FINANCE AND COMMERCE.

Press, Volume LXVIII, Issue 20730, 15 December 1932, Page 10

FINANCE AND COMMERCE.

AN ENTERPRISING BUSINESS. GELATINE COMPANY'S PROGRESS. LARGEST PRODUCER IN THE WORLD. A business concern whose progress provides a striking and encouraging example of industrial enterprise in the Dominions is the Davis Gelatine Company. Starting humbly in Auckland about 30 years ago, it has seen the capital it employs grow from £ISOO to £775,000, and the extension of its trading to all parts of tho world. It is now the world's largest producer of gelatine, and its only factories are in Australia and New Zealand. Mr G. F. Davis, of Sydney, who is the head -of the company, was asked by a reporter las'., evening to tell the story of the firm's rise to its present position. He revealed that following tho establishment of the factory in Auckland, slow but steady progress brought about an extension of the company's manufacturing business to Christchurch, when, in 1910, a small property was taken over at Woolston. Christchurch was found to bo a better centre than Auckland for gelatine manufacturing, the reason being that there was a greater supply of the necessary raw material from the meat works. The business continued to grow. In 1917 the company commenced operations in Sydney. Now it manufactures in Sydney, Melbourne, Christchurch and Auckland. Capital of £775,000. "The capital employed has grown from £ISOO to £775,000," said Mr Davis, "and separate companies have been organised in Africa, Canada, England, and Great Britain. In 1901 the Davis company was probably the smallest producer of gelatine in the world; now it is the largest, manufacturing 60 per cent, of the total amount produced in the British Empire." Following its success in New Zealand and Australia, the company established a selling branch in Africa. Then, attracted by reports about the rich markets of the East, it began business in India. Next on the list came Canada, and finally England. Now the company has three offices in Africa, two in Canada, one in England, and one irt India. The story of the company's progress is one of enterprise and vision. To maintain and improve the standard of its product, it employs a strong scientific staff in its research laboratory in Sydney, where 12 nniversity graduates, each with the degreo of Bachelor of Science or better, are constantly at work. Patient He search Wcttk. "For seven years, without any visible return for our outlay, we spent probably £SOOO a year on research work by expert chemists," said Mr Davis. "During the following three years, a return was visible in certain directions; but suah discoveries have now been made that the immediate prospects are that the laboratories will not only pay interest on the. outlay of those years, but also will probably give a substantial return. In fact, there is no doubt that we will get all' the money' back. I "We have come to realise that research work is not a matter of sudden discoveries. The average manufacturer is too , impatient witli science—he engages a chemist, and expects him to solve his problems within a year or two. I have great faith in scientific work in industry; but I must admit that, as year after year passed without . any visible result, I nearly lost heart myself." Gelatine is made from the by-products and waste products of the meat industry, and Mr Davis pointed out that every pound manufactured represented * a profit to the country, because it was produced with local labour from otherwise valueless raw material. Company's Production. The company produces practically all the gelatine used in Australia and New Zealand; from 75 per cent, to 80 per cent, of that used in Africa; 46 per cent, of that used in Canada; a substantial amount for England, and lesser ' amounts for almost every other country in the world. "We tried agencies in a-number of countries," said Mr Davis, "but now we \send abroad our own salaried men. They seem better able to get directly into touch with the sellers of our products.'' Mr Davis, who has been in Christchurch since last week, will