FINANCE AND COMMERCE

Press, Volume LXX, Issue 21148, 26 April 1934, Page 15

FINANCE AND COMMERCE

HAY'S, LIMITED STATUTORY MEETING The statutory meeting of Hay's, Ltd., was held on Tuesday afternoon in the Chamber of Commerce Hall. Mr W. H. E. Flint (chairman of directors) presided. In his opening remarks the chairman referred to the gratifying way in which the shares had been taken up by the Canterbury public. Up to the date of the meeting 20,385 shares had been applied for and allotted. Reference was also made to the satisfactory rate of turnover of the business since the new company took over. The chairman intimated that a most satisfactory overseas buying arrangement had just been completed, whereby the company was now associated with an influential London organisation which had large buying connexions in Australia and New Zealand. The feature of the arrangement was that the company is now affiliated for buying purposes with 10 other leading business houses in New Zealand. By this arrangement it will be possible to group buying requirements and so get the advantage of the lowest possible prices. The statutory report as circuited was confirmed and adopted, and the following directors were appointed: Messrs "VV. H. E. Flint. \V. Morley, H. P. Donald, and J. L. Hay. Messrs W. E. Best and Wilkinson were appointed the company's auditors. PRICE OF SUGAR ADVANCE OF 5/- A TON The Colonial Sugar Refining Co., Ltd., announces that the prices of all grades of raw and refined sugars, golden syrup, and treacle have been advanced as from April 23 by 5s a ton. The prices of tablets and icing sugar remain unaltered. ORCHARD CROPS OFFICIAL SURVEY ; The Director of the Horticulture Division has received the following! reports from his district officers regarding orchard conditions as at the end of March: Auckland: Apples, heavy crop; lemons, promising well; oranges, Poorman, patchy; pears, good crop. Hamilton: Apples, light to heavy; pears, heavy. Gisbornc: Apples, heavy crop most varieties, with Dunns, Dougherty, and Jonathan average crop; lemons, average summer crop and heavy to average winter crop developing: oranges, average crop; jears, heavy crop; tomatoes. very short crop: walnuts, average to heavy crop. Hawkc's Bay—Hastings: Apples, average to pears, heavy crop. Wellington Palmcrston North: Apples and pears, heavy. Masterton: Apples, heavy: pears, average; tomatoes and walnuts, light. Nelson: Apples, good crop, but fruit on small side owing to dry j weather; pears, good average crop, but size affected by dry weather. | Mapua: Apples and pears, heavy crops. Motueka: Apples, good; pears, good to heavy. Marlborough Blenheim: Apples, good: pears, fair to average. Canterbury—Christchurch: Apples and pears, heavy crops; hail damage in some localities; walnuts, medium to heavy crop. Otago—Dunedin: Apples, good crop where escaped frost; pears, average to heavy where escaped frost; tomatoes, average to heavy: walnuts, light to average. Alexandra: Short crop all fruits on account frost damage; tomatoes, below average; walnuts, very short crop. LONDON MARKETS APPLE PRICKS The Department of Agriculture has received the following cablegram, dated April 21, from the High Commissioner for New Zealand, London:— Tallow—Quiet demand at auction; 1003 casks offered, of which 270 sold at Is (3d to 2s per cwt. decline on the prices ruling at last auctions. Present spot quotations are:— Mutton—Fine, 22s Cd: fair to good, las (3d to 21s; dark to dull, 16s (id to 17s. Beef—Sweet and/or mixed, 19s to 20s Gd; fair to good, 18s 6d to 19sdark to dull, 16s to 16s 6d. MixedFair to good, 17s to 18s 6d; dark to dull lGs to 10s Gd. Gut, etc., 15s to 16s 6d Hemp—Manila: Market quiet; inclined to be easier at the close. "K" grade quoted sellers at £l3 15s. Output January 1 to April 9, 364,000 bales against 306,000 for the same time la<=t year. Stocks in the United Kingdom at March 31, 10.592 bales, against 12,092 at the same time last year. Stocks m Manila en April 9, 131,000 bales against 133,000 at the same lime last year. Sisal: Market easier. April-June shipment sold at £l6 ss; June-August shipment at £ 16 10s. New Zealand: Market qu:et and unchanged. Stocks in London at March 31, 33 tons against 62 tons for the previous year. Fruit—Port Victor, Mamari, Opawa and Tuscan Star cargoes landing on market generally in good condition. Rangitiki discharging on Monday. Current prices for:— Apples—Cox's Orange, 10s to lGsJonathans, Us Cd to 12s; Dunn's Favourite. 8s to 12s; Ballarat, 8s to 10s Gd; Allusion, 9s to 10s; Worcester Puarmain, 7s Cd to 9s; Lord Wolsclcy 7s to 9s Gd; delicious, 10s to 10s Cd; Ribston Pippin, 7s to 9s: Shoreland Queen, Gs Cd to 9s; London Pippin, 8s Gd. Pears—Cornice. 14s to 15s; Winter Cole, 12s Gd to 13s 3d; Conference, lis 0d to 12s Gd; Eeurre Bosc, 7s 9d to 10s 9d; Beurre Capiamont, 9s Gd to 10s; Beurrc Clairgcau, 7s 9d to 9s 6d. CANTERBURY ADVERTISING CLLn Mr 11. M. Crompton, sales manager of the Municipal Electricity Department, will address members and friends to-night in the Chamber of Commerce Hall, on "The Factor of Illumination in Publicity and Business." All interested are invited to attend. MARSHLAND FARM SOLD Messrs Ford and Hadfleld, Ltd., report having sold, on account of Mr Naughton. his property of 10i acres with a dwelling-house, at 407 Marshland road, to Mr Chapman. 6

