FINANCE AND COMMERCE

Press, Volume LXIX, Issue 20937, 18 August 1933, Page 11

FINANCE AND COMMERCE

[WELLINGTON WOOL SALE CRUTCHINGS, PIECES, AND ODDMENTS KEEN DEMAND AND HIGHER PRICES (PRESS ASSOCIATION TBLEORAM.) WELLINGTON, August 17. In view of the recent rise in wool values, much interest attached to the winter sale of crutchings, pieces, and oddments held to-day in Wellington, this being the first auction since the close of the roster sales of last April. The seven catalogues offered, comprised more than 4000 bales, the bulk of which were crutchings and pieces, there being about 800 bales of fleece wools. There was a fairly representative bench of buyers, amongst whom competition was free and at times very keen, all good lines meeting spirited bidding. Continental buyers and Australian and local mills took the bulk of the best crutchings, for which there was an excellent demand. It is understood that there were some good buying orders from Japan. Local scourers and fellmongers showed no hesitation ■in securing their requirements. Passings were comparatively few, and more than 90 per cent, of the total offerings were sold at auction.

The sale reflected the recent general improvement in the market. Crutchings sold generally at one penny to 2d a lb higher than in April, while fleece wools which were passed then at 3ld to 3;d, sold to-day at up to 5Jd, and in some cases a shade better. Super crossbred crutchings sold up to 6id, medium to good to s|d, and seejly and inferior to 4d. Crossbred pieces and bellies made 2£d to sd. There was keen competition for small lines of fine wools. Two small lots of Southdowns made 12{d and 12Jd respectively, and fine halfbreds went to 10} d. Fine crossbreds sold freely at 6}d to Bid, and medium crossbreds at 5Jd to 6|d. Lambs' wool also sold well, the best sorts making 9d to 12 : ld, and mediums 6d to BJd. Following is the official range of prices:— d. d. Southdown .. .. 12J to 12J Fine Halfbred—--56-58, medium .. to 9J 50-56, medium .. 10 to 101 Fine Crossbred—--48-50 .. .. 61 to 84 46-48 .. .. 5? to 6l Medium Crossbred—--44-46 .. ... 41 to 53 Coarse crossbred .. 4 to 5} Lambs— • 50-56 .. .. 9 to 121 44-50 .. .. 6 to 8i Crutchings— Halfbred .. .. 44 to 63 Super crossbred .. 5| to 6i Med. to good crossbred 4 to 51 Seedy <.nd inferior .. 1J to 4 Crossbd. pieces and bellies 2J to 5 Locks and stained pieces 1 to 3 PEACHES SENT TO LONDON EXPERIMENT PROVES SUCCESSFUL GOOD PRICES FOR CENTRAL OTAGO FRUIT [THE PRESS Special Service.] DUNEDIN, August 17.

A gross return on the Covent Garden market of £lO 15s 6d for 21 cases of peaches exported to Great Britain from Roxburgh in April last by Mr W. J. Manuel, of Coal Creek, may be regarded as conclusive evidence that stone fruit can be successfully transported to the other side of the world and on arrival sold at highly remunerative prices. The net return from the market was £9 Is 7d, but with the exchange added the grower received at Roxburgh £ll 6s sd, or an average of 10s 9Jd a case. Each case contained approximately" 55 peaches, and was packed under the supervision of the Government grader, Mr Frew. The fruit was part of an experimental consignment shipped by tpe Port Dunedin, which arrived in London on May 22. It was subject to examination and trial by officers of the Department of Scientific and Industrial Research, and cases not needed for the purposes of experiment were sent to the Covent Garden market and sold, with the result already stated. This is understood to be the first shipment of peaches from New Zealand to London, and the fact that the experiment has met with such remarkable success should be of great interest to growers of stone fruit. If stone fruit can be landed in London in June in sound condition, it should be an extremely profitable form of export, as at that time of the year in England peaches are sold retail at fancy prices, as much, as 2s 0d and 3s 6d each being asked for them in London. . . A detailed report on the experiment will be made later; but the prices secured for the fruit that was _ sold would indicate that it arrived in a condition attractive to the London trade. FRUIT EXPORT LONDON MARKET (United press association—bt electbic TELEGRAPH —COPYRIGHT.) LONDON, August 16. New Zealand stored apples sold as follows:—Sturmers, 6s to 9s a case, Jonathans, 5s to 9s; Delicious 5s to 8s; Statesman, 6s to 8s; Doughertys, 10s 6d to lis 6d. CLIFTON BUNGALOW SOLD N. H. McCrostie and Co. report havJiig sold, on account of Mr G. Mule , his two-storey bungalow of six r and conveniences, together wit acre oi' land, in Victoria terrace, ton, to a client at a satisfactory o

