FINANCE AND COMMERCE

Press, Volume LXXV, Issue 22895, 16 December 1939, Page 10

FINANCE AND COMMERCE

SPASMODIC SHARE BUSINESS DEMAND FOR GOVERNMENT ISSUES Although business in the share market this week was somewhat spasmodic, a substantial turnover in Government loans and some Australian and New Zealand industrials brought the total volume above the recent average, though it was short of last week’s exceptional total. Markets were well supported throughout and the demand covered a wide range of stocks. Woollens, frozen meat, gas and breweries were popular at firming prices, although turnover was not large, and metal producers were in firmer demand.

Dealings in the different sections

The New Zealand Government issues showed improvement, although the only business was in the 4 per cent, stock, 1946. at £99 10s, and 4 per cent., 1949, at £99, both showing a rise of 7s 6d. There was, however, a large turnover in Australian Consolidated 4 per cent, loans—the 1947 at £lO6 12s 6d, the 1957 at £lO6, the 1959 at £lO6, and the 1961 at £lO6 ss. Outside Christchurch the 3i per cent. 1953-57 stock improved by 10s to .£92 10s. The 4 per cent. 1943 moved up 10s to £99 15s and £IOO, and the 1952 5s to £9S, while the 1954-58 was unaltered at £9B 5s and £9B 10s, and the 1948’s were firm at £IOO 2s 6d. Among banking issues, E. S. and A. gained 3s to 98s, and New South Wales at £3O 10s were 10s better than the last sale a month ago. Bank of New Zealand mortgage shares at 26s 6d were down Is 3d on the last sale six weeks ago. cum dividend, but Union of Australia made another gain of 4s to £8 4s. Outside Christchurch. Commercial of Australia were firm at 16s 4d, while National of New Zealand slipped 2s 3d to 43s 9d. New Zealand were 6d better at 40s 3d and 40s 6d.

Insurance business was small, but rates generally were better. National at 18s 6d showed an advance of Is 6d since October 16, and this, with New Zealand at 60s, was the only local business.

Loan and Agency and Shipping had no local business, and the only dealings in Frozen Meat shares were in New Ztalands. The £1 paid advanced 6d to 19s 6d and 19s 9d, and the 10s paid were fractionally firmer at 9s 2d and 9s Id. Kaiapoi Woollens were firm, and among Coal shares Westports rose 2s 5d to 245. Brewery shares were in steady demand. Dominion eased from 31s to 30s 6d, but New Zealand moved up from 36s to 36s 3d. Tooths were steady at 58s. Miscellaneous Electrolytic Zincs made the most notable advance among the miscellaneous issues, the ordinary moving up Is to 655, and the preference 6d to 65s 3d. Other shares which advanced included British Tobacco. Farmers’ Trading, Woolworths, and Woolworths (N.Z.), New Zealand Newspapers eased 9d to 28s 6d, and Taranaki Oilfields 2d to,SS I'd. Outside Christchurch the following transactions were recorded, price movements being in parenthesis:— Up—Bycroft. 37s 6d (2s); G. J. Coles, 83s 6d (3d); New Zealand Drugs, 75s (3s); New Zealand Farmers’ Fertiliser, 17s 6d, 18s (9d). Down—Colonial Sugar, £56 10s (£2); Reid Rubber. (N.Z.), 23s (2s). Steady—Claude Neon (N.Z.), 16s 6d‘, Consolidated Brick, 8s 9d, 8s 8d; Northern Roller Milling. 19s; Wilsons Cement, 17s lOd to 18s; W. R. Carpenter, 475. The most active New Zealand mining stock was Austral’ (N.Z.) at easier prices (27s and 27s 6d). Ngahere rose to 28s, but later relapsed to 27s 6d. The Australian stocks. Broken Hill South. Mouht Lyells, and Rawang Tin attracted a . large turnover. Broken Hill South and Lyells rose to 33s 6d, and Rawang Tin to 12s 6d, but Morgans were a shade easier at 9s lOd.

MARKETS MORE ACTIVE YESTERDAY

Markets were more active yesterday, and price levels were well maintained with a hardening in several stocks. Bank of New Zealand Mortgage shares changed bands at 26s 6d. Union, Bank advanced to £8 3s and £8 4s; more were wanted at the lower price. A late sale of New Zealand Insurance on Thursday was reported at the firm price of 60s. Buyers of Alloy Steel (New Zealand) moved up to 24s 9d without attracting sellers. British Tobacco were firm at 54s 3d, market closing 3d on either side. Broken Hill Proprietary were weaker with dealings at 86s and 85s 6d, and further sellers at 85s 9d. Electrolytic Zinc were firm with buyers and dealings at 64s 9d. Htlme Pipe • were firm at 18s 6d. Farmers’ Co-op. (New Zealand) 4J per cent, stock due 1955 was firmer with buyers and business at £Bl. Taranaki Ojl ; were fractionally weaker at 5s Id, closing quotations Id on either side. Wilcox Mofflin were firmer with buyers and bus’iness at 7s 3d'.., Woolworths (New Zealand) were steady..-with- sellers and - business at 16s 6d. Rawang Tin had dealings at 12s 3d and 12s 4d and closed with sellers at the lower price. Ngahere wore steady with buyers and business at 27s 6d. Among the unlisted stocks Australian Motorists Petrol were firm at 13s LISTED STOCKS

