FINANCE AND COMMERCE

Press, Volume LXXIII, Issue 22182, 27 August 1937, Page 13

FINANCE AND COMMERCE

EXCHANGE HOLDING HIGHER

RECORD WOOL SEASON

An advance of £232,100 in the amount of sterling exchange held is shown m the figures of the Reserve Bank OwTealand this week Advances against produce from the dairy ac;ni° W ,: mC T? ° f £I2MOO ' and other assets are S out at £6400 higher. -Notes are £146,400 less. Demand liabilities to the State have decreased by £268,900, and otWr ,W»rS towjv- by imm, but t„o EB to «i Sk tv" ,£r£

7p*i™h Z 7 , V ! UG ° f W ° ol SOld in Australia ™* New Zealand last year made by Dalgety and Company shows that the total is a record for the two countries The ZltrZ figure by itself, because of the Japan tompa" 1,17 K° n ' 1S not J reC ° rd ' bUt the New ZeJind totTl Pinfo arm,, y ,ir PreCedented JSPaneSe was to surpass all previous years.

rmJUT n T n TV.' 1 J* WhWl ** 3CCounts «* to-day, Wn rlf, ?^ er / ear ° f extraord i Progress. Dividend has STIKS? beeTordtr m 3 ~ "? *« ~'

COMPANY NEWS ( perpetual trustee

ir Am TRAVEL (N.Z.), LTD.

IMPRESSIVE INCREASE

IN BUSINESS

Extraordinary progress continues to be made by Air Travel (N.Z.), Ltd.-, operators of an air mail and passenger service on the West Coast, of which the accounts for the second full year of operation have just been released. Takings from passengers, freight, and mails have risen £2698 in the year ended June 30 to £6233, and though expenses have risen £2089 to £4558, the expansion in net profit has been enough to allow an increase in dividend from 3 per cent, to 5 per cent. The company has ordered a third machine for its fleet. The enormous increase in tne use of the service by the public is shown well in a table included in the directors' report, the amount of mail having increased by 177 per cent, and goods by 83 per cent. Passengers carried are up 82 per cent. The directors' report states:—

"The credit balance In the profit and loss account, after providing for full depreciation of the company's aeroplanes and equipment, amounts to £917 3s 2d, which, with' the balance brought forward from last year, gives a credit in the appropriation account of £1044 3s sd. The directors have dealt with this by:

"This leaves a balance of £417 16s 8d in appropriation account. Your directors recommend the payment of a dividend of 5 per cent., which will absorb £209 2s 6d and leave £2OB 14s 2d to be carried forward. "The continued increase in the company's passenger, mail and goods traffic has taxed our two Fox Moth aeroplanes severely. On this account your directors recommend the~pUrehase of a third aeroplane*, and at an extraordinary general meeting held at Hokitika on March 6, it was decided to increase the capital of the company from £3OOO to £IO,OOO- The third aeroplane, a de Havilland Dragonfly, equipped with twin engines, seating for five passengers and pilot, and complete with wireless equipment, has been ordered a/id shipped, and we expect it to arrive about September 20, 1937. In the report of 1935, your directors said that the policy of the company was to expand gradually and, judging by the figures below, shareholders should feel proud of the company. "During the year, the company's two aeroplanes and pilots have made 3000 flights, occupying 1516 hours' flying time, carried 3648 passengers, more than 22 tons of mail, and 8J tons of freight. These figures, compared with the two- previous years, show the expansion of the company's business. As 1935 was not a full year, the average a month over the throe years is taken for comparison.

„ . 1935. 1936. 1937. Hours flying .. 70 82 126 Flights .. ..151 170 250 Passengers- .. ~ 145 167 304 Mail carried (lb) .. 891 1,896 4,264 Goods carried fib) 833 841 1.587

"The enormous Increase In the amount of mail carried will be noted and this is still increasing. "In February Cook Strait Airways, «?•» commenced their service from Nelson to' Greymouth and Hokltika, linking up with our service to the glaciers. By the summer the public will find this a very convenient service. It will be possible lor passengers to travel by air from Wellington or possibly Auckland to the glaciers in one day. "Your directors regret that during the year the chairman, Mr George Trippner, resigned, owing to his taking up residence in Auckland. Mr H. C. Newman resigned from the directorate, - as he was leaving the district to take up residence in Gisborne, arid in his stead your directors appointed Mr G. H. Chapman, of Ross, who was also made chairman. Messrs P. E. L. Renton and J. C. Mercer retire from the directorate and offer themselves for re-election. Mr A. O. Wilkinsdh, B. Com., F.P.A.N.Z., the auditor, retires and is eligible for re-election. "We wish to place on record our appreciation of the help we have received from the Controller of Civil Aviation and his staff, all newspapers, Public Works Department, and the Post and Telegraph Department."

