FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22501, 8 September 1938, Page 13

FINANCE AND COMMERCE

GOOD WOOL CLEARANCE UNSETTLED STOCK EXCHANGE MARKET I Th 8!! T S g °mu ge i ieral com Petition at the Sydney wool sales yesterday. The Continent, Yorkshire, and Japan were operating, and there was practically a total clearance. The Sydney Stock Exchange market was unsettled yesterday Buyers are operating with caution, and the turnover is less than normal. 1 Due to a substantial reduction in the size of the yarding the price of fat sheep at yesterday’s weekly stock market showed a slight improvement for the best quality sheep, with secondary classes showing no change. Fat cattle, on the other hand, receded by about 20s a head. The prediction is made by a rabbitskin merchants that there will be a recovery, at the end of this month or early in October in the rabbitskin trade, the re suit of an improved American demand.

SYDNEY WOOL SALES

GOOD GENERAL SUPPORT / (nmso puss amociatiok—copyright.) SYDNEY, September 7. At the wool sales to-day, 12,582 bales > were offered and 11,613 were sold, and g 63 privately. There was general competition from the Continent and Yorkihire, and good support from Japan. Greasy merino realised to 16Jd. u ' ‘ outlook foe RUBBER REVIVAL IN THE MARKET EFFECT OF LOWER QUOTAS . Although the price of rubber is still less than the 1937 average of 9id per lb, the firmer market in the last two months has brought some hope to investors who in the early part of the yekr had more or less resigned themselves to a long period of low prices and quotas. International regulation was first introduced in June. 1934, but it is generally considered that the plan has at /ailed in its primary objective to bring T'»faout a price which would be reason'V Sly remunerative to efficient producDuring the four, years in which Restriction has been in operation it •''is estimated that producers’ costs have been in the neighbourhood of 6d per lb, and to give a reasonable profit it is essential that the market price shall not fall to less than 9d per lb. The average price over the period has, in fact, been nearer 7id than 9d.Few commodities suffered worse than rubber in the slump of commodities which began in, April last year. It fell from just under Is 2d per lb to around 5d per lb, but the ; recovery in the last few months has lifted the price to 7|d per lb, which is l|d per lb less than the average for 1937. This rise in the price is chiefly a reflection of the firmness on Wall Street, which has had a strengthening effect on the prices of most commodities, but even if the ' anticipated increase in demand in the United States does not materialise there are some factors which will tend to prevent, over the short term at least any sharp movements downward. In the first place the 25 per cent, export quota, which is now operative and which will continue until the end of the year, is expected to bring about a substantial reduction in stocks, as it involves the reduction of supplies far below any probable level of consumption over the next few months. Thus as the London “Financial News” pointed out recently, even if there is no appreciable expansion in American absorption there will still be a sharp ’reduction in visible stocks, and the way Will be paved for the restoration of more profitable prices. 1 In the absence of American recovery the journal points out, there is little or nothing which the International Rubber Committee can do to ensure the establishment of satisfactory prices. The committee can prepare the ground for a more favourable price-structure, but it can noL-actually erect and maintain that structure until consumption in the main market for rubber recovers substantially from its present depressed State. None the less, the price recovery which has so far occurred does seem hilly justified. Any lower price would seriously under-estimate the importance of the substantial stock decline which is Virtually assured for the next months oy aggressive action of the committee Some idea of the extent of the in«ease in the demand for rubber in me United States is shown by publisher’ statistics for June. In that month stocks were reduced by more than 5000 tons to 294,566 tons. Consumption of cruqe rubber during the month amoun--30,629 tons, compared with siSno * ons ’ n tbe previous month and : ai.788 tons in June of last year. In the ?r -V , °* the year, however, the united States consumed T 71.344 tons of crude rubber, compared with 312,410 ions m the same period last year—a r*^ rea se of 45 per cent. Herein lies the 5!?, so . n for the extraordinarily sharp in ..P nce s since April, 1937. ‘he beginning of next year, the v‘ n ?ucial News" points out, stocks mould be within striking distance of r Jj® s P na ble.level, and producers will alcertainly be operating on consid-'*B^-W higher export quotas than those , a ., °n to-day. Early next year naeed. it should be-possible to allow me industry to produce at least 60 per • 0f lts , Dresent basic quotas. And L[„n a modest measure of American ecovery would permit a 65 or 70 per esnt. quota. , exchequer returns I'''-,- ' '■ HEAVILY INCREASED EXPENDITURE (aims* ornciAL wirklis*.) ■ RUGBY, September 6. Exchequer returns show that totgl ®9«nary revenue amounts to, £265,880,733 sterling, compared with £268,020,387 at the corresponding date 1937, Income-tax, surtax, and; «pmps all yielded more to date than a y«ar ago, but at £33,100,000 estate duties are more than £7,000,000 less, from Customs and excise ■ tof, ghtly less than a year ago. The jojal expenditure, less self-balancing i 8 £407,500,823 compared with ' r “54.800,730 for the corresponding «te in 1937. n Th® net increase in the floating debt outstanding since the beginning of the nnancial year is £69,225,000.

