FINANCE AND COMMERCE

Press, Volume LXXI, Issue 21647, 4 December 1935, Page 13

FINANCE AND COMMERCE

{NOTES OF TO-DAY i ■■ <*'• . .... ■ DELIVERIES FOR FIRST WOOL SALE ;CLIP IN GOOD CONDITION . (BY OCa COUHZBCIAIi EDITOR.) - Rain has so seriously interfered ■' .with shearing in Canterbury this seajson that until the last few days it i looked as though the amount of wool to be submitted at the first Christichurch sale to be held to-morrow [week would be very materially short 'of the Wool Committee's allocation of 24,000 bales. The prospect .has now 'altered, and with wool coming in much more freely, it appears that there . jwill be no serious shortage in the catalogue. Weather held up deliver- - ies of wool to the two North Island sales, but at both Auckland and Napier there was enough wool carried over frcm last year to bring the offerings up nearly to the allocations. In Canterbury there was very little ■wool held over from last year, certainly not enough available for the 'first sale to make up 40 psr cent, of the offering, as was the case in Napier. The first Canterbury sale is never .extremely popular with growers, biainly because the second sale, attracting as it does -the cream of the (wool of New Zealand, generally produces some high prices, and has about ijt an air of excitement that the first sale lacks. There is already some iwool in the stores which will be held •for the January fixture this season. : Wool that has so far come into the Christchurch stores for sale next week as in. general more attractive than was ithat offered last year. The growing (season has been a good one, except iin.a few northern districts, where a Severe storm with snow in September igave the sheep a bad check. Deliveriies so far contain much bright, attractive wool, clean, and well grown, !a contrast to last year's offering, of .which a big proportion was heavy in and inclined to show more lor less bad yolk stain. Not a great 'ideal of really showy wool has come ■forward, but the general standard is 'good, and the clips have opened up attractively. Prices are confidently expected to be up as much as they have at the northern sales, though the Wellington auction on Saturday, which will include 'a lair proportion of halfbreds of h jtype corresponding closely to that produced in Canterbury, will give a betjter indication than the two previous sales at which the bulk of the offering was crossbred. A Canterbury grower a fortnight sago received from his broker a 'questionnaire asking for particulars of his clip. In the column headed, "approximate date of shearing," he laconically wrote, "About Easter." That -was the feeling of most growers a fortnight ago, but the position " has now for the better, and unless there is a serious break in the weather in the next few days, there should be no 'great shortage at the first Christchurch sale. A BUTTER FACTOBY CLOSES

The Akaroa Butter Company, which began operations in 1914, will cease collection of cream on December 14, the shareholders having decided to accept the offer of one of the large city concerns for the goodwill and ilicense. The company will be liquidated. 1 . The liquidation of the Akaroa comI pany has been forced as the direct result of collections of cream by the bigt get companies, and the more attractive payouts they are able to offer, and is merely another instance of what has been happening to' a greater or lesser degree throughout the country. There will naturally be some disappointment in the minds of the people of Akaroa, ,but there are as many arguments in ■ favpur of the absorption of small factories as there are against it. The industry itself at the Wellington conference asked for a total reorganisation of dairy production in New Zealand, and doubtless one of the first, and not the least difficult, problems that will have to be tackled is the question of the small factory versus the large. It is obvious that the collection of Akaroa creani from Christchurch must be ex- ' pensive, and it is equally obvipus that the cost musj; be taken from the pockets of the producers. Though Canterbupr is not important as a dairying district, it offers perhaps more vividly than any other district in New Zealand, an example of the urgent ;need for some reasoned system of collection, having regard at once for cost, :and for the quality df the product "that is to be made from the cream collected. If the group marketing system, with all the details envisaged by • its sponsors, is allowed to proceed, it is certain that an intelligent survey of the dairy resources of the' Dominion will reveal many instances of expensive overlapping such as that which has been responsible for the winding! up of the Akaroa company.

BUTTER PRICES REDUCED Butter prices were reduced by the Christchurch factories yesterday to lljd for standard brands, and lid for grocers' own labels, wholesale. GOLBSBROUGH, MORT'S FIRE WOOL RECOVERED FROM RUINS SYDNEY, December 3. f r It is now expected that between * 8000 and 9000 bales of wool, worth ' more than £IOO,OOO, will be recovered from the ruins of Goldsbrough, Mort and Company's store, which was des " stroyed by fire on September 25. It ' > - was estimated at first that 30,000 bales - v had been destroyed, ? P. AND O. COMPANY NO DIVIDEND ON DEFERRED " • STOCK (UHITED PEES 3 ASSOCIATION—-COFTttIGHT.) LONDON, December 2. . The P. and O. .Company has trans- %' ferred \£450,000 from reserve to help =- meet depreciation. There is no divi- ; dead on the deferred stock, and the , i amount carried forward is £158,884. f - " GRAND CENTRAL BUILDINGS

'l' The report of the directors of Grand Central Buildings, Ltd., Wellington, for if 5 /the year ended September 30, 1955, records an improvement in the accounts, ff tawing to interest reductions and inrents. A further improvement foreseen. Net profit for the year IriWas £329 10s lid, which was used l-fto reduce the accumulated deficit in | and loss account to £6841 IpfiWSER COMKEKCIAL NEWS WHX ON PAGE 15)

' WOOL SALES LONDON MARKET FIRM BRITISH COMPETITION PRSSS ASSOCIATION —COrT*I6HT.t LONDON, December 2. At the wool sales 9973 bales were offered, including 3SDI from New Zealand. There was brisk competition and firm rates except for inferior grades. About 7860 Australian and New Zealand bales were sold. New Zealand slipe halfbred lambs, Fairfield, had the top price of 16d, and the average was 151 d. EAGER DEMAND AT BRISBANE (IIKITED PRESS ASSOCIATION —COPYU.C!i..i BRISBANE, December 3. The Brisbane wool sales opened wilh eager demand, and values were fully firm on those ruling at the close of the Sydney sales last week. Top prices were: Greasy 22Jd, scoured 29|a. BRADFORD TOPS MARKET (UKITED PRESS ASSOCIATION—COPYRIGHT.) LONDON, December 2. The Bradford market is firm, with moro business in crossbreds than merinos. A SATISFACTORY YEAR MANAWATU KNITTING MILLS DIVIDEND MAINTAINED AT TEN PER CENT.