CO-OPERATION IN RESEARCH

I NEED EMPHASISED BY | LORD BARNBY i I ESSENTIAL FOR WOOL I INDUSTRY ! The need for an expansion of cooperative effort for research to cope with the new economic conditions facing England was stressed by Lord Barnby when he presided at the annual dinner of the Wool Industries Research Association in Bradford last month. The principal guest was the High Commissioner for New Zealand (Sir James Parr). "The attendance to-day, so representative of the wool textile industry, does justice to the importance of the occasion," said Lord Barnby. "It emphasises the quickening interest in and realisation of the importance of research. The census of production shows the value of the output of our I industry as £38,000,000 and the number of workers employed as 130,000 — how meagre, by comparison, is the collective expenditure on research! The amount stated by the Department of Scientific and Industrial Research as reasonable is £1 for every £IOOO on 1 the output—at present we raise less than 5s for every £IOOO. New Outlook Wanted "Hitherto economic research has not been looked on as a matter for collective action and expenditure, but I invite your reflection whether in this world of rapidly changing economics a new outlook is not called for. We need a procedure to make a scientific study of the waves of change and their probable reaction on our individual positions. We admit now that no individual effort or vigour could long have stood against an over-valued currency and free efforts, but what are new going to be the reactions of the new gospel of bilateral balance of trade technique? "Let us be honest with ourselves and admit that new conditions require economic research, and also that the effort of each industry will in turn require national co-ordination. The industry can afford the funds for the work. It is a charge on industry as necessary and justifiable as a fire insurance policy. Whatever the purposes determined upon as being necessary— tech2)ical or economic research, publicity, clip 'get-up,' or wool marketing education—a properly representative body of financial control will be necessary. lam a resolute opponent of avoidable municipal trading or national government participation in trade, but the drift is from individualism to collectivism. Let us see j the handwriting en the wall and prepare to guide rather than later be driven. Socialism in United States "Events in Russia, Italy, Turkey, i Germany, and now the United States ! must have their repercussions on us. , The National Recovery Administration in the United States is admitted Socialism, but it is probably the least revolutionary that would have sufficed under the circumstances of our initiation. I see no other means whereby the Sherman Anti-Trust Law could have been circumvented and that law has admittedly strangled trade. Conservatism would have produced a worse visitation. It is not government trading—it is self-regulation under government authorisation. Let us now, by timely action as an industry, stave off government interference. Coal, steel, cotton, and agriculture are all on the public operating table—let us minister to ourselves in a private home. Sir James Pan's Address Sir James Parr said that although New Zealand had' an international market for its wool, yet Bradford took about 70 or 80 per cent, of its products. "You have bought well from us this season," he said, "and I thank you for your handsome cheque which has come in the nick of time, for as regards our dairy produce the position is woeful. At to-day's price the New Zealand farmer cannot live. It is a struggle from month to month just to keep his head above water. To-day New Zealand butter is selling for about the price margarine was a short time ago. "The British Minister for Agriculture has got over his own difficulties for two years by giving liberal assistance to the English dairy farmers. Our fear is that this procedure may stabilise the present terribly low prices for the Dominion farmers. This is not Mr Elliot's intention, I know, but it may easily have that effect. "I plead for a friendly understanding by which prices may be raised to a payable level for Dominion as well as English farmers. The English farmers come first, but the Dominion farmers should not be asked to run a dead-hcat with the foreign farmers." PRICE OF GOLD LONDON, April 24. Gold (a fine ounce) is quoted:—

PRICE OF SILVER (ÜBITISII OiTICIAL V.-JRKLSSS.) RUGBY, April 23. Silver (pence an ounce) isquoteS:— April 21. April 23. Spot .. 39 11-16 195 Forward .. 19i« 19 15-I6 WAR LOAN STOCK Uii:rnsii omci.u, wiari.KPs.) • RUGBY, April 23. British 3i per cent. War Loan stock

POULTRY AND EGGS Messrs Harris Bros., Ltd., report that the weekly sale of Feather Brand guaranteed new-laid eggs was hold on Jlondav afternoon. The, iirircs realised -were: —Hen e--?, iirst si-nde (Ho/, or over'), l.'s: lien M'toiul yrade (under -o/). |., S,I.

JVHEAT TRADING

CARGOES, PARCELS, AND I FUTURES j LONDON AND LIVERPOOL j QUOTATIONS i ,r«IT£D PB«SS *SSOCTATIO-»-B7 ELECTRIC 1 TBLBGIUrH-COPTBIOHT.) (Received April 24, 5.5 p.m.) LONDON, April 23. . Wheat cargoes are steady on better North American advices. Canadian and American are dearer. Australian and Plate are unchanged and slow, parcels are steadier. Manitobas are held for an advance of 3d to 6d. Futures are quoted:— April 19. April 23.

CHICAGO FUTURES j NEW YORK, April 23. Cents a bushel. April 21. April 23. May .. . 77i 76| July .. .77 70 September . 78.} 77j} New York 'cash) 884 88 INTERNATIONAL WOOL CONGRESS MANY SUBJECTS TO BE DISCUSSED lIWITED TR<M:i ASHi X'lATTf'.V-■ EST EI.JBC'fUIC TELEGB.U'H—COPyi'.IOHT.) f Received April 25, 8.21 p.m.> LONDON, April 24. ; The Congress of the International j Wool Textile Organisation, embracing | Great Britain, France, Belgium, Germany, Czechoslovakia. Italy, Holland, Poland, Hungary, Spain,, and Austria, will open at Rome on June 1.9. Subjects for discussion include wool sales at Newcastle. New South Wales, international conditions for the sale of wool, Japanese competition, reduction of tariffs on textiles, limitation of credit facilities to six months, and statistics of labour in the wool industry. LONDON SALES [;', (Received April 23, 7.50 p.m.'i LONDON, April 24. The quantity of wool being catalogued for the wool sales is 76,000 bales, including 20,000 Australian and 20.000 New Zealand. BRADFORD TOPS MARKET (vsrrno i'rkss association —r.s electric rELEGJUrH— COPTKIOHT.) LONDON, April 23. 'flic Bradford tops market is quietly steady, users awaiting the opening of the London sales. WANGANUI SALES PROCEEDS TOTAL £1,068,212 U'UKSS ASSOCIATION TELEGKA.M.) WANGANUI, April 25. Realisations from the sale of wool at Wanganui this season total more than £1,000,000, and both in volume and average price a bale, are the best obtained since the 1928-29 season. The total proceeds from the three sales amounted to £1,068,212, and the average price a bale was £l4 7s 4d. In the 1928-29 season, the total reali•ation was £1,301,547, and the averse a bale was £2O 18s Id. TRADE WITH THE EAST SHIPPING COMMUNICATION Mr A. F. Wright, president of the Canterbury Chamber of Commerce, states that since his remarks at the Chamber of Commerce luncheon on Monday, in which he stated that New Zealand suffered through lack of direct steamer communication with the East, lie has been informed that there is one line operating between New Zealand and the various Japanese ports and Hong Kong. This is the O.S.K. Line, for which Kinsey and Co., Ltd., are the agents, and the ships leave Wellington and Auckland every month. There is a limited .amount of insulated space in them, but limited as this is, it has been up to the present time sufficient to meet the demand. Unfortunately, Mr Wright adds, this line does not come down to the South Island ports, and it would be to the advantage of possible South Island shippers if an extension were made so as to include South Island ports. COLOMBO TEA AUCTIONS (miss ASSOCIATION TELSOBAM.) DUNEDIN. April 25. Mr L. M Wright has received the following cabled report on the Colombo tea auction of April 24:—"The market for common, medium, and fine teas advanced id per lb as the result of active London buying. The quantity auctioned was 2.610.0001b. For next ' week's sale 2.400,0001b are catalogued. The quality of the offerings showed improvement."