MINING

GOLDEN SANDS CO. The annual meeting of Golden Sands, Ltd., was held yesterday, Mr R. T. Tosswill (chairman of directors) presiding. The chairman, in reviewing the operations of the year, stated that the gold recovered amounted to 6650 z, as against 6940 z the preceding year, and the value was £7 8s 2d an ounce. Since its inception, the company had paid approximately £3500 to the Government by way of direct and indirect taxation, or 50 per cent, of the capital. Of this sum gold tax represents £2300. Before the introduction of the last two awards, the company paid 14s a day wages and maintained this rate throughout the slump, although labour was Offering at as low as 10s a day. Now the wages are 17s 8d a day, and considering the extra holidays on full pay, etc., the actual wage works out at about 18s 8d a day, an increase of 33 per cent. The shrinkage in the net profit, as was explained in the annual report (already published), is mainly attributable to the increased cost of labour and materials. The report and balance-sheet were adopted. The retiring director (Mr W. G. Macdonald) and auditor (Mr W. S. Mac Gibbon) were re-elected. BROKEN HILL ORDERS SATISFACTORY VOLUME EXPANSION OF ACTIVITIES Current orders received by Broken Hill Proprietary Company, Ltd.,'and its subsidiaries are satisfactory, according to the statement of the chairman of the company, Mr H. G. Darling, when speaking at the annual meeting in Melbourne. Owing to the recent extensions and greater production, the mills in many lines were now able to quote for closer deliveries. Record . Steel Output Mr Darling said that production of steel was a record and amounted to 805,702 tons, an increase of 70,742 tons on last year’s figure, which was also a record. This result was made possible by the operation throughout the year of the two extra furnaces which were added during 1937 and to a lesser extent by the operation of the furnace which was completed in March. There were now 13 furnaces at the Newcastle plant. To attaqi these figures of production the purchase in the open market of large quantities of scrap was necessary, but with the starting up of the second blast furnace at Port Kembla it was possible to reduce appreciably these purchases. It was now established that the ingot capacity of Newcastle Steel Works has reached 1,000,000 tons per annum. The programme of improvements and construction at Port Kembla was developing well, the chairman said. The new coke ovens and by-product plants were completed, and started work on January 10. Following this the second blast furnace was blown in on May 12. This was one of the biggest blast furnaces in the British Empire, and was working fully up to expectations. Old Mine to Close Mr Darling foreshadowed the closing down of the famous old mine at Broken Hill. “This mine,” he said, “has played a very important part in the economic wellbeing of Australia, and cap be considered directly responsible for the successful establishment of the iron and steel industry, but, during the last few years, results have been of no material benefit to the company’s financial position.” As a result of an arrangement made between John Lysaght, Ltd., of England, and the American Rolling Mills Corporation; production of motor-body and high-grade sheets would be commenced in Australia. A site had been secured by the new company, and the plant was being erected at Port 1 Kembla to make the sheets from steel , supplied from the Kembla works, i As a result of an arrangement between Stewarts and Lloyds (Australia) Proprietary, Ltd., and Tube Investments, -Ltd., of England, a new company was likely to be formed for the purpose of manufacturing precision tubing in Adelaide from steel from the Newcastle works. ’ GRAIN AND PRODUCE SOUTHLAND , [THE PRESS Special Service.] INVERCARGILL, September 7. There has been no improvement in the oats market. The shipping demand is small and millers are showing little interest. Lines offering by growers are not meeting with much competition, and the value for good heavy A Gartons does not exceed 2s 6d. Chaff supplies are not plentiful and, the value for good, bright quality ranges up to £4 15s. Practically all growers’ lines of ryegrass have been sold and business is now more or less restricted to the supply of local seed. The trade demand for shipment is not active, but merchants are not concerned about this, as stocks are sufficient only for spring requirements. Values are nominally from 4s 6d to 4s 9d for Southland seed, off the mill. There has been no improvement in the browntop market, because of an absence of overseas inquiry. Values to grower for seed of export quality are . about Is Id for certified and Is for uncertified. White clover remains firm for super lines of machine-dressed seed, less attractive lines being about Is. Shipping merchants are showing no interest whatever in the potato market. and it seems unlikely that any shipping demand will spring up at this stage. Practically the only demand is for the local trade, and many of the growers who are holding, stocks will willingly sell at .£2 10s and even less.

