FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22465, 28 July 1938, Page 13

FINANCE AND COMMERCE

FAT SHEEP PRICES EASIER SYDNEY STOCK EXCHANGE FIRM There was an overflow entry of fat sheep at the Addington livestock market yesterday, and prices relapsed by Is to Is 6d for heavy sheep, and by 3s for light ewes. Fat steers were cheaper by 20s a head, but heifers and cows were little different. Porkers and vealers sold at increased prices. Industrial shares maintained their firm tone on the Sydney Stock Exchange yesterday. Pastoral shares received .better support. •

’ POTATOES FOR AUSTRALIA ?

ft Removal of Embargo Sought OPINION IN NEW SOUTH WALES Because of the high price of potatoes in Australia, the New South Wales 1 Chamber of Fruit and Vegetable Industries is seeking to have the embargo on the importation of New Zealand potatoes removed. The chamber would like New Zealand to admit New South Wales mandarins in return. A reliable report from Australia says the Prime Minister, Mr J. A. Lyons, has been asked to conduct-the necessary ■ negotiations with the New Zealand Government. . _ , The price of potatoes m Sydney a week ago was £l4 10s a ton wholesale and selling agents then expected ' that there would be further increases shortly, with no relief likely for the rest of the year. The entry of New Zealand potatoes into Australia is prohibited on the ground that corky scab is prevalent among them. But Mr P. McDermott, the general secretary of the chamber, . says that the disease is known to be in Tasmania (where most of the potatoes on the New South Wales market come from), and in the northern growIng districts of New South Wales. The embargo, he suggests, is therefore unnecessary. New South Wales mandarins were imported into New Zealand for nearly 50 years. An embargo was imposed on them in 1932 on the ground that they might introduce fruit fly. A recent shipment of mandarins from South Australia realised 22s 6d a bushel in New Zealand. The price in Sydney for superior quality fruit is 5s a bushel. . . While not denying that there is fruit fly in New South Wales, the chamber claims that during June, July, and August the weather is too cold to allow the pest to be transferred. If the old rate of import duty were re-established. New Zealand potatoes could be landed in Sydney for about £9 a ton. The chamber has suggested that if the imports were restricted to 3000 tons a month, little damage would be done to New South Wales and Tasmanian growers. Moreover, the reciprocal trade in mandarins would be of great value to orchardists. NEW ZEALAND PRODUCE HIGH COMMISSIONER’S REPORT The Department of Agriculture has received the following cablegram from the High Commissioner for New Zealand. London, dated July 25, 1938: — Tallow Spot market steady at late rates to 6d per cwt decline on the prices ruling at the last auctions: fair business done for shipment. Hemp Manila: Market firm and active; good business has been done at improved prices. “K” grade, July-Sep-tember shipment, sold £2l 10s. Output and stocks in Manila not available in the future. Stocks in London, June 30, 14,658 bales, against 9823 same last year. Sisal—Market quiet but steady at about last week’s rates. New Zealand—Nothing to report. Apples Hertford, Westmoreland discharged at Glasgow; Hertford discharge London; also Mahia, Otaio. Market steady for red variety but poor demand for Sturmer apples. The following arc the market values of sound-conditioned fruit of the varieties mentioned, the range of prices generally representing the difference between the several grades and/or counts. Variable conditioned fruit of similar varieties proportionately less in value. Granny Smith. 11s, 14s; Dougherty, Rokewood, 10s 6d, 12s 6d; Statesman 9s 6d. 11s; Delicious, 9s.’ 11s; Ballarat, 9s 6d, 10s 6d; Bturmer, 8s 6d, 9s 6d.

CANADIAN WHEAT CROP

ANNOUNCEMENT OF PRICE IMMINENT 1 EDMONTON ('Alberta'), July 26. \ The Edmonton branch of the Cana- ' than Commonwealth Federation Party, in a resolution sent to Ottawa, urges the setting of the price for the new wheat crop at 1.03 dollars. The Government has indicated that an announcement on the price is imminent. LONDON METALS MARKET tin falls and copper rises LONDON, July 26. . v July 25. July 26. .Copper— £ s. d. £ s. d. Standard, spot 41 4 44 41 5 74 Forward .. 41 9 4J 41 10 74 Electrolytic . . 45 15 0 46 10 0 to .. 46 15 0 47 0 0 bars .. 46 15 0 47 0 0 Lead—' Spot .. 15 0 0 15 3 9 Forward .. 15 1 10J 15 4 44 SpelterSpot 14 6 104 14 4 44 ’ Forward 1411104 14 8 14 Spot .. 194 17 6 194 8 9 Forward .. 195 17 6 195 10 0 Silver— Fine, per oz. 19 13-16 d 19* d Standard I per dz. 21gd 21 3’l6d f BUTTER MARKET QUIET I LONDON, July 26. The London butter market is quiet. Choicest salted. New Zealand 1225; Australian 121 s, Unsalted, Is premium.