return to Sydney, in the Monowai, which sails from Wellington to-morrow. His brother, Mr C. . C. Davis, who lives in Christchurch, and-who is in charge of the New Zealand branch of the business, is at present on a visit to England. DAIRY PRODUCE. LOW LONDON QUOTATIONS, (SE2SS ASSOCIATION TimoaAM.) _ . AUCKLAND, December 14. Private messages received from London quote 82s a cwt as the best price for finest grade butter, and cheese is quoted as low as 54s for white and 56s for coloured. Dalgety and Company, Ltd., have received the following message from Samuel Page and Son, London, dated December 13 th:— Since our last advice butter is 2s a cwt lower and cheese 5s a cwt lower. [On December 9 th the quotations were:—Butter 82b to 84s, and cheese 59s to 60s a cwt.] PRICE OF GOLD. (UItITXI) PRESS ASSOCIATION—IST ELICTfiIC TELEGEAPH—COPYBIGHT.) (Received December 14th, 5.5 p.m.) LONDON, December 13. Gold (per fine ounce) is quoted as follows: £ s. d. . December 13th ... 6 Go December 12th ... G 0 2 December 10th ... 6 6 8 December 9th ... 6 7 11 PRICE OF SILVER. (BRITISH OFFICIAL WIBK^ESS.) (Received December 14th,. 5.5 p.m.) ; RUGBY". December 13. Silver (peace per ounce) is quoted: Deo. 12. Dec. 13. Spot ... 17* 17 5-16 forward 17 9-16 17f .j

TREATMENT OF PELTS. NEW PROCESS TESTED IN AUSTRALIA. INVENTION OF CHRISTCHURCH WOMAN. Mr H\ M. Chrystall, who returned to Christchurch yesterday after a business visit to Australia, told a representative of The Press that he had been engaged on work relating to developments in the fellmongering- industry, which had been the subject of negotiations by correspondence during tho year. The developments were in connexion with the patent process, the invention of a Christchurch woman, Mrs O. M. Hedberg, for the de-wooling of pelts. The company for which he was acting had established' headquarters in Melbourne whore a company is in the process of formation to pioneer the invention throughout Australia, and, eventually, elsewhere. It was anticipated that this company would be operating early in the New Year. Satisfactory financial arrangements had been made, and it was expected that the company would be on a profit-earning basis. Various Tests. As the results of bulk tests, Mr Chrystall said, the process had reached the stage o:" being accepted as a commercial success. -In all, about 8000 sldns had beer, tested with successful results, and in tho course of these experiments valuable information had been gained, which it was hoped to apply to the Dominion's fellmongering industry, which produces slipe wool. Experts possessing tho highest credentials, who were told nothing about th<3 process, and who were asked to express their opinion of the wool produced as wool, stated that tho wools were excellent, and the skins were the best they had ever seen. As a matter of fact, the "firsts" and "seconds," which are scoured separately under the old process, were scoured together. The old process produces what is known as "lime wool" and involves much extra materials and labour as compared with the new process. Another test showed that the wool treated by the new process could not be separated from that treated by the "sweating" process. The adoption of the new process by New Zealand fellmongers, Mr Chrystall asserted, would mean, on a conservative estimate, an addition of between- £250,000 and £500,000 to tho Dominion's income in respect of pelts and wool. He added that he had had access to the advice of Mr E. B. McComas, probably the foremost wool banking authority in Australia, Mr W. Gibson, general manager of Goldsbrough, Mort, and Mr Bernard Bailey, of Messrs Bailey and Sons, tanners, of Botany, Sydney. Wool Trade in Australia. Mr Chrystall had opportunities of studying the wool trade industry in the Commonwealth and, in his opinion, it shows a definite turn for the better. "There is,", lie said, "a good demand for the finer class of wool, for which Australia is the main market. At one sale I attended there was something like 26,000 bales offered, but in addition to that some 50,000 bales were sold