A satisfactory trading year is reported by the directors of the Manawatu Knitting Mills, Ltd., who will meet shareholders at Palmerston North on December 9. Dividend of 10 per cent, is recommended, the rate being the same as last. year. The report St&t6S!~~ "During the year your directors, after very careful consideration, decided to offer to our cwn shareholders at a premium of 10s a share, the balance of the unissued capital (6aoo shares) on the basis of one share for every three shares held. Many shareholders applied for more than thsy were entitled to, with the result that the issue was considerably over subscribed, indicating that our own shareholders had every confidence in the issue. The object of the issue was to enable the company to secure a valuable interest in the Oamaru Worsted r.nd Woollen. Mills, Ltd. Since the balance-sheet period this interest has been acquired, and is showing in the balance-sheet for the period under review as being on deposit. "Since the last accounting period the sum of £SOO has been transferred from the bad debts reserve to general reserve. Your directors now propose that a further sum of £2OOO bs transferred from the profit and loss appropriation account to general reserve account, thus bringing the total general reserve account to £16,535 7s 2d. "The stocks of the company have been most carefully taken and stand at £16,237 Is Bd, a reduction of £1374 12s lid on last year's figures. Sundry debtors and bills receicable are £639 2s Id less. The year has proved a reasonably satisfactory trading period. "After making provision for commissions, income tax, directors' fees, and auditors' fees, providing necessary and adequate depreciation for plant and stocks, the profit and loss account shows a credit balance of £4929 14s

lid, which, plus the carry forward from last year of - £843 3s 7d, brings the profit and loss account to £5772 18s 6d. The premiuhis on the new share issue have been carried to the credit" of the profit and loss account, and after deducting commissions and charges in connexion with the making of this capital profit, and taking into account the fact that the company will not receive the benefit of its reinvestment of this additional capital until next season, the position fronl a purely trading profit point of view must be considered very satisfactory. "Mr E. F. Hansel retires in accordance with the company's articles and, being eligible, offers himself for reelection.

Principal items of the balance-sheet are as follows:

- Liabilities £ Subscribed capital .. .. 25,000 Amount in reserve .. .. 14,535 Appropriation account balance and profit for year .. 5,772 Reserves for bad debts and income ta£ .. .. 1.551 Long term liability, Bank of N.Z., and accrued interest to date .. .. 4,750 (This liability is secured by a series df two debentures of £3750 each, as a floating charge over the whole undertaking.) Sundry creditors .. .. 2,095 Suspense account .. .. 210 £53,916 Assets Plant and machinery, less depreciation .. .. 15,016 Motor-cars, less depreciation .. 673 Stocks • • • • 16,237 Sundry creditors .. .. 11,122 Bills receivable .. .. 405 Unexpired insurance premiums, etc. • • • • 338 Deposits, plus interest .. 10,109 Cash in hand .. 12 > • ' ' " £53,916 DIVIDENDS PAYABLE | Ashburton Gas: Final, 7 per cent. .. **■ Bartholomew Timber: Final, 2} per cent., making 5 per cenf.. Bank of New Zealand: Interim is ord., 32 per cent. D. .. Dec. 7 British Tobacco (ord.): Quarterly U per cent. •. • • Dec. 31 Broken Hill South: Is 6d and bonus Is .. .. Dec. 19 Bycroft, Ltd.: 5 per cent. .. Nov. — Bulolo: Interim 1 dol. 40 cents. (.Canadian) • • - • Dec. 20 Hume Steel (pref.): Final. 32 per ■ cent., making 7J per cent. .. Dec. 23 Kauri Timber: Final, 5 per cent. Dec. • Mount Lyell. 6d .. •• Dec. 16 Morris, Hedstrom: Interim, 2J per , cent. •• •• Dec. 31 North Broken Hill: 2s 6d and • bonus Is ■" g ec - J? N.Z. Breweries: Interim 31 p.c. Dec. 14 N.Z. Loan and Mercantile <pf.): ' Final, 5 per cent. .. .. Dec. North Kalguriie: Sd. less English ■ income tax of 2s 6d in £1 .. Dec. 10 Placer Development: . 50 cents Canadian, less 5 per cent, ab- _ sentee tax •• Dec. 24 Swan Brewery: Ord., 2s, bonus 6d _ pref. 6• per cent. .. •• Dec. 4

A commercial scholarship examination is to be held at the Gregg-Banks Commercial College, Whitcombe 3 Buildings, Cashel street, between December 9 and 13. The successful candidate will be entitled to 12 months' free tuition. Particulars of entry can be obtained from the college office.

SYDNEY NEWSPAPER SALE 'TELEGRAPH" CHANGES HANDS NEW BUILDING ACQUIRED (ÜBrrEI) I'EESS ASSOCIATION —COPTBIGHT.) (Received December 3, 11.30 p.m.) SYDNEY, December 3. The annual meeting of shareholders in Associated Newspapers, Ltd., to-day unanimously approved the directors' recommendation for the sale and transfer of the "Telegraph" newspaper to Sydney Newspapers, Ltd., proprietors and publishers of the "Women's Week : ly." The original "Evening News" building and plant will also be taken over. Sir Hugh Denison, chairman of Associated Newspapers, Ltd., said that the new company would have a capital of £750,000, of which ' Associated Newspapers, Ltd., would receive £160,000 in paid up shares —£125,000 for the 'Telegraph" and £35,000 for the plant—and would also receive in cash £95,000 for the "Evening News" building, in which the "Telegraph" will in future be published. PRODUCE MARKETS I CHRISTCHURCII (BY OUtt COMMKBCIAL EDITOR.) Tuesday evening. The markets are suffering a period of inactivity, practically the only interest being confined to fowl wheat. Potatoes are now finished for this season, and few, if any, sales have been made in old descriptions in the last few days. An interest, though not keen, is being taken in new season's main crop, which are quoted at the equivalent of £3 to £3 5s a ton to farmers on trucks.

