FINANCE AND COMMERCE.

Press, Volume LXVI, Issue 19853, 14 February 1930, Page 10

FINANCE AND COMMERCE.

BRITISH EMPIRE TRADE A COMPARATIVE RETURN. (bbitisb oiiicul wibelisb.) (Received February 13th, 5.5 p.m.) RUGBY, February 12. The comparative position of the British Empire regarded as a unit in relation to world trade is surveyed in the thirteenth report of the Imperial Economic Committee, in which the year 3913 and the years 1925 to 1927 are taken as a basis of comparison. The bases of calculations are the official trade returns and those of the economic section of the League of Nations. It was indicated that world trade in 1927, recalculated at the 1913 value, was 20 per cent, greater than in 1913. The British Empire trade in that period increased by 27.3 per cent., and represented in the aggregate 30 per cent, of the wool trade in 1926. The United Kingdom is the focus of inter-Imperial trade, of which, in 1927, about 85 per cent, was centred in the United Kingdom. In the same year the United Kingdom and Ireland imported and used about 40 per cent, more Empire produce than in 1913. The increase in imports of foreign produce in the same period was about 15 per cent. Exports from the United Kingdom to the Empire overseas were about 9 per «ent. less in volume in 1927 than in 3913. The decrease in volume of exports to foreign countries was in the lame years about 30 per cent. LEAD IMPORTS AND EXPORTS. (tnnTKD PRESS ASSOCIATION —BY ELZCTBIC TILEOEAPH—COPYRIGHT.) LONDON, February 12. Lead imports for January were 85.868 tons, including 10,012 from Australia. The exports totalled 4003 tons. CO-OPERATION IN WOOL INDUSTRY. LONDON, February 12. Mr Maurice Durrule's suggestion for the co-operation of Dominion woolgrowers in technical matters is favourably received in Bradford. It has long been felt that the Wool Federation was aot working b6 completely as it might do if Dominion woolgrowers were represented at its yearly conference. The secretary points out that countries wishing to join must apply.

BULK PURCHASE OF WHEAT. OTTAWA, February 12. A Winnipeg message states that the proposal in London to establish an Imports Board for the purchase of the Canadian wheat surplus is meeting with the full approval of "the Wheat Pool, which regards the suggestion as the nearest Bolution to the wheat problemIt is believed that a bulk purchase will prevent price fluctuations in England and middleman, speculation in Canada. The pool is inviting definite British Government proposals, falling which it will urge the Canadian Government to seek new Oriental wheat markets. COMMONWEALTH BANK. (touted pbess association—bt electbic TELEGBAPH —COPYBIOHT.) {Received February 13th, 9 p.m.) SYDNEY, February 13. Substantial movements are shown in the" weekly return of the Commonwealth Bank. To February 10th the note > issue is £480,500 lower at £41,903,726, while the gold reserve has risen by £3,113.288 to £21,581,207. (Some gold, evidently obtained from other institutions, has been placed in Botes reserve preparatory to shipment to London. ; ■ The figures of the hanking department reveal a contraction from £4,300,000 to £3,900,000 in money at abort call in London.

