FINANCE AND COMMERCE.

Press, Volume LXVII, Issue 20342, 15 September 1931, Page 10

FINANCE AND COMMERCE.

AN IMPORTANT YEAR. EMPLOYERS' ASSOCIATION. THE ANNUAL REPORT. Tho activities of the Canterbury Employers' Association for the year ended at June 30th, 1901, are fully covered in tlic Association's annual refort which will be presented to the ;.«nual geucral meeting on September JDtb, The financial statement shows a I-alasce of receipts over payments of £3OO l"s Cd, and the balance of assets over liabilities now stands at £1444 :n 7(], an increase of more than £250 miice the last statement. The report records, with deep regret, ihe deaths of the Hon. T. Shailer Weston, M.L.0., and Mr J. A. Frostick. The Membership. 'there was a slight decrease in mem- ; l"Tsbip during the past twelve months, but one which could only be antici- I patcd in view of the industrial depression through which wc are at present passing. It was pleasing to note that •luring the year 15 new members had been elected, these to some extent counter-balancing resignations received. The Toll now stood at 453, which included eight affiliated Trade Associations. While the executive fully appre- • iated the fact that business houses had to cut expenses wherever possible at the present time, it would like to remind members of the fact that the subscription which they paid to tho Association for its maintenance was one from which direct benefit was continually being derived. Particularly in a time iiurh as tho present the Association was able to tender invaluable services to employers generally. The statement of receipts and pay'nents and the balance-sheet showed that the position of tho Association had been further improved during the part twelve months. The executive had felt that some endeavour should be made to meet the present conditions by way of reducing the annual subscription to members, and thus lightening the burden of the organisation on the individual firms. After careful investigation of the finances of tho Association and of the probable expenditure during the next twelve months, a new scale of subscriptions would be submitted to the annual meeting. The reductions recommended were in some cases fairly substantial, and it was *elt that all members would appreciate this tangible effort to meet existing circumstances. Incidentally, it was hoped that other employers will be induced to become members and thus farther help tho organisation. Trade Organisations and Meetings. The Association now acts as secretary of seventeen different trado organisations, ono additional Association having joined up during the year. With the amount of legislation affecting the business community which has been before the sessions of the present Parliament, continues the report, these trade Associations havo j shown, increased activity, and this lias < meant additional work for the staff. The number of meetings held during the year has been greatly in excess of recent years; particularly has this been $n during the last few months. In all eases these trade organisations are entirely satisfied with' the services they receive from the Association and its officers. It is gratifying to know that the Association was able, to render such valuable service to employers in the different trades. Of recent' months, more than ever, the advantages of the centralisation of trade organisations I have become more apparent, and there are at present indications that one or tiro further Associations will seek the services of the secretary within the sear future. Other than amendments to the Apprentices Act and the Unemployment Act, and the seetion of the Finance Act giving power to the Arbitration Court to make general orders amending existing awards during their currency, there bas been no industrial legislation passed during the year. Tfie long-promised revisions of the Shops and Offices Act and of the Factories Act have not yet been brought before the House. In the case of the former, the Select Committee's report is not yet. available, and no doubt it is for this reason that no amending Bill has been brought forward. Unemployment. "The Unemployment Act,' which was passed late in the session of Parliament Jact year, has now been amended to provide for a wages tax in addition to the previous unemployment levy. Although there has been objection from many quarters to legislation of this nature being placed on the New Zealand Btatute Books, the regrettable prevaIttncy of unemployment undoubtedly made some such measure absolutely necessary. This question is one which is exercising the minds of industrial economists and politicians throughout the world, and while no effort should be spared in an endeavour to find a permanent cure, the existing position has made temporary relief measures inevitable. The Unemployment Board, which was reconstituted by tho amending Bill passed this year, is charged with tho duty of administering in the wisest pos-, sible manner the funds collected from the levy and relief taxes. In doing so, it is essential that attention should be given to the employment of men on works which will be, at least to some degree, direetly reproductive, and on this point it seems that the administrators of the have as yet achieved little success. While critics are continually being assured that full investigation is being made of schemes of irrigation, sowing of sand dunes, treeplanting, tae clearing of waste country, etc., little definite progress seems as yet to havfe been made." Employers' Federation. The executive again wishes to record is appreciation of the Federation and its staff for the moßt efficient manner in whiwt they continue to carry out the work ft the organisation. The local daily newspapers had continued to publish fair reports of all industrial matters. The present situation had brought questions of an industrial nature, into prominence, and, through their Informative report's of matters f the unemployment relief tax 5 ji * Be "' ence > newspapers had per*®nneasingularly useful service to those l In industry generally. For this I tlW T^ tive . extended its thanks. ■ ' desired to record appreciation ■ the work of the members of the ■ IMS of the loeal Labour Department.

