FINANCE AND COMMERCE.

Press, Volume LXIX, Issue 20777, 10 February 1933, Page 12

FINANCE AND COMMERCE.

THE TARIFF. r PROPOSED REVISION. MANUFACTURERS' REQUEST. £Fhom Ou* Parliamentary Reporter.] WELLINGTON, February 9. Representations regarding the procedure to be adopted in making the contemplated tariff rovisit|i were made to the Prime Minister (the lit. Hon. G. W. Forbes) and the Minister for Industries and Commerce (the Hon. K. Masters) to-day by a deputation from tho New Zealand Manufacturers' Federation. Mr Forbes promised "nit careful consideration would be given to tho questions raised, after which the proceedings were conducted in committee. Mr F. Campbell, president of the Federati<J.i, said it was felt that m fairness to tho manufacturers of the Dominion definite information of the Government's intentions in regard to tariff revision should bo given at the earliest moment. The preparation or data for submission to the tribunal by tho New Zealand manufacturers wouia involve a great deal of work, and would occupy considerable time. A rushed enquiry under conditions whieu prevented manufacturers from preparing a complete ease would arouse widespread resentment. "It should be emphasised that in preparing information with relerence to tho relative cost of economical and efficient production itu Great Britain and New Zealand. New Zealand manufacturers will be obliged to obtain reports from Great Britain," said Mr Campbell. "Ample time should »«■ flowed for these reports to be obtained n»id digested before the tribunal sits We submit that tariff revision itself is not a desperately urgent matter. Our protective tariffs are already the lowest of all the Dominions. 1" comparison with Australia, for mKtrJico. the New Zealand tariff is already so much lower and the position of the British exporters so much better that it is unreasonable for New Zealand to move farther until the other Dominidns. including Australia, liara at least come into line with New Zealand. Assurance Wanted. "We submit that an announcement should be made at the earliest mometat of the type of tribunal which it is intended to set up, and of its personnel. New Zealand manufacturers would like to know allso whether it is intended that the Tribunal shall sit in Wellington only, or whether it is to sit also in the other centres. They ask also that witnesses givimg evidence on behalf of both the United Kingdom anaNew Zealand interests shall be required to submit to cross-examination not only by members of tho Tribunal but by representatives of British or New Zealand manufacturers as the case may be. Finally, the Federation aiks for an assurance that the revision of the tariff as a result of the Tribunal's evidence will be made operative' only by a constitutional Act of Parliament, and not by Order-m- ---. Council." , Mr J. T. Spiers asked that as the Ottawa agreement provided that tariff revision should be made cm the basis of comparative costs, and as New Zealand manufacturing costs to-day were so uncertain and so much in a state of lux through the raising of the exchange, tho tariff revision enquiry be deferred for a few months until they were nble to see clearly where they The Prime Minister said that he could not answer trie questions raised off hand, but would give them careful consideration. ! JAPANESE GOODS. PRICE LISTS REVISED. [THS PEES 3 Spaciil Service.] DUNEDIN, February 9. Importers are notified of a somewhat startling increase in the price of practically all classes of goods that come to New Zealand from Japan. A (Circular just received by a Dunedin firm asks for confirmation of its orders at the higher rate, "as it is impossible to ■contract for delivery at prices quoted previously." Examples of the increase are enumerated —glassware 30 per cent., dinnerware 55 per cent., tricycles 48 per cent., porcelain and earthenware 45 per cent., bicycle parts 56 per cent., cotton goods up to IVH per cent. ..' Explanations are appended: "Up to December, 1931, prior to Japan going off the gold standard, its yen, nominally worth 2s Id rose to 3s Id, and New Zealand buyers operated freely. In December of 1931, Japan went off the gold standard and its currency depreciated until it reached its present level of Is 3d. If an average of 50 per cent, increase be assessed over the whole of an order, it will represent an increase in the yen value to Is 10|d, which is still below its par value." The writers go on to give other reasons for the advance: (1) There has been an enormous influx of orders clearing the market of stocks, and with yen so tow, replacement costs are abnormal; (2) Japan has to buy most of her raw material from other countries in depreciated currency; (3) England and America have been placing enormous orders. NEW ZEALAND MEAT. RETAIL PRICES IN LONDON. The New Zealand Meat Producers' Board has been advised by its London manager that tho following retail prices were being quoted for New Zealand lamb and mutton retailed in London during January, 1933. (These prices represent a fair average of the prices quoted by the better-class shops m London for tho best quality New Zealand lamb and mutton):— Per lb. Lamb-- d - , Legs 11 Shoulders 10 Loins ... 9 Noclcm . ■•'• 4 Breasts' ... 2 KorequarLtr.". « Hindquarters ... ... 10 Mutton (Wethers)— Legs ■ ° Shoulder's ' koins > Necks •' '■' Breasts J

