FINANCE AND COMMERCE

Press, Volume LXXV, Issue 22635, 14 February 1939, Page 11

FINANCE AND COMMERCE

EXPORTS OF MEAT SYDNEY STOCK EXCHANGE FIRM Exports of chilled beef, mutton, and boneless beef for the first tour months of the current season to January 31 were higher than in the same period,-of last season. Lamia, pork and frozen beef were lower, but stocks of lamb in store were greater. Total lamb killings are higher than last season. The Sydney Stock Exchange is reported to be fairly firm. Front rani industrials hardened slightly yesterday, but metals were quiet. The local exchange was brighter, with an increased turnover in a wider range of stocks.

SHIPMENTS OF MEAT Figures for Four Months IMPROVEMENT IN LAMB KILLINGS Figures just issued by the New Zealand Meat Producers’ Board show that exports of chilled' beef, mutton and boneless beef for the first four months of the current season to January 31 were higher than in the same period of last season. Lamb, pork and frozen beef were lower. Details of exports for the season from October 1 to January 31 in the last two seasons compare as follows: 1938-39. 1937-38. (4 mtfas.) (4 mths.) Chilled beef (quarters) 57,150 55,878 Frozen beef (quarters) 42,805 45,057 Mutton (carcases) 502,921 371,225 Lamb (carcases) 1,512,436 1,790,363 Pork (carcases) .. 140,905 * 194,135 Boneless beef (bags) 111,860 78,603 Lamb shipments are now 277,927 carcases fewer than In the first four months of last season, the deficiency at the end of December being 143.556 carcases. This is counter-balanced, however, by the fact that stocks in store at January 31 were 323,988 carcases in excess of the total a year previously. Stocks loaded into vessels not departed from New Zealand also were 120,734 carcases higher, so that the next figures issued should show an improvement in exports.. For the first time this season, lamb killings are higher than last season. Total killings from October 1 to January 31 in the last two seasons compare as follows: 1938-39. 1937-38. ' <4 mths.) (4 mths.) Chilled beef (quarters) * 68,759 69,533 Frozen beef (quarters) 29,785 13.556 Wethers (carcases) 328,844 281.251 Ewes (carcases) .. 123,881 191.553 Lambs (carcases) 3,980,410 3,843,637 Porkers (carcases) 106,142 146,129 Baconers (carcases) 120,870 124,237 Boneless beef (frt, c’cs.) 137,502 120,788 Boneless bobby veal <C/CS.) 65,649 72,424 Sundries (carcases) 107,807 96,619 With the exception of ewe mutton and porkers, store stocks of all other meat were higher at January 31 than a year previously. THE SHIPBUILDING INDUSTEY DECLINE IN BRITISH BUSINESS CONTRACTION OF MORE THAN THIRTY PER CENT. Further proof of the serious shrinkage of new orders for British shipbuilding yards is furnished by the latest Lloyd’s Register returns. These show that tonnage under construction at the end of last year at 779,762 tons was 345.664 tops, or 38 per cent, less than that on the stocks at December 31, 1937. Compared with the third quarter of 1938, there has been a reduction of 105,719 tons, or 12 per Cent. Construction was commenced on only 87,632 tons in the last quarter of 1938. an increase of merely 169 tons on the meagre total for the September quarter. Launchings totalled 241,627 tons, almost three times the volume of new building. In other countries, 487.324 tons were commenced, exceeding the total of 463,869 tons launched. These figures reinforce the British shipbuilders’ contention that orders decreased steadily in 1938, and that there is little liner, tanker, and cargo work. The shipbuilders fear that the low rate of ordering will mean that only one-quarter of the present merchant shipbuilding capacity of 2,000,000 gross will be occupied during the present year. The relative advance of construction abroad may be explained by batter transactions in countries such as Germany and Italy, direct subsidies, as in Germany, Italy, United States, and Japan, and currency revaluation. Lower production and labour costs, lower taxation, and lower burdens of social services have also helped Holland and the Scandinavian countries to obtain orders. Lloyd’s Register estimates the total tonnage under construction in the world at 2,668,864 tons, of which 29.2 per cent, compared with 38.3 a year ago; is being built in Great Britain and Ireland, and 70.8 per cent, abroad. Great Britain’s diminished share may have serious effects on the trade balance. In 1930 the merchant shipbuilding industry’s contribution to the export trade exceeded £19,000,000. Export orders are now valued at about £3,500,000, and as orders for British owners placed abroad are worth about £5,500,000. there is an adverse balance of about £3.000.000. COCIAU Security Act does not provide O Life Insurance. Let me help you to select your Insurance from All the Special Policies offered by Leading Life Offices. Unbiased Guidance Assured. Business transactor* according to selection. As 1 receive remuneration for producing business, my services are free of charge. H, W. BHIGHTEMG. Lite insurance Specialist, 178 Hereford st.. opp. National Bank.

