FINANCE AND COMMERCE

Press, Volume LXXI, Issue 21631, 15 November 1935, Page 15

FINANCE AND COMMERCE

IMPROVEMENT IX ( ATSTKALIA j ] PRIMARY PRODUCERS' I POSITION j VISITOH fOM'IPENT N.Z. Will. BFNKFFI •■ lt . j- 1--■■;■; irv'.-oved outlook for; '■■*;rali;>- p.n:-:,.'. v producers will, in I '''" :sir Frederick Tout. I -iLC " dirci-ic- in the Sydney board I ; ,),,'.' An.-' r. -.-i-i, ■ .Mutual Provident! <- ' r ;.,i,-. •.-,■:■> - '■" be ; bared by New • ''.-•■ihi'id S ■•"i'"ri.Tick. wbo ;s ;i j *' ,V-|_i[-. ' : '■'''' termor president ot ! , ; , e (}i-!i7.-i '-' A-■.-!.i'ii:;:on of Nov.- South ! •r-,;.-.- i- :i.ui-!'i!; tbi' Dominion with ! :'.■ M:' s - F - Tll - ; - dlld Mr A. \V. j ■-■'•■.d(!on. -;'■:.■■ i -1 manager of the Au'i- | ■"•';iii-a ?wi.!;;>.: 'A-.-■ alcnt Society. 1 '"'j ;; \",n •,i::.-.\ :< v.- yesterday Sir Fred- i (; -,k ; ald ii;:. - 'he increased price; I p'- 1 -...-eel. !■■■■■ .-■leek, and butter had j ; et :i (xt :-e'-".' I'- heartening to Alls- j ."." a i-;i;; mterosts, and although j ,"■!-'nt ■'■■'■-' ■-'■ l' v>'ry low he thought j •hat rr.o.-t pna.ary producers would be j •!)■•-• tti-- .car '.<■• .-how a reasonable! -t'uurr-. A -imilar improvement was to j "re ■-ot'i'i i |: Au-tralia's secondary in- ■. i';.;.-tVies. -aid Sir Frederick. The in-J •Lnsr biiildiin.- inanity m Sydney was i t :'.lv one pka.-.'- of this improvement. ( He;-a:<i '-hat a slight decrease in the'

(■,.;::r-.oa , i'. eait/'■'.- cool production h'.:.= i :i i- -v;.- on account of the' ;' ;v ~ea--i r.- a-, acw South Wale? and; gjediAa.vi. lie ;hnu.;ht. however. 1 ■Jia! tii'- '>''•'•■' "irerin-. would reach the j jAnlv .:!'-- 'hi.- season had shown ' f-'.-i Jam:: ■-:•> a bis,' buyer. Bradford | vij ecru'''"'- fairly well, and prac- : ur.hy tt'.c v ':■"!' <■;' the Continent was ; • ,V-"csano an.i-UL. [he buyers. Tile. ;.cm-ad -•.'■■■■ ouue >ed. and it was; titcught 'ha; -he v.i.Mie dip would be ' )A;cri ;: a; earner dale than usual, i

RAILWAY WORKING j ACCOUNT I JM'KENS'-.' IN NET REVENUE ! :: •-; !>'■. : a fit x i p.; »..: , a;/ . I WfYI.INGI ON. N'ovenbtr 14. ; 1: ,-■ ■■;,i',:: a - . \ o;kii'.> iifmimt for tho ■ lo:.:'-'.'■ ff'-il;- period .'haod oil October 12. "■"■"'' " : " '° i'MJc-n- Net ; 5,,-.,,, K-\ -us-. d:tu:e. revenue ■■; :'54 -ilii ■ 132 , (.:"';x,.-i:. MUi 1.995 ,j ;,34 [ l-'.-Vl'-.ti-.r ■ 2.",.'...;•-■■! 232.414 1H.41U '• S'j'jY. IseY ' r.'r'a.'.o:' V " I\<.<'7., 1i3.8:-.9 -5.32(5 'V"---:w ";;;■' 4.474 1.144 ••• :. L ," t:;k> 1.272 "488 ■ I'c'-i.; '.009 --888 "019 ' , '".'!. rVi'i.".'/ .14.779 30.209 24.570 , T-:ai 473..197 484.967 33,630 I :--•. t .-.••, ;..-. Link. irom April 1 n> : 0;-,Yr !-. 3153. -.vs- rj. 405.532. Til J : \---i' (--•■".•:"!;■ :;:- era-' ''3.U44.597. and U'.e i ■'•':lv.-.m-l •.,!- .•.'.'W0.535. The totals for; ;.-. '.■<,:■:: -p.ammr pc-riod last year j tYYr.-Y '-'i * revenue £296,435. i jit»jlee of department! STOKES 1 i: MM\K\7.IK. I.TI>. iv,,. r., : . r.- .i l:. McKeuYc, Lu'.., ; T.v, -"': i i-wes depanrni ut stores through- • M.- y..--.\ Zealand is celebnring its' ..;jv.- ■ jubilee. The rirst shop was j - pmca in 1910 bv Mr J. R. McKenxio. ::-. Gc.r:;e street, and the lirm now ha-' ; .••.. -. - in overv part of New Zealand, . •■■o;n Whangai'ei to Ircveruargill, and ] i.'ar.bcruic 21. The Christehureh shop was the seccr.d a-id the first Wellington sto- e '"'- lowed it. in Willis street in 1313 The V-- Tallin shop was opened in •c-:.x bv 1929 the firm had 18 fancy goods ■teres in various towns. During 1929 Mr McKenzie decided to adopt, a more ;r dern tvpe of retail business, and converted "the shops into modern seil-;t'-v::i2 department stores. This orga- ! -...5'.:0n grew, until to-day there are ; -1 -hop- empiovinc more than 650 men : arti women. To commemorate the ocr:js:o-. M:- McKenzie has authorised the payment of one extra week's salary to even- member of the staff, this gift involving a pavment of approximately tl4ofi. La-' the compart v gave £SOO to ciarnv and this year £IOOO has Ue:. uii'X-ated to this cause. j LEVI AND O'BRFEN TIMBER j PREt= -jsea.WlOX TELEOHiK.) j AUCKLAND, November 14. j

' The accounts of the Leyland O'Brien Timber Company, Ltd., for the year ended September 30, show a net protit of £8289. an increase of £1525. The- dire.-tors recommended a dividend for tlie vear of 5 per cent., which 1~ 'he same a S last year's.

