FINANCE AND COMMERCE

Press, Volume LXXIII, Issue 22143, 13 July 1937, Page 13

FINANCE AND COMMERCE

AftDlT OF MEMBERS’ BOOKS

BRITISH MARKETS IMPROVE

RISE IN BUTTER PRICES

DAIRY company PURCHASED

of Proprietary Factories rationalisation scheme COMPLETED A decision made by the Cam Dairy Produce Company, Ltd., at a meeting in Banglora last evening to sell Its undertaking as a going concern to the Tai Tapu and Central Co-operative 'Companies completes the outline of the ; dairy rationalisation scheme for North Canterbury. Already the proprietors of the three other smaller companies—the Kiwi Dairy Company, Ltd., the Mid-Canterbury Dairy Company, Ltd., and the Sefton Dairy Company, Ltd.— have decided to sell their factories, and from August 1 butter will be manufactured in North Canterbury only by the Central and Tai Tapu The butter manufacturing operations of the four proprietary • companies will cease as from that date, bdt the cheese manufacture carried on by the Cam Company will be continued for as long as suppliers of cheese milh desire to support it. The assumption of all manufacture by the two co-operative companies, which will work closely together, was arranged as a result of a number of conferences called by the Executive Commission of Agriculture. The arrangement was encouraged by the special legislation passed by this and the preceding Governments, and arose from the findings of the Royal Commission of 1934.

Saving Expense v The object of the North Canterbury amalgamation is the same as that for the other districts throughout New Zealand, where similar schemes have been arranged, or are being arranged: to save the unnecessary expense of

overlapping collections, which in Can, terbury alone have cost producers a large sqm annually, and competition which, In other directions, has been wasteful, prejudiced quality, and been an avoidable lost to the producer. The purchase will mean a loss immediately, but it 4e calculated that in a few years the eavjngs will have more than compeniated fop the loss. The present regulations for the sale of dairy pro* duce in ,t|je Dominion protect the consumer a| well, as the producer, and the consumjft will not be asked to pay more bmuse of the rationalisation. Its effect up. bo fo increase the returns to toe pybduoor by concentrating the manufacture of butter in two'factories instead bf six. The Arrangement will mean that there will bo a number of persons employed in the smaller factories out of work, b»t the increased work at the two largo factories will call for more hands, and employees of the smaller factories are to bo given preference. Supping will now have the option of sending their cream to one of the two largo factories. It was stated last evening, on behalf of these factories that they wore worklrig in the closest co-operation, and that although collections in dairying districts would “toe meantime be carried out indivldually. U might be necessary to consolidate the collection in non-dairy-fag districts, It was hoped ultimately "consolidate the two concerns and ♦Sr 01 ? W* full co-operative principle, ? ou ßh it was intended to maintain Jr® two factories because the arrange*9pW*d more efficient handling of »uppii»«. ijv? Mid. buildings, and plant owned proprietory concerns will

Boundaries Arranged f° r the amalgamation of Pfi.North Canterbury factories were “faututad about two months ago. The suggestion was that there should scheme for the whole of Can•““faty. but agreement on this could th» fWChedT With the passing of giving the Executive JJ®faJaalon of Agriculture power to boundaries were SSL* dividing North and South the was also agreed that shni.iji.-P ll an d Central companies In ''»“t- the smaller concerns AahwT* Canterbury, and that the s-simru company should come to arrangement in South Canof the collection and . schemes will take some out y«t. but already an vTfl™Jc*»t has been reached with the bom U mLL?? mpany it supplies bpidffa °f the Waiau railway bride! I*.. Parnassus and the new bavp fn. lth * Conway, part of which • ChrlstrtS l i!i, nu,^ er of years come to made hiSffi' -ftoe arrangement was ' it was felt to be more to t°, the supplier, and also ’ SUMW.° s l? er duality. have boSw? i l6 smaller factories new to nominate their far honn are an c f lv , ed * and the factories s toie gntw t °i n ,? w as s °on as posbe vro?ked etal t 0i the collection

Brisbane stock exchange i • decision (units . M associatk R-—coi ybioht.j (Received j u j y 12 1130 pm) •>6 commit* BRISBANE, July 12. ° f Ihe Brisbane Stock *We decided to introduce a 01 “R ttembefs ,f books. C ° ntmUOUS audit i

The British markets are distinctly more cheerful, and the Stock Exchange finished the week with strength. The majority of businessmen appear now to have overcome their fear of an immediate slump, though some difficulty in the heavy industries when the armaments expenditure is foreseen.

Wool is reported to be still very strong. Stocks are short and competition has been keen. A shortage of merino types is expected.

