FINANCE AND COMMERCE.

Press, Volume LXVIII, Issue 20622, 11 August 1932, Page 10

FINANCE AND COMMERCE.

MEAT EXPORT.

NEED FOR FURTHER MARKETS. POSSIBILITIES OF QUICK FREEZING PROCESS. SHEEPOWNERS WANT MORE ENTERPRISE. A thorough investigation by the New Zealand Meat Producers' Board of the j ••rapid freezing" of meat was advo-j rated by the Canterbury SheepowneTs' Union at its meeting last night, Mr Bernard Tripp, who proposed this investigation, said that according to expert opinion this new process would revolutionise the freezing industry. Other members of the union were critical of the Meat Board's failure to seek dcw markets for New Zealand meat, particularly in the East, and to restrict the number of channels through which the meat was sent overseas. They urged that the Board should show more enterprise to help producers in-their present plight. Messrs L. B. C. Macfarlane and E. Hay were instructed to bring the complaints and suggestions to the Board's notice. "A lot of us think that one of the solutions to the present position of the meat industry will be found in the development of the process of quick freezing." said Mr Tripp. He briefly described this process by which the meat was cut up and frozen in cartons before it was cold after the killing. A Revolution in Industry. "There is no doubt that this is going to be the coming industry," Mr Tripp went on. "The expense of it we do not quite know, and I should like to see the Meat Board carry out exhaustive experiments into the whole process. I think it would be a good thing if the Board spent a little extra money on this research. Brainy people in the freezing industry think that this process will cause a revolution in the industry throughout the world." He moved that the Meat Board should be asked to take steps to investigate the desirability of the quick-freezing process from the works to the consumer. Mr L. E. C. Macfarlane, who seconded the motion, said he believed that the Board had spent upon research only £6OO of its income of £36,000; ' Tho motion was carried unanimously. The chairman (Mr E. Hay) said that Mr Macfarlane and himself would bring it to the notice of the Board. Need for New Markets. Mr D. W. Westenra called the union's attention to the position of the. lamb market io, England. "The situation is bad," he said, "and I think that with their funds the Meat Board ought to be looking for further markets.. I do feel that it is an ppportnne time for the Board to look to the Eaßt for a future market for our produce. This country has, up to now, managed to live on its reputation, but now we must get out and do something." Sheepowners must realise, ho went on, that England had been doing her best to consume their meat. Although the population of England had not increased markedly, her imports of New Zealand meat had advanced enormously. In the future Australia was going to be a serious competitor. Mr Westenra mentioned the growing trade in wool between. Australia and China. "We must be enterprising," he said. "We must make the Meat Board wake up to the fact that something must be done." • . j Too Many Agencies.' A further complaint made by this speaker was that New Zealand meat was going Home through too many channels. "The fewer channels and fewer agencies at Home, the more likelihood we have *of holding the market," he emphasised. "The Meat Board, if they were doing their job, would be down here interviewing the heads of mercantile firms and seeing what could be done. If you have too many agencies you have too many weak holders." The chairman (Mr E. Hay) pointed out that the Board was an Export Board and might not be able to take such action as Mr Westenra suggested. Colonel E. B. Neill said he believed it was true that there were more millionaires in China than there were in America. He himself had seen shiploads of Australian, produce, even rice,going to Java, Singapore, and the East. "If the British shipping lines won't take our meat to Japan, we should encourage the Japs to come here. The whole trouble is that we have solved the problem of production, but we have not solved the problem of consumption.'' Mr Hay: I quite agree that we have to look for fresh markets. The state of the London market will knock us all out before long. Things are getting desperate, and we can't stand still under it. The delegates to the Electoral Committee of the Board were instructed to bring these matters to the Board's notice. RAPID FREEZING. SEVERAL PROCESSES INVESTIGATED. Various processes for the rapid freezing of meat and fish have been investigated during the last few years, and experiments have been carried out in several ountries. At it's 1931 session tnc British Association of Refrigeration devoted two meetings to the discussion. of rapid freezing. Under one of the most popular processes a fine spray of very low temperature brine is used to transfer the "quick freezing" to the meat or fish cartons as they lie wrapped in cellophane cartons on the grid shelves of the freezing chamber. This system will freeze meat cuts one and a half inches thick in forty minutes at a temperature of minus 3deg Fahr. In other systems, a much lower temperature (minus 4.1 to minus 50deg. Fahr.) is required. It is regarded as essential that the meat should be cut up immediately after killing and frozen by this-pro-cess- while it is still warm. PROPERTY SALE REPORT. C. E. Janes, Ltd., of 174 Manchester •tieet, report having »old a residential property, «ihiate in Hopkins street, just off Ferry road, to Mr W. Kandall at a satisfactory figure. " _8

PRODUCERS AND EXCHANGE.

