FINANCE AND COMMERCE

Press, Volume LXXII, Issue 21939, 13 November 1936, Page 13

FINANCE AND COMMERCE

CHAIN STORE SHARES DEARER INCREASE MADE IN TIN QUOTA The Christchurch Stock Exchange was fairly active again yesterday, with activity in industrials and some chain stores. Woolworths issues met a brisk market and rose in price sharply. Loans also had a firm market. The wide fluctuations in the price of tin recently are explained by a cablegram announcing an increase in the quota by 15 per cent, to 105 per cent. Users are pleased because supplies recently have been tight. The statement of the Reserve Bank this week shows an increase in the note issue of £100,500, and advances in demand liabilities of £173,400 to the trading banks, and £157,300 in other demand liabilities. Demand liabilities to the State are £452,600 less. Sterling exchange has increased by £143,800 and investments by £38,400. Coin is shown at £IO,IOO less, and the account showing advances against dairy produce at £ 157,500 less. Other assets are £ 16,100 smaller.

BRITAIN’S MEAT IMPORTS

"SATURATION POINT APPROACHED” IMPRESSIONS OF MR JAMES BEGG i.TRKSS association TELEGRAM.; DUNEDIN, November 12. “My impression is that Britain is now approaching saturation point in meat imports,” said Mr James Begg. g member of the Meat Producers’ Board when interviewed after a six months’ visit to the United Kingdom. “It is possible that the present wages and increased employment in Great Britain will have the effect of increasing the consumption of meat slightly." said Mr Begg, “but any large increase in the importations of meat by the United Kingdom would undoubtedly mean a lower price. In any case, it is very doubtful whether a large increase would be permitted. There is some suggestion that the quantity of meat exported from New Zealand may be increased this year; but it is not at all likely that any larger quantity will be permanently exported.” Mr Begg said that there would be a very large influx of visitors into England during the coming year for the coronation, and they would assist to a certain extent in absorbing a larger quantity of meat than usual, but as far as normal years were concerned it appeared that saturation point had almost been reached. FROZEN MEAT TRADE KILLINGS FOR EXPORT OCTOBER FIGURES The New Zealand Weal Producers’ Bear:’ has suppMed the following figures showing killings at a!! New Zealand works for export. Irom October 1 to October 31, 1933 and 1935; — North Island 1933. 193.5. Chilled beef <qrs.) .. 11,475 5.650 Frozen beef (qrs.) .. 915 1,80. Wethers (c cs.) .. 3.024 10.48-. Ewes <c cs.) .. 190 1,012 Lambs 'c cs.) .. 52,182 50,49 Porkers <c cs.) .. 17.558 17.77 Baccners (c cs.) 16.460 1601" Boneless beef tfrt. c cs.) 5,253 7,(1 Boneless bobby veal tfrt. c cs.) 34.58S 7,400 Sundries (c cs.) 8,458 21,5 a. South Island Chilled beef Frozen beef 112 Wethers Ewes .. 18 10 » uu,Uj .. Porkers .. 562 53a Baconers .. 757 33; Boneless beef . . 206 215 Boneless bobby veal 9.273 3.02. Sundries . . 1.702 6,75 S Total Chilled beef .. 11.475 5.650 Frozen beef . . 1.057 1,859 Wethers 3.32-t 10,434 Ewes .. 208 1.022 Lambs 52,13’J 50.519 Porkers .. 18 120 18 33 Baconers 17.217 1724 Boneless beef .. 5.459 7.24 Boneless bobby veal 43.359 10.42Sundries . . 10.160 20i285 The following stocks were in hand ii) New Zealand stores on October 31. 1535. and 1936: . 1936. 1935. Chilled beef .. Frozen beef .. 3,952 19 o3 Wethers .. 15.721 12.312 Ewes 7.288 16,40. Lambs 51.181 47.051 Porkers .. 11 582 12.641 Bacqners . . 13.795 14.899 Boneless beef 17.704 36.61" Boneless bobbv veal 103.903 81.648 Sundries ' 11,781 16.776 London short term money MARKET LONDON. November 11. Discount and short loan interest fates nrc:—Dr.v Uj day loans, i per cent.; fine fade bills, 3 months. 2 to U per rut.: bank, billj. 3 months. 8-16 per cent.: 6 incut!) s. 2 per cent.; Treasury bills. 2 mouths, i per cent.: o month ■. ; per cent.

