FINANCE AND COMMERCE.

Press, Volume LXVIII, Issue 20715, 28 November 1932, Page 10

FINANCE AND COMMERCE.

AUSTRALIAN FINANCE. FUTURE LESS OBSCURE. RESTORATION OF CONFIDENCE. Tiio improvement generally in financial and economic conditions which became apparent a few months ago has been well maintained, and confidence appears to have been fully restored, observes the November Review of H. Bvron Moore, Day, and Journeaux. Tbe future is less obscure than it has been at any time during the last three years; in fact, the immediate outlook ia rather encouraging. Not for very many years have seasonal conditions been so favourable, and the recent spring rains have assured a bountiful harvest. Unfortunately wool and wheat prices are still very low, but with the increased output it is expected that losses will bo minimised, and in many instances primary producers will show a surplus for the year, as coinpared with heavy losses during tlio last two year. l : Cheapness of Money. The most satisfactory feature in tho present condition of affairs is the cheapness of money, and for the first time for many months the funds available actually exceed the demand. 'Restoration of confidence has undoubtedly influenced the change, and capital, which previously had been frozen is now being released for investment. The heavy accumulation of deposit money appears to have been checked, and banking figures are in the course of a very satisfactory change. Deposits aro falling, and advances are inclined to rise, which is a clear indication that capital is moving in the right direction, that trading conditions are improving, and that tho persistent habit of hoarding and short-term investing is giving place to a policy ot long-term lending. In the history of previous depressions banking figures have always been a reliable guide in forecasting any improvement in conditions, and notwithstanding the extraordinary cir- . cumstances associated with tho present depression, there is justification in anticipating that history will again repeat itselt. Deposit and overdraft rates have been successfully reduced during the last twelve months, and the rates quoted at present are actually lower than those existing over twenty years ago. Unfortunately most of our Govern- J ments are still off Budget equilibrium, and it will be some time before all Budgets are balanced. The damage resulting from extreme ancl reckless administration has been very severe, and it will take a considerable time to

remove completely the wreckage and debris left in tho trails Fortunately stable Government now exists throughout the Commonwealth, and there is certainly an expressed determination by all to reach Budget equilibrium without undue delay, and to legislate free from Party or selfish considerations. Ottawa Agreement. Tho Ottawa agreement is now reaching finality, and tho essential features aro clearly discernible. The benefits likely to accrue to Australia will substantially outnumber the few disadvantages which must result. Tho spirit of the agreement is clear, and if the constituent) members of the British Commonwealth honour the various undertakings already completed or promised, a satisfactory expansion of Empire trade may be expected, if not assured. Naturally it will be some years before the full benefits of the agreement will be experienced, but meantime the fundamental principles ■will become so soundly established that a continuation of the agroement will be assured for many generations hence. Control of Tutuie Loans. The Federal Loan Council is essentially one of the strongest links in the 'Commonwealth Constitution, and it is this body which will Ix) responsible for all future redemptions and borrowings by the Governments. Under the Financial Agreement Validation Act and Commonwealth Liability Act, the Commonwealth Government has assumed the responsibility for all State indebtedness. Therefore, as future State loans fall due they will be replaced by Commonwealth loans issued under the authority of the Loan Council. The effect of the decision to fix the rate oE the new £8,000,000 loan at 3J per cent, at par has been to substantially increase the price of all 4 per cent, issues of Australian Consolidated loans, and, moreover, will have a tendency to divert capital into other avenues of investment, which is a most desirable feature in the lifting of a severe depression. Stock Exchange conditions remain active, with firm prices prevailing. Releases of company balance sheets indicate a slight upturn in business conditions, and some companies aro returning to the dividend list, which is a hopeful sign, and tends to further increase investors' confidence. Public spending will naturally be affected by the larger distributions. AUSTRALIAN EGG EXPORT. ELEVEN MILLION DOZEN. From July Ist to November stli, exports of eggs from the Commonwealth, according to a statemeut furnished by tho Department of Commerce, totalled 11,180,790 dozen, an increase of over 3,000,000 dozen over the corresponding period of .1931, and exceeding shipments during the whole of last season by nearly 1,500,000 dozen. Details of I shipments in dozens for the period July Ist to November Cth, 1932, are:—New South Wales 3,945,390; Victoria, 2,540,400; Queensland, 98-"),500; South Australia, 2,506,830; Western Australia, 1,140,930; Tasmania," 1710. POULTRY PRODUCERS, LTD. Tho Canterbury Co-op. Poultry i'roduceis, Ltd., repot t thiil good yurrlings of poultry tamo forward during tho week. Pricen for / White Loghorns showed a further small drop. Heavy hens and chickens are still in short ■supply und priee.H for these are , r ;ood. Tim following price* we.-o realised per pair:—Tablo chicken, livht 4* Cd 'o 7s Cd, heavy 7s Cd to 10a; linns, light Cs 3d to Vs Cd, heavy 3s M to 6s; dusks, to ss: ducklings, to 7s 9c]: gecso, to Gs Cd: Roslinxa, to Ds I'd; turkeys, lions to 13s Cd, tobblers to 23a 6d. o