Butter has improved owing to an unexpected shortage. The expansion of demand has led the market to expect a narrowJpg of the margin between Danish and New Zealand.

y Licensed Freeholds, Ltd., lessees of Warner’s Hotel, report (. (Considerably improved profit for last year. Gross returns TOW by £4987 to £17,737. A 5 per cent, dividend is proposed.

COMPANY NEWS

FAT STOCK SHOW

LICENSED FREEHOLDS ACCOUNTS SUBSTANTIAL INCREASE IN PROFITS Gross profit of £17,737, an improvement of £4987 on last year, is shown in the accounts of Licensed Freeholds, Ltd., lessees of Warner’s Hotel, for the year ended May 29. Net profit is £1704, after allowing for interest on the debenture issue (£557). A 5 per cent, dividend requiring £491, and a carry forward of £1985 are recommended. The company’s present lease has seven years to run, of which two are at the present very favourable rental. An option to purchase the freehold of the hotel is held by the company, which proposes to exercise the option when the rent becomes due for an increase in two years. It is proposed at once to offer shareholders and debenture-holders £7500 worth of debentures at present held by underwriters, and to release the 10,181 £1 ordinary shares at present unallotted. The debentures of £IOO will be issued at par, and will carry interest at 6 per cent. The new share capital will be used mainly for certain improvements to the premises. In their report, the directors state: — “The gross profit for the year amounted to £17,730 19s Bd, and is an improvement over the previous year of £4980 14s. The hotel receipts for the year showed an improvement of 13.5 per cent, on last year’s trading, and 28.8 per cent, on the previous year’s trading. The net profit for the year amounted to £1704 5s lOd, after making provision for all the usual overhead expenses, including depreciation and interest on the debenture issue amounting to £357 4s 6d. “The profit and loss appropriation account is in credit £2476 2s lOd, after reducing the life insuranpe policy to the asset value to the company in the balance-sheet. Your directors recommend that this amount shall be appropriated as follows; £ s. d. The payment of a dividend of 5 per cent, for the year .. .. 490 19 0 To be carried, forward .. 1,985 3 10 £2.476 2 10 "Liabilities, apart from debenture issue, are £7042 16s Id, and mature on such dates as not to render them irksome, whilst cash at bank and on hand, sundry debtors, and stocks amount to £5349 2s 2d. "It must be pointed out, however, that a balance of £7500 is still owing to a Christchurch firm who underwrote five-sixths of the company’s debenture issue and under the underwriting agreement £4500 became due on June 30 and £3OOO becomes due on June 30, 1938. Arrangements have already been made for an extension of the date at which the above amount of £4500 falls due. “It is therefore proposed to offer the 75 debentures which represent this £7500 to shareholders and debentureholders at par, and to release the 10,181 unissued shares in order to carry out further essential improvements to the hotel and for other purposes. The retiring auditors, Mac Gibbon, Mason, and Company, offer themselves for reappointment.” LIABILITIES £ s. d. Nominal capital— „ „ 20,000 shares, £1 each .. 20.000 0 0 Less unallotted shares .. 10,181 0 0 9,819 0 0 Debenture capital secured by debenture over company’s assets -. .. 12,000 0 0 Less held as trade guarantee £ISOO, held in escrow £4OO .. • • 1.000 0 0 10.100 0 0 Add Interest accrued ■. 140 0• 0 10,240 0 0 Sundry creditors secured .. 45 16 5 Unsecured, current, and deterred . ■ .. .. 6,990 19 8 7,042 16 1 Reserve account .. .. 61 9 6 Profit and loss appropriation account .. .. .. 2,475 12 10 £29,638 18 5 ASSETS £ s. d. Furniture and fittings at cost, less depreciation .. .. 12,870 7 11 Motor delivery van at cost, less depreciation .. .. 282 12 0 Life policy, estimated surrender value .. . - 146 0 0 Stocks on hand of wines and spirits, etc. .. .. 1,693 5 10 Sundry debtors .. •. 564 0 8 Debenture redemption fund on deposit at Post Office Savings Bank .. .. 375 0 0 Cash at bank and on hand .. 2,716 15 10 Improvements at Warners at cost £5241 7s 2d. establishment and preliminary expenses £SOOO, reorganisation expenses at cost £749 9s .. 10,990 16 2 £29,638 18 5

ENTRIES NOW BEING RECEIVED Seme entries of cattle for the fat stock show to be held at the national double market at Addington during August have already been received. The show is being conducted by the Canterbury Agricultural and Pastoral Association, and the secretary, Mr M. E. Lyons, said yesterday that some entries had been already received. He mentioned that the Canterbury Master Butchers’ Association had promised a cup for the best pen of three steers, three years or under.