CHILLED BEEF

ANOTHER SUCCESSFUL | CONSIGNMENT ( i WARNING AS TO QUALITY | (ritbu our ows conassrosiDENT.) LONDON, March 15. The Avelona Star arrived in the London Docks on Thursday, March 8, and brought 2150 quarters of chilled beef from New Zealand. This was just too late for the meat to be bought up for the week-end trade, so it was kept in store until the Monday. It appeared on Smithfield Market in excellent condition and was readily disposed of. Argentine chilled beef was rather down that day, selling at an average of 4d per lb. The New Zealand produce made an average price of id less than Argentine, and Id per lb better than New Zealand frozen beef. The trade was quite pleased with the shipment. These last two shipments have proved that the export of chilled beef from the Dominion is a thoroughly sound commercial proposition, and no doubt the export will be continued. It must here be said, however, that the quality of the beef itself on this occasion was not quite so good as that by the Sultan Star. It is the opinion of experts in the trade that persistent care will be necessary in the selection of the stock. The best Argentine are well matured animal? of good breed from 2X to 3 years of : age. This is a standard the New ! Zealand cattle farmers must aim at. Any carelessness in .the selection of the meat will handicap the new trade in its early stages, and will be immediately reflected in the prices obtained. Standard quality, on the other hand, will lead to that confidence and easy disposal which is seen in the New Zealand frozen lamb trade. APPLE EXPORT LONDON PRICES LONDON, April 23. The apple market is dull, due to heavy supplies. The Opawa's New Zealand cargo sold as follows: —Cox's 7s 6d to 13s; Jonathans 7s 6d to 10s; Dunns 7s to lis; Alfristons and Ballarats 9s to lis; Lord Wolseleys 8s to 9s 6d. Victorian, Queensland, and Tasmanian Jonathans 7s 6d to 9s; Worcesters 7s 6d to 8s 6d; Alfristons 8s 6d to 10s; Ribstons 5s to 7s 6d; Delicious 8s to 10s. Pears are in good demand. The Tuscan Star's New Zealand cargo sold as follows:—Cornice 10s to lis 6'd; Boscs 12s to 14s: Winter Cole 13s to j 13s 9d; Marie Louise 12s to 12s 9d. RABBITSKIN MARKET DL'NEDIN VAI.I'FS There was again a full attendance of buyers at the sale held on Tuesday. Only small catalogues were submitted ctnd competition was keen. Prices showed a drop all round, this being more pronounced in racks and low grade lines, which declined from 2d to 4d per lb, while Autumn grades ! can be quoted id to 3d per lb, below i last sale's prices. . | The following is the range of prices: Small 43d, runners Bd, milky IOJd, light racks 13?, d. prime racks 14id, dawny autumns 18d, 2nd early autumns 19d, early autumns 23d, 2nd late autumns 23d, late autumns 30|d, autumn does 15d, autumn bucks 30d, 2nd incomings 27d, Ist incoming 40d, summer black 7id, rack blacks BJd, autumn black., 14d, late autumn blacks 16',d. summer fawn 6d, autumn fawn 13d, hareskins 4d. The next sale is on May 8. AUCKLAND MARKET (THE PRESS Special Service] AUCKLAND. April 24. There is a very keen demand for both pollard and bran, and local mills are still rationing supplies of the former. Practically no pollard is available from the south, but fair quantities continue to come over from Australia. In the meantime, both millers' and merchants' prices are un- ° The 6 'southern oats market has firmed since the last report. Fowl wheat is in steady demand at unchanged values. This week's cargo of potatoes from the south is not a heavy one, and should give merchants a chance to reduce their stocks. The demand is still aftectcd by fairly heavy supplies of local potatoes. The quality of the southern potatoes is rather mixed, and merchants find it necessary to make a rigid inspection before accepting deliveries. _ Onions are rather quiet at <s per cwt. FOREIGN EXCHANGES (British ori'iciM, wißKLtss.)

MINING

GOLDEN SANDS, LIMITED SECOND ANNUAL REPORT The second annual report and bal-ance-sheet of Golden Sands, Ltd., for the year -ended March 31, have been issued. The annual meeting of shareholders will be held on April 28. The report states:— Almost uninterrupted sluicing was carried on during the period under review: 771 shifts out of a possible total of 890 shifts (allowing for Sundays and holidays) were worked. A statement of ,the net value of fold produced (after deducting working costs, and realisation charges) to the period ending February 1, 193*, is attached hereto, and shows that the vendors have carried out their guarantee to produce gold to the net value of £4OOO in the specified period. The annual accounts disclose a net profit for the year amounting to £3564 10s 2d, and the directors propose to allocate the profits as follows:

Your board docs not recommend the writing down of "mining rights and privileges," as the water rights alone could to-day be disposed of for a higher figure than is shown on the balance-sheet. The retiring directors (Messrs R. T. Tosswill and W. G. McDonald), being eligible, oiler themselves for reelection. Mr VV. S. Mac Gibbon, the company's auditor, retires, but offers himself for re-election. Balance-sheet WORKING ACCOUNT

ARTHUR'S POINT COMPANY The directors of the Arthur's Point Sluicing Co. have allotted the full capital of 110.000 shares of Is each. The claim is situated in the Shotover district. NEW CORNISH POINT A report received from the mine manager, dated April 21, states:— During the last week the work of installing the four-inch pump, pipe, and electric main has been completed. Pumping was commenced on Tuesday last, and the water lowered four feet below the water level in the cross-cut to enable the latter to be timbered up. The cross-cut has been deepened and closo timbered up to the sump 25 feet in advance of where the pump is situated. The pump is installed in the south cross-cut, 50 feet from the bottom of the incline tunnel. This work is completed, and everything is in readiness to resume sinking at the beginning of the ensuing week to ascertain the depth and prospect the channel from a point 70 feet south of the incline tunnel. BELL HOOPER RETURN The manager's report for the week ending April 21, states:— No. 1 tunnel workings—Work in this section has proceeded satisfactorily for the period. The crushing which delayed work last period has now ceased and work here has been carried out continuously. The balance of the wash between No. 3 stope drive and No. 1 main drive, Block R, has been removed. The S.E. corner of Block N is now being mined. Most of our wash in the near future will come from this place and Block T. Drive off No. 1 main drive: This drive has now holed into No 1 cross drive, and will be turned to the course No. 3 north drive. Some fair to good prospects have been obtained from here during the last week. West drive on Western boundary: The ground here is showing signs of weight. Extra timbering and repairs to sets-in-position has been necessary to ensure that access to this area is maintained. No. 2 tunnel: As advised by wire last Tuesday, at 113 feet in the cross cut a bore hole showed the wash at 4 feet above the timbers. At 128 feet in the wash appeared again in the face on the north side of the cross cut. It is still in the face at 131 feet. With the small distance exposed definite conclusions are difficult to arrive at. but it is evident that the channel is now to hand and the south wall appears to be crossing the cross cut at an angle of 45 degrees. This wall is steeply inclined and a small, but steady flower of water is issuing from the wash. The present intention is to continue driving the cross cut on its present course for some further distance. . , . j General: Good progress is being made in the erection of the No. 2 washing plant. The bins have' been completed except for the concrete floors. The incline tramway and turntable are finished, the haulage winch is in place, and only requires wiring up. The pumping unit has been placed in position ready for wiring up and the housing building has been completed over it. We are thus in a position to store any payable wash from this section of the mine, and shortly the plant will be ready for use.

