FINANCE AND COMMERCE

Press, Volume LXXIII, Issue 22081, 1 May 1937, Page 12

FINANCE AND COMMERCE

STOCK EXCHANGES DULL

ANDERSONS IMPROVED PROFIT

SHARE MARKET REVIEW

ANOTHER QUIET T^EEK ALL "SECTIONS ERRATIC ANb DULL (BY OUB COMMEECIAI. BDITOH.) The Stock 'Exchange has suffered this week, from the .reaction normal after the dullness of the Australian investment markets, and the slackness that.amounted almost to.a panic on •the London • Exchange. Throughout the week trading was' restricted, though there were signs of more activity yesterday and on Thursday. There was no defined trend in the market, and throughout the period weakness was apparent in practically every section. There was a good turnover in Government stocks, and banking shares were also freely traded, but. industrials were generally ■weak. Base metals shares,"which made up a considerable portion of the turnover, fluctuated, but were at no time really Turnover, day by day, was.— This week. Last week. £ £ Saturday .. 1,088 6,877 . Monday .. 4,621 4,514 Tuesday .. 8,379 5,704 Wednesday .. 6,594 13,646 Thursday ..10,839 8,982 Friday . .> 15,232 11,515 Total ~ 46,751 51,515 Dealings'in the different sections Were ;~" Shares. Value. •-;-•. No. ' £ Government .. • ?.4£l Debentures ■ .. Banking .. 1,829 3,508 Insurance ... 100 88 Loan and agency .. 1,956 2,351 Befrigerating ... 893 1,058 Breweries. ~ 1,450 3,616 Miscellaneous .. 8,861 18,815 Mining - ' 0.215 6,714 Government * Government issues - were- fairly actively > traded, and the market appeared' to be. strong'for this class of . investment. Turnover" at the end of the week was heavy.'*.. - ■ .- The banking, group was not partieularl»loW?'«^ia^Bi«es were erratic, Commercial of Australia lost a penny. earlyvln.,the period, but were steady thereafter./ National of New Zealand ■were,a few' pence dearer, but New. Zealand, .were J steady.on the lower price, reached at the, end of last weefcj " NeW;South .Wales improved' to sales-at £3^l2o''6(Li<>- '•■"'' ,; .-, \>y .'■ ' Thete'was fair' interest' in ' the loan section. Dalgetys had several sales at £ll Is, a shilling higher than the best point, of last ..week, and Goldsbrougti, > Morts, which lilted, suddenly on Monday by lOd to £1 18s, improved to £1 Ms 7id .'on: Thursday, but finished at £l;lßs3d.i "New Zealand Guarantee '.Corporation had.a fairly active mar- ' ket, at levels slightly below the best point of last*week, -■ ■- - T Westport Stockton- Coals were given consistent attention, and both the ordinary "and preference issues improved in trading; * ' ~. "Breweries * Breweries, which were not touched last week, were more actively traded this week, but were • erratic. New Zealands, which were the only issue to have active dealings, rose at mid-week to above £3, but lost a few pence by the end.* Tooths were firm with a sale at £2 17s. - Anthony Horderns improved to sales at £l. ,There was one sale of British Tobacco, the first for a fortnight, at ■ £2 'Bs but!'were, distinctly* cheaper on the ' week's trading. Both • issues suffered. - After reaching a high point last Saturday iat £8 7s, G.JT Coles sagged throughout the week and finished with sales yesterday at £5 4s 3d. Colonial Sugar, improved in dealings .to sales at ' £45: Little interest was taken in ' Dunlops, which were slightly weaker, but-, Electrolytic .Zincs; which were ' fairly actively traded, .were distinctly • weaker.' Both issues'fluctuated on the English unrest and on the metals market, but both, lost ground. - ' ris'i'/' r ' .Mining' .'''-' Mount;. Lyells "lost more, than a shfll- , ing?4n.--trading,:and Mount Morgans; which*.fluctuated, considerably,' were alsc4 J definitely .There,'was a " Bteadjf, trade. ,in '■ Broken Hill South, / • miningvlssueswere neglected. - '' „!i, 1* , * ' i yesterdays: .* transactions Thejre was a ,good?volume of diversi.fied,;businessTon call yesterday., Government%'Jssuearattracted •more*busi-ness-'than usual,, and amongst-.the industrials, Broken,' Hill Proprietary was the most active;!, stock; ' Price /.move-* • mem* were irregular,, , -. ,•', > ■ Transactions, exclusive of,-vestibule busihessr, were:— ■ >,,.,. -,. , l <i * - ' . . i .*.;_'; LISTED/STOCKS wl - .-;, Sales on*/ Change,. ' :*' • •• " f ■•'£ s. d. £2OO ; 'N«Z. Govt, 4 p.c. Ins., - '; 1948-49'. ' ' 102 15 0 159 Comm. Bank of Aust 019 6 20 Dalgety r and Co. (cum 'divjr CJ •... ... 11 1 0 300 *T.Z. Breweries , <2) 219 6 ■ V-, :■■:'.:<MZ),r 2 19 ,s'100 Anthony HordemN '-;&" 1 ~'o>,o 250 Broken waS-Prmtf. '? J Jcqntr.) (cum • div.) ! 3 .12 ■0 . W-v i :, '' f- X 3) 3'12 1-6 s ;.IC '>■ , \ ~ J" , ■■ 312 .-8 - - 100 Dunlop Rubber; '"• \\. ■* -.1 a ,9,^ 50'MecliovV'Zittc. i '(pf.) 217-0. SOO.WaiJnumu. 'Sjufcing ;,0 / 0 11J 100 Mount , .: 0 15:'.Q?-* 100 Goldsbrough, ~ .„• Moirt. , 1 18, 3, , 100 KaiapdJ,;/Woollens (7a '-.,-■ ■ - l)aid>'"".-' •*** '■';:''' •" -V. '"' 0' 5 '5600 Westport; Stockton Cosl (pref.) (3) 0 410 150 Broken Hill Propty. ►, , - (cum div.) ». 319 6 (2) 3 19 9 100 Electro.'Zinc (ord.) 218 3 ■> .'. 217 0. 50 0: 150 Mount Lyell . ..250 -.;"*' 2 4 n

The Stock Exchanges of New Zealand have this week suffered from the upsetting influence of the unrest on the exchanges overseas and also from the erratic but generally downward course of metals prices. Shares in almost every section of the investment market have been weaker, and .losses in base metals producers have been consistent. Government loans were rather more active than they have been recently, and were on the whole stronger. ' - ■;' Andersons, Ltd.,, report an increase in net profit for the year ended March 31, 1937. The directors mention that conditions have combined to improve and that trading results have been satisfactory. The company's works have been operating at high pressure.

DUNEDIN

Sales Reported £lOlO NZ. Govt., 4 p.c. Ins., 1946-49 .. 103 0 0 £6OOO N.Z.- Govt, 4 p.c.. Ins., 1952-55 (2) 104 5 0 £BOO Auckland Electric Power Board, 4£ p.c. 30/4/45-55 (ex interest) (2) 103 0 0 150 N.Z. Refrig. (£1 oaid) .. •• 019 4 100 N.Z. Refrig. (10s paid) ..... •• 0 8 " 100 N.Z, Breweries .. 219 5 200 Broken Hill Propty. (contr.) ; : (3) 312 9 50 G. J. Coles .. 5'4 3 100 Morts Dock .. 013 0 300 Argo Gold ■■'••' 9 ? ,„ 500 Golden Sands ■.. 0 lio 300 Waimumu Sluicing 0- o lij UNLISTED STOCKS | Sales on* Change , , I 100 Ballins Breweries-,',...; | (15s paid) ' v.. 014 5 300 Grey River (3s 9d paid) .. ■■■;. 0 4 3 100 W«e'3 Invest 0 6 4 6 Woolworths (Sydney rights) .. 413 0 I ■ ■ • Sales Reported 1 43 Auckland Farmers' I Freezing (£5 pd.) 511 0 O 10 u 400 Grey Riyer (3s -9d paid) ■ \. • • • " 4 . 500 New River .. 0 O'Ti 900 Were's Invest.. Trust 0 o « ' 10 Woolworths (Sydney rights) .. 413 0 Government Npw Zealand Government, 4 per cent stock, due 1949, was Arm, with dealings at £lO2 15s and £103; the 1955 stock moved, up to D £ l°i li Auckland Electric. Power Board, 4* per cent debentures, 'due 1945-55, changed hands at £lO3, ex interest. • Commercial Bank of Australia were firm at 19s 6d, market closing Id either way. Dalgety and Company, cum dividend, were firm with buyers and business at £ll Is.- Goldsbrough, Mort relapsed to 38s 3d." • ~' New Zealand Refrigerating, fully paid, were firm at 19s 4d, and the 10s paid were fractionally firmer at 8s lla, market closing Id either way for both issues. ~ .- _ ~ „,„ fl Kaiapoi Woollens, 7s Paid, were fractionally weaker at 5s sd. WestportStocktdn coal, preference, were firm with buyers and dealings at 4s loa. Sellers of Christchurch Gas reduced their limits to 28s. „«,«.«,- New Zealand Breweries were easier with dealings at 595, 6d and 59s 5d market closing 59s 6d;j3uyers, 59s 10d sellers.' Tooth's Brewery shares were firmer on buyers' offers 57s 6d. Miscellaneous Anthony Horderns remained unaltered with buyers and business at ,20s. Broken Hill Proprietary declined to'79s 6d, and 79s 9d, and the contributing to.dealings at prices ranging .from 72s to 735. Dunlop Perdnau Rubbers were weaker, with buyers and "business at 20s 9d. Electrolytic Zinc changed hands-at 56s 3d and 575. and more .were offered at the lugher price, buyers at, 56s •' 9d—the preference dropped to 575, and there were further buyers at 57s 3d, sellers at 57s 6d. G. J. Coles, declined to £5 4s 3d, but late buyers offered £5 5s 3d, sellers at £5 5s 9d. Morts Dock were weaker with sellers and.business at 13s. Mining Argo Gold'were fractionally firmer at 2s. Golden Sands recovered to Is lOd. Walmumu Sluicing 'were steady at' lljd. Mount Lyells showed little variation, with dealings at prices ranging from 45s to 44s 10d, the market closing 44s 9d buyers, 45s sellers. Mount Morgans were easier, with sellers and business' at 15s. Unlisted Stocks Auckland . Farmers* Freezing changed hands at £5 lis, and £5 10s. Ballins Breweries, 15s paid, advanced to 14s od. «rey River, 3s 9d paid, were a .shade' stronger at 4s 3d and 4s 2d. New River were firm with buyers and business at 7Jd. Weres Investment Trust had dealings at to 4d. Woolworths (Sydney), - *lghte, were weaker, with dealings at 93s and 92s 9d.

