FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22319, 5 February 1938, Page 12

FINANCE AND COMMERCE

WEAKER INVESTMENT MARKET LONDON WOOL SALES CLOSE The investment market for the greater part of this week was no more encouraging than it has been since the New Year, and prices at the close were weak. For two days overseas reports were more encouraging, and quotations showed a disposition to harden, but a further re cession in New York banished optimism. Government issues have continued strong. The January series of Lon don wool sales has closed, with values from par to 5 per cent, below the closing rates of the previous series. Competition was reasonably strong on good lines, but among inferior sorts there were frequent withdrawals. The series closed with a rather firmer tone, which reflects at Bradford. The wheat delivered this week has not been in such good condition as earlier lines. So me have shown fairly high moisture content.

UNLISTED STOCKS Sales on ’Change 250 N.Z. Perpetual Forests .. .. (3) 2 9 9 Banking National Bank of New Zealand moved up to 55s 3d and 55s 6d, and more were wanted at the higher price. Unsupported sellers of Bank of New South Wales reduced their limits to £32 15s. Union Banks dropped to £9 7s 6d, and more were offered at that price.’ Miscellaneous

YESTERDAY’S TRANSACTIONS Markets were quieter on the Christchurch Stock Exchange yesterday. Price movements were irregular and dealings restricted. * Apart from vestibule business, the following transactions were recorded: LISTED STOCKS Sales on ’Change £ s. d.

Westport-Stockton (pref.) were weaker with buyers and business at 5s 6d. New Zealand Breweries changed hands at 46s 6d and 46s 3d, market closing 46s 2d buyers, 46s 5d sellers. Anthony Hordern were weaker with sellers at 18s 6d. Australian Glass were fractionally weaker at 93s 6d. Broken Hill Proprietary declined to 61s 3d, 61s 2d, and 61s Id. Dunlop Rubber were easier at 23s 2d, closing quotations Id on either side. Electrolytic Zinc (preference) dropped to 49s 5d and 49s 4d, and more were offered at 49s sd, buyers at 49s 2d. G. J. Coles fell to 80s 9d, closing quotations 80s 7d buyers, 80s lOd sellers. Kauri Timber had business at 22s 3d, and further buyers at 2s failed to attract sellers. New Zealand Newspapers were weaker with buyers and business at 38s 6d, sellers at 395. Woolworths declined to 25s Id and 255, and there were further sellers at the lower price. Woolworths (New Zealand) were weaker with business at 20s 3d and further unsupported sellers at 20s sd. Wilson’s Cement were firm at 18s 6d, market closing 3d either way. New Zealand Farmers’ Co-operative, 4i per cent. Stock, due 1939, changed hands at £92. Mining Mount Lyells showed a further easing with sellers and business at 30s Bd. Mount Morgans were firm with sellers and dealings at 9s 9d. Gillespie’s Beach appeared easier at Is. Unlisted New Zealand Perpetual Forests were dealt in at 49s 9d, and more were offered at that price, buyers 49s 6d. There was a closer market for Woolworths (Western Australia), which were quoted 89s buyers, 91s sellers, AUCKLAND [THE PRESS Special Service.] AUCKLAND, February 4. Lack of buying support and general apathy among investors resulted in the volume of business transacted on the Auckland Stock Exchange during the last week being the smallest for some considerable time. The leading issues have been practically neglected, and the general swing of prices has been definitely downward. Gilt-edged securities were about thp only group to hold their own. A marked easiness has been exhibited by the banking group, where the only exception to the general decline has been in Nationals of New Zealand. Commercials of Australia have been particularly weak, while the downward trend in New Zealands has not been stopped. The contention that little interest has been shown in Unions of Australia, despite the bonus announcement, is proved by the fact that sellers lowered their limits by 3s to-day without attracting offers. New South Wales have also shared in the current nervousness. Insurances can scarcely be expected to reveal any strength in face of present conditions overseas, and the current weakness is exemplified by declines in New Zealands. Nationals, and Standards. South British continue about steady. Lower wool prices have had a depressing effect on the pastoral section. Overseas conditions have obviously been affecting Australian industrials, which have been unusually quiet. Metal shares have reacted unfavourably to the decline in the Wall Street index figures. Investments in Australia and New Zealand are particularly subject to these movements, and a reaction is sometimes carried to illogical limits. Broken Hill Proprietary and Electrolytic Zincs are both suffering from such a reaction. Colonial Sugars sold readily at a further reduction. Dealing in Dominion industrials was patchy. Wilson’s Cement continued the recovery movement of earlier in the week, but all the ground gained was surrendered at the close. New Zealand Newspapers proved the exception by making an advance. Chain stores were weak, and both the New Zealand and Sydney issues of Woolworths dropped back. DUNEDIN [THE PRESS Special Service.] ' DUNEDIN, February 4. Business was exceedingly quiet on the Stock Exchange in the early part of the week, and the markets each

day were on a par with those of the preceding few weeks. Towards the close of the period under review, there was a notably brisker tone, and today the sales list was the largest for some considerable time. Although the total number of sales was much greater than for some weeks past, there is still a hesitant tone noticeable on the local exchange. It appears that investors are much concerned over the activities of the Government, and until it is known what legislation will be introduced during the coming session, they are wary of risking capital in any concern likely to be affected by the Government’s policy. The week opened with values firm on late rates, but with little interest on the part of buyers. Towards the end of the week, when there was a welcome improvement in the demand for all classes of shares, the further break on the New York Exchange caused values to slump. This weakening tendency was particularly noticeable in banking shares, in industrial lines, and in the Australian mining section. Outstanding examples of the decline in prices in banking stocks are furnished by Bank of New Zealands, which had business at the close of the week at £2 3s 3d, and by Unions, which fell away several shillings to reported business to-day at £9 7s.

