FINANCE AND COMMERCE

Press, Volume LXXV, Issue 22795, 22 August 1939, Page 11

FINANCE AND COMMERCE

DOMINIONS’ TRADE WITH BRITAIN

MR B. s. HUDSON ISSUES WARNING

(TBOM OTJB OWN CO«BK3POtrDE!TT,) ' ' ' , LONDON, July 21. A warning to the Dominions that any curtailment in their markets for United Kingdom exports would not only reduce Britain’s capacity and willingness to go on buying from them, ' but would also impair Britain’s strength at a time when it was - vital for the Empire that that strength should be maintained, was given by Mr R. S. Hudson, Secretary to the Department .of Overseas Trade, when speaking at the banquet of the Federation of Chambers of Commerce of the British Empire.

• Mr Hudson also said that there were indications that certain , . Dominions might be led to foster industries for which- they were not yet economically suited. It was to be hoped that they could weigh carefully all the considerations before committing therh- ...< selves too far on that course. r■. '

t f?I- need not emphasise the import- ■ 'wee of .overseas trade to countries ijyhlch are. members of the -British CommDpwealth,” he said. "Some years have elapsed since Ottawa. The agreements have been praised and criticised. It is certain that they materially con.ffibuted to a revival of inter-imperial trade. It is often alleged that they merely diverted trade between the Empire and foreign countries to inter- , Imperial channels. I do not think -this criticism is true. "As a result of the increased confidence inspired by the agreements, coupled with the reduction in trade barriers, the volume and value of InterImperlal trade have increased notably from the levels of years. Second, the trade of foreign countries with the Empire also has risen materially above slump level. •"Third, if one looks at the cases where the Dominions have a favourable' balance of trade with the United l Kingdom, one finds that, taking the picture as a whole, there has been a tendency for this favourable balance i ■ 'to increase, while the terms of trade With'foreign countries have shown an ■ opposite tendency. In other words, - although they bought more from the L United Kingdom, they used some of f " their favourable balance with us to • buy Increasing quantities from fori’ eign countries. . This in itself serves to'disprove the allegation that we have i • pursued a dog in the manger policy towards foreign countries. ' • 1 “Fourth, the failure of Some foreign countries to recover from 1 The slump as fast and far as the British did was due, not to the effect of the Ottawa Agreements, but to increased ' attempts at self-sufficiency, to growing trade barriers, to. currency restrictions, quotas, and so forth. j:, "Benefits .Conferred" ' 1 ' , As far as the United Kingdom is , concerned, we can ’ truthfully claim • that though we benefited from Ottawa, Vfcre conferred even greater benefits on I • the other countries of the CommonK wealth, while at the same time doing & our best to encourage trade with the Tkiest of. the world., ■ - . r : “As far as we and the Empire are " concerned, our strength - depends on the maintenance and development of trade. In these uncertain- times it Is vital not to impair that strength. Much of - the restrictions imposed on inter- ■ national trade to-day arise from the desire of countries to attain a position , .of Independence from external sources ti supply, with the idea that this .will make them stronger and safer m. the . oi;ent of War. >it. • ■ ■'

THE RATE OF : EXCHANGE -Adjustment Must Take Place** . OF SIR WILLIAM ■ '' ' HUNT , rrcz WUSBS Special Sendee.] WELLINGTON, August 21. ' .' "The New Zealand exchange rate of ‘£Jf.Z.l2s’ to £IOO sterling must and >’ will be adjusted, if this is nbt/.done • by'the powers that be-then economic liyiawa will step in.” ’■rX.’* is-the conclusion reached, by f.ißlr William Hunt in bis memorandum to the annual report and balj Slice-sheet of-the directors of Wright, Qiephenson and Company, , of which chairman. :/ ;■ ’’Ht I “While pastoral and dairy produce ?prt prlceshave fallen by a further points during the 12 months ended ie, 1039," remarked Sir William, e wholesale, retail, and wage indices re risen by 4, 5, and' 4 points reCtlvely, The wage index does not, wever, reveal the, true ’ increase ich -has taken place in’ wage, costs ce 1936, as no account is taken in i computation of the index of the set of the 40-hour week. If -these Motions in hours, together with inin paid holidays, .were . hi-ded-it. Is probable that the wages lex would be at least 10 per cent, her. ; r- “Must Export.to Live'* Heir Hitler. In a recent speech, , is icrted to have said Germany, must fa# to live. That statement applies every country In the ’ world.No mtry gan Jive entirely within itself., ih’imist export in order; to be able Import'goods which it cannot pro-te-economically Itself, pnd- also to. (vide* overseas exchange to carry, on world trade. Of all the countries the world. New Zealand- is the one st In need of exports. To meet this iessity, ,she has built up an export de which, a head of population, is : largest in the world. The need of an export trade coms every country to keep its internal its at a level that will enable Its port - industries to function. .When