ITHE VEESS Special Service.! . . DUNEDIN, April 30. .' Australian mining shares predomin- - atedin'the business transacted on the Dunedin" Stock Exchange .during the "week, but .other, sections also claimed a Certain, ■ amount of attention., The general tone of the market was steady. Bank of New South .Wales shares met with a fractionally firmer demand at £37 ss, but sellers would not do business at less than £37 10s. There was considerable activity Bank of New Zealands, < parcels changing hands at from £2 4s 6d to £2-4s 2d. The market closed with a buyer at £2 '4s.-and a seller at.£2 4s 6d. Commercial Banks were the. subject of business at 19s 1 7d. E., S, and A. Banks were in steady .demand, at £6 Bs. but sellers remained firm at £6 12s. -The market for/ Union<■-Banks eased slightly, a final/buyer , at. £ll, 5s 6d being 2s below "sellers'-requirements. Iri National Insurances b/usiness at 17s 7d was-recorded.-* < ' '■; P. and'O. deferred;, stocks were In easier demand at £lAlßs, sellers not showing any Interest"' Paid up New, Zealand Refrlgeratings were disposed of at 19s' sd. Goldsbrough, Morts changed hands at £1 18s 6d. National Mortgage shares were available'at £2 15s, but the buyers* best offer was £2 12s. Business in ordinary New Zealand Loan and Mercantiles at.£so 10s, iwas*- --.•> recorded. ■ Kaitangata Coals >were-, matured for at £1 3s 6d, cum dividend,~.and Coals were also in demandtat the same figure, but no: 'sellers came' . forward; ;,Mosgiel Woollens were.in stronger,demand at, '£lQ\2s. 6dr.,sellers* lowest requirement being* £lo'-7s 6d.'' Ahthony''Horderns were; dealt ■ in, at' £l, !tKe f market closing- with 'a': buyer, at 19s 6d. -.Broken .Hill, Proprietary changed hands at £4 *2s Sd-fand £4 -2s 2d,^-the..market con-; tinuing to ease at the close. The contributing issue also weakened considerably, closing buying and. selling quotations being £3 12s 6d and £3l3s 6d. Business at £3 15s and £3 13s 3d was recorded. A parcel of Donaghy's Ropes changed hands at £2 14s 6d. G. J. Coles, were-dealt in at £5 5s 3d and £5 6s 2d. Woolworths ordinary shares were Inquired for at £7 14s, but sellers

LONDON WOOL SALES

ACTIVE COMPETITION MAINTAINED

HOME TRADE SECURES BULK OF OFFERING

LONDON, April 29. At the wool sales, 8965 bales were offered, including 6008 from New Zealand. A total of 7175 bales were sold. There was a moderate selection, chiefly of New Zealand crossbreds. Competition was active, the home trade securing the bulk. New Zealand lots sold as follows: Scoured merinos: Balmoral (top price 354 d), average 34|d; slipe half bred lambs, Longbum T.V. (top price 23d), average 2l|d.

LONDON MARKED ANIMATED

CROSSBREDS Hd . HIGHER Private advice was received in Christchurch yesterday that the third series of London wool sales wnicn opened on Tuesday are being continued before a very large attendance of buyers. Competition is general and the market animated. Bradford and the Continent being the principal buyers Russia and the United States are alsc operating for suitable lots. There is a fair selection of New Zealand greasy wools on offer. - . As compared with the March closing rates, merinos are fractionally higher all halfbred qualities <SO-58s). id to Id higher, and crossbreds (40-48 s) show a general appreciation of 14a. Current values for New Zealand greasy wools are: — «l ' dMerinos— Super .. •••,-, J° ?o Average . • .. 16J to 19 Fine Halfbreds (56-58's) Super •• •• ~. to 22 Average ■• •• ie i to ia Halfbreds (50-56's) Super • • ■ .. to «so Average • • • • 161 to 18J Three-quarterbreds (48-50's) ■ Su P er ■ '• •* I*l £l7l' Average •• .. 15J to 17J Fine Crossbreds (46-48's) '' , Super •• •• ,_ J° J°l Average . - ■ • id .to l / Medium Crossbred (44-46's) . Super .. •• t 0 *■'& Average .. . .. ' 15 to 16J Coarse Crossbreds (40-44's) Super .. •• ~. Jo 17J Average •• •• 14J to io

JAPANESE WOOL IMPORTS

FIGURES FOR FIRST QUARTER

TOTAL BELOW EXPECTED AMOUNT

(Received April 30, 11 pjn.) TOKYO, April 30. Imports of wool between January and March were as follows:—Australlan. 2244-bales; South African, 444; SoutliAmerican,, 34,000; New Zealand. 286 The total was about 15,000 low the. expected amount because of obtaining. transportation and Governmental restrictions.

BRADFORD TOPS MARKET

LONDON, April 29. Little new business is being done at Bradford, and users' immediate requirements are satisfied. Topmakers are not inclined to grant concessions.

BRITISH ' WAR LOAN, STOCK

(BBITISH OFFICIAL WIRELESS.) RUGBY, April 29. British War Loan, 3J per cent, stock. is quoted at £lOl 10s. would not accept less than £B. A parcel of New Zealand Breweries changed hands at £3. Dunedin Breweries were the subject of business at £1 Bs, but these shares were not quoted at the end of the week. Tooths were on offer at £2 17s 9d, but buyers were not interested. Broken Hill Souths were available at the lower price of £2 7s 6d. Business at £2 9s and £2 6s was recorded. Electrolytic Zinc preference shares eased sharply, closing quotations being £2 16s 6d and £2 18s. The ordinary issue also weakened. Mount Lyells were disposed of at prices ranging from £2 5s Cd to £2 4s 9d. A closing buying offer was £2 4s 6d, compared with £2 6s 7d last week. Mount Morgans were also fairly active, parcels changing hands at from 15s 6d to 15s. New Zealand mining shares continued quiet. All issues of Government loans met with a steady inquiry. Business in 3J per cent, stock, November, 1941, at £lOl 10s, and 4 per cent, stock, 1943-46, at £lo2y 17s 6d and £ 103, was recorded.

AUCKLAND

» [THE PRESS Special Service.! AUCKLAND, April 30. Conditions in the investment market continue to reflect repercussions from London. Throughout all sections a more hesitant tone has developed,, and almost without exception prices have moved against holders. Buyers at the moment show a tendency to stay off the market, and consequently the turnover, while representing a reasonable flow cf business, has fallen far below that of the boom weeks a short time ago. In spite of the set-back to other classes of investment. Government loans maintained a firm front, and a fair volume of business has passed. Local bodv debentures also have become available in limited supplies, and have been "readily taken up. In banks, New' Zealand and Nationals, of New Zealand eased in sympathy with the weakness in London, after the attack upon New Zealand's credit. Trading in insurance was confined to the leading companies, with South British and New Zealand a' shade stronger,. althought South British failed to maintain the full extent of the rise of 4d. Interest was again keen in Breweries, particularly for Dominions, which changed hands steadily at 435. .Mount Lyells fluctuated with the price of copper, and showed a loss of Is 4d over the week. Mount Morgans were also .easier, closing at 15s. Gold shares were weak, particularly London companies. Marthas and Waihi Junctions both lost substantially. .

VALUES ON STOCK EXCHANGE

CHRISTCHURCH RATES, APRIL 30, 1937

FORMER LEVELS COMPARED

OTHER QUOTATIONS

Australian Mining Buyers. Sellers. £ s. d. £ s. d.

