FINANCE AND COMMERCE

Press, Volume LXXIII, Issue 22245, 9 November 1937, Page 13

FINANCE AND COMMERCE

STOCK EXCHANGES DEPRESSED

NEW YORK MARKET MOVEMENTS

The stock exchanges of Australia and New Zealand opened the week yesterday gloomily with prices weaker. The disturbed conditions overseas, and particularly the additional weakness of basic metals, caused a sharp writing back of everything but Government issues. ' In Christchurch turnover was small, as it probably will be for the rest of this week, • and dealings were confined to leading Australian issues. Most of them came back, Broken Hills, Dunlops, Coles, Broken Hill Souths, Electrolytic Zincs, and Mount Lyells all losing ground, the last two sharply.

A writer in the “Economist” discusses the underlying causes of the recent persistent breaks in the New York market, and comes to the conclusion that no material improvement can be expected for some months. Variations in price levels have become accentuated by closer government control in many directions, and some of the natural resilience of the market has thereby been removed.

SYDNEY WOOL SALES

NO NOTABLE CHANGE ; IN MARKET .

RESTRICTED BUYING BY JAPAN / (mno PSZSB 4.VSOCXATIOK—COPTBIOBT.) (Received November 8, 11.10 p.m.) SYDNEY, November 8. At the wool sales, 10,615 bales were effered, and 9390 were sold, 591 privately. The market generally was without notable change. All the best descriptions of fleece were in good demand. Faulty wools were irregular. The main competition came from the Continent and Yorkshire. There was restricted support from Japan. Greasy merino made to 27d. The average price for wool at last week’s auctions was £l7 2s 6d a bale, or 13.7 d per lb. i. " ' COMPANY NEWS [WOOLWORTHS (N.Z.), LTD. i • f I ITHE PRESS Special Service.] WELLINGTON, November 8. The directors of Woolworths (New Zealand), Ltd., in their report, state that the profit for the year ended October 1, 1937, after deducting all working expenses, provision for depreciation, and directors’ fees, is £185,461 11s sd. After setting aside as provision for taxation the sum of £74,000, net profit for the year amounts to £111,461 11s sd. Interim dividends have been distributed as follows: Preference shares, 4J per cent, on April 15, 1937, absorbing £2250, 4J per cent, on October 15, 1937/ absorbing £2250, a total of £4500; ordinary shares, 5 per cent, on July 15, 1937, for the halfyear to March 31, 1937, absorbing £18,866 19s. This left a balance available for appropriation by the meeting of £88,094 12s sd. The directors recommend the declaration of the following final dividends, being for the half year to September 30, 1937:—0n ordinary share capital in operation during the halfyear (1) a dividend of 2s a share on 377,338 of the ordinary shares subscribed before August 31. 1937, £37,733 17s; (2) a dividend of 4d a share on 188,669 ordinary shares subscribed for after August 31, 1936, £3144 9s 8d; a total of £40,878 5s Bd. The directors recommend an appropriation to the staff provident fund of £SOOO, leaving a balance, which it Is proposed to transfer to the general reserve, of £42,216 6s 9d. After making this transfer to the general reserve of £42,216 6s 9d, the amount at the credit of the general reserve and reserve account will aggregate £150,887 16s Id. The directors report that the affairs of the company have progressed favourably, and all branches are operating successfully. During the year new branches were opened at Greymouth, Lower Hutt, and Masterton, and freehold property was purchased at Nelson and Christchurch. The authorised capital of the company was increased during the year from £500.000 to £1,000,000 by the creation of an additional 500,000 ordinary shares of £1 each to finance the expanding requirements of the company hnd the purchase of the freehold property at Nelson and Christchurch. During the year 222,972 ordinary shares were issued at par. The directors are recommending that a bonus issue of ordinary shares in proportion of one for 10 be made to holders of ordinary shares, and that the articles be amended to give effect to a subdivision of the ordinary £1 Shares of the company into 5s ordinary, shares.

