FINANCE AND COMMERCE

Press, Volume LXIX, Issue 20997, 27 October 1933, Page 13

FINANCE AND COMMERCE

COMPLETION OF 00 YEARS

C'HRISTCTIIJRCH BUILDING SOCIETY SUCCESSFUL OPERATION The annual meeting of the Christchurch Building and Land Society (Permanent) held yesterday afternoon was a noteworthy one in its history as it marked the close of 60 years of successful operation in the city. A profit of £6OOB 17s 3d on the working of the year was shown. The chairman made interesting comment on the value of building society principles and on the general housing situation in the city. The attendance at the meeting, which barely constituted a quorum, consisted of the directors and two other shareholders, a fact which the chairman, Mr A. S. Taylor, interpreted to convey that shareholders were entirely satisfied with the manner in which the society's business was being conducted. The adoption of the annual report and balance-sheet, published in "The Press'' on October 21, was moved by the chairman. "The directors again have had to face a year in which the effects of the depression have been severely felt," he said. "However, it is pleasing to state that our borrowing members have, on the whole, met their payments. This has been done only by great effort on their part. In cases we have found some of our oldest members compelled to take relief work, but in practically every case we have been Vole to make suitable arrangements to tide them over these difficult times. Value of Society's Principle. -The value of the building society J principle of reducible mortgages has never been more clearly shown than at the present juncture. Members in difficult circumstances have mortgages much reduced by past repayments and the society is able to meet them at the present juncture by reducing their repayments. Building societies and their directors are in close touch with the localities in which they are lending their funds, and they are in a position to be well acquainted with local values, as well as having a personal knowledge, in many instances, of the 1 borrowers. "It is evident that a considerable amount of house building will be required in the near future, and. with improving business conditions, there should be a great expansion of building society business. It is interesting to note the widespread growth of the building society movement, not only in Great Britain, but in practically all the Dominions. At the Congress of Building Societies held in London early this year it was stated that from 1919 to 1932 British building societies had shown a six-fold expansion, their assets increasing from £77.000.000 to £469.000.000. In this period the societies had financed the building of a million ,new houses (half the 'total erected), and. in addition to- this, they had advanced large sums on existing properties. Number of Recent Enquiries. "During the last two months there has been a number of enquiries from people requiring loans on mortgage for house building. A few of these have been granted assistance under the Government unemployment scheme for building subsidies. For the most part these applications have been from genuine home-builders. There is a rumour, however. that speculative i builders have lodged numerous appli- j cations for subsidies on houses to be J built on sections owned by them m I the hope oi securing buyers for proposed buildings. In some cases, these projects have already fallen through, owing to inability to secure the necessarv monev on first mortgage. It is to be "honed that this speculative activity will not bring about an undue increase in the price of houses and again produce the problem (all too common during the past "boom' period) of persons buying houses and undertaking repayment at figures quite beyond their means. Problem of Dilapidated Houses. "The slump in building values has brought the problem of the old and dilapidated type of building prominently before those engaged in considering mortgages of house property. It seems certain that considerable losses will be made by owners on this class of property in the writing down orocess which is taking place. _ . ft census of dwellings of this type might, very usefully be undertaken by the Citv Council. Figures should be obtained as to houses wnich shoutu already be condemned, or are fast approaching the point of condemnation, and some estimate formed of futuit housing requirements. "Building societies are able to Uct. the future with confidence, he concluded. "There undoubtedly will be a demand for houses and it will be both the duty and business of societies such as this to meet this demand and assis> householders in obtaining then own Mr H A Bruce seconded the motion, stating that the services of the chairman and the staff during a period of great concern for the society had been magnificent. To them the snai eholders owed a great debt of giatitude. , . The report and balance-sheet ueie adopted. Election of Directors. The two directors who retired b> rotation. Messrs A. S. Taylor and . W. Lewis, and who had given the lequisite notice that they were able for re-election, were re-clectec. unopposed. „ M Messrs J. H. Stringer and W fa. Mac Gibbon were re-elected auditois. Comparison Gve r Period. An interesting table of comparison, showing the figures for the society s operations during the last five yeais, was before the meeting. In ex .P lan / 1 " tion of it if was stated tmt while, b> design, the business had cot tracieu somewhat, when circumstances, warranted it the investments could be expanded as was thought advisable. As a representative review, the roififures are quoted lor the years 1929, 1931, and 1933 respectively: £ £ Gross revenue 10,085 18,236 13,43u Expenses— „ Managcmsnt 1,054 I,7iJ Losses ' Int. on deposits and _ bank o/d. . 6,037 7,655 5,64 a 8,591 0,555 7,424 Net profit ~ 9,491 8,681 O.OOJ Forward from , r „, last year .. 1,338 17 L'os Total for appropriation .. 10,832 8,698 7,714 DividendRate .. o', '"J. 8% 7'' Amount .. 5,619 5,424 4,796 To reserves .. 5,000 2,500 1,500 Car. forward .. 213 774 1,418 10,832 8,698 7,714 Total shareholders' funds .. 93,169 101,686 105,402 Amount per £ 10 share fixed capital .. 14/ 0/0 15/2/G 15/14/0 Deposits & int. 164,203 151.826 145,182 Jota'mortgages 255,144 250,815 237,613 N-Z. Govt.' stk. Total . 247.923

SOUTH BRITISH INSURANCE

ANNUAL MEETING INCREASED NEW BUSINESS [THE PRESS Special Service.] AUCKLAND, October 26. In spite of lower earnings last year shareholders in the South British Insurance Company are receiving the same dividend rate as in recent periods—namely, 2s 8d per share. In his address at the annual meeting the chairman of directors (Sir George Elliot) stated that in the underwriting account there was again a reduction of premiums, which was accounted for by reduced .values. Losses were considerably lower and expenses were higher. The latter movement was due to the change in metlvxJ of allocating taxation reserve. Income from interest and rents was lower by nearly £IO,OOO, and it should be noted that the full effect of the lower rates of interest and rents had not yet been felt. Referring to the balance-sheet items, the chairman stated that new business reached the high total of £8,875,126, more than twice the amount of the previous year. The assets now under the administration and control of the company amounted to £11,638,728. The year had been a particularly difficult one for the realisation of properties, but in spite of this the assets realised or transferred to beneficiaries amounted to £669,285, leaving a net increase of £1.205,841 in assets under administration. Provision had been made for a subsidy to the staff provident fund of 10 per cent, on all salaries. The report and balance-sheet were adopted, and the retiring directors (Sir James Coates and Sir Geo. Elliot) were re-elected. The thanks of the shareholders were accorded to the directors and staff.

