FINANCE AND COMMERCE

Press, Volume LXXI, Issue 21404, 21 February 1935, Page 15

FINANCE AND COMMERCE

tpBEI> GIKG IN y ZEALAND IpjCUSH CAPITAL INTERESTED „,,-. or* cosaesrosßtsT.) LONDON, January 20. . o'uUiry meeting of the New and Investment CorMr S- C. Magonnis, * sicf that since the comftorporation it had acquired I"! «v«al alluvial and reef "t. areas :n the North and ,-including ih, Nokomai &e Smith Island), winch, m % of the directors and their offered favourable conditions ffcretopir/nt of profitably

Kite, on the Nt.'--.i«u areas Loatised." he said, "and gat win. in due course, be Geld Dredging L Ltd., recently registered in L\ritb aa authorised capital of Lin 1500,000 shares of 2s each. consideration payable to Efraland vendors of the Noko- _ t , £15,000 in cash (New jir-rencv) end a 30 per cent, -id interest in the capital of the The whole- of the ftisre, including hi 2 caoh pur[jffiiideralion, lor Nokomai is Wjried by >' our company. The [■* !ius finance and other cun- £& axe now being concluded Jdcwry basii. It 13 not proU !«s-L.e any working capital L-a: until the lurther boring Iffßdging srei:s iuitf been eoml ifeii iddiaoririi boring is beKodactcd mcer the supervision wsSewici; Momng ana Con:'giflil'ing engineer:;, and comt d the work :s anticipated . <•& next few months. The ,i dredge to be installed will S'jjtm taese boring results. Preliminary Reports staed that all other lift being closely investigated or-fany's engineers, and the reports were ex-ttt-'j? in the present year. It trarest them to know that the jr sew had associated with it ['fcelopmtnt of ail its mining O tfae Anglo-Oriental Mining seat Ltd., and the Australian je Trust, Ltd.. both of which E*s were already interested in iBK is New Zealand. The areas v.*ilh these companies pr&d for joint action in all tiepsitior." in the Dominion. Issalian Selection Trust was ftaJrolled by Oroville Dredglegey, Ltd.. and Camp Bird, ftelredors were unanimously Iwaoa that the reports so far of MR .such as to warrant an jpriew being taken as regards lis* {ucc.-ss of the undertak-

Stain; Position MHediey Williams, who has ai£j personal investigations in ansa, aid: :x."jja fe production of gold 5« Zealand has exceeded &j!M, I consider it is still in Uif a regards the development i&itnsire golri.'ieids under rnodsdiadtvhirii, together with the rtpitt cf gold, enable fields ttjksted which were previously «* et profitable development JBBSU acquired by the coni**nse reef properlies and »i jwperties, and it is difficult ? nkh of these two varieties FB* She more impoitant. Of ssal areas which are of inter- *?. tad in which the company WW, practically all those of KTUaeare such as in former «« bt?ond the capacN of the **M alluvial plant of those -see has been a notable adf '•* design of dredges a;id W»«i plant in trie last few » es regards ciliciency and ?J5.? cavatin S ami gold reed tte areas under review by -•a* a character lhat we are tf® to apply the progress in '•«* profitable advantage."

X*k«m»l Property mm spoke of the Nokomai ri .? , by far the most adl« which he had had the *7 of closely examining on tvhT omsir - he said - " 1S an («*• c ? ns "»erable yardage £*» oas already been proved. SiT?*? , have "Ported H J7* du *l°»d between ■wbie yards and 15,000,000 ttScS? 1 drcdsinß « round •WeS-Joi *• filing gold at r "SmSo 1 " 4 £ erc are £ome *,,f™. cubic yards of JWund in which they have wKIH? Value;J Slven have 38rJ& "i'i^ 8 orations. »• from f C Um ° z °t gold taffSSf Noko!nai b - v add iour other alluvial tfhUi ""wentrating our »R °" N f- omai in order Itlbt Tlb m the earliest

, I«ef Areas ■Sura. f es -. whiCh offer suffi•SßS" comlMc<lj £ orth and *3. j 9 * d 'strict in the P tte futuS y cry , °Pt«mistic i*»«ib ? e K d " e! °P m ent of **W«\r" b ° lh the districts '•kJLS'. 50 ' resuscitating iarge s «ms to mi* IktZ lgate - We arc deal «» T °P en «l "P'in reJ"- Practically al! K«S^ U H Pment ° r 'lecidod IPs* a sn y / ,ccet;s worl:ORtoiirl ho ht,vo either !««*T 0 ?j! ,jr have spent m Jhcrough investi*%EßTOX s„ ow "»*«*■■« Show &*rf£ 1 ! nd ? nce - Addition-,' G TJ vcn2iC> : Keldfefc* hick <Tc ore **)%» 'Wit. Miss I. B rn . |l r BiW y * Champion