MINING THE REEFTON FIELD Samples of stone from the new lode recently discovered, by the Alexander Mines Company to the eastward of the reef, which has been worked for the last two years in No. 3 level, are on view at the company's office. Bridge street, Reefton. The samples are carrying splendid gold, and serve to indicate very definitely the wealth which can be unearthed in the Reefton field. The new lode is looking very promising, being five to six feet wide, and is of clean, hard stone. ALEXANDER MINES, LIMITED At the annual meeting of shareholders, held on August 4, Mr D. A. McVicar, chairman of directors, presided. Sixty-two shareholders were represented personally and by proxy, holding 43,038 shares. The directors' report, balance-sheet, and statement of profit and loss for the year ended May 31, 1933, were received and adopted. There being no other nominations, the retiring directors, Messrs A. F. O'Donnell and S. A. A. Fry, were reelected, the remuneration in each case being the same as last year. Two suggestions were received from a Christchurch shareholder:— (1) That the shares in the company be subdivided into shares of smaller denominations (5s a share being suggested). (2) That representatives of the press from the leading newspapers on the West Coast, Christchurch, and elsewhere be invited to make a visit of inspection of the mine at the company's expense, as the public would be very greatly interested in a comprehensive report in the mine generally. The meeting refused to discuss the second proposal, and in dealing with the first suggestion, a resolution was proposed, and seconded, that the question of dividing the shares into smaller denominations should be submitted to "the shareholders of the company to ascertain their views on the matter. An amendment was then proposed that the letter from the shareholder making these two suggestions should be laid on the table to be brought before the next annual general meeting of shareholders. On a show of hands being called for, the motion was overwhelmingly defeated, and the amendment carried. ... A final resolution was carried to the effect that the meeting wished to impress upon the Mines Department the urgent necessity for the construction, of a decent road from the school and the township at Alexander river to .he battery, and that the assistance of Messrs M. Fagan, M.L.C., and H. L. Holland, M.P., be invoked on this matter Mr Bolitho, the mine manager, was present at the meeting, and reported that a drive had been driven outsi.x feet to the eastward of the eastern block recently intercepted east of No. 3 leveland I strong body of ore had been cut. This has penetrated four feet with no eastern wall showing. : S reef is clean and solid andx I going strong underfoot Gold can readily be seen in the stone. | NOKOMAI RETURN The Nokomai return of 4220z for the paddock completed last week, confirms the prospecting results of the company's claim. The- paddock very slightly exceeded a quarter of an acre, and the return worked out, at £6 10s an oz, approximately £10,900 an acre. The paddock is not completely cleaned up, but it ™ as th g ee^ £ t advisable to commence on the next paddock. The prospecting J^ d jcated from the average values of the claim, a Mturn per acre of approx.mately £7OOO at £4 an oz, or £11,375 at £.d 10s, but the particular area worked showed prospecting results under the civer<3.£6 of the whole cl&im. OTAGO GOLD ACTIVITY "It is pleasing to note the renewed activity in the goldfields of this province," said Mr I. Dykes, president, at the annual meeting of the Otago Chamber of Commerce, Dunedin. He continued: "The income from gold produced in this province has increased from £23,893 in the year 1929 to £112,111 for last year. The present indication is that this will continue to increase, for there appear to be large areas adjacent to our own city where the increased price obtainable makes it a more payable proposition There seems to be no lack of capital to embark on these ventures, which is possibly due in part to the restrictions placed on the recovery of capital placed in other forms of investment. There is little that would stimulate industry quicker than an increased output of gold. , "We have seen what the export of gold has meant to India, where at one time there was much criticism and even a threat to impose a heavy duty on its export. The export of some £83,625,000 worth of gold has been found to be most helpful. At a critical time, when India s trade and merchandise balance had fallen to a figure not nearly sufficient to cover her external obligations,, these gold shipments have maintained the strength of her exchange, and enabled tne country to meet not only her current external obligations, but to pay off large amounts of external debt and enhance to a very great extent her credi. overseas. Let us hope, therefore, that the revival in, this industry so cute® to our door may thrive verv speedily. LONG TRAIL COMPANY The mine manager's report for the week ending August 12, 1933, is as folWe have been working the two faces this week, with four men, with another two men corduroying, metalling, and draining the haulage roads from the levels to battery. We will be hauling quartz to Battery on Wednesday. We had rainy days all the week, interfering with the work, and the road in a very bad state, lne reei in the vertical winze is making solid foot wide with nice colours fn dish washing. We will have timbered and cleared up this winze and fro<?s-cut ready to break out ore by Tuesday. The intermediate level has now been timbered and driving continued The reef is 18 inches wide, composed of hard quartz showing fan dish prospects. metals market (received August 17, U : 10 P.m.) LOXOOX, August 1(5. Quotations:— Au?.'l.',. Aug. IG. A ton. A toni; s. a. s. d. Cot>P cr . in ;; fjo 0 75 Standard, spot «•' 1 4 7 j Forward •• • ' , - 4n r , o Electrolytic (J 40 15 „ t0 v " 40 15 0 40 15 0 0 cent, per lbIjOild -jo | ;; ;12 0 0 >pot " J'J 7 0 TJ G :: Forward •• Spelter— Ir>1 r > 0 J6 16 3 Spot ~ " 16 17 C 17 0 0 Forward •« JU Tin- lt n 214 8 n Spot •• r.il 1 ;; SM 'ls 0 X^orward Silver — iTOii 173 d fitundurd. per 1 I'jJd Pine, per •• *

THE WELLINGTON WOOLLEN CO.