DOMINION’S MEAT EXPORTS

DEVELOPMENT OF CHILLED BEEF TRADE REPORT OF PRODUCERS’ BOARD The remarkable development of New Zealand's export trade in chilled beef since it began in the 1933-34 season is shown by figures supplied in the annual report of the New Zealand Meat Producers’ Board. In the first season, 19,576 quarters were exported. For the present season, the estimated total is 240,000 quarters—an Increase of approximately 1200 per cent, in five seasons. The figures for the various seasons are: — Quarters. 1933- .. .. 19.576 1934- .. .. 64,514 1935- .. .. 144,169 1936- .. .. 201,105 Up to May 31 this year the export total was 159,758 quarters, compared with 129,851 at the same date last sea«on—an increase of 23 per cent. “It is very satisfactory to note that our chilled beef export trade continues to expand satisfactorily along practical lines,” the report says, “and although there is still room for improvement in breeding, feeding, and transport, its development in the main has achieved its object in the general rise of our cattle values to a much more remunerative level. The quality of the beef shipped is not yet up to the standard that it is possible to attain, but the steady reduction in the number of rough, old bullocks is undoubtedly improving the position. “The institution by the Board of a stricter system of grading, combined with the increased supply of younger cattle, will, no doubt, increase the popularity of our chilled beef on the English market. The board would again emphasise to farmers the importance of further improvement in the quality of the chilled cattle they are breeding. A lot has already been done by a number of breeders in this direction, but now that our export of chilled beef has become such an important part of our meat trade, this aspect cannot be emphasised too often. “The importance of farmers thoroughly wintering the cattle that are intended for slaughter in the following season cannot be over-empha-sised, as this enables them to be fattened earlier and spread more evenly over the season. The object should be to avoid the rush of chillers usually available during the peak months from the middle of March to the end of April. Though there will always be more cattle available during this peak period, it is almost impossible for shipping companies to cope with an abnormal rush as the chilling accommodation of each vessel is limited, besides which the trade in London requires a steady flow, and not abnormal quantities in one short period. It should not be overlooked that chilled beef always maintains a more regular price during the cooler months in England,” Lamb and Mutton Other figures in the report show that New Zealand supplied 28 per cent, of the mutton and lamb consumed in the United Kingdom in 1937. Home grown meat supplied most of the United Kingdom’s requirements —47 per cent, actually—and New Zealand was easily the biggest outside supplier. Australia’s share was 14 per cent., and South Africa’s 10 per cent. In the beef market, New Zealand was the smallest supplier. Her contribution was 4 per cent., compared with 8 per cent, from Australia, 30 per cent, from South America, and 57 per cent, from the home trade. The value of the Dominion’s sheep and cattle industry, as measured by the export statistics (f.o.b. values) for the 12 months ended March 31, 1938, is given as follows: — £ Meat .. • • 15,458,159 Wool .. .. 16,012,253 Hides and skins .. 3,052,796 Other by-products (tallow, etc.) .. 1,457,210 Total value of industry .. £35,980,418 Trial Shipment to Canada “During the year the board made two experimental shipments of lambs to Eastern Canada,” the report says. “As a result of the new trade agreement negotiated by the New Zealand Government with the Canadian Goveminent, the duty on New Zealand lamb has been reduced from three cents to half a cent per lb. To test the market. 8300 carcases of lamb and 600 carcases of mutton were purchased and shipped to Eastern Canada, being marketed at Toronto and Montreal under the supervision of the board’s London manager,, and Mr J. W. Collins, the New Zealand Trade Commissioner, in Canada. These consignments met with a ready sale and satisfactory prices have been realised.” SOUTHLAND MARKETS DULL fXHE PRESS Special Service.] INVERCARGILL, July 27. There is no activity in the Southland oats market. The fowl wheat market has been kept supplied with stocks of under milling quality held over from last season, and some purchases from Canterbury North Otago. There is not much chaff offering from growers, and although the demand is small, prices remain.firm at up to £4 15s. The shipping market for ryegrass remains quiet, but as most merchants have only sufficient for retail requirements, they are not concerned with, the present wholesale prices. Values for good quality seed range from 4s 6d to 4s 9d for lines from the mill. The market for browntop and crested dogstail continues inactive because of the absence of overseas inquiry. Values for browntop for machine-dressed seed is about Is Id for certified and a penny less for uncertified. Values for machine-dressed dogstail ranges from 6d to Bd, according to quality. The market for white clover remains firm with prices for machine-dressed seed ranging from Is to Is 3d. The shipping market for potatoes is still in a hopeless position. Merchants are showing no interest except in King Edw.ards. which for good quality,. free from wire worms, is returning the farmer about £4.

COMPANY' NEWS

KAURI TIMBER The Kauri Timber Company, Ltd., has purchased the assets and goodwill of Commercial Boxes and Plywoods Proprietary, Ltd., South Melbourne. The business will in future be carried on as a department of the company. WALLAROO MOUNT LYELL The directors of Wallaroo Mount Lyell Fertilisers, Ltd., South Australia, have declared a final dividend of 3A per cent., payable on August 16, making, with the interim dividend paid in February, a total of 6 per cent, for the year. Dividend for the previous year was 5 per cent, in one payment. G. J. COLES It is reported from Melbourne that G. J. Coles and Company, Ltd., is to add three more stores to its chain, which will bring the total up to 74 by the end of the year. Extensions to the company’s main store in Bourke street, Melbourne, will be completed in time for business to be begun in the first section in September.