MINING UPPER SHOTOVER (TBE3S ASSOCIATION TELEGRAM.) I ! GORE, February 20. | After prospecting unsatisfactory ! ground, the Upper Shotover Company now reports a wash-up of 14oz for two weeks' work. TALISMAN DUBBO RETURN Forty-seven tons of ore were treated at the Golden Dawn battery for an actual return of £312. AUSTRALIAN GOLD OUTPUT Preliminary figures made available indicate that the value of gold production in Australia last year was approximately £7,500,000 in Australian currency, an increase of mere than £1,000.000 on the value of production in 1933. In the five years of revival since the low marl: of £1,814,457 was touched in 1929, the value of gold won has increased fourfold. All states except Tasmania show an increase for last year compared with 1933. ROUND HILL OPERATIONS The second annual accounts of the Round Hill Gold Mining Company, Ltd., which is operating near Riverton, Southland, for the year ended December 31. show a working profit of £1436. This has been transferred to the development account, and, after providing for directors' and auditors' lees for 1933, £260, boring £283, preliminary expenses £147, and geophysical survey, £4O, the debit in this account is reduced from £1258 to £552. The directors state that the gold won during the year, which was the first complete year of operation, amounted to 8490z 15dwt, or an average of 70oz 16dwt a month. After payment of charges the net return was £6369, which gave an average return of £7 9s lOd an ounce. A considerable amount of development and maintenance work had been done on the 50 miles of water-races held by the company, and with few exceptions the races were in good order. Development work to ensure an rmple supply of water under all weather conditions was being proceeded with, and it was hoped to have 80 chains of new pipes in commission by the end of next month. The result of this would be shown in returns, which should average 140oz a month from the installation of the new line. With the increased turnover, the future of the company seemed assured for very m: ny years. Mr J. Armstead was appointed managing director during the year. The retiring director. Mr J. T. F. Mitchell, offers himself for reelection.

AUSTRALIAN GOLD MINING FEDERAL GOVERNMENT'S ASSISTANCE An Australian mining engineer, with New Zealand experience interviewed in Auckland the other day, compared v. hat he described as the little help Riven by the New Zealand Government to mining compared with the Federal Government's attitude. The New South Wales- Minister for Mines the other dav disclosed details of the grant cf £42,500 to New South Wales for the stimulation of mining. Of that sum. he said, £17.500 had been mode available to subsidise mine owners, companies, and those engaged in mining generally, in the actual work of sinking and driving on sites which had been inspected and approved by the Prospecting Beard. Under this scheme it was hoped that many mines, which were now dormant, might be developed, and employment found for a large number of men. Parties which had made a find would be encouraged. The amount had been made available by the Commonwealth on condition that a similar amount was provided by the State Government, so that the total sum available for prospecting in general would be £35.000. The Minister said that £IO.OOO lid been set aside to assist in the purchase of small crushing batteries, pumps, and mining plant. Part of this fund would be utilised for erecting and maintaining treatment plants in suitable localities. A special amount of £SOOO had been provided for the specific purpose of assisting unemployed men on the coalfields.

In addressing a meeting of electors, h. member of the House said that the history of previous depressions in Australia revealed that its recovery had generallly synchronised with revival in mining for precious metals. In the middle of last century Australia produced 40 per cent, of the world's gold. To-day it was producing only 2 per cent. From 1901 to 1910 the value of Australian gold production averaged £14,000,000 a year. Such production in present-day higher values would be worth £20,000,000, which was greater than the value of the current Australian wheat harvest. The Federal Government was satisfied that opportunities for an increase in gold production existed in all states. There was a disinclination to embark on the actual work which employed additional men. A mining encouragement plan, with the co-operation of all the Governments, would put large numbers of men in work, and at the Fame time impart a measure of confidence in general mining activity.

WHEAT CHICAGO FUTURES (C.VITF.D PRESS ASSOCIATION—BY ELECTRIC TELEGRAPH— COPYRIGHT.) NEW YORK, February 19. Chicago futures are:— Cents a bushel. Feb. 16. Feb. 19. May .. .. 97j] 98' f July .. .. 90§ 9.U September .. 88:[ 903 New York (cash) 117 117J MISCELLANEOUS SALES Mr H. 0. Smith, the City Market, reports the following sales privately and at auction la-t v.c.-k: —Hay guiding £lO ss, do. £2 10s, chestnut gelding £•'! 10s, hay mare £4 10s, l.aiiv ponv £0 H> v . Jersey cow £8 Bs, do. A.') :;.-•, 'do. £:S !s, Jersey bull :-J£gns, do. 2gns, Jersey lieifer £5 13s (id, do. £4 4s, black cow i'.j Ills, yellow cow £l, Jersey lieifer £5 J ss, Jersey cow £0 ss, do. £4, Jersey lieifer £2 12s 6d, Jersey cow £2 10s, do. :.l ss, do. £5 10s, set small disss £7, saddle find breeching £4, If windmills £ls. 1 do. i'2 ss, centrifugal pump £3. Ford li'i.lc £IU, counter £1 15s, pig feeder £4, v. indniill stand £:J, 4 tanks £l(s, separator £2 ld>., scoop £3, window £1 2s (id, 10 do/.i-n rabbit traps £lO, set tubs £1 15s, v. omaii's cycle £2 3 os, boy's cycle £2, bicycle £:s, do. £2 10s, portable gramophone £1 ss, .'! billiards cues £2 10s, set snooker balls £B, small billiards table £(>, settee, and squab £2 15s, oak d. chest £4, v. anlrnbe £2 10s, do. £:), do. £U 15s, do. .; - 15s, do. .':-. do. V2 15s, set scales .Vo '■-. carpel £ I 12s lid. 2 li. rugs £2, d.-.v. I. ,1 a-i4 wire >:::. K cbairs £:j Bs, chert of mr/.'s 12 7 s (id, kitchen dresser £1 cupel £2 17s Gd, settee iil, 3 foldiiig bed'< £1 12s Cd, ducbesue.chest £2, t . __ ~ i—;.B.