TALUE of successful ADVERTISING

INCLUSION IN BALANCE- /. SHEET f .“An interesting problem in the treatment of advertising expenditure occurs in the accounts of Pharmaceutical Products, Ltd.,” remarks the “Accountant” (London). “As a general rule, it ' •sin. be presumed, tbat successful advertising creates goodwill, the permanence Of which will probably depend on the of the advertising campaign. Some portion of the expenditure may therefore be carried forward f 3 an asset, which as an intangible. , “Owever, will wisely be written off Sjpf a reasonable period of years. In case, we have a company formed SJ 1933 and controlled by Savory and Moore* Ltd., the well-known chemists, saving as one of its original objects Jr® raising of capital for the develop- ; Ujent by advertising of business in a r~®per of proprietary articles. In last • Vmlki- . re P°rt the directors stated that PUDlicity expenditure was the main j^ or w nich the capital was sub*“JOed. The question arose when the anSu ors e ?pressed their opinion in the certificate that “provision should JJl®ade out of revenue for a proporJ? l ® publicity expenditure to ; fnmL ? he directors duly noted this but having stressed the fact C£ *Pital was mainly subscribed J. advertising, went on to state that thaL.!!? perienced difficulty in deciding of the publicity expendishould be charged each and loss account. Legal 1b w ?, s taken, and it was decided . the whole amount of the exln the balance-sheet, and to balance on the profit and loss )®t.to accumulate. The auditors opinion to the same effect year, IP'v

(FBES9 ASSOCIATION TELEGRAM.)

RAW MATERIAL PROBLEM

JAPAN’S HEAVY IMPORT TOTAL

DEFICIENCY IN MANY ITEMS • Japan’s production of raw materials meets only 53 per cent, of her total requirements. About 70 per cent, of the Japanese demand for agricultural products, 40 per cent, of the demand for mineral products, and 20 per cent, of the demand for forest products must be imP °The estimates are published by the Mitsubishi Economic Research Bureau. It is undeniable, the bureau states, that the resources of Japan are poor compared with the wealth of material to be found in some leading industrial countries. The recent expansion of the manufacturing industry has carried production beyond the limit of self-sufficiency in almost every group of raw materials, and necessitates importation on a large scale. Japan depends for agricultural raw materials upon foreign sources, but mineral products are available to the extent of about 60 per cent. The greater part of these raw materials is imported from countries in the Pacific area. The bureau states that in 1936 imports of raw materials were 62.9 per cent, of total imports, and that imports of semi-manufactures represented an additional 17 or 18 per cent. The increase in raw material imports has been accentuated this year, the total reaching 1,320,000,000 yen (about £A. 99,000,000) during the first half of the year. Imports of semi-manufac-tures reached 458,000,000 yen, or almost twice the total for the first half of 1936. The increases in value were due partly to higher prices, but the volume also showed a marked advance because of the demands of armament and of the programme of industrialisation. In 1935 about 94 per cent, of the 15 principal raw products and 70 per cent, of the 13 principal semi-manufactures were imported from the Pacific area. This includes eastern and southern Asia, Oceania, and the American regions of the Pacific coast. Imports of textile materials in the same year represented 92.7 per cent, of total textile imports. Raw cotton came, principally from the United States, rayon pulp from the United States and Canada, wool from Australia and New Zealand, and hemp and other vegetable fibres from the Philippine Islands, China, and British India. About 80 per' cent, of Japan’s requirements of iron ore, 80 per cent, of pig iron, and 10 per cent, of steel are met by imports. Most of the scrap also is imported. Imports of copper are about 40 per cent, of the total demand, the principal source being the United States, and more than 90 per cent, of the country’s demand for lead must be imported. Three-quarters of the imports of this metal come from the United States and Canada. Seventy per cent, of the tin is imported, mainly from the Straits Settlements, China, and Hong Kong, and only 40 per cent, of the requirements of aluminium are produced at home, the remainder being imported mainly from the United States and Canada. Imports of;zinc attain more than half the domestic demand, and more than half the imported zinc comes from the Pacific area, Canada ranking first, and then Australia and the United States. Japan is very deficient in petroleum resources. About 80 per cent, of the imported crude and heavy oil comes from the United States, the remainder from the Dutch East Indies and British Borneo. Imports of coal reach 10 per cent, of the total consumption. Crude rubber is imported principally from British Malaya and the Dutch East Indies. More than 10 per cent, of the demand for timber is supplied by the’ United States and Canada, followed by the Philippine Islands, British Borneo, the Dutch East Indies, and Asiatic Russia. The production of paper pulp has increased, but 15 or lo per cent, of the demand most be met by imports from the United States and C Thus the Pacific area Is vitally concerned with the supply of materials for Japanese industries, and is looked upon by Japan as an enormously valuable outlet for her manufactured products. . . . . Regarding the hostilities m_ China, the bureau states: “An incipient recovery which followed the improvement of foreign markets was shattered by the North China incident which occurred early in the month (Septemher) Diplomatic and military complications found markets in a rather vulnerable condition, as remnants of the great speculative boom in share and commodity prices of last spring had not yet been liquidated. . "The most direct effect of events in North China,” -the bureau adds, are bound to be felt in national finance and foreign trade. The credit of 516.000,000 yen passed by the extraordinary session late m July will necessarily have to be supplemented by further appropriations, while trade with China will naturally bs suspended for a few weeks. ’