SYDNEY WOOL SALES

COMPETITION SPIRITED VALUES WELL MAINTAINED WNLTED PRESS ASSOCIATION —COPYRIGHT.) SYDNEY, November 12. At the weel sales, 13 573 bales were offered, 12.683 were sold at auction, .and 1466 privately. Competition was spirited and general with values well maintained. Greasy merino made 28i*d. COMPANY NEWS ENGLISH ASPRO PROFITS Accounts of Aspro the English company, from May, 1935, to June 30. 1936, show a profit of £276,256. After the allocation of £65.374 to the taxation reserve. £50.000 to the general reserve. £9040 to writing off preliminary expenses, and £23.503 to reduce goodwill and trade marks, the amount remaining was £128.339. Ordinary dividend was 25 per cent. ( £95,937) and the s‘. per cent, preference dividend absorbed £21,819, a total of £117,756. N.Z. PERPETUAL FORESTS The reports of New Zealand Perpetual Forests, Ltd- on finance and operations as at September 30, show an unchanged nominal capital of £250.000. of which £241.341 was subscribed and £ 197.536 paid up. The amount subscribed for forestry investments was £4 273.923. representing 148264 forestry investments ranging from £25 to £55 each. The total trustee funds were £719.092, cf which £592 025 were held by the Australian Forestry Bondholders Trust Company. Ltd., and £127,067 held in separate trust. LEYLAND-O’BRIEN TIMBER Further improvement in the timber industry is reflected in the accounts of Lcyiard-O’Brien Timber Company, Ltd., for the year ended September 30. Net profit for the year was £9217. as against £8239, an increase of £928. From the balance carriwl forward from last year’s accounts the directors have appropriated £7738 to v i ting down mortgages and properties, and £ 17,277 is brought in. making available £28,494. Mortgages and properties. the report stales, have now been written down to represent present day values as nearly as can be ascertained. The directors recommend payment of a year’s dividend of Is a share, unchanged. This will absorb £6OOO. and directors’ fees, which are shown as an appropriation, require £475, leaving £20,019 to be carried forward. The report adds that provision has been made for the payment of the usual bonus to employees. The retiring directors. Messrs J. Thornes and C. V. Houghton, are available for reelection. Following is a comparison of the company's results tor the last three yeais. 1034. 1935. 1936. £ ~ _ Brought forward . . 22.530 23.154 “15.277 Net profit -. (f.764 3,289 9—l j 29,604 31.443 26,494 Dividend, 5 p.c. .. 6.000 G.OOO 6.000 Directors’ fees .. 540 423 475 Carried forward 23,154 25.015 20,019 ■After appropriating 1:7738 to writing down mortgages and properties. Movements in the balance-sheet are as follows: LIABILITIES £ £ Capital • • 120,000 Reserve 30.000 Taxation reserve . • 1.102 Creditors .. 1,636 - 53< Suspense account 1,242 -f- 17 P. and I. account 26,404 —4.948 ASSETS Mortgages ■ 32.501 —9.2°'' properties, plant, etc. 61,532 f 2.555 Stock • • 5.Q13 of 3 Debtors 8,370 i- 472 Investments ■ ■ 16,824 Bills receivable Cash 6,110 2,73/ The total of assets is £180,476. a reduction of £4392. Gross profit for the year was £30,663, against £27.133 a year ago. NEW ZEALAND BREWERIES IPRF.S* ASSOCIATION rfL(GE*M.» WELLINGTON. November 12. New Zealand Breweries, Ltd- has advised the Stock Exchange Association that the directors have decided to pay an interim dividend for the half-year ended September 30, 1936, at the rate of 4 per cent., payable on December 9. Transfer books will be closed from November 23 to December North Kalgurlj (1912), Ltd., nas cabled the Stock Exchange Association that advice has been received from the London office of the company that an interim dividend on account of 1936 prodts of fld a share sterling, less 3s in the £1 English income tax, will be paid on December °B’ to all shareholders registered on November 27. Transfer bopks will be closed from November 27 to December 4. CLAUDE NEON (X.Z.) LIRE PItESP serviced AUCKLAND. November 12 A final dividend of 4 per cent, ,«oTr cent for the year, unchanged, has b?W &ared by Claude Neon Lilhts o§ New Zealand. Ltd. Payment is due on December 2. FRENCH AND AMERICAN EXCHANGE LONDON. November 11. United States and French exchange closed to-day at: Dollars 4.88, Irancs 155 5-32 to £* sterling.

