FINANCE AND COMMERCE GOLDEN POINT COMPANY

Press, Volume LXIX, Issue 20956, 9 September 1933, Page 10

FINANCE AND COMMERCE

GOLDEN POINT COMPANY

SHARE MAKKET

;i WEEKLY REVIEW -I ! During the last week the share mar;i ket continued firm and active, and j although there was a substantial fall,i ing off in some sections of the market, 'j particularly breweries, the volume of .' business recorded on the metropoli'j tan exchanges was well above the ;■■ weekly average. Bank shares, frozen meat, pastoral, and gold mining shares ' were the most active sections; but ,j business was well spread, the only ini active section being shipping. The • following is a comparison of the daily .' recorded volume of business on the .; local market for the last fortnight:—

Government Loans. The bulk of the recorded dealings ivore in the 4 per cents. Stock, law, . £101; 1946, £lOl to £IOO ss; 1949 £lOl 2s 6d to £lOl 12s 6d; 1935, £IOO H T9« f?ri to £IOO 2s 6d. Bonds: 1940, * £ 100 15s to £WI 7s 6d; 1946 and 1955, ,f £IOO 10s and £IOO 15s Three and a J half per cent. 1939-43 stock rose o £lO2 and £lOl 17s 6d; the 1939-52 to )i £lOl ss. Auckland Harbour 5j per $ cent. 1937 debentures changed hands, !! at £101; 51 per cent, at £103; Milne 11 and Choyce debenture stock at 16s fad I Takapuna Borough 6 per cent., 1934, at }! £95; Wright, Stephenson 5 per cent. H perpetual stock at £BS. * Banls. T5 In the banking section Australasias % (cum dividend) rose sharply to £l2 15 12s Cd and £l3. Commercial of AusH; tralia recovered from 15s lOd to 16s fi Id. Commercial of Sydney moved up I I to £l7 lis. E., S., and A. were firmer jl at prices ranging from £5 6s to £5 ')! 7s. National of Australasia £lO paid 1 firmed from £l3 Is 6d to £l3 4s; the J £5 paid advanced to £6 7s 6d. National of New Zealand recovered J. from £4 Is 6d to £4 4s. New South j Wales declined to £32 7s 6d and £32 ill ss. New Zealands rose from 48s 4d '!'■'' to 49s Id; the D mortgage shares were ■ft firmer with local buyers at 33s 6d. jj Union Banks rose sharply from £9 8s |;| 6d to £9 18s.' f Insurance and Loan and Agency. »; A.P.A. were firm at lis 3d. New Zealands hardened from 52s 6d to 53s c, 6d. South British advanced to 71s j' mid 71s 6d, and closed with. local !j buyers at 72s Id. Dalgety rose sharply ! to £9 15s, £lO ss, £lO 9s, and £lO if 10s. Goldsbrougl}, Morts were firmer li at prices ranging irom 29s 4d to 29s i-i 6d. National Mortgage A shares (] moved up to 45s 6d. New Zealand ' j Guarantee Corporation shares were lj\ fractionally firmer at prices ranging .$ from 6s 8d to 7s 3d; the preference .1 realised 225. New Zealand Loan and i Mercantile ordinary stock rose to £52 ■-1 ss. United Building Society shares rellij mained unaltered at 17s 9d. Frozen Meat, Woollens, Coal and Gas. f Canterbury Frozen Meat preference ■;j had business at £5 10s. Gear Meat recovered from 32s to 335, and New Zeaj;[ land Refrigerating 10s paid, on an j active market, from 8s 7cf to 9s; the £1 1,1 paid realised IBs 9d. North Canterbury changed hands at lis Id; Southland fully paid (ordinary ex dividend) iil at 51s, and the partly paid at 25s 9d. : Kaiapoi Woollens (17s paid) were firm at 7s lOd and 7s lid. Grey Valley >; Collieries were steady at 14s; Kaitangata at 225; and Westport at 13s. V Auckland Gas (fully paid) were firm H at 23s 3d. i" Breweries. )<[J New Zealands recovered from 37s 9d i|| to 395. Staples advanced from 26s 8d || to 28s 9d, and Timaru (7s 6d paid) ;; ; from 6s 3d to 6s 9d. Tooths were firm Jl at 38s. r < Miscellaneous. ;;':] Dealings in this section were as , : ;'! under:— I] Beath and Co. (Is paid), 5s 4d; i" Sums, Philp, 525; CoionicU sugars, fco/ ,1 12s 6d to £SB 10s; Crystal Ice, 28s; Do!pj minion Fertiliser, 12s lOd, 12s lla, and ■h 13s; Dunlop Kubber (.cum div.), 18s 2d and 18s Id; Electrolytic Zinc (ord.J, I'll 23s and 23s 3a; liaectroiyuc Zinc j| <pref., cum div.), 33s and 33s 9d; ]i Henry Jones, 37s 4d and 37s 3d; ||L Howard Smiths relapsed to 12s and !i|! lis 6d; Mount Lyells recovered from |j 21s 9d to 21s lid; New Zealand Paper jU Mills were steady at 28s; Wilson's :!il Cements were nrm ai 34s 7d aiid ■ij| closed with local'buyers at 35s 4d.

;!-| Alexander partly paid declined from ;ij| 60s 5d to 19s; Nokomai from 3s 2d to fill Ss. Blackwater changed hands at 37s In! 3d and 375; Central Shotover at Is; (,'! Consolidated at 17s 6d; Kawarau at ft PAd; New Zealand Crown Mines at Is |;» 10d; and Komata Reefs at 6s. Big ;; I sßiver advanced from Is 7Jd to Is 9d: I Bell Hooper from lid to Is Id; Bell m Kilgour from Is 7d to Is lOd; Golden |j Sands to 3s 4d; Aotearoa to Is 3d i and Is 7£d; King Solomon from 2s lOd I to 3s 3d; Mataki from 2s 3d to 2s 6d; i ©karitos from lis 9d to 12s 2d; Waihi IS from 26s 4d to 28s 4d; Grand Junction I pom 4s Id to 4s 6d; and Freshford from ?Jd to 9d.

Mahakipawa were firm at 2d; Kuala Kampar at 7s; Gillespie's Beach at 2s 2d to 2s 3d; Golden Point at 2Jd. Waitahu were easier at 7s 2d, 7s 3d, and 7s 3ld. Lawson's Flat declined from lOd to Sd. YESTERDAY'S TRANSACTIONS Gold mining shares were again active on call yesterday, and prices generally were fairly steady. In other sections of the market there was a steady demand, and a good volume of business was done in bank shares and industrials, and several stocks moved up. Transactions, exclusive of vestibule business, were; — £2OO N.Z. Govt. 31 p.c. ins., 1938-52. £SOO N.Z. Govt. 4 p.c. ins., 1949. £2OO N.Z. Govt. 4 p.c. bonds, 1946. 10 Bank of A'asia (cum divj. 2035 Com. Bank of Aust. 500 Bank of New Zealand. 115 Union Bank of Aust. 100 New Zealand Insurance. 50 Dalgety and Co. £350 N.Z. Loan and Merc. (ord. stk.). 100 Gear Meat. 1300 N.Z. Refrig. (10s paid). 200 New Zealand Breweries. 200 Alexander Mines (13s 6d paid). 500 Aotearoa. 1000 Bell Hooper (9d paid'. 50 Blackwater. 1500 Frcshford. 100 Golden Sands. 1800 King Solomon. 2000 Mahakipawa. 500 Nokomai. 200 Okarito (cum divj. 100 Waihi. 500 Mataki. New Zealand Government '.i\ per cent, stock due 1938-52 changed hands at £IOO ss, 4 per cent. 1949 at £lOl 10s, and the 4 per cent, bonds 1946 at £IOO 15s. Bank of Australasia (cum dividend) rose sharply to £l3 and more were offered at £l3 2s 6d. Commercial Bank of Australia recovered to 18s and 16s Id, buyers staying in at the higher price. Bank of New Zealand were firmer with dealings at 48s lOd, 495, and 49s Id, and more were wanted at 49s Id, sellers at 49s 2d. Bank of New South Wales were easier with sellers at £32 ss. Union Banks advanced to £9 15s, £9 17s 6d, and £9 18s, and more were available at £9 18s 6d. New Zealand Insurance changed hands at 53s 6d and late offe.. at that price failed to attract sellers. Buyers of South British raised thenbids to 72s Id, but sellers were reticent. Dalgety and Co. changed hands at £lO 9s and £lO 10s, and more were wanted at £lO 9s. New Zealand Loan and Mercantile ordinary stock was firmer with buyers and business at £52 ss. Gear Meats rose to 335. New Zealand Refrigerating (10s paid) advanced to 8s lOd, 8s lid, and 9s, the market closing 8s lid buyers, 9s sellers. New Zealand Breweries were firmer at 38s 8d and 38s lOkl, and there were further buyers at 38s Bd. Buyers of Timaru Brewery (10s paid) advanced their otters to 10s without attracting sellers. New Zealand Drugs were firmer on buyers' otters (i9.s. Buyers' offers for Whitcombc and Tombs and Wilson's Cement also revealed firmer markets. Alexander Mines (partly paid) changed hands at 19s and 19s 3d, closing quotations 18s buyers, 19s 3d sellers. Aotearoa rose to Is 7id and closed firmer with buyers at Is Bd. Bell Hoopers were a shade easier at lljd. Blackwaters eased to 375. Freshford were firmer with dealings at 9d. Golden Sands were firm with sellers and business at 3s 4d. King Solomon appeared easier with dealings at 3s and 3s Id. and further sellers at 2s HJd. Mahakipawa changed hands at lid and there were further buyers at that figure. Nokomais were firmer at 3s OJd and 3s Id. Okarito (cum dividend) were fractionally firmer at 12s 2d. Waihis changed hands at 28s 3d and closed firm. Matakis had business at 2s sld. AUCKLAND [THE TRESS Special Service! AUCKLAND, September 8. Record figures so far as the number of transactions was concerned were touched on the Auckland Stock Exchange this week. Brokers experienced ah exceptionally busy period, and trading resulted in a large turnover at firm levels in all sections of the market. Chief interest, however, centred in the goldmining section, in which prices advanced strongly, in sympathy with the rise in the price of gold, and for the same reason slackened at the close, when the upward movement in the gold price ceased. 1 Government loans were steady to firm on increased business. Although of a fairly narrow extent, upward movements predominated in 1 banks. Several issues were heavily dealt in. Eleven transactions were i recorded in Commercials of Australia, from 16s up to 16s 2d, a rise of Id. Nationals of New Zealand fluctuated between £4 Is 6d and £4 2s 6d, clos- ! ing firm at the higher price after seven sales, a gain of 2s 6d. Daily | business was done in New Zealands, I which advanced 7Jd, to 495. Otters of £9 12s 6d for Unions received no response from sellers. There were sales at £9 5s last week. The insurance section also was firmer. On limited supplies, New Zealands changed hands from 52s 6d up to 53s 6d, while South British moved up Is 6d, to 71s 6d. Interest was maintained in pastoral shares, with a further rise in Goldsbrough, Morts to 29s 4Jd. Grey Valley Coals also came into more prominence, with sales at 14s and 13s 9d. Exceptional activity was displayed in Auckland Gas, which were steady on a heavy turnover. About 5000 of these shares were dealt in during the week, and the magnitude of some of the transactions which marked the week's trading in every section of the market was illustrated in the fact that 1500 Auckland Gas shares were turned over in one sale early in the week, and 550 in another. Considerably higher levels ruled for breweries, New Zealands registering a rise of 3s 9d on a sale at 38s 6d. Staples were Is dearer at 27s 3d. In miscellaneous investments, levels were steady. Colonial Sugars recovered to £SB ss, after declining to £57 12s 6d in the middle of the week. All mining issues advanced strongly throughout the week, and higher prices were fairly well maintained at the close, with the exception of Waihis, which weakened perceptibly. This movement coincided with the announcement of the usual Is a share interim dividend, and probably reflected some disappointment in the market that a bonus was not paid «s well, as some reaction to the high level to which the London market had taken these shares. Tin shares commanded more interest, and higher prices ruled for Rawangs, with Kuala Kampars steady.

