FINANCE AND COMMERCE

Press, Volume LXXV, Issue 22805, 2 September 1939, Page 12

FINANCE AND COMMERCE

SHARE VALUES FLUCTUATE A WEEK OF UNCERTAINTY Under the influence of events in Europe share prices in Christchurch showed some wide fluctuations this week. As hopes were raised so prices firmed; but at the end of the week uncertainty increased and markets closed on a lower level. While there were few signs of selling pressure, the volume of business at £21,913 was well above the weekly average for several months. The only occasion on which it has been exceeded since the end of October, 1938, was about a month ago, when the total was £22,744. Most of the business was in Australian industrials. Broken Hill Proprietary, Electrolytic Zincs, and Woolworths were actively traded in, and the turnover in these three stocks alone exceeded £13,300. Banks and othet classified sections moved irregularly on small business.

Dealings in the different sections /’were:— i ? Value if £. ► ♦Government . 900 1,001 jr| Shares II No llßanks .. ... 250 792 (Insurance .. .. 445 1,030 Loan and agency .. 75 10! ‘ Shipping , ... - 580 4 645 Frozen meal ... ~ 275 157 , Coal .. ; 100 105 Breweries .. ~ ... ,303 " 709 “Miscellaneous ’ ... 6.030 15,809 .. .. 1.250, 1.555 Turnover day by day was:— This Last week week Saturday .. .. 2,185" ' 2,756 j "Monday .. .. 5,420 I*3lß *'■ Tuesday 4,985 3.124 itr Wednesday ... .. 3.72 J 1,751 :» Thursday .. .. 2.439 3,522 * Friday .. .. 3,155 4,689 I ; 21,913 16.160 !r Alter the announcement of an issue old!shares forevarylOO held. Broken Hills were very .active throughout [?■ the week. Prices Were very uneven, ■I fluctuating from 70s 6d to 77s 9d to 71s If 3d to 75s to 74s 3d to 72s 4d and 70s. Outside Christchurch the'top price was || 83s. British Tobacco gained Is 3d at I 4959 d, 50s 6d, and 51s, and , Dunlop [J Rubber recovered 6d to 20s 6d. Electro--3 lytic Zincs :and Woolworths," Ltd,, were v also firmer. Whitcombe and. Tombs at "fj; 60s scored a rise of 3s on the last sale in June. .* - •".f, j SOME SHARP PRICE I;, "" RECESSIONS ~ Tf < YESTERDAY’S BUSINESS IN. - ‘ CHRISTCHURCH e Sharp recessions occurred in the i, values of several stocks on the Christ-, ii churfch ' Stock.' Exchange ' yesterday. | Turnover was moderate. k Commercial Bank of Australia re!j mained' unaltered at 15s 9d, buyers l|. were reticent. ... •• |, 'A' lSte sale of New Zealand Inaixr|j ance bn Thursday was reported at 525, :f and there was further business yesterI day at the. same figure. Goldsbrough, Mort eased to business .at 275", and’further sellers;- at 275,9 d failed to attract buyers. New Zealand Refrigerating .(£ 1 [i prad> .relapsed to 15s 9d, market clbsfj Ing 15s 4d buyers, 16a sellers. The gv contributing eased to 7s 9d, closing ; quotations 7s Bd. buyers. 7s lid sellers. S • New Zealand Breweries" appeared ! firmer with buyer, dt 365. sellers at 375, f•' Australian’.- Consolidated "Industries j frights) "advanced to dealings at 6s lid , and."7a, *apd ‘ further; sellers -at the lower" figure failed to attract buyers. 1 Broken Hall Proprietary; dropped ! sharply to dealings, at, and 70s, closing quotations 69s 6d buyers, 70s '■3d sellers. ■ G. J. Coles were easier with " dealings at 75s fld and 775, market :; closing 74s ’ 9d' buyers; 76s 9d seUers. ' Woolworths, Ltd., dropped to dealings i at 25s lid and 255. buyers staying at - th- lower figure,, sellers 25s >sd. '" ■ - • Arahura eased to business at 28s.’ p ' LISTED STOCKS ’‘ . ; ■ . , Sales on ’Change & s. d. I ; 75 Goldsbrough, Mort 1 7 0 ’ > 175 N.Z. 'Re£rlg. (lOsVpd,) " 0 7 9 . 100 Australian- Consoll-.... :■ ' : dated Ihtius. (rights) 0 8 11. ' JSO Broken Hill Propty. 312 4 \i'/- ? .' -V r *C4) * .3.10 0, ? 100 G. J. Coles • 3 15 6 H 100 Woolworths (Syd,). 4 ■ ■ fr" . ord. (cum div.) ".. 1 5 11, p- §0 Arahura" .. ... 100 Sales Reported ifT 85 NJZ.. Insurance (late _ | Thursday) " 212 0 I- 110 N.Z. Insurance ■ .. 212 0 if 100' Australian Consoll- - . dated Indus, (rights) 0 7 0 100 Woolworths (Syd.>, , r ord. (cum div.) .. 1 S 0 F 100 G. J. Coles i 317 ‘0 L . 100 N.Z. Refrig. (£1 pd.) . 0 15. 9 L , COMPANIES registered }; Modem Mechanics, Ltd, Registered as a I*: private company ! Cathedral square, Christchurch. . Capital: £6OO Into shares of £leach. Subscribers; ft Christchurch —P. F. Harris 400, V. L. Neate fcjoo, R. S. Crammer 100. Objects: Motor $ Earaßc proprietors,and Incidental.* Cashel Buildings, Ltd, Registered as-a Ertvate company;' August' 21. 166 t, Asaph- street. Capital;. £14,000 Into shares of £1 each. Subscribers; Christ’r xhurch—M. S. Graham 10,000, J. ,W.,Gra“•"■liam 3500. A. O. Graham-800. • Objects: ’'Acquire and*purchase lands for farming, ' building purposes, and Incidental. .. 4 : International Varieties, Ltd. Registered •"is a private company" August , 22. ■ Office: 84 Gloucester rtreet, Christchurch. Capl- . t«l; £ 1000 into shares of .£1 .each. Sub* ; scrlbers; Christchurch—G. -Bowman 50, O, y, Watson 200, R. G. Frew. 100, L. A. Dougall 100, C, Campbell 450, B. T. Carpin- . ter 50, J. H. W. Campbell 50. Objects: - Proprietors and managers of theatres' and concert halls, and ’ Incidental., ; ' '/ ; . Matt Son ’(A. C.). Ltd.y r ßegistered.as a . private company August ’22. •' Office: T. ’and G, Building. -Christchurch. Capital: ; i £IOOO into-, shares of £l. each. ' Sub* •« scrlbers: 1 ’ Sumner—-Av‘ .C, : ManSoa r . 90S, •Christchurch—Ford 5, 1 >■ Objects; .Transport ' contractors, carriers, -haulers, . and Incidental. PROPERTY SALES \/ * - * - ! -" - , ■ / t r .]' , ‘ MESSRS' BAKER BROS. (Estate Agents),’'LTD., - 166“ Manchester street, report having sold on account. of the trustees ’of the estate of E. Whittle, I ‘ lix-ipomed bungalow in Hackthorne k road, Cashmere to Mr R. Wilson. ALSO On account of Mrs B. Bliss her fiveroomed.. bungalow in Slater’ street; North Richmond, to Mrs E. McDowell. r ■ : f f ‘ —6 PROPERTY S. MOORE, Real Estate Agent, , reports, having’ajld: v ■ ‘Pj.’ ■ ' - f % - 5-Rooraed House, . Forbes street. , r- 7-Roomed .House, ’Hereford' street • Bed Cottage, Sydenham, ed. House. ■ Torrens - road. - • ,S.; MOORE, .Victoria street, . For Beal' Estate. ••’ ■ ” ’ ’ r.ThOne 35-878. y'.rti., ■ . X 5454