COMPANY NEWS NATIONAL MORTGAGE NET PROFIT REDUCED LONDON, February 10. The National Mortgage and Agency Company of New Zealand, Ltd., earned a net profit of £17,284 in the yeai ended September 30. After paymeni of a dividend of 5 per cent, for the year, £15,878 is carried forward against £15,673 brought in. The net profit is the lowest since 1932, and compares with £25,882 ix the previous year. Following is a comparison of the company’s results for the last three years:— 1936. 1937. 1938. £ £ £ ■ Brought forward 15,814 15,409 15,67 c : Net profit 21,143 25.882 17,284 | 36,757 41,291 32,957 Dividend, p.c. .. 6J 7i 5 Amount .. 21,348 25,618 17,071 Carried forward 15,409 15,673 13.87J A year ago a bonus of 2J per cent . was added to the year’s payment of z i per cent., the directors pointing out a 1 , the time that it was not to be taker as an indication of the future. , IMPERIAL TOBACCO I DIVIDEND OF 25 PER CENT. I . . LONDON, February 12. Distribution of the Imperial Tobacco • Company (of Great Britain and Ire- • land). Ltd., for the year ended October ■ 31, is maintained at 25 per cent., inI eluding a bonus of 10 per cent., tax free. ! For the fourth successive year, profits exceeded £10,000,000 sterling. ’ Profits for the three preceding years were:—l93s, £10,268.210; 1936, ! £10,636,316; 1937, £10,750,204. ; STANDARD INSURANCE HALF-YEARLY DIVIDEND UNCHANGED DUNEDIN, February 13. At a meeting of the directors of the Standard Insurance Company to-day it was decided to declare a dividend of Is 3d a share for the half-year ended December 31. The distribution, which is unchanged, is payable on March 31. MINING FOURTH LOLOMA DIVIDEND PAYMENT OF 1/- A SHARE The directors of Loloma (Fiji) Gold Mines, No Liability, have declared a dividend of Is a share. Payment will be made on March 8. This is the fourth dividend of Is a share paid by the company which operates at Tavua, Fiji, and will require £41,250. The company was formed in 1935 and production began in September, 1937. After the first payment in May last year, it was expected that the company would pay quarterly dividends of Is a share. PROGRESS OF KANIERI A return of 1041oz of smelted gold, valued at £BSOO, was won luring January by Kanieri Gold Dredging (West Coast) at a Cost of £2BOO. The dredge ran for 316 hours and treated 152,000 cubic yards. Operations commenced on December 9, and the return from i then until the end of December was 39002 from 43,000 yards in 150 hours. The directors state that low running time and yardage in January were due to the heavy ground being treated, causing failure of the bow fairleads and stacker idlers, which are being replaced gradually by parts of heavier construction. NEW BROKEN HILL New Broken Hill Consolidated, Ltd., in a summary of operations in 1938, states that the airshaft sinking headgear was erected and the shaft sunk 337 ft to a total depth of 4504 ft. On No. 12 level the mgjn south drive was advanced 1804 ft to 3884 ft from the Zinc Corporation boundary. This drive is being advanced to make connexion with the air-shaft. The boundary winze was begun and sunk 300 ft below No. 12 level, equivalent to 2002 ft below the surface. Dia--1 mond drilling from the winze at 'No, ! 14 level disclosed that the main lode • channel is preserving normal strike and dip. ZINC CORPORATION Ore reserves of Zinc Corporation, ; Ltd. Broken Hill, New South Wales, I as at December 31. according to a ! statement issued by the management, showed only a slight decline on those ' of a year previously. Tonnage in the ; lead lode was 3,008,000, compared with 3,100,000; while that in the zinc lode was unchanged at 249,000. Following is a comparison of results ’ of production operations in the last ; w year,: ■ Ore treated, tons .. 390,360 414,500 : Hours run . - 5,567 5,730 ■ Tons treated an hour .. 70.1 72.3 ’ Lead concen., tons 78,627 82,826 Zinc concen., tons 63,908 74,651 ; Reviewing development work for I 1938. the. management states that the , sinking of the new main shaft was i completed during the year to a depth of 2313 feet below the main shaft collar. The sandpass system develop- ; ment is complete, and the installation [ of conveyors is 60 per cent complete. MATAKI The Mataki return for the week ended February 10 was 34 ounces for 8800 yards and 130 hours’ work.

