FINANCE AND COMMERCE

Press, Volume LXXII, Issue 21775, 6 May 1936, Page 13

FINANCE AND COMMERCE

NEW ZEALAND WOOL RETURNS

BANKING CORPORATION ACTIVITY

Figures compiled by the New Zealand Woolbrokers' Asso ciation show that the cheque received thk «„.„ / D „ mi „i„„ saies is £5,4 39f 7 g reater than it'wa? T £ A call of 2s 6d a share has been maHo ™ v. u Australian and New 2ealand%a^^ to the formed some years ago to undertake bankS£ hj ?JL whl . ch was Zealand and Australia Operations • but shareholders have been informed that tw* £ y un > 0 f developments in conjunction wifh Lltfsh^ The Christchurch Stock Exchange TOt , ( „j„ u , busy day, with activity again fa & shares were slightly easier, but turnover was conffiJhi?" S e rest of the markets were firm. considerable. The The change of government in France has rpnrWi „„* ably in share prices and on the mont^Texch a l ee which are weaker. y excnan ge, both of Putatoes have firmed under short Dromnt c,i™i;™ better demand from outside. P mpt su PP lie s and a

SYDNEY WOOL SALES

FINAL DEMANDS PvECEIVED

MARKET REMAINS FIRM

A REMINDER TO SHAREHOLDERS

GOOD CLEARANCES EFFECTED

(fSITED PRESS ASSOCIATION—COPYRIGHT.)

CORPORATION

SYDNEY, May 5

At the wool sales. 9120 bales were offered. 7370 were sold, at auction, and 1738 privately. There was good competition from all sections. The market was fully firm at the previous day's rates, with satisfactory clearances.

[THE PRESS Special Service]

AUCKLAND, May 5

NEW ZEALAND RETURNS

THREE SEASONS' PRICES COMPARED

BKi ADVANCE THIS YEAR

irur.-is associatioh telegram.) WELLINGTON, May 5. The New Zealand Woolbrokers' Association reports that the total quantities of wool submitted at New Zealand auctions this season was 758.933 bales, of which 737,494 were fold. The total realisation of £9,840.427 was an increase of £5.439.417 on the amount received for wool sold during the 1934-35 series of Now Zealand auctions. Rciurns for tlv Jast three seasons ."•■.• f uniished by the association are as follow;-: 1933-34 L;i!es sold .. .. 633,553 Value .. £10,241,041 Average price a bah .. £l6/3/3.469 Average price per lb .. 11.127 d 1931-35 Hales stld . . .. 471,512 v tl'JC .. £4,401,010 Average price a bale .. £9/6/8 113 /iveragc price per lb 6.498 d 1935-36 Bales sold .. .. 737,451 Y £ luc •• •■' £9,840|427 Average price a bale .. £l3/6/10.503 Avcrags price per lb .. 9.144 d

COMPANY NEWS

U'LEOD BROS. PROPOSE NEW

SHAKE ISSUE

NEW ZEALAND LOAN

Directors of McLeod Bros., Ltd., Dunedin, have issued a circular to shareholders stating that in view of the increasing business of the company they have decided to recommend for the approval of shareholders that tho capital of the company be increased by the issue of 2500 additional ordinary fhares of £lO each, at par. It is the intention of the directors to apply o:tra capita! in payment of the cost p f new buildings and plant now in course of erection in Dunedin, and ako in payment of the cost of renewals of plant, etc., in the company's works »t Burnsidc. Oamaru, and Dunedin.

IN LONDON

CASH LISTS REMAIN OPEN

(UNITED press association—copyright.) LONDON, May 4.

The resolutions, which will be placed before an extraordinary meeting of shareholders on May 25, include provisions that the capital be increased to £75,000 by the creation of 2500 additional ordinary shares of £lO each inking for dividends and in all other resDcct? parK passu with the existing crdinary shares in the company: that the additional shares be offered at par v alue to members of the company in the proportion of one additional share for every two shares held. The directors may be empowered to' dispose of any shares not applied for, in such manner as they see fit. The market price of McLeod Bros., I-M. shares at present is approximately £3B. .

FRENCH MARKETS

WEAKER

REACTION TO SOCIALIST

VICTORY

(UNITED PREdS ASSOCIATION—COPTniCinT.I PARIS, May 4.

THE METALS MARKET

SMITHFIELD MARKET

PUICE OF GOLD LONDON, May 4. Gold is quoted at £7 0s 4d a fine ounce. PRICE OF SILVER LONDON, May 4. Silver is quoted at 20gd a fine ounce for both spot and forward. NEW YORK TIN NEW YORK, May 4. Tin is quoted at 46.87 cents per lb.

AUSTRALIAN CORRIEDALES

FOR JAPAN

AUSTRALIAN AND N.Z. BANKING

Investors in New Zealand who subscribed for shares in the Australian and New Zealand Banking Corporation, Ltd., some years ago, have received recently a reminder of their interest in the concern.