POEK EXPORT. POOR PRICES SECURED. Efforts to establish the export trade of pork in the Dominion have proved a failure so far. This fact is revealed by the returns received by the Canterbury Agricultural and Pastoral Association from London in respect to a consignment of 29 carcases which were sent to London after the show in November, 1930. On those returns it is shown that the exporters will net 2d per lb on bacon and 2id a lb on pork. The net price is much below the cost' of production. Ever since the Royal Show of 1925 the Association has been sending to London tho finest show animals in an effort to establish the pork industry on an export basis. In addition, shipments have been sent by the Canterbury Agricultural College and Mr C. Morgan Williams, of Kaiapoi. Last year 's show shipment, the returns for which have just been received, was accorded the highest praise by London experts, but despite this, has not proved profitable. Fourteen porkers and fifteen baconers. wore sent away, and in regard to the porkers, the judges could not differentiate between them in quality and awarded each carcase the maximum points. Charges High. The porkors realised s£d per lb in London, and the baconers 4id. The charges worked out at 2sd per lb, leaving a profit of 2Jd on porkers and 2d on tho baconers. Last year the prices worked out at 12£ d for porkers and lOd for baconers. For a total weight of 22391b, a cheque for £4O 10s 3d has been received, but the charges total £24 16b. The local charges, comprising killing, freezing, and freight, total £l7 18s sd, while the charges at the terminal port, including commission, insurance, and storage, come to £6 17s 7d.

TAX ON DIVIDENDS.

ASSESSMENT NOTICE FROM

AUSTRALIA

The illustration of the Australian tax on dividends on shares held in New Zealand, which was quoted in The Press yesterday, prompted a Christchurch sharebroker to forward tho following copy of {in assessment notice received from the Federal Deputy Commissioner of Taxation, Melbourne: — "On December 16th, 1930, the Commonwealth Legislature imposed a special income tax pf Is 6d in the £ on taxable income derived from sources in Australia by way of interest, dividends, rents, or royalties. This tax is in addition to the normal income tax payable on income derived from the sources mentioned and applies to income derived during the year ended June 30th,> 1930. "In the case of-dividends paid .wholly; or partly out of income on, which the company has paid the special tax of Is 6d, that part of the dividend paid out of this class, if income, ia .»ot subject to the special; tax in the hands of tho: shareholder. H : ' ' *' 4 'The '"assessment enclosed herewith is based on dividends amounting to received by or credited to- you during the ypar ended June 30th, 1930, on shares held by.you in the Mt. Lyell Mining and Kailway Co., Ltd. "The amount of the total dividend received by you which is exempt from Tioth normal and the special income tax is &—, and .tho .amount of the balance; of the dividend which is not subject to the special tax is . "The amount of the total dividend which is subject to normal income tax without any rebate of tax is £—, "The tax as assessed may be paid at the office of the High Commissioner for Australia, Australian House, The Strand, London. "Ih the event of non-payment of the; tax on the due date stated on thej notice of assessment, action will be, taken to collect the tax from, subsequent dividend payable to you. "If the dividends forming the basis i of the attached assessment have ;aiready; been charged with Federal income tax by reason of tie fact that a return has been lodged on your behalf by an agent in Australia, please advise by return mail the name and address of such agent'. In such circumstances, payment of the tax now assessed may remain in abeyance pending further advice from the Department." AUSTRALIAN TRADE DELEGATION. VISIT TO OTTAWA. / (UNITED TBESS ASSOCIATION—B7 ELECTRIC TELEGBAPH—COPTBIOHT.) (Received September 14th, 7.40 p.m.) OTTAWA, September 13. The Australian Trade Delegation will be tho guests on Monday of the Board of Trade, when the Canadian-Austra-lian trade and preferential tariffs will bo discussed. CHRISTCHURCH FIRM'S SUCCESS. PRIZES AT ROYAL SHOW IN MELBOURNE. Cabled advice has been received that Quill, Morris, Ltd., the Christchurch aerated-water and cordial manufacturers, have won all three prizes for ginger ale at the ltoyal Show in Melbourne of. the Royal Agricultural Society of Victoria. The firm entered throe types of ginger ale and each of the three prizes awarded at the show for this class went to thean. The exhibition is the only one of its kind in the Southern Hemisphere and Quill, Morris, Ltd., were in open competition with all aeratedwater and cordial manufacturers throughout Australia. RURAL CREDIT BOARD. (fbess association telegeam.) WELLINGTON, September 14. At the monthly meeting of the Kural Intermediate Credit Board, the . Commissioner reported that the Mangonui ' Co-operative Sural Intermediate Credit Association, which has its headquarters at Kaitaia, had now been registered. The Board appointed Mr C. E. Shallcrass to the vacancy on the South Canterbury District liural Intermediate Credit Board caused by tho resignation of Mr £. Cochran on his transfer from the district. The position disclosed by the annual reports of Associations was very gratifying. There had been a Urge increase in the business transacted by the Associations,' and the directors considered there was every prospect of the continued advancement of the Association method of lending.