In the miscellaneous section the most noticeable falls were in Broken Hill Proprietaries, which dropped Is on the week with sales to-day at £3 Is; G. J. Coles, which receded nearly 2s with business at £4 Is 9d; and Sydney Woolworths, which sold as low as £1 4s 9d, 10d less than the previous week. In Commonwealth mining stocks, Broken Hill Souths sold at £1 14s compared with up to £1 15s 6d in the preceding week; ordinary Zincs at £2 7s, compared with £2 7s 9d, and Mount Lyells at the low figure of £1 10s Bd. Insurance, shipping and meat shares were all firm. Loan and agency displayed a weakening tendency. New Zealand mining was practically neglected, but Government loans were in strong demand with buying offers showing an upward trend.

OTHER QUOTATIONS

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.

AUCKLAND Sales on ’Change

Unofficial List N.Z. Perpetual Forests .. 2 8 6 DUNEDIN Sales on ’Change £ s. d.

SYDNEY Apart from a sharp drop in the selling quotation of Carrier (Australia) shares, owing to an anticipation of trading loss for the year, the Investment market in Sydney yesterday was devoid of special interest. The tone of the market was generally firm. Morning Sales

MELBOURNE Bonds were steady, but the sharp drop on Wall Street brought an easier tone in industrials and Barriers. Carriers were marked down on an announcement by the directors that no dividend will be paid. Gold shares were also easier. Sales Commercial Bank of Australia 016 11 G. J. Coles .. ..,4 10 Dunlop Perdrlau .. .. 13 6 Dunlop Perdriau (pref.) .. 118 0 Australian Paper Manufactures

SHARE MARKET REVIEW

INVESTMENTS REMAIN WEAK GOVERNMENT LOANS IN DEMAND (By Our Commercial Editor.) Though values throughout the week were erratic, there was a rather better tone on the Christchurch Stock Exchange this week. While it was at all times limited, demand was rather broader than has been the case recently, and for two or three days in the middle of the period there was a perceptible firming in quotations. Yesterday, however, values in almost every section came back again, and a number of stocks finished below the price at the opening. The demand for Government issues continues exceptionally keen, but there appear to be very few sellers in the market One large transaction in this section accounted for more than one-third of the total turnover of the week. Overseas conditions, which control investment prices here, are inclined to be a little more healthy than they have been in the immediate past, as the turn for the better in the wool market indicates. Turnover day by day was:— This Week. Last Week. £ £ Saturday .. 1,539 373 Monday .. 4,757 1,666 Tuesday .. 4,735 3,214 Wednesday .. 6,345 4,227 Thursday .. 21,449 4,012 Friday .. 7,172 1,985 Total .. 45,997 15,477 Dealings in the different sections were;— Shares. Value. No. £ Government .. Banking ... 970 2,053 Loan and Agency 670 1,618 Refrigerating .. 940 1.031 Breweries .. 650 1,501 Miscellaneous .. 7,675 14,788 Mining .. 7,100 5,374 Government Apart from the one large transaction, business was not brisk in Government loans, though there was a strong buying demand at higher prices. A sale of the 4 per cent., 1946. at £lO4 2s 6d revealed a rise of £1 in a fortnight. The 3$ per cent.. 1943, was done twice, at £lO2, and later at half-a-crown above that figure. A sale was made of the 1947 4 per cent, at £lO4 2s 6d. Among the banks, which were not at all active. National of New Zealand showed up well. Sales were made at £2 15s 3d and £2 15s 6d, an advance of more than 2s on recent dealings. New Zealands continued the weakening tendency, which became apparent in the previous period, and were done at £2 3s 6d to £2 3s 4d. The 10s Commercial of Australia were ' cheaper, with a sale at 16s lOd. Unions came back sharply. At the end of last week there were sales at £9 12s 6d and £9 15s. but a sale was made yesterday at £9 7s 6d. Little attention was paid to the meat section, but values were well maintained. The 10s New Zealand Refrigerating were steady about the better price of 9s 3d. Loans were neflected. and were generally cheaper. >algetys had the first sale since the middle of December, the price at £8 5s showing a loss of 15s. Goldsbroughs were also down, with sales at £1 11s 2d. Breweries were left alone, excent for a few sales of New Zealands, which, after losing about 9d, recovered about 6d of the loss. Miscellaneous Trading in the miscellaneous section was confined almost to the leading Australian mines, industrials, and chain stores. Prices began to decline at the opening, and after a sign of revival on Wednesday and Thursday, continued to slip. Most issues lost ground on the week. Australian Glass were quiet till later in the period, when there were several sales, the price coming back 3d to £4 13s 6d. British Tobacco remained reasonably steady till the end, when there was a recession, but Broken Hill Proprietaries. after improving by a shilling, lost lOd of the gain. G. J. Coles, after an initial fall, remained fairly steady, but declined steeply yesterday, finishing with a loss of 2s 9d on the week. Dunlops came back 4d on the week, but the Electrolytic Zincs were cheaper by about a shilling after desultory trading. Both Sydney and New Zealand Wool worths were cheaper at the end. Mining The state of the metals market gave no real encouragement to the mining section, and prices were lower, falling rather sharply at the close of the market. SALE OF BUNGALOW Messrs Ford and Hadfleld, Ltd., auctioneers and agents, 131-133 Worcester street, have to report having sold on behalf of Mr D. H. Augus , his superior new bungalow situated Severn street, St. Albans, to Mr Sail. —1 PROPERTY SALE AT HORNBY Messrs Ford and Hadfleld, Ltd., auctioneers and estate agents, 131-133 Worcester street, have to advise having sold on behalf of the estate of the late J. McTainsh, the property situated Main road, Hornby, to Mr V. C. Parker. k —2 PRICE OF GOLD ‘ -■ LONDON, February 3. -JWW Is quoted at £6 19s 9d to £6 Wm 10a a fine ounce.

