FINANCE AND COMMERCE

Press, Volume LXXII, Issue 21866, 20 August 1936, Page 13

FINANCE AND COMMERCE

;HRM WOOL SALE AT WANGANUI new, ZEALAND’S DAIRY EXPORTS V A small offering, mainly of crutchings, was put before ' buyers at the winter sale held in Wanganui yesterday. Bidding w as keen and well sustained, prices being on an average l£d higher than they were for similar wools in April. Not enough fleece was offered to make a market, but bidding throughout was excellent. Bradford, Japan, the Continent, and the United States were all keen to buy wool. The Christchurch Stock Exchange yesterday had only moderate business, and values were erratic. Turnover was mainly in industrials. ■ Values at the Addington live stock market yesterday failed to maintain the high rates of‘the National sale of a fortnight • ago. Fat cattle were down by 15s a head and heavy wethers ’ and ewes by about a shilling.

WANGANUI WOOL SALE VALUES ABOVE APRIL RATES KEEN COMPETITION FOR SMALL OFFERING • , ’ (PKS33 ASSOCIATION TELEGRAM.) ,C WANGANUI, August 19. There was an offering of 1700 bales, Biostly crutchings, at the mid-winter wool sale held at Wanganui this afternoon. The market was in keeping with ’ that in other selling centres recently, and all lines were keenly sought after by a full representation of buyers. There was not a sufficient quantity of fleece wool to test the market, but crutchings were fully Ud up on prices ruling at Wanganui last .April. Best lines of crutchings realised up to 9id, good Bid to 9id, average 7sd to B|d, inferior and seedy 6d to 7|d. The United Kingdom, Japan, America, and ■ the Continent secured the bulk of the crutchings, and local scourers also were in the market for lots that suited their requirements. Passings were negligible, COMPANY NEWS NEW ZEALAND NEWSPAPERS ' Return of capital amounting to 3s ,4d a share will be made to shareholders in New Zealand Newspapers, Ltd., after August 22, on receipt of their share certificates. This is in conformity with the special resolution passed by shareholders on May 27, authorising a reduction of the capital' of the company from £1,000,000, divided into 1,000,000 share's of £1 each,'to £700,000, divided into 840,000; shares, of 16s 8d each, such reduction to be effected by returning to holders of the 597,500 1 paid up shares, paid-up capital to the extent of 3s 4d a share, and by reducing the nominal amount of the shares from £1 to los 8d each, and by cancelling 160,000 shares, of £1 each, which had not been taken or agreed to be taken by any person. The resolution was confirmed fey the Supreme Court on August 17. MILLAQUIN SUGAR The Millaquin Sugar Company, Ltd., reports a net profit of £72,364 for the year ended June 30, compared with £63,122 the previous year and £63,168 l«c 1933-34. The dividend is unchanged . at-6 per cent., requiring £30,000, but a special bonus of 3 per cent, is added, compared with 2 per cent, the previous year and 1 per cent, for 1933-34. The bonus requires £15,000, and £20,000 is allocated to depreciation and renewals account, leaving £35,190 to fee carried forward, against £27,826 ■ brought forward. Both dividend and bonus are free of Queensland income w. and without deduction in respect Jof Federal income tax payable by the kompany. * The directors report that the season »as again been favourable. They anticipate a successful crushing. STANDARD CEMENT * Standard Portland Cement Company, made a trading profit last year £67,973, which is £9162 below the s®®®® profit of the previous year. - Alter allowing £25,000 for depreciation, net profit is £42,973. Dividend of iii per cent. (3J per cent, on old capita* amount and 4 per cent, on new «®ital amount), as against 7 per cent, on the unreduced capital in 1934-35, accounts for £33,450. A sum of £7500 *od to reserve. Carry forward ?.* 72 81. against £5258 brought forCapital has been reduced by and is now £399,405, in s"’“shares of 16s each. The amount «ue to shareholders as return of capiWrwas, £99,851 , at the date of the Stance-sheet, and is thus shown in as a liability. Payment to aaareholders has been made since the tv! • 1116 company’s year. the year, the directors point rv”*.. effective protection against / “tion from imported British ; was reduced to 7s 6d a ton, ■when continue until December 1, aen British _ cement will be admitted inriii.i- directors believe that the 18 tiffed to at least existing __ ection so that the whole of the inL 16ru,n C u nsu ? ption may be preserved and * °* Australian workmen Australian investors. CASH ORDERS (AMALGAMATED) jS r »l n J et , profit of £40,823 for the £23 June 30, compared with J or *s® Previous year and dead 1933-34. Preference divi-aad'«^ij-per cent, requires £SOOO, Ordinary dividend is increased Per cent to 15 per cent., the .requiring £24,334. A sum leE £3R2? b | transferred to re-'Bard-Z-fi * , “ 32 2 will be carried forowA®rta*ary it was decided to in--350,000 new shares of 12s I Jjaw&f the same, month 139,291 ordiI were issued to ordinary E at par. S Rectors state' that no return received from the Meli Amalgamated Cash k TOMad*** ’ -M-* nothing has been I 1° the Profit and loss Ayg' expect it to be a very Bi&lmiSaff? myestment. as Its. business, ■jj ! only in April, 1935; is now I ®*l is making satis*. Branches of the New .pompany .have •„ beeh and Wollongong. s, turnover showed a conduring the jgear* -