NEW SOUTH WALES The Bank of New South' Wales quoted the -following exchange rates yesterday:— •i". : Buyers. Sellers. N.Z. bn aKft.su,Tf. t-*m ».z.; x|. JO. ’ • Union of South j ; ’ -Africa— f. : ■. .' . ■ £N.Z. to S.A. . £IOO T,T. 123/4/6 124/17/- . 08. 122/17/- 124/17/,v ■■ r *•> t'.VJ- -, Hoi. - f0;..£l N-Z. T.T. 3.5353 3.2041 V ~. Q.D. 3J5303 3.2051 '■£! N.Z. T.T. 3.5900 3.2901’ ■ O.D. 3.5937 ; 3.2911 - 19.340 i O.D. 20.905 19.345 Denmark— *; ; , Kroner to £1 N.Zo T.T. 18.519 ; 10.969 : v : : Finland— •..... , 1 ..: :• •• ’ ? Marks to N.Z, T.T.-196.43 . 167.43 O.D. 198.83 167.53 France—- ; Franca to £T N.Z. T.T. 146.83 ,134.33 O.D. 148.08 134.35 Germany— '" ' Reichsmarks ■ -•’ ’ to £1 T.T. r "’W ; (. O.D. Greece— i- r' r ' .'■• ’-’Drachmae - ■ . . to £1 N.Z. T.T. . . . OJD, Lolland— ■, '• » ■ Florins to £1 N.Z. T.T. 6.868 6,118 / O.D. 6.908 6.118 Xtaiy-A , • Lire to £1 N.Z. T.T. ’ 64.01 O.D. ’ 64.04 Java— : • - ' * - • Florins to £1 N.Z.. T.T. 6.816 6.066 i Oh: 6.856 - 6.068 Norway— ■ Kroner to £1 N.Z: T.T. 18J84 14.914 O.D. 16.424 -.14.917 Noumea—/' v; . : , Francs to" £1 ; N.2S;-: T.T. 159.33 125.58 O.D. 160.83 125.62 "Papeete— ■ : Francs to £I N.Z.„M. 156.33 128.33 ... ‘.OJD. 157.83 D .126.37 Sweden— : Kronor to £1 N.Z. T.T. 15.712 14.237 - O.D. 15.772 - 14.240 Switzerland— - - • '■ Francs ;to £1 N.B. T.T. 16.868, : .. 14.518: :’ ,OD. 15.868 14.521 Hong Kong— N.Z. pence to dol. j"T.T. -Nominal • .•■■ O.D. .'Nominal India and - N.Z. pence to rup,. ,‘T.T: :21,11-16 . 23 3-32 , , /’/ OD. ?l 21-32 23 3-32 Japan— ' < i-, /' /<• • ■ N.Z. pence to yen T.T. "v. 18 5-64 OJ), Manila— r. ’ \C w-. N.Z. pence to peso' T.T. ■■■ ■ ■- OJI. Shanghai— / N.Z; pence to dol; T.T. - O.D, Singapore— NTZ/pence to dol; T.T.. 33 25-32 36 13-64

' O.D. 3311-10 36 13-64 ASSOCIATED BANKS* , DOLLAR RATES . ' , ■ ; The 'Associated' Banks’ (other- than ,the Bank ' of-' New South. Wales) quoted- the following, rates ’ yesterday :on a New ■ Zealand; oUrrenoy basis. They are subjt’t to alteration without ■ notice ■ ,o U.S.A. . - .Canada. : k> (Dol. to £1 N-Z.) Selling— 7: . T,T. -vi ~' ,3.2613-18 3.34 7-16 - O.D; ■ 3.27T-I8 3,3411-16 Buying— _ • -■ T.T. V.. . .. 3.455-18 3.5215-16 . 0.D.. 3.483 3.577-16 American markets retreat \ y * .-' •; ”. , NEW YORK, August 31, American stock markets made ‘an orderly - retreat in the face - of. British mobilisation. t - • > ■' r ■ New stock; markets closed with losses ;Ql; lJ' ; polnta in* industrials.’-- j.Bonds&wpre lower,.; Gerrrtan,-. Norwegian'^andl Italian lilies registering the largest losses. , BRISK ; PROPERTY; MARKET "MESSRS' McKENZIE and- WILLIS,LTD.;-, report an-active demand for all classes of property, and increased confidence In values; A particularly satisfying ' feature being the number of sales iof homes, .over the *£2ooo price. During the .last- eight weeks .sales of residential property of a • total value of ■'£32,740 have been effected by bur pro.perty.-, department., .and In .most instances. cash has beep paid. Our property department. Is at your ■ service "for the 'sale bf your home, and , thbscrvicpjs. an. .efficient one. McKENZIE and WILLIS, LTD., ■ Heal Estate Agents, ’ 120 Hereford ' —1