RESERVE BANK RETURN

WEEKLY STATEMENT ASSETS AND LIABILITIES (PRESS ASSOCIATION TELEGRAM.) WELLINGTON. November 12. A Gazette issued to-night contains the following statement of the assets and liabilities of the Reserve Bank of New Zealand as at the close of busines on November 9; — LIABILITIES £ s. d. (1) General reserve Fund 1,500,000 0 0 <2> Bank notes . 11,065,131 10 0 (3) Demand liabilities—(a) State . . 3.802,973 6 5 ib) Banks .. 8.554,292 19 11 tc) Other . 321,842 10 11 (4) Time deposits (5) Liabilities in currencies other than New Zealand currency J (6) Other liabilities 109.199 11 6 Total 25.953.439 18 9 ASSETS (7' Reserve — ia) Gold 2.801.783 10 0 <b) Sterling exchange ■ ■ 1G.360,745 7 0 (c> Gold exchange 18> Subsidiary coin 146,003 4 6 (9) Discounts—(a) Commercial and agricultural bills (b > Treasury and local body bills (10) Advances—(a) To State or State undertakings— (l) Dairy industry account . 3,592,293 13 7 (2) For other purposes 700.000 0 0 ibi To other public authorities . • ic> Ohm .. ~ ill) Investments 2,287,348 9 5 112> Bank buildings (13) Other assets 65.260 14 3 Total ..■ . . 25.953,439 18 9 Proportion ol reserve (.No. 7 less No. 5) to notes and other demand liabilities, 78.714 per cent. BANK OF ENGLAND GOLD QUESTION OF REVALUATION The devaluation of the franc has given rise to a fresh crop of rumours and speculations over the revaluation of the Bank of England’s gold, says the “Economist” of October 10. It is unlikely that revaluation will be undertaken in the immediate future, for. as Mr Chamberlain has made clear, Great Britain is not yet returning to gold. Yet it may be- of use to set forth a few simple facts. The gold held by the Bank of England amounts to approximately £250 millions. This is valued, by law, at 84s lid an ounce fine. If the future price of gold turns out to be 144s a fine ounce, that gold will become worth £425 millions. There will thus be a profit of £175 millions. Now, as this gold is part of the assets of the issue department of the bank, this profit will presumably accrue to the Government, in accordance wi(h the Currency and Bank Notes Act of 1923; and under the law as it stands to-day the Governnupt will include it as a miscellaneous ’ cccipt in the year’s revenue, whirl) means that they cgn use it as they think fit. The point, however, has been legitimately made that £175 millions represents a serious over-estimate of the profit, because a lot of the gold now held by the bank was acquired since September, 1931. and, therefore, cost considerably more than 84s lid an Ounce. The answer here is that the bank actually incurs a loss every time it buys gold at. say, 140s an ounce, and promptly writes it down to 04s lid an ounce. This loss, however, by the Finance Act of 1932. has to be made good by the Exchange Equalisation Account there and thpn. This fact enables us to give the true calculation. When the bank’s gold is revalued, the Government will obtain the full profit of, say, £175 millions, which it can apply to current revenue. There will also remain the assets of the Exchange Equalisation Account. These consist of;—(a) The sums issued to it in 1932 and 1933, believed to be £37 a millions; (b) its accrued jobbing profits or Josses; less (c) the amount paid to the Bank of England in compensation for the bank’s losses on its gold Purchases since September, 1931. The Government will have to decide whether to keep the Exchange Equalisation Account in being, and if so, to determine its size, but if the account is wound up. its assets must be applied to the reduction of the national debt. . . . It looks, therefore, as if under existing legislation the Government will get for the redemption of debt the whole of the profit on the revaluation of the bank’s gold for revenue, and an unknown net profit (the. loss on the bank’s gold purchases since 1932) from the Exchange Equalisation Account It is a matter for careful consideration whether this is the best way of dividing these profits and assets. railway working ACCOUNT DECREASE IN NET REVENUE The following is ‘he railway working account for the four-weekly period ended on October 10. 1936: Section. Rev. Exp. Net rev. Kaihu ■ ■ 2 po 81 0 3GO Gisborne .. 1,22*> 1.760 537 North Island fa branches 273.132 230,484 7,352 South Island & branches 173,725 200,632 24,907 Westport .. 6,506 5,372 1,134 Nelson • • 887 1 ’ 507 620 Picton •. 2,020 2,533 513 T °opcrati^ y 450.743 402.898 33,155 M sen!icel e ° US 65,529 41.523 24,006 Total . . 525,272 534,421 57.161 The total revenue from April 1 to October 10 was £3,823.334. The total expenditure was £3,476,482. and net revenue was £346,852. The totals for the corresponding period last year were'— Revenue, £3,405,532; expenditure, £3,044.987; net revenue, £360 535. PRICES op SPECIALLY PACKED BUTTER (rRSSS »SBOCI*TIOW TZLIOSiM.) WELLINGTON, November 12. Provisions are contained in a dairy nrnduce export prices order amendment, published with the Gazette tonight, for variations in payments for butter packed in special boxes, also for certain salted butters and unsalted butter wrapped in special paper.

