FINANCE AND COMMERCE.

Press, Volume LXVIII, Issue 20734, 20 December 1932, Page 12

FINANCE AND COMMERCE.

BUSINESS IN AUSTRALIA. GOOD SEASONS AID RECOVERY MR G. H. HOLFORD'S OBSERVATIONS. Tnai, Australia, tpeaking generally, is forging ahead financially, and that the country is doing its best to lift ju-elf oi# of iow economic conditions, is ihe opiuion of Mr G. H. Holford, advisory oniccr lor New Zealand for Imi>orial Chemical Industries, who has just returned from several weeks' stay in the Commonwealth. •'A discussion with Government officials left no doubt that South Aus•..'■alia, particularly, has been througti a trying time," said Mr Holford. "Tne depression camo at the end of several i years oi drought, and the people seem \o bo more couservutivo than they aro in New South Wales. ileibourJio has iucreased business much more rapidly than Svdney. The Lang regime undoubtedly bad a very serious effect upon New South Wales, but the visitor can see that a good recovery has been made. '•The position is that Australia experienced the slump nine months before .Now Zealand, and general conditions in the Commonwealth are now much better than they were a year ago. For instance besiging in the streets of Sydney is not 'half so rife as one would bo" led to imagine. Economists' Views. "1 was fortunate in meeting Professor D. B. Copland, of Melbourne University, and a leading authority on economics in Australia, Professor Melville, i-cnnomic -adviser to the Commonwealth Bunk, and Professor Mills, who holds the Chair of Economics at Sydney University. A chat with them gave the general impression that Australia is much more sound, economically, thiin she was a year ago. Three " good seasons on end played a big part in enabling extra production to com- j pensate for lower prices. However, one | does not like to contemplate the pos- j sible effects of an old-time drought, j "The high exchange rate has helped i Australia and the plan seems to be ■#orking well at present, but the ultimate result might not be as satisfactory as people would like. Sunshine ruves tho feeling of optimism, and it is good in these days. I can say, with f>ll confidence, however, that general conditions in Australia are distinctly on the mend." Why Budgets are not Balanced. Quoting from a leport by th© Commonwealth Auditor-General (Mr Ceruttyj, Mr Holford said that the figures revealed deserved to be learnt by heart by every Australian citizen who thought seriously about the affairs of his country. The Federal and State Governments combined obtained £B2 r 000,000 a year revenue from taxation, •£18,000,000 from various business undertakings, and £22,000,000 from various other sources, making a total of £122,000,000. On the other side ot the account, interest, sinking fund and exchange absorbed £63,000,000, and social services £45,000,000, a total ot £108,000,000. That left only £14,000,000 out of which {he seven Governments had to provide for the cost ot administration, defence, police, bounties, and all other charges. But they were unable to conduct the business of Government on so small an amount, hence the inability to balance budgets. During 1931-32 the accumulated deficits increased from £43,966,000 to £60,974,000 in addition to the increase of the short-term indebtedness from ' £68,695,000 to £82,315,000. The Andi-tor-Gerferal was of the opinion that the expenditure on social services was extravagant and beyond Australia's capacity They were largely the cause of the budgetary difficulties of to-day. THE