ADVERTISING INK LI. KNCK IN BUILDING SOCIKTV MOVEMENT Sir ?.<:<-.<■':■. Hi]]. s-penkiP- al the ln-tfi-:.r.-:;,-:ai (.'.ingress oi' Building So- ;(- ,:: Sab.bur-. Anuria, said ad- '•■* .■!;.<!!.•■ v.-us ic-arded by their grand-::i~e:!i-"as ;, public nuisance which "'';:r;t to i;r ■■estraijieci. and ii was re-'.ra-iifd b\ law. There had been. '!'••■'.c-vo". ;•' in'oat change in the atti-*'-irit (,; ii,- (I'lijiic towards advertising "■'■■;'r.;:i the ;a-t ID to 20 years. Any- ■■-'-■ cemporai:: the press to-day with " r '''-t "t ;. quarter oi a century _ at;o ■'■■(. Hid ri-nii.-t- at once that advertising *''--fiuv had become a .science, and it obviiit;- thai specialists were di-r>c;i!-:3 the- mi>it successful schemes. "Bui:um2 society advertising coy- ' rf -ci a'r,; c-verv tvpe of publicity Media." vuid Sir Enoch, "but the na- •;•;";&! ;,::ci provincial press was £tnl 'r.'- it.'.i-i rirjdium. . "E:ii,o-v!\e nad talent that the ad-'<-"'.,,-c-r .. ■ imck iron; the public what ■'•'- : -"..: it.!'., hi.- advertisements in the '■'~y of ! ■■:.-!. liishi:es». friendliness, ana p. vm, o. (O.MPAN^ LONDON. November 13. 1":. h and O. Steam Navigation Co:-1'a: n« announced that it will riot "pa;,' u dividend on the deferred Hock TALLOW STOCKS :u KSS association—coi-ybight.) LONDON. November 13. Tallow statistics al the end of October v. >_ie: — . Oct. Sept. Aug Cajks. Casks. Casks Sir.v .. UO2 1575 106£ In.po'-K- 213 1041 boi Delr-'-riti __ J 686 53S ... . ~1?

RESERVE BANK WEEKLY STATEMENT ASSETS AND LIABILITIES (iRESS ASSOCIATION 1 ELBUHAW.) WELLINGTON. November .13. A Gazette issued to-night contains the statement of the asset;:, and liabilities or the Reserve Bank of New Zealand at the close of business on November 11: LIABILITIES £ ■.-.. u. '1) I'aiu tip capital 500,01)0 0 0 '2} Genera! Rescr\c fund .. .. 1.U00.000 0 0 C3> Bank notes . . 9,101.080 10 0 i.4» Demand liabilities—<ai State .. 5,764.102 13 ?

<b.» Banks .. 4/207.710 10 8 <c) Other . . 707,012 10 3 io) Time deposits . i.ti) Liabilities in currencies other than New Zealand currency (7) Other liabilities 00,700 13 4 Total ii: 21,527 ..30(5 11 5 ASSETS idi Reserves--<ai Gold 2.801,732 10 0 (b) Starlit)'! exchange . 10,948,051 17 0 <ei Gold exchange 10i Subsidiary coin 210.700 6 10 Uo> Discounts—(a) Commercial and

agricultural bills '.lji Treasury nnrl local body bill:: - •111 AdvancesUH To Slate i.r State unclertaktb'i To other public authorities to Others tl2) Investments 1..V3b\442 7 it 113) Bank Buddings (14) Other assets 28.319 9 -1 Total 1:21.527,300 11 ,7 Proportion of reserve: (No. 8 less No. f!i to noil's and oilier demand liability :-. 99.093 per e<-m. NATIONAL BUILDING

SOCIETY FIRST YEAR'S WORKING mVIDKM) TO BL I'AIB A net. prosit of £26(i is shown in the accounts of the National Permanent Building Society. Weliin.cton, for its first year of operation, to September 30. The directors' report .-lates:"Up to the date of the balance-sheet the society's capital has been subscribed for as follows:--"A" shared 3550 of X 1 earn .775(1 "B"* shares. 145 of ultimate value £25 eacli -l'2:> .1:017.1 -O: the ab.ee capital the baiancesheel shows £ 5.534 a> paid up. At Hi" end of 'he >e;n- there we-ri i\o :.-h:i"e capital nwtalmeuts m arrear. "Durin.L- the period tin: share capital has been fully mce-ted in satisfactory securities and the year ended willi no mormacor to the society in arrear with any payment. "Your directors feel thai having regard to the evidences of a return to economic stability and re-estabishmenf of security values, the society was

formed at an opportune time, am they consider the results for the fir si year of its operations justify this view The conditions for obtaining capita throughout the period have not beer favourable, for various reasons, including" the competitive effect of the capital issue of the New Zealanc T'.lortpage Corporation. Although large: capital culd readily have been 1:1 vested if it had been available, ymi: diredors are more concerned to >u' steady development of the society'; capital and investment position 01 a sound basis than to secure a capita fund in excess of sound available in vestment. At the same time the soeiet: would now benefit by the subscrip lion of a substantia! amount, of fur iher capital, and it is confidently e.x pected that will contnitr <o be forthcoming. . "Your directors are in negotiatioi wherebv deposit moneys on satislac tory terms will be available to th bocietv whenever required. "The revenue account shows a ne profit for the first year of £2G6 2: Considering that the capital has beei received in instalments from tune V time your directors consider this re suit' with satisfaction. The revenu position should improve as the capi tal resources are augmented "Your directors have declared dividend in respect of the year ende