The company, which purchased a building in Pitt street, Sydney, but 1 which did not begin banking functions, ; is making a call of 2s 6d a share, by which it hopes to raise £20,000. It claims that an opportunity has arisen to secure an interest in a private banking company which will operate in Australia. Some shareholders in Auckland have received final demands for the payment of the call, but it is felt that more should be known of the company's intentions. The company was registered in New South Wales in 1928 with an authorised capital of £5.000.000, of which 2.000,000 share's of £1 each were offered for subscription in Australia and New Zealand, and 2,000 000 shares were to be offered abroad. In September, 1933, paid capital was about £60,000, of which about £55,000 was subscribed from New Zealand and £SOOO from Australia. The shares are at present paid to 7s 6d, and the current call will make them 10s paid. The circular received recently from the company refers to negotiations between the company and the representative of a group of overseas private banking houses. It states that the representative was at the same time dealing with the capitalisation through the banking houses mentioned of two large industrial concerns about to operate in Australia. A way was found whereby, with a contribution of £20,000, the Australian and New Zealand Banking Corporation could so improve its present position as to justify its assets, including the Pitt street building, being taken over. It is pointed out that £20,000 has been contracted for and through this the Banking Corporation will become entitled to participation in the vendors' considerations in the industrial companies to the extent of 70.000 fully-paid shares of £1 each. The contract provides that on its establishment in Australia, the banking company will take over the whole of the assets of the Australian and New Zealand Banking Corporation, including 70,000 shares and the equity in the Pitt street building. Shareholders in the corporation will receive one fullypaid share of 10s in the banking company for every 10s paid share in the corporation.

The cash lists for the New Zealand 3 per cent, loan remained open all day, but the result will not be known until the conversion list closes on May 11.

In addition to the franc depreciating by 26J centimes, rentes dropped \\ points, Bank of France shares dropped substantially, and industrials were 10 per cent, lower as a result of the Socialist victory. Foreign securities are in strong demand. The Regency Council of the Bank of France has been summoned to discuss the position.

The Bank of Australasia has received the following cablegram from its London office, dated May I:—"Frozen lambs; demand limited and below the usual for this time of the year. This is due to cold weather and to comparatively high prices. Buyers will buy only to fill orders.. Market continues firm, however, and no change likely for the time being. Frozen mutton, ewes, and heavy weights, and wethers in fair demand, prices firm. Light-weight wethers, less demand and market slightly weaker. Frozen beef, very limited supplies, prices steady."

(UNITED PBESS ASSOCIATION—COPYRIGHT.) SYDNEY, May 5. Dr. K. Sakamaki, expert in sheep farming for the Governor-General of Korea" has bought from Khancoban Station, on the Upper Murray, 750 Corriedale ewes for export to Korea. This is the third consecutive year in which Khancoban Corriedales have been purchased by Japanese clients, and further contracts have been booked for some years

CANTERBURY MARKETS

POTATOES CONTINUE FIRM

(bt OTTR COMMERCIAL EDITOR.)

Tuesday evening.

AUCKLAND

RABBITSKIN SALE

HIGH PRICES PAID IN DUNEDIN

Wright, Stephenson's Report

Dalgety an-d Company's Report

EXPORT TRADE BEHIND LAST YEAR

A survey of the grain and produce markets discloses the fact that potatoes and onions, particularly the former, show a greater tendency to firm. Otherwise no great interest is displayed in the markets. The price of potatoes has risen to £6 2s 6d to £6 5s a ton for whites and £6 5s for Uakotas. A general enquiry has commenced to set in, and the weekend rain has delayed digging. The frost experienced on Monday was not heavy enough to harden the crops. Prompts at the present are not offering in appreciable quantities, and the nrice has firmed in sympathy. MayJunes are quoted at £6 10s, but not much interest is being taken in them, ft is interesting to note that on Mav 4 the quantity of potatoes exported from Lyttelton to northern ports was short by 27,855 sacks of the total exported up to May 2, 1935. This serves to emphasise the effect of the favourable growing season this year in the north, compared with last year, when drought conditions obtained in many parts, causing acute shortage of supplies. The figures in detail are as follow:

1936. 1935. Sacks. Sacks. Auckland .. 3,343 . 23,382 Wellington .. 6,874 9,617 East Coast out ports 1,823 4,171 West Coast out ports 1,637 4,362

Onions are fairly firm at £5 f.0.b., the price to farmers having further advanced to £3 ss. No great quantities are offering, and onions generally are reported, to be not keeping too well this season.

The glut of under-grade fowl wheat continues to depress the market for good whole grade, which is now quoted at 4s 4-Jd and 4s 5d a bushel f.0.b., with odd lines to be picked up at 4s 4d a bushel.

The chaff market shows signs of picking up. Enquiries are being received from southern towns, and the price quoted is £2 15s a ton at near country stations.

Oats are quiet. No enquiry is reported and but few are offering. The price of poJJard has been increased by 10s a ton, the amended prices being: Large £G 15s a ton and small £7 ss.

No change is recorded in the small seeds market, which continues to be quiet. Cocksfoot is lifeless. One or two lines of cowgrass are offering, but there is a lot of poor quality seed about, and the price remains the same as last week.

