FINANCE AND COMMERCE

Press, Volume LXX, Issue 21257, 31 August 1934, Page 13

FINANCE AND COMMERCE

BRISBANE WOOL SALES ; VALUES REMAIN FIRM GOOD CLEARANCES u;nr:T.t> L'Ui.ss association—u; £i.»utkkj —coi'iaiairr.) BRISBANE, August 29. At tiie wool sales values remained firm on Monday's levels. The demand was strong and good clearances were effected. Top prices were: Greasy Merino lC.id, scoured 25 : ; d. DECLINE OF TEN PER CENT. IN IMPORTS lilG FRENCH DECREASE GERMAN FIGURES HIGHER i EOR SEVEN MONTHS (Received August 30, 8.20 p.m.) ' LONDON, August 30. The Economic Committee reports that during the .first half of 1934 woo] impoi ts of consuming countries were 150,000,0001b weight, or 10 per cent, less than the corresponding period of 1933 1 ranee was mainly responsible, her imports showing a decline of 120,000,0001b. Germany's imports for July were 9,000,0001b, compared with 26,000,0001b an 1933, but her import balance for the first seven months showed an increase ef 20,000,0001b over 1933. TOPS MARKET FIRMER , REDUCTION OF IMPORT'S BY FRANCE LONDON, August 30. The "News-Chronicle" says: "Following the announcement of reduced offerings of wool at the ...?xt series of Australian sales the Bradford tops market moved up slightly." SKIN SALE TRICES SLIGHTLY EASIER The Christchurch Woolbrokers' Association reports having held a sale of sheepskins yesterday. There was the usual attendance of buyers, but competition was not quite so keen, and prices were slightly easier. The following was the range of prices: .Sound. Faulty. Hanbred— d. d. cl. cl. Three-quarter to lull-woolled . . to 8i 7 to 7J-Half-woolled .. to 7.1 to 6i Short y .. to 3A to 3 Three-quarter bred— Three-quarter to full-woolled .. to 6 to 5,', Half-woolled .. to 5 to 4,! Short . . 3i to 5 2\ to 3:j Crossbred— Three-quarter to full-woolled ~ to 4A lo Half-woolled . . to 4 to 2 Short .. to 3 to l. r J Hoggets- - Halfbred .. to 51 to 5j Three-quarter-bred .. to 41 Crossbred .. to 3} Pelts . .. to 0] Green Skins—Halfbred, Is 9cl to 9s; three-quarterbred, Is 7d to 7s: crossbred, 2s to Gs 3d; hoggets, Is 6d to 3s 9d. DEPRESSIONS AND THE BANKS NEGLEC TED WARMXGS

A reminder was given at the annual meeting by the chairman of the Associated Banks of Victoria (Mr Ernest O'Sullivan) to those people who are blaming the banking system for the depression, that in the boom period bank chairmen at the annual meetings invariably warned the community ci the inevitable results of the orgy oi borrowing and spending. "Bui.' remarked Mr O'Sullivan, "no one, least, oi all governments and politicians, Listened, and the voice of the banks was like a voice crying in the wilderness. If anyone acknowledged their pleadings it was merely to denounce them as a lot of Jeremiahs bent; on preventing people having the riotous time to which they were entitled." It should not be necessary to point cut that instead of the banks being )c----sponsible for depressions, they are. like all other trading undertakings, victims of them, but the banking Question is being so clouded by political issues that it is necessary to restate the plain facts. It is because the banks .saw so clearly the shadow looming up behind the mountain of fictitious prosperity that they were able to stand the stress of the adverse conditions when they arrived, and that, _ unlike many other countries, Australia dia not suffer from a banking crash. 'ln times of boom," Mr O'Sullivan remarked, "when governments and the community generally are borrowing and spending all they can raise:, banks are looking forward apprehensively to the inevitable reaction, and are making provision accordingly." He added that if he could think that the system which he was upholding was iv- : nonsible for the chaos, miser:,', and distress in the world he should be "hiding himself in shame instead of participating in a public argument about it." I-VTTELTOX PROPERTIES SOLD There was a good attendance at the auction sale held at the Chamber of Commerce yestcrduy, when Ihrco properties at Lyttelton were sold by auction for cash. A farm of 33 acres and buildings on Voelas road was disposei of at £llOO, and a dairy herd of 13 cows was sold for £SO. A house P perty on Simeon quay containing perches, was sold for £3lO to Mi Alfred Bowden. A house property on Voelas road together with a quarter acre realised £250, the purchaser being Mrs C. Jackson. Messrs W. fiimes and Company conducted ! sale.