5 PER CENT. AND TAX-FREE. Taxation is the bug-bear of investment to-day. Dividends from investment trust companies are, however, virtually free of income tax, as this income, as far as it consists of dividends, is exempt from income tax. Profits made from the purchase of securities and their sale at a higher figure are capital profits and not subject to income tax. The New Zealand Investment Trust, Ltd., offers tax-free 5 per cent, first mortgage debenture, payable quarterly through the bank. Write to-day for full particulars to the New Zealand Investment Trust, Ltd., P.O. Box 708, Christchurch. Agents and attorneys in Sydney and London. —2

DUNEDIN ' I ..._ j [THE PRESS Special Service.] I DUNEDIN, September 8. The volume, .pf business recorded on the exchange during last week was practically on a par with that of the previous period, sales of mining shares again bulking largely in the week's transactions. There was some activity in the Bank of New Zealand shares, sales of which recorded at prices ranging from £2 8s Gd to £2 9s. The market closed with buyers ottering £2 8s lOd and sellers asking £2 9s. 3d. There was a slightly stronger demand for Commercial Banks, buyers of which were prepared to give los, sellers' closing requirement was lbs 6d. Business at 16s 2d was recorded during the week. Four parcels of E S and A. Banks were disposed of at £5 7s, the last call bringing a buying otter of £5 6s. with no selling quota-: tion There was marked improvement | in the enquiry for National Bank of New Zcalands. buyers offering up to £4 2s Sellers, however, would not accept' less than £4 ss. A sale at £4 4s had earlier been recorded. A sharp rise in the demand ioi*| DaWety and Co. shares was noted to-1 wards the end of the week, when buy-1 crs ottered £lO 7s Cd without re-, spouse from sellers. Six parcels of con- j iributing New Zealand Refrigerating* i changed' hands at prices ranging from 8s 9d to 9s, the market closing with a buyer ottering 8s lOd, and a seller asking 9s. British Tobaccos were enquired for at £1 Hs 9d .cum dividend); but sellers showed little lntei - est There was an easing in the enquiry for preferred Electrolytic Zincs buyers' best otter being £1 12s bd icum dividend). No sellers came forW Four parcels ot New Zealand Brewerics shares were disposed of at prices ranging from £1 18s 9d to £1 19s, the closing buying and selling quotations being 18s Sd and £1 19s 3d respectively The market for Staples Breweries" improved considerably, buyers latest offer being £1 8s 9d Sellers, however, showed no interest. A sale of Kawarau shares at 6..d was recorded, the market closing with buyers and sellers remaining firm at o.'.d and 7d respectively. Waihis met with better demand, buyers otters advancing to £1 7s 9d without an answering quotation from sellers. A Parcel was disposed of at £1 Bs. There was an improvement in the enquiry for Okaritos, buyers being prepared to give up to 12s, which was 3d below sellers' requirements. A transaction at lis 9d was recorded earlier m the week The demand for Paddy's Points eased from 4s lOd to 4s 8d during the period- but sellers remained firm at 5s 2d For King Solomons, buyers offered 2s lOd (cum dividend), sellers requiring 2d above that figure. Fight parcels were disposed of during the week at prices varying from 3s to 3s 2d Steady enquiry was received for Gillespie's Beach shares, closing buying an/ selling quotations of 2s 2 a d and 2s 3d respectively being one halfpenny better in each case than last week's quotations. Six transactions at 2s 2',d were recorded during tho period Two sales of Waitahus at 7s 3d were recorded, the market closing with buying and selling quotations unchanged from last week, namely 7s 2d and 7s 4d respectively. there was considerable activity in Bell Kilgours no fewer than 12 transactions being recorded at prices varying from Is 7d to Is 9d. The market closed with buyers ottering Is 7d, sellers asking one penny extra. A still greater amount of business was done in Bell Hoopers. 19 parcels of which sold at from lid to Is Id. Closing quotations showed little change, compared with last week, buyers' otter of lid being Id short of sellers' requirements. The demand for Government loans advanced slightly during the period; but few sellers came forward. Sales of 4 per cent, bonds, 1940. at £IOO 15s and 4 per cent, bonds, 1946, at £ 100 10s were recorded. THE TRUST MOVEMENT

Cartels and Trusts. By Dr. Roman Piotrowski. Allen and Umvin. r,16 pp. Uss net.) ( l>,viewcd by Vrofrssor Allan 0. M. I'isl.or.) Even casual students of English history are familiar with the "engrossers" and "forestallers" of the Middle Ages and with the unpopularity of the monopolists of the time of Elizabeth and James I. It has been common, however, among historians of the modern trust movement to maintain that it is an entirely new phenomenon, between which and earlier experiments in monopoly there is little of importance in common. Dr. R. Piotrowski maintains on the contrary that the story of trusts is continuous in every part of Europe, dating back even as far as the Phoenicians, the first merchants recorded in history; and in an elaborate historical survey he records numerous illustrations of monopolistic organisation, many of which resemble even in the details of their practice the most elaborately devised cartels and price-fix-ing agreements of modern times. At a time when sentiment in favour of controlled production, guaranteed prices, quotas, and the like is, for good or for evil, becoming increasingly powerful, to a degree indeed which renders sterile and ineffective much of the intellectual foundation upon which it has been customary to base a capitalistic philosophy, this record of the trust movement of earlier times is useful and illuminating, though it is combined with ardent polemic directed against other writers on monopolies, the precise point of which is not always clear to the casual reader who has no specialist knowledge of these matters. The much more difficult task of analysing exhaustively and convincingly all the implications, both for the organisation of the economic structure as a whole and for the distribution of income, of monopolistically controlled production, still remains, in spite of the enormous literature which modern controversies about monopolies have called forth. According to Piotrowski, "competition and monopoly form one whole; they are only two sides to the one economic phenomenon." As long as we accept free competition monopolistic combinations of competitors become inevitable. Therefore it is high time that we should take note of the experience acquired during 2000 years and break off the absurd continuation of worthless pnti-monopolistic laws, such as the Sherman Act and other enactments Etlom J the same lines, and enter instead' upon the road of an elastic and clear-sighted economic regulation ol monopolistic organisations which often, more so to-day than in former times, are not only useful but even necessary. This mav be a legitimate conclusion; but both economic theorists and practical business men have still a long way to go before they can confidently undertake the responsibilities involved in such "elastic and clear-sighted regulation." NURSERY STOCK SOLD fl. C. Smith, of the City Market, held the filial sale of nursery stock at his yards on Tuesday. There wa3 a large attendance. Prices were as follows: 52 rhododendrons 6s to 12s each, 80 tree ferns la to Ss each, pot plants Is 6d to 2s 6d, 300 natives Is to lis fid, bornnia 0s 6d to 4s each, pimis -Is lor 50 plants. A lar«re consignment of fruit (roes and general nnisery stock was all ilea red at Hie sale.

CANTERBURY MARKETS IHT OUR COMMr.RCI.U. EDITOR.' Friday Evening. Each week records a further weakening in the potato market, and today's price for prompt whites is down to 555, f.0.b.. s.i. The mid-week boat took only a few hundred sacks for the north, but this small quantity failed to stimulate enquiry. More potatoes are now being offered merchants, who, however, have to find a market for what they have already bought. They have stocks on hand sufficient to meet any likely enquiry from the north, and at this late period of the year there is not much faith in a revival. After the strong position of the mar-l-el earlier in the season, as a result of the export to South America, the development in the market is very disapDointing. Fowl feed is a little firmer, there being more enquiry. Good quality is worth to 3s 6d, f.0.b.. s.e. There is no movement in either oats or chaff. The little of the former required in lite north is being provided by cheaper quotations from the south. Quotations. The following are quotations for produce to be paid to fanners, on trucks, tree of commission, sacks extra, e: ccpt where otherwise statedWheat (interim payment for August* —Tuscan 3s 9d, Hunters 3s lid, Pearl 4s Id, all f.0.b.: fowl feed to 3s 3d, better than grade 3s b'd to 3s GJd a bushel, f.c.b., s.e., for prompt. Q a t s — \ Oarlons Is 9d, B Gartons Is sd. Potatoes < nominal» —To £2 a ton for piompt whites. Italian Ryegrass—ls 9d to 2s a bushel. Perennial Rvcgrass—ls 9d a bushel. Cocksfoot—sd per lb for Akaroa. 4d to 4-id for Plains. White Clover—ls per lb. Cowgrass- 3d per lb. Onions—£2 10s a ton. ChafT—37s Gd to £2. Flour—£l3 12s a ton, local: £l2 lis shipping. , Bran—Local. £4 a ton large; £4 lQs small; shipping. £4. Pollard—Local. £5 10s large; Lb small; shipping, £4 1 !'■■'• I) UN ED IN TiltSS ASSOCIATION' l|-.1.K-,f!AM > DUNEDIN. September 8. Only an odd lot of milling wheat is now coming on the market, and little interest will be displayed by millers until the new season's wheat commences to make an appearance. In the fowl wheat market quantities for shipment, to North Island ports arc on the light side, the demand having been affected by the importation from Australia of maize, etc. There is, however, a little firmer! tone in the market.'Supplies are not offering so freely, and apparently holders arc I content to look on in the meantime and hope for an improvement m values. Round about 3s 3d a bushel, sacks extra, ex truck, is the current quotation for good whole fowl wheat. Small lots are worth from 3s Cd to 3s 9d a bushel ex store. The oats market continues quiet, with little business passing. There is still an absence of orders from the North Island, and merchants have to await developments. A Gartons are still quoted on a basis of 2s to 2s Id f.0.b., s.i., with B's at Is 9d. Values in the country are equivalent to the foregoing prices. Is 3d sacks extra on trucks for A's, and Is for B's. Farmers who arc holding oats are not prepared to sell at these figures. A fair demand exists for chaff, but most of the sales are confined to small lots ex store. An odd truck load is being placed at £3 10s a ton, sacks extra, and for deliveries ex store, from £3 15s to £4 5s is being obtained. The potato market continues to weaken, and there now appears little prospect <f. an improvement. About two months ago the stores in Duncdin were practically empty; but since then consignments have been arriving from all quarters, and fairly heavy st.cks are now held. Sales are difficult to make at prices ranging round about £3 10s a ton, sacks included, for freshly picked lots. King Edwards are worth little more than the abovenamed figure. Reports from Auckland state that the market is very quiet, as favourable weather has brought on new potatoes, and these arc already appearing on the market. Pleasant weather conditions enabling farmers to sow down seeds, deliveries to the country are increasing, and the indications point to heavier sowings than in previous years. The market for seeds remains firm, but there is not a great deal of wholesale business going through. Distributors prefer to work on their stocks before buying furtV.r from the wholesale firms. ASHUIRTOX MARKET The local merchants report a fauiy fjtiiet week in most Rcctinim of Iho grain, setd and produco trade. Odd lines of Burplus unHing wheat are now being placed on tbe market by growers, duo to the maximum pi ice having been reached. The oat market is very dull, both buyer:? and aellers displaying little interest.. fowl wheat ia not being enquired for to any groat extent. Occasional orders aio being received for odd trucks ol oaUhoaf chaff. A few lines of cowgrass, cocksfoot, and grass seed changed hands dining fhe, weok. The potato market has receded further, and it, is now expected that rookbottom has been reached. Growers ate confident that there will be a rise in the market fcefo'e long. The following are quotations to be paid to farmer.-, on tracks country slut'ons, sacks cxtia:---Wheat—Tuscan .Is '.ld, Hunters 3s lid, Velvet -is Id (all. f.o.b.j, fowl wheal -Ja lOd, teconds '2a. Oats—A Gallons 1? Co to Is Bd, B grad ■ Is rid, Algt linns Is ;>d to Is Cd, Duns Is 31 to Is Gd.' BaHov —Chevalier '.'s lit. Teas - Xo. i Partridge ".?. r, d to I*. Grass So'-dfl -Perennial \>s. Italian and Weste-n Wolf lis Is Bd to Cs, red clover 7d to S'.d, white clover lOd, cocksfoot id to 5d p",- 11.. C'laT-X'-J a 'on. Potatoes-Whffe £1 IDs. D.iko'as i"t a fori NEW ZEALAND MEAT RETAIL PRICES IX LONDON The New Zealand Meat Producers' Board has been advised by its London manager that the following retail prices were bc-ng quoted for New Zeai land lamb and mutton retailed in London during August, 1933. These prices represent a fair average of the prices quoted by the better class shops in London for the best quality of New Zealand lamb and mutton:—