OVERSEAS FUNDS OF AUSTRALIA NATIONAL BANK’S ESTIMATE DEFICIENCY SET DOWN AT £5,500,000 The National Bank of Australasia, in its latest summary of Australian conditions, gives an estimate of about £5,500,000 sterling as the deficiency between the trade balance for the year ended June 30 and liabilities on the public debt in London and New York. “Offsetting this,” the bank states, “is a substantial total of money invested by oversea corporations and individuals in Australian industry, which, though there are no means of measuring its flow, may have nearly or fully covered the estimated net deficiency on current items. , “Whatever margin of error there may be in the estimates, the LondonAustralian exchange rate continues stable, and from present indications will continue so throughout the current financial year. It is early to make forecasts, but there are already various factors indicative of a good export year, with a consequent likelihood of a favourable balance of payments at its close. Large surpluses are in prospect for the main export commodities, and the outlook for prices is more favourable thafi for years past. The wool clip may equal last year’s in quantity, and current quotations for tops in Bradford indicate a strong market when the new wool-selling season opens in Sydney on August 31Wheat crops have germinated well, and are making strong growth, indicating a. larger harvest than was gathered in either of the two previous years, while ruling prices are the highest since 1930. The output of butter may be little different from that of last season. Price prospects during the main export season are , uncertain, but current rates: for Australian butter in London are 23s per cwt above those ruling 12 months ago, which gives some promise for a higher average this year than last. “Imports are likely to be well maintained, though it is possible that the combined effects of extensions to industrial equipment, improved efficiency in manufacturing, and the „ local production of a wider range of‘goods, also the restoration during the last two years of stocks of imported goods, previously depleted, may keep imports from rising above last year’s level.” The bank refers to the prospect of a large exodus of Australians for the Coronation festivities next year, but presents the Federal Treasurer’s analysis of tourist spendings overseas to . indicate that the net outgoings for the current year should not exceed £A3,000,000. It adds that exaggerated ideas have been current with regard to the.net cost to Australia of its oversea tourist traffic. LONDON MEAT PRICES RETAIL RETURNS FOR , DOMINION PRODUCE The New Zealand Meat Producers’ Board has been advised by its London manager that the following retail prices were being quoted for New Zealand lamb and mutton retailed in London during July, 1936, These prices represent a fair average of the prices quoted by the better class shops in London for the best quality of New Zealand lamb and mutton.

CANADIAN WHEAT PRICES REGINA, August 18. Mr L. C. Brouillette, president of the Saskatchewan Wheat Pool, suggests one dollar 15 cents as the minimum price for the. new wheat when the Dominion Wheat Board sets its fixed price. He told pool executives that he was convinced that that figure was the absolute minimum. Antwerp wool futures LONDON, August 18. Antwerp wool futures are steady. Dry combed Australian tops are quoted: October 28d per lb, December 22|d, March 27|d. COLOMBO TEA AUCTION (PKZ39 ASSOCIATION TZLEOBAM.) DUNEDIN, August 19. Mr L. M. Wright has received the following cabled report on the Colombo tea auction of August 18:^—"At yesterday’s*l auction of 1,500,0001 b, competition was keen for all grades. Common teas advanced Jd, and • better types were about id dearer at the close of the sale. At next week’s auction, 1,500,0001 b will be offered for sale.” PRICE OF GOLD LONDON, August 18. Gold is quoted at ..£& 18s- 4d a, fine ■ounces .