j WHEAT GROWERS. ; CONFIDENCE EXPRESSED I IN MARKETING BOARD. j MEETING AT ASHBURTON. S "That this meeting of representatives of Agricultural and Pastoral Associations, and branches of the Farmers' Union, has considered the question of next season's wheat crop, arid after hearing tho wheatgrowers' representatives on the Wheat Marketing Board, has decided that the Board is doing everything possible in tho interests of the wheatgrowers, and any future action should be left in their hands," was the text of a resolution passed at a meeting of representatives of Agricultural and Pastoral Associations and Farmers' Unions in North, Mid, and South Canterbury and North Otago, at Ashburton on Saturday afternoon. The conference was called by tho Timaru Agricultural and Pastoral Association and Mr C. L. Orbell, of Timaru presided. The growers' representatives on the Wheat Marketing Board were present by invitation. After the chairman's opening remarks, tho remaining business of the meeting was conducted in committee. In explaining the reason for calling tho meeting, tho chairman stated that some months ago the Minister for Agriculture (tho Hon. C. E. Macmillan) was reported as having made a statement in the North Island that ho was not in favour of tho sliding scale of duties on wheat. An immediate invitation was sent to him to visit Timaru and meet the wheatgrowers, by the South Canterbury Chamber of Commerce, and on his visit to the south ho denied having mado the statement and said that he was in favour of the sliding scale of duties. Fowl Wheat Question. Then arose the question of fowl wheat. A good deal of trouble was caused when information, from what sourco could not be traced, was given to the Minister as having come from Timaru to the effect that there would not be sufficient fowl-wheat to carry consumers through this season. AH knew that farmers were carrying a great deal of wheat in stacks at that time, as threshing was delayed by rain in the late autumn. IPcwevcr, it was now understood that there was at present a great deal more fowl wheat than the country could absorb The price of fowl-wheat, was a sore point, said Mr Orboll. Tho Minister had said he would call a conference of growers in the South, and consumers in the North. The primary function of the meeting was to elect representatives to that conference if it was held, the Minister having given no further indication that it would bo called. "We want to meet tho consumers and let them know wo are doing our best, and find out why tho cost to them is so much;" Mr Orbell continued. "We want to go to Wellington with one voice." At this stage tho meeting went into committee and agreed to givo a report of further proceedings to the Press. It was reported later that tho conference had considered the question of graders of produce, and recommended that Farmers' Union brandies and Agricultural and Pastoral Associations should carefully consider tho matter and recommend to Ihe Government that it appoint and pay its own graders. WHEAT TRADING. CARGOES, PARCELS, AND FUTURES. (CSITEB PRESS ASSOCIATION— BIT EI.ECIIUC TELEGJIAPH— COrYfllG FIX.) (Received November 27t,h, 5.5 p.m.) LONDON, November 26. Wheat cargoes are inactive, although steady in tone. Parcels are quiet and show little change. Futures aro quoted as follows: — Nov. 2u. Nov. '2<j. s. d. s. d. | London (per quarter)— December ... 23 7 23 7 February ... 22 7£ 22 7i April ... 22 7i 22 7i Liverpool—old contract (per cental) — December ... r> 0} 5 2i March ... 51 410 J New contract— March ... 5 1 • May ... r, j.j CHICAGO WHEAT' FUTURES. (Received November 27th, 8.5 p.m.) NEW YORK, November 26. Chicago wheat futures are quoted as follows: — Cents per bushel. Nov. 25. Nov. 26. December ... 42* 43 J May ... ... 47 j 47 a July ...• 48{- 48 § New York, cash, 55 cents. WORLD CONFERENCE REQUESTED. CANADIAN RESOLUTION. OTTAWA, November 25. Ihe iJominion Government is requested to convene a world wheat conference, in a resolution approved at the Alberta Wheat Pool's annual meeting at Calgary. b The delegates believed that such n conference would lead to stabilised wheat prices and solve the present marketing problem. PRICE OF GOLD. ivr.m-n mss ASSOCIATXO:, .-LE CTKIC rEWJttAI'H COPYRIGHT.) LONDON, November 25. Gold (per fine ounce) is quoted as follows: V- , S. (J. -November 25th -.078 November 24th .. « 0 10 November 23rd ..0 5 JO.'. PRICE OF SILVER. j j (mtmsii omciAt, v/iittxijss.) (Received November 27th, 5.5 p.m.) IvUGBI, November 25. Silver (pence per ounce) is quoted: [ Nov. 24. Nov "5 Spot .. 18 3-I« IS4 ' : Forward .. :LBi