SWEDISH BANK RATE RAISED STOCKHOLM, December 14. The Swedish bank rate has been increased from 2i per cent, to 3 per cent. RECENT PROPERTY SALES Messrs Ford and Hadfleld, Ltd., Real Estate Agents and Auctioneers, 131-133 Worcester street, have to report having sold on behalf of Mr C, L. August his new bungalow of five rooms and kitchenette, situated Loftus • street, Papanui, to Mrs Penrose. ALSO On behalf of Mrs E. Davis, a fiveroomed' bungalow, with 40 perches of land,: situated Opawa road, to Mrs Gorton. ’ ALSO On behalf of Mr A. Harley, his practically new bungalow, situated Taylor’s . rpad,- off Idris road, to Mr P. Morrison.. ' . ALSO . V - On behalf of Mr J. Montgomery, two very jßne building; sections, situated J£oimwood. road, Fendalton, to a client. —6 The Veterans’ Association of Army. Navy, and Auxiliary Forces have received a cheque for £lO. towards their benevolent funds, from Mrs. A. I. Rattray {Sister Teape-McMurtrie), honor- ■- . ary vice-president., '. i • -T. <

BANK OF ENGLAND RETtIRN

Note Circulation Increases DECLINE IN RESERVE TOTAL LONDON, December 14. The Bank of England return for the week ended December 13 is as follows: ISSUE DEPARTMENT

CONSOLS AND STOCKS LONDON, December 14. .The following are the latest quotations for Government securities compared with quotations during last week:—

LONDON METALS MARKET LONDON, December 14. * Tin is quoted at £259 15s a ton spot, and £260 5s forward. Silver is quoted at 23|d an ounce standard and 25Jd fine.

VALUES ON STOCK EXCHANGE

CHRISTCHURCH RATES, DECEMBER 15, 1939 FORMER LEVELS COMPARED

Where no approximate price Is given return Is worked on mid-market price, unless only one quote Is given.

OTHER QUOTATIONS N.Z. Govt’. Debentures

AUCKLAND

WELLINGTON

DUNEDIN Sales on ’Change £ s. d. N.Z. Refrigerating (paid) (2) 019 6 Timaru Woollen .. .. 0 9 0 Broken Kill Pty. .. .. 4 5 9 New Zealand Newspapers .. 18 6 SYDNEY Reaction was noticeable on the Sydney Stock Exchange yesterday, and metal shares- eased while activity in the investment market was restricted.. Sales

MELBOURNE Sales £ s. d. National Bank (£5 paid) .. 517 0 National Bank (£lO paid) .. 12 3 0 Claude Neon .. .. 17 0 Metropolitan Gas .. .. 13 16 0 G. J. Coles * .. ... 313 6 Broken Hill Pty. .. .. 316 9 Mount Lyell .. .. 18 9 Electrolytic Zinc (pref.) .. 218 6 PROPERTY SALES MESSRS BAKER BROS. (Estate Agents), LTD., 166 Manchester street, report having sold, on account of Mrs I. Bloxam, her superior eight-roomed bungalow, together with tennis court, in Weston road, to Mr J. Hanafin. ALSO On behalf of the Trustees of the Hurst Estate, seven acres of land in Waimairi road, Riccarton, to Mrs E. Madden. AND ALSO On account of Mrs J. Evans, fourroomed dwelling in Leslie street, Upper Hiccarton, to Mrs G. Berry, —1