THE MONEY MARKET

PAYMENT FOR IMPORTS FORWARD BUYING OF STERLING. Importers who buy sterling exchange forward for payment of goods from overseas do so at present rates, and carry, no risk of an increased rate. New. Zealand on The position is fully explained in' an application form which was to be issued to the trading banks yesterday. This advice was»received by telegram yesterday by the secretary of the Canterbury Chamber of Commerce (Mr J. Roy Smith) from the Associated Chambers of Commerce, ■Wellington, which had been advised by the Reserve Bank. The telegram was in response to a request by the Canterbury -Chamber of Commerce for -elucidation Of a statement published in' "The Press” yesterday . morning that the Reserve Bank, had authorised the trading banks to sell forward sterling bn receiving . payment for . Imports at the normal due. date. • - ■ “The statement did not iftake clear whose responsibility any .exchange fluctuations wbuld be," said Mr Smith, "Inquiries were made of the Associated . -Chambers ‘of Commerce in Wellington, pointing out the ambiguity, and asking at whose risk the exchange fluctuations'?'would be in respect of sterling requirements bought forward by importers. . . “Inquiries indicated that the’ trading banks in Christchurch‘ have not yet received; the circulars, but importers who - , wish :: to ? buy sterling forward should; • keep in . touch with their trading banks.” GOLD AGAIN HIGHER NOW £ 7/19/- A FINE OUNCE • LONDON, August 30, Gold is quoted at £7- 19s a fine ounce, a rise of 6d. •■— : ■ $ The following is a summary of the fluctuations in the price an ounce of

PROPERTY SALES MESSRS - FORD and HADFIELD. LTD., Real Estate Agents' and Auctioneers, 'l3l-133 Worcester sstreet, have to report having submitted by Public Auction, the property situated :14 Beresford. street, Llnwood, on behalf of the trustees in the .estate: of J. McDonald (deed.).; and ’having sold same to a clients Also, having sold, on behalf of the trustees 'in 7the f estate of -F, Cook, a residential - property situated Colombo street - south, to Mrs Manhire, . See—,. ■ . FORD and HADFIELD, LTD., ' For Real Estate. " —6

OTHER QUOTATIONS

VALUES ON, STOCK EXCHANGE

CHRISTCHURCH RATES, SEPTEMBER ,1, 1939 FORMER LEVELS COMPARED ’

WELLINGTON

AUCKLAND

MELBOURNE

Sales on ’Change £ s. d. Stock. 15/1/53-57. 3i p.c. .. 80 10 0 Bonds, 19/4/43-46, 4 p.c. .. 98 5 0 Bank of Australasia .. .. 9 0 0 E., S., and A. Bank .. . • 417 6 N.Z. Insurance (late sale) .. 212 0. Queensland Insurance .. •• 3 0 0 Auckland Gas (late sale) x .. 015 0 Broken Hill Pty. (late sale)... 3,13 9 3 12 3 3 10 0 Con. Brick -• • ,-• ? § „ Dunlop Perdriau (late sale) .. 10 9 Electro. Zinc (pref.) (cum dlv.) 219 0 G. J. Coles (late sale) .. 319 0 3.16 9 Woolworths (N.Z.) .. . -- 017 3 Woolworths (Sydney) i (2): J 5 6 1 s•= ■ Martha •• •« 2’ Mount Lyell (late sale) .. 1 810 DUNEDIN Sales on ’Change £ a. d.4 p.c. Stock, 1954-58 .: • • 97 2 6 N.Z. RefrigeraUng (con.) .. 0 7 B Broken Hill Pty. .. *• 314 3 Mount Morgan •• • «• 0.10 .1 SYDNEY Sydney sharfe prices yesterday developed fresh weakness following the latest dis» quieting news from Europe. Turnover, however, was fairly heavy.

SYDNEY WOOL SALES OPENING AGAIN POSTPONED SYDNEY, September 1. The - opening of the new season’s wool sales has again been postponed a week. ___ BUTTER INACTIVE LONDON, August 31. Butter is inactive.’ Choicest* New Zealand salted and unsalted is quoted 1245, and Australian at 116 s to 117 s. Danish is quoted at 133 s to 1345. _ Cheese is firm. New Zealand white and coloured; 60s to 615., Australian spot stocks are cleared;

SMITH FIELD MARKET

PRIME QUALITY LAMB FIRM v PRICES FOR WETHERS AND EWES ADVANCE ‘ (PRESS ASSOCIATJOV TELIOEiU.) WELLINGTON, September I.' The New Zealand Meat Producers’ Board’s report on the Smithfield market covering the period ended August 31, states that the prime quality lamb is firm, with a slight improvement in some grades. Second quality is a shade easier, owing to heavier supplies. Wethers and ewes are very firm at advanced prices, owing to light stocks in store and afloat. Frozen beef is firmer, on better prices. Chilled beef prices are better this week, owing to lighter supplies and good demand. The New Zealand porker pig market is quiet but firm, and baconer pigs are quiet and unchanged. Boneless bobby veal supplies are now more plentiful. Quotations are:— Aug. Aug. Aug. 17. 24. 31. d. d. d. Per lb.

KEEN 'COMPETITION' FOR . ’ SHEEPSKINS PRICES FROM PAR TO 3d LOWER ", The Christchurch Woolbrokers’ Association reports holding a sale ot sheepskins'before the usual bench of buyers. Competition -was fairly keen throughout, at prices.from par to. id lower than those ruling at the previous auction. The following is the range of prices:— ’ • Sound. Faulty. d. d. d. 'd.

