FINANCE AND COMMERCE

Dominion, Volume 24, Issue 61, 5 December 1930, Page 14

FINANCE AND COMMERCE

STOCKS AND SHARES

Wellington Exchange ; A QUIET MARKET Tbere were no sales reported on the Wellington Stock Exchange yesterday, and there was only a moderate demand for shares with no great variation in prices. There was a slightly better demand for Government securities. For the 54 per cent, stock (1033) £B9 was bld, and for the bonds £99/10/-. The 5} per cent, stocks (1941) were wanted at ,£95. . There Was a poor demand for bans ■hares and prices continue low. Bank of Australasia,- at £9/8/-, were 2/- higher; for Commercial Bank of Australia 15/11 was bid, the previous sale being at 16/14National Bank of Australasia, £5 paid, were steady at £O/2/0. There was no offer for Bank of New South Wales, but sellers asked £29/10/-. Bank of New Zealand were in demand at 52/-, but sellers asked 6d. more. Sellers of English, Scottish, and Australian Bank raised the price 3/- to £5/4/-, but there was no bidding for the shares. For Union Bank sellers again asked £9/12/6. • , ' Goldsbrough, Mort* & Co. were offered at 21/6, but buyers were absent. It was stated that this concern had declared an interim dividend of 5 per cent.; this is Incorrect, the company having decided on passing the dividend. On Wednesday they ■ were in demand- at 22/-. New Zealand Guarantee Corporation were a shade lower at 6/11, but New Zealand Investment Mortgage at 10/- were unchanged. Wellington Gas preference were steady at 16/9. New, Zealand Refrigerating, 20/- paid, were wanted at 9/6. ' Huddart-Parker, preference, at 19/9, Union Steam at 20/-, and Kelburn ■ Tram nt 29/10,* were. firm. I Taupiri Coal were unchanged at 22/3. Tooth’s Brewery were in demand at 22/- ex dividend, and New Zealand Breweries were offered at 42/- ex dividend. Burns,: Philp, & 00.-were firm at 30/-. There -was no bid . for British Tobacco, but sellers asked 32/6. The quarterly dividend of this concern Is payable at the end of the year, for each of the past three quarters 3 per cent.' was paid, and the .market is wondering whether-the dividend for the flngl quarter will be at, the same rate or lower. Electrolytic Zinc, preference, at .17/3, and Howard Smith ordinary at 7/6, were unchanged. Taranaki Oil were wanted at 2/2, Wilson's Cement were in demand nt 38/6, with sellers at 40/-. Consolidated Brick and Pipe were firm at 12/6. Mount Lyell were 3d, up , - nt 20/-. Yesterday’s Quotations Buying and selling quotations at'' the fliftl call yesterday on the Wellington Stock

MINING— .. , Mount' Lyell *1 0 0 — •Cum. dividend. fEx dividend. CENTRAL RESERVE BANK Australian Proposal. ~ Canberra, December .4. The Select Committee’s report on the establishment of a Central Reserve Bank has been tabled In the House of Representatives. The' committee suggests that Parliament should consider the advisability of providing the structure for such a bank ' along , the lines of other countries, which will probably permit easy co-operation with similar institutions. Government’S; holding Is to be limited to one-third, the, remaining ' two-thlrds to be made up by public sub- * scffptions; dividends should'be limited, so that the first alm of the bank should be to build up adequate' reserve for service lu times of stress; Shareholders should receive no share of the profits from the note issue. Two-thirds of the directors should be elected by shareholders, the remainder by the Government. '• 1 . J SALE OF DEBENTURES River Board’s Position ■ Dominion Special Service. f Palmerston North, December 4. Twenty-six debentures of £lOO each, bearing interest at the rate of 51 per cent., were offered to the public recently by the Mana-watu-Oroua River Board. At a meeting of the board this morning the secretary reported’that only two debentures had been taken '. Up. . Mr. J. T. Hume said that the Makerua btfard was In a similar position to them, but the former board had agreed that their debentures should be sold at 6 per cent. He suggested that the river board should sell the debentures at a discount. The chairman (Mr. W. Carter): The matter Is urgent; neither the Makerua nor the Manawatu-Oroua board has the money. Mr. Hume said that it was. Imperative that the debentures should either be sold or hypothecated. Mr. J. S. Harrison: That is what comes offsetting ahead of finances. The matter of selling the debentures at a discount was left to the finance committee to consider. J AUCTION SALES i 1! TO-DAY. Rd;, Lower Hutt, 1.80 p.m.— J Salo up-to-date poultry houses (H. E. ; Leighton). 8 IVllleston St., 1.30 p.m.—Sale upholster- , er’s and cabinetmaker’s stock (E. Johni ston & Co.) 1015 Grant Rd., 10.30 a.m.—Sale household furniture, etc. (E. Johnston). Cliff House Tearooms, Island Bay. 10.30 ■ a.m. —Sale tea rooms and household I furnishings (E, Johnston & Co.) 108 Cuba St., 1.30 p.m.—Sale manufac- <• turer’s stock (Silverstone & Co.) • 8 WHleston St., 7 p.m.—Sale chocolates, ; etc. (E. Johnston & Co.) TO-MORROW. Harazyn St., Lower Hutt, 2.30 p.m.—Sale sections (MacLaren &.Nisbet). , t ' ) MONDAY. 1 Town Hal|, 0 a.m.—Wellington Wool Sale ■J (Wellington Brokers' Assn.) D4rwent St., Island Bay, 10.30 a.m.—Sale furniture and effects, Chilton House (Silverstone & Co.)