FURTHER POTATO SHIPMENT

CONSIGNMENT OF 500 TONS PORT DARWIN TO TAKE TIMARU CARGO [THE PItESS Special Service.] TIMARU, August 19. the shipments of potatoes from Timaru, which were recently dispatched to South America, are to be followed this week by a shipment of about 500 tons to be sent by the Port Darwin, which is due here on Friday. EXPORT OF ONIONS TO AUSTRALIA [THE PRESS Special Service.] AUCKLAND, August 19. The export of about 100 tons of Pukekohe onions to Australia has been followed by a further enquiry, and at least another 50 tons will be shipped to the Commonwealth on Monday. Prices in Melbourne recently reached a record high level of £24 a ton, and merchants turned to New Zealand. It was estimated last month that there were about 500 tons of onions at Pukekohe, but it is thought that only about half that amount now remains. STABLE MARKET CONDITIONS WORLD’S DEMAND FOR WOOL The wool-selling position ahead is to an appreciable extent influenced by the consumption which has occurred in the preceding months, says the latest report of Winchcombe. Carson, Ltd. That is one reason why, despite recent events, the marketing of this season’s clip can be regarded with reasonable confidence with prices on about closing values. Generally millowners experienced highly favourable manufacturing circumstances during the last 12 months. In France, Germany, and Italy the volume of turnover was not as great as some years ago, but in Yorkshire, Japan, and the United States activity was on an extended scale. Apart from those varying aspects, however, conditions were gratifying. Marked stability in prices kept millmen free from losses on raw material bought and in most cases the profits of manufacturing companies were greater than in prior years. Those conditions have improved the financial position of millmen and should assist in giving them confident feelings regarding the purchase of fresh supplies of the sheep’s staple. At the opening of the 1934-35 season and for seven months prior to that time consumers had been experiencing falling markets involving them in losses which made them nervous about the future. Admittedly the wave of opinion noticeable 12 months ago, that values would rise, is not present on this occasion, but the trade is not mind-burdened with monetary losses ripe in memory. Business in the United States is not as brisk as earlier this year, but trade has been moderately active. Until the presidential elections in November commerce may not show a spurt, but owing to an . unfavourable season domestic supplies of wool are not likely to increase and may decrease. A demand for good length spinners’ wools is probable from that quarter. Prospects for English purchasing are favourable. Both on internal and export trade the Yorkshire mills have been well employed. The outlook onj the Continent is no worse and in some respects slightly more favourable I for wool selling than in 1935. Strikes for a time halted French industry, but wages have since risen. Provided unemployment does not increase as a result, purchasing power. among France’s population should be greater. Germany unquestionably wants wool. Of late months she has bdught more freely, but her stocks are at low levels. With the removal of sanctions Italy is certainly likely to play a greater part in the purchase of the world’s 1936-37 clip Gian was the case with its predecessor. Already Italian buying has been a helpful market factor. In Belgium, mill activity has been slightly easier, but the absence of stocks of wool elsewhere should prove helpful to the Belgian carbonising and scouring industry in selling its clean wool product Japan may not buy as extensively in Australia, but she will play an important part in lifting the world’s supply. She had adequate stocks, but she did not buy in June, and in the absence of sales until the new season cannot replenish her holdings. She is, therefore, likely to need raw material. That position applies to most countries. Since April-May relatively small supplies have been available for purchase everywhere. Years have elapsed since such an extended off-wool-selling period has been experienced. That circumstance should prove a source of market strength. Fortunately in Australia less faulty merino wool will be shorn than for some years, particularly in Queensland. A sounder clip makes the staple more suitable for a wider range of consumers, which should encourage its purchase. The Australian selling season opens in Sydney on Monday. August 31. FOREIGN EXCHANGES (BRITISH OFFICIAL WIRELESS.) RUGBY, August 18. Par. Aug. 17. Aug. 18. Paris, fr. to £1 124.21 76 21-64 76| New York, > dol. to £1 4.866 5.02 g 5.023 Montreal, dol. to £1 4.866 5.02 g 5.023 Brussels, belgas to £1 35 29.82) 29.81) Geneva, fr. to £1 25.2215 15.42 15.42) Amsterdam, A. to £1 12.107 7.40 . 7.40) Milan, lire. to £1 82.46 623 633 Berlin, reichmarken to £1 20.43 12.49 12.50 Oslo, kr. to £1 18.159 19.90 19.90 Stockholm, kr. to £1 18.159 22.34) 22.34) Vienna, schgs. to £1 34.583 26) 26) Prague, kr. to £1 164.25 1213 121) Helsingfors, marks to £1 193.23 229 229 Madrid, pesetas to £1 25.2215 39) 39J Lisbon, escudos to £1 110 110 3-16 110 3-16 Athens, drach to £1 375 529 529 Bucharest, lei to £1 843.6 674 674 Bfelgrade, . dinars 25.2215 22.0 22.0 Rio de Janeiro, pence to milrels .. 4.899 4) 4). Buenos’Aires, pence to dol. 51 —. Montevideo, pence to dol. 51 38 11-16 38 13-16 Bombay, pence to rupee 19 18) 18J Shanghai, pence to dol, • 14 7-16 1413-32 Hong Kong, pence to yen * 14 29-32 14 29-32 Yokohama, pence to yen * 14 1-10 141-16 -Batavia,, \ guilders 12.107 7.36) 736) Warsaw, par Zlotys to £1 4336 —; *— ; , by price of silver jj.