MINING

CLUTHA RIVER PURCHASE OF NEW DREDGE POSSIBLE (FROM OUR OW« CORRESPONDENT.) LONDON, July 6. The possibility of a new dredge, costing from £IOO,OOO to £150,000, being acquired by Clutha River Gold Dredging, Ltd. (Otago), when new ground was reached was mentioned by the chairman, Colopel C. E. Ponsonby, at the annual meeting in London. An increase in capital or the formation of a new company were possibilities 'that would have to be considered. A visit to New Zealand would shortly be made by Mr H. Boot, one of the directors. A net profit of £21,992 was made for the first 11 months’ working to March 31. A dividend of 6| per cent., paid on February 23, absorbed £12,500, and a balance of £IOB9 was carried forward after £8403 was written off for preliminary expenses and administration. Since the end of March the dredge has recovered 1848 oz of gold, an average of 1420 z a week. Up to March 31 the dredge'had produced 82410 z of gold, an average of 171 Joz a week. Gross proceeds were £55.253. Expenditure in New Zealand totalled £20,017, or an average of £417 weekly. Expenditure in England was £2053. “To date 243 bores have been completed near Alexandra, and payable areas suitable for dredging have been proved to the extent of approximately 30,000,000 cubic yards, estimated to contain more than £850,000 of alluvial gold calculated on a basic piz-e of £6 an ounce,” said Colonel Ponsonby. “The boring has not disclosed any features that might cause difficulty in dredging and the gold should be rapidly recovered by normal dredging methods.” It was expected thr-A the virgin parts of the river would not be reached for a year or two. added Colonel Ponsonby. It was most likely that a new dredge would be acquired for this work and that it would be built in England. No chance would be taken of assembling it in the river. It would be of .the Malay type and assembled in a paddock. Concerning the next dividend, Colonel Ponsonby concluded, shareholders might rest assured that if the company made good the board would not wait until the next general meeting, but would declare a dividend at the first suitable moment. GOLDEN CROWN [THE PRESS Special Service.] AUCKLAND, July 26. The operations of the Golden Crown Gold Mining Company No Liability for the year ended March 31 resulted in a rise in the debit balance of £498 to £3174. The directors stale that the battery cannot be kept working continuously until No. 2 level is completely cleaned out and rctimbered. It is estimated that £3OOO is required to complete this work, and application has been made to the Mines Department for a loan of £4OOO. The department’s officers are now reporting upon the battery. TALISMAN DUBBO • The circular to shareholders of Talisman Dubbo Gold Mines, Ltd., relating to the issue of new capital, announced in “The Press” yesterday, states that in all 8523 shares of 5s each will be offered at par, increasing the capital of the company to £20,000, the total amount authorised. It is reported that the new mill has been operating regularly since July 11. . As a result of the delays in the delivery of imported units the company has been involved in considerable extra expense. The delay has _ also necessitated a continuance of mining operations without any returns from the ore won. As a set-off the company now has accumulated about 1100 tons of ore of an estimated value of £3300. In addition to the delay duties on plant imported were higher than advised, while costs of the completion of the mill were approximately £3OOO greater than estimated. The position was partly met by the directors guaranteeing a secured bank advance to £2500, and this with the proceeds of the shares being offered will a quately meet the situation and will serve to liquidate existing liabilities and more quickly bring . the company to the dividend producing stage. OKARITO The Okarito wash-up is 30oz 16dwt for 113 hours. RIMU The Rimu dredge return is 204.750 z for 131 hours and 54,784 yards treated. BUNDI DREDGE Since Bundi Dredging Company, N.L., reported last month that the first 15 bores, put down on Chinaman’s terrace, New Zealand, to check the original shaft values, gave an average value of 4.99 grains a cubic yard, the results to hand of a further eight bores make the average value for the 23 completed bores 4.036 grains. This average, the company states, includes all bores put down. A few of them, on the edges of the bored grqund, may prove unpayable. The elimination of these bores, however, increases the average value of the ground that will be dredged. Two short lines of bores have still to be completed, but the results obtained indicate from five to six months’ profitable dredging. Reconditioning of the dredge, preparatory to a resumption of operations, is estimated to occupy about one month.

THE STOCK EXCHANGES

MODERATE LOCAL TURNOVER DEALINGS IN INDUSTRIALS AND MINING Turnover on the Christchurch Stock Exchange yesterday was moderate. Most of the dealings were in industrials and Australian mining shares. Price movements were irregular.

