FINANCE AND COMMERCE

Press, Volume LXXI, Issue 21655, 13 December 1935, Page 17

FINANCE AND COMMERCE

'STATISTICS IN BUSINESS I MODERN trends I WORK OF ACCOUNTANTS helpful thought-starters for . *L SS men are given by Mr W- JI*®?,,. iri an article, “Accountants " in the “Incorporated tni fta j ourna i-> (London). rnnch of -wr cccnomic knowS °„Te states' “is based on vagus led f’ ion rather than on adequate knowledge that with the inkin' complexity of our economic ■ ff , saS fis necessary that more facts 1* be available for testing the Wetic conclusions. Much vague is heard of planning as a cure w economic troubles, and politicians l° r Jvr 1(1 the magic word, but successfopend on the use Tmuch better statistics, and anyone 5,0 realises the practical task must i crentical of its ultimate value. Inf it may be found that the social a economic cost of the planning iessT greater than its benefits. C is something which -annot now iL Moved, but any rcsearc. into the Vacation of statistics to accounting «iist help to provide the answer, since . Z control figures of plans must be 1 1 Lnared from the crude data of acIvMiints The Soviet Gosplan (state I claiming commission) realises these I difficulties very clearly. What is more I important is that more accurate inf lomiation about the trend of bus’no so I ihould be available to the accountant, economist, and the general public. ’ "The whole status of the accountant ik involved. Accountants may well -Imagine a layman addressing an appeal to them on these lines: ‘As ac'countants you are the only disinteristed close observers of the economic *cene. You have power and you have (influence, individually and collectively. You are group leaders in the Vtcmmunity, and there is no surer Kmy of forming public policy than ■’dat of first influencing the thought of its group leaders. Everywhere round us now is a new; and insistent demand for leadership in economic | affairs, and in the background is a i threat of violent destruction if our >ystem does not get effective leadership. You, by providing a sound layer of opinion in the community, can ensure the formation of sound policies, based on facts and sincere and careful thought. Use your influence for this purpose?, and you will render not only yourselves but also the community a great service.’ "Such an appeal would not be unreasonable. The Incorporated Society of Accountants has won a position of honour, and perhaps with this sometimes despised weapon of statistics it may become in its influence, force, and integrity still much greater. Statistics is largely a study of probability, and as a Bishop of Durham has said: ‘Probable evidence, in its very nature, affords hut an imperfect kind of information- . . . But to us probability is the very guide of life.’ ”

“■At, T

KAURI TIMBER COMPANY SYDNEY, December 12. The Kauri Timber Company. Limited, held its annual meeting to-day. | The balance-sheet, which was L/adopted. disclosed profits for the year I 5 amounting to £39.363, out of which a I f per cent, dividend will be paid, ab- ( sorbing £37,500. and leaving a bali ance to be carried forward of £1863. f The accounts of the company I disclose a much larger im--1 provement in earnings than is apparent from the fact that profits are £18,330 higher at £39,910. The following table shows: (1) That gross earnings exceed overhead by £65,300, or £28.500 more than last year, and (2) that this year’s profit has borne a commensurate charge for income tax. whereas the 1934 provision was only nominal; past losses served to offset profits for the purpose of Federal taxation in 1933 and 1934. \ 1933. 1934. 1935 . "jp - Gross £ £ £ I Earnings .. 57,000 72.000 105,300 i Overhead .. if Bad debts 4,200 3,100 2,600 f Income tax 700 700 10,100 Depreciation 11,100 11,400 12.700 •Profits .. 11.110 21,580 39,910 Dividends .. 15,000 22,500 37,500 Per cent. .. 2 3 5 •Stated before making transfers to marine insurance fund.

The latest profit, which is the best Jesuit for eight years, equals 5.3 per on capital, and, as shown above, the dividend has been raised to 5 per cent. Until 1926 the company paid a iteady 8 per cent.

Depreciation provisions include £4IOO (£B7O less than last year), written off freehold and leasehold properties, including standing timber thcreon ’ and 6.6 per cent, written off the reducing value of plant (compared With 5 per cent, last year). WrittenGown book values provide the 25s .■aares with a tangible backing of 30s **od, including 8s in net cash and securities. t

SCOTTISH AUSTRALIAN COMPANY LONDON, December 11. tiV ie Scottish Australian Company, ■J-ta., an investment company with interests in Australia, Canada, and the Argentine, has declared a dividend of ' ? P er , cen t- The accounts show a net jtbO.OQQ has been transferred and from reserve £20.000. jj moturoa oil fields • Moturoa Oil Fields, Ltd., have declared a preference dividend at the fate of 6 per cent, for the years ending August 1933 and 1934. In the fifth annual report and balance-sheet, the directors point out that the balance • •tanking at credit of profit and loss appropriation account is £1855 13s 4d, •nd they recommend that after the Payment of the preference dividends, tne balance (less any income tax paycarried forward. They state mat the cash resources do not warrant Payment of any further dividend ■t the present juncture. during the year totalled *-3228 5s Bd. and, after providing for Production costs and overhead expenses, the profit and loss account snowed a credit balance of £795 Os Id, V which had been carried to the profit find loss appropriation account. The development account had been debited With £531, representing the portion of expenses capitalised. The directors further state that the »uture policy will be guided to a targe extent by any developments that niight arise, but it is not intended at me present time to undertake any ' additional drilling.