DEALINGS ON ’CHANGE Yesterday’s Business DOMINION SALES The following sales were recorded on the Stock Exchanges of the Dominion yesterday.— WELLINGTON. NIL . I AUCKLAND.

GOLDSBROUGH, MORT x No.lnterim Dividend ,/i * The chairman of the Wellington. StockExchange (Mr. E. Bucholz has received advice that the directors of Goldsbrough, Mort, and Co.; in .view of the serious drop in the prices of all primary products in which the company Is interested, and the disturbing political and financial outlook, have decided not to recommend payment of an Interim dividend, but to defer consideration of a dividend, payment until theflgures for the full year ended March 21 are available. The Interim dividend paid in December, 1929. on the old shares, was 5 per cent., the final dividend (in June, 1930) being at the same rate. SYDNEY STOCK EXCHANGE Actions and Reactions ’ (Rec. December 4, 8.30 p.m.) , Sydney, December 4. Goldsbrough Mort shares, reacted to-day following the announcement that no interim half-yearly dividend was being paid this month owing to the low- prices of. primary products and the uncertain political and financial outlo'ok; disbursement considerations accordingly being held over until March 31. , The investment market generally was most Irregular to-day. Commonwealth bonds strengthened slightly and a large volume of business Is being done In them. Bank shares also firmed, except In two Instances. Bank of New Zealand were again a bit weaker at 57/-. KAURI TIMBER CO., LTD. Dividend of 2| per cent o' '/.' . / (Rec. December 4, 8.30 p.m.) . I Sydney, December 4. The Kauri Timber Company Limited during the year, ended August 31 made a net profit of £18,643, which la £2287 below' that of the previous year. < A dividend is being . paid at the reduced rate of 2} per cent., and £282 is being carried forward. The dividend last year was 1 at the rate of 3 per cent, per annum. .. , TOOTH’SBREWERY \ Accounts Compared The balance-sheet of Tooth and Co.,' Ltd., a Sydney brewing-company, for the year ended September 30, shows the fol-

A.M.P. SOCIETY The present situation in regard to business generally. reveals that those who are wise seize every opportunity for a sound investment. These are, however, few and far between, under the existing conditions of finance and trade. The advertisement in another column by the A.M.P. Society is, therefore, all the more worthy of attention at the moment. The society announces that air those who take out policies before December 31 will share in the surplus to be divided among participating policyholders as at that date. The cash divided among ordinary department policyholders at December 31 last (for one year only) was just on £3,000,000, making a total distribution since the establishment of the society of over £47,000.000. Immediate application should be made by thbsp who Intend taking advantage of this offer. ,• POULTRY PRICES Pukeora Sanatorium Sale Dominion Special Service. ■, K Walpuktirau, December 3. At the disposal sale of the poultry farm oL the Pukeora Sanatorium to-day tin to 1200 Utility White Leghorns were offered, all finding buyers. There was a large attendance. The following prices were realised:—Pullets, three months old, 5/0 each; pullets, four months, 5/6 to 7/4; flrst-year fowls. 30 at 0/6; 400 at 5/3: second-year fowls, 2/- to 5/6. A line of 00 cockerels brought 2/3. The buildings realised £2 to £6 per house- A few items of the plant were sold at low prices, the remainder having a reserve price being passed In. Dalgety and Co, were the auctioneers.

THE WOOL MARKET Napier Sale OFFICIAL RANGE OF PRICES By Telegraph—Press Association. Napier, December 4.