COMPANY NEWS

NEW ZEALAND SHIPPING

The accounts of the New Zealand Shipping Company, Ltd., for the year to September 30, 1937, show that after including the balance of £77,908 brought in and providing for a full year's dividend on the preference shares and on the ordinary shares (already declared), there remains a balance of £84,102, reports the “Syren and Shipping.” Directors’ fees take £3782, which leaves £80,320 to be carried forward. The balance-sheet shows the capital unchanged at £1,133,400, reserve fund £IOO,OOO (same), insurance fund £120,000 (same), amounts due by the company, sundry balances, contingency reserves, and provision for taxation £3,413,279 (£3,660,581), and amount due to subsidiary company £1,580,943 (£1,043,350). On the other side, the fleet is valued at £2,034,084 (£1,750,099), property and plant £228,350 (£254,805), investments £600,000 (same), consumable stores £17,380 (£16,118), unexpired insurance premiums £33,535 (£31,639), amounts due, sundry balances, and cash £3,245,453 (£3,214,728). MELBOURNE STEAMSHIP The directors of Melbourne Steamship Company, Ltd., have declared an interim dividend on ordinary shares for the half-year ended December 31 at the rate of 7 per cent, per annum. In 1936 the company paid 6J per cent (interim 3 per cent., final 3i per cent.). The half-yearly 6 per cent, preference dividend and the ordinary dividend will be paid on February 23. VICTORIA NYANZA SUGAR “Prospects of the Victoria Nyanza Sugar Company, Ltd., in the coming season look promising,” said Mr G. Lucas, who presided at the annual meeting of the company at Melbourne last week. To January 1, he said, 7170 tons of sugar had been produced, compared with 6878 tons to the same date last year. There had been an improvement in the price of sugar in the London and local markets as a result of the allotment of quotas by the Sugar Conference. The company was benefiting, although not to the extent expected, as advances in native wages, freights, and the introduction of income tax in Kenya had to a certain extent minimised that advantage. To the end of October the company had had to export only 25 per cent, of its sugar. In 1936 nearly 50 per cent, was exported. Tests had been conducted on the Miwani property, and it was possible that a valuable supply of water for irrigation purposes might be obtained. Steps were now being taken more definitely to determine the position, as against the average yield of 26.41 tons of cane to the acre at Miwani, one large block under irrigation yielded nearly 56 tons an acre. Application had been made for permission to divert from the Ainomatua river 13,500,000 gallons of water a day to irrigate the Chemelil property.

BANK OF ENGLAND RETURN LONDON, February 3. The following is the return for the week ended February 3;— ISSUE DEPARTMENT Notes Issued— £ In circulation .. .. 476,700.000 In banking department .. 49,700.000 : 526,400,000 Government debt .. , 11,000,000 Other Govt, securities .. ' 188,000,000 Other securities .. .. 1,000,000 Silver coin .. .. Fiduciary issue .. 200,000.000 Gold coin and bullion .. 326,400,000 526.400.000 BANKING DEPARTMENT Capital .. .. .. 14,500,000 Rest .. .. .. 3,600,000 Public deposits .. .. 11,400,000 Bankers .. .. .. 111,400.000 Other accounts .. .. 36,600,000 177.500.000 Government securities .. 98,100,000 Discounts and advances .. 10,400,000 Other securities .. .. 18.700,000 Notes and coin .. 50,300,000 177.500.000 The ratio of reserves to liabilities is 31.55 per cent. The rate of discount is unchanged at 2 per cent. PROPERTY SALES BY W. E. SIMES AND CO. The following cash sales of property were made by W. E. Simes and Company during this week:—Three residential properties in Milton and King streets, Sydenham, account Brewers Estate (by public auction). Choice Bungalow, Tennyson street, to Mr Benison; new bungalow, Mersey street, account Mr R. Smith; dwelling in Torrens road, Hillmorten; 56-acre farm at Ladbrooks; also having held a successful furniture auction sale account estate late Mrs Rathbone, in their auction rooms.

On Monday, February 14, W. E. Simes and Company will conduct a large clearing sale of paintings and etchings by well-known artists at McCormick’s Art Gallery, Victoria street, on account of the estate of the late Mr McCormick. Buyers and sellers, consult us. We do the business and show results. W. E. Simes and Company, Property Salesmen, 239 Manchester street, opposite Christchurch City Council Chambers. —1

VALUES ON STOCK EXCHANGE

CHRISTCHURCH RATES, FEBRUARY 4, 1938 FORMER LEVELS COMPARED

Where no approximate price Is given return Is worked on mid-market price, unless only one quote is given.

WOOL PRICES FIRM

Good Invercargill Sale CLEARANCE OF 90 PER CENT. (PBXU ASSOCIATION TXLIGEAM.) INVERCARGILL, February 4. Prices fully up to those at recent North Island sales were realised at the first Invercargill wool sale of the present season to-day. A catalogue of 28,123 bales was offered, and in an animated sale about 90 per cent, of the offering was sold. Bradford buyers provided the main competition on fleece wools, but the Continent again dominated the market for pieces. The bulk of the catalogue was of crossbred wool. Haifbreds, of which only a small selection was offered, were firm on recent It was originally arranged that the sale should start at 9 a.m.. but the buyers finding two days too short in which to value the catalogue requested extra time. It is recognised that the granting of extra time is definitely in the growers’ favour, as too hurried a valuation would tend to prevent the full value of the clips being realised. . Light and bright fleeces c£ ”" rym ® less grease than last year reflect drier season. The quality is there, with no break in the staple to indicate any set-back to the sheep. Cotted stuff is comparatively rare. The catalogue is representative of all Southland, and includes most of the large clips from the back country, where shearing has been earlier this season, through no interruption from the weather. From 30 to 40 per cent, of the offering is binned, with some good lines of hogget wool, which, however, is not quite the same length as in other seasons.

The following is the range of prices:

LONDON SALES CONCLUDE KEEN DEMAND AT FINISH

PRICES FOR ALL GRADES

LOWER

UnOTXO FBZSa ASSOCIATION —COPIBIGHT.)