GOLD MINING.

ACTIVITIES IN NORTH OTAGO. DISCOVERY OF COAL. (special to the press.) OAMARU, September 14. There is a considerable activity in the revival of gold mining operations in North Otago, which, judging by reports, arc resulting in encouraging yields. On the old Livingstono goldfields a large amount of work has been carried out in cleaning out and reconstructing water-races that were in use many years ago. It has been discovered that the tailings of . the old workings contain gold in highly payable quantities, and with up-to-date gold-saving methods it is considered that the work carried out on the water-races will pay for itself. At the present time, although the snow has not yet commenced to melt, sufficient water is coming in to enable the cutting down, of the tailings to the bottom, to permit of extensive sluicing operations to take place as soon as the races are carrying their full capacity, which is expected to take place in a few weeks' time. The energetic miners who have undertaken the "try again" on the Livingstone fields have a sluicing plant complete to the latest detail, and confidence is felt in the ultimate outcome of the venture. This renewed activity on the goldfields at Livingstone has led to litigation in respect to mining water rights, and in the case of a restoration of an old title to the register by the Warden an appeal by way of rehearing has been heard before his Honour Mr Justice Kennedy, whoso decision has not yet been announced. Unemployed Men. This activity has led to a number of unemployed men taking out miners' rights and going forth to try their luck in the numerous gullies in the watershed of the Kakanui and Kurow ranges. General reports indicate that even with crude methods sufficient gold is being won to return good wages to a hard worker. Digger's Gully, Kurow, where at one time, it is said, there were approximately 500 miners engaged, has again come under keen prospecting operations, and although it is many years since the gully was supposed to bo worked out, gold is being recovered by crude operations from the size of a flattened pin's head to pennyweight pieces. This applies to almost any spot at which a hole is sunk over a distance of two miles of this gully. The difficulty in respect to the systematic working or sluicing of claims in the locality is, in common with other parts of the district, due to a lack of adequate water supplies. At the present time several parties are endeavouring to' treat the alluvial wash with a supply of wator that is little more than sufficient to pan off a dish of dirt, and it is considered, on substantial grounds, that if an adequate supply of water is brought in, the whole of this gully, including the ground scratched over by the original miners, will produce gold in highly payable quantities. The question of water supply is being gone into, and it ia hoped that the past difficulty-will be solved ill the near future. Coal Deposit. Another discovery of considerable importance to the Kurow district lias "Been made in the finding of a coal doppsit. of good quality. When it is considered that coal, which is practically the only heating and cooking agent avaUable to many of tho farmers oil the district, has to bo hauled groat distances to Kurow, and costs tho settlers approximately £4 a ton, tho new discovery should prove a great boon to tho residents there. Through the erosion; of the Awakino river a coal outcrop was laid bare, and subsequently buried up ,again by, boulders and gravel carried down by the river. This outcrop has latoly been located, and an adit driven into the coal has disclosed that the seam is about 10 feet in thickness, and dips sharply to tho south-east. Although work of only a minor nature is being carried out at present, it is considered that the coal seam is worthy of energetic developmental operations. The deposit is only three miles from ith'o township, and as the adit is being driven into the seam, tho coal is becoming harder. It is a bright, black coal, and is being sold at Is and Is 6d per bag to local. residents, and is said to bum brightly and to be. very suitable for s household' purposes. OKARITO DREDGING COMPANY. (press association telegram.) DUNEDIN, September 14. The Okarito Five-mil© Beacliy Gold Dredging Co., Ltd., reports a return of 46 ounces for 113 hours' work