DEALINGS COMPLETED LISTED STOCKS Sales on ’Change £ s. d. 25 E., S., and A. Bank .. 5 4 0 5 Bank of N.S.W. .. 31 0 0 100 Bank of N.Z. .. 2 5 0 50 N.Z. Breweries .. 2 a 0 250 Broken Hill Pty. 3 0 10 100 Broken Hill Pty. (con.) 116 9 200 Electro. Zinc (ord., cum div.) •• |44 2 4 0 50 G. J. Coles .. 4 3 0 100 Woolworths (Sydney, • ord.) • • 11« 250 Broken Hill South .. 1 13 3 1 13 4 1 13 2 1 13 3 500 Mount Lyell (3) 15 6 (6) 192 200 Mount Morgan (2) 0 10 11 Sales Reported £250 N.Z. Govt., 4 p.c. Ins., „ „ 1943-46 ..102 0 0 350 Westport - Stockton Coal -St" 350 Christchurch Gas (cum div.) .. 1 l 3 17 0 200 Beafh and Co. (2) 0 19 0 200 Broken Hill Pty. (contr.) .. 1 I® § 200 Moturoa Oil (2) 0 5 5 700 Maori Gully .. 0 0 6 UNLISTED STOCK Sale Reported 112 Westland Breweries (odd) 1 15 0 Government and Banking New Zealand Government 4 per cent. Stock, due 1946, remained unaltered with buyers and business at £ 102. E.. S.,’ and A. Bank were weaker wiili sellers and business at La 4s. Bank of New South Wales changed hands at £3l. Bank of New Zealand were firm with sellers and business at 435. buyers at 42s Hd. Bank of Australasia were firmer on buyers onen £lO 4s. Buyers of Commercial Bank of Australia raised their bids to 16s 7d. but sellers wanted 16s Bd. Westporl-Stockton Coal moved up to 4s and 4s 2d, market closing 4s Id buyers. 4s 3d sellers. Buyers of the preference r.aiscd their bids t(i 7s 3d. but sellers wore reticent. Christchurch Gas had dealings at 27s 3d and 275. New Zealand Breweries changed hands at 435, market closing 43s Id buyers, 43s 2d sellers. Tooths Breweries were firmer on buyers' offers, 54s 6d. Miscellaneous Beath and Company had dealings at 19s, and more wore wanted at that price. Broken Hill Proprietary dropped to 60s lOd and 60s Bd. sellers staying in at the lower price, buyers at 60s 7d. The contributing were steady with sellers at 36s 9d. Electrolytic Zincs relapsed to 44s 4d, 44s 3d. and 445. The preference were weaker with sellers at 48s. G. J. Coles declined to 83s, and more were offered at that price. Moturoa Oil were dealt in at 5s sd. market closing Id either way. New Zealand Drugs were firmer on buyers' offers. 70s 3d. Woolworths. Limited, were fractionally weaker at 21s 9d. Woolworths (South Africa) were stronger with buyers at 15s 9d. Mining Maori Gully were firm at 6d. Broken Hill South rclansed to dealings at 33s 3d, 33s 4d, and 33s 2d, buyers staying in at the lowest price, sellers at 33s 3d. Mount Lyells were easier at 29s 6d and 29s 7d. Mount Morgans were a shade stronger with dealings at 10s lid, closing quotations Id on either side. Unlisted Stock An odd parcel of Westland Breweries changed hands at 355. LATEST QUOTATIONS N.Z. Govt. Debentures Buyers. Sellers. £ s. d. £ s. d. 3 p.c. Ins., 1941 .. 96 15 0 31 p.c. Ins.. 15/3/39-43 .. 3i p.c. Ins.. 15/9/39-43 31 p,c. Ins., 1938-52 .. 34 p.c. Ins., 1953-57 .. 4 p.c. Ins., 1943-46 ..102 0 0 4 p.c. Ins., 1949 .. 4 p.c. Ins., 1955 .. 4 p.c. Bonds, 1946 .. 102 0 0 Other Debentures Domin. Fertiliser, 7i p.c., 1/2/41 .. 102 0 0 Banks Adelaide (£5) .. 5 15 0 Australasia (£5)- .. 10 4 0 Comm, of Aust. (cum „ „ div., 10s) .. 0 16 7 0 16 8 Comm, of Aust. (pref., ‘ „ c cum div., £10) .. 9 5 6 9 12 6 Comm, of Sydney (£l2 10s paid) • • 20 0 0 20 10 0 E.. S., and A. (£3 paid) 5 3 0 5 4 0 Natl, of A’asia. (£5 „ „ paid) ■■ 6 13 0 6 15 0 Natl, of N.Z. (£2 10s n paid) •• 2 13 6 2 14 0 N.S.W. (£2O) .. 30 10 0 31 5 0 New Zealand (£1) .. 22 11 2 3 0 Union of A’asia. (£5 paid) •• 8 4 0 Insurance National (7s paid) .. 0 17 5 South British (10s) .. 2 5 9 Standard (£1 paid) .. Loan and Agency Dalpety and Co. (£5 paid) .. 8 2 0 Goldsbrough. M. (£1) Invincible Bldg, (cum div., £5) .. 4 10 0 4 15 0 Natl. Mort. (A) (£2 „ , „ paid) .. 1 19 0 2 4 0 N.Z. Guar. Corpn. (3s) 0 4 3 0 4 5 N.Z. Loan and Merc. (ord. stock, £100) .. 32 0 0 United Building (£1) 10 3 10 7 Wright, Stephenson (£1) ..110 Wright, Stephenson (pf„ £1) .. 106 Shipping New Zealand (pref., £10) .. 12 0 0 13 0 0 Frozen Meat Cantby. (£7 10s pd.) 9 2 6 9 14 0 Cantby. (pi., £5) .. 6 3 0 6 15 0 Gear (10s) .. 0 15 0 N.Z. Refrig. (£1 pd.) 0 18 3 0 19 0 N.Z. Refrig. (10s pd.) 0 8 2 North Canty. Freezing, „ (pref., £1) .. 0 15 0 0 18 0 Southland (£1) ' .. 1 10 0 111 0 Woollens Bruce (pref., £1) .. 1 0 0 Felt and Textiles (£1) 1 13 8 1 14 3 Kaiapoi (17s paid) .. 0 10 2 0 10 9 Kaiapoi (7s paid) .. 0 3 5 0 5 0 Manawatu (£1) .. 1 11 6 Timaru (£1) .. 0 11 6 Coal Westport (10s) .. 14 6 Westport-Stockton (10s) 0 4 1 0 4 3 Westport-Stockton (pf., „ 10s) ..0 7 3 Gas Auckland (cont., cum div., 15s paid) .. 0 14 3 0 15 0 Christchurch (cum div., £1) ..160175 Christchurch (10s paid, cum div.) .. 0 13 3 Breweries Dominion (£1) .. 1 15 9 New Zealand (£1) .. 2 3 1 2 3 2 Queensland (£1) .. Swan (ss) .. Timaru (in liqudn.) .. 0 0 10 Tooheys (16s) .. 1 11 0 Tooths (£1) .. 2 14 6 2 15 0 Melbourne Co-op. .. 2 14 0 2 15 6