WOOL INDUSTRY.

CONTROL OF MARKETS AND PRICES. BRITISH FEDERATION'S OPPOSITION. v:.'iThD :-ii. r :ss association -by klkctkio Ty.LEGRiU'TI —COrvr.IOHT.) LONDON, November "5. 1M i- Il'enrv Avrton, in a statement issued <l3 president of the British Wool Federation, adheres to the Federation's opposition to price fixation and market eontroJ. 110 is of the opinion that nothing drastic will result from (lie Australian committee's report. The report of (ho Commonwealth Woo] Enquiry (\jinmitt.eo makes important recommendations for the rehabilitation of (ho industry. The suggest inns, if adopted, will, in the committee's opinion, "enable the woolgrowers to deal with tbe problem generally find with any situation that might arise, including negotiations for the acquisition of funds to hold wool in an emergency." Briefly, the recommendations aro as follows: 1. A Commonwealth wool executive should be constituted by the Woolgrowers' Council after a new election of its personnel, tlio^,executive to comprise one woolgrowers' representative from each State and two representatives of the National Council of Wool Selling .Brokers. 2. The Commonwealth Government should prohibit the export of wool except on such conditions as may lie prescribed, only upon the request of the Commonwealth Woo] Executive. 3. That the determination of the rate of exchange should continue to bo the function of the Commonwealth Bank Board and that the Board should be urged to maintain the present rate for the woo] season ending June, and should increase the rate in the event of a further fall in wo'd prices. Further recommendations were in the direction of reducing railway freights on wool and livestock, handling charges, interest rates, and a substantial reduction of the Federal land tax forthwith, or that the tax on wool-producing properties should be suspended or abolished. LONDON WOOL SALES. ACTIVE COMPETITION. PRICES FOR NEW ZFA LAND LOTS. ••KK'iS ASSOCIATION- J,Y KLECTJUC TELEGRAPH —COPVIUGHT.) LONDON, November l l~>. At the wool sales 8904 sales were offered, including A'lol bales of New Zealand wool, and about G525 bales were sold. There was active competition at full lato rates. New Zealand lots sold as follows:--Greasy half bred—Blue Mountain (top prico lid) —average IOJd. Scoured Combing—Walter Peak flGd) 10-td.