COMPANY NEWS BOOTH, MACDONALD AND COMPANY NET PROFIT OF £5084 The annual report and balance-sheet of Booth, Macdonald, and Company, Ltd., has been issued. The annual meeting of shareholders (the thirtyninth) will be held on Tuesday, ■ September 20. The report is as follows: The statement of accounts and bal-ance-sheet for the 12 months which ended on June 30, 1938, show a net profit for the period of £5084 11s 2d. The fact that we have made this profit for the year is encouraging, but when we further remember that out of the assessable income of £5084 11s 2d, income tax has to be paid, thus reducing the net return on capital invested to a very small percentage, the result cannot be considered either reasonable or satisfactory. The burden placed on the industry by higher prices for raw material, by shorter hours, and higher wages, has made the year an anxious and difficult one, and the fact that we have finished the 12 months with a profit, although a small one, must be attributed, in a large measure, to the loyal support and efficiency of our various staffs. We cannot control the price of raw material, nor are we opposed to shorter hours and higher wages, so long as we can manufacture at a profit, but the question arises as to whether our market can bear the increased cost of implements and machinery, due to the causes already mentioned. We had hoped to have had some assistance from the Government before this in the direction of preserving our local market for our local industry, thus enabling us to increase our staffs and keep them fully employed. So far, this assistance has not, for various reasons, been given, but we are still hopeful that something in this direction may come about in the near -future, otherwise the outlook is not encouraging. Internal competition is keen enough to prevent any exploitation of the position. The accounts have been compiled on the usual basis, i.e., depreciation amounting to £4238 4s 9d has been provided for, the stocks carefully and conservatively valued, and full provision made for any bad or doubtful debts. The year’s profit has been transferred to the profit and loss account, reducing that debit to £39,462 2s sd, as against £53,582 8s 4d two and a half years ago. The retiring directors are Messrs G. J. Smith and H. H. Holland, and, being eligible, offer themselves for reelection. Messrs W. S. Newburgh and Company offer themselves for reappointment as auditors. MILBURN LIME CO. INCREASED NET PROFIT [THE PRESS Special Service.] DUNEDIN, September 7. A net profit of £23,670, the best since 1934, is recorded in the fiftieth annual report and balance-sheet of the Milburn Lime and Cement Company, Ltd. The net profit last year was £16,260, and in 1936, £20,059. The dividend, as previously announced, is unchanged at 82 per cent. i The directors’ report states that the profit and loss account, after writing off depreciation and making provision for income tax for the current year, shows a credit balance of £31,170, including the sum of £7420 carried forward from last year. An interim dividend of 3| per cent, was paid on March 15, 1938, amounting to £7500, leaving a balance of £23,670 to be dealt with. The directors recommend that this balance should be appropriated