Miscellaneous Buyers. Sellers. £ s. d. £ s. d. Alloy Steel (Aust.) .. 0 11 0 Amalg. Wireless (15s paid) .. Anthony Hordern (£1) 0 17 6 Aust. Glass (£1) .. 4 14 9 4 15 9 Beath and Co. (£1) .. 0 19 0 0 19 6 Booth, Macdonald (pf., £1) ..0 2 0 British Tobacco (£1) 2 8 1 2 8 10 Broken Hill Pty. (£1) 3 0 7 3 0 8 Broken Hill Pty. (con., 6/8 paid) .. 1 16 7 1 16 9 Colonial Sugar (£2O) 48 0 0 48 12 6 Dominion Fert. (£1) 150 156 Donaghy Rope (£1) .. D.I.C. (10s paid) .. 0 14 9 D.I.C. (pref., £1) .. 13 0 Dunlop Rubber (£1) .. 12 1 12 4 Electro. Zinc (cum div., £1) .. 2 3 11 2 4 3 Electro. Zinc (pref., cum div., £1) .. 2 7 5 2 8 0 Evans Allas Flour (10s) . . .. 0 19 3 G. J. Coles (cum div., £1) .. 4 2 9 4 3 0 Gordon & Gotch (£1) 2 11 0 Hume Pipe (Aust.) (£1) .. 0 18 1 0 18 7 Mason, Struthers (£1 paid) .. .. 0 17 6 Mason, Struthers (14s paid) .. .. 0 11 6 Mason, Struthers (10s paid) .. .. ■— 0 7 6 Myers Emporium .. 1 10 0 1 12 0 Moturoa Oil (ss) .. 0 5 4 0 5 6 Macduffs (ord., £1) 0 17 0 National Electric (£1) 0 14 0 0 15 0 N.Z. Drug (£2) .. 3 10 3 3 13 6 N.Z. Farmers’ Co-op. (A pref., £4) .. 1 17 6 1 19 0 N.Z. Fanners’ Co-op. (4J p.c. Stock. 1950, £100) .. 92 0 0 94 10 0 N.Z. Farmers' Co-op. (4J p.c. Stock, 1955, £100) .. 92 0 0 95 0 0 N.Z. Farm. Fertiliser (cum div., £1) .. 0 19 0 10 9 N.Z. Paper Mills (£1) 12 0 Quill. Morris (1936) (£1) .. 0 19 1 Radio (1936), (10s) .. South Island Finance Corpn. .. 0 11 3 Reid (N.Z.) Rub. (£1) Taranaki Oil. (24/7 pd.) 0 13 4 0 13 9 United Provisions .. 0 6 7 Wilcox, Mofflin (11s) 0 7 2 0 7 6 Wilson’s Cement (10s) 0 18 9 Woolworths (Sydney) (ord., ss) .. 1 1 9 1 1 10. Woolworths (2nd pf., £1) ..170 Woolworths (Victoria) ; (pref.. £1) .. .. 1 10 0 Woolworths (N.Z.) (ss) W. R. Carpenter .. 2 4 0 2 6 0 Brookes Lemor .. 13 0 15 0 Brookes Lemor (pf.) 17 0 Overseas Listing Woolworths (S. Africa) (ss) .. 0 15 9 0 16 3 Mining Argo (cum div., Is) 0 1 10 0 22 Argo (contr., cum div., Is) .. ..016 Big River (Is) .. 0 12 Blackwater (cum div., £1) .. .. 0 17 0 Gillespie's Beach (Is) 0 0 9 Golden Dawn (ss) .. 0 1 0 0 2 5 Golden Point (6d) .. 0 0 1 Golden Sands (Is) 0 10 Goldfields Dredg. (Is) 0 0 2J 0 0 3 Grey River (10s) .. 0 13 9 o 14 0 Austral (N.Z.), (£1) .. Maori Gully (Is) .. 0 0 5J 0 0 61 Nemona (Is) ~014 New River (Is) .. 0 0 6 0 0 7i Nokomai (ss) .. 0 19 Mining House Concessions (Is) .. 0 0 1 Skippers. Ltd. (Is) .. 0 0 OJ 0 0 0J Skippers (pref.. Is) .. 0 0 6 Waihi Invest, (ss) .. 0 9 9 Waihi Grand Junction (2s) .. 0 2 11 - Worksop Extend. (Is) 0 10 0 X li Australian Mining Broken Hill Sth. (ss) 1 13 2 1 13 3 Mount Lyell (£1) .. 