H. IR WELL AND COMPANY. Irwell and Co.'s cable on Saturday quoted the following prices realised during the week for good average topmaking wools:--d. 58' s ... ... •V.i's ... ... j 50's ... ... t'i j -W's ... ... -Vi 4G'.s preparing ... •">{ ■it's preparing ... •"> 81 ipes— Haltbrcvl lambs ... 1i i i-l>rcd lambs ... i.'L Halfbred seconds ... 6 FOREIGN EXCHANGES. (Bltmsil OFFICIAL. VVIRF.LBSS.) (Keceived November 27th, 5.5 p.m.) lIUGBY, November 25. I'ar. Nov. 24. Nov. 25. Paris, fr. Lo XI. .. 12J.21 62 15-10 82i New York, doi. to XI I.BCO 3.24,1 ".214 Montreal, dol. to, .it I.BGG 3.77 i 3.7GJ Brussels, belgaa to £l. U3 C 3.45£ 23 7-32 (loneva, fr. to XI .. 25.2215 1(1.684 16 23-32 Ajristerdain, fl. to £1 12.107 Milan, liro to XL .. 91.4:; 63 9-16 t'2J Berlin, reiehmarkcii to XI .. .. 20.-I3 13.63 A 13.52J Stockholm, kr. to XI 18.159 18.62} 18.50 Copenhagen, kr. to XL 18.15!) 19.20 19,19$ Oslo, kr. to XI .. 18.159 19.55 19.5!) Prague, kr. to XI .. 1C4.25 109? 108£ Warsaw, par zlotys to XI .. .. 43.38 29.'25 Vienna, to £1 31.585 -28 28 , T , . „ (nom.J (nom-) Helsingiors, marks to •• .. 193 "3 oa 9 oor» Madrid. Dcsotaa to ... £1 •• 25.2215 39 13-16 -10 9-10 Athens, drach to XI 375 582382 i Lisbon, esc'udos to T f l ■■ ■■ U f > to;. 1 , ]OC; Bucharest, loi to XI 813.r, 532* 550 Belgrade, dinars .. 25.2215 21.0 23.0 Rio do Janeiro, pence to milrois .. 5.892 51 t, (nom.) (nomj Ijuenos Aire l :, pence to dol. .. 17.577 nom. nom. Montevideo, pence to dol. .. ..51 30 30 . (11001.) (nom.) Batavia (guilder) .. 12.107 8.10 B.o} Bombay, pence (o ! c „ rupee .. ..is 18 1.'5-G! 18 UJ-d [ oliangliai, to > Tr V], * .'2l 7-1 fi 21": lion? none, pence to v , d . oL * ICt !&'; j OKoliama, ponce -to ■- .. rA.oi) ia n-u; io ii-IG * Determined by price of silver. I __ =

MINING.

(iOLDEN DAWN GOLD MINES. The mine report for two weeks ending November 10th, 1932, is ns follows : No. rt Level—Stoping lias been cartied on in five blocks on No. 1 reef with machines working three shifts. The reef here averages 2l:t Gin wide, and ore broken is still of fair value. Stoping is also being carried on above No. 2 level on No. 1 reef with machines working three shifts. The reef .here averages 3ft Gin wide, and the ore of payable value. No. 3 Level —Stoping has also been carried on in three blocks with machines working three shifts on No. 3 reef. The reef here averages 2ft Gin wide, and ore of very good value. Tor the eleven working days ending November 19th, tho return is £.1170 from 389 tons and accumulated concentrates, estimated value concentrates still to treat £2OO. Gold valued at £1 an ounce. WILUNA PRODUCTION. During October tho Wiluna ( Western Australia) gold mines treated 28,015 tons of ore, yielding bullion containing 8099 fine ounces of gold, the estimated value of which (at £0 3s per fine ounce) is £49,809 in English sterling, equal to £61,887 in Australian currency. Working costs in Australian currency were £29,120, or 20s 9Jd per ton. which includes 2s Gd per ton of ore milled for development redemption. Working surplus for tho month is estimated at £32,70.1 in Australian currency. Installation has begun of the iirst additional Diesel engine unit for the power plant. The second additional unit has been shipped to the mine. The installation of additional thickener to the treatment plant has becri completed and extensions to roasting and flotation sections are in hand. NOKOMAI G..M. COMPANY. Mr •/. K. Templiii, wiiiiulung electrical engineer to Industries, Ltd., returned to Cliristeliureli on Saturday from Nokomai, where lie has been superintending the installation oi the eleetrica] plant on tho Nokomai Company's claim. It is expected that tins installation will be completed by tho end of the week, and operating next week. Tho drag-lino winches are position, and all tho other machinery is on tho ground, and it is expected that tho will be tested within a fortnight. Tho work generally is proceeding satisfactorily, and is lip to schedule time.

KILDAKE WASH-IP. Pa KSri ASSOCIATION ■) DUNEDIX. November -7. The wash-up at Kildare Consolidated claim (Central Otago) realised £>ooz for threo weeks' work. A few days will bo spent sinking tlio elevator, ami then sluicing will be resumed. FROZEN MEAT. SMITH FIELD .MARKET. int. .Now /cilf-i.J Meat I'jodu<:e:V Board has icecivcd tlio following from tU London office, dated JSovembei 23tli, advisin* that tlio following "0 tlio approxiuiuto ave l "" Bgo prices realised for tho week, baaed on p.utual transactions of wholusnli! quantities u Ihu descriptions of moat mentioned, aud aio for representative parcels of tko foods offer iuc during U)0 wcet, beine lor business douo on the basts of delivered to SmiUifield market aud/or ex London stores. U'riecs lor the two previous weeks arc also shown) . \KW ZKAI.AND SflKKl'. .Nov. -Nov. Nov. i!j. 13. 11I'er lb. d. d. dCanterbury *nd North Island selocted erobabrud wethers and maiden eves—--43 tu sGlb .. •• <-< ;> £7 to Gtlb .. .. *1: -'S 3tf liJ to 7«lb .. .. 1 3 * North Island: 43 to oGlb .. .. H 4 i :! if 57 to Clib .. .. ;t. "U fj.> to 721b .. ••