PRINCE'S CALL TO ! OXFORD. VITAL NEED OF SALESMANSHIP. OXFORD, November 10. The Prince of Wales to-day brought a breeze of the modern world into the ancient colleges and quadrangles of Oxford. •» Ho spoke as an old Oxford man, and. referred personally to his happy years aB an undergraduate at Magdalen. He spok« also as a maja of affairs. His first task was to open the £40,000 extension of the Taylor Institute, where Oxford's school of modern languages is held. All Oxford had turned out to greet him. Again he directed the attention ot Oxford to the importance of salesmanship in British commerce. It was in .distribution rather than in manufacture that 'we fell short of our rivals abroad. "What is the use," he asked., 'of . sending out managers or agents who do not understand the language of the nation? i know from my own experience the benefit of speaking to a foreigner in his own language. Barriers are removed. "Great mistakes may be made if the negotiating parties do not know tne same idioms. Even an alteration of accent or phrasing will alter the whole sense of a statement." • The distinguished audience of dons and professors applauded, but not often can they have heard one so young speak to them authoritatively on a subject of national importance. AUSTRALIAN ESTATES COMPANY. PREFERENCE DIVIDEND POSTPONED. iOIUZD PBSSS ASSOCIATION—BI ELBCTiIO TSLEGBiSH —COPYBIGHT.) (Received December 19th, 5.5 p.m.) LONDON, December 18. Australian Estates and Mortgage Company, Ltd., has postponed its dividend of 6$ per cent, (cumulative) on * preference shares. FURNITURE SALE. C. E. Jones, Ltd., report having held a succeasfol clearing aaft in their rooms. The following prices were realised:—Lot tennis rackets £23, Axminater carpet £2 ss, invalid thair £3 7# 6d, tallboy £3 Bs, oak bedroom ai.ite £l6, oak buffet £l, rinid bedroom suit* £O, axminster carpet £3 15s, dming tab!* £2 15e, four oak chairs £2 12s, china cabinet £2, dinner service 84s, duchesse £3 It, wardrobe £S 2s 6d, chcsicrfield and chairs £7, sideboard £3 £*•

[trade with the I EAST. i POSSIBILITIES FOR NEW I ' ZEALAND. i AUSTRALIAN FIGURES. The possibility of developing an export trade in New Zealand produce J with the East has been suggested frequently by merchants with a knowledge of Eastern requirements, but little has been done to bring these suggestions to a practical conclusion. The exports from New Zealand in 1931 wero only 0.17 per cent, to India and 0.01 per cent, to Ceylon of the total produce exported. In value, Burma took £779, Ceylon £4977, India £58,213, and Straits Settlement £12,221, ' The value of the exports to Ceylon and India grossed £63,190 and the imports to New Zealand from these two countries in the same year was £1,002,448. The total value of exports to the various Eastern countries was £90,409. • Australia's total in the same period was £21,217,121. Wheat and flour represent slightly more than half of this substantial sum, but the balance represents' products which New Zealand can raise with equal facility to tho Commonwealth. Three Years' Exports. The Australian figures over the last three years make instructive reading: Country ■ ■ 1929-30. 1930-01. 1931-32. £ £ £ Japan .. 6,555,003 9,500,499 11,059,012 China .. 273,507 3,33G,113 4,832,107 India .. 5,452,421 2,949,375 959,497 Ceylon .. 905,691 533,036 876,768 Hong Kong .. 537.115 379.850 737,280 Philippine la. 390,750 329,239 343,510 Siam .. 57,276 60,324 58,460 N. East Indies 2,122,722 1,412,506 1,333,959 •British Malaya 1,399,321 818,917 916,462 Totals .. 