LONDON WOOL SALES. CLOSE OF SERIES. PRICES HIGHER THAN DECEMBER CLOSING RATES. (UMTRD.. MIESS ASSOCIATION—EI ELECTRIC TELEGRAPH—COPYBIGHT.) LONDON, February 8. At the wool' sales tho concluding offering totalled 7764 bales, including 11)47 bales from New Zealand, and about 3791 bales were sold. The sale was steady, as the bulk of requirements had been filled previously, and tho demand was somewhat quieter. The total amount catalogued tor tlie series was 133,463 bales. The quantities sold were: Bales. Home 63,750 Continent. «'%£ Held over 43,000 The total amount of Australian wool sold was (36,500 bales, and of New Zealand 44,000 bales. . Compared with December closing rales, merino and greasy sorts were generally 5 per cent, dearer, fine sorts 7} per cent, dearer, scoured fine fully o per cent, dealer. Coarse wools were unchanged, and crossbreds, fine, 5 per cent. up. Medium and coarse weakened reecntlv, and were barely equal to the. December' rates. Slipes were unchanged. New Zealand lots sold as follows: Greasy crossbred —Waipura (top price Pd), average 6|d: Scoured merino— Fernlee, Itf-}<l and 16d. BROKERS' REPORTS. DALGETY AND CO., LTD. Wool sales closed active with good general competition as compared with closing rates of last ..series. ' Greasy rino par to -Jd higher, greasy half bred rino par to -Jd higher, greasy halfbed id to Ad higher, greasy crossbred fine par to 3d higher, greasy crossbred medium and coarse unchanged. Except shabby and inferior sorts any change is in favour of buyers. S-courcd crossbred and fine slipe id to *d higher, coarse and medium slipe unchanged, greasy crossbred lambs id to 3d higher. The following is the range of prices realised: — Halfbred—d. d. 50/58, good to super 12 50/58, low to medium 8} to 11-3 50/50, good to super 10 to 12 50/56, low to medium 71 to 9J Fine crossbred—--48/50, good to super 7 to 0-J 48/50, low to medium 5' to 64 Fine crossbred—--46/48, good to super 6 to 74 46/48, low to medium 4-2 to 5* Crossbred — 44/40, good to super 5J to 6* 44/46, low to medium 44 to 5J 40/44, good to super Hto 6 40/44, low to medium 4J to 5 Coarse crossbred — r,O/40, good" to super 5 to 5* 36/40, low to medium ' 4 to 4J Bank of New Zealand. The sales have closed firm for all kinds of wool. Compared with the opening prices, greasy, coarse, and medium crossbred allow a decrease of id to *d per lb. Current quotations: — Merino—d. d. Super 60/648 .. . 11 to 12 Ordinary «0/64s .. 8J to 94 Inferior 60/64s .. U- to 7 J Halfbred—- .' " 56s .*-'■,. -101 to 114 50/56s '., .- Bto 9 Crossbred „ 50s " '... »• Gi to 6} 48/65s ... •• 5J to 6 46/48s ... ... 5 to o4 44/46s .. ■»« 4'J to 5J 40/44s ~ ~. 4* t0 •! 36/40s -. '•• 44 to 5 Pyne, Gould, Guinness, lVtd. January series of wool sales have closed, and wo quote tho following prices:—Merino 4d higher, fine crossbred, 50/58s, U to 4d higher, crossbred, 40/50s, id lower, lambs wool and pieces 4d to Id higher. No New Zealand merino or super halfbred were offered. For individual qualities we quote the following prices: Average. Super. d. d. 50/58s -. -. " ■ ' ■ 50/56s ' •• .. 10* ■ 48/50s J, .°. 46748s .-. , ■• l\ 'J* ' 44/46s * " 5 A ri 40/44s •• •'• 4 * ' di> Halfbred hogget wools wore 14d , dearer. There wava good demand from the Home trade and from the Continent, and a good clearance was effected. A total of 120,000 bales was sold altogether, 47,000 of which comprised New Zealand wool. National Mortgage. The wool auctions closed with prices for merino and fine crossbred firm, on a par with tho opening rates, but for coarse crossbred the market generally is rather irregular and tho opening, advance is mostly lost; in some cases , lower prices are being quoted. For slipe wools generally there is no change. in the quotations. Loan and Mercantile. < As compared with last sales closing rates were:—Fine scoured crossbred, medium crossbred, coarse crossbred slipe, coarse greasy crossbred, and course scoured crossbred, about the same; merino lambs, crossbred lambs, and fine crossbred slipe, higher par to 4d per lb; scoured medium merino, greasy merino, lambs, fino greasy crossbred, greasy merino, and fine scoured crossbred, higher 4d per lb; super scoured merino, higher 4d to Id per lb. Sales closed firmly today, there being good all-round competition. Tanners' Co-op. London wool sales closed. Compared with last series, active, with good tendency. Merino3,'par. to 5 per cent, up; fine crossbreds unchanged; medium and coarse, par to 5 per cent, down; slipes slightly sellers' favour. Market closed firm, good competition. : Total sold 120,000 bales; 60,000 bales Home trade, balance Continental. Irwell and Co. i London sales closed. As compared i with opening prices fine crossbreds are unchanged, medium and coarse crossbreds are 5 per cent, lower. Prices realised for avorago topmaking wools in the saloroom are: '"':...' d. ■ 58'»"'.".■'.;■ .... 10J 50's ■ . .... .'. 10i 50's.. '...'.., .6?. -. .48 'a , • ■. .'. . .... /si. 40 's preparing .. 5 44 's preparing .. 4} Slipes, halfbred lambs .. 12i Tfcree-quarterbred .. 9A Crossbred seconds .. .. 5J The next series of sales will commence on March 1L