Kwts : 4ilb and under .. 3.1 ''s 43 to (Mlb .. .. H "k -2 rr, to 721b ..3 » -4 NEW '/,K.\ T<A NI) LAM 15.5. Canterbury—"Gib and under .. 7i 7 Ci C-7 to 421b .. .. 6 I' <l3 lo 501b .. 52 5i 45 Second quality: Average 301 b .. .. £8 5i 4* (.tlior South Island brand?3Clb and under .. 7 7 6 ."7 to 421b .. .. i'l, o 43 to 50lb .. .. 3i . 5- H Selected North Island brands (including Downs)37 to 421b .. 43 to 501b .. Second quality: Average 80ll> "i; 5J • t 4 ' Other North rsland brands First quality: r.Olb and under - r, ; ; ,V, 37 to 421b .. ..51 .jJ Second quality: Avorago 201 b .. .. 51 ll 11 AUSTRALIAN LAMISS. (Xcw Season's.) Victorian — Firft quality: SGlb and under .. fij 3J "7 to 421b .. .. 5} oi 4J AIiG K N TIX E IjAJIBS. (New Season's.) Virsf. quality: 3Glb and under .. GV 1; 5 37 to 421b .. ..ok 3 J ,);• NEW ZEALAND BEE!'. ' >.\ to rc r J .. ..3 ■_> > Ok hinds .. .. 3„ 3J ARGENTINE OH IE LED BEEF. Ox fores .. ■ • ."2 4 3 J Ox hinds .. .. 6J ci q" AUSTKA LI AN KUOZEN BEEF. Ox crops, over 1001b .. 3.'; -yOx hinds, over IGOlb . - 4£ 4*

NEW ZEALAND PUIME I'ORKEK PIGS. GO to lOOlb .. .. £2 5 101 to 1201b .. .. si 51 4 3 XEW ZEALAND BACON Eli IMGS. .1 -L to 1601b .. ..5 5 - Lamb Market Tone slightly easier, with consumption decrease;:; as usual !or the. time Of year. Prime lamoa ,'2's) very firm, m vm? to short spot rtocuf:. Mutton Market—Wethers firm. |^ vo .. 6lcac j T v.ith fair trade. Beef Market-Steady, with fair demmrl £ew Zealand Porker Pi^Markl fi™ »t Mtcr pnees, own,, to advance in TW New Zealand Ca.oner P -Xo-nin-U The Lank of .Vow Zealand f . o-.vins advice from it* Londo,, o fiiio " i tho close of business last vork •- ' Frozen Meat—Smaller supplies or' v.'l mutton have caused prices to lvmlni r I'' >u ewes is slow. The market for is depressed and unsteady. Wether.- . U) ; liS£ T-,..„ , " "" to 4 CN . . . ri n Lambs— ' l ' J "' l '• h ' ' ' • i 10 7 i x ' ' • • '>i lo fi J ■ '~'i to 5Jt seconds v. 5i fo gg