17,523,506 19,319,889 21,217,121 The aggregate value of imports from these countries amounted to £9,037,179 In 1931-32, bo that recorded in Australian currency there was a balance of £12,179,942 for the _ year in favour of exports, compared with a favourable balance of £7,410,127 for 1930-31. Produce Exported. Important commodities exported were as follow: — 1931-32. Value Commodity. Quantity. £ Wool, lb3 .. .. 190,120,023 7,590,930 Wheat, centals .. 31,371,850 7,840,838 Flour, centals .. 4,587,671 3,773,289 Butter, centals .. 129,615 679,791 Mutton and lamb, centals 20,264 39,622 Frozen beef, centals .. 116,066 168,965 Bacon and jams, centals 11,973 74,614 Meat (preserved in tins), centals .. .. 5,898 19,438 Milk and cream, centals 180,405 5G7,097 Cheese, centals .. 3,082 13,801 Sheep (living) .. 47,101 15,075 Leather, centals .. Tallow, tons .. 17,499 891,250 Excepting wheat and flour, there are few of these commodities that New Zealand does not export to other countries with as much freedom, in proportion to the production of the two countries, as Australia. Australian Government Assistance. I The Federal Minister for Commerce has announced that a conference would be held early next year to discuss tho question of stimulating trade with the East. The object of tho conference would be to ascertain how far and in what way the Department of Commerce could co-operate. Eastern trade was being specially studied by a section of the Department. A statement embodying statistical information would be released in a few days. A "show boat" tour of the East is being arranged, and the Minister said that it was highly probable that a member of the Federal Ministry would travel on the ship to gauge from personal investigation the possibility of extending Australian trade with the East. TOMATO MARKET IN DUNEDIN. NO LARGE ISLAND IMPORTATION. The statement made in Dunedin and telegraphed to other parts of New Zealand that 5000 cases of tomatoes from the Islands had arrived last week is denied in a telegram received from the Dunedin Brokers' Association by the Christchurch Stone Fruit and TomatoGrowers' Association yesterday. The latter organisation was greatly perturbed by the message, as there, are over 100 growers in and near Christ church who supplied Dunedin, and telegraphed to Dunedin asking. if it was worth while sending further supplies. The following reply was received:— "The information incorrect. Only small consignment last Thursday. ' §old in same day. Advise send tomatoes as usual for Christmas trade." COMPANY NEWS. OVERSEAS OPERATIONS. Eesults of the year's operations of overseas companies are as follows: — BRITISH GOODRICH RUBBER. Directors of British Goodrich Eubber Co. announce net trading profit for the year ended September 30th, after payment of debenture interest and subject only to income tax, of approximately £87,500, subject to audit. for the previous year was £.73,332. SUN INSURANCE CO. \ The Sun Insurance Company has declared a dividend of 25 per cent, on the year's operations, the same as the preceding year. BOVRIL AUSTRALIAN ESTATES. Bovril Australian Estates, Ltd., secured gross profits for the year of £36,873. The net loss after deducting expenses, depreciation, loan and debenture interest was £7950, or £5229 less than the preceding year. VICTORIA NYANZA SUGAR. (PEESS ASSOCIATION TELEGRAM.) WELLINGTON, December 19. The Victoria Nyanza Sugar Company advr ;s the Stock Exchange Association that a message received this morning reads:—"Tons of sugar manufact 'red, 1600; locusts have done slight damage during the last month: weather very dry." TALLOW. A. H. Turnbull and Co., Ltd., s>re m receipt of the following message from their principals, W. Weddol and Co., .Ltd., dated London, December 15th: At the tallow auctions to-day 818 casks were offered, of which 250 caslts were sold; Gd less. Market dull, tendenoy easier.