j RESERVE RANK j ! | ! WEEKLY STATEMENT | ASSETS AND LIABILITIES j ! I ll'USda ASSOCUTIO* -HSLXOBiif.) | ' WELLINGTON, August 30. ! j A Gazette issued to-night contains i ; a statement of the assets and liabili- j j ties of the Reserve Bank of New Zea- | j land, as at the close of business on J I Monday, August 27: ! ! LIABILITIES ■' J £ s. d. | j (1) Paid-up capital .. 500,000 00] | (2) General Reserve Fund . . . . 1,000,000 0 0 ' <3 > Bank notes 7,97p,310 0 0 ! j (4) Demand liabilities— I ! 'a) State .. 3.298.174 4 9 ■ ! f b ) Banks .. 16,510,535 16 2 j i _ Cci Other .. 1,291 •010 I (5) Time deposits . . - 1 j (6) Liabilities in curi rencies other than | New Zealand curJ rer.cy j 1 7j Other liabilities 29,974 1 0 | Total . . , 29,315,313 29 j i ASSETS £ s. d. ! (8) Reserve (a) Gold , . 3.202,179 0 0 j (b) Sterling ex- ! change . . 24,487.093 6 9 | •c) Gold exchange ' j (9) Subsidiary coin .. 108.040 7 !> | (10) Discounts— , j (a) Commercial & ' I a g r ; cultural j bills . . - j fb) Treasury and ; local bo d y , bills j (11) Advances-- | j (a) To State or ; ! State under- ! ] dertakings . . j i 'b> To other public authorities ! 'ci Other j (12) Investments 1,500,000 0 0: j i 13) Bank buildings ; (14) Other assets . , 17,999 0 3j I Total . . 29.315,318 2 9 : : Proportion of reserve ; ' (No. 8 less No. G> j to notes and oilier j demand liabilities 99.G5 per cent. COMPANY PROFITS ' "MOVEMENTS IN AUSTRALIA j j The increases in industrial activiI ties and trade turnovers of the last I two years are reflected in the ac- , j counts of Australian public companies I published during the last few months, ! ■ states the monthly summary of the ! I National Bank ol Australasia. The ; aggregate earnings of 48 joint-stock i companies for the last five financial years are compared in the following table:— Net Year. Profits. Losses. Profits. | £ £ £ i 1930 . . 3,472,768 9,430 3.463,333 I 1931 .. 2,407,639.. 215.393 2,192,246 I 1032 . . 2.015.533 148,412 1,867.121 I 1933 . . 2.094,726 58.244 2.036.482 I 1934 . 2.556,036 29,540 2,526,546 j 11: is seen, states the review, that j while profits have increased mark- j edly during the latest period, losses ! have been steadily moving downward ' since 1931. While it is recognised that j the improvement recorded is partly j an outcome of great efficiency of man- J agement an labour and is partly due | to writing down sundry assets during the previous two years, the increase of i 25 per cent, in results must be taken j as an indication of better trading conditions in general. A further and wider movement of the same kind i would go far toward increasing the I demand for labour and restoring a i large measure of prosperity. i The net profit for the latest period ; equals approximately 8.68 per cent, on the aggregate capital of £29,091,793. KEMPTHORNE, PROSSER, AND COMPANY

INTERIM DIVIDEND 11 "•*>■< AcJvi.'U rit-N I'BUSOEV.I.) DUNE DIN, August 30. At a meeting of the board of directors of Kcmplhorne, Proper and Company's New Zealand Drug Company, 1.te1., held this afternoon, an interim dividend of per cent, for the halfyear ended July 31 was declared. (The interim dividend paid for the half-year ending July, 1933, was 34 per cent., and the final 4 per cent.," the same rate as in 1932.1 VICTORIA NYANZA SUGAR CO. FA VOL RAIJU; CO NDITIONS U'UEJd is.-, .i'utivr til. WELLINGTON, Aususl 30. The Victoria Ky.!:i,::i Sugar Company has advised lite Stock Exchange Association that a cablegram from the plantations received to-day states that the locust situation lias definitely improved. The weal her is favourable and crushing will continue. The quantity of cane crushed to August UJ was 13,000 tons, the sugar manufactured 005 tons, and in process 113 tons. 1)A 111 V PRODUCE SI.OW MARKET The Sou:h Island Dairy Association, Ltd., has received the following market report from the New Zealand Produce Association, Ltd.. London:- — Butter—Quiet. 73s to 795: Danish J 00.". Cheese -Quiet, white, 4i>s; coloured, 4i'' (id. The New Zealand Loan and Mercantile Agency Company Ltd., advise that they have just received a cablegram from their London oflice under elate Wednesday, as follows: Butter—73s to 795. Market very auiel during the last fortnight owing to stored stock offering, and the weakness in Continental supplies. Cheesf---While. 43s (id to -IfJs: coloured las to 45s (id. Market slow. A. H. Turnbull and Company are in receipt of a cablegram from their principals. Messrs W. Weddel ana fomnanv Ltd. dated London Wednesday? as "follows:-Danish butter, 106s; New Zealand iinest, 70s: Kangaroo. 745: fjfw Zealand cheese white. -Us; New Zealand dices \ coloured, 465. Markets weak owing to slow demand.