COMPANY NEWS

TODD MOTORS CORPORATION

At the second annual general meeting of shareholders of Todd Motors Corporation, Ltd., Mr Charles Todd, chairman of directors, moving the adoption of the report and accounts, said the net profits, subject to income tax and social security tax, of the operating companies were: Todd Motors, Ltd., £111,035 18s 6d, and Todd Motor Industries, Ltd., £5116 5s Bd, totalling £116,152 4s 2d. Provision for income tax and social security tax absorbed £59,335 Is 9d, or more than half of the total income. This left a net profit for both operating companies for the 12 months ended September 30 of £56,817 2s sd. Of this sum, £30,000 was received by this company in May, and the remainder of the net profits, totalling £26,817 2s sd, was received/ on November 15 last. Trade expenses for the financial year amounted to £2Bl 11s 2d, including £250 for annual licence; £750 was required this year to pay social security tax on the £15,000 allocated at last annual meeting to the preference dividend equalisation account. It was recommended that £425 be provided for directors’ fees for the full year. From the £30,000 received in- May, £15,000 was placed to the credit of the preference dividend equalisation account. This, together with the £15,000 from the previous year’s profits, increased this account to £30,000, thus securing the sum required to pay two years’ preference dividends as provided for in the prospectus. Dividend Rates A dividend for the half-year of 6 per cent, per annum was paid to the preference shareholders on May 15, which required £7167 2s Id, and 6 per cent, per annum for the half-year to the ordinary shareholders, which required £7500. After deduction of these halfyearly dividends and the con 4 button to the preference dividend equalisation account, £25,693 9s 2d was available for distribution. The directors recommended a« final dividend of 6 per cent, per annum for the half-year ended November 15, 1939, to preference shareholders, requiring £7125 (£7500, less £375 sociaf security tax), and a final dividend of £17,812 10s (£18,750, less social security tax £937 10s), for the half-year to the ordinary shareholders, making a total dividend of 10J per cent, to ordinary shareholders for the year, leavitig a balance of £755 19s 2d to be carried forward. There were no bills payable, and credit balances were held at the bank. During the year all preference shares had been allotted, and the capital was now fully paid up. The share capital of the operating companies and the capital reserve are the same as last year. The buildings, plant, equipment, and furniture had been depreciated on a liberal basis. The total' amount, however. showed an increase on last year of £269 10s sd. accounted for by extra plant installed at the factory at Petone. Stocks had again been prudently valued. The total holdings of used cars and trucks had been taken into stock at £4590 10s. which represented less than 14 days’ normal turnover of such vehicles. WALDAS SHOES, LTD. HEAVY LOSS SHOWN A pet loss of £15,509 is shown in the accounts of Waldas Shoes, Ltd., Melbourne, for the 12 months ended June 30, 1939. Gross profit was £25,754, and rents, etc., brought in another £6124. Costs and other charges amounted to £43,296, depreciation £1779, and directors’ fees and salaries £2312. The directors’ report states that following the approval of,the extraordinary meeting of shareholders held on February 14 last, the main undertaking of the company was taken over by Public Benefit Bootery, Ltd., retrospectively as at January 31, 1939. The stock in trade was taken over at a substantial discount which contributed to the very heavy loss sustained from trade during the seven months ended January 31, 1939. Although the basis of settlement was laid down in the original agreement between the parties to the merger, which was recommended to shareholders by the committee of shareholders, several matters which were not provided for in the agreement are still under discussion. As the settlement is not yet concluded, the balance owing to the company by Public Benefit Bootery, Ltd., may subsequently be subject to some variation, and that is the reason for the qualified report of the auditor, who naturally at the present stage is unable to verify the value of certain assets taken over by_ the new company, until the final decision is made by the directors. . The balance-sheet as presented .is, however, authentic and reliable for all practical purposes. The directors anticipate that when Public Benefit Bootery, Ltd., goes to allotment, this company will receive a number of shares in that company equal approximately to onefourth of the number of issued ordinary shares in this company. Except' as stated above the only, item of an abnormal nature affecting the result of the year’s operations was the legal accounting and investigation costs incidental to the merger amounting to £923 10s 6d. MINING MARTHA The following information has been cabled to London from the Martha mine, Waihi:—No. 8 level, Boxall reef: Driving west of No. 4 shaft, north crosscut. The next 35 feet is of low value. Driving is stopped. " MOUNT MORGAN The Stock Exchange Association has received cabled advice from Mount Morgan of the production report for four weeks ended December 13:—Ore mined, 60,157 tons; ore treated, sulphide 39,450 tons, oxide 26,510 tons, sulphide mill tailings retreated through the oxide mill,- 31.870 tons: estimated production of gold, 51620 z, including 201 oz recovered from a clean-up of old treatment plants; copper, 214 tons, including five tons from copper precipitation. During the period 267 tons of blister copper wdre produced from concentrates. White’s Electric—The White’s Electric return for the week ended - December 14 is 36 ounces from 6300 yards in 117 hours. New River—The New River return for the week ended December 14 is 16 ounces from 7000 yards in 111 hours. In this issue the Railway Department advertises particulars of train arrangements and cheap fares on the Little River branch during the Christmas and New Year holidays.