LIABILITIES Change June 30 from 1037. last year £ £ Capital paid up .. 4,687 +1,687 Palls in advance .. 105 .+lO5 Insurance reserve .. _ 800 +430 Ihcome tax reserve .. 80 +BO Creditors .. 778 +337 Profit and loss .. 418' +2Ol 6566 +3,040 ASSETS Aeroplanes .. 1,467 —456 pepo»it on Dragonfly .. 436 ~+436 Landing grounds and hangars . 321 +219 Stocks on hand -. "0 —2*B Debtors .. 369 +lB2 Investments .. 100 Fixed deposit .- 70 +7O Bank .. 3,523 +2932 Preliminary expenses .- "0 —IOO 6566 +3,040 June 30 1935 1936 1937 «. £ £ £ Passengers, freight „ and mails 1765 3535 6233 General expenses .. 200 320 560 •Repairs and „ maintenance 322 460 1313 Petrol, oil, salaries, etc. 867 1689 2685 Wvidend (per cent.) _ 3 5

BARNET GLASS RUBBER

CLAUDE NEON, LIMITED

WILCOX, MOFFLIN, LTD

STANDARD CEMENT

SHEEPSKIN SALE

PRICES DECLINE IN LOCAL

MARKET

Perpetual Trustee Company, Ltd., made a profit last year (to June 30) of £24,797, which is slightly below that of the previous year. Dividend is raised to 10 per cent, (interim 4, final 6), in place of 8 per cent, paid previously; though in 1936 there was m addition a jubilee bonus of 2J per cent. Dividend requires £20,000. To Officers' Provident Fund £2500 is allocated, and £2500 is used to write down premises account. With £4735 brought forward there is carried forward £4533. Trust and agency funds under the control of the company now amount to £51,675,485, and the directors have decided to strengthen the general reserves by transferring thereto the amount of £IO,OOO hitherto standing at credit of the Officers' Fidelity Insurance Fund. The general reserve is thus increased to £130,000. The increase in the trust and agency funds during the year was £1,832,343.

Barnet Glass Rubber Company, Ltd., in a preliminary statement, has disclosed that the profit for the year ended June 30 was £81,366, compared with £48.837 in the previous year, and £45,705 in 1934-35. The directors recommend a final dividend of 6 per cent, for the half-year on cumulative preference shares, making 10 per cent, for the year, and a final dividend of 8 per cent, on ordinary shares, making 11 per cent, for the year. The dividend on the preference shares, which are of 8 per cent, participating to 10 per cent., compares with 8 per cent. In 1935-36. The ordinary dividend In that year was also 8 per cent

The directors of Claude Neon, Ltd., Sydney, report that net profit for the year ended June 30, after providing for taxation, amounetd to £30,990. A final dividend at the rate of 7J per cent, has been declared, making the total dividend for the year 15 per cent., which absorbs £18.357. Out of the balance remaining ni profit and loss appropriation account £10,387 has been transferred to general reserve. The net profit the previous year was £21,536, and the dividend 15 per cent.

The directors of Wilcox, Mofflin, Ltd.. announce that, subject to audit, a net profit of £45.384 has been made for the year ended June 30, compared with £35,680 the previous year. At the annual meeting they will recommend that £25,000 be transferred to general reserves and payment of a dividend of Is a share, absorbing £20,000, and leaving £11,577 to be carried forward. The previous year's dividend was at the same rate.

The chairman of the Standard Portland Cement Company, Ltd., (Mr P. R. Higgins), at the annual meeting, said that, with the return of a measure of prosperity, indications were that the cement industry would be faced, in common with other interests, with some additional costs, particularly in respect of fuel and packing. It was hoped, however, that increased production and a continuance of efficient operation will materially offset these increases. "Tne tonnage ot cement sold nas InI creased slightly when compared with the previous year, and indications are that trade will continue to be satisfactory during the current year provided, of course, we are not faced with large quantities of imports," Mr Higgms said. "Very little English cement has entered Australia during the year ended June 30, notwithstanding the removal of duty as from December 1, 1936. Cement works throughout Great Britain are at present working at high pressure to fill domestic orders, and at a much higher price than is obtainable for export. All cement sold for export by British manufacturers is at prices considerably below their home consumption prices." The company's business, Mr" Higgins added, was well distributed in all classes of trade.

The Christchurch Woolbrokers' Association report having held their weekly skin sale yesterday. Two of the principal buyers of skins showed little interest in the sale, and prices consequently showed a decline of Id to ljd. Even at the reduced prices sales were rather hard to make.

IRON-SANDS OF NEW ZEALAND

Development Scheme

Criticised

COMMENTS OF ENGLISH

JOURNAL

An encouraging picture oi the possibilities of developing an iron industry was painted in a message from Auckland, printed on June 25, which gave some details of proposed developments by an English company, the Duffield Iron Corporation. The company, it was said, proposed, with a nominal capital of £200,000, of which it would take half, to develop iron-sands at Patea, and later at New Plymouth and elsewhere. One British journal, the "Financial World," printed the following in its issue of July 31: — "Quite a press campaign appears to be in progress in connexion with the Duffield Iron Corporation and a plan to exploit the' iron-sands of New Zealand. Messages from Auckland claim that a process for extracting iron in commercial quantities from the New Zealand titaniferous iron-sands has now been perfected by a London firm, the Duffield Iron Corporation, Ltd. In the past, it is added, impurities in the iron thus obtained have prejudiced the development of the industry. They further state that by means of a subsidiary company, the London firm proposes to take sufficient iron-bearing sand from Patea Harbour, North Island, to produce 25,000 tons of quality ingots a year for export. The necessary lease for such action has already been acquired from the Patea Harbour Board.