by private treaty, the prices offered being considered by owners to be sufficiently good to close with. I attended several other sales, and could not help noting the very keen competition. Japan was. a very strong competitor, and made considerable purchases.'' SOUTHLAND SHOW. IIMSS ASSOCIATION TBLEGKA.It.) INVEftCABGILL, December 14. The Southland A. and P. Association's Summer' Show was concluded in boisterous weather. Horses were judged to-day, the display of Clydesdales being a feature. The attendance of the* public was very large. Championships j were awarded as follows:-^ Clydesdale—Stallion, Robert Loelcie (Edendale); mare, Fleming Bros. (Crookston). Thoroughbred Stallion —J. D. Burnett (Kingston). Trotters and Pacers—Filly, W. T. Moore (Winton). "Cobs and Poliies—Mary Allen (Edendale). Harness Horses and Ponies-; —Pony, A. B. Johnston (Waikaka Valley); mare, "W. Kennedy (Otautau), Saddle Horses —J. B. Brown (Dunedin). , Jumping Championship —"W. J. McLaren's (Otautau) Gigha. METALS MARKET. (.Received December 14th, 5.S p.m.) LONDON,. December 13. Quotations: Deo. 12. Dec. 13. Per ton. Per ton. Copper— . , £ e. d. £ s. d. Standard, spot 27' 6 -3 28 0 7J Forward .. . 27 13 9 28 8 9 Electrolytic .. .32 10 0 33 12 6 to .. .. 33 10 0 34 0 0 Wires bars .. 33 10 0 .34 0 0 American electrolytic: 5 cents per lb. Lead— Spot .. .. 10 17 6 H O 0 Forward .. .. 11 6 3 11 8 9 Spelter— Spot .. J4 15 0 15 1 3 ■Forward .. .. 14 18 9 IS 3 9 TinSpot .. .. 149 3 9 149 13 9 Forward .. .. 150 6 8 150 16 3 Silver— Standard, per oz. 1.7 jd 17 5-16 d per oz. .. 18jjd 18 11-16 d

MINING. KAWARAU COMPANY. HITCH OVER THE ERECTION OF A DAM. [THE PRESS SpecUl Service.] DUNEDIN, December 14. In tlie Warden's Court at Queenstown application was made by the Amalgamated Kawarau Goldmining Company for a license to erect a dam on the Kawarau river, approximately a quarter of a mile above the Kawarau bridge and half a mile below the junction of the Arrow and Kawarau rivers. It was stated that a number of objections had been settled, but there were four settlers with whom no agreement had yet been effected. Mr Harlow, on behalf of the objectors, said he "svould offer counsel for the applicants an opportunity for an adjournment in order that the engineers for both parties might confer. Mr Sunderland, for the company, said that in the circumstances he considered it would be better to have legal points decided there and then, and start do novo if necessary. Mr Harlow said the jonus was on the applicants to satisfy the Court that the land affected by the license was Crown land. Ho contended, that it was not open for mining for two reasons —the land of two of the objectors was freehold and the applicants had placed their pegs in that freehold, indicating that it was intended to peg and the plan showed clearly that part of the land had been pegged and that it was proposed it should be flooded. This pegging had been done with an utter disregard of the provisions of the Mining Act, which required that the owner of private land must first be approached for his consent to being entered. Mr Sunderland said he had 110 legal answer to give, as the provisions of the Act were mandatory. The present position meant that a national proposal would be held up for a month. If it had been considered that a technical objection would be raised, (the consent of the land-owners would first have been obtained.

The Warden, Mr E. €. Levvey, S.M., said there was no way of getting around the provisions of the Mining Act, and the application must be declared void. It would bo struck out as the Court had no jurisdiction. Costs and witnesses' expenses were allowed to each of the objectors. MAHAKIPAWA GOLDFIELDS, LIMITED. The mine manager's report for the week ending December 12th is as follows :r Loop Drive to South Face—Advanced 23 feet, making a total advance of this drive of 1*53 feet. South bottom rock just showing in the floor of the drive on which is resting heavy blue wash. This face is slightly west and within 20 feet of the south face, but some 30 inches below the floor of the