LONDON, February 3.

The London wool sales series concluded with an offering of 5522 bales, including 1530 from New Zealand, and 4261 were sold. There was a moderate selection and a keen demand, with frequent withdrawals among inferior lots. Throughout the series 101,500 bales were offered and 84,500 sold. The Ho™ 6 trade brought 47,000, Continent 36,000, and America 1500. A total of 53,500 bales from Australia and 25,000 from New Zealand, were sold, and 43,500 Australian and 18,500 New Zealand were held over. Greasy merino closed 5 per cent, below the close of last series, scoureds finished barely at par, fine and medium crossbreds par to 5 per cent, lower, and medium and coarse grades almost unchanged. CLEARANCES QUITE GOOD RUSSIAN INTERESTS OPERATING Private advice was received in Christchurch yesterday that the January series of the London wool sales closed on Thursday, the New Zealand offering being of similar size to that offered in November, namely, 25.U0U bales. Good competition was provided by the Home trade, France, and Belgium. although limits were reduced on those of November. Russian interests also lifted a portion of the offering. The selection of New Zealand wool was a good one with the exception of merino and fine halfbred. Clearances were quite good except for shabby lots, which were largely withdrawn. As compared with the close of the November series, halffareds 50-56’s are id to Id lower, fine crossbreds 46-48 s are id to id lower, and strong crossbreds 40-44’s are easier by id to id. Current values for New Zealand greasy wools are;— N.Zi. Sterling, equivalent, d. d. d. d.

NEW YORK TIN NEW YORK, February 3. Tin is quoted at 40.50 cents per lb. £ s. d. (pref.) .. ■ • •• 15 0 Australian Foundation Investment Trust •• •• 0 6 2 Electrolytic Zinc .. • • 2 8 0 Electrolytic Zinc (pref.) .. 210 3 Mount Lyell .. • • • • Jil JJ Broken Hill Proprietary .. 3 2 0 North Broken Hill • • • • 212 9 South Broken Hill .. •• i „ Zinc Corporation .. .. 5 8 0 Emperor Gold .. •• JJ f: Ldloma •• •• •• ? Broken Hill Pty. tss paid) .. 113 6

BRADFORD TOPS MARKET

FIRMER TENDENCY (UJITEP PBIB9 ABBOCIATIOX — COPTBIOHT.) LONDON, February 3, The market is steady with a firmer tendency. Business is small.

GOVERNMENT SECURITIES U MIXED PBESS ASSOCIATION —COPTSIMT.) LONDON, February 3. The following are the latest quotations for Government securities comoared with the prices ruling last weeK. Jan. 27. Feb. 3. £ s. d. £ s. d.

WORLD’S STOCKS OF TIN STATISTICS SHOW DECLINE LONDON, February 3. Favourable tin statistics, showing a decline in world stocks, have had little effect on the market, as the monthly figures are now regarded as artificial and misleading. Invisible stocks in the United States unofficial warehouses and elsewhere are believed to be increasing rather fast, and some quarters estimate them at 12,000 tons. The statistics at the end of January reveal world visible supplies at 16,831 tons, Straits carry-over 6133 tons, supplies 7439 tons, and deliveries 10,222 tons. METALS MARKET

LONDON, February 3. Rubber stocks at the end of January were:—London, 39,822 tons; Liverpool, 21,708 tons.

NEW RESTRICTION ON RUBBER

WIDE VARIATION IN HQ The following comment on .fin & etriction of rubber production gpe in the latest issue of a trade joait “On November 30, the Intezmiti Rubber Regulation Committee * nounced a cut from 90 per oenlfc] per cent, in the rubber export *a for the first quarter of next jb Since the present restriction trim came into force in June, 1934, 13 1® tions in the permissible penal* figure have been made, and this la cut is the most drastic of thof £ It fulfilled the highest market op* tions. and the commodity monlj sharply cm the announcement a the share market responded wife i general upward swing in prim. “The restriction scheme was in* rated with a threefold object it B duce world stocks to a normal tee to adjust supply and demand h* orderly fashion; and to raise prim* a level reasonably remunontne I efficient producers. It must ten ceded that although these obpedtln not been completely achieved lata satisfaction of all interests; ft and erable measure of success has bee&a tained. World stocks are of d«

more manageable proportions, j supply and demand havebeentew® into reasonable relationship. pp per lb in 1933 averaged about 3ft figure at which it was unposwfej work profitably. In 1934, for flag a last seven months of which the son

was in operation, the average See rose to 6ld, falling slightly to « * 1935, and rising again to 7|d to l» “This year, rubber, like raw commodities, has been a prey to.S** lation, reflected in a wide flunnw of prices. In January, the pwl* lb was more than IOJd, and ffli® it was a s high as Is 2d. A. &»dy insistent decline since then broom o price to around 7id, beforeJß*» nouncement of the revised quo* g ber has suffered severely aom m production, declining consumpuDa® rising stocks, the slackening of can consumption having played a W part. The 70 per cent, quote « lated to reduce supplies and aara and by strengthening the position, to strengthen also 0* basis of the commodity.” BRITISH TRADE Wlfl RUSSIA LARGE INCREASE SHOWS Orders placed in the Uni *f*Lsfx dam by Soviet trading October, 1937, amounted to £ as compared with ber, 1936. In the first 10 year the value of the orcte».PjJ was £18,364,479. as compared £8.799,505 in the corresponding of 1936. gal Orders placed and in the United Kingdom m tite months of last year and equipment £7.955.557, loys and steel £34,564, d® ores £225,849, non-ferrous £5.142,680. textiles (raw ““S £1,696,759, rubber cals £309.576 tea £576.02& ®®g laneous £425,635. a total of V***# Orders for machinery have IgrJ increased and amounted approximately £8.000.000 as cflßgj with £347.226 in 1936. The of non-ferrous metals have by nearly 80 per cent. The other goods have shown changes with the exception of alloys and steel, the orders®* have been drastically reduoM-^ These figures do not ments made by the U-S-S-n-Britain for invisible exports, banking, shipping, and ins»®““ 4 vices. These invisible exporn considerable importance in between the two countries. COMPANY REGISTER The following notice of gistrations appears in the cmreu of the “Mercantile Gazette . Aitken and Gillespie, j tered as a private company “ Office: 187 Hereford street£lsoo into shares of £1 scribers: Methven —W. Ait»» j, Christchurch —L. L. Gillespie . L. Gray 50. Objects; Acquire over business now carried wsf ken and Gillespie, t^ ires^ll^-y J er and sawmiller. Methven. tog certain assets and liabilities