AUSTRALIAN FRUIT THE NEW ZEALAND EMBARGO. FEDERAL MINISTER DISCUSSES SITUATION. (UNITED I'KEHS ASSOCIATION— BT ELECTRIC TELE GB APH—COP YBIGHT.) (Received December 19th, ».20 P-™-) SYDNEY, December l'J. liepresentatives of exporters and shipping companies interviewed the Federal Minister for Commerce (Mr »-'. M. Stewart) to-day in regard to the New Zealand embargo on Australian fruit and vegetables. The Minister later stated that fresh negotiations had begun with New Zealand with the object of impressing the Dominion Government that whatever action had been taken against New Zealand produce was for reasons of public health. However, efforts were now being made to straighten out the difficulty, and he would have a conference immediately with the Federal Minister [or Health (Mr C. W. C. Marr). THE CITRUS FRUITS. BLOW TO NEW SOUTH WALES DISTRICTS. SYDNEY, December 1?. The New Zealand embargo against

Australian fruits is expected to react seriouslv against the irrigated areas of New South Wales, which have worked up a large trade in New Zealand for citrus fruits. In an average year the Griffith Producers' Company alone exports upwards of 60.000 bushels of oranges to NewZealand. There is no disposition on the part of the company to blame New Zealand for its retaliatory action, as local growers have persistently agitate" against the embargoes on the importation of fruit to Australia, pointing out that the inevitable retaliation would wreck Australia's growing export trade in fruits. N.Z. REFRIGERATING COMPANY. MR J. MONTGOMERY RESIGNS. Mr H. A. Knight, chairman of directors of tho New Zealand Befrigeratiiig Company, Ltd., made tho j following statement yesterday:— "I have received from Mr J. Montgomery a letter tendering his resignation from tho directorate of the New Zealand Refrigerating Company. In the interests of the company and of its shareholders I consider it right that I should make public the fact that Mr j Montgomery's resignation has been tendered in direct opposition to my wishes. So far as my personal 'interests are concerned, having regard to recent criticisms, I am willing to tender my own resignation at any moment, and to leave it to the shareholders to say whether or not I should take any further part in the administration of the company. I foci, however, that the immediate and most vital factor to bo considered by tho directors is the effective carrying on of tho company's business. At tho annual meeting shareholders will be given the opportunity of signifying their wishes as to the future constitution of tho Board, but in the meantime 1 consider it tbe duty of myself and the other members of the Board to remain in office. "I should add that Mr Tripp's resignation was tendered after discussion with me and with my approval. At the time I thought that the vacancy caused thereby would be filled at the shareholders' meeting at which the resignation was announced." WHEAT AND FLOUR. STOCKS ON HAND. iPBESS ASSOCIATION TELEGRAM.) WELLINGTON, December 19. The following particulars of stocks of flour, wheat, and oats at November 30th were supplied to-day by the Minister in charge of the Statistician's Department, the Hon. Adam Hamilton: — Flour. Tons. Owned by millers .. .. 