The following are the prices quoted to farmers, on trucks, at country sidings, unless otherwise indicated:

Wheat—Milling grade for JVlay delivery, Tuscan 4s 7d, HuntiT*; 4s 9d, Fearl 4s lid, f.0.b.; good whole fowl wheat, prompt, 4s 4d to 4s sd, f.0.b., under-grade to 4s 2d, f.o.b. Oats—A Gartons 2s 4d, B Gartons 2s 2d, Algerians 2s, Duns 2s 6d.

Ryegrass—Perennial Western Wolths Is 9d to 2s, Italian Is 9d to 2s.

Cocksfoot—Plains 6d to 3d, Akaroa 6d to 8d per lb. Cowgrass—4d to 5d per lb. White Clover—9d to lOd per lb. Chaff—£2 15s a ton. Barley—Feed 2s 3d to 2s 4d a bushel.

Potatoes—£4 15s to £4 17s 6d a ton.

DEALINGS COMPLETED

Onions —£3 5s a ton. Peas—ss 3d. Pollard—Large £G 15s a ton, small £7 ss.

LISTED STOCKS Sales on 'Change

fTHE PRESS Special ScrTlce.] AUCKLAND, May 5. Potatoes have been in extremely short supply, and within the last few days sales between merchants have gone as high as £ll a ton, dhd today stocks in the city were extremely light. A shipment of 5000 sacks is due by the Wingatui to-night and another 2000 sacks will arrive by the Waimarino on Thursday. Onions from Pukekohe are still in plentiful supply at late rates, namely £5 10s a ton on rail.

Since last report, the local milling price of pollard has been 10s a ton to £7 10s, ex mill. Supplies are still short and orders are rationed out. The position in regard to Australian is no better than it was a week ago. Indeed, it is worse, as merchants have difficulty in getting orders confirmed even at the higher prices. Imported pollard is very dear at £9 2s 6d a ton. but it seems likely to go higher in view of the difficulty in obtaining supplies. Bran is in plentiful supply at late rates. There is a steady demand for horse feed, with B Gartons still quoted at 4s a bushel, and oatsheaf chaff at £8 a ton.

UNLISTED STOCKS

Wheat is easier, due to free offerings from the south of under-grade lines which now comprise 90 per cent, of the business. The price for graded has been dropped Id to 6s a bushel.

(TRUSS ASSOCIATION TELEGRAM.) DUNEDIN, May 5. Large supplies were again offered at the Duncdin rabbitskin sale today, and met with very keen competition from exporters. Low grades ruled firm at last sale's prices, and all grades of autumns and incomings were from 3d to 6d higher. Increased quantities of winter grades were offered, and of these, winter bucks sold to 1161 d per lb with docs to 84d.

Miscellaneous British Tobaccos were fractionally weaker at 39s 6d, and more were offered at 39s 7d, buyers at 39s 4d. Dunlop Perdriau Rubbers were fractionally firmer with buyers and business at 15s lid, sellers at 16s Id. Electrolytic Zinc preference changed hands at 39s 9d and there were further sellers at 39s lid, buyers at 39s 3d. Hume Pipe (Australia) were firmer with dealings at 17s and 17s 2d, and further buyers at the higher price, sellers at 17s 6d. Buyers of New Zealand Newspapers raised their bids to 445. Argo Gold had business at Is sd, closing quotations £d on either side. Big Rivers were a shade easier with business at 2s lid. buyers at 2s Id. Mahakipawa had business at i'd. Waitahu were firmer on buyers' offers Is lOd. Mount Lyells showed little variation with dealings at 24s lOd and 24s 9d, and further sellers at the ,lower price, buyers at 24s Bd.

Wright, Stephenson and Company, Ltd., report that at the rabbitskin sale in Dunedin yesterday there was a full bench of buyers. Competition was keen from overseas buyers and shippers, and prices were 2d to 6d in advance of the values of a fortnight ago. A few winter skins were offered, and these made up to 116 id per lb for the best bucks.

Prices, per lb, were:—Summer bucks summer does 35d. summer broken 34',d, autumn broken 41? d. racks 413 d, dawny autumn 54d, second early autumn 59ad, first early autumn 69d, second late autumn TOJd, first late autumn 84 ; jd, second incomings Bifid, first incomings 97d, second early winter bucks 95id, first early winter bucks second early winter does 743 d, first early winter does 90d, first winter bucks 116£ d, second winter bucks 104£ d, fawns 33d, second fawns 50id, summer blacks 3lld. rack blacks 393 d, early autumn blacks 48Jd. autumn blacks 58Jd, incoming and early winter blacks 64Jd, hareskins 253 d.

Dalgety and Company, Ltd., report that at the rabbitskin sale there were large offerings and a strong demand. Good grades were 3d to 6d higher. Bucks sold to 116 d and does to 84d.

OTHER COMMERCIAL NEWS WILL BE FOUND ON PAGE 16.