MINING. GOLCONDA COMPANY. The manager's report under date February 4. is as follows: — During the week the following workhas been carried out:—Bottom level: The cross-cut was advanced five feet total 86 feet from shaft, The leader mentioned in last weekly report opened out to 18 inches in width and shows colours of gold. Thui'e is a big flow of water coming from the face, and while it is draining off we have continued sinking the winze in tho tunnel level to connect with the rise put up from the intermediate level, where good ore was secured. Good progress has been made and the winze is down 12 feet in good country. MOUNT DAVID RETURN. The secretary of the Mount David Sluicilng'Company, Ltd., advises having received a telegram from the claim reporting a wash-up of 15oz lor 10 days' work. GOLDEN PROGRESS REEF. The mine manager of the Golden Progress (Central Otago) Company reported last week that in the east end workings the reef cut off by the big slide over 12 motaths ago had been located within a few feet of its estimated position, 125 ft south of the cutting-off point. The reef, which was 2ft wide over the back of the level, was showing strong colours of gold, altid reasonably suggested an ■extensive area of Inew country, the possibilities of which were not yet explored. A good deal of investigation work had yet to be done to enable a fuller estimation of its values, and also to ascertain data on which the quartz was to be developed and takem out. BLACKWATER RETURN. During the month of January, Nitons of ore was treated, yielding 175 a fine ozs of gold. Working costs were £5200. leaving an estimated worki'ng profit for the month of £4875.-Develop-ment expenditure was £955. Capital expenditure for the month wavs £oa4J. Review of development carried out during January : No. 9 Level North: Silice completing the connexion to the level above, the drive has been extended a\i feet on reef averaging 19dwts over inches in width. No. 10 Level North: Has bcetn extended only when mullock was wanted in tho stopes below, -'li feet being driven. No. U Level North: This drive was inclined to the hanging wall, 25 feet being driven, which has recently exposed the reef; ; lor the distance it is broken the width is 28 inches, and the value I4dwts. j No. 12 Level North was advanced l'2l> ! feet on reef during the month, tho average value beint; lljdwts over *?■ j inches. A wwizo has now been commenced from No. 11 level on the noxt block of stone, so that it should be down by the time No. 12 arrives beneath it. Battery Crosscut; 'lhis was extended 54 feet to ai point 40'2 feet distant from the commemcement A good track was encountered some distance back from the face of the crosscut, and driving on this track coing «north lias now been commenced Tho country looks promising. Prohibition shaft: Since the end of the year the bottom of the shart (the sump) has been retfrhliered and connexion made with the rise which was put up from No. 7 .level. The rise is now being stripped down to the exact size of tiro shaft, 43 feet having been done durimg the mouth, making the completed shaft 53 feet below the bottom love! in the Prohibition Mine. Jt will not be long now before the shaft will reach the top of tho chamber for Ao. 7 level. PRICE OF SILVER. (BRITISH OMICIAL WIBELE3S.) j '(Received February 9, 6.18 p.m.) ' RUGBY, February 8. Silver (pence an ounce) is quoted:— Feb. 6. Feb. 8. Spot '.. 16 13-16 16J Forward .. 16* 16 13-16 DAIRY PRODUCE. LONDON QUOTATIONS. The South Island Dairy Association, Tjtd, has received the following market report from the New Zealand Produce Association, Ltd., London:'Butter —Steady, 80s; Danish 110s to 112 a. Cheese —Steady. White 48a, coloured 58a. The Now Zealand Loan and Mercantile .Agency Company, Ltd.. have received a message- front their London office giving the following information under date February 8: Butter —80s. Quietly steady. Cheese—White 475, coloured 575. Markst is. steady. THIRD WELLINGTON SALE. MUCH INTEREST IN TO-DAY'S AUCTION. [Fkom Our Own Repoexer.] ' WELLINGTON, February 9. Considerable interest is being taken in the third Wellington wool sale of the season,, which will open at 2 o 'clock tomorrow afternoon, and which is the first to be held here since the raising of the exchange rate, the effect of which has been reflected in the prices at the South Island sales. The offering is a large one of 30,175 bales, comprised in "3102 lots, and it is not expected that the sale will finish before 10 p.m. Opinion in the trade is that halfbreds and fine crossbreds will be in demand at fully late rates, but the forecast for lower grade crossbreds is somewhat pessimistic. FORCING DOWN VALUES. RUMOUR MENTIONED IN HOUSE. (PBISS ASSOCIATION TXLEG»AM.) WELLINGTON, February 9: Mr W. E. Barnard (Lab., Napier) asked i'n the House of Representatives t6-day whether it was true as reported that the wool brokers were collaborating, to force wool prices down, with a view to any benefit from the increased .; exchange being appropriated by oversea merchants. • The lit. Hon. d. G. Coates said there was /ho reason to believe that ; wool prices had been prejudiced as suggested. Presumably the reference, to brokers was intended to mean buyers, since the brokers would have tu> interest in holding down prices. ine opposite would be the case, since the brokers sold o!n commission. There wa s no evidence of collusion among competitive buyers at wool sales.