SKIPPERS, LIMITED

A meeting of tfic director;; ol Skippers, Ltd., was held on Tuesday, at which the mine manager, Mr R. D. J Climie, was present. Mr Climie gave • a detailed report of the progress of the development work, stating that in his original report he was of the opinion that mining operations could be commenced within six weeks after the sheet piling had been delivered. Unfortunately, deliveries had been delayed through an entirely unforeseen , cause quite beyond control, and since I Easter 'three large floods and smaller ; floods had held up the work consider- ; ably, even though no actual damage j had been done to the plant. These , causes had prevented the dewatenny i and mining of the first paddocK. ! which, it was thought, would have - { been an accomplished fact before now; j but, although the work had been delayed, there was cumulative evidence to show that when it was started there would be no possibiilty of failure, and if the river bore the gold it was reputed to carry the company would be able to reach it. "It will interest you to know," said Mr Cliime. "that since the floods have washed shingle through the fluming, the ripples formed by the steel section joints all show colour of gold." About another week would see the terrace dam completed. The new pipes for the power line were to hand, and half of them had been joined up. Concrete blocks were still to be built, but everything would be ready for use before a start was made on the first paddock. The erection of the Mum me; had been delayed by the high river and even given low water it would take at least a month to complete. All the excavation work on other sections of the scheme was now Unishcd. and the available labour could be concentrated on the final excavation lor the fluming. All the accommodation buildings had been erected, and only two carpenters were now employed- i These men were biuidiM'-,' the J'--"; ! power house. The tient-nitur had i">. come to hand, but this would not. C.i - lay the erection of the engine, wmcii would not be put into use until Ihe water supply had frozen up. fhirtvfour tons of piling were still on order. and this would be sufficient to permh the first paddock to be taken out and the normal flow ot the river to \rdiverted. In answer to a question as to tn ■• ." - tual value of the usable plant, 'a';''" over with the claim, for winch ncompany paid £3OOO, Mr Climie su> ed that, in his opinion, the value o t >■ machinery, pumps, and other plant which would be put into use to woik the claim economically, was approximately £16,000. r.IU.ESI'IK'S HHA< H The Gillespie's Beach dred-e restarted operations on Sunday »'Kh.. The cause of the cessation of woiK was a break in the concrete in in.: pit under the turbine. MTRNSIDK STOCK SALE f'HBSS tSSu'TATi"* Tr.Lr.--il.i-V-. f>i \KJiIN. April '■•■ '- Then- were »,-ii-rai:y smaller .-:.'• n- n nil sections lit liun.M.lr today. lat latt.--numbered ~2, im-.iu.lir.- a :Vv <(s-'v.-merits ot heasy l-.il! •-" '■ '"i- v.i.i.-!: ; ! o : ■ was good compi-titi-ii. »[' 1" '•''- r -' ''■' beinfTpaid. Values for prim- I:-:.'-' o-; v..-. hiirlu-r l.v 1«* ;; li-.'i.l Horn ;.■-> :■■■■'■'■■. < I lifers were. l:«-nly - e-re.e.. r part ff the offering win oi plaio and th.ro was iv. chan-e ; n values. I.ur-a prime lieaw to .I'l2 T_'s till, prim- li-.-ivy to ilO l'Js (id, ineiliiim t<> .'-'> 1 •-'■■- _|'"l. >■-''/ The lat.s-he-'.'mimbeved IT""', i r.,-! Idie. e - :',-.v p'o.l qualitv »-,-!liits and tic-. NO': v.-io Imver by K a head, v. :li, a l;e.-e. i r -ir-.;> f-.r medium,'--. Ll-lit v-iidns •-■",-,. Sra Tl.ni-Vs to fr.-zinj: competition. K\:-a prim. iieaw wethers s<'ld at n p to ::"■«, prim- 1.-.•■••■ • :.-s fi 'JTs Sid, medium to 21,- <jd. I'.Mra primaeavv -ves to 'J It- r:d. prim- 1,.-.-.y IV :., J'.,- fi-J; medium 1,.* to ],;..■ r.,1 ; lie-:.: •!u". '■ to 12 = . Ah.uit T"" tat lamb:-, v., re p-a..-,1. "• e|ll()ii:ir .°oni- tniek.J of rut -taM-ill:.' rpiab' - Hut,-hers ami ,-j.porters -.v-re .'i.eriniiic: ko.mlv. an.l hlie ral-K wore ma iolaioed. K - ■ i a prime- lieaw sold at up to .ilf: i.rii "- 1..-:'.. to 26a 'ld: lm.limn •-':{<.- to _M- i;d: I.'ui.* down to 00 = C.I. Sevonty-eitrht fat. i,i;.-s v-re f,,,u:.'d, "- elu.ling a small jh reentatr- of 1i.i.0.n-r-. v-a lining up to •);,■<. I'ork-r< met a loot, • market anil were dear, r l,y r.s a hea.i. . up to -l.iS. Eisrhty-five «tor- v\r- v.-re [„-iai,-.1. Tl'Mipply VMS ereat-r titan tio- dertmtid. a'-i trerc fliffi.-uk to effect eu-n at r. d-.iee.l rates. There wero f-v.-r Morr net;-. . ■>.:>• 1 --' hcitiff l'or-,'.-:ird, liuy.-rs wrc pir.lo,-":.: r-pa,-in S lv. Well-1.re.l thr-<- and four-y ear-olds *<■■■: at fr.n.i XI IT.-S o-l t- >.r, 1 "..-. i;wi-t----cov.-s v.ere clie:t]-er; but bon-r- v.-er- tinn at late rate:;. Thero v.n< n small dairy entry. .V-y mo-;* shrvwin? quality sold well, the top ],r:-e heins i:3 \lx (id. .Sj'riiu; rulvr.-- a-.d "!J r-'in-s vei-|. not vfinted.

LORNEYILLE STOCK SALE UHISd ASSOCIATION" IKI.IOR.sM.) i.WKi:r:.\i{<;if.i.. .Apr;) -■ t. There ssere e""'l v ; forv.ard in a': sections at the Lornoville ?U" k sab- to -day The fat thorp market, had a bright op-u----iiiK, but Quickly eased, and vain.--. thereafter showed considerable reduction Inst week'* price.. The fat <at tie > ard.n ~-, ivih in exerts of requirements, and i""". | were lower than those of last week. In th- fat sheep se.-tion. in th- clomu." elnn-s of the sal.., it was dir.icuK to eit,c; sales oven at a n duct inn of about - - a head on last week's rut-s. This was m-r- so in the case of wcihers.. I'rmit: heavy v.cthet.a realised up to 2os; prime quality '"'.''l'. ium weights 22s Col to --Is od; '•-":"' weights down to Els; extra prime qu.iltt, ewes up to 176 0(1; i;"o,l duality m.d.ani v.-oichts .las to Jf,s; liirlit aad freer.tu:. quality down to 1"' fid. A considerable portion of the yardin;_- «- fat lambs was missed in. although i ■"■ majority was lat-r disposed of at pure? consistent with s.hodulo rates. Kxtrn pi'iim heavv iambs sold tip lo "Os; prim- heavyweitrhts "Gs (id ; prime quality frcv.ins: lam l '-: 2-Is to 2as; and lighter down to 'jl' = . Kxlrn prim- heavy bullocks reaped . , Iris; prime handy-weight* A. r > l->s to -'-'-' Ills; ib.-ht-weichts .14 ok «" *■> ■■'*■ ''•*,!' :1 prim- h-avv rows i'l 17s lid; rrn.i.j <l"u.i: ;' JE-1 to A'2 l'ls; with aspa! cows from .;.:: leu to A2 10s. Kxtra prime heavy h-iiccs up to AT, 17s (id. prime nandy-wf i-hts -'1 '" .'-'I 1,-jS; lighter down la Ail RANCIORA MARKET The sardines "■' °-oek a; tin- wkiy market on Tuesday were very Mur,:i. Tho attendance of farmer.- ai;d buyers v.ae aiso mura smaller than usual. Sheep prir-s remained the same, fat ewes selling from 1 Is lid to I7s 4d, (at lambs from L'li.s to Moplambs to 16s 4d, sound-mouth ewes from 12s 4d to Ijs, and small two-tooth wetb-rs '" l;>s lid. There were only two h-ads oi cattle in the cattle yariN, nn empty heif.-i which made .'-'.'J 7s, and a dairy row ssbi-.'i made £2. In the pii; Fin bae-ners made from •15s fid to 40s od, small -tore- from lUs to 18s, anil weaners from Ji's to lis. l'rices for poultry were :_L,-lit hens Is (id to 2s, heavv hens 2s (hi to :is (id. rnosier.s 5s to lis fid. li-ht mn-tcrs 2< ,„ ",s (id, ducklings :!s fid to as 4d, obi 2s Cd to -t~ a pair. In th- produce market ore,.- von-: Wheat 10s to Us a sack. n:,:.-. fis od to -- M, peas lUs. oat-beat ehau :;-, potatoes -J-; to 4s sack, cabba-es Id j-ml -Jil, ■aulitlowe--.-2d and 3d. marrows ::•! to !•-. onion- is strin;;, la I'd su'-ar-har. -tuib case oi apples 2s to 2s Cd, pears Js (id case.