"When production is in full operation an export trade of iron to the value of £1,500.000 a year is expected to be built up. Some 3500 people would be given employment in the iron refining plant and in consequent auxiliary industries. The annual payroll, it is estimated, would be £750,000! Series of Disappointments "Much as we would like to know that a way had been found to utilise the New Zealand iron-sands, we are not very impressed by the association of the Duffield Iron Corporation. There have been so many disappointments following claims made by that undertaking. The Corporation was formed in February, 1928, together with a stable companion, the Duffield Coal Products, Ltd. The former proposed to produce iron by a low temperature carbonisation process, at a cost of less than half that of the more orthodox methods. At the meeting of the company in December. 1933, Mr Duffield announced that improvements in the process had resulted in 'the period of heat from the cold raw ore to sponge iron has been reduced from four hours in the previous design (of plant) to five minutes, and to wrought iron "in half an hour. It is interesting to compare this half-hour with some 24 hours which it takes to* make similar iron by the present-day indirect system.' "The meeting was further told by Mr Duffield that the results were sufficiently conclusive to warrant the 'immediate resumption of the erection of our commercial unit. The orders for all the parts have been placed, deliveries are being effected, erection is proceeding, and we expect to complete in three menths.' It would be interesting to know what the condition of that plant is to-day! n "Mr Duffield then drew an optimistic picture of the value of the foreign rights, and of a contract that had been entered into with Italy—'there we have been in contact with one of the leading industrial concerns of that country . . . with whom we have settled and signed the terms of contract for Italy. ... I have been asked the question, and I may reply to it, viz., that of our sale price of the first plant to Italy, two-thirds will be paid cash against shipping documents.' •It would be interesting to know what has become of that Italian contract!

"All this lead up to proposals to form a new company with a capital of some £1,500,000. But the city was in no mood to provide Mr Duffield with more capital until they were satisfied that commercial production of iron by his process had been demonstrated to the satisfaction of independent experts.

Shares Should be Left Alone

"That was in 1933, and since then, so far as public announcements go, there has been nothing to intimate that the corporation is any nearer to its objectives. It has always seemed to us that if Mr Duffield can manufacture iron at half the cost of present-day methods, there is ample scope in this country to keep his corporation busy. There is no need to go all the way to New Zealand, and make a beginning with the iron-sands there which, hitherto, have not been regarded as a practical proposition by the industry. "In November of last year the corporation stated that a consignment of [matte (semi-melted iron) had been I melted by Samuel Osborne and Company, the steel manufacturing concern, of Sheffield, 'which was a perfect product in every respect.' Messrs Samuel Osborne and Company, however, immediately pointed out that the corporation's material had to be melted twice before an ingot was produced satisfactory for rolling. Further, while one ingot was rolled into sheets, they were not of the opinion that' it was an entirely satisfactory product. "It is to be hoped that nobody will b induced to buy Duffield Iron Corporation's, shares on their New Zealand prospects. And it would be a thousand pities if investors in New Zealand should buy the shares without being fully aware of the history of the corporation."

LARGER MEAT EXPORTS

PREDICTED

TRADE LUNCHEON IN LONDON

(TJITCTED FBIS3 ASSOCIATION—COPTEIOHT.)

LONDON, August 25.

The Australian and New Zealand Meat Trade said good-bye to Mr A. C. Fisken. chairman of the Australian Meat Board, at a luncheon. Mr Deverell, chairman of the New Zealand and Australian Agents' Association, said that Mr Fisken was an excellent chairman. While standing up for the producers, he was acceptable to the trade in London.

The High Commissioner for New Zealand in London (Mr W.J. Jordan) welcomed the Australian Board, saying that though it was competitive with New Zealand, yet there was plenty of scope for co-operation. The Hon. S. Vestey said: "I consider that greater Dominion meat exports to Britain are certain in the next few years."

PRICE OF SILVER

(BRITISH OmCUt WIRELESS.) RUGBY, August 25. Spot and forward silver are quoted at 19 13/16 d a fine ounce.

THE STOCK EXCHANGES

MODERATE INVESTMENT BUSINESS

PRICE MOVEMENTS IRREGULAR

Turnover on the Christchurch Stock Exchange yesterday was moderate, with the bulk of the dealings in industrials. Prices moved irregularly.