PRICE OF GOLD

RESERVE BANK WEEKLY STATEMENT -ASSETS AND LIABILITIES (PBE3S ASSOCIATION TELEGBAM.) WELLINGTON, December 12. The Gazette issued to-night contains the statement of assets and liabilities of the Reserve Bank of New Zealand as at the close of business on Monday, December 9: LIABILITIES £ s. d. (1) Paid up capital 500,000 0 0 (2) General Reserve fund .. .. 1,000,000 0 0 (3) Bank notes .. 9,979,416 10 0 (4) Demand liabilities—(a) State .. 5,618,897 10 6 (b) Banks .. 8,480,797 0 5 (c) Other .. 343,138 17 8 (5) Time deposits .. (6) Liabilities in currencies other than New Zealand currency , .. (7) Other liabilities 103,893 15 3 Total .. £26,026,143 13 10 ASSETS (8) Reserves—(a) Gold .. 2,801,733 0 0 (b) Sterling exchange .. 21,423,794 17 0 (c) Gold exchange (9) Subsidiary coin 208,412 18 7 (10) Discounts — (a) Commercial and agricultural bills (b) Treasury and local body bills (11) Advances—(a) To State or State undertakings .. (b) To other public authorities ~ (c) Other .. (12) Investments .. 1,544,262 19 7 (13) Bank Buildings (14) Other assets .. 47,939 18 8 Total .. £26,026,143 13 10 Proportion of reserve (No. 8 less No. 6) to notes and other demand liabilities, 99.194 per cent. RAILWAYS WORKING ACCOUNT

INCREASE IN NET REVENUE FROM APRIL 1 (P8833 ASSOCIATION TELEGRAM.) WELLINGTON, December 12. The New Zealand railways working account for the four-weekly period ended November 9. 1935, is as follows: Re- Expen- Net Section. venue, dituxe. rev. £ £ £ Kaihu .. 261 527 *266 Gisborne .. 1,579 2,151 *572 North Island main line and branches 260,677 267,757 *7,080 South Island main line and branches 161,384 183.201 *21,817 Westport .. 4,993 5,025 *32 Nelson .. 635 1,480 *845 Picton .. 1,546 2,467 *921 Total railway operation 431,075 462,608 *31,533 Miscellaneous services •. 57,165 32,016 25,149 Total .. 488,240 494,624 *6,384 ‘Minus. The total revenue from April 1 to November 9, 1935, was £3,893,772. The total expenditure was £3,539,621, and the net revenue was £354,151. The totals for the corresponding period last year were:—Revenue £3,719,253; expenditure £3,370,837; net revenue £348,416. GORDON AND GOTCH PROFITS INCREASE The increase of prqfits recorded by Gordon and Gotch, Ltd., wholesale booksellers, etc., in the six months to March 31, has been sustained: the profit for the full year to September 30, amounting to £65.210, shows an increase of £1350. For four years earnings have risen consistently, and the annual 8 per cent, cumulative preference charge of £BOOO is now covered eight times, while the remainder available for ordinary shareholders equals 11.4 per cent, on their capital. The following table shows that the company earns the larger part of its profit in the winter months, when the longer hours indoors are conducive to more reading. The following balance-sheet comparison shows how a marked reduction of debtors'.has contributed to ap* Increase in cash and securities: —

ASSETS 1934. 1935. £ £ Cash and investments • • 214,000 241,000 Debtors, etc. .. 234,000 252,000 Stocks, etc. •. 216,000 178,000 Property and plant 266,000 262,000 Total .. 930,000 933,000 FUNDS USED ‘Liabilities . • 172,000 168,000 D Pref. capital, 8 p.c. 100,000 100,000 Ordinary capital .. 500,000 500,000 tUndivided profits, etc. 158,000 165,000 Total •• 930,000 933,000 •Including dividends recommended (£29,000 in 1935). tAfter deducting goodwill (£118.100), AUSTRALIAN PRODUCE SYDNEY MARKETS (tnnTKD PEK33 ASSOCIATION—COPINIONT.) SYDNEY. December 12. Wheat —Country sidings, 2s 93d for bulk, 2s lOd bagged, equal to 3$ 4Jd and 3s 5d ex trucks, Sydney. Flour—£ll 12s 6d. Bran—£s ss. Pollard —£5 10s. Potatoes —Tasmanian £lO, local new £B. Onions —Victorian Globe £9. Maize —Yellow and white ss. ADELAIDE Wheat —Growers’ lots 3s 2£d. Flour—Bakers’ lots £ll 17s 6d. Bran—£s 2s 6d. Pollard —£5 7s 6d. Oats—Algerian Is 8d to Is 9d, Barley—ls lid. DAIRY PRODUCE BUTTER STEADIER The South .Island Dairy Association, Ltd., Ms received the following market report from the New Zealand Produce Afsedation, Ltd., London, dated Deceml er 10: — Butter- -Steadier since decline, Bjs to 87s, Danish 1265. Cheese,, steady, white 51s 6d, coloured 54s 6d.