DIVIDEND OF FIVE

PER CENT.

CHAIRMAN'S ADDRESS

(PBE3S ASSOCIATION TELEOEAU.)

WELLINGTON, August 17.

The annual meeting of the Wellington Woollen Company to-day approved a recommendation for the payment of a dividend of 5 per cent. Messrs Alfred Smith and A. E. Mabin were re-elected directors. Messrs Kember and Son and S. W. Hunt were reappointed auditors. In moving the adoption of the annual report and balance-sheet, the chairman, Mr W. H. P. Barber, said: "It is satisfactory to know that wool is showing a considerable improvement in price, which we hope to see maintained when the New Zealand season opens in November, as a substantial rise in the prices of primary products is the real panacea for New Zealand's present financial troubles. Our book debts are £53,763, against £48,499, for which ample provision has been allowed for contingent losses. In the statement of profit and loss, the gross return is shown to be less by £7395, but that fall is helped by reduced overhead to the amount of £4469, the total charges this year being £23,463. against £27,932. Taking the figures on the whole, I think the result shown should be considered satisfactory in the face of existing conditions, such as severe unemployment—affecting specially our clothing section—deflation of the purchasing power of all classes, resulting in the restriction of buying of traders, the essential limiting of credit, loss of customers by the closing of retail shops, and keen competition for the reduced trade offering." " "I sincerely hope that the information that will be obtained by the Tariff Commission on' the matter of Far Eastern trade competition will so impress the Government, as well as those clamouring for open markets, that the matter will be accepted as of far greater moment than the advocated crippling of New Zealand's secondary industries. India herself, a cheap labour country, has advanced the tariff an cotton piece goods of nonBritish origin to 75 per cent, to combat this extraordinary competition. What can be said of it except that if our people will buy commodities produced by workers under a certain dietary and mode of living, then a similar scale and conditions will be inevitable here." QUILL, MORRIS, LTD. PROGRESS OF LIQUIDATION The joint liquidators—Messrs J. T. Sutton and W. 11. Nicholls—of Quill, Morris, Ltd., in voluntary liquidation, have furnished the following report to the creditors and shareholders of the company on the progress of the liquidation for the half-year ended July 25, 1933: Further progress has been made towards the liquidation of the overdraft at the Bank of New Zealand, which is secured by a debenture over the company's assets. This now stands at an even £19,000, as compared with the overdraft at the date of liquidation of £41,896 3s lOd. In addition to the reductions- made during the period under review, the liquidators have also maintained a credit account sufficient for the purposes of meeting current obligations for purchases, customs duty payments, and running expenses. Although the rate of repayments to the Bank of New Zealand as secured creditor has diminished with • a resultant steadying up in progress, the explanation, it will be appreciated, is that advances to our clients have been largely affected by the mortgagors' relief legislation, and the liquidators are not able to convert advance accounts into cash at the rate which was maintained in the first year of the liquidation. Quite apart from the effect of the relief legislation, however, it is quite clear from* our experience that ruling conditions have created a "natural moratorium" which makes it hopeless to press for a reduction of accounts in many cases at present. Creditors and shareholders can rest assured, however, that this phase of the liquidation is being closelv ,watched and your best interests carefully safeguarded.' In the course of liquidation of the company, the business has been conducted as heretofore, and we are pleased to report to you that after meeting all overhead expenses, including depreciation of the company's land, buildings, plant, and motor vehicles, a net profit for the half-year of £654 lis lid has been earned. The rate of net profit Is not quite up to the level of that reported last year, although the gross profits earned were up to the accepted standard. Conditions, however, in the business have been increasingly difficult, and our various lines have practically reached the definition of luxuries. There are, however, indications that the second halfyear will show a decided improvement. ~ ~

Early in the new year negotiations took place with certain interested parties concerning the sale of the company's business, but the figure at which the proposed buyers were interested was so far below the liquidators' estimate of the value of the company's business as a going concern that negotiations were suspended. We might hention that had the liquidators sold at the suggested price and on the suggested conditions there would have been a very small dividend indeed for the unsecured creditors and nothing whatever for the shareholders of the company. You may rest assured, however, that should negotiations _ take place for a proposed sale, which, in the opinion of the liquidators, a proposition being put before you, immediate steps will be taken to hold a meeting at which the position can be fully discussed. Should you require any further information concerning the company s affairs or the conduct of the liquidation we shall be glad if you will let us know. WINCHCOMBE, CARSON, LIMITED SLIGHTLY INCREASED PROFIT (Received August 17, 9.20 p.m.) SYDNEY, August 17. Winchcombe, Carson, Ltd., showed a profit for the year of £41,061, being an increase of £1854 over the previous year. [The firm is engaged in a large way in the wool and stock and station business. It has a paid-up capital of £500,000, and reserves at last balance of £152,607. In 1932 and 1931 dividends of 6 per cent, were paid, in 1930 7 per cent., and for some years preceding 10 per cent.] OXFORD MARKET There was a small 'entry oi fiheep at the Oxfjrd market yesterday. Fat lionets made 18s 6d. sound-mouth halfbred ewt« llis 2d, and failing mouth ewes 6s Id to Ss lid. Small weaner pigs brought' 5s to 7s tid, large weaners 8s to 9s 6d, and stores los to 14s. There was no demand for cattle, the whole yarding being passed. Sheepskins, of which there was a lar?'? offering, sold at satisfactory prices.

