FINANCE AND COMMERCE.

Dominion, Volume 23, Issue 46, 18 November 1929, Page 14

FINANCE AND COMMERCE.

STOCKS AND SHARES DOMINION DEALINGS A QUIET WEEK The volume of business transacted 'on ■the Stock Exchanges of the Dominion last • week was small, being considerably less than half of the previous week. Thus on Wednesday. Thursday and Friday there were 62 sales reported as against 129 for Ihe corresponding days of the previous week, while on Tuesday last there were only 17 sales as compared with 69 on the previous Tuesday. Local mining shares lire not included in the figures. There was very little business done in any group ami there was nothing outstanding. Values were fairly steady. The demand for Government securities was poor at the beginning of the week. Imt improved later. However, there were not many transactions recorded, but values were steady. The 4} per cents. (19ub) changed hands at £IOO/2/6 (1930) at par and (1932) al'so at par. The 5} per cents (1933) were sold at £lOl. There were a few sales of New Zealand Breweries bonds nt 28/3. There was nothing doing in other . debentures or bonds. Bank Shares Slower. Little, business was done in bank shares and the demand has eased considerably. Bank of, Australasia changed hands at £l3/15/-, which shows no variation on previods sales. The best turnover tor the week was in Commercial Bank of Australasia, .ordinary, the sales being at -7/3 to 27/10, which is practically what was paid for them in the previous week. Australian Bank of Commerce were rather slow, and a sale at 31/6 shows a drop, as ‘he Previous week the shares changed hands at 3.1/10 to 32/6. English, Scottish and AusItalian Bank sold at £7/10/- down to r7/12/6 disclosing a weakening tendency. ■ Bttnk- bf New South' Wales sold steadily at £4B/10/-, which was better than the closing quotation of the previous week. A parcel on the Melbourne Register was quitted at £4B/13/-. There was no business done in National Lank of New Zea land, but Bank of New Zealand had quittance at 61/- to 61/3. The interim dividend of/ this bank is payable about December 7. National Bank of Australasia. £lO paid, changed hands at- *lB/3/-, ana the £3 paid at £B/19/6, and both prices were a shade lower than In the Previous week. A parcel of Union Bank shares on Jhe Melbourne ■ Register was sold at £l4/8/- against £l4/12/- last peek. Financial and QI hers. In the financial section a little business was done in Goldsbrough Mort and Co. at 43/9 to 43/6 cum rights, these prices lining equal to those of the previous week. New Zealand and River Plate Land Mortgage changed hands at 30/-, and New Zea land Guarantee Corportion ordinary at 8/6 insurance shares were steady with limited business. National Insurance were quitted at 16/4 with a reported sale at Wellington at 16/3, and New Zealand Insurance at 46/3. There was a moderate demand for gas shares during the week, but the turnover was principally in Auckland Gas shares, which sold at 25/3 and 20/-, and Christ church Gas at 26/7. Dullness character ised practically all the other groups except miscellaneous. Meat shares were quiet and a transaction in New Zealand Refrigerating, 10/- paid, at a/10, shows a drop of 2d. on the prices realised in the previous week. Shipping and woollen shares were neglected. The dem^ nd £ “F coal shares was restricted, but Renown Collieries, preference, were sold at 3/4. tne same as in the previous week. Timber shares wer.e also dull. , New Zealand Breweries changed hands at 87/6. and Staples and Co. at <>3/6, and sliow very little variation on the previous week’s prices. There was a fair amount of trading’ in the miscellaneous section. Australian Distilleries sold in Christchurch at 20/-. British Tobacco had quittance at 46/- and Electrolytic Zinc, ordinary, at 34/6. There were several sales of Sharia ml and Co. at 21/- ex dividend, at which price they appear to be firm. There was a deal In Newton King preference at 11/6, an.fl Bycroft, Ltd., at 32/6. Wilsons Cement were in good demand, but business was slow. A sale was made at 4-/J, and in Milburn Lime and Cement at 36/-. Other sales reported were Sanford, Ltd., 20/3, Union Oil at 40/6,. Farmers’ Cooperative Auctioneering at 78/-, and Farmers’ Trading Co. at 9/2. _ Mount Lyell Mining sold at 42/6 to 42/9 and are a good steady line for sharebrokers like some ' bank shares.. There were a few transactions in Waiht at 1-/4 and 12/5, and Waihi Grand Junction sold at 1/2. WELLINGTON EXCHANGE SATURDAY’S QUOTATIONS Buving and selling quotatfons at the morning call on the Wellington Stock Exchange on Saturday were as follow,:— • . Buyers. Sellers.