DEALINGS COMPLETED listed stocks Sales on ’Change 100 Comm. Bank of Aust. 018 10 20 Ccmm. Bank of Syd. Q 50 E.. S.. and A. Bank . (cum div.) n - ” in n 14 Bank of N.S.W. (2 35 10 0 600 Goldsbrough Mort. (4) Jj® " 200 N.Z. Refrig. UOs pdJ g g g 30 N.Z. Breweries (cum div.) , r l3 .j 200 G. J. Coles (3 ’ 3 ] 7, " 400 Hume Pipe (Aust.) <3> | 3 * 100 Kauri Timber (cum „ div.) • • 1 4 1 100 Procera Bread • 1 ? ® 75 Woolworths (N.Z. ord.) 6la U 6 lb 0 1000 Big River <2 ' 0 2 0 500 Gilfbspie’s Beach (cum div.) 0 ,1 f 30 Mount Lyell (cum div.) 110 •* 100 Mount Morgan .. 0 14 10 100 Rawang Tin 0 10 9 Sales Reported £4OO Lyttelton Harbour Board. 4i p.c.. 31/3 46 104 0 0 30 Dalgcly and Co. (cum div.) ' .. 917 6 50 N.Z. Breweries (cum _ div.) ■■ 313 £ 100 Beath and Co. . - ‘ 7 . 200 Consolidated Brick .. 011 b 50 G. J, Coles ■ 3 3 100 Procera Bread 1 ,r H 80 Mount Lyell (cum div.) 1 la 3 100 Mount Morgan 0 14 30 Rawang Tin 0 10 10 100 Hume Pipe (Aust.) 12 3 UNLISTED STOCKS Sales on ’Change 150 N.Z. Perpetual Forests (3) 2 10 0 50 Woolworths (Syd., ord.) (2) 6 14 0 150 Woolworths 1 W.A.) 0 14 0 (21 6 15 0 6 14 6 6 14 9 6 18 3 Sales Reported 80 Woolworths <Syd., ord.) 614 9 6 14 6 • 50 Woolvvortb® (W.A.) 6 14 6 (i 14 0 Debentures A parcel of Lyttelton Harbour Beard 41 per cent. Debentures, due March 31. 1946. changed hands at £lO4. Commercial Bank ol Australia were fractionally wea*ker at 18s 10d. market closing Id either way. Commercial Bank of Sydney were dealt in at £2u 15s, market closing £2O 10s buyers. £2O 17s 6d sellers. E., S.. and A. were firmer with buyers and business at £6 Is 9d. sellers at £6 2 S 3d. Bank of New South Wales were firm at £35 10s, and there were further sellers at that price, buyers at £35 ss. Union Bank of Australia were firmer on buyers’ offers £9 15s. Dalgety and Company rose 7s 6d le business ’at £9 17s o’d. the market closing firmer with buyers at £lO. sellers al £lO 10s. Goldsbrough. Morts were (inner at 36s Gd and 36s Td. and mur: were wanted at the lower price, seder. ?<t 3Gs 83. Now Zealand Rolrigpvp’ing. 10s pa ; d. remained unahered at Ds 3d. sc Hers .-laying in al that figure, buyers Id below. New Zealand Breweries, cum div:riend of 4 per cent., were easier with sellers and business a! 5.3s Miscellaneous Beat!) and Company changed hands at 22s 94 Broken JIT ill Proprielaiy were easier with buyers at Bis 3:1. sellers al 82s 9d--the contributing also rased to buyers at 72s 6d. sellers al 7’’s 9d. Conscl.'dal'-’d Brie!, v-re ;• leaci.v al 11-- 6d and marc were (fiVved i t Uul pries, buyers at Us 5d G J. Co) ;• vero easier with dealings al 77s 3d. market closing 77s 2d buyers. 77s 3;j sellers. Hume Pipe 'Australia) weakened lo business al 22s 3d. 22s Id. and 225. buyers staying in at the lowest price, sellers a I 22s 2d. Kauri Timbers were easier at 24s 7d. market closin ' 34s Or] buyers. 2Js Od srllm-s. Procera Bread were dealt in al 29« nn *h; morning call, and on tin afternacn call at 30s, the market closin'* with -■■-' leys at 29s Ud. buvers at 20s 7d. Woolwcr.hs (N.Z.) Ordinal-'' again ros" and hgd dealings at £6 15s and £6 16s. and mure were wanted at the higher price, sellers al £6 16? 9d. Mining Big Rivers were steady at 2s, market (dosing id either way. Gillespie’.Beach had sellers ancj business at L--6id. buyers at Is 5.1 d, Mount Lycl|s dropprd lo 35s 4d and 35s 3cl, and there were further buyers at the higher price, sellers at 35s 6d. Mount Morgans were fractionally weaker at 14.10d and 14s 91d, and these were sellers’ and buyers’ closing quotations respectively. Rawang Tins eased to 10s 8d and 10s lOd. and closed weaker with sellers at 10s Bd. Unlisted Stocks New Zealand Perpetual Forests were dealt in at 50s. Woolworths (Sydney) Ordinary rose lo £6 14s. £6 14s 9d, and £6 14s 6d, the market closing firmer with buyers at £6 15s 6d. sellers at £6 16s 6d. Woolworlhs 1 Western Australia) jumped lo dealings at prices ranging from £6 14s to £6 IGs 3d. and more were wanted at £6 IGs. sellers at £6 16s 9d. LATEST QUOTATIONS N.Z- Government Debentures Buyers. Sellers. £ s. d. £ s. d. 3t p.c. Ins.. 1938-52 and 1939-52 .. IM 5 0 4 p.c. Ins.. 1937 . . 100 12 6 4 p.c. Ins., 1943-46 - 103 10 0 4 p.c. Ins.. 1846-49 - 103 10 0 4 p.c. Ins., 195g-55 . . 4 p.c. Ronds, 1037 ~ 100 12 6 4 p.c. Bonds, 1946 Hm-pl Bends. 5 p.c. 15/9/47 ■ 103 0 (1 Ollier Debentures Lvtteiton Harb-. 41 P-c., 31/3/46 103 15 0 104 10 0 N.Z. Refrig.. 41 P-c.. 194Q-45 .. 102 (I 0 103 10 0 Banks Australasia (£sl . . 12 1 0 12 8 0 Comm, of Aust. (10s) 018 9 018 11 Comm of Aust. (pref., £10) .950 Comm, of Sydney (£l2 10s) ■ • ■ ■ E., S., and A. (cum div., ’£3 paid 1 • • 6 1 9 6 2 3 Natl, of A’asia (£5 paid, cum div.) .. 7 7 0 7 7 6 N£ftl. of N.z. (£2 IDs) .. 3 2 6 3 5 0 N.S.W. (£2O) .. • 35 5 0 New Zealand (cum div„ £1) •• New Zealand- (Mort. shares, bum div., £1) 18 6 Union (£5) .. ■ • 915 0 Insurance National (cum div., „ 7s paid) ■ • 018 7 018 U New Zealand (£D 8 0 0 3 3 0 Queensland (£1) 3 10 South British (£1) i 13 6 Standard (£D ..3 0 0 3 2 0 Luan and Asencv