MASON, STRUTHERS, AND CO., LTD.

DIVIDEND OF 2J PER CENT, j I The thirtieth annual report and j statement of accounts for the 12 months ending June 30, 1933, for pre-! sentation to the annual general meeting of shareholders on August 25, has bee issued. The report states: — As forecasted in the last report the benefit from the reduction of overhead expenses has been realised, with the result that instead of last year's loss of £6443, the accounts disclose a profit of £2657 3s 6d for this year. Shareholders will also be pleased to see, under the present restricted trade conditions, a further reduction in the value of stocks and book debts, and to note that on balance date, except for the mortgage or £17,500 on the retail building, the company was clear of all debt except £3559 13s 7d for trade accounts, since paid, and which were more than equalled by the bank credit of £6660 Is 9d. In view of the improved position of the company the directors recommend that a dividend be paid at the rate of 2J per centum per annum on the paid up capital. The retiring directors are Messrs B. E. H. Whitcombe and W. G. Jamieson, who, being eligible, offer themselves for re-election. The auditor. Mr Arnaud McKellar, retires and offers himself for re-elec-tion. NORTON FRANCIS. Chairman of Directors. Balance Sheet. LIABILITIES. £ S. d. Capital Allotted 150,000 shares of £1 each .. 150,000 0 0 Less uncalled .. 40,000 0 0 s: no.ooo o o 50,000 shares £1 paid up 50,000 0 0 50,000 shares 14s paid up 35,000 0 0 50,000 shares 10s paid up 25,000 0 0 110,000 0 0 Sundry creditors .. 3,559 13 7 Reserve for bad debts, rates, interest, etc. .. 2,48/ 12 j Staff superannuation reserve .. - - 3,996 11 i Reserve account 20,000 0 0 Profit and loss account. credit balance . 3.035 611 £ 152,079 4 6 ASSETS. £ S. d. Freehold and leasehold properties . ■ 69,568 12 7 Less mortgage thereon 17,500 0 0 52.068 12 7 Stock on hand and afloat 72,158 7 2 Plant, oflice furniture, fixtures, fittings, etc. .. 6,473 9 6 Sundry debtors and bills receivable .. -. 14,718 13 6 Cash at bank .. .. 6,660 1 9 £152,079 4 6 Profit and Loss Account. DR. £ s. d. To balance at credit .. 3,035 611 £3,035 G 11 CR. £ s. d. Bv balance at 30th June, "1932 .. • • 378 3 5 By net profit, after deducting wages, trade expenses, depreciation, etc. .. • • 2,657 3 6 £3,035 6 11 The last dividend was paid in 1930, when the profit was £3231, and the distribution 2£ per cent. In 1931 the trading loss was £8689, and in 193* £6443, The operations of the last three years compare as follows: — 1931. 1932. 1933. £ £ £ Sundry creditors 26,692 4,120 3,559 Reserve for bad djbts. interest. St serve SUP ' 4,346 3,996 3,996 Reserve account 33,000 29,000 29,000 Balance profit and loss .. 2,822 378 3,03j AssetsFreehold and leasehold prop. £67.879 (less mortgages, £.17,500) .. 50,379 51,232 50,068 Stock on hand and afloat .. 99,235 76,331 Plant, furniture, etc. . . 7,001 6,404 6,473 Sundry debtors, . etc . 24.659 16.188 14,718 Net Drofit .. *8,689 *6,443 2.657 Dividend, per cent. Amount .. " Loss. MORE SPENDING Wise spending by Government, local authorities, and individuals was urged by speakers at the annual dinner of the Association of Retail Distributors at the Savoy Hotel in London recently. "Your stores," declared Sir Philip Cunliffe-Lister, the Colonial Secretary, "are in the truest sense employment exchanges in which every buyer is helping a man to find work." The visible trade balance of the country was, he said, enormously better than it was a year ago, but persons who thought that after achieving cheap money they were going to get away from it were making a great mistake. Monetary policy must be the servant of trade and industry and not its master. The problem was to get persons to use cheap money. The position was entirely different to-day from what it was in 1931, when the vital need was for economy, even in good things. Mr F. J. Marquis, of Lewis s, Ltd., the president, said that the distributing trade of Great Britain totalled £1,750,000,000 per annum, so that a reduction in capacity or inclination to spend money on consumable stores was bound to have a serious effect on the figures of employment. AUSTRALIAN PRODUCE SYDNEY MARKET (united press association—ei electuiC telegraph—copykioht.) (Received August 17, 8.25 p.m.) SYDNEY, August 17. Owing to the disorganisation of the overseas markets, the wheat trade is practically at a standstill. Bagged and bulk on country sidings are quoted at 3s sd, equal to about 3s Id and 3s respectively, ex trucks in Sydney. Flcur —£10 15s. Bran and Pollard —£5. Potatoes—Tasmanian, £6 10s, £7; Victorian, £5, £5 10s. Onions —Victorian Brown Spanish, to £4 10s. Oaten Hay—Victorian. £7 10s. Maize —Yellow and white, 4s 4d. ADELAIDE MARKET (Received August 17, 8.25 p.m.) ADELAIDE, August 17. Wheat—Growers' lots, 3s Old. Flour—Bakers' lots, £9. Bran and Pollard—£s 2s Gd. Oats—Algerian, 2s Id.