VALUES ON STOCK EXCHANGE

CHKISTCHURCH KATES, SEPTEMBER 8

A, interim dividend nt rut* of 5 per eet;t. per a riiiiim ; !i. it.ienni dividend nt r:>'e ■ ' >' |icr cent. per annum; <', interim dividend ;i I r;itn of 7 per font, per nr.iram; d. interim til"'iilond nt rate of 0 per rent, per nn-rnn; e, interim dividend nt into of 10 por cent, per mimim; f, interim dividend pt rate of ]<2 per end. p.-r ani'inii; p, intrrim dividend Rt rate, of 4 prr cent, per snnurn; 1, interim dividend passed.. W'hern no sipproximutn market is gren, return is worked on mid-market price, linlros oidv one, iiimtf is civrn.

i | YESTERDAY'S SALES \ CinUSTCIIUKCII i Sales on 'Change.

I AUCKLAND Sales on 'Change. •P e-

WELLINGTON Sales on 'Change. £ s. d.

SYDNEY On the Sydney Stock Exchange yesterday the main features were a further hardening of Government bonds and a strong demand for retail trading shares.

MELBOURNE £ s. d. Adelaide Steam 14 2 Gordon and Gotch (prefj 113 0 Herald and Weekly Times 22 3 Dunlop, Perdriau .. 0 18 3 National Bank (£5 paid; .. G 6 0 Electrolytic Zinc (pref.) .. 1 14 0 P. AND 0. STOCK LONDON, September 7. P. and O. stock is quoted as fol-

PRICE OF GOLD LONDON. September 7. The price of gold (a One ounce) is:

PRICE OF SILVER (l-iUTiSII OWCIAL Wir.ELF.SS.) RUGBY, September 7. Silver (pence an ounce) is quoted:— Sept. 6. Sept. 7. Spot .. 18 1-16 18 1-16 Forward .. 18J 18 3-16

SHARE LIST pERRY & NUNES WILL SELL: 500 1938-1952 3$ per cent. Insurance Stock .. 101 7 6 50 Pacific Forest shares Offer 70 National Bank .. 4 3 0 3 Canterbury Frozen Meat 9 15 0 135 Sun Newspapers .. 0 4 3 700 Mt. Cook Cone Co. 17s 6d paid .. 0 7 6 £IOOO Waimak. River Trust 5J per cent., 1965 .. 102 0 0 350 Woolpack and Textiles 018 9 150 Southern Cross Glass £ 1 paid 0 2 6 MINING

BROKERAGE RATES. Up to I'. d i 1- to 2'- *' •• 1 2/- to 5/- *" ■' ,- ■V- to 7/6 *' '• , 7/6 to 15/- "' •" ~* Over 15/- .'| "• j f . Government and Local Body Stock °>^ PERRY & KUNES STOCK AND SHAREBROKERS TRIANGLE CHAMBERS 231 High street, Christehureh •Phone 36-193. P.O. Box 773 Telegraphic Address: PERNUI P6776

WHEAT TRADING CARGOES. PARCELS. AND FUTURES LONDON AND L!V EUt'OtH. QIOTATIONS TELEC.r.APH—tcrrr. ■.:=.- . LONDON. Sec-. :;.-;. - Wheat cargoes arc q.:.e" ;>•:;?.-» ~;. fering 3d easier ar.d buyers b»:.-.; •_-. terested at lower love;;. Tre rr.irket closed firm. There .* ar. c\:-.t : -:o-i in the demand ut- urr.ir. ".or.r.ije :'r-sr; Black Sea ports. Sept>. mber a-.d October delivery, at hirder.:-.; "-■;;?;. Parcels are in s-.-.cd■:--.*.■.• -.--:■- A { I'd to 3d decline "Futures are quoted. -

London 'a quarto: • September "-'-' " ; ':..* 9 December "J-J <> :S 3 February ( -A 0" ; 2> 7 Liverpool 'a cental' - October ; - . ' r j December - 1'• * H March - - •'' 5 1 "• §} May 3 10- j s| Spot trade .- -•;•'' A-/ : :r„'...-- s » ship, is quoted 2G< &s ".>-■ _-.- CHICAGO MARKET II TIUKS LOWER CHICAGO Sjp* I. Sert". t Futures are quotcc.--Cer; -..:-r.:L September S~. !*,;, December «•". 135". May ! *;. •*. New York 't.i.-.". ' t'~ l 'j ADELAIDE WOOL SALES GOOD PRICES EXCELLENT t LEAUANXE -jEi.Kon.4ra—corv b.: oai ; (Received September o. 11.50 p.rr..» ADELAIDE. September 5. At the wool tales. 17.000 bale* *.ver» ofTered, and practically the whole -jlfcring was sold. More than 11.0W bales made between 12d and 19Jd per lb which is a considerable advance ia price compared with the corresponding period last season. BRADFORD TOPS FIRM MARKET LONDON. September 7 At Bradford the tops market is vcrv firm, with moderate business. Quotations:

LONDON SHEEPSKIN SALES LONDON. September "- At the sheepskin sales. 4WI bales were offered, including I2SO *rt , = Sew Zealand. There was keen general competition from Home buyers, the Continent, and the United State*. The average advances compared vr.ih the sales on July f> were: New Zealand merinos 12J per ceat,..; good haifbred combings 11 per oral; medium and low per cent.: short wools, good pelts, firequently 20 per cent.; lambs 74 to if per cent. Pvne, Gould, Guinness, Ltd, report having received cabled advice fcnt their London agents stating that the sheepskin sale opened to a lars« attendance of buvers with a g«xi Remand Comparing prices with «* Juiv sales, fine crcssbreds were frcea 10 del- cent, to 15 per cent, hi£h*n others 10 per cent, higher. AH tHerings were cleared. Dalgety and Co.. Ltd., Christchurcfc,. have received from, their London office the following cable, dated September " There was a good auer-tlaaee ** buyers at the sheepskin sale. Tis* selection v»as good, and there «s good .general competition _ witii American buyers, and the operators of New Zealand skins, 4811 ■ bales were offered, and practically all were sold. Compared with closing rates, stem* combing were 12$ per cent, isiifeer. half-bred combing 10 per cent, to IS per cent, higher, all descriptions of crossbred combing 5 per cent, to !• per cent, higher. All descriptions ©£ clothing 15 per cent, to 20 per te:X were higher, except inferior petetf, which were unchanged. Lambs *tre 10 per cent, higher. The following is the range of |*fk«» realised:—Merino: Three-quarter t* full woolled, Sti io 10$ d; quarter to half woolled, 4d to 7Jd: short *ad shorn. 2|d to 4Jd. Crossbred: Threequarter to fall woolled. fine, 7d to lid; three-quarter to full woolled, meditaa and coarse. 5d to 7id: quarter lo half woolled, line, 6id to £|d; medium aw* coarse, 4id to 6d; short and shora» 4id to 6id. Lambs: 53d to M. PRODLCE MARKETS LONDON QUOTATIONS LONDON. September f. Flour is quiet. Australian, ex s:er% 19s 6d to 20s 6d. The oats market is dull. AusiraLart Algerian 14s to 15s. A grade Gartoes 16s 6d to 17s 6d. Peas are neglected. Bice Tasaa** 1 ians 300s; Maples. old ctca 555, 565, new 4t>s to 475; New Zealaa* 43s 6d to 455. New Zealand beans. 26s :o -7s. -MELBOURNE QUOTATIONS MELBOURNE. * Wheat is in poor der-.5.-d rf'J*"* being firm. Parcels arc r.-m.--il * : 3s l.Jd, shippers is. Flour is in trrali i.c— ■■ ,-" ' - at £8 7s tid. " Bran and pollard <ock- :-e ;TJui With fair demand s: £4 lis. Oats are neglected VIL; :.* 3i, feed 2s Id to 2s 2d Maize attracts peer ,-sj z. «7& Potatoes are ::i hea' \ ■-■■-' es a-»i weaker at £2 to £3 :* cd'" Onions art out' - - % ' _■; . --"$ £2 ss.