as folllows: To payment of a dividend of 5 per cent, for the six months ended July 31, making 83 per cent, for the year—£lo,ooo. To provision for new plant—£6ooo To balance to be carried forward to next year—£767o. YARRA FALLS PROFIT NO CHANGE IN DIVIDEND A profit of £105,271 Is shown for the year ended June 30. by Yarra Falls, Ltd., a wool combing, spinning and weaving company. This profit, which includes dividends received from Globe Worsted Mills Proprietary. Ltd., and other investments, represents a decline of £4195 on that for the previous year, which was a record for the company. The directors have declared, subject to audit, a final dividend of 5 per cent., making 10 per cent, for the year, an unchanged rate. AUSTRALIAN GAS LIGHT The Australian Gas Light Company proposed to offer for sale at public auction 35,000 “A” shares of £6 each. The shares will be offered in lots of not more than 16 shares. The shares will rank for dividend on the amount paid, exclusive of any premium, as from the date on which payment is made. RABBITSKIN MARKET BETTER PRICES PREDICTED ITHE PRESS Special Service.] DUNEDIN, September 7. Although the rabbitskin market has been poor throughout the season, and prices at the last Dunedin sale showed a drop of 35 per cent, compared with the previous salej Dunedin brokers report that an improvement in the American inquiry, with a consequent Improvement in prices in New Zealand, can be expected toward the end of this month, or early in October. New York dealers have had labour troubles to /Contend with, it was said, and as soon as they are disposed of the inquiry from that quarter—practically New Zealand’s only market for rabbitskins—will pick up again, and should advance with an improvement in American textile trade conditions. "This drop has been a sudden one and a big one," a reporter was told, "but as soon as New York dealers can get their purchases dressed and dyed so that they can sell to fur coat manufacturers, a revival in their buying interest can be expected. There is no need for trappers to worry unduly about the future of prices for furrier skins in particular. The latest advice by cable and air mail correspondence states that the textile trade in America is certainly improving. If the improvement in American trade conditions continues. New Zealand will feel the benefit not only for her rabbitskins but also for her wool and sheepskins. It is quite on the cards that America will also take an interest in the coming wool clip.” There was also a drop in sheepskin values at Tuesday’s sale. This again was brought about by,-America’s closing down on buying In the last fortnight. Until then, she was buying many hundreds of bales. , "At the moment she is not interested in sheepskins,” a reporter was told. “It is expected that her interest will be renewed about the middle of October. In the meantime the only countries buying New Zealand sheepskins in any quantities are Holland and France."

THE STOCK EXCHANGES