200 Natl. Bank of N.Z. .. 2 15 3 2 15 6 300 Westport - Stockton Coal (pref.) 0 5 6 250 N.Z. Breweries (2) 2 6 6 (3) 2 6 3 50 Aust. Glass 4 13 6 400 Broken Hill Propty. 3 1 3 3 1 2 (31 3 1 1 (2) 3 1 3 200 Dunlop Rubber (2) 1 3 2 100 Electro. Zinc (pref.) 2 9 5 2 9 4 250 G. J. Coles (3) 4 0 9 100 Kauri Timber 1 2 3 100 Woolworths (N.Z.) 1 0 3 200 Woolworths (Sydney, ord.) 1 5 1 1 5 0 100 Mount Lyell 1 10 8 200 Mount Morgan (2) 0 9 9 Sales Reported 20 Union Bank of Aust. (cum div. and bonus) 9 7 6 50 N.Z. Breweries 2 6 6 £1000 N.Z. Farmers’ Co-op. (4J p.c. Stock, 1939) 92 0 0 100 N.Z. Newspapers .. 1 18 6 50 Natl. Bank of N.Z. .. 2 15 6 100 Wilson’s Cement 0 18 6 500 Gillespie’s Beach .. 0 1 0

f Return Ain't Approx. market 6 Dlv. on Investpaid a | Approx. 1 market price a year > S8£ approx. Companies. sh’e. | Buyers. i Sellers. price. ago. Qu w O price. £ £ S. d. £ 8. d. ■£ *• d. 1 £ s. d. £ s. d. N.Z. Feb.-Aug. curr. Australasia 5 10 17 6 10 15 0 13 0 0 8 3 14 a Comm, of Aust. 10s 0 16 7 0 16 9 0 16 8 0 19 5 6 2-3 Oct.-Mch. 4 0 0 Comm, of Aust. 1 I Oct.-Mch. (pref.) 10 9 14 0 9 16 0 9 14 6 9 8 0 1 4 2 3 Comm, of Syd. 12), — 20 5 0 20 0 0 21 5 0 6i i Jan.-July 4 I 3 E., S., and A. .. 3 5 2 6 5 6 o 5 4 0 6 4 6 7 Nov.-May 4 0 9 Natl, of A’asia. 10 114 5 0 14 13 0 14 10 0 15 10 0 5J Nov.-May 3 19 3 19 10 (con.) 5 7 2 0 7 5 o 7 4 01 7 13 0 5i Nov.-May 3 Natl, of N.Z. .. 21 2 15 6 2 15 9 2 15 6 3 2 9 4 Jan.-July 3 12 0 New Zealand 1 2 3 2 2 3 3 2 3 3 1 2 0 6 10 Jan.-July 4 12 5 N.S.W. 20 32 15 o 32 10 0 35 12 6 6 Jan.-July 3 13 10 Union 5 9 5 6 9 7 6 9 7 6 10 I 10 0 7 Jan.-July 3 14 8 Insurance— 10 5-7 May-Nov. National 7s 0 16 10 o 17 o 0 16 10 0 18 4 6 New Zealand 1 3 1 0 3 1 9 10 Feb.-Aug. 3 5 South British .. 10s 2 fl 6 2 8 0 4 15 6 13J Apl.-Oct. 5 14 7 Standard 1 2 19 3 3 0 0 2 19 6 2 18 6 12i Mch.-Sep. 4 4 0 Loan and Agency i Dalgety and Co. 5 8 3 6 8 10 0 8 7 6 n 1 6 8 May-Nov. 4 15 6 Goldsbrough, M. 1 1 10. 6 1 a 2 1 11 2 i 18 3 8 Dec.-June 5 2 8 United Building 1 1 0 8 1 0 9 i 0 0 5 Oct.-Apl. 4 16 4 Frozen Meat— Gear 10s . o 17 o 0 16 9 0 17 0 7J July-Oct. 4 9 6 N.Z. Refrig. .. 1 0 19 9 0 19 9 1 0 4 5i Feb. 5 11 4 N.Z. Refrig., con. 10s 0 9 2 0 9 4 0 9 3 0 9 3 54 Feb. 5 18 10 G3.S-™ Auckland 1 1 0 9 1 1 3 1 1 1 1 3 8 54 July-Feb. 5 4 4 Auckland (con.) 15s 0 15 0 0 17 0 54 July-Feb. 5 10 0 Christchurch .. 1 1 7 6 1 8 9 1 8 0 1 8 9 7 Aug.-Feb. 5 0 0 Ch.Ch. (con.) .. 10s 0 13 3 0 14 0 7 Aug.-Feb. 5 5 7 Wellington 1 — — 1 16 6 1 18 6 8 Aug.-Feb. 4 1 8 Shipping— 10 Huddart-Parker 1 2 3 6 1 17 0 74 May-Dec. 3 8 P, and O. Def. 1 — — 1 17 0 4 May-Dec. — Union (pref.) 1 — — 1 7 6 1 6 0 54 May-Dec. 4 0 0 Coal— Taupiri .. 1 — 0 17 0 0 15 6 5 Nov.-May 5 17 8 Westport .. 10s 1 3 0 — 1 3 4 1 4 0 10 May-Nov. 4 5 8 Breweries— Carlton .. 1 . . 3 6 0 3 6 0 12 Oct.-Mch. 3 12 8 New Zealand .. 1 2 6 2 2 6 5 2 6 3 | 2 17 3 81 | Jan.-July 3 13 6 Tooheys .. 16s 1 11 3 1 15 6 8 Mch.-Sep. 4 12 1 Tooths 1 2 14 6 2 15 6 2 15 6 2 17 0 104 May-Nov. 3 IS 8 Miscellaneous— Dec.-June Aust. Glass ., 1 4 13 4 4 13 9 4 13 6 4 13 9 15 3 4 2 Beath and Co. 1 1 2 0 1 0 0 1 2 6 5 Mch.-Sep. S 0 0 British Tobacco 1 2 9 6 2 9 8 2 9 6 2 10 9 10 March , 4 0 9 Broken Hill Pty. 1 3 1 0 3 I 3 3 1 3 4 0 9 124 Nov.-May 4 1 7 Burns, Philp .. 1 2 17 0 3 16 6 10 Nov.-May 3 10 2 Colonial Sugar 20 46 10 0 46 10 0 43 0 0 71 Nov.-May 3 4 6 Dom. Fertiliser 1 1 3 6 1 4 6 5 June 4 5 1 Dunlop Rubber 1 1 3 1 1 3 3 1 3 3 0 18 11 7 Apl.-Oct. 6 0 5 Elec. Zinc (ord.) 1 2 6 9 2 7 3 2 7 3 2 15 0 HI Mch.-Sep. 7 8 i Elec. Zinc (pf.) 1 2 9 2 2 9 5 2 9 3 2 16 3 IV 4 Mch.-Sep. 7 2 i Henry Jones .. 1 2 9 0 2 7 0 10 June-Dee. 4 1 7 Kauri Timber .. 25s 1 2 0 1 2 3 1 3 3 6 Junc-Dec. 6 14 9 N.Z. Drug Co. 2 3 5 0 3 9 6 3 7 0 3 16 6 8 Sep.-Apl. 4 15 6 Mount Lyell .. 1 1 10 4 1 10 8 1 10 6 2 2 10 174 June-Dee. 11 9 5 1 1 0 18 0 I 0 19 0 1 « 18 6 t 1 0 0 6 I August 1 8 9 8 N.Z. Newspapers 16/8 18 6 1 19 0 1 1 18 6 2 0 6 74 | Nov.-May 1 3 4 10 Whit. & Tombs 2J a 2 9 3 3 S 1 5 3 6 I J 3 0 6 I Mch.-Oct. | 4 14 5 Wilson's Cement 10s 1 o 18 3 1 0 18 9 1 0 18 6 1 1 18 6 74 | Nov.-June M i 0

