FINANCE AND COMMERCE

Press, Volume LXXIII, Issue 22250, 15 November 1937, Page 11

FINANCE AND COMMERCE

BUSINESS REMAINS ACTIVE

STOCK EXCHANGE QUIET

Statistics showing the state of business in New Zealand in September indicate that though there have been a number of seasonal recessions, activity is maintained at a high level. The note circulation, cheque transactions, the volume of exports and imports were all lower, but were substantially higher than for the corresponding month last year.

The Christchurch Stock Exchange was very quiet on Saturday morning, with business confined to a few issues. Several stocks rose in price, notably Broken Hills, Mount Lyells, and G. J. Coles. The London exchange closed the week dully and quiet.

British overseas trade shows a continued expansion according to figures produced by the Board of Trade. Exports have risen substantially and imports show a large increase.

BRITISH TRADE BUOYANT

ALL SECTIONS EXPAND

LARGE INCREASE IN IMPORTS

(bbitish official wirelsss.)

RUGBY, November 13

A further large expansion in overseas trade is revealed in the Board of Trade returns.

In October imports amounted to £96,085,427, exports to £47,216,048, and re-exports to £5,698,531. Twelve months ago imports .were valued at £80,531,920, exports at £41,764,413, and re-exports at £4,560,180. For the IQg, months of 1937, imports at £837,940,598 represent an increase of £149,831,635 on the previous year. Exports totalled £432,858,531, which ja an increase of £71,072,519 on 1936. Re-exports at £65,021,748 show an increase of £14,752,075.

MARKETS FINISH

WEAK

LITTLE ACTIVITY IN LONDON

(C.VITED TRESS ASSOCIATION—COI'XitICiUT.)

LONDON, November 13. Markets finished the week quietly. There were no dealings in Brazilian loans.

BRITISH TREASURY BILLS

(BBITISH OFFICHL WIRELESS.) RUGBY, November 12. .The total amount applied for in tenders for £45,000,000 of Treasury Bills was £74,990,000. The average rate per cent, for bills at three months was 10s 2.12 d, against 10s 1.49 d a week ago.

RETAIL MEAT PRICES IN, LONDON . \

The Meat Board lias been advised by its London manager that the following retail prices were being quoted for New Zealand lamb and mutton in London during October. These prices represent a fair average of the prices quoted by the better class shops in London for the best quality of New Zealand lamb and mutton:— Per lb.

SALES TAX RETURNS

SLIGHT DECREASE IN

SEPTEMBER

Sales tax collections in September were £300,714, a decrease of £2BB on the total for the previous month, but an increase of £46,045 over the figure for September last year, states the Abstract of Statistics. During the nine months ended on September 30 sales tax collections totalled £2,554,348, an increase of 23 per cent, above the total for the same period of 1936. This increase in sales lax collections is indicative of a substantial, upwaru trend in commodity sales in the Dominion. In this connexion it should be noted that many commodities (mostly prime necessities) are exempted from the provisions of the tax. Price Indices The retail prices index (base: 1926-30 = 1000) for the three food groups has risen 20 points during the month of September, and now stands at ' 976, each of the groups exhibiting a continued upward tendency, the greatest increase (from 1007 to 1038) occurring in the meat group, while the influence of potato prices has been mainly responsible for raising the groceries index 20 points (from 947 to 967). When the September indexes for food and for fuel and light are combined with the" August indexes for the remaining groups, an all-groups index of 934 is obtained, which is seven points above that for August and 48.7 per cent, above the 1914 level.

The wholesale prices index (base: 1909-13 ~ 1000) has fallen one point (from 1525 to 1524) during the ;nonth of September, a fall of five points in the "locally produced" group being partially counteracted by a rise of three points in the group for "imported commodities" (in this instance no individual item exercising a preponderant influence). The export prices index (base: 190913 = 1000) exhibits an increase of eight points (from 1451 to 1459), a numbei of conflicting movements in the various groups combining to produce this result. Details of the principal fluctuations are: —Increases: Dairy produce, 52 points (butter and cheese); minerals, 51 points. Decreases: Other pastoral produce, 173 points (all hides and skins); timber. 304 points. Building: Activity

The value of building permits issued in the 21 larger centres during September was £706,934, a decrease of £97,583 below the total in August (£804,517), but an increase of £266,697 above the total in September, 1936. The number of new dwellings for which permits were issued in September was 466, as compared with 458 in the previous month, and 314 in September, 1936. . The statistics of building permits include particulars of new buildings and majo. alterations or additions commenced (in the 21 centres only) by Government departments and Education Boards, although permits may not be actually issued. Figures for September 1937, were:—New dwellings, 160; other new buildings, 1; alterations, etc., 7; total value, £186,796.