FALL OF THE YE] i JAPAN'S DEPRECIATED CURRENCY YOKOHAMA BANK'S STATEMENT Kinsey and Co., ship and insuranc brokers, Christchurch, agents fc Osaka Shosen Kaisha, forward fc publication a statement from the Yoke hama Specie Bank, Limited on th subject of Japan's depreciated cui rency, in regard to which there ha been a considerable amount of nut licily. * In view of the vaiious statcmenl recently made in the press, as we as amongst a certain trade circle hen to the effect that Japan has delibe ately depreciated her currency in or der to gain unfair advantage in inter national trade, we leel it necessary a bankers closely concerned with th Japanese exchange position, to take ■ upon ourselves, to refute such allega tions. For this purpose it would o convenient if we go briefly throug the sequence of circumstances exist ing during the last 18 months. Fol lowing in the wake of England goin off the gold standard, Japan wa forced to take similar action on De cember .13, 1931. The immediate effec on yen currency was very small, anthe rate was maintained round 2 o|d, against England (2s 0 9-16 d beini the mint par) and 36 cents to 37 cent < 49.80 cents being the mint par). Siri"< •the beginning of February, 1932, how ever, when the Sino-Japanese con fact occurred in the area of Shanghai m anticipation that the inflation o currency would be inevitable to m°e the expenditure, an enormous volunn of speculation against the yen fol lowed from all parts of the world, par ticularly from Shanghai speculators Frequent reassuring statements issuec by the Japanese Government anc bankers failed to stem the declining tendency of the currency, and at th< middle of June, 1932, the yen rate wa: as low as Is 6gd on London and 27 cents on America. Efforts to Arrest Depreciation. Alarmed by this unprecedented de icline of the value of the yen, the Jap anese Government proclaimed or June 30, 1932, a Capital Flight Preven tion Act, which, in effect, prohibitec the flight of capital from Japan, a; well as the exchange speculation, the object being obviously to check th< further decline of the yen exchange This act had a certain sobering effeci on the market, and the yen was maintained steadily until the middle of August, when the intervention of the League of Nations on the Manchuriar question gave the yen another setback Subsequently the rumour that th< League of Nations was likely to declare an economic blockade of Japan coupled with the substantial amouni of the budget deficit of the Japanese Government, aggravated the situation further, and again the yen began tc fall rapidly under selling pressure from abroad, and at the end of November the rate dropped below Is Sd against London, and 29 cents againsl *•> America. "*(, The position was certainly very critical. The Yokohama Specie Bank, Ltd., came into the market, and in order to check the decline began tc sell dollars as well as sterling freely, and succeeded in maintaining the rate on America between 204 cents to 21 cents for certain periods. In spite cf the efforts of both the Government and the bankers, the rate on London in Japan fell to the level of Is 2d at the beginning of January, 1933. During the three months following the yen fluctuated between Is 23-16 dtc round Is 3d against England. ■ On April 26, 1933, the Japanese Government enacted an Exchange Controlling Act to replace the aforesaid Capital Flight Prevention Act. This act empowered the Government tc check the decline of yen currency by more rigidly controlling exchange speculation and also prohibiting export of goods without negotiating bills ' through banks. At the present time we are yet unable to tell the full effect of this act, as it has not been enforced long enough, but as.far as the exchange rate is concerned, it is gradually recovering, maintaining an average rate of Is 3d and 2S£ cents of late. No Truth In Allegations. From the foregoing it is evident that both the Japanese Government and the bankers there used every measure m their power to check the depreciation of the yen currency, and the allegation that they deliberately lowered the yen currency has not a vestige of truth. in it Force of circumstances, both internal and external, was too strong and brought down the yen value to the low level of to-day. It must be remembered that Japan 5s in a position to purchase enormous quantities of raw materials from abroad for her industries, and the decline of the yen has a very serious Jdvlrse crlect upon such purchases. NORTH OTAGO FARMERS' ASSOCIATION ANNUAL REPORT The thirty-second report and statement of accounts for the year ending July 31, of the North Otago Farmers Co-operative Association, has been issued. It states:— After making provision for bad ana doubtful debts, depreciation of plant and stock-in-trade, and all expenses of management, the accounts for the year ihow a loss of £1794 0i 9d. The general fall in the price level of pn mary products is still seriously affecting our business, and the unfavourable result of the last year's operations can be attributed in a large measure to the greatly reduced turnover in wool ■ and livestock, and the failure on.the part of farmers to meet they: interest and other obligations The directors retiring this year are Messrs W. Mac donald J. R. McCulloch, A. Mclnnes Colonel J. C. Nichols, Messrs J. D. Rutherford, and J. ornulie, all of whom are el 'S* ible for re-election, and offer tnern- , selves accordingly. Shareholders will '*!> asked to elect six directors. Messrs T>. V. G. Smith and W. J. Davies are the retiring auditors, and offer themselves for re-election. The paid-up capital of the company is £60,831. In the liabilities side appear bank £13,174, deposits (fixed ana at call) £28,330, customers' credit balances £4508, trade and sundry creditors £1623. Assets include freehold and lease : hold properties £29,061, stocks anc merchandise, grain, seeds, drapery, etc., £25,473; sundry debtors (less reserve for bad and doubtful debts) £40,219. The profit and loss account shows gross profit on sales of merchandise, commissions, etc., £10,119, and on the debtor side charges of administration and depreciation £11,913. SALE OF PROPERTIES H. C. Smith sold by public auction a property at 13 Dudley street, on account *>t Mr D. Milne, a four-roomed cottage win 20 perches of land, for- £265 cash; also, on "ccound of Mr G. S. Simpson, 152 acres ana a five-roomed house and numerous outbuildings, in May's mad, St. Albany for ZUaO. This sale was conducted in conjunction wittt Mr Coombs, land agent.

J DAIRY PRODUCE REDUCTION IN STOCKS HIGHEST PRICES FOR 11 MONTHS (CKITED FP.tSg ASSOCIATION'—BT ELECTRIC TILEGBAPH—COPTRIGHT.) (Received September 8, 9.20 p.m.) 2 LONDON, September 8. L , Cold store butter stocks were rer duced by 200,000 boxes during August. . To-day's prices were the highest since 3 last October. 3 LONDON QUOTATIONS 1 LONDON, September 7. The butter market is firm and [ active. Quotations: Danish 112s, choic- . est Australian and New Zealand 97s ; to 98s. Unsalted New Zealand 100s to ■ 102s, Australian 97s to 98s. Cheese is 1 in better demand. New Zealand white [ 51s, coloured 535. t ; Messrs A. H. Turnbull and Co., Ltd., : have received the following cable ' message from their principals, Messrs ■ W. Weddel and Co., Ltd., dated September 6:—Danish butter, 110s to 112s i per cwt; New Zealand, salted, 94s to : 97s per cwt; Kangaroo, 94s to 96s per cwt; New Zealand cheese, white, 49s to 50s per cwt; New Zealand, coloured, 52s to 53s per cwt. The butter and cheese markets are . steady. Messrs A. S. Paterson and Co.. Ltd., 1 advise that they have received the following cable message from their London principals, Messrs J. and J. Lonsdale and Co. (London), Ltd.:— Butter—The market is firm. Danish, 975. 10.b.; New Zealand, 98s; Australian 98s. Cheese —White cheese, 51s 6d; coloured cheese. 535; Canadian, white, 52s 6d, c.i.f.; Canadian, coloured, 53s 6d. The National Mortgage and Agency Co., of New Zealand, Ltd., have received the following cable message from their principals, Messrs A. J. Mills and Co., Ltd., London:— Butter—The market is firm. Finest 97s to 98s, firsts 96s to 975, unsalted 97s to 98s. Danish 110s to 112s, f.0.b., 945. Australian 96s to 975. Cheese—The market is firm. White 51s to 525, coloured 52s to 535, Canadian c.i.f. 51s to 525. SHIPMENTS FROM ALBERTA (Received September*B, 5.5 p.m.) CALGARY, September 7. Shipments of 672,0001b of butter from Alberta to Liverpool for consumption in the United Kingdom will start about September 15, according to officials of Calgary produce firms. These shipments arc expected to dispose of the large surplus of butter in Alberta, and thus improve prices to the farmer. OFFERS OF 11D MAN'AWATU BUTTER VALUES (PRESS ASSOCIATION TELEGRAM.) PALMERSTON NORTH, Sept. 8. In keeping with the advance in dairy produce prices, f.o.b. offers for prompt shipments of butter AugustSeptember gradings have been increased to lid per lb in the Manawatu district. It is reported that there will be much renewed activity in this market. The season here has begun well, with every prospect of fresh production records. The New Zealand Farmers' Dairy Union Company reports the phenomenal increase of 60 per cent, over the corresponding period last year, though this is exceptional. The Awahuri Company reports an increase of 27 per cent. COMPANIES REGISTERED The- current iasue of the "-Mercantile! Gazette" rotifics the registration of the following new companies-. Ben Lomond Gold Mining Co., Ltd. Registered as a private company August 22, 1933. Capital: £IOOO, in 1000 share 3of £1 each. Subscribers: Dunedin—J. Wilkinson 100, K. Paterson 100, \V. J. Masters 100, J. Bews 50, S. G. Ferguson 60, A. H. Thomson SO, T. P. Harland 100, W. Kirk 50, M. W. Johnson SO, E. G. Miller 50. Queenstown—J. Seffer 100, M. Seffer 100. Waikaka —S. If. Paterson 100. Objects: To carry on all kinds of business in relat on to mining for gold and otner precious metals. Jcffevy and eSrnith, Ltd. .Registered aa a private company August 25, 1933. Capital: £'2ooo, in 2500 shares of £1 each. Subscribers: Oamaiu—H. O. Jeffery 1250, J. S. Smith 1250. Objects: To acquire and take over the business now carried on by H. C. Jeffery and Co., booksellers, stationers. Listers Motors, Ltd. Registered as a private company August 20, 1933. Office: 10 Sefton street, Timaru. Capital: £2605, in 2665 shares of £1 each. Subscribers: Timaru—H. W. Lister 2G61, I. N. E. Lister 1. Objects: To carry ou the business of carriers of passengers and goods in all branches. Bcndigo Goldlight Dredging Co., Ltd. Kegistcred August 22, 1933. Capital: £25,000, in 500,000 shares of Is each. Subscribers: Dunedin—A. H. llylcs, A. 1.Thomson, H. Coull, G. L. Is'elson, J. A. Mathewson, C. G. Smith, N. H. Farquhaison, B. H. Nces, B. A. Mitson, 2COO shares each. Objects: To carry on all kinds of business in relation to mining. N.Z. Weaving and Spinning Mills, Ltd. Registered as a private, company August 31, J933. Office: 102 Chancery Chambers, Auckland. Capital: £6OOO, in 6000 shares of ; £1 each. Subscribers: Auckland—G. E. Exl<-y 2000 and EOO, J. R. Brendel 500, C. ■ H Brendel 250, A. Turner 1000, C. Hab- ■ both 250, F. H. Eix 500, T. D. Collins 250, G. G. Marriott 500, W. Fraser 250. Objects: Weavers, spinners, etc., and incidental. ,

METALS MARKET (Received September 8, 8.20 p.m.) LOXDOX, September 7.

MINING KING SOLOMON RETURN (TRESS AS-3CKTATION- TF.LEG rt*.U.) INVERCARGILL, September 8. The wash-up for the week at King Solomon mine totalled 130oz Bdwt for the week. The directors have declared a dividend of 25 per cent., or 3d a share. [The capital of the company is £13,000. The returns from the mine since the commencement of August are:—August 4, 740z l.'idwt; August 11, 81oz Hkhvt; August 18, 960z 13dwt; August 25, 1760z; September 1, 1930z lldwf; September 8, 130oz Bdwt; total for six weeks, 7530z 4dwt.] FRESHFOKD YIELD (I'BESi ASSOCIATION TELEJRAM.) INVERCARGILL, September 8. The Freshford return for the week was 13oz. AVArill DIVIDEND i.rnes-: asso-viaiios telsjhim.) AUCKLAND. September 8. The V/aihi Goldmining Company has declared the usual interim dividend of one shilling a share. [The dividend is equivalent to 20 per cent., the nominal value of the shares being ss. ] BLACKWATEB REPORT During August the progress in No. 10 level, north drive, was 35ft on fault line. In No. 1 level, north drive, the progress was 52ft. The first 42ft was in blank and the remaining 10ft on reef averaging 2tdwt over width of 24in. No. 12 level, north drive progressed 126 ft on reef of average width of 18in. The value for the first 64ft was 3dwt and for the remaining 62ft, lOdwt. In Prohibition shaft, a further 44ft was sunk, the No. 9 chamber completed and sinking resumed. The return, as previously reported, was 1858 ounces, the value (gold £6 an ounce) being £11,150. Working profits were £5581. MAHAKIPAAVA GOLDFIELDS The mine manager's report for the month of August is as follows: — No. 11 East Crosscut—No. 2 South Drive: The crosscut to the south-east at 75 feet south from No. 11 cast crosscut followed values for the first 25 feet. From this point to the face 50 feet south the bottom rock rose, and although the wash appeared still favourable values were not present. Former No. 2 South Drive: Driving in this face in a south-westerly direction was resumed and it is now out 80 feet from No. 11 cast crosscut. This face is very stony, with the bottom rock well up, but except for an occasional gold prospect is a cross gutter and lias not been on the run of gold. In the last set the bottom rock has commenced to fall and the dark cement wash has begun to appear. Blocking is proceeding off No. 1 north drive in fair grade wash. North Face No. 3 East Crosscut— This crosscut has been resumed and is out 31 feet. The bottom rock has not risen appreciably over this distance. The wash is brown and a little gold was seen in the first four feet of advance. During the month 567 cubic yards of waA were sent to the sluice boxes and returned 560z 18dwt melted gold.