CHRISTCHURCH STOCK EXCHANGE

YESTERDAY'S TRANSACTIONS

There was an increased volume of business on call yesterday and prices generally were iirni. Transactions, exclusive of vestibule business, were:—

£2OO N.Z. Govt. "31 p.c. inscr, 1938-43. £2OO N.Z. Govt. 4 p.c. bonds, 1940. £2OO N.Z. Govt. 4 p.c. bonds, 1946 £3OO N.Z. Govt. 4 p.c. bonds, 1955 £SOO Gisborne Sheepfarmers' 6?. p.c.,

1941. 200 Com. Bank of Aust. 15 National Bank of A'asia (£lO paid). 300 Bank of New Zealand. 100 Gear Meat. 750 N.Z. Refrig. (10s paid). 900 N.Z. Breweries. 100 Beath and Co. (Is paid). 100 Howard, Smith. 200 Alexander Mines (13s 6d paid). 500 Bell Kilgour. 200 Central Shotover (9s paid). 500 Freshford. 1250 Golden Point. 500 Bell Hooper. 400 Nokomai. 100 Waitahu (5s paid).

New Zealand Government 3i per cent, stock, due 1938-43, changed hands at £lOl, the 4 per cent, bonds due 1940 at £lOl 7s 6d, the 4 per cent, bonds due 1940 at £IOO 10s, and the 4 per cent, bonds due 1955 at £IOO 15s, the market closing firm. Gisborne Sheepfarmers' 6i per cent. 1941 debentures changed hands at £B3 10s.

Commercial Bank of Australia shares were fractionally weaker at 16s 2d buyers staying in at that price, sellers at 16s 3d. National Bank of Australasia fully paid shares moved up to £l3 2s, sellers staying in that that ■figure, buyers at £l2 19s. Bank of New Zealand shares had dealings at 49s 3d, 49s sd, and 49s Bd. Buyers of Huddart-Pax-kers raised their bids to 30s 9d. Gear Meats eased to 325. New Zealand Refrigerating 10s paid shares changed hands at 7s and 6s ll|d, market closing 6s lid buyers, 7s sellers. Buyers of Christ - church Gas moved up a point to 27s 4d without attracting sellers. New Zealand Breweries were fractionally weaker with dealings at 34s lid and 355, and these were buyers' and sellers' closing quotations respectively. Timaru Brewery partly paid were firmer on buyers' offers 5s (id. Beath and Company Is paid shares remained unaltered at 5s 9d and more were offered at 5s lOd. Howard, Smiths were steady at 9s lid. Alexander Mines partly paid were firm with dealings at 23s and 23s Id, and further buyers at 22s lid, sellers at 23s 3d. Bell Kilgours Is paid were firm at Is 4d, the market closing Jd on either side. Central Shotovers (9d paid) realised Is Id and there were further buyers at Is. Freshfords eased to Bd, closing quotes Id on either sid Jr' n Golden Points were firm at 2d j!, J 4: Nokomais relapsed to 3s od, 3s sd, 3s 4d, and 3s 3d, sellers staying in at the lowest price, buyers at 3s 2d. Waitahus remained unaltered at 7s sd, closing quotations Id an either side. Bell Hooper (9d paid) had business at 8d and more were offered at that figure, buyers at 7£d. Unlisted Stocks. Snowy River had dealings at 2s lOd. LATEST QUOTATIONS Buyers. Sellers. £ s. d. £ s. d. New Zealand Government Debentures. 3J p.c. Ins., 1938-43 100 10 0 101 5 0 3J p.c. Ins., 1938-52 100 2 6 100 10 0 4 p.c. Ins., 1940 .. 101 2 6 4 p.c. Ins., 1949 .. 101 5 0 4 p.c. Ins., 1955 .. 100 7 6 100 12 C 4 p.c. Bonds, 1940 101 5 0 4 p.c. Bonds, 1946 .. 100 7 6 4 p.c. Bonds, 1949 101 5 0 4 p.c. Bonds, 1955 100 10 0 100 15 0 Other Debentures. N.Z. Refrig., 6i p.c., 1935 .. 100 15 0 102 0 0 N.Z. Refrig., 54 p.c., 1935 .. 100 5 0 Gisborne Sheepfarmers, 6A p.c., 1941 .. .. 82 0 0 85 0 0 Banks. Australasia .. 11 15 0 12 7 G Comm. of Aust. .. 016 2 016 3 Comm. of Aust. (pref.) .. 817 0 817 6 Comm. of Sydney 17 7 6 17 12 0 E„ S., and A. ..5 7 6 510 0 Natl. of A'asia. (£lO paid) .. 12 ID 0 13 2 0 Natl, of A'asia. (£5 paid) .. 6 5 0 6 7 6 Natl, of N.Z. .. 4 1 6 4 5 0 N.S.W. (cum div.) 32 15 0 33 7 6 New Zealand .. 2? 9 0 2 9 4 New Zealand (D Mort.) .. 1 12 7 1 13 6 Union of Aust. .. 9 0 0 9 4 0 I Insurance. National .. 0 17 2 South British .. 3 9 0 Loan and Agency. Ch.Ch. Bldg. Soc. 11 5 0 Dalgety and Co. .. 815 0 910 0 Goldsbrough, Mort 17 6 18 0 Mutual Benefit .. 8 15 0 N.Z. and River Plate .. 10 0 N.Z. Guarantee Corpn. .. 0 6 8 N.Z. Loan & Merc. (ord. stock) .. 44 10 0 N.Z. Loan & Merc. (pref. stock) .. United Bldg. Soc. 017 3 Shipping. Huddart-Parker .. 110 9 111 0 P. &O. Def. Stock 10 0 14 0 a Frozen Meat. Canterbury .. 815 0 910 0 Canterbury (pref.) 5 5 0 Gear .. .. 112 0 112 6 Woollens. Kaiapoi (17s paid) 0 7 9 0 8 6 Kaiapoi (pref.) .. 012 0 016 0 Coal. Grey Valley .. 012 6 Westport .. 013 0 013 3 Gas. Auckland .. 13 0 Chrislchurch .. 17 4 Breweries.