RHODES MEMORIAL CONVALESCENT HOME. I FORTY-SECONP ANNUAL REPORT. ' The • forty-second annual report of the Ehodes Memorial Convalescent Home, for the year ending December 91st, records With the utmost regret the very great' loos which the Home has sustained in the death •f Lady Rhodes. The keen interest Lady Rhodes took in so many institutions and Societies and the generous support that she save them is well known. Lady Rhodes Being a member of your Ladies' Committee, the Bhodes Homo benefited to a very great •detent by her practical assistance and support. Her place on the committee wil] be iard to fill. Under her will the Home received a legacy of £I6OO. "In presenting our annual report, together with maintenance, profit and loss accounts, and balancesheet for the year ending December 81st, 1929," the report continues, "we are glad to state that thfty are of a very satisfactory nature. In our last report we mentioned thstall tho buildings required painting outside and that there were numerous renewals •Aid redeoorating work to be done inside the building. Under the supervision of Messrs 3. and W. Jaraieson, Ltd., all the buildings h*ve been overhauled, renovated, and repaired, wherevor necessary, both inside and •ut. The' Home at present is in excellent eider, and . we do not anticipate having to provide for further special' expenditure for soma time. During the year tho daily number .of iupiates in the Home was: Private department 13.5 and dormitory 19.3, as compared with 7.4 and 19.1 respectively in 1928 (a considerable increase ip the number of patients). 'ln accordance with the regulations, Sir B. Heaton Bhodes' and Mr W. T. Charlewood retire from the committee by rotation, and offer themselves tot Arlection. In conclusion, 'he committee desires to thank all contributors for thoir continuod support, and also those who havo given assistance to the Home in other ways.. They also "wish to acknowledge the *ery '.satisfactory work of the matron and ■ •tan during the year." Tho balance-sheet shows a total expend/ , turn of £3632 15s-6d, the main items being: Salaries and wages, £1283 16s 3d; household provisions, £843 13s Id; fuel and light, <297 18» lid; rates, insurance, and telephone, £lB5 17s lid; and repairs, £627. Op the revenue side patients' fees and extras represented £3632 15s 6d. The profit and loas account showed a balance from the maintenance account of £BS 14s Bd, subscriptions £221 Ba, and interest £73 4s Id, a total of £3BO 6g 9d, the net profit transferred to capital account being £3lB 5s 3d. The assets include land and building, *18,(175 5e sd; furniture, £915 3s 2d; sundry debtors, £277; Permanent Investment and Loan Association of Canterbury deposit at call, £IOOO, the total assets being £20,712 18s <d_. The capital fund, plus tho transfer of this year's surplus, Btands at £17,071 4a Id and the endowment fund at £3600. f BUTTER AND CHEESE. / . The New Zealand Loan and Mercantile Agency' Co., have just received a cablegram from, their London" offica giving the following information, under date 12th inst.: ' Butter—New Zealand choicest salted, 152s Is ' 151s;' market is weak. CbMSs—6Bs4o 90s; market is quiet.

CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. There was a good turnover of stocks on call to-day, with price movements for the most part in favour of buyers. Transactions, exclusive of vestibule business, included: — 230 P. and O. Deferred Stock. 100 Commercial Bank of Australia. 32 National Bank of Australasia (£lO paid). 65 National Bank of New Zealand. 20 Bank of New South Wales (cum div.). 100 Bank of New Zealand. 10 Union Bank of Australia. 44 Dalgety and Co. 100 N.Z. Refrigerating (10s paid). 150 New Zealand Breweries. 100 Staples Brewery. 435 British Tobacco. 15 Colonial Sugar. 100 Mount Lyell. 100 Australian Bank of Commerce. Australian Bank of Commerce shares were easier with sellers at 25s 9d, buyers at 25s 6d, and business at 25s Bd. Bank of Australasia claimed stronger buyers at £ll 19s, sellers at £l2 ss. Commercial Bank of Australia relapsed to 23s sd, sellers staying in at that price, buyers at 235. National of Australasia fully paid shares had dealings at £ls 10s, market closing £ls 9s sellers, £ls 5s 6d buyers—the £5 paid shares were firm with buyers at £7 13s 6d, sellers at £7 15s. National Bank of New Zealand dropped to dealings at £6 2s 6d, £6 Is 6d, and £6, and there were further buyers at the lowest price, sellers at £6 Is 6d. Bank of New-South Wales eased to £4U 17s' 6d, closing quotations £4O 12s fid buyers, £4l sellers. Bank of New Zealand declined to 58s, and more were available at that price, buyers at 57s 6d. Union Bank of Australia were a trifle firmer with business at £ll 19s, buyers at £ll 19s, sellers at £l2 2s. Dalgety and Company shares had dealings at £l2 7s and £l2 ss, and there were further sellers at £l2 4s buyers at £l2 Is. Goldsbrough, Morts weakened to 32s 3d sellers, 31s 3d buyers. P. and O. Deferred Stock was easier with business at 48s. New. Zealand Refrigerating 10s paid shares moved up to 5s 9d,' buyers staying in at that price, sellers at 5s lOd. New Zealand Breweries were fractionally, weaker with dealings at 83s 9d, market closing 83s 9d buyers, 84s sellers. Staples Brewery shares realised 48s 7d, closing quotations 48s 6d buyers, 48s 9d sellers. British Tobacco declined to 42s lid, 42s 6d, and 42s sd, market closing 42s 6d sellers, 42s 4d buyers. Colonial Sugar were released at £44 7s 6d, and more were offered at £44 6d, buyers at £43 12s 6d. Holden's Motors dropped to 19s 9d sellers, 16s buyers. Mount Lyells were down Is at 34s lOd. Victoria Nyanza Sugar shares, cum dividend, appeared stronger with buyers at 41s 6d, sellers at 42s 9d.