AUSTRALIAN TRADE , COMMISSIONER

REPORTED TRANSFER NOT CONFIRMED

WELLINGTON, November 8. Although a cabled report states that Mr James Payne, Assistant Trade Commissioner for Australia in New Zealand, is expected to succeed Mr y--3. Critchley as Trade Commissioner in Batavia, the news has not been received by' Mr Payne himself. There had been vague rumours that he might be transferred to Cairo, Hong Kong, or Canada, he said, but so far as he knew there was nothing substantial about them. On this occasion, as the report came from Canberra, he thought it advisable to send a cablegram for confirmation. The reply he received this afternoon stated that no decision had yet been made regarding the appointment referred to.

WEAK AMERICAN MARKET

CAUSES UNDERLYING WILDNESS

THE “ECONOMIST’S” SURVEY

Prices in Wall Street, New York, are still violently fluctuating, one day wildly depressing, the next moderately rising. The situation as it prevailed a few weeks ago—it is much the same to-day—and a suggestion of some of the causes which have brought about the situation are vividly summed up by the Stock Exchange writer of the “Economist” (London).

Operators, the “Economist” writes, who have followed Wall Street’s rise on the argument that it combined profit with political isolation, will find the market’s present disorder inconvenient and disagreeable, but not wholly illogical. If war were as near as America seemed to fesr, neither the breadth of the Atlantic nor the provisions of the Neutrality Axt would preserve Wall Street from profound dislocation and possible suspension of its normal activities. No amount of analysis of factors making for resilience in America’s domestic economy can obscure the fact that a single scare which causes the market to “break through the lows” will provoke immediate sales from Dow theorists, chart readers, and speculative holders, whose margins have run out. In existing conditions, a 10-word cable may produce a 10point fall in prices in a single day.

Market Robbed of Resilience “The winter prospect for Wall Street is admittedly uncertain. Thanks to the present margin rules ‘New Era’ buying since 1935 has been ruled out; but the 55 per cent, cover requirement, coupled with the close surveillance of short selling, has robbed the market of its former resilience. Lacking the cushioning effect of speculative sales —the classical antidote to over-trading or political crisis—the market experiences instead waves of wholesale liquidation. And the substition of operation by index number theories for operation by ‘hunch’ or market rumour will tend to accentuate the first impact of all bad news. At a time when many competent American observers are awaiting a winter recession in business, it would be unwise to anticipate. at the best, more than the maintenance of present prices. It is much more probable the prices will have touched lower levels before next spring.” Causes of Confusion

After exploring the favourable factors, such as rising farm incomes, the imperativeness of carrying out equipment work in utilities and railroads, housing activity, and the intention of the Administration to maintain easy money, the “Economist” proceeds:—

“These favourable indicators are, however, counter-balanced by other factors. Costs are rising, and it is difficult to manufacture a boom on the basis of rising costs, except in circumstances of positive inflation. The cost factor is clearly destined to produce difficulties for the automobile industry—on which, in turn, a substantial section of the American steel industry depends. Despite the Administration’s efforts to keep money cheap, there is a crowing ‘stickiness’ in the new issue market and a consequent lack of finance for new construction. And there is, finally, an impression that the potency of enterprise has become so dulled by administrative intervention that an appreciably greater economic incentive is now required to promote expansion. “Available evidence, in short, would appear to suggest that the next six months may well be a confused period, and that the early months of 1938 will be the decisive testing time for the market. If recovery reasserts itself, well and good, for then Wall Street’s present phase will fall in perspective as a major, but temporary, reaction, imposed on a rising trend, which may still have some way to go. If not. then it will be clear that the bull-market of the nineteen-thirties has already become history.”