Qalgety and Co. (pnm dlv., £5) .. 10 0 0 10 ?0 0 Qoldsbrough, WPVt (£U 116 6 1 8 Natl. Mart A f£2) 2 4 0 210 0 N.Z. and River Plate <£l) 0 J7 0 JSf.Z. Guar. Corpn lOs) 0 5 J 0 .i n ilnlted Build. Soc, (£1)

THE STOCK EXCHANGES

LOANS AND CHAIN STORES ACTIVE FAIR VOLUME OF BUSINESS There was a fair volume of business on the Christchurch Stock Exchange yesterday, with industrials and chain stores active. Woolworths issues were very firm and had good business Loans were also firm, and Dalgetys showed a sharp rise.

Shipping Buyers. Sellers. £ s. ci. £ s. d. P. and O. Deferred Stock (£1) .. 1 15 0 Frozen Meat N.Z, Refrig. (£1 paid) 0 18 10 0 19 8 N.Z. Refrig. (10s paid) 0 9 2 0 9 3 » Woollens Kaiapoi (17s paid) .. fl 14 7 0 15 0 Kaiapoi (7s paid) .. 0 5 0 0 5 9 Kaiapoi (pref., 17s) .. 0 18 0 Manawatu (£1) .. 1 17 0 22 6 Oamaru (£ 1) . . foal Westport-Stockton (cum div., 10s) 0 3 2 0 4 0 Gas Christchurch (£1) 16 0 17 8 Breweries Carlton (£1) New Zealand (cum div., £1) . . 2 12 10 2 13 0 Staples (£1) .. . . 1 15 Timaru (in liqdn., 10s> 0 2 0 0 2 9 Miscellaneous Amalg. Wireless (contr., 14s paid) .. 22 0 Anthony Hordern (cum div.. £1) . . • • 0 19 5 0 19 9 Assoc. Newspapers (£1) Aust. Glass (cum div., £1) .. 4 12 6 4 15 0 Aust. Iron and Steel pref.. £1) .. 16 3 16 9 Bcath and Co. (£!) .. 1 2 c Bootu, iviacaonald t pi'.. £ll ~ ~023 British Tobacco (£1) .. 2 5 0 2 6 0 BroKen Hill Prop, (cum div., £1) .4 1 3 4 2 9 Broken Hill Prop. (con., cum div.) 3 12 9 Wellington Alluvials < is paid) - 0 4 6 Claude Neon (N.Z.) l£l) 1 15 0 2 0 0 Claude Neon (Viet.), (£1) - 276 Colonial Sugar (£2O) .. 42 15 0 43 15 0 Consol. Brick (£1) Oil 5 Oil 6 Edments (£1) . 2 10 0 2 17 6 Dunlop Rubber <£ 1) 0 17 9 0 17 10 Electro. Zinc (ord., £ll 2 5 6 2 6 9 Electro Zinc (pref., £]) .2 7 9 2 9 0 General Industries (12s Ud) 0 18 5 0 13 II G. J. Coles (£1) 3 17 2 G. J. Coles (rights) .. 1 16 6 1 19 0 Greater Crystal Palace (£ll .. .. 0 8 0 0 11 0 Hay 's Ltd, 115s paid I 0 10 0 u 18 0 Howard Smith (£1) Hume Pipe (Aust.) (£1) 12 0 12 2 Kami Timber (cum div., 25s I .. 14 6 14 9 Morris, Hedstrom (cum div., £1) ... 16 0 Moris Dock (£) l . 0 13 2 0 13 10 Mark Foy (IT) I 11 (I Millaquin Sugar (£1) 2 5 (> N.Z. Drug (£2) 3 13 0 Buvers. Sellers £ s. d. £ s. d, N.Z. Farmers' Co-op. (£2 10s paid ) . . 0 5 0 N.Z. Farmers’ Co-op. (1 Cs naid) - 0 10 N.Z Farmeis’ Co-op. i A pref., £4) 1 16 0 2 4 0 N.Z Farmers’ Co-op. 14 1 . o.c. Stock. 1040 £100) . 93 10 (i N.Z Farmers' Co-on, ( 4i p.c. Stock. 1945, £100) .93 0 0 95 0 0 N.Z. Farmers'. Co-op. # (4?. p.c Slock. 1939, £ 1001 . . 94 0 0 Provem Bread i 10m . . 19 7 1 9 11 Victoria Nyanza (t'll . . 0 M 3 llrheips *.nrcf.. £1 ' 1 3 0 VVbitcombc and Tombs ■ £2 10s iv id l 3 10 Wilcox. M-iffl!)' 