September 30, 1935, on the "A snare at the rate of 4 per cent, per annum o the amounts from time to time paid u during the year, and on the "B 'hares at the rate of 4 per cent, pc 'annum on the balances accrued ; : March 31. 1935. In the case of -h : -B" shares the dividend will be ci.. i dited to members' accounts. The div ! dend will absorb £194 9s Id, and th balance remaining on profit and la appropriation account, name y Li i2s Hd has been appropriated I: ■■he directors in reduction of. the e. tablishment account. ! "Vunr directors do not propose th j year to take any fees for their se. I VJ '-The retiring directors are Mess I R L Macalister and W. Appleton, ar i they' are eligible, for re-election Jl retiring auditor is Mr L. H. Heslo who is eligible for re-election. j Balance-sheet I LIABILITIES j .. A .. shares. 5550 shares or £1 q ! each . ■ • ' -a r. | Less uncalled capital . . ■'* J j £5495 15 j -B" -shares, 145 shares of ultimate value £25 each • • <> ' Amount paid up ' J__l i £9175 0 i , .-,-,,.,. 5834 0 ! Paid-up i.-d>jita. . | .. C " shares. 10 vi U q i *utdrV creditor " ... HO 18 ! Profit'and loss appropriation. Account net profit foi ijericd to September 00, n ! 1935 *'____. £6211 10 ASSETS £ s. Loans on mortgage •■ 5V f a Add accrued interest ""__!_. £5137 9 Post Office Savings Bank ». 385 5 Add accrued interest S ' £3BB 12 Bank of New Zealand ,* 233 10 Cash in hand •■ £234 fi | Establishment account •'_ 451 * 1 ••- £6211 II

STOCK EXCHANGES! i | CHRISTCHURCH | ! | YESTERDAY'S TRANSACTIONS ; j There was a morning' call only on j the Christchurch Stock Exchange yes- ■ terday, and recorded dealings were re- j ; stricted to a few stocks. Quiet bet firm i 1 conditions prevailed. Transactions (exj elusive oil vestibule business; were: — ; ! LISTED STOCKS j j Sales on 'Change \ i £ .-■. d. ■; 42 M;il). Bank of A.asia. 1 (£5 paid, cum dtv.) b' 13 0 • 100 N.Z. Guarantee Corp. 0 5 .'-' ; 150 New Zealand Breweries (3) 213 C i 300 Mariawatu Knitting' : <2) 2 0 ii ; 200 Big River 0 1 '■>'■ ■ UiOO Skippers i2> 0 t) V. 0 0 2, : • Sales Reported 200 Consolidated Brick : (late November 13) .. 010 9 ! £2145 N.Z. Govt. 4 p.e. j I Stock, 1040 (2i 101 17 (i ; i '-. ! UNLISTED STOCKS i Sales on 'Change i ' 5'J Woolworths (Syd.'> ' ! ord. 5 13 6 ; j 25 Woolworths (West I Australia) 3 12 G ; i \ j (Government l New Zealand Government 4 per ci-ni. j (Stock, due 1940, had dealings a! £lOl : i 17s 6d, market closing £l.Ol 17s (id ; buyers. £lO2 2s (id sellers. ' National .Bank of Aiisinsilasia ■' tb> ' I paid) were (inner with buyers and j I bu.-moss at £l> las. Unsupported sell- \ ers of National Insurance icum divi- j I dend.i reduced tiieir limits to 19s 3d ; | New Zealand Guarantee Corporation I Iwero hrm wilh sellers and business al ': ;,;..; 2d. Manawatu Knitlina Mills ' ; iinner with hover- and dealing- :: ' '-40s (id. seller-: at 40s <ld. New; ZrAae.. ; ■ Brcr.a>ries advanced to 5.Ss lid. bines-. : staying in at that price. .-.•He>s at 52, , , lid. Tooths appeared easier with i-eM- : '■ ers at 58s Bd. A late sale of Coesoli- ; '' dated Brick was reported at Kn !>d. een [ ! buyers vestcrdav offered at 10s 11)n..-e!l- | j -th at 12s. There was a close market ; : .or Kauri Timbers .cum dividend), i which were (jnoted 22s lid buyers. 2-1 : j sellers. ; j Mining ; j Big Rivers were I'ractioiialP \wak.-- ■ j at. 1> O-'.d, market closing Id '. oh.-e j wry. Skippers were a shade s;.ii;e- ---: with dealings at 2.'.< i a.ud 2 ,d. and AirI titer bu\ers at the higher pi a". .- -IK ■■ i at 3d. ] Enlisted Stocks | Woolworths i Sydney i ordinary an- j I vaneed to £5 15s (id. and there we-. : j further buyers at that p: u ■'. '•cllcr : I ;.(. C 5 His (id. Wonluofths i V,Ys: An t ! ; 11-aliai chat)--, d ha.,ds a! V.:t i2s >.:' [ i market cluing LI! IDs buyer-. '.'M 1.. I Urt sellers. 1 . .... .. ! I ! I.ATKST <H"OTATK)NS i I I ; \/. UoMTnini-iil Oeheiitni es j :;.', p.e. in-... i'i:;:i-.-.:: .. ni4 7 <t I :;\ p.e. In.-., lii:;!i-l:i .. i<>:-' .. " ! .r, p.e. in>., J<i::i'-:i2 .. n>-; m " ; IV, p.e. In.-.. 1!'41 h>2 1.. " - / I 4' pe. Ins., I!M7-4.P !"i IV 'I Hit' ? (' , '-1 ivc. in-. p.iiti-!.; I"-. " " ! i 1 p.e. liv.. l!Ki;-f> . . I'-' :■ i; - : , ■; p.e. In-.. )!i:v_-:>.t la", M n : Other D.-lnnliirr-, 1 I I.Ytteli.in H.aiieur. : 'p.e. lit .ts '■'■'■ '"■ '• i I ".nolle Macfi..n;d.:. r, ' n.e.. It'.'i7 ,; ' " " X V.. Ren-;.'.. -1; pe . : p'-ii.-t;. . : ,; " ; " " '''- : •' n : ls;mHs \ (.'"en:,, ei A-i • •'•■>■' Hi'' ■' !l ,<; '" ■ Wilt -1 A. ;'i la ' ''•' I'' l ■ N'.lll '.| \/. '■" h'- ' ' : ' ; '■■ " j New South V'.ite -eie |( i Nt"' .''! 1 "'" |- <<\ '| . i IIIMir.HK.C i Mati'inal 'cum he... 7 ' paid' .. - n. " !'.' ' : ' .Standard e'.'l ph.. .. , 0 ~I- '• I Loan ;mil Asi'iicv Dulgftv and Co. (cuai rliv.i Its 1 ! ; i " ;; •' '' Gokh-broeqh. Alort (ft: 11' 0 ll' - I Mort£;;iE!c Corp. 15s tx!.' D ■•• "< ,J : ' ■' I N r .Z. Guaran. Corp. it:- 0 .'• 0 0 ■> - United Perm. Bub: (£1; .. - i -' h Slhpping lluddart, Parker (prcf.. £1) .18 0 : Xei\ Zealand i£t(o II 0 '•> I'rozeii .Meat ' Crintfrbu.-y IK7 In- pd.i in 7 it •■ 1 Contcrbin-y 1 tif • '■■'■> ;1 :1 ' " ll ' '' ' ! N.Z. RefriK. MOs paaii oin hi oin 11 : i Waitaki (C">» ■ :; '<■:• "