Unlisted Stocks

M. K. Millinery were firmer on buyers' offers 50s 6d. Selfridges (Australasia) new, had dealings at 20s, 19s lOd, and 19s lid. Shillings, Ltd., 5s paid, had dealings at prices ranging from 8s 6d to 8s 9d, market closing 8s 8d buyers, 8s 9d sellers.

LATEST QUOTATIONS

THE STOCK EXCHANGES

CHRISTCHURCH MARKET FIRM

SHILLINGS, LIMITED, AGAIN ACTIVE

Activity in Shillings, Ltd., unlisted shares was the most interesting development on the Christchurch Stock Exchange yesterday. The price was inclined to be easier than it was yesterday. Other markets were fairly active and generally firm, turnover being maintained.

Government New Zealand Government 4 per cent, stock, due 1940, had business at £lO2, and further buyers at £lO2 2s 6d failed to attract sellers. Commercial Bank of Australia were steady at 19s 9d, market closing Id either way. Commercial Bank of Sydney had business at £2O.

Goldsbrough, Morts changed hands at 31s 7d, market closing 31s 3d buyers, 31s 6d sellers. Kaiapoi Woollens preference advanced to 18s 3d. market closing 18s 2d buyers, 18s 6d sellers. Unsupported sellers of Christchurch Gas reduced their limits to 33s 9d. New Zealand Breweries were fractionally firmer on buyers' offers 52s 3d. Tooths were easier with sellers at 51s 9d.

UNLISTED STOCKS

SYDNEY

AUCKLAND

WELLINGTON

DUNEDIN

MINING

WEST COAST DREDGING RETURNS

The following are the returns for last week of New Zealand owned dredges operating on the West Coast: Oz. dwt. Gillespies, 136 hours .. 100 2 Argo, 124 hours ..66 0 Mossy Creek, 137 hours 49 5 Mataki, 132 hours .. 34 0 Okarito, 119 hours ..11 5 Total .. *. 260 12 Average •• 52 2 ADDISON'S FLAT (P8133 ASSOCIATION TILIOEAM.) WESTPORT, May 5. The Addison's Flat return for the three weeks ended April 28 was 34 ounces for 47 shifts. Seven shifts were lost through holidays.

STAFFORD GOLD PROFIT

Stafford Gold Dredging, NX., a Melbourne company, operating in NewZealand, earned a net profit of £4071 for the year ended January 31. With £1844 brought forward, a sum ot £5915 is available. A dividend of 6d a share, paid May 31, required £3750. and £2165 is carried forward. The directors hope to declare a second dividend at an early date. Running 80 per cent, of possible working time, the dredge treated 466,150 cubic yards, and recovered 2157.30z gold, valued at £A17,288, equal to 8.9 d a cubic yard. Working expenditure was £A12,170, or 6.3d a cubic yard. During the year small jigs installed on the dredge improved the gold recovery, and further experiments are being carried out. At present the dredge is operating in more suitable ground, and better values have been recovered. For the five years ended April 10, the average was 10£ d a yard. Working expenditure during the year was higher than expected, due chiefly to increased maintenance charges, and further purchases ot parts will be necessary this year. Only portion of an adjoining area, about 2,000,000 cubic yards, valued at Ija a cubic yard, proved suitable, and tne directorsi decided, instead of forming a separate company, to add the area to the company's holding.

LONDON PRODUCE MARKETS

HIGH COMMISSIONER'S

r.UPORT

The Department of Agriculture has received the following cablegram, dated May 2, 1936, from the High Commissioner for New Zealand, London:— Tallow—Market continues quiet with values nominally unchanged. Hemp—Manila: Market quiet and easier. "K" grade sold down to £l9 15s. Sisal: Market quiet, but a tendency for distant shipments. No. 1 grade for July/September shipment quoted sellers at £26; afloat and close at hand £23 10s. New Zealand: Market continues quiet. Nominal value is easier in sympathy with Manila. Fruit—s.s. Tuscan Star shipment discharged in sound condition, s.s. Akaroa. Port Caroline, and Australia Star discharging next week. Market about the same as previously. Apples: Cox's Orange, 9s to 17s; Jonathan and Delicious, 9s to 12s; Dunn's Favourite, Ribston Pippin, Ballarat, and London Pippin, 8s to 10s; Alfriston, Lord Wolseley, and Blenheim Orange, 8s to 9s. Pears: Cornice, 12s to 14s; Packham's Triumph, 9s to 12s; Winter Cole, Winter Nelis, and Beurre Bosc, 9s to lis; P. Barry, Conference, and Marie Louise, 9s to 10s; Beurre Capiamont, Vicar of Winkfield, Duchess, Beurre Clairegeau, and Beurre Diel, 9s. Peas—Maples: Market steady. Position little changed during the month. Small business. "A" grade Tasmania for April/May shipment, 55s to 575. No. 1 New Zealand: New crops, 54s to 565; old crops, 49s 6d to 55s 6d; according to quality. Blues: Prices out of range with Tasmanian. No business reported.