PROFITABLE YEAR

NATIONAL INSURANCE . COMPANY IMPROVED UNDERWRITING SURPLUS [THE PSESS Special Service.] DUNEDIN, October 26. The annua] report of the National insurance Company of New Zealand, Ltd., shows that the net income tor the year ended September 30, 1933, amounts to £235.941 16s Id. After making full provision for losses outstanding, there is an underwriting surplus of £20,545 6s 7d, interest and rents (less income tax) amount to £26,675 Is lid, and balance brought forward from last year £35,627 10s 7d. amounting in ail o £82,847 19s Id. An interim dividend was paid in May, which absorbed £16,666 13s 4d, leaving available a balance of £66.18J 5s 9d. The directors have added £1199 0s 4d to the taxation and contingency account, and have written £8560 10s 7d off the company's premises, and now recommend the payment of a further dividend of 5d per share (making a total distribution for the year of 9d per share, equalling. £37.500), and to carry forward £35,588 8s 2d. The dividend of 9d a share is a*, the same rate as in 1932. The paidup capital of the company is £350,000, and the reserves at the 1932 balance, including £94,000 for current risks, £454,627. Major items in the balancesheets of the last two years are:— 19?,2. 1933. £ £ Net income .. 249,400 235,941 Underwriting surplus • ■ 16,877 20,54 a Interest and rent= _ 30,075 25,G"5 Fa'ancr forward . >i,B~ Interim dividend, 4 Dcr cent. • • If). 006 l b.bb'i Balance available 69.038 66.181 Written oft pre- . i()M ssw Final dividend, 5 ner cent. . . 20,833 20.0.13 Curried forward .. 35,627 35,588

MUSIC TRADE LOSSES

Beale and Company, Ltd., the wellknown Sydney organisation manufacturing musical instruments and radio goods, discloses a loss of £14,494 for the year ended July 1. With £23,884 brought forward, there is a total debit of £38,378, which is reduced by £l7 330 of reserves to £21,048. For the year ended July 2, 1932, the loss for the year was stated at £23,884. The auditors in their report state: In our opinion the balance-sheet is properly drawn up, so as to exhibit a true and correct view of the state of the company's affairs as shown by the books, except that we consider tha the book values ot customers debit balances covered by hire contracts, the sundry debtors, and the stocks are m excess of the realisable value Provision has not been made lor depreciation on plant and machinery. The Hii-f>rtors direct attention to the auditors' report, with which they state they concur. Net sales for the 12 months increased, being 21.4 per cent, in advance of the of the previous 12 months, and 5287 per cent, more than the sales of 1931-32. Expending decreased by 14.48 per cent, on the year. No directors' fees weie paid.

Comment on Figures.

The following comm f n L h^G du"nenried to the comparison. The lectu. fions in profits, dividends, and surnlrsGS arc obviously accounted for by fie slight contraction in business, the 20 per cent, statutory reduction in m- * "re® and the fact that number of mortgagors are unable fully, to meet their ° ob 1 i "".tions and are being cai rird on' during a time ot . jr Added to this, the investment ."By careful'maiv agement «nd attcnUon to and 3 l is. u neu maintained SMfaSftSfc SS»VSIS: suing yf 1 ® 3 lnve to be liquidated, rf n ?he sodew t endeavouring in but the socii ß - e the interests ot every way . Phones to avoid any mortgagors and hopes wers or heavy losses e,^ ctors fee l that the society, in com pare favour- ; h bl y a w».b other building society in the Domimon dire ctors and an" «xn-c carrieci.

BRUCE WOOLLEN COMPANY

INCREASE IN NET PROFIT ORDINARY DIVIDEND RESUMED [THE PRESS Special Service.] DUNEDIN, October 26. Although the year has been a most difficult one, the directors of the Bruce Woollen Manufacturing Company, Ltd., report still further progress in the affairs of the company (as disclosed by an increase in the net profit for the year to £9486 13s Id), in the annual statement of accounts. The report also states that ample provision has been made for bad and doubtful debts and for income tax, and stocks have again been valued on a very conservative basis. After writing off £4OOO for depreciation on plant and buildings, the balance (including £542 7s lid carried forward from last year) amounts to £6,029 2s Id, from which the directors recommend that a dividend on preference capital, amounting to £2BOO. and also a dividend of 2!, per cent, on ordinary capital, amounting to £2500, be paid, and that the balance of £729 Is be carried forward. The ordinary dividend of 2\ per cent, is the first the company has paid since 1926, when the distribution was 7 per cent. The preference dividend has been paid regularly. The capital of the company is £150,000- £50,000 preference shares and £IOO,OOO ordinary. Last year the company spent £5284 in plant. The principal items in the balance sheets of the last two years are:— 1932. 1933 £ £ Net profit 7587 9486 Depreciation .. 4000 4000 Balance available .. 4042 6029 Preference Dividend .. 3500 2oUu Ordinary dividend .. Balance carried forward 042 22<J