BUTTER BOXES OF RIMU

MANY INQUIRIES FROM AUSTRALIA

POSSIBILITY OF BUILDING UP EXPORT TRADE

[THE PRESS Special Service.] GREYMOUTH, April 30. Following the announcement by the State Forest Service - that very satisfactory experiments had been made in sending butter in rimu cases to the London market, many inquiries had been received from Australia about the supply of the same class of timber, said Mr J. W. Callwell, export secretary of the West Sawmillers' Association yesterday. That/rimu, to be suitable'for butter boxes/must be entirely free from heart, limited the quantity available for this purpose, he said, but if it was found that sap rimu, containing small knots, was suitable, it was quite probable that a feir trade could be-built up. The West Coast Sawmillers Association had arranged for the supply to the New South Wales Government, free of charge, of 100 cases mades from sap rimu, which happened to be available in a seasoned condition in Sydney. Samples of rimu in the green state were also being torwarded to Sydney as an indication oi the quality that could be supplied on a commercial scale. LONDON MARKET POSITION \ ... . . PARTIAL RALLY RELIEVES GLOOM GOLD SHARES STILL MUCH DEPRESSED (Received April 30, 9 p.m.) LONDON, April 29. A late but only partial rally relieved the gloom of to-day's markets, which continued their alarming course. A batch of excellent company reports and trade news was ignored by nervous operators. ' . Gold shares were the worst sufferers. Some are quoted at only half recent values. NATIONAL DEFENCE LOAN SUBSCRIPTIONS CLOSED IN LONDON PORTION OF ISSUE LEFT TO UNDERWRITERS (Received April 30, 8.32 p.m.) LONDON, April 29. The subscription 'lists for the National' Defence Loan of £100,000,000were opened and closed to-day. It is believed that a portion was left to the underwriters. , The amount payable on application is 5 per cent, the remaining instalments being spread over the next three months. /'. ' '" » . • The Post Office .is participating in the new issue, and the amount of bonds subscribed through this department will be additional to the £100,000,000 which is to be subscribed through the Bank of England.. [The - loan, will mature In 1948, carries interest' at 2& per cent., and was offered at a price of £99 10s. The average life of the loan is just over nine years, giving an average yield of £2 lis 1 l-3d per cent.] BANK OF ENGLAND RETURN (UNITED PBKSS ASSOCIATION—COPYRIGHT.) LONDON, April 29. The following Is the return for the week ended April 29: ISSUE DEPARTMENT Notes Issued— „_ £« „„„ In circulation - .. .. 468,800,000 In banking department .. 44,900,000 - 513,700,000 Government debt ".. '.. 11.000.000 Other Govt, securities K .. 186,000,000 Other securities .. .. 30,000,000 Silver coin ■--.•• . ■ •■■ Fiduciary issue .. ..227.000.000 Gold coin and bullion .. 286.700,000 513,700,000 BANKING DEPARTMENT . Capital .. .. .. ' 14.500,000 Rest .. ' .. .. 3.200,000 Public deposits .. .. 26,200,000 Bankers .. .. .. 87,600,000 Other accounts .. .. 39,600,003 171.100,000 Government securities .. 97,700,000 Discounts and advances .. 5,500,000 Securities .. .. ... 22,000,000 Notes and coin .. ' . ... 45,900.000 i7i,ioo;ooo The ratio of reserves to- liabilities is 32.55. The rate of discount is unchanged at 2 per cent. • . SALE OF CITY PROPERTY Messrs Ford and Hadfield, Ltd., Auctioneers and Real Estate Agents, 131133 Worcester street, have to report having sold, on account of Mr Leckie, his Shop Property, situated corner Kilmore and Durham streets, to Mr Dunford. ....:.--. —1 SYDNEY . Barriers were particularly active on the Sydney Stock Exchange yesterday. The market otherwise was without notable change and was generally steady. . Morning Sales <E si d. Comm. Bank of Australia .. 0 19 9 Bank of New South Wales ..38 7 6 Wilcox, Mofflin .. .. 014 0 Tooheys .. ■• 113 4i Tooths .. .. 218 3 Broken Hill Prop, (con.) .. 312 6 Electrolytic Zinc .. .. 215 9 Afternoon Sales Bank of New South Wales .. 38 7 6 Huddart Parker .. .. 2,00 Australian Gas (A) .. ..766 Tooths .. ... 218 3 Drug Houses (ex div.) .. 1 6 4J Winchcombe Carson .. ..' 117 0 Wilcox, Mofflin .. .. 014 1 Claude Neon (ex div.) .. 212 3 Commonwealth Wool .. .. 12 0 Union Theatres (pref.) .. 015 0 J. C. Ludowici .. ..14 0 New South Wales Monte de Piete ..' . .. 116 0 Victoria Nyanza .. .. 018 3 Henry Jones .. '.. 2 6 9 General Industries .. ..106 Woolworths ... ..750 Selfridges .... 115 0 Electrolytic Zinc ... .. , 2 17 3 Electrolytic Zinc (pref.) .. 218 6 Mount Lyell ..... 2 5 9 Mount Morgan .. .. 0 14 10 Rawang .... 011 6 Placer Development .. ■...-. 412 0 Tongkah Harbour .. .. 13 0 New Guinea Goldfields .. 0 2 11 Taranaki Oil .. ..042

ANOTHER BIG •.INCREASE . f

Customs Returns At Ghristchurch

FIGURES FOR APRIL

Customs revenue collected -at Christchurch during the month of April again shows a very big increase over the figures for April, 1936, this more than maintaining the big increase in receipts shown for the financial year which ended on March 31. The increase. in revenue for that year was £314,142, but the figures for April alone are £41,410 In excess of those for the corresponding month oi 19 Most of the individual returns show substantial increases, the biggest being in net customs revenue, sales tax, and petrol tax. Comparative figures are: April, April, 1936. 1937. Customs (net) .. 87,916 108,703 laTeftaT beer ." »88 3§S Petrol lax .. i. *fon 27,050 Tyre duties .. 831 688 Lighthouse dues .. 339 70» Export levy, wool .. a™ Export levy, meat .. • .605 7»/ Miscellaneous .. 40 ™ Total .. 145,807, 187,217 GENERAL INCREASE AT AUCKLAND SALES TAX. RECEIPTS HTCHEI? (PBESS ASSOCIATION TELEGEAM.) " AUCKLAND, April 30. , A general increase in the customs and excise duty and also in sales tax is shown in the returns of the Auckland collections for April, compared with those for the corresponding month last year. Customs duty,-in-cluding motor-spirit duty . and tyre duty, totalled £380,755, an increase of £65,153 over the figure of £315,602 for April, 1936. The total from these sources for the first four months of the present year was £1,409.972, compared with £1,318,610 in the corresponding period last year. The combined receipts of # motorspirit duty and tyre duty, in April. amounted to £72,147. or £16,993 more' than the figure of £55,154 for April. 1936. Excise on beer collected .in April amounted to £14,267, against £12,385 in April last year. ' A rise of £IBB2 in sales tax in April produced £92,296, a rise of £23,072 over the total of £69,224 collected in April 1936. For the first four months of the present year sales tax has amounted to £321,964. against £253.239 in the corresponding period of 19«$o, a difference of £68,725. WELLINGTON COMPARISON (PSESS ASSOCIATION TELEGBAM.) WELLINGTON, April 30. Customs figures for April, compared with last year's collections, are as Xoll0WS: - • 1937. 1936. £ £ Customs revenue .. 286.349 276.460 Motor spirit .. 72.842 62,573 Tvre tax . • i./io i,on^ Sales tax .. 106,312 92,173 Beer excise t .. 6,329 4,789 DUNEDIN COLLECTIONS (PRESS ASSOCIATION TELEGBAM.) ' ? DUNEDIN, April. 30. Tne customs revenue .received in Dunedir. during Aoril totalled £142 803 compared with £102,690 for April last year. Comparative figures April are as follows:- ■■£. £.' Customs revenue .. 65 »®5X 4 2'51§ Beer duty .. 22.682 17,006 slles tax 7 .. 27.95? 22,031 Petrol tax .. MJg 11.858 Tyre tax .. 579 416 Gold export duty .. l; 468 1,661 LEASE OF CITY PROPERTIES Messrs Baker Bros., real -estate agents, 166 Manchester street, Christchurch, report having arranged leases of the under-mentioned premises:— . (1) On behalf of the owners of the Commerce Buildings, Ltd., Hereford street, large suite of offices .on the. ground floor to Arthur L. Gray, Esq., public accountant. Also offices in the same building to Messrs' Anex Mills, Ltd.. and Clifton Bingham, Esq>. i> (2) On behalf of J. A. Redpath. Esq:, the second floor of Glasgow Buildings, 699 Colombo street, together .with extra accommodation in Starland Building adioining. to . Messrs R. M. Watson, Ltd.. merchants. '"'.■• (3) On behalf of J. M. Stewart, Esq., office suite on the ground floor of his building, corner >of Hereford and Livernool streets, to the Prudential Building Society-and P. Helmore. Esq. (4) On behalf of the trustees of the estate of the late William Wilson, shop premises, 269 High' street, to Messrs Barry and Stounpe,, Ltd.. opticians. (5) On behalf of .Messrs Nisbet House, Ltd. (T. N.. Gibbs and Comoanv), suite of offices in their modern building. 149 Hereford:street, to G.&G. Lockwood, Esq., barrister and solicitor. - , (6) On behalf of Messrs J. A. Flesher and Son, ground floor suite of offices, 167-169 Hereford street, to Messrs James Wallace and Comnany, real estate agents and sharebrokers. (7) On behPlf of Messrs Nisbet House. Ltd. (T. t N. Gibbs and. Comnany), suite of offices, being the top floor of Nisbet House, 149 Hereford -street, to the Canterbury Manufacturers' Association.In addition to the above, Messrs Baker Bros, report having recently negotiated the leases of the whole of the office accommodation on the first and second floors of Somerset House, 151 Hereford street, to the under-men-tioned tenants:— Messrs Thomas Newburgh and Son. sharebrokers. Messrs Bates and Edgar.-solicitors." F>r. Reilly." surgeon dentist. Messrs Burroughs. Ltd..' adding machine manufacturers. Messrs Johnston. White and Champion, barristers and solicitors. Messrs Rhodius. Ltd., woolbrokers. Mr F. E. S. Dale, barrister and solicitor. 5J r 9- Anderson, sharebroker., Mr J. K. Burtt, public accountant SALE OF FEND ALTON PROPERTY Messrs Ford and Hadfield, Ltd. Auctioneers and Real Estate Agents 131133 Worcester street, have to report having sold, on account of Mrs WhVe her Two-storey Bungalow, situated Korari street,' Fendalton, to Mr Havward. _ 2 PRICE OF GOLD /-< M - . LONDON, April 29. Gold is quoted at £7 0s 6d a fine ounce.