Fowl wheat is very firmly held by those merchants who have stocks, and small amounts only are sold at one time. The price is unchanged. Quotations The following are quotations for produce paid to farmers on trucks, free of commission, sacks extra, except where otherwise-stated:— Wheat—lnterim . payments: Tuscan 4s sd. Hunters 4s 7d. t'earl and Velvet 4s 9d, f.0.b.; fowl wheat 4s Id f.0.b., s.e., for shipment to the North Island, 4s 4d for South Island delivery; "free," 4s 9d, f.0.b., s.e. Oats—Algerians 2s 7d to 2s 8d a hushel: Gartons, A's to 3s 3d, B's to 3s Id; Duns to 3s 3d. Perennial Ryegrass—2s 6d to 2s 9d a bushel. Italian Ryegrass—2s 6d to 2s 9d a bushel. White Clover—Sd to lOd per lb. Cocksfoot—To lOd per lb for Akaroa. 9d for Plains. Red Clover—Bd per lb. Chaff—£3 10s a ton. Flour—£l2 7s a ton, local; £ll 12s shipping. Bran—Large, local, £4 15s; small -£5 ss; shipping £4 10s. Pollard —Large £5 15s, small £6 ss, shipping £5.

AUCKLAND [THE PBESS Special Service.] AUCKLAND, December 3. At the moment, potato merchants are still' taking their supplies from suburban areas rather than from Pukekohe. Quotations are much lower, ranging from (is to 6s 6d a sugar-bag through store. The onion market, is steady, with a suggestion of weakness and prices are unchanged at 18s per 1001b bag. It is now considered that small supplies from Pukekohe will be available at Christmas. Maize is very hard to buy, and although warmer weather and high prices combine to restrict demand, merchants find it difficult to obtain the necessary supplies. The ex-store prices of 6s Id a bushel is the highest that has ruled for this cereal for several years. Pollard is in keen demand, the mill price being £7 a ton. The quotation for bran is £6. There is little change in oats, B Gartons and Australians are quoted at 4s lOd a bushel, A Gartons at 5s Id, clipped Duns at 5s 9d, clipped Algerians at 4s 9d, and clipped A Gartens" at 5s 3d.

LONDON MARKETS

HIGH COMMISSIONER'S REPORT

The Department of Agriculture has received the following cablegram, dated November 30, from this High Commissioner for New Zealand, London: Tallow—Market continues quiet; lvalues nominally unchanged. Hemp—Manila: Market quiet and easier. "K" grade for January-March shipment quoted sellers £24. Sisal: Market very quiet during the week; active at the close. No. 1 Janu-ary-April shipments sold at from £26 15s to £27 ss. ■ „ , . « New Zealand: Small business done in fair, £l9 10s. common, £lB 10s. Demand is limited. Eggs—Market steady. English and Danish in larger supply. English: National pack. 19s to 23s 6d; ordinary pack, 18s to 22s 6d. Danish, 13s to 17s 9d: Australian, 10s 9d to 13s. Peas—Maples: Market continues quiet. Early this month "A" grade sold on sample at 525; No. 1 Novem-ber-December shipment, 525. "A' grade Tasmania offered 535. New crop: No transactions reported, buyers waiting for developments, Blues: business confined to Japanese and Dutch. "A" grade Tasmania — November-December shipment offered £lO 10s; buyers not,interested.

WHEAT MARKET ENGLISH QUOTATIONS (trrtTED PBSSS ABSOCIATIOK —COPTBIOHT.) LONDON, December 2. Wheat cargoes are steady and parcels firmer. Parcels are being held for an advance. Wheat cargoes are dull, with Manitobas 3d to 6d lower, Australians obtainable at 3d less, and La Platas also easier. Buyers were deterred by reported changes in the constitution of the Canadian Grain Board. Parcels are in poor demand at a decline of 3d to 6d. Manitobas and other descriptions are little changed. Futures are quoted:— Nov. 28. Dec. 2. ' . s. d. s. d. London (a quarter)— February .. 25 1 25 1 April .. 25 2 25 2 Liverpool (a cental)— December .. 6 0 S 5 10J March .. 5 10 5 9J May .. 510 5 9} RUBBER* STOCKS

LONDON, December 2. Stocks of rubber at the end of November were:— Noy. Oct.; , Sept. Tons. Tons. Tons. London .. 90,026 94,178 100,635 Liverpool .. 76)370 76,363 76,746

\ : Vv WEST COAST DREDGING ■RETURNS The following are the West Coast dredging returns for last week, including the latest return from the Stafford dredge:— 02. dwt. Mataki, 133 hours .. .. 61 0 Maori Gully, 122 hours . . 55 4 Stafford, 118 hours .. .. 45 8 Worksop, 135 hours .. ~ 45 0 Gillespie's, 121 hours .. 33 0 Mossy Creek. 131 hours .. 33 7 Total .. ..277 19 Average .. .. 46 6 EUNDI RETURN The Bundi dredge return to November 26 was 2350z for 264 hours, 60.000 yards being handled. The preceding return was 1940z from 51,000 yards. COAL MINING INDUSTRY IMPROVED POSITION LABOUR CONDITIONS MORE SETTLED [THE PRESS Special Service.] WELLINGTON, December 3. An improvement in the coal industry over the last year was the subject of remarks by Colonel W. D. Holgate, president of the New Zealand Coal Mine Owners' Association, in his address to the annual meeting of the association to-day. The year was free from strikes, and the industry had improved its position in the north. "During the last year I am pleased to state that the industry has been free from strikes. There - were, however, a few minor disputes, which have been settled. There are still some disputes awaiting settlement on the West Coast which are to be considered with the West Coast Union after this meeting.