MIXING NOKOMAI OPTION EXTENDED ASiu-.iiT;'.-;; DUNEDIN, August 30. Cabled advice was received from Mr Headley Williams 'London), on behalf of ail English syndicate by the Nokomai Gold Mining Company, offering £4OO to extend the option on the claim and plant from September 1 to October 1. The request was granted. Six hundred and fifty pounds has now been paid for the option. SANDHILLS UK PORT At a meeting of directors ol' the Sandhills Gold Mining Company, Ltd., on Tuesday, it was reported that the diversion weir had come through the recent exceptional flood very satisfactorily. The new weir suffered no damage, while an immense amount of good was done in the diversion cut. Ten feet depth of water had been passed through the cut and this had greatly widened it by carrying away upwards of 100,000 cubic yards of material. More than half the river was now diverted through the cut, and it was anticipated that the stabilising of the river through the diversion would shortly be elreeted. Ql ARIZ MOUNTAIN, LTD. The .statutory meeting of the Quarts; Mountain (I'apua.) Company was held at Dunedin on Tuesday. Moving tiu adoption of the statutory report, the chairman (Mr W. T. Euston) stated that Mr J. W. Thomson was i:i Sydney completing final arrangements in connexion with the purchase and shipping of the plant to Misima. The greater part of the plant procurable in Australia, together with the plant taken over from the Papuan -syndicate, approximately 130 tons to the insured valut- of more than £IO,OOO, had been shipped, and advice had been received that this plant had safely arrived at Misima. A final shipment of 35 tons was due to leave Sydney for Misima on Wednesday. From reports received l'rom Misima, good progress was being made there, and the directors wore more convinced than ever that the company had secured a good mining proposition, the management and the control of which was in the hands of a capable and well-organised staff. WHEAT TRADING CHICAGO FUTURES (cwi-iut> rr.iws nv e:.ecii;ic I i.LlvJi'.Ai II ■ .'Ol Y.IU.LIT.) NEW YORK, August 3. Chicago futures are: Cents a Bushel. Aug. 24. Aug. 29. September .. 103;{ 102] December . . 105J 103'; May .. 106;; 104 i New York 'cash' 109-V J03.1 PRICE OF GOLD • LONDON, August 29. Gold ia fine ounce) is quoted: £ s d. August 29 . . . G 19 August :'o .. . . 6 19 1 i August 27 .. . . 6 19 4 August 25 . .. 6 19.") Angu.-t 24 . . . . G 19 3 August 23 . . , . 0 lU PRICE OF SILVER LONDON, August 29. Silver tper.ee an ounce) is quoted:— Aug. 28. Aug. 29. Spot .. 219-16 21 0-16 Forward 219-16 219-16 AUSTRALIAN PRODUCE SYDNEY .MARKET

j * Received August 30, 9.15 p.m.) j SYDNEY, August 30. Wheat, on country sidings, is quoted i ;;t 2s Of], both bagged and bulk, equal ; to 3s Id and 3s 2d ex trucks in Sj'dney. i Flour-£8 15s. i Bran and Pollard—£s. j ! Potatoes —Tafinanian, £9 10s; Vic- ! iorian, £8 10s. Onions—Victorian Brown Spanish, to i £u iok. : I Maize Yellow 3s !trl, white .'is HO. : ADELAIDE MARKET tßeceived August 30, 9.20 p.m.) ADELAIDE, August 30. j Wheat—Growers' lots, 3s ljd. I Flour—Bakers' lots, £9 ss. Brai. and Pollard—£s ss. I i Oats—Algerian, 2s 3d. j ! Barley—2s Gd, 2s Bd. > ;■ i ! I | FOREIGN EXCHANGES j j 'Rt.iTisii om- t.vL \n!::i£.n.js.) ; i ( R'" O'.'iv-d 0, 7.5 !>. :i:.; j U'CdUV, .Vn-ust 'jrt. j I'ar. 2*. .\u :; . 29. ! Pm-i.-. lr. tw _ j | X<' ' Yuri,, I i fioi. i.. ri -i.-oy :..<j,v; I ! Mui.truiil, liel. I I to .-i i.til 3 j .!> i j .i.poj i : UniHsi>!s, i to SI S!.-. 21.80 li 1.! I (i.'iiev,), l'r. t.. I i -1 u0.22!.-> .1 r..:: 1 j J I i j Am-lerihim, 0. ! ! .Milan, lire tn "I .si i>2.-io o*3 .v." 2y-32 j ! IV'rlir,, reii:li- ; i to •'] . . 2".J" 12.77!. I .IJ t ' kr. til .si. lr. 1 "it'.::'.'.; l! lr.' jo Vj I.«.I0» 22.:.:'.;, | , O.Jo. kr ... ' >rlias. i Lr 1 ).. .'.-I ioi.2."> i -j... V ! Ik-l-in ,-f.p-s M adri.l. n.» f fi ::.j 7-1 c ' I.Mm.ii. -mi;- ' ili.;. !■-. : 1 ill' !!-; I :i- , ; |jl|.-lii;iv.s:. i..i . A tip n.-. «lr.K-li to.-.'i .-.L'II j Un. Jv J»!n.ir.., i ;.--nto (t .1. 01 LVJ i Uoi.i)" ■; < < ; | _ tt.ruj.v.* .!!• (5 I-t.5 1j 1 l'i 1 I tl/ iloi. lill ic 1 ; 11-1G ! { filing Kon~, j pfrn'i'to ilol. * !3>j lfj I Vukolii'.niii, I ! i.i'iH-'l" ye;i 2-1..'7 1-I'J-DC U'J-S2 | ] Wnrsinv, t 'tir | j /!■)I;■ sfu S! Ko:. .j I'fii-riuitrjii i>j prico of silver.