"This ideal of self-sufficiency, may, in fact, have precisely the opposite effect for, if pursued too far, an uneconomic industry is bound in the long run to Impose a burden on the standard of living of the people, and so weaken the financial and economic structure of the country concerned. For the Empire, or rather for the constituent parts of-the. Empire, it is a particularly dangerous policy to pursue. .’ . Dominions* Industries "It is not disputed that the Dominions, like every other dependent country, are fully entitled to develop their resources to the maximum possible extent, and in doing so to develop new industries. Ottawa recognised' this in so far as the industries could be established on a sound economic basis. “There are Indications, ‘however, that certain Dominions may be led during the unusual position arising from the present disturbed state -of the world to foster, on defence and security grounds, Industries for which they are not yet . economically suited. It is to be hoped that they will not take the short view, and that they will weigh carefully all the considerations before committing themselves too far on that course. .‘‘The defence needs of the Empire must be looked at from a wider aspect. At present we in the United Kingdom are having to face unprecedented expenditure on rearmament. Make no mistake; that rearmament is needed not only for v the defence -of these islands, but . also for the defence of country' with tke United Kingdom’s vast resources is bound to feel the strain of supporting such enormous burdens as . have been thrust upon us for purposes which are the common concern of the whole Commonwealth. • . "One of the most important ways in which the Dominions can assist in meeting this strain is to recognise the Immense advantages which their trade enjoys in the United Kingdom, and to ensure by all means in their power that they continue to make it possible for the United Kingdom to buy from them, by themselves increasing—l say it advisedly because it is feasible —the amount of their purchases from the United Kingdom. ~ ' ' . , ; "It must, I think, be self-evident that any curtailment at the present time of Dominion markets for United Kingdom exports will • not only reduce the United Kingdom’s capacity and willIngness to go on buying from them, but will also impair this country’s economic strength at a time when it is vital , for the Empire that that strength should be.-maintained.”

internal costs- and . export prices .get out Of-step to such-an extent.that export' industries cannot carry on economically, one of two things happens. , “The first Is that a country in this position - must get its internal costs lowered sufficiently to enable its export industry to, carry on. If it fails to do so, then its export production falls off, .which creates a shortage of foreign exchange, 'and the country then drifts further and further into difficulties, until economic laws step m and force an adjustment by, reducing, the value of the local currency. This means’ .inflation, with all its wellknown consequences. New Zealand's Position , . "In' New Zealand,! our export industries are our farms, which provide approximately 86 per cent, of our- total exports.- It is the'export of our farms produce that enables us.,,to meet our overseas debt commitments and pay for Our imports. Without the export of farm products we cannot have .financial inter-communication with the rest of the world." . . The margin between export prices and internal costsin New Zealand, said Sir William, was getting wider and wider. , v,;,- . : , • . “Ah adjustment will have-to take place, and if the powers that be do not make the adjustment then economic laws will step in and do it, ne said.' “In the meantime.our farmers, who are-our only providers of sterling exchange, .are having, their sterling funds taken from them at the arbitrary value of £N.Z*I2S for £IOO sterling. . The real market.vaiue of New Zealand currency , is much jbelow this.'-probably nearer -■ £N.Z.140 _ for £IOO sterling, and this state of affairs cannot continue.!’. ;. ‘ ; LONDON MARKETS HOLD STEADY HOLIDAYS /CAUSE RECESSION IN BUSINESS (TWmro PBBBS ASBOOIASIO*—COSTBIOHT.) LONDON, August 20. Stock-markets so far have stood up remarkably well to the repetitiono last year’s war nerves and manufactured* crises.The “Financial . News index'of ordinary share prices lost two points. from; August -Augrot^W last year compared with a fall of only half a point in the, current week. 1 Investors, like the mass of the gen-: eral public, have become Indifferent, to the..international hullabaloo ’and. the paucity -of business is plainly ! due to the fact that few see any reason to interrupt their holidays. . ' • Commodity markets are similarly neglected in consequence of the holidays. The only enlivening feature was Friday's German buying of copper and rubber.- ... ■■

COMPANY NEWS

GRAIN’S BAY DAIRY

Wright, Stephenson, LIMITED

NfcT PROFIT LOWER BY £5148 SAME ORDINARY DIVIDEND RECOMMENDED A net profit of £42,863, a decline of £5148 on the previous year's record earnings, is shown in the accounts of Wright, Stephenson and Company, Ltd., for the year ended June 30. The directors recommend that after the fixed payment on preference shares a final dividend of 2J per cent, should be paid on ordinary shares, making 5 per cent., unchanged, for the year. It is also proposed to repeat the special distribution which ; was .made last year to ordinary shareholders in Wright, Stephenson and Company of Abraham and Williams, Ltd., debenture stock in proportion of £1 of stock for every 20 ordinary shares, making the total, distribution on these shares equivalent to 10 per-cent. This stock can only be issued in multiples of 10s, and it Is proposed to make the distribution of odd amounts and to all holders of less than ■ 200 ordinary shares in the form of cash. After the proposed payments- and distributions df stock are made £58,296 will remain to be carried forward, against £57,950 brought in. Taxation on Dividend With regard to taxation,-it is pointed out. In *be accompanying report, that the amount of debenture stock received will be treated in the same way as the amount of cash dividends, that Is, for income tax purposes, It will be treated as tax-paid income, but must be added to other income in order to arrive at the rate of tax that applies to a shareholder's taxable income. Social security tax on the amount of stock and the cash dividends should not, however, be paid by shareholders, as that is payable by the company. The retiring directors, Messrs H. A. Price and W. M. Shand, are available for re-election. Results for the last three years com-