DEALINGS COMPLETED

LISTED STOCKS Sales on 'Change

Banking: Commercial Bank of Australia were easier with buyers and business at 17s 9a. National Bank of Australasia, fully paid, changed hands at £l4 15s. Bank of New Zealand were firm with buyers and dealings at 44s lid, Goldsbrough, Morts moved up to 35s lid, and there were further Eellers at that price. Buyers of Huddart Parker, cum dividend, raised their bids to 43s 7d without attracting sellers. Felt and Textiles were firmer at 425. Kaiapoi Woollens (17s paid) were firmer with dealings at 14s 6d and further buyers at 14s 4d. New Zealand Breweries were firmer with buyers and 1 isiness at 50s. Miscellaneous Australian Glass were firm with buyers and business at 965. Broken Hill Proprietary were fractionally weaker at 83s 6d and 83s 7d, buyer's staying in at the higher price, sellers at 83s Bd. Dunlop Rubber, cum dividend, declined to 23s sd, and more were offered at that price. Electrolytic Zinc were weaker with dealings in the ordinary at 59s 4d and 59s 6d, and in the preference at 59s 9d, 59s lOd. and 59s lid. G. J. Coles were dealt in at 97s 3d, and more were offered at 975. MacdufTs, preference, had dealings at 20s 6d. New Zealand Farmers' Fertiliser were firm at 21s. Woolworths (New Zealand), "rights," declined to 81s. Woolworths South Africa holdings were fractionally weaker at 18s Bd, market closing Id either way. Mining: Barrytown dropped to 31s 6d, market closing 29s 6d buyers, 32s sellers. Grey River (6s 3d paid) were fractionally firmer at 6s lid and 7s. Broken Hill South eased to 48s 4d and 48s 3d, and more were wanted at the lower price. Mount Lyells fell to 43s sd, 43s 4d, and 43s 3d, closing quotations 43s 3d buyers, 43s 7d sailers. Mount Morgans relaDsed to 1" - 3£d. and there were further sellers at that figure. North Broken Hill were easier at 78s, closing quotations 3d on either side. Unlisted Stocks Woolworths, Ltd.. were easier with sellers at £6 9s 3d, buyers at £6 9s.

UNLISTED STOCKS

LATEST QUOTATIONS

MELBOURNE

RECORD WOOL CHEQUE

N.Z. AND AUSTRALIAN FIGURES

TOTAL REACHES £75,896,803

The Australian and New Zealand wool cheque for 1936-37 was £75,896,803, a record for the industry. Compared with the return for 1927-28, the previous record year, there was an increase of £2,000,000. Compared with that for 1930-31. the lowest point of the depression, the increase was £44,700,000.

The figures have been compiled by Dalgety and Company, Ltd,, whose annual wool review will be published shortly. The company points out that the season's returns were not due to "boom" conditions, but to the fact that world consumption overtook . supplies. Grouping the Commonwealth and New Zealand returns neutralises to a large extent the effect of the Japanese attitude towards the Australian sales, because, although the Japanese were absent from the Australian sales during half the selling period, they purchased extensively in New Zealand. The New Zealand wool cheque rose by £5,260,934, from £10,083,297 in 1935-35 to the record of £15,344,231 in 1936-37. The Commonwealth wool cheque of £60,552,572 does not constitute an Australian record, but it comes within £321,090 of the record figures. The net production of the Commonwealth reached a record figure on a bale basis, 3,246,276 bales, compared with 3,127,342 bales the previous season. The comparison in weight, however, was not quite a record, the total weight of 965,230,8831b falling short of the 1932-33 figures by 18,222,7571b. The average weight of the bale was 2971b, or lib higher than 1935-36. The net production of New South Wales was 1,625,000 bales, weighing 479,375,0001b, which averaged 2951b a bale,, compared with 1,560,000 bales, weighing 454,006,8001b, averaging 2911b. in 193536. Returns Compared A comparison is given below of the total amount realised in the Commonwealth and for the Commonwealth and New Zealand combined, in each season for the last 17 seasons. This period is taken because it covers v the operations since wool auctions were resumed at the close of the wool appraisement scheme after a suspension of three and a half seasons, during which the Imperial wool purchase scheme oper-

RESERVE BANK

WEEKLY STATEMENT

ASSETS AND LIABILITIES

(PRESS ASSOCIATION TJSLZGRAM.)

WELLINGTON, August 26.

The statement of the assets and liabilities of the Reserve Bank of New Zealand as at the close of business on August 23, is as follows:

SYDNEY PRODUCE MARKET

(UNITED PBKSS ASSOCIATION —COPTBICBT.) SYDNEY, August 26. Wheat is stagnant and prices are nominal at 5s a bushel. Potatoes—Tasmanian, £6 to £7 10s; others, £3 to £7. Onions—Brown, £ls. Maize—Yellow, 5s 3d.

SYDNEY

LONDON

' MINING

MOSSY CREEK

(PRUSB ABSOCIATION TStEOHAK.)

GREYMOUTH, August 26,

The Mossy Creek dredge return ie 240z sdwt irom 8200 yard* in 132 hours.

WORKSOP

GREYMOUTH, August 26. The Worksop return is 18oz.

METALS MARKET

FOREIGN EXCHANGES

(HITXBH OFFICIAL WIIIWH.)