♦Cum. dividend. tEx dividend. jEx rights. DIVIDEND LIST

U.S. WHEAT PRICES (Kec. November 17, 5.5 p.m.) Washington, November in. The monthly review of the. Department of Agriculture says the outlook for wheat prices is for some advance within the next two months.

DEALINGS ON ’CHANGE SATURDAY’S BUSINESS DOMINION SALES The following sales were recorded on the stock exchanges of the Dominion on

BRITISH MOTOR VEHICLES DEVELOPING OVERSEA MARKETS A few days ago Mr. Frank A. Bow-n, resident representative in New Zealand for Bootes, Ltd., London, world exporters of the Hillman, Humber; Bentley and Commer motor vehicles, received the following cable message from his managing director, Mr. W. E. Bootes:—“Am pleased to notify that following negotiations Prudential Assurance have invested one million sterling our company express purpose develop our manufacturing . distributing and export activities. Our intention aggresisvely develop export markets.” Mr. Bown said the message confirmed earlier indications of increased activity and determination on the part of their combine to secure a larger share of the motor vehicle market in this country. Mr. Bown also referred to Mr. W. E. Rootes s visit-to New Zealand in 1927, to gain firsthand knowledge of the requirements of the market, and this latest move was a direct result of that visit. DOMINION FERTILISER CO. ALLOTMENT OF SHARES A meeting of the directors of the Dominion Fertiliser Company was held in Dunbdin last week, and was attended by Messrs. K. G. Hudson, Peter McSkimming, James Fletcher, L. J. Stevens, A. C. Leary, Erskine Bowmar, and R. Sinclair. Mr. Hudson was voted to the chair. The directors went to allotment with applications for shares payable for cash in excess of the minimum of 109,000 stipulated in the company’s prospectus. The following appointments were made: —Chairman of directors, Mr. R. G. Hudson ; secretary, Messrs. W. E. C. Reid and Company; auditor, Mr. J. W. Smeaton; architect, Mr. H. McDowell Smith; chemical engineer, Mr. H. D. Kerr; bankers, National Bank of New Zealand. In reply to a request made by the directors for work to be put in hand at an early date at the works, a letter was received from the architect, the chemical engineer, and the representative of the contractors (the Fletcher Construction Company) in which it was stated that, subject to causes beyond their control, the works should be ready for manufacturing by January, 1931. According to the company’s prospectus, the works are to be established at Ravensbourne, Dunedin, the estimated cost, being £229,209, including railway siding and other items. E.S. AND A. BANK DIVIDEND 12| PER CENT. , i The annual report’of the English, Scottish and Australian Bank for the year ended June 30, shows a gross profit of £1,619,924, ’ against £1,627,995 for 1927-28. Expense of management, income-tax, etc., absorbed £1,018,661, against £1,029,226. A preliminary transfer of £15.000 having been made to the reserve fund, the balance of the year's profits available was £586,263, and the following distribution was recommended by the directors:— Dividend at the usual rate of 124 per cent, per annum, including interim dividend, £375.000; to reserve fund, additional £65,000; to bank premises account, £50,000: to contingency account, £50,000; to officers' guarantee and provident funds, £10,000; leaving £36,263, which, with the amount brought forward from the previous year, makes £347,741 to be carried forward. Following is a comparison of the bank’s results and appropriations for the last three years: —

