FINANCE and COMMERCE.

Dominion, Volume 23, Issue 102, 24 January 1930, Page 14

FINANCE and COMMERCE.

STOCKS AND SHARES WELLINGTON. EXCHANGE FEW: BUYERS ABOUT Locally the share market is very dull. There was only one sale reported yesterday, that ot Government 4} per cent, bonds -(1930) at £99/15/-. The buying orders recorded at the afternoon call numbered aeveu, and these were for shares that have been in steady demand for some days. There was no inquiry for Government securities, and only three bids for Bank ‘shares. Bights to the new Issue of the Commercial Bank ot Australia were wanted at 1/9 against sales reported in other centres yesterday at 2/3 and 2/6. There was a bid of £O/17/- for English, Scottish, and Australian Bank against sales on Tuesday at £6/19/6, and there was a bld ot £2/16/9 for Bank of . New Zealand, against' sales’" on the previous day "at shares In demand were Wellington Gas, ordinary at 30/6, preference at 17/6; Union Steam preference at 20/-, and Leyland O’Brien Timber at 28/-. There were many sellers whose quotations failed to bring buyers Into the market. It seems that dullness will be a feature of the first quarter of the year, or until the income tax payments are made. This dullness in the share market though pronounced is seasonal to some extent. YESTERDAY’S QUOTATIONS

P. & 0. COMPANY STRONG POSITION At the annual meeting of the Peninsular and Oriental Steam Navigation Company, held In London on December 11,*the chairman (Lord Inchcape), dealing with the company's assets, said that It all current liabilities .of .the P. and O. were discharged, and the preference shares and debentures and debenture stock of the group were paid off, the money could be found from cash and securities, leaving a balance of be- • tween £2.500,000 and £3,000.000, which ■ would be the property of the P. and O. deferred and preferred stock ■ holders. In addition those stockholders would be the proprietors of 318 unencumbered steamers of 2,074,563 tons gross register, which, if valued at their original cost, less 4 per cent, a year depreciation, would be worth £46,863,004. Adding the value of freehold properties, the chairman placed the total fl*“!(‘ts in excess of all liabilities as worth a out £50.000,000, against the issue capital of £7,632,581 in preferred and deferred stock. . • ._ Despite this strong financial position, the chairman said that no effort was being spared to secure passenger and cargo earnings. and to watch every detail of expenditure. Industrially. Lord Inchcape said, the shipping industry had enjoyed peace for many years, thunks to the reasonable methods nf Imth shipowners and unions. The negotiations were conducted on the line of collective bargaining. ORIENT LINE SHRINKAGE IN PROFITS For the year ended June 30 last, the Orient Steam Navigation Company earned a net profit of £391,831, after providing for depreciation and contingencies. In the previous year the net profit amounted to £420,748. Adding the amount brought forward, £69,560, the total available was £461,302, as compared with £482,455 in the previous year. To the general reserve account was transferred £125.000, making it £975,000, and the. allocation was £25,000 less than in the previous year. To the employees' ‘pension account £25,000 'was added, against £50,000, bringing the fund to £75,000. After paying the 6 per cent, and 6} per cent, on the preferential shares, nnd 12} per cent, on the ordinary shares, as was the case in the previous year, £99,023 lias been carried forward. Issued capital remains at £2.325,140. Creditors at £1.392,018 show a decrease of £171,107. A further increase of £26,280 in the underwriting account brings the total to £304.308. The total of the balance-sheet, £5,831,780. compares with £5,797,175 for 1927-28. AUSTRALIAN GOLD CENTRAL CONTROL SCHEME An official announcement was made in Melbourne last week that the Federal Cabinet had decided to authorise the Commonwealth Bank to acquire the gold held by the trading banks in-Australia. The treasurer, Mr. E. G. Theodore, said the Government had considered the action to be taken for the control of the gold resources of Australia, In conformity with the recent amendment of the Comn}6iiwalth Bank Act. Authority had previous y been given to the Commonwealth Bank to obtain returns of gold held by the banks, nnd the information sought was propeny furnished. The bank had further reviewed the position.'and feared, owing to the steady drift of gold from Australia, that depletions Inimical to the future position would rapidly take place. • "Apart from shipments ot gold by the Commonwealth Bank on its own account, said Mr. Theodore, “gold has been sent out ot Australia during the last six months to a total ot more than £4,000,000. During the period of the previous year. £119.1X10 only was sent abroad. The Government is of opinion that the position calls for co-ordination in the matter of gold shipments, and has accordingly authorised tile Commonwealth Bank to acquire the gold held by »the trading banks. This does not necessarily mean that the Commonwealth Bank will Immediately proceed to obtain physical possession of the gold held by the other banks. Representatives of these banks will lie Invited to meet representatives of tin- board of the Commonwealth Bank, when the proposals of the Commonwealth Bank for future operations will be submitted for discussion.- ’