STOCK EXCHANGES CHRISTCHURCH YESTERDAY'S TRANSACTIONS There was an increased turnover on call yesterday, with the bulk of thj dealings in bank shares and industrials and prices of several sleeks showed improvement. Transactions, exclusive of vestibule business, were:— Sales oil 'Change £ s. d. £I4OO N.Z. Govt. 4 p.c. Ins.. 1955 <2) 110 12 6 100 Com. Bank of Aust. 0 15 11 68 E.. S„ and A. Bank (2) 5 6 6 50 Bank of N.Z. .. 2 7 5 40 Reserve Bank r 2> 6 9 3 6 9 0 30 Union Bank of Aust. 9 12 0 100 N.Z. Insurance (2) 3 2 9 100 N.Z. Breweries .. 2 7 5 50 Tooths Brewery 2 5 0 200 British Tobacco <2) 1 17 2 300 Dunlop Rubber . . 019 6 100 Electro. Zinc (ord. cum div.) 18 1 2300 Brian Boru (6) 0 1 7 700 Deep Lead .. 0 19 C2i 0 18 1950 Goldfields Dredg. (2) 0 1 04 (2) 0 1 1 2000 Mahakipawa (4) 0 010 300 Skippers 0 0 74 Sales Reported 50 Bank of Australasia (cum div.) .. 11 12 6 25 E., S., and A. Bank 5 7 6 200 Bank of New Zealand (late sale Aug. 2J) 2 7 7 100 Bank of N.Z. . . 2 7 6 30 Reserve Bank .. 6 9 6 100 Goldsbrough, Mort .. 1 11 8 300 Electro. Zinc (ord cum div.) .. 18 0 1 8 1 145 Kauri Timber .. 0 17 (i 1000 Goldfields Dredg. .. Oil 500 Mahakipawa .. 0 0 10 1350 Nevis Diesel Elec. .. 0 0 44 400 Skippers .. 0 0 8 UNLISTED STOCKS On 'Change 300 Woolworths (Sydney) ord. (4,i 3 8 9 3 a 8 Reported 200 Woolworths (Svdnev) ord. <3) 3 8 9 Bonds and Bank Shares New Zealand Government 4 petcent. stock due 1955 was firm with buyers and dealings at £llO 12s Od. Bank of Australasia cum dividend rose to £ll 12s 6d, and more were wanted at £ll 10s. Commercial Bank of Australia were fractionally firmer with sellers and business at 15s lid, buyers at 15s 9d. E., S„ and A. Bank shares advanced to £5 6s 6d and £5 7s 6d, and there were further sellers at the higher price; buyers at £5 6s. A late sale of Bank of New Zealand on August 29 was reported at 47s 7d, and dealings yesterday were at 47s 5d and 47s 6d, market closing 47s 3d buyers, 47s 8d sellers. Reserve Banks changed hands at £6 9s 3d, £6 9s, and £6 9s 6d. Union Banks were fir.nor at £9 12s. Miscellaneous New Zealand Insurance eased to 62s Od, buyers staying in at that figure, sellers at 635. GcjJdsbrough, Morts rose to 31s Bd, market closing 31s 6d buyers. 31s 9d sellers. Dalgetys were' firmer on buyers' offers £9 2s. New Zealand Breweries were fractionally firmer with buyers and business at 47s sd, sellers at 47s 6d. Tooths Brewery shares were firm with buyers and business at 455, sellers at 45s 3d. British Tobaccos had dealings at 37s 2d, and more were offered at 37s 3d. Dunlop Rubbers were firm at 19s 6d. Electrolytic Zinc Ordinary cum dividend were firmer with dealings at 28s and 28s Id. and further buyers at 28s. sellers at 28s 2d. Kauri Timbers had business at 17s 6d, and more were wanted at that price; sellers at 18s. Mining Brian Borus were fractionally firmer at Is 7d, market closing Jd either way Deep Lead had dealings at Is 9d and Is Bd, and more were offered at Is 84d. buyers at Is 7?d. Goldfields Dredging were fractionally weaker at Is OAd and Is Id, and these were buyers' and sellers' closing quotations respectively. Mahakipawas changed hands at lOd. buyers staying in at that price; sellers at 104 d. Nevis Diesel Electric were steady with buyers and business at 44d. sellers at sd. Skippers recovered to 71d and Bd, market closing 7d buyers, 8d sellers. Unlisted Stocks