The directors of Golden Point Company have issued a statement to shareholders, which outlines the proposals for recommencing mining operations, which have been suspended for some months, on account of lack of capital. At the meeting held on September 4, the circular states, the director;; submitted several proposals for providing capital to reopen the mine, and it was finally decided that the shareholders should be asked to support an issue of 8 per cent, cumulative preference shares. As funds are required immediately for the payment of rent and other necessary expenses, shareholders were asked to subscribe £BOO to £IOOO before September 26, otherwise it was decided that an offer from New Zealand Mining Investments, Limited, to find £IOOO on loan was to be accepted. The terms of this offer are that New Zealand Mining Investments, Limited, should receive £2500 in fully paid preference shares for this accommodation. The directors believe that shareholders will support the company now, as in the past, and that with the help of assistance promised by brokers interested in the company, sufficient capital could be secured to carry out the full programme indicated in Messrs Thomson's and Barrance's report, thus saving the company the bonus shares being asked for by New Zealand Mining Investments, Limited, as consideration for the loan. This view was endorsed by the shareholders present, who subscribed for about £2OO and it is anticipated from the reception the proposal has received from other local shareholders who have been approached since, that this proposal will meet with the approval and support of the majority of shareholders. It is also J strongly recommended by the directors. , _ Since Messrs Thomson and Barrance reported on the mine in January last, the price of gold has steadily increased and the directors have received a letter from Mr Thomson, stating that in view of this price the company would be justified in undertaking the full programme as outlined in the report, at once. Messrs Thomson and Barrance have also stated that they consider there should be no difficulty in raising the gold extraction to over 90 per cent. During the discussion on the mine and its prospects, the following points were emphasised by some of the shareholders present: . . (1) That in the past, mining and milling costs had been much too high, and (2) that Messrs Thomson and Barrance clearly indicated in their report, i that given competent management the mine should pay. It may bo stated that a suitable manager is available. (3) The engineers reported that the mine, on inspection, was in good con- -, dition, and was ready for starting development work immediately.—This is important, as shareholders subscribing will be assured that their capital is being spent in development work, and not in repair work. , , (4) That the engineer's report indi- ' cated that the mine development was not sufficiently advanced.—ln future development work will be kept well J ahead, so that the mine will not be jeopardised as in the past. I <5) That the offers of assistance made by other mining organisations were ' made as business propositions and if j these institutions considered it worth their while to invest in Golden Point, it should be well worth the shareholders finding additional capital to : protect the money they have already invested in the company. The direc- , tors, therefore, strongly urge share- - 1 holders to conserve their own interests by applying at once for some of the ; new issue of shares. The proposals in regard to the re- £ construction of the company provide for a reduction of the present paid-up J capital of £32,000 to £16,000, and the ~ issue of preference shares carrying a - right to a fixed cumulative preference 1 dividend of 8 per cent., the total authorised capital then to be £29,000 i as against a paid-up capital of £32,000 as at present. .

1 HATTERS' FLAT COMPANY At a meeting of the provisional directors of the Hatters' Flat Mining Company, Ltd., Dunedin, the company went to allotment on the total capital subscription, application and allotment paid. Provisional directors of the company are Mr James A. Nejlson and Mr A P. Alloo, of Dunedin. The new company will acquire mining privileges on the West Coast in the Waimea subdivision, five miles from the Awatuna railway station, the area being 50 acres, together with water rights covering 13 heads. The capital of the company is £6OOO divided liuo 120,000 contributing shares of Is each. WAITAIILI GOLD MINING CO. The first annual report, of the directors of the Waitahu Gold Mining Company, to be presented at the annual meeting of shareholders on September 28, states:— Interim progress reports have been issued periodically to keep shareholders acquainted with the progress of the construction operations, the latest report being issued on July 18. Since that date steady progress has been made, and the last report received from the manager on September 1 stated that only 87 feet remained to be driven to complete the long tunnel. The manager considered it advisable to construct an additional tunnel at Golden Gully to circumvent a sideling which had already slipped badly, and which did not appear stable. This latter tunnel will mean a great improvement in the water race, and should be finished almost simultaneously with the completion of No. 2 contract. Nothing further has been done regarding prospecting operations on the quartz reef encountered in the tunnel on No. 2 contract, as this would delay the commencement of sluicing operations. The company has secured the prospecting rights of this area, and the directors will see that this is not neglected as this reef is very promising. The balance-sheet at July 31 shows that the cash at batik and calls yet to be received total £5039 13s 3d. The expenditure from then totals £2125, leaving £2914 available to complete the construction programme. This is very satisfactory, as the water-race is now very nearly completed, and the claim plant is installed ready for linking up with the water.

• MOUNT TOKATEA COMPANY The progress report for the fortnight ended September 2 states:— The main drive along the strike of the lode has been carried on and has now reached a distance of 82J feet. The country driven through has been , consistently hard, but very fair pro- • gress has been maintained notwithstanding. The ground encountered i towards the end of the last round of ; holes indicates, however, that better shooting country may be expected. As soon as machine drill steel now on 1 order is to hand additional men will 1 be put on and the first crosscut through to the hanging-wall commenced. The country now being penetrated is still heavily impregnated with iron pyrites and small bands of galena. On the surface drive, at a higher level to the northward, good progress has been made and the face is now 80 feet from the tunnel mouth. The company's surveyor, Mr Wynford O. Beere, is now engaged running a contour level from the main drive in Courthouse creek to Syke's creek. With the completion of this work valuable &jta will be available for the purpose of determining and selecting a site for a tunnel approach for another crosscut into the reef in this locality. The compressor plant is running smoothly and good progress may be looked for during the current period. BANK OF ENGLAND EETURX I Received Septetn'.cr 8, 5.5 p.m.) LONDON, September 7. Tii© foHcving in tiio Bank of Knpland return for the week ending September 7: ISSUE DEPARTMENT. £ £ Notes issued— Govt. debt. 11,u15,100 In circula- Other Govt. tion .. 375,225,001. securities 213,000,271 In bank- Other settling dep*. 75,050,100 ritiea .. 2,978,001 Sihcrcoin 3,030,903 Fiduciary issue- .. 260,000,000 Gold coin &, bullion 100,265,361 Toll! 450,285,301 Total 450,255,3G1 BANKING DEPARTMENT. £ £ Proprietors' Govt, accucapital . 14,533,C00 riticß .. 83,533,003 The rest . 3,677,050 Other secuPublic de- rities—poeits . 21,151,107 Discounts Other an d ad " deposits— ranees . 0,001 ,&J2 Bankers' 97,422,678 Securities 12,422,899 Other acs. 44,977,930 Notes .. 75,053,400 Seven-day Gold and and other silver com 1,3<3,900 bills .. 1,304 Total 182,087,050 Total 182,087,059 Proportion of reset ve to liabilities, 46.GD per cent.; short-dated bills, J per cent.; three months' bills, 7-16 per cent. The fiduciary issue of £260,000,000 consists of the following:—Government debt, other Government securities, other securities, and silver coin. FOREIGN EXCHANGES (BRITISH OBTICIAt, WIiIELSS?) (Received September 8, 5.5 p.m.) ItUGBT, September 7.

FRUIT EXPORT INVESTIGATION OP ENGLISH MARKET MOKE ORGANISATION URGED (uxitjsd rnr.ss assoctatto.v— t.y electeio TELEGKAI'H —COI'YHIGJIT.) (Received September 8, 11.50 p.m.) LONDON, September 8. Mr C. J. Parnham, a leading Victorian fruit exporter, who has investigated the marketing of Australian fruit, in an interview with the Australian Press Association, definitely expressed the opinion that it was essential that growers should be educated and organised to ship only popular varieties in regular consignments, and only through agents representing outstanding British auction brokers and private treaty firms of highest repute, which had sales organisations throughout the United Kingdom. Shipping companies would welcome a reduction in the number of shippers, which would automatically reduce the number of receivers, thus enabling more satisfactory space arrangements and better regulation of supplies and stabilisation of markets. Shipping companies would also wel- . come the formation of an inter-state freight committee. Leading brokers in England considered that the quantity of apples shipped in 1933 was too great, and thought the total Australian and New Zealand shipments for profitable results should not exceed 4,000,000 cases or 4,500,000 at the outside. LONDON SALES LONDON, September 7. At the Liverpool apple sales, the Port Huon's Tasmanian cargo sold as under:—Granny Smiths 8s to 13s 9d, Sturmers Is 6d to 4s, Democrats 4s to to (is, Yates 3s to 5s 3d. crabs Is 6d to 2s 9d. Stored New Zealand Delicious fetched 3s to Gs 3d, Sturmers 4s to ss, Statesman 2s to 3s 6d, Dunns 3s Od. FRUIT EXPORT CONTROL ACT AMENDMENTS PROPOSED (MESS ASSOCIATION TELEGEAM.) WELLINGTON, September 8. Tentative proposals for amendments to the Fruit Export Control Act were placed before the New Zealand Fruit Growers' Federation by Mr F. Nottage, of Nelson. The amendments concerned the election of producers' representatives on the Control Board and were put forward for consideration by associations. Mr 11. E. Stephens, chairman of the board, said the board desired to hold a conference of producers, but in order to provide for that the act would have to be amended. He hoped it would be threshed out, and that growers would reach a unanimous decision on cither these or some other proposals. If growers were unanimous the board could confidently ask the Government for an amendment to the act. DUNEDIN MARKET j (I'RESS ASSOCIATION TKL23II\M.) DUNEDIN. September 8. I Choice dessert apples are in short supply, but inferior grade are fairly plentiful. Prices of dessert apples remain practically unchanged. Cooking sorts have a little better enquiry. The Fhipmcnt of South Australian navel oranges has now been practically cleared out of wholesale hands. A further consignment is due to arrive by the Wainui from Melbourne on Tuesday. The quantity allotted to the South Island is the same as that in the previous shipment, namely, 3000 cases. There is no further word when the embargo on the importation of oranges from the other Australian States is to be lifted—that is, of course, if it is to be lifted at all. There will be no further supplies of Californian Valencia oranges in the meantime. Fair stocks are, however, still held by wholesale merchants. The lemon market is weak. New Zealand grown lemons have been offering at low rates. Ripe bananas have been sold out of the marts. The Samoan bananas which arrived by the Maui Pomare were in perfect condition, and they will have ripened up early next week. GOVERNMENT SECURITIES „., , , T,O:CDOX, Seuteuibci- 7. I ne following are tho latest quotations of Oovcrnnmnt securities compared with the | prices ruling on August 81:

FURNITURE SALE Hutchinson, "White, Ltd.. report having hold successful sales of furniture and effects. Principal sales realised include: Carpet £5 10s, gateleg table 16s 6d, golf clubs £2 15s, hose ICa, lawnmower 12s 6d, sideboard £1 10s, oak tea waggon £1 Is, oak table 10s, quantity curtain net £4 14s lOd, ruj 12s, sewing machine £3 10s, two rugs £5 ss, trunk 7s 6d, records 14s, rug 10s, oak extension table- £5 15s, cabin trunk 10s, carpet £1 15s, two beds £1 10s, double oat bed and wire £2, electric cleaner £2 10b, extension table and four high-back chairs £5 10s, piano £l9 10s, tea waggon 15s, linoleum 16s, Beagrass chair £1 ss, easy chair £1 12s 6d, light rimu tea waggon 15s, easy chair £2 2s 6d, two hearthrugs £1 ss, one runner £1 10s, oak cot £1 10s, cot mattress lis Gd, linoleum £1 ss, kitchen table 13s, seagrass chair £1 ss, bed and wire £1 ss, inlaid -linoleum £1 15s, 6yds- runner £l, stretcher 15s, rimu cot £1 ss, dining table J?4 Bs, mnUro&s 18s 6d, four chairs £3 18s, tablo £3 10s.

