FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22436, 24 June 1938, Page 13

FINANCE AND COMMERCE

REARMAMENT AND TRADE

POSITION OF METAL PRODUCERS NORMAL CONSUMPTION RESTRICTED (tores press association—copraioHX.) LONDON, June 22. Sir Robert Horne, presiding at the Annual meeting of the Zinc Corporation, Ltd., said that the mine output and the mill recoveries in 1937 were a record, but while prices were then satisfactory it was now a different story. Reasonable co-operation from producers and an overdue expansion of consumer demand should, however. Quickly result in better prices. Metal producers had been criticised last year for profiteering from rearmament; but experience had proved that the interference with normal trade that rearmament caused had a serious adverse effect on consumption. Nobody at present was inclined to embark on new enterprises or even to continue courageously to bear the risks of those already launched. The continuance of the political conflict with United States industry would tend to eliminate all prospect of an Anglo-American agreement of any importance, and would threaten even the much-advertised currency arrangements.

RESERVE BANK

WEEKLY FIGURES ASSETS AND LIABILITIES (78859 ASSOCIATION TCLBOBAM.) WELLINGTON, June 23. The following is the statement of B°sets and liabilities of the Reserve Bank of New Zealand as at the close of business on Monday, June 20:— Liabilities

AUSTRALIA’S WOOL EXPORTS

decrease recorded on last YEAR (Received June 24, 12.15 a.m.) ■ SYDNEY, June 23. During the first 11 months of the current trade year Australia exported greasy and scoured wool to the value of £44,500,000. which is £15,000,000 less than for the corresponding period of last year. METALS MARKET LONDON, June 22. June 21. June 22. Copper— £ a. d. £ s. d Stahdard, spot 36 3 li 36 15 0 Forward .. 36 8 l| 36 9 45 Electrolytic .. 40 0 0 40 15 0 / to .. 41 0 0 41 0 0 Lead— BarS • • 41 0 0 41 0 0 Spot ..14 8 15 14 17 6 - swS" a •• 14 »«■ 1415 « Spot .. 13 i 105 13 9 45 Tin— Ward ** 13 6 10 * 13 14 4i Spot .. 184 2 6 187 10 0 gFOrward .. 185 2 6 188 7 8 Eine, per 02. 18 15-16 dlB 15-16 d ( standard, per 1 OZ ” ‘ • 20 7 ~ 16d 20 7 ' l6d PRICE OP GOLD t . LONDON. June 22. ■v Is quoted at £7 0s lOd a fine’ 4ttnct.

MINING

draft allowance on wool STERLING EXCHANGE INCREASES SLIGHTLY A proclamation issued in Wellington last evening fixes July 1 as the date on which the Sale of Wool Act, 1937, will come into force. This is the act, abolishing the draft allowance. An increase of £533,100 in the demand liabilities to the banks is the principal movement disclosed by the Reserve Bank figures this week. Demand liabilities to others are higher by £62,600 and those to the State are lower by £524,500. The sterling exchange holding has risen by £BO,OOO and advances from the Primary Products Marketing Department account are £5200 lower. Coin shows a slight rise, investments are unchanged, and other assets are a little lower. The Christchurch Stock Exchange was moderately busy yesterday and prices were well maintained. Most of the dealings were in industrials and Australian mining shares. Taranakis fell again to 13s 9d and 13s sd. The exchange in Sydney was steady with business over a wide field. Base metals were active at firmer rates.

The Mossy Creek return is 38oz Idwt for 7326 yards and 133 hours. DIVIDENDS DECLARED O’BESS ABSOCIJLTIOX TEX.ECHU.II.> WELLINGTON. June 23. Gillespie’s Beach gold dredging has declared a dividend of one penny a share, payable on June 30. Kelburn and Karori Tramway has declared an interim dividend of 2J per cent., payable on July 1. The Wellington Trust Loan and Investment Company has declared an interim dividend of 2J per cent., payable on July 1. FOREIGN EXCHANGES RUGBY, June 22.

BANK OF NEW SOUTH WALES The Bank of New South Wales quoted the following exchange rates yesterday:— Buyers. Sellers N.Z. on London—

ASSOCIATED BANKS’ DOLLAR 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.SA. Canada (Per £1 N.Z.) Dol. Dol.