SYDNEY WOOL SALES

‘■V* PRICES RECOVER NEW COMMONWEALTH RECORD (tmTKD puss association— cop'miflWT.) (Received December 12, 11.30 p.m.) SYDNEY, December 12. A Commonwealth record for this season of Slid for six bales of greasy merino from Yass was made at the wool sales to-day. A total of 13,249 bales was offered, and of these 11,958 were sold at auction and 843 privately. The hardening tendency noted on the previous day continued, and prices generally showed a recovery from the decline at the opening of the present series. MINING WORKSOP DIVIDEND At the company’s usual monthly meeting of directors, held on Wednesday, a dividend (the fifth) of 10 per cent, on the capital of the company (£16,000) was declared and is payable on December 18. This dividend will absorb £I6OO free of income tax. The transfer books of the company will be closed from December 14 to 18, both days inclusive. The sum of £l6O was added to the special reserve fund, which now stands at £BOO. With the above dividend included, 50 per cent, of the capital invested has been paid to the shareholders since dredging operations commenced in August, 1934. MOONLIGHT COMPANY At the second annual general meeting of shareholders of the Moonlight Goldfields Company, Ltd., held in Christchurch, Mr P. W. Fryer occupied the chair, and there was a good attendance of shareholders. In moving the adoption of the report and balance-sheet, the chairman explained the difficulties which the company had encountered during the last year, many of which were in common with those of other mining companies, and were due to the difficulty of obtaining the services of experienced hydraulic mining engineers. The company was now in the fortunate position of having secured the services of capable engineers, and the directors had never been more hopeful of the future of the company than they were at the present time. Mr Poole, the advisory engineer, and Mr uell, the manager, addressed the meeting and gave some interesting details of the work on the' claim.

The report and balance-sheet were unanimously adopted, and the action of the directors in granting an option to British Developments, Ltd., over a portion of the company’s holding, was ratified. The retiring director, Mr P. W. Fryer, was re-elected, as also was the retiring auditor, Mr P. N. Quartermain.

CALL ON MINISTER FOR FINANCE

MR H. KITSON’S VISIT TO WELLINGTON ASSURANCE OF CO-OPERATION OF STOCK EXCHANGES An assurance.that the country need look for no spectacular changer" was given by the Minister for Finance, the Hon. Walter Nash, when he received a courtesy call from Mr Henry Kitson, chairman of the Stock Exchanges Association of New Zealand on Wednesday. Mr Kitson called to make the acquaintance of the new Minister, and to assure him of the co-operation and assistance of the stock exchanges of the country. Mr Nash assured Mr Kitson that members of the association need not look for any spectacular changes under the Labour administration. It was the policy of the Government to move slowly, and to study to the fullest the implications of every step before it was taken. The Minister said that he was at present taking full stock of the finances of the country, and this would keep him busy for some time. THE METALS MARKET

PROPERTY SALES Messrs C. E. Jones, Ltd., report having held a sale of furniture, on account of Mr W. Andrew, at 37 Clyde road, Fendalton, yesterday. There was a good attendance, and among the articles sold the following prices were realised:—Campbell player piano £SO, oak Jacobean bedroom suite £lB, 3piece lounge suite £2O, s. chair £2 15s, oak music cabinet £1 10s, carpet £3 15s, oak grandfather clock £4 10s, moquette settee £2 7s 6d, electric fan £2, chesterfield £4 ss, Wilton carpet £4, gate-leg table £2 12s 6d, 6 Morris chair £1 7a 6d, duchesse £1 2s 6d, easy chair £3, mahogany piano stool £1 16s, palmstand £2 10s, Benares vase £1 Is, brass-top table £2, field glasses £1 2s 6d, fish knives and forks £1 10s, French clock £2 2s 6d, Hoover £9 10s, croquet set £2, ottoman £1 2s 6d, oak stool £2. cushions £3 4s, oak settee £2 7s 6d. Axminster rugs £lB, £lB, £l4, £l4, £l, £l, seagrass lounge £1 10s, seagrass chair £1 2s, oak framed mirror £1 Is, oak hallstand £l, oak pedestal £1 Is. ditto 17s, marble clock £2 2s. N. H. McCrostie and Company report having sold on account of the owner, his property at 22 Bamford street, Woolston, comprising a twostorev residence of eight rooms with one and a quarter acres of land, to Mrs MiskelL . . - -

STOCK EXCHANGES

CHRISTCHURCH YESTERDAY’S TRANSACTIONS There was a good volume of diversified business on call yesterday, and prices of several stocks showed improvement. There was good enquiry for Government issues, but few sellers were offering. Transactions, exclusive of vestibule business, were: — LISTED STOCKS