Expected

MARKETS MORE CHEERFUL

New Depression Not

WOOL POSITION STRONG (UNITED PRESS ASSOCIATION —COPYRIGHT.) LONDON, July 11. Mr Chamberlain’s optimistic review of the trade position and outlook caused stock markets to finish the week with gratifying cheerfulness. The majority of city businessmen consider that the Prime Minister’s confidence that an early slump would be impossible is justified. A few remain unconverted, while others point out that while a general depression is most improbable, a localised crisis in heavy industries will be ines'itable when the huge additional rearmament plant is no longer needed, unless careful and elaborate plans are made far ahead.

Competition for Wool The wool sales again emphasised the strength of the raw material. Comb'ing merinos are wanted, but they are still scarce and some traders expect a definite shortage. Bradford stocks of this, and indeed of all types of wools, are low. Competition at the sales has been fairly general. A temporary shortage of butter created an unexpected demand, but traders do not anticipate any further rapid improvement. Substantial arrivals of Russian butter can now be expected. Some traders, in commenting on the improvement in consumption of Empire butter, expect Dominion and Danish to run closer together than previously. . The fruit season is closing with gratifying strength. Such considerable rises at the end of the season are unknown in the history of the trade. Meat Moderately Firm Meat remained moderately firm, despite a decline in consumption. Arrivals of chilled beef,' unhappily, have been irregular, resulting in a glut in some weeks and scarcity in others. Some shipments were in bad condition and considerable quantities were condemned as unfit for consumption. The Japanese Economic Mission and the Federation of British Industries discussed restrictions on Japanese goods in Empire markets, the Japanese alleging unfair discrimination in quotas imposed on rayon annd cotton textiles. The British delegates pointed out that restrictions in some cases were the result of independent action by the Dominion Governments, yet despite the restrictions Japanese exports generally continued to grow. BRITISH NOTE CIRCULATION Recent Bank of England returns have been of more than usual interest since they have disclosed an expansion in the note circulation to limits never before reached, says “The Times” trade and engineering supplement for June. Thus the return for the week ended May 19, showed a total of £481,433.000, which, for the first time exceeded the highest figure reached by the combined figure of the Bank of England and the Treasury note circulation, which was £480,600,000 on December 22, 1920. The Treasury note circulation, which replaced the sovereigns previously in circulation, was a result of the War, and the two issues were merged in 1928. The attainment of such a high figure of the circulation is the outcome of the trade recovery and the combined effect of the Coronation and Whitsuntide holiday currency requirements. Had it not beep for further purchases of gold by the bank—presumably from the Exchange Equalisation Fund—to the amount of £7,599,442, the proportion of the bank’s reserve to its public liabilities would have fallen to very low levels. These purchases of gold were not used to reduce the fiduciary note circulation as was the case with £60.000 000 of the record purchase of £65.000.313 made last December, and so permitted an increase in the notes in the reserve. With' the latest addition the bank’s holding of coin and bullion also reaches a record figure, namely £322.149,000.

DOLLAR MARKET RATES The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday, on a New Zealand currency basis. They are subject to alteration without notice:— U.S.A. Canada. (Per £1 N.Z.) c. „ Dol - Dol- - T.T. .. .. 3.971 3.98 7-16 O.D. .. .. 3.98 . 3.98J Buying— T.T. .. .. 4.013-16 4.01s O.D. .. .. 4.02 3-16 4.034 PRICE OF SILVER (BBITISD OFFICIAL WIEFLB39.I RUGBY, July 10. Spot silver is quoted at 20 3-16 d a fine ounce, and forward at 201 d.