The balancing total at £2,456,633 shows an increase 6£ £17,231. The accounts arc discussed In a comprehensive report - issued in cop* junction with the balance-sheet. With reference to an increase or £16,817 in the premises, it is stated that these have been increased mainly through the erection of new premises at Hamilton and Lower Hutt. Investment shares comprise scrip of leading financial, -insurance,’ and industrial concerns, all readily saleable and forming a liquid investment. ” . ... . ' Reference is also made to the rise that is occurring in farming costs and the urgent -need for an adjustmemroetween export prices and internal costs.

The forty-fourth annual report of the Okain’s Bay Go-operative Dairy, Factory Company, Ltd., says that owing to the very dry autumn the 1938-39 season concluded much earlier than usual, with a consequent falling off in the milk supply, resulting In lower butterfat figures and a substantial fall m cheese, and whey butter production. The milk supply was lower than in the previous. season by 580,5671b, and the put-ter-fat was flower -by 20,3061b. Of the season’s total cheese, 192 tons were exported and 36 tons were sold locally. Under the company’s Herd Testing Association 829 cows were tested at a total cost of £l7l 17s 7d. This is equal to a cost of 4s 2d a ■'cow or .203 d per lb butter-fat. Owing te a reorganisa-, tion of the herd testing movement throughout New Zealand; the licence for the Okain’s Bay Association has beencancelled and it is no longer possible to carry on the herd testing work under, the dairy, factory jurisdiction. The pay-out to suppliers per lb of butter-fat for the-year ended July 31, 1938, was Is 4.62 d per lb. The payout for’the year ended July 31. 1939, will be Is B.oßd per lb, less .205 d per lb butter-fat for herd testing. The balance in the’ appropriation account for distribution is £2510 15s Id, which the directors Propose to allocate as follows:—Milk suppliers, 200,2571b of butter-fat at 2.875 d per lb, £2398 18s 2d: dividend at 33 per cent, per annum on 3000 shares of £1 each fully paid, £ll2 10s; carry forward, 13s Id. - The retiring ‘directors are Messrs P. B Moore, Joe Harris, and W. G. Graham, all of whom are eligible for reelection,, ' \ ~ . The company has a nominal capital of £SOOO in £1 shares. Allotted capital is £3OOO in £1 shares fully paid. Items in the assets section afthf, bal-ance-sheet include: Land and buildings £1070; plant and machinery, £2551; truck purchase account, .£217; cash at bank, *£937, arid stocks £475. RUBBER STOCKS AT LOW LEVEL LONDON, August 20. Rubber stocks are now estimated at only 52,000 tons, less than six months peacetime .requirements. _ ’ Thus the position is becoming serious not only from the’’ strategic viewpoint but on normal commercial grounds. BRITISH WOOL TRADE QUIET LONDON, August 20. The wool trade is very quiet owing to the .holidays.,; There is hardly enough movement to test values. A’ chief need of the industry is to take up contracts already on the books and sot to place further business at present.

THE STOCK EXCHANGES

LOCAL MARKETS QUIET

PRICES SHOW EASING TENDENCY

Share markets in Christchu rch were quiet yesterday, and dealings were restricted to a few stocks in which prices moved in buyers’ favour.

National Bank of New Zealand were firmer on buyers’ offers 47s 3d. South British Insurance eased to 42s 6d, and there were further unsupported sellers at 42s 9d. Sellers of Goldsbrough, Mort reduced their limits to 27s Bd. .

New Zealand Refrigerating were fractionally weaker at 16s 4d and, 16s sd, market closing 16s 3d buyers, 16s 4d sellers. Unsupported sellers of the contributing came down to 8s 2d. British Tobacco were easier, witn business at 50s 6d, and further sellers at 50s sd, buyers at’sos 2d.. Dunlop Rubber were firm at 20s 6d, but C }° E ®" with sellers at 20s 4d, buyers at 19s 9d. Electrolytic Zinc were weaker, with sellers at 555. G. J. Coles declined to 78s Bd, sellers staying m at that price, buyers at 78s. Woolwortns Ltd. changed hands at 20s and 25s 10d, and more were offered at 25s Hu, buyers at 25s Bd.