DEALINGS ON 'CHANGE YESTERDAY’S BUSINESS DOMINION SALES The following sales were recorded on the Stock Exchanges of the Dominion yes-

NAPIER GAS CO. DIVIDEND 8 PER CENT. In their annual report, the directors of the Napier Gas Company, Ltd., state that the balance to profit auu loss tor the year ended December 31, 1929, -was £12,821/6/19.Uut of this sum they recommended .payment of a further dividend of 3 per cent., aud 5 per cent, on preference and ordinary shares respectively, making a total dividend for the year of 6 per cent, on preference and 8 per cent, on ordinary shares, which will absorb 4640/8/-, leaviug £Bl9O/12/10, from which it is proposed to transfer to plant replacement reserve fund £2OOO, carrying forward £6190/12/10. There has been a good demand during the year for new gas appliances, and 721 have been, installed. Owing to coal mine troubles in Australia, coal has been a heavier charge than usual in'the year's operations. With a continued demand for gas in the homes, the company looks forward to another successful year of service to the community. The retiring directors offering themselves for re-election are Messrs. It. D. Sweetapple aud G. S. V. Wenley. The balance-sheet showed liabilities as follow: Paid-up capital, £104,680, reserve (Invested In plant) £28,000, plant re? placement reserve £7500, 'deposits £12,854," sundry creditors £4016, Union Bank £2742. Assets Include £137,559 land, plant, aud buildings: material and stores (in stock and on hire) £5976; New Zealand’ inscribed stock (at par), £10,000; replacement investment account, £7473; outstanding accounts, £10,886, The revenue account shows receipts from gas and residuals sold. £54,476; rents, £1187; interest £796. Outgoings were: Coal used £20,137; wages and salaries, £14,139; Interest, £1240; taxes, £2233; general expenses and depreciation. £9036; employees’ superannuation, £3lB,

BROKEN HILL DIVIDEND The directors of Broken Hill South. Limited, have decided upon an increased quarterly dividend. A distribution (if 2/a share from last year’s profits will’ be made to shareholders on February 26.. The disbursement will require £BO.OOO. The previous dividend was-1/6 a share. COMMONWEALTH BONDS Writing from Melbourne on January 10, Messrs.-Jr B. Were and Son, state:— . Commonwealth bonds are weaker than they were at the close of business for 1929, and the average return over all issues (excluding'the 6 per cents, due in March) at yesterday's prices was £5/15//l per cent: per annum. The average return on tiie last business day of last year was £5/14/1 per cent., while only a month ago the average return was £5/13/1 per cent. The higher average yield can be attributed largely to weakness in short-dated issues. The 5} per cents., due 1931. now return £6/0/3 per cent., the 5} per cent. 1933’s yield £5/18/4 per cent., while the 5} per cent, issue due in 1931 returns £6/0/6 per cent., and the 6 per cents, due at the end of this year yield £5/19/10 per cent. The. nnder-subscription of the recent £10.000.000 loan by over £2.01X1.000 has had an adverse effect on the bond market. LIVE STOCK MARKET MASTERTON VALUES FIRM. Dominion '< i < ; ■ • Masterton, January 23. At the Mastertoil stock sale, the Wairarapa Farmers’ Co-operative Association offered a yarding of. 82C sheep. Competition for all lots was good, aud there was a total clearance at the best recent market values. Masterton ,and Lower Wairarapa farmers were the principal buyers. Extra good S.D. b.f. lambs, 19/-; good b.f. rape lairibs; 16/10. 17/-; medium b.f. lambs, 12/10. 12/9: small b.f. lambs. 8/- to 10/-;, shorn wether lambs, 13/2; small wether. 7/8 to 10/8; good two-tooth wethers. 23/3; aged store ewes, 7/4 to 10/7; weancr pigs. 18/-. COLOMBO TEA SALES, Dominion Sbeci v Service Dunedin, January 23. Dalgety and Company, Ltd., advise that at this week’s tea sale at Colombo 3,100,0001 b. was offered. The quality showed an improvement with the exception ot fine teas, which were inferior to the previous week's offering. Common teas were slightly easier, but all the better grades were dearer. Next week's catalogues total 3.500.0001 b. CUSTOMS REVENUE. The Customs revenue collected at the Port of Wellington yesterday totalled £8854.