GRAIN AND PRODUCE LOCAL MARKETS DULL The Canterbury grain, seed,- and produce markets continue to be featureless, as is usual at this time of the year. Quotations ' The following are quotations to farmers on trucks at country sidings, unless otherwise indicated. Wheat—Milling, f. 0.0., Tuscan 5s lid: Hunters 6s Id: Pearl 6s 3d. (Final payment of 3d a bushel on a wheat at the end of year.) . , Oats—A Gartons to 3s, B Cartons to 2s lOd. Algerians 3s to 3s 9d, Duns Ss 6d to 4s 6d. Ryegrass (good’ germination.*—Perennial up to 5s 3d (nominal). Italian up to 4s to 4s 6d (nominal). Cocksfoot—6d to 7d (nominal). White Clover—ls 3d to Is 6d per lb. Red Clover - Old season's 4d to 6d per lb; new season’s, 7d to Bd. Chaff—£4 5s to £4 7s 6d a ton. Barley—Malting 4s 7£d, feeo 3s to 3s 6d a bushel, according to quality Bran--Large £4 15s, small £5 ss. Pollard —Large £6 5s a ton, small £6 15s. VEGETABLES AND - FRUIT « CHRISTCHURCH MARKETS Good supplies of all varieties of vegetables are available. Ruling values are:—Cauliflowers Is 6d to 4s 6d a dozen; cabbages Is to 5s a dozen; lettuce 6d to 9d a dozen; spinach Is to Is 9d a dozen; peas Is 3d to Is 6d a peck; rhubarb 4s 6d to 5s 6d a dozen bundles; potatoes 2d to 3Jd per lb; onions 4d to 7Jd per lb; cucumbers 8d to 9d per lb; asparagus 5s to 7s a dozen' bundles. Fruit—Apples: Limited supplies are coming forward, and values are as follows:—Delicious, best quality to 18s a case; Sturmers 12s to 15s; Rome Beautys, best quality 15s. Cooking apples 12s 6d. Strawberries: Supplies are very scarce, and values exceptionally high. Best quality yesterday realised up to 2s BJd a punnet, others from Is 4d to 2s 2d according to quality. Cherries: Plentiful supplies coming forward. A few choice realised up to Is Id per lb, others 6d to lOd, according to quality. Tomatoes: Increased quantities have come forward dufing the week, and values’ have been a little easier compared with last week. Imported Fruits —A small consignment of Queensland pineapples came to hand during the week, and realised up to 28s 6d a case. Shipments Arriving—Further supplies of oranges are expected at the beginning of next week, and a' further shipment of Samoan bananas on approximately December 20. Eggs—First grade up to Is 7£d a dozen, seconds Is 6Jd. DUNEDIN (PRESS ASSOCIATION TELEGRAM.) DUNEDIN, December 15. A further shipment of Australian oranges came to hand during the week. Prices have again been raised by the Marketing Department, this time by 3s a case, and best large sizes are now quoted at 30s a case. Sales on this occasion are slow, buyers preferring to work* on a hand-to-mouth basis in view of the high values ruling. A small shinment ot Australian lemons has reached the market, and prices had to

be obtained for this shipment by the Marketing Board, which fixes the. values. Small shipments of Californian lemons, Jamaican grape fruit, and Samoan bananas arg expected some time next week. Apples, ex cool stores, are practically finished for the season, high prices being obtained for those left on the market. The quality of cherries reaching the market is improving, and satisfactory prices are being obtained. Small grade cherries are in good supply, ■ with low prices ruling. Strawberries are offering in small lots only. The season, which has been a very short one, is quickly drawing to

a close, the dry weather drying up the plants. Hothouse tomatoes are m good supply from local hothouses ana Canterbury.- There is a steady demand, and prices have been well maintained throughout the week.

A report that membership was about 350 and that branches had been established with headquarters at Aucklana, Palmerston North, Wellington, Christchurch, Timaru, Dunedin, and Invercargill, v as made at the first annual conference of the New Zealand Institute of Valuers in Wellington iasi week.

were:— Value. ♦ £ Government .. 3550 3699 Shares No. Banks 246 1484 Insurance .. 250 335 Frozen Meat .. 400 290 Woollens .. 100 64 Coal .. 1000 278 Breweries .. 750 1350 Miscellaneous ,. 3810 7653 Mining .. 1669 1811 Turnover day by day was:— This Week. Last Week. £ £ Monday .. 2,835 749 Tuesday .. 5,322 5,252 Wednesday .. 2,384 2,560 Thursday - .. 2,852 5,690 Friday ,. 3,571 6,170 16,964 20,421

Sales on ’Change £ s. d. 104 Bank of New Zealand (mort. shares) 85 Union Bank of Aus1 6 6 tralia (2) 8 3 0 300 Broken Hill Proprietary (cum rights) (3) 4 6 0 ‘ (2) 4 5 6 100 Hume. Pipe (Aust.) .. £100 NvZ. Farmers’ Co-op. 0 18 6 (44 per cent, stock, . 1955) ... ... 81 0 0 200 Taranaki Oilfields (21 0 5 1 100 Wilcox Mofflin 0 7 3 100 Woolworths (N.Z.) .. 0 16 6 200 Bawang Tin (2) 0 12 3 50 Ngahere 1 7 6 Sales Reported 20 Union Bank of Australia .. 8 4 0 SO New Zealand Insurance (late Thursday) 3 0 0 100 British Tobacco (ex div.) 2 14 3 100 Electro. Zinc (ord.) (2) 3 4 9 150 Rawang Tin (2) 0 12 4 UNLISTED STOCKS Sale on ’Change 100 Aust. Motorists’Petrol ,0 13 0