SKIN SALES NATIONAL MORTGAGE CO. The National Mortgage and Agency Com pjiny of Sew Zealand, Ltd., report as follows, oil the weekly sheepskin sale held yesterday; „ , Medium-sized catalogues were offered to the usual attendance of buyers. Compared with last week's rates dry skins advanced id per lb, and green skins lirnie<i to the extent of od to (id a skin. Values were: f>KV SKI.N'S. "Sir »1;; iMiiliy . .. lu Thi-t't'-q.iartorbrcd — « » Sound « • * 0 - n faulty Cro>sbrcd —• , Sound •• 7" 10 faulty •• •• " to •!- Ilalfbred —■ .. Hogget, sou lid -• -to Hogget, faulty • • 10 ' :J Three.quarterhred —. __ l-logget sound •• to «•, Hogget, faulty • to •>-> ABATTOIRS' GKKKN SKINS. 11a 1f bred — .M.-dinm . . 'I f ° 3 V/, Ordinary »« ''■ lo '• Three-quart orb red —■ Coo.l .. to jr,/ - Medium . . •• 71 10 ' Ordinary .. -• ■!.'>> to i>, 1 Cr ;d;r d ~~ .. .. *? .Medium .. • • »y,:, Ordinary • * ' " Halfbred S'""' *• 7". 10 I medium . < t° ~ ,J ordinary .. —~ l - Three-quarterbred f jjoud nifilium i'»/* 10 <v r * ordinary .. --- to !;?unb< . • • (> 1%-U, .. to .'1 I'YNE, GOULD, GUINNESS, LTD. 1>- ~,• fiould, Cininines, I.ld. report thai ,u .VV.-fcl.v »f 5h.'.,,.k,„s y.-t'-r.la; tlo- -ale for (lrv skins was slightly belter than last week, all" good halfbred ■.kins _ Wing kei'n' v sought after. I'riees were as t"llow..: d. d. Haltbred- _ Three-quarter lu fu •! t lc'l: Sound «" faulty •• .. B to Hi 11a If-v. oolli d Sound • • • • --to faulty "• " 1 to Oil Short: Sound •• •• , , faulty -• to .Si Three-quarter bred— Three quarter to full woolled: Sound • . • • faulty -• ..5 to (J., Half woolled : Sound • - * - '" '' - : faulty .. - - --- io ; Cl'Or-.-bl'cd I Thro; (Hjurl-r lo lull <-ol : sound ■ -• -H lo faulty Half woolled' I faulty ■ •• - ! ' J Merino — Three-quarter to full woolled. Scei nd ... " t * ''' ■* L I faulty . . . „ >i 10 ri I Half woolled. Sound .i . , - - to f ( - fauliy ■ • ■ • "■- ;; i Hoggets ! Halfbred Sound . a o to !i i! faulty .. .. to S} Threo-quurterbred : Round .= —to 7 Faulty .. i.. —to 5 IV Its— Soil ml «. •• —f' 1 faulty .. .. —to 0 4 GKKK.V SKINS. Halfbred .. .. 7'3 lo 1 <j/6 Throc-quarterbred .. \ii- to tIJ/'i; Crossbred .. . . '■>/'■) to u/10 iloggets -■ -- •*/! to t>/7 Lamb skins . . .. 1/3 to -'• l'clts .. •• ( ''J 10 a< ' N.Z. FARMERS' CO-OPERATIVE ASSOCIATION At the weekly sale of shrepskin'.- held yes teniay dry skins wen: tirin at last week's pi i'-es. (irceli skins, however, advanced about (id on the. previous sale. Crossbreds and Ihree-qiiarl'-rlireds fully recovered v.i:ek's: drop in price. There was a good attendance of buy rs and eonipetition was keen throughout the sale. The range of values was: DRY SKINS. Merino Three-quarter to full wool: ri. (I. Sound . . .. - to 7'] ' Dead and .• to 5£ IT it If brecl — Thret'-qnarter to full wool: j Pound • . • « !' 1 ' I' l | Dead and domacrwl ~ 7.i to k.i ' Quarter to half woolled: Sound . . •« >'-j t.o L>a Dead and damaged •. to ilnggMs: Pound . . »• to Dt-ad and damaged • * —to b:l Tlireo-quartorbred— Three quarter to full woo!: Sound . . •. 7$ to S.l' Dead and damaged to <3i Quarter to, half woc-l: .Sound . . » » -I.V to t Dead and damaged .. o\ to *1 lionets : Sound - - ♦ . Dead and damaged .. • 10 7 Crossbred— to full vc'l: Sound . . . . *1 -i to &i Dead and damagr-d . . oi to 4.1 Quarter to half wool: Sound ■ ■ i t° •' / Dead and damaged 13 to -i HaJfbred — Lambs: Sound . . «• 5y to 0\ Dead and damaged .. 4£ to 5i Sound pelts .. •• to li j Damaged peks .. —to OJ ! GREEN SKINS'. Hnlfbreds, from . .. 6/10 to 15/-Three-quarterbreds from . . 4/5 to 12/C'rossbreds, from .. to 7/0 Tjamhskins, from .. KM t«» 2 ''Z \SI ■ 'jrii veils, irom • 4d to 9d