iCHRISTCHURCH STOCK j EXCHANGE. ; SATURDAY'S TRANSACTIONS. Markets were quiet on call on Saturday morning, bidding for most stoclcs spiritless, and tho recorded turnover was below the average. Transactions, exclusive of vestibule business, were:—50 Bank of New Zealand (ciuu div.) 100 N.Z. Refrig. (10s paid). .1000 Golden Point. Sellers of Xcw Zealand (joverrimont. 4i per cent. Stock due 1939 came down to £9<J, buyers at £O3. Sellers of oi per cent. Stock and Bonds duo September .1937. reduced their limits to £9S 10s,' buyers at £97. English, Scottish, and' Australian Bank shares, cum dividend, were easier with sellers at £4 Bs, buvers at £4 Is. Bank of New Zealand, cum dividend, were fractionally weaker at 455, buyers staying in at that, price, sellers at 45s Oil. Miscellaneous. X.X. .Refrigerating 10s paid shares were slightly tinner at 3s 2d, sellers staying in at that figure, buyers at 3s lib Buvcrs of Tooth's Brewery shares, com. dividend, moved up a point to 3Ls Sd, sollers at 32s 3d. Mount Lyells, cum dividend, were firmer on buyers' offers 20s 3d, sellers at 20s 4d. Goiften Point (iold Mining shares remained unaltered with buyers and business at 2id, sellers at 3d. Buyers of King Solomons raised their bids to 2s likl, sellers at 2s 2d. LATEST QUOTATIONS. Buyer.*, h'cilci.-'. X «. d. £ s. d. N.Z. Government Debentures—•I 1 inr cent. Inscribed, " ]'.j: ; s .. . .. - Ml" '' -j,i. per cent. Inscribe!, 19", :j .. .. wo ii yj o o pei- cent. Bond:-", mi • 'J3 10 0 ~ ui per cent. Inscribed, 1037 .. .. -- '.(CIS 0 tji- per cent. Inscribed, " I3;:a •• •• i*M5 « ~ per cent. Bonds, ■ 1033 .. 100 0 .t - oh per cent. Inscribed, Feb., 1!)U7 .. 9C 15 0 •">; per cent. Inscriber!, | Sept., 10"7, and | Bonds, Sept., 10.77 'l7 0 'JS II) 'J Other Debentures — >'o\7 Brighton Borough. G per cent., 10-"i c - .lul <J 0 (.'lirif.tchurc'i City, ~>i per cent., .. • 10U O O Banks— j Comm. of An:.l. " M " 34 '• | Comm. of Au-.:. (pre;.) 7 4 0 7 7 0 | '•I.. S., and A. (<urn ' div.: .. .. 110 ISO Xaiionii! of Australasia. (110 paid, com div.) 10 10 0 11 13 0 National of Australasia (£5 paid, cum div.': 511 0 513 0 Xational of N.Z. .. 214 0 2 If. 0 Xuw South "Wales .. 07 •"> '• Xevr Zealand (cum div.) 2 r> o 2 .'i G Union of An3l. .. 711 C 717 0 Insurance — Standard .. •• 2 0 0 2 9 0 Loan and Agency—t)*lgoty and Co. .. tIS n 71' ri < iloit .. If <> 1 - G Mutual Bonefit .. « 0 -- | "S'.Z. Gparanteo Corpn. 0 4li 0 !> - United Building Society 011 10 015 3 Shipping— j Tluddart-Parkei -- 1 9 G j Huddart-Pnrker t.pivf.) OJS ii j Frozen Meat— i Cantsrhurv (old. 1 - - ■> JO '' ! Kefrifc (£1 paid) <) ') Go 0H j X.Z. Kofri-r. (IP" paid) 0 3 1 0 n 2 Woollens — ! Kaiapoi (17s paid: .. n ."i •> I Kaicpoi (7s paid; .. -- 0 10 Coal— TV'eßlpori-Stoi;llm • oid. f| o (i 0 I) 7 YTc..lport-btockton (picf.; 0 10 u 1 0 Gas— ChriEleliU'.Lli ' 1 G 1 :> (> Cliristeliureli ills paid.! II ■' oil 10 Breweries— Btaplea •• 110 13 0 Tinnm: (7s Cd paid.) .- - o fl Tooths (cum div.) .. 1118 112 " Miscellaneous — Allied Motor- .. 11 '• ' Boath ar.d Cc. .. 10 6 Booth, Jtaedoiuld (pref.; - 0 " 9 British Tobacco .. 110 !> 1 11. 0 British Tobacco (proi.) i 'to Colonial Sugar . ■ 17 u 0 -18 0 0 T>ominion Buiidors' Supplies .. .. 0 1 .1 0 2 " llur.lop Rubber .. OJo 1 0 1/1 9 Jilcctro. Zinc (l>ref.) .. 1 5 11 1 /> 6 Klcctro. Zino (ord.i .. -- 0 0 (rroatcr Cryntal I'aiacc 012 0 ffenry Jonee Co-op. (cum div.) .. 113 0 116 0 Kauri Timber .. 011 r, 014 0 Mount Lycll (cum div.) .1 0 3 1 0 ■) N.Z. Drug Co. .. - 3 10 K.Z. Farmers' Co-op. (4:' i per cent. .Stock, 1910) .. .. 4G 0 0 51 0 0 N.Z. Farmers' Co-op. (■■U per cent. Stock, 1345) .. .. - 52 0 0 K.Z. Farmer"' Fertiliser 0 i'-> 0 01G 8 N.Z. Paper Mills .. - V/eoks, Ltd Whitcombc and Tombi 2-2 G 217 0 Wilpon's Cement (cum div.) .. .. -- 1 14 0 '■ Woolworths (N. 55.1, pj'tij. 1 -t G 17 9 Mining— Biff River .. .. Oil 0 1 11 Blackwatei- .. .. :i 0 3 1 t 0 Consolidated .. .. 'JOG 010 " Gillespie's Bea_"h .. 0 0 1J 0 0 8 preia. prom. Golden Sands .. 0 1 C>h 0 0 Alexander (contr.) .. 110 12 .°> Cornish Point .. 0 0 2 0 0 !ij (: olden Dawn .. o 5 0 0 5 " Golden Point .. 0 0 2. 1 : 0 0 3 Knife Solomon .. 0 2 I 1: 0 22 Mahakipawa .. .. 0 0 fti 0 0 1 Maliakipawa (picl'.) .. 0 0 fl Mount David .. 0 4 0 ; Nokomai .. .. 0 r; 2 0 G 3 ; Paddy's Point .. 0 5 0 0 0 Okarilo .. .. 0 8 S 0 D 1 \ VTailii . ■ .. 018 G 013 3 U'nibi Gland Junction 0 3 (I 0 3 7 Wsiitalm .. .. (I 0 0:': 0 0 2 provn. nrcm. i