FOREIGN EXCHANGES

ASSOCIATED BANKS' RATES

The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates on Saturday, on a New Zealand currency basis. They are subject to alteration without notice:— U.S.A. Canada. (Per £1 N.Z.) Dol. Dol.

NEW ZEALAND BREWERIES

New Zealand Breweries have .notified the Stock Exchange Association that the transfer books of the comDanv will be closed from November 29 to December 9, both days inclusive.

BRITISH WAR LOAN

(BRITISH OmClAt, WIRELESS.) RUGBY, November 12. War Loan is quoted at £lOl 15s.

STOCK EXCHANGES

TURNOVER ON SATURDAY

SEVERAL VALUES SHOW RECOVERY

Apart from dealings in a few stocks, markets were quiet on call on Saturday morning. Price levels generally were well maintained with a hardening in the case .of several issues.

Transactions, exclusive of vestibule business, were: —

LISTED STOCKS Sales on 'Change

£ s. d. 100 N.Z. Refrig. (10s pd.) 0 9 8 60 New Zealand Brewcries • • • * ■" 400 Anthony Hordern (2) 013 7 (2) 018 6 150 British Tobacco .. -2 9 5 (2) 2 9b 500 Broken Hill Propty. ("rights") (4 - 10 6 50 G. J. Coles . - 412 3 100 Hume Pipe (Aust.) .. 10 0 25 Wool worths (N.Z.)

(ord., cum div. and "rights") • ■ 5 4 0 50 Broken Hill South • (cum div.) • • 118 (i 150 Mount Lyell (cum div.) ■ - H6 0 (2) 1 15 11

Sales Reported

10 Colonial Sugar (2) 46 17 0 100 Broken Hill Propty. ("rights") -. 19 6 100 Hume Pipe .. 10 0 Refrigerating' New Zealand Refrigerating 10k paid were firm with buyers and business at 9s Bd, sellers at 9s lOd. New Zealand Breweries were fractionally weaker at 48s 9d, market closing 48s 3d buyers, 49s sellers. Sellers of Dunedin Brewery reduced their limits to 31s 6d; buyers were firm at 30s. Miscellaneous Anthony Hordern changed hands at 18s 7d and 18s 6d and more were offered at the higher price, buyers at 18s sd. British Tobacco advanced to 49s 5d and 49s 6d, closing quotations 49s buyers, 49s 7d sellers. Broken Hill Proprietary, were stronger on buyers' offers 63s—the "rights-" rose to 29s 6d and 29s sd, and more were offered at the lower price, buyers at 29s 4d. Colonial Sugar appeared easier with dealings at £46 17s 6d. Dunlop Rubber were firmer on buyers' offers 22s sd. G. J. Coles recovered to 92s 3d, sellers staying in at that price; buyers at 925. Hume Pipe (Australia) were firm with business at 20s, and further buyers at 19s lid. Woolworths (New Zealand) ordinary cum dividend and "rights" were fractionally weaker with sellers and business at £5 4s-

Mining; Broken Hill South were firm with buyers and business at 38s Gd. Mount Lyell advanced to 36s and 35s lid. ;;nd these were sellers' and buyers' closing quotations respectively.

LATEST QUOTATIONS

MINING

WORKSOP

The Worksop Extended Gold Dredging Company, Ltd., reports a return for the week ending November 11 of 13oz for 130 hours and 9000 yards.

NEMONA

The Nemona Gold Dredging Company, Ltd., reports a return for the week ending November 12 of 90oz for 128 hours and 16,700 yards.

WHITE'S ELECTRIC

The White's Electric return is 360z for 122 hours. NEW RIVER

The New River return is 15oz for 109 hours and 7000 yards.

GILLESPIE'S BEACH (rBESB ASSOCIATION TILEGBAM.) DUNEDTN, November 14. The Gillespie's Beach return was 430z lOdwt for 123 hours in the week ended yesterday.