MIKING

j LONG TRAIL COMPANY | The directors report as follows: The claim has recently been reported upon by Mr Niven Buchan, A.R.b.iU., D.1.C., in conjunction with Mr Caislev mine manager, with a view to advising regarding further development work ti be pul'in tand |>"rtly "taj the capital is available. Both ad\iiUi that the claim warranted moie diture in this direction, and _ hat this advice is justified is more than out by the results obtained during the. last two weeks. ™ The reef has now been picked _up beyond the fault in two levels a d a fine body of ore of high assay value ia exposed, averaging from 1 ounce 1 -o as high as 7 ounces a ton. The width of the lode is approximately 20in. Oie is now being broken out and tiansported to the battery for treatment. This rich run of stone has now been driven on for a distance of . more than 60 feet and there is eveiy prospect of a large body of high giade ore being available. With the ore in sight it will now be possible to keep the mill running continuously until Christmas, and payable returns can now be looked ioiward to. In order to carry out the lull scheme of development work as suggested by Messrs Buchan and Caisley and to complete existing contracts, directors have decided to issue 92,900 unallotted shares of 2/- each at par. It is anticipated that this issue will be quickly taken up by existing shareholders. MINING RESEARCH COMPANY j The directors report having received j from Mr H. S. Burleigh, mining engl- , neer, his report on the Collingwood claims at Para Para, held under option by this company. His investigations covered a period of eight days and en-1 abled him to form a sound estimate of the value of 'he property. Mr Burleigh reports that there is an ample water supply, the choice of three supplies being available, and he recommends the adoption of a scheme which is capable of bringing in 50 heads at a pressure of 500 feet, the cost being approximate! £6OOO The area under consideration is approximately 'SO acres of virgin country, and was very well reported on in 1892, by Si James Hector (Governmfn Or-o'og'o- 1 S-i'-v-v »•> > 'ind estimated the value of the wash to average from 1 to 4dwts a cubic yard Mr Burleigh's estimates coincide with and confirm this, his values a cubic yard from 17 samples being as tollows: —No. 1, 10s; No. 2, Is 3d; No. 3. £5; No. 4, 17s 7d: No. 5. £2 10s; No. 6. £1 14s; No. 7. 12s; No 8 12s; No. 9. 16s; No. 10. 7s; No. 11, £1 14s; No. 12. 18s; No. 13, 3s; No. 14. 2s; No. 15, Is lOd: No. 16, ss; No. 17, 12s. All values calculated at £4 an ounce. The estimated costs of treating this deposit should not exceed 2d a yard. As these values are so astonishingly high, the directors of The Mining Research Co., Ltd.. considered it advisable to have a check made, and have instructed Messrs Vickcrman and Lancaster, of Wellington, to make this check, and at the same time to advise as to the cost of bringing in 50 heads of water. GOIX'ONDA MINES, LTD. During the week ending October 21 the following work has been in progress:— Sloping was continued on the brand) reef south and nice colours of gold have been seen. We have stalled another stope from the shall south and are on the junction uf two reel's. There is another reef running into the hanging wall at this point, and it is carrying minerals and zinc blende. We have been short-handed this week and not much quart/, lias been broken. The main drain outlet became choked with rushes and weeds, and we had to clean this out to the beach, as the water could not get away, and was flooding the peltons The mine manager reports having crushed -19 tons of quartz for 21! ; ',o?. melted gold.

TALISMAN 1)1 HBO (JOLI) .MINKS The nunc report. for the week ending October 21, says:—• During Hie week- ending October 21 stoping was: continued at No. 1 Talisman level. In (lie Nortn end oi the stone the reef i:s 3ft wide and of ■ f of fa'- valur. and n the eentrf of the stop he rete is :sft wde and of very fair "aloe Si:; m";i :tr<» nmv "n gaged at tli" mine. Four men arstoning and two met] an l trucking and timbering, etc. I will also cotrimv driving the level with two men next week. Forty lons of ore have been sent to the Golden Dawn battery for treatment, and (lie aerial tram is working well. ii'tiki-; oi-- <;old sharks Jt is somewhat remarkable that, although gold lias reached record high prices recently a weakness has arisen in (lie market, for gold mining shares in London, states a Melbourne paper. This weakness lias been reflected in the stock exchanges in Australia, and some speculators, feeling that the end of the mild gold boom is in sight, have been selling their holdings, thus further depressing the market. The opinion has been expressed that fear of American inflation alfeelitn; the policies of the countries still on the polo standard is the unsteadying factor in (he market abroad,, but recent experience does not prove (hat gold will fall in terms of sterling, if more countries leave the gold standard. Discirsing this Question last week, a leading linn of .stock and share brokers in Melbourne said that if there were a stabilisation of sterling with 'he dolkn in the near future the effect would be to stabilise gold at about its present price, rather than substantially to reduce it. The liriri docs not lose sight of the fact that London is still the leading financial centre of the world and that large investors there are in a position to formulate far more reliable opinions than is possible in Australia. CLOCK TRADE P>OOM IN BRITAIN Clock making is at present 1 lie most: progressive and prosperous industry in Great Britain. This was a statement made to the "Daily Mail" on September 20 by a leading member of the London Wholesale Jewellers and Allied Trades Association. following the recommendation of the standing committee under the Merchandise Marks Act that all imported clocks should be marked with place of origin. "The number of jlc~ks made and sold by members of the association, which represents ahnos' the whole of the inclustrv,'' said the iewcller, "rose from 29,000" in 1930 to 55,000 in 1931, and then in 1932 to 800,000. Figures for 1933 arc not available, but probably the output will again be more than doubled. "It might have been trebled if the trade agreement with Germany, which cane into force in May, had not reduced the : nport duty from 33 1-3 per cent, to 20 per cent. | "In 1932 we had recaptured about ' one-quarter of a trade which the foreigners had practically to themselves for 50 years. "For the eight months ending August, 1931. the number of clocks exported was 748(5. For the same eight months this year the number was 20,361. In the making ol better qinlity clocks, especially electric clocks, English factories are at least as good as any in the world.''