SOUTH AFRICAN GOLD PROFITS PROTEST AGAINST DECISION OF GOVERNMENT JOHANNESBURG, September 1. The Chamber of Mines has protested against the Government’s decision to retain gold profits above £7 Ips an ounce as' a blow to confidence and a departure from previous Government policy preventing the expansion of mining lower * grade ore. -p “

COMPANY NEWS

TAI TAPU DAIRY FINAL PAYMENT OF 2id PER LB BUTTER-FAT A surplus of £32,585 is shown in the. accounts for the Tai Tapu Co-opera-tive Dairy Company, Ltd., for the,year ended July 31, 1939. . , . The directors recommend a final payment of 2Jd per lb on the butterfat supplied,*' making a total payment for the finest grade for the ; year of Is 4id per lb. The final payment absorbs £29,879. The directors also re- , commend & dividend at the rate _of .6 per cent, per annum, absorbing. £ do/, and a transfer to plant replacement reserve, of £2019. The directors in their report say:—‘‘The output of butter, 1565 tons, is a reduction of 65 tons, but is very satisfactory in view of the. bad season experienced. With-the exception of 52 tons of manufacture received from West Coast suppliers, the balance was drawn from the North Canterbury district, our activities in South Canterbury having ceased: under the rationalisation regulations. It may interest suppliers to- know that we- draw supply from 21 West Coast suppliers and 1944. North Canterbury suppliers. “Unsold butter on hand at the balance date-consisted of 90,4911 b, and was valued for stocktaking at 1/3.6; “The expense ratio at 2,46 d per lb butter-fat is an increase of .13d per lb butter-fat over the previous year’s figures; this, in view of rising costs and a decrease in output •of 65 tons, reflects credit on the efficiency of the organisation. “The average grade for the year of 94.01 is an improvement, and brings the average grade of our-produce into the super-finest class. “Messrs" J. Sharp, and G. Mangels retire from the directorate and - are' eligible for re-election. The auditors, Messrs E. R. Caygill and, Co., again offer themselves for re-election.” FARMERS’ INSURANCE /■ : ..Net premium revenue of the Farmers’ Co-operative Insurance Association: 'of - New Zealand, Ltd:,' for the year ended June 30, 1939, was £40,931, against £36,028 last year. After waking full provision for losses outstanding and for taxation there Is a surplus in the underwriting account of £1975. Including interest and rents and after allowing depreciation, the sum- available is £6884. Out of this, an. interim dividend on preference shares at the rate of 7 per cent, per annum, absorbing £1745, .was/paid in January? and the directors now propose to pay a further dividend on preference shares at the same rate, and a dividend of 4d a share for the year on ordinary shares,; absorbing - £2562. The , carry-forward to. the new account is £39,782. - ■■■■'■ ■■ ■■■. ■ The retiring directors are-Messrs P. W. Johnston and the Hon. W. • Hayward, .who offer themselves for reelection. ■ • ■- •

MILNE AND (^OYCE

[THE PKESS Special Service.]. AUCKLAND, September 1. A further improvement, in earnings and a recommendation to add S bonus of 1 per. cent, .to the usual s.per payment on ordinary shares and qebenture stock are features of Abe accounts of Milne and Choyce, Ltd., lor the year ended July = 3l. _ , Net profit was £20,514,. after £22,383 had been provided , for income,, land, and social security, taxes, and £6171 for depreciation. This result compares with £16,548 struck in the previous year, after-provision of £II,OBB for taxes, and £6244 for depreciation The directors recommend the following dividends, inclusive of mtenm payments of £6435 made in i April: Six ner cent, on preference shares, £420, 7 per cent, on B preference shares, . £1050; 5 per cent, on ordinary shares, and 1 per cent, bonus, £1755, 5 per cent; on perpetual debenture stock a^ 1 per cent, bonus, £11,925, total, £ The s directors state that the reserve accounts totalling £55,714 have been amalgamated into; one general reserve , account. It is recommended that this account should be increased to £BO,OOO , by transferring £24,286 Horn -the. apPr Altef'W paymeirt of dividends, £9762 will; be., carried forward against £28,684 brought in. The company will pay social, security , Sc in respect of the dividends to be paid on October 10. ■ . . . ; CENTRAL “ DAIRY ? AY-OUT The Canterbury .Central _ five- dairy Company, Ltd., a further payment of 2jd per lb on all butter-fat supplied during thecompany's year ended July. 31, xo be included with the . payment , iot , August butter-fat. _ : BANK ,-OF AUSTRALASIA The Bank of Australasia announces an interim dividend of 3s 6d a share, less' British income tax of 3s 4Jd in the £, payable on October 6. ■ •- c - - ■ -'■ l LEYLAND O’BRIEN . / WELLINGTON, September 1. The Leyland O’Brien Timber Com-, party has advised the Stock. Exchange, . Association that a repayment.: of. camtal amounting to 5s a share will- be made to shareholders on September 6. After that date, the. share capital will be £90,000, in 120,000, shares of 15s, each fully paid. , BRITISH TOBACCO The British Tobacco. Compa^’^'P--nounces ;a quarterly pi* dihary-shares of 2 per cent., payable on September 30." BROKEN' BILL SOUTH., / Broken Hill South announces - profit for the year ended "June 30 oi £350,007. . ' .