INVESTMENT MARKET QUIET

PRICE MOVEMENTS IRREGULAR

DEALINGS COMPLETED LISTED STOCKS Sales on ’Change £ s. d. 150 N.Z. Guarantee Corp. 0 411 700 N.Z. Refrig. (10s pd.) (2) 0 810 100 British Tobacco .. 2 9 2 250 Broken Hill Propty. 4 2 6 (2) 4 2 9 650 Dunlop Rubber .. 12 7 (3) 1 2 8 . 1 2 10 J • 50 Electro. Zinc (ord.. | cum div.) .. 218 6 1 450 Electro. Zinc (pref., cum div.) (6) 219 0 150 G. J. Coles ■. 5 7 0 (2) 5 6 9 ; 200 Big River ... 0 1 61 2000 Maerewhenua * (2) 0 0 01 . 100 Broken Hill South .. 2 8 9 2 8 11 ‘ 400 Mount Lyell (4) 2 2 7 L Sales Reported ; 50 Bank of N.Z. .. 2 4 3 ’ 50 N.Z. Breweries •• 211 6 50 Broken Kill Propty. 4 2 9 75 G. J. Coles .. 5 7 0 :5 6 6 f 100 Macduffs (pref.) .. 15 4 i UNLISTED STOCKS Sales on ’Change 400 Grey River (5s paid) ; (2) 0 5 3 50 McKenzie’s Department Stores •• 3 19 3 ■ 25 Woolworths (Syd.), ord. .. 6 17 6 Sale Reported 50 McKenzie’s Department Stores • • 319 o Banking Commercial Bank of Australia were fractionally weaker, with sellers at 18s 9d. Bank of New Zealand were fractionally firmer, with buyers and business at 44s 3d. sellers at 44s 4d. Sellers of E., S., and A, Bank reduced their limits to £6 Is 6d, buyers firm at £6. Buyers of South British Insurance raised their bids to 96s 9d without attracting sellers. New Zealand Guarantee Corporation were firm, with sellers and business at 4s lid. New Zealand Refrigerating, 10s paid, remained unaltered, with buyers and dealings at 8s lOd. New Zealand Breweries were fractionally weaker at 51s 6d. buyers staying in at that price, sellers at 51s 9d. Miscellaneous British Tobacco were fractionally weaker at 49s 2d. Broken Hill Proprietary recovered to 82s 6d and 82s 9d, sellers staying in at the higher price, buyers at 82s 3d. Dunlop Rubber were firmer, with dealings at 2„s 7d, 22s 8d and 22s lOd, and further buyers at the highest price. Electrolytic Zinc, ordinary, were easier, with sellers and business at 58s 6d, buyers at 57s 6d—the preference relapsed to 59s 6d and 595. and more were offered at the lower price. G. J.. Coles showed little variation at prices ranging ixom £5 6s 6d to £5 7s. market closing £5 6s 6d buyers, £5 6s 9d sellers Macduffs, preference, were fractionally weaker at 25s 4d, Wilcox MofTUn were firmer on buyers’ offers. 13s 9d. Mining Big River were steady at Is 6id. Maerewhenua remained unaltered at id. Broken Hill South moved up to 48s 9d and 48s lid. Mount Lyells advanced to 42s 7d, buyers staying in at that price, sellers at 42s Bd. Unlisted Stocks Grey River, 5s paid, were firm at 5s 3d. McKenzie’s Department Stores were firmer at 79s 6d and 79s 3d, and these were sellers’ and buyers' closing quotations respectively. Woolworths. Ltd., were weaker, with sellers and business at £6 17s 6d. LATEST QUOTATIONS

THE STOCK EXCHANGES

The investment market on the Christchurch Stock Exchange yesterday was quiet and turnover was restricted. Price movements were irregular.

CRUTCHINGS SELL WELL

GOOD PRICES MADE AT AUCKLAND

WIDESPREAD COMPETITION

tPBBSS ASSOCIATION TELEGBAM.) AUCKLAND, July 12, Highly satisfactory prices for crutchings were realised at the annual sale of v/00l oddments held in Auckland today. Although the offering was practically double that of last year, there were few lots passed, and keen competition lifted values to a level fully 60 per cent, in advance of the rates ruling for crutchings at the winter sale last year. There was a full buyers representing most of the woolpurchasing countries. . , The catalogue comprised almost Jouu bales, mostly crutchings, but with a few odd lots of fleece wools. The entry ranged from good crutchings to inferior, and a great number of bales was affected by seed. The colour and condition were inclined to be heavy and dull. Most of the fleece wool was shabby and stale. . , ; 'The bulk of the offering changed i hands at prices about on a par wun those ruling at the last oddments sale in Napier. American and Bradford buyers operated mainly, with strong competition for the finer fleece wools coming from the Continent. Local mills operated fairly actively. Prices for crutchings were as follows (last year’s rates being given m parenthesis): —Best, 13£ d to 14Jd per ib (B£d to 9id); medium to good, lUsa to 13d (7£d to 8|d); inferior and seedy, 9£d to 10id (sid to 7d). The clearance was estimated to ne about 92 per cent., which is considered satisfactory, as the offering was much larger than usual. . Crutchings are used largely in the carpet trade, and the market for carpet wools is firm at present. The interest shown by the United States is accounted for partly by the fact that carpet wools are admitted duty free. Buyers obviously did not only have orders for crutchings, for the few fleece wools offered met with a keen inquiry. However, this can scarcely be taken as giving an indication of prospects for the new season's wool, as there was not sufficient offered to test the market.