LATEST QUOTATIONS. Buyers. Sellers. £ e. d. £ b. d. N.Z. Government Debentures-^-ti per cont. Inscribed, 1938 Sji per cent. Inscribed, 1933 .. 99 0 0 99 6 0 62 per cent. Inscribed, 1936 i. .. - 99 B 0 Banks—• ( ~ Adelaide ... 710 0 717 6 Auat. of. Comttierc® .. .16 ,6 15 9 Australasia .. .. 11.19 0 12 6 0 Comm. of Aust. 13 0 1 8 5 Comm. of Aust. (rights) 0 2 4 E., S., and A. 614 « 616 0 National of Australasia (£lO paid) .. 15 6 6 IS 9 0 National of Australasia (£5 paid) .. .. 713 6 715 0 National of N.Z . 6 0 0 6 1 6 New South Wales rcum div.) .. .. 40.12 6 41 0 0 New Zealand .. .. 217 6 216 0 Union of Aust. ,j .. 11 19 6 ,12 2 fe Insurance— New Zealand (ex div.) 2 8 8 2 4 8 South British .. 3 0 6 Loan and Agency— Dalgety and Co. 12 1 0 12 4 O Goldsbrough, llort .. 111 8 112 '2 N.Z. Guarantee Corpn. 0 7 9 0 8 2 Shipping— ■ Huddart-Parker 117 6 2 0 0 Northern Steam (lis 6d paid) - 0 14 0 P. and O Deferred Stock Union (prefj 1 0 8 Frozen Meat— Canterbury (ord.) .. Canterbury (pref.) .. Gear .. 1 19 6 N.Z. Befrig. (il paid) 011 4 012 1 N.Z. Befrig. (10s paid) 0 5 9 0 610 North Canty. Freezing 0 3 0 Woollens— • Kaiapoi (17a paid) ... 0 10. 6 012 8 Kaiapoi (7s paid) .. 0 8' 9 —. Kaiapoi (pref.) .. 013 9 014 6 Gas— Auckland ' .. .. 1 8 10 Christchuroh (10s paid) 0 12 9 Timaru (cum .div.) .. 14 8 Breweries— Carlton .... .. 119 6 2 0 6 Foster's .. New Zealand .. .. 4 8 9 4 4 0 Staples Brewery .. 2 8 6 2 8 9 Timaru .. 015 0 016 0 Timaru (5s paid) .. 0 6 0 0 8' 1 White Star .. .. 011 0 014 0 MiscellaneousAustralian Glass Beath and Co. 19 6 112 0 Beath and Co (Is paid) 0 6 3 0 7 3 British Tobacco - .. 22 4 22 6 Broken Hill Propty. .. Colonial Sugar .. 43 12 6 44 2 6 Electro. Zino (ord., cum div.) .. .. 111 I 1 117 Electro. Zinc (pref., cum div.) .. 111 6 111 9 Henry Jones Co-op. .. 110 6 112 9 "Herald" and "Weekly TimW (rights) .. t 0 0 110 0 Holden's Motors .. 018 0 019 9 \ Hume Pipe (Aust.) .. Keuri- Timber .. 0 16 0 Mt. Lyell .. ..1 14 10 115 0 N.Z. Drug Co. 810 0 813 0 N.Z. Farmers' Co-op. (10s paid) .. • .. 0 3 0 N.Z. Farmers' Co-op. ("A" pref.) 2 8 6 N.Z. Farmers' Co-op. ("B" pref.) 2 15 0 N.Z. farmers' Fertiliser 110 116 ■N.Z. Paper Mills .. Quill, Morris .. 013 0 Victoria Nyanza Sugar (cum div.) .. 9 1 6 22 9 Wilson's Cement .. 1 19 4 Mining— Mahafcipawa 0 0 3 0 0 4 Stoney Creek (6d paid) 0 0 7 0 0 9 Winding Creek (In pd.) 0 10 Winding Crfeek (6d pd.) 0 0 9 YESTERDAYS SALES. i CHRISTCHURCH. Sales on 'Change— £ s. d. Natl. Bank of A'asia (£lO paid) .. (3) 15 10 0 Natl. Bank of N.Z. .. 6 2 6 6 16 6 0 0 Bank of N.Z. .. (2) 218 0 Union Bank of Aust. .. 11 19 0 Dalgety and Co. .. ~ 12 5 0 N.Z. Befrig. (10s paid) .. 0 5 9 N.Z. Breweries .. .. 4 3 9 Staples Brewery ~ 2 8 7 British Tobacco .. (4) 2 211 22 5 22 6 22 5 Mt. Lyell , _ M „ 115 0

general motors.