Carried forward £277,960 £311,478 £347,741 This is the seventh year in succession in which the dividend has been at the rate of 12} per cent,, free of tax, although the capital in the meantime has been increased and now stands at £3,000.000. With the present addition, the reserve fund is £3,080,000. WESTPORT COAL CO. In their forty-eighth annual report to be presented to the meeting of shareholders at Dunedin next Monday, the directors of the Westport Coal Company. Ltd., state that the profit for the year, after providing for bad and doubtful debts, depreciation and all charges, amounts to £34,954/1/-, to which must be added the sum of £11,649/15/9, brought forward from last year, making a total of £40,003/16/9. An interim dividend of 1/per share was paid for the half-year ended March 31. 1929,absorbing £22,500, leaving a balance to be dealt witli of £24,103/16/9. Out of which the now propose to pay a dividend of Gd. per share for the half-year ended September 30, 1929, £11.250; to carry forward £12,853/16/9. It is also proposed to pay a bonus of sixpence per share from the insurance account, making a total distribution of 2/- per £1 share for tile year. In 1928 the net profit was £37.275 and the dividend 111 per cent.; in 1927, £34,091 and 10 per eent.: and in 1926, £45.707 and 12} per cent. The reserves at last year's balance totalled £229.809. including the sinking fond interest of £81,357. The paid-up capital of the company is £450,000. GRAMOPHONE PROFITS A fresh record in profits was attained by the Gramophone Company, manufacturers of 11.M.V. talking machines aud records, in the year to June 30. the net balance on trading being £1,200.912. This is an increase of £68,498 on last year’s record balance of £1,132.413, which compared with £780,555 for the year preceding. ' Witli a final payment of 50 per cent., the distribution on the share capital was brought up to 60 per cent., as compared with 55 per cent, for 1927-28. Last year's payment was on a paid-up capital of £1,260,000. In April, when announcing the interim dividend, the directors intimated that they had decided to call up the balance of the capital due on 850.000 I! ordinary shares, which at June, 1928, were 12/- a share paid. The call was payable on June 30. from which date the whole of the ordinary shares were fully paid and ranked equally in nil respects. This call brought the ordinary cpaital up to £ 1,600,00 th

DAIRY PRODUCE LONDON MARKET REPORT BUTTER QUIET; CHEESE FIRM According to a cabled report, dated November 15, received by the New Zealand Dairy Produce Board from its London office, tlie butter market is quiet and prices are still irregular. The retail price of New Zealand butter has been reduced to 1/9 per lb. and Danish to 1/10. The cheese market closed firm and retail prices were unchanged. , ... The deliveries of New Zealand butter during the week totalled J3OO tons, and tlie quantity in store was 4800 tons (including 11,000 toxes of new season’s ex Karainea), compared witli 3400 tons a year ago. Tlie deliveries of New Zealand cheese for the week were 11,640 crates, and the quantity in store 30,000 crates, ns against 19,000 crates a year ago. Tlie Hororata finished discharging her butter on November 7. The Karamea started discharging her cheese on November 12 and finished on November 14, and she started discharging her butter on November 13. The Northumberland started discharging her butter on November 12. Tlie deliveries of Canadian cheese for the week were 21,256 boxes, and tlie quantity in store was 201,514 boxes, as against 128,740 a year ago. Current Quotations. Market qucVations as at November 15, with those for the previous week in parentheses, were as follow:— BUTTER. New Zealand..salted 170/174 (170/174), unsalted 182/188 (184/188). 170/174 equals approximately 1/4}, f.0.b.; first .whey 162/-, (162/-); second whey, 160/- (160/-). Australian, salted 168/172/- (168/174/-, unsalted 176/180/- (178/182/-). Argentine, unsalted 172/176/- (174/178/-). Irish creamery, salted 172/- (172/-), unsalted 176/- (176/-). Danish, 182/-, f.0.b., 188/190/- spot (181/-, 186/190/-). Dutch, unsalted, 188/190/- (196/198/-). Latvian, unsalted, 176/- (—). Siberian, 166/168/- (166/168/-). Ukrainian! 168/170/- (168/170/-). Polish, 152/162/- (152/-162/-). CHEESE. New Zealand white, 93/- to 94/- (93/- to 94/-); coloured, 92/- to 03/- (92/- to 93/-). 92/- to 94/- equals approx. 8 5-Bd. f.o.b. Canadian, white and coloured. 95/- to 98/- (95/- to 98/-); c.i.f., 93/- (93/-). Agents’ Reports. A. H. Turnbull and Co. have received a cable dated November 15 from their principals, Messrs. W. Weddel and Co., Ltd., London, reading:—Danish butter, 188/- to 190/- (last week, 186/- to 190/-); New Zealand unsalted, 182/- to 188/- (184/- to 188/-); New Zealand salted, 170/- to 174/(170/- to 174/-); market quiet. New Zealand cheese, white, 93/- to 94/- (93/-); coloured, 92/- to 93/- (92/- to 93/-); market firm. Canadian cheese, white, 95/- to 98/-; coloured, 95/- to 98/-; prices butter irregular. Amalgamated Dairies, Ltd., on Friday received the following market- report from their London office:—Butter: Anchor, 176/-; market still very slow. Danish, 182/f.o.b. Cheese: White, 94/-; coloured, 92/-. CANADA AND U.S. PRICES The New Zealand Dairy Produce Board has received the following report on the American and Canadian butter markets from its agents in Canada:— New York, 40} cents (1/8}). U.S.A, butter stocks 138.000,0001 b. compared with last year 106,000,0001 b. Halifax, 39} cents (1/7 7-8). Canadian stocks 23,000,0001 b. compared with last year 25,000,0001 b. METALS MARKET LONDON QUOTATIONS London, November 14. Metal exchange quotations are ns follow, those previously cabled being given