GOOD CLEARANCES MADE SEASON’S WOOL SALES IN DOMINION EXPORTS FOR SEVEN MONTHS HIGHER A good clearance of wool is being made at the roster sales this season. From January 9 to January 28 a total of 106,669 bales was offered at Wellington, Wanganui, Napier, and Auckland, 102,358 bales being sold. For the seven months of the 1938-33 season to January 28, according to the returns compiled by Dalgety and Company, Ltd., 261,327 bales of wool were offered and 250,548 bales were sold* compared with 249,897 bales offered and 216,844 bales sold durin- the corresponding period of last season. Thus, while the offerings this season show an increase of 11,330 bales, the actual sales are higher by 33,704 bales. Details of the offerings and sales for the seven months’ period of this season and last season’ compare as follows: Seven months to Jan. 28, 1938-39 1937-38 Offered Sold Offered Sold Bales Bales Bales Bales Dunedin 26,247 24.902 26,445 23,705 Timaru 18,674 17,515 16,978 16,144 Ch.Ch. 26,215 25,432 27,235 28.246 ■ Blenheim 45 32 33 33 [ Wellington 54,884 52,488 53,364 47,555 . Wanganui 29,394 28,245 32.847 26,075 . Napier 52,574 51,732 53,513 50,881 • Gisborne 1,818 1,757 . 2,049 1,895 ■ Auckland 51,376 48,445 37,433 22,510 Total 261,227 250,548 249,897 218,844 ! Shipments of wool from New Zea--1 land during January totalled 109,353 bales, of which 100,542 bales were ; greasy wool, and 8816 bales slipe. t A substantial increase is shown in ‘ the exports of wool for the seven months of this season, which total 291,470 bales, compared with 236,213 I bales for the corresponding period of i last season, an increase of 55,158 bales. • Details are as follows: Seven months to Jan. 28, • 1938-39. 1937-38. Bales. Bales. 1 Invercargill .. 14,592 6,865 Dunedin .. .. 26,213 24,846 J Oamaru .. .. 2,366 2,437 . Timaru .. 24.192 18,490 Christchurch .. 38.289 32,467 ‘ Blenheim .. .. 3,966 2,835 Nelson .. ■ .. 169 501 Wellington .. 61,617 55,146 Wanganui .. .. 3,723 7,013 New PlymouthWaitara 973 619 Napier-Waikokopu 48,519 32,097 GisborneTokomaru Bay 30,541 24,104 Auckland-Opua .. 34,310 28,892 Total ~ .. 291,470 236,312 WOOL OFFERING IN WELLINGTON PROSPECTS FOR THIRD SALE SLIGHT EASING OF PRICES EXPECTED [THE PRESS Special Service.] WELLINGTON, February 13. The third Wellington wool sale of the 1938-39 season will be held in the Town Hail on Wednesday, beginning at 9 a.m. A total of 24,703 bales will be offered. It is expected by those in the trade that prices will be generally from par to id per lb below those of the second Wellington sale held on January 9. Following that sale- there was a decline of about id per lb and there was little change in the market till the Invercargill sale on February 3, when some improvement took place, which was maintained at Dunedin. Wednesday’s offering comprises mostly top-making wools and is an average showing with nothing outstanding. There are some halfbreds from Marlborough, but the bulk of the catalogues comprises Wairarapa and Manawatu crossbreds. Growers this season have shown a general readiness to meet the market, and consequently sales of wool to the end of January have exceeded those of the corresponding period of last season by about 33,700 bales. A good clearance is expected at Wednesday’s sale. SECOND AUCKLAND SALE BALE PRICE £l2/15/6 <»ESB iSSOCIATIOir TZUSUX.) AUCKLAND, February 13. The second Auckland wool sale, held on January 24, resulted in the realisation of £293,673. The average price was 8.36 d per lb and £l2 15s 6d a bale, compared with 9.76 d per lb and £l4 2s lid at the November sale. At last year’s second sale, the average was £l4 a bale and 9.485 d per lb. SYDNEY WOOL SALES GOOD COMPETITION FROM CONTINENT PRICES UP TO STANDARD OF LAST WEEK (trams tun umouroi—ctraiiinj (Received February 14, 13.10 a.m.) SyDNEY, February 13. Good competition from the Contin- ■ ent and Yorkshire was displayed at to-day’s wool sales, with generous supi port from Japan. Prices were well up to the standard . of last week. Greasy merino sold at 20id. Of the 11,299 bales offered, 10,250 were sold and 805 were disposed of ; privately. STOCK SALES ALBURY There was a small entry of store sheep of indifferent quality at the Albury sale. There was a poor demand and no sales were effected at auction. Particulars were:—2sß medium rape lambs were passed at 9s fld, 72 small lambs were passed at 7s 9d, two pens of small two-tooth ewes were passed at 15s and 17s. A displenishing sale of surplus implements and horses was held at the conclusion of the sale, low prices being realised. Sales were:—Top-dresser £39 15s, dray, and frame £4 15s. discs £B, Massey-Harris binders £7 10s, gelding 7yrs £2O 10s, aged gelding £4. aged mares £5.