Buyers. Sellers. £ s. d. £ 5. d. N.Z. Govt. Debenture* 3J p.c. Ins., 15/3/39-43 101 5 0 102 5 0 31 p.c. Ins., 1938-52 and 1939-42 102 10 0 — 3J p.c. Ins., 1953-57 .. 98 0 0 99 0 0 3i p.c. Bonds, 1953-57 — 99 10 0 4 p.c. Ins., 1943-46 103 17 6 104 5 0 4 p.c. Ins., 1946-49 — 104 5 0 4 p.c. Ins., 1952-55 103 10 0 — 4 p.c. Bonds, 1946 104 10 0 — 4 p.c. Bonds, 1949 103 15 0 _ 4 p.c. Bonds. 1955 103 10 0 — Other Debenture* Gisborne Sheepfarmers, 6i p.c., 31/8/41 102 10 0 — Loan and Agency Natl. Mort. “A” (cum div., £2) 2 8 0 2 13 0 N.Z. Guar. Corpn. (3s) 0 4 6 0 4 9 N.Z. Loan and Merc. (ord., £100) _ 51 0 0 Wright, Stephenson (pref., £1) 1 0 11 — Frozen Meat Cantby. (£7 10s paid) 10 2 6 — South Otago (£5) 6 0 0 Waitakl (£5) — 4 12 6 Woollens Bonds Hosiery (£1) .. 0 17 0 — Felt and Textiles (£1) 1 16 8 Kaiapoi (17s paid) — 0 13 0 Kaiapoi (7s paid) — 0 4 6 Kaiapoi (pref., 17s) .. 0 16 0 0 17 0 Coal Stockton (10s) — 0 3 0 Stockton (pref., 10s) .. 0 5 6 0 5 7 Breweries Swan (5s) 1 8 0 Timaru (in liqdn.) .. 0 1 0 — Melbourne Co-op. (10s) — 2 18 6 Miscellaneous Amalg. Wireless (con.. 14s paid) — 2 10 0 Anderson’s (pref., £1) — 0 19 0 Anthony Hordern (£1) 0 18 4 0 18 6 Beath and Co. (Is pd.) 0 1 6 0 2 0 Booth. Macdonald (pf., £1) 0 2 0 0 2 6 Broken Hill (con.) .. 1 12 9 1 12 11 Claude Neon (N.Z.) (£1) 1 9 0 Cox Bros. (5s) 1 0 6 Dom. Builders (10s) .. — 0 3 0 D.I.C. (10s) 0 14 0 0 14 8 D.I.C. (pref., £1) 1 3 6 1 6 0 G. J. Coles (£1) 4 0 7 4 0 10 Hay’s, Ltd. (con.), (15s paid) — 0 15 6 Howard Smith (£1) .. 1 1 3 Hume Pipe (Aust.) (£1) 1 0 10 1 1 1 M.K. Millinery (5s) .. — 0 12 0 McKenzies (£1) _ 3 13 6 National Electric (£1) 0 15 0 0 18 0 N.Z. Farmers’ Co-op. (£2 10s paid) N.Z. Farmers’ Co-op. 0 15 0 (10s paid) 0 0 3 N.Z. Farmers' Co-op. (1st pref., £5) 3 2 0 N.Z. Farmers’ Co-op. ("A” pref., £4) 1 10 0 ... N.Z. Farmers’ Co-op. (4J p.c. Stock, 1939, £100) 92 0 0 92 5 0 N.Z. Farmers’ Co-op., (4J p.c. Stock, 1940, £100) — 92 10 0 N.Z. Farmers’ Co-op., (4J p.c. Stock, 1945, £100‘) 92 0 0 — Procera Bread (10s) .. 0 13 0 Quill, Morris (.1936) (£1) 0 17 0 _ Radio (1936) (10s) . 1 2 6 Simpson and Williams (£1) 1 10 0 __ Taranaki Oil. (24/7) .. 0 5 1 0 6 0 United Provisions (£1) 0 7 9 Woolworths (N.Z.) (5s paid) 1 0 5 W. R. Carpenter (£1) _ 2 8 0 Woolworths (Sydney) (ord., 5s) 1 4 9 1 5 0 Overseas listing Woolworths (S.A.) (5s) 0 14 2 0 14 9 Mining Addison’s Flat (Is) .. 0 1 3 Alexander (15s paid) — 0 10 6 Argo (Is) — 0 1 9 Argo (con.) 0 1 1 Barry town (£1) — 1 8 0 Big River (Is) 0 1 31 Gillespie’s Beach (Is) — 0 1 3 Golden Dawn (5s) 0 2 3 Golden Sands (Is) .. 0 1 7 Goldfields Dredg. (Is) 0 0 n 0 0 4 Grey River (8/9 pd.) 0 11 3 0 11 7 New River (Is) 0 0 Si 0 0 7 Maerewhenua (Is) 0 0 4 Maori Gully (Is) 0 0 5 0 0 51 Moonlight Gold. (8d paid) 0 0 61 Mossy Creek (Is) 0 1 21 Nemona (cum div.. Is) 0 1 3 0 1 7 Nokomai (5s) 0 1 3 Sandhills (Is) 0 0 11 Skippers (Is) 0 0 21 Waitahu (5s) 0 1 6 Waipapa Beach (Is) .. 0 0 4 Worksop Extend. (Is) 0 0 91 0 1 1 Australian Mining Broken Hill South (5s) 1 14 0 1 14 5 Mount Morgan (2/6) 0 9 81 0 9 9 North Broken Hill (5s) 2 12 0 2 12 8 Rawang Tin (10s) 0 10 0 Wellington Alluv. (2s) 0 4 6 0 5 2