UNLISTED STOCK Sale on 'Change 500 Argo Gold .. .. 0 14} Banking Commercial Bank of Australia had dealings at 17s 10d, sellers staying in at that price, buyers at 17s 9d. A late sale of Commercial Bank of Sydney on Wednesday was reported at £l7 16s 6d, and buyers yesterday offered £l7 16s, sellers at £l7 19s. National Bank of New Zealand were firm at 72s 3d. Union Bank of Australia were firmer on buyers’ offers, £9 Us, South British Insurance were easier at 925, market closing 91s 9d buyers, 92s 6d sellers. Goldsbrough, Morts appeared easier with dealings at 31s lid, and further sellers at 325, buyers at 31s 9d. National Mortgage “A” had business at 53s 9d. New Zealand Refrigerating. 10s paid, remained unaltered with sellers and dealings at 10s Bd. buyers at 10s 6d. Buyers of Canterbury Frozen Meat ordinary, cum dividend, offered £lO 15s, but sellers wanted £ll 9s. Kaiapoi Woollens, 7s paid, were firm at 5s 3d. Westport Coals had business at 21s 9d, and there were further unsupported sellers at 22s Id. Christchurch Gas advanced to 36s Cd. New Zealand Breweries, cum dividend, were firmer with buyers at 54s 4d. Tooth’s Brewery shares, cum rights, rose to 555. and there were further buyers at that figure, sellers at 55s 9d. Miscellaneous British Tobaccos, cum dividend, rose sharply to dealings at prices ranging from 40s Od to 40s Od, market closing 40s 4d buyers, 40s 8d sellers. Dunlop Perdriau Rubbers eased to business at 15s 6d. and closed firmer with buyers at 15s Bd, sellers at 15s 9d. New Zealand farmers’ Co-onerative 4J per cent. Stock, due 19-10, was firm at £B7 10s, and late buyers offered £BB without attracting sellers. New Zealand Newsnapers were fractionally weaker at 40s 6d, closing quotations 6d on either side, frocera Bread, ordinary shares cum dividend. ex rights, changed hands at 42s 3d. Whitcombe and Tombs remained unaltered at 755. Mount Morgan'S were steady with buvers and business at 36s 3d, sellers at 36s sd. Rawang Tin were fractionally weaker at 8s 6d. market closing 8s 4d buyers, 8s 9d sellers. Unlisted Stock Argo Gold were firm with buyers and business at Is 4Ad. LATEST QUOTATIONS N.Z, Government Debentures Buyers. Sellers.

UNLISTED STOCKS

SYDNEY ] On the Sydney Stock Exchanger yesterday small price gains spread over a wide J range of Industrial and trading Issues indicated strength. British Tobacco shares were in strong demand.

FOREIGN EXCHANGES

FOREIGN EXCHANGE RATES The Bank of New South Wales, Christchurch, quoted the following rates as ruling yesterday for its sales and purchases of foreign exchange. The rates are subject to alteration without notice;—

DOLLAR MARKET RATES 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£lN.Z.) Dol. Dol. Selling— T.T. .. .. 3.94J 5.99J O.D. .. .. 3.954 3.991 Buying— O.D 3.991 4.041 PAT STOCK SALES TEMUKA The fortnightly stock sale at the Temuka yards yesterday was of more than usual interest because it was the first market offering fat lambs for the season. The prices offered at the start were equal to 7Jd per lb. Between 700 and 800 were sold. Best butchers’ lines sold at 24s 6d to 25s 7d, exporters (best) 21s 6d to 22s 10d, light 19s to 20s 6d. The market for fat cattle was over-supplied, and there was a drop of over £1 a head. Best steers brought £6 17s 6d to £8 17s 6d, light £5 7s 6d to £6 2s 6d; cows, best £6 7s 6d to £7 7s 6d, heifers £6 2s 6d, best £7 7s 6d; others £4 12s 6d to £5 7s 6d. Store cattle were down to about 15s a head. The quality was only moderate, and the entry limited. The dairy cattle market was slack, and not much interest was taken in this section. Cows in profit sold up to £3 12s 6d, and springing heifers from £3 2s 6d to £4 17s 6d. The fat sheep section was over-supplied, and prices fell 3s a head. The range was: Ewes, shorn, best 17s to 18s 6d, medium 16s 6d, light 13s; ewes in the wool 21s to 24s 3d, shorn wethers 22s to 23s 7d, others 18s 9d to 21s 7d. Values for store sheep were on a par with late rates. Full and failing-mouth ewes and lambs sold at from 14s 6d to 15s lid, aged ewes and lambs 12s, shorn twotooth wethers 18s, small two-tooths 14s 6d. Prices for pigs were easier compared with those lately ruling. Weaners 12s to 16s, slips 17s to 19s, stores 21s to 23s 6d, porkers £2 to £2 ss, baconers sold up to £2 15. SOCIETY OF ACCOUNTANTS NEW ADMISSIONS AND TRANSFERS The following applications for membership of the New Zealand Society of Accountants have been granted, with the status of A.R.A.N.Z.:—Messrs E. C. Higgins (Onehunga), I. F, McKenzie (Whangarei), J. H. Leddra (Palmerston North), A. D. Y. Cannmg, C. C. N. Johnston, H. R. Levick, G. B. Taylor, and B. A. Weyburne (Wellington), C. S. Smith (Timaru), and J. D. Bayne (Invercargill). Transfers of status from A.R.A.N.Z. to A.P.A.N.Z. have been granted to Messrs J. Porteous (Huntly), W. C. Turner (Palmerston North), C. J. Bell, and C. S. Hogg (Wellington),

' LONDON. December 11. Gold (a fine ounce) is quoted:— £ s. d. December 11 .. 7 1 2J December 10 ..710 December 9 ..7 10} December 6 .. 7 1 li December 5 ..7 0 Hi December 4 .. 7. o Hi