THE WOOL MARKET LONDON SALES ALL-ROUND DECLINE London, January 22. At the second day's wool sales of the January series, 10,074 bales were offered, of which 1875 bales were New Zealand. There were very large offerings of merinos, which met with fair demand, as did the finest of the greasy wools. Although there were numerous withdrawals, yet there was a slightly improved tone, but quotations were unchanged. Greasy crossbreds from New Zealand made lOd. to J/-. Mount Vernou wool sold at 10jd. to lljd. The first London wool sale for the year, which opened on Tuesday night, leaves no doubt as to the slump in wool values, all descriptions of which have declined from 15 per cent, to 20 per cent. The percentage fall conveys very little to anyone outside of those directly interested in the trade, and in order to give the general reader an idea of what is happening in the wool market the following figures are given. Those figures must be accepted as approximate and unofficial: — Dec., 1929. Jan. 1930. <l. d. Merino, 15} 12} Half bred, 50/56 .... 15} 13 Halfbred, 48/50 .... 14} 11} Crossbred, 46/48 .. 13} 10j Crossbred, 44/46 .. 13} 10} Crossbred, 40/44 .. 13 10} Crossbred, 36/40 .. 12} 10} The comparison is with the closing rates of the November-December sales. The drop in values ranges from 2}d. to 3d. per lb. At tiie present time it appears that crossbred wool is realising less than lid. per lb. gross, and when the charges are deducted the net return would be about Bd. to B}d. The withdrawals are reported to be heavy and that can be understood, for growers and speculators have not come to a full realisation of the market tendency. Wool is being withheld from sale in the hope that prices will improve later; but there is no warrant for such a belief. The held-over wool must be a menace and a hindrance to any upward movement in values. Consumers know that the wool is there, and must come into the market. It cannot be held indefinitely as a frozen asset, nor can the banks be expected to submit to credits being frozen.