Goldsbrough, Morts recovered to 27s 6d. Buyers of Bruce ‘Woollens raised their bids to 9s 4d. Westport-Stockton Coal were fractionally firmer at 3s lid. New Zealand Breweries remained unaltered, with sellers and dealings at 40s. Alloy Steel (New Zealand) changed hands at 225, market closing 21s lid buyers, 22s 2d sellers. British Tobacco were stronger, with buyers and dealings at 49s fid, sellers at, 49s lOd. Colonial Sugar advanced to £49, sellers staying in at that figure, buyers at £4B 17s 6d. Electrolytic Zinc, preference. were firmer on buyers’ offers, 1 30s 3d. G. J. Coles recovered to 79s 6d, and 1 more were offered at 79s sd, buyers at i 795. Henry Jones Co-op. were firmer on buyers’ offers, 51s. Hume Pipe i moved up to 19s 6d and 19s 9d, and i more were offered at the higher price, i 1.C.1. (Australia and New Zealand) ; preference changed hands at 235, mar- ; ket closing 3d either way. Farmers' . Trading had business at 13s 6d. Macdufls were fractionally firmer, with business at 2s 10id, and further buyers at 2s 9d. Wilcox, Mofflin | dropped to 5s 9d. Woolworths, Ltd., moved up a point to 24s 2d, but closed i with sellers at 245, buyers at 23s lid. i Woolworths (Victoria), preference, ■ had business at 28s 6d Woolworths I (New Zealand) were firm, with sellers ■ and dealings at 18s, buyers at 17s 9d. j Woolworths (South Africa) were fractionally firmer, with buyers and deal- ; ings at 15s Id. sellers at 13s 2d. Mount Lyells remained unaltered, with sellers and dealings at 27s 4d, i buyers at 27s 3d. Mount Morgans were fractionally weaker, with buyers and business at 11s 9d, sellers at 11s lOd. . Grey River were firm at 17s fid, and ■ more were wanted at 17s sd, sellers at ’ 17s 9d. Maori Gully were firm at fild. Among the unlisted stocks, Ngahere ' moved up to 25 5, and late offers of 24s failed to attract sellers. LISTED STOCKS Sales on ’Change ’ •, £ s. d. 200 Comm. Bank of Aust. (ex div.) (2) 0 15 8 400 Bank of N.Z. (4) .. 119 0 100 South British Insur. 2 4 3 80 Goldsbrough, Mort .. 17 6 200 N.Z. Breweries (2) 2 0 0 300 Alloy Steel (N.Z.) (3) 12 0 5 Colonial Sugar .. 49 0 0 50 G. J. Coles .. 3 19 6 100 Hume Pipe (Aust.) .. 0 19 9 i 400 Woolworths (South ’ Africa) (3) 015 1 300 Mount Lyell (4) 17 4 100 Mount Morgan .. 0 11 9 250 Grey River (2) 017 6 Sales Reported £SOO Waimairi County 4J per cent. (1/2/44) ..101 0 0 i 100 Bank of N.Z. .. 1 19 1 200 National Insurance 016 0 450 South British Insur. 2 4 3 500 Westport - Stockton Coal (ord.) .. 0 3 11 100 N.Z. Breweries .. 2 0 0 100 Union Oil. Soap and Candle .. 110 150 British Tobacco (2) .. 2 9 6 200 Hume Pipe (Aust) .. 0 19 6 100 1.C.1. (Aust and N.Z., pref.) .. 13 0 400 Farmers’ Trading .. 018 6 200 Macduffs, Ltd. (ord.) 0 2 10* 100 Wilcox, Mofflin .. 0 5 9 200 Woolworths (Syd., ord.) .. 