STOCK SALES PLEASANT POINT There were large entries In all sections, at the Pleasant Point sale. The fat sheep entry comprised two races of ave F a quality sheep. Prices were easier by about 2s a head. Extra prime wethers made 29s 4d to 3ls 4d, prime 26s 3d to 29s 4d, medium 21s j?d to 24s lOd. extra prime ewes 23s to 25s lOd, prime 17s to 21s Id, medium X4s Id to 16s 4d. ■ • ■ _ . The larger entry of fat cattle met with an easier sale, values declining from 10s to 15s a head. A pen of extra prime steers realised the satisfactory price of £l6 17s 6d a head. Prime steers made 6d to £l2 12s fid, medium £8 17s 6d to £lO 12s fid: extra prime cows £9 12s fid to £lO 12s 6d. prime. £8 to £9 2s 6d, light £5 17s fid to £7 2s 6d; prime heifers £8 7s fid to £9 17s 6d, medium- £7 to £B. The yarding of store sheep was exceptionally large for > this / time - of the year, the quality being only medium, with the exception of 1 a: line of outstanding crossbred ewe hoggets, which realised .the high price of 335. Medium ewe hoggets were easier by Is a head, and values lor breeding ewes declined from 2s to 3s a head. Extra - good ewe hoggets made 335, good ewe hoggets 22s 4d to 23s lOd, medium IBS 9d to 21s Bd, small 13s 9d to 15s 4d, good two-tooth ewes 26s fid, medium 19s to 21s fid, - failing-mouth crossbred ewes 12s. to 14s, full and falling-mouth 5s 7d to Bs, small to medium wether hoggets 6s fid to 10s. „• ' ’

MINING NORTH BROKEN HILL The quarterly dividend of 6d .a share announced by North Broken.Hill, Ltd.,, is the fourth quarterly payment for the i financial; .year ended ? June ‘ 30, and makes a total of 2s a share of ss, or 40 per cent, for the year, against 3s, or 60 per cent., in the previous year, and 6s, or 120 per cent, in 1937. -The jjayment, which will require £70,000, will bring the total dividend distribution of the company up t0'£9,160,190. ■: - CLUTHA The Clutha River return is 1440r in 124 hours. OKARITO ’ The Okarito return is 496z sdwt in 132 i hours. ’ MATAKI • The Mataki return for the week ended August 18 was SOoz- for *33* hours’ work and 11,400 yards, GILLESPIE’S BEACH The Gillespie’s Beach return is 68oz for 210 hours and 24,247 yards. DEBENTURES BEING TAKEN UP HAWKE’S BAY POWER BOARD’S ..ISSUE • (tobbs . amoouhio* rar.iOE.AJt.) ; HASTINGS, August 21. Within one week of opening, the Hawke’s Bay Power Board’s issue _ of 4i per cent. £IOO debentures maturing 1949 has been almost half subscribed. The total- issue is £94,000, and at the end of the week applications had been received from, all parts of tne Nortn Island amounting to £41,700. -> FOREIGN EXCHANGES QUOTATIONS FROM BANK OF NEW SOUTH WALES

FALL IN INTEREST EARNINGS

CITY SINKING FUND EFFECT OP SHORT TERM • INVESTMENT - "The continuing necessity of Invest? ing large sums at- short dates in order to meet the commissioners' commitments under the conversion scheme is again reflected in the progressive fall in the average rate of interest being earned on the investments, which for the first time has fallen below 4 per cent. The same tendency also appears in the smaller percentage of return on the available funds,., which, at 4.125 per cent., is less than any other year, with the exception of 1933,” states the annual report of the Christchurch Sinking Fund Commissioners (Messrs Arnaud McKellar, W. Hayward, and J. S. Neville).' - The following table gives details of actual interest receipts over the last 10 years, together with the average rate being earned on the investments at March 31 .in: each year:—

The funds under the control of the commissioners -at* March > 3T, .1939, amounted to £353,796 4s 7d. compared with £350,212 14s 5d on the same date in 1938, an increase of £3583 10s 2d. This increase is made up as follows: Instalments received from .City Council. £25,391 0s Id; interest received (less charges).' £14,342 10s Id;, total £39,733 10s 2d;, loans. repaid, £36,150., The repayments on account of . the council’s loan; liability, £36,150, were on account of the fourth year’s maturities under the;conversion .10an..-, The. Interest receipts amounted to £14,567 7s 9d, a decrease of £378 2s 4d compared with the: previous year’s receipts. The receipts gave a return of 4.125 per cent, on the available funds, a decrease of .211“ per cent com-, pared with the previous ’Hie expenses amounted to/ £224 17s so, equal to 1.544 per cent. 1 on the Interest receipts. ■ . / SembalMU Small ; . "The accounts disclose that interest actually in arrear and'within the days of grace on March 31 last amounted to £BBO 16s 6d. all of which sums had accrued in respect of the commissioners’ mortgage investments. These Arrears have since been reduced ta £7O by cash payments totalling £BIO 16s 6d,” states the report. A further remission of £155 8s 2d was made -by the Adjustment Court making the total remissions for the last eight years £4833-9s Bd. This total, as explained in previous reports, amounts to an av-

erage of less than i per cent per annum over the period during which the arrears have accumulated. - ' ' : “It is necessary in this report to refer to the alteration in the commissioners’ task introduced,by the terms of the issue of the conversion lean de- • bentures, the redemption of £36,150 of which on March 31, 1939, reducedthe outstanding ■ debt in respect of which the commissioners xontroF the sinking fund to £1,085,295, £853,895 being represented by the conversion loan and £231,400 by. various, loans which were not subject to the conversion scheme. The attention of the council is drawn to the option provis- , -, ion contained In the conversion loan debentures, under which the•,council, has the right, on giving, six months notice in the Gazette, to redeem the debentures at any',date not -earlier than March 31; 1940. Certain funds have already been made available for the redemption of debentures under this option on March 31, 1940, and the ' • commissioners propose to : keep available for similar redemption such sur- . Slus funds as they may from time to. • me have available after making full provision for their commitments in re- , , spect of the annual redemption under : - the conversion loan and in respect or • the periodic maturities on the tmeon- : verted, loans."