SHEEP-BREEDING IN KOREA

CLIMATE SIMILAR TO NEW ZEALAND’S

INVESTIGATION BY JAPANESE OFFICIAL (PBEBS association teligeam.) AUCKLAND, July 12. The possibilities of breeding New Zealand sheep in Korea are to be investigated by Mr K. Sakamaki, an officer of the Japanese Government, who arrived from Sydney by the Niagara. He will spend about two weeks in the Dominion, studying different breeds of sheep to determine whether they are suitable for Korean conditions.

Mr Sakamaki, who is attached to the Bureau of Industry in Korea has only a slight knowledge of English, and therefore was unable to give muen information about his mission. He said however, that climatic conditions in Korea were similar to those in New Zealand, and it was hoped that sheep could be reared there suecessfully. Mr Sakamaki will return to Japan on the Brisbane Maru, which sails from Lyttelton on July 24. The vessel will take some hundreds of stud sheep purchased by Japan. Six Japanese have been specially selected to care for the stock in transit.

MINING

MATAKI (FEXSS ASSOCIATION TXLEOEAU.) AUCKLAND. July 12. The Mataki return for the week ended July 11 was 22 ounces for 123 hours’ work, and 7200 yards. MINING HOUSE CONCESSIONS

The Mining House Concessions, Ltd., report that for June the gold produced from Adams area amounted to 14oz 9dwt, value approximately £lO5. The mine expenditure, including the mine manager’s salary, amounted to £57 2s 2d. Owing to the heavy frosts, production had to be stopped towards the end

MELBOURNE

On the Melbourne Stock Exchange bonds and Industrials were quiet. Electrolytic Zincs were easier on profit taking, and Barriers and Mount Lyells were firmer.

Sales: ~ £ s. d. Comm. Bank of Australia .. 0 18 II National Bank (£5 paid) .. 7 10 0 National Bank (£lO paid) .. 15 3 0 G. J. Coles .. •• 5 8 0 Drug Houses . - • ■ 1 bo Australian Glass .. • > 4 13 0 Dunlop-Perdriau .. •• 13 5 Goldsbrough. Mort .. .. 1 15 Ja Cox Bros. .. •• 9 13 9 Felt and Textiles .. •• 1 18 3 Electrolytic Zinc .. •. 2 18 6 Electrolytic Zinc (pref.) .. 2 19 o Mount Morgan .. - • 0 13 4 Mount Lyell .. •• 2 3 9 Broken Hill Prop. .. • • * 3 » North Broken Hill . • *• 3 16 9 South Broken Hill .. •• 2 9 6 Emperor Gold ♦. • • JJ J ■* 10 Loloma .. . • • • 0 19 10

of June, and the boxes could not be washed up until' yesterday. The latest information from the mine indicates warmer weather, and it is hoped to recommence production, but the water supply is still very low. It is therefore not likely that a wash-up will take place this month.

MATAKI JUNCTION

The Mataki Junction gold return for the week ended July 8 was 41oz sdwt sgr for 130 hours, and 24,000 yards dredged. The return for the two weeks’ period ended July 1 was 620z 2dwt 4gr for 251 hours and 46,000 yards dredged. Working costs were £524. OKARITO The Okarito return is 350z 13dwt for 121 hours. GOLDFIELDS DREDGING The Goldfields Dredging return is 17oz 2dwt.

FOREIGN EXCHANGES (BRITISH OFFICIAL WIRELESS.) RUGBY, July 10. • Par. Puly 0. July 10. Paris, fr. to £1 124.21 128 3-64 128 3-16 New York, dol. to £1 4.866 4.95 13-16 4.954 Montreal, dol. to £1 4.866 4.96? 4.984 Brussels. belgas to £1 35 29.44? 29.454 Geneva, fr. to £1 25.2215 21.652 21.652 Amsterdam, fl. to £1 12.107 9.012 9.012 Milan, lire to £1 92.45 94 3-16 94 3-16 Berlin, reichmarken to £1 30.43 12.332 12.34 Copenhagen, kr. to £1 18.159 22.40 22.40 Stockholm, kr. to £ X 18.159 19.391 19.391 Oslo, kr. to £1 18.159 19.90 19.90 Vienna, schgs to £1 34.585 261 261 Prague. kr. to £X 164.25 142 1421 Helsingfors, marks to £1 192.23 2264 2264 Madrid, pesetas to £1 25.2219 — Lisbon, escudos to £ I 110 110 3-16 110 3-16 Athens, drach to £1 375 547J 5471 Bucharest, lei to £1 843.5 670 670 Belgrade, dinars 276.3 216 216 Rio de Janeiro, pence to milreis 4.899 44 44 Buenos Aires, pence to dol. 51 Montevideo, pence to dol. « 394 394 Bombay, pence to rupee 18 184 184 Shanghai. pence to yen * 14 11-32 14 11-32 Hong Kong, pence to yen 14 11-16 14 11-16 Yokohama, pence to yen * 13 31-32 13 31-32 Batavia, guilders 12.107 9.00 9.00 Warsaw, par zlotys to £ 1 43.36 — , ♦Determined by price of silver.