TRADE IN UNITED STATES

PRECIPITATE DROP IS CHECKED RECENT TENDENCY TOWARDS LEVELLING OFF Whilst business in the United Kingdom, and. to a lesser extent, in other countries, continues to feel the impact of the American slump, some encouragement may he drawn from the fact that the precipitate drop in industrial production in the United States has recently been checked. It is generally agreed that if American business continues to recede, business in other countries will be unable to make much headway. Industrial production in the United States in the comparatively short space of eight months lost all the ground which was gained in 1935, 1936, and the first half of 1937. In a summary of business conditions in the United States, issued by the Board of Governors of the Federal Reserve System, it is stated that in March and the first three weeks of April, industrial activity continued at about the same rate as in February. The Federal Reserve Board’s index of industrial production declined only slightly in February, and remained steady in March at 79 per cent, of the 1923-25 average. In the §teel industry, which is regarded as one of the most important indexes of the state of business generally, output of ingots averaged 33 per cent, of capacity in March and continued at about that level in the first three weeks of April. Shipments of finished steel in March were at a somewhat higher rate than output. Automobile production, which usually expands sharply at this time of the year, showed little change from the low level of February, but in the lumber and cement industries there were considerable increases of output in March. At cotton and silk textile mills and shoe factories activity in March rose somewhat, but production at woollen mills declined following a rise in February. Credit Expansion As part of the Government's programme for encouragement of business recovery the United States Treasury has released for use as the basis of credit expansion about 1,400,000,000 dollars of gold previoxisly held in a “sterilised” or inactive gold account. As part of the same programme, also, the Federal Reserve Board has reduced the reserve requirements of member banks by about 750,000,000 dollars (£187.500,000 New Zealand). The American banking system is said to be now in possession of sufficient surplus reserves to finance any conceivable expansion of business that might occur in the next few years. President Roosevelt’s lending, spending. and credit expansion or “pumppriming” programme as it is colloquially termed, provides for the expenditure of 3,772 000 000 dollars (£943,000.000 New Zealand). It is admitted that permanent' recovery cannot come alone from “easy” money conditions and expenditure of huge sums by Government agencies What is needed, is a widespread revival of business confidence. This may take time, but that it will develop sooner or later there can be no doubt. Already there are said to be signs of a better feeling between hu=ni~ss and (he Government. One encouraging feature is that the crop outlook in the United States is excellent. It is ored'rted that the year’s wheat harvest, by reason of iavourable weather, will be the largest an record.

HOLDERS OF FORESTRY BONDS

PROTECTION OF RIGHTS STATEMENT BY CHAIRMAN The chairman of the Bondholders Incorporation Commission, New Zealand Mr J. S. Barton, in a communication received in Melbourne recently, made an important declaration about the righis of Australian bondholders in New Zealand Perpetual Forests, Limited. The “Age,” Melbourne, states that the declaration is interpreted as* meaning that any application Australian bondholders •to make direct to 'he commission for a hearing about protection of their redemption rights will not prejudice their statutory right to be restored to “the same position as they would have been in if the bond holders,’ company had not been incorunrated.” Mr Barton’s letter arose out of an inquiry addressed to the commissior from Melbourne on behalf of a meeting of bondholders held in the city This inquiry asked what procedure was to be adopted by an Australian bondholder. or group of bondholders, who desired to make application to the commission for protection of their redemption rights as contained in the original contract. Chairman's Reply The reply from the chairman of the commission was as follows: — “Section 22 of the Bondholders Incorporation Act sets out 10 matters, which may be the subject of application to the commission at the present stage. Please indicate briefly the heading under which you and those associated wiih'you wish to apply, and the grounds on which it is proposed to base the application. On receipt of this information, the commission will be in a position to judge as to the proper procedure. An applicant must be either the company or a shareholder. Appearance must be by applicant in persor or by counsel. Appearance by counsel is not obligatory. Where, however, the order asked for is one that may involve a dealing in interest in lands or an alteration in status the commission must have relevant evidence placed before it in proper form, and skilled assistance would seem desirable. “I desire to give you a definite assurance from the commission that if any shareholders (formerly bondholders) desire to exercise the rights contained in section 22, the commission will not. in those or any other proceedings, take the point that the applicants have, by the mere act of so applying, elected to accept the status of shareholders or otherwise prejudiced their statutory right to be restored to ‘the same position as they would have been in if the bondholders’ company had not been incorporated.' ' “I raised the point yesterday (June 9) at a conference with counsel for New Zealand Perpetual Forests, Limled. and New Zealand Forest Products, Limited, and they severally authorise me to convey to you the same assurance on behalf of their respective companies.” LONDON SHORT TERM MONEY RATES LONDON, June 15. Account and short loan interest rates, day to day loans, i per cent.; fine trade bills, three months, 2 to 2J per cent.; bank bills, three months, 8- per cent.; bank bills, six months, 8 per cent,; Treasury bills, two months, 9- per cent.; Treasury bills, three months, 9-16 per cent. New York call money is unchanged at 1 per cent.