Writing of the wool market, Winchcombe Carson, Ltd., wool brokers, of Sydney, state that trade in manufactures has not shown any appreciable advance as a result of the lower cost of the raw material. It has barely had time to do so. Wool has certainly been relatively cheap for over six months. But it takes a considerable time for the wool tops, yarns and fabrics to pass through the manufacturing processes, and finally to reach the public on shop counters. It will be surprising, however, if wool does not eventually attract increased use at present prices. Demand Restricted. The Department of Agriculture has received the following cablegram, dated January 22, from the High Commissioner for New Zealand, London:— Wool sales opened yesterday, with large attendance from Home and Continental centres, but demand restricted and market weak compared with closing rates last series. Merino declined 15 per cent, to 20 per cent.; greasy crossbred, 20 per cent, to 25 per cent.; slipe, 15 per cent, to 20 per cent. New Zealand greasy selection, mostly speculators, lots cleared well but slipe frequently withdrawn. 164,500 bales available for series, of which New Zealand 35,000 and Australian 121,000, Dalgety and Co., Ltd. have received the following report from their head office: — London wool sales opened, competition poor, large attendance. Withdrawals heavy. Continent principal operators, Bradford buyers quiet. Good selection, mainly merinos. As compared with closing rates of last series:—Merinos, 10 per cent.- to 15 per cent. lower, except merinos inferior and faulty, 15 per cent, to 20 per cent, lower, when sold. Fine crossbred. 15 ' per cent, to 20 per cent, lower; medium and coarse crossbred, 20 per cent., fully. Wright, Stephenson and Co., Ltd., and Abraham and Williams, Ltd., have received from their London house as follows:—Wool sales opened, average attendance of buyers. Competition good for super, and average inferior and faulty. Heavy withdrawals. Selection good, small proportion New Zealand wools included. Greasy three-quarter bred, 48/50's, yielding 73 per cent., ll}d. Greasy fine crossbred, 46/48’s., yielding 75 per cent., lid. Greasy medium crossbred, 44/46'5., yielding 76 per cent., lid. Greasy crossbred, 40/44'5., yielding 77 per cent.. 10}d. Australian merinos prices 15 per cent, lower to 20 per cent. New Zealand slipe, 20 per cent, cheaper. Competition Poor. Murray, Roberts and Co., Ltd., are In receipt of the, following wool market cablegram, from their London agents; dated January 21:— Sales have opened flat, large attendance of buyers, competition poor, heavy withdrawals; selection chiefly wool suitable for Continent. Compared with last London sales closing rates: Merino, best descriptions, declined 15 per cent, other descriptions declined 20 per cent. Crossbred greasy fine, poor selection offered, Insufficient to test market. Crossbred greasy coarse declined 20 per ’ cent. Crossbred scoured declined 10 to 15 per cent. Slipe crossbred declined 15 to 20 per. cent. The New Zealand Loam, and Mercantile Agency Company, Ltd., have received the following advice from their London house dated January 21:—There was a good attendance at the opening of the sales today, competition by Horae and Continental buyers being restricted, and prices as compared with the close of preceding series ruled about 10 per cent, lower for good merino, 15 per cent, for medium merino, and 20 ner cent. for inferior merino and crossbred wool. The opening catalogues were representative. There were considerable withdrawals. Levin and Co.. Ltd. have received the following cable from their London agents dated January 21:—The auctions opened here to-day with a large attendance of buyers. Competition is irregular and confined mostly to the Continent. As compared. with the closing rates of last sales, we quote:— Greasy merino, best, 2}<l. per lb. lower. Greasy merino, average, 3d. per lb. lower. Fine halfbreds, 50/56's, 2d. to 3d. per lb. lower. Halfbreds, 48/50's, 3d. per lb. lower. Fine crossbreds, 46/48's, 3d. per lb. lower. Medium crossbreds, 44/46's, 3d. per lb. lower. Coarse crossbreds, 40/44’s, 2}d. per lb. lower. Low crossbreds, 36/40’s, 2}d. per lb. lower. Scoured merinos and scoured crossbred, 15 to 20 per eent. lower. Sllpes are selling irregularly, and the market for these is weaker all round by about 15 to 20 per cent. MELBOURNE WOOL SALES Melbourne, January 22. At the o'penlng of the wool sales yesterday, the market was from 10 to 15 per cent, lower. The opinion is that the lower prices will result in a bigger demand from abroad, enabling woollen manufacturers to compete more easily with the cheaper fibres. It is worth while remembering that a still lower market will not be to the buyers' advantage. SAFEGUARDING INVESTORS AUSTRALIAN SUGGESTION Writing in the current issue of the “Australasian Accountant and Secretary,” Mr. W. T. Charge, chartered secretary, sets out some luteresting proposals for the better safeguarding of investors in their dealings with public companies. It is contended that privileged persons can use “inside information’’ to their personal gain, and that proper safeguards should be provided by law