MEAT KILLINGS -FOB'-fr , EXPORT ;:—-; PRODUCERS' BOARD Fl6U|»^ , - - .•y_ ?. fl|; The following figures, suppUedjjtaff the New Zealand Board,' show killings for export. ■s! all New Zealand works from October |t 1, 1936, ,to April 15, 1937. Figures Jet's!: the corresponding period in the pre»j: vious season are given for compari- I son:— - • :• ■ North Island ■■ -.- 4g! 1937."'' ■ IBHis; Chilled beef <qrs.) 103,587 ; 7UH|: Frozen beef (qrs) . 45.410 ,£Bgb\ Wethers (c/cs.) .. 694,026 £!£*« Ewes (c/cs.) ~. ,«ffiv;3fifc> Lambs (c/cs.) .. 4,188£96 .&]JJg&!i Powers (c/cs.) .. 269.498 :*■»£. Baconers -. (c/cs.) 197,888 , Boneless beef (Ft. nmMM .: d^afe c7cs.) 190.004. ,215,115 V Boneless bobby veal ■___"■ JhJilv (c/cs.) x .. 57,629 33,0» Sundries ■ .. 135.784 ■-UJM| i; South Island ' : ' :^v>. Chilled beel ... '",——■' " Frozen beef .. 1,7» <:«Bfl Wethers .. 47,755 - *«.**J'y Ewes •• 226175 . »»& ESS .. 2,992,155 ■ BoneSbeef .. 26,193. ,/.-3»| Boneless bobby veal - SKM Sundries • ... ■ 50,879 :&£{ss . - Total • V -• v7P€S^| Chilled beef .. ■ I S*SJ" ,^3fl^t Frozen beef .. 47,136 -*WjRj Wethers .'. 741,781 M Ewes ' .. 586,044 " gjgg^ Porkers ••* , Baconers •■ .. 213 A- . £ss£hrl Boneless beef 216,197 Mgt Boneless bobby veal lgg~] Sundries .. - 185,663 r"?!^*^ z isriSi£SS^^S 15, 1936. were:- ' Chilled beef. *.. lf» Frozen beef .. 25,381 ; JHS Wethers . .. 401,785.. I^R. £3* • 356,396 ' g&gf Porkers ■•• W» Baconers . .. , n s . 9 '™? "KJitl Boneless beef .. Ww« "''TSSfe* Boneless bobby .: 19,550 ;"£*&» Sundries .. ' ' 58,483 } ■«fflfc GOVERNMENT SECURTn^fJ (UNITXD PBBSS ASSOCIATION—COPTKQ*^^ LONDON. April » % The following are the latest q*s&fi~ tor Government securiUes comparep ?*¥"-, me prices ruling last week:- ftJiJS April 22. AjpJSaijs, British— _ ln n - 77 n ,» ,vConsols .. ( 77 10 0- ■**->?■£.,, Funding Loan. 4 • pf ~ ' per cent. -• J", 10 .. . tniutf War Loan. 31 p.c. 104 0 0 »«» y Con. Loan. 3J p.c. 102 10 0 I<B » •. V^e°r ry cen1 ontlS " .* HO 5 0 109 15" C nSn!Ssr -109 0 0 108 15'.^ ' 3 p.c. 1955-58 .: 100 5 0 100 5 J v 4 pc. 1943-48 .. 102 15 0 102.5 o_. •3J P p. C.. 19*3-53. :. 101.7 6 101 2 | 31 p.C. 1938-37 .. 96 0 0 » J • 4J p.C. 1959-60 .. 90 15 0 90 7 • New South Wales— „ . 41 p.c. 1935-53 ... 100 0 0 99 12 ■ Victoria— oe ml 0 ,; 3 p.c.1929-40 .. 96 3£ ■« »\J , - v 43^p.c.;' 1940-50 .. 104 5 0 103 » ? »•:; , 4 p.c. 1945-75 .. 109 0 0 108 J*.? < Queensland — _ _-'«» "n 3 p.C... 1932-47 ~ 96 10 O »» • 5 p.c! 1940-60 .. 105 2 6 104 1T « ■ South Australia — ~' « 4 p.c, 1942.-62 .. 109 0 0 108 15 0 3 p.c. 1945-75 .. 82 0 0 8110? Western Australia— _««»«■ ■ 4 p.c, 1942-64 .. 102 1 3 102 0 ■ Tasmania — * _ , "'. n • 31 p.c. 1938-40 .. 101 12 6 101 10 0 4 p.c. 1940-50 .. 101 15 0 102 0 0 , New Zealand— _ ,„, „,* , 41 p.c. 1948-58 .. 100 15 0 101 7 » 31 p.c. 1940 .. 100. 0 0 99" « 3 p.c, 1945 .. 94 5 0 £4 1* *Ex interest. COMPANY REGISTERED .f^ The following notice of a cofflP?g - registration appears in the curraM«- , sue of the "Mercantile Gazettt.. - Greenland Gold, Limited.- R *l£.J£ t a public company. April 15. JfߣS: £40.000. in 40,000 shares of £1 e** Subscribers: Papanui—S. fA. a- * £ 1000. Ross—N. O. Bierwirth »w. *; D. Davis 200. J. K. McKev 100. tika—A. A. Elcock 200, R w --W i 250. P. T. Renton 200 W. «U . Stopforth 100. Mount Davis 50. W. Donnelly 50. A. *- 50, T. D. Ord 50. L. »D. Sto*es.g J. Cameron 50. G. Thompsonw ••*;.. Moarso. Objects: Acquire perties of Bierwirths Gold Keei, mining, and incidental. r r - SALES REPORT S"\ ' Messrs and &£££s&' report having sold, on ™*r%jgt; Messrs Thornton and HoPSSS/yaw., two-storeyed bungalow,. £to*°Lssk dalton road, and comprising kitchenette, and sleeping v «!SittW gether with a section of aPP^JS* 6 * 30 perches, to a client at a* *»Wj* tory figure.

ANDERSONS, LIMITED IMPROVED TRADING CONDITIONS A net profit of £11,973. against ¥ 11766 last year, is shown in the ac- „,,«}<! of Andersons. Limited, to March « 1937. Final dividends of 2£ per lent making 5 per cent, for the year, ««.recommended on preference and nrdiriary capital, and £6500 is to be naced in*reserves. P ln their report the directors state: "The directors have to report with vt-TV great regret the death in October last of Mr W. G. Jamieson, and would like to record the valuable services rendered by Mr Jamieson since his appointment to the board in 1920. Mr J G L. Vernon has been appointed to fill the vacancy. "In submitting the accounts, the directors have pleasure in reporting that i iha company has experienced a continuance of the improved conditions, with I -atlsfactory trading results. The Christchurch works, in particular, have been cffl pipyed throughout, the year at high Dressure, whilst within recent months valuable contract work has been secured which will keep the Lyttelton , works fully employed for the next 12 H. D. Acland retires from the board by rotation and offers himself for re-election. Mr J. W. K. Lawrence offers himself for reappointment as auditor , „ . 'llhe accounts for the year show a net profit of £11,973 ' 10s 7d which, with the amount brought forward from last year £729 2s 2d, gives a total of i£12,702 12s 9d available for disposal, less interim dividends £2520 paid on November 5, 1936. '(Your directors recommend the declaration of dividends and transfer to reserves, as follows: £ a. d. Interim dividend of 24 per cent, on preference shares said November 5. 1936 .. 1,695 0 0 Interim dividend of 2i per cent, on ordinary shares, paid November 5. 1936 .. 825 0 0 Tlnal dividend of 2J per cent, on preference shares .. 1,695 0 0 final dividend of 2J per cent, on ordinary shares .. 825 0 0 Dividend equalisation reserve .. 1.500 0 0 Bhcome tax: reserve .. 5,000 0 0 .Balance to be carried .forward .. 1,162 12 9 ' Total £12,702 12 9 Balance-sheet LIABILITIES £ s. d. Capital—--69,600 first pref. shares 17,800 second pref. shares , 67,800 £1 shares fully paid ", up .... 67,800 0 0 44,000 ordinary 15s shares 1 ' fully paid up .. 33,000 0 0 ,\ '■ 100,800 0 0 National Bank of N.Z., Ltd. ~ current account (secured Under registered debenture) .. 35,335 IS 9 1 Less property realisation "'.account .. 3,699 10 0 31,836;. 6 9 Beswes— '. V General .. .. 6,084 19 7 Property' realisation '.. 12,369 10 3 Dividend equalisation .. 4,064 17 10 Sii,' . j Fin: ' 22,519 7 8 |ii|k',-payable" .. ».'' 6,158 3 1 creditors .. .. '8,107 11 8 Profit'and loss accountBalance carried forward jirom 1936 .. ~i 729 22 «« profit for year .. 11,973 10 7 v'"''-' 12,702 12 9 •" ■• lass, Interim dividend paid 5. 1936 .. ,2,520 0.0 ;k i( ";' i0,i82 12 s ' -I',- \ £179,404 111 . p;- ASSETS toehold and leasehold pro- * "' d ' W«y at cost, less depre- '*&»•; " ■•• 36 ' 093 8 0 ~MM mortgage .. ... 4,000 0 0 ,y" 32,093 8 0 ' ™°rtgage on pro- ~ W- Cashel and Lichfield - 15,000 b 0 •5i' an ? toola and motor- ' ■SSLJ* cost ' less depre ' ' jTjHpn ~ .. 24 483 10 2 fiundro rf»h? le ■• •- 1.548 13 4 uunary debtors ~ 40 412 in 1 Lfi "ffrve for bad debts' 400 00 49,032 id" 3 a and S rt ™ '$ UT companies ,. ... 131 17 7 fc f '; ~. £179.404 111 ' "Htqm AND LOSS ACCOUNT D ? 1^ 1937 - ■£'■■. d. «l«^ lUng J ex P enses -• 25,412 18 8 o«.?l and telegrams," dis--1 SSS s, ; 1 ? tere3t j rent - faad ' ■??. ' rates an <* taxes, inFrance, repairs and main- ' d«522 c f'general expenses, ~ Depreciation, and advertisilrertnr.. y ■■ ■"■ 20,113 511 *™ c |°» fees .. ■ ... . 400 0 0 * ' 45,926 4 7 j profit for year „• 11,973 10 7 1 £57,899 15 2 "cottSt** from fading ac-.. "~ •J?-" and "transfer "»> " * t • • f .•• .. .. 603 010 , ;', , 57,899 15 2 £57,899 15 2 / , DOMINION FERTILISER DIVIDEND t»B«8S ASSOCIATION TKLKOBAB.) ' ThA a- . DUNEDIN, April 30. iiliser l irect °rs of the Dominion Fer- ' «vte* Jl om J pany ' Ltd - recommend a ftte „5 at the rate °* 5 per cent., ' Mar«E o1 xchan S e ' for the year ended able Li' " Ihe dividend will be pay- , OOJe on June 9. " J B ? ITIS H WHEAT MARKET ' 'wh« . LONDON, April 29. ■ sHiv«rA, car S o es are steady* Parcels "W little change. T Wures-- A?rU 22> April 29 -' ! s. d. s. d. .'.-jfe •• .. 47 7J 45 10 **verpool (cental)— S B^? ber •• 8 10i 85| *>lD d£os 1S uict - Australian, ex- • trali'n« 3d - Fl °ur is. easier. Aus"«an, ea-store, 34s to 355. '\ CHICAGO FUTURES h-'. '' NEW YORK, April 29. ~'" - > April 22. April 29. 1 , v3^av' Cents a bushel. ' *• ■- !323 128 i V«ebL«,'wH - 1188 116 i

NEW RIVER RETURN

The following is the return of gold won by the New River dredge during the period ended April 29: Ninety-four ounces of gold from 14,000 yards treated in 184 hours' dredging time.

MOUNT MORGAN

The Mount Morgan, Ltd., production report for the four weeks ended April 2U is as follows:—Ore mined, 38,922 tons; ore treated, sulphide 24,100 tons, oxidised 14,706 tons; estimated production, gold 3509 ounces, silver 384 ounces, copper 119 tons.