12,118 Owned by merchants .. 1,293 Owned by farmers .. .. 71 Total, 1932 .. .. 13,482 Total, 193.1 .. .. 11,037 Milling Wheat. Bushels. Owned by millers " .. 1,143,470 Owned by merchants .. 61,475 Owned by farmers • • 11,082 Total, 1932 .. 1,216,027 Tqtal, 1931 (all wheat) 1,855,787 Wheat Other than Milling. Bushels. Owned by millers .. .. 25,452 Owned by merchants .. 66,304 Owned by farmers .. .. 52,259 Total .. .. 144,025 Oats. Bushels. Owned by millers .. .. 205,015 Owned by merchants • • 414,548 Owned by farmers .. •. 242,453 Total, 1932 .. .. 862,016 Total, 1931 .. • • 776,650 WHEAT CONFERENCE. PROPOSAL SUPPORTED BY CANADIAN PREMIERS. (UfUTEU MLIiSS ASSOCIATION—BY EUBCTBK TELEGEAPH— COPTBIGHT.) (Received December 19tk, 8.30 p.m.) WINNIPEG. December IS. The Premiers of Manitoba, Saskatchewan, and Alberta, meeting here, approved of tho proposal for an international wheat conference. They will request the Dominion Government to join with the other nations which are supporting the proposal. SALE OF PROPERTY. Jones, McCiostie Co., Ltd., report having sold, on account ot the trastee3 in the estate of W. T. Walker, the property eituate Besley road, containing 23 acres, together with the homestead thereon, to a client, at a satisfactory figure t —6

CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. There was a good volumo oil diversified business on call yesterday, with increased turnover in Government Stocks and shares in the banking and gold mining sections. Transactions, exclusive of vestibule business, were:— £ISOO N.Z. Government 4$ per cent. Inscribed, 1938. £2OO N.Z. Government 5J per cent. Inscribed, February, 1937. £2400 N.Z. Government 5J per cent. Inscribed, Septe7nber, 1937. 100 Commercial Bank of Aust. 600 Bank of New Zealand. £O6 United Building Society. 500 N.Z. Refrigerating (10s paid). 200 British Tobacco (cum div.). 100 Ml, Lyell (ex div.). 1000 Big River. 100 Golden Dawn. 1000 King Solomon (cum div.). COO Mahakipawa. 100 Okarito. New Zealand Government 4J per com. tax free Stork, duo 1938, was firm at £93, sellers staying in at that price, buyers at £92 J ss; 5J per cent. Stock, due February, .1937, moved up to £99, and lato buyers at £9S 10s failed to attract sellers; 5J per cent. Stock, due September, 1937, advanced to £99 and £99 2s 6d, and there were further buyers at £9B 15s, no sellers. Commercial Bank of Australia shams relapsed to 13s sd, and there were further buyers at that price, sellers at 13s 6d. Bank of New Zealand shares were easier with dealings at prices ranging from 40s 3d to 40s Id, closing quotations 40s Id buyers, 40s 3d sellers. Union Bank of Australia buyers raisod their bids to £6 38s, sellers at £7 ss. Miscellaneous. Goldsbrough Morts were firmer with buyers at 20s 9d, sellers at 21s. United Building Society shares changed hands nt 14s 9d, market closing 14s 8d buyers, 15s sellers. Now Zealand Refrigerating 10s paid shares were fractionally firmer with doalings and further-buyers at 3s 2d, sellers at 3s 3d. Sellers of Carlton Brewery shares reduced their limits lo 30s, buyers at 295. British Tobaccos were fractionally firmer at 27s 7d, closing quotations 27s 6d buyers, 28s sellers. There was a closer market for Herald and Weekly Times, which were quoted 47s 6<l buyers, 49s sellers. Mt. Lyells, ex dividend of 6d per share, were firmer with buyers and business at 18s 3d, sellers at IBs Bd. Big Biver Gold Mines were fractionally firmer at Is 3d