STATE'S ACTION CONDEMNED. EMPIRE CURRENCY PROBLEMS. A protest against the "exchange monopoly" granted to the banks by tlie Government for tlie first six months .if the year, and a suggestion thnt Empire monetary problems represent the most urgent issue before the Ottawa Conference, are contained in the annual report of the Canterbury Shcopowners' Union. The report states: — "The effect of the exchange monopoly has been, in the opinion of the executive, to deprive primary producers of a heavy percentage of tlie New Zealand value of their produce during the present export season, and the action taken is considered by the committee to be" both inequitable aud indefensible, placing, as it did, the whole burden of responsibility for tlirf liquidation of the Government's liabilities incurred through the issue of Treasury Bonds upon the primary producer exporters only. The result of the action taken has been to relieve the Government and the rest oi the community at the expense of tho farmer exporter. "The executive trusts, however, that the experience gained in this connexion by the Government will act as a deterrent to any similar action in the near future, and .that a determined effort will continue to be made to bring Governmental costs into a true relation with the national income from overseas witnout the addition of borrowed money to that income, resulting in an artificially lowered exchange rate. Currency Problems. "The executive is fully in accordance with the main recommendations of the Macmillan report with regard to the necessity for a readjustment of currency with a view to securing international monetary stability. The committee trusts that the British Government, equally with the Governments of the several Dominions comprising the Empire, will unanimously support the suggestions made which have for their object the solution of Empire monetary problems. "If a financial &ud monetary system can bo agreed upon, revolving around sterling, then great advantages may be looked forward to from an Empire trade point of view. The urgent need at the moment is undoubtedly for a readjustment of currency with a view to a rise in price ldvels. If this can be accomplished on an Empire basis, or, better still, on international lines, world traoo would make a rapid recovery. . lour executive is of opinion that-this matter merits attention-at-the Ottawa Conference as the paramount issue, the questions, of preferences,, etc., being ot secondary importance and - easier adjustment if a satisfactory cm rency system can first be agreed on. SURPLUS STOCK. manufacture OP byproducts. A suggestion tUat in order to .make possible the conversion of surplus stock into useful by-products tlie Govern-: menfc might subsidise costs of labour is made in the annual report ot the Canterbury Shecpowners' Union "Representations have been made by stockowners in various parts of tlie Dominion suggesting the some arrangement to be made by which surplus stock, not necessarily fit 101 export, can be converted into some useful product instead of, as at present in many cases, being an embarrassment to the owners during the autumn period, states the report. . "The executive has this matter ur hand, it being recognised that if arrangements can be made for the economic handling of cull stock that it would "be preferable to have the many thousands of these sheep which are available ench year converted into tallow, ■ manure, and the by-products made available for sale, rather than that they should have to be destroyed by tbq owners as at present. "It is suggested that some form of subsidisation -of costs of labour required, coupled ; with :in, ; arrangement with a freezing works in -the various localities, might be justified ' .with; a view of using available labour which might. otherwise.' be. unproducttvely employe*!,"-V. ' , „ . '