FOREIGN EXCHANGES (BRITISH OFFICIAL WJBEI.EaS.1 RUGBY, August 31. Par. Aug. 30. Aug. 31. Paris, fr. to £1 179.00 175 1751 New York 4.40 ' dol to £1 4.866 4.26 Montreal, 4.45 dol. to £1 4.866 4.35 Brussels. , 25,80 bolea; to £1 35 . 24.85 Geneva; 19.45 fr, to £1 23,2215 18.65 Amsterdam, 7.95 8.25 fl. to £1 12.107 Milan, lire 841 to £1 92.0 82 Berlin, reich11.10 marken to £1 20.43 10.70 ' Copenhagen, 22 22 kr. to £1 18.159 Stockholm,18 kr. to £1 18.159 18 Oslo, kr, to £1 18.259 19 19 Helsinki, 210 marks ta £1 193.23 210 Madrid, pese421 421 tas to £1 . 25.2215 Lisbon, escu110 dos to £1 110 110 Athens, drach ‘ to £1 37S S47J 5471 Belgrade, f dinars 278.31 • — Bucharest. lei to £1 813.6 —■ Rio de Janeiro, pence to 2i , . ai mllrels 4.899 Buenos Aires, 19 • pence* to. del. 11.45 19 Montevideo. ' u pence to peso 51" - , , — — ' Bombay, pence "f. ■ " ■ 17 to rupee 18 IT Shanghai, t .... pence to yen * 4 4 Hong Kong, 15 ’ 15 • pence to yen Yokohama; - - 14 -pence to yen 24.58 14 ‘ Batavia,; > ' k. : guilders 12.107 8.10 . 8.20 Warsaw, par ... - zlotys to £1 43.38 24.87 ; ■221 , ‘Determined by price of silver. QUOTATIONS PROM BANK OF

BANK OF ENGLAND RETURN INCREASE IN GOLD HOLDING DISCOUNT . RATE REMAINS AT FOUR PER CENT. (united press association —copyright.) RUGBY. August 31. The Bank of England return for this week Is as follows:— ISSUE DEPARTMENT £ • Notes issued;— Govt. debt. 11.000,000 latlon 529,500.000 Other Govt. In banking dept. 33,500,000 securities 284,800,000 Other securities 3,500,000 Silver coin 700,000 •300,000,000 Gold coin and bullion 263,000,000 £563,000,000 £563.000.000 •Amount of fiduciary Issue. ; BANKING DEPARTMENT . £ . £ Capital 14,500.000 Rest ■ 3,700.000, Govt, se- _ curities 113,100.000 Deposits— Public 31,100,000 Discs. 5c advances 6,400,000 Bankers 90,100,000 Other se- • • curities 24,600,000 a/cs» 39,000,000 Notes & ‘ coin 34,300.000 £178,400,000 £178.400,000 The orincioal items in the return comnare as follows with those of last wee*, the. proportion of the reserve to liaomues being shown In the last line:— Aug. 24. Aug. 31. £ £ Deposits— 22.400.000 31.100,000 92.100.000 90,100,000 Other accounts .. 36,200,000 39.000,000 150,700,000 160.200.000 99.700.000 113,100,000 Advances, etc. .. 5,700,000 6,400,000 24.300.000 24,600,000 39.100.000 34,300,000 508.100,000 529,500,000 Coin and bullion 247.200.000 263,800,000 Proportion 26.00 . 21.38 The Bank of England discount rate is 4 per cent., to which it was raised last week from 2 per cent. CONSOLS AND STOCKS LONDON. August 31. the latest quotations for Government securities compared vmn Quotations during last week, tne prices named being largely nominal:— Aug. 24, Aug. 31. £ s. d. £ s. d. British— Consols, 2J p.c. .. _ 63 10 0 Funding Loan, 4 p.c., 1960-90 .. — 102 5 0 War Loan, 31 p.c. 1952 .. 88 12 6 88 10 0 Con. Loan,, 3J p.c., • 1981 .. .. 89 2 ,6 *87 0 0 Victory Bonds, 4 •102 ff 0 102 0 0 Commonwealth — 5 p.c., 1945-75 .. 95 10 0 98 0 0 4 p.c., 1943-48 >. 33 D.C.. ,1948-53 .. 04 0 0 93 10 0 84 10 0 85 10 0 • 31 n.c.. 1956-61 .. 74 0 0 74 5 0 3 P.C.. 1955-58 .. 72 0 0 72 0 0 82 0 0 82 1 3 31 p.C„ 1930-50 .. Victoria— 3 • n.c.. 1929-49 .. 81 0 0 80 0 6 ' 43*0.0.. 1940-60 96 0 0 95 0 0 5 p.c., 1945-75 .. 97 10 0 95 10 0 Queensland —, • 3 p.c.. 1922-47 86 0 0 84 0 0 5; p.c.. 1940-60 South Australia — 91 0 0 98 10 0 5 P C.. 1945-75 .. 97 0 0 97 10 0 3 p.c., 1916 (opt.-) 66*10 0 65 0 0 Western- Australia— 87 0 0 85 0 0 .4 p.c., 1942-62 .. Tasmania— 100 2 6 . 99 0 0 3}< p.c., 1920-40 .. M’p.c., 1940-50 .. 90 0 0 SO 0 .0 Newi Zealand— 85 10 0 85 50 41 p.c., 1943-58 .. sl p.c.. 1940 100 0 0 100 2 p • 3 n.c.. 1M5 83 0 0 86 0 6 •Ex Interest.

fine gold; this year:—: £ vs. d. Highest price, August 28 8 1 0 Lowest price; 'January 27 .. 7 8 2 August 23 .. .. 7 8 6J August 24 .. 7 ,8 5 August 25 • . ,. ; 7 10 6 August 26 .. 7 15 0 August 28 . . v.'. 1 ... 8 1 0 August 29 .. .. 17 0, August 30 ■ \ .. 7 18 6 August 31 . 7 19 0