WHEAT MARKET

dr ENGLISH QUOTATIONS

CHICAGO FUTURES

HEREFORD STUD SALE

(rRESS ASSOCIATION TELEGRAM.) WANGANUI, May 5,

The main offering at the sale of G. P. Moore's Bushy Park Herefords today comprised a line of 16 rising two-year-olds run Polled Hereford bulls by a bull imported from the United States of America. The line averaged 453 guineas, the top price of 67£ guineas being paid by the Hawke's Bay Farmers' Co-operative Association, Dannevirke. A horned stud bull was sold to W. Peat (Wanganui). for 51 guineas A line of 23 18-month horned Hereford heifers realised £5. A noticeable feature of the sale was the preference of breeders for polled bulls.

PRICE OF EGGS

Net prices paid to farmers in the city yesterday for eggs were:—First grade, Is 8d; second.grade, Is 6d; duck eggs Is 6d. Supplies are plentiful.

MELBOURNE

DAIRY PRODUCE

LONDON MARKET

BUTTER SLIGHTLY FIRMER

The New Zealand Dairy Board has received the following market report HI its London office, dated May 1, 1936:

, BUTTER New Zealand, salted 87s; to 88s (equals approximately 10.17 d JJOJM (last week 87s to 89s), unsalted 87s to 88s (87s to 88s); Australian.salted 87s (87s to 88s), unsalted 87s up to 88s (87s to 88s). Market firm at end of tms week. New Zealand. retail price unchanged. South Africa 84s to 85s (82s to 86s); Danish, 79s f.0.b., 100s to 101s spot (82s to 103s); Dutch, to 88s (85s to 88s) (market quet), salted 85s (market quiet); ™™s! salted 83s to 84s (83s to 84s) unsalted 82s to 83s (82s). Market steady. Danish retail price unchanged, Is Id. ine Imperial Economic Committee s estimated stocks all butters 399,503 boxes (last year 556,453 boxes).

CHEESE New Zealand, white f ss to 55s 6d (equals approximately 6.06 d f.0.b.) (oss to 54s 6d, exceptional 555), coloured 54s to 55s (equals approximately 5.90 ci f.0.b.) (53s 6d to 545, exceptional 54s 6d); Australian, white 52s to 53s (sls to 52s 6d). coloured 51s to 52s 6d (50s to 525); Canadian, white 62s up to 66s (625), coloured 64s up to 66s (645); English, finest farmers 80s to 86s (80s to 86s), factory 49s to 54s (49s to 535). Market firm. New Zealand retail price unchanged, 6d to 7d. The minimum f.o.b. prices for the period May 1, 1936, are unchanged at: Butter, lid, less li per cent, commission (89s Id c.ii.e.). Cheese, s|d, less 1J per cent, commission (49s 7d c.Lf.e.). Canadian agents advise that butter in New York is worth 27f cents, and in Montreal 195 cents.

CLEARING SALES

Dalgety and Co., Ltd., report having held a disposal sale on account of Fraser Bros., of Waddington, on Monday, April 20, when satisfactory prices were realised, the principal sales being:—Sheep: A line of 440 full-mouth ewes in particularly good order realised from 24s 3d to 265. . Lighter conditioned ewes, out of the same line, realised 20s. The horses, which were a particularly good lot, sold well, some of the prices being:—Aged geldings, from £l4 to £18; young geldings, from £34 to £52; young mares, from £52 to £SS 10s. A few dairy cattle were offered, which realised from £4 16s to £6 10s. A full range of farm plant was also disposed of at satisfactory prices. A disposal sale of surplus stock and plant was held on account of Mr F. W. Walshaw, of Oxford, on Friday, and was conducted by Dalgety and Co., Ltd., who report that satisfactory prices were realised, some of the realisations being:—Fullmouth ewes, in good condition, 23s 6d; lighter conditioned full-mouth ewes, 19s; good one-year ewes; 15s 2d; mixed sex lambs, 10s 9d to 14s 6d. Nine head of cattle were disposed of at satisfactory prices, and good competition was received for all implements, which were in good order.

PROPERTY SALES

Ford and Hadfield, Ltd., report having sold on behalf of Kerr Bros, a building section in Meadowville street, to Mr Nicholson.

FRENCH, AND AMERICAN

EXCHANGE

(UNITED PEES 3 ASSOCIATION —COPYRIGHT.)

LONDON, May 4. United States and French exchange closed to-day at: Dollars 4.96J, francs, 75f to £1 sterling.