Among other suggestions, Mr. Charge proposes an increase of publicity regarding the dealings of directors in the shares of their own companies, by which any change iu each director’s holding . will become known to shareholders lit the end of each trading year; that no director of a public company should lie permitted to buy or sell shares in ills own company (either in Ills own name or that of nominees) without first disslosing liis intention to the board as a whole, and obtaining its assent; that every public company should publish, In addition to the balance-sheet profit, tiie profit on which the company lias been assessed to income-tax in respect of the preceding income-tax year, witli comments by the auditors on any Important difference between the balance-sheet profit and tiie profit assessed to income-tax; that tiie annual report to shareholders should state tiie total payments received by each director from the company and its subsidiaries (if any) : that it should lie illegal for directors to solicit proxies or to vote ns regards the appointment or removal of auditors, who should be given a statutory right to attend and speak nt nil general meetings of a company; and that n bnlanee-shcet should lie issued to shareholders within Hirer months of tiie close of the period covered by it, unless tiie auditors certify that this is Impracticable from some sufficient and unavoidable cause.

FRUIT AND VEGETABLES SUPPLIES PLENTIFUL WELLINGTON VALUES Values of fruit and vegetables sold in their market yesterday are reported by Market Gardeners Ltd. as follow:— Fruit. —Californian orauges, 37/6 per case; Californian lemons, 59/- to 55/- per box; Burbank plums No. 2,2/- to 2/6 per case; Burbank plums No. 1, 2/9 to 4/4 per case; Hutt tomatoes, B}d. to 1/- per lb.; gooseberries, 3/3 per case; Bay View tomatoes, 4/- to 6/1 (l-cuse); raspberries, 7/6 to 8/- per tin; cooking apples, 2/6 to 3/6 per }-case, 6/- to 8/- per bushel case; dessert apples, 3/- to 3/9 per }-case, 8/- to 11/6 per bushel case; nectarines, 8/6 to 11/- per case; greengages, 8/- to-9/6 per case; pears, 6/- to 6/6 per }-ease; peaches, 2/9 to 4/- per case; Otago apricots, 6/to 11/6 per case; Otago peaches, 2/6 to 3/0 per case; Santa Rosa plums, 6/6 per case; Fiji pineapples, 10/- to 13/- per case; hothouse grapes (Hutt), 2/3}. lb. Vegetables.—Potatoes, 4/- to 9/9 per sack; Pukekohe onions, 4/- per bag; green peas, 5/- to 15/6 per sack; beans, 6/6 to 15/6 per bag; marrows, 3/4 to 4/per case; cabbage, 2/- to 4/- per case; beetroot, 1/9 to 4/7 per case! swedes, 2/- to 3/6 per case; spinach, 4/- per ease; lettuce, 3/0 to 8/9 per case; cauliflower, 4/10 to 5/9 per case; pumpkins, 6/- per case; pumpkins, 12/3 per sack; rhubarb, 3/- per dozen; cucumbers, 3/6 to 7/9 per dozen; fat ducks, 12/- per pair. % jW. Burbidge and Co. report a plentiful supply of all fruits, and prices are low. Store fruits/’particularly, are very plentiful. W.B.C. Pears are selling well. Eggs are still plentitful, but with a tendency to rise. Potatoes are plentiful. Current prices for the week ending Thursday, January 23, are quoted as follow: — Apples: Gravenstelns, 3/-, 4/6; Astrakans, 3/6. 5/-; other dessert, 3/-, 3/0; cookers, 2/6. 3/6 half-ease. Peaches: Dessert, 2/6, 4/-; cooking, 2/6, 3/-. Plums: Dessert. 4/-. 7/-; greengages, 7/-, 8/6; nectarines, 5/-, 9/-; black currants, 6/-, 7/-. Apricots: Hastings, 6/-, 7/6; Otago, 6/6 to 9/-. Tomatoes, Nelson: Ripe, 13/- to 16/6: coloured. 11/- to 13/-; firm, 4/6 to 8/6, all half-cases. French beans 2}d. to 4}d. per lb.; cucumbers, 6/-, 8/- half-case. Californian oranges, 42/-; lemons, 60/per case. New potatoes: Pukekohe, 4/- 601 b. bag; local. 6/- to 8/- cwt. Onions: Pukekohe, 5/- 501 b. bag. New-laid eggs. 1/7; storekeepers' lines," 1/5 to 1/6 per dozen; separator butter. 1/-, 1/1 per lb. New Zealand walnuts, Bd. to 9d. lb.; G. 8.0.5.. chaff, £lO per tou.