CHRISTCHURCH STOCK .EXCHANGE

I TUESDAY'S TRANSACTIONS I ' , There was a substantial turnover on i call on Tuesday, with the bulk of the ] dealings in gold mining shares, in which more than 50 sales were recorded. Transactions, exclusive of vestibule I business, were:—

j Miscellaneous ! An odd parcel of New Zealand Government 4 per coiil. stock, due 1940. hands at £lO3 17s Gd, and 'mure was wanted at £lO3 las. Eyttclton Harbour 5J per cent., uue 1051}. had dealings at £10:5 10s. Bank of New South V/aies wen: ;easier at £32 15s, buyers .staying in at : that price, sellers at £33. Bank of New [Zealand *'D" Mortgage shares ad- : vanced to 34s 3d and iate offers of 34s •1 cl tailed to attract sellers. Sellers of 'National Rank of New Zealand reduced ilheir limits to £4 Is. Union Bank of | Australia were easier at £lO, market ; closing 2s on either side. ! National Insurance' were firmer on ! buyers' oll'ers 19s Gd. Southland Frozen i Meat were firm with sellers and busiiness at (>,=>s. Now Zealand Breweries were firmer with dealings at 41s ltd land 425. and further buyers at the 'higher price, sellers at 42s Gd. | British Tobaccos had business at 37s i fid and more were wanted at 37s sd. i Dominion Fertilisers dropped to 17s |4d, market closing 17s Gd buyers, 17s ' Kci sellers. Dunlop Rubbers were frncitionallv weaker with buyers and dealings av 18s Gd. sellers at'lßs 7d. Motuinii Oils advanced to 3s lid and 4s, ; market closing .'is lOd buvers, 4s 1(1 {tellers. Mount Lyells eased to 23s 9d land 23s 7d, and there were further | sellers at the lower price, buvers at '23s Gd. ' Mining: '■■ Bell Hoopers had business :<! »\<l ir.nd there were further buyers at that i price, sellers at Kid. Bendigo Goldj lights realised 7d, market closing id I either -way. Brian Bonis were steady iwith sellers and dealings at 39s 3d, ; buyers at 38- lOd. Gillespie's Beach were a shade stronger with business at is !)d and further buyers at Is 9UI. ; Goldtields Dredging were easier at 3d, [closing quotations Id on either side. ; Mahakipa\vas were iirm with sellers t unci dealings tit fid, buyers at 7id—the [preference were lirmer at Is ljcl and ils 2d and these were buyers' and senders' closing ciuotations respectively. 'Mining Concessions Gd paid [were firm at 4Ui. Moonlight, Nelson | Creek, wore a shade easier at K)d. ■ I Nevis Diesel Electric were easier with ideal in i.'s at 3d and further sellers at i7Ad. Okarilos were linn at 8s Gd. Raiwair' Tin. cum dividend, recovered to Ills 2d. sellers staying in at that price, [buyers at 9s lid. Waitahus were . I steadv with dealings and buyers tit 14s Gd," sellers at 4s GUI. Skippers, Ltd., |9d paitl, remained unaltered with ; sellers and business tit lOd. buyers at Did. LATEST QUOTATIONS

UNLISTED STOCKS Ail transactions in storks quoted in this section are subject to a different rate of brokerage from listed stocks, and are not quoted on the official list. £ fc -. d. £ s. d.

SYDNEY On the Sydney Stock Exchange on Tuesday Government bonds, preference shares, and regular dividendpaying ordinary issues commanded strong support, and the balance of price movements favoured sellers. Associated Newspapers and brewery shares were firmer, but banks were

MELBOURNE £ s. d. E., S., and A. Bank .. 5 9 0 Goldsbrough. Mort .. 1 15 0 British Tobacco .. .. 1 17 lQi Gordon. Gotch .. .. 119 6" Howard. Smith .. .. 013 9 Mt. Lycll . . ..139 DIVIDENDS DUE

ii f. d. April 24 .. 6 15 11 April 215 .. G 15 7i April 20 .. 6 15 2.1 April 1!) .. 6 15 3" April 17 .. 6 14 8.1 April 16 .. 6 14 104 April 14 .. 6 14 Hi April 13 .. 6 14 9

s quoted as lollows:— £ s. d. April 23 .. .. 104 16 3 April 20 .. ..104 13 9 April 18 .. ..104 13 9 April 17 .. .. 104 6 3 April 14 .. .. 104 6 3 April Vi .. .. 104 G 3 METALS MARKET q op S 1' 1 \ J. A c.t V ipn s V inF ilv <; 1I.UXDOX, April juolatiuns:— April JU. April'J A ton. A ton, per— £ s. il. £ s. tundanl, .•--ji.jC M M JJJ .":! IS 'orwiird . . ;;:> It; 11£ ;;:s 3 >Hrolytio . . ::.-> 10 o ;!."> jr. to . . ::ii r> o :;<; o Viro burs . . :;i; 5 u 'Mi 0 ii'M yolci-li'd 115 17 (i .mcricun Electrolytic: S.;,0 cents per 1 vl — l>ul .. 11 in ti nil orvvard . . hi;, o .1130 dtcr— pot . . ll 17 ,•; i t js orwavd ' . . 13 -J y i ,j j. pot .. -'iig il rs 240 is 'orward . . iliT 16 3 23S 12 ■er — Standard, per oz. 19jd lnjd iue, per oz. . . 21-716d 21 7-1

London (a quarter'--H. CI. s. a. April . 16 7£ 16 6 June . 17 44 17 2 September . 17 104 17 8 Liverpool (a cental.) - May4 13 4 1 July . 4 3J 4 33 October 4 5i 4 53 December . 4 7 4 71