BRIAN BORU

At an extraordinary meeting of shareholders of the Brian Boru Gold Dredging Company, the Hon. G. R. Hunter presiding, it was decided to accept the tender of Mr A. McLuskie, on behalf of a syndicate, for £6500 for the dredge, transformer, lines, etc. It is proposed to move the dredge to an area near the Argo claim.

STAFFORD GOLD DREDGE

Stafford Gold Dredging, N.L. (N.Z.), shows a net loss of £750 for the year ended January 31, reducing the credit balance to £1414. The dredge treated 451,346 cubic yards, and recovered 1449 ounces smelted gold. Proceeds were £11.712. resulting in a working profit of £362. Working expenditure was 6.04 d a cubic yard, against 6.3 d the previous year. Operations were suspended during August. Later the dredge worked in low values, and then reached a section containing a more solid formation of wash. Actual work here began in February this year, and results have improved since then. The report adds that there is a prospect of a more profitable operation for » the period ahead. At January 31 company had £2146 gold in transit, creditors £l4ll, and bank overdraft £IBOS. ARAHURA , Arahura Gold Dredging, Ltd. (N.Z.), reports that the plans and specifications of the dredge were completed early this year. Satisfactory progress is being made with manufacture of equipment. The dredge will be electrically operated, fitted with 18 cubic feet buckets, capable of digging and treating 400,000 cubic yards monthly, and the design includes th% most modern type of gold-saving plant. It is anticipated that the dredge will, be ready to begin operations about the middle of next year. The directors add that although it is not anticipated that any material depreciation in the price of gold will occur, ample provision has Seen made. All calculations have been based on gold valued at £4 16s sterling or £6 New Zealand an ounce, which is considered sufficiently conservative to cover any variation in the London price of gold or any variation in the existing exchange rate. KING SOLOMON

(PBESS ASSOCIATION TBLEOSAM.) INVERCARGILL, April 30. The King Solomon return for the week was 19oz 17dwt. FIXED PRICE FOR WHEAT

"DISAPPOINTMENT TO GROWERS" [THE PRESS Special Service.] WAIMATE, April 30 "The price fixed for wheat by the Government has been a great disappointment tol growers in face of the large Increase in the cost of production," said the annual report _of the Waimate branch of the New Zealand Farmers' Union, presented at the annual meeting to-day. "It has been asserted m some quarters that the outcry against the price is only political propaganda against the Government, but by no stretch of imagination, or juggling of figures, can the price fixed be made to show a profit, unless it is easy country, conditions exceptionally, favourable, and the yield above the average." . The growers could not be expected to go on producing at a loss, raid the report, and unless some more inducement were offered, there would be a big shortage of wheat next year. The Wheat Electoral Committee had made it clear that they believed the Minister had done his best, and the best price obtainable had been secured. An appeal was made to farmers to sow their annual auota for this year, so that the industry might not lose what little protection it new had. FOREIGN EXCHANGES (BErnsH oiriciAi. wtawJtss.) RUGBY,' April 29. Par.' April 28. April 29. Paris, fr. to £1 124.21 110 21-32 110 5-16 doA £1 4.866 4.94 3-16 4.94 9-16 MOnt do a i l : to £1 4.866 4.93 3-16 4.93 9-16 Br blllas to £1 35 29.26 J 29.28 J GelteV fr. to £1 25.2215 21.562' 21.572 Amsterdam. £i sm 9M Milan., 1I« £1 „ „.„ 9315 . 16 B marken i to£l 20.43 12.291 12.292 Copenhagen, £i £i igis9 2240 2240 Oslo, kr. to £1 18.159 19.90 19.90 Vienna, schgs. to £1 34.585 261 261 Prague, £i jM^g 1415 . 16 14113 _i 6 ,■ 6 marks "o £1 .193.23 2264 2261 , > Madrid, pesetas to £1 25.2215 ■— Lisbon, escudos to £1 110 110 3-18 110 3-16 Athens, drach to £1 375 5471 5471 Bucharest, lei to £1 843.6 6721 6721 Belgrade, dinars 276.3 215 215 Rio de Janeiro, pence to milreis .. 5.899 44 41 Buenos Aires, pence to dol. 51 Montevideo, pence to dol. * 395 395 Bombay, pence to rupee 19 181 181 Shanghai, pence to dol. * 141 141 Hong Kong, pence to yen * 1415-16 1415-16 Yokohama, pence to yen " . 14 14 Batavia, guilders 12.107 Warsaw, par zlotys to £1 43,36 ... .'Determined nv nxlco a£ divan.

CANTERBURY MARKETS

ALL SECTIONS QUIET

(BY OtTB COMMERCIAL EDITOR.) Friday Evening. grain and produce markets have ben remarkably quiet this week in almost every section. Seeds appear to have settled down to the usual winter dullness, and trade is small in most lines. Potatoes are now offering freely, but the market is steady at prices that have not altered during the week. There is a little more inquiry from the North Island. Reports from South Canterbury indicate that potatoes are being taken from there freely for Dunedin and further south. The first boat for South America, the Hprorata, is loading at Timaru, and will put into Lyttelton next week. There appears to be a good inquiry from South America. Quotations The following are the prices quoted to farmers, on trucks, at country sidings, unless otherwise indicated:— Wheat—Milling, May, f.0.b., Tuscan 5s 2d, Hunters 5s sd, Pearl 5s 7d. Fowl wheat, prompt, to 5s Id f.o.b. Oats—A Gartons, to 3s 2d; B Gartons, 2s lid; Algerians, to 2s lOd; Duns, 2s 9d to 3s 3d. Ryegrass—Perennial, 2s 6d to 3s; Italian, 2s 6d to 2s 9d. Cocksfoot—Plains, 7d to 8d; Akaroa. 5d to 9d per lb. Cowgrass—6d to 7£d per lb. White Clover—7d to 9d per lb. Chaff—To £3 15s a ton. Barley—Feed 2s Gd a bushel. Partridge Peas—4s 9d to 5s a bushel. Potatoes—Prompt and May, to £4 10s; June, £4 15s a ton. Onions—£s 5s a ton. Bran—Large £4 15s, small £5 ss. Pollard—Large £6 5s a ton, small £6 15s.

ASHBURTON MARKET

The Ashburton grain, seed, and produce merchants report a fairly brisk week. Milling wheat is in demand, and all of milling quality is readily accepted by millers. Fowl wheat is in strong demand in the South Island. A fair quantity is being imported from Australia into the North Island. Good heavy Garton oats are inquired for, also Algerian and heavy dark Duns. Shipments of potatoes have gone to America and the market remains quiet but firm. Ryegrass is in short supply and the market is inclined to be firmer. Cocksfoot remains firm and also all small seeds at recent quotations. The following are prices to be paid to growers, free of commission, on trucks, at country stations, sacks extra: Wheat—Milling Tuscan 5s Id, Hunters 5s 3d. Pearl and Velvet 5s 5d (all f.0.b.). Good whole fowl wheat 5s Id, undergrade 4s 6d to 4s 9d. f.o.b. Oats—A grade Gartons 3s Id, B grade 2s 10d; Algerians 2s 6d to2sßd; Duns 2s 6d to 3s 3d, according to quality. Grass Seeds—Perennial, Italian, and Western Wolths 2s fid to 3s a bushel, cocksfoot 7d to BJd per lb, red clover 6d to 7d per lb; white clover 8d per lb. Oatsheaf Chaff—Good, bright oatsheaf £3 15s a ton. Partridge Peas—No. 1 grade 5s to 5s 3d, f.a.q. 4s 6d a bushel.

. DUNEDIN

[THE PRESS Special Servlce.l DUNEDIN, April 30. Only odd parcels of milling wheat from the Otago district have been coming forward from growers. Some of the wheat has been passed for milling, but almost always the quality is not as good as the millers would wish. The exception is wheat from Central Otago, where there are good yields, and the sample is also good. Yields of milling wheat have been most disappointing in the Otago coastal areas. It now appears almost certain that some milling wheat will have to be imported from Australia. The fowl wheat market remains steady, with merchants securing odd lines from growers in this district. The present value is 5s a bushel, sacks extra, on trucks, country sidings, and small lots are available, ex Dunedin stores, at about 5s 9d. There is an entira absence of grade oats, and it is now almost certain that there will be few lines of this quality on offer. Millers are prepared to buy oats suitable for milling, the quotation being 3s 3d, sacks extra, on trucks, country sidings, for heavy lines, even although the oats may be discoloured. The f.o.b. price of A Gartons varies from 3s lOd to 3s lid, sacks in. B grade oats are worth 3s, sacks extra, in country, and feed oats 2s lOd. The potato market is firm. Sales of good quality Arran Chiefs have been made at £6 a ton, sacks included, ex truck, Dunedin, and King Edwards are saleable at a considerably higher figure. • No volume of business has been passing in the seed markets during the week. Occasional lines of ryegrass have changed hands, transactions being in last season's seeds and between merchants. Prices are expected to continue firm. Cocksfoot values are unchanged, and high prices are being asked for certified lines, with no sign of the market weakening. The white clover market is firm, with little on offer. The cowgrass market is inclined to ease, and the same position exists with fescue. Brown top remains unchanged, with values ruling at late rates.