FOREIGN EXCHANGES The Bank of New South Wales quoted the following exchange rates yesterday:— N.Z. on Buying. Selling. London — £N.Z. to £IOO stg. T.T. 124 124/10/O.D. 123/10/- 124/8/9 Australia — £A. to £IOO N.Z. T.T. 101 100/10/Fl £F. to £IOO N.Z. T.T. 90/7/G 89 New Vork—dol. to £1 N.Z. T.T. 4.0437 • 4.0091 O.D. 4.0537 4.0131 Montreal — , Dol. to £1 N.Z. T.T. 4.0410 4.008G O.D. 4.0330 4.0126 Austria— Schgs. to £1 N.Z. T.T. O.D. Belgium— Belgasto £1 N.Z. T.T. 23.784 23.474 O.D. 23.859 23.485 Czechoslovakia — Crowns to £1 N.Z. T.T. O.D. Denmark — Kroner to £1 N.Z. T.T. 18.203 17.893 O.D, 18.263 17.899 France — Francs to £1 N.Z. T.T. O.D. Germany— Reich, to £1 N.Z. T.T. O.D. Holland— Florins to £IN.Z. T.T. 7.3G4 7.214 O.D. 7.404 7.218 Italy— Lire to £1 N.Z. T.T. O.D. Java— Florins to £1 N.Z. T.T. 7.332 7.182 O.D. 7.372 7.186 Norway— Kroner to £1 N.Z. T.T. 16.183 15.893 O.D. 16.243 15.899 Sweden— Kronor to £1 N.Z. T.T. 15.785 15.490 O.D. 15.845 15.496 Switzerland — Francs to £1 N.Z. T.T. 17.474 17.204 O.D. 17.579 17.209 Noumea— Francs to £IN.Z. T.T. O.D. Paoeete— Francs to £1 N.Z. T.T. O.D. Hong Kong— N.Z. pence to dol. T.T. 18.29-64 13,53-64 O.D. 18.27-64 18.53-64 India and Ceylon— N.Z.’pence to rupee T.T. 22g 22.21-32 O.D. 22.11-32 22.21-32 Japan— N.Z. pence to yen T.T. O.D. Shanghai— N.Z. pence to dol. T.T. O.D. Singapore— N.Z. pence to dol. T.T. 34.23-32 35.13-64 O.D. 34J 35.13-64 Chefoo— N.Z. pence to dol. T.T. O.D. Manila— N.Z. pence to peso T.T. 29.27-32 30.11-32 O.D. 295 30.11-32 ASSOCIATED BANKS » 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.) Dol. Dol. Selling— T.T. .. .. 4.00 15-16 4.003 O.D. .. .. 4.01g 4.013-16 Buying— T.T. .. .. 4.045 4.03 15-16 O.D. .. .. 4.055 4.05 3-10

THE STOCK EXCHANGES

MARKETS QUIET

SEVERAL ISSUES EASIER

Business on the Christchurch Stock Exchange yesterday was restricted to a few stocks. Several Australian market leaders declined sharply.

DEALINGS COMPLETED LISTED STOCKS Sales on ’Change £ s. d. 100 Comm. Bank of Aust. 017 5 100 Goldsbrough, Mort .. 1 13 11 150 Broken Hill Propty. 3 4 0 (2) 336 900 Broken Hill Propty. (rights) .. .. 19 6 (10) 1 9 0 18 0 1 7 11 100 Dunlop Rubber .. 1 2 9 200 Electro. Zinc (pref.) 213 . 0 (3) 2 11 0 25 G. J. Coles .. 4 14 0 100 Taranaki Oilfields .. 0 6 3. 100 Broken Hill South .. 1 18 0 1 18 1 550 Mount Lyell (4) 117 6 (3) 1 16 0 (2) 116 1 Sales Reported 100 Ccmm. Bank of Aust. 017 7 100 Bank of N.Z. .. 2 4 0 400 Dcvonport Ferry (late sale Friday) .. 0 19 7J 400 Devonport Ferry .. 019 7 J 100 Broken Hill Propty, (2) 3 4 0 Banking Commercial Bank of Australia were fractionally easier with dealings at 17s 7d and 17s sd, market closing 17s 3d buyers, 17s 4d sellers. Bank of New Zealand were firm with business at 445, market closing with sellers at 43s lid, buyers at 43s 6d. Goldsbrough. Morts weakened to business at 33s lid, and more were wanted at that price, buyers at 33s 9d. A late sale of Devonport Ferry on Friday was reported at 19s 7Jd; business yesterday was at that price, with further unsupported sellers at 20s. Miscellaneous Broken Hill Proprietary declined to C4s and 63s 6d. market closing 61s 3d buyers, 62s 3d sellers; thfe "rights” dropped to dealings at prices ranging from 29s 6d to 27s lid, sellers staying in at the lowest price, buyers at 27s lOd. Dunlop Rubber eased to business at 22s 9d. Electrolytic Zinc preference fell sharply to 53s and 51s, and there were further sellers at the lower figure, buyers at 50s lOd. G. J. Coles relapsed to 945. Taranaki Oilfields fell to business at 6s 3d, market closing Id either way. Mining Broken Hill South were much weaker at 38s and 38s Id. Mount Lyells dropped to 37s 6d, 365, and 36s Id, market closing 36s buyers, 36s 3d sellers. LATEST QUOTATIONS