BRITISH WAR LOAN (biitise omciu vramsa.) RUGBY, June 22. War Loan, 35 per cent., is quoted at £lOl 15s.

THE STOCK EXCHANGES

MODERATE LOCAL TURNOVER PRICE LEVELS MAINTAINED There was a moderate turnover on the Christchurch Stock Exchange yesterday and price levels generally were well maintained. Most of the dealings were in industrials and Australian mining shares.

South British Insurance were firm with dealings at 46s 9d. Westport-Stockton Coal were fractionally weaker at 3s 7d. closing quotations Id on either side. A late sale of New Zealand Breweries on Wednesday was reported at 41s; business yesterday was at 40s lOd. market closing Id either way. Miscellaneous Australian Glass (ex dividend). had business ai 90s. A late sale of Broken Hill Proprietary on Wednesday was reported at 58s 6d; dealings yesterday were at 58s 3d and 58s 4d, market closing 58s 3d buyers, 58s 5d sellers Colonial Sugar were easier at £46 12s (id, and there were further unsupported sellers at £46 15s. G. J. Coles moved up to 81s. closing quotations 'd on either side. Moturoa Oi! recovered to 5s lid, and more were offered at 6s, buyers at 5s 3d. Taranaki Oilfields relapsed to 13s 9d and 13s sd. and more were wanted at the lower price, sellers at 14s Id Woolworths Properties (10- paid) had dealings at 13s sd. and there were further buyers ,at that figure. Woolworths (South Africa) were firm with sellers and dealings at 15s 6d, buyers at 15s 3d. Mining Worksop Extended were firmer with buyers and dealing-- at Is, sellers at ls_ Id. Broken Hill South were firm with dealings at prices ranging from 28s 4d to 23s Bd. sellers staying in at the highest price, buyers at 28s 7d. Mount Lyells moved up to 24s 4d, 24s 3d, and 24s Od, and more were wanted at the highest price, sellers at 24s lOd. Mount Morgans were firmer with business at 8s lOd and further buyers at 9s 2d, sellers at 9s sd. North Broken Hill advanced to 40s 3d and 40s 6d, and there were further buyers at the higher price. Unlisted Stock Blackball Creek remained unaltered at Is 3Jd, the market closing id either way. LATEST QUOTATIONS

AUCKLAND

WELLINGTON

DUNEDIN

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:—

LONDON Though markets are still cheerful, the pace of recovery Is slackening. London views the rapidity of the Wall Street advances with spme misgivings, but sentiment concerning the long-term outlook is inclined to suggest stronger buying inquiry, Slutha*°Rlver Company, buyers IOJd, sellers Is IJd: Molyneux River Company, buyers Is lid, sellers Is 4Jd. * 1 MELBOURNE The market has Inclined to steady down with prices holding fairly well.

SYDNEY

SALE OF WOOL ACT

Abolition of Draft Allowance OPERATION FROM JULY 1 A Press Association message from Wellington says the Sale of Wool Act, 1937. will come into force on July 1 this year. A proclamation announcing this was issued last evening. - The Sale of Wool Act is the one disallowing provisions for draft allowances in contracts for the sale of wool. It will be remembered that the Governments of New Zealand, Australia, and South Africa agreed to abolish the allowance simultaneously. The draft allowance is a deduction which buyers have always made of 111b for every hundredweight bought, or approximately 3Jlb a bale. When the bill was before the House in, November last year the Minister for Agriculture (the Hon. W. Lee Martin) said that if the allowance had been abolished in the previous season the additional return to the woolgrowers would have been approximately

£138,279. COMPANY NEWS

G. J. COLES The directors of G. J. Coles and Company, Ltd., Melbourne, have declared the usual half-yearly dividend oh the 8 per cent. A cumulative preference snares, payable on July IS. The final ordinary dividend will be paid on August 1, and will be announced before July 16. CONSOLIDATED BRICK AND PIPE ' (PBES3 ASSOCIATION TSLKOBAH.) WELLINGTON, June 23. , The year’s turnover had been greater but overhead expenses and manufacturing costs had increased, said Mr T. E. Clark, chairman of Consolidated Brick and Pipe Investments, Ltd., at the annual meeting at Wellington today. Moving the adoption of the ninth annual report and accounts. Including the payment of a dividend of 2J per cent., making 4 per cent, for the year, the chairman said the company had b en run as economically as possible, and although a close watch had been kept on overhead expenses and general manufacturing costs, these • had increased. While difficulty had sometimes been experienced in making an ad-