CHRISTCHURCH ■ STOCK EXCHANGE

YESTERDAY'S TRANSACTIONS Markets generally were linn at late rates on call yesterday, and the outstanding feature was the activity in New Zealand Refrigerating 10s paid shares. Transactions, exclusive of vestibule business, were:— Sales on 'Change. (Figures in parentheses indicate number of parcels.) £ s. d. 25 E., S., and A. Bank .. 5 13 C 50 Bank of N.Z. (cum div.) 2 6 6 200 Goldsbrough, Mort .. 19 6 1200 N.Z. Refrig (10s pd. (4) 0 0 3 0 9 4 200 Electro Zinc, (ord.) .. 15 3 1 5 4 100 Henry Jones Co-op. .. 1 17 0 1300 Bell Hooper (9d paid) (3) 0 1 o.', 1000 Big River (2) 0 1 5" 400 Golden Dawn (2) 0 2 3 100 Okarito .. .. 0 10 3 Sales Reported. | 20 E. and A. Bank (late sale 25th) . . 5 14 6 250 N.Z. Refrig (10s paid) 0 9 21 A late sale of English, Scottish, and Australian Bank shares on October 25 was reported at £5 14s 6d, but the market yesterday was weaker, with business at £5 13s 6d, and further sellers at £5 13s, buyers at £5 12s Cd. Sellers of Commercial Bank of Sydney shares reduced their limits to £ 17 17s Cd. Commercial Bank of Australia preference were firmer on buyers' offers £8 16s Gd. Bank of New Zealand cum dividend remained unaltered at 4Gs 6d, and there were further sellers at that price, buyers at 46s 4d Union Bank of Australia shares were : weaker with sellers at £lO 6s Gd, buyers at £lO 3s. Goldsbrough, Morts moved up to 29s 6d, buyers staying in at that price, sellers at 29s Bd. New Zealand Re-

l'rigerating 10s paid shares were fractionally firmer at 9s 3d, 9s 2id, and 9s | 4d. and more were wanted at 9s 4d, ( sellers at 9s sd. 1 Miscellaneous. British Tobaccos were firmer on buyers' offers 37s 9d. Buyers of Broken Hill Proprietary shares cum dividend raised their bids to 40s 3d. Electrolytic Zinc ordinary shares were firm at 25s 3d and 25s 4d, buyers staying in at the higher price, sellers at 25s 6d. Henry -Jones declined to 37s 6d, and more were offered at 38s. Mount Lye)ls were firmer with buyers at 235, ■ sellers at 23s 2d. Bell Hoopers 9d paid were a shade ; easier at Is OJd. market closing id : either way. Big Rivers had business at Is sd. closing quotations id on either side. Golden Dawns had dealings ai : 2s 3d, and more were offered at 2s Gd. buyers at Is 9d. Okaritos changed hands at 10s 3d, market closing Id either way. Waitahus were iirmer on buyers' offers 6s 4'.d. Unlisted Stocks. Brian Borus had dealings at 25s 3d and 20s, but closed easier with sellers at 25s Gd. buyers at 25s Id. Charleston Sluicing were firm at 2s 2d and 2s lid. 1 Investment Executive Trust B de- | bentures remained unaltered at £9B, I and there were further buyers at that i I price. Maerewhenua (9d paid) shares were j a shade easier at 9d.

LATEST QUOTATIONS

Buyers. Sellers. £ s. d. £ s. d. N.Z. Govt. Debentures. 3i p.c. Ins., 1938-43 -- 101 10 0 4 p.c. Ins., 1940 and 1016 .. .. 101 13 0 4 n.c. Ins.. 1949 . 100 12 (i 4 pc. Ins., 1955 .. 101 12 6 4 (i.e. Bonds, 1940 302 2 6 4 p.c. Bonds, 1946 102 0 0 4 p.c. Bonds, 1949 100 15 0 4 p.c. Bonds, 1955 101 17 G Banks. Australasia . . 12 10 0 13 0 0 Com. of Aust. .. 016 10 017 0 Com. of Aust (pf.) 810 6 9 0 0 Com. of Sydney 17 15 0 17 17 6 E., S., and A. . . 512 0 513 0 Natl. of A/asia. (£lO paid, cum div„> ■ i:i );i " 1:i 15 0 Natl. of A/asia. (£5 paid, cum div.) .. 012 0 614 0 Natl, of N.Z. . . 4 2 0 New South Wales 33 10 0 34 0 0 New Zealand (cum div.) . •- 264 266 Union of Aust. . . 10 3 0 10 6 6 'insurance. .. 0 12 0 Mercantile Mutual 018 5 019 0 Standard • . . - 3 10 Loan and Agency. Ch.Ch. Build. Soc. (cum div.) .. II 10 0 Dalgety and Co. 10 J2 6 11 5 0 Goklsbrough, Mori 1 9 6 1 9 8 Mutual Benefit .. 9 10 0 12 0 0 National Mortgage A 2 14 0 - ■ National Mori. B 18 6 N.Z. Guarantee Corpn. (ex div.) 0 8 2 0 8 4 United Build. Soc. 017 3 018 3 Wright, Stephenson and Co. (ord.) 0 10 0 N.Z. Loan and Merc. (pref. stk.) 78 0 0

Shipping. liuddart, Parker .. P. and O. def. stk. 1 3 G Frozen Meat. Canterbury .. 10 9 0 11 2 fj Gear .. --- 112 6 N.Z. Refrig. liaid ) .. . . 019 "j 0 .19 9 N.Z. Refrig. (10s paid) ~ ..0 9 4 0 9 3 Woollens. Kaiapoi (17s paid) 0 8 3 0 8 8 Kaiapoi (7s paid) 0 1 3 0 1 9 Kaiapoi (pref.) .. 015 3 016 0 Mosgiel 0 9 2 Coal. Grey Valley .. 013 0 015 0 Wcslport .. 013 1 013 9 Stockton (old. .. 0 0 7 0 1 1 Stockton (pref.) .. 0 110 Gas. Christchurch . . 10',) 17 6 Ch.Ch. (10s paid) 012 9 013 9 Breweries. Carlton .. 2 10 2 3 0 Monteith'.s .. 0 10 0 New Zealand. .. 1 15 0 1 10 - Staples .. 17 9 18 9 Timaru . . 0 9 It Timaru (7s (kl pd.) -- 0 6 3 Tooth's . . 22 0 22 3 Miscellaneous. Australasian Paper and Pulp . 111 7 112 8 Allied Motors .. 0 2 0 Anthony Hordern 0 12 7 Amalgamated Wireless (cont.) . . 12 0 Australian Glass (cum div.) .. 2 110 213 0 Austr. Distillery 12 0 Beath and Co." . . 17 9 19 0 Beath and Co. (Is paid) . . 0 510 0 6 3 Beath and Co. (pf.) 13 0 J 5 0 British Tobacco (cum div.) . . 1 17 9 1383 [Broken Hill Prop. (cum div.) .. 2 0 3 2 1 0 Burns, Philp (cum div.) .. 2 13 9 Dom. Fertiliser . . 014 0 015 0 Dominion Home Builders .. 0 2 0 Dunlop Rubber .. 018 8 018 10 Donaghy Rope & Twine . . 22 0 Electro. Zinc. Cord.) 15 4 15 6 Electro. Zinc (pf. cum div.) . . 1 14 6 1 15 3 Greater Crystal Palace - - 10 0 Henry Jones Co-op. 117 G IIS 0