SATURDAY'S SALES. CIIKISTCHURCH. Sales on 'Change—t s. d. Bank of New Zealand di x'. ' . • 'J. ~> 0 N.'Z. lie frig. (]os paid) .. 0 l 1 Golden Point: . . on 2} AUCKLAND, bales on 'Change—- £ s. d. Inset ibed Stock, GJ ix.t (t-iit., February, 1 y.'37 97 10 0 Jtuiik ol' Sow South "Wales 28 0 0 Mount Lyeii ... ... 100 Colonial fcugat' ... ... 11 10 0 WELLINGTON. Sales on 'Change—.C S. (I. ('cmtu l>ank Au=tt alia U 1-1 -t r Mil- .Vow South Wales .. i'S 0 0 I.ale Friday. Muinii Lyell 10 I'. AND O. STOCIv. A^^uriA'j'io:—r.y electkic f t.r.ci:ahi— cofvmuht.) LONDON, November -6. P. aud O. deferred stock 1%.

SYDNEY STOCK EXCHANGE. ! On tko Stock Exchange on. Saturday i niorning sales of bonds were:— i £ s. d. i 4 per cent., 193S . . .. 102 10 0 4 per cent., 1941 . . .. 100 17 6 4 per cent., 1944 . . . . 101 2 6 4 per cent., 104 7 . . , . ioi « « 4 icr cent., 19.10 . . . . 101 5 0 4 per cent., 1.953 . . ~ 101 10 0 4 per cent:., 195.1 . . . . 101 1.8 9 4 per cent., 1901 . . . , 10.1 0 0 -i 10 JJonds, 4 per eon!.. I'M7 10 1 0 j 4 per cent., 1903 . . . . 10 2 0 i British Tobacco , , 1 14 9 ! Broken 'Hill Proprietary .. 14 (5 ! Colonial Sugar .. .. r>3 15 0 | \VAK LOAN STOCK. | OIKITISH OFFICIAL WII'XLKS.S.) ! (-Received November 26th, 5.5 p.m.) j RUGBY, November 25. British war loan assented stock —• £9O 7s Sd. E., S., AND A. BANK. COMPARISON OP PROFITS. Cabled advice the oilier day notified the profit of the E., S., and A. Bank for the year ended June 30th. The net profit is £147,719, a fall of £118,938. Dividend of 5 per cent., free of British income tax, shows a reduction of 3 per cent., and compares with 12£ per cent, in 1930. A sum of £15,000 is transferred to reserve, compared with £30,000 in tho previous accounts, and £SOOO is appropriated to the officers' provident - fund. Against £297,135 brought, forward £274,854 is carried forward. The gross profits wcro £1,005,987, a frill of £219,838. Expenses of management, including taxation, were £908,208, a reduction of £100,900. Comparisons with two preceding years are:— 3 000. 103.1. 3931!. Gro.'S pro/i'* l,- r >87,758 1,275,1,055,987 A3 ami taxation • • 3.013,022 1.009,168 908,263 Vol profit .. 542,706 200,057 14.7,719 To rtocrvo . . 80,000 :JO,OOO 15,000 To provident fund - 10,000 5,000 5,000 Dividend, p.r. 12A • 5 amount 210.000 J 50,000 To contingency account . . 70,000 To bank premises .. 50,000 ■ Forward • • <505,-17 < 297, Kvl 274.85-1 SINGAPORE HUME PIPE. LOWER INTERIM DIVIDEND. An interim dividend at the rate of 0 per cent, per annum has been declared by the directors of tho Singapore Hume Pipe Company, Limited, for the halfyear ended September 30th. Payment j will bo made on December 19th. Two dividends of 5 per cent, were paid in j tho previous year. j