Par. RUGBY, Ap April 21. ril 2.*. April 23. raris. t>. to £1 12 5.21 77 11-32 77 7-32 Sow York, ilol. to i'l 4.1*01) :,. i 7 5.1-13 Montreal, do], to fl 4 .«!)<> r..i:: ; t 5.13J Brussels, belsrni to .ill ■J.', •J1.S7 2 1.771 Ck'ueva, fr. to i'l - 1 ", ""15 15.77 13.73 J Amsterdam, fl. to 11 1 •_•. 1 'J 7 7.54 7 .33 Milan, lire tn 92.4i; <;m 7 Ki j'j 15-It> Berlin, reiclimarttii to £1 30. H I :;.o:i i 13.0-H Stockholm, kr. to £1 18.1 59 19.40 19.40 Copenhagen, kr. to £1 IS. 159 22.39i 22.30i Oslo. kr. to £1 18.100 19.90!, 19.901 Vienna, scligs. to i'l 31.5S5 16 US Prague, kr. tn £1 ICi.25 12 2 E 122i Hclsinsrfor*, marks to £1 Madrid, P«'fc<* 193.23 22C:i :i7 1 1 :!2 22GJ 3 7 9-32 tat t" £1 Lisbon, escu-' dos to £1 Bucharest, l.'i 110 3 10 1 10 to .'-t Athens, drarh to £t .SI'?') .",](' :.;:-, Belgrade, .,. V w,.22.5 Rio de Janeiro, penro to ■I 392 ii n Juenos Aires, pence to dol. 47.577 :ioJ 3(J4 Montevideo, pence to dol. 51 ::>-i 3«i Bombay, pence to rupee Shanghai, pence to dol. 10 15 ,1-32 16 3-32 13 11G 161 Hong Kon?, pence to dol. , 18 17 11-10 Tokohama, - . pence to yen 2-1.57 It 3 ■ I' > Warsaw, par zlotys to £1 ■13.36 .._ Batavia, ,.,,.,

£ s. d. Balance brought forward from last year 552 19 Add net profit for year 3564 10 £ 4117 9 G Interim dividends paid (30 per cent.) 1800 0 0 Write off preliminary expenses and commissions 468 17 3 Write oft plant, machinery, construction and development 1014 « 6 Write off plant extension and improvements 351 4 2 Directors' fees to 31/3/34 200 0 0 Balance to be carried forward 282 18 7

£ s. d. To sluicing; costs ' -. 1C0-I 5 '■> To repairs anil maintenance .. 20O 19 4 To bush clearing .. .. 27 10 0 To rent of minims properties .. 10 It 2 To insurance . . •• 27 10 .1 i To gross profit •• 4015 G -1 C007 1 << By gold production . . Go<J7 1 ti I'ROKtT A Nil LOSS ACCOUNT To general expenses • I'' 11 '-' ■' Tii travelling expense* • ■ 1 •'• * " To directors' foes • • -<'» " " To secretarial fees .. 100 0 " To audit fees . . li> 1 •'i '' To interest - . 17 10 11 To net profit carried down .. HoO-l 10 "- * -Kiir, »; 1 t'.v S l.n.lit -tul3 0 -1 1JA1SIUTIES Nominal rapital . . . . 7'ciO \t 0 Jjtss unallotted shares ('reserved for vendors) .. 1000 u 0 Paid-up capital • ■ fi" Af) •> ° Mindrv creditor? . . If.7 n 11 accrued .. I"'.' '_' 0 .',|'I"-"Pri/iti"n account-— ltnlanci> last year . . f..12 13 1 Add prulit fui -year .. .'CGI 10 2 •1117 :> <i !..■■=- int.tic: d:'-.-ien'.!.* p.. id 1 '-"H) (i 0 2:117 !) 1 b.JL>G 1-J 5 A.-fcLTS JVeluninnrj expenses 0? 17 .1 commissions . . -I'M 0 0 Mining rishU and privUesjp* .. 2l'..i;: 1T7 3 I'lrmt and machinery, construction and development .. .pj.,.; .17 q I'lanf extension an.] improvement . 7 r -2 S .'"> Insurance paid in advance .. I » S ;i Kent paid in advance . . 4 13 Cold in band . . . . e>r,r, 7 l Cash in hand . . ,. 70 IS 'J j-fJOG 12 3

Sales on 'Change j £ s. d.; 200 Bank of N.Z. "D" Mort. shares I 14 3 20 Union Bank of Aust. 10 0 0 100 Southland Frozen Meat 3 5 0 250 N.Z. Breweries 2 1 11 (4) 2 2 0 100 British Tobaccc 1 17 6 200 Dunlop Perdriau Rubber (2) 0 13 6 000 Mt. Lyell U> 1 1 3 3 9 7 500 Bendiqo Goldlights 0 0 7 500 Bell Hooper (Is pd.) 0 0 91 165 Brian Boru (cum div.i (3) 1 19 3 1000 Goldflelds Dred g. <2> 0 0 8 0500 Mahakipawa (ID 0 0 8 4500 Mining House Con. ((3d pd.) (2i 0 0 4.'. 500 Moonlight Neis< jn C. 0 0 10 1300 Nevis Diesel Elcc. fS) 0 0 8 100 Okarito (2) 0 a 0 500 Rawang Tin leum 2 6 .1050 Waitahu < 7 j (7) 0 4 Sales Kcportcd 300 Gillespie's Bene li . 0 1 9 500 Mining House Con. <"6d paid) . 0 0 4i 300 Rawang Tin (cum div.) (7) 0 9 2 500 Skippers, Ltd. (9d pd.) Ins 0 0 10 l\./-i. uuvt, t JJ.C 1940 lodd lot) ! £1500 l.yUclton Ha 1 rbour 1 5;{ 103 iu:; 17 10 0 10 Bank of N.S.W. 32 15 0 100 Dominion Fort. 0 17 4 200 Dunlop Rubbei ijt 0 18 6 300 MoUiroa Oil 0 (1 3 4 11 0

N.Z. Government Debentures Buyei "S. Sc He "S. £ s. d. £ ¥.. d. 3'. p.c. Ins., 1938-43 103 0 0 -- ?,', p.c. Id:;.. J938-52 103 10 0 :;'. p.c. Ins., 1D39--13 102 15 0 103 10 0 3', p.e. Ins.. 1939-52 103 10 0 4 p.c. Ins., 194(1 .. 104 0 0 104 ft 0 4 p.c. Ins.. 11)49 .. 102 5 0 102 15 0 4 p.c. Ins., 19f>r> .. 103 0 0 — 4 p.c. Ins., 1940 .. 103 15 0 104 5 I) 4 p.c. Bonds. 1940 104 0 n — 4 p.c. Bunds, 1946 104 0 0 4 p.c. Bonds, 1949 102 12 (i — 4 p.c. Bonds, 1955 103 5 0 3.? p.c. Ins.. 1941 .. 100 5 0 102 10 0 Other Debentures Ch.Ch. Trams, C- 1 . p.c, MO 34 .. 103 0 0 Booth. Macdonald. (!.'. p.c.. 1937 55 10 0 — N.Z. Refmi,. (!', p.c.. 1935 101 10 0 102 10 0 N.Z. Refrig., 5' p.c, 1935 100 0 0 WcslpoH-Stockfon Coal. Gi p.c, 1938 94 17 a 95 0 0 Gisborno Sheepfanners. (>•'. p.c. 1941 91 0 0 Dunks Aus'ralasia 12 19 0 Com. of Aust. 0 1H 10 0 17 0 Com. ol' Ansl. <pf.) 9 15 6 10 10 0 Nat. ol Aus'asia (£10 paid, cum div.) 13 6 0 13 7 0 Kut. of Ausasia ' £5 paid, cum div.) (i 7 0 6 9 0 Natl, of N.Z. 3 13 0 4 1 (I New South Wales 32 15 0 33 0 0 New Zealand (cum div.) 2 8 5 2 8 10 New Zealand ('■])" Mort. shares i 1 14 1 — Union of. Ausl. 9 18 0 10 2 0 Insurance A.l'.A. Mercantile Mutual 0 10 4 0 10 1 '' 3 National Hum div.) 0 19 G 1 0 ti New Zealand -.. 3 0 0 South British 'cum div.) 3 18 0 Standard 3 0 6 3 1 0 Loan and Agency Dalsety and Co. . . 10 0 0 11 0 0 Goldsbrcui>h, Mort 1 14 a 1 14 8 National Mort. (A > 3 2 « National Mort. i.B) 1 10 0 . — N.Z. Guar. Corpn. 0 4 0 0 4 4 Wright, Stephenson and Co. tprei'.) 0 18 0 — Shipping i Iuddart-Parkcr Northern Steam 1 1 fir) ii') w) i (1 (j cj Union (pref.) 1 5 () P. and O. Deterred Stock 1 4 0 Frozen Meat Canterbury 9 0 0 9 5 0 Canterbury (pref.) —- 5 9 6 Gear — 1 7 3 N.Z. Refrig. (£ 1 paid) 0 17 5 0 17 11 N.Z. Refrig. (10s paid.) 0 7 5 0 7 6 North Cant. Freez. 0 11 0 — Southland 3 3 3 3 5 0 Wellington 0 5 6 ~ Coal Westport *. 0 14. 9 0 15 3