SOUTHLAND

[THE PRESS Special Service.] INVERCARGILL, April 30. Oats—A few samples have been coming forward, but most of them are much discoloured, and it seems certain that practically all of the Southland crop this year will have to be sold on sample. It will not pass grades. Values to farmers for shipping _ purposes are approximately 3s for A grade and 2s lOd for B grade. Many samples are being dealt with for milling at up to 3s. I Practically no Southland wheat has yet been offering. It is unlikely that much of it will pass milling quality, and any that is saved will probably have to be sold as fowl wheat. Prices for old season's chaff of good quality have firmed, as supplies have been steadily reduced, and it is expected that the great bulk of the current season's production will be of more or less indifferent quality. The values to farmers for old season's chaff of good quality is at present about £4. Ryegrass offerings. this season have been very small, as practically the whole of the crop has been destroyed by the wet weather. There is very little clover offering this season, and apparently this crop has suffered like j ryegrass. The same applies to crested' dogstail. A few samples of browntop are now coming to hand, and it is reported that some stripping is still in progress. The market is quiet and probably the limit of offers for machine-dressed seed of export quality will be Is per lb for certified seed, and from lOd to lid for uncertified lines. The export of potatoes to South America has firmed at f.o.b. quotations. It is not known yet what quantity is likely to be exported, or how long the demand will continue. So far very few main crop lines have been offering in Southland, as digging is still delayed by wet weather. PROPERTY SALE

THE MUTUAL LIFE AND CITIZENS' ASSURANCE COMPANY, LTD. . «

COMPANY NEWS

MINING

The National Mortgage and AgencyCompany, of New Zealand, Ltd., Christchurch, report the sale in the late J. H. Parker's Estate, Springfield, of farm comprising 137 acres to Mr Hugh Miller, Russell's Hat. at a satisfactory

HIGH BONUS RATES MAINTAINED The Fiftieth Annual Meeting of the Company was held on April 22. The chairman, Mr James Ashton, in moving the adoption of the Report and Balance-sheet, said:— You have submitted to you to-day the Fiftieth Annual Report of the Company giving the results of its jubilee year. Fifty years ago a new enterprise was planned, whereby a new force came into action which was destined to have a profound effect upon Life Assurance in Australasia. The men who founaed and the men who guided in the earlier years the Citizens' Life Assurance Company, which later was to take the name it now bears, began and followed up the project with an enthusiasm which has permeated its staff during the whole of its successful career. A new conception for Australia of the place and power of Life Assurance animated those who founded and directed the Company. Instead of leaving it a privilege open to the few, they made Life Assurance easily attainable to all who could pass its simple tests. The maxim that the good effect of a life policy lay more in the taking out of the policy than in the amount thereof was early enunciated, and the ideal was set up of placing a policy in every home, and on everyone in it, young or old. The idea was not new to older countries, but it remained for the men of the Citizens' Life Office, headed by Mr J. P. Garvan. its Founder, to exhibit faith in its practical possibility for Australia, and to work for its realisation. Their success against great obstacles encouraged other older institutions to do likewise. Prompt payment of claims was made a watchword, for the good reason that the Life Assurance policy is frequently the only immediate resource when death enters the household. The economical management of the Citizens' appealed to the managements of the two well-established mutual offices, who were given the opportunity to join their fortunes with the Company so many years ago—the Mutual Life Association of Australasia, and the Australian Widows* Fund Life Assurance Society, Limited. The opportunity to gain at once for their policyholders by the union the advantage which separately might have taken them a lifetime or more to accomplish, proved irresistibly attractive. The strong combination then effected has gone to greater strength as the years have gone by, and the satisfaction has -never been dimmed. .In this connexion I may be pardoned for drawing your attention to the following sentence in the report of the Trustees of the Australian Widows' Fund section, embodied in the Annual Report:— "The Trustees have no hesitation in repeating that the benefits accruing to the 'A.W.F.' policyholders, are, so far as they are aware, unique in the world's history of Life Assurance Companies." Another example of sound policy Is the care exercised by the Company in the administration of its resources. Over its whole career the investment policy has been successfully varied with the .changing times, so that the Company has progressively prospered, continuing to establish inner reserves in iurther support of the very con- j servntive valuations placed on the securities in which its moneys are invested. . . ~ Moreover, the Company consistently led in the setting-up of reserves against policy-liabilities on the most stringent basis, so that its financial strength should be unexcelled. The courage of those early years, which has never abated, is shown in the report of the first quinquennium. In that short period the Company had extended its operations to all the States that now form the Commonwealth, with results which are shown strikingly in the following statement: First Tenth qulnquen- quinquennium nlum eliding 31st ending 31st Dec, 1891. Dec, 1936. Assurances in force (includ- • ing bonuses) 3,091,642 68,870,388 Annual income 119,921 3 '?44,515 Assets .. 116,248 25,168,845 Every other year's figures are surpassed by the results of our Jubilee Year, which has appropriately distinguished itself as the most prolific year in the history of the Company, registering high-water mark in every feature of the business. I take the opportunity of referring you to some outstanding features, and quote first the figures of new business, comparing the totals of the years 1933, 1934, and 1935 with those of 1936. NEW BUSINESS 1933. 1934. 1935. 1936. branch 4,069,742 4,217,584 4,838,871 7,047,491 branch 2,595,374 3,025,761 3,264,739 3,798,079 6,665,116 7,243,345 8,103,606 10,845,570 Our income for the year, £3,744,515, is the biggest ever received, and the increase over that for the previous year is easily the greatest for any one year's advance, in either the Ordinary or the Industrial Branch. To the Funds £1,274,557 was added during the year. This compares with the rise of £983,469 in 1935, which was a record at that time. The Assets now amount to £25,168,845. This sum is closaly invested, and stands against our responsibilities to our policyholders and others having business relations with the Company. These figures remind us that perhaps the most distinctive service which Life Assurance Companies render is the regular ingathering of comparatively small sums from thousands of individual men and women, most of whom are of modest means, for the protection of their dependants or themselves. We have 573,578 policies in force. The changes in distribution of the Assets are a little more marked than was the case in 1935, on account of an extension of mortgage investments. While Government, Municipal, and similar securities, form by far the principal depository for our resources, we have added more to our holdings in firstclass mortgages during the year, and this heading in our investments takes the next place in magnitude. • Our Loans on policies are, happily, less than the previous year's figures, a positibn which may be regarded as a practical indication of further betterment in the financial position of our policyholders. Continuous improvement in this respect has been noted since 1933. The payments for surrender of policies and of bonuses continue to show a similar gratifying decline in amount. Life policies are too good a possession for our policyholders to drop except under compulsion of extreme necessity. Interest outstanding of £6OOI 16s 5d has not been brought into account as an asset. The items of which the sum is composed are not bad debts: we anticipate that the whole sum will be collected. 'Considering that our collections of interest in the year amounted to £1,128,351, and that outstanding interest was increased by only £3OO during that period, the item is worth mention as evidence of the excellent condition of our loans. Our expense rates bears a perpetual tribute to our attention to economy in management. They show increases on this occasion over those for 1935 quite naturally, for the initial cost of such a. large accretion to oijir new business must oe met. Our high bonus rates to policyholders have been maintained. At the same time we have adopted an even more stringent basis for our actuarial reserves, the interest rate used in the calculations now being 22 per cent., in lieu of 3 per cent. This means that the money held to meet policy liabilities is now calculated to be sufficient even if we were in future to earn only 23 oer cent, interest As our arosa earned rata, is oire»-s_Dex cent-

we have a very wide margin, under current conditions, for profit and for safety. The Actuary, in his Report, says:— "The above basis of calculation is the most stringent in use in Australia. In recommending it, consideration has been given to the desirability of strong reserves against contingencies of the future. So long as sources of profit remain unimpaired, the basis used makes adequate provision for the maintenance of the present high rates of bonus." With the Industrial Branch based on an interest rate of 2J per cent., we have now the most exacting basis used in Australasia for the valuation of policy liabilities in both Branches, and are thus placed in a position of exceptional strength as concerns the future, especially in association with the very conservative appraisal made of the securities in which our funds are invested. Life Assurance continues to widen its area of usefulness, largely for the reason that it has proved to be the one sure thing that stood unharmed, when other financial plans and activities were feeling the effects of storm and stress. The Company meets, with varied applications of the principles of Life Assurance, the needs of each situation as it develops. Your directors have under consideration the establishment of a Staff Welfare Fund. The Superannuation Fund has been established on a satisfactory basis, - but there are, times when, through sickness, financial aid would afford needed relief, and to this end a "welfare fund" would be of substantial assistance. ' The history of the Company's first fifty years is in the printer's hands, and will shortly be published. This is probably the last annual meeting in the present building. Temporary .provision is being made for the accommodation of the business elsewhere. The work of dismantling has begun, and in a few months this building will have been demolished. Its place will be taken by a structure having frontages of 75 feet to Martin place, and 124 feet to Castlereagh street, erected in accordance with the plans that were awarded first prize in the recent architectural competition. The new building will be an ornament to the city, and a muchneeded convenience for the transaction of the Company's business. It will also provide lor letting purposes considerable office space, which . we trust will prove a good investment for the Company's funds. This meeting must not be allowed to conclude without reference to another Jubilee which has recently been achieved. The Company came into being on 31st December, 1886, Mr Arthur M. Eedy enetred its service in March, 1887. He became General Secretary in 1899, which position he retained until July, 1927, when he succeeded to the position of Managing Director, rendered vacant by . the lamented death of Sir John Garvan. I am sure all present will join with me in congratulating Mr Eedy on the conclusion of the fiftieth year of continuous faithful and distinguished service—an achievement which falls to the lot of but few of us. The time has been thought opportune by the Board to appoint the General Secretary of the Company, Mr W. J. Bloomfield, who has worked side by side with Mr Eedy for forty-five years, to the post of Joint Managing Director. Mr A. G. Copeland, with forty-eight years' service to his credit, has been appointed to the post of, General Secretary. Mr F. Leverrier, K.C., in seconding the chairman's motion for the adoption of the Report, said:— "The field of our activities during the past few years has been very fully traversed by our chairman. There is one development, however? of our ! Dusiness which has contributed its share to the results of the year and deserves notice. "Life Assurance has variously adapted itself to the circumstances of its customers in the methods of payment of premiums, and one way of I doing this' which is meeting with an increasing demand has been provided in the formation of a Group Department by the Company, which enables | employers of labour to encourage or subsidise plans of assurance covering their employees against death or retirement or superannuation. "Monthly, fortnightly, or weekly instalments based on the wages intervals, are collected regularly by the employer out of the wages by request of the employee, and forwarded to the Company in one sum, and the Company grants what is known as a 'Group Assurance' covering the employees for individual sums as arranged. Schemes of superannuation with subsidy from the employers are also worked out in a similar way for each differing type of provision. "Experience shows that the new Department with its separate staff has given us a means of approach to a section of the community not in easy touch with our other staffs, and has produced a definite accretion to our business not otherwise attainable. The collection of premiums on this simple instalment plan is apparently much appreciated, for it enables many to make further provision for their families and themselves with convenience and advantage. "The Group Department is doing good work for the country as well as the Company, and is now an established section of our organisation." In reviewing the completion of our first fifty years, it is worth while recalling that our very vigorous Company is the youngest of the large Australian Life Assurance Institutions. Its career began after the older Offices had held the field for considerable periods before it. ' Therefore, it is interesting to note the figures representing the total assets of the five largest Offices at the end of the first 50 years of their existence. Total Assets at End of 50 Years. £ The M.L.C 25,168,845 Office "A" .. .. 15,600,300 Office "B" .. .. 13,358,398 Office "C .. .. 10,354,583 Office "D" .. .. 8,061,155 A vote of thanks to the Directors, Trustees, and Staff was proposed by Mr Sydney Evans, supported by Dr. Lucy Gullett, and carried with acclamation. A vote of thanks to the Chairman, proposed by Dr. A. E. Mills, terminated the proceedings. —1 THE METALS MARKET

PRICE OF SILVER (BBITISH OFFICIAL WIHELES3.) RUGBY, April 29. Silver is quoted at 20§d an ounce for spot, and 20 7-16 d for forward.