QUEENSLAND INSURANCE

COMPANY. 1)1V ID EN D MAINTAIN ED. I lie annual report of the Queensland [nsuraneo Company to September 30t'i, 1932, shows amount at credit ol revenue account £'89,353 3s 4J, to which lias to bo added the balance brought forward irom lavb year, £•11,189 13s (id, making a total sum of £133,512 16d lQd available for distribution, which it is proposed to appropriate as tallows: —Payment of a dividend oi 2s per share (the samo -is last veal-), £50,003; to reserve iuna, £25.000 (making £325,000) : balance carried forward £53,512 10s 10d. The balancc-slieet sliows liabilities as follows-l'aid up capital, £500,000; rescrvo funds, £300,000; reserve i'oi unexpired risks, £310,000; sundry creditors, reinsurances, claims, PJ OV^ S " ion. for contingencies. £307,309.; revenue account, £133.5-12. Assets include Government securities at cost, £(598,633: fixed deposits. £183,634; municipal -debentures. £107,004; treehold properties, £160,765; sharest bonds, etc., £190,139; cash at call and In hand, £70,037; sundry debtors, £15,967; reinsurance claims, etc., £<o 17s: branch and agency balances, £111.165.

LEYLAND-O'BRIEN TIMBER.

ECONOMIES IN OPERATION. At Ilio annual meeting of shareholders of tl)o Leyland-O'Brien Timber Company, Limited (Auckland), Sir George Elliot, chairman of directors, in moving the adoption of the report and balance-sheet, referred to the difficulties being experienced in the timber trade. Although the output had fallen, the directors had been able to effect such economies that the balancesheet showed a slightly better result. Tho sound position which the company enjoyed had been the result of extremely sound and conservative management during the good years. The report and balance-sheet were adopted. The dividend recommended and approved was 5 per cent, for the year, an unchanged rate. Tt is payable immediately. The retiring directors, sir George Elliot and Mr S. H. Leyland, were reelected. dairy produce.

LONDON QUOTATIONS. The New Zealand Dairy Produce lioard has vooived tlio following market report from its London office, dated November 25t1), 1932: Butter. New Zealand—Salted 84s to 80s. ex. 87s (last "week 80s U) 925); 84s to 80s equals oxirnatoli' 8.55 d 1.0.b.; unsalted, 100s to !OSs (100s); wliey 70s to 78s. Australian —Salted SLIs to BGs (last week 87« to 88s); unsalted 80s, 88s to 02a (80s to Argeiitinc—Uiifalted 84s, SSs, to 90s (last week 80s to 90s). .Danish —'J' Js 118s to 122s spot (lust v.eok lOijs to 1225). ITutcli —Unsalted 12Gs to 128s (last week 120s to 12Ss). Market weak. lietail prices unchanged. Danish is y<l; Zealand Is. Cliocse. \>w Zealand —White Gls to (j'J.s (Gd f.0.b.) (Inst week GOs to Gls); coloured 58s to 00s (s:i<l f.0.1j.) "(OTs to 595) Hnn hccouiil available supplies ~1 ' ] UeUil pri<*<? unchanged, 9d. ! " South African White 54s to 5Cs (firm) f'nnidian —White Gis to G9s: coloured GGs to i;os Hast week Gls to 00s) ; c.i.f., .*>os fs4s). Jlarkct i|inr,. T'lP-li'li linest fanners 96s to lujs. Tho jioard has also received the follow in:; n.ivice from its usents in Canada,:—Butter —New York 254 cents, Montreal 21 cents. Messrs Dalcety and Co. have received Ibe < folioxvine cable roosaagre from Mensrs Samuel j Papn and Son, London, dated November 25th: —""'Butter is 2s per rwt lower and cheese ifi I Is per c\rt higher. The market IE steadier,'J