Lambs not sufficient to quote. LONDON SALES N.Z. Gr. Crossbred 4-ld. to 9|d. London, December 3. Offerings at the wool sales to-day were 7887 bales, including 2977 New Zealand. Approximately 6960 bales were sold. There was a moderate selection of all varieties. The market had a steady tone and late /rates were fully maintained. The New Zealand erbssbreds were mostly slipe. Best half bred lambs realised ll}d., greasy crossbreds ranged from 4}d. to 9id. SYDNEY WOOL SALES Animated Competition (Rec. December 4, 9 p.m.) Sydney, December 4. At the wool sales to-day, the offerings totalled 11,105 bales, o-f which 10,199 were sold at auction, also 1355 sold privately. There was animated competition from all sections of the trade. Prices were equal to those ruling yesterday, 1 with a special demand for superfine wools and a new Australian record for the season of 203 d. realised for the offering from Windsor in this State. GRAIN AND PRODUCE Australian Markets (Rec. December 4, 8.30 p.m.) .Sydney, December 4. Wheat—Ex trucks Sydney, 2/6} per bushel; country sidings, 1/11}. Flour, £8 per ton. Bran, £4/5/- per ton. Pollard, £4/15/- per ton. Potatoes, Tasmanian and West Australian, £10; local, £7 per ton. Onions, Victorian Globes, £B/10/- per, ton*Oats, White, 3/6; Algerian, 4/- per bushel. Maize, 3/9 per bushel. Adelaide, December 4. Wheat, 2/s}<l per bushel; flour, £7/15/per ton; bran, £4 per ton; pollard,'£4/5/por ton; oats, 1/7 to 1/11 per bushel. Advances on Wheat (Rec. December 4, 8.30 p.m.) Canberra, December 4. The Commonwealth Bank Board has agreed to make an advance of 2/- a bushel on wheat of the,'present season's crop. This is eaulvalent to 1/6 a bushel- at country; sidings.; ' Overseas Grain Markets Chicago, December 3. Forward wheat prices: December, 76 1-8 cents; March, 78}; May, 80}; July, 74} per bushel. ' ■ ' „ London, December 3. Wheat.—Cargoes to-day were steady In sympathy with America, but there was little change in the quotations. The Treherbert's cargo from Australia sold at 27/3 per quarter. Parcels were in small request at occasionally 3d. advance. Parcels ex the City of Adelaide and the City of Evansville sold at 27/3. Another ex the City of Bedford at 28/3 was sold to Hull. A parcel ex Clan MacTavlsh sold at 27/3. Futures: London', December 23/- per quarter, February 23/3; Liverpool, December 4/11 per cental, March 5/I}, May 5/3 5-8. United States Wheat Duty Washington, December 3. The Senate* Agricultural Committee has been 'discussing the question of raising the wheat tariff now standing 42 cents. •Such a move, while It might have a beneficial effect on the political fortunes of the instigators, is considered by farm experts as probably unnecessary from an economic point of view. The “Wheat King” ( Chicago, December 3. Herinan Trelle, of Weibert, Alberta, Canada, wafs proclaimed “Wheat King” at the International Live Stock Exposition after showing a sample of hard red spring Marquis wheat weighing 67.51 b. to the bushel, American wheat, and 72.751 b. Canadian,. NOTED JERSEY BULL Shipped to South Africa A further shipment of New Zealand Jersey stud cattle to South Africa, where previous shipments have earned an enviable reputation, Is at present ’ being selected. It will be headed by the young bull Santa Rosa Masterman, bred by Mr. J. A. Mitchell, proprietor of the Santa Rosa Jersey stud, Longburn, Manawatu. His dam, Masterman’s Golden Marie, one of the greatest cows ever brought to the Dominion from Jersey Island, was sired by the unbeaten Jersey Island champion bull, Musterman of Oaklands, who was one of the best sons of Combination’s Premier. Another son of Combination’s Premier, Oxford Beau's Combination, came to New Zealand also. Mr. Mitchell availed himself of the opportunity to mate ■bls cow. Masterman’s ‘ Golden Marie, to Oxford Beau’s Combination, and the result was the bull Santa Rosa Masterman, about to be exported to South Africa. He has thus a double cross of the great sire. Combination’s Premier. He was selected for export by Wright, Stephenson, and Company, Limited, and Is to head the herd of Mr. W. B. North, of Durban, to whom was sent some years ago the bull Ex Officio. Price of Gold Up London, December 3. The pmo o£ gold 85/1J per 02.