N.Z. Govt. Debentures Buyers. Sellers. £ 5. d. £ s. d. 3i p.e. Ins., 1938*52 .. 102 0 0 — 34 p.c. Bonds, 1952-57 — 101 0 0 34 p.C. Ins., 1953-57 .. 99 17 6 — 4 p.c. Ins., 1943-46 104 0 0 ■— 4 p.c. Ins., 1946-49 — 104 15 0 4 p.c. Ins., 1952-55 104 0 0 — 32 p.c. Iris., 1941 100 10 0 1C2 0 0 4 p.c. Bonds, 1946 104 7 6 — 4 p.c. Bonds, 1949 104 0 0 — 4 p.c. Bonds, 1955 104 5 0 — Rural Bonds, 5 p.c., 15/9/47 102 10 0 — 3 p.c. Ins., 1939-41 97 10 0 — Other Debentures Kaikoura County, 34 p.c., 30/11/60 — 101 0 0 N.Z. Refrig., 42 p.c., 1940-45 103 0 0 — Banks Adelaide (£5) 6 0 0 6 7 6 Australasia (£5) — 12 17 6 Comm, of Aust. (cum div., 10s) 0 18 6 0 18 9 Comm, of Aust. (pref.. cum div., £10) 9 7 0 — E„ S., and A. (£3) .. 6 0 0 6 1 6 Comm, of Sydney (£12 10s) .. — 21 16 0 National of A’asia. (£10 paid) — 15 0 0 National of A’asia. (£5 paid) 7 5 6 7 8 6 National of N.Z. (£2 10s) — 3 2 6 New South Wales (£20) 35 0 0 — New Zealand (£1) 2 4 3 2 4 4 N.Z. (mort. shares. £1) 1 7 6 — Union (cum div., £5) .. 10 13 0 10 15 6 Insurance Merc. Mutual (16s pd.) — 1 11 3 National (7s paid) — 0 18 3 New Zealand (£1) 3 5 6 — South British (£1) 4 16 9 — Loan and Agency Ch.Ch. Building (£10) — 15 0 0 Dalgety and Co. (£5) .. — 10 14 0 Goldsbrough, Mort (£1) 1 14 8 1 14 10 Mutual Benefit (£10) .. — 14 0 0 National Mort. A (£2) — 2 11 0 N.Z. Guar. Corpn. (3s) 0 4 10 0 4 11 Permanent Invest. (£1) 9 12 6 — Wright, Stephenson (£1) 1 2 0 — Wright, , Stephenson (pref., £1) — 1 2 6 Elder, Smith (£6 pd.) — 9 0 0 Shipping Huddart-Parker (£1) .. 1 19 0 P. and O. Deferred Stock (£1) ,. 2 0 0 Union (pref., £1) 1 6 0 — Frozen Meat Gear 0 16 S 0 17 0 N.Z. Refrig. (£1 paid) 0 19 0 N.Z. Refrig. (10s paid) 0 a 10 0 8 11 North Canty. Freezing » (£3 paid) 2 3 0 2 7 6 Woollens Kaiapol (17s paid) 0 13 11 0 14 1 Kaiapol (7s paid) 0 4 9 Kaiapol (pref., 17s) 0 17 3 Manawatu (£1) 1 16 0 Mosglel (£4) .. 10 2 0 10 6 0 Oamaru (£1) .. 0 19 6 Coal Westport (10s) 1 3 9 Stockton (10s) 0 2 3 0 2 5 Stockton (pref., 10s) .. 0 4 1 0 4 6 G«is Auckland (£1> 1 1 7 1 1 10 Christchurch (£1) 1 7 9 Ch.Ch. (10s paid) 0 13 0 — Breweries Dunedin (£1) .. I 8 6 New Zealand (£1) 2 ii 6 2 11 9 N.Z. (con., 10s paid) .. 1 16 0 1 16 5 Staples (£1) .. 2 11 0 2 13 0 Tooths (£1) .. 2 14 10 2 15 3 Miscellaneous Amalg. Wireless tcon.. 14s paid) 2 4 0 Anthony Hordern (£1) 0 13 10 0 19 0 Aust. Glass (£1) ■4 11 0 4 12 6 Aust. Iron and Steel (£1) 1 6 10 . Beath and Co. (£1) .. 1 1 6 Death and Co. (Is pd.) 0 1 2 0 1 8 Berlei (N.Z.) (£1) 3 4 6 Booth, Macdonald (pf„ £1) , 0 2 9 British Tobacco (£1) .. 2 8 ii 2 9 3 Broken Hill Pty. (£1) 4 3 4 2 9