MINING

WELLINGTON ALLUVIALS Official quotation has been granted fcy the Stock Exchange of Melbourne to 217,680 fully paid shares, issued to the vendors, in Wellington Alluvials, Ltd. WAIPAPA BEACH The Waipapa Beach return is 6oz 3dwt for nine days. , CLUTHA RIVER (FBKSB ASSOCIATZOX TELEOBAM.) DUNEDIN, November 8. For the week ended Friday, the Clutha River Dredge, operating at Alexandra, worked 117 hours and recovered 208oz. PATO CONSOLIDATED Mr Fred. G. Dunn, attorney for Clutha Development, Ltd., has received the following report in regard to the activities of Pato Consolidated Gold Dredging, Ltd.:—“Pato Consolidated Gold Dredging, Ltd,, is arranging to reduce considerably its peso 10-yis in Colombia, South America, thereby effecting a substantial saving in interest and to enable it to do so, Placer Development, Ltd., and Oroville Dredging Company, Ltd., have each undertaken to lend forthwith to Pato Consolidated Gold Dredging, Ltd.. 200,000.00 dollars at 4 .per cent, per annum. In consideration of these loans Pato Consolidated Gold Dredging, Ltd., has granted each of the above companies the right to call for an allotment of the whole or any part of 80,000 shares of Pato Consolidated Gold Dredging, Ltd., at the pries of 2.50 dollars a share net for a period of one year.”

MATAKI AUCKLAND, November 8. The Mataki return for the week ended November 7 was 28 ounces for 116 hours’ work and 8400 yards.

TWO OUTBREAKS OF FIRE

Two calls for minor fires In the city were received by the Christchurch Central Fire Brigade yesterday. The first outbreak, thought to have been caused by an electric short-cir-cuit, was on the premises of Johnson and Couzins, Ltd,, in Cashel street. The call was answered at 8.13 o’clock in the morning. The damage was slight. The second call was received at 8.53 o’clock in the evening for an outbreak in a shed on the premises of 161 Colombo street, the property of Mrs Pearl Berrett. The flames were soon under control, but the shed and contents were extensively damaged. The contents were not insured. The New Brighton Volunteer Fire Brigade received a call to a fire in the pine needles and scrub in the Rawhiti Domain yesterday morning at 5.59. There was a light north-west wind blowing in the direction of the scout house, about a chain away. Prompt use of chemical extinguishers by the brigade prevented the fire from spreading. f• * - i