Industrial Agreements "The industry generally shows an improvement for the year 1934 compared with the previous year, there being an increase in the output of 239,057 tons, for which the northern district was mainly responsible, but in 110 district is the output equal to that of 1930. there being 481,777 tons less for 1934. It would appear that the West Coast mines are seriously affected through competition with the co-operative mines and State collieries. the latter being in direct opposition to private enterprise, neither benefiting the Government nor the employment of miners, as the men could be employed on the other mines. "In the north the position has improved after 18 months of price-cut-ting, the owners having co-operated in fixing prices, which has also eliminated a certain amount of competition. Up to the present the system is working satisfactorily and may lead to further rationalisation in the industry. Hydro-elcctric Power

"It has been previously mentioned that hydro-electrical power has been a serious competitor to the coal ini dustry, but as now it is quite an established fact, although at a big expense to the Government, it is a competitor which we have to endure. Oil in many cases is also replacing coal for producing heat and steam and for use in diesel engines, the importation of which has considerably increased during the last year. The use and importation of oil is rapidly increasing, and the only way to combat this is by extracting oils and benzine from our coal in New Zealand. "At the last annual meeting, in referring to the depression of the coal industry, I stated that one of our difficulties was that there were too many mines working, and this still remains obvious to-day. There are also rumours of other companies commencing mining coal, in spite of the very few coal companies now paying dividends. My experience is that most I of the new companies, more particu-! larly in the north, have been floated by syndicates who have acquired the freehold at a small figure with the view of obtaining royalties, resulting in that syndicate becoming a parasite on the industry. I have always bean in favour of the Government in any country acquiring through legislation all mineral rights, thus giving them the power to regulate the number of licences granted for mining and also to receive any benefit from royalties.

Hydrogenation of Coal "Reports from England on the results obtained from the plant erected by the Imperial Chemical Industries, show that it cost more than £7,000,000 and is producing benzine in large quantities. It is heavily subsidised by the British Government, otherwise it is doubtful whether the process would be a commercial success. The latest reports from Germany are that they are now obtaining 50 per cent, of their own requirements of benzine and oils from coal. Forty per cent, of this amount is obtained from similar processes to the one used in the Waikato. "Before closing I should like to refer briefly to the result of the election held last week. In no uncertain terms the electors all over the Dominion voted for a change of Government. The return of the Labour party with such a huge majority must have surprised even its own ardent supporters. The National Government brought New Zealand through the worst economic storm experienced, but the electors have decided upon a change, and it is now the concern of the Premier-elect, Mr Savage, and his associates so to conduct the country's affairs that recovery from our economic ills is complete and in the interests of all sections of the community. , „ , . "As employers, I would suggest that we should support the new Government wherever possible in legislation designed for the well-being of ' our country. Naturally we may not see eye to eye with the Labour party in every detail, but I would urge careful and deliberate consideration to the many proposals that will, no doubt, be brought before Parliament during the term of office of the Labour party. As far as possible we must co-operate for the good of the country and the wellbeing of the people generally." AUSTRALIAN WHEAT PLAN FLOUR TAX TO BE CONTINUED 1 FOR SIX MONTHS (tJNITED PBE33 ASSOCIATION— COPTBIGHT.) CANBERRA, December 3. The sales tax of £2 12s 6d a ton on flour is to be continued for a further six months, to provide for financial assistance for wheat growers until the Commonwealth plan for a home consumption price for wheat can be brought into operation. LONDON STOCK EXCHANGE (UNITED PBES3 iSSOCUTIOW—COPYKIGHT.) LONDON", December 2. New Guinea Goldfields—4s lOjjd,

STOCK EXCHANGES CHRIgTCHURCH YESTERDAY'S TRANSACTIONS The outstanding feature on call yesterday was the activity in Government Stocks. , Price movements were irregular. Transactions, exclusive of vestibule business, were:— LISTED STOCKS Sales oni 'Change £ s. d.

New Zealand Government 4 per cant. Slock, due 1940, changed hands ai £lO2 7s 6d, £lO2 ss, and £lO2 2s tid—that due 1946 at £lO4 12 s 6d and £lO4 10s—the 1949 issue at prices ranging from £lO5 2s 6d to £lO4 10s, and the 1955 Stock at £lO7 10s. Four per cent. Bonds, due 1949, had business at £lO3 12s 6d. Commercial Bank of Australia recovered to 17s 3d, and there were further buyers at 17s 4d, sellers at 17s sd. Bank of New Zealand, cum dividend, were firmer at prices ranging from 49, i 2d to 49s 6d, market closing 49s 4d buyers. 49s 5d sellers—the "D" Mortgage shares had business at 335. Buyers' offers fo# English, Scottish, ana Australian Bank, National Bank of Australasia, and Union Bank of Australia revealed firmer markets. New Zealand Refrigerating fully pair shares had business at 225, and more were wanted at that price, sellers at 22s 2d—the 10s paid were firm qt prices ranging from 10s 7d to 10s 9d. market closing 10s 7d buyers, 10s 9d sellers.