Buyers. Sellers. £ s. d. £ 8. d. Alloy Steel (Aust.) 0 10 0 _ A.P.A. 0 9 0 __ Ballin’s Breweries (15s paid) 0 12 9 Bundi (vendors) 0 1 0 0 10 0 Christchurch Press .. 8 19 6 9 10 0 Kanieri (15s paid) .. 0 16 0 N.Z. Perpet. Forests 2 9 6 2 9 9 N.Z. Perpet. Forests (4s paid) 0 10 0 — E. Reece. Ltd. Coref.) 0 S 0 • ft 0

Selfridges fA/asia) .. Buyers. £ s. d. 1 5 6 Sellers. £ s. d. 17 0 Selfridges (N.Z.) — 110 Westland Breweries 1 15 0 — Woolworths (W.A.) .. 4 9 0 4 11 0

£ 6. d. Auckland Harbour Board, 1953, H per cent. .. 103 15 0 Bank of New South Wales 32 10 0 National Insurance • • 0 16 10 New Zealand Insurance • 3 1 9 Farmers’ Co-op. (B pref.) • • 1 1 6 N.Z. Guarantee Corporation .. 0 4 6 Dominion Breweries .. • 1 18 0 1 17 ii Broken Hill Proprietary •• 3 3 1 f 6 3 Electrolytic Zinc • « 2 7 3 Macky. Logan .. • • 1 3 6 Milne and Choyce (deb.) • • 0 14 9 New Zealand Newspapers • • 1 18 6 Wilson’s Cement • • 0 18 4 Woolworths (N.Z.) • • 1 0 6 Woolworths (Sydney) •• 1 5 4 1 5 4 North Broken Hill .. 2 13 0 Unofficial List Auckland Trotting Club. 1939-44, 6J per cent. •* 102 10 0 WELLINGTON £ s. d. National Bank of N.Z. 2 15 0 Tooth and Co. 2 IS 9 Broken Hill .. (2) 3 i 9 Colonial Sugar 46 9 0 Woolworths, Ltd. (2nd pref.) 1 8 10 (All above late Thursday) Inscribed Stock, 4 p.c., 1955 103 15 0 National Bank of N.Z. 2 15 3 Bank of New South Wales 32 10 0 Union Bank .. .. 9 7 0 N.Z. Guarantee Corporation 0 4 7 Newton King (pref.) .. 0 9 3 Australian Glass 4 14 0 British Tobacco 2 9 6 Hackshalls, Ltd. .. 0 13 8 General Industries 1 0 0 Broken Hill 3 1 0 Woolworths (N.Z.) (ord.) 1 0 6 Woolworths, Ltd. (ord.) 1 5 2 Mount Lyell 1 10 4

Sandhills .. 0 0 U Sales Reported Bank of N.Z. (late Thurs.) 2 3 3 Union Bank 9 7 0 National Insurance (2) 0 16 11 Broken Hill Pty. 3 1 0 G. J. Coles (2) 4 1 9 Electro. Zinc (pref.) 2 9 2 Q 5 6 Mount Morgan 0 9 9 North Broken Hill .. (2) 2 12 6 Sales after last call:— Woolworths (Sydney) (ord.) (2) (2) (2) 1 5 0 9 10 6 N.Z. Breweries 1 4 2 6