UNLISTED STOCKS

All transactions in stocks quoted in ! this section are subject to double rate of brokerage and are not quoted on the official list: — Buyers. Sellers. £ s. d. £ s. d. Brian Boru . . 15 1 15 6 Charleston Sluicing 0 2 1 0 22 Claude Neon Lights .. 2 0 0 2 5 0 Goldlields Dredging .. 0 011 0 10 Hatter's Flat (Is paid) . . 0 10 : Hatter's Flat (Gd ; paid) .. 0 0 6 : Industries, Ltd. 12/G paid) .. - 0 12 6 Invest. Ex. Trust B debs. .. 98 0 0 93 5 0 Invest. Ex. Trust (pref.) .. 15 0 Kiwi Dairy .. 0 2 0 010 0 Long Trail . . 0 1 0 0 2 6 Maerewhenua (9d paid) .. 0 0 9 0 0 9! Moonlight Nelson Creek (9d pd.) 0 0 3 0 010 National Tobacco 3 5 0 N.Z. Mining Investment .. 0 0 81 0 0 10 N.Z. Perpetual Forests .. 2 5 0 : Para Rubber (15/- , paid) .. 012 0 Snowy River .. 0 0 2J 0 0 4! Tni-Color Films ('IOs paid) .. (J 10 0 017 6 Were's Investment Trust .. 0 4 3 0 4 6 Wetherstone's, Ltd. <4s paid,' .. . 0 3 3 0 3 4 Wool worths (Vic.) (prof) .. 110 14 0 Worksop Extd. 0 0 4i 0 0 7 Sales. £ s. d. 100 Brian Boru .. 15 3 16 0 1000 Charleston Sluicing (2) 0 22 0 2 n £IOO Investment Executive Trust B debentures 98 0 0 500 Maerewhenua (9d paid) 0 0 9 AUCKLAND Sales on 'Change. £ s. d. In.-. Slock, 3J p.c., 1938-52 101 12 0 Auckland Harbour Board, per cent.. .190] .. 103 5 0 Auckland Hospital Board, :V. per cent., 1935 .. 99 0 0 Com. Bank of Aus. (pref.) 815 0 Batik of New Zealand 0!) 2 6 3 South British (Ins. ex div.) 3 11 9 Auckland Gas .. . . 13 5 1 3 4 Colonial Sugar .. 61 0 0 i New Zealand Drug . 310 0 Wool worths N.Z (pref.) 115 0 : Golden Dawn . ..022 : Waihi .. .. 16 1 Waihi Junction .. (2) 0 311 Unofficial List. I Invrst. Guarantee Trust, B 98 0 0 | Weres (as paid) .. ~ 0 4 6 I WELLINGTON i ! Sales on 'Change. £■ s. d. National Bank of N.Z. . . 4 3 0 Bank of New Zealand (2) 2 6 3 Bank of N.Z. (late Wed.) .. 2 6 3 2 6 3 N.Z. Roirig. (eonl.) 0 9 5 | DUNEDIN j Sale on 'Change I £ s. d. | Gillespie's Beach .. 0 2 1 Sales Reported. New Zealand P.-.rer Mills 18 0 D.I.C (pref.) .. .. 12 0 Bank of New Zealand .. 2 6 6 New Zealand Refrigerating 'paid) .. .. 019 7 Waitahu (2) 0 6 4 MELBOURNE £ s. d. Commercial Bank (prei'.) 819 0 E„ S., and A. Bank .. 5 13 0 Naiional Bank (£5 paid) 614 0 Herald and Weekly Times 2-3 9