Buyers. Sellers. Colonial Sugar (£20) .. £ s. d. £ s. d. 47 5 0 47 17 6 Consolidated Brick (£1) 0 8 2 0 8 9 Dunlop Rubber (£1) .. Electro. Zinc (ord., cum 1 2 10 1 3 1 div., £1) Electro. Zinc (pf., cum 2 17 6 2 IB 6 div., £1) 2 18 9 2 19 0 Evans Atlas Flour (10s) 0 19 0 — G. J. Coles (£1) 5 6 6 5 6 9 Gen. Industries (12/6) 1 0 7 10 8 Howard Smith (£1) .. Hume Pipe (Aust.) 1 1 6 12 0 (£1) 0 19 4 0 19 6 Kauri Timber (25s) .. 1 2 4 12 9 Macduff's (pref., £1) .. 1 4 0 1 5 6 Morts Dock (£1) 0 13 4 0 13 10 N.Z. Drug KZZ) N.Z. Farmers' Co-op. — 3 15 6 (£2 10s paid) N.Z. Farmers’ Co-op. — 0 16 0 (1st pref., £5) N.Z. Farmers' Co-op. 3 4 0 — (A pref., £4) N.Z. Farmers’ Co-op. — 2 3 0 (B pref., £4) N.Z. Farmers’ Co-op. (4J p.c. stock, 1D40, 2 10 £100) N.Z. Farmers’ Fert. 90 0 0 — (cum div., £1) 1 0 0 10 8 N.Z. Newspapers (10/8) 1 17 0 N.Z. Paper Mills (£1) 1 7 3 — Procera Bread (10s) — 1 3 0 Quill, Morris (1936) (£1) < 0 19 0 Shillings, Ltd. (£1) .. 0 18 3 0 19 9 Taranaki Oil. (24/7) .. 0 4 10 0 4 11 United Provisions (£1) 0 9 6 I) 9 11 Wilcox, Mofflin (11s) 0 13 9 0 13 11 Wilson’s Cement (10s) Woolworths (N.Z.) 1 0 1 10 4 lord., cum div., £1) Woolworths (N.Z.) 5 5 0 5 7 6 (pref., £1) Woolworths (Sydney) 1 17 0 (1st pref., £1) Woolworths (Sydney; 0 2 2 0 (2nd pref., £1) Woolworths (N.Z.) 1 8 (rights. £1) 4 1 6 — Otago Dally (£1) .. 2 5 Mining 0 Alexander (15s pd.) -• , 0 14 0 Argo (Is) 0 2 0 Barry town (£1) 1 4 0 16 6 Big River (Is) 0 1 6 0 18 Blackwater (£1) .. — 1 2 6 Gillespie's Beach (Is) — 0 15 Golden Dawn (5s) .. 0 1 7 0 2 6 Maerewhenua (Is) .. 0 0 04 o o o; Maori Gully (Is) — 0 0 5 Moonlight Gold. (Is) — 0 0 5 Mossy Creek (Is) •— 0 0 10 Ncmona (ex div., Is) 0 19 Nokomai 15s) — 0 2 2 Skippers (Is) 0 0 2 0 0 3 Waimumu Slide. (Is) Worksop Extended 0 0 7 0 0 84 (cum div., Is) 0 1 4 0 17 Australian Mining Mount Lyell (£1) .. Mount Morgan (ex 2 2 7 2 2 8 div., 2/6) 0 12 U 0 12 2 Broken Hill South (5s) 2 8 9 2 9 0 North Broken Hill (5s) 3 14 3 3 16 0 Rawang Tin (10s) 0 12 4 0 12 6 Sulphide Corpn. (£1) Wellington Alluvials 0 15 6 0 18 6 (2s paid) 0 6 0 UNLISTED STOCKS