dividend millions. With the 13,000,000 dollars (£2 600,000) distributed in the form of an extra dividead 30 cents a share on common stock the total disbursements to stockholders of Ihe General Motors Corporation applicable IQOQ earnings was increased to about Pr S^ M o r U t A lha e t d iT dollars L\ b^t^^ 4 'm'8 000 eir^r g s, Pa iV^lor k^s stockholders that he hopes they wilj consider the 1929 showing satisfactory, especially i n view of the unsettled conditions durine the recent past. . * , "It is exceedingly pleasing to mo to bo ahifi to state that the total number of Gen B,X Mr d Sloan states that during the ! ast months the scope of General Motorsactm ties has been widened greatly. We have made certain investments for .the P u^P°® e of strengthening our position in the automotive field," he continues. We are now identified with the aeroplane industry through interests in the Bendix Corporation and the Fokker Aircraft Cor poration. We have entered the field of radio by association with the Radio Corporation of America. , "With an increase in the world use OI motor vehicles to over 3-0,000,000, and an upward trend in the number of new owners in the newer markets of the world, our studies," he says, "indicate a of the American industry as around 5,500,. 000 vehicles a year, to be reached within tha next few years. In addition to this it is reasonable to expect increases from year to year through the natural growth of population and wealth."

OXFORD MARKET

The entries at the fortnightly market yesterday were the largest there for some time, the total being 1191 fats and 1875 stores, s total of 3066 sheep. Of these, 850 were fat lambs, 250 fat ewes, 89 fat wethers, and 1834 store lambs, and a few ewes and wethers. J Jest fat lambs made from 26s 7d to 28s, medium fats 24s to 25s 10d, smaller sorts 21s Id to 22s 4d. Good fat ewes made from 18s lid to 20s, medium 14s lOd to 18s. Id. Owing to farmers being busy with the harvest, the attendance was not as large as usual. The sale, however, was a good one, and all lines were cleared. The following sales were made: — Fat Lambs —J. Constable, 16 at 24b 4d; C. Watson, $3 at 21s 4d; Mrs E. Proflitt, 16 at 28s; F. Loffhagen, 28 at 25s 4d; H. E. Dalley, 34 at 27s 4d;.T. J. Smith, 28 at 18s 7d; A. Powell,'B4 at 26s 7d; R. Gibson, 54 at 26s 7d; C. E. Brown, 27 at 25s sd; P. J. Meyer, 52 at 21s Id; R. P. Henderson, 25 at 24s lOd; J. J. Skurr, 20 at 25s lOd; J. Perham," 36 at> 265; E. W. Meyer, 30 at 28s Id; H. G. Askew, 33 at 27s lid; Mrs Beere, 103 at 265; H. J. Lewer, 124 at 25s 4d; H. G. Cross, 63 at 27s 6d; J. Egan, 75 at 25s 7d; A. McGillivray, 19 at 26s 7d; Mrs Bowman, 99 at' 21s; H. Campbell, 55 at 29s lOd; F. Baxter, 15 at 27s 7d; A. Meyers, 66 at 24s Id. Ewes—J. Egan, 42 at 19s Id; R. Bo&ish, 8 at 19s 4d; Mrs Bowman, 15 at 19s 7d; A. McGillivray, 7 at 19s lOd; H. Campbell, 6 at 30s; J. Parnham, 6at 20s; A. Powell, 15 at 20s; F. Loffhagen, 24 at 19s 7d; Mrs Beere, 17 at 19s 6d; Wells Bros., 18 at 14s lOd; G. Ryde, 82 at 21s Id; Gilchrist Bros., 19 at 18s lid; client, 36 at 18s Id. Wetherß—C. Watson, 11 at 255; T. J. Smith, 7 at 22s 3d; E. W. Meyer, 18 at 25s Id; H. G. Askew, 6 at 27b; L. Garlick, jun. 7 at 23s 3d; J. 3. Stevenson, 24 at 28s Id;' H. Campbell, 3 at 28s Id; P. Baxter, 3 st 25s Id. Store Sheep—Lambs: 210 at 23s Bd, 180 at 22s lOd, 101 at 16s 9d, 76 at 16s 3d, 20 at lis, 53 m.s. at 15s 4d, 41 at 17s 4d, 252 at 18s, 372 at 22s Id, 806 at 21s 6d, 160 at 21s 7d, 62 rape lambs at 19* lOd, 3J at 21s 100 at 21s 2d. Withers —10 at 21s . 9d, 14 ewe« a* 15s. There was ait entry of 47 head of cattle, mostly young, which found a ready sale. Tbo sales made 'were: —Two yearling steers and 4 heifers £3 each, 9 heifers and 2 steers £2 12s, 2 heifers £3 4s, 5 18 months to two year heifers and steers £5 13s 6d, i stte.* £5 1 heifer £5, 2 steers and 1 heif<r £1 lb. In thq pig pens the entry was confined to a few weaners, which sold at market rates. A REDUCED DIVIDEND. Elder, Smith and' Company, woolbrokers, stock and station agents, Australia, has reduced its dividend. An interim dividend of 3 J per cent., or at the rate of 7 per cent, per annum, has been declared. Since 1905 the company has paid a dividend of 10 per cent, per annum, and in three years a bonus was added to the usual distribution. The present rate of distribution is the lowest since 1899, for which year 6 per cent, was paid, although in 1900 to 1904, when 9 per cent, was paid, interim dividend was 3 per cent, and the final dividend was S per cent. The chairman, at the half-yearly meeting, stated that with the drought still persisting in such a large area of Australia, and with the uncertainty of the wool market, he felt constrained to issue a warning that the company's profits "may not be maintained if Buch untoward circumstances continue." The company has a paid-up capital of £2,393,640.