£ Notes issued:— In circulation 545,100,000 £ Govt. debt 11.000.000 Other Govt. 'In bank- ' ing dept. 35,100,000 securities 565,200,000 Other securities 3.100,000 Silver coin 700,000 •580,000.000 Gold coin and bullion 200,000 £580.200.000 £580.200.000 •Amount of fiduciary issue. BANKING DEPARTMENT £ Capital 14,500.000 Rest 3,300.000 Deposits— Public 45,800,000 Bankers 87,800,000 Other a/cs. 40,700,000 £ Govt, securties 126,100,000 Discs & advances 5,400,000 Other securities 24,400,000 Notes & " coin 36.200,000 £192.100.000 £192,100,000 Proportion of reserve to liabilites 20.76 per cent., compared with 27.40 per cent, last week. The principal items of the above return compare as follows with those of last week:— Dec. 6. £ Dec. 13. £. Deposits— Public . Bankers Other accounts .. 47.200.000 88.300.000 39.800.000 45.800.000 87.800.000 40.700.000 173,300.000 174,300,000 Securities— Government Dlscts., advahces' Other securities Reserve Note circulation' '. Gold coin and bullion 114.900.000 5.400.000 23.400.00 47,400,000 533.900.000 200,000 126,100,000 5,400,000 24.400.000 36.200.000 545.100.000 200,000 The Bank of England discount rate remains at 2 per cent.

• Dec. 7. Dec. 14. British— £ s. d £ Sd Consols, 21 p.c. .. 67 17 6* 67 15 0 Funding Loan. 4 p.c., 1960-90 .. 105 10 0 105 15 0 War Loan 34 p.c. 1952 Con Loan. 3J p.c.. 92 10 0 92 10 0 1961 Victory Bonds. , 4 93 2 6 93 0 0 p.c. 105 2 6 105 5 0 Commonwealth— 5 p.c., 1945-75 .. 102 5 0 102 0 0 4 p.c., 1943-48 100 0 0 100 0 0 33 p.c., 1948-53 .. 94 10 0 94 2 6 31 p.c., 1956-61 .. 84 15 0 94 5 0 3 p.c., 1955-58 83 8 9 83 2 6 New South Wales — 34 p.c., 1930.-50 .. 93 2 6 93 0 0 Victoria — 3 p.c., 1929-49 91 10 0* 90 15 0 43 p.c., 1940-60 .. 100 10 0* 100 7 6 5 p.c., 1940-60 102 0 0* 101 15 0 Queensland— 3 p.c., 1922-47 92 10 0* 92 5 0 5 p.c.. 1940-60 100 10 0 100 10 0 South Australia— 5 p.c., 1945-75 101 17 6 101 15 0 3 p.c., 1916 (opt.) Western Australia — 68 0 0* 67 15 0 4 p.c., 1942-62 Tasmania— 95 17 6* 95 17 6 34 p.c., 1920-40 ir---99 15 0 . 99 17 6 - 1940-50 New Zealand— 98 10 0 -98 J5 1 4J" p.c., 1945-58 ; 98 12 6 98 2 6 34 p.c., 1940 • ■.. 100 0 0* 100 0 0 3 p.c., 1945 .. 93 7 •Ex interest. 6 92 12 6