Woohvorths (Sydney) ordinary were firm with dealings at 68s 9d and 68s Bd, market closing 68s 8d buyers, I 68s 9d sellers. " j LATEST QUOTATION'S | J Buyers. .Seller::, f : .Us. d. Z s. d. ! N.Z. Government Debentures i : oi p.c. In::., 1938-43 end 1:133-52 .. 103 I*2 fi ; p.c. It!.-., 1030-13 and 1939-52 . . 108 12 G ■1 p. i'. Ins., 1940, | and 1940 Bonds 103 0 0 j 4 p.c. Ins. 1940 I and Bonds, 1946 107 5 0 4 p.c. Ins., 1949 .. 109 10 0 I 4 p.c. Bonds, 1955 110 12 6 I 4 p.c. Bonds, 1949 109 12 0 : 4 p.c. Bonds, 1955 110 12 6 111 10 0 j Otlicr Debentures I Chatham Islands, j 4'> p.c., 1/12/55 . . JO3 0 0 Booth. Macdonald j 6'. p.c., 1937 .. 68 0 0 71 10 0 Banks Adelaide .. 5 3 G Australasia (cui.i div.) .. .. 11 10 0 12 2 6 Com. of Aust. .. 0 15 9 0 15 1! 1 Corn, of Aust. (pf.) 9 12 6 I E., S.. and A. .. 5 6 0 5 7 6 j Nat. of A asia I (£lO paid) .. 12 n C 12 13 0 jNat. of A.'asia (£5 paid) .. 6 4 0 6 G 6 | New South Wales i (ex div.) .. 31 17 6 32 5 0 1 New Zealand .. 2 7 3 2 7 fi | Reserve . . 6 8 6 6 0 6 ' Union of Aust. .. 9 110 9 14 0 ; Insurance ' A.P.A. . . 0 10 2 0 10 6 i National . . 0 19 8 10 0 ! New Zealand . . 3 2 9 3 3 0 ! South British . , 4 3 0 4 4 0 Loan and Agency Dalge'y and Co. . . 9 2 0 9 5 0 ' Gold:,brouf;h. Mort 1 11 6 1 11 9 Mutual Benefit . 10 10 0 N.Z. Guar. Corpn. 0 4 6 0 4 7 ; United Build. Soc. 115 118 ' Wright. Stephenson and Co. lord.) 0 18 3 Invincible . . 3 0 0 Frozen IMeat N.Z. (Z t paid." .. 0 18 6 0 19 0 N.Z. Refrig. (10s paid) . . . . 0 8 11 0 9 1 North Canterbury 0 18 0 15 0 Woollens , Ka'apoi 117s paid) (cum div.) 0 12 6 0 13 10 ! Kaiapoi *7s paid) ! (cum div.) .. 0 3 0 0 4 6 j Kaiapoi tprel.) I (cum div.) . . | Mosgiel .. 10 12 G ! Coal ' Westport . . 0 18 6 j Stockton 'ord.i 0 3 R ' Stockton (pref.) .. 0 5 0