INVESTMENT AND LOAN ASSOCIATION. ANNUAL REPORT AND BALANCE-SHEET. The annual report and balance-sheet of the Permanent Investment and Loan Association of Canterbury, for tho .year ending December 31, 1932, havo been issued. The annual meeting of shareholders will be held on Friday, February 24. The report states: — Your directors, in presenting the G2nd annual balance-sheet and accounts, have to report that the profit for the year, after taking into account interest due and accrued as at Dccembei 31, amounted to £-5506 12s lid, which, added to the balance brought forward from last year, left £7640 lite lOd in tho pro/it and loss account. Legislation iu the form of the National Expenditure Adjustment Act, as shareholders no doubt expected, had a serious effect upon the association's income in that the amount received for interest in respect of the nine months commencing on April 1, 1932, has been subject to an average reduction of nearly 20 per cent. Tiie full effect of this reduction will be felt during the current financial year. Last year we decided to cany forward £2138 in the profit and loss account, in view of the possibility that a percentage of the accrued interest might have to be written off, and as events have turned out the directors' action has been proved a wise one, although losses of interest, confined chiefly to farm mortgages, have not betn as groac as might have been anticipated. In view of the uncertain and difficult financial conditions now existing, your directors considered it. advisable to transfer tho £2500 standing to reserve for equalisation of dividends to a. contingency reserve account, and to 'increase that rescrvo to £4OOO by ■ the transfer of £ISOO from the profit and loss account, leaving a balance of £II4G 19s lOcl'to be carried forward. An interim dividend of 2$ per cent, was paid on July 31, and a final dividend of 2$ per cent, on January 31, making 5 per cent, for tho year. During tho year your directors found it necessary to take over four properties 'in satisfaction of mortgage debts. Three of these aro still held, and particulars of the same appear at tho foot of the balance-sheet, tlio fourth having been disposed of at.a loss to the association of £132 lis lOd, which has been met out of revenue. A 10 per cent, reduction in directors] ices and salaries was mado on April 1 last, reducing the expenses of management by nearly £.IOO. This reduction should account for still greater saving in 1933. It is with gre.it regret that your directors report the resignation of Mr H. A. Knight, who has been a member of tho Board for tho past 18 years, and they wisli to place on record their appreciation of Mr Knight's services during rhe period. Mr L. D. Cotterill has been appointed hv tho directors as a member of tlio Board in the place of Mr Knight. The directors retiring by rotation aro Messrs J. J. Thomson and L. D. Cotterill. both of whom being eligible, have given notice of*tlieir intention to seek rc-clcrtion at the annual mooting. BEOBIPTS. £ B. d Balance at Bank at December 31, 1931 .. .. 129 19 4 Mortgages repaid . . 11,193 0 8 Doposits received .. .. 48,02.7 3. 1 Special deposit repaid .. 1,300 0 0 Interest . .. •■ 8,672 IT 1 Property account .. 1,008 8 0 Rents .'. .. !>2 17 11 Repayments by borrowers 593 5 9 Sundries ... .. 14 15 0 Miscellaneous .. ,•• ■ 3 8 4 Potty'-cash ... ,'.*« '.'-■: " & Q ,° Balance. .. .. fJ.SiOIO 1 2* 72,881 0 4 PAYMENTS, lioans on mortgage and pur chase of Government 54 per cent. Stock .'• 5,748 11 11 Property account . . • • 3,14(1 11 7 Property expenses .. 85 7 2 Deposits repaid ... •• 54,500 i 10 Dividends .. •• 5,500 0 0. Intorest ,■• .- 1 . 898 10 n Payments on account ot borrowers . . .. 592 10 j Petty cash .. .. 5 0 0 Miscellaneous . .. .. 3 18 5 Costs ro realisation of Ashburton security . . 40 8 3 Expenses of management . . 1,347 7 10 72,881 0 4 LIABILITIES. £ s. d Capital shares fully paid up 100,000 0 0 Iteserve fund . . . . 15,000 0 0 Reserve for contingencies . . 4,000 0 0 Profit and loss accouut .. 1,146 19 10 Shareholders' funds .. 120,146 19 10 Deposits—Repayable on demand and fixed deposits repayable within* three months . . 30,536 7 6 Other'flxod deposits .. 7,239 0 5 Intorest accrued oh samo .. 288 17 11 38,064 5 10 Union Bank of Australia, Ltd. . . .. 1,840 19 2 Dividend payablo January 31st, 1933 .. 2,500 0 0 Sundry creditors ~ 138 11 9 Interest prepayments .. 14 5 2 162,705 1 9 ASSETS.. Loans on mortgage . . 149,427 9 10 Property account .. 2,050 10 1 £7OO N.Z. Gov. Insc. Stock, 5i per cent., 1933 .. 089 16' 0 £I2OO N.Z. Gov. Bonds, 5J per cent., 1933 . . 1,199 15 0 £3300 N.Z. Gov. Insc. Stock, ~" ■ . ■ 55 per cent., 1933 .. 3,300 0 0 £SOO N.Z, Gov. Insc. Stock, 5i per cent., 1936 .. 499 15 0 £SOO N.Z. Gov. Bonds, 5J per cent., 1937 ... 500 0 0 £7OO Post Office Invest. Cer- ' tificates, due June Bth, 1933 ... ... 636 6 0 Interest due and accrued .. 4,326 3 1 Sundry debtors . .. 50 1 9 Office furniture ~ .. 25 0 0 162,705 1 9 The revenue in 1931 was £10,641. and the net profit £7274: The dividend was 5 \ per cent., compared with 0} per cent, for several years preceding. The capital paid up is £IOO,OOO, and the reserve fund at the 1931 balanco was £19,638. Deposits in 1931 wero £33,516,- compared with £3O 536 m tho year just ended, and other fixed deposits £10,738 and £7239 respectively. Loans on mortgage in 1931 were £155,562, as against £149,427. WESTPORT-STOCKTON COAL COMPANY. ANNUAL REPORT. Notwithstanding a reduced output the Westport-Stockton Coal Company, Ltd., has improved its financial position, according to the annual report and statement of accounts to be submitted to the annual general meeting of shareholders on.February'24. The accounts for the year ended December. 31 last show that after making provision for taxation and writing off £9531 8s . as depreciation, the year's operations, resulted in a profit of £477 2s, which the directors. recommend should be carried forward. The year's output was 1Q4,503 tons, being 2352 tons, less than in 1931. In the previous year a working surplus of £7592 4s 3d was obtained, which was utilised in writing off a loss made in 1929 of £5316 7s 2d and in writing £2575 17s Id off depreciation. The latest balance-sheet shows that expenses have been cut down, and the

CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. Markets on the whole were firm on call yesterday, and prices of several stocks dealt in showed a hardening tendency. Transactions, exclusive of vestibule business, were:— 600 Commercial Bank of Australia. C Bank of New South Wales (cum div.). 100 Goldsbrough, Mort. 300 New Zealand Breweries. 100 British Tobac ;o. 150 Alexander Mines (contr., cum div.). 200 Blackwater. 300 Cornish Point. 2250 Golden Point. 800 Mahakipawa. 200 Nokomai. 150 Mount Lyell. Government Stocks wero firm at late rates. Commercial Bank of Australia shares were fractionally firmer at 14s 7d, closing quotations Id on either side. Commercial Bank of Sydney shares claimed buyers at £ls ss, Wednesday's business figure, sellers at £ls 15s. Buyers of National Bank of Australasia fully paid shares raised their bids to £ll 16s, sellers at £l2 ss. Bank of New South Wales advanced to £2B 15s, buyers staying in at that price, sellers at £2B 17s Od. •Miscellaneous. Goldsbrough, Morts were fractionally firmer with buyers and business at 23s Gd, sellers at 23s Bd. Now Zealand Guarantee Corporation shares were firmer on buyers' offers ss, sellers at 5s 6d. Buyers of New Zealand Loan and Mercantile ordinary stock advanced their offers to £39. Christchurch Gas shares had improved demand at 23s 9d. New Zea- • land Breweries shares wore easier with dealings at 275, 27s 3d, and'27s sd, and further sellers at 27s sd, buyers at 27s Id. Staples Brewery shares, ex dividend of Gd a share, were offered at 22s Cd. British Tobaccos advanced to 33s 4d, and there were further buyers at 33s 3d, sellers at 33s Bd. Burns, Philps were firmer on .buyers' offers- 47s 6d. Colonial Sugars buyers raised their bids to £53, sellers at £53 ss. Electrolytic Zinc preference shares were firmer with buyers at 28s, sellers at 28s Bd. Henry Jones Co-op. shares, claimed buyers at 375, but sellers wanted 37s Gd. Mount Lyells realised 20s 2d, sellers staying in at that price, buyers at 20s. - Buyers of New Zealand Paper Mills moved up to 22s Id. Alexander Mines partly paid, cum dividend, remained unaltered at 13s Gd, buyers staying in at that figure, sellers at 13s lid. Blackwaters were fractionally weaker at 20s, 20s Id, and 20s 2d, with further buyers at 20s 2d. Cornish Points realised 2d. Golden Points were firm with buyers and dealings at 2Jd, sellers at 3d. Mahakipawas wore a shade firmer at 2sd. Nokomais remained at 5s Bd, and more were wanted at that price, sellers at 5s Bid. Waihis were easier with sellers at 21s 9d, buyers at<2ls Gd.