THE STOCK EXCHANGES ■f' : ■ v'"■ . ■ ’ • '. ' *’■ MODERATE BUSINESS PRICE MOVEMENTS ERRATIC Business was rather restricted on the Christchurch Stock Exchange yesterday, and turnover was moderate. Prices moved irregularly.

DEALINGS COMPLETED LISTED STOCKS 'Sales on ’Change

UNLISTED STOCKS

Banking Commercial Bank of Australia were fractionally firmer at 18s 4d, market closing fd either way. Goldsbrough, Morts were fractionally firmer, with buyers and business at 31s 6d. Oamaru Woollens changed hands at 20s 6d, closing quotations fid on either side. Miscellaneous Amalgamated Wireless contributing were firm at 40s. Broken Hill Proprietary were easier, with dealings at prices ranging from 74s lOd to 74s fid, sellers staying in at the lowest price, buyers at 74s sd—the contributing were firmer, with sellers and business at 555. Electrolytic Zinc, preference, were firm, with sellers and business at 43s ( 7d, buyers at 43s sd. Kauri Timbers had dealings at 24s 3d and 24s fid, and more were offered at the lower price. New Zealand Newspapers had business at 40s fid, and more were wanted at that price. Quill, Morris (1836), Ltd., cum dividend, advanced to 19s, market closing 18s fid buyers, 19s fid sellers. Wilcox Mofflin had' business at 12s fid. Woolworths (N.Z.), preferenqe, were firm at 375. Mining Maori Gully were a shade stronger at Bd. Mount Morgans changed hands at 14s and 13s ll&d, sellers staying in at the lower price, buyers at 13s lid. Rawang Tins had dealings at 9s and 9s Id, market closing 8s ll£d buyers, 9s sellers. A late sale of Sulphide Corporation on Tuesday was reported at 16s. Unlisted Stocks Macetown were a shade easier at 3d and 3Jd, and these were buyers and sellers’ closing quotations respectively. New River were firm, with buyers and business at 7d. LATEST QUOTATIONS

UNLISTED STOCKS All transactions in stocks quoted in this section are subject to a different rate of brokerage from listed stocks, and are not quoted oh the official list:—

AUCKLAND

WELLINGTON

SYDNEY On the Sydney Stock Exchange yesterday the leading industrial shares . were quoted firmly. Cement shares weakened on the prospect of the lifting of the duty on British cement.

MELBOURNE Short-dated loans were firm, and long dated were steady at Melbourne. Banks were in good demand, and industrials were

LONDON QUOTATIONS (UNITED PSE33 ASSOCIATION —COPTBIGHT.)

I . THE METALS MARKET (TOUTED PRI33 A.BSOCIATIOK—COPTBIGHT.) LONDON, August 18.

PRICE OF SILVER LONDON, August 18. Silver is quoted at 19 7-16 d a fine ounce for both spot and forward. 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.