14 2 200 Woolworths (Victoria, pref.) .. 18 8 600 Woolworths (N.Z.) (4) 0 18 0 600 Maori Gully .. 0 0 6J UNLISTED STOCKS Sales on ’Change 100 Ngahere (£1 paid) 15 0 LATEST QUOTATIONS NX Govt Debentures Buyers. Sellers. ■ £ s. d. £ S. d. 3i p.c. Ins., 15/3/39-43 .. 99 5 0 3J p.c. Ins., 1939-32 .. 99 0 0 3J p.c. Bonds, 15/1/53-67 4 p.c. Ins., 1948 .. 99 15 0 100 2 8 4 p.c. Ins.. 1949 .. 99 12 6 4 p.c. Ins.. 1955 .. 99 15 0 99 17 0 Rural Bonds. 5 p.c., 15/9/49 .. 99 0 0 A/ian. Consolidated Loan, 4 p.c.. 15/10/44 104 10 0 107 10 0 Other Debentures Booth, Macdonald, S p.c.. 1/6/47 .. bom. Fertiliser, S p.c.. 1/2/41 .. 100 10 0 N.Z. Refrig., 41 p.c., 1/8/40-45 .. 97 0 0 Banks Comm, of Australia (ex div.. 10s) .. 015 7 015 8 Comm, of Sydney (£l2 10s paid) .. 20 0 0 20 15 0 E.. S. and A. (£3 pd.) 5 3 6 5 8 0 Natl. Of A/asia. (£5 paid) .. Natl, of N.Z, (£2 10# paid) .. N.S.W. (£2O) .. 30 0 0 31 0 0 New Zealand (£1) .. lIS 11 119 1 Insurance National (7s paid) .. New Zealand (£1) .. South British (10s) .. Standard (£1 paid) .. 210 0 Loan and Agency Goldsbrough, M. (£1) 170 South Island Finance (£1 paid) .. 0 18 0 South Island Finance (10s paid) .. hj 0 8 N.Z. Guar. Cotpn. 0 4 <1 United Building (£1) Frozen Meat Cantby (pref., £5) .. N.Z. Hefrig. (£l paid) 017 0 017 9 N.Z. Refrig. (10s paid) 0 7 8 0 710 Woollens Timaru (£1) .. 0 13 0 Bonds Hosiery (£1) .. 019 0 Bruce (£1) .. 0 9 4 015 4 Kaiapol (17s paid) .. 012 0 012 9 Kaiapol (7s paid) .. 0 5 0 Kaiapol (pref., 17s) .. 015 0 Oamam (£1) .. 012 3 Cool Westport (10s) .. IX6 Westport-Stockton (10s) 0 4 0 Westport-Stockton (pf.. cum div., 10s) .. 0 7 2 0 9 0 Gas Auckland (£1) .. 0 19 0 Christchurch (£1) 12 6 13 6 Napier (£5 pd.. cum div.) .. Breweries New Zealand (£1) .. Dominion (£1) .. 111 0 Swan (Ss) .. 1 10 0 Timaru (in llqdn.) .. 0 0 9 0 1 0 Tooheys (rights) .. 0 5 0 Tooths (£1) .. 215 0 216 0 Miscellaneous Alloy Steel (N.Z.) (£1) 1 111 12 2 Alloy Steel (Aust., £1) 0 8 9 Anthony Hordern (£1) 0 15 0 Aust Glass (£1) .. 513 3 515 3 Beath and Co. (£1) 016 0 018 0 Berlel (Sydney) (10s paid) .. British Tobacco (£1) 2 9 8 2 910 British Tobacco (pref., £1)

THE STOCK EXCHANGES

LOCAL MARKETS BRIGHTER PRICE LEVELS MAINTAINED Markets were brighter on call yesterday, and there was an increased turnover in a wider range of stocks. Price levels were well maintained. Waimairi County 4i per cent, debentures, due 1944, changed hands at £lOl. Commercial Bank of Australia were firm with sellers and dealings at 15s Bd, buyers at 15s 7d. Bank of New Zealand ‘ were fractionally firmer at 39s Id and 395, and more were offered at the higher price, buyers at 38s lid. National Insurance were a shade easier at 16s, and there were further sellers at 16s Id. South British Insurance were easier with dealings at 44s 3d and further unsupported sellers at 44s id.