"Woollens Buyers. Se Hers. £ s. d. £ s. d. Bruce — 0 9 9 Kaiapoi (17s paicO 0 9 7 010 1| Kaiapoi (7s paid) 0 2 G 0 3 0 Kaiapoi (pref.) 0 17 9 0 13 0 Mosgiel (cum div.) 9 15 0 Gas Christchurch 1 9 0 1 10 0 Christchurch UOs paid) 0 14 0 0 14 9 Breweries Monteillis 0 11 0 New Zealand 2 2 0 2 2 G Staples 1 7 9 1 a 6 Tiniaru 0 G 6 0 o 6 Timaru '7s 6d pd.) 0 4 4 — Tooths 2 4 3 2 4 9 Miscellaneous Asso. Newspapers 1 3 9 — Allied Motors 0 2 6 0 2 11 Amalg. Wireless (con.) 1 5 0 1 10 0 Anthony Hordern 0 15 4 o io a Aust. Paper and Pulp 1 15 3 i 15 9 11 3 Aust. Glass — 2 Aust. Iron and Steel (pref.) 1 1 6 1 1 2 Beath and Co. 1 11 7 1 iZ u Beath and Co. (Is paid) 0 3 0 0 8 1 British Tobacco .. 1 17 4 1 17 6 Broken Hill Prop. (cum div.) 2 5 0 2 7 0 Burns, Philp — 2 17 0 Colonial Sugar . 65 12 (i -- D.I.C. (10s paid) .. 0 12 (i Dominion Builders' Supplies 0 4 3 Dominion Fert. 0 17 6 (1 17 8 Dunlop Rubber .. 0 IB G 0 18 7 Electro. Zinc lord.) 1 7 0 1 8 0 General MotorsHolden's ipref.) 1 1 0 'Gordon and Gotch 2 0 0 Greater Crystal Palace 0 18 6 1 2 0 Henry Jones Coop. 1 13 3 1 14 0 Howard Smith — 0 14 0 Hume Pipe (Aust.) 0 13 0 0 14 0 Moturoa Oil 0 3 10 0 4 1 Mount Lyell 1 3 (i 1 3 7 New Colosseum 1 10 0 1 13 V. N.Z. Drug Co. :; 12 0 3 i r> o N.Z. Farmers' Coop. • 1st pref.) . . ] 12 (i N.Z. Farmers' Coop. (A pref.) 0 8 0 1 0 0 N.Z. Farmers' Coop 4.', p.c. stock, 1940 7(i 0 f) 70 J 5 0 N.Z. Farmers' Coop 4'. p.c. stock. 1941 75 JO 0 7(i 10 0 N.Z. Fanners' Coop. 4'. p.c. Stock, 1945 75 10 0 77 0 (i Nth. Canty. Co-op. Flour 0 15 0 N.Z. Farmers' Fert. 0 IV 0 .. , Taranaki Oil 0 2 0 0 2 (! Weeks, Ltd. 7 10 0 Whitcombe and Tombs .1 11 0 Wilsons Cement . 1 G 9 1 7 3 Woohvorths (N.Z.) Cord.) a 12 (i N.Z. Malay Rubber 0 5 0 Evans Atlas Flour 2 5 0 | MinhJK Alexander 0 6 0 Alexander i 13 H paid) 0 15 1 U 1G 0 Aotearoa 0 0 71 0 0 11 Bell Hill 0 1 6 0 2 G JBell Hooper Us I paid) 0 0 95 0 0 10 |Bell Kilgour 0 0 6 0 0 7 | Bendigo Golri1 lights 0 0 Ci 0 0 7.', JBlackwater 1 11 6" 1 13 6 1 Brian Bora (cum 1 div.) ! 18 10 1 19 3 i Bulolo 7 0 0 •Deep Lead, Ltd. 0 2 0 0 2 4 1 Central Shotover i (<)d paid) 0 0 9 0 0 10 i Charleston 0 1 7 | Freshford 0 0 0.! 0 0 1 i Gillespie's Beach 0 1 in 0 1 10.'. j Glenroy (9d pd.) 0 0 s: 0 0 9L ! Golconda (9d pd.) 0 0 2 .... 1 Golden Dawn 0 1 8 0 2 (i ! Golden Point 0 0 15 0 0 2» 1 Goldfields Dredg. 0 II 7?. 0 0 8.;. | Hatter's. Flat 11 s i paid) 0 0 11 '; King Solomon fl 1 9 0 1 11 : Kuala Kampar 0 15 3 0 15 9 i Lawson's Flat 0 0 G J Maerewhenua 0 0 10' 0 0 11 Mahakipawa 0 0 710 0 8 J Mahakipawa tpf.» () 1 li 0 1 2 Mining House ! Cone. '(id paid) 1) 0 41 0 o 4;. Mount Morgan . . 1 0 0 1 0 9 Moonlight Nelson Creek 0 0 9?. 0 0 11 Nevis Diesel Elec. 0 0 7" 0 0 71 ' New Cornish Pf. I (Is paid) 0 0 10i I) 1 2 | New Cornish Pt. | iGd paid) 0 0 7.'. 0 0 11 j Nokomai 0 1 in0 ! 9 J Okarito 0 3 A 0 3 7 iOxcnbridge Shot-, over (Is paid) 0 0 10 Rawang Tin (cum div.) 0 9 U 0 9 2 Talisman Dubbo 0 9 (i Waihi 1 14 9 1 15 0 Waihi Grand June. 0 4 f> 0 4 10 Waitahu 0 4 6 0 4 C, Wctherstoncs 0 1 9 0 2 6 Skippers, Ltd. (Is paid) 0 1 0 0 1 2 Skipoers, Ltd. <9cl pd.) 0 0 9i 0 0 10 Placer Dcvelop- ! ment 1 0 0 - -