METALS MARKET

PRICE OF GOLD

f»»ITISH OFFICIAL WIRELESS.) RUGBY, November 13. Gold is quoted at £7 0s 4d a line ounce

PRICE OF SILVER

(BBITI.SH OFFICIAL WIRELESS.) RUGBY. November 13. Silver is quoted at 19Jd for spot and 19 il-16d for forward.

UNLISTED STOCKS

Ail 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:—

AUCKLAND Sales on 'Change

WELLINGTON Sale's on 'Change Late Friday

DUNEDIN Sales Reported £ s. d.

SYDNEY

BUSINESS DURING SEPTEMBER

SLIGHT SEASONAL RECESSIONS

ACTIVITY STILL AT HIGH LEVEL

Statistics illustrative of business conditions in September show in general slight seasonal recessions, states the Abstract of Statistics for September. External trading in commodities, both export and import, shows a fall as compared with the position in August, while the value of cheque transactions and the active note circulation are both slightly below the figures recorded in the preceding month. The present levels of these and other indicators of the state of business compare very favourably with the September figures for previous years. I While, as indicated above, business indicators generally in September show moderate seasonal recessions, statistics of the number of unemployed males recently released by the Department of Labour show an improvement for the second month in succession. The lowest level recorded by these statistics was reached on May 8, when the total was 34,218. The peak level for the present year was 38,679, recorded on July 31, since which date a fall to 36,450 on September 25 has been shown by the statistics. The latest figure shows the following decrease_s below the corresponding figures for September of each of the preceding five years: 1936, 20.2 per cent.; 1935, 39.6 per cent.; 1934, 43.7 per cent.; 1933, 54.1 per cent.; and 1932, 50.5 per cent. Late winter and early spring conditions in most farming districts have been favourable, following cold and wet weather in the early winter months. Pastures and stock are reputed to be in good condition, while lambing conditions are favourable. Prices for livestock in recent weeks have been at very satisfactory levels. The prospects for the 1937-38 wool season are bright. A slight casing in prices from the unusually high levels ruling during the 1936-37 selling season is anticipated by some observers, but the statistical position of the industry is sound, and there is no suggestion of a slump in wool values. A pre-estimate of wool production in New Zealand during the 1937-38 season gives a total of 313,000,0001b in the grease, a record for the Dominion. The actual production in 1936-37 was 302,900,0001b, the estimate for 1937-38 representing an increase of 3 per cent, above this figure. External Trade Trade returns for September reveal decreases in both exports and imports. The value of commodity exports fell from £4,457,611 in August to £3,901,674 in September, while imports of merchandise have fallen from £6,008,286 in the former month to £5,402,535 in the latter month. For the third month in succession the value of impurts of merchandise has exceeded that of commodily exports, the excess in each of the last three months being: July, £19,041; August, £1,550,675; and September, £1,500,861. The cumulative excess of imports during these three months amounts to £3,070,577. An excess of imports is normal in the late winter and early spring, when farm production is at its lowest ebb. The value of external trade in commodities, both export and import, has been abnormally high during the pre- ! sent calendar year, figures for the nine I months ended on September 30 being: Exports, £55,283,969; imports, £41,981,590; excess of exports, £13,302,379. Corresponding figures for ! the same period of 1936 were: Exports. £46,041,606; imports, £31,884,636; excess of exports, £14,156,970.