Commercial Bank ol Australia £ s. 0 17 d. 0 Tooth’s Brewery 2 15 9 Australian Gas 7 8 6 Associated Newspapers 1 2 7J Australian Glass 4 14 9 Broken Hill Proprietary 3 2 3 Colonial Sugar 46 15 0 Kandos Cement 1 6 0 Afternoon Sales Commercial Bank of Sydney 20 2 0 United Insurance 9 15 0 Colonial Sugar 46 17 6 Burns, Philp 2 16 0 Associated Newspapers 1 2 7J British Tobacco .. 2 10 3 Tooth’s Brewery .. 2 15 9 Toohey’s Brewery 1 11 9 G. J. Coles 4 1 6 Dunlop Perdrlau 1 3 6 Anthony Hordern .. 0 18 9 Mauri Bros. ... .. 3 12 6 United Provisions 0 7 0 Goldsbrough. Mort 1 11 6 Goldsbrough, Mort (N.Z. delivery) 1 11 3 Wilcox, Mofflin 0 10 5 Greater J. D. Williams 0 5 6 Henry Jones 2 9 6 Wunderlich 1 0 6 Mount Morgan 0 9 8 Broken Hill Proprietary 3 2 3 Broken Hill Pty. (N.Z. delivery) 3 2 0 Broken Hill North 2 12 9 Broken Hill South 1 14 9 Zinc Corporation .. S 8 0 Rawang Tin 0 9 9 Loloma .. .. 0 17 9

Corriedale — d. to d. 164 Super .. 16 Average • • to 15 Fine Crossbred— .. 12J Super to 131 Average .. i(»i to 12 Interior •. 91 to XUi Medium Crossbred— .. Hi Super to m Average .. 10 to 101 Inferior .. 8i IO Crossbred Hogget— .. 11s .. 10i .. 94 Super Average Inferior to I2i to 114 to 10i Crossbred Pieces — .. 10 to 104 Necks Good to super .. 8i to Low to medium .. 7 to Bellies — .. to 84 Good to super Low to medium .. 7 to 71 Crutchings — Good to super .. 10 to lUf Low to medium .. 7J to Seedy .. 6i to 71 6 Locks .. 5 to

Halfbred, 50-56’s-12* to 133 Super 12 to 13 Good average 10* to 113 103 to 12* Three-quarterbred, 48-50 s— Suoer .. Hi to 12* Hi to 13 Good average 10i to 11 104 to 114 Fine Crossbred, 46-48’s-^ 11 to 124 Super 103 to 113 Good average 93 to 10* 9* to 103 Medium Crossbred. 44-46 s— 103 Super 10* to 113 9* to 10i to 12* Good average 94 to 104 Low- Crossbreds, 40-44’s — 11 to 124 Super 103 to 113 9* to 10* Good average 94 to 103 Scoured Halfbred, 50-58 s— 22 to 28 Super 20 to 25 Good average 17 to 19* 18 to 21* Slipes— 50-58’s 13 to 14* 13* to 15* 44-48’s 11 to 13* 114 to 144

Quotations are: — Last Jan. Feb. year. 27 3 Merinos— 70’s d. 41 d. 28i d. 28* 64’s .. 39 27 27 60’s .. 38 26 26 Crossbred — 58’s .. 33 J 23 23 56’s .. 29i 22 22 50’s .. *26* 17* 17 4 46’s .. *24 *17 •17 44’s .. *24 *17 *17 ‘Nominal.

British— Consols 77 15 0 77 10 0 Funding Loan, 4 0 114 p.c., 1960-90 .. 114 0 5 0 War Loan, 3J p.c. 102 17 6 103 2 6 Con. Loan, 3J p.c. 104 0 0 104 5 0 Victory Bonds. 4 p.c. 112 0 0 112 10 0 Commonwealth — 107 12 6 108 5 p.c., 1945-75 0 0 4 p.c., 1943-54 3i p.c., 1934-53 .. 103 1 100 12 3 6 103 100 015 0 0 31 p.c., 1936-47 99 5 0 92 8 9 3 p.c., 1958-60 .. 89^10 0 89 12 6 New South Wales — 98 6 4J p.c., 1935-53 98 0 0 2 Victoria — 17 6 93 15 3 p.c., 1929-40 .. 94 0 43 p.c., 1940-50 . 104 0 0 104 6 3 5 p.c., 1945-75 107 11 3 107 13 9 Queensland— 95 18 94 18 9 3 p.c., 1932-47 .. 9 5 p.c., 1940-60 South Australia— 106 10 0 106 15 0 106 15 5 p.c., 1942-62 .. 107 10 0 0 3 p.c., 1945-75 78 15 0 78 15 0 Western Australia— 101 4 p.c., 1942-62 .. 101 0 0 2 6 Tasmania— 101 3i p.c., 1938-40 .. 101 0 0 2 6 4 p.c,, 1940-50 101 12 6 101 12 6 New Zealand— 10 4J p.c., 1948-58 104 17 6 103 0* 31 p.c., 1940 101 4 0 101 8 n 3 p.c., 1945 97 5 0 97 7 6 ♦Ex interest.

LONDON, February 3. Feb 2. Feb. 3. Copper— £ s. d. £ s. d. Standard, spot 39 16 104 39 6 3 Forward 40 1 104 39 10 74 Electrolytic 44 5 0 43 15 0 to 44 15 0 44 5 0 Wire bars 44 15 0 44 5 0 Lead— Spot 15 15 74 15 13 14 Forward 15 19 44 15 16 3 Spelter— Spot 14 16 3 14 11 104 Forward 15 0 0 14 16 104 Tin— Spot 182 2 6 180 12 6 Forward 182 10 0 180 13 9 Silver— Fine, per oz. 20 3-16d 204d Standard, per oz. 21 13-16d 21 11 -16d RUBBER STOCKS