New Zealand Lamb d. Legs 12 Shoulders 11 Loins 11 Necks 6 Breasts 3 Forequarters 8 k Hindquarters 11J New Zealand Mutton (Wethers) d. Legs 9 Shoulders 8 Loins .. .. 8 Necks 4 Breasts 2

£ s. d. 200 Comm. Bank of Aust. (2) 0 18 4 100 Goldsbrough, Mort .. 1 11 6 150 Amalgamated Wireless (contr.) 2 0 0 250 Broken Hill Propty. 3 14 10 3 14 9 3 14 10 (2) 3 14 6 50 Broken Hill Propty. (15s paid) 2 15 0 50 Electro. Zinc, (pref., cum div.) 2 3 7 100 Kauri Timber j . 1 4 3 100 Wilcox Mofflin 0 12 6 100 Woolworths (N.Z., pf.) 1 17 0 2000 Maori Gully (3) 0 0 8 500 Mount Morgan (5) 0 13 Hi 300 Rawang Tin (3) 0 9 0

Sales Reported 100 Oamaru Woollens 1 0 6 150 Broken Hill Propty .. 3 14 7 3 14 8 3 14 10 100 Kauri Timber 1 4 6 50 N.Z. Newspapers 2 0 6 100 Quill, Morris (cum div.) 0 19 0 100 Mount Morgan 0 14 0 300 Rawang Tin (3) 0 9 1 200 Sulphide Corpn. (late sale Tuesday) 0 16 0

'Sales on 'Change 500 Macetown 0 0 3 500 New River 0 0 7 Sales Reported 500 Macetown 0 0 34

N.z. Government Debentures Buyers. Sellers. £ s. d. £ s. d. p.c. Ins., 1938-52 .. 103 0 0 4 p.c. Ins., 1937-40 101 5 0 101 10 0 4 p.c. Ins., 1943-46 .. 103 2 6 4 p.c. Bonds, 1940 101 7 6 4 p.c. Bonds, 1946 103 5 0 Rural Bonds, 5 p.c.. 15/9/47 102 0 0 — Banks Adelaide (£5) 6 10 0 Comm, of Aust. (10s) 0 18 3 0 18 5 Comm, of Aust. (pf. £10) 9 2 9 Australasia (£5) 11 17 6 12 0 0 Natl, of A’asia. (£10 paid) 13 18 0 Natl, of A’asia (£5 pd.) 7 0 0 7 2 6 Natl, of N.Z. (£2 10s) 3 2 0 3 3 0 N.S.W. (£20) 32 10 0 32 15 0 New Zealand (£1) 1 19 0 1 19 6 New Zealand (mort shares, £1) 1 9 7 — Insurance National (6s) 0 18 2 South British (£1) 4 9 0 Standard (cum div.. £1) — 3 2 6 Loan and Agency Dalgety and Co. (£5) .. 8 17 6 Goldsbrough, Mort (£1) 1 11 6 1 11 7 Invincible Build. Soc. (£5) .. 4 0 0 4 17 6 Wellington Trust Loan and Invest. (£5) .. 5 2 6 — N.Z. Guar. Corpn. (3s) 0 5 6 0 5 8 N.Z. Loan and Merc. (ord.. £100) 32 0 0 36 0 0 Wright, Stephenson (pref., £}) .. — 0 18 10 Shipping P. and O. Def. Stock (£1) 1 10 0 1 12 2 Union (pref., £1) 1 6 2 — Frozen Meat Canterbury (£7 10s pd.) __ 9 5 0 Gear (10s) 0 19 6 N.Z. Refrig. (£1 paid) 0 19 6 1 0 3 N.Z. Refrig. (10s paid) 0 9 6 0 9 7 North Cant. Freez. (£3 paid) 1 8 0 Southland (£1) 3 16 0 Woollens Oamaru (£1) .. 1 0 0 1 1 0 Bonds Hosiery (£1) .. 1 1 6 Kaiapoi (17s paid) .. 0 15 0 0 16 0 Kaiapoi (7s paid) 0 6 1 0 6 6 Kaiapoi (pref., 17s) .. 0 18 3 Coal Westport-Stockton (pf., 10s) — 0 3 9 Gas Auckland (£1) 1 4 3 Christchurch (£1) 1 9 0 1 10 0 Christchurch (10s paid) 0 14 0 0 15 0 Breweries Dunedin (£1) 1 9 0 New Zealand (£1) 2 12 0 2 12 6 Staples (£1) 1 12 6 Timaru (in Uqdn., ex dlstrib., 10s) 0 2 9 0 3 2 Miscellaneous Amalgamated Wireless (con., 14s paid) 1 19 6 2 1 0 Anthony Hordern (£1) 0 18 7 0 18 10 Aust. Glass (£1) 4 11 2 4 11 6 Beath and Co. (£1) I 2 6 Beath and Co. (Is pd.) 0 5 0 Beath and Co. (pf., £1) 1 5 0 Booth, Macdonald (£1) 0 1 7 British Tobacco (£1) .. 2 0 11 2 1 1 Broken Hill Prop. (£1) 3 14 5 3 14 6 Broken Hill Prop. (15s paid) ... 2 14 9 2 15 0 Canty. Farmers’ Co-op. (25s paid) 0 12 0 0 19 0 Canty. Farmers* Co-op. (pref., £2 10s) 1 17 0 _ Claude Neon (N.Z.) (£1) 2 1 0 Colonial Sugar (£20) .. 42 15 0 43 2 6 Consolid. Brick (£1) .. 0 9 9 0 9 10 Dominion Build. Supplies (10s) .. 0 5 3 Dorn. Fertiliser (£1) .. 1 3 6 1 5 0 Dunlop Rubber (£1) .. 0 17 10 0 18 0 Electro. Zinc (ord.. cum div., £1) 2 1 7 Electro. Zinc (pref.. cum div., £1) 2 3 5 2 3 9 Farmers’ Trading (£1) 0 19 0 General Indust. C12/6) o la 5 1 0 » Coles & .J* A. A A A