RAW MATERIALS (Rec. November 17, 5.5 p.m.) London, November 16. Friday’s closing prices fog tlie following raw materials were as follow, those for November 8 being given in parentheses:— Cotton.—Liverpool quotation, American middling upland, December delivery, 9.28 d. per lb. (9.23 d. Rubber. —Para, B}d. per lb. (9d.); plantation, smoked. B}d. (81d.). Jute.—November-December shipment, £27/12/6 per ton (£2B/5/-). Hemp.—The market is stagnant. High point, fair, nominally £33/5/- per ton. Copra.—November-December shipment, South Sea, £2l/2/6 per ton (£21); Plantation Italian!, £2l/5/- per ton (£2l/2/6). Linseed Oil, £44/5/- per ton (£44/10/-). Turpentine, 41/9 per cwt (12/9). PROPERTY MARKET ‘LOWER HUTT VALUES When five shopping sites on the Main Hutt Road, opposite the Post Office, were offered for sale by auction last week bv H. Ernest Leighton, Ltd, bidding started at £BO per foot, and rose to £95 per foot for two sections with 30-foot frontages. They were passed in. but one of the sections, 30 feet by 120 feet (area 12.55 perches) has since been sold privately by tlie firm at the upset price of £llO per foot. PUBLIC TRUST SALE At tlie sale held on behalf ot the Public Trustee on Thursday, there was a large attendance when Messrs. H. Ernest Leighton. Ltd., offered tlie large properties. 132 Vivian Street and 29 and 31 Marion Street, which, however, did not reach the upset price, and were passed in. Keen interest was taken in the vacant sections offered for sale in Ovei-toun Terrace, bidding for JmJ 1 commencing at £4OO and rising to £.150, but not reaching its reserve it was passed in. Lot 2 was started nt £4OO, rising to £450, and passed in, as was Lot 3. Tlie eight-roomed residence, No. 74 Overtoun Terrace and also No. 87 Overtoun Terrace-were submitted, but did not reach the reserves. There were several bids for the Pci one properties in Fitzherbert and Nelson Streets, Petone, but these fniled to reach the reserve, as did the property known ns No. 3 Connaught Terrace, Brooklyn. These properties are now iu the auctioneers’ hands for private sale. BRADFORD TOPS London, November 14. Tlie Bradford tops market is quietly firm, but spinners arc holding off, and quotations are unchanged. AUCTION SALES MONDAY. 83 Rugby Street, 1.30 p.m.—Sale household furniture (E. Johnston and Co.) TUESDAY. 41 Panama Street, 2.30 p.m.—Sale of property, 35 Havelock Street, Mornington (Harcourt and Co.) Messrs. Dtiigan and Co., Saleroom, Wanganui, 2 p.m.—Subdivisioniil sale, account J. Craig (Wright, Stephenson, and Co.. Ltd.) Levin.—Stock sale, 1 p.m. <