The Sydney share market was steady yesterday with business over a wide field. Base metal shares were active at firmer rates

justment in selling prices necessary to cover these increases, the turnover for the year had increased oyer that for the previous year, and indications were that sales for the current year would not fall away. The proportion of houses built in brick was rapidly increasing, and the Government architects* faith in this piaterial evidenced by the proportion of brick houses which had been erected by the Housing Department. Mr R. J. Murphy, seconding the motion, said the prospects appeared fairly bright The sales of all trading companies for the first. 10 weeks of the current year, had improved 28.8 per cent It must be remembered, however, that costs had also increased to some extent and that sales for the period were only SO per cent of those of the first year of amalgamation. Factories could double their output with ease. The following directors were rer elected unopposed to represent shareholders in the A part of the register of members:—Messrs T. E. Clark, H. O. Gardner, H. Luke, and James Fletcher. To represent shareholders in the B part of the register: Messrs R. J. Murphy, J. W. Murphy, ®. F. Murphy, and W. Appleton. PRICE OF SILVER (Bimss omctu wnußtsss.) RUGBY. June 23. Spot silver is quoted at 18 18*16 d a fine ounce, and forward at 18s 11-X6d.

£ s. d. (1) General Reserve fund 1,500,000 0 0 (2) Bank notes 13,708,107 0 0 (3) Demand liabilities— (a) State 4,474,026 4 8 (b) Banks 7,190,848 19 1 (c) Other 450,820 14 1 (4) Time deposits — (5) Liabilities in currencies other than New Zealand cur(6) Other liabilities 103,034 10 10 Total 27,426,837 8 8 Assets (7) Reserve— (a) Gold 2.801,791 0 0 (b) Sterling exchange 17,023,456 17 3 (c) Gold exchange — <8) Subsidiary com 234,679 15 3 (9) Discounts— (a) Commercial and agricultural bills ... J (b) Treasury and local body bills (10) Advances— (a) To the State or State unf ' dertakings— <1) Primary Products Marketing Dept, 4,264,768 11 1 (2) For other purposes 300,000 0 0 »b) To other public authorities , <c) Other (11) Investments 2,732,064 16 6 (12) Bank buildings (13) Other assets 70,076 8 7 Total 27,426,837 8 8 Proportion of reserve (No. 7 less No. 5.) to notes and other demand liabilities >6-77 per cent.

Paris, fr. to £1 Par. 179 June 21. 177 15-16 June 22. 177 15-16 New York, dol. to £1 4.866 4.95i 4.95 9-16 Montreal. dol. to £1 4.866 5.001 5.002 Brussels. belgas to £1 35 29.201 29.21 Geneva, fr. to £1 25.2215 21.571 21.561 Amsterdam. fl. to £1 12.107 8.94| 8.95 Milan, lire to £1 92.43 . 941 94 3-16 Berlm reichmarken to £1 20.43 12.30 12.30 Copenhagen, kr to £1 16.159 22.40 22.40 Stockholm, kr. to £1 18.159 19.391 19.391 Oslo, kr. to £X 18.159 19.90 19.90 Vienna, schgs.' to £1 34.585 Prague, kr. to £1 154.25 142J 142 9-16 Helsingfors, marks to £1 193.23 2263 2263 Madrid, pesetas to £1 25.2213 • Lisbon, escudos to £1 375 1101 1101 Athens, drach to £1 375 5471 5471 Bucharest, lei to £1 818.60 6721 6721 Belgrade. dinars 376.3 218 218 Rio de Janeiro, pence to . mllrels 4.90 213-16 213-16 Buenos Aires, pence to dol. 51 19.00} 19 Montevideo, pence to peso * 201 201 Bombay, pence to rup. * 17 25-32 17 25-32 Shanghai, pence to rup. * 9 82 Hong Kong, pence to .yen • 14 15-16 14 15-16 Yokohama, pence to yen 24.58 14 14 Batavia, guilders 12.107 8.941 8.931 Warsaw, par zlotys to £1 43.38 ■ _ - •Determined by price of silver.