Return Ami. paid a Approx Approx market price . (0 o • c u C > CO <8 Dividend payable. on investment at approx Companies. sh'e. Buyers Sellers price ago o price. £ £ 8* d. £ s. ' d. i £ 1 s. d. 1 £ s. d. / I 1 1 1 £ s. d. N.Z. curr. Binks— Australasia 5 — — 8 17 6 9 17 6 ( 8 Feb.-Aug. 4 10 l Comm, of Aust. 10s 0 16 l 0 16 6 0 16 5 0 16 6 7 1-12 Oct.-Mch. 4 6 3 Comm, of Aust. (pref.) 10 V — 9 0 0 9 12 6 4 Oct.-Mch. 4 8 11 Comm, of Syd. 12> 19 10 0 22 0 0 20 10 0 21 5 0 7 Jan.-July 4 5 4 E., S., and A. 3 — — 4 18 0 5 10 0 7 Nov.-May 4 5 8 Natl, of A’asia. (con.) 5 — — 6 12 6 6 14 0 6 Nov.-May 4 10 6 Natl, of N.Z. .. 2 h — 2 4 0 2 3 9 2 10 3 a Jan.-July 5 2 10 N.S.W. 20 — — 30 10 0 30 5 0 6 Jan.-July 3 18 8 New Zealand .. 1 — 2 0 3 2 0 3 1 19 9 10 Jan.-July 4 19 4 Union 5 8 3 0 8 5 u 8 4 0 8 13 6 7 Jan.-July 4 3 4 Insurance— National 7s — — 0 18 9 0 15 3 10 5-7 May-Nov. 4 0 0 New Zealand .. 1 2 19 6 — 3 0 0 2 11 0 10 Feb.-Aug. 3 6 8 South British .. 10s 2 7 6 — 2 7 6 2 1 9 14 1-6 I Apl.-Oct. 2 19 9 Standard 1 — — 2 18 0 2 11 0 12J Mch.-Sep. 4 6 2 Loan and Agency ■* Dalgety and Co. 5 — 7 7 6 — 7 17 6 6 May-Nov. Goldsbrough, M. 1 — 1 12 0 1 11 0 1 9 3 4i Dec.-June 2 18 0 United Building 1 1 0 3 — 1 0 6 1 0 3 5 Oct.-Apl. 4 17 6 Frozen Meat— Gear 10s — — 0 14 0 0 13 9 5 5-6 July-Oct. 4 3 4 N.Z. Refrig. .. 1 0 19 5 0 19 8 0 19 6 0 17 3 5i Feb. 5 12 9 N.Z. Refrig, (con.) 10s 0 9 0 0 9 2 0 9 2 0 7 11 5i Feb. 6 0 0 G.3.S—• Auckland 1 0 17 0 0 18 0 5 July-Feb. 5 17 8 Auckland (con.) 15s — 0 12 0 0 12 0 5 July-Feb. 6 5 0 Christchurch .. 1 1 6 0 1 6 3 1 4 6 7 Aug.-Feb. 5 6 7 Ch.Ch. (con.) .. 10s 0 12 3 — 7 Aug.-Feb. 5 14 3 Wellington 1 — — 1 11 6 1 11 0 8 Aug.-Feb. 5 1 V Shipping— Huddart-Parker 1 — 3 2 6 2 11 6 14 May-Dec. 4 9 7 P. and O. Def. 1 1 - 1 8 3 1 7 6 1 2 0 6 May-Dec. 4 7 3 Union (pref.) .. 1 1 5 0 “ 1 5 3 1 5 6 51 May-Dec. 4 7 1 Coal— Taupiri 1 0 13 9 0 15 3 71 May-Nov. 8 0 0 Westport 10s — 1 4 3 1 4 0 1 1 6 10 May-Nov. 4 3 4 Breweries— Carlton 1 3 10 0 3 8 0 15 Oct.-Mch. 4 5 8 New Zealand .. 1 1 16 3 1 16 9 1 16 3 1 18 0 81 Jan.-July 4 13 9 Tooheys 15s 1 11 6 1 12 0 1 10 9 9, Mch.-Sep. 4 4 4 Tooths 1 2 17 6 2 18 0 2 18 0 2 15 0 12 May-Nov. 4 2 9 Miscellaneous— Aust. Consolid. Industries 1 2 2 0 2 2 6 5 6 0 6.86 Dec.-June 3 4 6 Bepth and Co. 1 0 14 0 0 16 9 0 15 0 0 17 0 5 Mch.-Sep. 6 13 4 British. Tobacco i 2 14 0 2 14 .6 2 14 3 2 10 9 10 March 3 13 8 Broken Hill Pty. 1 4 4 3 4 5 9 4 5 6 2 18 0 121 Nov.-May 2 18 5 Burns, Philp .. 1 2 19 0 2 12 6 10 Nov.-May 3 V 9 Coles 1 4 2 0 4 3 6 4 2 0 183 Jan.-July 4 9 9 Colonial Sugar 20 58 0 0 56 10 0 49 0 0 71 INov.-May 2 13 1 Dom. Fertiliser 1 1 5 0 1 6 8 1 6 6 . 1 3 0 6 June 4 10 6 Dunlop Rubber , 1 •1 0 6 1 1 8 1 1 6 1 1 0 7 Apl.-Oct. 6 10 2 Elec Zinc (ord.) 1 3 4 9 3 5 0 3 4 9 2 6 0 15 Mch.-Sep. 4 12 7 Elec. Zinc (pf.) 1 3 5 0 3 5 9 3 5 6 2 9 3 15 Mch.-Sep. 4 11 7 Henry Jones .. 1 2 13 0 3 1 0 2 19 0 2 9 0 111 June-Dee. 3 16 3 Kauri Timber .. 25s 1 1 6 i 2 0 1 2 0 6 June-Dee. 6 16 4 N.Z Drug Co. 2 3 15 0 3 15 0 3 3 6 8 Sep.-Apl. 4 5 4 Mount Lyell 1 1 12 0 1 13 0 1 13 0 1 9 9 71 June-Dee. 4 10 10 Farm. Fertiliser 1 0 18 0 1 0 0 0 18 0 0 16 6 6 August 6 13 4 N.Z. Newspapers IR/ft 1 8 6 1 10 0 8 Nov.-May 4 13 7 Whit. & Tombs 2J 2 19 6 2 18 6 1 a 6 0 1 6 1 Mch.-Oct. IS 2 6 Wilson’s Cement 1 0s 0 18 0 o 15 9 71 Nov.-June 4 3 4 Woolworths 5s 1 4 9 1 4 10 1 4 9 i 2 0 171 Oct.-Apl. 3 10 8 Woolworths. N.Z. 5s 0 16 4 0 16 6 0 16 6 0 18 91 16 July-Jan. 4 17 0