Buyers. Sellers. £ s. d. £ s. d. Broken Hill Pty. (£1) 2 17 3 2 17 7 Broken Hill Pty. (con., 10s paid) ..2 4 3 2 5 6 Claude Neon (N.Z.). (£1) .. Colonial Sugar (£2O) 48 17 6 49 0 0 Domin. Fertiliser (£1) 119 Donaghy Rope (£1) .. 22 0 2 4 0 Dunlop Rubber (£1) 113 113 Electro. Zinc (cum div., £1) .. 2 6 10 2 7 9 Electro. Zinc (pref., cum div., £1) .. 2 10 * 211 6 Evans Atlas Flour (cum div., 10s) .. 118 12 6 G. J. Coles (£1) 3 19 0 3 19 S Greater Crystal (£1) 0 16 0 Hay’s. Ltd. (con., 15s paid) .. 0 16 0 Henry Jones Co-op. (£1) 2 11 0 2 12 6 Herald and Weekly (£1) -.310 Hume Pipe (Aust.), (£1) .. 0 19 9 0 19 11 Howard Smith (£1) 0 19 0 1.C.1. (Aust. and N.Z.), (pref., £1) .. 12 9 13 3 Farmers’ Trading .. 0 18 3 Milburn Lime (£1) .. 1 14 3 Morris Hedstrom (£1) 16 0 Moturoa Oil (ss) .. 0 5 0 McLeod Bros. (£10) 26 0 0 Macduffs (£1) .. 0 2 9 Macduffs (pref., £1) ~ 0 7 5 0 8 6 McKenzies, Ltd. (£1) N.Z. Drug Co. (£2) N.Z. Farmers’ Co-op. (Ist pref., £5) .. 2 13 0 3 2 6 N.Z. Farmers' Co-op. -(4J p.c. Stock, 1930, £100) .. N.Z. Farmers’ Co-op. (44 p.c. Stock, 1955, £100) .. —■ 87 0 0 N.Z. Farm. Fert. (£1) 0 17 6 N.Z. Newpapers (16/8) 18 0 N.Z. Paper Mills (£1) 0 19 0 Radio (1936) (10s) .. Taranaki Oil. (24/7 pd.) 0 7 6 0 8 3 Union Oil. Soap, and Candle <l6s paid) Victoria Nyanza (£1) 0 14 0 Whitcombe & Tombs (£2 10s paid) .. 2 12 6 2 19 0 Wilcox. Mofflin (11s) Wilson’s Cement (10s) 0 16 0 Woolworths (Syd.), (ord., ss) .. 1 3 11 1 4 0 Woolworths (Viet.), (pref., £1) .. 17 6 19 0 Woolworths (N.Z. (ss) 0 17 8 0 18 0 Woolworths (N.Z.) (pf., £1) 1 19 0 Overseas listing Woolworths (S.A.) (ss) 0 15 1 0 15 2 Australian Mining Broken Hill South (ss) Mount Lyell (£1) .. 17 3 17 4 Mount Morgan (2/6) 0 11 9 0 11 10 Mt. Morgan (pf., cum div.. £1) .. ..120 North Broken Hill (ss) Sulphide Corpn. (is) 0 5 0 N.Z. Mining Argo (contr.. is) ... 0 1 1 Austral-N.Z. (£1) .. 13 0 16 0 Big River (Is) .. Oil Gillespie’s Beach (Is) 0 0 74 0 0 114 Golden Point (6d) .. 0 0 1 Golden Sands (Is) .. 0 10 0 14 Grey River (10s) .. 0 17 5 0 17 9 Maori Gully (Is) .. 0 0 6 0 0 8 Mossy Creek (Is) .. 0 10 Nemona (Is) .. 0 12 New River (Is) .. 0 0 7 0 0 8 Waihi Grand June (2s) 0 3 3 0 3 9 Worksop Extend, (is) 0 11 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 (pref.) .. 12 6 Ballins Breweries .. 0 8 10 0 10 0 Blackball Creek .. Oil 013 Christchurch Press .. 8 10 0 9 2 6 Brighton Coal (1s pd.) 0 0 2 Ngahere (£1 paid) .. Timaru Lime , .. 0 18 6 Vega Batteries .. 0 15 o Westland Breweries 1 10 0 Woolworths Properties (pref.) .. .. Woolworths (W_A.) .. AUCKLAND Sales on ’Change i * £ s. d. Govt, Bonds, 1948-49, 4 p.C. .. 99 7 6 i Govt. Bonds. 1952-55, 4 p.c. .. 