DEALINGS COMPLETED LISTED STOCKS Sales on ’Change £ s. d. 100 N.Z. Breweries .. 2 0 3 150 Broken Hill Propty. 217 0 (2) 2 16 7 200 Broken Hill Propty. (contr.) .. .. 1 18 6 1 18 5 150 G. J. Coles .. 318 10 3 18 3 3 18 0 200 Taranaki Oilfields .. 012 6 0 12 5 100 Wilcox Moffiin .. 0 6 4 100 Woolworths (Syd.), ord. .. .. 1 010 100 Broken Hill South (cum div.) .. .. 19 6 50 North Broken Hill (cum div.) .. .. 2 4 0 Sales Reported £6OO N.Z. Farmers’ Co-op. (4J p.c. stock, 1950) 90 10 0 300 Argo .. .. 0 19 200 Woolworths (South (Africa) .. (2) 015 3 100 Mount Morgan .. 0 10 11 100 Woolworths, Ltd. ~ 1 010 50 G. J. Coles .. 3 18 0 An Easing Tendency New Zealand Breweries recovered to 40s 3d and more were offered at that price, buyers at 40s 2d. Tooths Brewery shares were easier with sellers at 53s 9d. Broken Hill Proprietary declined to 57s and 56s 7d, and more were offered at the lower price; the contributing cased to 38s 6d and 38s sd, buyers staying in at the lower price, sellers at 38s 9d. G. J, Coles were weaker at prices ranging from 78s lOd to 78s, market closing 77s 9d buyers. 78 sellers. Electrolytic Zincs-were easier with sellers of the ordinary at 41s 8d and of the preference at 44s Bd. New Zealand Farmers’ Co-operative (41 per cent, stock, due 1950) changed hands at £9O 10s. Taranaki Oilfields were a shade easier at 12s 6d and 12s sd, market closing 12s 4d buyers, 12s 5d sellers. Wilcox Moffiin were firm at 6s 4d. Woolworths were firm with sellers and dealings at 20s lOd, buyers at 20s 9d. Woolworths (South Africa) changed hands at 15s 3d, and there wore further sellers at that figure. , Mining Grey River were stronger with buyers at 13s 9d. Argo Gold had business at Is 9d. Broken Hill South (cum div.) changed hands at 29s 6d, and more were wanted at that price. Mount Morgans appeared firmer with buyers and business at 10s lid. North Broken Hill were fractionally weaker with business at 445, and further sellers at 44s Id, buyers at 43s 9d. Unlisted Stocks Buyers of Woolworths (Western Australia) raised their bids to 84s, sellers at 86s. LATEST QUOTATIONS N.Z. Govt, Debentures Buyers. Sellers 3 p.c. Ins., 1941 .. £ d ' £ g o d o ' 31 p.c. Ins., 15/3/39-43 .. 100 0 0 101 0 0 31 p.c. Ins., 1938-52 .. 100 10 0 101 0 0 31 p.c. Ins., 1939-52 31 p.c. Bonds, 1953-57 .. 94 10 0 4 p.c. Ins., 1943-46 .. 100 0 0 100 12 6 4 p.c. Ins.. 1949 .. 100 10 0 4 p.c. Ins., 1955 .. 99 10 0 100 12 6 4 p.c. Bonds, 1946 .. 100 2 6 Other Debentures Gisborne Sheep., 61 p.c., 31/8/41 .. 101 0 0 Dominion Fertiliser, 71 p.c., 1/2/41 .. 102 0 0 Banks Australasia (cum div., _ £s > , .. .. 10 5 01014 0 Comm, of Aust. (10s) 015 8 016 0 Comm, of Aust. (pref., £10) •• ... 9 5 0 Comm, of Sydney (£l2 _ .. .. 19 5 0 20 0 0 g^AV* 3 5 2 0 5 3 6 A/asia. Ui ~ “" ‘ Paid) .. a i l ,-., 0f a N Z - Pd-> 211 9 212 3 N.S.W. (£2O) .. _ 30 15 0 New Zealand (£1) .. 220 223 N.Z. (Mort shares, £1) 19 6 Insurance National (7s) .. __ 0 17 3 New Zealand (£1) .. 215 0 216 0 Standard (ex div., £1) Loan and Agency Dalgety and Co. (£5) 8 4 0 Goldsbrough. M. (£1) 170 174 N.Z. Guar. Corpn, (3s) 0 4 4 N.Z. Loan and Merc. (ord stock. £100) .. United Bldg, (cum div., £ M •• .. 1 0 S 110 Wright, Stephenson (cum div., £1) .. 116 Wright, Stephenson., (pref., cum div. £1) Shipping Union (pref., £1) .. Frozen Meat Cantby. (£7 10s paid) 9 3 0 Gear (10s) .. .. _ 014 6 N.Z. Refrig. (£1 pd.) 0 18 0 N.Z. Refrig. (10s paid) 0 7 9 0 8 2 North Canty. Freezing (pref., £1) 016 0 017 0 Southland (£1) ’ 110 3 112 0 Woollens Felt and Textiles (£1) 1 13 3 Kaiapoi (17s paid, cum 1 -div.) .. .. 