DOLLAR MARKET RATES

The Associated Banks (other than th« 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 SI N.Z.) Dol. Dol. Selling— T.T. .. .. 3.99 i 3.99 3-18' O.D 3.99J 3.9911-16 Buying— T.T. .. .. 4.02& 4.02J O.D. .. .. 4.03J 4.04

Paying balance 1936 income tax Transferring to income tax reserve, 1937 Writing off preliminary expenses .. • Adding to insurance reserve £ 18 80 100 430 8. 6 0 0 0 d. 0 0 0 0

The range of values was as follows: d. d. Pelts— Faulty- .. 41 _ Sound 6j — Crossbred— Faulty .. 84 to 124. Sound .. 10J to 154 Three-quarterbred— Faulty 8 to 13} Sound Hi to 153 Halfbred— Faulty Sound 9} to 15* 10i to 163 HoggetFaulty Sound 12 to 12$ 134 to 15£ Green Skins— s. d. s. d. Crossbred ., . 2 5 to 6 6 Extra heavy — - to 13 1 J-quarterbred med. .. 4 0 to 8 0 Extra heavy — - to 12 6 Halfbred . 5 0 to 8 9 Heavy . . - - to 16 0

100 Comm. Bank of Aust. 0 17 9 100 Bank of N.Z. (2) 2 4 11 100 Goldsbrough, Mort .. 1 15 11 200 Kaiapoi (17s pd.) (2) 0 14 6 50 N.Z. Breweries 2 10 0 50 Aust. Glass 4 16 0 150 Broken Hill Propty. 4 3 6 (2) 4 3 7 25 Dunlop Rubber 1 3 5 150 Electro. Zinc (pref.)' 2 19 0 m 2 19 10 2 19 11 100 Electro. Zinc (ord.) 2 19 4 275 G. J. Coles (5) 4 17 3 200 Macduffs (pref.) (2) 1 6 6 100 Woolworths (South Africa) .. , 50 Earrytown 0 16 8 1 11 6 400 Grey River (6s 3d paid) .. (2) 0 6 11 (2) 0 7 0 250 Broken Hill South (cum div.) . / (4) 2 8 4 2 8 3 350 Mount Lyell 2 3 5 (3) 2 3 4 2 3 3 50 Mount Morgan 0 11 Z\ 100 North Broken Hill (cum div.) 3 18 0 100 Rawang Tin 0 12 7 Sales Reported 50 Natl. Bank of A/asia (£10 paid) 14 15 0 100 Felt and Textiles 2 2 0 100 Electro. Zinc 1 (ord.) .. 2 19 6 200 N.Z. Farmers* Ferti- ' liser 110 20 Woolworths (N.Z.), rights 4 10

N.Z. Govt. Debentures Buyers. Sellers ! £ s. < i. £ s. d ?\ p.c. Ins.. ir>/!)/39-43 103 0 0 _. 3J Tn S ., 1038-52 and 1039-52 ] 105 0 0 3» p.c. Ins., 1053-57 PI 10 0 V} r>c Tns., 1Q41 101 0 0 _ 4 p.c. Ins. 1P*3-4R .. : 102 17 6 4 p.c. Tns., ]04fi-4l _ 105 2 6 4 p.c. Tns.. 19S?-55 105 7 6 4 p.c. Bonds. Win 103 0 0 _ Rural Bonds, 5 p.c, 15/9/47 .. .. 102 10 0 — Other Debenture! N.Z. Refrig.. 4J p.c. 1940-45 .. .. 101 .0 i 0 — Banks Comm. of Aust. (10s) 0 17 9 0 17 10 Comm. of Aust. (pref.. £10) 3 4 0 9 e a Comm. of Sydney (£12 10s) 21 0 0 __ Natl, of A/asia. (£5 paid) _ _ 7 7 0 Natl, of N.Z. (£2 10s). _ 3 1 0 New South Wales (ex div.. £20) 34 0 0 34 10 0 New Zealand (£1) 2 4 11 , Union (£5) — 10 1 0 Insurance Merc. Mutual (16s pd.) 1 12 0 National (7s paid) 0 18 3 New Zealand (£1) .. 3 3 9 South British (£1) .. 5 0 0 Loan and Agency Ch.Ch. Build. (£10) .. 14 0 0 _ Dalgety and Co. (£5) 10 0 0 10 5 0 Goldsbrough, Mort (£ 1) 1 15 9 1 15 11 Mutual Benefit (£10) — 14 0 0 N.Z. Guar. Corpn. (3s) 0 4 11 0 5 1 N.Z. Loan and Merc. (ord.. £100) 40 0 0 United Building (£1) 1 0 6 _— Wright, Stephenson (pf., cum div., £1) — 1 2 0 Shipping Devonport Ferry (£1) 1 0 0 Hudaart-Parker (cum div., £1) 2 3 7 __ P. and O. Def. Stock (£1) 1 18 6 _ Frozen Meat Cantby. (£7 10s paid) 9 17 6 __ Gear (10s) 0 19 0 * _ N.Z. Refrig. (£1 pd.) 0 19 11 1 0 1 N.Z/Refrig. (10a paid) 0 9 6 0 9 7 Woollens Felt and Textiles (£1) 2 1 10 Kaiapoi (17* paid) .. 0 14 4 0 14 7 Kaiapoi (7s paid) 0 5 4 0 5 a Kaiapoi (pref., 17s) 0 18 0 _ Mosgiel (£4) 10 2 6 __ Manawatu (£1) 1 15 0 Oamaru (£1) 0 18 9 Coal Westport-Stockton (10s) 0 2 5 0 2 9 Westport-Stockton (pf.. 10s) 0 4 9 0 5 0 Gas Auckland (£1) 1 1 6 1 1 10 Auckland (con., 15s pd.) 0 15 0 0 16 0 Christchurch (£1) .. 1 9 0 1 10 3 Christchurch (con., 10s Paid) .. 0 13 1 0 13 6 „ Breweries Dominion (£1) 2 1 3 2 2 i Dunedin (£1) 1 9 3 New Zealand (£1) .. 2 10 0 2 10 8 New Zealand (con., 10s paid) 1 14 9 1 15 6 Staples (£1) 2 13 0 2 13 9 Tooths (£1) 2 15 5 2 16 0 Miscellaneous Anthony Hordern (£1) 0 18 8 0 19 1 Aust. Glass (£1) 4 16 0 4 16 2 Beath and Co. (£1) 1 2 3 1 3 0 Beath and Co. (Is pd.) 0 1 6 British Tobacco (£1) .. 2 11 3 Broken Hill Pty. (£1) 4 3 7 4 3 8 Burns, Philp (rights) — . 1 15 5 Cox Bros. (£1) 1 1 3 —-