(UNITED PRESS ASSOCIATION —COPYRIGHT.) LONDON, December 11. Dec. 10. Dec. 11. Copper — £ s. d. £ s. d. Standard, spot 35 10 n 3b 3 ii Forward .. 35 18 H 35 11 3 Electrolytic 39 15 0 39 5 0 to .. 40 5 0 39 15 0 Wire bars .. 40 5 0 39 15 0 Lead— Spot . . 17 5 0 16 17 6 Forward ... 17 5 0 16 18 9 Spelter — Spot .. 15 8 9 15 2 6 Forward ., 15 15 0 15 7 6 Tin— Spot .. 219 17 6 219 5 0 Forward (3 months) 209 12 6 208 7 6 Silver — Fine, per oz. — — Standard, per oz .. — 27£d BRITISH WAR LOAN STOCK LONDON, December 11. British War Loan Stock, 3J per cent., is quoted: — £ s. d. December 11 .. 106 5 0 December 10 .. 106 5 0 December 6 . . , , 106 12 6 December 4 . . , , 106 12 6 • December 3 . . , , 106 2 6 November 25 .. 105 17 6

Sales on 'Change £ s. d. 100 Com. Bank of Aust. 0 17 10 100 Kaiapoi (7s paid) 0 5 3 200 Tooth’s Brewery (cum rights) .. (2) 2 15 0 300 British Tobacco (cum div.) 2 0 6 2 0 8 2 0 7 100 N.Z. Newspapers .. 2 0 6 100 Mount Morgan 1 16 3 200 Goldsbrough, Mort (cum div.) .. (2) 1 11 11 100 Christchurch Gas 1 16 6 100 Dunlop Rubber 0 15 6 50 Procera Bread (ex rights, cum div.) 2 2 3 Sales Reported 500 Rawang Tin 0 8 6 60 N.Z. Newspapers 2 0 6 £200 N.Z. Farmers’ Co-op. 4J p.c. Stock, 1940 .. 87 10 0 200 British Tobacco 2 2 0 o 9 g 200 Westoort Coal 1 1 9 300 N.Z. Refrig, (10s pd.) (2) 0 10 8 50 National Mortgage, "A” 2 13 9 100 South British Ins. .. 4 12 0 15 Com. Bank of Sydney (late sale Wed.) 17 18 6 100 Com. Bank of Aust. 0 17 10 80 Whitcombe & Tombs 3 15 0 75 National Bank of N.Z. 3 12 3

£ S. d. £ s. d. 3i p.c. Ins., 1933-43 .. — 102 5 0 3i p.c Ins., 1939-43 .. — 103 0 0 4 p.c. Ins., 1937-40 .. 102 5 0 —. 4 p.c. Ins., 1943-40 .. 104 2 0 — 4 p.c. Ins., 1952-55 .. 107 5 0 — 4 p.c. Ins., 1940,-49 .. 104 12 0 — 4 p.c. Bonds, 1937-40 102 7 0 — 4 p.c. Bonds. 1943-40 104 10 0 — 4 P£Bonds, 1940-49 104 15 0 — 4 p.c. Bonds, 1952-55 107 10 0 —

Other Debentures Blenheim Borough, 31 p.c., 1/4/55 Ch.Ch. Drainage, 4i — 98 0 0 p.c., 31/12/1942 .. 104 0 0 Booth, Macdonald, 61 p.c., 1937 66 5 0 N.Z. Refrig., 41 p.c., 1940-45 101 10 0 Banks Comm, of Aust. (10s) 0 17 9 0 17 10 Comm, of Aust. (pref., £10) 9 15 0 Comm, of Sydney (£12 17 19 0 10s) 17 16 0 E., S.. and A. (£3 pd.) 5 8 0 5 10 0 National of A/asia. (£10 paid) 13 15 0 13 19 6 National of A/asia. (£5 paid) 6 17 0 — National of N.Z. (cum 13 0 div., £2 10s) 3 N.S.W. (£20) 32 2 6 32 8 0 N.Z. ( ,, D” Mort. 6 shares, £1) — 1 13 Reserve (£5) 5 15 0 5 16 6 Union of Aust. (£5) 9 11 0 9 15 0 Insurance A.P.A. (£1) — 1 0 5 National (7s paid) — 0 19 8 New Zealand (£1) — ' 3 3 3 South British (£1) 4 11 9 4 12 6 Loan and Agency Ch.Ch. Building Soc. 0 (£10) 13 10 0 16 10 Dalgety and Co. (£5) 8 7 0 8 13 0 G o i d s b rough. Mort. (cum div., £1) .. 1 11 9 1 12 0 Mortgage Corpn. (5s paid) 13 — 0 5 2 Mutual Benefit (£10) 0 0 — National Mortgage , ‘A” (£2 paid) 2 13 3 2 14 0 N.Z. Guarantee Corpn. (3s) 0 5 0 — Shipping Union (pref., £1) 1 7 6 Frozen Meat Canterbury (ord., cum 11 9 div., £7 10s paid) 10 15 0 0 N.Z. Refrig. (£1 paid) — 1 2 3 N.Z. Refrig. (10s paid) 0 10 6 0 10 8 Nth. Canterbury Fi’eez11 6 ing (£3 paid) 1 0 0 1 Woollens Kaiapol (17s paid) .. 0 13 0 — Kaiapoi (7s paid) 0 5 0 — Kaiapol (pref., 17s) .. 0 16 0 0 17 11 Coal Westport (10s) — 1 2 1 Stockton (ord., 10s) 0 1 5 — Stockton (pref., 10s) 0 2 6 0 2 11 Gas Christchurch (£1) 1 16 3 — Christchurch (10s paid) 0 17 2 0 17 6 Breweries Monteith’s (£1) 0 17 6 — 8 N.Z. (cum div., £1) .. 2 14 4 2 14 Timaru (7s 6d paid) .. — 0 9 6 Tooheys (16s) 1 9 0 — 9 Tooths (cum rights, £1) 2 15 0 2 15 Miscellaneous Amalg. Wireless (cont.. 14s paid) — 1 15 0 Anthony Hordern (£1) 0 19 8 0 19 9 Aust. Glass (£1) . .. 4 2 6 4 4 0 Aust. Iron and Steel (£1) 1 4 6 1 5 6 Beath and Co. (£1) .. 1 8 3 1 9 6 Beath and Co. (Is pd.) — 0 7 9 British Tobacco (cum div., £1) 2 0 4 2 0 8 Broken Hill Propty. (£1) 2 16 11 2 17 6 Broken Hill Propty. (cont., 5s) 1 8 0 1 8 9 Burns, Philp (£1) 3 0 0 — Claude Neon (N.Z.) (£1) — 2 1 0 Consolidated Brick (£1) 0 11 0 0 11 1 Dominion Pert. (£1) .. 1 3 9 — Dunlop Perdriau Rubber (£1) 0 15 8 0 15 9 Electro. Zinc, (ord., £1) 1 15 0 1 15 4 Electro. Zinc, (pf, £1) I 18 7 1 19 0