Tooths Brewery shares were weaker, with dealings at 53s 9d, and further sellers at 53s lOd, buyers at 53s Bd. Sellers of New Zealand Breweries, cum dividend, came down to 54s 3d, buyers at 53s 9d. Miscellaneous Anthony Hordern were firm at 19s sd. closing quotations Id on either side. British Tobaccos were easier, with sellers at 39s 6d. Broken Hill Proprietary declined to 56s 6d, and there were further buyers at that price, sellers at 5Gs 9d—the 5s paid were fractionally weaker at 28s 2d and 28s. Dunlop Perdriau Rubbers remained unaltered, with sellers and dealings at 16s, buyers at 15s lid. Kauri Timber, cum dividend, were steady at 23s lid, market closing Id either way. Peters Ice Cream changed hands at 255. Maori Gully were firm at Is. Mount Lyells remained unaltered at 21s, and closed firmer, with buyers at 21s Id, sellers at 21s 3d. Skippers were a shade easier at 3jd, closing quotations buyers, 3£d sellers. Unlisted Stocks Argo Gold were a shade stronger, with buyers and dealings at Is 3Jd, sellers at Is 4d. Sellers of Christchurch Press came down to £lO, buyers at £8 12s 6d.

LATEST QUOTATIONS N.Z. Government Debentures Buyers. Sellers. £ s. d. £ s. d. 34 p.c. Ins., 1938-43 .. 101 0 0 102 15 0 4 p.c. Ins., 1937-40 .. 102 5 0 102 10 0 4 p.c. Ins., 1943-46 .. 4 p.c. Ins., 1946-49 .. 104 7 6 104 15 0 4 p.c. Ins.. 1952-55 ..106 15 0 107 5 0 4 p.c. Bonds, 1937-40 .. 4 p.c. Bonds, 1952-55 .. 106 10 0 107 10 0 Other Debentures

UNLISTED STOCKS All transactions In stocks quoted in this section are subject to different rate of brokerage from the Listed Stocks and are not quoted on the official list.

SYDNEY On the Sydney Stock Exchange yesterday, the general investment market was again slightly weaker, as were Commonwealth Bonds, despite satisfactory reports concerning the new loan. Morning Sales

The Bank of Ne\fr South Wales, Christchurch, quoted tlie following rates as ruling yesterday tap its sales and purchases of foreign exchange. The rates are subject to alteration without notice:—

DOLLAR MARKET BATES The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis. They are subject to alteration without notice. . U.S.A. Canada (per £1 N.Z.) (per £1 N.Z.) dol, • dol. Selling— ■ , T.T. 3.94J 4.00 _ . O.D. 3.951 4.001 Buying— j ' O.E». 3.95J 4.04J FRENCH AND AMERICAN EXCHANGE LONDON, December 2. United States and American exchange was quoted to-day at: Dollars 4.93, francs 74| to £1 sterling. PRICE OF GOLD

(united press association—coptkght.) LONDON, December 2. Gold (a fine ounce) is quoted:—■

THE METALS MARKET .. .. I ' ' t ■ - (UaiitD PEJE33 ASSOCIATIOS—COPXKCSI.* LONDON, December 2. Nov. aa Dec. a. « . £s. d. £s. d. Copper— £ s. d. £ s. d. Standard, spot 35 4 4} 35 11 104 Forward .. 35 5 0 SSIB 9 Electrolytic 39 0 0 39 10 0 r . to .. 39 10 0 40 0 0 Wire bars .. 33 10 0 40 0 Q Lead— Spot .. 17 18 9 IT 12 6 Forward .. 17 18 9 17 12 6 Spelter— - Spot .. 15 18 9 15 13 9 Forward .. 15 18 9 IS 0 Q Tin— - -■ •_>. ■ ■ Spot _ 221 15 0 223 5 • Forward (3 months) .. 211 1Q 0 213 5 ft Silver-r-Fine, per oz. 29 3-16 d 29$ d Standard, per > oz. .. 31|d 31 9-IG4 PRICE OF SILVER (uixub omau vmnu o . ] . December J. Silver is quoted (pence per ox): Spot • - ju Forward 1" sj| Somewhere these is someone who has something you need, or IHI something you have. Read —ml yfi "Hie Press"* Classified Want" Advertisements—l2 words Is, 3 2s

£500 N.Z. Govt. 4 p.c. Ins. 1937-40 102 7 6 100 Comm. Bank of Aust 0 17 3 250 Bank of New Zealand ' (cum div.) (4) 2 9 3 2 9 4 200 N.Z. Refrig. (10s pd.) 0 10 8 100 Tooths Brewery (cum rights) .. (2) 2 13 9 100 Anthony Hordern .. 0 19 5 50 Broken Hill Propty. 2 16 6 100 Broken Hill Propty. (5s paid) 1 8 0 200 Dunlop Perdriau Rubber .. (2) 0 16 0 100 Kauri Timber (cum div.) 1 3 11 500 Maori Gully 0 1 0 100 Mount Lyell 1 1 0 500 Skippers 0 0 3 4 £1500 N.Z. Govt. 4 p.c., Ins., 1946-49 104 17 \6 104 15 0 104 17 G 104 12 6 Sales Reported £2000 N.Z. . Govt. 4 p.c., Ins., 1937-40 (2) 102 5 0 102 2 6 £2000 N.Z. Govt. 4 p.c., Ins., 1943-43 104 12 6 104 10 0 £2100 N.Z. Govt. 4 p.c., ■ . Ins., 1946-49 104 12. 6 105 2 6 104 15 0 104 12 6, 104 10 0 £5C0 N.Z. Govt. 4 p.c., Ins., 1952-55 107 10 0 £500 N.Z. Govt., 4 p.c. Bonds. 1946-49 104 12 6 250 Bank of New Zealand (cum div.) (3) 2 9 6 2 9 2 » 100 Bank of New Zealand ("D" Mort., cum div.) 1 13 0 200 N.Z. Refrig. (£1 pd.) 1 2 0 1300 N.Z. Refrig. (10s pd.) 0 10 7 t ' 0 10 8 0 10 9 100 Broken Hill Propty. (5s paid, cum div.) 1 8 2 150 Peters Ice Cream .. 1 5 0 UNLISTED STOCKS Sales on 'Change 700 Argo Gold (2) 0 1 3i Government