Buyers. Sellers. £ s. ( i. £ s. d. Dental and Med. (£1) 0 12 3 .— Domin. Builders (10s) D 3 0 0 4 0 Dom. Fertiliser (£1) .. 15 3 Dunlop Rubber (£1) 1 3 4 13 3 Electro. Zinc (ord., £1) 2 18 10 2 19 1 Electro. Zinc (pi., £1) 2 19 10 3 0 0 Evans Atlas Flour (10s) 0 19 3 — G. J. Coles (£1) 4 16 4 4 17 0 Gen. Indust. (12/6) .. 1 1 0 116 Hay's, Ltd. (con.. 15s paid) . 0 16 6 — Henry Jones Co-op. (£1) 2 9 3 . — Howard Smith (£1) _ 1 1 10 Hume Pipe (Aust, £1) — 1 1 3 Kauri Timber (25s) .. 1 2 3 13 3 Leyland, O'Brien (£1) 10 0 Mason, Struthers (14s paid, cum div.) — 0 12 0 Mason, Struthers (10s paid, cum div.) — 0 8 0 Milburn Lime (cum div.. £1) 2 3 6 — Macduffs (pref., £1) 1 6 7 17 6 McLeod Bros. (cum bonus issue, £10) — 42 10 0 Morts Dock (£1) — 0 12 9 N.Z. Drug (cum div., £2) a 14 6 3 13 6 N.Z. Farmers' Co-op. (£2 10s paid) __ 0 16 0 N.Z. Farmers' Co-op. (10s paid) .. — 0 0 5 N.Z. Farmers' Co-op. (1st pref.. £3) 3 6 6 3 14 0 N.Z. Farmers' Fert. (£1) 1 0 10 111 N.Z. Newspapers (16/8) 1 17 7 —. Quill, Morris (1936) (cum div., £1) 0 17 0 — Shillings. Ltd. (£1) .. 0 19 3 0 19 10 Taranaki Oil. (24/7) ,. 0 9 8 0 10 3 Victoria Nyanza (£1) — 10 0 Waldas Shoes (£1) .. 0 16 9 — Whitcombe and Tombs (£2 10s paid) 3 4 0 — Wtloox, Moffltn (IIkO 0 13 11 0 14 2 Wilson's Cement (10s) 1 1 6 12 3 Woolworths (N.Z.) (ord.. £1) 5 0 0 — Woolworths (N.Z.) (rights, £1) 4 0 0 —■ Woolworths (Sydney) (2nd pref., £1) — 18 0 Radio (1930) (10s) — 1-4 6 Overseas Listings Woolworths (S. Africa) (5s) 0 16 7 0 16 9 Mining Argo (cum div., Is) 0 1 10 0 1 111 Barrytown (£1) 1 9 e 1 12 0 Big River (Is) ■— 0 14 Blackwater (£1) -— 12 9 Clutha River (2s pd.) 0 3 4 — Gillespie's Beach (Is) 0 1 3 — Golden Dawn (5s) .. 0 1 11 - * Golden Sands (Is) .. 0 1 " e 0 2 0 Goldflelds Drede. (Is) 0 0 1 ■— Grey River (6/3 pd.) 0 6 11 0 7 2 Maerewhenua (Is) .. — 0 0 01 Maori Gully (Is) 0 0 31 0 0 5 Mossy Creek (Is) .. — 0 0 10 Nemona (cum div.. Is) — 0 19 Nokomai (5s) 0 2 3 -~ Skippers Us) 0 0 n 0 0 2} 0 0 6 Wfinapa Beach (Is) — Waimumu Sluic. (is) — 0 0 8 Worksop Extend. (Is) 0 1 2 0 15 Australian Mining Broken Hill S«uth (cum div., 5s) 2 8 3 2 8 6 Mount Lyell (£1) .. 2 3 3 2 3 7 Mount Morgan (2/6) .. 0 11 3 0 11 3J North Broken Hill (5s) 3 17 9 3 18 3 Placer Develop. (1 dol.) — 4 0 6 Hawang Tin (10s) .. 0 12 61 0 12 7 Wellington Alluvials (2s paid) 0 5 6 0 6 9