£N.Z. to £100 stg. T.T. 124 124/10/O.D. 123/10/124/8/9 Australia— £A. to £100 N.Z. T.T. 101 100/10/O.D. 101 100/10/Fill— £F. to £100 N.Z. T.T. 90/7/6 89 O.D. 90/7/6 89 New York — Dol. to £1 N.Z. T.T. 4.0069 3.9725 O.D. 4.0169 3.9765 Montreal— Dol. to £1 N.Z. T.T. 4.0490 4.0166 O.D. 4.0610 4.0206 Belgium— Belgas to £ 1 N.Z. T.T. 23.671 23.361 O.D. 23.746 23.372 Czechoslovakia — Korunas to £1 N.Z. T.T. 113.57 O.D. 113.62 Denmark— Kroner to £1NZ T.T. 18.203 17.893 O.D. 18.263 17.899 Finland— Marks to £1 N.Z. T.T. 185.35 179.55 O.D. 185.75 179.65 France— Francs to £ 1 N.Z. T.T. 141.20 OB. — 141 £4 Germany— Reichsmarks to £1 N.Z. T.T. 9.809 O.D. 9.814 Greece— Drachmae to £1 N.Z. T.T. _ 429.54O.D. — 429.84 Holland— Florins to £1N.Z. T.T. 7.293 7.143 •O.D. 7.333 7.147 Italy— Lire to £1 N.Z. T.T. 75.50 O.D. _ 75.55 Java— Florins to £1 N.Z. T.T. 7.271 7.121 O.D. 7.311 7.125 Norway— Kroner to £1N.Z. T.T. 16.182 15.892 O.D. 16.242 15.898 Noumea— Francs to £ 1 N.Z. T.T. _ 139.95 * O.D. — 139.99 Papeete— Francs to £1 N.Z. T.T. 140.00 O.D. 140.04 • 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. 17.506 17.236 O.D. 17.611 17 £41 Cheefoo— N.Z. pence to dol. T.T. 12J O.D. — 12 15-64 Hong Kong— N.Z. pence to dol. T.T. 18g 182 O.D. 18 11-32 182 India and Ceylon— N.Z. pence to rup. T.T. 21 61-64 2215-64 • O.D. 21 59-64 22 15-64 Japan— N.Z. pence to yen T.T. — 17 9-1H O.D. ... 17 9-16 Manila— N.Z. pence to peso T.T. 29 11-16 30 3-16 OJ3. 29 19-32 30 3-16 Shanghai— N.Z. pence to dol. T.T. Not quoted. O.D. Not quoted. Singapore— N.2. pence to dol. T.T. 34 ife-64 34 25-32 O.D. 34 13-64 34 23-32

Selling— T.T. .. 3.97 8-16 4.01J OJD. .. .. 3.9711-16 4.0115-16 BUV rJt 4.00 B-16 4.0411-16 OJV II .. 4.019-16 4.0515-16

DEALINGS COMPLETED LISTED STOCKS Sales on ’Change £ s. , d. 50 Aust. Glass (ex div.) 4 10 0 100 Broken Hill Propty. 2 18 3 2 18 4 5 Colonial Sugar 46 12 6 50 G. J. Coles 4 1 0 500 Moturoa Oil (5) 0 5 11 100 Taranaki Oilfields .. 0 13 9 200 Wcolworths Properties (10s paid) (2) 0 13 5 1300 Worksop Extended (3) 0 1 0 350 Broken Hill South 1 8 4 1 8 6 (3) 1 8 7 (2) 1 8 8 450 Mount Lyell (2) 1 4 4 (3). 1 4 3 (2) 1 4 9 100 Mount Morgan 0 8 10 100 North Broken Hill ,. 2 0 3 2 0 6 Sales Reported 200 South British Ins. <2) 2 6 9 400 Westport - Stockton Coal 0 3 7 100 N.Z. Breweries (late sale Wednesday) 2 1 0 100 N.Z. Breweries 2 0 10 50 Broken Hill Propty. (late sale Wednesday) 2 18 6 100 Moturoa Oil 0 5 11 100 Taranaki Oilfields .. 0 13 5 1100 Woolworths (South Africa) (3) 0 15 6 UNLISTED STOCK Sale Reported 1000 Blackball Creek (2) 0 1 34 Insurance