BURNSIDE MARKET. (PRESS ASSOCIATION TtLEGEAU.) : - BUNEDIN, August 10. A reduction in N pricfes for , fat bullocks, sheep, and pigs was recorded at Burnside today. Heifers and cows, however, realised late ratesJ In a yarding of 2*7 head of fat cattle there were only four trucks of extra good bullocks, the balance being light or average quality. Several penß of prime heifers and a number of cows were forward. Heavy bullocks sold at a reduction of 20s, and light bullocks of about 10s a head. Extra heavy bullocks sold to £l2 10s, heavy to £lO 17s 6d, medium to £8 17s 6d, light to £7 17s Cd, heavy heifers to £7 17s 1 ! 6d, medium to £6 2s 6d, light to £5 7s Cd, medium cows to £5 12s 6d, and light to £3 17s'6d. Prime ox beef was worth 20s, rough 22s 6d, and cow and heifer beef 18s to 20s per 1001b. The penning of fat, sheep and hoggets numbered about 3000 head. There was a heavy yarding of extra prime ewes and a fair number of good, light-weights. More wethers than usual we're yarded, there being several trucks of heavy and large consignments of small close wool'wethers. The Bale opened at a reduction of 2s a head all round as compared with, the previous sale, and best prime wethers sold from 14s -to 17s 3d. Light, close-wool wethers brought from 8s to 10s., Extra heavy ewes sold lo lis, 6d, and light sorts to 8s 6d. Extra heavy ewes were worth about ljd per lb, and.prime wethers.2Jd per lb. About 400 hoggets met with keen competition, and good quality sold at lis 6d to 14s, and light and unfinished at 8s 6d to 9s 6d. A line of 40 extra good steers was included in the store cattle entry. These sold to £3 ss, averaging £3 10s a .head: The bulk o.f the yarding was made up of old cows which-sold at rate rates.' In the' pig section were -129 • fats ' and 83 stores. Good quality seen, but owing to the extra large entry porkers and baconers sold at a reduction of- about 7s 6d a head. CLEARING SALE. C. K. Jones, Ltd., of l?i Manchester street, report having held a successful clearing sale on Monday at North Parade, Shirley, in cfmjunction with M wra«. Sheppard an (I Smith, in the estate of J.. Campion, and in their rooms, Xo. 174 Manchester street, yesterday. Amongst the fyvticlea told the following prices were realised : —Singer sewing machine £9 2s 6d, couch- iind six chairs £9, carpet £5 ss, linoleum £2 2s 63, cupboard £'-2 Hp, secretaire £1„ couch and two chairs £l4 Ss part bedroom suite £lO, linoleum £2 10s, " dining table £1 10s, cupboard £1 15s, barometer 16s, cupboard £2 17s 6d, secretaire £1 10s, carpet £!, rug £2, .runner £2 12s, two pictures £3 7s 6d, two single bedsteads £2 15s, three bowls £1 ss, banjo £1 10s, linoleum £2 6e, roller £2 155,. lawn mower £1 12s 6d, barrow £1 6s, garden seat £1 4s, linoleum £l, duchesse table £1 7a 6d.

COTTON INDUSTRY.