Buvers. Seller.-'. I £ s. d. £ a. d. Australian Gaslight • "A" . . .. Auckland Gas '.. 15 0 Christchurch 112 0 113 0 j Christchurch < 10s j paid) .. 0 15 1 i fimaru . . 12 0 j Gisbornc .. 0 15 6| Breweries j Monteiths .. 012 0 035 6: New Zealand .. 2 7 5 2 7 61 Staples .. 19 9 111 3 j 'fimaru (7'C paid.i 0 7 3; Toohey's .. 1 C 9 i Tooths . . 2 5 0 2 5 3! White Star .. 0 12 0 Miscellaneous Anthony Hordern 014 3 014 7; Aust. Distiller--" . . Aust. Ci-tss . . 2 116 214 0 i Aust. Iron and Steel (pref.) .. 1 3 0 1 3 7 j Bcath and Co. .. Heath and Co. (Is ' paid) . . 0 9 0 0 9 6 i Eeriei . . 19 0 ' British Tobacco .. 1 17 0 1 17 3! Broken Hill Pty. 2 811 2 9 Oj Burns, Philp .. Colonial Sugar .. D.I.C. (10s paid) .. 015 11 Dom. Fertiliser .. 019 11 1 0 3 j Dunlop Rubber .. 019 4 019 b'i Electro. Zinc (ord., j cum div.) .. 18 0 1 0 2 < Electro. Zinc (pref., I cum div.) .. 115 3 1 Henry Jones Co-op 111 4 112 0 Kauri Timber .. 017 6 018 0 Mason, Struthers (10s pd., ex div.) 0 5 0 N.Z. Malay Rubber 0 7 0 I N.Z. Malay Rubber i (pref.) .. 12 6 i N.Z. Farmers' Co- !. op. (Ist pref.) .. 2 0 0 3 0 0| N.Z. Farmers' Co- 1 ! op. ("A" pref.) 010 0 j! N.Z. Farmers' Co- j op. (44 p.c. stock, 1939) " .. 83 10 0 85 10 0j i N.Z. Farmers' Co- j. op. (44 p.c. stock, j 1940)" .. 83 10 0 86 0 0! Northern R. Mill. J 15 0 Wilson's Cement 1 10 3 . Woolworths (N.Z.), I (ord.) .. 710 0 810 0 Woolworths fSyd.). (2nd pref.) .. Wilcox, Mofflin .. 013 0 014 Oj Quill, Morris (in liquidation) .. 0 3 2 0 3 61 Taupo Totara Tim. 0 6 0 0 9 0. Milling Alexander .. 018 7 019 3 ; Alexander (13 6 paid > . . 014 .11 015 6 j Aotearoa .. 0 0 7 0 010 1 Bell Hill . . 0 1 6 0 2 6 1 Bell Hooper (Is paid' .. 0 0 4 4 0 0 6 j Bell Kilgour 0 0 24 0 0 44 j Eendigo Goldlialits i (Is paid) .. 0 0 8 0 0 11'. Big River . . 0 0 6 0 010 \ Blackwater .. 1.12 0 I 13 0 : Brian Born 0 1 64 0 1 7J | Deep Lead 0 1 74 0 1 84 . Central Shotover (Is paid) .. 0 0 6 0 0 94 ; Charleston . . -- , Consolidated .. -- 10 0, Gillespie's Beaeii j (cum div.) .. 0 111 0 2 1] Glenroy .. 0 114 0 13 1 Golden Dawn .. 0 2 0] Golden Point .. 0 0 1; 0 0 24 , Goldfields Dredg- 1 ing .. .. 0 1 04 0 1 1] Golden Sands . . 0 2 81 0 2 94! Hatter's Flat .. 0 0 o Kildare .. 0 1 114 -- > King Solomon (cum di\'.) .. 0 4 24 0 4 3 Lawson's Flat .. 0 0 4 0 0 4 : M Maerewhenua .. 0 0 51 0 0 54 Mahakipawa .. 0 010 0 0 10i j Mahakipawa (pf.) 1929 issue . . 0 1 34 0 1 5 j Mahakipawa (pf.) ; 1930 issue .. 0 1 24 0 1 34] Mataki ..021 ] Min. House Con. • (!)d paid i .. 0 0 24 0 0 4 j Mount Lyell . . 1 0 4 1 0 5 1 Moonlight Nelson Creek . . 0 0 4 0 0 5 Nevis Diesel Elee. 0 0 44 0 0 5 New Cornish PI. (Is paid) . 0 0 6 0 1 0 New Cornish Pt. (7d paid) .. 0 0 1 0 0 5 Nokomai .. 0 3 1 0 3 5 Okarito . . 0, 8 0 0 8 3 Rawang Tin (cum i div.) .. 0 9 1 0 9 3 Waihi . . 112 0 113 0 ] Waihi Gd. June. 0 4 2 0 4 4 Worksop . . 0 17 0 18 Mossy Creek .. 0 1 6£ 0 1 8 Skippers 0 0 7 0 0 8 Peninsula Tin (15s paid) .. 10 4 10 6 UNLISTED STOCKS All transactions in stocks quoted in this section are subject to a different rate of brokerage from listed I stocks, and are not quoted on the offi-; cial list. Buvers. Sellers. £ s. d. £ s. d. Argo Gold Dredg. (3d paid) 0 0 2.} 0 0 34 | Ben Ledi (Is pd.) 0 10 Oil! Claude Neon Lts. 214 0 Dom. Life (6s pd.' 0 3 6 0 4 0 | Golden Gully <Gd paid) .006 ! Jone?: Nevis 0 0 6 ! Maori Gully (9<l pj it! i .. 0 010 0 011 1 ; N.Z. Dry Cell and Batterv - 10 0 1 N.Z. Min. Invent. 0 0 11 Oil : N.Z. Perpetual i Forests .. 2 0 0 2 8 9! N.Z. Woolpacks .. 0 16 0 j Opitonui Develop. 015 0 j Procera Bread (10s paid) . . 010 0 013 3] Resent Pictures ; (Christchurch) 0 9 6 j Smith, Wylie . . 0 7 0 010 3 j Snowy River .. 0 0 2) Western Estates (£1 paid) .. Wei-e's Invest. T. 0 4 9 0 5 3] Woolworths (Vic.) (pref.) .. --- 1 7 6 j Woo'worths (Syd.) ' ord. ... 3 8 8 3 8 9; WAR LOAN STOCK j RUGBY. August 29. ! British 34 per cent. War Loan stock | J is quoted as follows: ; I £ s-. d. I | August 29 .. 104 11 3 ] I August 28 .. 304 10 0 I | August 27 . . 104 8 9 ; ! August 24 ~ 104 8 9 , ] August 22 .. 104 7 6 ! | August 21 .. 104 7 6 ] ,