FROZEN MEAT TRADE SMITHFIELD PRICES LAMB UNCHANGED (Rec. November 17, 5.5 p.m.) a London, November 16. mutton. Canterbury, heavy, 5 7-Bd. Australian, firsts, 4}d.; seconds, 4 3-Sd. Argentine, light. 4 7-Sd. LAMB. North Islands, seconds, 70. _ , Australian, seconds, Victorian, 7 3-bd.; other States, 7}d.; thirds, 7}d. Argentine, seconds, 7}d. BEEF. Australian, crops, 4 11-16 d.; hinds, 6 1-llitl. Argentine hinds, 7}d.; others unchanged. ‘ Meat Board’s Report. Lamb: Market unchanged. Mutton: Market remains dull for wetners; little better iuquiry for ewes. N.Z. porker pigs: Market is steady witli good demand. This summary of the frozen meat market was received by the New Zealand Meat Producers’ Board in a cable dated November 15, from its London office, which also advised that Smithfield delivered prices averaged as follows for the week, prices for the two previous weeks being given in parenthesis:— N.Z. wethers and maidens: Canterbury quality, selected brands, 56/under, 6)d. (6Jd„ o}d.); 57/64, 6}d. (6}d„ 6}d.); 65/72, 5 7-Bd. (6d., 6d.). Other brands: 56/uuder, Bid. (6}d., 6}d.); 57/64, Jd. (6d., 6d.); 65/ 72, s}d. (s}d., s}d.). N.Z. ewes: 64/under, 4}d. (4}d„ 4}d.). N.Z. lambs: Canterbury quality, 36/ under, B}d. (B}d„ B}d.); 37/42, 7 7-Bd. (7 7-Sd., 7 7-Sd.)'; 43—50, 7}d. (7}d., 7 3-8 d.); seconds, 7d. (7d., 7 l-Bd.). Selected brands, 36/uuder, Sfd. (B}d., 8 3-Sd.); 37/42, 7}d (7}d. 7}d.; otrer brands, Ist quality, 36/under, 7}d (7}d., 73d.); 37/42, 7}d. (7}d., 7Jd.); second quality, 30/32 average, 7d. . (7 l-Bd., 7}d.). Australian lambs (new season’s). Victorian, Ist quality, 36/undcr, B*d. (Sid., Sid.); 37/42, Bd. (Sd., Bd.). Argentine lambs (new season’s, first quality, 36/under, 7}d., (7}d., Sd.); 37/42, 7}d. (74d„ 7}d.). N.Z. beef: Not quoted. .Argentine chilled beef: Ox fores, 4 7-Sd. (4 7-Sd., 4}d.); ox hinds, 7}d. (7}d., 6}d.). Australian frozen beef: Ox crops over 1001 b., 4}d. (4 5-8 d... 4}d.); ox hinds, over 1601 b., 6 l-Bd. (6d., 5 5-Bd.). N.Z. frozen pork: Porkers. 60/80lb., 9id. (94d„ 9}d); porkers, 81/991b„ 9id. (9id„ 9}d.); porkers. 100/1201b., 9}d. (Of., 9*dJ.); baconers, 121/1801b„ not quoted (BJG., BJd.). Frozen veal: Not quoted (8 3-Bd.). Agents’ Reports. According to the cabled report, dated November 15, received by Levin and Co. Ltd. from their London agents, as compared with last week’s quotations, best North Island wethers, under 481 b., and 641 b. to 721 b. are l-Bd. per lb. lower. Other quotations are unchanged. There is no change in the lamb market of any importance excepting for North Island prime lambs Bs., which are selling better on. account of their choice condition. Current Smithfield delivered prices are as follow:— North Island down lambs, 281 b. to 361 b. and 361 b. to 421 b., no quotations; best North Island crossbred lambs, 281 b. to 361 b. and 361 b. to 421 b., no quotations; North Island second quality lambs, average, 301 b. to 311 b., 7 l-Bd. per lb.; best North Island wether sheep, under 4Slb. 6 5-Bd., 481 b. to 561 b. Ojd., 561 b. to 041 b. 6}d., 641 h. to 721 b. 5 7-Bd.: Nortli Island ewes, under 481 b. 4}d„ 481 b. to 561 b. 4}d.. 561 b. to 641 b. 4}d., 641 b. to 721 b. 4 l-Bd.; New Zealand prime ox beef, 1601 b. to 2201 b., none offering. LONDON RETAIL PRICES The New Zealand Meat Producers’ Board has been advised by Its London manager that the following retail prices are being quoted for New Zealand lamb and mutton retailed in London as on November 1, 1929 :— Per lb. ■ New Zealand lamb. d. Legs 14 Shoulders 13 Loins 12 Necks 7 Breasts 4 New Zealand mutton (wether). Legs 10} Shoulders .10 z ’ Loins 10 Necks 6 Breasts 3 LIVE STOCK MARKET FEILDING VALUES Reporting on the supplementary cattle fair lield at Feilding on Friday, Abraham and Williams, Ltd., state that tile entry was far in excess of advertised numbers, and comprised a very mixed assortment, although some very nice lines of grown bullocks and young cattle were penned. A special entry of 44 well grown 