May 1. May 4. Copper £ s. d. £ s. J. Stand;] rd, spot 37 3 li ' 37 1 10| Forward 37 9 4h 37 s n Electrolytic .. 41 5 0 41 7 6 to 41 15 0 41 12 6 Wire bars LoadSpot 41 15 0 41 12 6 Ifi 1 3 15 17 (i Forward Spelter--Spot 16 1 3 15 18 9 14 15 0 14 16 3 Forward 15 0 0 15 1 3 Spot 202 17 6 207 2 (i Forward 202 7 6 200 17 6 SilverFine, per OZ 20 5-1 Gd 202d Standard, per 02 21 15 lGd 22d

£300 N.Z. Govt. 4 p.c. Ins., 3J b. U. 1937-40 102 0 0 500 Comm. Bank of Aust. - (4) 0 19 9 100 Goldsbrough, Mort .. 1 11 7 100 British Tobacco 1 19 6 100 Dunlop Rubber 0 15 11 300 Hume Pipe (Aust.) 0 17 0 0 17 2 500 Argo Gold 0 1 5 200 Big River .. 0 2 1| 300 Mahakipawa 0 o 03 150 Mount Lyell 1 4 10 14 9 Sales Reported 28 Com. Bank of Sydney 20 0 0 100 Kaiapoi Woollens (pf.) 0 18 3 150 Electro. Zinc (pref.) 1 19 9 100 North Canty. Flour Milling (in liquid.) (ex div.) 10 0

Sales on 'Change 950 Shillings, Ltd. (5s pd.) 0 8 9 0 8 6 0 8 8 <6) 0 8 9 500 Selfridges (Aust, new) .. (3) 1 0 0 0 19 10 0 19 11 Sales Reported 600 Shillings, Ltd. (5s pd.) (2) 0 8 6 0 8 9

Buvcrs. Sellers. | £ s. d. £ s. d. N.Z. Govt. Debentures 3£ p.c. Ins., 1938-52 .. 103 12 6 104 10 0 4 p.c. Ins., 1937-40 .. 102 2 6 — 4 p.c. Ins.. 1943-46 . . 103 0 0 4 p.c. Ins., 1946-49 .. 103' 5 0 .— 4 p.c. Ins.. 1952-55 .. 104 0 0 — 4 p.c. Bonds, 1940 102 0 0 — 4 p.c. Bonds, 1949 103 5 0 4 p.c. Ins., 1955 104 2 6 — Banks Adelaide (cum div., £.3) _ 7 5 0 Australasia (£5) .! 11 15 0 12 0 0 Coram, of Aust. (10s) 0 19 8 0 19 10 | Comm. of Sydnev (£10) — 20 5 0 E., S., and A. (£3 pd.) — 6 4 0 Natl, of N.Z. (£2 10s) 3 15 6 Natl, of A'asia (£5 paid, cum div.) — 7 10 6 N.S.W. (cum div.. £20) 33 0 0 33 7 6 Union of Aust. (£5) .. — 9 16 0 Insurance General Assurance 27 0 0 National (cum div., Cs paid) 0 18 9 0 19 5 Queensland (£1) 2 14 3 South British (£ 1) 4 8 0 4 11 0 Standard (£1 paid) .. — 3 8 6 Loan and Agency Dalgety and Co. (cum div.. £5) — 9 6 C Goldsbrough, M. (£1) 1 11 3 1 11 6 Mort. Corp. (10s pd.) 0 10 0 0 10 6 National Mort. (A, £2) 2 10 0 2 15 0 N.Z. Guarantee Corpn. (3s) 0 5 3 0 5 6 United Big. Society (£1) 1 0 0 1 2 0 Wright, Stephenson (pref., £1) .. — 1 0 3 Shipping New Zealand (pf., £10) 12 0 0 — Union (pref., £1) — 1 8 0 Frozen Meat Canterbury (£7 10s pd.) 10 2 6 N.Z. Refrig. (£1 pd.) 0 19 0 N.Z. Refrig. (10s pd.) 0 9 4 0 9 7 North Canty. Freezing (£3 paid) 1 5 0 1 15 0 Woollens Oamaru (£1) 1 0 9 Kaiapoi (17s paid) .. — 0 16 0 Kaiapoi (7s paid) 0 6 1 0 7 6 Kaiapoi (pref., 17s) 0 18 2 0 18 6 Coal Westport (10s) — 1 2 11 | Stockton (10s) 0 1 0 0 1 6 Stockton (pref., 10s) .. 0 1 9 0 2 9 Gas Christchurch (£1) — 1 13 9 Christchurch (10s pd.) — 0 17 3 Timaru (£1) — 1 2 3 Breweries New Zealand (£1) 2 12 3 2 12 5 Staples (£1) 1 13 6 1 14 6 Timaru (10s) 0 14 9 0 15 2 Tooths (£1) .. 2 11 3 2 11 9 Miscellaneous Amalg. Wireless (con.,' 14s paid) — 1 15 6 Anthony Hordern (£1) — 0 19 6 Aust. Glass (£1) 4 7 3 4 9 0 Aust. Iron and Steel (£1) 1 5 3 — Beath and Co. (£1) .. 1 7 0 — Beath and Co. (pref., £1) — 1 6 0 British Tobacco (£1) 1 19 4 1 19 7 Broken Hill Prop, (cum * div., £1) 3 0 3 3 1 0 Broken Hill Prop. (con. cum div., 6s 8d pd.) 1 15 11 1 16 0 Bycrofts (£1) ' — 2 2 6 Claude Neon (N.Z.), (£1) — 2 2 6 Consolid. Brick (£1) 0 9 0 0 10 0 Dominion Build. Supplies (10s) 0 5 3 — Dominion Fert. (£1) 1 5 6 — Dunlop Rubber (£1) .. 0 15 11 0 16 1 Electro. Zinc (ord.) (£1) — 1 17 6 Electro. Zinc (pref. £1) 1 19 3 119 n General Indust. (£1) 0 18 6 0 19 5