CORNISH POINT MINING CO. The mine manager of the. Cornisli Point Gold Mining Co., Ltd., telegraphs as follows:; —Drovo six feet north main drive, struck high bottom; started main drive, littlo wash, bottom rising. SURVIVAL OF INDUSTRY. MAKING OP PROFIT ESSENTIAL. "In some quarters it is fashionable to.decry profit, even to regard it as an illegitimate deduction from tho fruits of industry," writes Sir W. Dainpier Whetham, in Lloyds Bank Monthly Review, "l'et economic investigations show the importance of profit—as indeed do the results of commonplace reasoning. Unless profit is made, industry cannot survive, and unless some of it is reinvested, industry cannot expand, This is as true under Socialism as under individualism; even Russia lias been obliged to secure a surplus in industry, imposing additional hardships on her people to carry out the Five Year Plan' of economic development. An industry which pays away all its receipts in interest, salaries and wages can but stagnate, and one that so pays away more than it s income will shrink, languish, and die. If some industries make profits, other industries can be subsidised out of those profits, but if all make losses the ruin of the nation is inevitable. Moreover in an individual system there is no incentive for making new investment without prospect of profit, and in anv system there is no justification for doing so. If a socialised State really started manufacturing 'for use, not profit,' it would speedily run down a steep -slope to economic catastrophe."

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS. There was a good volume of business on call yesterday, with the bulk of the turnover in Government issues, Commercial Banks, and Goldsbrough Morts. Transactions, exclusive of vestibule business, included:— £IOOO New Zealand Government, 4J per cent. Inscr. 1938. £IOOO New Zealand Government, 5i per cent. Inscr. 1933. £I4OO New Zealand Government, 5i per cent Inscr. 1937. £2OO New Zealand Government, 5J per cent. Bonds, 1937. 2200 Commercial Bank of Aust. 1000 Goldsbrough, Mort. 500 New Zealand Refrigerating (10s paid). 100 Mt. Lyell. 700 King Solomon. 1050 Golden Point (Is paid). New Zealand Government, 4$ per cent, tax free stock, due 1938, advanced to £95 12s 6d, but closed easier with sellers at £95 10s, buyers at £94 15s; 5£ per-cent. 1-933 stock realised £96 15s. and there were further unsupported sellers at £97; 6$ per cent. 1937 stock changed hands at £96, £96 ss, and £95 ss, market closing £95 5s buyers, £95 10s sellers; 5£ per cent. Bonds, due 1937, relapsed to £95, sellers staying in at that price, buyers o/fc £O4 10s. Commercial Bank of Australia shares were active at 13s and 13s 3d, closing quotations 13? buyers, 13s Id sellers. Miscellaneous. Goldsbrough, Morts had dealings at 16s 9d and 16s 6d, and there were further sellers at the lower price, buyers at 16s. Dalgety and Company shares were quoted 5s on either side of Saturday's business at £6. New Zealand Refrigerating, 10s paid shares, were firm, with dealings and further buyers at 3s Bd, sellers at 3s 9d. Tooths Brewery shares were stronger on buy-, ers' offers los, sellers at 15s €d. Mt. Lyells relapsed to 15s, and closed weaker, with sellers at 14s 7d, buyers at 14s. j j . King Solomons moved up Id, to dealings at 2s 7d, buyers staying in at that price, sellers at 2s 9d. Golden Point, Is paid shares, were firm, witn dealings at Is Id and Is 05d, closing quotations Is buyers. Is Id sellers. Okaritos were firm, with buyers at Ss 9d, sellers at 8s lid.

LATEST QUOTATIONS.