All transactions In stocks quoted in this section are subject to i a different rate of brokerage from listed stocks, and are not quoted on the official list. Buyers. Sellers. £ B. d. £ s. d. Alloy Steel (N.Z.) .. 0 11 0 10 0 Assoc. Motorists Petrol (pref.) — 1 10 0 Arahura 0 13 0 0 14 6 Christchurch Press .. 8 5 0 — McKonzie's Department Stores 4 7 0 4 9 0 New River — 0 0 7 N.Z. Perpetual Forests 2 2 e — Panaroa Coal . 0 4 6 — Selfridees (N.Z.) (12s paid) — 0 11 6 Selfridpes (W. Aust.) UOs paid) 0 14 6 —• Temuka Flour — 0 19 0 Westland Breweries — 1 17 6 Westland Breweries. (con.) 0 18 0 — Woolworths (Sydney) ford.) 6 9 0 6 9 3 Woolworths (W.A.) .. — 6 10 0

AUCKLAND Sales on 'Change a A Mount Eden Boro., 1951-56, 41 8. a. per cent. 106 0 0 Mt. Eden Bord., 1952-57, ii per cent. 106 7 6 Bank of N.Z. (2) 2 4 10 Auckland Gas 1 1 7 Dominion Breweries 2 2 2 3 T 9 N.Z. Breweries .; .. 2 9 9 Broken Hill Prop. .. 4 3 9 Dunlop, Perdriau • , 1 3 3 Farmers' Trading 1 0 10 G. J. Coles 4 17 3 N.Z. Drug 3 14 ' Farmers' Fertiliser (2) 1 1 0 Robinson Ice (2) 1 2 9 Taranaki Oil 0 3 2 0 5 1 Woohvorths (Syd.) (2nd pref.) 1 8 r. W. R. Carpenter 2 7 8 Golden Dawn 0 2 0 Broken Hill South 2 9 0 Mount Lyell 2 3 0 Placer Development 4 0 6 Unofficial List Australian Alloy "Steel (old) (2) 1 % 10 Wool worths (Sydney) 6 9 6

WELLINGTON Sales on 'Change £ s d Wellington Woollen' (pref.) 5 17 6 Shillings, Ltd. 0 19 3 Kandos Cement 1 5 2 G. J. Coles 4 18 0 Woolworths, Ltd. (2nd pref.) .. 1 8 0 Broken Hill Prop. 4 3 9 . (All above late Wednesday.) N.Z. Guarantee Corp (2) 0 5 0 Gear Meat 0 19 6 N.Z. Breweries (cont.) (odd lot) 1 14 5 Broken Hill Prop. 4 3 ( Burns. Philp (rights) • 1 16 ( Electrolytic Zinc (pref.) 3 0 o Macduffs (pref.) 1 6 u Woolworths. Ltd. (2nd pref.) .- 1 8 ( Woolworths (N.Z.) (odd lot) .. 5 3 0 Mount Morgan 0 11 4 Unofficial List Westland Breweries (late Wed.) 1 17 3 McKenzie's Depart. Stores (odd lot) 4 7 8 Woolworths, Ltd. (2) 6 10 0

DUNEDIN Sales on 'Chance Broken Hill South .. Farmers' Fertiliser N.Z Breweries (con.) Sales Reported Clutha River (London delivery) (2) Standard Insurance Dominion Fertiliser (2) N.Z. Drug (cum div.) Mount Morgan (2) Wool worths (South Africa) Woolworths (Sydney) £ s. d. 2 8 2 8 2 8 1 1 X 14 0 3 2 18 1 4 3 15 0 11 0 16 6 9 6 4 5 0 6 6 0 9 0 4 0 6

The market in Melbourne was quiet and Irregular. Sales £ s. d. G. J. Coles ■ - 4 17 0 Australian Iron and Steel (pf.) 1 7 6 Dunlop Perdriau . • • • 1 3 7 Dunlop Perdriau (pref.) 1 18 9 Allied Motors .. 0 6 2 Tongkah Harbour Tin 1 5 0 Emperor Gold ,. 0 14 11 Lolorna 1 3 0 Cox Brothers .. ., ., 1 2 3

ated:— Commonwealth Commonwealth anrt TJ 7.. Season £ £ 1936-37 .. 60,552.572 75,898,803 1935-36 .. 49,618,731 59,702,028 1934-35 .. 38,526,025 43.012,504 1933-34 .'. 52.165,778 62,617.343 1932-33 .. 35,043,054 39,370,746 1931-32 .. 29,642,808 33,214,644 1930-31 .. 27,645,743 31,204,332 1929-30 .. 33,924,062 39,054,959 1928-29 .. 37,122,056 69,339,438 1927-28 .. 60,873,662 73,877,862 1926-27 .. 55,610,468 64,818,586 1926-20 .. 57,718,015 65,980,862 1924-25 .. 55,545,838 69.083,182 1923-24 .. 53.305,374 64,929,298 1922-23 .. 46,238,801 54,169,743 1921-22 .. 27,296,723 41,504,090 1920-21 .. 13,114,997 15,475,014