Buyers. Sellers. £ s. d. £ s. d. 3| p.C. Ins.,' 1953-57 .. 93 10 0 94 2 6 4 p.c. Ins., 1948 99 15 0 — 4 p.c. Ins., 1940-43 99 17 6 — 4 p,c. Ins., 30/11/48 99 5 0 — 4 p.c. Ins., 1949 99 10 0 — 4 p.c. Ins., 1949-52 99 0 0 4 p.c. Ins., 1955 (ex int.) 93 2 6 ■— 4 p.c. Ins., 1954-58 98. 0 0 — 4 p.c. Bonds, 1946 99 10 0 •— 4 p.c. Bonds. 1949 99 10 0 — 4 p.c. Bonds, 1955 (ex ! int.) 98 2 6 — Rural Bonds, 5 p.c.. 15/9/47 97 10 0 — Other debentures N.Z. Refrig., 4i p.c.. 1/8/40-45 99 0 0 — Loan and Agency Ch.Ch Building (£10) — 15 10 0 Invincible Build. (£5) 3 15 0 4 16 0 Mutual Benefit (£ 10) — 14 0 0 Natl. Mort. (B) (£1) .. 1 0 0 ■— 11 N.Z. Guar. Corpn. (3s) — 0 3 South Island Finance (10s pd.) — 0 8 0 Frozen Meat Cantby. (ex div., £7 10s 10 paid) Nth. Cantby. Freezing 0 0 (pref., £1) — 0 17 0 Southland (£1) — 1 12 0 Woollens Felt and Textiles (£1) 1 19 6 2 2 6 Bonds Hosiery (£1) 1 1 0 — 0 Kaiapoi (17s paid) .. 0 12 9 0 13 Kaiapoi (7s paid) 0 4 6 — Kaiapoi (pref., 17s) .. Mosgiel (£4 paid) 0 15 0 — 9 10 0 — Manawatu (£1) 0 17 6 1 5 0 Oamaru (£1) — 0 17 3 Timaru (£1) — 0 9 0 Wellington (ord., £5) 5 5 0 — Coal Grey Valley (£1) — 6 0 5 6 Westport-Stock ton (10s) 0 3 _-0 3 9 Westport-Stockton (pf.. 0 8 8 10s) 0 0 6 Breweries Ballins (15s paid, ex 11 6 div.) 0 10 0 0 Swan (5s) 1 11 0 —— Ward (in liqdn.) -— 0 1 4 Crown- (in Uqdn.) 0 1 4 — Dominion (rights) 0 6 4 — Miscellaneous Alloy Steel (N.Z.) (£1) 1 4 9 — Alloy Steel (Aust.H (ex 8 div., £1) 0 5 0 0 0 Aust. Con. Industries 0 16 (4s paid) •• 0 *— Aust. Iron and Steel 6 (pref., £1) 1 7 — Booth, Macdonald (pf., £1) -• — 0 2 4 Consolid. BricK (ex div., £1) 0 8 6 •— 6 Dom. Builders (10s) .. - 0 4 9 0 5 D.I.C. (10s paid) 0 11 6 — Evans Atlas Flour (10s) 1 2 0 — Farmers’ Trading 0 16 6 0 17 3 Hay’s. Ltd. (£1) Hay’s, Ltd. (cont., 15s 1 0 3 — 16 9 paid) .. 0 15 0 0 Gen. Industries (12/6) 0 17 6 — Howard Smith (£1) .. 1 5 3 — Morris, Hedstrom (cum div., £1) 1 7 0 — 9 Mprts Dock (£1) 0 18 6 0 18 Macdufls (pref., £1) Macduffs (ord., £1) 0 11 0 0 12 0 0 3 7 0 4 0 McKenzies, Ltd. (ex div., £1) • 1 19 9 2 2 0 N.Z. Farmers’ Co-op. (10s paid) — 0 0 1 N.Z Farmers’ Co-op. 2 17 6 t (1st pref., £5) — N.Z Farmers Co-op. (4J p.'c. Stock, 1950, £100) 80 5 0 — N.Z Farmers Co-op. (4i p.c. Stock, 1955, £100) 81 0 0 — Quill Morris (1936) 0 18 .(£1) 0 — Taranaki Oil. (24/7 paid) 0 5 0 0 5 2 United Provisions (£1) — 0 10 6 Wilcox, Mofflin (Hs) 0 7 3 — Woolworths (N.Z.) pf.. 17 6 £1) 1 15 0 1 Overseas Listing Woolworths (S.A.) (ex 16 div., 5s) — 0 0 Australian Mining Broken Hill Sth. (5s) 1 11 9 1 13 0 Mount Morgan (2s 6d) 0 9’ 7 Mt. Morgan (pf.. £1) 1 1 6 Nth. Broken Hill (5s) 2 12 6 Rawang Tin (10s) 0 11 7 0 12 3 New Zealand Mining Addison’s Flat (cum div., Is) 0 1 2 6 Alexander (£1) 0 5 0 0 9 Alexander (15s paid) 0 4 9 0 r 3 Arahura (£1) 1 12 0 1 17 0 Ailstral-N.Z. (£1) 1 7 6 Barrytown (£ 1) 0.18 6 1 0 0 Blg_River (Is) 0 0 5 Golden'Sands (ex div., Is) ■' T.--' 6 0 7 0 i4 Goldfields Dredg.. (Is) > — 0 0 2i Grey River (10s) 0 17 9 0 18 3 Kanieri (ex div., £1). 1 12 0 Maori Gully (Is)' 0 0' 8 0 0 10i Martha (5s) 0 8 3 Moonlight Gold, (cum 8 div., 8d) .. 0 0 5 0 0 Mossy Creek (Is) 0 0 11 Nemona (Is) .. — 0 0 10 New River (Is) ' .. . — 9 0 0 11^ Nokorhai (5s) 0 1 Ngahere (£1) T 7 6 1 8 0 Ngahere (deferred) .. 0 19 6. 1 0 0 Skippers, Ltd. (Is) — 0 0 0! Waihi Investments (6s) 0 6 3 — 6i Wprksop Extend. (Is) ' — 0 0