and Is 21A, market closing Is 2d buyers, Is 3d sellers. Golden Dawn were easier with sellers and business at 4s 10d, buyers at 4s 9d. King Solomons, cum dividend of 3d per share, remained un- ! altered at 2s o'd, sellers staying in at that figure, buyers at 2s sd. Mahakipawas were steady at 3d, closing quotations 3d on either side. Nokomais were ] easier with sellers at 6s, buyers at 5s lid. Okaritos moved up to 8s 3d, market closing Id either way. LATEST QUOTATIONS. Bujers. Seller*. £ 8. d. £ 8. <l. N.Z. Government Debentures—ik per cent. Inscribed, 1938 .. .. 92 35 0 S3 0 0 4J per cent. Bonds, 1938 .. .. _ 93 2 6 5i per cent. Inscribed, 1933 .. .. _ 88 17 0 5& per csnt. Inscribed, 1933 .. .. 100 0 0 101 O 0 Sfj per cent. Bonds, 1933 .. .. 100 0 0 5£ per cont. Inflcribod, 1936 .. .. 98 10 0 99 10 0 CI : pe v cont. Bonds, 1936 .. .. 9S 10 0 Gi per cent. Inscribed and Bonds, Feb., 1937 .. ..' 98 30 0 5J pur cent. Inscribed, Sopt., 1937 .. 98 13 0 55 per cent. Bonds, Sept., 1937 .. 93 17 C 100 0 0 Other DebenturesNew Brighton Borough, I 6 per cent., 1958 .. -- "100 0 0 North Canty. Hospital, 52 per cent., 1940 .. 95 0 0 97 10 0 New Plymouth Borough, 5 per cent., 1934 .. Ohristchurch City, A\ por cent., 1946 Cbristchurch City, 5$ per cent., 1941 .. Chriftchurch Drainage, 5J per cont., 1973 .. Booth, Macdonald, P* per cent., 1937 .. 30 0 0 Banks— j Australasia . Comm. of Aust. .. 0 13 5 0 18 6 Comm. of Aust. (pref.) G 1C 0 7 5 0 K, S., and A. .. 3 16 0 4 3 0 National of New Zealand (cum div.) .. !5 5 0 3 7 6 | Now flouth Wales .. 25 0 0 26 0 0 ] New Zealand .. .. 2 0 1 2 0 3' New Zealand (D Mortgage shares) ■— 1 10 0 Union of Aust. .. 6 IS 0 7 5 0 Insurance— A.P.A. .. ..058 National .. .. 0 It 3 South British .. 2 12 6 2 16 0 New Zealand .. .. Standard .. .. Loan and Agency— Daleety and Co. .. G 7 6 Goldabroujrh, Mort .. 10a 110 United Building Society 0 14 8 0 15 0 \ Shipping— , P. and O. Deferred Stock .. .. 0 15 0 Union (pref., ex div.) 0 19 3 Frozen Meat— Canterbury (ord.) .. N.Z. Keirigr. (£1 paid) 0 3 6 N.Z. Kef rig. (10b paid) 0 3 2 0 8 3 Woollens— Kaiapoi (17s paid) ...019 0 G <» Kaiapoi (pref.) .. 0 4 0 0 6 9 Kaiapoi (7s paid) .. 0 0 11 Coal— Westport-Stockton (ord.) o o 5 "Westport-Stockton (pref.) 0 1 n Gas— Christehurcli Ohristchurch (10s paid) 0 11 6 Breweries— Carlton .. ... 19 0 1 10 0 Monteith'fl .. ..060 I New Zealand .. .. 14 6 15 0 Staples .. .. 10 0 13 0 Tooths .. ~ 19 0 White Star .. .. ._ o 10 0 Miscellaneous— Australian Glass .. t ifi 6 1 is G Beath and Co. .. 0 17 0 1 4 *> British Tobacco (cum _ , di Y-) •• ■• 1 7 6 1 S 0 Colonial Sugar .. 45 0 0 46 10 0. bicctro. Zinc (pref.) .. 13 6 IS 6 Dunlop Rubber .. 0 14 0 0 14 9 Greater Crystal Palaca 0 12 0 1 1 ■> Henry Jones Co-op. .. 1 10 6 1 12 6 Herald and Weekly Times .. ~ 270 '296 Kauri Timber .. 0 7 0 0 9" Mount Lycll (ex div.) 0 18 3 0 1S 8 N.Z. Drug Co. .. . 1 13 0 3 0 0 IN. L. l'armers Co-op. (4| per cent. Stock, r 19-40) •• -■ ~ ' 46 10 n N.Z. Farmers' Coop. (4J per cent. Stock, N7 UB W v r - » 0 0 40 0 0 iy.6. l'armers Co-op. (14 per cent. Stock, 1945) .. ~ _ .17 0 0 N.Z. Farmers' Co-op. j (4i per cenl. Stock, T0 ,.? 39) •• ■• 40 0 0 4-S 0 n Whitcombo and Tombs _ •> 14 0 I Wilson's Cement IM j. T j u 0