south drive gold values have been occasionally seen. No. 10 East Crosscut—Advanced 10 feet, making total 28 ;feet east. Heavy wash of low grade passed through resting on hard bottom rock. North Drive —Blocking strips north and south of No. 1 west crosscut have been discontinued at 63 feet and 38 feet respectively, as the gold values cut out. A second blocking strip north of No. 1 west crosscut has been started. Gold Return —The wash-up on December 9th returned 10 oz lOdwt alluvial gold. , BRIAN BORU COMPANY. The annual meeting of the Brian Boru Gold Dredging Company, Ltd., was held on Saturday evening, Mr N. Y. Lovell presiding. The election of directors resulted aa follows:—Messrs N. V. Lovell, T. Deere, C. Watson, A. Donnellan, P. C. Webb, M. J. O'Neill, and P. Siegert. The contractor for the erection of the dredge and machinery reported that good progress was being mado with work at the claim, which was being pushed on vigorously. The annual report covered the activities of the Board and operations being carried out with a view to getting the company's area opened as soon as possible, it being anticipated, that the work of dredging would commence early in the New Year. FOREIGN EXCHANGES. (.BftmSK OITICIAI. WIKELESS.) (Received December l'lth, 5.5 p.m.) RUGBY, December 13. Par. Dec. 12. Dec. 13. Paris, fr. to £1 .. 124.21 83J S3£ Now York, dol. to £1 4.86G 3.2'J 3.27 i Montreal, dol. to £1 '1.866 . 3.78J 3.79 i Brussels, belgas to £1 35 23.454 23.G4i Geneva, fr. to £1 .. 25.2215 Amsterdam, fl. to £1 12.107 8.104 8.15 Milan, lire to £1 .. 1)3.43 63 11-10 04 1-10 Berlin, reichmarken to £1 .. .. 20.43 13 21-32 13.74-4 Stockholm, kr. to £1 18.109 18.30 i 18.30 i Copenhagen, kr. to £1 18.159 19.28$ 19.295 Oslo, kr. to £1 .. 18.150 19.37J 19.404 Prague, kr. to £1 .. 164.2-5 1101 110} Warsaw, par zlotys to £1 .. .. 43.38 Vienna, schgs. to £1 34.585 ' 27J ■ 27J (nom.) (nom.) Helsingfors, marks to, £1 .. .. 393.28 228 228 Madrid, pesetas to £1 .. .. 35.2215 40 40 3-16 Athens, drach to £1 375 505 592?j Lisbon, .escudos to £1 .. ..110 107J 108 Bucharest, lei to £1 813.G 567* 552J I Belgrade, dinars .. 26.2215 24.2J Rio do Janeiro, pence to milreis .. 5.892 ai 5J (nom.) (nom.) Buenos Aires, pence to dol. .. .. 47.577 . nom. nom. Montevideo, pence to dol. .. ..51 30 80 (nom.) (nom.) Batavia, guilder .. 12.107 3.17 Bombay, pencei to runen .. ..16 181-16 IS 3-1G Shanghai, pence to tael ... * 21 20| Hons Kong, penes to dol. .. * 16 ISJ Yokohama, pence to yen .. .. 34.56 15 J 15 3-1G * Determined by price of silver. SALE OF FURNITURE. Jones, McCrostie Co., Ltd., held a successful Gale of antique furniture and eficcts in their rooms yesterday, when there was a very large attendance and bidding was Bpirited. The following were amongst tho prices realised: Electrio "wireless set £4O, Turkish carpet £22, Turkish carpet £lB, Chinese workbox £l2 10s, mahogany chest £7, cedar seachest £6 10s, mahogany hall chair £6, mahogany hall chair £5, small beech chair £2 10s, chesterfield suite £9, piano £ls, sideboard £4 6s, Persian rug £5 ss, gate-legged table £3 10s, oak duchesse £3 15s, brass candelabra £2 15s, brass coal vaso 30s. carpet £6, oak clock 455, small mahogany table £2 2s 6d, riiriu duchesse chest £2 15s, fireproof safe £ll, mahogany wardrobe £7, pai,r Sheffield plato sweet dishes £3 ss, Dresden plate 345, four oak dining chairs 445, brass warming pan 80s, lawnmower £2 6s.

WHEAT PROBLEMS. INTERNATIONAL CONTROL PREDICTED. VOLUNTARY ALLOTMENT PLAN. (UKITED PRESS ASSOCIATION—BY ELECTKIO TFLEGRA.FH —COPYRIGHT.) (Received December 14th, 8.30 p.m.) HURON SOUTH (Dakota), Dec. 13. International control of wheat production to reduce tho world surplus and thereby to stabilise prices was predicted on Tuesday as the consequence of the proposed enactment by Congress of a voluntary domestic allotment plan. Mr W. B. Eonald, odo of the sponsors, said that the plan was not only possible but probable. "The enquiries received indicato a growing interest in the plan by Canadians nnd by Australian observers in the United States," he said. "Great Britain adopted