Buyersr Sellers. £ s. d. £ s. cl. N.Z. Govt. Debentures 3J p.c. Ins., 15/3/39-43 — 101 10 0 4 p.c. Ins., 1943-46 102 17 6 — 4 p.c. Bonds, 1946 and 1940 103 0 0 —— 4 p.c. Bonds. 1955 104 15 0 — Rural Bonds, 5 p.c, 15/9/47 .. .. 101 0 0 — Other Debentures Waimak. River Trust, 4.1 p.c, 1/10/67 — 104 0 0 Ashburton Electric, 44 p.c. 1/2/64 — 105 10 0 N.Z. Refrig., 44 p.c, 1940-45 101 15 0 — Banks Australasia (£5) 11 2 6 — Cbmm. of Aust. (10s) 0 17 3 0 17 4 Comm. of Aust. (pref., £10) 9 11 6 — Com. of Syd. (£12 10s) — 21 7 6 E.. S., and A. (£3 pd.) 5 13 0 5 14 0 Natl, of A/asia. (£10 paid, cum div.) 14 10 0 15 10 0 Natl, of A/asia. (£5 paid, cum div.) 7 0 0 — Natl, of N.Z. (£2 10s) — >- 2 IB 6 N.S.W. (£20) 32 0 0 33 13 0 New Zealand (£1) .. 2 3 6 2 3 11 Union (£5) 9 2 6 9 12 0 Insurance Natl, (cum div., 7s paid) — 0 18 1 South British (£1) 4 14 0 — Loan and Agency Dalgety and Co. (£5) — 10 0 0 Goldsbrough, M. (£1) 1 13 9 . 1 14 0 N.Z. Guar. Corp. (3s) — 0 4 9 United Bldg. (£1) 1 0 3 — Shipping Devonport Ferry (£1) — 1 0 0 Huddart Parker (£1) 2 1 0 2 3 6 Union (pref., £1) 1 6 0 — Frozen Meat Canterbury (£7 10s pd.) — 11 0 0 Gear (10s) — 0 18 0 N.Z. Refrig. (£1 pd.) — 0 19 11 N.Z. Refrig. (10s pd.) 0 9 8 0 9 10 Southland (£1) — 1 10 0 Waitaki (£5) 4 3 0 — Woollens Felt and Textiles (£1) — 1 15 9 Kaiapoi (17s paid) — 0 13 3 Kaiapoi (7s paid) — 0 5 0 Oamaru (£1) — 0 19 6 Coal Westport-Stockton (10s) 0 2 4 0 2 7 Westport-Stockton (pf., 10s) 0 4 9 — Kaltangata (£1) 1 3 0 — Gas Auckland (con., 15s paid) 0 14 11 0 15 6 Chrtstchurch (£1) 1 5 4 1 6 8 Christchurch (con. 10s) — 0 15 0 Breweries Dunedin (£1) 1 10 0 1 15 0 New Zealand (£1) — 2 8 11 Tooths (£1) 2 14 0 2 14 6 Tut (cum div., £1) — 2 16 0 Timaru (in liqdn.,) 0 0 9 0 1 0 Miscellaneous Andersons (pref., £1) 0 18 1 1 0 5 Aust. Glass (cum div.. £1) — 4 13 0 Beath and Co. (Is paid) 0 1 0 — British Tobacco (£1) 2 8 6 2 9 3 Broken Hill Prop. (£1) 3 1 3 3 2 3 Broken Hill (rights) .. 1 7 10 1 7 11 Colonial Sugar (£20) 46 12 6 47 0 0 Consolidated Brick (£1) 0 7 6 — Cox Bros. (5s) 0.15 0 — Dunlop Rubber (£1) .. .' — 1 2 6 Electro. Zinc (orcl., g.\~) i i 6 i a vs. Electro. Zinc (pf., £1) 2 10 10 2 11 U Evans Atlas Flour (10s) 0 19 0 — G. J. Coles (£1) i 4 11 9 4 12 0 Hay's, Ltd. (con., 15s ; paid) ) ? x i 0 — Howard Smith (£1) 1 0 9 — Hume Pipe (Aust.) (£1) .. ..J — 1 0 2 Kauri Timber (cumf div., 25s) .. ./ 1 2 9 — Milburn Lime (£1) /. — 2 2 3 Morris Hedstrom (cvfm div., £1) .. / .. — 1 9 6 Morts Dock (£1) / .. — 0 11 4 N.Z. Drug (£2) — 3 14 6 N.Z. Farmers' Co-op. (£2 10s paid), — 0 16 0 N.Z. Farmers' , Co-op. (1st pref., £3) 3 7 6 — N.Z. Farmers' Co-op. ("A" pref., £4) — 2 2 6 N.Z. Farmers' Co-op. ("B" pref., £4) _ 2 0 0 N.Z. Farmers' Co-op. (4J p.c. Stock, 1940, £100) '.. 90 0 0 — N.Z. Farmers'. Co-op. <4i p.c. Stock. 31/1/45, £100) 90 10 0 92 0 0 N.Z. Farmers' Fertiliser (£1) — 1 0 9 N.Z. Newspapers (16/8) — 1 18 6 Procera Bread (10s) .. 0 11 0 1 0 0 Quill, Morris (1936) (£1) .'' 0 17 0 0 18 0 Shillings, Ltd. (cum rights! £1) Taranafci Oil. (24/7) — 0 19 6 0 6 2 0 6 4 United/Provisions (£1) — 0 7 3 Standard Cement (£1) Wilco£ Mofflin (lis) .. — 0 17 9 — 0 12 0 Wilson's Cement (10s) «•» 1 0 0