Carlton .. New Zealand .. 114 11 115 0 Staples .. 1 511 1 6 4 Timaru .. 0 7 9 TJinaru (7/6 paid) 0 5 6 0 7 3 Tooths .. 117 6 118 5 Tui .. 116 6

Miscellaneous. Aust; Paper and Pulp .. 1 13 6 Australian Glass .. 2 8 6 2 9 9 Beath and Co. .. 17 0 18 0 Beath and Co. (Is paid) .. 0 5 (5 0 5 10 Broken Hill Pty. 1 15 9 1 16 9 Burns, Philp .. 2 10 G 2 12 G British Tobacco .. 1 14 2 1 14 6 Colonial Sugar .. 58 5« 0 58 15 0 Dunlop Rubber .. 0 17 fi 0 17 11 Electro Zinc (pr.) 1 11 8 1 12 0 Henry Jones Co-op. 1 18 0 1 18 9 Howard Smith .. 0 9 9 0 10 2 Mount Lyell ' .. 1 1 4 1 1 9 N.Z. Drug Co. .. 3 6 0 N.Z. Farmers' Coop., 4& p.c. Stock, 1940 .. 57 10 0 N.Z. Farmers' Coop., 4£ p.c. Stock, 1945 57 0 0 62 0 0 N.Z. Paper Mills .. 17 0 N.Z. Newspapers .. 16 0 Wilson's Cement 1 14 1 Woolworths (N.Z.) pre! .. 1 11 0 1 13 6 Woolworths (Victoria) prcf. .. 1 3 U 14 0