Buyers. Sellers £ S. d. £ s. d N.Z. Govt. Debentures 3J p.c. Ins., 15/3/39-43 100 2 6 100 10 0 3i p.c. Ins., 1953-57 .. 97 10 0 97 15 0 3l p.c. Ins.. 1941 99 10 0 — 4 p.c. Irs., 1943-46 102 0 0 102 15 0 4 p.c. Bonds, 1946 and 1949 102 5 0 — Rural Bonds, 5 p.c.. 15/9/47 102 5 0 103 0 0 Other Debentures Port Chalmers Borough 41 p.c., 1/4/50 105 0 0 Gisborne Sheepfarmers •6J p.c., 31/8/41 101 10 0 103 10 0 N.Z. Refrig. 41 p.c.. 1940-45 101 10 0 — Banks Adelaide (£5) 6 0 0 Australasia (£5) 9 15 6 Comm, of Aust. (10s) . 0 15 6 0 IS 8 Comm, of Aust. (pref.. £10) 9 3 0 9 6 0 Comm, of Sydney (£12 10s) 20 12 6 E., S., and A. (£3 pd.) 4 16 3 4 17 0 Natl, of A’asia (£5 paid) __ 6 12 0 Natl, of New Zealand (cum dlv., £2 10s) 2 14 0 __ New Zealand (£1) 2 3 0 2 3 9 N.Z. (mort. shares, £1) 1 9 0 Union (£5) 8 0 0 8 ~6 0 Insurance National (7s paid) 0 16 10 0 17 9 New Zealand (£1) .. 2 16 6 Standard (£1) — 2 18 0 Loan and Agency Dalgety and Co, (£5) 7 16 6 8 2 6 Goldsbrough, M. (£1) 1 7 9 1 8 7 Invincible Build. (£5) — 4 15 0 N.Z. Guar. Corpn. (3s) 0 4 5 0 4 7 N.Z'. Loan and Merc. (ord., £100) — 39 0 0 United Building (£1) .. 1 0 0 1 0 6 Shipping New Zealand (£10) 11 10 0 Union (pref., £1) — 1 7 0 Frozen Meat Cantby. (£7 10s pd.) 9 5 0 10 5 0 Cantby. (pf„ £5 pd.) 6 5 0 — Gear (ex div., 10s) .. 0 15 0 N.Z. Ref rig. (£1 paid) — 0 18 6 N.Z. Refrig. (10s paid) 0 8 2 0 8 5 North Cant. Freezing (pref., 10s paid) 0 15 6 0 18 0 Southland (£1) 1 9 6 — Woollens Felt and Textiles (£1) 1 11 0 Kalapoi (17s paid) .. 0 10 1 0 11 9 Kaiapoi (7s paid) 0 3 3 0 4 6 Manawatu (£1) — 1 12 6 Oamaru (£1) — 0 17 6 Tlmaru (£1) — 0 11 9 • Coal Grey Valley (£1) .. — 0 13 0 Westport (10s) 1 4 6 1 5 3 Stockton (10s) - 0 3 6 0 3 8 Stockton (pref., 10s) .. — 0 6 9 Gas Auckland (£1) 1 1 0 Auckland (con., 15s pd.) 0 13 9 Christchurch (£1) 1 6 9 1 8 0 Breweries Dominion (cum div.. £1) 1 13 0 1 17 0 New Zealand (£1) .. 2 0 9 2 0 11 Tlmaru (in liqdn.) 0 0 11 0 1 0 Tooheys (16s) .. — 1 11 0 Tooths (£1) 2 13 S 2 14 6 Miscellaneous Anthony Hordern (£1) _ Of 17 0 Aust. Glass (ex div., £ 1) 4 9 5 4 11 0 Aust. Iron and Steel (pref., £1) 1 7 0 — Beath and Co. (£1) .. 1 0 0 Booth, Macdonald (pf„ £1) 0 1 11 0 2 2 British Tobacco (cum div., £1) .. 2 6 1 2 6 6 Broken Hill Pty. (£1) 2 18 3 2 18 5 Broken Hill Pty. (con.. 6/8 paid) 1 14 10 1 15 9 Colonial Sugar (£20) — 46 15 0 Consolid. Brick (£1) .. .—. 0 8 8 D.I.C. (10s paid) 0 14 3 — Dom. Fert. (£1). .. 1 4 3 1 5 6 Dominion Build. (10s) 0 5 1 — Dunlop Rubber (£1) .. 1 0 2 1 0 6