Banking

The average weekly value of bank debits to individual customers' accounts during September was £15,951,184, a slight decrease below the average recorded in the previous month. A seasonal recession in the volume of cheque transactions is normal at this period of the year. The average weekly value of bank debits in each of the last five September months was: 1937, £15,951,184; 1936, £13,631,191; 1935, £12,832,993; 1934, £10,624,964; and 1933, £9,771,000. This comparison of the September statistics for bank debits with figures for that month of previous years indicates that September, 1937, was particularly active—for an off-season month—in respect of business activity. The active note circulation—i.e., the average value of notes in the hands of the public excluding those held by the banks, showed a slight recession in September. The average net note circulation during that month was £8,904,789 as compared with £8,968,289 in August. The note circulation has been maintained at very high levels throughout the whole of the present calendar year. A record monthly average of £9,043,996 was recorded in December, 193G, a recession of £8,341,397 taking place in January—the natural reaction expected after the holiday period. The September average is the lowest level recorded to date this year, the peak level (£8,968.289) being reached in August, a surprising buoyancy in the note circulation being observed during July and August. Demand and time deposits with the trading banks were both lower in September than in the previous month. Demand deposits reached a seasonal peak in April, the average amount on current account in that month being £35,249,771. Successive decreases have been recorded since that month, the average amount held on current account in September being £29,952,297. A seasonal slackening in such deposits is normal in the winter months with the transfer to profit-making avenues of investment, of funds accumulated during the peak of the export season. Interest-bearing deposits averaged £34,774,855 in September, a slight decrease from the August average of £34,884,862—the peak for the current calendar year. The level of fixed deposits in 1937 is materially lower than was the case during the preceding five years. Advances by the trading banks have recently shown a rising tendency, the value of outstanding advances averaging £50,126,112 in September as compared with £48,825,055 in August. While an increase in adcinces (and a decrease in deposits) is normal at this time of the year, the recent buoyancy in advances is greater than would be accounted for by this seasonal influence alone. The September, 1937, figure for outstanding advances (£50,126,112) is the highest monthly average recorded since December, 1932, and represents a marked recovery from the low point of £39,579,235 recorded in August, 1934. Advances have been on a materially higher level throughout 1937 than for some years past, pointing to a freer flow of moneys into productive undertakings. , The net overseas funds of banks on sfecount of New Zealand business fell from £(N.Z.)32,523,515 on August 30 to £(N.Z.) 29,985,356 on September 27. For the third month in succession, an excess of commodity imports over exports is recorded by the statistics of external trade: this seasonal tendency in the trade balance would be reflected in a fall in overseas funds.

CANADIAN WHEAT ESTIMATE

(UNITED PREHS ASSOCIATION—COPYRIGHT.) OTTAWA, November 13. The wheat crop is estimated at 182,505,000 bushels.

BRITISH PRODUCE MARKETS

(united fkbss association—copybight.)

LONDON, November 13. Friday's closing prices were: — Cotton—Spot 4.63 d per lb, December 4.56 d.

Rubber—Para 7Jd per lb, plantation smoked 71d. Jute—November, £2O 15s a ton. Copra—November-December, South Sea, £l3 5s a ton; smoked, £l3 ss; plantation Rabaul, £l4 ss. Linseed Oil—£3o ss. Turpentine—£l lis per cwt.

COMPANIES REGISTERED

The following notices of company registration are recorded in the latest issue of the "Mercantile Gazette": — Marine Products (N.Z.), Ltd. Registered October 29. Office, Pickles and Perkins, Hereford street, Christchurch. Capital: £15,000 into shares of £1 each. Subscribers: Timaru—K. S. Brown 200. Christchurch— L. C. Stephens 200. C. S. Peate 200, M. Malthus 25, R. V. I. Chamberlain 25, E. T. Layburn 25, J. Sullivan 25. Objects: Carry on business of fish dealers, engage in processing and canning of fish, including salmon, and incidental. , Lohmann and Company, Ltd. Registered as a private company October 29. Office. 193 Cashel street, Christchurch. Capital: £IOOO into shares of £1 each. Subscribers:

T. H. Williams, J. \V. Williams 5W eachObjects: Wool and general brokers, wool buyers, merchants, commission agents. and incidental.

Cash Order Purchases, Ltd. Registered November 1. Capital, £30.000 into stores of £1 each Subscribers: J. Ballantyne aod. Company, Ltd.. 4000. Reath and Company. Ltd.. 4000. Hays, Ltd.. 4600. New Zealand Farmers' Co-operative Association of Canterbury. Ltd., 4000, T. W. Berry 3». C. SThomas 200, L. J. H. Hensley 1. Object* Cash Order and Finance-Company and incidental.