Henry Jones Co-op. (£1) .. — 2 3 0 Herald and Weekly 9 Times (£1) .. 3 8 6 3 3 Hume Pipe (Aus.) (£1) 1 0 6 1 0 8 Kauri Timber (25s) .. 1 3 11 1 4 3 Morts Dock (£1) 0 9 10 0 10 9 National Electric (£1), 0 12 0 0 15 0 N.Z. Drug (£2) 3 13 6 3 16 0 N.Z. Farmers’ Co-op. (£2 10s paid) — 0 19 0 N.Z. Farmers’ Co-op. (A pref., £4) 2 2 0 — N.Z. Farmers’ Co-op. (B pref., £4) N.Z. Farmers’ Co-op. 2 0 1 2 4 0 (4i p.c. stock, 1939, 91 10 £100) .. .. —i. 0 N.Z. Farmers’ Co-op. (4J p.c. stock, 1945, £100) 91 0 0 — 6 N.Z. Newspapers (£1) 2 0 6 2 2 Procera Bread (10s) .. — 1 10 0 Quill, Morris (1936, cum 6 6 div., £1) 0 18 0 19 United Provisions (£1) 0 13 0 0 13 5 Victoria Nyanza (£1) — 0 11 6 Whitcombe and Tombs 6 (£2 10s paid) 3 0 0 3 4 Willcox, Mofflin (£1) 0 12 6 0 12 8 Wilson’s Cement (10s) — 1 18 3 Woolworths (N.Z.). 14 (ord.. £1) .. S 9 6 5 0 Woolworths (N.Z.), 6 (pref., £1) .. 1 16 3 1 17 Woolworths (Sydney), (2nd pref., £1) 1 5 3 — Woolworths (Vic.) (pf., 10 £1) — 1 0 Mining Arthur’s Point (Is) .. 0 0 6i Addison’s Flat (Is) .. 0 1 8 Argo { Is) a 1 7 0 1 8k Barrytown (15s paid) 1 7 0 1 10 3 Big Kiver (Is) .. 0 2 0 0 2 1 Blackwater (£1) 1 13 6 ' ■ Brian Boru (Is) .. 0 0 32 0 0 4 Central Shotover (Is) 0 0 5 Deep Lead (Is) 0 0 1 0 0 6 Gillespie’s Beach (cum ■ div., Is) ■ 0 1 4 0 1 5 Golden Point (6d) 0 0 H Golden Sands (Is) .. 0 2 0 2 7i Kildare (5s) ... 0 2 6 King Solomon (Is) .. 0 1 1 0 1 3 Lawson’s Flat (Is) .. 0 0 2i 22 Macrewhenua (Is) 0 0 2i 0 0 Maori Gully (Is) 0 0 7i 0 0 8 Martha (5s) 0 17 5 . — Nevis Diesel Electric 02 (Is) 0 P Nokomai (5s) 0 2 0 0 2 2 Okarito (5s) 0 2 9 Nemona (Is) 0 1 7 0 1 10 Skippers (Is) 0 0 32 0 0 4 Waihi Inyest. (5s) .. 0 9 11 Waimumu Slulc. (Is) 0 0 9-i 0 0 Hi Worksop Extended (cum div.. Is) 0 2 0