GENERAL MERCHANDISE GROCERIES Business was on the whole quieter this week than last, but nevertheless turnover is very satisfactory. Some speculative buying is going on, which shows confidence in the future. There have been a few reductions in some New Zealand packed lines and one or two imported health salts have been reduced. The egg market is as previously reported, with supplies increasing. Cheese is firmer, with buying agents for English houses active, calling on factories discussing contracts for the season's output Cheese looks like commanding this season a much higher price than that ruling last year. The advent of warmer weather has started a good demand for drink essences, ice-cream cones, canned fruits, etc. Several attractive packs of New Zealand canned fruits are now available at competitive prices. There is at present a good demand for canned peas, and in addition to the well known Dominion packs, there are several Canadian lines on the market. Collections are reported to be improving, which confirms the report that money is moving a little more freely than was the case a few months ago. Salmon. The local agents for one of the Canadian salmon packers has received advice that the catch of salmon is, this season, well below the average, and sales of new season's salmon of this grade will have to be subject to pack. Very little Sockeye is being ordered and with pinks the chief seller in tins market the position for the importer does not look too bright. Cohoes are, however, worth attention, if sufficient quantities of pinks are not forthcoming. Another cablegram late this week again advises that uncertain conditions have affected the salmon run, and a very short pack of pinks and Cohoes is expected. Tobacco. Quite a number of new pack linesof pipe and cigarette tobaccos have recently made their appearance. Some appear to be old favourites under new labels, judging from practical trials, others are new lines pushing into the market. The packings are all more or less attractive, and in convenient sizes down to loz. Pilchards. A recent cablegram from Canada states that the catch of pilchards this season has been a failure. Orders can now be booked only on condition that packers can obtain enough supplies. Failing this short delivery will be made, or cancellation may be exercised for latest cabled orders. Tea. A rather peculiar position arose at last week's auction of Indian teas held in Calcutta, when 17,500 chests (approximately 2,100,0001b) were entered for export sale. The bidding was quiet for all lines except Orange pekoes, which held to previous auction rates. All other lines were down in price, the fall ranging from 3 to 9 pies for commons, 6 pies to 1 anna for mediums, and 1 to 2 annas for better grades. Sellers refused to meet the lower prices offered and more than 80 per cent, of the entries were promptly withdrawn. This is a record for withdrawals. Regarding quality Dooars were plain, but a little above average. The catalogue was a useful one, but quality showed a general falling off. Buyers declared that the market had been higher than London parity, and reduced their bids to correspond. This the sellers rejected in most cases, hence the heavy withdrawals. Average prices for lines sold ran:—

Cable news from Java states that the tea market there is holding its own and some sellers are more inclined to do business. Recently holders of tea in Java took up a very firm stand on a rising market and refused quite good oflers.

The Ceylon auction catalogue at last week's sale was 1,610,0001b. Broken orange pekos were well sought after, but this grwle did not advance; it merely held to the previous price level. All other grades fell to 2to 3 cents per lb. The auction was quieter than usual, buyers being not so keen as at last month's sales. Dried Fruit. The Commonwealth Dried Fruit Control Board advises that for the week ending August 24, the following sales were made in London from fruit stored there. It will be noticed that the sales of sultanas was fairly heavy this being due to the buyers operating very actively as reports have been received in London from the Mediterranean causing poor crop prospects there. Sales reported: 1334 tons sultanas at an average price of £36 lis Bd, 538 tons currants averaging £32 16s Bd. and 124 tons Lexia raisins £33 15s a ton. The above prices for sultanas will be of interest to local grocers as showing the difference accepted, freight paid to London, as against prices ruling f.o.b. Melbourne for export to New Zealand. Shellac and Resin. Both these lines are firmer in price Shellac especially. Recent quotations by cablegram advise higher prices and very firm markets. Shellac usually hardens in price each summer season, and it appears to be following the usual course this year. RADIO SALE REPORT C. E. Jones, Ltd., report having held a successful Bale of radios in their radio studio last evening. There was a very largo attendance of the public, and 20 radios were sold at the following prices:—£lß, £l7 10s, £l7 ss, £l7, £l7, £l7, £l7, £l6, £l4 10s, £ls, £l2 10», £lO, £lO, £lO, £9 10s. £9, £7 10s, £7 10s, £7 10s, converter £5 6s, converter £4. . _ . . •—6,

] This Week. Last Week. i £ £ •j Saturday 4,437 6,676 .Monday 6,027 10,748 .) Tuesday 6,604 11.211 Wednesday 7,184 11,886 !j Thursday 3,443 10,464 ;: Friday 8,458 5,181 'i 36,153 56,169 ■j This week's total was chiefly ac1 counted for by— £ • ! Debentures .. 5,250 \ Pastoral .. 3,732 i Breweries .. 1,23.1 j Banks .. 13,773 ! ] Refrigerating .. 3,085 i Mt. Lyell 983 Gold Mines .. 4,658 '► The number of shares that changed 1 hands in each section was:1 Debentures £5,250 100 .. 7.170 300 .. 3,117 .. 7,824 .. 2,226 .. 1,300 .. 1,050 .. 39,100 ■■ Insurance J Frozen Meat t| Coal ijj Miscellaneous J Banks 8 Loan and Agency ,'i Woollens si Breweries ■j Gold Mining •* 1 The most active stocks were : — J Com. Bank of Aust. ] E.. S., and A. Bank Nat. Bank of N.Z. .. 6110 .. 250 .. 250 .. 950 i Bank of N.Z. 1 Union Bank of Aust. 145 ., 210 .. 1000 800 ; j Dalgety and Co. I Goldsbrough, Mort :; TJ.Z. Guar. Corp. 6850 N.Z. Refrigerating ! '. 1300 300 Kaiapoi Woollens j N.Z. Breweries 550 j Timaru Brewery 400 I Electrolytic Zinc 600 I Howard Smith 900 t! Mount Lyell

Gold Mining. ;■:. The local turnover of 39,100 shares i .was made up as follows:— \ Alexander (13s 6d paid) .. 1,400 !'; Bell Hooper (9d paid) 13,800 ! : ;j' Big River 900 ;jj Central Shotover (9d paid) 300 [is. Freshford :| Golden Point 3,200 3,000 ]| King Solomon 5,100 J! Mahakipawa 2,000 jif; Okarito (cum div.) 200 "j| .Waihi Grand Junction 900 '■} Aotearoa .. 700 ill 'Bell KUgour 400 ii r i Blackwater 150 ;i' Consolidated 50 i";|; Gillespie's Beach 1,600 [■■■ Golden Sands . 200 !.-1: Lawson's Flat .» .. 2,800 h Nokomai 1,450 Jii Waihi 100 ■■■}, Waitahu 350 ii»" Mataki 500

OTHER QUOTATIONS

N.Z. :\ |..c. J.. • i |,.c. Ir. ! |J.C. JllHl 1 |».r. Jii.-, Government -•it., j:t.:«-t:t .. ;t.l., l!i:,VJ-! .. •r., :I)IU •r., jOL, .r, lo::t P.ir.is. S.-ll.-i". J.- s. .J. JL s. d. Debentures. jo-j o it !oL .". (i 101 0 0 101 in ( 100 ]0 o loo l."> ( im .' n loi io i 1 p.c. Kc.i: ! )>.<-. Bor 1 ii.c. Bor CI'., I'J"".') his, loin nl«, l!)li; \.ir, i:i,v> io; o u !(■•) 10 0 101. 0 1 100 .". 0 101 0 (

Other Debentures Chc'i. Tnuus, :>\ p.c., 1.10.H .. .. 1U0 (1 Miuiaivatu (.'uinil.,, .">; 0 Gisbornc .~>i p.c., 1.7.17 r.lri.l.rii.i Noron-li, ,V, 11 Si I) II p.c.. 1..1.I1 .. P>1 5 0 loj 10 0 North Canty. II05pil.il, •U p.'-., 1.0..W .. 00 0 0 P)0 S i. <i'l;i\o, iv. r.i.., iot> . oo 5 K./.. Ilei'rig., (15 p.C, 10:15 .. .. Id 0 0 10-2 0 0 Wriflht, S|. r ,,l,rn»on, 5 P .r. IV.p.tual 0 0 Loan and Agency (lull. IJuil.lin- Society Jl 0 0 Kaiion.il )loil?;i';c (A) 2 C! 0 2 10 0 X.Z. an.) River Plato .. 1 L 0 — N.Z. T/oan nnd Mcu\ (ord. stock) .. 5-5 0 Frozen Meat. C 'anterhuiv iprcf.) .. 5 0 fn.ullil.ind G 1 J 0 Woollens. Kai.ipoi 117-5 paid) .. 0 7 .1 11 R o Coal. Gn-.v Wiey .. .. 0 J.'J 0 0 15 0 Urewcrics. Tiu.dni .. .. (I 1" n '1 iuia-u .7.i Cd paid; .. (' « Mciuo'titK: Co-op- ■• I s in 0 I a a Miscellaneous. Aiiau alaaiari 1 upcr and 1 'ill .T 111 l i'\ i 1 Ulp .. ■ ■ i ii Anthony llordcrn .. U Jo 7 u it i Aust. Jion and .Steel (pi.; 0 M 0 — Death and Co. (pun., cum div.) .. .. 13 0 1 r> o British Tobacco (prcf.) .. 1 U 0 Broken Hill 1 roply. .. 1 17 IJ 1 .17 iGordon and Gotch .. 1 15 0 1 i(i (i Jlumc Pipe (Anal.) .. (I IK ,"> 0 15 0 Sp.w C'oIimSK'UIU .. J 10 0 I 0 0 S,'/.. Farmers' Co-op. ,1st pief.) .. .. I' 13 6 — ~S.Z. Funneis' Co-oj) HI p.c Bto.-k, 1010.1 .. 55 0 0 — N.Z. Farmers' Co-op. :U p.c. stock. 1013) .. 50 n 0 75 0 (1 N.Z. Taper Mi'.J-i ,. I 7 (1 New Zealand Newspapers 1 7 0 1 10 0 Taranaki Oil .. .. 0 1 (i 0 1 J Woolivorths .'Sydney), new XI paid pief. .. 1 :i <; 1 li 1'. Ruial Bonds, 5 p.c, It. 17 *0 10 0 OS 0 0 Mining. Alexander .. .. 1' 18 c, J 1 0 AJexaOacr iRJs (id pa in) 0 IS Actual ou. ■■ ■■ 0.1. 0 0 0 10 :s l it lip. 11 11 ill ■■ '' 2 0 0 3 0 Bell Uioper M pain) D 0 : 11 0 0 1 1.», Hell Kilg'iir 0 1 Jii • River .. .. 0 1 0 o 1 1) 1 7.'. lilackw.ilci: .. -■ 1 1U l',.l,,lr, 1 ID (J 1 17 :f 15 (I IjUIOJO ■ . - ■ ' ' ' Central Shotovci (Od pd.i o 0 1 0 ' onsolidotcd .. .- " 1< Freshfo.d •• •■ " 0 K 0 0 0 Cillehpie's Beach .. 0 -' 2 1, 2 ;j Golden Dawn .. .. 0 2 0 0 2 11 Golden T'oint .. .. 0 0 2 0 0 2J Golden Send" .. •■ " •' .1 0 * 1 Kildnre .. •- " -J '■) 0 2 C Kins? Solomon .. (> 2 11 (I 2 11', Lawson's Flat lis paid) (t 0 7 l . 0 0 8 Maha'np.iwn .. 0 0 \>. 0 0 2 New Cornish T'oint. o o a" 0 l i-l; New Cornish Point 'Cd n-y.d) ■■ n " ■a\ (1 (i 7 Xokomai •• ° ; * 0', 0 ?• 1 Okanto (rim div.'. . 0 }2 n 0 12 2.;. O.venhri 1-e Sbot.ve, p.'ii p.. id. ■• '"1 0 0 0 1 o Vpil,i .. 1H Wai'i.' Cvrnvl .Minel.-n 0 1 0 i 1 1 5 Mat.iki ■■ ° - T\uii la Kavnpai 0 7 0 0 1.) 8 i'i UNLISTED STOCKS Alt transactions in Flock? rpir .fed IT i tl.i•section are subjpcf to double rot e 0 ! h roker»r;e and are not quoted on I be offi cia 1 list. Buyers. S elleie. £ a. d. £ 8. d Andersons, Ltd. (pief.) 0 12 0 — lirinn Boru .. .. 0 18 1 1 1 0 Charleston Sluicing .. 0 2 0 0 2 2 Kivc: Dairv 0 10 0 Maerewlienua (Od paid) 0 0 s* 0 0 IK: Mining House Concessions (Od paid) .. 0 0 :s 0 0 3'j Moonlight Nelson Creek (9d paid) .. •- [> » !).', 0 (I H National Tobacco ., 3 3 6 —