Buyers. Sellers. £ s. d. £ 8. d. Electro. Zinc (ord., ’£1) 1 IS 10 1 17 3 Electro. Zinc (pf„ £1) 2 2 6 2 3 3 Evans Atlas Flour - (10s) 0 19 3 —• G. J. Coles (£1) 4 0 9 4 1 3 Greater Crystal (£1) — 0 15 0 Hume Pipe (£1) 0 18 9 0 19 0 Kauri Timber (25s) .. 1 0 9 1 2 0 Mason, Struthers (£1 paid) — 0 17 G Mason, Struthers (14s paid) .. — 0 11 6 Mason, Struthers, (10s paid) 0 8 6 Imperial Chemicals .. 1 19 6 2 1 0 Mangrovlte .. — 0 IB 0 Myers Emporium 1 9 6 -— Moturoa Oil (5s) 0 5 8 0 6 0 N.Z. Drug (£2) 3 7 6 3 8 6 N.Z. Farmers’ Co-op. (£2 10s paid) 0 2 6 0 12 0 N.Z. Farmers’ Co-op. (10s paid) — 0 0 1 N.Z. Farmers’ Co-op. (A pre£., £4) N.Z. Farmers’ Co-op. 1 12 6 2 0 0 (1st pref., £5) N.Z. Farmers’ Co-op. S 0 0 — (4J p.c. Stock, 1950, £100) 94 0 0 N.Z. Farmers’ Co-op. (4J p.c. Stock. 1955, £100) 90 0 0 93 10 0 N.Z. Farmers' Fert. (£1) 0 18 6 0 19 8 N.Z. Newspapers (16/8). —- 1 15 6 N.Z. Paper Mills (£1) 1 0 0 •— Quill, Morris (1936) 6 (£1) 0 18 —■ Fowlers, Ltd. — 0 13 6 Cement Mortars 0 13 6 Reid (N.Z.) Rubber 6 (£1) —— 1 6 Standard Cement (£1) — 0 19 9 Taranaki Oil. '(24/7) .. 0 13 S 0 14 1 United Provisions MM 0 7 0 Wilson’s Cement (10S) — 0 17 0 Wool worths (Sydney) (ord., 5s) ;. 1 0 2 1 0 5 Woolworths (2nd pref.) — 1 8 6 Woolworths (Victoria) (pref., £1) Woolworths (N.Z.) — 1 10 0 9 9 (ord., cum div., 5s) 0 19 1 0 Woolworths (pref., £1) 1 15 0 2 2 0 Woolworths Properties (10s paid) 0 13 5 — .0 David Jones — 2 0 Overseas Listings Woolworths (S, Africa) (5s) 0 19 3 0 15 6 Mining Argo (cum dlv„ Is) .. 0 1 10 0 2 1 Argo (con., cum div.. is) 0 1 6 Rig River (Is) 0 1 OJ 0 ’ 1 2 Clutha River (2s) 0 2 0 0 2 6 Austral (N.Z. Mining) (£1) 1 0 0 1 5 0 Gillespie's Beach (Is) 0 0 75 0 0 105 Golden Dawn (5s) 0 1 0 0 2 4 Golden Sands (Is) •— 0 1 6 Goldfields Dredg. (Is) 0 0 25 0 0 3 Grey River (10s paid) 0 12 2 0 12 4 Maori Gully (Is) 0 0 54 0 0 65 Moonlight Gold. (Od) —■ 0 . .0 6 Mossy Creek (Is) — 0 1 01 Nemona (is) — 0 1 75 Nokomai (Ss) — 0 1 9 Mining House Concessions (is) 0 0 1 M. Skippers, Ltd. (Is) .. 0 0 05 0 0 1 Sandhills (Is) 0 0 l — Worksop Extend. (Is) 0 1 0 0 1 1 Vaitahu (5s) 0 1 5 Australian Mining ;roken Hill Sth, (5s) 1 8 7 1 8 8 Mount Lyell (£1) 1 4 9 ■ 1 4 10 Mount Morgan (2/6) .. 0 9 2 0 9 5 North Broken Hill (5s) 2 0 6 2 0 9 Placer Develop. (1 dol.) 3 12 6 Rawang Tin (10s) 0 8 2 0 8 7

Buyers. Sellers. £ s. d. £ s. d. Apex Mills 0 12 6 Assoc. Motorists’ Petrol (pref.) , 1 8 0 Ballins Breweries (X5s paid) .. 0 13 6 Blackball Creek 0 1 4 Coulls, Somerville — 0 17 0 Carbonic Ice 1 3 0 —- Kanierl .. • .. 1 5 0 National Tobacco — 2 4 0 N.Z. Mining Invest. .. 0 0 3 Sclfrldges (N.Z.) Thyrodone — 0 17 0 o id 1 10 0 Timaru Lime 0 1 0 3 Woolworths (W.A.) .. — 4 10 0