the plan in principle in the Wheat Act of May last. Being importers they applied the plan to the stimulation of production, not using the production limitation feature as proposed by the United States for adoption by Congress. "This plan, with control through the limitation of tho acreage of the individual farmer, would set forth the means by which Canada, Australia, the United States, and tho Argentine could effectively carry out an agreement for the curtailment of production, bringing it close to a balance with demand. It would also do away with tho unsaleable surplus. This takes no account of Bussia, whose troubles will keep her out of the market for' a time." SIMPLIFICATION OF PLAN. COMPULSION OBJECTED TO. (Received December 14th, 9.30 p.m.) WASHINGTON, December 14. Mr Marvin Jones, chairman of the Houso Agricultural Committee, was notified on Tuesday night that the executives of the Leaders' Conference had agreed on simplifications of the voluntary domestic allotment Bill, and that they would present them to his committee on Wednesday. Agreement was effected when an attempt was made in the general conference to make tho plan compulsory and certain groups threatened non-partici-pation. CANADIAN SUPPORT. CONFERENCE ADVOCATED. (Beeeived December 14th, 9.30 p.m.) CALGARY (Alberta), December 13. . Support for a world wheat pool is apparently gaining strength, according to international pool supporters, commenting on Mr W. E. Ronald's address at Huron. At the, recent Alberta Wheat Pool meeting many delegates advocated an international wheat board. The Government was requested to convene a conference of wheat-exporting countries to deal with the present marketing situation. NEW SOUTH WALES HARVEST. RECORD CROP OF GOOD GRAIN. IMPROVEMENT IN WESTERN AUSTRALIA. (united psess association—by sukctmo TELEGRAPH —COPYRIGHT.) (Received December 15th, 12.30 a.m.) SYDNEY, December 14. Wheat harvesting in New South Wales is in full progress and there is tremendous activity throughout the country. There is unprecedented congestion at the silos, there being a record crop and a yield of 67,000,000 bushels in this State, mostly of splendid quality grain. Western Australia is having an improved harvest of good quality grain, but the yields in South Australia, Victoria, and Queensland are not up to the earliest estimates, owing to rust, insect pests, and a rainfall under tho average. WHEAT TRADING. CARGOES, PARCELS, AND FUTURES. (UNITED PRESS ASSOCIATION—iiY ELECTRIC TELEGRAPH —COPYRIGHT.) (Received December 14th, 7.30 p.m.) LONDON, December 13. Wheat cargoes are following the lower overseas advices ami the free offers of Australians and La Platas. Sellci-s have reduced prices from threepence to sixpence. Parcels are in poor demand. Australians are pressed at a decline of sixpence. Futures are quoted : Dec. 12. Dec. 13. • s d. s. d. London (per quarter)— December ... 22 9 22 3 February ... 22 3 21 9 April " ... 22 2 21 8 Liverpool (per cental) — March ... 4 llj 4 May ... 5 0-J 4 llg CHICAGO WHEAT FUTURES. (UKITED PRESS ASSOCIATION— BI ELECTRIC TELEGRAPH —COPYRIGHT.) (Received December 14th, 8.5 p.m.) NEW YORK, December 13. Chicago wheat futures are. quoted as follows: Cents per bushel. t. , De c- 10. Dec. 13. December .. 40 44ft fy m S| JuJ y •• .. m 475 New York-(cash) .. 56| 545

COMPANY NEWS. OVERSEAS OPERATIONS. Operations of overseas companies are to han-d as follow: NESTLES CONDENSED MILK CO. Directors of Nestle and Anglo-Swiss Condensed Milk Co. (Australasia), Ltd., liave declared an interim dividend on preference shares for the quarter ending December 31st at the rate of 8 per cent, per annum, payable on that date. AMALGAMATED ZINC COMPANY. An increase in net profits of £1639 is shown in the accounts of Amalgamated Zinc (De Bavay's), Ltd., for the halfyear ended June 30th. The increase is due to receipt of dividends of £2404 from shares held in other companies, compared with £59(5 in tho previous halfyear, and £375 in the corresponding half of 1031. This mado up for a decrease in interest received from other investments from £5033 to £4495, because of reduction of interest under financial emergency legislation. To pay tho usual dividend at tho rate of 5 per cent, per annum the company draws on equalisation reserve for only £516. The directors report that since the close of the halfyear Minerals Separation arid Do Bavay's Processes Australia Pty., Ltd., has reduced its capital and returned to the company £5512, being Is a share on 83,250 shares paid to £l, now paid to 19s, and 9d a share on 36,000 shares paid to 15s, now paid to 14s 3d. KAURI TIMBER COMPANY. Accounts of the Kauri Timber Company, Ltd., which has its head office in. Melbourne, for the year ended August 31st, show a net loss of £20,022. Gr.oss profits at £22,538 were £18,158 lower than in the previous year. Stock-in-trade shows a reduction to £129,925 from £192,753. No dividend is recommended. For the past two years the company has paid no dividends, the net loss in 1931 being £10,405. In 1930 a profit of £18,613 was earned. Following its reconstruction tho company paid 8 per cent, annually until 1927 when the dividend was.reduced to 6 per cent. In the next two years 3 per cent, was paid, and the dividend in 1930 was further reduced to 2i per cent. DIFFICULT DRAPERY TRADE. Marcus Clark (Victoria), Ltd., drapery and general stores, reports a loss of £7832 for tho year ended August 31st, compared with a loss of £8716 for the previous year. The operating subsidiaries, Craig, Williamson Pty., Ltd., of Melbourne, and Miller, Anderson, Ltd., of Adelaide, incurred losses of £51,966 and £11,834 respectively, making tho aggregate loss on operations for tho yoar £71,632, compared with losses totalling £65,476 for the previous year. - Directors of Mark Foy's, Ltd., Syd-. ney, decided to defer payment of the intorim preference dividend pending the result of tho full year's trading being ascertained. MAUSOLEUM SOCIETY, LTD. [THE PBEBS Special Service.] AUCKLAND, 'December 14. A company with somewhat unusual ob.iecta, the Mausoleum Society, Ltd., has been registered in Auckland. Ono of tho purposes outlined in tho memorandum of association is "to promote, advocate, and establish by all lawful moans, and to undertake for remuneration or gratuitously, the practice of the burial of the dead in mausolea or above ground." Tho company, a private one, also proposes to carry on the business of undertakers and to conduct cremations. It is proposed under the articles to maintain mausolea, vaults, tombs, colomburia chapels, and other buildings for interments. Tho capital of Mausoleum Society, Ltd., is £SO in £1 shares. The subscribers are Charles Laycock and C. 11. Knight, company directors, possessing 25 shares each. TIN QUOTATION. (CKIItD I'RKSS ASSOCIATION—BY ELECTJUO TELEGRAPH—COPYItIGHT.) (Received December 14th, 7.30 p.m.) NEW YORK, December 13. Standard tin futures are quoted as follows: — Cents per lb. December 13 th .. .. 22.00 December 10th .« 22.00 HOLIDAY HOMES. ] J On Saturday, at Cashmere Hills, the whole of the Upper Sanatorium Buildings, includ- j ing staff-quarters, recreation buildings, single anq double baches, tfill be sold by public auction. The buildings are all solidly constructed,' have sliding doors, and aro in excellent condition. Tho Health DeIjartment has given a clear certificate. Ideal for seaside homes, sports grounds, bathing Bholters, local body purposes, these building should find a ready sale. They can bo moved as they stand at a very low cost. Buyers may inspect at any time, and 11. G. Livingstono and Co., auctioneers, will commence the salo on Saturday, at 2 p.m. —8 POULTRY SALE. H. C. Smith, of the City Market, reports a largo entry of poultry at the weekly sale. Prices were as follows: —Hens, light 23 to 3s 9d, heavy breeds to 6s; cockerels, finished young birds, ecarco, 5s 9d to 6a 9d; odd pens to 9s; old ducks, 2s 3d to 4s 4d; ducklings, Cs to 7s 9d; goslings, 6s 9d to 8s ; old geese to 6s 6d; pullets, a poor selection, 2s 3d to 5s 3d; hens, pheasantß, 9s 9d; hens, with broods, 6s 6d to 7s 6d; love birds, '2os per pair; canaries, hens 2s 6d to 3s Gd, songsters 6s 6tl to lis.

CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. Prices of several-Australian securities showed a further casing on call yesterday. Apart from activity in Refrigerating, .Mount Lyell, and gold mining stocks, the market was dull and the •recorded turnover was small. Transactions, exclusive of vestibule business, were; — 100 Commercial Bank of Australia. 1300 New Zealand Refrigerating (lOs paid). 300 Tooth's Brewery. 700 Mount Lyell (cum div.). 300 Gillespie's Beach. 100 Golden Dawn. 700 Nokoniai. 150 Okarito. Commercial Bank of Australia changed hands at 13s 7d, sellers staying in atthat price, buyers at 13s 4d. Other bank stocks were firm, at late rates. Miscellaneous. New Zealand Refrigerating 10s paid shares changed hands at 3s 2d and 3s Id, market closing 3s Id buyers, 3s 2d sellers. New Zealand Breweries shares, ex dividend of 3§ per cent., claimed buyers at 24s 6d, but sellers were reticent. Tooth's Brewery shares dropped to 295, market closing 29s buyers, 30s 6d sellers. Sellers of Toohey's came down to 19s, without attracting buyers. Sellers of British Tobaccos, cum dividend, came down to 28s, buyers at 2Gs 9d. Electrolytic Zinc ordinary shares were easier, with sellers at 14s 6d, buyers at 12s Gd. Kauri Timbers declined to 9s 9d sellers, 7s buyers. Mount Lye! Is, cum dividend, dropped to 18s s(i and 18s 4d, and-there were further sellers at 18s sd, buyers at 18s 3d. Gillespie's Beach gold mining shares were a shade stronger at 3d premium, sellers staying in at that price, buyers at 2}d premium. Golden Dawn realised 4s lid, and more wore offered at ss, buyers at 4s 9d. Nokomais were firm with dealings at 6s and 5s lid, closing quotes 5s lid buyers, 6s sellers. Okarit&s had dealings at 83 and 7s llsd, and these were seller*! and buyers' closing quotations respectively. LATEST QUOTATIONS. Buyers. Sellers. £ s. d. £ «. d. N.Z. Government Debentures — 4 k per cent. Inscribed, 1938 .. per cent. Bonds, 1938 and 1933 .. 93 0 0 5J per tfent. Inscribed, 1951 .. .. 97 0 0 100 0 0 5i per cent. Inscribed, 1933 .. .. EJ por cent. Inscribed, 1937 .. .. per cent. Inscribed, 1931 .. .. 54 per cent. Inscribed and Bonds, 1933 .. 100 0 0 5k per cent, inscribed and Bonds, Feb., 1937 .. .. 95 0 O 5J per cent. Inscribed, Sept., 1937 .. 98 0 0 90 0 0 5J per cent. Bonds, Sept., 1937 .. 96 0 0 Other Debentures— Christehurch City, 54 per cent., 1915 .. Banks— Australasia .. • .. Comm. of Aust. 013 4 013 7 Comm. of Aust. (pref.) National of Australasia (£lO paid) .. 10 0 0 National of Australaiia (£5 paid) .. .. 413 0 i J « National of N.Z. (cum •> div.) .. •.. 3 6 0 315 0 New South Wales .. New Zealand .. -2 0 8 2 1 0 New Zealand ("D" Mortgage shares) .. 1 10 0 Union of Aust. • * 7 0 0 Insurance— National .. 0 14 8 South British .. '1 12 6 215 O Standard .. .. 2 1 6 2 8 0 Loan and Agency— Dalgety and Co. .. 6 -2 6 7 0 0 Goldsbrough, Mort .. 10 6 10 9 N.Z. Guarantee Corpn. 0 4 8 United Building Society 014 3 015 O. Shipping— P. and O. Deferred Stock .. .. 015 0 Frozen Meat— Canterbury (pref., cum div.) .. .. 310 0 410 0 N.Z. Refrig. (£1 paid) 0 9 6 010 6 N.Z. Refrig. (ICs paid) 0 S 1 0 3 3 Woollens— Kaiapoi (17s paid) .. 0-2 0 0 5 0 Kaiapoi (7a paid) 0 10 Kaiapoi (pref.) .. 0 6 6 Coal— Wostport .. 010 o Stockton .. 0 0 6 0 010 Stockton (pref.) 0 10 Gas— Auckland .. .. 