New Zealand lambd. Legs •. .. .. 13 Shoulders .. •'•■ 11 Loins 11 NecHs .. 6 Breasts .. • • • • 3 Forequarters 8J Hindquarters .. 114 Kew Zealand mutton (wethers)- — Legs 10 Shoulders 8J Loins 9 Necks . - • • r • 4 Breasts .. -- «« 2

(Barmi! i DKfJCUL «1BEI,IS8.) RUGBY, November 13. Par. Nov. 12. Nov. 13. Paris, fr. to £1 124.21 147,1 147 15-16 New York. dol. to £ 4.866 4.98J ■ 4.98 11-1G Montreal. dol. to £1 4.8GG 4.98], 4.98 7-16 Brussels, belgas to £1 35 29.36i 29.36J Geneva, fr. to £1 25.2215 2I.60i 21.62 Amsterdam, „ fl. to. £1 12.107 9.011 9.011 Milan, lire to £1 92.43 942 94 i Berlin, retclimarken to £1 20.43 12.3G 12.3GJ Copenhagen, kr. to £1 18.159 22.40 22.40 Stockholm, kr. to £1 18.159 19.40 19.39J Oslo, kr. to £1 18.159 19.90 19.90 Vienna, schgs. to £1 34.585 2Gi 2GJ Prague, kr. to £1 164.25 141J 1413Helsingfors, marks to £1 193.23 22Gi 226& Madrid, pese- ' tas to £1 25.2215 ! — Lisbon, escudos to £1 110 110 3-16 110 3-10 Athens, drach to £1 375 547 J 547J Bucharest, lei to £1 813.60 677J 677i Belgrade. dinars 276.3 216 210 Rio de Janeiro, pence to milreis 5.90 41 41 Buenos Aires. pence to dol. 51 — — Montevideo, pence to peso • 3D 13-16 39 13-16 Bombay, pence to rupee 18 18i 18i Shanghai, pence to yen * 14 3-16 14i Hong Kong, pence to yen • 15 15 Yokohama, petnee to yen 24.58 14 14 Batavia, guilders 13.107 9.00 9.00 Warsaw, par zlotys to £1 43.38 — — ♦Determined by pripe of silver.

Selling— T.T. O.D. Buying— T.T. O.D. .. 3.99 11-16 3.983 .. 4.00;, 3.99 13-16 .. 4.03' e 4.02 9-16 .. 4.04A 4.03 13-16