BRITISH MEAT SUPPLIES MODIFIED OPTIMISM OXFORD PROFESSOR'S VIEWS (ibioj oca owh correspondent.) LONDON, January 26. Professor J. A. Scott-Watson, of the School of Rural Economy, University of Oxford, addressed Norfolk farmers a few days ago on the subject of meat supplies. The important point in looking at the outlook for the future was the number of cattle less than one year old and those one and two years old, he said. Both in England and Ireland these numbers were beginning to fall after a long-continued rise. The number of calves fell by 2| per cent, last year, and the number of yearlings also showed a slight fall. This was a relatively small matter, perhaps; but it must be remembered that there were two other tendencies leading to an output for a given number of cattle. One was the killing of cattle at a young age and a lighter weight, and the other was that dairy herds were still increasing and more heifers were always being required for herd replacement. With these tendencies the real drop in the numbers was about 4 per cent. These developments in this country indicated some improvements in the price of caltle in the future.

Referring to the total exports of thp exporting countries, the professor said it was commonly supposed that British troubles were due to overseas competition, an increased output from the exporting countries. This was not so. The total exports of beef, chilled and frozen, reached a high point in 1926-2*7, but sincio that time there had been a very big drop. The total exports in 1926-27 were 18,000,000cwt and in 1933 they were down to 12.000,000cwt, a drop of about onethird, and there seemed to be no likelihood of an increase in these figures in the near future. It was true that an increasing proportion of these exports were coming to this'country. In 1924-2S C. many took more than 2,000,000cwt of chilled and frozen beef more than 10 per cent, of the totai supplies. For the last three vears sin had been taking none. A good deal of Britain's trouble was due to the dropping out of Germany as a buyer. Mutton and Lamb Professor Scott-Watson said he thought the outlok for mutton and lamb seemed to be much more cheerful. Sheep had maintained thenprice well since the war. The number of sheep in this country had dropped from 25,000,000 before the wer to 24.000.000 in 1934, after going up to 26,000,000 in 1920. Tile numbers in New Zealand were also going down. Consumers' tastes seemed to be moving more towards mutton, and as the home produced mutton was by far the best article, the prospects on this side of the meat producing business were brighter. One reason for the fall in numbers in this country was the decline of the turnip and swede acreage. Since the war the acreage in these had fallen 50 per cent., with the result that the feeding of sheep from Christmas until March had become more difficult. This was shown in the difference of the prices of the March to May months, and those oc September to November. Before the war the difference amounted to Jd per lb, whereas during the last six years it hss amounted lo I.Bd per lb." Experiments were being made at Oxford, with every prospect of success, to find a purely dry ration to take the placr* of roots in (he first months of tin year.

DAIRY BOARD

CANDIDATES FOR MIDDLE WARD ADDRESSES TO FACTORIES' ASSOCIATION (rBESS ASSOCIATJOV TELEGRAM.! PAHIATUA, February 20. Six candidates for the middle ward seat on the Dairy Board, addressed a meeting this morning o£ the Bush Dairy Factories' Association. A ballot resulted in the speakers stating their views in the following order:—Messrs Sutton, Green, Dermcr, Campbell, Linton, and Roberts. The candidates, undeterred by a rather sparse attendance, were allowed 20 minutes, with 10 minutes for questions. Two members of the present board expressed divergent views. Mr Green criticised the mutilated reports of the board's business appearing in the "Exporter," after censorship by Mr T. C. Brash. He maintained that the subsidy given to the "Exporter" should bo abolished and the meetings thrown open to all sections of the press, to use their own discretion and ensuring fairer publicity for each member. Mr Dermer defended the "Exporter," contending that it was futile to suggest that, the meetings be thrown open Fo the press, as there was too much business of a confidential nature. He said he had never been on a board where there was so much suspicion amongst the members. An undercurrent of feeling was always below the surface, the reason being the lack of unity between one section of the industry and the others.