Buyers. Sellers. ' _,. - £ a. d. £ e. d. Mining— Uig ilivoi 0 12 0 13 BJackwater (cum div.) 10 6 116 Consolidated (cum div.) 0 S 9 0 10 0 Gillespie a Ueach .. O'O 2i 0 0 ;:j prem. prem. Golden Sands . 0 2 0 0 2 6 Aloxandcr (conlr., cum div -) .. .. 0 18 0 10 6 Cormah Point .. 0 0 2 0 0 4 Golden Dawn .. 0 4 9 0 4.10 Goldon Point .. 1/ 0 8 0 0 35 King Solomon (cum div.) .. .. 0 2 5 0 2 6 Mahakipawa .. ~ u 0 8j 0 0 :]J Nokomai .. .. 0 C 11 0 6 0 Mahakipawa (prcf.) .. 0 0 4 0 0 7 Paddy's Point .. 0 4 11 Okonto .. ~ 0 8 2 0 8 4 ai , lli • ■ ■ 0 18 7 Waihi Grand Junction 0 3 6 Waitahu .. .. 0 0 9 prem. YESTERDAY'S SALES. CHUIBTCHURCH. Sales on 'Change—- £ 3. d. 5£ per cent.., Inscr. February, 1 ( J3? ... 99 0 0 5i per cent., Inscr., September, 1937 ... 99 0 O Commercial Bank of Australia ... ... 0 13 6 Bank of Now Zealand ... i! 0 S3 (2) 2 0 1 2 0 3 (.2) 2 0 2 United Building Society ... 0 14 y New Zealand Itefrigerating flOs paid) ... (5) 0 3 2 BritisTi Tobacco (cum div.) (2) 1 7 7 Big River ... ... 0 1 3 ' 0 1 24 Goldon Dawn ... ... 0 4 10 Solomon (cum div. - ) (1) 0 2 6 Mahakipawa ... ... 0 0 3 Okarito ... ... 0 8 3 Sales Reported—•lJ per cent., laser., 1938 (2) 93 0 0 oj per cent., Inscr., September, 1937 ... 99 2 H United Building Society ... 0 14 Si Mount Lyell (ex div.) ... 0 lb 3 AUCKLAND. Sales ou 'Change—- £ s. d. 5i per cent. Stock, 193b' ... 99 0 O 5J per cent. Stock, 1937 (September) ... 99 0 0 Auckland Gas, t>i per cent., 1935 ... ... 98 5 O Farmers' Co-op Auctioneering (B pref.) ... 0 11 0 New Zealand Guarantee Corporation (ord.) ... 0 4 '6 Traders' Finance Corporation (7s 6d paid) ... 0 1 6 Golden Dawn ... ... 0 4 10 Waihi Grand Junction ... 0 3 4 Waihi 0 19 0 WELLINGTON Sales Reported—- £, s. (1. 4J per cent. Stock. 1939 ... 93 5 0 Bank of New Zealand ... 2 0 0 Big Eivor ... ■■• ° 1 " DUNEDIN. Sales on 'Change—- £ s. d. Okarito .. ..082 OSS Sales Reported— Bank of New Zealand ..203 Golden Sands .. ..02" 41 per cent. Stock (1938) .. 93 5 0 Sf per cent. Stock (1936) ..99 0 0 SYDNEY. On tii.s Sydney Stock Exchange yesterday there -was a moderate turnover. Prices continued to ease, while Commonwealth Bonds also weakened under selling pressure. Morning SalesCommonwealth Bondss. s. d. 1938 . . .. •• 101 5 0 1944 .. .. .. 101 10 0 .1947 .. .. .. 101 7 6 1950 101 17 6 1953 102 0 0 1955 100 12 6 1957 100 7 6 1959 101 10 0 1961 101 17 6 Bank of New South "Wales 29 19 0 Colonial Sugar .. .. 52 15 0 Henry Jones Pty. • • 1 10 10* Closing Sales— Bank of New South Wales 29 19 0 Commercial Bank of Sydney .. .. 15 7 6 Colonial Sugar .. .. 52 8 0 Burns, PMlp .. • • 2 7 6 British Tobacco (Melbourne register) .. 1 12 0 Henry Jones Pty. •• 1 10 10J Goldsbrough, Mort .. 14 4* Tooth's Brewery . • 1 14 0 Nestle's (pref.) .. • • 2 ll f North Broken Hill .. 3 9 3 South Broken Hill •• 2 5 9 Commonwealth Bonds — 4 per cent.. 1938 -.101 5 0 1941 .. .. 100 10 0 ]944 " . • • 100 15 0 1947 .. .. 101 0 0 1950 !! ■ .. .. 101 10 0 1953 101 17 6 1955 .' 100 10 0 1957 100 7 6 1959 101 15 0 1961 .. • ■ .. 101 17 6 MELBOURNE. ~ A a. d. Commercial Bank (pref.) 8 0 0 National Bank (£5 paid) 5 17 b Goldsbrough, Mort ■• 1 4 6 Commercial Bank of Australia .. • • 0 15 9 Electrolytic Zinc (pref.) •• 1 7 South Broken Hill • • J; ° ° Dunlop Perdriau .. •. ° I 0 ° FOREIGN EXCHANGES. (BKITI9H OFFICIAL TCIBELISSS.) (Keceived December 19th, 6.5 p.m-> RUGBY, December 18 Par. Dec. 16. Deo. 17. Paris, fr. to *1 .. 181.31 WJ WI New York, dol. to £1 4.866 8.30, B.Jl* Kontreal, dol. to £1 4.866 . 3i-ussels, belgaato£l 35 ■ Tt'ooJ! Geneva, fr. to £1 .. 23.2215 1< <-f i'-"* Amsterdam, fl. to £1 13.107 8.234 8 Milan, lire to £1 .. 93.43 64 11-lb W& Berlin, reiehmarken Stockholm, kr. to £1 18.159 18.87J 18.M Copenhagen, kr. to fl 18.159 19.30 19.^4 Oslo. kr. to £1 .. 18-159 W.« 19 '^ Prague, kr. to £1 .. 