Australian Mining Loloma (3s paid) 1 4 9 1 6 0 Mount Lyell (£1) 1 9 1 1 9 6 Mt. Morgan (2s 6d) .. o 13 n 0 13 11J Rawang Tin (10s) .. 0 s nj 0 9 0 Upper Watut (5s) 0 4 0 0 4 6 Sulphide Corpn. (£1) 0 15 9 0 15 H

Buyers. Sellers. £ s. d. £ s. d. Andersons, Ltd. (pf.) Asso. Motorists Petrol 0 15 0 0 19 9 (pref.) 1 3 0 Aiioy Steel (N.Z.) .. ' — 1 0 3 Canty. Roller Flour Coull, Somerville, and 0 5 0 0 6 9 Wilkie — 0 15 0 Carbonic Ice — 1 0 o • Jones Nevis — 0 0 6 Macetown 0 0 3 0 0 34 National Tobacco 3 5 0 3 6 6 New River .. 0 0 7 0 0 74 N.Z. Mining Invest. .. — 0 0 8 .N.Z. Perp. Forests .. Selfridges (A/asia.), 2 17 0 3 0 6 (old) Selfridges (A/asia.), 1 5 3 1 6 6 (netv) Shillings, Ltd. (12s 6d 1 5 3 1 6 6 paid) 0 14 6 0 16 6 Thyrodone Develop. Were’s Invest. Trust. — 2 0 3 0 6 0 White’s Electric Woolworths (Sydney), 0 0 9 0 0 10 (ord.) 5 15 0 5 16 0 Woolworths (W. Aus.) 5 15 0 5 17 6

Sales on 'Change . £ s. d. Bonds, 1946, 4 p.c. 103 15 0 StoCk 1940, 4 p.c. 101 7 6 Stock, 1946, 4 p.c. (2) 103 15 0 Stock, 1955, 4 p.c. 105 15 0 Amalg. Brick (Auckland), 1944, ”4 per cent. 102 0 0 National Insurance 0 18 4 Farmers’ Auct. (£5 paid) 4 2 6 Pukemlro Coal 1 5 0 Renown Coal .. 0 13 9 Auckland Gas .. 1 3 8 New Zealand Breweries 2 12 0 Tooheys 1 13 0 Tooths 2 13 6 Australian Glass 4 12 0 4 11 9 Broken Hill Proprietary , 3 14 6 Burns, Philp .. 3 13 6 Colonial Sugar 43 0 0 Electrolytic Zinc 2 1 9 Electrolytic Zinc (pref.) 2 3 9 G. J. Coles 4 4 3 Morts Dock 0 10 3 Martha '.. (2) 0 17 9 Waihl Investment 0 10 1 Unofficial List National Tobacco 3 5 6 Wool worths (Sydney) 5 14 6

Sales on ’Change £ s. d. Union Bank of Aust. .. 9 8 0 Christchurch Gas 1 10 2 British Tobacco .. ' .. 2 1 0 G. J. Coles 4 4 6 (All late Tuesday) Bank of New Zealand 1 19 1 1 19 1 National Bank of A’asia. (£10 paid) 14 0 0 New. Zealand Breweries 2 12 0 British Tobacco 2 1 3 Electrolytic Zinc (ord.) 2 1 9 Farmers’ Fertiliser 1 0 0 N.Z. Paper Mills 1 16 3 Beath and Co. 1 4 3

DUNEDIN - Sales on 'Change £ S, d. Associated Newspapers (pf.) .. 1 3 10i G. J. Coles .. 4 A 3 R. Fowler, Ltd. 0 14 10 Gillespie’s Beach 0 1 4i Nokomai 0 2 1 Stock, 4 p.c., 1943-46 .. 103 12 6