Buyers. Sellers. £ s. i. £ s. 1. Evans Atlas Flour (10s) — I 6 6 General Motors-Hol-den’s (pref., £1) 1 2 10 1 s 0 General Industries (£1) — 1 0 1 J. G. Coles (£1) 3 0 0 3 5 6 Gordon and Gotch (£1) 2 0 0 Greater Crystal Palace (£1) 0 0 0 0 10 0 Henry Jones Co-op, ? (£1) ... 1 17 3 Hay’s Ltd. (15s pd.) — 0 16 9 Howard Smith (£1) .. — 0 18 9 Hume Pipe (Aust., £1) 0 14 8 0 13 3 Kauri Timber (cum div., 25s) 1 3 11 1 4 1 Mason, Struthers (£1 paid) 0 13 0 0 15 0 National Electric (£1) 0 10 0 0 12 6 N.Z. Drug (£2) — 4 1 0 N.Z. Farmers' Co-op, £2 10s paid) 0 5 0 0 IS 0 N.Z. Farmers’ Co-op. (10s paid) .. 0 0 1 — N.Z. Farmers’ Co-op. 6 (1st pref., £5) — 3 17 N.Z. Farmers’ Co-op. (“B” pref., £4) —• 2 10 0 N.Z. Farmers’ Co-op, (41 p.c. stock, 1939, £100) 87 0 0 — N.Z. Farmers’ Co-op. (4J p.c. stock, 1940, £100) 83 0 0 — N.Z. Farmers’ Co-op. (4i p.c. stock, 1941, £100) 88 0 0 — N.Z. Farmers’ Co-op. (4J p.c. stock, 1945, £100) 88 0 0 —• N.Z. Newspapers (£1) 2 0 0 2 1 0 N.Z. Paper Mills (£1) 1 6 6 — Procera Bread (cum div., 10s) •— 2 4 0 Procera Bread (vendor) 6 (10s) — 2 2 Smith and Smith (pf.. £1) 0 19 0 — Silverton Trams (£1) .. 1 10 6 — Whitcombe and Tombs (£2 10s paid) 3 12 0 3 16 0 Wilson’s Cement (10s) 2 3 0 2 4 3 ex div., £1) 5 2 6 5 16 0 Woolworths (N.Z., pf.. 6 ex div., £1) 1 18 0 2 0 Yarra Falls (£1) 1 19 0 2 1 0 Mining Alexander (£1) 0 12 0 0 18 0 Alexander (15s paid) , 0 12 G Bendigo Goldlights (Is) 0 0 1 0 0 4 Big River (Is) 0 1 8 0 1 11 Black water (cum div.. 15 0 £1) —■ 1 Brian Boru (Is) 0 0 1 0 0 2 Consolidated (cum div., £1) Gillespie’s Beach (Is) 0 16 3 0 1 1 Golden Dawn (5s) .. 0 2 3 0 3 0 Golden Point (6d) 0 0 0i Golden Sands (cum div’.. Is) 0 2 3 21 Goldfields Dredg. (Is) 0 0 n 0 0 King Solomon (Is) .. 0 3 0 0 3 7 Lawson’s Flat (Is) .. 0 0 31 Maerewhenua (Is) .. 0 0 01 0 0 2 Mahakipawa (6d) 0 0 1 Mahakipawa (1929, 0i pref.. Is) 0 0 — Mahakipawa (1930, 01 Is) 0 0 11 Maori Gully (Is) 0 0 11 0 1 Mining House Con01 cessions (Is) 0 0 Mossy Creek (cum 21 6 div., Is) 0 1 0 1 Mount Lyell (cum 6 div.. Is) 1 0 1 1 0 Mount Morgan (5s) 1 16 3 1 16 5 Nevis Diesel Electric oi (Is) — 0 0 Nokomal (5s) 0 1 10 0 3 6 Okarito (cum div., 5s) 0 6 0 Kawang Tin (10s) 0 8 4 0 8 9 Upper Watut (4s pd.) 0 7 0 Skippers (Is) 0 0 3 0 0 31 Stahord Sluicing (Is) 0 1 0 Warhi Invest. (2s) 0 13 0 — Waihi Grand Junction (5s) 0 4 0 Waimumu Slide. (Is) 0 2 7 0 3 1 Worksop Extend. (Is) 2 3 0 0 2 5