15-month Hereford heifers, on account of Mr. C. 11. Handley, Komako, realised £6/4/- (in conjunction with Messrs. Daigety and Co., Ltd.). The fat pens were full, and included some very prime pens; of cows and heifers. The demand throughout tlie sale was keen, and tlie bulk of tlie entry changed hands at satisfactory prices, although in some cases tlie vendors’ reserves were inclined to be too high. In the dairy section there was a large entry, tlie bulk of which was comprised of yearling Jersey heifers. The market for this rlass of stock was fairly sticky, although well-bred lines found buyers at satisfactory prices. A number of pens were unsold. Sheep were yarded in moderate numbers, the store pens being filled with mostly young sheep which met with keen competition. Fat sheep met with a ready market. Taken right through ail classes sold exceptionally well, and there was a complete clearance, with the exception of one pen of woolly ewe hoggets. Vallies realised were as follow:— Cattle: Four-year bullocks, £l2, £l2/2/-, £l2/11/- to £l2/17/-: 4-year bullocks (rough), £9/2/6 to £10; 3-year bullocks, £lO/8/6, £lO/19/-, to £ll/2/-; 2-year P.A. steers, £9/10/-; 18-montli rough steers, £6/1/- to £7; P.A. yearling steers, £7, £7/8/-;; mixed coloured yearling steers, £3/19/-, £4/15/-, to £5; yearling Hereford heifers, £6/4/-; mixed yearling heifers, £4/9/- to £5/1/-; store cows, £3 10/-. £3/15/-, £4, £4/11/-, £4/17/-, £4 17/6, to £5; cows and calves, £B/o/- to £9/9/-i fat cows, £lO, £ll/10/-, £l2/10/-, £l3, to £l4/17/6; fat. cows (light), £6, £B/12/6, £9/2/6, to £9/10/-; fat heifers £ll/5/-; fat heifers (light), £6/7/-; springing dairy heifers, £9 to £10; yearling Jersey heifers (good quality), £6/10/-, £6 to 24/1; fat ewes, 17/6, 18/-, IJ/.1, -0/7, 23/10 25/-, to 27/-; fat ewes (woolly), 04/..’ fat wethers, 25/-; two-tooth ewes, 31/3' two-tooth wethers, -i-/6; ewe hoggets 31/1; wether hoggets. 2u/6; ewes and lambs, 23?0 to 31/6; forward empty ewes, Feilding Daigety and Co., Ltd., had a good entry, which met with a ready sale, nr-ictically the whole of the yarding being cleared at auction, under steady competition. There was also a very fair yardin™ of sheep, which showed an improvement in values on previous sale held a fnrfniirht ago. Prices were as follow. —rat shorn ewes; 21/-, 2V3, 21/8, 23/2, 23/6; fat woollv ewes, 23/6, 24/2; fat shorn wethers 27/-, 27/6. 28/-; fat b.f. two-tooths, 04/i; 25/1, 26/7, 27/8, 28/-; b.f. woolly hoggets, 23/8; two-tooth wethers, 23/9; aged ewes with b.f. lambs. 26/2. 26/4 26/6. Springing heifers. £B, £B/10-. £9, £9/15/; heifers in milk, £9. £9/15-, £lO, £lO/7/6; springing cows, £B, £B/17/6, £ll/2/9, £l2/1.5-; crossbred yearling heifers, £4/8-; yearling Jersey heifers, £5/16/, ■ £6/5, £7/5-; a line of choice yearling grade Jersey heifers sold on account of Mr. S. Macaiilav realised £9/10-; empty cows, £4 to £5/8/-; 4-year bullocks, £ll/11/-; 2-year P.A. steers, £9/7/-, £9/7/6; small 2-year P.A. steers. £7/7/-: yearling Hereford steers, £6/8/-: yearling P.A. steers, £6/18/-, £7; rough yearling steers, £4 16/-: cows and calves, £B/5/-; 2-year Hereford heifers, £7: yearling Hereford heifers, £5/1/- to £6/4/-. MARTON PRICES At: Marlon on Tuesday, Abraham and Williams, Ltd., had a fair yarding of voting shorn sheep, which all changed hands nt. auction at sr.tisfaetory prices. Tlie cattle yarded met witli a fair competition, and witli the exception of two pens of yearling Jersey heifers, were all sold. Wenner pigs sold well. Prices: B.f. 2-tootlis, 19s. 7d.; 2-tooth wethers, I.Bs. 7d. to 20s. (id.; 2-tooth ewes, 235. lid.; springing cows. £ll 55.; cows in milk, £5 15s. to £6; store cows, £4 7s. (id.; yearling Jersey heifers. £7 10s.; fat cows, £8 2s. 6d.. £8 155.. £lO 7s. od., £ll to £l2 10s.; bulls, £3 10s., £5, £5 155., to £0 55.; weaner pigs, 195., 265., 265. 6d„ 285., to 30s. CUSTOMS REVENUE. The Customs revenue collected at. the nori of Wellington on Saturday totalled £6368.