DAIRY PRODUCE MARKET QUIET A. H. Turnbull and Company, Ltd., are in receipt of a cable from their principals, Messrs W. Weddel and Company, Ltd., London, dated February 19, as follows: — Danish butter, 115s, New Zealand finest 85s, Kangaroos 84s. Butter market quiet. New Zealand cheese, white 48s, coloured 48s. Cheese market quiet. COLOMBO TEA AUCTION (PBESS ASSOCIATION TELEGRAM.) DUNEDIN, February 20. Mr L. M. Wright has received the following report on the Colombo tea auction of February 19:—"The market for common teas advanced about 3d. Medium teas were steady, and fine teas firmer. The quality of the offerings was good. About 1,610,0001b is catalogued for'auction next week." PROPERTY SALES « Messrs Ford and Hadfield, Ltd., report having sold on account of Mr Turton, a five-roomed bungalow in Innes road, Papanui, to Mr Neutze. —8 Messrs C. E. Jones, Ltd., report having sold, following on the offering by public auction, the property in Pratt street, Redcliffs, comprising a residence of three rooms and kitchenette, with all conveniences, with one-eighth acre section, on account of the owner, to a client at a satisfactory figure. —8 Messrs N. H. McCrostie and Comnany report having sold on account of the mortgagees the property at No. 40 Mersey street, St. Albans, comprising a bungalow of four rooms, with 2? perches s& land, Jq : gj.plient, jmtA t^

TXMARU GAS CO. SUCCESSFUL YEAR DIVIDEND OF 5 PER CENT. A dividend of 5 per cent, for the year is recommended in the sixtieth annttal report of the Timaru Gas, Coal, and Coke Company, Ltd., to be presented to the annual meeting of shareholders on Tuesday next. The report states that while the profit on the year's working was not quite as much as last year's, in reality it was more than equal, as the amount written off for depreciation on works, plant and mains, and services, was £354 greater than last year. Ample provision had been made for income tax. The bad debts for the year amounted to only £lO 4s Id and all overhead expenses had been kept down to the lowest possible minimum. Regret was expressed at the death of Mr Walter Raymond, an active and valued member of the board. The arrjount available for distribution was £1398 6s Bd. The directors recommended that a dividend of 2 h per cent, for the half-year be declared, making 5 per cent, for the year just ended; that a sum of £149 18s Id be carried to the plant renewal reserve account, and that the balance, £269 5s lOd, be carried forward. The retriing directors were Messrs J. W. Adams, J. W. Fair, and C. G. Bryan-King, all of whom offered themselves for re-election. Notice to nominate Mr W. Allport for the position of auditor had been received.

SYDNEY WOOL SALES

STRONG FOREIGN COMPETITION (UNITED MESS ASSOCIATION—BY ELECTHIC TELEORArU—C-OPVIUGUT.) (Received February 20, 9.20 p.m.) SYDNEY, February 20. At the Sydney wool sales, 12,136 bales were offered, 10,778 sold, and 1124 disposed of privately. There was strong competition from Japan, France, and Germany, wilh limited support from Italy, the United States, and Australian mills. The market was unchanged. Greasy merino brought to 17',d for iivc bales. THIRD CHRISTCHURCH SALE The following is the order of sale at the third Christchurch wool sale of the season, to be held on Friday, March 1: 1. New Zealand Farmers' Co-op. Association, Ltd. 2. National Mortgage and Agency Co., Ltd. 3. H. Matson and. Company. 4. Pyne, Gould, Guinness, Ltd. 5. Dalgety and Company, Ltd. C. New Zealand Loan and Mercantile Agency Company. Ltd. SALE OF UNCLAIMED GOODS Messrs C. E. Jones, Ltd., report having held a successful auction sale of unclaimed Roods on account of the superintendent of police, Christchurch, in their sale room yesterday. The room was crowded with buyers. Sixty bicycles were sold, at prices ranging from £1 to £4, and 27 rifles from lis to £2 7s 6d. Sundries sold at satisfactory prices. •f> FOREIGN EXCHANGE RATES The Bank of New South Wales, Christchurch, quoted the following rates as ruling yesterday for its purchases and sales of foreign exchange. All rates are .subject to alteration without notice: JSuying. Selling. London—- £ N.Z. to .£IOO stg. T.T. 12-1 3 24/10 O.D. 123/10 J24/7/0 Australia—- £ A. to £IOO N. 55. T.T. 101 300/10 O.D. 101 IUO/10 Fiji—- £ i'\ to £IOO N.Z. T.T. 90/7/0 89 O.D. 90/7/0 81) New York— Dol. to £1 N.Z. T.T. ;i.!ls : i ,3.91 o.D. 3.97 a.oij Monlrenl— Dol. td £1 N.z. t.t. :j.r>r>i :(.mj O.D. y.OG.i 3.92 France — Francs to £1 N'./C. T.T. 00.0 1 r>B.7 1 O.D. 00.3 1 58.76 Noumea— Francs to £1 N. 55. T.T. 00.90 -,7.1)0 O.D. (il..*ili 58.01 PapeeteFrancs to £1 N.Z. T.T. 00.96 57.00 O.D. 00.36 58.01 Belgium— Belgas to £1 N.Z. T.T. 37.155 10.455 O.D. 17.255 16.470 Germany— Kcichmarks to £1 N.Z. T.T. O.D Italy— Liro fo £1 N.Z. T.T. O.D. Switzerland—--I'ranca to £1 N.Z. T.T. 12..310 11.910 O.D. 12.385 11.920 Holland— Florins to £1 N.Z. T.T. 5.924 5.074 O.D. 5.974 5.G78 Java— Florins to £1 N.Z. T.T. 5.875 5.050 O.D. 5.925 5.G54 Japan— N.Z. pence to yen T.T. - ]7 21-3" O.D. Shanghai— N.Z. pence to dol. T.T. 21 15-10 2111 O.D. 21 13-16 23 3-1G India and Ceylon— N.Z. pence to nip. T.T. 22 7-16 22 25-32 O.D. 22 5-16 22 23-32 Hong Kong— N.Z. pence to dol. T.T. 2G ; ; 27 13-10 O.D. 263 27: i Singapore— N.Z. pence to dol. T.T. 34 7-16 353 O.D. 34 5-10 35 5-10