All transactions In stocks quoted In this section are subject to a different rate of brokerage from the listed stocks , and are not quoted on the official list. Buyers. Sellers. £ s. d £ s d. Andersons (pref.) — 0 19 0 Argo Gold Dredging 0 1 4 0 1 Argo Gold Dredging 10 (6d paid) 0 0 — Assoc. Motors Petrol (pref.) — 1 5 0 Apex Ice .. •• Ben Ledi (Is paid) .. 0 0 1 1 0 0 0 3 Cant. Holler Flour .. — 0 7 6 Christchurch Press .. 8 10 0 10 0 0 Golden Gully — 0 0 3 11 Irowat — 6 0 2 Moonlight Goldfields 0 0 0 1 0 National Tobacco 6 (cum dlv.) 3 7 — Macetown — 5i 0 0 7 N.Z. Mining Invest. 0 0 0 0 7i J. J. Niven (Is paid) 0 4 0 — 6 Para Rubber (15s pd.) — 0 15 K. Reece, Ltd. (pf ) — 0 5 0 Regent Theatre 6 6 (Ch.Ch., cum div.) — 0 Smith. Wylie 0 11 0 0 13 3 Tiprolf Seal 2 9 0 2 13 0 Westland Breweries 0 10 (10s paid) 0 Woolworths (Sydney), ord„ cum div. 5 17 9 5 18 6 Woolworths (Western 8 9 Australia) 0 o u

AUCKLAND Sales on 'Chang# £ s. d. Bonds. 15/1/1040. 4 p.c. •• 102 7 6 Amalgamated Brick (wgtn.). 31/3/1944, 7i p.c. 1UU 1U 0 6 E.. S.. and A. Bank 0 1U National Ins. •• U 1» S Farmers’ Auct. (B pref.) 1 i 9 6 0 Tauno Totara 0 Kauri Timber 1 4 0 C. Li. Innes 0 19 0 Consolidated Brick •• U 11 0 11 1 0 Farmers’ Trading 0 7 6 6 9 9 6 K.D.V. Boxes 0 19 tanners’ Fert. •• 0 19 N./.. Newspapers U) 2 0 Wairakel 0 6 Wilson's Cement 2 3 0 Martha . • • 2 Unlisted Stock 6 Associated Motorists (pref.) .. i 4

WELLINGTON Sales on 'Change £ s. a. Ins. Stock, 4 p.c., 1955 107 10 0 Amalg. Brick (Wgtn.) 100 10 0 Union Bank 9 12 9 12 0 6 National Insurance 0 19 7 Westport, Stockton (pref.) .. 0 2 9 6 Australian Glass •• 4 2 British Tobacco 2 0 0 Consolidated Brick 0 11 0 Sharland and Co. (ord.) 1 1 0 Unlisted Stock WoolworthS (Sydney) 5 17 9 Wellington Publishing Co. .. 4 17 6 Associated Motorists •• 1 4 6 N.Z. Woo) packs 0 13 0

DUNEDIN Sales on 'Change £ .S. d. Union Bank 9 11 0 Westport Coal 1 1 0 N.Z. Breweries (cum div.) 2 14 3 Electrolytic Zinc (ord.) 1 15 3 3i per cent. Stock, 1929-43, March 102 10 0 3i per cent. Stock, 1929-43, September • • 101 10 0 Garratts, Ltd. (Aus., 4s pd.) 0 4 8

Morning Sales Commonwealth Bonds — 4 per cent., 1947 .. £ s. d. 102 17 8 4 per cent., 1950 • • 103 5 0 4 per cent., 1957 .. • • 103 2 6 National Bank (£5 paid) • • 7 0 0 Tooth’s Brewery 2 16 3 British Tobacco 2X3 Henry Jones Co-op. .. 1 17 4J Wilcox, Mofflin •t 0 10 7 Afternoon Sales < Bank of New South Wales , . 32 12 6 National Bank (£5 paid) • . 7 0 0 United Insurance • • 11 12 6 Associated Newspapers 14 3 Associated Newspapers (pref.) 14 0 British Tobacco 2 0 9 Tooth’s Brewery 2 16 0 Carlton Brewery 2 13 0 Drug Houses of Australia 19 6 Henry Jones .. 1 17 4J Electrolytic Zinc (pref., N z. 1 19 9 delivery) Farmers 1 7 4! Anthony Hordern .. 10 0 Lustre • • 17 0 Standard Cement .. • • 116 Peters .. • • 2 3 0 Kandos Cement • • 13 9 Garratts (pref.) .. • • 15 0 Meggitts • • 14 0 New South Wales Fresh Food .» 0 18 9 Sargents • • 13 9 Broken Hill Proprietary 2 IS 3 South Broken Hill 5 10 0 Kuala Kampar • • 0 15 0 Rawang * 0 8 11 Larut .. . . 0 12 0 New Occidental • • 0 14 10 Kampong Lanjut .. 13 6 Mataki .. .. 0 3 10 Koroere .. •• M 0 8 C Tavua, «. .. • » 0 3 2