Anderson's, Ltd. (prof.) 0 10 0 0 17 0 Hen Ledi iCd pd.t 0 0 ,v> — Coulls, Somervillc. and Wilkie 0 Hi 0 Canterbury Roller Flour (10s pd.) ..... 0 15 0 Dominion Life 0 3 0 Invest. Ex. Trust. c'B'' debs., 2nd issue) 04 10 0 90 0 <l Invest. Ex. Trust. ("A" debs. ) 99 0 0 Long Trail (2s paid) -- 0 1 9 National Tobacco 3 0 0 —. N.Z. Per. Forests 2 7 (> 2 10 0 N.Z. Per. Forests (2nd issue) 13 0 0 N.Z. Redwood Forests (£351. 1950 25 0 0 Snowy River 0 0 2 Sun Newspapers (10s paid) n 4 0 0 4 6 South Seas Fish. 0 7 « Vigilant Fire Alarm 0 I 6 Warners, Ltd. 2 iO 0 10 0 Were's Invcstme nt Trust 0 4 2 0 4 4 W o o 1 w o rths (Vict.) <pf.) .. 1 5 f; I 7 0 W o o 1 w o r ths (Syd.) ford.) .. 5 15 0 Worksop Extended Us paid) 0 1 9

AUCKLAND Sales on 'Change £ p. d. Stock, 4 p.c, TOM 104 2 6 Stock, 4 p.c, 1946 104 0 0 Stock, 4 p.c. 1949 102 10 0 Stock. 4 p.c. 1955 104 0 0 Auckland Harbour Board, 4 p.c, 1936 101 0 0 Auckland Harbour Board, 51 p.c, 1948 105 0 0 Bank of N.Z. (2) 2 8 9 Bank of N.Z. (D morl.) ... . 1 14 0 Aust. Prow Assurance 0 10 6 South British (2) 3 19 0' 3 19 3 Goldsbrough. Mori 1 14 6 N.Z. Loan and Merc. 57 10 0 Auckland Gas (cont.) 0 18 6 N.Z. Breweries 2 1 9 British Tobacco 1 17 3 N.Z. Refrig. (10s pd.) 0 7 6 Big River 0 0 Z\ Blackwater 1 12 3 Gillespie's Beach 0 1 10 King Solomon 0 4 7 Maerewhenua 0 0 11} Mahakipawa , f6) 0 0 8i Waihi i 15 n" 1 15 3 Skippers (pd.) (2) 0 1 li Skippers (9d pd.) 0 0 10l Unlisted Stocks Invest, Exec Trust (2nd B") 98 0 0 John Fuller, 6J p.c, 1949 .. 85 0 0 WELLINGTON Sales on 'Change Ins. stock, 4 p.c, 1940 104 a. d. 0 0 Ins. stock, 4 p.c. 1949 102 10 0 Bank of New Zealand (3.) 2 8 9 N.Z. Paper Mills 2 1 8 7 11 0 Moturoa Oil 0 3 11 >.'/) 0 4 0 0 3 10 0 3 9 Taranaki Oil (2) 0 2 6 Mount Lyell 1 3 9 Okarito (2) 0 8 9 DUNEDIN Sales on 'Chanse a s. d. Commercial Bank 0 16 9 Dominion Fertiliser 0 17 6 Bell Hooper 0 0 10£ Mahakipawa 0 0 7J Okarito 0 8 6 Waitahu .. i\i> 0 4 6 .Sales Reported Bank of New Zealand .. 2 8 6 Broken Hill South 3 13 41 Bell Hooper 0 0 11 Maerewhenua date Mon.) 0 0 101 0 0 10 Mahakipawa 0 0 8 Nevis Diesel 0 0 7 Skippers (cont.) .. 0 0 9£

quiet. Morning: Sales ,C s. d. Commonwealth Bonds— 4 p.c.. 1041 106 17 6 4 p.c. 1947 107 10 0 4 p.c. 1950 107 10 0 4 p.c. 1961 •108 12 6 Associated Newspapers (pi) 1 3 9 Australian Glass 2 10 0 British Tobacco 1 17 9 Colonial Sugar GS 15 0 Dunlop Perdriau . 0 18 6 North Broken HiJl '.. 4 13 3 Mount Morgan 1 1 0 Wilcox. Mofflin 0 14 0 Aftanioon Sales Comin. Bank of Sydney .. 17 18 0 New Zealand Insurance .. 3 0 6 Associated Newspapers .. 1 4 3 Associated Newspapers (pf.) 1 4 0 Adelaide Steam .. 1 5 0 Australian Gas A 3 1 6 Australian Glass 2 10 0 British Tobacco .. I 17 9 Tooth's Brewery i_.arlton Brcwerv 2 4 9 Dunlop Perdriau 0 18 6 7h Dunlop Perdriau tpref.) .. 1 16 0 Morris Hedstrom 0 37 3 Henry Jones 1 13 6 Millaquin Sugar 1 9 6 Electrolytic Zinc 1 7 6 Farmers .. 0 19 0 David Jones ... 2 1 0 Lustre Hosiery 1 4 43 Standard Cement 0 17 3 Genera! Industries 0 12 6 Meggitls 1 2 6 United Provisions 0 9 0 Aust Iron and Steel fpf.) 1 2 4 A W. R. Carpenter (pref.) .. 1 2 0 Taranaki Oil 0 2 0 Mt. Morgan 1 0 10* Mt. Lyell 1 3 "l Broken Hill Prop. 2 7 0" North Broken Hill 4 13 3 Bulolo Gold 7 6 0 Rawang Tin 0 9 2 Commonwealth Bonds, 4 p.c.— 1938 105 7 6 1941 107 1 3 1SWJ 107 0 0 1947 107 7 6 1050 107 10 0 195:1 108 2 6 1P.T7 108 12 6 19M 107 0 0 1961 108 0 0

Due. .South Ilrilish — interim, Is 4d a share .. .. .. April 26 IJawans; Tin—-3d Blerling a share April 2'J United Insurance—half-yearly, at 7 per cent, per annum .. April 27 Addison's Flat Cold Mining Co.— l'JJ per cent. .. . . April 29 United Provisions —halt-yearly, ii per cent. . . . . April 30 P.vitish Tobacco—quarterly pref. (less Federal Properly lax), at rad) of GJ per cent, per annum . . . . April 30 Brian Horn Tlrpdping Co.—5 jier cent, interim .. April — N.Z. Investment, Mortgage, and ])oposit Co., Ltd.—final of :i P'-r cent., making 5 per cent. per annum . . . . May 1 Dank of Adelaide—final, at rate. of A per cent*, per annum . . May 2 M'ail-i Mine—final of Is a share in Merlins . . . . May i Woollen—interim of 4 per ni;t. .. .. May 14 IJrolien Hill Proptv.—half-yearly, 1- a share . . . . May 18 Perpetual Executors and TniMecs of Australia—interim half-yearly, at rate of li per cent, per annum . . May 1G Bank of N.Z.—final, 5 per cent., ■mikinrj 10 per cent, for the year .. .. Juuo 15

BANK AND MERCANTILE STOCK LONDON, April it. April 10. April -"4. BanksV. s. cl. £ «. d. Australasia Ml 0 0 9 IT 6 New fc'oulii Vnlrs 2<; 12 r, ■JO 0 0 Union of Australia h io n 1? (1 • National Bank of New Zealand :: 1 10* .-} - •» Bank of X.-.v Zealand. 1 l».e. d-bs. i...i n o I'.lj fl l>» Bank of X'-.v Zealand rhares •J ."> 0 2 5 9 Mfri-antilr Sioflc—New Zealand Loan and \lereantii.' 4 j...-. debenture? -o n o >M I" • New /.aland Loan and 'Mereantile ord. stool; . . ■i-> V) 0 dividend. r- io »