'll-) o 11 7 0 II 11 Won'worl hs I N.Z. I I Ol d.. £} ) ,6 16 0 6 16 9 Woo) woi lbs i N.Z. I (pi., £1 ) .117 0 1 19 0 Worth* ortbs i Sv due' 1 1 12nd pref,, £1 i 1 7 0 Wool wo l Ihs i Victoria » ipf., XI) . . 1 10 0 W. I! Carpenter 'CD 2 3 0 Mmio,; Addison's Flat il.n o 1 (i Alexander (£1 ) .0 Pi (1 0 13 0 Alexander (15s paid) 0 15 9 .Antonio's Hvd. )!,-) ~ 0 0 (P. Argo (Is) .. ■ 0 1 9' Barry town i£D 19 0 1110 Biu R'-vr i Is i 0 1 ID, 0 2 e; Brian Born (Is) 0 0 4 Gillespie's Beach ( 1m 0 1 ai 0 1 iA Golden Dawn (ss) ~ I) 2 '• Maerewbemia (Is I .. 0 0 Ij 0 (I 2. : J Maori Gulh’ (Ist 0 0 6 Mossy Crock (1m 0 13 0 14 Nokomai (as) 0 18 0 2 6 Okarito (ssi -- o 5 0 "kippers (Is) 0 0 3). 0 0 4 Wmlii Grand Junction (ss) 036 Wa >mnm< Rhiie. (!si - 0 0 9 Wail film (ss) - 0 2 0 Australian .Mining Moqnl Lycl) (cum Chv.. CD . . 1)5 4 1 15 6 Mount Morgan (2s6di 0 14 iU 0 14 10 Rawang Tin ilOs) 0 10 6 0 10 3 V N LISTED STOCKS All transactions m stocks quoted in tins section arc subject to a different rale of brokerage fix m listed slocks and are not quoted on the official list. Buyers, Sellers. £ s. d. £ s. d. Andersons, Ltd. (pf.i 0 15 3 0 iO 3 Apex lee (pref.) 1 U 0 10 6 Asso. Motorists Petrol i pref.) .. Aust. Invest. Trust .. 0 5 0 0 7 .1 Alloy Steel (Aust.i .. 14 0 Canty. Holler Flom 0 5 0 0 6 0 Goulis. Somerville, Wilkie .. - o 15 0 Jones Nevis .. .. 0 0 6 National Tobacco ~ New River U 0 (>i 0 0 8 N.Z. Perpetual Forests Self ridges (A’asia) (old) 1 13 0 Self ridges (A’asia) (new i 1 13 0 1 16 0 Temuka Flour 0 19 0 Were’s Invest. Trust (rights) . . ..010 White’s Electric . 0 0 10 Woolworths (Syd.) lord.) 6 15 6 6 16 (i .Woolworths (W.A.) .. 6 16 0 6 16 9 ’Suckling Bros. 0 ID 0 LONDON SALES Because ox an error in the telegraph message received, it was announced yesterday that the London November wool sales would start yesterday, November 12. The date should have been November 17. ! | AUCKLAND 1 Sales OR 'Change € s. d. Hauraki Plains, 41 p.c.. 1/4/48 .. 101 0 0 Mount Albert, 41 p.p . 1/7/52 .. 106 0 0 Bank of New' Zealand 2 13 N.Z- Insurance • ■ 3 13 Dalget.v and Co. .. 9 16 6 Ul 0 0 Farmers’ Auet. (£5 paid) 4 0 0 Goldsbrough. Mart .. .. 116 3 (2) 1 16 6 Dominion Breweries .. .. 1 15 9 N.Z. Breweries .. .. 2 13 3 Australian Glass .. .. 4 15 6 Broken Hill Pty 4 3 0 Claude Neqn (N.Z.) .. .. 1 17 0 Consolidated Brick •• 0 11 4 0 11 3 Electrolytic Zinc ■ • - - 2 7 0 Electrolytic Zinc (pref.) .. 2 9 6 G. J. Gples •• 3 18 0 N.z. Refrig. (com.) - • 0 9 3 Peters Ipp (N.Z.) .. 1 II 0 Wpqlworths (|LZ. i .. .. 6 lj) 0 6 14 0 . .6 15 0 Woolworths (Svd.). 3nd pref. .. 15 6 Talisman Duhfco •• o 10 o Waihl Investments u J Mount Morgan o is o Hawafig Tip <2t o u o Unlisted Stocks Mainacrrft Engine- •• o o 6 Belfridfps (Aust.). qld issue i tu v Woolworths^(By d •) -- 6 » 6 (> 14 0 6 15 0 i , 6 t6 0 1 6 17 0 1 Woolworths (W.A.) ■« 6 ll 6