BUTTER CONTINUES SLOW FAIRLY STEADY' PRICE IS expected i', • r LONDON, Aygust 20. Butter continues slow. Buyers; ar« content with satisfying weekly, requirements and are disinclined- .to, loos, ~, ■ JjJjGfiCl ’>■ : k .... Imports from Denmark* have decreased substantially compared with last year, but Baltic supplies are well - maintained. ■ _ Retailers report a good, consumption, ? demand, for which reason prices, while : not expected to -advance-materially,--., should not go lower.' j.

pare as follows: — 1937. 1938. 1939. £ £ £ 37,950 Net' profit •* 42,8jo .. 48,uii 79.959 100,466 100,813 Pref.. 5 T3.C. .. 12,492 12,492 12,492 5 p.c* •• 15,012 f30,024 t30,025 Carried forward .. 57,950 58,296 special dividend of 5 per cent. issued in debenture stoclt and cash, debited to appropriation account. Balance-sheet Changes Movements In the balance-sheet over the year are as follows: — ■ LIABILITIES • Variation £ £ Same General reserve .. 28,133 Same Debenture stock •. 699.732 —11,725 Fixed deposits .. 98,478 4,543 Owing’ to * cubs. .. 142,455 •f* id»B62 Clients’ current accounts .* •• 484,009 *f-63,5’d9 Creditors ■ .. • • 30 J>391 —71.998 Bills payable .. 3.97Z Staff pensions, .. 54,942 Bank . .. ... 5.478 + 1.942 p. and L. account .. 87.060 ASSETS Property and plant".. 259,212 +4,900 Invest, in subs, and assoc. ' companies 403,502 +£3,695 Stocks .. .. 245.995 —18.563 Advances . (produce) 63,990 —50,901 Advance accounts .. 990,336 63,416. Debtors ,, «« '314,699 — 17,926 Bills receivable ... 113,026 +18.323 Advances to directors 6.9X3 —2,597 -f-350 Cash .. .. 13,176 ”1*5,133