Per. i d. New Zealand LambLegs .. 11 Shoulders .. 10 Loins .. 3 Necks 5 Breasts 3 Forequarters 7| Hindquarters .. 10 New Zealand Mutton (Wethers)— Legs .. 8 Shoulders .. 7 Loins 7 Necks 3 Breasts .. 2

FORMER LEVELS COMPARED "~ — ■--- -... .- -■•- Keturn Appioi. i g„T ' ! on Ain't i market i ™ Oiv. ' pnca puJ Approx. J p r i C e £ . ! pay- jmvesta niarhi-t ! a year , a g : able. ;meutat Conipaniei. »b"e. Buyers, j tellers. price. ago. >a upprox. I P o .market^ ""'""' " " - •— '■, - " "' | l £ £ ». ci. j S ». d. £ 8. d ! £ i d. i j & «• d - Banks— ; I , , ,„ o 12 Hi 0 I 1:; 2 <: ; ' :! " *' | '•> '" " ' Ocl.-Mcb. 2 13 10 !„,,,;,,. ol. lis (I 16 1 ! (I J6 2 0 il> .1 (j JO 2 j l'Vb.-Aug. 3 2 .. Loium. o! Aufci. j ,, , _ , ,. , u , ref , 10 ! S !.' 0 8 1.3 f> » 'I o < I II ■! Uo 1 .11. h (•orr.n.oj'Svdn,,- j- 17 10 0 17!.;.. 17 12,10 10 0 ;. Jan.-Juiy 3j0 1. Nat. 01 \us'a = .a ill 1'! J 0 I 13 5 0 : !■• 2 0 11 10 0 5 Aov.-.M.ay Jib - Aat. of Aua'aSin i . icoi-c'i.i .. ."i (', 5 0 G 7 G <■ I' >' •) l.i (I .j .Nov.-May 3 !•> 4 X-ilion-iI of XX -"■ I -'0 1 •''■ '' ' •' ° ' " " ■' Jan.-Ju,v i H J NVw South WV<s -'u" 32 0 0 32 0 0 32 .3 I -S 0 u „o «u.im»v.y 3 2 U | i*'.. M., A., N.) \cu- 7.CViri.J I - '-I I ' 2 :) - - '■' ' '-' * '' ''-'i I .11 8 fuj,-,,' ' " ,'.' .") !l 1-3 o I '■> la ('• 3 i7 (i ill G I Jiivj.-July 2 U 0 Insurance— \.,tioi'i' "s ' " 1" :l ! " 18 : '' ' ° lM !l i ' u ,; M aUv-No-. t 3 -I N.U Z.'alaml .' 1 j 'J 13 li j 2.11 3 2 1.1 I. j 2 ;l 0 10 reo.-Au,;. 3 14 9 .south 11, itisi- .- I 3 12 1 3 | j G -j ,7 0 J fi Apl.-Oct. 313 (i *- t . lul . iri i 2 :7 € - ■ 2 I.) 0 1-260 i2i Mcii.-Si:p. 4 4 a Loan and Agency— j ; 1,'alrri" uml <■'«. •"' '''' •' " ''' '- ll lo lo o j s 5 i, 0 Mav-Xov. i 7 7 t.oUlKb:mi'jh. M. I 1 s 11 1 0 :! | ., ;: , - ., ._.;, L c< ..-J llm; 1.11 2 CiiiniVvB ( orp. s, <> ' - I' < 3 , „ 7 .. „ , ; ; , ( ,j M.,-;,..(_),•(. 1'nilru l.uil'i.ut! I ll ' 7 l> ' ° ° o 17 l) | i) 1,3 ;i j Ocl.-Apr.l .3 12 8 Frozen Meat — j Ci;:- .. I 112 7 1 ;:; .i j i i- (.; , : j. J „ no-Ui:'. X.7.. Kcfur. .. I ll I* '■> " 1: ' - 0 Im !i I 0 10 II — l-V!>. X./'.. i; ; -,ii 0 '. o >•)!.; ii.s o ii o '.) i) „ ., ,,j ,_, 4 u ... Fe i._ Gas — i | AiuK-'iiml I . 1 3 3| -j 1 ;-; :; j ) .> „ 5} JuVI-Vb. .) ]4 7 A,u.kl.ni(l Kot,,i. !■'■« ! 0 10 Li I 0 li 3 ,, ,7 „ I ,, ,;, .. 5 j 4 17 (, t liiihlc:liiMi-li ! I 1 "- I 7 1; 1 r, II (i All-.-Feb. ■! 7 3 (. I..is!cliu!i'h Hon.) l:v I ■- : — 0 |;j .si u jj (, 1; 1 7 0 Shipping— i 1 ' : Ilu.Mnt l'-tik.-i- I ' ..-'.-- ' I" '■ .00 ; S.'p.Mcii. 3 .3 C ' K1 , ", ,- I , ■• ,■ ' I I 0 1 2 0 - .Mav-IX-c. ..■„:«',. cf .. . ; 1 ! 1 ."! • ' > :; ' > » no s Coal— i ...... p , 1 0 11; (1 i 11 1.", (i ;, Nov.-May G .3 (1 v'"'!'"' , " 1 . i U 13 11 I 0 12 0 5 May-.\ov. 3 16 11 i ■ : Breweries — CnHton .. i - — ' 0 : I I 1 G el Ucf.-.Mcli. I. 4 2 X.-,.- /c-jlaii.i .. I 1 l« .s 1 is in I if- Ifj i 0 G 7 uan.-Juy ,>12 1 Staple, .. I 1 H 7 10 0 I 0 11; 1 7 G o Aii;;.-1'"«U. 3 a' 1. Tnol.rv.-) .. iCs lie. I 3 o| 0 10 II 0 .M, li.-Scp. 4 3 o Tool'lis" " 1 j I 17 11 1 l.s ;.', I. Hi 0; 1 0 0 a .May-No.. 4 3 7 I ' i iNIisccllancous— 1 ' 1 .'.11.it (,!a = F 1 ! ■- 2 (S 1.1 j 2 i' 0 0 i.e. Juno 3 lo 0 |;„., ( ;, ami ( «. 1 I 7 0 1 K :: : ' ' <• | I - l'< •- Mt Ji.-.-.o]'- ajG -1 llo-il'i c.V Co. iron.) ■ > 0 I 2 0 .> 2 0 .'. 0 1 0 .'i U 6 .VI c-L.-bep. linlish 'I'o'.i'.cco 1 I '.I 10 1 1.3 3 ' 13 oj 1 10 0 G AU.-i.-li 3 8 C llniii". !'l,i!i. ! '2 11 (1 2 12 3 2 12 i.j 2 1 G In ;'>ov.-.May 3 10 ll foioni'al sii -:n 20 r.H 0 0 .VI 0 0 ■ 3« 10 n | 1.3 0 n .i'_'A Nov.-May 15 3 bun'nn I'ul hfv 1 II .7 0 0 Is 1 u IV I *' j nil G 'ii Apl.-Oci. |V| : ,.|.-. :/.!„.• . 1 I :', n ! 3 ■:> 1 1 3 1., I 17 ! — Ki. ctro. /.mr- 'P'ff.i 1 1 13 1 1 13. 7 ' I 13 ', I ;. 0 h . M..Ii.-sp.p. 4 lo C. Mrmy .'nivs .. 1 1 I fi 3 I 17 0 117 G I 10 G V'l .1 un'-Dbc-. 4 13 1 K;i..i-i" Timber .. 5-'.B — , 0 12 0 G lo 0 ■-• .1 iiuo-[)^. X.Z. ll'-ii- Co. 2 r, 00 2 JM 3 7> Sep. April -1 OH Mount Lvrll 1 1 I !n 1 1 11 | 1 1 10 1111 12 .lun"-l)oc. 2 .3 0 '•'iivii. l-'fi-I'li-.-r 1 .. i 0 1G il 0 11 G , r > Au'.;u<*t 13 3 0 tvi ,. ' f. Tombs _'. 3 G G ... • 2 17 0 G Mcb.-Oct. t 10 2 Crn-iMil 1 1 1,7 4 1 17 fi ,' 1 1.3 G 1 11 I) 10 NoV.-Jtliv ,3 12 8

1 j Kuyors. Sellers. £ s. ,|. £ a. d. ; :<:/.. w m.<-i,, : ,i i--,,,-,,,.' > ■-> ?, o — I Skin|MT = . I.M. CM p.ii..!) 0 n 0} (1 0 1 Snmli, Willi,- .. 0 K G ! >i,o,vv I,':-.,,- .. it 2 1 (I .1 0 i -in: NVv.-m ;,|,ns .. 0 :! 1 0 1 3 i TpimmUh l-'l-.nv nil:: | Wrr.-'s Tnv,-.,t. Tll'-t fl 1 0 0 4 11 ! Wrlllf.-t.-ncV., I.lrl. M-i i I r m i'i 1 . . it '-' 0 0 3 G , j Wnol-.voMt,.-. ('■'.'/.:<, ori-l. r. 10 0 , I Wo,,\voitU (Vic.I, pn-f. I<0 i Sale • i .>inj .Mn-'cwlinum (0J paifli - - » 0 !>

,C s. d. JN.Z. Govt. ■'!', p.c. ins., J 1 !)38-52 101 5 0 j N.Z. Govt. 4 p.c. bonds, i i n i g 100 5 0 ' Bank of A'asia (cum div.) 13 0 0 Com. Bank of Aust (3) 0 16 1 Bank of New Zealand (2) 2 8 10 (2) 2 9 1 Union Bank of Aust. 9 15 0 Daigety and Co. .. (2) 10 10 0 N.Z. Loan and Merc. (ord. stock) 52 5 0 N.Z. Refn'i*. < 30s paid) (8) 0 8 10 (2) 0 8 11 j New Zealand Breweries . . 1 18 8 Alexander Mines (13s 6d paid) .. (2) 0 19 0 ' 0 19 3 Aoleai'oa . . (2t 0 1 li. Bell Hooper (Del paid) (2) 0 0 11| j Blackwatcr 1 17 0 j Fresh ford .. (2) 0 0 9 i Golden Sands 0 3 4 King Solomon (cum div.) '.6) 0 3 1 I 0 3 0 j JVTahnkipawa .. (4) 0 0 1.'. ! Nokomai .. (2) 0 3 1 0 3 0.'. 0 3 3 Okarilo (cum div.) (2) 0 12 2 Waihi .. <2) 1 8 3 Mataki 0 2 5?. I N.Z. Insurance .. (2) 2 13 6" | Sales Reported.. £ s. d. | N.Z. Govt. 4 p.c. ins., 1949 101 10 0 ; Com. Bank of Aust. 0 16 0 | (3) 0 1G 1 ' Bank of New Zealand (3) 2 9 0 ' Union Bank of Aust. 9 17 6 9 18 0 ■ Daigety and Co. 10 9 0 1 Gear Meat. 1 13 0 jN.Z. Refrig. (10s paid) .. 0 9 0 0 8 11 New Zealand Breweries .. 1 18 10.',