119 [ Christehurch. ... 130 150 Christehurch (ICs paid) 010 9;0 11 6 Breweries— Carlton .. .. 1110 Monteith'a ~ 0 0 0 017 6 New Zealand i,ex div.) 14 6 Tooths .. .. 1 9 0 110 6 Staples .. ... _ 130 Tooheys .. .. _ 0 19 0 Miscellaneous— Australian Glass .. 11GO 118 9 Beath • and Co. 017 6 14 9 British Tobacco (cum div.) .. .. 16 9 18 0 Colonial Sugar .. 4fi 0 0 Dunlop Rubber .. 0 14 9 Electro. Zinc (old.) .. 012 6 014 6 Electro. Zinc (prof.) .. 13 0 15 0 Greater Crystal Palace 012 3 Henry Jones Co-op. .. 110 0 113 0 Howard Smith .. Kauri Timber 0 7 0 0 9 9 Mount Lyell .. 018 3 018 5 N.Z. Farmers' Co-op. (4J per CQnt. Stock, 1910) .. .. 37 10 0 47 10 0 N.Z. Farmers' Co-op. (45' per cent. Stocl;,' 1939) N.Z. Farmers' Co-op. (<U per cent. Stock, 1945) .. ..39 0 0 47 10 0 N.Z. Farmers' Co-op. (4$ per cent. Stock, 1911) .. Taranaki Oil .. I) 110 0 3 0 Weeks, Ltd. Whitcombe and Tombs '2 11 0 ■\Yaolworths (N.Z.), pref. 18 0 111 0 Mining— Big River .. 0 0 10J 0 1 0 (Consolidated (cum div.) 0 9 0 0 9 9 Bladen',iter (cum div.) 10 9 119 Gillespie's Beach 0 0 0* 0 0 3 prcm. . prcm. Golden Sands 0 110 0 2 4 Alexander (contr., cuui div.) .. .. Cornish Point .. O 0 2} O 0 4 Golden Dawn .. 0 4 9 0 5 0 Golden Point .. 0 0 2| 0 0 3 King Solomon .. 0 2 3 0 2 5 Mahakipawa .. ~ 0 0 2J 0 0 3j Mahikipawa (pref.) .. 0 0 5 0 0 7 Paddy's Point .. n 4 10 N okomai .. .. 0 511 0 6 0 Okarito ... ..0 7 llj 0 8 0 Waihi .. .. 0 18 3 Waitnhu O It !! 0 0 8J prem. prem. TVaihi Gram! Junction --- 0 3 7

YESTERDAY'S SALES. CHRISTCHURCH. galea on 'Change- £ | Commercial Bank of Au ~ 013 7 j Mriscrat ;« o, , (10s pam; (3} 0 3 1 -ifr.nnt Lvell (cum div.) ('-) 018 5 Mount i-ytn v o 18 4 0 18 4 Gillespie's Beach ... 3 Golden Dawn ... J %oKomai * 0 6 0 0 5 11 I . . &> 0 8 0 Okarito 0 7 11* Sale Reported— Tooth's Brewery ••• j AUCKLAND. Sales on 'Change—--44 per cent. Bonds, 1936 ... 93 2 6 Commercial Bank (-) National Bank of New Zea- 3 g Bank* of New Zealand ... 2 1 0 New Zealand Insurance ... 2 J JJ Auckland Gas Colonial Sugar ... •- 46 0 0 Kinff Solomon 0 18 9 AYaihi ••• WELLINGTON. Sales Reported— JL S. «. National Bank of N.Z. ... 3 o 0 Union Steam (pref.) ... 1 0 J Waihi - '• 018 8 dunedin. £. s. <l. Sale on 'Change— Nokomai ** 0 6 0 Sales Reported— Okarito (-J " 8 2 Gillespie's (prem.) 0 0 3 SYDNEY. The Sydney Stock Exchange yesterday was still inactive, with, prices edging downwards. There were rather more sellers than buyers, which is a characteristic of the year-end dullness. Commonwealth Bonds were two to six points weaker and bank shares were not traded in. Sales were:— £, s. d. Colonial Sugar .. 51 5 0 British Tobacco •. 1 12 44 Tooth's Brewery .. .. 1 14 44 Millaquin Sugar .. .. 17 6 Dunlop Perdriau (pref.) - • 112 14 Mount Lyell .. • ■ 11 6 North Broken Hill (ex div.) 3 9 3 South Broken Hill .. 2 5 6 MELBOURNE. £ s. d. Commercial' Bank of Australia •. .. 0 15 6 Dunlop Perdriau (pref.) .. 112 6 Electrolytic Zinc (pref.) .. 1 12 6 Goldsbrough, Mort • • 14 0 Herald-Times .. .. 2 16 8 Mount Lyell -. • * 116 North Broken Hill .» 3 19 0 South Broken Hill .. 2 6 0 LONDON QUOTATIONS. (TJNITED PRESS ASSOCIATION —BT SLECTSIO TELEGRAPH— copraiaHT) (Received December 14th, 5.5 p.m.) LONDON, December 13. Dalgety and Co.'s shares—£6 10s. Four per cent, debenture stock—£Bß 10s. Goldsbrough, Mort—£76 10s.