Sales on 'Change £ s. d. 100 New Zealand Re- , frigerating (£1 0 16 4 paid) 1 . • • 100 British Tobacco 2 10 6 50 G. J. Coles • . 3 18 9 300 Woolworths (Sydney 1 6 0 ordinary) .. (2) 1 5 10 Sales Reported 100 South British In6 surance « • 2 2 100 New Zealand ReIrigerating (£1 0 16 paid) a. 5 100 Dunlop Rubber 1 o 6 LATEST QUOTATIONS . N.Z. Govt. Debentures Buyers. Sellers. £ S. d. £ s. d. 3 p.c. Ins., 1939-41 .. 97 0 0 — 31 p.c. Ins., 1939-43 — 99 IS 0 31 p.c. Ins.. 1953-57 90 10 0 —• 31 p.c. Bonds, 1953-S7 90 10 0 — 4 p.c. Ins., 1943-46 98 0 0 98 10 0 4 p.c. Ins., 1940-43 .. 99 10 0 — 6 4 p.c. Ins., 1946-69 99 0 0 99 7 4 p.c. Ins., 1952-55 ., —- 97 10 0 4 p.c. Ins., 1954-38 96 10 0 — 4 p.c. Bonds, 1946 98 0 0 — Rural Bonds, 5 p.c., 15/9/47 98 5 d — , Other Debentures Sydney Metro. Drainage, 41 p.c., 1/8/51 .. .06 0 0 HI 0 0 South Cantby. Electric Power Board, 41 p.c.. 1/3/56 — 103 0 0 South Cantby. Hospital 83 0 Board, 31 p.c., 1/2/56 — 0 C.F.C.A., 41 per cent.. 87 0 21/10/42 81 0 0 0 Dominion Pert. 6 p.c., 1/2/41 ., .. 100 0 0 —• Gisborne Sheep., 61 p.c.. 102 0 31/8/41 — 0 N.Z. Refrig,, 41 p.c.. 95 0 1/8/40-45 .. .. — 0 Banks Australasia (£5 paid) .. 9 3 0 9 10 0 Comm, of Aust. (ex 0 16 dlv., 10s) .. . i 0 16 0 3 Comm, of Sydney (ex 20 10 ■ div., £12 10s paid). .. —— 0 E„ S.. and A. (£3 pd.) 4 16 0 — Natl, of A’asia. (£10 t paid) 13 10 0 - .• — Natl, of A’asia. (£5 6 17 paid) — 0 Natl, of N.Z; (£2 10s paid) 2 7 3 ■— N.S.W. (cum dlv., £20) 30 10 0 — New Zealand (£1) ' - — 2 0 0 N.Z. (mort shares, El) 1 6 6 — Union of Aust. (£5 pd.) — 8 0 0 Insurance New Zealand (£1) 2 12 0 — 9 South British (10s) .. 3 2 Standard (cum dlv., £1 2 IS ' paid) 0 Loan and Agency Ch.Ch, Building (£10) 14 10 0 — Dalgety and Co. (£5 6 6*15 O' paid) ... 6.7 Goldsbrough, Mort (£1) 1 7 0 1 7 8 N.Z; Guar. Corpn. (3s) 0 3 0 — N.Z.' Loan and Merc. 26 0 (ord., £100) — - 0 N.Z. Loan and Merc. 10 0 (pref., £100) — 0 United Building (£1) .. 1 0 3 1 0 9 Shipping Adelaide (£1) 1 14 3 Huddart-Parker (cum dlv., £1) • .. 2 17 9 Frozen Meat Cantby ■ (£7 10s paid) .. S 15 0 9 10 0 Cantby. (pref., £5) 6 2 6 8 12 6 N.Z; Refrig. (£1 paid) 0 16 3 0 16 4N.Z. Refrig. (10s paid) — 0 8 Woollens Felt and Textiles (£1) 1 12 6 1 13 7 Kaiapol (17s paid) -. . ■ — 0 12 0 Kalapol (7s paid) .. 0 *5 Kaiapol (pref., 17s) .. 0 14 0 ' 0 14 Oamaru (£1) .. 0 14 11 , Coal Grey Valley (£1) . — 0 0 6 9 Westport (10s) 1 X •— 3 Westport-Stockton CIOs) 0 4 0 ,04 Gaa Auckland (£1) ■ .. — 0 16 0 Christchurch (El) ' — 1 5 0 Christchurch (10s paid) . 0 12 3 Wellington (£1) . 1 o 9 Breweries Balllns (15s paid) .. 0 10 0 0 10 5 Swan (6s) .. .. 1 12 0 — 9 New Zealand (£1) 1 17 0 1 17 ’ MlsceUaneous ■ Alloy Steel (N.Z.) (£1) i e i Aust, Con. Industries 1 19 9 (£1) : 1 10 0 Booth, Macdonald (pf.» £1) 0 2 0 0 2 2 British Tobacco (£1) 2 10 2 2 10 5 3 Broken Hill Pty, (£1) — 3 8 Claude Neon (N.Z.) 0 17 49 0 . 0 19 3 0 (£1) .. Colonial Sugar; (£20) .. 49 12 6 Dunlop Rubber (£1) -. 9 Electro, Zinc (cum dlv., £1) •• . •• Electro. Zinc (pf.. £1) 2 14 2 17 6 0 2 IS 2 18 0 6 G, J; Coles (£1); 3 IB 0 G. J. Coles (£1 paid, new) . 8 18 6 G, J. Coles (10s paid, 6 0 hew)' Hay's, Ltd. (£1) 0 19 0 1 1 Hay’s, Ltd, (con., 15s 0 14 2 1 paid) •• •• Mlllaquln Sugar (£1) .. 0 0 — Milbum Lime (£1) .. 1 15 Morris, Hedstrom (£1) 1 6 9 — Macduffs (pref., £1) •• a 7 0 n "t" 9 Macdufts (ord., £1) •• 0 2 McKenzies, Ltd. (£1) .. 2 2 0 Natl, Electric (£1) .. 0 13 N.Z, Drug Co. (£2) .. 3 9 0 N.Z. Farmers’ Co-op. ■. . - (10s paid) .. N.Z. Farmers’ Co-op. ,2 11 (1st pref.. £5) .. 0 ■ N.Z., Fanners’ Co-op, (A pref., £4) 1 o 0 •• N.Z. Farmers’ Co-op. (41 p.c. Stock, 1950, £100) ' ..- •• — 82 0 ,0 N.Z. Farmers Co-op, (ii pje, Stock, 1955, £100) N.Z. Newspapers (16/8) - 81 0 1 13 0 0 N.Z. Paper Mills (£1) 1 8 0 "tr 6 Procera Bread (10s) .. Quill, Morris (1936) (£1) • •• 0 17 s Simpson and Williams (£1) Taranaki Oil. (24/7 pd.) ‘ o b’ 6 1 is 0 6 0 X Woolworths (Sydney) (ord., 5s> .. v Woolworths (N.Z.) (5s) 1 5 0 17 8 9 1.5 11 - 0 18 1 Overseas Listing 0 14 8 Woolworths (S.A.) (5s) 0 14 5 Australian Mining Broken Hill Sth. (cum 1 7 6 1 8 9 div., 5s) - .. 1 7 6 1 8 Mount Lyell (£1) . . , 1 7 6 1 8. Mount Morgan (2s 6d) 0 9 10 0 10' Nth. Broken Hill (cum 3 9 dlV., 5s) .. .. ' 0 —• N.Z. Mining 9 Alexander (£1) . .. 0 3 0 0 9 Arahura (£1) — 1 7 .6 1 10 Argo' (Is) .. 0 1 0 0 1 Argo (contr.) . .. 0 0 6 • — Austral (N.Z.) (£1) .. 1 3 6 1 4 0 Barrytown (£ 1) ... 0 IS 0 Big River (Is) , .. 0 0 7J - 0 0 11 Clutha River (2s) m Grey River (10a) «k 0 1 11 0 16 0 0 h 0