: I Woollens ! I Manawatu Knitting < l -l > •'- " '» ■' ° '' L j Oamaru 'til ■ ■ I 1 i> 1 " - Kaiapoi (17s paid) » ti oit (• I Coal ! i.Ve-lport icuni div... 10- > 1 '■' : ' ■ I Stockton <ord. )()<> ..Oil ■ J Stockton ipref.. 10:, i . 0 '-' '■ '', 3 d ■ ; <:;i< | Ciiri- teliurch i IT' t 14 ■ ; i f'hristclHirch ( 10.-; pd.i " ' < ' - | Timaru (tli - ' ' J '- - liroverio , Monteiths ('4) . . 014 u '. •' <> 1 New Zealand :£!) .. 213 (i 3i3 .. . Staples (ft) .. 1 1 ;| :i ! M '■ i Timaru (7s 6cl pd.) ~ OP, ti o !> 4 J Tooths (£1) 213 0 218 3 Miscellaneous 2 Amaifc'. Wireless (cont.i (14s paid) . I 10 0 Anthonv Uorrlein C-'i - - <■> •'

Assoc. Newspapers '.l.'i '- '•> •' J Aust. Glaos (£1) -20440 Auat. Iron and Ster S (pref., £1) : . 4 9 .1 a It 1 Beath and. Co. i.ell 7 i. , British Tobacco (Up . . 19 11 2 0 1 :, P.roken Ttill Prop'.y . (cum ciiv., tl) - ■'- HI 10 '-' 1' '< r rti-oken 11)11 Proply '■">•'. t n.iidl 17 0 1.9 C Colonial Susar :':20: .. 41 lo " 42 jO '• ' Con-olidated Brick lO> 010 10 «V> 0 Dominion Builders __ Supplies 11 OS) .. I' •' '-' c ! Dunlop Peidriau Hub- , S bcr (El> • «' 10 0 OK, 2 1 j El ft; ro - Zm " Unri : ,14 I tP! 3 l\™£\ ro - Z,nc ' prel : ,Ul 0 .13 9 Kvans Atlrs Flour lid:-) -- ' 7 ,; S C. J. Coles I til .- 3 :> 3 .. ■> 0 •„ Gordon and Cotch iV.u :. 0 0 Greater Crystal Palac (I'll - u M '-' ' s Howard Smith <i'l.) •' 13 0 0 l ;i <J d Kauri Timber tcuir. e div., 255) 13 1! . -t (I -, Morris lledstrom (cum • * div , £1) .14 0 N.Z. Drug Co. (f.2) . . 317 U 319 0 N.Z. Farmers' Co-op. (£2 10s pdj • • 0 a 0 N.Z. Farmers' Co-op. (10s paid) ■ . d. N.Z. Fanner.-,' Co-op. | ("A" prof., £4j •■ - - ' ° 0 I N.Z. Farmers' Co-op. 0 I ("B" prcl.. £4) . 110 o „ I N.Z. Farmers' Co-op.. 0 i (4t p.c. Stock, 1940. , • rlOOl .. 34 5 0 0 80 10 U 0 N.Z. Farmers' Co-op.' 0 I (4i p.c. Stock, 1941 i CIOO. - C 4 10 0 0 N.Z. Farmers' Co-op. I .'4l p.c. Stock. 194.1. _ . 0 | noO: ■- «o 0 'J ''■' ■' ' N.Z. Farmers' Fcrtih.-er o,o' ■ • 0 1!) ° " Hl • 9 N.Z. Newspapers fEl.i 214 3 2 ( N.Z. Paper Mills (£1) .. - ■ ' ' ; Proccra Bread (10s) . 117 0 -' - l Procera Bread .vendor „ 0 shares, 10s) - ■ 116 fa - * ' Quill. Morris tin 9 ! liquidation) (CI) -- fJ ' ' j Whitcombe and Tombs (£2 10s pd.) .. 3.2 9 310 i d. Wilson's Cement (cum 9 div .) .. 24 0 2fa i 7 Woolworths (N.Z.), ord. _ 4 Woolworths (Syd.). 2nd 0 I pX. (£1) •• 1 8 3 I Woolworths (Vic), pf. - "~ x 10 I Mining 5 Alexander (15s pd.) 011 0 G | Us) ... 10 3 0 0 fc 8 Brian Eoru (l;.i ° <-» - Gillespies Beacb <!{•) 0 1. 0J -