WELLINGTON Sales on ’Change £ s. d. 4 p.c. Ins. Stock. 1949 (late Wed.) 103 0 0 103 2 6 Govt. Bonds, 4 p.c., 1949 (late Wed.) .. 103 2 6 Bank of N.Z. (late Wed.) (3) 2 13 Nat. Bank of N.Z. (late Wed.) .. 3 3 0 Nat. Insurance (late Wed.) • • 018 10 G. J. Coles (late Wed.) .. 3 17 9 Edments, Ltd. (late Wed.) 2 18 0 Woolworths (N.Z.) (late Wed.) 6 8 3 6 9 3 Talisman Dubbo (late Wed.) -. 010 0 Waihi Grand June, (late Wed.) 0 3 9 Broken Hill South (late Wed.) 7 9 0 Bank of N.Z. 2 13 N.Z. Refrig. (paid) .. OJ9 - Toohey’s Brewery .. (2i 113 9 N.Z. Breweries .. .. 2 13 0 2 13 3 Consolidated Brick .. 0 11 4 Edments, Ltd. .. 2 12 - Henry Jones ~ .. 2 7 0 Big River .. • • 0 2 OJ Mossy Creek .. • - 0 14 Waihi Investment .. 0 12 0 Mount Morgan .. (2) 014 11 Unlisted Stocks Woolworths (.Syd.) (late Wed.) 612 6 Woolworths (W.A.) (late Wed.) 612 0 Woolworths (Syd.) 6 15 3 (2) 616 0 6 17 6 Woolworths (W.A.) . • 615 3 DUNEDIN Sales on ’Change £ s. d. Dunlop Perdriau (2) 017 10 Rawang Tin (3) 010 10 Sales Reported National Bank of A'asla. .. 7 7 9 Mount Morgan .. •• 014 11 Rawang Tin .. .. 0 10 9 0 11 () Big River . . . . ..020 Dunlop Perdriau .. 0 17 10 4 per cent. Bonds, 1943-46 .. 103 0 0 Unlisted Stocks Woolworths (Sydney) .. 6 12 6 6 12 0 6 16 6 SYDNEY Commonwealth bonds were actively traded on the Sydney Stock Exchange yesterday. Tin mining shares were less active and easier. Morning Sales £ s. d. Commonwealth Bonds—--4 per cent., 1938 .. . . 102 5 0 4 per cent., 1941 .. . . 103 0 0 4 per cent., 1957 .. .. 102 7 6 4 per cent.. 1959 .. 100 15 0 4 per cent,, 1961 . . 101 5 0 Bank of New South Wales .. 35 15 0 Toohey’s Brewery .. .. 1 13 9 Tooth’s Brewery .. 2 17 9 Anthony Hordern 0 19 101 Associated Newspapers 14 6 Associated Newspapers (pref.) 14 0 Dunlop Perdriau 0 19 R General Industries .. .. 0 19 0 Goldsbrough, Mort .. .. 1 17 Z Howard Smith .. .. 1 1 Millaquin Sugar .. .. 2 5 0 Sargents .. .. 1 10 0 Standard Cement .. 0 fa 9 Zinc Corporation . . 517 6 Afternoon Sales British Tobacco .. .. 2 6 9 Tooth s Brewery 2 17 9 Toohey’s Brewery .. .. 1 13 9Dalgetys .. .. 10 0 0 Goldsbrough, Moil .. .. 117 3 Wilcox, Mofflin .. .. 0 11 11 Henry Jones .. .. 2 7 0 Millaquin Sugar .. .. 2 5 0 Electrolytic Zinc .. .. 2 7 3 Farmers .. .. 1 14 0 Arthur Cocks .. ~ .. 13 9 Broomfields .. •. 0 13 3 Permanent Trustee .. -. 10 6 W. R. Carpenter .. .. 2 4 0 Sargents 1 10 0 Wakias Shoes (N.Z. delivery i. (con.) . . . . 1 15 6 Victoria Nyanza 0 14 2 Victoria Nyanza iN.Z. delivery ) 014 2 Woolworths, buyer 6 16 0 Woolworths, seller . . 6 17 0 Woolworths (N.Z.) .. 6 }2 0 6 11 0 Mount 1.,' e|l .. I la 9 Broken Hill Proprietary .. 4 2 0 South Broken Hill .. 7 5 0 North Broken Hill .. 12 0 0 Kuala Kainpar Tin .. 0 17 6 Rawang Tin .. .. 0 10 10 Lai ut Tin .. 0 12 7 Metaki .. .. 0 2 5 D?dv Shenton .. .. 0 14 Puchong Tin .. 18 6 Southern Kinta Tip .. 116 MELBOURNE Bonds wire quiet and industrials easier in Melbourne. Metal shares were weaker on the lower metal prices. Sales:— * £ s. cl. E., S.. and A. Bank . . 6 3 0 National Bunk i£s paid) 7 10 0 National Bank (£lO paidi 15 2 0 G. J. Coles 3 10 0 Drug Houses .. 15 0 Australian Gins'- 4 15 0 Goldsbrough. Mori 1 17 3 Electrolytic Zinc 2 7 6 Elcctrolvtlc Zinc iprcf.i .. 2 9 9 Mount Morgan .. OH 11 Mount l.vcll 1 15 101 Broken Hill Proprietary .. 4 19 North Broken Hill .. 11 18 0 South Broken Hill 7 7.0 Zinc I’orporct‘on 5 19 0 Tongkah Harbour Tin , . 12 3 Emperor Gold .. 016 6 Loloma .. .. 12 0 General Motors . . . . 14 6 Silvcrton Trams I 18 0 Kauri Timber . . ■ . . 15 3 Yarra Falls . . . . 2 10 FOREIGN EXCHANGES ' HIUTISII OFFICIAL WIDELESS.i RUGBY, November 11. Par. Nov. 10. Nov. 11. Paris, Ir. to £1 124.21 105 5-32 105 11-64 New York. dol. to £1 4.866 4.87 13-16 4.881-16 Montreal. dol. to U 4,866 4.86 i 4.83iJ Brussels, belgas (o £1 35 23.931 28.841 Geneva IT. lo £1 25.2215 21.213 21.23 Amsterdam. (1. to £1 12.107 9.06 i 9.063 Milan lire to U 92.46 92S 92 23-32 Berlin, reichmarken to £1 20,43 12.12 12.13J Oslo, kr. to £1 10.159 19,90 1'J.90 Copenhagen. kr, lo £1 18.159 22,40 22.40 ' Stockholm, , kr. to £1 18.159 19.39 i 19.391 Vienna, schgs to £ I 34.585 26i 261 Prague, kr. to £1 164.25 1373 1371 Helsingfors. marks to £1 193 23 2263 2263 Maariu, pesetas to £1 25.2215 Lisbon, escudos to £ I III) 110 3-16 110 3-16 Athens, cirach to £ I 375 550 550 Bucharest. lei to IT 843.6 670 667 Belgrade. dinars 25.2215 214 214 Rio de Janeiro, pence to milreis . . 4.899 43 43 Buenos Aires. pence to dol. 51 Montevideo, pence to dol. * 39j 39 * Bombay pence lo rupee 19 484 18i Shanghai, pence to dol. * 14 68-64 14 63-64 Hong Kong, pence to yen • 15 15 Yokohama. peupe tp yen • 14 1-32 14 1-32 Batavia, guilders 12.107 9.Q5± 9.021 Warsaw, par zloyls to £ 1 43.36 _ * Determined by price of silver. DOLLAR MARKET RATES The Associated Banks (other than the Bank qf New South Wales) quoted the following dollar rates yesterday, on a New Zealand currency basis. They are subject tq alteration without notice:— U.S.A. Canada. (Per £1 N.Z.) „ ... Pol. Dol. Selling T-T. .. .. 3.911 3,901 O.D. .. .. 3.91| 3.91 Buying— T.T. .. .. 3.943 3.94 O.D. .. 3.96 3.953 alstrauan produce MARKETS SYDNEY PRICES SYDNEY, November 12. Wheat in the country is quoted §1 4s Ud. equal to about 4s Bid- ex trucks, Sydney Bagged grain is worth 4s Did. Flour—£l2 ss. Bran and Pollard—£7 ss, Potatoes— I Tasrnanjan, £U) to £l2; local, new’. £9. Onions —Shverskins, £2O; Queensland. £26, Maize—Yellow, ss.