Sales on ’Change £ s. d. Rural Bonds, 4 p.c., 1947 102 15 0 Ins. Stock. 3i p.c., 1853-57 97 5 0 Ins. Stock, 4 p.c., 1943-46 102 12 6 102 10 0 Ins. Stock, 3J p.c.. 1941-43 .. Bank of New Zealand 100 5 0 2 3 3 Comm. Bank of Aust. (pref.) 0 9 4 4 0 3 South British .. 2 6 9 Westport-Stockton Auckland Gas . • • • (3) Dominion Breweries .. • ■ 0 1 1 3 0 o 8 e g 1 16 0 Australian Glass 4 10 4 Colonial Sugar 46 7 6 Farmers’ Trading 1 1 0 Taranaki Oil •• (2) 0 13 9 Woolworths (Sydney) N.Z. Farmers’ Fertiliser 1 0 0 19 6 0 Woolworths Properties (rights) 0 3 S Mount Lyell 1 4 3 Mount Morgan 0 o 8 11 Q A 0 9 1 Overseas Ust' Woolworths Holdings (S.A.) 0 15 7

Sales on ’Change d. £ S. Ins. Stock, 34 p.c., 1653*57 (2) 97 5 0 Ins. Stock, 4 p.c.. 1948 102 10 0 Ins. Stock, 4 p.c., 1949 (2) 102 10 0 Bank of New South Wales 31 7 6 Moturoa Oil (pref.) , • 0 6 0 Taranaki Oil , » 0 14 7 (All above, late Wednesday) Ins. Stock. 34 p.c., 1953-37 (2) 97 S 0 Ins. Stock, 4 p.c., 1946 102 10 0 Huddart-Parker 2 9 4 Dominion Breweries .. . • 1 16 3 Australian Glass « . 4 10 3 Dental and Medical 0 14 0 Broken Hill Pty. 2 IS 2 18 6* Electrolytic Zinc (ord.) 1 17 6 Taranaki Oil , , 0 13 6 Woolworths, Ltd. (si 1 0 5 1 0 4 Mount Lyell (2) 1 1 4 4 3 4 Mount Morgan 0 S 8

Sales on ’Change £ S. d. Taranaki Oil 0 13 9 Sales Reported Australian Glass (ex dlv.) 4 11 6 Broken Hill Pty. 2 IS 0 Broken Hill South .. .. 1 7 6 Electrolytic Zinc (pref.) 2 3 0 Electrolytic Zinc (ord.) .. 1 16 6 North Broken Hill 1 IB 6

Sales £ s. d. Comm. Bank of Australia . 0 15 10 E., S.. and A. Bank .. . 4 17 8 National Bank (£10 paid) . 13 e 0 Gi J• Coles • • . 4 2 0 Australian Glass . 4 11 6 Dunlop perdriau .10 9 Herald and Times .. . 2 19 0 Electrolytic Zinc . 1 18 0 Electrolytic Zinc (pref.) . 2 4 0 Victoria Nyanza , 0 IS 0 Mount Morgan .OB 0 Mount Lyell .. . IB 0 Broken HiU Pty. . 2 19 0 North Brokien Hill .. . 2 1 3 South Broken HiU •. « 18 6 Loloma .. .. • XX 0

Morning Sales £ s. d. Comm. Bank of Sydney 20 13 0 Bank of New South wales . 31 7 6 Associated Newspapers 1 0 6 Australian Glass .. 4 10 9 Broken Hill Pty. 2 19 6 Burns. Phllp 2 11 6 Cplonlal Sugar .. 46 17 8 Dunlop Perdrlau .. . 1 0 n Goldsbrough, Mort 1 8 9 Howard Smith .. • 1 0 3 Afternoon Sales Bank of New South Wales . 31 7 6 Comm. Bank of Sydney 20 12 0 Associated Newspapers 1 0 n Associated Newspapers (pref. 1 3 0 Burns, Phllp 2 11 6 Burns, Phllp (con.) 2 0 0 Australian Gas A .. - . 7 8 6 British Tobacco 2 , 7 0 Tooths 2 14 9 Dunlop Perdrlau 1 0 n Dunlop Perdrlau (pref.) 1 IS 0 General Industries 0 17 9 W. Atkins ... 1 2 0 Woolworths 1 0 7J Woolworths (rights) 0 3 2 Felt and Textiles 1 10 0 W. H. Carpenter 2 2 3 Sargents 1 6 0 Mark Foy .. . 1 0 0 United Provisions 0 8 0 Wilcox, MoffUn 0 6 7 Electrolytic Zinc .. . 1 17 10 Electrolytic Zinc (pf.) • ,2 3 3 Mount Morgan 0 9 5 Mount Lyell 1 5 0 Broken Hill Pty. 2 10 0 North Broken Hill .« • 2 1 6 South Broken Hill 1 8 10 Larut ... 0 12 11 Loloma . • • 1 2 6 Taranaki Oil •> . 0 13 7