N.Z. PORK. Our London correspondent write* on January 9th: —Pigs of every description have been very dear. New Zealand pork is making some remarkably high prices, but unfortunately (remark Messrs H. S. Fitter and Sons) only small supplies are available. Prices quoted are:— ad a d English (under 80lb) .. 1 1 to 1 2 English (80-1201b) .. 1 0 to 1 1 English (120-1601b) .. "0 10 to 0 11 New Zealand (under 801b) 0 10J to 0 11 New Sfealand (over 801b) 010 to 010 South American .. 010 to 0 10a £ s. <L Bales Reported— t *. 4. Comm. Bank of Aust. * 13 5 Bank of N.S.W. (cum div.) 40 17 6 Dalgety and Co. .. . .. 12 7 0 N.Z. Breweries .. 4 3 9 Colonial Sugar .. .. 44 7 6 Aust. Bank of Commerce ... 15 8 P.O. Deferred Stock • • 2 8 0 AUCKLAND. Sales: £ a. d. National Sank of Australasia ... • ... 15 10 0 Bank of New South, Wales 40 15 0 40 10 0 Bank of New Zealand ... 218 6 Union Bank ... 11 17 6 Commercial Bank ... 1 3 7b 13 6 13 4 •Commercial Bank (rights) 0 2 6 0 22 0 2 1 ,020 New Zealand Insurance (2) 2 4 0 Pukemiro ... ... 310 0 Auckland Gas ... ... 13 7 Auckland Gas (oon.) (2) 017 4 New Zealand Breweries ~. 4 4 0 Booth, Macdonald (pref.) 0 3 6 British Tobacco ... ... 22 6 Electrolytic Zinc ... 111 6 Waihi 0 13 5 Mt. Lyell ... ... 116 0 War Ponds, 1933, 5J per , oent. ... ... 97 17 6

WELLINGTON. Sales Reported—- £ s. d. N.Z. Government 5J per cent. Bonds, 1933 ... 99 2 6 Bank of Australasia ... 11 15 0 National Bank of N.Z. ... 6 6 0 Bank of New Zealand ... 218 6 Commercial Bank of Australia (rights) ... 0 2 4 "National Bank of Australasia ...» ••• ' ® 7 13 6 7 15 0 GoLdebrough, Mort and Co. 113 1 13 8 New Zealand* Breweries, shares ... ... 4 4 0 British Tobacco ... ... 2 3 3 2 3 0 DUNEDIN. Sale:- „ £ s. d. British Tobacco ... ... 2 3 0 Sales Beported— British Tobacco .» ••• 3 3 ,

QUOTATIONS FROM ADELAIDE.