Buyers. Sellers. £ s. d. £ s. d. Mining. Aotearoa G.P. .. 0 0 9 Alexander ..,126 140 Alexander (13/6 paid) .. 1 2 11 13 3 Bell Kilgour .. 0 1 3£ 0 1 4J Big River .. 0 1 34 0 1 SA; Blackwater .. 1 11 9 I Cent. Shotover (9d I paid) .. 0 10 0 1 I^] Consolidated ' 0 15 1 0 15 6 Freshford .. 0 0 7 0 0 9 i Gillespie's (1/paid) .. 0 1 lli 0 2 0 Golconda (7d pd.) 0 0 9 0 1 0 Golden Dawn .. 0 2 0 0 22 Golden Point .. 0 0 2 0 0 3 Bell Hooper .. 0 0 7£ 0 0 8 Kildare .. 0 2 0 0 2 4J Mount David .. 0 11 0 3 0 King Solomon .. 0 1 10 0 111) Lawson's Flat (1/- i paid) .. 0 0 10 0 1 0 j Mahakipawa . . 0 0 2 0 0 2*! Mahak i p a w a ! (pref.) .. 0 0 2 0 0 4!j Nokomai .. 0 3 2 0 3-3; Okarito (c u m j div.) .. 0 11 lli 0 12 0 Paddy's Point ~ 0 4 10 0 5 5 Waihi .. .. 13 9 Waihi G.J. 0 3 7 0 3 11 Waitahu (5/- pd.) 0 7 4 0 7 6 Oxcnbridge Shotover (9d paid) 0 0 9 0 0 9i I UNLISTED STOCKS j | All transactions in stocks quoted in j this section are subject to double rate j of brokerage, and are not quoted on I the official list. Buyers. Sellers. £ s. d. £ s. d. Andersons, Ltd. (pref.) .. 0 116 0 18 8 Bell Hill .. 0 22 0 5 0 Brian Boru ... 0 18 7 13 9 Charleston Sluicing ~ 0 110J 0 1 Uh Invest. Exe. Trust B debs. .. 90 15 0 i Maerewhenua (9d paid) . - 0 0 li 0 0 6A Mining House Con. 13d paid) . . 0 0 21. 0 0 4 Moonlight Nelson Creek (Gd paid) 0 0 7 0 0 8 National Tobacco 3 2 0 N.Z. Perpetual Forests . . 2 > 0 0 2 6 3 Recce, Ltd., E. (pref.) .. 0 1 0 0 3 0 Smith Wyliie .. II 12 0 Snowy River .. 0 2!) 0 3 0 Sun Newspapers 0 3 6 0 4 5 Were's Investment Trust .. 0 3 6 j Wetherstones Ltd. (4/- paid) .. 0 2 0 0 3 2 Sales. 300 Snowy River (&) 2s lOd YESTERDAY'S SALES CHRISTCHURCH Sales on 'Change. £ s. d. N.Z. Govt. 3i per cent. Insc., 1938-43 .. .. 101 0 0 4 per cent. Bonds, 1946 .. 100 10 0 Comm. Bank of Aust (2) 0 16 2 Natl. Bank of A/asia. (£lO paid) .. .. 13 2 0 Bank of New Zealand .. 2 9 3 Gear Meat .. .. 1 12 0 N.Z. Refrig. (10s paid) (3) 0 7 0 N.Z. Breweries (4) \ 15 0 1 14 11 1 15 0 Beath and Co. (1/- paid) .. 0 5 9 Howard Smith .. .. 0 9 11 Alexander Mines (13/6 d pd) 13 0 (3130 Bell Kilgour .. 0 14 Central Shotover t.9d paid) 0 11 Freshford .. .. 0 0 8 Golden Point .. .. 0 0 2 0 0 21 Bell Hooper ... .. 0 0 8 Nokomai .. .. 0 3 6 0 3 5 0 3 4 0 3 3 Waitahu (5/- paid) .. 0 7 5 Sales Reported. £ s. d. N.Z. Govt. 4 p.c. Bonds, 1940 .. .. 101 7 6 N.Z. Govt. 4 p.c. Bonds, 1955 .. .. 100 15 0 Gisborne Sheepfarmers, 6i p.c., 1941 .. 83 10 0 Bank of N.Z 2 9 8 N.Z. Refrig. (10/- paid) .. 0 6 lli DUNEDIN Sales on 'Change. £ s. d. Southland Frozen Meat (paid) .. . - 2 11 0 Bell Hooper (9d paid) .. 0 0 8 Sales Reported. Bank of N.S.W. (cum div.) 33 10 0 N.Z. Paper Mills .. 17 6 Staples Brewery .. 16 3 Okarito (cum div.) .. 0 11 11 Gillespie's .. .. 0 1 11J Southland Frozen Meat (cont.) (2) 2 11 0