DOLLAR-STERLING EXCHANGE The Associated Banks (other than the Bank of Kew South Wales) quoted the following dollar-sterling rates yesterday which are subject to alteration without notice: U.S.A. Canada, ilol. (101. Conversion of dollar hills received for collection and sale of dollar drafts and telegraphic transfers .. 4.86 4.SG Fnrrhnse of dollar hills 4.00 4.00 On a New Zealand currency basis these rates are equivalent to: Selling— T.T. 3.90.1 3. 90} o.l>. 3.90:J 3.90:' i Buying— O.T). 3.07 3.97 METALS MARKET (UNITED PRESS ASSOCIATION—B? ELECTRIC TELEGRAPH —COPYRIGHT.) LONDON, February 19. Feb. 18. Feb. 19. £ s. d. £ s. d. Copper— Standard, spot 27 5 6 27 10 0 Forward .. 2710 (i 271.) n Electrolytic . . 30 5 0 30 10 0 to . . !J0 15 0 310 0 Wire bars . . 50 15 0 31 0 0 American electrolytic: 9 cents per lb. Lead— Spot .. 10 3 9 10 3 9 Forward ..1089 1089 Spelter— Spot . . 12 2 6 12 0 0 Forward 12 1 3 12 2 6 rinSpot . . 229 15 0 229 12 fi Forward .. 225 12 (i 227 17 0 Silver— Fine, per oz. „ , 24 13-16 d 25d Standard, par OZ,

STOCK EXCHANGES CHRISTCHURCH YESTERDAY'S TRANSACTIONS Markets were more active on call yesterday, and there was an increased turnover in a wider range of stocks. Transactions, exclusive of vestibule business, were:— Sales on 'Change 100 Comm. Bank of Aust. 016 3 5 Bank of N.S.W. .. 30 2 6 600 Bank of N.Z. (4) 2 9 6 COO N.Z. Refrig. (10s pd.) 0 9 1 0 9 0 100 N.Z. Breweries (2) 210 3 200 Staples Brewery (2) 111 0 100 Broken Hill Prop. .. 210 3 '2 10 0 300 Big River .. .. 0 2 3 800 Goldfields Dredg. (2) 0 0 8 500 Mahakipawa ~ 0 0 9i 200 Mount Lyell (2) 017 7~ 200 Nokomai .. .. 0 2 3 100 Rawang Tin (cum div.) .. .. 0 711 0 7 10} Sales Reported £SOO Christchurch Trams, 4} p.c., 1/8/54 (late sale, 19th) .. 105 10 0 025 Comm. Bank of Aust. 016 4 0 16 3 0 16 2 100 Bank of N.Z. .. 2 9 7 400 N.Z. Refrig. (10s pd.) (2) 0 9 1 200 N.Z. Breweries .. 2 10 3 2 10 1 100 Staples Brewery .. 11l 0 100 Dunlop Perdriau Rubber .. .. 0 18 6 400 Big River .. .. 0 2 3 1100 Maori Gully .. 0 14 UNLISTED STOCKS Sales on 'Change £ s. d. 300 Macetown .. .. 0 13 100 Reece, Ltd. (pref.) .. 0 2 6 200 Upper Watut (2s pd.) 0 6 4 0 6 3 100 Woolworths (Sydney) 412 6 4 12 0 Sales Reported 200 Woolworths (Sydney) oi'd. . . . . 4 13 0 Banks and Insurance A late sale of Christchurch Tramway Board 4j per cent, debentures, due 1954, on February 19 was reported at £lO5 10s. Commercial Bank of Australia were fractionally weaker with dealings at 16s 4d, 16s 3d, and 16s 2d, and further sellers at 10s 3d, buyers at 16s 2d. Bank of New South Wales changed hands at £3O 2s 6d, and there were further buyers at £3O, sellers at £3O 10s. Bank of New Zealand were fractionally weaker with dealings at 49s 7d and 49s 6d, and further sellers at the lower price, buyers at 49s sd. National Insurance were easier with sellers at 22s lOd. Unsupported sellers of New Zealand Insurance reduced their limits to 67s 3d. Buyers of New Zealand Loan and Mercantile first preference stock raised their bids to £BO without attracting sellers. New Zealand Refrigerating 10s paid were easier with dealings at 9s Id and 9s, and further sellers at the lower price, buyers at. 8s lid. New Zealand Breweries appeared easier at 50s 3d and 50s Id, market closing 50s 3d buyers, 50s 4d sellers. Staples eased to 31s, and more were offered at that figure, buyers at 30s 6d. Sellers of Tooths came down to 465, buyers at 445. Amalgamated Wireless contributing were easier with sellers at 41s 6d. Broken Hill Proprietary changed hands at 50s 3d and 50s, and more were offered at the lower price, buyers at 49s Sd. Sellers of Colonial Sugars reduced their limits to £4O. Dunlop Rubbers were firm with sellers and business at 18s 6d, buyers at 18s 4d.