AUCKLAND | Sales on 'Change j £ s. d. 4 p.c. Bonds. 1940 C2) 108 5 0 j 4 p.c. Bond?, 1946 (2) 107 10 0 4 p.c. Bonds, 1949 ..110 0 0 4 p.c.. Bonds, 1955 (2) 110 15 0 !31 p.c. Stock, 1938-43 .. 109 0 0 3 j p.c. Stock, 1938-52 .. 109 0 0 oj p.c. Stock, 1939-43 .. 109 0 0 p.c. Stock, 1939-52 .. 109 0 0 4 p.c. Stock, 1940 . • 108 2 6 | 4 p.c. Stock. 1946 .. 107 10 0 : 4 p.c. StOCK, 1949 • ■ HO 0 0 i 4 p.c. Stock. 1955 . . 110 15 0 3J p.c. Stock, J94 1 -43 (2) 109 0 0 | Auckland Harbour Board, I 3959, 5.1 p.c. . . 106 0 0 Amalg. Brick (Auckland). I 7J p.c.. 1944 (2) 103 10 0 Comm. Bank of Aust. .. 0 15 10 !E, S., and A. Bank .. 5 7 0 .Kcservc Bank .. 6.9 6 A. P. Assurance • ■ 0 10 34 , i'armers' Co-Op. Auct. (£5 | paij) .. ■ .. 315 0 ! Goldsbrough, Mort .. 11l 8 ; Auckland Gas .. 15 7 i Auckland Gas icon.) .. 018 10 Bartholomew Timber .. 0 14 : banners' Fert. .. 0 19 6 N.Z. Refrig. (con.) . . 0 9 0 Claude Neon (Sydney) .. 117 6 1 17 0 Golconda (lOd paid) .. 0 0 5 GoJdiielcjs Dredging; (2)) 0 1 14 ; iving Solomon .. .. 0 4 2" Maerewhenua .. .. 0 0 (3 Mataki .. .. 0 2 3 lalisman Dubbo 0 12 6 WELLINGTON Sales on 'Change £ s. d. Ins. Stock, 34 p.c., 1939-43 109 0 0 Ins. Stock, 4 p.c., 1940 ..108 2 6 Ins. Stock, 4 p.c., 1949 .. 109 15 0 E., S., and A. Bank .. 5 7 3 Bank of New Zealand .. 2 7 6 2 7 74 Union Bank .. .. 9 110 Goldsbrough, Mort. .. 111 7 N.Z. Refrigerating .. 018 9 0 18 6 Southland Meat (late Wednesday) .. .. 3 11 0 Mossy Creek (late Wednesday) .. .. 0 1 74 DLXEDIN Sales on 'Change £ s. d. Eendigo Goldlight . . 0 0 10J Dominion Rubber .. 10 6 Reserve Bank .. 6 9 6 Sales Reported Reserve Eank .. C 9 6 E'.I.C. (pref.) (2; 15 0 Guarantee Corporation .. 0 4 7 Broken Hill South .. 3 18 6 North Broken Hill .. 4 17 6 N.Z. Breweries .. 2 7 6 Bell Hooper .. 0 0 SiBell Kilguur .. 0 0 3? Gi.'lcspic'rf .. 0 111 SYDNEY On the Sydney Stock Exchange yesterday the investment market maintained a linn undertone, prices hardening, with good class securities in strong demand. Commonwealth bonds were a trifle irregular. Morning Sales £ s. d. Commonwealth 4 per cent. Bonds, 1941 .. . . 106 3 9 Comm. Bank of Australia 0 15 10i Australian Gas A . . . . 7 16 6 Tooth's Breweries .. 2 5 0 Anthony Hordern (pref.) .. 1 3 4J, Australian Glass .. 2 13 0 British Tobacco .. .. 117 6 Broken Hill Prop. .. 2 9 0 Colonial Sugar .. ..63 15 0 Dunlop Perdriau . . . . 019 6 Goldsbrough, Mort . . 111 9 Afternoon Sales Bank of New South Wales 31 15 0 Comm. Bank of Sydney .. 17 7 0 Comm. Bank of Australia 015 10J j K„ S., and A. Bank .. 5 6 0 Aust. General Insurance . . 0 14 3 Assoc. Newspapers (pref.) 1 3 6 Hi'ddart Parker . . 113 3 British Tobacco .. .. 117 6 British Tobacco (pref.) .. 111 6 Tooth's Brewery .. .. 2 5 3 Toohey's Brewery .. 1 7 44 Australian Glass .. .. 2 13 0 Goldsbrough. Mort ~ 111 9 Wilcox Mofflin .. .. 0 13 3 Morris Hedstrom .. .. 0 16 3 Greater J. D. Williams .. 0 8 0 Millaquin Sugar .. .. 113 0 Electrolytic Zinc .. .. 1 8 44 I David Jones .. 119 9 Anthony Hordern .. 014 6 Standard Cemer.t . . 0 18 0 Drug Houses of Australia . . 1 0 44 Aust. Iron and Steel (pref.) 1 3 4.4 Mount Morgan . . .. 17 9 Broken Hill Prop. .. 2 9 3 Kuala Kampar .. .. 0 16 10} I Ravvang (ex div.) .. 0 810 | Placer Development .. 28 15 0 ' Commonwealth Bonds, 4 per cent.1938 . . .. 103 37 6 1941 .. .. 106 3 9 I 1944 .. .. .. 108 0 0 ! 1947 .. .. ~ 109 2 6 ' 1950 . . . . . . 106 17 6 1953 .. .. .. 108 0 0 1957 .. .. .. 108 10 0 ; .1959 .. .. .. 108 17 6 MELBOURNE i £ p. d. i Comm. Bank of Australia 015 9 I Goldsbrough, Mort .. 1 12 0 i Dunlop Perdriau .. .. 0 19 6 ! North Broken Hill .. 5 0 0 i ———— | METALS MARKET j LONDON, August 29. j Quotations:— i August "S. Aupnst 29. i A ton. A ton. i £ k. d. £ E. d. ; Copper j Standard, i-pot, 27 1* ft 23 3 101 r.mvavd .. 2S C. It 23 8 0 I Kle.-tn.lYlK .. ::i 0 0 :;t 0 0 j to ' . . ::i 15 0 .11 lo 0 ' AYir.' J.ars .. Kl 15 0 SI 15 0 ! AiMiM-icau electrolytic: 'J couts per lb. ! I-c.-i.i-I t . . 10 12 li 10 i:) 9 ! F..r.v:,r.l .. 1U 12 (i 303 Ii 9 i Si.plfr—i spot .. n ir; 9 in in 9 ! Fni' war.i .. i:( 1:! 9 3:S 13 9 ! Tin I 5]... 1.. 227 Ti 9 226 17 l'erv. :iril .. 22G l> li 226 7 li I Silver—j I inc. per 07. . . 2t 9-lCd 210-lGd I Murelanl, per i>l. 2:<!sd -'liid CLEARING SALE