164.i0 l u 2 . nl * Warsaw, par zlotys to £1 .. •• 43.38 --. t - Vienna, schgs. to £1 34,08j -■'« (,noin.) (nom.; Helsmfffow, marks to Madrid, pesetas to u _ w Athens, drach to £1 375 607 i 615 Lisbon, escudos to „ O! 110 109s 1091 Bucharest, lei to £1 813.6 560 565 Belgrade, dinars .. 25.2215 2-t.o Kio de Janeiro, pence to rnilreis .. 5.892 oi 5& (nom.; (nom.) Buonos Aires, pence to dol. .. .. 47.577 nom. nom. Montevideo, pence to dol 51 o0 oO (nom.) (nom.) BaUvia, guilder .. 12.107 8.25 i Bombay, pence to .«.,., rupee . .. IS 18 3-16 1811-61 Shanghai, pence to ,„«■,.. Uel .. .. ' -'0 5-16 20 o-lU Hon" K-onz, pence to dol * loi la i Tokohama, pence to yen .. .. 34.56 15 5-16 log * Determined bj prion of silTer. |

MINING. KING SOLOMON DIVIDEND. TWENTY-FIVE PER CENT. (PSBSS ASSOCIATION TSLEGAAH.) WELLINGTON, December 19. King Solomon Deep Lead Co., Limited, has advised the Stock Exchange Association that a distribution of 25 per cent, on capital to shareholders on the register at January 9th will be made next month. The capital of the company, which has its registered office at Gore, is £13,000, in 260,000 shares of Is each. The dividend announced is the first. Shares in the coarpany wero sold on the Stock Exchange yesterday at 2s <sd cum dividend. ~? OKARITO RETURN. [THE PBESS Special Service.] DUNEDIN, December 19. The secretary of the Okarito Five-Mile Beach Gold Dredging Company, Ltd., reports that the wash-up for the week ended Saturday, December 17th, was 54 oz 18 dwt for 122 hours' dredging. The following report relates to . the four weeks from November sth to December 3rd—Total gold won, 1540z 5 dwt; total time worked, 434 hours; total non-working time, 142 hours (including 46 hours completing Pelton installation ; total yardage treated, 28,800 yards, an average of 66 cubic yards per hour; average value of ground (on basis of gold worth £4 per ounce), 5d per cubic yard. SAILOR'S GULLY COMPANY. • The Sailor's Gully Sluicing Company, whose hvdraulic claim lies toward the head of "the Waitahuna Gully (Lawrence), has declared a dividend of Is a share. There is a big body of cement within the area held by the conipany, whose operations are confined chiefly to the upper levels o£ the deposit. The company was registered in 1896 and has a nominal capital of £B4OO. In January last it paid its 68th dividend, amounting to 6d a share.

LYTTELTON HARBOUR BOARD DEBENTURES. LOAN SHOULD BE FULLY SUBSCEIBED SHOETLT. If applications for Lytteltoa Harbour Bt>ard Debentures continue to come in as steadily as they have been during the past few days, the' £136,000 Redemption Loan will be fully subscribed in a very short time. Intending investors are therefore advised to send in their application money at their earliest, so as to participate in the advantages of this gilt-edged security at the interest rate of 5£ per cent, per annum. The Debentures are in denominations of £SO, £IOO, or multiples of £IOO, and the interest at 5i per cent, per annum is payable half-yearly, and is free of the" National Expenditure Adjustment Act Tax of 10 per cent. Interest is paid on accepted application money from" the day it is received by the Board, and exchange on accepted application money and on interest and principal is paid by the Board. The term of the Loan is for 10 years. Application money should be forwarded to Mr C. H. Clibborn, secretary of the Lyttelton Harbour Board, Cathedral square, Christchurch, from whom also a prospectus giving complete details may be secured. —3950 (CONTINUED ON PAGE 16.)