19 1 19 3 Mount Morgan (2s 6d) 0 10 10 0 11 0 Nth. Broken Hill (ss) 2 8 9 2 9 4 Rawang Tin (10s) .. 0 9 4 0 9 6 Wellington Alluvials 0 5 5 0 5 7 Zinc Corpn. .. 4 13 0 Boulder Perseverance 0 3 6 Great Boulder .. 0 9 6 V - - ! UNLISTED STOCKS All transactions in stocks quoted in this section are subject to a different rate of brokerage from listed stocks, and are not quoted on the official list;— Buyers. Sellers. £ s. d. £ s. d. Assoc. Motorists’ Pet- _ . „ „ rol (pref.) .. 13 0 16 0 A.P A. .. •• 0 9 0 Blackball Creek .. Oil Carbonic Ice .. 1 3 0 Kanieri .. 10 0 15 0 Natl. Tobacco .. 1 10 0 Langes Mobile Gas .. 0 10 0 16 0 N.Z. Perpetual Forests (4s paid) .. 0 14 0 N.Z. Mining Invest. .. 0 0 3 Selfridges (A'asia.) .. 0 14 3 Selfridges (con., 14s paid) .. .. 0 3 6 White’s Electric .. 0 0 3 Woolworths (W.A.) .. Woolworths Properties _ (10s paid) .. 0 13 9 0 14 0 Whakatane Paper and , _ Pulp .. 0 4 6 AUCKLAND Sales on ’Change £ s. d. Ins. Stock, 1943-46, 4 p.c. (2) 102 0 0 Ins. Stock, 1939-43, 3| p.c. ..100 5 0 Auck. Harb. Board, 1940, 4i per cent. .. • • 100 5 0 Mount Eden. 1953-58, 4i p.c. ..104 0 0 Whangarei Borough, 1942, 4i per cent. .. • • 102 0 0 Natl. Insurance .. .. 0 17 4 N.Z. Insurance .. •• 2 16 9 2 17 0 South British •• (2) 2 6 6 Westport-Stockton (2) 0 4 0 Dominion Breweries (2) 1 15 3 Tooths .. • ■ 2 15 0 Gear Meat .. (2) 0 14 4 Morts Dock .. • • 0 12 9 Peters Ice ,(N.Z.) • • 13 0 Woolworths (Syd.) .. .. 1 1 11 Broken Hill South .. .. 1 13 3 Mount Morgan .. • • 0 10 10 Rawang .. ..096 Overseas List Woolworths Holdings (South Africa) .. .. 0 15 8 Unofficial List Whakatane Paper-Mills (ord.) 0 4 0 Metiers (N.Z.) .. •• 0 9 4 WELLINGTON Sales on ’Change £ s. d. Taranaki Oil (late Tuesday) (2) 0 13 9 Ins. Stock, 3i p.c., 1939-43 .. 100 3 9 Ins. Stock, 3i p.c., 1938-52 .. 101 2 6 Ins. Stock, 4 p.c., 1949 (2) 102 1 3 Govt. Bonds. 4 p.c., 1946 .. 101 17 6 Australian Glass .. .. 4 15 9 Colonial Sugar .. ~ 48 10 0 Taranaki Oil -• •• 0 13 8 Woolworths, Ltd. (ord.) ... 1 1 10 Broken Hill South .. .. 1 13 4 Mount Morgan .. • • 0 10 11 Overseas Listings Woolworths Holdings (2) 0 15 9 Unofficial List Metiers (N.Z.), Ltd. .. • .. 0 9 6 DUNEDIN Sales on ’Change £ s. d. Mount Lyell ■ • • • 19 3 Sales Reported Ins. Stock, 31 p.c., 1933-52 (late Tuesday) .. •• 101 0 0 Peters Ice (N.Z.) .. -• 13 6 Electrolytic Zinc (ord.) .. 2 4 6 Unlisted Stock Woolworths Properties .. 0 14 0 “The Press” Classified Advertisements are read at the breakfast table, and are sure to deliver results during the day—l2 words Is, 3 insertions 2s 6d. ’Phone 33-358. —6