Messrs C. E. Jones, Ltd., report having held a successful sale of furniture and effects, on the premises, No. 5 Rosebcry street. Spreydon. yesterday, on account of Mr McClelland. The following prices were realised:—Couch and two chairs £ll, sewing machine £9, rimu bedroom suite £7 2s Cd, bedroom suite £8 lis, wilton carpet £5 7s 6d. carpet and runner £5 2s 6d, Hoover £7 10s, palmstand £l. runner £1 lis, five chairs £2 15s, lawn mower £1 17s. part ware £2 2s, carpet sweeper £1 Is, table and chairs £3 0s 6d. Linen, blankets, etc., sold at satisfactory prices. —3 SOCK HI'RN PROPERTY SOLD Messrs W. E. Simes and Company report having sold for £590 by public auction, on behalf of the trustees in the estates of A. J. and M. E. A. Thomson, a property on Springs road, Sockburn. containing 30 acres. The terms were cash. There was a good attendance and keen competition. —3

GERALDINE STOCK SALE I Tlicvc was an exceptionally Miial! yarding at 1 tn> fortn.ightly fcl'H'k fe&l© at Oerjildiac on Wednesday. ]- r j,M»s vvr«:—Twenty-?! x votWr hoggets nt ir.s (id, 18 owes at £os T«J, 25 o\yo nt JOs, four wethr-r at. throo at 11 f I'd. J 3 c.vt'.s at r J I: '2d. _ _ _ riittlc Olio rfnv a! i"4 1 at A■! oLi, 1 nt .i'J ]'Js Gd, 1 a I rj 0». pigs—j-onr at KV., 1 nt f*s. - ft 31s Od, 1 u'l 10.- o*l, tv.o ; it ]1 y Hd, V, at H's

HEAVY TRADING RECORD DAY'S BUSINESS AT AUCKLAND DEALINGS IN GOVERNMENT LOANS [THE PRESS Special Serrlcc.] AUCKLAND, August 30. Recent heavy trading in Government loans culminated in & record day's business on the Auckland Stock Ex-

change. Seventeen transactions were completed in Government loans involving practically every issue on the j market, and representing a turnover, it is estimated, of about £15,000. A substantial proportion was for southern delivery. In addition to heavy trading in gilt edge, a large volume of other investment business was completed. Many of the transactions in Government loans were at record levels, particularly in bonds, which were bought in unusually large quantities, and 3J per cent, stock, which was forced upward by the weight of idle capital seeking a safe investment. The high prices ruling for gilt edge investments, and their remarkable rise during the last year, are features of the stock exchange at present. A year ago the market price of 4 per cent, bonds and stock ranged from £IOO 5s to £lOl ss, and for 3£ per cent, stock round £lOl, against the current prices of £lO7 10s to £llO 15s for 4 per cents., and £lO9 for per cents. Accompanying this movement has been a corresponding reduction in the yield to the investor who to-day is prepared to accept as low as £2 12s per cent., including redemption on a £IOO 4 per cent, bond maturing in January. 1940, and £3 6s 9d per cent, on a similar security redeemable in June, 1955. The average yield on today's sales was £3 3s 5d per cent.

BUTTER FREIGHTS AUSTRALIAN AGREEMENT REDUCTION SOUGHT U'fiOM OCa OTVH COEKI!SI'OKO£KTJ SYDNEY, August 25. It has for long been a sore point with Australian butter exporters that the freight charged on their produce to London has always been higher than the rate ruling from New Zealand. The matter has been discussed often enough with the shipping companies, but the butter people say that the arguments that have been brought forth have failed to convince them. They think that Australian rates should be lower, if anything, and, failing that, at least equal. New Zealand butter is now carried to England for £1 lis cheaper than Australian, which means that Australia is severely handicapped in the fight for a greater market. It is claimed that the additional charge on Australian butter imposes a penalty of more than £150,000 a year on the exporters, who, already, are finding it , hard to make both ends meet.

When overseas freights were lagfe discussed the shipping companies wS anxious to stabilise their business>ioq to that end proposed agreement# a long period—three years at Mrt" Under the impression that this Wmg mean concession of some sort : butter interests were willing tojgjST but there was strong opposition to tba proposal from wool and fruit exporter! In the end the butter people were dft* feated, and 12 months agreements wen entered into as far as other produce was concerned. The butter agreii» ment was extended to the end -TJfl August, and will soon come up for M* view. The fruit interests have withdrawn their opposition to a long* time agreement an 4 with this in mind the butter exporters are hopeful titat they will be able to come to satis* factory, terms with the ship owners &t a conference to be held in Sydney soon. Under the present contract . the freight on butter is £8 a ton, with a rebate of 7 J per cent, when the Might is paid. The new agreement offered by the shipowners is for £8 a ; ton, with a rebate of 5 per cent, provided not less than 60,000 tons of butter! 1 is shipped in a year. Last year more than 100,000 tons of butter was shipped, from Australia. The new offer fess not found favour, and the New Zealand freight rate will again be used as a lever in the negotiations with 'th(j shipping companies. t