Return Am't. paid. a. > T AppSrox. market Approx market price a year . a ' a?* • ,gg >ra« a s -S Dividend payable. on nvestment at approx. Companies. sn e. Buyers. Sellers. price. ago price. £ £ s. d. £ s. d. £ S. d. £ E. <3. £ s. d. N.Z. curr. Banks— Australasia Comm, ‘of Aust. 5 10s = 9 5 0 IS 0 9 9 S 0.15 0 6 10 10 0 16 0 0 8 7 1-12 Feb.-Aug. Oct.-Mch. 4 6 4 11 5 4 Comm, of . Aust. 10 12J 3 9 19 4 9 20 5 4 Oct.-Mch. 4 6 5 (pref.) Comm, of Syd. E.. S.,. and A. 18 15 0 19 S 15 0 0 0 10 17 0 6 0 3 0 6 7 7 Jan.-July Nov.-May 4 9 4 6 9 1 Natl, of A’asia. , (con.) Natl, of N.Z. .. N.S.W. New Zealand .. Union 5 21 20 1 5 2 6 1 IB 0 4 6 15 30.15 1 19 7 18 0 0 9 0 6 11 2 7 30 0 1 19 7 17 0 0 0 6 6 6 11 2 12 30 15 2 2 8 8 0 6 0 3 0 6 4i 6 10 7 Nov.-May Jan.-July Jan.-July Jan.-July Jan;-July 4 11 7 4 15 8 4 0 0 5 13 4 8 10 Insurance— 7s 1 10s 1 n 17 0 10 5-7 May-Nov. 4 10 0 National : i . • New Zealand .. South British .. Standard 2 2 11 2 0 0 - 2 12 2 2 2 15 0 6 6 2 16 2 6 2 15 6 6 6 10 14 1-6 , 121 Feb.-Aug. Apl.-Oct. Mch.-Sep. 3 16 11 3 6 8 4 10 1 Loan and Agency— Dalgety and Co. 5 Goldsbrough, M. 1 United- Building 1 6 1 1 0 6 0 0 11 3 6 15 1 7 1 0 0 9 9 6 10 1 7 1 0 0 0 6 8 1 1 i 7 0 0 6 6 S 41 5 May-Nov. D6c.-June Oct.-Apl. 4 12 3 6 4 17 3 7 6 Frozen Gear N.Z. Hefrig. .. N.Z. Refrig., con. 10s 1 10S 0 12 0 0 14 4 5 5-6 July-Oct. ' 4 17 3 0 15 0 7 4 3 0 16 0 7 0 11 0 16 0 7 0 9 r 0 0 IB 8 3 0 51 51 Feb. Feb. 6 17 7 1 6 11 Gas— Auckland Auckland (con.) Christchurch .. Ch.Ch, (con.) .. Wellington 1 13s 1 10S 1 0 15 1 1 3 9 0 15 0 10 1 4 0 12 1 8 0 6 3 0 0 1 0 0 14 1 7 0 13 1 14 6 6 9 3 6 5 5 7 7 8 July-Feb. Juiy-Feb. Aug.-Feb. Aug.-Feb. Aug.-Feb. 6 13 4 7 2 10 5 15 5 5 16 8 5 14 3 Shipping— Huddart-Parker P. , and , O. Def, Union (pref.) .. 1 1 1 1 ~2 3 3 1 1 0 2 5 0 6 0 f 2 1 1 8 5 6 0 0 3 14 8’ 51 May-Dec. May-Dec. May-Dec. 4 13 7 2 4 8 4 2 0 Coal— Taupiri Westport 1 10s 1 0 9 1 1 3 0 17 1 1 9 0 0 15' 1 5 0 0 71 10 May-Nov. May-Nov. 8 9 4 15 0 2 Breweries— Carlton New Zealand .. Tooheys Tooths 1 1 15s 1 1 16 0 1 17 0 1 1 2 16 11 15 0 0 6 2 2 . 1 2 6 1 12 14 0 6 0 9 15 f Hi Oct.-Mch. Jan.-July Mch.-Sep. May-Nov. 4 14 5 5 16 1 4 2 10 Miscellaneous— Aust. Consolid. ,1 1 18 6 1 17 3 1 18 6 , 4 12 6 6.86 Dec.-June 3 15 2 1 0 15 0 0 19 6 5 Mch.-Sep. 1 2 9 8 2 10 9 2 10 6 2 7 6 , 10 March . Broken HillPty. 1 2 9 6 2 10 3 3 10 0 2 17 0 121 Nov.-May 5 1 2 16 0 2 H 0 10 Nov.-May 3 11 5 1 3 14 9 3 16 9 3 15 8 3 18 9 18} Jan.-July 4 19 4 Colonial Sugar 20 48 0 0 49 5 0 48 10 0 47 5 0 ■71, Nov.-May 3 1 1 i 4 n 1 5 fi 1 4 0 1 5 0 6 June 1 i 0 0 1 03 1 .0 3 1 i 2 7 Apl.-Oct. 1 2 14 fi 2 13 8 2 2 0 15 Mch.-Sep. Elec. Zinc (pf.) Henry Jones .. Kauri Timber .. N.Z. Drug Co. Mount Lyell .. Farm. Fertiliser N.Z. Newspapers Whit. & Tombs Wilson’s Cement Woolworths Woolworths. N.Z. 1 1 25s 2 1 1 18/8 21 10s Ss 5s 2 IS 1 ~7 2 IS 1 ~5 0 17 0 0 6 0 0 2 16 x "i 1 12 3 4 1 "i 0 IS 3 9 6 0 .5 0 2 2 1 3 1 0 1 2 0 1 0 16 15 3 9 8 17 12 19 17 5 17 0 0 0 0 0 8 6 6 0 0 0 2 4 2 9 1 2 3 10 1 7 0 17 1 14 3 3 0 17 1 1 6 0 9 6 0 6 0 0 9 1 15 10 6 8 71 6 8 6 71 171 16 , Mch.-Sep. June-Dee. June-Dee. Sep.-Apl. June-Dee. August Nov.-May . Mch.-Oct. Nov.-June Oct.-Apl.' July-Jan. 3 12 6 10 4 12 5 8 6 17 4 1 5 0 4 8 3 10 4 14 8 5 9 1 1 11 10 2 0 1 Where no approximate price la given return is worked on mid-market price unless only one quote is given.