A NEW PROCESS. ELIMINATION OF CREASE. (BRITISH OFFICIAL WIRELESS.) (Received August 10th, 5.5 p.m.) RUGBY, August 9. A discovery of considerable importance to the cotton industry was announced in Manchester, when it was stated that a new process had been discovered to take the crease out ot cotton goods. The process is the result of two years' research, and an expenditure of £75,000 on elaborate investigations by Messrs Tootal, Broadhurst, Lee, and Company, the wellknown Manchester firm, it is understood that the process consists of working synthetic resins into fibre cotton, and success has also been achieved in, getting resin into the substance of the dye process cheaply and applicable to silks, artificial silks, and shoddy. The discovery is described as of equal importance to the cotton industry as was tho mercerised process. MANCHESTER EXCITED. PROSPECT OF INCREASED EMPLOYMENT. (Received August 10th, 11.10 p.m.) LONDON, August 10. Manchester is excited over the invention of creaseless cotton. It is estimated that it will bring employment to at least 20,000 people in the first year. Patents have been taken out in twenty of the most important cottonproducing countries in the world. Research covered 14 years, experiment after experiment having failed. The process is applied in the last stages of cotton manufacture and forms an infinitesimal portion of the whole cost. TRADE WITH CANADA. LARGE CARGO ARRIVES. [THE PKESS Special Service.] AUCKLAND, August 10. Bringing what is virtually the first direct cargo from Eastern Canadian ports since the ratification of the trado agreement between Canada and New Zealand on May 24th, the Canadian Government steamer Canadian Conqueror arrived at Auckland from Montreal to-day. Her presence on the New Zealand coast provides definite signs of the improved trade relations between the two countries. The Canadian Conqueror was a full ship when she arrived, carrying about 8000 tons of Canadian merchandise for Australia and New Zealand. About half of this ouantity is for New Zealand ports, but when the vessel leaves for Australia io complete discharge she will still be a ..full ship. She will take as. much New Zealand merchandise to Canada as-she brought Canadian merchandise to New Zealand. A further encouraging sign is contained in the fact, that the next Canadian Government steamer to visit New Zealand, the Canadian Cruiser, will load solely in the Dominion for her return trip. She will bring a considerable quantity of general merchandise from Eastern Canadian ports, and in addition will complete- her cargo by loading sulphur at Galveston, Texas. She will discharge and load in New* Zealand, and will return to Canada without calling nt Australian ports. SANFORD, L.TD. MOTION TO REDUCE CAPITAL. [THE PRESS Special Service.] AUCKLAND, August 10. A net loss of £9631 after providing for depreciation,is revealed in tho 28th annual report of banford, Ltd., lor the year ended May 3ist, compared with a net protit of in me previous year. No provision is made lor the payment of , dividends either on the [ preference or ordinary shares. The following motion will be moved at an extraordinary meeting: "That the capital of the company be reduced from £125,000 (divided 'into 105,000 ordinary shares of £1 cadi, and 20,000 preference shares of £1 each) to £59.375, divided into 105,000 shares of 7s 6d each and 20,000 preference shares of £1 each, and that such reduction be effected by cancelling the paid up capital which has been lost or is represented by available assets to the extent o.f 12s 6d a-share on each of the' ary shares, and by reducing the nominal amount of ordinary snares from £1 to 7s 6d each." PRICE OF GOLD. Received August 10th,. 5.5 p.m.) LONDON, August 9. Gold (per line ounce) is quoted as follows: — £ s. d. August 9th ... ... 518 7 August Bth ... ... 519 0 August 6th ... ... 519 3 PRICE OF .SILVER. (DEITI3H OIFICIAI. WHUBLJESS.) (Received August 10th, 5.5-"p.m.) RUGBY, August 9. Silver (pence per ounce) is quoted as follows: Aug. Bth. Aug. 9th. Spot ... 17J 17 13-16 Forward ... 17 9-16 171 LOAN APPROVED. (PRtSS ASSOCIATION' TELEGRAM.) NEW PLYMOUTH, August 10. The New Plymouth Borough loan ot £553,000 was approved by a very small poll of ■ ratepayers by 979 votes to 126. The loan is to repay existing loans maturing in April ' METALS MARKET. (CKITED . PRESS. ASSOCIATION—ET ELICTfitC >" TELEGRAPH—COPYRIGHT.) (Received August 10th, 9.30 p.m.) ' LONDON, August 9. Quotations: Au=r. 6. /' Aug. 9. per ton. per ton. ' ■CdL'pcr—■ £s. d. ■£s. d. i Standard, spot ... GO 13 9 30 3 9 Forward, .... 30 3 lj 30 3 9 .'.'Electrolytic ..3-1 10 0 31 0 0 ! .to • ' ..- 35'10 0 35 0 0 I Wire bars .. 35 10 0 35 0 0 ' Lead—' ••■■■■ . ■ - Spot ' '. 4 ••■■-..' 10 12 6 .. 10 15 0 . Forward- ~.. .. U 2 6 U 5 O . ■ Spelter—%pot■'"■■" .. .. 13 3 9 ' : -13 3 9 . Forward .. .. 13 10 0 13 10 0 Tii>i Spot : •• ' . ••■ 139 .7 <; -no 2 G 1 Forward .. .. 141 2 6 MO. 7 6 i Silver—.. i Standard, per o/.. | Fine, per os. ...

MINING. GOLD IN THE KAWARAU. DAMMING OP LAKES DESIRED. [THE PRESS Special Seryice.l DUNEDIN, 10. The success attending tli© present closing of the Kawarau dam has awakened general interest in the gold-bear-ing resources of the Kawarau and Alolyneaux rivers. Emanating from Alexandra, public meetings have been held with a view to urging on the Government the great gold production w!iich would follow the damming of Lake Wanaka and Lake Hawea. Wellattended meetings at Alexandra yesterday and Cromwell to-day unanimously passed the following resolution : •'That this meeting of business people of Alexandra and Cromwell believes that the placing of weirs at the outlets of Lakes Wanaka and Hawea would, by uncovering an untold amount of gold in the bed of the Clutha river, in the Clyde, Cromwell, Alexandra, and Coal Creek gorges, immediately solve the question of unemployment in Otago; that it would assist materially in bringing back to normal the depleted finances of the conutry, and that a large amount of valuable land at present useless lying between Cromwell and Hawea could be brought under a system of irrigation. Wo respectfully urge tlio -Minister for Employment through the Public Works Department,' thoroughly to investigate tho position, with a view to proceeding at once with this national undertaking. Further, we ask that during this investigation no further mining .privileges be granted within the area under discussion." MAHAKIPAWA GOLDFIELDS, LTD. The mine manager reports- for the week ending August Bth as follows: North face—Advanced 17 feet, making total progress 153 ft north of the shaft cross-cut. Wash low grade with bottom rock getting softer as drive advanced. ' No. 1 East Cross-cut (north drive)— Progress 12ft, making total progress (51ft east of north drive. Bottom rock rising and soft, wash good to fangrade. _ No. 6 West Cross-cut (south drive)— Advanced 12ft, making total progress 84ft west of south drive. Wash good grade on soft bottom rock. Blocking of No. 8 cast cross-cut in poor grade wash. Hieturn on August 2nd was 530 a lodwt, and on August 9th 28oz alluvial gold.