North Canterbury Hospital 4h p.c., 1/9/1954 — 10G 0 0 Banks Comm. of Aust. (10s) 0 17 4 0 17 5 Comm. of Aust. (pref., £10) — 9 14 6 Comm. of Sydney (£12 10s) — 18 0 0 E., S.. and A. (£3 pd.) 5 10 0 5 13 6 National of A/asia (£10 paid) 13 14 0 — National of A/asia (£5 paid) 6 16 0 6 16 6 National of N.Z. (£2 10s) 3 11 6 3 13 3 New South Wales (ex div., £20) 32 0 0 33 0 0 N.Z. (cum div., £1) .. 2 9 4 2 9 5 N.Z. ("D" Mort,' cum div., £1) 1 12 7 1 13 9 Reserve (£5) .. .. 5 18 9 6 0 0 Union of Aust. (£5) .. — 9 12 6 Insurance National (7s paid) 0 19 G 1 0 0 N.Z. (£1) 3 3 0 — South British (£1) — 4 14 6 Standard (£1 paid) — 3 10 0 Loan and Agency Dalgety and Co. (£5) 8 6 0 8 12 6 Goldsbrough, Mort (cum div., £1) 1 11 3 — Mortgage Corpn. (5s paid) 0 5 4 0 5 7 N.Z. Guarantee Corpn. (3s) 0 5 0 0 5 2 United Building Society (£1) .. — 1 2 0 . Frozen Meat Canterbury (cum div.. £7 10s pd.) 10 8 0 11 0 0 N.Z. Refrig. (£1 paid) 1 2 0 1 2 2 N.Z. Refrig. (10s paid) 0 10 7 0 10 9 Woollens Manawatu Knitting (£1) — 2 2 0 Oamaru (£1) 1 1 0 — ICaiapoi (17s paid) 0 13 6 — Kaiapoi (7s paid) 0 5 0 0 5 4 Kaiapoi (pref., 17s) .. — 0 18 0 Coal Grey Valley (£1) 0 7 0 — Westport (10s) — 1 2 2 Stockton (ord., 10s) .. 0 1 7 - —; Stockton (pref., 10s) .. 0 2 6 — Gas Christchurch (£1) 1 6 0 ■ Christchurch (10s pd.) 0 16 11 0 17 0 Timaru (£1) — 1 3 0 Breweries N.Z. (cum div., £1) 2 13 9 2 14 3 Staples (£1) ' 1 14 6 1 16 6 Timaru (7s 6d pd.) .. 0 9 2 Tooths (cum rights, £1) 2 13 8 2 13 10 Miscellaneous Amalgamated Wireless (contr.. 14s pd.) .. —, 1 15 6 Anthony Hordera (£1) 0 19 4 0 19 6 Aust. Glass (£1) 4 2 10 4 3 3 Beath and Co. (£1) 18 0 1 9 6 Beath and Co. (Is pd.) ; — 0 8 0 British Tobacco (cum div., £1) .. 1 19 1 1 19 6 Broken Hill ■ Propty. (£1) 2 16 6 2 16 9

5 Buyers. Sellers. 3 Broken Hill Propty. (5s paid) 1 7 10 18 0 Claude Neon (N.Z.) (£1) .. .. . _ 2 10 Colonial Sugar (£20) 41 15 0 42 10 0 Consolidated Brick (£lj 0 10 11 0 11 1 DXC. (10s, paid) 0 16 9 Bom. Builders' Supplies (10s) 0 4 9 ■ _ Dom. Fertiliser (£1) .. 1 3 3 14 3 Dualop Perdriau Rubber (£1) .. 0 15 11 0 16 0 Electro. Zinc, (ord., £1 1 14 0 1 15 0 •Electro. Zinc (pf., £1) 1 18 4 1 19 0 Evans Atlas Flour (10s) 10 0 1 7 6 General Motors, Holden's (pref., £1) .. 12 9 _ General Industries (£1) • * — 10 0 G. J. Coles (£1) 3 5 0 3 6 0 Greater Crystal Palace *• (£1) •• •• 0 5 0 0 10 0 Hay's, Ltd. (15s pd.) 0 15 0 0 16 9 Howard Smith (£1) 0 17 10 0 18 9 ' Kume Pipe (Aust., £1) 0 14 6 0 16 3 Kauri Timber (Cum div., 25s) 1 3 10 1 4 0. Morris Hedstrom (cum div., £1) .. .. 1 4 1 1 5 0 National Electric (£1) 0 12 6 . Myer Emporium (£1) .. —. 1 10 0 N.Z. Drug Co. (£2) .. 3 19 0 4 0 6 N.Z. Farmers' Co-op. (£2 10s paid) N.Z. Farmers' Co-op. 0 5 0 — (10s paid) 0 0 1 N.Z. Farmers' Co-op. (1st pref., £5) — 3 17 0 N.Z. Farmers' Co-op. ("B" pref., £4) 1 10 0 — N.Z. Farmers' Co-op. 4J p.c. stock, 193J, £100) 85 5 0 — N.Z. Farmers' Co-op. (4i p.c. stock, 1040, 1941, and 1945, £100) 85 12 6 — N.Z. Farmers' Fertiliser (£1) 0 19 7 0 19 11 N.Z. Newspapers (£1) 2 10 2 2 6, N.Z. Paper Mills (£1) 16 0 — Procera Bread (vendor shares, 10s) 2 2 0 2 3 3 Quill Morris (in liquidation, £1) 0 5 G 0 6 6 United Provisions (£1) 0 12 6 0 12 8 Whitcombe and Tombs (£2 10s paid) 3 13 0 3 16 0 Wilson's Cement (10s) 2 13 2 3 9 Woolworths (N.Z., ord.. £1) .. 5 13 0 5 18 0 Woolworths (Victoria) (pref., £1) .. — 1 10 0 Mining Alexander (£1) — 0 18 0 Alexander (15s pd.) .. 0 9 0 9 12 3 Addison's Flat (Is) — 0 15 Bsndigo Goldlights (Is) 0 0 1 9 0 4 Big River (Is) 0 19 — Brian Boru (Is) 0 0 0J — Central Shotover (Is) 0 0 14 0 0 6 Charleston (Is) — 0 0 5 Gillespie's Beach (Is) 0 11 0 13 Deep Lead (Is) .. — 0 18 Golden Dawn (5s) .. 0 2 3 0 2 11 Golden Sands (Is) .. 0 2 4 0 2 8 Goldfields Dredg. (Is) 0 0 . 22 0 0 3 KUdare (2s) 0 2 2| — King Solomon (Is) .. 0 3 0 — Maerewhenua (Is) .. 0 0 0J 0 0 2 Mahakipawa (6d) 0 0 03 >01 Mahakipawa (pf., 1929 and 1930 pf.. Is) — 0 0 2 Maori Gully (Is) 0 0 Hi 1 1/ Mossy Creek (cum < div., Is) » — 0 18 Mount Lyell (£1) 111113 Mount Morgan (5s) 1 15 9 1 16 6 Okarito (cum div., 5s) 0 5 2 0 5 7 Rawang Tin (10s) 0 8 6 (1 _ 8 9 Skippers (Is) 0 0 31 0 0 3J Wcihi Investments (5s) — 0 16 0 Waihi G'nd June. (2s) 0 3 8 0 4 4 Waitahu (5s) 0 2 8 Martha (5s) — 10 9