Morning Sales Commonwealth Bonds— 4 per cent., 1938 102 2 6 4 per cent., 1947 102 7 6 4 per cent.. 1950 100 12 6 Commercial Bank of Australia 0 18 6 Anthony Hordern (pref.) 1 3 0 Australian Glass 4 12 3 British' Tobacco 2 1 9 Broken Hill Prop. 3 15 6 Broken Hill Prop, (new) 2 15 9 Dunlop Perdriau (pref.) 1 14 6 General Industries 0 19 6 Goldsbrough, Mort 1 12 0 R. Fowler 0 14 9 Sargents .. 1 9 74 Afternoon Sales Bank of New South Wales 33 10 0 Commercial Bank of Sydney 20 5 0 Commercial Bank of Australia 0 18 n Colonial Sugar 43 5 0 New Zealand Insurance 3 3 0 Howard Smith 0 18 9 Burps. Philp .. 3 13 6. Australian Gas A .. 7 10 0 Tooth’s Brewery 2 14 0 Toohey’s Brewery 1 13 3 G. Coles 4 5 0 Drug Houses of Australia 1 10 44 Australian Glass ... 412 6 Goldsbrough. Mort ,1 12 0. Electrolytic Zinc .. 2 2 0 Anthony Hordern ,, 0 19 Sargents ** i 2 3 A

«... ;• ‘ -•.. :: £ s. d. Gibson and Howes •«. 1 12 6 W. R. Carpenter .. 2 3 0 Woolworths (buyer) .. ■ *5 15 6 Wool worths (seller) .. .. 5 18 0 Woolworths (NJ2.) (buyer) .. 5 7 6 Woolworths (N.Z.) (seller) .. 5 9 0 Mount Morgan .. .. 0 14 1 Sulphide Corporation .. 0 15 / 9

firm. Sales on 'Change £ s. d. Commercial Bank of Australia 0 18 8 National Bank C£ 10 paid) .. 14 2 0 Australian Glass • • 4 Vi 6 British Tobacco 2 1 6 G J. Coles .. ■ ■ 4 4 9 Carlton Brewery 2 IB 6 Dunlop Perdriau 0 18 10 Electrolytic Zinc 2 2 u Dunlop Perdriau (pref.) ■, 1 14 0 Electrolytic Zinc (pref.) 2 4 0 Victoria Nyanza .. U 10 0 Mount Morgan 0 14 0 Mount Lyell .. . 1 y 41 Broken Hill Prop. 3 15 3 South Broken Hill 5 i« 0 North Broken Hill .. •- 9 3 0 Zinc Corporation 4 1 3 Emperor Gold .. U lb 4 Loloma i D 0 Herald and Weekly Times .. 3 9 6 Melbourne Electric 1 0 1 Myer Emporium 1 15 6 United Provisions U 13 9 Yarra Falls 1.19 6 Silver ton Trams .. .. i 17 9

LONDON, August 18. Aug. 11. Aug. 18. £ s d. £ s. d. British Tobacco .. 1 12 6 1 12 6 Goldsbrough, Mort .. 14 Dalgety’s .. ..70 4| 1 4 4J 0 7 0 0 P, and O. del, stock . » 1 3’XOJ x o 0 Mount Lyell .. ..13 Dalgety's (4 p.c, de6 18 0 101 0 benture) .. — 0

August 17. August 18. Copper — Standard, spot £ s. 38 8 d. Vi £ s. d. 38 3 1$ Forward 38 14 4i 38 8 9 Electrolytic 42 15 U 42 0 0 to .. 43 5 0 43 0 0 Wire bars . . 43 5 0 43 0 0 Lead — 16 11 3 Spot 16 13 9 Forward 16 15 0 16 13 9 Spelter— 13 10 13 8 9 Spot 0 Forward 13 15 0 13 15 0 Tin— 181 5 0 Spot 181 5 0 Forward 177 17 6 178 2 6 Silver— 19 7-16d Fine, per oz. 19id Standard, per oz. 21 l-16d 2 Id

IBS. A. Canada. (j>er £1 (per £1 N.Z.) Dollars. N.Z.) Dollars. Selling— T.T. .. 4.03J 4.034 O.D. .. 4.03| 4.03| Buying— ' ■ 4.08 O.D. .. 4.08i