FKESHFORD GOLD DREDGING COMPANY. The Froihloi-cl Gold Dredging Compan}', which has been formed to work an area at Freshford, near Waikaia, has gone to allotment. A dredge has been purchased, and a contract let for its dismantling at Waikaka, about 50 miles by rail from Freshford, and its re-ereotioii on the claim". Most of the capital of the company is held in Southland, but shares are also held in Christchurch. GOLONDA G.M. CO. The report for the week ending I August tjth is as follows: East Cross-cut—AVe have extended tliis cross-cut to under the vertical of I the rise. We started to drive on the .leaders cut in the cross-cut on the hillward side, and nice colours of gold have been seen.' Shaft —The shuft was sunk a further distance of 6ft—total below chamber 67ft. The country is of a good, firm description. We will open out for the chamber when we renc-h the 7oft mark. COMPARISON OF RETURNS. The results of the wash-ups and crushings held hv the following companies during the month of July are: oz. dwt. oz, dwt. oz. dwt. oz. dwt. King Solomon .. 63 15 107 1 108 2 81 0 Jlahakipawa 46 17 38 0 - 32 0 4i 0 Okavito .. 28 10 JSo wash- 28 15 '.'s 5 U P Alexander (quartz) Blackwater (quartz) - The following are the returns received each month by the same companies during the months of April, May, June, and July: April. May. June. Julj\ oz. dwt. oz. dwt. oz. dwt. oz. dwt. King Solomon .. "26 10 251 19 164 17 353 18 Mphakipawa .. 263 0 234 0 142 0 163 0 Okarito ..234 1 218.10 176 0 80 10 Alexander 765 17 804 4 601 10 714 12 Blackwater 1927 0 1884 0 * 1977 0 2001 0 * Only one week's wash-up. AUSTRALIAN TRADE. A FAVOURABLE BALANCE REPORTED. SYDNEY, August 10. Exports from the Commonwealth for the financial year 1931-32 exceeded imports for the same period by £40,193,000, compared with a favourable balance of £27,944,000 in 1930-31. For the 12 months the favourable commodity balance was £30,691,000, and the gold and silver balance £9,502,000, compared with £15,296,000 anfl £12,648,000 respectively for 193031. For the year 1931-32, the favourable) balance due to current production of goods totalled £34,000,000. With the moratorium 011 war debt this balance is sufficient to meet public obligations abroad, and leave about £7,000,000 for private interests and dividends. FOREIGN EXCHANGES. (Received August 10th, 5.5 p.m.) EUGBY, August 9. Par. Aug. 8. Aug. 9. Pans,- fr. to :£1 .. 124.21 88J 883 New York, dol. to £1 4.866 3.45 i 3.47 i Montreal, dol. to X 1 4.866 3.95 3.98 Brussels, b«lgas to £1 35 24J 25 1-32 1 Geneva, fr. to £1 .. 25.2215 17.75 . 17.81.J Amsterdam, fl. to £1 12.107 8.58 8.624 Milan, lire to £1 .. 93.43 67i 67jj barlin, reichmarken to £1 .. .. 20.13 14.50 14 19-32 Stockholm, kr. to £1 18.159 19 7-16 19.45 Copenhagen, kr. to £1 18.159 18.60 18.67J Oslo, kr. to £1 .. 18.159 19 31-32 19 31-32 Prague, kr. .to £1 .. 164.25 116J 1171 Vienna, schgs. to £1 34.585 30 29 (nom.) nom.) Itelsingfors, marks to £1 193.28 232 i 232.\ Madrid, pesetas to £1 .. .. 25:2215 m Alliens, drach to £1 375 Lisbon, eseudos to £1 .. ..110 110 10 Bucharest, lei to £1 813.G 580 535 Belgrade, dinars .. 23.2215 212' 212* Rio de Janeiro, pence to inilreis .. 5.839 5-1 5 3-16 lluenos Aires, pence to dol. .. 47.577 nom. nom. Montevideo, puate to. dol. .. ... 51 30 30 \ (nom.) (nom.) Batavia, guilder .. 12,107 Bombay, pence to , rupee .. ... 18 18 3-32 18 3-S2 Shanghai, pence to tart * 20$ Hons; Koncr, pence to dol. .. * 153 15 25-32 Yokohama, pence to yen .. 24.56'. ■ 18J 18J * Determined by I't-.cc of silrer. •