N.Z. Govt. Debentures Buyers. Sellers. £ s. d. £ 8* a. 3 p.c. Ins- 1941 97 0 0 — 3i p.c. Bonds, 1953-57 .. 90 10 0 — 33 b.c. Ins.,-1938-41 99 5 0 4 p.C. Ins.. 1940-43 .. 99 5 0 F— 99 0 0 99 10 0 4 p.c. Ins.. 1954-58 .. 98 10 0 97 10 0 4 p.c. Bonds, 1949 99 0 . 0 Rural Bonds, 5 p.c.. 98 0 ,15/9/47 ... 0 — Other Debentures Tolaga ■ Bay, 41 p.c.. 101 0 0. 10/9/60 Booth, Macdonald, 5 66 0 p.c., 1/6/47 0 C.F.C.A., 4i P.C., 21/10/42 81 0 0 87 0 0 Dom. Fertiliser, 6 p.c.. 100 0 1/2/41 .. 0 • “ Doan and. Agency Christchurch Building 14 10 (£10) . ... N.Z. Guar. Corpn. (3s) N.Z. Loan and Merc. 0 4 1 . —’ 28 0 (ord. stock. £100) .. — 0 Perm..Invest. (£10) .. — 10 0 Wright,- Stephenson (ex 6 dlv.,’£I) Wellington Trust and , -Loan (£5 paid) 5 0 . "' Shipping. Adelaide (£1) 1 13 0 •— New Zealand (£10) 12 0 0 — • Frozen Meat Cantby. (£7 10s pd.) 8 15 0 S 10 0 Cantby. (pref., £5) .. Southland (£1) 6 0 1 7 0 9 6 10 1 10 0 0 Waitaki (£5) . 4 7 6 4 17 6 Woollens Felt and Textiles (cum 1 11 1 12 6 div., £1) 3 Kaiapol (17s paid, cum 0 11 9 . dlv.) •.. , •— Kaiapoi (4s paid, cum div.) ... / .. ' — 0 4 11 Kaiapoi (pref., cum 0 14 6 div.. 17s)- .. ■ — Oamaru (£1) 0 14 9 Coal t Grey Valley (£1), 0 5 0 — Westport-Stockton (10s) T 0.4 3 - Breweries Balllns (15s paid) — 0. 10 6 Dominion . (£1) - .. 1 12 0 1 13 6 Queensland (£1) ■ ;. 1 7 0 — Swan (5s) 1 12 0 — Tlmaru (in liqdn.) .. — 6 0 0 10 Ward (in liqdn.) 0 0 — Melbourne Co-op. (10s) 3 3 0' — Miscellaneous Aust. Alloy Steel (£1) — o a 0 Aust. -Con. Industries (rights). ■ — 0 6 11 Bartholomew Timber — 0 16 D Booth,, Macdonald (pf., o; 2 £1) 0 1 9 6 Claude Neon (N.Z.) (£1) 0 17 0 — Donaghy Rope (£1) .. — 2 8 0 D.I.C. (pref., £1) 1 1 0 G. J. Coles (£1 paid) 3 17 (hew) . — 6 General Indust. (12/6) - 0 19 3 Hay's, Ltd. (£1) 0 19 0 1 1 0 Hay’s, Ltd. (con., 15s paid) .. 0 14 0 — Howard Smith ' (cum div., £1) .. - . ... 1 0 0 — Hume Pipe . (Aust.), (cum ■ dlv., £1) 0 19 0 I 1 0 I.C.I. (Aust. and N.Z.) (pref.,' £1) ... 1. 3 6 1 4 9 Mason, Struthers. (ex div., £1) - — 0 16 0 Mlllaquin Sugar (£X) .. 1 19 6 2 4 0 Morris, • Hedstrom (£1) 1 6 0 — Macduffs (ord.; £1) .. 0 2 0 0 3 0 N.Z. Farmers’ Co-op. (10s paid) - 0 0 1 N.Z. Farmers’ Co-jop. 2 8 0 (1st pref., £5) .. — N.Z. Farmers' CO-op. I 10 (A pref., £4) ... N.Z, Co-op. 0 . (4J p.c. Stock, 1950, 80 0 £100) , .. — 0 N.Z. Farmers’ , Co-Op. (4J #c. Stock, 1955, 79 10 £100) .. •.. • — 0 Quill. Morris (1936) 0 19 8 (£1) , • .. ' — Simpson and Williams 1 15 (£1) ... «• — 0 W. H. Carj tenter (£1) 2 2 0 — Overseas Listing Woolworths (S.A.) (5s) 0 14 6 015 0 - Australian Mining Mount Moriah (2s 6d) 0 10 1 0 10 2 ■ ' ■ New 1 Zealand Mining Austral-N.Z. (£1) 1 3 3 - — Clutha River (2s) < .. . — 0 1 10 Grey River (Ids) .. • — 0 16 11 Kanierl (£1) , .. — 1 14 0 Maori Gully (Is) - 0 0 7 — New River (Is) .. 0 0 10J 0 0 11 Ngahere (£1) .. 1 3 0 ' tFNLISTED STOCKS j All transactions in stocks quoted in this section are subject to special brokerage and are not quoted on he official list:Buyers. Sellers. £ s. d. £ S. d. Assoc. Motorists’ Petrol (pref.) ,. 1-4 0 '. . — 6 Aust, Motorists’Petrol. — 0 13 Blackball Creek . 0 1 0 Paparoa Coal •• — -■ 0 6 8 Selfridges (A/dgia) ... 0 6,, 0 Selfridges (W. Aust.) 0 10 (12s 6d paid) -•

Sales on 'Change £ s. d. Wellington, Woollen (ord.) (odd . • ’ lot) .. ..,5 50 Electrolytic Zinc (pref.) .. 2 18 3 Woolworths (N.Z.), Ltd. . •• ? ? Woolworths, Ltd. .. •• i a , or Hill Pty. .. .. 8 1 0

