference attended by a representative of the shipping company, ft representative of the Dutch Government, and Mr Stephens. A certain amount of the Middlesex cargo landed in London was affected by water, but the damage was not by any meant so severe as that disclosed at Rotterdam. In any case, the fruit is not put into cool *t«re in London, and the cases dried oat pretty well before they were sold. The wet cases in Rotterdam could not be pat into coid store, and they will have to be sold at any prires they will fetch. The Cornwall has just landed 9000 cases of apples at Manchester, 2000 of which have Bone on to Newcastle. With the exception at the Coxes, the fruit is in good condition, and prices are on a par with London values. An experimental consignment of Are cases of quinces was landed a week or so ago. The fruit ia known but it ia seldom seen in tho shops. The fruit was in excellent condition, and it was hoped some enthusiasm and curiosity would be displayed by buyers. However, no keenness was shown, and two cases were sold at 15s each, ore at 13s 6d, and two at 12s.

HIGH COMMISSIONER'S REPORT. [THE PBESS Special Eerrlcs ] WELLINGTON, July a. The Department o£ Agricultuxo lias received the following cablegram, dated 6th instant, from the High Commissioner for Xew Zealand, London: TALLOW. Only a poor demand at auction. Present quotations for spot are: Mutton, fine 41a to 41a 6d per cwt, fair to good 38a to 4Ca, dark to dull 35s 6d to 365; beef, aweet and-or mixed 39a to 435, fair to good 37s to 29a, dark to dull Gss 6d to 365, mixed fair to good 36a 6d to 395, dark to dull 35s to 35s 6d; gut, etc., 34s 6d to 36s per cwt." HEMP. Manila market dull. "J" grade for JulySe.ptembor shipment ia quoted, sellers £37 6s. The output from January Ist to June 30th was 871,000 bales against 700,000 for the same period last year. Stocks in Manila at the end of June were 306,000 balos against 143,000 and in England 10,315 against 31.232. Sisal—The market is quiet, closing easier for July-September shipment. Tanganyika No. 1 is quoted, sellers £3B 15s, No. 2 £36 15s; Tanganyika No. 1 afloat sold down to £3B 10s, and No. 3 to £36 10s. New Zealand—The market is quiet. Small business has been done in highpoints JuneAugust shipments at £33 15s, fair £3O 10s, common £29, No. 2 tow £2l 10s, No. S £l7 10s. WOOL. The Bradford market is quiet. Fine crossbred tops are slow, the tendency being in buyers" favour and less confidence ia shown in medium crossbred at current rates. Low crossbred, prepared sorts, are firm. Present quotations for tops are: &fs warp 3s 4d to 3s 4jd per lb. average 8s 3Jd to 3« id per lb; 56's, 2s s§d to 2s 6d per lb; GO'S prepared, 2s Id to 2s ljd per lb; 40's prepared Is per lb. LINSEED. The Department of Agriculture has received the following cablegram, dated sth instant, fiom Landale and Clark, Ltd., Calcutta, with reference to the Unseed market -"We quote £lB 7s 6d for linseed per ton net o. and f. Sydney, for immediate shipment; market steady."