■—■» company's affairs are being put on a sound basis. Freights and distributing expenses were £48,159 23s 4d last year, compared with £56,464 13s 2d in the previous 12 months, while travelling expenses, salaries, rent, and office expenses were reduced to £2369 9s 8d from £2702 13s sd. Interest and exchange were £3400 Bs, against £4541 lis Id in the previous year. The director retiring by rotation is Mr R. O. Dixon, who offers himself for re-election. Messrs Godfrey and Frank- ; lin also offer themselves for reappointment as auditors. * The paid-up capital of the company, is £197,786 £66,316 preference arid £131,470 ordinary shares of £1 each. First debentures at the 1931 balance were £50,812, and second £19,837. The output of 104,503 tons this year compares with 106,850 in 1931 and '153,32'J in 1930.

UNOFFICIAL LIST. All transactions in slocks quoted in this list aro subject to double late of brokerage und are not quoted on the official list.

YESTERDAY'S SALES.

SYDNEY. On the Sydney Stock Exchange yesterday, strong enquiry continued for all first-class investments. The market was very firm.

Dunlop Perdriau (oref.) ... 113 6 Herald and Times" ... 219 6 Broken Hill North ... 3 9 3 Commercial Bank of Australia 0 15 0 E., S., and A. Bank ... 410 0 Mount Lyell ... ... 10 4J LONDON STOCK MARKET. KAFFIRS SLIGHTLY EASIER. (Bltmsß OFFICIAL WIRELESS.) (Received' February 9, 7.20 p.m.) RUGBY, February 8. British Funds were quiet but steady, Kaffirs moving within narrow limits and slightly easier.

RATE ON SOUTH AFRICA. (BRITISH OHICUL WIRELESS.) (Received February 9, 5.5 p.m.) BUGBY, February 8. The rate of exchange between South Africa and London (South Africa for £IOO sterling) is:— £• ; s..d. Februarys .. .. 99 17 6 to ... > .. 100 17 0 February 6 .. .. 99 17 6 to .. ~ 100 0 0 February 3 .. .. 99 17 6 to .. .. 100 17 6. February 1 .. .. ■O9 17 C to .. •• 100 17 0 P. AND O. STOCK. (UNITED PRESS ASSOCIATION—BY ELECTRIC TELEGRAPH—COPYRIGHT.) . LONDON, February 8. P. and O. deferred stock is-quoted as follows: s. d. February 8 ... ••• 1« 1U February 6 16 » February 3 ... —}* l{ s February 1 ... ... 16 6 January 31 16 G-< January 30 16/4 MOUNT LYELL QUOTATIONS. LONDON, February 8. Mount Ljell stock is quoted as follows : s. d. February 8 ... ... 16 -0 February 3 ... ••■ 16 6 February 2 ... ••• 16 *■* February 1 ... ••• 16 3 January 31 ... •'•• 16 4 WAR LOAN STOCK. (nnmsn official wireless.) RUGBY, February 8. British 3_ per cent. War Loan Stock is quoted as follows: £ s. d. February S .. 99 8 9 January 30 .. 98, 17 fi January 27 .. 99 0 0 January 2f» ' .'.. 99 17 6 January 24 .. 98 8 9 January 23 .. 98 10 0 AUSTRALIAN PRODUCE. SYDNEY MARKET. (VNZTED PBESS ASSOCIATION—BY ELECTRIC TELEGRAPH—COPYRIGHT.) (Kcccived February 9, 10.15 p.m.) < SYDNEY, February 9. Wheat is at a standstill, with no pressure \o tell. Snippers' prices arc: Growers' lots 2s Old, bagged 2s Old; bulked lots, on trucks nt Sydney, equivalent to 2b 2£d to 2a IJ<l respectively at country stations. Flour— £o 6s. Bran— £l 10a. Pollard— £o. Potatoes—Tasmanian £5 10s to £G, Tictorian £4 IBs. Onions—Victorian Globes £1 10s to £5. Oaten Hay—£7. Maize—Yellow 5s 7d, -white le id. FURNITURE SALE. C. E. Jones, Ltd., held a successful eali of furniture and effects on account of Ml H. A. Gadsden, at his residence, 101 Oarltoi road. Amongst . the .articles 'sold, the fol lowing prices were realised:—Bedroom suiti £l6 10s, gent's warfrpbo £6,- Axminster run vet £6 16s, wardrobe £7 ss, duohense chesi £3 ss, bedstead JE2, carpet. sß,rMgm chain £4 2s, bookcase £3 10s\ desk" :jHf? "Tjookcam £1 17s 6d, card table. £1 }2s 6d, rug £3 clock £l, hallstand £l'l2s 6d, stretcher, etc. £1 17s 6d, cupboard £1 10s, bedstead £1 10s, carpet £5 2s 6d, rug £l, couch and I chairs £l2 10s, gateleg table £3 ss, buffei £3 2s 6d, six dining chairs £#?» 6d, chairs £1 Is, dinner waggon £1 la,; brass.'lainp £3 15b, wringer £1 ss, fender £1 2s 6d, lawn mower £1 17s, coal rase 10s, * piano stoo 15s. :