Buyers. i Sellers. £ s. d. £ s.d. Kanieri (£1) .. — 1 13 9 Golden Sands (Is) .. 0 0 6_ 0 0 81 Maori Gully (Is) .. 0 0 7 0 0 81 Moonlight Gold. (8d) 0 0 5 0.0 6 New River (Is) .. 0 0 10 0 0 10i Okarito (5s) ,, 0 2 6 Ngahere (£1) .. 12 6 13 1 Worksop Extend. (Is) 0 0 7 0 0 9 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. Ass. Mot. Petrol (pf.) 14 0 —• ' Aust. Mot. Petrol .. 0 12 6 —r Carbonic Ice ., 1 7 6 Lange’s Mobile Gas — — 0 18 0 Grand Central Bldgs, (4} p.c. 2nd mort. SO 0 0 debs.) .. .. — Olympia Parking (17s 0 15 0 paid) .. .. — Selfridges (A/asia.) .. 0 6 0 — South Seas Fishing ., 0 2 0 0 10 0 Woolworths. (W.A.) (cum dlv.) ... — 4 5 0 AUCKLAND Sales on 'Change £ s. d. 4 p.c. Ins., Stock, 1943-48 (2) 98 10 0 Natl. Bank of N.Z. .. .. 2 7 6 Bank of New Zealand •. 2 0 0 South British (late sale) 2 2 6 Westport-Stockton (pref.) (late 0 8 0 sale) .. Dominion Breweries .. 1 13 9 N.Z. Breweries .. .. (2) 1 17 0 A.C.I. (rights) 0 7 0 Con, Brick .. (2) 0 8 7 G. J. Coles (late sale) .. 3 19 0 3 18 9 WELLINGTON Sales on 'Change £ S. d. Bank of New Zealand .. 2 0 0 Westport-Stockton (pref.) *» 0 8 0 Woolworths, Ltd. .. •* 1 5 71 Maori Gully .. 0 0 7 Colonial Sugar .. .. 49 S 0 DUNEDIN Sales on ’Change £ s. d. Bank of New Zealand .. 2 0 0 N.Z. Refrig, (paid) Westport Coal .. (2) 0 16 4 1 13 Colonial Sugar .. 49 7 6 Broken Hill Pty. . .. .. Wilson’s Cement .. .. 3 8 3 0 17 4 Woolworths Properties .. ISO Electrolytic Zinc (ord.) .. 2 14 8 N,Z* Paper Mills (odd lot) . •« / — 1 6 3 SYDNEY Prices were generally easier on the Sydney Stock Exchange yesterday, with sharp falls in metal shares. Bights to the new Australian Consolidated Industries issue received their first quotation with a morning buyer at Ss and a noon seller at 7s 9d. Morning Sales £ s. d. Associated Newspapers .. 0 17 101 British Tobacco .. .. 2 5 9 Broken Hill Pty. .. 3 0,9 Burns, Philp .. .. 2 10 9 Afternoon Sales £ s. d. Bank of New South Wales .« 23 0 0 National Bank (£5 paid). .. :,« 6. 2 6 , Howard Smith . • »• 0 19 7 British Tobacco . .. .. 2 5 9 G. J. Coles .. .. .* 3 11, 0 Woolworths .. .. Drug Houses .. .. 1 2 4 General Industries .« • 19 3 Kandos Cement .. .. 1 10 0 Commercial Bank of Sydney .. 18 3 0 Commercial Bank of Australia 0 14 7 Cash Orders .. .. •. 0 16 7 Sargents .. -• . 17 9 Goldsbrough, (Mort ... •• 14 9 Mill a quin Sugar ... 2 0 3 Electrolytic Zinc .. •• Electrolytic Zinc (pref.) 2 12 9. Mount Morgan , «. Mount Lyell ,. ... »• Broken Hill Proprietary .. ... 3 0 9 New Broken Hill Consolidated 0 16 3 North Broken Hill .. 2 3 0 Broken Hill South ... .. 1 5 d Rawang Tin .. .. •• 0 6 6 0 9 11 1 5 6, Emperor .. •• •• Loloma •• Oil Search .. •• •• MELBOURNE 1 ■ Saics £ 8.: d. Carlton Brewery , . •• 3 8 0 Dunlop Perdrlau .. •• .Metropolitan Gas •• •• Australian Iron and Steel (pi») 1 7 6 3 11 0 G. J. Coles .. .. •• Broken Hill Proprietary. .» Mount Lyell .. •• Electrolytic (pref.) .» 2 12 8 0 8 11 X 5 10 0 10 0 Mount Morgan .. “ Loloma . •» Emperor «. •• ' *• CALL AND DIVIDEND LIST . Dividends Due Quill Morris (1936)—int., 8 p.c. Grey a ’and Menzies—pref. arid ord., 8 p.c. p.a.' .. •• Radio (1936), Ltd.—Is _ a. share To-day Aug. 24 Aug. 25 Queensland Brewery—final, ord., 3J p.c.rpref., 22 _ p.c. .. Dominion Investment-final, a, B, C, 5 p.c. p.a.; B, C (3ra Aug. 25 Aug. 28 Sllverton Tramways—final, la a Aug. 30 Bank N.S.W.—int.. quarterly, 6s Aug. 31 a share (Aust. currency) .. Emperor Mines —fourth, - 6d a Aug. SI Standard Insurance—final, la 3d Sept. 4 Loloma —sixth. Is a share .. Sept. 8 Hud ,■ pref., 3 Sept. 14 p.c.; ord., 7 p.c. ., _ Electro. Zinc—pref. and ord.. Sept. 15 Sept. 15 final, 9 p.c. ... . •< Broken Hill South—6d a share D. and W. Chandler—Int., pref., Sept. 15 8 p.c. p.a, ... i. •• Auckland Farmers' Freezing—-6 Sept. 23 Norfh°* Broken •’ ‘ Hill—quarterly, 6d a share ’ .. .. Sept. 27 Calls Tooheys-=new, 8s a share ** Sept. 21 G. J. Coles—new, 10s a shafe .. Jan. 31