Buyers. Sellers. Woolworths (WA.) £ s. d: £. s. d. (£1) 4 12 6 5 3 0 Woolworths (pf. £1) — 1 18 0 W. R. Carpenter (£1) Woolworths (Sydney) 2 7 0 (ord.. £1) .. — 19 3 Overseas Listing Woolworths (S. Africa) 0 14 0 (5s) Mining 0 13 10 Alexander (£1) 0 10 6 0 12 0 Alexander (15s pd.) .. — 0 12 0 Argo (Is) 0 17 0 1 10 Barrytown (£1) 13 0 18 0 Big River (Is) — 0 1 51 Gillespie's Beach (Is) — 0 14 Golden Sands (Is) .. 0 17 — Grey River (7s 6d pd.) 0 9 3 0 9 8 Maori Gully (Is) 0 0 3 — Mataki (2s) .. — 0 0 8 Moonlight Gold. (Is) 0 0 4 0 0 6 Mossy Creek (Is) 0 0 101 — Nemona (Is) 0 16 — Skippers (Is) 0 0 13 0 0 21 Waihi Grd. June. (2s) — 0 2 10 Waimumu Sluic. (Is) — 0 0 8 Waitahu (5s) — 0 16 Worksop Extend. (Is) 0 0 10 0 13 Australian Mining Broken Hill South (5s) 1 15' 6 1 17 0 Mount Lyell (£1) 1 16 0 1 16 3 Mount Morgan (2s 6d) North Broken Hill (cum 0 10 8 0 10 10 div., 5s) .. — 2 9 6 Rawang Tin (10s) Wellington Alluvlals 0 10 0 0 10 9 (2s) — 0 5 6

UNLISTED STOCKS All transactions in stocks quoted In this section are subject to a different rate of brokerage from listed stocks and are not quoted on the official list:— Buyers Sellers. £ s d. £ s. d. Arnhura (15s paid) .. — 1 2 0 Assoc. Motorists’ Petrol (pref.) .. — 1 10 0 Ballins Breweries (15s paid) .. .. — 0 14 0 Mt. Cook Tours .. — 0 8 0 Selfridges (A’asia) (ex rights) .. .. — 1 9 0 Sclfridges (rights) .. — 0 2 0 Sclfridges (N.Z.) (12s paid) .. .. — 012 0 Selfridges (West Aust.) (10s paici) .. 0 10 0 0 17 0 Thyrodone .. .. 1C 0 Westland Breweries 1 17 0 — Westland Breweries (cont.) ■ .. .. 0 17 0 — Woolworths (W.A.) .. — 8 15 0 AUCKLAND Sales on ’Change £ s. d. Auckland Elec. Power Board, 1945. 41 per cent. .. 103 0 0 Com. Bank of Aust. (2) 0 17 4 Bank of New Zealand .. 2 40 Ocean Corp. 0 4 8 Auckland Gas I 1 6 Auckland Gas (con.) .. 0 15 1 0 15 0 Devnnport Ferry 0 19 n Aust. Glass' 4 12 6 Broken Hill Prop. 3 4 0 Broken Hill Prop, (rights) 1 7 6 Electro. Zinc (pref.) 2 11 6 Farmers’ Trading 1 0 8 M.K. Millinery C 12 10 Mount Morgan .. 0 11 0 0 10 9 North Broken HIU .. •* 4 12 0 WELLINGTON Sales on ’Change £ s. d. Carrier, Jaunary issue (paid) 1 15 0 Woolworths (N.Z. 5 2 6 (Both late Saturday) 4 p.c. Stock, 1946 (3) 103 0 0 Bank of New Zealand 2 4 0 2 4 2 N.Z. Guarantee Corp. # , 0 4 9 Christchurch Gas 1 6 10) Mort , , 1 14 6 British Tobacco (pref.) 1 10 9 Dunlop-Perdriau 1 1 7 G, J. Coles [3) 4 12 0 Taranaki Oil 0 6 9 0 6 8 0 6 7 Felt and Textiles (rights) (2) 0 14 0 Unofficial List Hawke’s Bay Farmers (£5 shares, £3 paid) , # 3 12 6 Selfridges (N.Z.) (12s paid) •* 0 11 6 DUNEDIN Sale on 'Change £ s. d. Broken Hill Pty. (rights) 1 9 0 Sales Reported Bank of New Zealand (4) 2 4 0 Mount Lyell 1 17 3 North Broken Hill 2 12 0 (Ail late Staurday) St. Hilda Borough debentures. 1940, 43 p.c. 101 5 0 Bank of New Zealand 2 4 0 Gordon and Gotch 2 14 3 Broken Hill South (3) 1 18 X 1 18 0 Electrolytic Zinc (ord.) 2 9 6 Broken Hill South 1 17 6 Mount Morgan (2) 0 10 10