LONDON TALLOW MARKET VALUES FIRM « Rondon, January 22. Owing to small supplies the tallow sales were hot held this’ week. It is unlikely that they will be resumed before February 5. Dalgety and Co. Ltd. have received the following report dated January 22 from their head office, London:—Tallow bd. per cwt. higher. , The New Zealand Loan and Mercantile Agency Co. Ltd. have received a cablegram from their London house dated January 22, reporting that the tallow market is firm. Present c.i.f. and e. values for the following descriptions of tallow, with those for January 9.in parentheses, are: Fine mutton, 39/- per cwt. (38/6); good beef, 38/6 per cwt. (38/6); mixed, 37/(37/-). . DAIRY PRODUCE MARKET BUTTER QUIET; CHEESE FIRM Dalgety and Company Limited have received the following market advice from their head office, London, dated January 22:—Samuel Page aud Son report: Cheese 2/- per cwt. higher. Joseph Nathan and Co. Ltd. have received the following market report from Trengrouse and Nathan Ltd., London, dated January 22:—New Zealand butter, 155/- to 156/- per cwt.; New Zealand cheese, white 89/- per cwt., coloured 87/per cwt. Both markets steady. The New Zealand Loan and Mercantile Agencv Company Limited have received the following advice from their London house, dated January 22:—Dairy produce (last-week’s figures in parentheses)—Butter: New Zealand choicest salted, 100/- to 156/- per cwt. (152/- to 154/-); market quiet. Cheese; White 90/- per cwt (86/-), coloured 87/- to 88/- per cwt. (83/-); market firm. DUTY ASSESSMENTS NEW RATES OF EXCHANGE New rites of exchange for ascertaining for duty purposes the values of goods Imported to New Zealand from various countries on and after March 1 have been approved by the Minister of Customs (Hon. J. B. Donald) as follow:— Belgium, belga, 35.00 to £l. Denmark, krone, 18.1 u to £l. .. France, franc, 124.21 to £l. Germany, reichsmark, 20.43 to £l. Holland, florin. 12.10 to £l. India, rupee. 18d. each. Italy, lira, 92.46 to £l. Japan, yen. 24.586. _eacli. Norway, krone, 18.15, to £l. Sweden, krone. 18.15 to . £l. Switzerland, franc, 25.23 to £l. WORLD’S WHEAT STOCKS A YEAR’S INCREASE ' , (Rec. January 23, 7 p.m.) New York, January 22. The Chicago dally trade bulletin states that the world’s wheat stocks and those held in the United States and Canada as at January 1, 1930, compare as follow with those of January, 1929:— Jan., 1930. Jan., 1929. Bushels. Bushels. World stocks .. 583 520,000 564,762.000 United States .. 263,991,000 204.743,000 \ Canada .. .... 223,129,000 218,559,000 SYDNEY GRAIN MARKET (Rec. January 23, 9.5 p.m.) Sydney, January 23. Wheat—At country stations, 4/6} per bushel; ex trucks, Sydney, 5/1}; flour, £l2/10/- per ton; pollard, £9 per ton; bran, £7 per ton. Potatoes, Tasmanian, £9 per ton. Victorian onions £8 per ton, globe £l3 per ton. Oats—White 5/- per bushel, 'Algerian 4/6. Maize, 7/3 per bushel. “BROTEX” PRODUCTION NEW TEXTILE PLANT An exhibition of brotex and its products was recently held in London. The plant, which is a hybrid biennial, was produced after many years of experiment by Mr. Leonard Browning, the first letters of whose name supplied the first half of the name of the plant, the remaining letters being from “textile,” owing to its probable use in the manufacture of textiles. The new plant Is being grown In America. France. Germany, Kenya and Uganda, an well as In the British Isles, and its possibilities on a wide range of soils are interesting scientists and agriculturists. As a result of the experimental work which has already been carried out. it Is stated that it is a sufficiently hardy plant, to be grown successfully to yield a six months’ fibre crop in many parts' of England. and in other countries. In Its six months and later stages the plant produces fibre which can be used for sacking. cordage, ropes, nnd the materials in which coarse hemp is usually employed. For paper-making it affords it very qulekgrowing material ns compared with spruce, which takes 40 years to mature. Its seed can lie used for .cattle food in the form of oil-cake, having 15 per cent, edible oil. Lord Bledlsloe is on the Advisory Couuoll watching the experiments.