. The Bank of New South Wales quoted the following exchange rates yesterday:— Buying. Selling. N.Z. on £100 st*. T.T. 124/7/6 125 ' - OD. 123/18/9 124/19/6 100 £A. to 8100 N.Z. T.T. 100/10/O.D. 100/10/100 FI £fT to 8100 N.Z. T.T. 90 88/12/6 -O.D. 90 88/12/6 Union of South A £n!z~to S.A. £100 T.T. 123/4/6 124/17/O.D. 124/17/N D^l. Y to k ~£l N.Z. T.T. 3.7743 3.7311 O.D. 3.7793 3.7321 3.7314: Dol. to a N.Z. T.T, 3.7713 O.D.-3.7800 3.7324 B Belgas~tO £1 N.Z. T.T. 22.2S2 '21.952 OD. 22.337 21.957 17.830 Kroner to £1 N.Z. T.T. 18.140 O.D. 18.200 17.632 , 179.07 Marks to £1 N.Z. T.T. 184.87 O.D. 183.27 179.17 140.46 !- Francs to £l N.Z. T.T. 142.96 .O.D. 144.21 140.48 Germany— i Reichsmarks 9.265 to £1 N.Z. T.T. — , O.D. — 9.267 Greece— Drachmae ’ ' . 429.20 to £1 N.Z. T.T. — ■ OD. — 429.35 Holland— 8.927 Florins to El N.Z. T.T. 7.077 O.D. 7.117 6.929 Italy— Dire to £1 NJ2. T.T. — 70.944 OX). — 70.969 6.907 Florins to £1 N.Z. T.T. 7.05T . O.D. 7.097 6.909 Norway— 15.839 Kroner to £1 N.Z. T.T. 16.129 O.D. 16.189 15.842 Noumea— . 138.71 Francs to 61 N.Z. T.T. 145.46 O.D. 146.96 .138.75 Papeete— 138.86 Francs to £1 N.Z. T.T. 144.80 OD. 146.36 138.90 Sweden— ■. 1*5.437 Kronor to £1 N.Z. T.T. 15.732 ■ OD. 15.793 15.440 Switzerland— ' 16.501. Francs to £1 N.Z. T.T. 16.771 OD. 16.871 16.504 Hong-Kong— . 181 N.Z. pence to dol. T.T. 18J OD. 183-32 181 India and Ceylon— 221 N.Z. pence to rup. T.T, 22 7-32 OD. 22 3-16 221 Japan— 17] N.4. pence to yen T.T. — OD. — 17] Manila— 32 7-32 N.Z. pence to peso T.T. 3133-64 OD. 3137-64 32 7-32 Shanghai— . N.Z. pence to dol. T.T. — ■-! OD. — S1 Nzf pence to dol. T.T. 3427-32 3521-64 , , . , OD. 34] 35 21-84 ASSOCIATED BANKS* DOLLAR RATES Thes 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:— ■ TJ.SA. ' Canada. V ’ (Per £1 N.Z.) ' Dol. Dol. Selling— 3.721 T.T. « .* 3.721 OD. .. .. 3.72] 3.72] Buying— 3.77 3-16 T.T. .. .. 3.77 3-16 OD. , .. ■*, 3.7715-16 3.781

Percentage Average rate . of return on being earned available at end funds. s of-year. 1930 5.999 5.93 1031 .. 5.1 5.812 , 1932 .. 4.613 5.945 1933 ■ 3.996 4.91 1934 .. 4.4 4.6 ' 1935 .. 5.203 4.58 . 1936 .. 4.637 4.39 >■ 1937 .. 5.252 4.22 1938 .. 4.336 4.025 v 1939 .... 4.125 3.929