Buyers. Sellers, £ s. d- £ s. d, Glenmore Brick and Tile (16s paid) 0 2 6 0 7 6 G. J. Coles (£1) 3 13 0 3 13 3 Henry Jones Co-op. (cum div., £1) — 2 0 0 Howard, Smith (£1) 0 16 9 0 17 6 Hume Pipe (Aust.), (£1) 0 17 2 0 17 6 Kauri Timber (25s) .. 1 2 6 12 9 Mason. Struthers (14s paid) — 0 11 0 Milburn Lime (£1) — 2 5 0 N.Z. Drug (£2) 3 16 0 4 0 0 N.Z. Farmers' Co-op. (£2 10s paid) 0 17 0 — N.Z. Farmers' Co-op. (10s paid) — 0 16 N.Z. Farmers' Co-op. (1st pref., £5) — 4 2 6 N.Z. Farmers' Co-op. (B pref., £4) 1 17 6 — N.Z. Farmers' Co-op. (4J p.c. Stock, 1940, £100) 90 17 6 91 10 0 N.Z. Farmers' Co-op. (4J p.c. Stock, 1945, £100) 91 0 0 92 0 0 N.Z. Farmers' Fertiliser (£1) .. — 110 N.Z. Newspapers (£1) 2 4 0 2 9 9 N.Z. Paper Mills (cum div., £1) — 1 10 0 North Cant. Co-op. Flour (in liqdn., ex div., 10s) — 10 0 Procera Bread (vendor shares, 10s) — 2 0 6 Quill, Morris (1936) (£1) 0 17 10 0 18 11 Taupo Totara Timber (£1) 0 9 9 — United Provisions (£1) 0 13 6 0 14 3 Zealandia Soap and Candle 0 6 0 0 10 0 Wilson's Cement (10s) 2 3 0 2 4 6 Woolworths (N.Z.), (pref., £1) V_ 1 16 6 Woolworths (Victoria) % (pref., £1) 1 10 0 Mining Addison's Flat (Is) .. — 0 2 0 Alexander (15s paid) 0 13 3 0 16 0 Antonio's Hdy. (Is) .. 0 0 5J 0 10 Aotearoa (Is) 0 0 1 - a - Argo Gold (Is) 0 1 41 0 1 51 Big .River (Is) 0 2 1 0 2 12 Brian Boru (is) 0 0 21 0 0 3 Gillespie's Beach (Is) 0 1 J 1] — Deep Lead (Is) — 0 18 Golden Point (6d) .. 0 0 U — Goldfields Dredg. (Is) 0 0 3 0 0 4 Kildare (5s) — 0 2 9 King Solomon (Is) .. — 0 3 0 Mahakipawa (6d) .. — 0 0 1 Mahakipawa (1930 pf., Is) — 0 0 21 Maori Gully (Is) 0 0 10i 0 1 0 Moonlight Gold. (Is) — 0 0 9 Moonlight (Jold. (vendor shares, Is) 0 0 7 — Mossy Creek (Is) .. — 0 1 5 Nevis Diesel Electric (Is) — 0 0 11 Nokomai (5s) ■— 0 2 7 Okarito (5s) — 0 5 0 Skippers (Is) 0 0 21 0 0 3 Stafford Sluic. (Is) .. — 0 0 8 Waimumu Sluic. (Is) 0 0 5 0 0 81 Waitahu (5s) 0 1 10 0 2 9 Wetherstones (5s) — 0 0 in Worksop Extend. (Is) 0 1 6h 0 1 82 Australian Mining Mount Lyell (£1) 1 4 8 1 4 9 Mount .Morgan (2s 6d) 0 15 7 0 15 9 Rawang Tin (10s) 0 8 9 0 10 0 Upper Watut (5s) 0 6 0 0 6 81 Irowat (5s) 0 3 4 0 3 9

AH transactions in stocks quoted in 1 this section are subject to a different rate of brokerage from listed stocfc :s, and are not quoted on the official list. £ s. d. £ s. d. Andersons, Ltd. (pref.. cum div.) 1 0 0 — Assoc. Motorists Petrol (pref.) 1 6 6 1 7 6 Ben Ledi (Is paid) .. — 0 0 2J Coull, Somerville, Wilkie — 0 17 6 M.K. Millinery 2 10 6 2 14 6 Macetown — 0 0 7 National Tobacco 3 5 0 3 9 3 N.Z. Mining Invest. 0 0 3 0 0 7£ N.Z. Perp. Forests .. 2 9 0 3 0 0 Shillings, Ltd. (5s pd.) 0 8 8 0 8 9 Selfridges (Aust., new) 0 19 3 1 0 3 Were's Invest. Trust 0 5 5 — White's Electric 0 0 6J 0 0 7 Wool worths (Sydney), (ord.) 7 12 6 7 17 6