Buying and selling quotation .s at the final call yesterday ' on the Wellington Stock Exchange were ns follow Buyers. Sellers. £ s', d. £ s. d. N.Z. GOVT. LOANS— 4J P.O. Ins; Stic., 193S — 100 0 0 5J p.e. Ins. Stk., 1933 — 99 15 0 51 p.c. Ins. Stk., 1933 — OS 5 0 4J p.c. Bonds, 193S 99 15 0 and 1930 — DEBENTURES— Golden Bay Cem. "A” — 0 17 9 BANKSY Australian' Bank of Commerce —- 18 0 Commercial of Aust.. T-l 4 3 iord.1 ........... — .•Commercial of Aus. (rights) 0 1 9 0 2 9 Commercial Banking Co., Sydney / — English, Scottish, & 123 10 0 Ausit 6 17 0 — National; of N.Z. .... — 6 10 0 ' National of - asla (£10) ....;. — 15 19 0 National of Australasia (£5) — 7 18 0 New South Wales .. — 41 5 0 New Zealand 2 16 9 2 17 3 Union'of Aust. — *12 0 0 FINANCIAL— 1 111 0 Goldsbrough Mort .. — N.Z. Guarantee Corporatlon (ord<) .. — 0 8 9 GAS— „ Wellington (ord.) ... 110 0 — Wellington (pref.) .. Oli 6 — INSURANCE— 0 15 6 National . — South British — 3 13 MEAT PBES.— Gear — 2 2 0 N.Z. ' Refrigerating (IDS.) '.... - 0 5 1 TRANSPORT— Union Steam .(pref.) 10 0 — P. & O. (def. .stock) . —• 2 15 0 0 15. 0 Waipa ....... 1 — TIMBER- 1 0 10 0 i; National _ . Leyland O’Brien ....-1 8 0 — BREWERIES— New Zealand — 4 8 0 MISCELLANEOUS— Brlf. Tobac. (Aust.). (ord.) — 2 4 3 Electro Zinc (ord.) .. — *1 12 0 Electro Zinc, (pref.) . — *1 13 0 N.Z. Drug — 3 15 0 Sharland & Co. (ord. and pref.) — 1 J. 0 Wilson’s Cement .... — 2 10 MINING— Mount Lyell — Waihi — 1 17 0 0 13 9 ♦Cum dividend. fEx rights.

terday Wellington. £ s. d. 4J p.c. Govt, bonds (1039) 91) 15 0 AUCKLAND £ s. d. Commercial Bank of Australia 1 3 9 Commercial Bank of Australia 1 3 7i Bank of New South Wales 40 15 0 16 6 Newton King. preference ... 0 11 6 Dominion Pictures, preference 1 1 0 1 6 2 0 3 0 5 0 CHRISTCHURCH £ s. d. Australian Bank of Commerce 1 1 6 6 10 8 Commercial Bank of Australia, 1 3 6 Union Australia, cum. diV. 11 18 0 do.. do.; 11 17 0 1 10 {J do., (2) 1 10 3 do., (8) 1 10 0 N.Z. Refrigerating. 10/-. paid . 4 11 Dunlop Perdriau Rubber 1 1 (? Electrolytic Zinc pref, cum. div. 1 12 0 (3) 1 16 3 Sales reported: N.Z. Refrigerating, 6} p.(?. Stock. 96 0 0 Comm. Bank of Australia, cum. 1 3 9 National Bank of Australasia, £5 7 16 0 Goldsbrough Mort. (2) 1 10 6 N.Z. Refrigerating, £1 paid .. 11 0 DUNEDIN. Sale '.reported— . ... £ B. d. English. Scottish and Australian Bank 6 19 6