Stock. 1955. 4 per cen t. .. X s. 100 10 n. 0 Auckland Har. Brd., 1948 5J per cent. .. 103 0 0 Gisborne Shpfrmrs., 1941*, 61 per cent. 83 0 0 Com. Bank of Aust. 0 16 2 Bank of N.S.W. .. 32 7 6 Bank of N.Z. (2) 2 9 0 N.Z. Insurance 2 13 6 Grey Valley Coal 0 13 9 Auckland Gas 1 3 3 N.Z. Breweries 1 18 6 Colonial Sugar 58 5 0 Farmers' Trading 0 3 0 BelL Hooper 0 1 0 0 0 11' Gillespie's Beach (2) 0 2 V. Kins; Solomon (3> 0 3 0" Mataki (2) 0 2 f> Waihi 1 1 1 8 8 8 4 1 0 1 7 10 RawaiiK 0 5 6 Unlisted Stock. Smith Wylie iAus.) a 5s paid i 0 15 0

1 Ins. Stock, 3 A p.c. ., 1938-43 101 17 6 Ins. Slock, 4 p.c, 1949 101 5 0 Ins. Stock, 4 p.c, : 1955 (2) 100 10 0 Com. Bank of Aust. 0 16 2 National Bank of A/asia. (con.) C 7 6 N.Z. Guar. Corp. (5) 0 7 3 N.Z. Refrig. 'con.) 0 s 9 N.Z. Breweries I 18 10 Burns, Philp 2 12 0 Colonial Sugar 58 10 0 Alexander (con.) 0 18 9

DUNEDIN £ s. d. Sales on 'Change. Waihi Gillespie's Beach Bell, Hooper .. <2> 1 8 0 0 2 21 0 0 111 Sales Reported. Commercial Bank Bank of New Zealand New Zealand Breweries .. 0 16 2 2 9 0 1 19 0 118 9 I 18 10 1 18 10'. N.Z. Rel'rig. icon.) <3) 0 8 11 0 9 0 Gear Meat Bell, Kilgour '2) King Solomon <cum div.) Kauri Timber 1 13 0 0 1 8 o :\ 0' 0 12 (i

Morning: Sales. j: Commonwealth Bonds--4 per cent, 1933 103 100 4 per cent., 1941 104 0 0 Associated newspapers (prei.) 0 19 0 Broken h-11 Prop. 1 17 lOi Goldsbrough, Mort 1 9 7i Wilcox Moulin 0 !) 8 Afternoon Sales. Bank of New South Wales 32 "i 6 Com. Bank of Sydney . . 17 13 0 Natl. Bank (£5 paid) (> 'i 0 Colonial Sugar 59 5 0 Associated Newspapers .. 0 8 11 Burns, Pnilp 2 12 9 Burns, Philp 'N.Z. deliv.) 2 12 9 British Tobacco 1 1(5 0 Berlei 'paid) 1 5 9 Australian Glass 2 3 0 Goldsbrough, Mort f 9 9 Anthony Hordern 0 11 0 Farmers 0 14 0 David Jones 1 9 (i Lustre Hosiery 0 14 6 Newcastle Gas C 0 12 0 Greater J. D. Williamson 7 0 Henry Jones . . 9 Millaquin Sugar 8 0 Electrolytic Zinc 3 9 Broken Hill Prop. 13 0 South Broken Hill 4 1 0 Mount Morgan 2 6 0 Mount Lycll 1 2 0 Bulolo Gold 4 13 0 Commonwealth Bonds — 4 per cent., 1933 103 10 0 4 per cent., 1941 104. 0 0 4 per cent., 1944 104 10 0 4 per cent., 1947 105 7 6 4 per cent., i950 104 3 9 4 per cent., 1953 104 7 6 4 per cent., 1955 104 7 6 4 per cent.., 1957 104 17 6 4 per cent.. 1961 105 12 6

lows: — s. d. September 7 .. 19 OJ September 5 .. 19 2\ August 29 .. 19 1.'. August 24 .. 19 2.'. August 11 .. 18 9] August 4 ,. 19 0 July 27 .. 18 4i July 13 .. 19 10 1 , June 29 .. 16 7.1

£ s. d. September 7 .. (ill 0 September 6 .. 6 10 7 September 5 .. 6 10 4 September 4 .. 6 11 0 September 2 .. 6 11 3 September 1 .. 6 10 8i August 31 .. ..6 9 7 August 30 .. ..6 8 8.', August 29 .. ..6 9 4A August 28 .. ..6 8 Bl

PERRY & NUNES WILL SELL: 50 Alexanders 1 1 0 1000 Bell Hoopers 0 0 11J 100 Bell Kilgour 0 1 1h 400 Central Shotover 0 0 ll" 300 Cornish Points 0 0 GJ 1000 Oxenbridge Shotover 9d Pd. 0 0 9 1000 Maerewhenuas 0 0 11 400 Moonlight Nelson 9d pd 0 0 9 2000 Skippers 3d pd. 0 0 1J 500 Nevis Diesel Electric 9d pd. 0 0 9 500 Hatters Flat 6d pd. 0 0 6 120 Paddy's Point 0 4 9 PERRY AND NUNES WILL BUY: 500 Gillespie's Beach 0 2 2', 1000 Lawson's Flat o o i; 200 Nokomai .'; 0 3 0" 500 Consolidated Gold Bulolo 4 10 0 100 Black water [ [ 1 17 0 Miscellaneous— FERRY AND NUNES WILL BUY500 N.Z. Refrig. 0 8 10 0 9 0 300 Timaru Breweries 200 N.Z. Breweries 1 18 6 1 8 10 100 Goidsbrough, Mort 500 N.Z. Farmers' 4.'> p C " stock, 1945 59 10 0

At. JS- o.. Srot. « Seventies 35 ss Sixty-fouri 3i | "4 Sixties 3*1 33^ Fitty-sixes "2~ •M-, Fifties 15'- ';.; Forty-sixes . - 1T" Ill Forties 10; 18j

Quctatioris; — Sept. 6. Sept. 7. A ton. A ton. Copper— ytandard, spot £ s. d. 35 15 7J S. s. d. 35 ii mi Forward 35 18 9 35 16 3 Electrolytic 30 0 0 39 0 0 to 39 15 0 39 15 0 Wire bars 39 15 0 39 15 0 American electrolytic: 9 co nts per lb. Lead — Spot •• Forward />• 12 2 6 12 8 9 13 0 0 12 6 3 Spelter — Spot '«*> forward .. • 16 18 9 17 3 9 16 13 9 17 1 3 Tin — Spot Forward •. 217 R !> 217 11 3 216 6 3 216 8 D Silver — Standard, per oz. If? 1-lGd IR 1-16(1 Fine, per ox. j*. 19J<1 19id

T.ir. Sept. 6. Sept. 7. Paris, fr. to £1 124.21 80 13-16 80 19-32 New York, dol. to£l 4.866 4.561 4.55 Montreal, dol. to XI 4.866 4.78 4.77 Brnsselu, belgag to £1 35 2 2.6 5 22.64 Geneva, fr. to £L 25.2215 1G.3GJ 16.521 Amsterdam, fl. to £i 12.L07 7.81 7.S2J Milan, lire to £1 8.5-t 59 15-16 59 29-32 Berlin, reicbmarken to £1 20.13 13.261 13.24J Stockholm, kr. to £1 33.159 19.371 39.371 Copenhagen, kr. to £1 18.159 22.40 22.40 Oslo, kr. to £1 18.150 19.90 19.90 Vienna, schgs. to£l 04.585 29 291 (nom.) (nom.) Frague, kr. *o £1 164.25 10Gi 106J Heldingfors, marks to £1 193.28 226i 2261 Madrid, pesetas to £1 26.2215 37 13-16 37:1 Lisbon, escudosto£l 110 1045 10Ci Athena, drnch to £1 S75 565 565 Bucharest, lei to£l 818.G 535 535 Belgrade, *>- >>o J - 2321 o ■. o I Itio de Janeiro, pence to milrcis 4.S92 'M 4« (official) (ofticial) Buenos Aires, pence to dol. 45.577 44 44 1 (official) (official) Ifonterideo pence to dol. 51 36 365 (nom.) (nom.) Bombay pence to rupee ID 18 1-16 18 1-1S Shanghai, pence to dol. » 15 3-16 15i Hong Kong, pence to dol. * 16 15-16 16S Yokohama, pence to yen 24.58 14 i 14 3-32 Warsaw, par zlotys to £1 43.36 — 28.31 Batavia. jjiiilder 12.107 — 7.85 *Determ ned by price of »iW«r.

j»si we °.k. This Teek. £ s. J. £ s. d. Consols 71 0 0 73 10 0 fc'uiiumg Loan, 1 p.c, 1960-90 111 10 0 111 10 0 Assented War Loi Conversion .Lcui n .. ."U 100 0 0 100 10 0 P.c. i °. 99 0 0 99 5 0 Victory Bonds,. 4 p.c. 108 17 6 108 17 6 Commonwealth, 5 p.c, 1015-17 107 0 0 107 7 6 Commonwealth, 6 p.c, 1945-47 101 5 0 101 7 G Commonwealth, 3. : p.c. 19-15-47 101 5 0 101 17 6 Victoria, C p.c, 1929'JO 89 u 0 89 5 0 Victoria, 3J p.c, 1929- *° 93 7 6 94 5 0 Victoria, 5J p.c, 1930•10 103 5 0 *101 5 0 Victoria, 5 p.c, 193242 102 17 6 •101 3 9 Victoria, 4J p.c, 1940GO 103 11 3 *103 16 3 New South Walt s, b p.c, 1935 100 10 0 99 15 0 New South Wale s, 3i p.c, J 930-40 94 5 0 _ New South Wales, fi p.c, 1930-40 102 7 6 102 5 0 Queensland, 5 p.c Stock, redeem able 1940-6H 106 17 6 105 0 0 Queensland, 3 p.c 192247 .. S9 5 0 89 12 G Queensland, C p.c, 102040 101 0 0 100 17 6 New Zealand, *i p.c, 1945-47 105 5 0 105 5 0 New Zealand, 3J p.c, 1940 100 0 0 100 2 6 New Zealand, 3 p.c, 1945 93 0 0 92 10 0 Zealand, 6 p.c, 1936-51 10G 0 0 106 12 6 South Australia, 3i p.c, 1939 100 10 0 100 5 0 South Australia, 3 p.c, 1918 or after 71 7 c 75 5 0 Tasmania, 3i p.c, 193040 99 0 0 99 15 0 Tasmania, 3 p.c, 191040 96 0 0 96 17 G Western Australia , si p.c, 1926-36 100 10 0 101 7 6 Western Australia, 3 p.c, 1915-35 100 2 G 100 10 0 Western Australia j 6 p.c, 1930-10 101 5 0 101 7 6

Anna. Pie Broken Orange Pekoe— Common .. 8 0 Medium .. 9 0 Good up to .. 19 0 Broken PekoeCommon .. 7 6 Medium .. 7 9 Good up lo .. . 9 3 TanningCommon .. 7 0 Medium .. 7 3 Good up to .. 18 0