SYDNEY

On the Sydney Stock Exchange yesterday the market was much brighter, with buying activity over a large area of investments. Gold and tin issues moved up sharply. Commonwealth bonds were irregular. Morning: Sales. X t>. d. Commonwealth Bonds—--4 per cent., 1938 . 104 17 6 4 per cent., 1947 .. 104 17 Cj 4 per cent., 1950 .. 10a 5 0 4 per cent., 1957 .. 100 5 0 4 per cent., 19CX .. 105 7 6 Bank of New Zealand .. 2 8 6 Australian Gas . . .. 7 8 0 Associated Newspapers .. 10 9 Associated Newspapers (pi.) 10 9 Colonial Sugar .. .. til 0 0 Dunloj) Perdriau .. .. 019 0 Henry Jones .. .. 118 0 Howard Smith .. .. 0 12 9 Wilcox Mofflin .. .. 0 9 11 Afternoon Sales. Bank of New South Wales 33 15 0 Comm. Bank of Sydney .. 17 18 0 Bank of New Zealand .. 2 8 6 Colonial Sugar .. .. 61 0 0 Mercantile and Mutual Ins. 116 Aust. Provincial Assurance 0 11 10 Associated Newspapers .. 10!) Associated Newspapers (pf.) 1 0 7$ Howard Smith .. .. 0 12 8 Burns, Philp South Seas .. 1 12 0 British Tobacco .. .. 118 6 Berlei (contributing) .. 0 14 3 Carlton Brewery .. .. 2 3 0 Tooth's Brewery .. .. 2 3 0 Tooth's Brewery (N.Z. (delivery) .. .. 2 3 0 Toohey's Brewery .. 14 9 Dunlop Perdriau .. .. 0 19 0 Anthony Hordern .. 013 2 Anthony Hordern (pref.) .. 12 0 Miilaquin Sugar .. .. 19 0 Electrolytic Zinc .. 16 0 Lustre Hoisery .. .. 017 9 Standard Cement .. .. 0 16 6 David Jones .. .. 1 15 0 Hume Pipe .. .. 013 11 Meggitt's .. .. 110 United Provisions .. 0 8 2 Kuala Kampar .. .. 011 3 Mount Morgan .. „ 210 3 Bulolo Gold .. .. 5 0 0 Mount Lyell .. .. 13 0 South Broken Hill .. 3 4 9 North Broken Hill .. 4 V 6

MERIVALE RESIDENCE SOLD

The residence of Mr A. K. Firth, No. 245 Papanui road, was sold yesterday to Dr. L. A. Bennett, of Cranmer square. The sale was effected by Mr H. G. Livingstone. The property includes an area of one acre and 16 perches, in garden and tennis court, with frontages to Papanui road, Leinster road, and Milford street. The residence is of two storeys, and contains 12 rooms and offices.

FOREIGN EXCHANGES

(Ivccoivcil October 26, 5.5 p.m.) RUGBY, October 25. . Par. Oct. 2-1. Oct. 25. Paris, fr. to £1 124.21 8129-32 SO 29-83 New Yori;, dol to £1 4.866 4.681 4.771 Montreal, dol to £1 4.866 4.30 4.85 i Brussels, belgas to £1 35 22. £2.7-4 Geneva, £r. to £1 25.2215 16.541 16.36 Amsterdam, fl. to £1 12.10S 7.94J 7.55 Milan, lire to £1 92.-16 Berlin, reiclimarken to £1 20.13 13.-IS* 13.27 J Stockholm, kr. to £1 18.139 19.40 19.39J Copenhagen, kr to £1 18.159 22.40 22.40 Oslo, kr. to £1 15.159 19.90 19.90 Vienna, scliga. to £1 35.585 29 29 Prague, kr. to £1 164*25 10gy 106£ Helsingfors, marks to £1 193.23 2263 2262 Madrid, pesetas to £1 25.2215 38 9-32 375 Lisbon, escudos to £1 110 1061 1051 Athens drach to £1 375 575 560 Bucharest, lei to £1 SIB.G 550 510 Belgrade. dinars 25.2215 239 239 Rio de Janeiro, ponce to milreis .. 4.892 4g 43 (official) (official) Buenos Aires, pence to dol. 45.577 43 43J (official) (official) Montevideo, pence to dol. 51 ob' SG (nom.) (nom.) Bombay, pence to rupee 19 13 IS 3-64 Shanghai, pence to dol. * 15? 155-18 Hong Kong, pence to dol. " 17& 17 Yokohama. pence Io yen 24.58 14J 14J Warsaw, par zlotys to £1 43.36 Batavia. guilder 12.107 * Determined by price of silver. FURNITURE SALE Messrs C. E. Jones, Ltd., auctioneers and estate agents, 174 Manchester street, report having held a sale of furniture and effects on the premises, No. 27 Newnhain terrace, Riccarton. Among the articles sold the following prices were realised:—Piano £35, part suite £l2, part suite £5 f Eingl« bedstead £2 10s, buffet £3 10s, 4 chairs £2 12s, tnblf» £1 ss, carpet £3 17s 6d, runnOP £2 17s 6d, linoleum £2, chairs £1 13s, lawn mower £1 6s, hose 17s, mat and rug £1 6s, rimu chest £1 17s 6d, linoleums £2 2s.

PRICE OF GOLD # —— (Bitraan official wikkliss.) RUGBY, October 25. Gold, a fine ounce, is quoted:— £ s. d. October 25 .. .. 6 10 1 October 24 ~ .. 6 8 1 October 23 .. .. 6 9 2 October 21 .. ~086 October 19 .. .. 6 9 11 October 18 .. ~ 6 12 Oi _ " I PRICE OF SILVER 1 (r.BITISB omul/.1. WIHEHSSS.) ; RUGBY, October 25. Silver (pence an ounce) is quoted:— Oct. 24. Oct. 25. Spot .. .. 181-16 181-16 Forward .. 18 3-16 18 3-16 i AUSTRALIAN PRODUCE j SYDNEY MARKET ■ -j (CNITED PRESS ASSOCIATION— BV L'LECTaIC' TELEGKAPH—COPYRIGHT.) (Received October 26, 9.13 p.m.) SYDNEY, October 26. Wheat is firmer. Bagged on coun- \ try sidings, it is quoted at Is lljd, in silos Is IOJd, equal to about 2s 6Jd ex i trucks in Sydney. * ' Flour— .£ 9. ] Bran and pollard—£4 10s. Potatoes—Tasmanian £5; Victorian i £3 10s. Onions—Victorian Brown Spanish to £4; white £ll. Oaten Hay—£7 10s. Maize—Yellow and while, 4s. ADELAIDE MARKET (Received October 26, 9.4 p.m.) ADELAIDE, October 26. Wheat—Growers' lots 2s sd. Flour—Bakers' lots £7 ss. Bran and Pollard—£s 2s 6cL Oats—Algerian 2s -Id. I LONDON TALLOW SALES (UNITED Fit ess ASSOC t.vrro:-—^' ELKCTBIC TEI.EORA I'II—COPITiIG IIT.) LONDON, October 25. At the tallow sales, 755 casks were offered, and 455 sold, occasionally 6d dearer. i Prices: Mutton, fine 24s 3d, medium 20s; becl', fine 23a 9d, medium 2'Jp. Tlie Bank of New Zealand has received the following advice from its London office, dated October 25: Tallow—The demand and prices have improved. Current quotations— Per cwi s. d. s. d. Good mutton .. 23 C Good beef 21 6 to 22 0 Good mixed 21 0 Gut ~ ~ JS i) In I!' «