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS. There was a moderate turnover on call yesterday. Prices of several Australian stocks showed a decided hardening. Transactions, exclusive of vestibule business, were : 25 Bank of Australasia. 100 Commercial Bank of Australia (ciim div.). 50 National Bank of Australasia (£5 paid). 40 Dalgety and Co. 200 Westport-Stockton Coal (ord.). 100 New Zealand Breweries. 200 Dunlop Perdriau Rubber. 600 Mt. Lyell. Government issues wer<* in firm demand, but sellers were reticent. Commercial Bank of Australia shares, cum dividend, were fractionally firmer with buyers and business at 14s 2d, sellers at 14s 3d. Bank of Australasia shares advanced to £9 12s 6d, sellers staying in at that price, buyers at £9 10s. National Bank of Australasia, £5 paid shares, had business at £5 2s 6d, and more were offered at that price, buyers at £5. Bank of New South Wales hardened to £26 12s 6d buyers, £26 17s (id sellers. Sellers of Bank of New Zealand came down to 47s sd, buyers at 46s 9d. Union Bank of Australia were firmer on buyers' offers, £7 ls> sellers at £7 3s Gd. Miscellaneous. I Buyers of Standard Insurance shares, cum dividend of Is 3d per share, raised their bids to 41s 9d without attracting sellers. Dalgety and Company shares were firmer, with dealings at £7 7s, and further buyers at £7 6s, sellers at £7 7s. Huddart Parkers were firm on buyers' offers 26s 3d. sellers at 275. Westport-Stock-ton Coal, ordinary shares, realised 6d, and there were further buyers at that figure no sellers. New Zealand Breweries shares wore firm witli buyers and business at 25s 3d, sellers at 25s Cd. Carlton Brewery shares were stronger, with buyers at 29s 3d. sellers at 33s P-'-ers of Tooths advanced "their offer • 27s 3d, sellers at 27s Od. Quol- • ; for Australian Glass, British Colonial Sugars, Electrolvtif Zinc, preference. Henry Jones. Milburn Lime, and Wilson's Cements revealed firm markets. Dunlop Rubbers were fractionally weaker nt lis °'l. market closing Id on either side Mt. Lvells advniTvd to dealings at 19*. 19s' 'd, and 2d closing quotations 19s buyers. 19s 3d sellers.