Mining Big Rivers remained unaltered with sellers and dealings at 2s 3d, buyers at 2s 2kl. Goldflelds Dredging were steady at Bd, sellers slaying in at that price, buyers at Gd. Maori Gully were firm at Is 4d, market closing $d on cither side. Mahakipawas were a shade easier with sellers and business at 9Jd, buyers at 9d. Mount Lyells were steady at 17s 7d, but closed firmer with buyers at 17s lOd, sellers at 18s Id. Nokomais moved up to 2s 3d, and more were wanted at that price, sellers at 2s 4d. Rawang Tin, cum dividend, changed hands at 7s lid and 7s 10$ d, and there were further sellers at 7s lid, buyers at 7s lOd. Waihis were firmer with buyers at 40s 6d, and buyers of Waihi Grand Junctions moved up to 4s 9d. Unlisted Stocks Macetown were firm with business at Is 3d. E. Roece, Ltd., preference had business at 2s 6d, and there were further buyers at that price, sellers at 2s 9d. Upper Watut, 2s paid, had dealings at 6s 4d and 6s 3d. Woolworths (Sydney) ordinary were easier at 935, 92s 6d, and 925, buyers staying in at the lowest price, sellers at 92s Id.

LATEST QUOTATIONS Buyers. Sellers. £ s. d. £ s. d. N.Z. Govt. Debentures 4 p.c. Ins., 1937-40 102 0 0 104 0 0 4 p.c. Ins., 1943-46 104 0 0 4 p.c. Ins., 1946-49 107 0 0 —' 4 p.c. Ins., 1952-55 109 0 0 4 p.c. Bonds, 193740 .. 102 5 0 103 0 0 4 p.c. Bonds, 194346 .. 104 0 0 4 p.c. Bonds, 191649 .. 107 0 0 4 p.c. Bonds. 195255 .. 109 5 0 Other Debentures Glaxo ( p.c, 1945 .. 102 0 0 N.Z. Refrig. 6$ p.c, 1935 .. Gisborne Sheepfarmers 6$ p.c, 1941 .. Banks Com. of Aust. .. 0 16 2 0 16 3 Com. of Aust. (pf.) Australasia .. 11 0 0 11 15 0 Com. of Sydney 16 0 0 16 7 6 E., S., and A. .. 4 13 6 5 0 0 Natl. of A'sia. (£5 paid) .. 6 5 2 6 7 6 Natl, of N.Z. .. 3 8 6 3 9 6 N.S.W. (cum div.) 30 0 0 30 10 0 New Zealand .. 2 9 5 2 9 6 N.Z. ("D" Mort. shares) .. 1 11 10 1 12 0 Reserve .. 6 8 6 6 10 0 Union of Aust. .. 8 10 0 8 17 6 Insurance National .. 12 6 1 2 10 New Zealand .. South British .. Standard (cum div.) ... 3 12 3 Loan and Agency Dalgety and Co. .. 8 5 0 Goldsbrough, Mort 18 1 18 8 N.Z. Guar. Corpn. 0 6 0 0 6 2 N.Z. Loan and Merc, (ord stk.) N.Z. Loan and Merc. (pref. stk.) 80 0 0 United Bid. Soc. 12 3 Wright, Stephenson and Co. (pref.) 0 19 0 Frozen Meat Cantby. (ord.) .. Gear .. N.Z. Refrig. (£1 paid) .. 0 19 4 0 19 7 N.Z. Refrig. (10s paid) .. 0 8 11 0 9 0 Woollens Kaiapoi (17s pd.) 0 15 3 Kaiapoi (7s pd.) 0 4 9 0 5 6 Kaiapoi .(prefer j# _ ft-4# ft u. «*<«„