Sales on ' Change £ s. d. 102 0 0 Bonds, 1938-41, 32 p.c. Stock, 1949, 4 p.c. 103 5 0 Auckland Harbour Board, 1953, 4J p.c. 107 0 0 Auck. Elec. Power Board, 1945, 4J p.c. 104 10 0 N.Z. Insurance 3 10 N.Z. Mortgage Corp. (2) 0 10 3 Westport Coal 12 6 Northern S.S. Co. '. (2) 0 7 0 Tooth's Brewery 2 12 3 British Tobacco 1 19 8 Broken Hill Pty. 3 0 10$ Dominion Fertiliser (2) 15 9 Farmers' Trading 0 9 5 Farmers' Fertiliser 1 0 5 Northern Roller Mills1 5 0 Wilson's Cement V 2 3 0 King Solomon 0 2 10 Unlisted Stocks National Tobacco 3 7 0 National Tobacco (B pref.) .. 1 12 6

Sales on 'Change £. s. d. Ins. Stock, 4 per cent., 1946 (late Monday) 103 5 0 Ins. Stock, 4 per cent., 1955 .. 104 2 C Bank of New Zealand 2 5 0 New Zealand Insurance 3 1 0 South British Insurance 4 11 6 Kaiapoi Woollen (con.) (late Monday) 0 6 2 Wellington Woollen (pref.), (late Monday) 6 2 0 British. Tobacco 1 19 6 Burns, Philp 3 8 9 Consol. Brick (2) 0 9 9 General Industries (late Mon.) 0 19 1 Howard Smith (2) 0 16 6 Wilson's Cement 2 3 6 Unlisted Stocks Wool worths (Sydney) 7 17 9 MacdufTs, Ltd. (pref.) 1 1 n

Sales on 'Change £ d. Natl. Bank of Aust. (con.) (late Monday) N.Z. Refrig. (con.) (late Mon.) N.Z. Mort. Corporation Westport Coal Broken Hill Prop. 7 6 0 9 0 10 1 2 3 0 3 0 0 6 3 9 5 !) Kauri Timber .. 1 2 7

The volume of business was too 1 restricted on the Sydney Stock Exchange| yesterday to permit a definite trend . of values, but if anything, the tone of the ; market was easier. Morning Sales Commonwealth Bonds — 4 per cent., 1941 102 17 6 4 per cent., 1944 101 5 0 4 per cent., 1961 102 12 6 Bank of New South Wales 33 5 0 Australian Gas A 7 12 6 Tooths Brewery 2 12 3 Associated Newspapers 1 2 4i Associated Newspapers (pref.) 1 4 4i British Tobacco 2 0 0 Broken Hill Prop. 3 1 3 Broken Hill Prop, (new) 1 16 la Afternoon Sales Bank of New South Wales 33 5 0 Commercial Bank of Sydney .. 20 10 0 Automatic Totalisators (pref.) 1 3 0 Howard Smith 0 17 7a Huddart Parker 1 16 9 Australian Gas A 7 12 6 British Tobacco 1 19 10J Tooths Brewery 2 12 3 Drug Houses of Australia 1 10 3 Australian Glass 4 9 6 Dunlop Rubber 0 16 6 Dunlop Rubber (pref.) 1 12 74 Goldsbrough, Mort .< 1 11 9

(DtUTED PRESS ASSOCIATION—COPYRIGHT.) LONDON, : May 4. Wheat cargoes are quieter, but the undertone is fairly steady. Parcels are quiet. Futures are quoted:— April 30. May 4. London (quarters)— s. d. s. d. May .. .. 28 4J 27 104 July .. ..28 8i 28 H Liverpool (cental) — May .. .. 6 0? 6 0 July .. .. 6 2' 4 - 6 11 October .. 6 23 6 0g

NEW YORK, May 4. Cents a bushel. April 30. May 4 May .. .. 99J 99J July .. .. 873 87* September .. 852 85*

£ s. a. Wilcox Mofflin .. 0 11 3 Electrolytic Zinc (pref.) 2 0 6 Anthony Hordern 0 19 "il Anthony Hordern (pref.) 14 .. 1 4 .. 0 16 .. 0 16 li 0 0 U Lustre Hosiery Malleys Beard Watson Mauri Brothers 2 16 5 Newbold Brick 1 13 6 Australian Gypsum 0 17 9 Wunderlich 0 19 iuj Peters Ice 2 3" D Broken Hill Prop. 3 1 3 Zinc Corporation 4 1 3 Placer Development 5 15 6 Loloma 0 18 9 Tavua 0 2 3

Commercial Bank of Australia ifc s. 1 0 a. 0 Dunlop Rubber 0 16 5 British Tobacco 1 19 9 General Motors (Holdens), (pref.) 1 3 3 Loloma 0 18 6 Emperor • • 0 11 8 Mount Lyell ♦• 1 <4 8