99 17 6 Ins. Stock, 1943-46, 4 p.c. (2) 100 0 0 Bank of New South Wales .. 30 10 0 < N.Z. Insurance .. .. 2 13 3 South British .. .. 2 4 0 i Colonial Sugar .. (2) 48 17 6 Con. Brick .. .. 0 8 11 ] Dunlop Perdriau .. .. 116 Farmers’ Trading (2) 0 18 9 j Taranaki Oil .. .. 0 8 0 ’ Woolworths (N.Z.). (2) 0 18 0 | Woolworths (Syd.) .. .. 1 3 11 ] Mount Morgan .. (2) 0 11 10 1 Rawang Tin .. .. 0 7 3 1 WELLINGTON Sales on ’Change 3 £ s. d. , Australian Glass .. (3) 5 14 0 J Electrolytic Zinc (ord.) .. 2 8 0 2 8 0 (All late Saturday) Bank of New Zealand .. 1 19 0 New Zealand Insurance .. 2 13 3 Woolworths (N.Z.) .. (2) 0 18 0 Woolworths, Ltd. .. 14 2 G. J. Coles .. ..'319 -6 Overseas List Woolworths Holdings (late Sat.) 0 15 2 DUNEDIN Sales Reported £ s. d. 34 p.c. Ins. Stock. 1938-43 .. 99 12 6 Broken Hill Proprietary .. 2 17 6 Woolworths (Sydney) .. 14 2 Austral-N.Z. Mining .. 13 6 Nokomai .. .. .. 0 19 SYDNEY i _____ < The Sydney Stock Exchange is fairly firm. Prices for first rank industrials hardened slightly yesterday. Metals were quiet. Morning Sales £ s. d. Government Bonds — 4 per cent., 1944 .. .. 102 7 6 4 per cent., 1947 .. .. 103 7 6 4 per cent.. 1957 ‘ .. 103 10 0 Comm. Bank of Sydney .. 19 19 0 Tooths .. .. 2 IS 6 Associated Newspapers X. 0 8 Australian Glass .. .. 5 9 6 British Tobacco .. 2 8 6 Broken Hill Pty. .. .. 2 15 3 Broken Hill Pty. (con.) .. 2 3 6 Cash Orders .. .. 0 16 0 Dunlop Perdriau .. .. 1 0 9 1 General Industries .. .. 0 18 104 Goldsbrough, Mort .. .. 16 3 Afternoon Sales £ s. d. Colonial Sugar .. .. 47 2 6 Bank of New South Wales .. 29 IS 0 Comm. Banking of Sydney .. 19 19 0 E„ S.. and A. Bank .. ..506 National Bank (£5 paid) .. 6 7 0 Associated Newspapers .. 10 6 Howard Sipth .. .. 0 19 6 Huddart Parker .. .. 2 11 0 British Tobacco .. .. 3 8 3 Tooths .. .. 3 IS 6 Carlton Brewery „ 3 4 3 G. J. Coles .. .. 3 15 8 Australian Gian .. ~ S 12 0 < Dunlop Perdriau .. .. 10 9 ! Anthony Hordern .. .. 0 14 10 1 Morts Dock .. „ 0 14 11 I Perpetual Trustee .. .. 4 13 3 Woolworths .. .. 1 3 14 i William Adams .. .. 0 15 9 1 W. Atkins .. ..130)

HIGHLIGHTS ON’CHANGE Turnover yesterday was 6785 shares, divided as follows: — Banks 700, insurance 750, Australian industrials and chain stores 1185, breweries 300, New Zealand industrials and chain stores 1600, coal 500, South African chain stares 400, Am- . trail an mining 400, New Zealand mining 950. * m • Most active stocks were Woolworths (New Zealand), Bank of New Zealand, and Lyells. * * • National Insurances, popular on all exchanges last week. lost Id at 16s. • • » Bank of New Zealands, at 39s and 39s Id, picked up 9d and lOd on last local business. « • • Morgans again showed an easing tendency, hut Lyells were unaltered. FOREIGN EXCHANGES QUOTATIONS FROM BANK O! NEW SOUTH WALES The Bank of New South Wales quote the following exchange rates yesterday Buying. Selflnj N.Z. on London — £N.Z.to £IOO stg. T.T. 124/7/6 125 O.D. 123/18/9 124/19/ Australia— . £A to £IOO N.Z. T.T. 100/10/- 100 OX). 