Buyers. Sellers £ 's. d. £ S. d N.Z. Govt. Debentures 31 p.c. Ins.. 15/3/33-43 — 101 10 0 31 p.c. Ins., 1939-52 — 104 10 0 4 p.c. Ins., 1943-49 103 0 0 — 4 p.c. Ins., 1952-53 104 15 0 — 4 p.c. Bonds, 1940 103 2 6 — 4 p.c. Bnnr'ij, 1949 103 0 0 — 4 p.c. Bonds, 1955 104 17 6 — Rural Bonds, 5 p.c.. J5/9/47 101 0 0 — Banks Comm, of Aust, (10s) 0 17 0 0 17 3 Comm, of Aust. (pref.. £10) 9 12 0 9 10 0 Comm, of Sydney (£12 10s) — 21 5 E.. S., and A. (cum div.. £3 paid) — 5 12 9 Natl, of A/asia. (£10 paid, cum div.) 14 7 6 — Natl, of A/asia. (£5 paid, cum div.) 7 2 6 7 4 6 N.SW. (cum div., £20) — 34 0 0 N.Z. (cum div.. £1) .. 2 3 9 — N.Z. (mort shares, cum div.. £1) 1 9 0 — Union (£5) — 9 10 0 Insurance National (cum div., 7s paid) — 0 18 1 Standard (£1) — 3 2 G Loan and Agency Daigety and Co. (cum div., £5) 9 15 0 10 15 0 Goldsbrough, M. (£1) 1 13 0 1 13 9 Natl. Mort. “A” (£2) — 2 10 0 N.Z. Guar. Corp. (3s) 0 4 0 0 4 8 United Building (£1) 1 0 6 — Wright, Stephenson (pref., £1) 1 0 6 1 1 0 Newton King (pf.. £1) 0 8 0 — Shipping Huddart-Parker 2 1 9 — Union (pref., £1) 1 6 0 — Frozen Meat Cdtity. (£7 10s paid) .. 10 15' 0 11 0 0 Gear (10s) — 0 18 0 N.Z. Refrig. (£1 paid) — 0 10 11 N.Z. Refrig. (10s paid) 0 9 8 0 9 10 Woollens Felt and Textiles (£1) 1 10 0 Kaiapoi (17s paid) -- () 13 0 Kaiapoi (7s paid) — () 4 9 Oamaru 4£1) — 0 19 0 Coal Grey Valley (£1) — 0 14 0 Kaitangata (£1) 1 3 9 — Gas Christchurch (£1) 1 6 6 1 G 9 Christchurch (con., IDs paid) — 0 14 G Breweries Dunedin (£1) 1 10 0 1 11 6 New Zealand (£1) •• 2 8 3 2 9 0 Tooths (£11 2 13 6 2 14 2 Tui (cum div.. £1) .. — 2 16 0 Timaru (in llqdn.) 0 0 9 — Miscellaneous Anthony Hordern (£1) 0 18 5 0 18 7 Aust Glass (cum div., £1) 4 10 G 4 11 C Aust. Foundation Inv. (5s) — 0 5 9 Aust. Foundation Inv. (rights) — 0 0 5 Aust. Iron and Steel (pref., £1) — 1 7 0 British Tobacco (£1) 2 9 0 2 9 7 Broken Hill Pty. (cum div., £1) 3 3 0 3 3 9 Broken Hill Pty. (rights) 1 9 4 1 % 5 Burns, Philp (£1) 2 16 9 2 17 9 Colonial Sugar (£20) .. 46 15 0 47 0 0 Consolid. Brick (£1) . ■ 0 8 0 0 9 0 Cox Bros. (5s) 0 15 e — Dom Builders (10s) .. — 0 4 0 Dominion Rubber (£1) — I 12 0 D.I.C. (pref.) — 1 4 3 Dunlop Rubber (£1) .. 1 2 5 1 2 8 Electro. Zinc (ord., £1) 2 7 9 2 9 0 Electro Zinc (pf., £1) 2 9 3 2 11 0 Evans Atlas Flour (10s) 0 19 0 — G. J. Coles (£1) 4 12 0 4 12 3 Hume Pipe (Aust.) £1) 0 19 11 1 0 3 Kauri Timber (cum div., 25s) 1 2 6 1 3 3 Mllburn Lime (£1) .. — 2 2 0 Morts Dock (£11 — 0 11 1 McKenzie’s Department Stores (cum div. and rights. £1) 4 7 6 4 10 0 N.Z. Drug (£2) — 3 14 3 N.Z Farmers’ Co-op. (£2 10a paid) —i 0 16 0 N.Z. Farmers’ Co-op. (10s paid) — 0 0 3 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, 1939, £100) — 92 10 0 N.Z. Farmers’ Co-op., (4i p.c. Stock, 1940. £100) — 92 0 0 N.Z. Farmers' Co-op. (41 p.c. Stock, 1945, £100) — 91 15 0 N.Z. Newspapers (16/8) 1 17 0 1 18 0 Procera Bread (10s) .. 0 11 0 — - Quid, Morris (1936) (£1) 0 17 0 0 18 0 Taranaki Oil. (24s 7d) 0 5 9 0 6 0 United Prov. (£1) 0 G 0 0 7 6 Waldas Shoes (£1) — 0 13 0 Wilson's Cement (10s) — 1 0 0 Woolworths (N.Z.) (ord., £1) 5 2 0 5 4 0 Woolworths (N.Z.) (pref., £1) .. 1 8 0 —

OcsriTED rar.ss ASSOCIATION —* .'OPVBIGI1T.) LONDON. November 12. Nov. 11. Nov. 12. Cooper— £ s. d. £ s. d. Standard, spot 41 4 4* 41 1 3 Forward .. 41 10 7i 41 6 3 Electrolytic 46 0 0 46 0 0 to ..- 47 10 0 47 10 0 Wire burs . .. 47 10 0 47 10 0 L"nd — Spot .. 17 13 li 17 13 11 Forward .. 17 15 7A 17 15 7j Spelter— Spot .. 1G 18 H 16 14 4i Forward .. 17 1 10i 16 18 li TinSpot .. 207 17 G 198 7 6 Forward ..204 2 6 197 15 0 SilverFine, per o; i. 20 13-16d. 19 13-16d Standard, per oz. 21i|d 21j!d Nov. 5. Nov. 11. £ s. d. £ s. d. Pig iron, ton .. 5 10 56 0 Antimony— British .. 93 0 0 88 0 0 Foreign .. 70 10 0 (a unit) 64 10 0 Molybdenite 2 5 6 2 5 6 Wolfram .. 4 7 6 3 12 6