LONDON PRODUCE MARKET

LONDON, April 29. The butter market is quiet Danish—ll2s to 114 s. Choicest salted—Australian, 107 s to 108 s; New Zealand, 108 s to 109 s. Unsalted—Australian, 109 s, New Zealand, 110 s. The cheese market is firm. New Zealand —White and coloured, 70s to 70s 6d. Australian—g9fl to 69s e& , t

Quotations are: — Last Last April year. week. 29. Merinos — d. d. d70's . 34£ 41 41 : , 64's . 32J 39 39 60's ... 32 37J 37J Crossbreds— 58's . '27 34 34 56'3 . 21 32 32 50's . 16 J 27 27 46's . 14 •24J •24J '•■■■■ 44's . 13 •24 ♦24 , *Nominal quotations.

N.Z. Government Debentures Buyers Sellers. £ ,s. d. £ s. a. 31 p.c. Ins., 15/3/39-43 and 15/9/39-43 101 10 0 "~ 34 p.c. Ins., 1939-52 .. 101 10 0 "■— 3i p.c. Ins., 1941 4 pTc. Ins., 1943-46 .. 101 10 0 - — 102 17 6 — 4 p.c. Ins., 1946-49 102 15 0 — 4 p.c. Ins., 1952-55 104 0 0 104 5 0 4 p.c. Bonds, 1946 103 0 0 — 4 p.c. Bonds, 1949 102 17 6 — 4 p.c. Bonds, 1955 104 5 0 — Rural Bonds, 5 p.c, 15/9/47 101 0 0 — 31 p.c. Ins., 15/1/53-57 98 12 6 ~~ Other Debentures Ch.Ch. Drain. Board, 4| p.c, 30/6/64 .. —• 107 0 0 Wanganui Harb., 41 p.C, 1/4/64 — 105 0 u | Springs Ellesmere, 41 p.c, 1/12/37 . —— 102 0 0 Booth, Macdonald, 5 p.c, 1/6/47 — 79 0 0 N.Z. Refrig., 41 p.c. 1940-45 101 17 6 103 0 0 Quill, Morris, 4 p.c, 1946 80 0 0 — Insurance Mercantile Mutual (16s paid) 1 10 0 — Loan and Agency Ch.Ch. Bldg. Soc. (£10) 14 10 0 — Natl. Mortgage "A N.Z. Guar. Corpn. (3s) 0 4 9 2 15 0 5 0 0 N.Z. Guar. Corpn. (new) r ■• 0 4 8 0 4 11 N.Z. Loan and Merc (ord., £100) -- 49 O o so o 0 Permanent Invest. (£10] — 10 0 0 Wright. Stephenson (£1) 1 0 0 ~— Wright, Stephenson(pref., £1) 1 0 1 ■ ** Frozen Meat Canterbury (£7 10s pd.) 9 5 0 — Canterbury (pref., £5) 6 8 0 - " North Canty. Freezing (£3 paid) 1 11' 6 ■"■ Woollens Kalapol (17s paid) .. 0 14 3 — 6 0 Kalapol (7s paid) .. Manawatu (£1) • •' 0 5 3 0 5 1 18 Mosglel (cum div., £4) • — 10 8 1 0 0 0 Oamaru (£1) "" Coal Stockton (10s) * •• Stockton (pref., 10s) 0 2 6 0 4 10 0 2 0 5 9 3 Breweries Dunedin (cum dlv., £1 1 7 6 1 11 0 Miscellaneous Amalg. Wireless (con., 14s paid •• Anthony Hordern (£1) 2 6 1 0 6 0 2 9 1 0 0 3 Aust. Iron and Steel 9 1 6 7 (pref., £1) „, s " Beath and Co. (Is pd.) 1 5 0 2 6 Broken Hill (con., cum dlv.) . , „_. •• Consolid. Brick (£1) ... .3 12 0 7 6 9 3 12 0 9 9 0 Dominion Builders Supplies (10s)■ . •• Gen. Industries (12s 6d) 0 3 11 10 1 0 5 1 0 5 5 0 5 9 0 G. J. Coles.(£1) 5 5 o Howard Smith (£1) •> — 1 3 Hume Pipe (Aust.), (£1) _ 0 19 11 Leyland O'Brien Tim1 2 o ber (£1) ■; — Mason, Struthers . (£1 paid) Morts Dock (£1) .. 0 14 0 12 9 9 0 13 0 Permewari Wright (£1) . NaU. Elec (£1) 1 9 0 13 0 6 0 14 6 N.Z. Farmers' Co-op. ' (£2 10s paid) — 1 0 0 N.Z. Farmers' Co-op. (10s paid) .. — 0 0 5 N.Z. farmers' Co-op. (A pref., £4) .. "2 0 0 '— N.Z. Farmers' Co-op. (41 p.c Stock, 1940, £100) 91 10 0 93 10 0 N.Z. Farmers' Co-op. (4J p.c. Stock, 1944, . £100) ' , •• — 93 0 0 N.Z. Farmers* Co-op. ' (41 p.c. Stock, 1945, £100) .. — 92 15 0 N.Z. Farmers' Co-op. * (41 p.c Stock, 1939, £100) . — 92 0 0 ■ — N.Z. Paper Mills (cum div.. £1) 1 6 0 17 9 North. Roller Mill. (£1) — 1 4 0 Quill. Morris (1936) (£1) ■■■••, __ 0 18 0 Taranakl Oil. (24s Idf 0 3 10 0 4 3 Simpson and Williams (£1)■■■',■ _ 1 15 0 Victoria Nyanza (£1) — 0 18 0 Wilcox, Mofflin (lis) .. 0 13 10 0 14 0 Woolworths: (N.Z.) (ord., £1) .. 7 16 0 7 19 6 Woolworths. (N.Z.) /Tpref., £1) .. .. 1 18 0 _ Woolworths (Sydney) (1st pref., £1) 1 18 0 — Woolworths Sydney) i (2nd pref., £1) 1 7 6 *« Waldas Shoes (£ 1) 11 3 — Shillings, Ltd. (£1) .. 0 17 0 0 17 6 ■"■-'. Mining Alexander (£1) __ 0 16 9 Alexander (15s pd.) .. 0 13 0 0 16 9 Argo (Is) ■■..'■ 0 1 11 0 2 0 Barrytown (£1) .. — 1 14 6 Gillespie's Beach (Is) 0 1 51 0 1, 61 Golden Sands (Is) .. 0 1 9 ' 0 2 6 Maerewhenua (Is) .. — 0 0 1 Maori Gully (Is) .. 0 0 . 5 0 0 6 Moonlight Gold (Is) .. ,;.— 0 0 6 Moonlight Gold (ven.) ■ " • — '. 0 0 6 Mossy Creek .. 0 0 10 0 1 01 Nemona (cum div., Is) 0 1 »: 0 1 8 Nokomai (5s) — ' 0 2 3 Okarito (5s) .. ... — 0 3 4 Skippers (Is) 0 0 n 0 0 22 Waimumu Sluic. (Is) 0 0 111 0 1 01 Waltahu (5s) ' .. ' — 0 1 2 | Worksop Extend. (Is) Oil 5 -—