Buyers. Sellers. >; s. d. £ s. d. Golden Dawn (.is) .. 0 2 3 0 3 0 Golden Sands (Isl ... 0 2 4 —- GoldHelds Dredging (Is) .. ■- 0 0 31 King Solomon (Is) .. 0 3 21 ■— Lawson's Flat (lsj .. 0 0 2 0 0 33 Mabakapiwa ((id) .. 0 0 1 Mahakipawa (pi., 1929 and 1930 issues, Is) 0 0 I Maori Gully (cum div.. Mm .. 0 1 2 0 1. 2i Mossv Creek (Is) .. 0 0 9 0 1 3 .Mount Lyell (£1) .. 10 11 110 Mount Morgnn (as) . ■ IIG 2 110 9 Nevis Diesel Electric .tsi ... -- 0 0 1 N'okoniai (3si -. 0 1 n Okarilo (5! ~ 0 5 5 OHO Raw-mi:' Tin (10s; ... 0 811 0 !) 5 Skippers Us) ~ 0 0 21 0 0 3 Upijer Shotover 'los paid) •■ 0 0 3 Waihi Investments , r,. , . . 01« 9 017 3 Waimuiim Sluic. (ls.l 0 0 3i UNLISTED STOCKS AU transactions in stocks quoted in this -ection are subject, lo a different rate of m.)kc:':i;;e from listed stocks, mid are not .Hioieci on. the ofiicial bit. £ s. d. £ s. d. \ni;-;'Min-. Ltd. (pi.) A.-o Cojd ■ ■ -- 0 13 A. :-ocialeci Motorists |:,::i-ol ip.roi'.i ■■ 12 G ! t. 0 Ilea t,:di (is pd.) . 0 0 2J rm-iWlnueh Press . . 10 17 <; 11 2 (i ,'Ymer,:-- Kiii (10s pd.) .1 0 0 1 2 1' ,;„;!].-., Oiiiiv ■- - 00 4 M-iee'O-wl ' ■--' ° " ! -' Ne'.c Jli'ver lis pd.. .. --- 0 0 3 N '/.. iVuning invest- ...(.„! .. 0 0 V. 0 0 7i N X Perpetual Fore.,l:; 3 2 0 r i Niven (17s pel.) 0 :> 0 .0 7 0 s'e.il . W-lie - . 0 7"2 0 311 Yi'pr.V;', s,, a | .. :> 4 :i 2 7 0 V .-,■'; Invest Trust.. 0 4 3 0 5 1

VvlinWoj'lus tSydneyY. ~,-,i 515 (i 510 <-• Woolen.-lie (\V--a \,,.. ,-iij-, i 3HI 0 «17 0 YVe-u/'/ i-3 ( .-U'ic - « 0 10 S.-iP-s on 'Cli:nn;i- ---■: . d. Aueklanc. Harbour. 9/7/V'OO. 4 \ ~ ~ 107 10 0 V, "' , ', , i ',,'','.'''' "'"" ''" . ■'■■-■ |u .. , () () i : ,V,; V l'!.':;-,'.'.' nl" An t. ' _. <] i'> "j 's'/. In-::,.; ■-■ i- ;l ;; 4 S, utb 11.-i'i i. 1-. ln-crancc ■ - -1 '';' ;■ finV.'-ln'lol'l' !.-C\N : <':'l.''s . - J." "J" " o.u'i :'"'|'nl-.' ''.-.. ' ■ I H 1" iw:.:,, 'i'£. • «> _.;■ '/; ;| ; ;' 'o m 9 a 11 H i.„VI. r.iVl,,- :-.l::.- > " 15..-, ,o.,t;c W. C si : <"■ 113 -

\N i-;i.I,IN<iTON ~„1,.- mi '('liamu' ;■. .",: 'l' n," '.!."'•' "U- ''l.' ' : ' I" '' ::!■:';.'.!;■ , : .,. v.-,,, :';!:: :: ;::•'"■..',:,.::.■: '.;"'"',, n "" " :| ;i ■"'''■''■ ' ■ i ]-. i, ~,. u ...;,. .. . 1 -' " V.'np.'. '!'.,:. ■: 'I 111,". : ' '' 7 i, M'"'' is ~.Y.": '' '.'. !. '1 I! II "' ' I :,li-i.-0 si,,, 1; . 1> 1 \ !•'. 111 \ I i,h--, it " i".''.- , , n '' ''' ' i Vi'.'i,', ■i. ■ ■ ! ; ' I SYDNKV li, I;,. .-■■ in, - : ; n,,-i. 1- ..-,. ,1 : • •I- Irl :,■,'.- r l 'i)?,'. ,, , l '...!'i.- "hi;!- ' ~ :y . .n.ili va:ia S.ili'S on '(.'lia.iiKt: '.' -. d. ' g ~ - s 'XI ,? ! '<[+', "." '.'. 102 la II ii.-„ ■ 1"3 13 ■: ~,,., 103 ]- I. i:i.., _ ; I';:; ;..; J; !■;..'.'''!',. "' '' .' '"■ I-' 'I Anli'ni'e iiui-flen 'pree! , 0 1 3 I Ausl-al:::n C;i.,-s •■ > •! I: l.'„-|lis|, Ton. ,<-,-,. ... C '! <• i',,-:'\' :i HiH I 1!'"!- •' ° '' !:,,,'-,.„ Hi,l I'rop. (fir.-i ttislal,n. nl p..edi ■ ,2 - 1 " '1 vV';„-..'- : 'M,,;;!i.. '. <■' 1" I v,.,., i-,,;r:i.( ( ai-m; ... Ib) I AUcnimni Sales p. ~;: m N.n- Smiln Waie., 33 7 I van!: of N:.-.-.' Soiilb Waies tN.Z. QU, en-laiM National Bank . s j| | I! ~(!-. ol Australasia ■- • "' "'is.nfi.c, d Nev.spapei-s (ord.) 1 4 i , \s, f ,cialed (N.Z. _ 1 ■- i «' J \u. i.nian C 1.,- a -- , j '"•"'■'■■■" ' Car.'on . 'lO ' i n'u-v Jones - > '» ! i ri,s-«,-nK,H- Zinc •- 134 1J I ;V, : ;:: 1 , , ; ii ;'. 1 ;i , ( ,." ,?,, ' ,l ' nt i. :: oi3 ; i !-.'' ! l, ! ''.',.'" ul '"'"'" on; ! Viciona N.van/;. ■ ■ ° '' ' ' Mount i.\ell . ■■- ' ,',

'.. '. I 3J" !i;Ill ; -S ;P ' n '' IU .' ": 'ii sr .. ■ "3 ;, r a,5,,',,.k,. .. .;;., | MELBOURNE i-oiin-u. Bank of Au-u-Mia ipref.i 918 National Bank (£5 paid) ~ <> 13 i Australian Gia-s ... .. | 3 Gordon and Gou.'h (piei.) .» 114 : No-lies (pref.) - " 1 " ■ Mount, Lvell ' i : Enterprise . '"■,/, . to!,,,::: =■. '1« ; Koroerc -- .')'■ ,'• LONDON STOCK MARKET ; j ouiet i i _ ' ldli.i~l.Sl. Ul-I'ICiAL V'.I.ILLBbS., ' | (.Received November 1-1, 7.5 p.m. ! RUGBY, November Y< ' '■■ Tlie stock markets are idle, be 5 overshadowed by tho general electi British funds are steady, War Loan 3 £lO5 Is 3d, s I —_ I PROPERTY SALES ! Messrs E. M. Spoil's and Comn; \ report having sold on account of - , D. August his new bungalow in M; road to a client.