LATEST QUOTATIONS. Buyers. Seller s. £ a. d. £ ». d. N.Z. Government Debentures— 5J per cent. Inscribed, 1941 —■ 98 a 0 •4J per cent. Inscribed, 193S, and Bonds, 1U38 and. 1939 35 10 0 — 5J per cent. Inscribed, 193a 100 0 0 — 0£ per cent. Inscribed, .. 193G — 99 10 0 per cent. " Inscribed-; Feb.,. 1937 101 2 6 101 7 6 5J per cent. Bonds, Feb., 1937 101 5 0 — 5J per cent. Inscribed, Sept., 1937. 101 0 0 101 10 0 5 It per cent. Bonds, Sept., 1U37 101 0 0 — Other Debentures — Christcliiueh City, r>i per cent., 1851 — 0j 10 0 New Brighton Borough, 6 per cent., 1958 .. — 100 0 0 Christeburch Drainage, 52 per cent., 19SS-73 99 0 0 100 0 0 South Canterbury Electric, 5-2 per cent., 1936 — L01 0 0 Waimakariri Hivcr Trust, 5| per cent, 1976 — 99 5 0 BanksAustralasia 9 5 0 9 15 0 Comm. of Aust. 0 11 6 0 14 8 Comm. of Aust. (prof.) 7 10 6 7 18 0 Comm. of Sydney 15 5 0 15 15 0 E., S., and A. 4 9 0 < » 6 National of Australasia (£10 paid) n 16 0 12 5 0 National of Australasia , (£5 paid) 512 6 5 16 0 National of N.Z. 311 0 3 15 0 Now South Wales (cum div.) 28 15 0 28 17 6 New Zealand .. 2 .4 7 2 A 9 Union of Aust. 7 9 0 7 12 0 Insurance — A.P.A. 0 7 0 0 9 0 National .. .. 0 14 3 0 14 U New Zealand .. 2 3 0 South British 2 18 0 — Loan and Agency— Dalgcty and Co. 7 10 0, 7 15 0 Goldsbrougb, Mort 1 3 6 1 3 s N.Z. and River Plate .. — 1 0 6 N.Z. Guarantee Corpn. 0 5 0 0 6 0 N.Z. Loan and Mercantile (ord. stock) 39 0 0 39 10 0 United Building Society 0 14 9 0 15 3 Shipping— Huddart-Parker (pref.)0 18 0 P. and 0. ' Deferred Stock 0 IS 0 — Frozen Meat — Canterbury (ord.) 4 10 0 Canterbury (pref.) 4 0 0 — Gear 1 6 9 N.Z. Rcfrig. (£1 paid) 0 10 9 0 11 5 N.Z. Eefris. (10s paid) 0 3 8 0 3 11 North Canty. Freezing 0 1 9 0 '3 5 Coal— West-port .. 0 10 6 - Gas — Auckland .« ,, 1 0 0 Christchuich 1 3 9 14 6 Christchui'uli (10s paid) 0 10 9 — Breweries— Carlton 1 13 1 New Zealand 1 7 1 1 7 5 Staples (ex div.) 1 1 3 1 2 6 Tooths 1 14 C 1 15 0 Miscellaneous — Australian Glass 2 G 0 2 7 G British Tobacco 1 13 3 1 13 8 Colonial Sugar 53 0 0 53 5 0 Burns, Philp 2 7 6 2 9 0 Dunlop Rubber 0 17 2 0 17 G Electro. Zinc (pref.) 1 8 0 1 8 8 Glenmore Brick and