100/157- 100 Fiji—£F. to £IOO N.Z. T.T. 90 88/12/t O.D. 90 88/12/« New York— Dol. to £1 NX. T.T. 3.7782 3.7350 OX3. 3.7832 3.7360 Montreal— Dol. to £1 NX. T.T. 3.7947 3.7548 O.D. 3£034 3.7558 Belgium— Beigas to £1 N.Z. T.T. 22.414 22.104 OX). 22.489 22.109 Czechoslovakia— Korunas to £1 N.Z. T.T. O.D. Denmark— Kroner to £IN.Z. T.T. 18.140 17.830 OX). 18.200 17 £32 Finland— Marks to £1 NJZ. T.T. 184.79 178.99 OX). 185.19 179.09 Francs to £1 N.Z. T.T. 143.16 140.66 O.D. 144.41 140.68 Germany— Reichsmarks to £1 NX T.T. 9XBI O.D. Greece— ’ Drachmae to £1 N.Z. T.T. OX). Holland — Florins to £IN.Z. T.T. 7.076 6.926 OX). 7.116 6.928 Italy—lire to £1 N.Z. T.T. OX). Java— Florins to £INJZ. T.T. 7.053 6.903 OX). 7.093 6£06 Norway— Krqner to £1 N.Z. T.T. 16.128 15.838 OX). 16.188 IS £4l Noumea— Francs to £1 N.Z. T.T. 145.66 138.91 O.D. 147.16 138 £5 Papeete— Francs to £1 N.Z. T.T. 145.06 139.08 OX). 146.56 130.10 Sweden— Kronor to £IN.Z. T.T. 15.740 15.445 O.D. 15.800 15.448 Switzerland— Francs to £1 N.Z. T.T. 16.729 16.459 OX3. 16.829 16.462 Cheefoo— N.Z. pence to dol. T.T. Nominal O.D. Nominal Hong Kong— N.Z. pence to dol. T.T. 18 7-16 1813-1 , OX. 18 13-32 18 13-1 India & Ceylon— N.Z. pence to rup. T.T. 22 7-32 22i O.D. 22 3-16 221 Japan— N.Z. pence to yen T.T. O.D. Manila— N.Z. pence to peso T.T. 3115-32 32 11-6 OX). 312 32 H-fl Shanghai— N.Z. pence to doL T.T. Nominal O.D. Nominal Singapore— N.Z. pence to dol. T.T. 34 33-64 35 OX). 34 27-64 35 ASSOCIATED BANKS’ DOLLAI RATES The Associated Banks (other than th< 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— T.T 3.721 3.741 „ OX) 3.72J 3.741 Buying— T.T. .. .. 3.77 9-16 3.79 5-16 O.D. .. .. 3.78 5-16 3£oi CALL AND DIVIDEND LIST Dividends Due Mt. Morgan—pref., half-yearly. 8 p.c. p.a. .. .. .. Feb. 1! Woolworths (Syd.)—int., 10 p.c. pref., 5 p.c.; 7 p.c. pref., 3i p.c. .. .. Feb. OS Queensland Nat. Bank—lnt., 4} p.c. p.a. .. .. .. Fab. 18 Dominion Investment—int., 6 p.c. p.a. .. .. .. Feb. 28 Bank N.S.W.—quarterly. 6s a share .. .. .. Feb. 23 Emperor Mines—6d a share .. Feb. 24 Winchcombe Carson—int., 3J p.c. Feb. 26 Elder Smith—int., 7 p.c. p£. .. Mar. 1 Loloma—ls a share .. . Mar. 8 Broken Kill South—tnt., fid a share .. .. .. .Mar. 15 Electrolytic Zinc—ord. and pref., int.. 6 p.c. .. .. Mar. 17 Calls Broken Hill Pty.—new, Ss a share .. .. .. Mar. 31 Burns, Philp—new, Ss a share .. April 1