Buyers. Sellers. £ s. d. i E. s. d. Woolwortlis ("Sydney) 1 8 0 (2nd pref., £1) Woolwortlis (Syo,), (ord.. £1) 1 8 G 1 9 0 Woolwortlis (Victoria) 1 10 2 7 o (pref.. £1) W. R. Carpenter (£1) — 0 Overseas IJsttng Woolwortlis (S. Africa) (as) 0 14 0 0 14 8 Mining Alexander (£1) — 0 12 0 Alexander (15s pd.) .. — 0 11 0 Argo (Is) 0 1 8i 0 1 9J Big River (is) — 0 1 6 Gillespie's Beach (Is) — C 1 1 3i Golden Dawn (5s) 0 1 6 —* Golden Sands (cum div., 5s) 0 1 7 0 2 8 Grey River (7/0 pd.) 0 9 2 ( ) 9 7 Maori Gully (Is) • .. 0 0 3 — 8 Mataki (5s) ■ — 0 0 Buyers. Sellers. £ s. d. £ s. d. Skippers (is) a o 11 0 0 2J Wailii Grd. June. (2s) — 0 2 11 V/aitahu (5s) — 0 1 6 Worksop Extend. (Is) 0 1 0 0 1 3 Australian Mining Broken Hill South (cum div., 5s) X IB 0 1 L 18 9 Mount Lyell (cum div., £1) 1 15 11 1 I 16 0 Mount Morgan (2s 6d) 0 U 8 0 12 0 North Broken Hill (5s) 2 10 C 2 12 0 Rawang Tin (10s) 0 10 4 0 10 11 Wellington Alluvials (2s) — C ) 5 6

Buyers, Sellers. £ s. d. £ s. d. Assoc. Motorists Petrol (pref.) — 1 9 6 BaDins Breweries (15s paid) 0 129 0 13 9 Carbonic Ice 1 2 0 — Mount Cook Tours .. — 0 8 0 New Hiver' 0 0 3 0 0 6 Sclfridgcs (N.Z.) (12s paid) 0 10 0 0 12 9 Scllridfics (W. Aust.) (10s paid) —■ 0 17 0 Thyrodone 0 12 0 — Westland Breweries .. 1 16 0 — Woolworths (VV.A.) .. — 5 17 e

£ s. d. Auckland Harbour Board, 1954, 4.1 per cent. 106 10 0 Bank of New Zealand .. 2 4 4 Comrn. Bank of Aust. 0 17 2 Auckland Gas (paid) 1 1 6 Dominion Breweries (2) 2 0 6 Broken Hill Prop. 3 4 0 Broken Hill Prop, (rights) . . 1 9 C Colonial Sugar 47 0 0 Macky Logan -- 1 4 3

£ s* d. 4 p.c. Stock, 1946 .. 103 0 0 Bank of New Zealand .. .. 2 4 3 Gear Meat .. 0 17 0 McKenzie’s .. 4 9 6 British Tobacco .. 2 9 9 David Jones .. 2 1 4 Broken Hill South .. 1 19 9 Sales Saturday Bank of New Zealand .. .. 2 4 3 Broket® Hill (rights) .. 1 9 9 (2) 1 10 0 1 9 9 Felt and Textiles .. 1 15 9 1 15 11 Felt and Textiles (rights) .. 0 14 Oil David Jones 2 1 4 Carrier (January issue ) 1 14 9 Mount Morgan .. 0 12 0 Colonial Sugar .. 47 0 0 G. J. Coles 4 13 9 Woolworths, Ltd. .. 1 9 U

National Bank of Australasia (paid) 14 12 0 Mount Lyeli 116 3 Mount Morgan (3) 0 11 10

Sales on the Sydney Stock Exchange on Saturday were:— £ s. d. Bank of New South Wales . 33 5 0 Commercial Bank of Sydney . . 21 7 0 Anthony Hordern . 0 18 9 Broken Hill . 3 4 ti Broken Hill (rights) . 19 0 Dunlop Perdriau . 1 2 10J Electrolytic Zinc (pref.) . 2 11 6 Fairymead Sugar . , 1 13 0