(Received February 13-th, 9.25 p.m.) ADELAIDE, February 18. Wheat—-4s 6Jd. , Flour —£12 2s 6d. Bran —£6 12s 6d. Pollard —£8 ss. Oats —Algerian 2s 8d and 2s lOd. MELBOURNE HIDE MARKET. (Received February 13th, 9.25 fc.m.) MELBOURNE, February 13. The hide market is irregular, and values were generally a farthing to three-eighths of a penny lower for all weights. SYDNEY WOOL SALES. (Received February 13th, 9.25 p.m.) SYDNEY, February 13. At the wool sales the offerings totalled 8457 bales, of which there were sold 7972 bales, also 317 disposed of privately. There was good general competition, and the market was firm at the best rates of the week, with a particularly keen demand for finer descriptions. Greasy merino made up to -22 Jd. BRITISH TRADE RETURNS. (UNITED rRBSS ASSOCIATION—BY ELECTRIC IELEGRAPH—COPYRIGHT.) LONDON, February 12. The Board of Trade returns for January show that imports decreased by £14,692,000, exports by £8,617,000, and re-exports by £1,636,000. The principal decreases in imports were: Grain and flour, £1,841,000; food and drink, non-dutiable, £2,270,000, dutiable £1,590,000; raw cotton £4,456,000, wool £1,547,000. In exports the principal decreases were:— Iron and steel and manufactures thereof £943,000, machinery £621,000, cotton yarns manufactures £2,906,000, woollen worsted manufactures £1,114,000, vehicles £1,796,000. Increases in imports of oils and fats were £1,636,000, and in exports of coal £1,234,000. NO TALLOW SALES. LONDON, February 12. The tallow sales were not held. WHEAT CONTROL BILL. (UNITED PRESS ASSOCIATION —BY ELECTRIC TELEGRAPH—COP YRIGHT.) OAPE TOWN, February 12. A farmers' agitation resulted in the introduction of a Bill empowering the Minister to prohibit, control, or Tegulate the importation of any class of wheat. . BOSTON REDISCOUNT RATE. (UVI3U> PBKSS ASSOCIATION —BT BLXCTBIO TBLEGRAPH—COPYRIOHT.) NEW YORK, February 12. Tho Boston Federal Reserv® Bank has reduced its rediscount rate from 4J to 4 per cent. PRICE OP GOLD. LONDON, February 12. The price of gold is 84s 11 gd per ounce. SYDNEY STOCK EXCHANGE. (Received February 18th, 9 p.m.) SYDNEY, February 13 The cessation ol New Zealand buying of Australian stocks has led to an easing up of prices of bank shares on the Exchange here. Commonwealth bonds also declined a couple of points. SYDNEY PRODUCE QUOTATIONS. (Received February 18th, 9 p.m.) SYDNEY, February 13. Wheat—ln bulk 4s 10id, bagged 5« per bushel. Flour—£ll 10s. , Bran—St 10s. Pollard—£9. Potatoes—Tasmanian, £9, £lO 10«; Victorian, £7 10s. Oats —White, 6s; Algerian, 4» 6d. Maize—7s.

BLENHEIM STOCK SALE. (SPECIAL TO THE PRESS.) BLENHEIM, February 13. At the weekly stock sale a fairly large entry of stores was sold under the hammer at prices on a rather lower level than at the preceding sale. Low prices were received for low-conditioned, small, or inferior lambs. A large percentage of the store yarding came from the Sounds locality. In all a total of 831 fats and 3005 stores were offered. In the fat department prices for ewes ranged from 13s Id to 20s 3d, as compared with last week's prices of lis 3d to 20s. The range for wethers was 14s to 24s Bd, as compared with 21s to 21s Bd, there being a drop in anything not tip to perfection pitch. C.P.R. STOCK. . The Canadian Pacific Railway Company proposes to apply to the Canadian Parliament for authority to reduce the par value of its common stock from 100 to 25 dollars, constituting four shares for one. The common stock issued by the eompasy ( according to the latest accounts, amounts to 808,278,700 dollars (approximately £61,690,000). In addition, 'there' is 117,181,021. dollars of 4 per cent, preference stock. A. large amoupt of capital has also been raised by successive issues of bonds of various categories. The company's railway system comprises 14,822 miles. Ever since 1912, it has paid quarterly dividends amounting to. 10 per cent, per annum. The highest price paid for the common stock on the Mew York Stock Exchange last year was 2692! shortly before the eollapse in October, sales were made at from 218J to 236}. According to private advice received by an Auckland firm, sales of the stock were made as recently as February 6th at 299, bnt on reports of the proposal to divide the shares, the price rose to 219 on February 7th and to 225 on the following day.