1 v Morning i Sales d. £ 9Commonwealth Bonds — 33 per cent., 19S1 98 10 0 3 per cent.,' 1947 100 15 0 3 per cent., 1948 100 7 6 3 per cent., 1954 99 7 6 3 per cent., 1955 .. 99 5 0 4 per cent., 1941 .. Y 100 15 0 4 per cent., 1944 101 7 6 4 per cent., 1950 .. - 99 18 9 4 per cent., 1953 -. .. 100 15 0 4 per , -ent., 1955 100 10 0 4 per cent.; 1957 ' 100 15 0 , 4 per cent., 1959 101 5 0 4 per cent., 1961 ., ' 101 10 0 Comm. Bank of Sydhey 17 15 0 Tooths .. 2 11 3 British Tobacco 2 4 6 Broken Hill Pty. .... 3 3 0 Cash. Orders .. .. 0 15 0 Colonial Sugar .... 43,15 0 Afternoon Sales £ S. d. Bank of New Sputh Wales’ 27 10 0 Comm. Banking of Sydney • 17 12 0 United Insurance .. • 10 0 0 Colonial Sugar - 43 15 0 British Tobacco • ... 2 5 3 Tooths 2 10 0 Tooheys .... 1 8 0 G. J. Coles .. 3 10 6 Wool worths 1 2 3 Australian Consolid. Industries 1 13 4i Australian Consolid; Industries 5 ■ (rights) , 5 Farmers 1* 6 0 Anthony Hordern 0 12 9 Anthony Hordern (N.Z.- deliv.) 0 12 9 Kandos Cement Australian General Insurance 1 8 0.17 0 3 Cash Orders 0 15 0 Felt and Textiles 1 8 6 Sargents . .. 1 6 6 W. ; R. Carpenter V 2 0 9 Gordon and Goteh : 2 11 0 Standard Cement 1 0 3 Henry Jones 2 8 SElectrolytic Zinc 2 9 0 Electrolytic Zinc (pref.) 2 11 3 Mount Lyell .. 1 5 1 Broken Hill Pty. 3 4 3 •North Broken Hill 2 3 0 Broken Hill South (ex dlv.) 1 4 3 Larut Tin 0 5 2 Emperor •• » 0 9 0 OH Search •» 0 3 6

Sales Natl. Bank (£5 paid) 5 18 0 Dunlop Perdrlau •• Australian Consolid. Industries U.itt 1 12 0 6 Australian Consolid. Industries (rights) •• •• Broken Hill Pty. , •• 0 3 5 3 4 6 North Broken Hill (ex div.) .. 2 2 6: G. J. Coles South Broken Hill (ex dlv.) . . . o iU 1 4 0 0 Emperor (ex div.) •• u a 11

New Zealand Sheep— Crossbred wethers and/or maiden' ewes: 4Blb and under 5 5 5 49-561b 4| ■ 4g 45 57-641b 4} 4i 48 . 65-72Ib n 4f 48 Ewes: 481b and under 3J 38 35 49-561b 3g 38 3i 57-641b 3 3 3i 65-721b ‘ .. 3J 3| 3 N.Z. Lambs — Canterbury: 361b and under 78 78 vg 37-4211) 6| 6g 68 43-50lb 6 i 6i 6i Second quality: 6i CO Aver, about 311b 6| Other South Island— 361b and tinder 7i 7i VI 37-421b 6J 68 68 43-501b 6i 6i 6i North Island Downs: Vi J 361b and under Vi Vi 37-421b 88 6| eg 43-501b 6i 61. 6i Second quality: 68 Aver, about 311b 7 V North Island: First quality: Vi Vi 361b and under Vi 37-42lb 7f Vi Vi Second quality: 6| 6i. 6! Aver, about 311b Australian Lambs— » Victorian (First quality): 6i 6i 29-361J) — - 37-421b — - — • — Argentine Lambs— First quality: * 361b and under — ' — .• — 37-421b — •— — N.Z. Frozen Beet— Second quality: '! Ox hinds. 4i 4i 145-2101b 48 Ox 'fores. 3i 3i 145-2101b 31 Australian Frozen Beef Second quality: Ox hinds. Ah 4J 4i 145-2101b " Ox crops, weights 38. 38 35 corresponding N.Z. Porker Pigs— First quality: 61-801b 7i Vi V4 . 81 -1101b .. Vi .Vi • V| I01-I20lb ; : fi 8 61 ,68, N.Z. Bacbner Pigs— 64 6i 121-1601b 88 Boneless Bobby Veal— Ex store in ‘ ■ 45. 45 parcels (Chilled beef prices ar 5 e approximate average prices “realised lor the weeK.J N.Z. Chilled BeefOx hinds. 145-2101b 51 51 h Ox fores. 3i 28 3i 145-2101b Australian Chilled BeefOx' hinds. 5i 5i 58 . 145-2101b Ox crops, weiahts Corresponding 38 38 38 Union of South Africa: Chilled Beef — Ox hinds. 5g 5g 61 145-2101b Ox fores. - 14S.-2101b 3| 38 3i Southern Rhodesian Chilled BeefOx hinds. 145-2101b 58 53 Si' Ox fores. 145-2101b 3 3 3 Argentine Chilled BeefOx hinds. 68 68 145-2101b 7 Ox fores, ■ ■ 145-2101b 3J 38 3i Uruguayan Chilled Beef- \ eg Ox hinds. 145-2101b 6f 6i Ox fores. 145-2101b 38 3i 3g Brazilian Chilled BeefOx hinds.-145-2101b '58 5g 6i

Halfbred— Three-quarter to 94 to 94 Si to 8i . full wool .. Half wool ' •• 84 to 83 8 to 8i Quarter wool .. 6 to 6J 5i to 6 Three-quarterbred— Three-quarter to - full wool to 9i to 73 Half wool to 73 : to 6| Quarter wool .. 6 to 7 5i to 5i Crossbred— Three-quarter to to 94 ; to 7i full wool .. Half wool 7 to 7J to 63 Quarter wool .. 6 to 7 to Si Merino — Three-quarter to full wool to 8} to 8 Half wool to 7J to Si Quarter wool .. to 53 to 5. Hoggets— , to 84 to 7i Halfbred Three-quarter-to 84 to 7i bfred Crossbred. to 8J to 74Lambs— to 7 ; to 64 Halfbred • .. • Three-quarter-bred . to 7 to 64 Crossbred to 7 to 64