FOREIGN EXCHANGES (BBITISH OWICIAL 'WIULBSB.) RUGBY, November 13. Par. Nov. 12. Nov. 13. Palis. r.r. to £1 124.21 74 43-64 74 47-64 New York, dot. to £1 4.8t50 4.921-16 4.924 Montreal. dol. to £1 4.ii06 4.9 H 4.973 Brussels, belgas to £1 35 29.12* 29.12 Geneva, i'r. lo £1 22.2215 13.13J 13.14 Amsterdam, fi. i to El 12.107 7.24J 7.24J ! Milan, lire to £1 93.47 (50 21-32 60J ! Berlin, reich- | inarken to £1 20.43 12.23 12.23J i Stockholm, kr. j to £1 .18.159 19 9-1(5 19 9-16 i Copenhagen, kr. j to £1 13.159 22.39J 22.39J ; Vienna, schgs. | to £1 34.585 23.1 26.', ! Prague, kr. j to £1 104.25 119 1185 i Helsingl'ors, I marks to £1 193.23 227 227 ; Madrid, pesetas ! to £1 25.2210 36 1-16 36 1-32 i Lisbon, cscudos to £1 110 UOi 1103 I Athens, dracli ; to £l. 075 516 513 i Bucharest, lei to £1 318.6 1525 620 i Belgrade, I dinars 25.2213 21.6 21.6 : Rio do Janeiro,

pence to i milreis .. 4.392 4i i'i ! Buenos Aires, ; pence to dol. 47.62 23 7-10 23 7-16 I Montevideo, i pence to dol. 31 393 39§ i Bombay, pence lo rupee 19 17 15-16 17 15-10 Shanghai, pence ! to dol. * 121 12J ' Hong Koiif;, • pence to dol. • 16 9-16 16 13-16 i Yokohama, : pence to yen ; » 14 1-32 14 1-32 ; Batavia, guilders .. 12.107 7.21J ' Warsaw, par '; zlotys to £1 43.3(5 * Determined by price of silver.

| F<)Ki:i(iN EXCHANGE KATES The Hani; ol New South Wales, Christ- • •mircli, (pioted the following rates as ' ruliii". ye lerday ior it.-, sales and pur-,-i-ia -e- of ioreifm e::chaime. The rates are .i subject to alteration without notice:— B'jying. Selling. '. n ',v'y lo <IOO :-,m. T.T. 12! 124/10 : " " ' ' G.D. 123/10 124/8/9 : ' V- '.\'"l'(i £IOO N.Z. T.T. 101 100/10 : ; O.D. 101 100/10 M'i.ii-- ' !■' In £IOO N.Z. 'I'.T. 90/7/0 39 O.D. 90/7/6 89 1 IvY'v. N'oi-k- - . ..,,!. io CI N.Z. T.T 3.93s 3.54,; O.IJ. 3.99 ' 3.9-I.', ".in ,b- - !)-,: u. £1 N.Z. T.T. "try; 399 O.D. 4.01 3.99 A '■ "s,"':--. m £i N.Z. TT. 20.33 O.D. Jic li in: n- - iJ.-l- ~- In £1 N.Z. T.T. - - 23.083 O.D :'.-,-..■: ~ lov.'iki,.--I'm-.n ;o ::i NZ. TT. 95.1. O 11 -■- 95.22 ' 'i.;'i'o.'',! 'i' to £1 N.Z. T.'l'. 13.203 17.318 (.i.U. 18.248 17.83,3 '''i'"auc- to ii N.Z. 'C.T. 00.119 39.39 O.D. 00.99 39.4-1 "me-!, 1 -', lo £1 N.Z. T.T. -■ 9.32:! O.D. 9027 ' 'j-'ln!ne in £1 N.Z. T.T. ...9sß 5.7HH O.D. (30(18 5.712 "pirn' to £1 N.Z. T.T. ■ 48,09 O.D 48.13 ■ ' 'pi.',."' is lo £1 N.Z. T.T. ...809 5.074 O.D. 5.949 5.(578 'K:n','',-,- In £1 N.Z. TT. H',2110 15.870 ; : O.D. 16.240 15.3.30 I i £1 N.Z. T.T. 15.790 15.460 O.D. 15.830 15.470 : n < l ''o.~'l y, '/.. T.T. 12.587 11.987 O.D. 12.4(52 11.997 •'','.'""''.' '~, ,-j N j. T.T. lil.fi-V ..8.04 O.D. 02.94 a 8.09 '. ' 'ly-'i'' ■ tn >'i NZ. '1 .T 61 04 33.04 O.D, 02.04 53.09 ' ;l ''!-'/ 'V,,'!,',',.,. tn ,|oi TT. 2'c: 21 7-16 o.d. 'a; :'i.: : in.ii, ~nd i'.->:. ill - ' : '" ! "'' o.D. 28; :' : :21-8:

'"v y ,„■,,,■, in ,en I'.T. - 17 45-0-I"' I '' on 1721-3! •'" v"s" '',',!., ~. ~, ,;,,; TT. 17 11-82 18 21-3: ! " O.'l. 17 7-32 18 19-3: •!' N «;y ! "|v.Miv tu ilnl. T.T. 34ii 35 5-16 i O.D. 84.1 35i UOLLAH MARKET RATES The Associated Banks (other than tb< ! Bank of New South Wales) quoted thi i foliovin;: doilar rates yesterday on a Ncv : Zealand currency basis. They are sub • set tn alteration without notice: — ; " U.S.A. CANADA. .per £1 N.Z.) (per £1 N.Z. : dol. dol. 1 SF.U..ING--- ~,,„., T T . „ 8.94' 3.9<U OD. .- 8.94,', 2.99.1 :| ... ?.m 4.«« U)CTCH RANK RATE AGAI? ; \ RKDCCED 1 i ~-.,,,.,. s L-s iS-,nr:A'lln::-.:ni'V!!ir,HlY I illoceivetl Noveuibcr 14, 7.5 p.iu.) 1 AMSTERDAM. November 13. ' j Tlie bank rate has been reduced tc j I ;U per cent,

! i THE METALS MARKEI ' LONDON. November 13. I Nov. 12. Nov. 13. , Oppc'--- £ ?• fL £ s ' d ) Si-mdard, spot 34 18 9 35 0 7 !' Forward .. 35 6 lOi- 35 8 1 I Electrolytic 39 5 0 39 0 0 to ..' 39 7 fi 39 2 6 ;. Wire bars .. 39 7 G 39 2 6 ' ; L «p,7t' ,„ 18 2 (i 17 18 9 :!, I'm ward ... 18 1 3 17 18 9

:i Spelter—f. Spot .. 18 5 0 lb 5 C 'I Forward ; Hi H 3 16 10 0 '■] L 's po t 233 10 0 237 15 0 n ! Fin-ward '3 . 8 ' months) . . 214 10 0 21.5 i t

!' Silver- !| Fine, per cz. 29 5-16 d 290-lhc o Statictard, per o ; ', oz. . 31 gd 31gcl PRICE OF GOLD j , j (CSI'IKD PKES3 ASSOCIATION—COPYBIGHT.) j| < LONDON, November 13. (J Gold ''a fine ounce) is quoted:— 0 £ s. d. o November 13 7 1 6 4 i November 12 „„ 7 I 4 '!. November U ..7 14* |J- November 8 ..7 1 Si 3 j November 7 „. 7 1. 5J i November ti ~ 7 1 4.J i

S | DAIRY PRODUCE ! BITTER QUIET AT 106/j , i 1 The South Island Dairy Associate ! I Ltd., has received, the following mi •' a ket report from the New Zealand Pi mg duce Association, Ltd., London, dal °, n t November 12:— Butter--Quiet. Finest 106s, fir j 104s, Danish 1245. j Cheese--Quiet. White and coloui j 535.

SYDNEY WOOL SALES

MARKET AT BEST POINT j OF WEEK i SEASON'S RECORD FOR I MERINO i | (ITNTTED ?lir.S3. ASSOCIATION— COFTSIGHT.) j (Received November 14, 11.20 p.m.) ! SYDNEY", November 14. | At the wool sales, 12.088 bales were ! offered, 11,134 sold at auction, and ' 414 disposed of privately. '< The market closed with prices at the ! best point of the week. Very full and | satisfactory clearances were made, j A season's record of 2G.jd was estabI fished for merino fleece, for five bales from Yass. j WOOL ARRIVING ! SLOWLY i SHORT CATALOGUE PROBABLE j • AT AUCKLAND j [THE PEESS Special Service.] ' \ AUCKLAND, November 14. | With the catalogue for first Auck- :' land wool sale of the 1935-36 season i closing next Tuesday, there is an ab- • normal lack of. activity in brokers' j stores. In other years at this time, 1 wool has been coming in steadily by I road and rail, keeping large numbers, \ of men fully occupied in handling and i-cclassiim. and rapidly taxing the floor soace of (he stores. To-day. but for I the carry-over clips from last year, j Ihere was little to indicate the prox- ■ i imity of one of the most important 1 1 sales of the Dominion season. " Tho present, situation is entirely due L ' I U> the broken weather of the last forti night. Few farmers in the Auckland :■ | district can hold more than a few Eiicen under cover, and the remainder r, need" onJv one sharp squall to spoil .heir shearing for that day. At the same time the farmer has to hold his | sheep near the sheds, necessitating : special feeding. i The loss of the whole ol the last two weeks has been the common experience Certain areas have been fortunate, notably Waiheke Island and the north, and from these districts a large proportion of the wool has come. With

a nrobable improvement in the weather now, shearing will be hurried on, and \ inc first two days of next week should see a general. Improvement in the sitalthough it is stated that there i, no prospect of a full catalogue of : 25,000 bales. Conservative estimates put the prob!able offering at nearer ia.OOO bales, a i large proportion of which is carryj ever from last season. In addition, a ! fair quantity of last season's wool will ; be left in the stores by farmers, who ! prefer to watch Ihe first series of sales \ *.o get a better idea of price prospects. ! ANTWERP TOPS MARKET I (UXlTinj IRKSS ASSOCJATioS COI-VftlGnT.) ■■ i

| ANTWERP, November 13. i Tops are quoted:— Nov. S.Nov. 13 I d. d. i December .. ~ - 23 I March .. ~. 271 281, May .. ..27, 28g i AUSTRALIAN PRODUCE

i SYDNEY MARKETS (i-Ki-ifij ir.r.s.-, assi...'i.vii-.-k—cotTHiom'.) ::: SYDNEY, November 14. "■'■'■ Sila wheat is valued about Ms 6i ;. t bagged, and is nominally worth 3s 7c s2 There is no grain on offer at countr uriipgs. !;; Flour XII 17s Sri. '"" Bran and Pollard—£s His. j : 'Potatoes—Tasmanian, .V.12; '.oca .new £8; Western Australian £lO 10; ! Onions —Victorian brown £B. I Maize, yellow and white, ss. I ADELAIDE

IC :

1C : w | ADELAIDE, November 14. )_ I Wheat—Growers' lots 3s 2d. Flour—Bakers' lots £l2. ■ I Bran —£5 7s 6d. ■' i Pollard—£s 12s (id. Oats—Algerian Is lOd. j Barley—2s 3d. j PRUDENTIAL ASSURANCE N i ASSETS j J The New Zealand manager of th Prudential Assurance. Company, Lid has received advice from the con: pany's head office that the company' assets now exceed a total c £300,000.000. This return is compile ;0 in English sterling.