(BEXTISH OFFICIAL WIBELX8S.) RUGBY. December 11. Par. Dec. 10. Dec. 11. Paris, fr. to-£l 124.21 74 23-32 74 19-32 New York, dol. to £1 4.860 4.931 4.92| Montreal, dol. to £1 4.866 4.981 4.98 Brussels, belgas to £1 33 29.27 29.20 Geneva, fr. to £1 25.2215 15.21 15.20 Amsterdam, fl. to £1 12.107 7.281 7.271 Milan, lire to £1 92.48 __ Berlin, reichmarken to £1 20.43 12.27 12.241 Oslo, kr. to £1 18.159 19.901 19.901 Stockholm, kr. to £1 18.159 19 9-16 19 9;16 Copenhagen, kr. to £1 18.159 22.391 22.391 Vienna, schgs. to £1 34.585 261 26} Prague, kr. to £1 164 .25 119 118| Helsingfors, marks to £1 193.23 2262 2262 Madrid, pesetas £1 25.2219 36 3-64 36 Lisbon, escudos to £1 I 110 1102 1102 Athens, drach to £1 875 512 512 Bucharest, lei to £1 818.6 629 629 Belgrade, dinars 25.2215 21.6 21.6 Rio de Janeiro pence to milreis 5.899 41 41 Buenos Aires, pence to dol. 47.58 Montevideo, pence to dol. 51 39 11-16 39 ll-jf Bombay, pence to rupee 19 17 15-16 17 15-16 Shanghai, pence to dol. • 14 9-16 14 9-16 Hong Kong, pence to dol. • 161 161 Yokohama, pence to yen * 14 14 Batavia, guilders 12.107 7.231 7.231 Warsaw, par zlotys to £1 43.38 — •Determined by price of silver.

Buying. Selling. London — 124/10 £ N.Z. to £100 stg. T.T. 124 O.D. 123/10 124/8/9 Australia — 100/10 £ A. to £100 N.Z. T.T. 101 O.D. 101 100/10 Fiji— N.Z. T.T. 90/7/6 89 £ F. to £100 O.D. 90/7/6 89 New York— N.Z. T.T. 3.981 3.948 Dollars to £1 O.D. 3.99g 3.958 Montreal — 3.99 Dollars to £1 N.Z. T.T. 4.02J O.D. 4.03J 3.998 Austria — 20.68 Schgs. to £1 N.Z. T.T. — O.D. — 20.70 Belgium— N.Z. T.T. — 23.187 Belgas to £1 O.D. — 23.202 Czechoslovakia95.17 Crowns to £1 N.Z. T.T. — O.D. — 95.22 Denmark — 17.878 Kroner to £1 N.Z. T.T. 18.208 O.D. 18.248 17.888 France — N.Z. T.T. 60.57 59.27 Francs to £1 O.D. 60.87 ’ 59.32 Germany— Relchmarks to £1 9.630 N.Z. T.T. — O.D. — 9.635 Holland— 5.726 Florins to £1 N.Z. T.T. 5.976 O.D. 6.026 5.730 Italy— N.Z. T.T. — Lire to £1 — O.D, — . Java— 5.698 Florins to £1 N.Z. T.T. 5.923 O.D. 5.973 5.702 Norway—

MELBOURNE £ S. d. E., S„ and A. Bank .. 5 10 0 National Bank (£5 paid) .. 7 0 0 National Bank (£10 paid) 14 2 0 G. J. Coles 3 5 9 Gordon and Gotch • .. 2 6 0 Herald and Weekly Times 3 3 3 North Broken Hill 8 4 6 Emperor 0 16 7 Enterprise .. .. •• 3 7 6 Loloma ~ — •• X 12 9

Kroner to £1 N.Z. T.T. 16.200 15.870 O.D. 10.240 15.880 Sweden— 15.460 Kronor to £1 N.Z. T.T. 15.790 O.D. 15.030 15.470 Switzerland — 12.029 Francs to £1 N.Z. T.T. 12.429 OJ3. 12.504 12.039 Noumea— 58.52 Francs to £1 N.Z. T.T. 61.52 O.D. 61.92 58.57 Papeete— T.T. 61.52 58.52 Francs to £1 N.Z. OJ5. 61.92 58.57 Hong Kong— T.T. 19 11-16 20 15-16 N.Z. pence to doL O J3. 19 9-16 20 29-32 India and Ceylon— T.T. 22g 22 23-32 N.Z. pence to rup. OJO. 22i 22 21-32 Japan— 17 43-64 17 21-32 N.Z. pence to yen T.T. — O.D. — Shanghai— 18 37-64 N.Z. pence to dol. T.T. 17 17-64 O.D. 17 9-64 18 9-16 Singapore— N.Z. pence to dol. T.T. 34 11-32 35 9-32 O.D. 34 7-32 35 7-32 T.T. represents Telegraphic Transfer. O.D. represents On Demand.