I LATEST QUOTATIONS Buyers. ssnllers. £ s. d. £ s. d. N."~ Governnwvnt Debentures — ■li »er cent. Inscribed. 1938 ..' • 85 5 0 96 0 0 \\ per cent. Inscribed, 1909, and Bond-, 1938 .. .. 93 5 0 5g oer cent. Inscribed, ' 1051 .. .. C 8 0 0 5i per csnt. Inscribed, .'937 .. .. 98 0 0 _ ! 54 per c<nl. Bonds, 1933 .. .. 59 5 0 I 5i per cent. Inscribed, 193G .. .. 98 12 6 - 5J per cent. Bonds 1536 .. .. 99 15 0 5j per fent. Inaeribftd, Feb., 1937 .. 101 0 0 5J per cent. Bon<ib, . Feb. and Sept., 1937 101 10 0 • 5J per cent. Inscribed, Se.pt., 1987 ..701 S 0 • Other Debentures— I'loasant Point Borough, 3J per cent., 1948 .. Piako County, 5J per cent., 1941 . - 98 0 0 Malvern Electric, 5J per cent., 1963 Kastbourne Borough, 32 i per cent., 1952 .. - 93 0 0 N.Z. Breweries, Bonds 10 0 Banks — Australasia .. 9 10 0 9 12 6 Comrn. of Avst. (cum div.) .. .. 0 H 2 014 3'j Comm. of Außt. (pref., cum div.) .. .. 7 0 0 E.. S.. and A. i 1 0 i 28» National of Australasia (£lO paid) .. 11 0 0 12 0 0 National of Australasia (£5 paid) .. .. 5 0 0 5 2 6 New South Wales (cum div.) .. .. 2G 12 6 26 17 6 New Zealand .'. .. 2 6 9 2 7 6 Union of Aust. .. 7 10 7 3 6 Now Zealand (D Mortgage shares) .. 16 0 Insurance — » New Zealand .. ... 119 11 2 0 6 South British ~2 13 i 217 6 , Standard (cum div.) ..'2 19 Loan . and Agency— Dalcety and Co. .. .7 6 0 7 7 0 Goldsbrough, Mort .. 13 1 14 0 N.Z. Guaranteo Corpn. 0 4 8 0 5 1 United Building Society 034 8 015 ,6 Shipping— Huddart-Parker 16 3 17 0 P and O. Deferred Stock .. .. 017 0 116 Union (pref.) .. .. 019 6 .■ frozen Meat— Canterbury (ord.) .-. 417 0 619 0 Canterbury (pref.) .. 4 0 0 5 0 0 Gear ' .. 1 12 0 N.Z. Ftefrig (£1 paid) 011 1 011 10 N.Z. Refrig. (10s paid) 0 4 3 0 4 4 Woollens — Kaiapoi (17s uaid) ~ 0 5 0 ■ Coal — Westport .. .. 0 12 S Stockton (ordj .. 0 0 6 Stockton (pref.) .. 0 0 7 GasAuckland .. .. 10 6 Chrietcliurch .. .. 140 150 Breweries — New Zealand .. •. 15 3 1 5\ 6 Carlton * .. .. 19 3 113 0 Monteiths' .. .. 0 10 010 0 Staples (ex div.) .. 10 0 '• Tooths ■• ..173176 Miscellaneous~ ! - Amalgamatsd Wireless . (contr.) .. .. —. " 019 0 Australian Glass .. 1 17 0 British Tobacco .. 18 9 19 8 Broken Hill Proptv. .. 016 0 Colonial Sugar ~ 42 10 ,0 43 0 0 Dunlop Rubber .. 011 8 011 10 Electro. Zinc (ord.) .. Electro. Zinc (pref.) . 116 12 6 Glenmore Brick and Tile - 0 16 0 Gordon and Gotek .. 13 0 - . Kenry Jones, Co-op. .'. 1 9 0 110 0 Herald and "Weekly Times .. ..250 Howard Smith .. 0 5 9 0 9 6 Kauri Timber .. '■• 0 7 6 Moturoa Oil .. •• 0 5 0 Milburn Lime .. . • 14 6 Mt. Lyell 019 0 019 3 N.Z. Farmers' Co-op. (4£ per cent. Stock, 1940 and 1945) .. 40 0 0 N.Z. Farmers' Co-op. (M, per cent. Stock, 1939) .- N.Z. Paper Mills .: OIS 6 1 0 9 Taranaki Oil ..010 ' Victoria Nyanza Sujar 0 18 0 Wilson's Cement .. 18 9 19 6 Woolwortlis (N Z.), pref. 15 6 16 6 MiningCornish Point .. 0 0 1J Golden Dawn .. .. 0 4 9 0 5 0 Golden Point .. .. ' 0 0 6J 0 0 7 Golden Sands (la. paid) 0 18 0 2 0 King Solomon ... 0 1 7 0 18 Mahakipawa .. .. 0 0 3J 0 0 4 Mahakipawa (prof.) .. 0 0 4J Gillespie's Beach .. 0 0 1 par disc. (Jkarito 0 810 0 9 0 Waihi Grand Junction 0 2 6 0 3 3 Blackwater . - 012 0 013 2 Waitahu .. ■• 0 0 2 disc, i