' [ Coal Buyers. Sellers. £ s. d. £ s. d. Stockton (pf.) .. 0 3 6 0 5 0 Stockton (ord.) .. 0 2 3 Gas Auckland (con.) .. 0 19 3 Christchurch 114 10 115 3 Christchurch (10s paid) .. 016 6 017 6 Gisborne .. 0 15 0 Timaru .. Breweries New Zealand .. 210 3 210 4 Staples .. 110 6 111 0 Timaru (7s 6d pd/) 0 8 0 0 9 0 Tooths .. 2 4 0 2 6 0 Miscellaneous Assoc. Newspapers Amalg. Wireless (cont., cum div.) 116 0 2 16 Anthony Hordern 0 17 9 Aust. Glass ... 217 0 218 0 Aust. Iron & Steel (pref) .. Beath and Co. 1 12 9 British Tobacco .. 115 0 117 • 9 Beath and Co. (Is paid) .. 0 8 2 Broken Hill Pty. .. 2 9 8 210 0 Claude Neon (N.Z.) Claude Neon (Syd.) 22 9 2 5 6 Colonial Sugar .. 38 15 0 40 0 0 Dominion Fert. .. 116 119 Dunlop Perdriau Rubber .. 018 4 018 6 Electro. Zinc (ord.) 113 12 0 Electro Zinc (pref cum div.) .. 113 9 115 0 Evans Atlas Flour 110 0 2 0 0 Hays, Ltd. (15s paid) .. 015 6 018 0 Hume Pipe (Aust. cum div.) .. 0 18 0 Kauri Timber .. 019 2 019 8 N.Z. Drug Co. .. 317 8 4 13 N.Z. Farmers' Coop. ("B" pref.) 015 6 12 0 N.Z. Farmers' Coop. ("B" pref.) 0 5 0 10 0 N.Z. Farmers' Coop. (4J p.c. stock, 1940) .. 82 2 6 84 0 0 N.Z. Farmers' Coop (4£ p.c. stock 1945) .. 81 10 0 84 0 0 N.Z. Farmers' Fert. 0 19 3 N.Z. Newspapers 112 0 114 9 Quill, Morris (in liquidation) .. 0 4 0 0 5 0 Sun Newspapers 0 310 0 4 2 Victoria Nyanza Sugar .. 0 6 8 Wilson's Cement .. 1 13 6 Wool worths (N.Z.), ord. 9 7 6 917 0 Woolworths (Vic.) pref. .. 1 10 0 Mining Alexander 0 18 3 Alexander (15s paid) .. 0 17 0 Bell Hill .. 0 17 Bell Hooper .. 0 0 1 Bell Kilgour .. 0 0 OJ 0 0 1.1 Bendigo Goldlights .. 0 0 8J 0 0 10J Big River .. 0 2 2i 0 2 3 Brian Boru .. 0 0 3 0 0 4 Central Shotover 0 0 9 Charleston .. 0 0 9 Deep Lead .. 0 110 0 22 Kuala Kampar .. 012 6 015 0 Glenroy .. 0 0 3 0 0 6 Golconda . (lid paid) .. 0 14 Golden Dawn .. 0 2 0 0 2 6 Goldea Point .. 0 0 0J 0 0 1J Golden Sands .. 0 2 0 0 2 6 Goldfields Dredg. 0 0 6 0 0 8 Kildare .. 0 2 10 0 3 0 King Solomon .. 0 3 9 0 311 Maori Gully .. 0 1 3} 0 1 « Mahakipawa .. 0 0 9 0 0 9i Lawson's Flat .. 0 0 2| 0 0 4J Maerewhenua .. 0 0 li l 0 0 2 Mining House Con. 0 0 3 Moonlight Nelson Creek 0 0 1£ Mossy Creek .. 0 2 3 0 2 6 Mount Lycll .. 017 10 018 1 Nevis Diesel Elec. 0 0 2 0 0 3 New Corn.. Ft. 0 0 2 0 0 5 Nokornai . . 0 2 3 0 2 4 Okarito (cum div.) 0 7 9 0 8 0 Oxenbridge Shotover .. 0 0 10 Rawang Tin (cum div.) .. 0 710 0 711 Skippers .. 0 0 5J 0 0 6 Upper Shotover <lod paid) .. 00 1 0010 | Waihi .. 2 0 6 2 1 6 | Grand Junction 0 4 9 0 5 0 1 Waitahu .. 0 2 6 Worksop Extend. 0 2 10} 0 211

UNLISTED STOCKS All transactions in stocks quoted in this section are subject to a different rate of brokerage from listed stocks, and are not quoted on the official list. £ s. d. £ s. d. Assoc. Motorists <prcf.) .. 13 0 Argo Gold (Is paid) .. 0 14 0 15$ Ben Ledi .. 0 0 3 0 0 7 Christchurch Press 7 0 0 New River ((id paid) '.. 0 0 4 0 0 4$ Macetown 0 15 N.Z. Min. Invest. 0 10 N.Z. Perpetual Forests .. 2 5 0 2 9 0 N.Z. Woolpacks 0 18 0 Procera Bread (10s paid) .. 0 5 0 013 3 E. Reece, Ltd. (pref.) .. 0 2 6 0 2 9 South Seas Fish. 0 8 1 Smith, Wylie .. 0 10 3 Suckling Bros. 5 0 0 710 0 Upper Watut (2s paid) .. 0 6 2 0 6 5 Woolworths (Sydney) (ord.) .. 412 0 412 1