SYDNEY Industrial shares maintained their firm tone on the Sydney Stock Exchange yesterday, but the turnover was limited. Pastoral shares received better support. Morning Sales £ s. d. Bank of New South Wales .. 31 7 6 Anthony Hordern .. •. 017 6 Broken Hill Pty. .. .. 3 1 6 Colonial Sugar .. .. 48 12 6 Kandos Cement .. .. 17 0 Broken Hill South (N.Z. delivery) •• .. 113 6 Afternoon Sales £ s. d.

MELBOURNE The market in Melbourne yesterday was Inclined to be a little hesitant and price movements were narrow. Sales

FOREIGN EXCHANGES (BRITISH OFFICIAL WIRELESS.)

BANK OF NEW SOUTH WALES

LONDON July 12. July 28. BANKS- £ /•’ d- £ s. d. Australasia •• *l6 3 8 0 0 E., S.. and A. •• 319 0 3188 Union of Aust. •• 6 6 3 6 5 6 New South Wales 24 17 6 24 10 6 Natl, of N.Z. .. 2 1 9 22 3 New Zealand .. 113 3 112 8 OTHERS— N.Z. Loan and Merc. ( 4p.c. debs.) 88 10 0 87 10 8 N.Z. Loan and Merc. (ord. stock) .. 24 0 0 *23 0 8 July 19. July 26. £ s. d. £ s. d. British Tobacco .. 116 10i 117 11 Goldsbrough, M. .. 116 12 6 Dalgety .. 6 2 6 6 3 9 P. and O. defd. .. 120 11 41 Clutha River, buyers lOJd; sellers. 1» lid; Molyneux River, buyers. 10Jd; sellers, Is lid; Bulolo. £5 11s 3d. •Nominal. DIVIDENDS DUE The following dividends have been announced or recommended; — Due. Victoria Laundry—Final, 21 p.c.. making 5 p.c. pa. .. To-day Blackwater Mines —Interim. 6d (sterling) a share .. July 29 Consolidated Gold Mines—lnterim. 3d (sterling) a share July 29 Farmer and Co.. Sydney—lst pref. half-yearly at 6 p.c. pa.. 2nd pref. half-yearly at 7 p.c. p.a. .. .. July 30 British Tobacco—pref. quarterly. 6i p.c. p.a. .. .. July 30 Wellington Gas—lnterim, 4 p.c. Aug. I G. J. Coles—Half-yearly. 7J p.c. and bonus 6d a share, making 3s 6d a share pa. .. Aug. 1 Argo Gold Dredge—ld a share (free of income taxi -. Aug. 3 Smith and Smith. Ltd.—Halfyearly pref. at 5 px. px. Aug. 1 N.Z. Insurance —Final. Is, making 2s a share, or 10 px. p.a. Aug. X Auckland Gas Co.—lnterim, halfyear. 2J p.c. .. Aug. 2 Mossy Creek Dredge—ld a share Aug. 15 N.Z. Farmers' Fertiliser. 6 px. p.a. Aug. 15 Woolworths, Ltd.. Sydney—lst pref., half-yearly, at 10 px. p.a.; 2nd pref,, half-yearly, at 7 px. px. .. Aug. 15 Comm. Bank of Australia.— half-yearly, pref. at 4 px, p.a., ord. at -71 px. px. .. Aug. 18 BRITISH WAR LOAN RUGBY. July 26. War Loan. 3| per cent- is quoted at £lO2 17s 6d, a decline of 2s fid. COLOMBO TEA AUCTION PRICES FOR FINE QUALITY ADVANCE (racss i*ijClAtto* tu.kmuJ DUNEDIN. July 27. Mr L. M. Wright has received the following cabled report on the Colombo tea auction of July 26; Medium and fine quality teas were in brisk demand, and at the close of the sale prices had advanced id to id per lb. Common grades were neglected, and declined about Id. At next week's auction 1,750,0001 b will be offered. PRICE OF GOLD (Received July 27. 12,30 p.m.> LONDON. July 36L Gold is quoted at £7 Is 4d a finq ounce, a reduction of Id.

Bank of New South Wales 31 10 0 Commercial Bank of Sydney 20 13 0 Commercial -Bank of Australia 0 16 10J Queensland National Bank 5 1 6 Colonial Sugat 48 12 6 Associated Newspapers 1 2 0 Associated Newspapers (p£.) 1, 3 6 Howard Smith 1 0 10 British Tobacco 2 9 0 G. J. Coles 4 3 9 Australian Glass 4 16 6 Dunlop Perdriau 1 2 6 Stedmans 0 15 3 Morts Dock 0 12 9 Hume Pipe 0 18 8}. Sargents 1 9 9 Claude Neon 2 8 0 Victoria Nyanza 0 16 3 Goldsbrough, Mort 1 8 6 Svdney Ferries (N.Z. delivery) 0 6 5 Malleys 1 2 0 Mount Morgan 0 11 1 Mount Morgan (pref.) .. 1 2 0 Mount Lyell 1 9 3 Kuala Kampar 0 18 9 Emperor Gold 0 12 8 Taranaki Oil 0 13 9

£ S. d. Commercial Bank of Australia 0 16 9 National Bank (£5 paid) e 16 0 National Bank (£10 paid) 13 18 0 British Tobacco 2 0 0 Australian Glass 4 16 0 Dunlop Perdrlau 1 2 7 Cox Bros. 0 18 0 Yarra Falls Australian Foundation Invest1 18 6 ment Trust 0 4 11 Imperial Chemicals (pref.) .. 1 1 6 Mount Lyell 1 9 0 Broken Hill Pty. 3 1 3 North Broken Hill .. .. 2 8 6 South Broken Hill 1 12 10 Emperor Gold .. 0 12 8 Loloma 1 2 6