AUCKLAND Sales on 'Change. £ s. d. 4 p.c. stock, 1940 .. 101 0 0 4 p.c. stock, 1946 .. .. 100 0 0 100 2 6 National Bank of Aus'asia 13 2 0 Union Bank .. ~ 9 3 0 Queensland Insurance .. 2 16 3 j South British Insurance .. 310 0 Goldsbrough, Mort .. 17 9 Auckland Gas .. .. 1 3 6J New Zealand Breweries .. 115 0 I N.Z. Paper Mills .. 17 6 Taranaki Oilfields .. 0 2 3 Union Oil .. 15 0 Gillespie's .. .. 0 2 1 King Solomon .. 0 2 0 Nokomai ~ .. 0 3 7 0 3 6 I Okarito .. .. 0 11 10 j Waihi .. (2) 14 9 i Waihi Grand Junction .. 0 3 8 i Broken Hill South .. 2 18 6 | Mount Lyell .. .. 119 | (2) 1 1 8 ! ! WELLINGTON ! • Sales on 'Change.- £ s. d. Inscr. Stock, 4 p.c., 1955 .. 100 15 0 Comm. Bank of Australia 016 3 Bank of New Zealand .. 2 9 6 Kaiapoi (17s paid) .. 0 7 9 New Zealand Breweries .. 115 0 1 14 11 Nokomai .. ..039 i Waihi .. .. ..150 I SYDNEY i The Sydney Stock Exchange was quiet yesterday by comparison with recent average daily business. Values showed a tendency to ease, giltcdgeds and banks losing some of their recent support. Morning Sales. £ s. d. Commonwealth Bonds— | 4 per cent., 1938 .. 103 3 9 4 per c<int„ 1957 ..104 0 0 Anthony liordern (N.Z. delivery) .. 0 10 5 Associated Newspaper (pf.) 018 10£ British Tobacco .. .. 115 l| Goldsbrough, Mort .. 18 3 Henry Jones .. .. 118 9 Afternoon Sales. Commercial Bank of Sydney 17 13 0 National Bank (£5 paid) .. 6 8 0 Australian Gas (A) .. 7 7 6 Associated Newspapers .. 0 8 5 j Associated Newspapers (pf.) 018 9 British Tobacco .. .. 115 0 i Anthony Hordem (N.Z. Dei livery) .. .. 010 5 Anthony Hordern (pref.) 0 19 10J -Berlei (N.Z. delivery) .. 1 7 0 Berlei (10s paid) .. .. 013 3 Mort .. 1 8 1} /vlorris Hedstrom .. .. 0 18 10| Henry Jones .. .. 118 9 Australian General Ins. .. 010 3 Australian Provincial Assur. 011 6 Greater J. D. Williams .. 0 6 9 Standard Cement .. .. 010 3 J.Fielding .. .. 3 2 0 'J'ooih's Breweries .. 1 18 3 Wunderlich .. .. 1 0 1J General Industries .. 0 9 5 Carlton Brewery .. .. 1 19 0 Mount Lyell .. .. 12 3 Broken Hill Proprietary .. 116 9 South Broken Hill >. 218 3 Mount Morgan .. .. 119 7£ Bulclo Deposits .. .. 0 2 7£ MELBOURNE £ s. d. Comm. Bank of Australia 016 5 National Bank (£5 paid) .. 6 8 0 Goldsbrough, Mort .. 1 8 4| Dunlop Perdriau .. .. 018 1 Huddart-Parker .. .. 111 0 WAR LOAN STOCK (BRITISH OFFICIAL WIBELSS3.) (Received August 17, 5.5 pjn.) RUGBY, August 16. British 3J per cent. War Loan stock is quoted as follows: £ s. d. August 16 .. .. 99 16 3 August 15 .. .. 99 13 6 August 11 .. .. 99 17 6 August 9.. .. 99 63 A.ugust 8 .. .. 99 5 , 0 August 4 .. .. 99 3 9 August 2 .. .. 98 18 9 FOREIGN EXCHANGES (BBI'XISE official wikklxss.) (Received August 17, 5.5 p.m.) RUGBY, August 16. Par. Aug. 15. Aug. IS. Paris, fr; to £1 124.21 84 9-33 84 7-83 Now YorU, . dol. to £1 4.866 4.413 4.40 Moutrcal, doi. to £1 4.866 4.68 4.675 Brussels, f bolgus to £1 35 23.65 23.64 Geneva, fr. to £1 25.2215 17.10 17.075 Amsterdam, 11. I to £1 12.107 8.17 i 8.17 Milan, lire to .£1 8.54 62J 633 Berlin, reichmarken to £1 20.43 13.85 13.84 Stockholm, kr. to £1 18.159 19.40 19S Copenhagen, kr. to £1 18.159 22.40 22.40 Oslo, kr. to £1 13.159 19.85 19.85 Vienna, schps. to £1 34.585 30 SO ' (nom.) (nom.) Prague, kr. to £1 164.25 lllg llli Hclsingfors. marks to £1 193.28 22G5 226J Madrid, pose- , (■as to £1 25.2215 39 17-32 39J Lisbon eseudos to £1 110 109J 109J Athens, drnch to £1 375 5875 5875 Bucharest, lei to £1 818.6 SCO 560 Belgrade, dinars 25.2215 213 243 [{io de Janeiro, pence to milreis .. 4.892 41 4| (official) (official) Buenos Aires, pence to dol. 45.577 42 425 (official) (official) Montevideo, ponce to dol. 51 34 '34 (nom.) (nom.) Bombay, pence to rupee 19 181-16 18 1-16 Shnnghui, pence to dol. * 14 13-16 14£ Hong Kouk, pence to dol. * 16g 16 11-16 Yokohama, pence to yen 24.58 14§ 14 5-16 i Warsaw, par zlotys to £1 '43.36 —- Batavia, guilder 12.107 8.20 *Dctcrmined by price of silver. EMBARGO ON STOCK DISCUSSIONS WHEN MR FORBES RETURNS U'itESS ASSOCIATION TELEQBAII.) WELLINGTON, August 17. To-day the Hon. C. E. Macmillan, Minister for Agriculture, intimated that a reduction from six months to three months had been decided upon in the period stock purchased in the United Kingdom must spend in an intermediate country through which they were introduced into New Zealand. All the existing precautions of 1 health certificates, quarantine in England before shipment, quarantine in intermediate country and in New Zealand after arrival would continue. After the Rt. Hon. G. W. Forbes and the Hon. R. Masters return, the question of direct shipments will be gone into, and in the event of any suggestions being formulated stock owners I will be given full opportunity to consider them and express their opinions.

SPRING LAMB

I , v I ■ • 'SHIPMENT FROM BLENHEIM , TO WELLINGTON (fbess association teleqbaji.) BLENHEIM, August IT. The first spring, lamb of the season will be available in Wellington this week-end. A small shipment is being made to-day from Blenheim to the order of an enterprising butcher. From: now on small lines will be forwarded according to buyers' requirements. FROZEN BEEF FOR ARMY: AUSTRALIAN TENDER SUCCESSFUL (UHITED PRESS ASSOCIATION —BT ELECTBIC TELEGRAPH —COPYBIOHT.) LONDON. August 16. The Australian Press Association; | learns that Australian tenderers secured practically the whole of the War Office contract for 6000 tons of: frozen beef for the Home Command, to be delivered in October. The con- ' tract represents the Home Command's supply for six months.