AUCKLAND Sales on 'Change £ s. d. Christchurch Drainage Bd., 1955, 5i p.c. .. .. 187 0 0 Com. Bank of Aus. ~ 0 16 2 Bank of N.S.W. .. .. 30 0 0 Bank of N.Z. .. .. 2 9 9 N.Z. Insurance .. .. 3 5 9 Kauri Timber .. .. 0 19 4 National Timber .. .. 0 15 0 Rotoiti Timber .. .. 0 5 0 Westport Coal .. .. 119 N.Z. Breweries .. .. 2 10 3 Broken Hill Pty. .. 2 10 0 K.D.V. Box (rights) (2) 0 0 10 0 0 9 N.Z. Refrig. (£1 paid) .. 0 19 7 N.Z. Refrig (10s paid) .. 0 9 3 0 9 1 Northern Roller (pref.) .. 16 6 Robinson Ice .. .. 14 0 Sanford, Ltd. .. .. 0 3 0 Wilson's Cement .. .. 1 14 3 Big River .. .. 0 2 3-J Goldflelds Dredging .. 0 0 8§ Skippers, Ltd. .. .. 0 0 6 Waihi .. .. 2 0 9

WELLINGTON Sales on 'Change £ s. d. Insc. Stock, 4 p.c, 1949 .. 107 12 6 Bank of N.Z. (late Tues.) 2 9 9 N.Z. Guar. Corp. (2) 0 6 0 National Timber .. 015 0 Dunlop Perdriau .. 0 18 6 (late Tues.) .. 0 18 5 Unlisted Stock Woolworths, Ltd. (ord.) .. 413 0 DUNEDIN Sales Reported £ s. d Bank of N.S.W. (cum div.) 30 0 0 N.Z. Refrig. (cont.) •■ 0 9 3 Wright. Stephenson (pref.) 10 0 N.Z. Farmers' Fert. (late Tuesday) .. ■• 0 18 9 N.Z. Breweries .. • • 21 2 „ Nokomai .. •• 0 2 0 Unlisted Stocks Napier Borough, 4J- p.c. debs., 1958 .. .. 105 5 0 Christchurch Trams, 4} p.c. debs., 1954 .. .. 105 12 6 SYDNEY Continued selling pressure caused further recession of investment values on the Sydney Stock Exchange yesterday, although the reverses were on the whole not so heavy as on the previous day, buyers showing slightly more disposition to take advantage of the reduced rates. Morning Sales £ s. d. Commonwealth Bonds — 3£ per cent., 1942 .. 101 2 6 4 per cent, 1941 .. 105 16 3 4 per cent, 1947 .. 108 10 0 4 per cent, 1953 .. 107 16 3 Tooth's Brewery .. 2 5 9 Anthony Hordern .. 0 16 9 Associated Newspapers .. 119 Associated News, (prcf.) 12 3 British Tobacco .. 1 17 6 Broken Hill Prop. .. 210 3 Colonial Sugar .. 39 15 0 Fairymead Sugar .. 1 12 0 G. J. Cole .. 3 16 Goldsbrough, Mort .. 18 10i Afternoon Sales Colonial Sugar .. 29 10 0 Bank of New South Wales 30. 0 0 National Bank (£5 paid) 6 7 0 Associated Newspapers .. 1 1 1\ British Tobacco .. 1 17 9 Tooth's Brewery .. 2 6 0 Toohey's Brewery ..176 Australian Glass .. 2 18 6 Dunlop Perdriau .. 0 18 6 Winchcornbe, Carsain .. 16 0 Greater J. D. Williams .. 0 6 0 Henry Jones .. 1 16 9 Farmers .. 13 9 David Jones .. 1 17 3 Anthony Hordern .. 0 17 1J Anthony Hordern (prcf.) 15 3 Lustre .. 17 3 Standard Cement .. 0 18 6 Automatic Totes 0 18 6 Mount Morgan, ex rights 118 9 Broken Hill Prop. .. 2 10 9 Bulolo Deposits .. 0 0 11 Placer Developments .. 28 0 0 General Industries .. 0 13 11 Tongkah Harbour Tin .. 12 9

MELBOURNE £ s. d. Commercial Bank 0 16 9 National Bank (£5 paid) 6 7 0 Bank of New South Wales 30 10 0 Goldsbrough, Mort .. 19 0 Australian Glass .. 2 18 6 Associated Newspapers (pf.) .. 12 9 Broken Hill Prop. .. 2 10 6 Dunlop Perdriau .. 018 7 Electrolytic Zinc .. 119 Mount Lyell .. 0 18 3 MERCANTILE STOCKS (united pebss association—by electric telegraph—cofsbight.) LONDON, February 19. Feb. 6. Feb. 19. £ s. d. £ s. d.

Dalgety and Co., 4 p.c. debs. .. 103 0 0 103 10 0 Dalgety and Co., snares .. 610 0 610 0 Goldsbrough, Mort, 5 p.c. B debentures .. Goldsbrough, Mort, ordinary shares 13 9 Peninsular and .Oriental, def. stock .. 0 16 Hi 0 16 2J