All transactions in stocks quoted in this section are subject to a different rate of brokerage from listed quoted on the official stocks and list:— are not Buyers. Sellers, Assoc. Motorists Pet- £ s. d. £ s. d. rol (pref.) — X 9 6 A.P.A. Baffin's Breweries (15$ 0 12 0 — paid) 0 12 0 * Christchurch Press .. Coulls, Somerville, 8 8 0 8 13 0 Wilkie — 0 12 6 Grey River (5s pd.) 0 5 1 0 5 4 Mt. Cook Tours — 0 7 9 McKenzie’s Department 3 19 3 3 19 6 National Tobacco 2 15 6 — 8i New River — 0 0 Ngahere — 0 6 9 N.Z. Perpet. Forests. N.Z. Perpet. Forests 2 0 0 2 3 9 (4s paid) 0 15 3 0 19 10 Self ridges (A/asla) .. Selfridges (N.Z.), (£1 — 1 10 0 paid) — 0 18 0 Selfridges (con) Westland Breweries 0 7 0 (con.) Woolworths (Sydney) 0 18 0 6 (ord.) .. •• — AUCKLAND 6 17

Sales on 'Change d. £ S. Ins. Stock, 1929-33. 3i p.c. 102 10 0 Auckland Harbour Br., 1943, 44 per cent. 103 0 0 Comm. Bank of Aust. 0 18 11 0 18 9 Natl. Bank of A/asia (£10 pd.) 15 0 Q Bank of New Zealand (3 2 4 3 New Zealand Insurance 3 6 0 Dominion Invest. Banking Farmers’ Co-op., Auckland (£5 0 17 0 paid) .. (2) 4 9 0 Renown Collieries 0 11 6 Auckland Gas .. (2) 1 1 6 Dominion Breweries .. (2) 2 3 6 Colonial Sugar 47 15 0 Broken Hill Pty. 4 3 0 Electrolytic Zinc (pref.) 3 0 0 Electrolytic Zinc 2 18 3 G. J. Coles 5 7 0 Wilson’s Cement .. (2) 1 0 0 1 0 2 Martha ..... (2) 0 15 4 Unofficial List McKenzie’s 3 19 6 Rayneon (20s paid) 1 0 0 Whakatane Paper Mills 0 5 6 WELLINGTON Sales on ’Change d. £ S. Electrolytic Zinc (pref.) 3 1 0 G. J. Coles 5 7 0 5 7 0 Nokomai 0 2 0 (All above late Saturday) 10 14 Union Bank 6 Bank of New Zealand 2 4 5 Broken Hill Proprietary (2) 4 2 9 Colonial Sugar 4 17 6 Dunlop Perdriau 1 2 8 G. J. Coles 5 7 0 New Zealand Drug 3 14 6 Sandhills 0 0 1 Mount Lyell 2 2 2 Unofficial List J. R. McKenzie Department 19 Stores (late Saturday) 3 3 McKenzie’s Department Stores 3 10 3 Metiers (N.Z.), Ltd. 0 11 0 DUNEDIN Sales on ’Change d. £ s. Dunlop Perdriau Rubber (2) 1 2 8 Dalgety and Co. 10 2 6 Electrolytic Zinc (pref.) 2 19 0 SYDNEY Trading on the Sydney Stock Exchange yesterday was lighter, with no outstanding movement in values. Morning Sales £ s. d. Comm. Bank of Sydney 22 u 0 Bank of New South Wales 35 12 6 Australian Gas A 7 12 6 Associated Newspapers 1 3 0 G. J. Coles 5 7 Broken Hill Prop. 4 3 6 Electrolytic Zinc 2 19 6 Afternoon Sales Bank of New South Wales 35 12 6 Comm. Bank of Sydney 22 0 0 Colonial Sugar 43 2 6 Queensland National Bank 5 10 6 British Tobacco 2 9 9 Tooth’s Brewery 2 15 10} Toohey’s (new) .. 1 12 9 Queensland Brewery .. G. J. Coles 1 7 0 5 7 6 Dunlop-Perdrlau 1 3 6 Goldsbrough, Mort 1 15 6 Wright Heaton 8 b 0 Peters Ice 2 15 0 Taubman’s 3 10 0 Felt and Textiles 1 13 6 Woolworths (rights) 0 19 O’ Woolworths (N.Z.), buver 5 0 0 Woolworths (N.Z.), seller 5 15 0 Farmers 1 15 U Anthony Hordern 0 19 3 Mount Morgan (1 12 3 Mount Lyell 2 3 6 Electrolytic Zinc 2 19 9 North Broken Hill .. 3 16 3 Emperor Gold .. 0 14 10