1 Return Approx. W on Am't. i market (ij DiV. Investpaid Approx. price • payment at a market a year able. approx. Companies. sh'e. Buyers. Sellers. 1 price. ago O 0*5 market price. ■< ... d. *„. d. £s. c £ s. d. & s.d. BanksAustralasia 5 12 15 0 12 0 0 8 Feb.-Aug. 3 2 8 Comm. of Aust. 10s 0 19 5 0 19 7 0 19 6 1 0 1 5 5-6 Oct.-Mch. 2 19 9 •Comm. of Aust. (pref.) 10 9 8 D 9 10 0 9 8 6 9 7 6 4 Oct.-Mch. 4 4 10 Com. of Sydney E., S., and A. .. 12} 3 6 11 0 22 7 C6 10 6 0 20 2 6 4 6 0 6 5 Jan.-July Nov.-May 3 7 0 2 6 1 Natl, of A'asia. 10 — ~ — 15 17 6 15 2 6 51 Nov.-May 3 12 5 Natl, of A'asia. r (con.) 5 7 15 0 7 16 6 7 16 0 7 9 0 53 Nov.-May 3 13 8 Natl, of N.Z. .. 21 3 2 9 3 4 9 3 3 3 3 15 0 4 Jan.-July 3 3 2 New Zealand .. 1 2 3 11 2 4 4 2 4 0 2 5 9 10 Jan.-July 4 10 10 N.S.W. 20 37 0 0 37 15 0 37 12 6 33 7 6 51 Jan.-July 2 15 9 Union 5 U 5 0 11 9 0 11 7 0 9 16 0 51 Jan.-July 2 8 5 InsuranceNational .. 7s _ 0 18 0 0 17 7 0 19 0 10 5-7| May-Nov. 4 5 3 New Zealand .. 1 __ 3 1 3 3 1 6 10 Feb.-Aug. 3 5 3 South British .. 1 ■ _ 4 13 3 4 13 0 4 11 6 2/8 Apl.-Oct. 2 17 4 Standard 1 2 17 0 —. 2 18 0 3 3 6 . 12J Mch.-Sep. 4 6 2 Loan and Agency— . Dalgety and Co. 5 11 1 0 11 1 6 H 1 0 9 5 0 6 May-Nov. 2 14 3 Goldsbrough, M. • 1 1 18 0 1 18 5 1 18 3 1 11 8 7 Dec-June 3 13 2 United Building 1 0 19 10 — 1 0 3 1 0 6 5 Oct.-Apl. 4 18 9 Frozen MeatGear 10s ■ _ 0 17 0 1 0 6 71 July-Oct. 4 8 2 N.Z. Refrig. .. 1 0 19 3 0 19 5 0 19 1 0 0 54 Feb. 5 13 9 N.Z. Refrig. con. 10s 0 8 10 j 0 9 0 0 8 111 0 9 6 5J Feb. 6 3 4 Gas— Auckland 1 _ _ 1 1 3 1 6 3 51 July-Feb. 5 3 6 Auckland (con.) 15s ■ _ __ 0 15 0 0 19 0 51 July-Feb.. 5 10 0 Christchurch .. 1 1 6 6 1 8 0 1 7 6 1 13 6 7 Aug.-Feb. 5 19 Ch.Ch. (con.) .. 10s 0 13 0 0 17 6 8 Aug.-Feb. 5 7 8 Wellington 1 — — 1 17 0 2 0 0 8 Aug.-Feb. 4 6 5 Shipping— Huddart-Parker 1 __ _ 1 18 0 1 17 6 71 May-Dec. I 3 18 11 P. and O. Def. 1 __ _ — 1 4 3 4 May-Dec. , T = Union (pref.) .. 1 1 6 9 — 1 7 0 1 7 0 51 May-Dec. 4 15 Coal— . , Taupiri " .. 1 „„, Ml 0 17 0 0 17 3 5 Nov.-May 5 17 8 Westport .. 10s — 1 3 9 1 3 6 1 2 9 10 May-Nov. 4 5 1 Breweries- '•„. . Carl ton .. 1 _ __ 3 6 6 2 12 0 12 Oct.-Mch. 3 12 2 New Zealand .. 1 2 19 6 2 19 10 2 19 6 2 12 0 71 Jan.-July 2 10 5 Staples 1 1 15 9 1 15 0 1 14 0 5 Aug.-Feb. 2 17 1 Tooheys 16s _ — 1 12 0 8 Mch.-Sep. — Tooths 1 2 17 6 2 17 11 2 17 9 2 13 0 10 May-Nov. 3 9 3 Miscellaneous— Aust. Glass 1 4 6 0 4 9 0 4 8 0 4 6 0 15 Dec-June 3 8 2 Beath and Co. t 1 2 9 1 2 6 1 7 0 5 Mch.-Sep. 4 8 10 British Tobacco 1 2 ~6 9 2 9 6 2 8 9 2 0 0 7 March 2 17 5 Broken Hill Pty. 1 3 19 4 4 0 0 4 0 0 3 0 6 121 Nov.-May 3 2 6 •Burns, Philp .. 1 3 13 3 3 9 0 10 Nov.-May 2,14 7 Colonial Sugar 20 45 2 6 45 7 6 45 5 0 41 12 6 61 Nov.-May 2 15 2 Dom. fertiliser 1 1 4 0 1 5 6 41 June " 3 15 0 Dunlop Rubber 1 1 0 9 1 1 0 1 1 0 0 15 9 5 Apl.-Oct. 4 15 2 Elec. Zinc (ord.) 1 2 16 9 2 17 0 2 17 0 1 17 6 10 Mch.-Sep. 3 10 2 Elec. Zinc (pf.) 1 2 17 3 2 17 6 2 17 6 2- 0 0 10 Mch.-Sep. 3 9 6 Henry Jones .. 1 2 6 0 2 1 0 10 June-Dec. 4 6 11 Kauri Timber .. 25s 1 3 7 1~3 111 1 3 9 1 3 0 5 June-Dec. 5 5 3 N.Z Drug Co. 2 , 3 15 0 3 15 0 3 17 0 8 Sep.-Apr. 4 5 4 Mount Lyell' .. 1 2 4 9 2 5 0 2 5 0 1 4 9 10 June-Dec. 4 8 10 Farm. Fertiliser 1 1 0 0 1 1 0 1 1 0 1 0 6 51 August 5 4 9 N.Z. Newspapers 16/8 Whit, and Tombs 2i 3 0 G 2 0 6 1 18 *3 2 6 0 2 1 3 10 0 0 6 6-Nov.-May Mch.-Oct. 2 11 11 4 16 9 Wilson's Cement 10s 1 14 0 1 13 6 2 3 6 15 Nov.-June 4 9 6 Where no approximate price Is given return is worked on mid-market price. unless only one quote Is given.

Broken Hill South (5s) 2 6 6 2 7 0 Mount Morgan (2s 6d) 0 14 101 0 15 0 North Broken Hill (5s) 3 10 0 3 12 0 Rawang Tin (10s) .. 0 11 4J 0 11 6 0 6 9 Wellington Alluv. (2s) — UNLISTEO STOCKS AU transactions in Quoted In this section are subject to a different rate of brokerage from listed stocks and are not quoted on the official list." ' Buyers. Sellers. £ s. d. £ s. d. Arahura .. J •• g 14 0 — Arahura (deferred) .. 0 14 0 "■"" Assoc. Motorists Petrol (pref.) .. „ •• 1 10 0 Alloy Steel (Aust.) .. — 1 11 0 10 3 BalUns Breweries (15s paid) .. ■.■•'• ° ** x Christchurch Press... '8 0 0 0 14 5 8 15 0 Grey River (3/9 paid) 0 4 0 Kanieri •• ' •• 2 J= 2 0 4 3 Kanieri (deferred) .. 0 15 0 0 5 9 0 0 8 Koroere .. • • — . New River .. ..' 0 0 74 N.Z. perpetual Forests (4s paid) .. .. Oil 0 E g Re e e r ce. Ltd! (pref.) 0 2 3 0~6 9 Selfridges (A/asla) (new. cum div,) .. — Selfridges (N.ZJ (£1 paid) .. • • 1, 0 0 Were's Invest. Trust .. 0 6 4 1 15 6 10 0 0 6 5 Westland Breweries (£1 paid) .. — 1 19 0 Woolworths (Sydney) (ord.) .. ..726 Woolworths (W.A.) .. — 7 4 3 6 18 6 Woolworths (Sydney) . (rights) .. .. 4 12 6 4 12 9 AUCKLAND Sales on 'Change £ S. d. NZ. Government Stock, 3J p.c. 1939-52 .. •• m L02 0 0 N.Z. Government Stock, 4 p.c. 1952-55 104 0 0 Commercial Bank of Australia 0 19 7 Bank of New Zealand .. (2) 2 4 0 National Insurance ..'• . 0 17 7 New Zealand Insurance 3 1.6 South British '.. 4 13 9 Abraham and Williams (pf., ex div.) .. 4 10 0 Westport-Stockton (pref.) 0 5 0 Auckland Gas (contr.) 0 14 11 Kaiapoi Wool (paid) .. 0 14 0 Dominion Breweries .. . • 2 3 0 Australian Iron and Steel (pref.) 16 6 Broken Hill Pty. .. 4 0 0 Broken Hill Pty. (cont.) 3 12 9 Dunlop Perdriau -■- ...~ (2). 110 Electrolytic Zinc 2 17 0 •Electrolytic Zinc (pref.) 2 17 9 G. J. Coles 5 5 0 Farmers' Trading 116 Taranakl Oil 0 3 10 Martha .... 0 19 0 Mount Lyell 2 4 6 2 4 5 Mount Morgan • .. •• 0 15 0 Unlisted Stock Woolworths (Sydney) .. .. 7 5 0 Woolworths (Sydney) (rights) 4 14 0 WELLINGTON s Sales on 'Change £ s. d. N.Z. Government 4 per cent. Stock, 1955 ... (2) 104 z o Goldsbrough, Mort (2) 1 18 5 N.Z. Guarantee Corp. (3) 0 4 9 Kauri Timber .. ..; 1 3 9 Broken Hill Pty. (contr.) 3 12 9 3 13 0 Broken Hill Pty. 4 0 U 3 19 9 4 0 3 Claude Neon (Sydney) .. G. J. < Coles 1 2 13 9 5 5 9 Mount Morgan 0 15 0 Unofficial List Selfridges (A/asia) (old) 1 14 9 DUNEDIN t '. Sales on 'Change £ s. d. Broken Hill South .. 2 6 0 Electrolytic Zinc (pref.) 2 17 0 Mount Lyell .. 2 4 9 National Insurance (late Thurs.) 0 17 7 Bank of New Zealand .. .. 2 4 2 Anthony Hordern .. .. 10 0 Dunediri Brewery ..■■■■ 1 8 0 (All late Thursday) Queensland National Bank (cum div.) •. 5 14 0 Electrolytic Zinc <pref.) 2 17 1 Mount Morgan .. 0 15 0 MELBOURNE The Melbourne share market was fairly quiet yesterday, but generally steadier, with a tendency to improve. G. J. Coles shares were in better demand, and 'the selling pressure was withdrawn. Sales: — £ s. d. Comm. Bank of Australia 0 19 9 Carlton Brewery .... 3 3 3 G. J. Coles . .. 5 6 0 Drug Houses ■•■•'. .. 16 9 Australian Iron and Steel (pf.) 16 6 Dunlop Perdriau .. ... 113 Dunlop Perdriau (pref.) 1 15 3 Electrolytic Zinc 2 17 6 Electrolytic. Zinc (pref.) 218 9 Mount Morgan .. 0 14 1 Mount Lyell .. 2 5 9 Melbourne Electric Stock 0 18 2 Silverton Trams •"'... 1 16 3 Broken Hill Prop. -4 19 North Broken Hill .. 3 12 .0 South Broken Hill .. 2 8 ,3 Zinc Corporation 6 8 0 Emperor. .. .. 0 16 10

LONDON, April 29. 1 • April 28 . April 29 Copper— £ s. d. £ s. d. Standard, spot 60 12 6 57 2 6 Forward — 54 6 3 Electrolytic .. 62 10 0 60 10 0 to 64 10 0 62 10 0 Wire bars .. 64 10 0 62 10 0 Lead— Spot 25 1 3 22 8 9. Forward 24 17 6 22 5 0 Spelter— , Spot 24 10 0 22 3 9 Forward 24 10 0 22 3 9 TinSpot 256 5 0 242 17 6 Forward 252 5 0 239 17 6 Silver— Fine, ijer oz. . . 20 7-16d 20gd Standard, per » oz. . 22 l-16d 22d