INFLUENCE OF WAR

METALS PRICES RISE PROGRESSIVE HARDENING EXPECTED From a Social Corhespoxdevt. LONDON, October 23. War' tends to envelop every commodity within its influence, and this i: particularly true of metals, which ir .hese days of mechanism are the true sinews of war. The rises in copper spelter, lead, and tin have been the direct result of the failure of peacefu methods to solve the Italo-Abyssiniar dispute. As regards metal production, Abyssinia, whatever her potential wealth is to-day practically negligible. Italy'; copper output has been falling and las year amounted to no more than 1/25 o 1 per cent, of the world's total out put. The same story is true of hei production of lead and spelter, whicl has been steadily declining. Only hei output of aluminium has risen at al appreciably in recent years, and ever here a decline was witnessed last year she has no tin or nickel. As an aluminium exporter Italy has been growing increasingly important, but th< main sources of demand for her meta —Germany, Switzerland, and Grea Britain—could easily produce enougr of the metal to satisfy all their re q u ir em en ts. „ So much for the production side. A: regards consumption, the enforcec ' aloofness of the position of Abyssini: to armaments suggests that she wil not figure as a purchaser large enougr to affect the international market Italy might, but the producing counnics have been, and are, extremely chary of granting fresh to : country apparently inviting bankruptcy; and on a "cash-on-delivery' oasis Italy's purchasing power i strictly limited. It is virtually impossible to estimate the possible longer-term influence o. the present campaign, for Europeai I politics are charged with dynamite ' I This much can be said with certainty ' ; however, that, unless metal productioi ' i proceeds at a pace corresponding wit] I ihe increase in consumption which wil ' ibe brought about by general rearma- ! ment, price levels are likely to shov progressive hardening. Steel Cartel Negotiations ,\ It is generally assumed by the iroi ' ; and steel trades that the backbone o: - their prosperity must always be com . i mercial demand. How far curren , I r-vents should modify this view it i ■ ! impossible to gauge at the moment i There is already, however, a consider I :jble amount of buying occasioned b; ' rearmament, and in—politically—mon i oessimistic quarters it is urged tha ■ the sky is the limit to the potentialitie of this movement. This lends point ti the meeting being held in London be tween reoresentatives of" the Britisl and Continental steel industries. A war psychology naturally influ ences the result of the discussion; ! which are covering the questions c i he division of the world export mat j kets and the details of an agreemen I for thin sheets. As regards the lattei I the conference will, it is tmderstoo( ' follow up the recent negotiations de ! termining the export prices of shi

j and boiler plates and the con-elation ( j British and Continental extras I'c ; thickness and size. j The British industry insisted upc the establishment of an internation i sheet organisation, for the Shee i makers' Conference represents : stronglv entrenched .British industr ! whereas on the Continent organisatk i is poor and the industry relatively u: j important. It was considered unlikel ■ therefore, that an agreement vou ] allow a quota to Continental exporte d for the British market. 1. The allocation of the export ma y ; kets is a ticklish matter, and ar : agreement reached must be made pre ' visional pending the clarification ' • the international political situation, il Meanwhile, British iron and ste =■ production continues to expand, 11 1 returns of the British Iron and Ste : Federation for August showing a coi i siderable increase in the productic ; of pig-iron and steel on both tl ; month and the year. j Tin Supplies ■ The International Tin Committee i alternately in and out of hot wati : with the tin market critics. At i ' meeting in Brussels early in Septen ber. the committee decided to recon mend the maintenance of the produ' | 'ion quotas for British Malay | Nigeria, the Dutch East Indies ar Bolivia at 65 per cent, of the 1929 stai ] dard tonnages. The immediate effe upon the market was favourable, wr a jump in the spot ton price from £2 2s 6d to £221 17s 6d per. cent, in oi dav, although the difference betwet i spot and the three months' price r e j mained wide. On October 3, it recor - ! mended that the quota should be i: |" creased to 70 per cent., with retr s spective effect from July 1. >f In Bolivia, however, as well as d Malaya, permission to export to 65 i

r 70 per cent, has little real meaning for j I the producers, who continue to ext j perience a marked shortage of labour. 3 j In view of the continued tightness of j the position (Nigerian shipments, too, . J are still in arrears* the price once T ! more topped the £230 mark, though | it has since come back on the ai- . I nouncement of the higher quota to ; £224 17s 6d for spot metal. f It seems a legitimate criticism of the . j committee that it pursues an oppor- £ i tunist policy, waiting for statistics and . ! not seeking to interpret the immediate [' ! needs of the market. The anomalous ,1 j position was well indicated by the j September figures, compiled by Messrs; -f i A. Strauss and Company. Instead of ir | the rise in Sentember which had been I expected in many quarters, the total ' visible supplies actually declined by n , I 2583 tons as compared with August to ? J | 11,639 tons. ~ I The final position as the result cf f ' this decline and of the slight reduc- -'' I tlon in tin deliveries was that world )n i stocks at the end of the month reached :1 ." j a record low level of 11.635 tons, which j 5 ": | represented a decline oi over 2500 tons lcl | on the month, rs | | American topper Prices r " i To some extent the designs of the

y j copper code are being carried out pesy' c ; thumously, for its price of 9 cents hr.s again become the figure for the United ! States of America domestic copper. g l ■ War demand has played its part in *e bringing consumption up to levels 2l which justify this price, while the i- sharp improvement in American ccn»n sumption reduces to negligible propcrie tions the danger of a breach by American primary producers and customs smelters of the "gentlemen's agreement" whereby their export allotment is was fixed at 8200 tons monthly. 5r The position of the export market is ts therefore now much improved. Amerii- can consumption has always been the l- chief factor to make or mar the world ;- restriction scheme, and with the ima, provement in this direction and inid creased demand for both war and i- normal constructional purposes, the ct metal is standing at a high level for :h the time of year. In the London 1.9 market at least it seems that profitie taking is of small proportions, and the :n continuance of the upward trend of e- prices seems indicated. a- ___^_^^_______ o- j i Read and use "The Press" Classified in i Want Advertisements. 12 words Is, 3 >r J insertions 2s 6d. 'Phone 33-358. —6