010 0 011 0 Kaiapoi (pf., cum div) 0 13 3 Manawatu (£1) .. ' 112 0 Coal Grey Valley (10s) .. Westport (10s) .. Westport-Stockton (pf., 10s J ... .. 0 7 0 0 7 6 . Gas Auckland (£1) .. Christchurch (£1) .. Christchurch (10s pd.) 0 13 6 Breweries Carlton (£1) Dominion (£1) .. 1 11 6 Dominion (rights) (10s) 0 9 3 New Zealand (£l).. 202 203 Timaru (in liqdn.) (10s) 0 010 0 011 Tooths (£lj .. 213 6 213 9 Miscellaneous Amalg. Wireless ,(17s paid) .. , .. 212 9 218 0 Anthony Hordern (£1) 016 0 016 7 Aust. Foundation Trust 0 5 0 Aust. Glass (£1) .? 411 3 412 6 Aust. Iron and Steel (pref., various) .. 17 0 17 8 Beath and Co. (£l) Berlei (N.Z.) (£1) .. 3 4 0 310 0 British Tobacco (cum div., £1) .. .. Broken Hill Pty. (£1) 216 3 216 7 Broken Hill Pty. (con., 10s) .. .. 118 5 118 9 Colonial Sugar (£2O) 46 10 0 47 5 0 Consolid. Brick (£l).. 073 086 Dom. Fertiliser (£l) ~ Donaghy Rope (£l).. 207 250 Dunlop Rubber (cum div., £1) .. .. 10 9 110 Electro. Zinc (cum div., £1) .. ..2 0 8 2 1 8 Electro. Zinfc (pref., cum div., £1) .. 2 4 3 2 4 8 Evans Atlas Flour (10s) 019 3 G. J. Coles (£1) .. 317 9 318 0 Hay’s, Ltd. (cont., 15s paid) .. .. 0 18 0 Howard Smith (cum div., £1) .. 1 0 0 Hume Pipe (Aust.), (£1) .. .. 019 8 1 0 0 Kauri Timber (255) .. Mason, Struthers (£1 paid) .. .. 0 17 6 Millaquln Sugar (£1) 115 0 220 Morris, Hedstrom (£1) 14 0 N.Z. Farmers’ Co-op. (£2 10s paid) .. 0 12 0

A DULL MARKET TURNOVER CONFINED TO FEW STOCKS Markets continued dull on call yesterday, and the recorded turnover was confined to a few stocks. Price movements were irregular, but for the most part were in favour of buyers. Apart from vestibule business the following transactions were recorded:—

UNLISTED STOCKS All transactions in stocks quoted in this section are subject to special brokerage and are not quoted on the official list. Buyers. Sellers. £ s. d. £ s. d. Assoc. Motorists’ Petrol (ord.) .. 0 17 10 Ballins Breweries .. 010 9 011 9 Blackball Creek ~ 0 0 11 0 13 Christchurch Press .. ' — 10 5 0 Langes Mobile Gas .. Kanieri .. .. 12 0 15 0 N,Z. Perpet. Forests 112 9 118 0 N'Z. Perpet. Forests (4s paid) .. .. 086 012 6 Selfridges (A’asia) -.. 0 16 0 Selfridges (N.Z.) .. 0 11 0 Selfrfdgea /N.Z.) (con.) 0 6 0 South SCa Fishing .. 0 17 6 Woolworths (W. Aust.) 4, 4 0 4 6 0 Wellington Mortgages .. 0 12 6 AUCKLAND Sales on ’Change £ s. d. Ins. Stock, 1946-49, 4 p.c. ..101 0 0 Ins. Stock, 1938-52, 3} p.c. .. 100 10 0 Bank of New Zealand (3) 22 0 National Insurance .. .. 0 s 16 10 N.Z. Breweries .. .. 2 0 3 Broken Hill Pty. .. (2) 217 2 ' 2 16 6 Broken Hill Pty. (con.) .. 118 8 Colonial Sugar .. (2) 47 5 0 47 2 6 Imperial Chemicals (pref.) .. 118 G. J. Coles .. .. 318 3 Hume Pipe (Aust.) .. .. 019 10 N.Z. Newspapers .. .. 114 0 N.Z. Paper Mills .. .. 12 6 Woolworths (Sydney) .. 10 9 (2) 1 011 Unofficial List Fiji Kauri .. .. 0 9 0 WELLINGTON Sales on ’Change £ s. d. Ins. Stock, 1949, 4 p.c. ~101 5 0 Goldsbrough, Mort ~ .. 17 6 N.Z. -Breweries .. (3) 2 0 0 1 19 9 Broken Hill Pty. .. (3) 217 3 G. J. Coles .. .. 318 9 (All above late Tuesday) Bank of New Zealand (2) 22 1 Ins. Stock, 1946, 4 p.c. (2) 100 2 6 Ins. Stock. 1949, 4 p.c. ..101 5 0 Broken Hill Pty 2 16 3 Consolldted Brick .. 