Buyers. Sellers. £ s. d. £ s. d. Argo Gold . ft 1 31 0 14 Aigo Gold (6d paid) 0 0 6 0 0 10 Een Led! 0 0 1 0 0 21 Christchurch Press ... 8 12 6 10 0 0 New River (Is pd.) .. 0 0 6 9 0 8! N.Z. Mining Invest. .. 0 0 5J 0 0 7J J. J. Nlven (17s paid) 0 4 0 0 7 6 Smith Wylie 0 9 9 0 13 2 Tiproff Seal 2 10 0 2 13 6 Woolworths (Syd., ord.) 5 17 6 5 18 0 White's Electric — 0 0 10

AUCKLAND Sales on 'Change Com. Bank of Aust. £ s. d. 0 17 4 Eank ol New (2) 2 9 0 2 9 3 2 9 2 Union Bank (3) 9 S 6 Christchurch Gas X 13 6 N.Z. Refrig. (cont.) .. 0 10 S Taupiri Coal (late Monday) .. 0 16 3 Kauri Timber (odd lot> • 1 3 9 (2) 1 4 0 Levland O'Brien 1 2 6 Broken Hill Pty. 2 17 3 Procera Bread 2 3 3 Denliard Bread (pref.) 1 2 6 WELLINGTON Sales on 'Change E. t S., and A. Bank (ex div.) (late Monday) ■ .. 5 11 6 5 n 0 N.Z. Insurance 3 3 6 Oamaru Woollen 1 2 0 King Solomon 0 3 6 DUNED1N Sales on 'Change £ s. d. 4 p.c. Bonds, 35/12/1946 104 5 0 « p.c. Stock, 15/12/1946 104 5 0 Com. Bank of Aust. .. 0 17 0 0 17 2 0 17 3 0 17 4 Com. Bank?, of Aust. (pref.) .. 9 15 0 E„ S„ and "A. Bank 5 10 6 National Bank of N.Z. 3 12 6 Bank of New Zealand (2) 2 9 6 Reserve Bank 6 0. o Mortgage Corp. 0 5 6 ' N.Z. Guarantee Corp. », 0 5 0 Renown Coal 0 10 3 Pukemiro Coal 1 4 0 Kauri Timber .. (3) 1 3 9 Leyland O'Brien 1 2 6 British Tobacco 1 19 3 Broken Hill Pty. 2 17 0 Consolidated Brick 0 11 0 Colonial Sugar 41 17 6 Farmers' Trading .. .. 0 7 4 Peters Ice (N.Z.) 1. 5 0 Wilson's Cement 2 2 0 Golconda Holdings 0 1 6 Maori Gully 0 1 1 Matald 0 2 3 Mount Lyell 1 l 0 Mount Morgan 1 16 6 Placer 1 16 3 5 11 0 UNLISTED STOCKS , , TiprofT 2 13 6 Woolworths (Sydney) .! 5 18 0

£ s. d. Commonwealth Bonds— 4 per cent., 1941 101 5 0 4 per cent., 1944 102 2 6 4 per cent., 1955 103 15 0 4 : per cent., 1957 102 2 6 4 per cent., 1959 - 102 10 0 Tooth's Brewery .. ,. 2 15 0 Anthony Hordern 0 19 104 Associated Newspapers 1 4 9 Broken Hill Prop. .. .. 2 17 0 Fairymead Sugar 2 0 0 Henry Jones (ex div.) 1 17 0 Howard Smith 0 18 6 Lustre Hosiery 1 8 li Meggitts 1 4 3 Afternoon Sales Si Bank of New South Wales .. 32 17 6 Commercial Bank of Sydney 13 2 0 Commercial Bank of Australia 0 17 9 National Bank (£5 paid) 6 17 6 Associated Newspapers 1 5 0 Associated Newspapers (pref.) 1 4 3 Howard Smith .. . . 0 18 6 Australian Gas, A 7 18 6 Tooth's Brewery 2 15 0 Australian Iron and Steel (pf.) 1 5 3 Goldsbrough, Mort 1 12 0 Winchcombe, Carson .. .. 1 10 6 Henry Jones (ex div.) 1 17 0 Millaquin Sugar 1 15 0 Fairymead Sugar 2 0 0 Electrolytic Zinc 1 15 0 Farmers > 1 7 3 Anthony Hordern 0 19 9 Lustre Hosiery • .. 1 8 0 General Industries •0 19 7i Amalgamated Textiles 0 11 6 Hume Pipe .. ,. 0 15 3 Claude Neon .. 2 14 0 Goodlet and Smith .. 1 1 6 W. R. Carpenter (Cont.) 1 12 6 Mauri Bros .. 2 12 6 Goodyear (pref.) .. 1 12 3 United Provisions .. 0 12 7 Wonderlich 1 .. .. 1 2 0 Mount Morgan .. 1 16 0 South Broken Hill 6 0 0 Kuala Kampar Tin 0 15 li Broken Hill Prop, .. 2 17 0 New Occidental .. 0 14 11 Koroere . .. .. .. Oil 6 Tavua .. .. .. .. 0 3 U MELBOURNE £ s. d. National Bank (£5 paid) 6 18 0 Herald and Weekly Times .. 3 3 0 Enterprise . .. \ 0 12 6 Loloma. .. .. ' 1 18 101 Emperor, Ltd. .. .. 9 19 3