BAD ORANGES

SOUTH AUSTRALIAN SHIPMENT AFFECTED ' A consignment of 3000 cases o£ navel oranges arrived in Christchurch from South Australia yesterday, but when the cases were opened it was found that a good percentage of the oranges were bad and unfit for consumption. The oranges were consigned on the Wainui to four fruit auctioneering Arms in Christchurch, and were put up for auction in the afternoon. The condition of the fruit varied considerably; in some cases there was a high percentage of bad oranges, and in others there was almost all good fruit. Approximately 60 per cent, of ihe oranges were affected. Prices under the hammer ranged from three or four shillings to 27s a case at one mart. One auctioneer said yesterday that the lateness of the season for navel oranges was the cause of the condition of the shipment. He considered that the bad condition offered an exi cellent argument in favour of lifting entirely the embargo on Australian oranges. Such action would make it possible to obtain New South Wales oranges, which were later. I j DAIRY PRODUCE } The New Zealand Loan and. i tile Agency Company, Limited, has rejceived the following cable message from the London office, dated October 25:—Butter, finest, 98s: firsts, 925. Very slow. Cheese —White, 4Ss; coloured, 475. Market slow. Messrs A. 11. Turnbull and Co. have ; received the following cable message, dated October 25, from Messrs W. WeaI del and Co., Ltd.:—Danish butter, life I per cwt; New Zealand finest butter, ' 96s per cwt; "Kangaroo," 95s per cwt j Butter market very weak. New Zealand cheese, white, 49s per cwt; coloured, 48s per cwt. Cheese marKet quiet. METALS MARKET (Received October 26, 8.25 p.m.) - LONDON', October -5Quotations: — Oct. 21. Oct.-J- ---| A ton. A'too. I 1 fc\ j Copper— ~ s- <J- " 9 45 ! Standard, s.pot oh <J 0 10 . 1 Forward . - b - n 0 | Eloctroly tio 0 0 jjC ' to ■■ 37 0 0 V- jn 0 ! W 're h.'irs . . ,[ ) American electrolytic: cents per 1 Lead— .j ! 5",,, :: U» ; «» » "Sir ;; ; 5 I or\rarci „ . 3 u 0 'J Tj "- k , r, ""3 IS 0 -- --- ?» ,! o."» 13 9 Forward . . '-16 u SjUer Standard, per ot. IS 1-15J • Fine, per oz. . . 1 fi-ld PROPERTY SAI/E N. n. McCrostie and Co. report. sold, ou account of Mrs J. Young. B _ perty situate 30 Retreat road, Avow'i • prising a bungalow of tour rootns o t, c3o . room, and t>eaiou of J-acre, to Mr j at a satisfactory iigure. Tlio firm ' port..' liavinjf kasrd for a <<>nn of iwj- j]s ; account of Mr J. A. liedpath, the tearoot 1 tho Glasgow folomb# « VlI . ; known »*•«.* J.ila.; touns". «" S t

Buyers. Sellers. d. £ s. d. Howard Smith 0 12 0 Hume Pipe (Aust.) 0 13 6 0 14 G Kauri Timber 0 14 6 — Mason, Struthers < £1 paid) 0 10 0 1 0 0 Mount LyelJ 1 3 0 1 3 2 IvZ. Drug Co. 3 9 6 _ JV.Z. Farmers' Coop. (4. 1 , p.c. Stk., 1940 and 1945 .. 63 0 0 6(5 0 0 Victoria Nyanza Sugar 0 13 G 0 15 6 WhiiL-ombe and Tombs 3 6 6 3 9 0 Wilson's Cement 1 6 6 1 7 4 Woolv.-oi'ths IN.Z.) prei.) 1 13 9 Minii;,. Alexander (13s 6d paid) 0 1G 7 0 17 3 Aotearoa 0 0 10.1 0 1 5& Bell Hill 0 1 0 0 2 9 Bell Hooper (9d paid) 0 1 0 0 1 1 Bell Hooper (. Is paid) 0 1 0 0 1 3 Bell Kilgour 0 1 5i 0 1 G Bendigo Goldlights 0 0 7i Big River 0 1 41 0 1 51 Central Shotover (9d paid) 0 0 11 0 1 3 Blackwater 1 16 0 Freshford 0 0 4J 0 0 5* Gillespie's Beach 0 2 1 0 2 IV Golconda (8d pd.) 0 0 5 0 1 0 Golden Dawn .. 0 1 9 0 2 6 Golden Point 0 0 1 0 0 2 Mount Morgan .. 2 3 6 2 10 0 Kildare 0 2 4J Lawson's Flat .. 0 0 4 0 0 6i Mahakipawa 0 0 1 0 0 2 Mahakipawa Cpf.) 0 0 li 0 0 3 Nevis Diesel Elec. 0 0 9i 0 0 11 New Cornish Pt. (Is paid) 0 1 1 0 1 3 New Cornish Pt. (fid paid) 0 0 n 0 0 9 Nokomai 0 2 0 2 : 11 Okarito 0 10 2 0 10 4 Oxenbridfie Shotover (9d paid) 0 0 7 0 0 10 Waihi (cum div.) 1 G 0 1 6 3 Waihi G. Junction 0 3 10 0 4 1 Waitahu 0 6 4-i 0 6 6