0 7 9 G. J. Coles .. .. 3 18 10 3 18 6 3 18 3 Woolworths, Ltd. (ord.) .. 1 010 Unofficial ‘List Woolworths (Western Australia) •• 4 5 0 DUNEDIN Sale on ’Change £ s. d. Broken Hill Pty. .. (2) 217 0 Reported Sales Bank of New Zealand (2) 22 0 Hume Pipe •• •• 10 0 SYDNEY The share market is unsettled. Buyers are operating with caution, but prices are reasonably steady. The turnover continues below normal. Sales £ s. d. Bank of New South Wales < .. 30 12 6 Comm. Banking of Sydney .. 20 1 0 Comm. Bank of Australia (New Zealand delivery) .. 016 0 Colonial Sugar .. .. 47 5 0 Associated Newspapers .. 1 1 JJ Associated Newspapers (pref.) 12 9 Berlei \ •• 119 2 British Tobacco • • • • 2 7 6 Tooths •• 2 13 9 Dunlop Perdrlau . • -. 1 I 0 Lustre .• •• 1 5 9 Stedmans • •• •• 012 9 General Industries •« •• 019 1J Sydney Ferries .« •• 0 6 3 Nestles (pref.) .♦ •• 115 9 Sargents •• • • 1 J J United Provisions •• t 0 8 0 Woolworths •• •• 110 Wunderlich *• • • 019 10 Electrolytic Zinc «• •• 2 ? 9 Mount Morgan «• 011 1 Broken Hill Pty 21 9 9 Zinc Corporation .. •• 4 7 3 Rawang .. •• 0 8 1 Placer Development »• •• 316 2 Oil Search •• •• 0 8 7 Emperor •• •• 613 2 Loloma ... 14 8 MELBOURNE The bond market continues firmer with comparatively little offering. The industrial market is quiet. Barriers are dull and easier, while gold shares are firmer. Sales £ s. d. Comm. Bank of Australia .. 016 0 National Bank (£lO paid) .. 13 13 0 G. J. Coles .. .. 3 18 3 Australian Glass .. .. 413 0 Dunlop Perdriau .. .. 112 Melbourne Investment Trust .. 010 6 Felt and Textiles .. .. 1 13 3 Herald and Times . • .. 2 17 9 Cox Bros. .. .. 0 17 0 Yarra Falls .. -. 1 18 S Australian Foundation Investment Trust .. .. 0 5 1 Australian Paper'Mfrs. (pref., new paid) .. .. 15 3 Mount Morgan .. .. 0 112 Broken Hill Pty. .. .. 216 9 Emperor .. .. 0 13 2 Loloma .. .. 1 410 PRICE OF GOLD (BRITISH OITICIAI WIRELESS.) RUGBY, September 6. Gold to the value of £1,367,000 sterling was sold on the bullion market at £7 4s 2Jd a fine ounce.

Buyers. Sellers. N.Z. Farmers’ Co-op. £ s. d. £ s d. (10s paid) N.Z. Farmers’ Co-op. (41 p.c. Stock, 1950, 0 0 1 £100) ;. 89 0 0 N.Z. Newspapers (16/8) Quill, Morris (1936) 1 13 « 1 18 0 (£1) _ 1 1 0 Taranaki Oil. (24/7) .. United Provisions (cum 0 12 4 0 12 5 div., 10s) Whitcombe and Tombs — 0 8 6 (£2 10s) 3 4 0 Wilcox, Mofflin (11s) .. 0 6 2 0 6 5 Wilson’s Cement (10s) W ool worths (Sydney) — 0 17 0 (ord., 5s) 10 9 1 0 10 Woolworths (N.Z.) (5s) 0 18 3 0 19 3 W. R. Carpenter (£1) 2 4 0 Overseas Listing Woolworths (S.A.) (5s) Mining 0 15 1 0 15 3 Alexander (£1) 0 7 0 0 15 0 Alexander (15s paid) 0 10 6 Argo (Is) 0 1 11 Argo (con., 9d) Big River (Is) 0 14 0 1 71 — 0 1 3 Gillespie’s Beach (Is) 0 0 10 0 1 1 Golden. Sands (Is) .. . 0 1 6 Grey River (Is) 0 13 9 0 14 0 Maori Gully (is) 0 0 3 0 0 6 Martha (5s) .. 0 10 0 Mossy Creek (Is) 0 1 1 Nemona (cum div., Is) 0 14 — New River (Is) 0 0 5 0 0 61 Nokomal (5s) 0 2 0 Skippers. Ltd. (Is) .. — 0 0 03 Waihi Grd. June. (5s) 0 2 101 0 4 0 Worksop Extend. (Is) 0 10 Australian Mining Broken Hill Sth (cum 0 1 1 div., 5s) 19 6 1 9 a Mount Lyell (£1) 16 3 1 6 9 Mount Morgan (2/6) .. Nth. Broken Hill (cum 0 10 11 0 11 i div., 5s) 2 3 9 2 4 i Rawang Tin (10s) 0 8 3 0 8 5