LATEST QUOTATIONS Buyers. £ b. d. Sellers. £ s. d. N.Z» Government Debentures — 4i per cent. Inscribed, 1939 ■■ • - 100 • 0 ]'°r cent. Bonds, 1930 .. — 4A per cent. Bonds, 1938 .. . 99 17 6 4£ per cent. . Bonds, 1933 .. .. 100 0 0 5* per cent. Inscribed and Bonds, 1933 .. 101 6 0 54 per cent. Inscribed and Bonds, 1936 .. 101 10 0 99 10 0 Other Debentures— North Canterbury Hospital Board, 52 per cent., 1940 CHristchurch City, 4| per cent., 1940 N.Z. Breweries, Inscr. and Bonds Glaxo, 6 ft per cent., 1945 102 10 92 0 1 6 91 0 0 103 0 0 91 0 0 17 0 — 0 0 0 Banks — Adelaide Aust. of Commerce Australasia Comm. of Aust. Comm. of Aust. (pref.) Comm. of Sydney E„ S„ and A. National of Australasia (£10 paid) National of Australasia (£5 paid) .. New South Wales National of N.Z. New Zealand .. • • Union of Aust. ». 1 16 1 9 7 9 27 0 8 9 19 13 9 13 51 7 7 3 3 1 15 7 4 5 6 0 6 6 6 6 6 0 6 10 1 1 16 14 14 1 9 7 11 27 2 8 10 19 15 9 14 51 12 7 4 S 1 15 13 0 5 6 6 0 6 0 0 3 6 6 6 6 Insurance — A.P.A. Mercantile Mutual .. National .. South British .. Queensland .. •• Standard 0 12 1 11 0 16 3 7 3 3 3 4 3 9 4 9 6 6 0 13 0 16 3 5 6 6 0 Loan and Agency— Dalgety and Co. Golds'brough, Mort N.Z. Guarantee Corpn. United Building Society 15 2 2 8 0 9 6 0 4 15 4 0 9 0 15 0 6 6 Shipping— Huddart-Parker Union (pref.) .. 2 5 3 1 0 10 1 1 3 Frozen Meat— Canterbury Canterbury (pref.) N.Z. Kefrig (£1 paid) N.Z. Befrig. (10s paid) North Canty. Freezing 8 12 5 2 0 16 0 7 6 0 4 6 5 5 0 7 1 5 0 8 0 Woollens— Kaiapoi (17s paid) Kaiapoi (7s paid) .• 0 13 0 4 9 5 0 14 0 4 2 9 Coal — Stockton (pref.) Stockton (ord.) Grey Valley 1 3 8 0 4 0 3 1 3 9 4 9 Gas— Ashburton A uckland • • • ■ Cbristohurch .. •• 5 10 1 4 1 7 0 4 3 1 4 9 Breweries — Now Zealand .. •• Staples Timaru Timaru (Ss paid) Toolieys - • — Tooths Ward 3 17 2 12 0 14 P 8 3 I 1 13 0 6 6 5 S 0 3 17 2 14 0 8 1 17 3 1 1 14 3 10 7 0 9 0 Miscellaneous — Australian Iron and Steel (pref.) Beath and Co. ■■ Beath and Co. (Is British Tobacco Burns, P^lp Colonial Sugar Dunlop Rubber East African Coffee .. Electro. Zinc (ord.) .. *31eotro. Zinc (pref.) .. Henry Jonaa Cc-op. Howard Smith Mt. Lvell N.Z. Drug Co- ■ N.&. farmers Co-op. 12 0 1 11 6 0 9 4 2 8 4 2 5 6 57 7 6 17 5 2 2 0 1 15 9 1 16 11 1 14 9 2 1 10 1 12 3 0 9 5 2 8 6 57 15 0 17 7 1 17 0 1 16 0 13 6 2 1 11 MS 3

Buy«r«. Seller*. (10s paid) .. i a. d. £ 0 B. 8 d. o If.Z. Farmers' Oo*op, ("A" pref.) 8 8 0 jj.Z. Farmers' Co-op. ("B" pref.) 8 1 9 8 8 s N.Z. Farmers' Co-op. (1st pref.) 4 0 0 U.Z. Farmers' Co-op. (6* per cent. Stock, 1940) 90 10 0 92 0 0 N.Z. Farmers' Co-op. (64 per cent. Stock, 1945) 90 15 0 93 0 0 X.Z. Farmers Fertiliser 1 2 6 1 o \ T 'Z. Paper Mills 1 0 4 1 0 6 Quill, Moms Sugar 0 17 6 Victoria Nyanza 2 6 6 United Pictures 1 10 0 Taranaki Oil 0 - 0 VkitcomV and Tomba 4 2 0 4 4 0 Wilson's Cement 2 3 0 Eclipse Petrol (£1 p^.) 0 17 0 Mining— Kildare *. • 8 10 0 4 1 Mahakipa^ft 0 0 7 0 0 75 Waihi f6d pd.) 0 11 10 Winding Creek 1 0 2 0 0 2 2 Winding Creek (la pd.) 0 2 2 0 3 2 Kuala Kampar 0 13 3 0 14 2