SYDNEY Nervousness due to the weakness of the New York market on Saturday brought about sharp falls in metal stocks on the Sydney Stock Exchange yesterday. North anil South Broken Htll shares fell abruptly to the lowest levels of the year. Industrial shares for the most part were weaker. Morning Sales £ s. d. Comm. Bank of Australia . 0 17 6 Bank of New South Wales « , 33 15 0 Tooheys Brewery . 1 XI 10J Tooths . 2 15 0 Australian Gas A . 7 9 6 Associated Newspapers . 1 3 9 Anthony Hordern .. . 0 19 0 British Tobacco .., . 2 9 6 Broken Hill Prop. . 3 4 0 Electrolvtic Zinc . 2 10 0 Electrolytic Zinc (pref.) . 2 13 0 Fairymead Sugar .. . 1 13 Felt and Textiles . 1 15 1DJ G. J. Coles . 4 14 0 Goldsbroueh* Mort . 1 14* 6 Winchcambe, Carson .. • 1 13 3 Afternoon Sales Bank of New South Wales . 33 15 0. Comm. Bank of Australia . 0 17 6 Associated Newspapers . 1 3 9 Adelaide Steam 1 12 u British Tobacco i * 2 9 Tooths Brewery Tooheys . 1 11 lUfi G. J. Coles . 4 1Z Dunlop Perdriau . 1 2 7i Farmers . 1 14 Anthony Hordern . 0 19 0 David Jones • 2 1 General Industries (pref.) 1 4 0 Morts Dock . 0 10 11 Hume Pipe . 1 o Felt and Textiles , 1 15 10i Felt and Textiles (rights) . 0 14 0 Mark Foy . 1 2 Sargents . 1 10 4J Bradford Cotton . 2 11 Cosh Orders Amalgamated , 0 17 9 Australasian Paper . 1 12 Carriers (old) • 1 15 6 Bankers and Traders .. . 1 11 9 Standard Cement . 0 17 6 Woolworths (ord.) • X 9 3 Goldsbroush. Mort •• • 1 14 0 Wilcox, Mofflin . 0 11 8 Fairymead Sugar .. . 1 13 0 Electrolytic Zinc . 2 8 Mount Morgan .. . 0 IU 11 Broken Hill Prop. .. . . 3 Z New Broken Hill Consolidate d 0 13 6 North Broken Hill . 2 7 10} South Broken Hill . 1 IB 0 Kuala Kampar Tin . 0 19 9 Rawang Tin . 0 10 0 Placer Development .. . 3 18 6 Emperor Gold • • . 0 12 7

MELBOURNE On the Melbourne Stock Exchange bonds were steady, but industrials and Barriers fell sharply on the fall in New York and disturbed conditions in Europe. Sales :— £. s. d. Comm. Bank of Australia 0 17 7 British Tobacco 2 9 3 G. J. Coles 4 10 9 Dunlop Perdriau 1 2 7 Goldsbrough, Mort 1 14 3 Hume Pipe 10 0 Australian Foundation Invest. Trust . 0 5 10 Australian Foundation Invest. Trust (rights) 0 0 7 Australian Paper Mfrs. (pref.) 14 9 Felt and Textiles 1 15 6 Felt and Textiles (rights) 0 13 11 Cox Bros. 0 17 0 Electrolytic Zinc .. .. 2 8 3 Electrolytic Zinc (pref.) 2 9 6 Mount Lyell 1 15 6 Broken Hill Prop. 3 19 North Broken Hill 2 7 9 South Broken Hill 1 16 0 Zinc Corporation 4 13 0 Emperor Gold 0 12 9 Loloma 0 17 3 Broken Hill Prop, (rights! 17 6