AUCKLAND. Sales on 'Change—- £ s. d. Government Bonds, 1937, 5J per cent. ■ • 95 12 6 Inscribed' Stock, 1937, 5J per cent. . • 95 17 6 Commercial Bank (2) 012 11 Bank of New Zealand (2) 22 0 Auckland Gas ..130 Waihi •• •• 015 7 WELLINGTON. Sales Reported—- £ s. d. Australian Bank of Commerce* ••• ••• 013 o Bank of New Zealand ... 2 1 5 2 10 DUNEDIN. Sale Reported—- £ s. d. Okarito ... 0 8 10 WOOL MARKET. LITTLE ACTIVITY AT BRADFORD. (UNITED VKV.Sa ASSOCIATION —BY ELECTRIC TELEGRAPH—COP YRIGHT.) LONDON, September 13. Mr W. Devereaux, representative of tho Australian Woolgrowers' Council, reports that the British proposals to deal with finances are regarded as likely to inspire confidence not only in Britain, but also in - other countries, but there has been insufficient time to observe the effects on the markets. The tendency everywhere in the wool trade is to wait for the result of the London sales next week, for which tho prospects are unpropitious. There is very little activity at Bradford. The stringency of foreign credits hinders the replenishment of stocks of tops and several German combing mills are working short time. Stocks of finished goods on the Continent are I'ght. The futures market in Antwerp and Roubaix is slightly easier. AUSTRALIAN WOOL. OFFERINGS MAY BE CURTAILED. (t'KITZD PRESS f SSOCIATIO.N'—B'i ELECTBIO TELEGRAPH —COPYRIGHT.) (Received September 14th, 7 p.m.) SYDNEY, September 14. Owing to low prices and the uncertainty of the position abroad, Australian wool offerings may be curtailed. This may bo determined after the Brisbane sales, which opened to-day, and the London sales to-morrow. Meanwhile the New Zealand, and South African growers have been cabled for their views. The average price realised at tho Sydney sales a fortnight ago was 6}d a lb, while tho average for Australian Bnles for the two months, July and August, was 6.94 d. AID FOR WHEAT GROWERS. SIXPENCE A BUSHEL BOUNTY. ' {UN IT Ell TRESS ASSOCIATION— JIY ELECTRIC -> telegraph—corxmanx.) (Received September 14th, 9.40 p.m.) MELBOURNE, September 14. \ The banks have decided to create a fund from which a bounty of sixpence per bushel will be paid on all wheat exported, whether sold direct to exporters or millers. When the price of wheat exceeds 2s 6d per bushel the bounty will not be paid. Thus a definite agreement for assistance to wheat farmers has been decided upon.

BANK'S PROFITS DECLINE. FALLING-QFF IN EXCHANGE. , In his review of the year's accounts, which showed a heavy fall in profits, Mr'E. W. Parker, the chairman of ditoctors of the Union Bank of Australia, limited, at tho annual meeting of shareholders in London recently, said that the large drop of £247,000 in gross profits of £1,24.0,000 was attributable almost entirely 'to the falling off in exchange. This was due to the decrease in the volume of exports and imports from and to Australia and New Zealand. In this connexion he referred to the handicap to exchange business involved by the associated banks' contribution of £3,000,000 a month to the Commonwealth Bank in London to meet the liabilities of the Australian Governments falling due there. This was only one of several ways, he said, in which the banks had come to the assistance of the Governments for the benefit of the whole community. Explaining the sotting aside of a special reserve of £1,500,000 from the main reserve, which was considered necessary to provide for the heavy fall in the Australian and New Zealand currencies, Mr Parker said the need for this step arose from the fact that the company was an English one, with its capital in sterling, while the bulk of its resources was employed in the Commonwealth and the Dominion. It did not follow that the amount provided would be ultimately lo6t, but at the moment the nssets in Australia and New Zealand were worth a great deal less than a year ago. If the values of currencies should return to normal, the special reserve would not be required, and could bo stored to the reserve fund, but until that happened they must be prepared for any emergency so far as lay in their power. In the meantime the provision was sufficient to meet' the depreciation in the currencies up to the date of the meeting, July 27th. EXCHANGE ON LONDON. (PRESS ASSOCIATION TELEGRAM.") WELLINGTON, September 14. The general manager of the National 'Bank of New Zealand says that no customers of that bank have been refused New Zealand exchange on London at current rates.