N.Z. GOVT. LOANS— £ s. d. £ 8. d. 5J p.c. Ins. Stk., 1933 199 15 0 101 5 0 . 51 p.c. Ins. Stk. and Bonds, 1936 101 12 6 —■ ul p.c. Bonds, 1933 • • 100 la 0- — DEBENTURES— 100 Well. Gas Co 0 0 — Well Racing Club .. 107 0 0 ' N.Z. Breweries (bonds) 1 8 0 — BANKS— 15 Australasia 1 .13 10 0 13 0 Australian Bank . of 0 Commerce — 1 12 Commercial of Aust. (ord.) — 1 7 8 Commercial Banking 24 Co. (Sydney) iJ 0 25 0 0 English. Scottish, and It 13 .Australian 7 6 ■4 7 ' 0 National of Australasia (£5) • •• —— ♦9 0 0 New Soul II Wales ... — 48 10 0 New Zealand — 3 11 1 3 Union of Australia .. — 10 0 FINANCIAL— Goldsbrough .Mort ... Abraham and William tn 3 9 s (pref.) — 4 10 0 National Mortgage .. 4 0 — N.Z. Guarantee Corp, 8 -lord.) 0 s 4 0 9 Well. Trust and Loan 7 0 0 b 0 INSURANCE— National (I 16 1 *0 16 5 New Zealand •J 9 —— MEAT PRESERVING— Gear Canterbury Frozen — 4 . 8 Meat (ord.) 0 0 —— N.Z. Refrigerat. (£1) — 0 13 0 Ditto (10s.) 0 G 0 11 Well. Meat Exp. (ord.) 0 4. O' 0 o 6 transport— 17 P. and O. def. stock.. •—■ 3 WOOLLEN— 6 Kaiapoi (ord.) •—■ 0 13 Ditto (pref.) 0 14 0 — COAI/— Wai pa — 0 14 6 llikurangi (ord.) .... 0 1 6 — TIM BEK— National 0 8 0 0 10 0 BREWERIES— 6 New Zealand 4 4 8 •1 Staples and Co — 14 0 MISCELLANEOUS— Burns. Philp, and Co. — 1 W 4 6 Dental and Medical .. 0 11 0 — 3 Electro. Zinc (pref.) . 1 15 0 .1 15 Howard Smith (ord.) — 1 2 6 N.Z. Farmers’ Fertiliser 1 1 0 — Wairarapa Farmers’ (ord.) 0 3 0 Ditto Ipref.) ——, 0 16 0 Well. Queen’s Theatre 1 0 — Wilson’s Cement ... .* 6 — Strand, Ltd. i 4 0 —. MINI NG— 9 Mount Lyell — — Waihi — 0 12