RUGBY, July 26. Par. July 25. July 26. Paris, fr. to £1 170 178 7-64 178 9-64 dol. to £1 4.866 4.92 5-16 4.92 7-16 Montreal. dol. to £1 4.866 4.931 4.932 Brussels, belgas to £1 35 29.10J 29.10 Geneva, fr. to £1 25.2215 21.491 21.492 Amsterdam, fl.. to £1 12.107 8.95s 8.95| lire to £1 92.43 93 9-16 93 9-16 Berlin, reichmarken to £1 20.43 12.25 12.251 Copenhagen, kr. to £1 18.159 22.40 22.40 Stockholm, kr. to £1 18.159 19.40 19.391 Oslo, kr. to £1 18.159 19.90 19.90 Vienna, schgs. to £1 34.585 ■ — Prague, kr. to £1 154.25 142| 142| Helsingfors, marks to £1 193.23 2262 2262 Madrid, pesetas to £1 25.2215 — — Lisbon, escudos to £1 110 110 3-16 110 3-16 Athens, drach to £1 375 5471 5471 Bucharest. lei to £1 818.60 670 670 Belgrade, dinars 376.3 217 217 Rio de Janeiro, pence to milreis 4.90 2 27-32 2 27-32 Buenos Aires, • pence to doi. 51 18.951 18.941 Montevideo pence to peso * 20 20 Bombay, pence to rupee 18 17 15-16 Shanghai, ponce to rup. 9i -91 Hong Kong, , pence to yen 14 15-16 15 Yokohama, pence to yen 24.58 14 14 Batavia, guilders 12.107 8.931 8.931 Warsaw, par zlotys to £1 43,38 26.31 26.31 ♦Determined by price of silver. PRICE OF SILVER (BBITISB ornciir. wireless.) ' RUGBY, July 26. Spot silver is quoted at 19|d a fine ounce, and forward at 19£d, i decline of 3-16d in both prices.

South Wales quoted the following exchange rates yesterday — Buying. belling N.Z. on 124/10/£N.Z. to £100 stg. T.T. 124 O.D. 123/11/3 124/8/9 £A. to £100 N.Z. T.T. 100/17/6 100/5/O.D. 100/17/6 100/5/T.T. 90/7/6 89 £F. to £100 N.Z. O.D. 90/7/6 89 New York— T.T. 3.9832 O.D. 3.9932 3.9489 3.9529 Dol. to £1 N.Z. 3.9612 Dol. to £1 N.Z. T.T. 3.9937 O.D. 4,0057 3.9652 Belgium— Belgas to £1 N.Z. T.T. 23.583 23.273 O.D. 23.658 23.234 Czechoslovakia— Korunas 113.66 to £1 N.Z. T.T. — O.D. — 113.71 Denmark— 17.893 Kroner to £1 N.Z. T.T. 18 £03 O.D. 18.263 17.899 Finland — 179.62 Marks to £1 N.Z. T.T. 185.42 O.D. 185.82 179.72 France — 142.11 Francs to £1 N.Z. T.T. 144.61 O.D. 145.61 142.15 Germany— Reichmarks 9.775 to £1 N.Z. T.T. — O.D. — 9.780 Greece — Drachmae 429.54 to £1 N.Z. T.T. — O.D. — 429.84 Holland— 7.146 Florins to £1 N.Z. T.T. 7.296 O.D. 7.336 7.150 Italy— 75.06 Lire to £1 N.Z. T.T. — O.D. — 75.11 Java — 7.125 Florins to £1 N.Z. T.T. 7.275 O.D. 7.315 7.129 Norway— 15.892 Kroner to £1 N.Z. T.T. 16.182 O.D. 16.242 15.898 Noumea — 140.36 Francs to £1 N.Z. T.T. 147.11 O.D. 147.61 140.40 Papeete— T.T. 146.51 140.51 Francs to £1 N.Z. O.D. 147.51 140.55 Sweden — 15.491 Kronor to £1 N.Z. T.T. 15.786 O.D. 15.846 15.497 Switzerland — 17.178 Francs to £1 N.Z. T.T. 17.448 O.D. 17.553 17.183 Chefoo — 121 N.Z. pence to dol. T.T. — O.D. — 12 15-16 Hong Kong— 18 53-64 N.Z. pence to dol. T.T. 18 29-64 O.D. 18 27-64 18 53-64 India and Ceylon— N.Z. pence to rup. T.T. 22 9-64 22 27-64 O.D. 22 7-64 22 27-64 Japan— 17 9-16 N.Z. pence to yen T.T. — O.D. — 179-16 Manila — 30 17-64 N.Z. pence.to peso T.T. 29 49-64 O.D. 29 43-64 30 17-64 Shanghai— N.Z. pence to dol. T.T. Not quoted O.D. Not quoted Singapore— 35 1-64 N.Z. pence to dol. T.T. 34 17-32 .O.D. 34 7-16 35 1-64 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.S.A. Canada. (Per £1 N.Z.) Dol. Dol. Selling— 3.96 T.T. . 3.9415-16 O.D. . 3.95 5-16 3.961 Buying— . 3.98 3-16 3.991 T.T. O.D. . 3.99 3-16 4.001