Buyers. £ s. d. Sellers. £ s. d. N.Z. Government Debentures 41 per cent. Inscribed, J 1938 •• -■ W IS 4J per cent. Inscribed, 1930 .. .. 95 6 4J por cent. Bonds, 1939 .. .. 95 0 5£ per cent. Inscribed, 1933 .. •• — 51 per cent. Bonds, 19!!3 •• •• 96 30 51 per cent. Inscribed, 1937 .. .. 95 5 Si per cent. Bondf, 1937 .. •• 94 10 0 0 0 0 0 0 95 10 O 97 0 0 97 5 0 95 10 0 95 0 0 Other Debentures— Ghristchurch Drainage, 5J por cent., 193873 Hauraki Plains, 6 per , cent., 1961 Chriatchurcii City, ' 6J per • cent., 1948 Ghristchurch Trams, 4i per cent., 1834 Oxford County, 62 per cent., 1961 North Canterbury, Hospital, 6i per cent., , 1940 . • .. . . .; 90 0 0 100 0 0 100 0 0 101 0 0 94 0 0 100 0 0 100 0 0 Banks—■ Australasia (cum div.) Coram, 'of Aust. Comm. of Auat. (pref.) E., S., and A. National of.N.Z. Now South Wales New Zealand .. •. Union of Aust. •. ';U : rio 0 18 6 11 8 7 3 9 25 5 2 0 6 8 0 0 0 0 0 0 0 6 8 2 6 0 13 1 5 15 0 3 34 0 8 11 6 26 0 0 2 2 0 6 12 6 Insurance— National .. .. ■ — 0 12 6 Loan and Agency— Dalgety and Co. Goldsbrough, Mort .. N.Z. Guarantee Corpn, United Building Society (cum div.) 5 15 0 0 16 0 0 4 11 0 14 10 6 5 0 0 16 6 0 5 2 «15 9 Shipping— P. and 0. Deferred Stock 0 19 3 ISO Frozen Meat— Canterbury (ord.) N.Z. Befrig. (£1 paid) N.Z. Befrig. (10s paid) S 10 0 3 0 8 4 15 0 0 10 0 0 3 9 Woollens— . Kaiapoi (17s paid) .. _ 0 7 0 Coal— Wcstport 1 2 6 13 9 Gas— Christchurch .. Christchure'a (10s paid) Timaru 0 11 6 15 3 0 18 6 Breweries— Carlton Now Zealand .. Staples Timaru (7s 6d paid) .. Tooths 1 6 0 16 6 0 10 0 1 8 11 14 9 0 6 0 0 15 6 Miscellaneous — Beath and Co. (cum div.) Beath and Co. (Is paid, cum div.) Beath and Co. (pref., cum div.) British Tobacco (cum div.) Colonial Sugar D.I.C. (pref.) ■ Duulop Perdriau Rubber . (cum div.) Electro. Zino (ord.) Electro. Zino (pref.) .. Moturoa Oil Mt. Lyell N.Z. Farmers' Co-op. (1st pref.) N.Z. Farmers' Co-op. (G| per cent. Stocs, 1939, 1940, and 1945) .. J N.Z. Farmers' Fertiliser Wilson's Cement Woolwortha (N.Z.), pref. 0 19 0 1 1 0 1 0 0 5 0 5 O 9 0 4 0 14 50 0 1 i 0 0 0 9 4 0 O 8 0 0 o 0 2 5 13 0 34 0 0 10 6 0 7 8 0 16 0 0 5 0 0 14 7 1 12 6 0 13 0 1 16 9 16 0 Mining— Alexander Cornish Point King Solomon Malialcipawa Mahaldpawa (pref.) Okarito Waihi Grand Junction Golden Point, (Is paid) Golden Dawn Bawang Tin (cum div.) 0 0 0 2 0 0 0 0 0 8 0 3 0 1 0 3 0 4 7 85 9 0 0 6 0 0 10 0 0 0 6 0 2 9 0 0 7J 0 8 11 0 3 8 0 11 0 5 0 0 6 9 YESTERDAY'S SALES. CHRISTCHURCH. Sales on 'Change— N.Z. Govt. 5£ per cent, laser. 1937 ... N.Z. Govt. 5J p.c.. Bonds, ■ 1937 Commercial Bank of Australia ... (5) (3) Goldsbrough, Mort (4) New Zealand Refrigerating (10s paid) ... (2) Mt. Lyell Kinc; Solomon ... (7) Golden Point (Is paid) (2) & 9G 95 95 0 0 0 0 0 0 0 0 0 0 0 95 96 96 S. (1. 0 0 5 0 0 0 13 0 13 0 16 6 3 8 15 0 2 7 1 1 Sales Reported— Commercial Bank of Australia Goldsbrough, Mort N.Z. Govt. 4$ per . cent. Inscr. 1938 N.Z. Govt. »}; per cent. Inscr. 1933 N.Z. Govt. 5$ per cent. Inscr. 1937. 1 0£ 13 0 13 3 16 9 12 6 15 0 5 0