TIN PRODUCTION QUOTED

RISE TO 105 PER CENT. ANNOUNCED VALUE FLUCTUATES WIDELY (UNITED I’KESS ASSOCIATION —COPVEIOHT.) j (Received November 12, 9.15 p.m.) i LONDON, November 12. . The International Tin Committee has surprisingly raised the production quota for the final quarter by 15 per cent., resulting in vald fluctuations tn j the price of the metal. At one time the value slumped £l7 a ton, and cash tin finallv closed £9 15s lower at £235 15**? The “Financial News” .ays that the market welcomed the decision because supplies are still exceptionally light, and because it is regarded as a sign that the new agreement commencing in January will operate on liberal lines. THE METALS MARKET LONDON, November IT Nov. 10. Nov. 11. Conner— £ s. d. £ s. d. Standard, spot 43 18 9 43 12 6 Forward ■ 44 6 101 44 0 0 . Electrolytic .. 48 15 0 48 10 0 to .. 49 10 0 48 0 0 Wire bars 49 10 0 49 0 0 LeadSpot .. 21 2 6 21 5 0 Forward 21 2 f> 21 6 3 -SpelterSpot 16 IB 9 18 1 3 Forward 16 12 6 16 3 9 TinSpot ■• 244 12 6 232 5 0 Forward .. 241 12 6 229 0 0 SilverFine, per oz. 22 15-16 d 22 7-16 d Standard, per oz. ... 24$ d 24 3-16 d PRICE OF GOLD LONDON, November 11. Gold is quoted at £7 2s 5Jd a fine ounce. I PRICE OF SILVER LfONDON, November 11. Silver is quoted at 22 7-16 d a fin? ounce for both spot and forward. FAT STOCK SALES BTUDHPUIE JUNCTION There was a very small yarding at the last stock sale at Studholme Junction, and prices were only fair. Shorn fat ewes made to 17s 4d, shorn fat wethers to 23s JOd. fat wether hoggets in the wool to 83s Ifld, and stores to 345. Fat cows fetched from £3 to £4 3s 6d, dairy cows from £2 5s to £4 I2s fid, and heifers £2. TESTING OF FLEECES WORK OF MASSEY COCLEGE OFFICERS ■ruts? **»oci4T«n| r«Lgo»*g.» PALMERSTON N„ November 12. Work valued at £I2OO in testing sheep fleeces pnfl investigating hairiness in wool has been carried out during the last two years by officers of tbe Massey Agricultural College. Their activities covered an area extending from 100 miles north of Gisborne to I Bluff. Tbis is tbe only qrg nisgtion of its kind in tbe world, and Australia is contemplating the early establishment of similar service. Last July a team of Massey Agriculture College work--1 ers went to the south Island and colI lected 150Q fleece samples from sheep. Mr R. Waters, of the wool research department of the college, is to leave for the South Island, where be will be engaged for 'three weeks in fleecc-tcst-

! MINING

ARGO At the annual meeting of the Argo Gold Dredging Company. Ltd., last week, Messrs D. A. McVicar and JBolitho were elected to the directorate and Mr W. B. Auld was re-elected auditor. The report and balance-*fceet were adopted, and shareholders expressed appreciation of the results of the year’s working.