Sales on ’Change £ s. d. 4 n.c. Ins. Stock, 1949-52 (2) 98 10 0 4 n.c. Ins. Stock, 1954-58 (late sale) 98 10 0 Auckland Electric Power Bd., 4J p.c., 1945 101 0 0 Renown Collieries. 1/3/54, 6 p.c. 99 0 0 Bank of New Zealand 2 0 3 Union Bank 8 3 0 National Insurance 0 18 9 New Zealand Insurance 3 0 0 Dominion I. and B. 0 16 1 Taupiri Coal 0 18 9 Westport-Stockton 0 3 7 Auckland Gas 0 17 li Dominion Breweries .. •(2) 1 10 9 N.Z. Breweries (late sale) 1 16 3 1 16 3 Tooths 2 18 0 British Tobacco 2 14 0 Broken Hill Pty. 4 5 0 Consolidated Brick 0 8 8 Electrolytic Zinc (late sale) .. 3 3 5 5 0 o N.Z. Farmers’ Fertiliser 0 18 0 N.Z. Refrigerating (late sale) . 0 19 9 Taranaki Oil (3) •0 5 1 Wilson’s Cement (2) 0 18 0 Woolworths (N.Z.), 0 16 4 (2) 0 16 7 Woolworths Holdings (S.A;) 0 16 0 Woolworths (Sydney) (2) 1 4 11 Broken Hill South 1 13 0 Emperor Gold 0 14 3 Placer 4 6 6 Rawang Tin (late sale) 0 12 5 0 12 5 Unofficial List Australian Motorists’ Petrol 0 13 3

Sales on ’Change 4 p.c. Ins. Stock, 1948 (2) £ 100 s. 2 d. 6 4 p.c. Ins. Stock, 1952 98 0 0 Bank of New Zealand 2 0 3 Christchurch Gas 1 8 3 National Insurance 0 18 6 Broken Hill Pty. 4 6 3 (Air the above late Union Bank Thursday) (3) 8 3 0 New Zealand Breweries 1 ie 3 (2) 1 16 6 Tooth and Co. 2 18 0 2 17 9 Consolidated Brick ' .. (2) 0 8 8 Electrolytic Zinc (ord.) 3 4 6 Booth, Macdonald (ord.) 0 0 2 N.Z Farmers’ Fertiliser 0 18 0 Taranaki Oil 0 b 1 Union Oil and Soap 1 4 9 Wilson’s Cement 0 18 2 Woolworths (N.Z.) 0 16 4

£ s. d. Colonial Sugar 49 5 0 G. J. Coles . .. 3 18 3 British Tobacco . • 2 7 6 J. Fielding 4 ■ 9 0 Lustre 0 18 0 W. H. Soul 4 16 0 Felt and Textiles 1 16 9. Henry J ones 2 15 6 Electrolytic Zinc 2 17 9 Broken Hill Pty. •.. 3 17 6 Broken Hill Consolid. (new) . , • 1 0 10 Arahura 1 13 9 Emperor 0 12 0 Taranaki Oil 0 4 3