FOREIGN EXCHANGES '(BamsH ortnctit, muLssa.) EUGBYv December 2. _ , Par. Nov. 30. Dec. 2. Paris, fr. to £1 124.1 74 55-64 74 48-64 New York. dol. to £1 4.868 4.&31-18 4.83 Montreal) dol. to £1 4:866 4.981 4.981 Brussels, > ; belgas to £1 33 29.165 29.161 Geneva' ■ fr. to £1 252215 15.26 15.24 Amsterdam fl. to £1 12.107 1 7.28J . 7J272 Milan, lire ' to £1 92.46 — — Berlin, reichmarken to £120.43 12.36 13.26 Oslo, kr. to £1 18.139 > 19505 19.901 Stockholm, '• * kr. to £1 18.159 193-16 19 9-16 Copenhagen,. kr. to £1 >18.159 22.391 22JSJ Vienna, schgs. , .■■■.• 4 . . to £1 34.585 281 Jffii Prague, kr. to £1* 164.23 119 3-16 1191 Helslngfors, marks to £1. 193.23 226J 226! Madrid, pesetas to £1 25.2215 36} - 363-32 Lisbon, escudos to £1 110 1102 1102 Athens, drach . to £1 875 S18 518 . Bucharest, lei to £1 818.6 629 629 Belgrade, dinars 25.2215 21.7 21.6 Bio de. Janeiro, pence to milreis .. 5.899 4J 41 Buenos Aires, - pence to dol. 47.58 — — Montevideo, pence to dol. 51 391 391 Bombay, pence to rupee 19 1715-16 1715-16 Shanghai, pence to dol. • 14 9-16 141 Hong Kong, : , ; pence to dol. • 17J 1711-16 Yokohama, _pence to yen • 13 63-64 1363-64 Batavia, guilders 12.107 7.24} 7.241 Warsaw, par - zlotys to £1 43.38,; — _ •Determined by of silver. ... FOREIGN EXCHANGE RATES i

London— , Buying. Selling. £ N.Z. to £100 stg I" T.T. 124 124/10 O.D. 123/10 124/8/9 Australia— £ A. to £100 N.Z T.T. 101 100/16 Fiji— O.D. 101 100/10 £ F. to £100 N.Z. - T.T. 90/7/6 89 OJ3. 90/7/6 89 New York— Dollars to £1 N.Z T.T. 3.988 3.945 Montreal—r O.D. 3.991 3551 Dollars to £1 N.Z T.T; 4.031 3.991 OJD.4.04J 4.001 Austria— Schgs, to £1 N.Z. T.T. — 20.72 O.D. — 20.74 Belgium— Belgas to £1 NZ T.T. — 23.123 cm — 23.138 CzechoslovakiaCrowns to £1 N.Z. T.T. — 95.34 O.D. — 95.39 Denmark— Kroner to £1 N.Z. T.T. 18.308 17.878 O.D. 18.248 17.388 France— Francs to £1 N.Z. T.T. 60.74 59.44 O.D. 61.04 -59.49 Germany— Reichmarlts to , £1 N.Z. T.T. — 9.638 O.D. — 9.643 HollandFlorins to £1 N.Z. T.T. 5.080 5.730 Italylire to £1 N.Z. O.D. 6.030 5.734 T.T. — • O.D. — _ ■ JavaFlorins to £1 N.Z. T.T. 5.935 5.710 O.D. 5.935 5.714 Norway— Kroner to £1 N.Z. T.T. 16.200 15.870 Sweden— OJD. 16.240 15.880 . Kronor to £1 N.Z. T.T. 15.790 19.460 Switzerland— O.D. 15,830 19.470 Francs to £1 N.Z. T.T. 12.462 12.062 Noumea— OJ>. 12,537 12.072 Francs to £1 N.Z. T.T. 61.69 58.69 Papeete— OJ>. 62.09 58.74 . Francs to £1 N.Z. T.T. 61.69 58.68 Hong Kong— O.D. 62.09 58.74 N.Z. pence to 1 dol. T.T. 218-16 2213-16 India and Ceylon— OJ>. 217-16 2225-32 N.Z. pence to 1 rupee T.T. 22g 2223-32 Japan— OJD. 221 22 21-32 N.Z. pence to yen T.T. i — 178 Shanghai— OJD. — 1739-84 N.Z. pence to dol T.T. 17i 1813-16 Singapore— O.D. 17g 1851-64 N.Z. pence to dol. T.T. 343 35 5-16 OD. 34| 351

£ s. d. December 2 .. 7 1 0 November 30 .. 7 1 0J November 28 .. 7 0 11 November 27 .. 7 1 0 November 26 .. 7 0 11 November 25 .. 7 0 Hi