Company. Per cent. Period Payable Dalgety and Co. 10 Half-year To-dav Ashburton Gas .. 8 Year To-day N.Z. Farmers’ Distributing Co. .. 7 1 ear Nov. 20 National Insurance fl Half-year Nov. 121 Wilson's Cement . 5 Half-year Nov. 2G National Bank of .Australasia .. 5 Half-year Nov. 27 Leviand-O'Brien Timber 4 1-i 3 Half-year Nov. ' I N.Z. Paper Mills . 3} Half-year Nov. 29 Australian Glass . 5 Half-year Dec. 1 P. and'O. def. stk. 7 Half-year Dec. Henry Jones Co-op. Half-year Dec. 2 N.Z. Loan and litercan tile 5 Half-year Dec. 8 Mount Lyell 13} Half-year Dec, 18

Saturday:— „ . WELLINGTON. . 4 . s. d. National Insurance (reported) .. 0 1G 3 AUCKLAND. £ s. d. National Insurance (late sale Fri0 16 3 Dalgety J and Co. (Melbourne register) 14 6 0 Ohinemuri Mining (late sale 1 ri0 10 3 Auckland City Debentures, 1940, 5} pc 100 0 0Milne & Choyce Debenture Stock 1 4 CHRISTCHURCH. £ s. d. N.Z. Govt, loser. Stock, 1933, 5$ 100 15 0 Commercial Bank of Australia .. 1 7 1 Bank of N.S. Wales 48 n 0 Mount Lyell, cum. div. (2) w — 0 Sales reported: N.Z. Govt. Inscr. Stock, 1933, 5J 100 17 6 N.Z. P Refrigerating, £1 paid .... 13 o

iiiree years; — 1927. £ 1928. . £ 1929. £ Brought forward 230.722 277.900. .311,478 Net 'profit 550,988 598,769 '. 601,263 £781,71.0 £876,729 £912,741 To reserve .... 100,000 ' 70,751 ■ 80,000 Contingency a.e. '■ ■ 1— . 50,000 50000 Provident fund . 10,000 .10,000. 10,000 Purchase of stock 98,437 ■59,500 — Bank premises — — ' 50.000 Dividend, 12J p.c. 295,312 375,000 375,000

for purposes of comparison:— 68 1 3 Copper— Standard, spot .. 69 3 9 Standard, forward (IS 14 44 67 13 9 Electrolytic .... 81 10 0 81 10 0 Wire bars ...... 83 10 0 83 10 0 Lead — 104 Spot ......... ■21 0 0 21 16 Forward 21 •’ 6 21 13 9 Spelter— Spot. ... 20 10 0 21 10 0 Forward 21 1 3 21 10 0 Tin— i Spot 175 12 6 177 15 .71 Forward ........ 175 12 6 ISO IS 14 Silver— Id. Fine, per 055 22 Standard, per oz 24Jd. 24 5-16(1.