Buyer*. Seller*. * t.A. £ e. d. Til« __ 0 15 0 Greater Crystal Palace 0 12 8 — Henry Jones Co-op. .. 1 17 0 1 17 6 Herald and "Weekly Times a ic o — Kauri Timber 0 10 9 0 12 9 Howard Smith 0 7 3 0 10 0 Mount Lyell 10 0 10 2 N.Z. Drag Co. 2 16 1 2 16 6 N.Z. Farmers' Co-op. (4J per cent, fctoci, 1940) 40 0 0 46 0 0 N.Z. Farmers' .Co-op. Hi per cent. Stock, 19*5) 41 0 0 — N.Z. Farmers' Fertiliser 0 13 6 0 15 0 N.Z. Paper Mills 12 1 12 9 "Weeks, Ltd. 5 17 6 6 12 0 Wilson's Cement 1 9 0 1 11 0 "Wool'worths (N.Z.), pref. 19 0 — MiningAlexander (contr., cum div.) 0 13 6 0 13 11 Big River 0 0 11J 0 10 Blackwater 10 2 10 5 Cornish Point — 0 0 4 Gillespie's Beach 0 11 0 1 35 Golden Dawn 0 3 0 0 3 8 Golden Point » o 25 0 0 3 Golden Sands .. 0 2 10 0 3 0 King Solomon 0 2 OJ 0 2 15 Maliakipawa .. 0 0 2 0 0 3 Mahakipawa (pref.) .. o o r. 0 0 6£ Nokomai 0 8 8 0 5 8J Okarito 0 9 1 0 9 4 Paddy's Point 0 6 G "Waihi 116 119 , "Waihi Grand Junction 0 3 7J 0 3 8* Waitahii 0 4 71 0 4 9

Bell Hill Sluicing Brian Boru S T ew Zealand Newspapers Sun Newspapers rjjiarleBton Sluicing (3d Buyers. £ a. d. 0 19 0 19 0 10 0 0 2 10 0 0 6 0 0 9 0 5 0 Sellers. £ b. d. 0 3 9 10 3 0 3 10 0 10 0 0 11 0 7 2 paid) .. _.. Lawaon's Flat (Cd paid) Shotorer Iteefs

CHR1STCHURCH. Sales on 'Change— £ a. a. Commercial Bank of Australia .. (5) 0 14 7 New Zealand Breweries 1 7 1 7 0 J} X 1 1 7 5 Alexander (coritr., cum dlv.) .. ' (2) 0 13 6 Blaekwater .. 1 0 0 1 0 1 1 0 2 Golden Point .. (4) 0 0 24 Cornish Point 0 0 2 Mahakipawa .. (2) 0 0 h Nokomai ' .. (2) 0 5 8 British Tobacco 1 13 4 Sales Reported— Commercial Bank of Australia .. 0 14 7 Bank of New South Wales 28 15 0 Goldsbrough, Mort 1 3 C Mount Lyell 1 0 2 WELLINGTON. Sales Reported— £ s. d.Bank of New South Wales 28 12 6 Commercial Bank of Australia — 0 14 7 New Zealand Insurance ■■■ 2 4 0 Gear Meat ... (2) 1 8 6 Wailv 1 2 7 Kawarau ... . 0 0 '/■ AUCKLAND. Sales on ! Change— £ s. d. 4£ per 1 cent, iptoci, -1938 95 10 0 5* per cent. Stock, 1937, February 101 0 0 5k per cent. Stock; September ... (2) 100 15 0 Commercial Bank .. ... 0 14 7 E., 8., and A. Bank 4 9 9 Bank of New Zealand 2 4 3 Union Bank ... 7 10 0 New Zealand Insurance ... 2 4 2 3 0 y South British Insurance ... 2 18 (j Loan and Mercantile 39 0 0 New Zealand Breweries ... 1 7 8 Colonial Sugar ... 53 0 . 0 Blaekwater 1 0 6 Golden Point 0 0 2* Waihi 1 2 0 1 1 y

• Morning Sales- £ s. d. Commonwealth Bonds 4 per cent., 1938 102 15 0 4 per cent., 1941 102 2 6 4 per cent., 1944 101 2 8 4 per cent., 1957 103 0 0 4 per cent., 1961 103 17 6 Colonial Sugar ... 54 17 6 55 0 0 British Tobacco (New Zealand delivery) 1 14 3 Burns, Philp, ... 2 9 6 Australian Glass ... 2 7 0 Tooth's Breweries 1 15 4* Afternoon SalesBank of New South SVales 30 7 6 E., S., and A. Bank 4 9 6 National Bank (£5 paid) 5 15 6 National Bank (£10 paid) 12 5 0 Colonial Sugar ... 55 0 0 Burns, Philp 2 9 6 Australian Gas (A) 7 3 0 Australian Gas (B) 7 3 6 British Tobacco ... 1 14 6 British Tobacco (New Zealand delivery) 1 14 3 Tooth's Breweries 1 15 6 Toohey's Breweries .1 0 71 Australian Glass 2 7 0 Goldsbrough, Morts (New Zealand delivery) 1 4 41 Henry Jones 1 18 0 Millaquin Sugar 1 6 9 Broken Hill Proprv. 1 7 9 Browen Hill South 2 5 6 Commonwealth Bonds — 4 per cent., 1938 102 15' 0 4 per cent., 1941 102 14 43 4 per cent., 1944 103 0 0 4 per cent., 1947 103 7 r> 4 per cent., 1950 103 15 0 4 per cent., 1053 102 0 0 4 per cent.. 1935 102 10 0 4 per cent., 1957 102 17 R 4 per cent.. 1959 103 5 0 4 per cent... 1961 103 15 0 3J per cent.. 1942 100 0 0

MELBOURNE.