YESTERDAY'S SALES. CHRISTCHURCH. Sales on 'Change—- £. s. d. Bank of Australasia ... 912 6 Commercial of Australia (cum div.) ... ... 014 2 National of Australasia (£5 paid) ... ... 5 2 6 DaJgetv and Co. (2) 7 7 0 New Zealand Breweries ... 15 3 Dunlop Rubber (2) 011 9 Mt. LyelT ... (3) .0 19 0 019 L (2) 019 2 Sale Reported— W'estport-Stocklon Coa 1 (ord.) ... ••• I) 0 tt AUCKLAND. Sales on 'Change—- £ s. <i. Five and a half per cem. Bonds, 193? (Sept.) ... 101 5 0 Commercial Bank (pref.) ... 619 0 National Bank of New Zealand ... ... 3 9 0 8 8 6 Bank of New South Wales 26 15 0 Bank of New Zealand ... 2 6 9 New Zealand Insurance ... 2 0 3 South British (2) 215 6 New Zealand Breweries ... 15 3 New Zealand Farmers' Fertiliser ... ... 0 14 0 New Zealand Refrigerating (cont.) ... i ... ,0 4 3 Wool worths (N.Z.) pref. ... 16 0 Waihi ... (2) 016 0 Mount Lvell ... (3) 019 3 WELLINGTON. Sales on 'Change—- £ s. il. New Zealand Breweries 1 5 6 Goldsbrongh, Mort (2) 13 0 Sales Reported— Five and a half per cent. Stock,. September, 1937 (2; 101 5 0 Bank of New South Wales 26 o 0 Commercial Bank of Australia (ord.) ... 014 3 New Zealand Insurance Co. (2) 2 0 3 Queensland ... ... 2 0 9 New Zealand Farmers' Fer- , tiliser Co. ... 0 14 3 Wool worths, preference ... 1 6 0 Wnihi ... ... 0 1G 0

DUNEDIN. Sale on 'Change—- £ s. .1. Mahakipawa .. .. 0 0 3 Sales Beported— Bank of New South Wales -0' 17 6 Waihi .. , ..0 16 0 SYDNEY STOCK EXCHANGE. There was a. brisk turnover of business on the s»*dney Stock Exchange yesterday, and a wide range of stocks changed hands. Commonwealth Bonds shared in the strong undertone. Morning Sales—- £ s: d. Commonwealth Bonds—--4 per cent., 1938 ' ... 99 2' 6 4 per cent., 1941 ... 99 0-0. 4 per tent.; 1944 ... 99 1 3 4 per cent., 1960 ... 99 10 0 4 per cent... 1907 ... 97 17 6 Commercial Bank-■■cf- Syd* . ney ... ... .16 12 « Australian Gas, A ... " 6 10 0 Toohey's Brewery ... 4 0 0 Tooth's Brewerv ... 111 0 British Tobacco .. I 12 9 Goldsbrough, Mort , v ... 16 8 Closing Sates— ; v . Bank of New South Wales 29 15 0 Commercial Bank of Sydney ... ... 16 12 (i Bank of Australasia ... 11 0 0 Colonial bugiu* ... isi O U Millaquin Sugar ... 1 ti b' Victoria Nyaiusa ... 017 O Henry Jonef ... ... 113 3 Adelaide Steam ... 1 0 6 Burns. Philp ... 2 4 6 Howard Smith .... ... 0 9 9 Australian Gas, A ... 610 0 Tooth's Brewery ... 110 9 Toohey's Brewery ... 10 0 Australian Glass ... 2 13 Goldsbrough, Mort ... 16 3 Dunlop Perdjriau ... 013 o ■ Electrolytic Zine «.. 016 0 Electrolytic Zinc (pref.) v.. 15 0 Mt. Lyell ,1 1 u Zinc Corporation ... 18 3 Broken Hill Proprietary ... 018 10J Taranaki Oil ... ... 0 1 6 Commonwealth Bonds—--4 per cent., 1938 ... 99 10 O 4 per cent., 1941 ... 99 7 6 4 per cent.. 1944 ... 99 7 6 4 per cent., 1947 ... 97 0 0 4' per cent., 1950 ... 39 15 0 4 per cent., 1953 ... 97 15 0 4 per cent.. 1955 ... 97 15 0; ' 4 per cent., 1957 .. 97 17 6A per cent.. 1959 ... 98 6 3 4' per cent.. 1961 ... 98 15 0

MELBOURNE. ■ : \." \ £ ; .s. a.! National Bank"(£o paid) ... .5-1.4 0 Queensland National Bank 5 3 0 Carlton Brewerv ... 1.14. 6 Goldsbrough. Mort ... 1 6 "\ I>tinlop Perdrian ... 013 6 "Herald and Weeklv Times" 2 12 0 Mt Ljrell .... ... 1 1 H STOCKS AND SHARES. LONDON QUOTATIONS. (PiaXlID PRESS ASSOCIATION—BI BLZCTBIO tEW.GHAPH—COPyaiOET.) (Received August 10th, 0.0 p.m.; LONDON, August 9. P. and O. deferred stock is quoted at 18s 2jd. Mt. Lyell shares, 16s IOJd. Dalgety and Company shares, £6 los; 4 per cent, debentures, £B6 los. Goldsbrough, Mort, £6B 10s.