Liabilities d. (1) General reserve fund " y (2) Bank notes' 1,500.000 0 12,770,641 0 0 0 (3) Demand liabilities— (a) State 6,206,133 7 8 (b) Banks 10,362,245 3 3 (c) Other 581,200 19 11 | (4) Time deposits .. — (5) Liabilities in currencies other than New Zealand cur- . rency — (6) Other liabilities .. 93,733 16 9 Total 31,522,954 7 7 Assets (7) Reserves— (a) Gold 2,801,791 0 0 (b) Sterling exchange 20,631,901 8 4 <c) Gold exchange — (8) Subsidiary coin .. 105,343 0 9 (9) Discounts— (a) Commercial and k agricultural bills — (b) Treasury and local body bills — (10) Advances — (a) To the State' or State undertakings— (1) Dairy industry account 4,704,414 14 8 (2) For other purposes 300,000 0 0 (b) To other public authorities — (c) Other — (11) Investments 2,906,450 0 0 (12) Bank buildings . — (.13) • Other assets 13,054 3 10 Total 31,522,954 7 7 Proportion of reserve (No. 7 less No. 5) to notes and other demand liabilities, 78.297 per cent

Investors operated cautiously on the Sydney Stock Exchange yesterday. The market was firm. Salef £ s. d. Colonial Sugar 48 17 6 Bank of New South Wales (ex dividend) 34 7 6 Commercial Bank of Australia 0 18 0 Adelaide Steam 1 12 6 Howard Smith 1 1 6 Australian Gas A 7 6 0 British Tobacco 2 11 3 Tooth's Brewery 2 16 6 Drug Houses of Australia 1 5 6 Australian Glass 4 17 3 Wilcox, Mofflin 0 14 5 Henry Jones 2 10 3 Electrolytic Zinc 3 0 3 Standard Cement 0 17 9 Mount Morgan 0 11 5 Mount Lyell 2 4 3 Broken Hill Proprietary 4 5 0 South Broken Hill 2 9 6 North Broken Hill 3 18 9 Kuala Kampar Tin (ex div.) .. 1 1 3 Rawang Tin (N.Z. delivery) .. 0 12 8 Malim Nawar Tin 0 11 0 Hume Pipe 1 1 3 W. R. Carpenter 2 8 3

N.Z. Loan and Mere. JC IS. .. 29 0 0 5 per cent, preference ..102 0 0 6J per cent. pref. „ 89 0 0 Mount Lyell .. 1 14 e New Guinea Goldfields ..0 1 9 Bulolo, Ltd. .. .. 4 17 6

LONDON", August 25. Aug. 24. Aug.25. £ s. d. £ 5. d. Copper— Standard, spot 55 10 n 55 19 41 Forward 56 3 56 4 4$ Electrolytic 62 10 0 62 10 0 to • 63 10 0 63 10 0 Wire bars .. 63 10 0 63 10 0 Lead— Spot . 22 5 7i 22 0 7i 22 2 U Forward 22 5 7J SpelterSpot 23 19 4 * 23 15 7* Forward 24 0 7i 23 19 4J Tin— Spot 260 2 6 262 12 6 Forward 259 2 6 261 7 6 SilverStandard, per oz ., 19Sd 19 13-I6d Fine; per 02. 21 7-16d 21gd

RUGBY. August 26. Par. Aug. 24. Aug. 29. Paris, fr. to £1 124.21 132 53-64 132 55-64 New York, dol. to £1 4.866 4.98 21-32 4.98 3-16 Montreal, dol. to £1 4.856 4.98 11-16 4.98 3*16 Brussels, belgas to £1 35 20.61} 29.58 Geneva, fr. to £1 25.2215 21.711 21.70 Amsterdam. fl. to £X 12.107 9.032 9.03 Milan, lire to £1 92.43 ' 942 94 U-16 Berlin, reichmarken to £ 1 30.43 12.40 12.391 Copenhagen, kr. to £1 18.159 22.40 22.40 Stockholm, kr. to £1 18.159 19.391 19.391 Oslo. kr. to £1 18.139 19.90 19.901 Vienna, schge. to £1 24,585 26J 26J Prague, kr. to £1 164.25 143 3-16 1421 Helslngfors, . marks to £1 192.23 2261 226} Madrid, pesetas to £1 25.2215 — — Lisbon, escu» dos to £1 110 110 3-16 110 3-16 Athens, drach to £1 375 5471 547} Bucharest. lei to £1 435 670 670 Belgrade, dinars 276.3 217 217 Rio de Janeiro, pence to milreis 4.899 41 41 Buenos Aires, pence to dol. 51 — ~~ Montevideo, pence to dol. * 39 3-16 39! Bombay, pence to rupee 18 181 181 Shanghai, pence to yen * 14 g 14 Hong Kong, pence to yen * . 1415-16 14 15-W Yokohama, pence to yen • 14 14 Batavia. guilders 12.107 9.02 9.02 Warsaw, par zlotys to £1 43.36 — *- •Determined by price of 6ilver.