DAIRY PRODUCE Butter Better at 100/106/CHEESE WEAK AT 57/61/, Samuel Page & Son, London, report to Daleetv & Co. Ltd., under date of December 3:—Butter: Market rather better. Dmdsh, 128/- to W- (126/- to 130/-) ; New Zealand, finest salted, 100/- to 106/<9B/- to 104/-); Australian, finest unsalted, 108/- ta 112/- (112/- to 116/-), salted 98/to 102 A )95/- to 100/-)! G-A.Q, 92/- to n«/. (90/- to 04/-). Cheese: Market slow. NOw Zealand, white 59/- to 61/- (64/- to 66/-), coloured 57/- to 59/- (6-/- t00 . 4/ ’{ • spot price for Canadian, white 7-/- to 78/- (72/- to 78/-), coloured <2/- to 78/(72/- to 76/-). (Last week’s quotations shown in parentheses.) The New Zealand Loan & Mercantile Agency Company Ltd. have received the following advice from their London house, dated December 3:—Dairy produce (last week's figures in parentheses) Butter: New Zealand choicest salted, 105/- to 106/per cwt. (104/- to 106/-); market firm. Cheese: White, 60/- to 61/- per cwt. (&>/-); coloured, 57/- to 58/- (03/-); market very weak. Australian Butter Vancouver, December 3. The “Vancouver’Sun” is the authority for the report that Australian exporters are preparing to flood the Canadian butter market with 20.000,000 pounds or nutter before April landed in Canada at 24 cents per pound (1/-), charges paid. It appears to be believed in Australia, states the “Sun,” that butter can be shipned here on consignment and so escape the dumping duty, paying only one cent per pound Import duty until April. What Australians are planning is known here through the bulletin of the Australian Dairy Products and Export Board of October 21, which says that shipments will be made to Atlantic ports as well as to Vancouver, through a prominent Canadian Importing flrm. HEMP INDUSTRY East African Sisal Although It will be but cold comfort to New Zealand flaxmillers, it is interesting to note that producers of sisal in East Afrlqa are in an even worse position In regard to market prices. The serious state of their Industry was pointed out at a conference with the shipping companies at which the East African producers sought a reduction lu shipping freights. On their behalf it was stated that the present market value of No. 1 sisal was £2l or £2l/5/- per ton, but no estate produced 100 per cent, of this quality. . < The proposals put forward were that the freight rates on sisal from East Africa to the United Kingdom and Continental ports should be reduced to 25/- per ton measurement, less the usual deferred rebate of 10/-, with similar reductions fpr sisal tow and waste. Producers were alarmed at the depressed situation, and In view of the wholly unprecedented and unforseen slump, the conference might give sympathetic consideration to the present position of the Industyy. The chairman of the East African Producers' Association, formed to consider the question of costs of production, said the Agricultural Commission investigating the costs had returned a figure of £3l/10/- per ton. This was rather abnormal owing to the unusual weather conditions. He, personally, had not been able to enter Into any forward contracts; 95 per cent, of the producers were in the same position. It was also stated that some of the estates were agreeing to reductions of 10 per cent all round, and the whole of the industry was alive to the need for drastic steps. It was pointed out that some producers in East Africa were dependent on banks for finance, which was a very important point, as immediately they reached a point where the banks could make no further provision and withdraw their support, production would stop. One speaker said that it appeared that whatever the shipping lines found It possible to do, It would not help even If they carried sisal free, with a production cost of £3O and a selling price of £20.. The shipping companies declined to reduce the freight rates on sisal. LIVE STOCK MARKET Masterton Sale 1 Dominion Special Service. Masterton, December 4. At the Masterton stock sale yesterday, the New Zealand Loan and Mercantile Agency Ltd. offered a medium entry of sheep to a small attendance of the public. Prices In sympathy with the recent drop in fats showed a decline all round. Prices were: 130 good condition twotooth wethers, 14/3; 52 small do., 8/6; 81 do., 8/7; cull do., 5/6; woolly ewes and lambs, all counted, 9/9. The Wairarapa Farmers’ Co-operative Association offered a good entry of four-tooth wethers on account of Mr. E. Luscombe, of Matalkona. Bidding was slack, but a total clearance was made at the following prices:—2oo good four-tooth wethers, 15/4; 385 do., 15/2; 100 small four-tooth wethers, 13/6. FRUIT AND VEGETABLES Wellington Market Prices Values of fruit and vegetables sold at Wellington yesterday are quoted by Market Gardeners Ltd. as follows:— Fruit;—Sturmer apples, 4/- to .10/- per case; Grey town cherries, 7/6 to 8/- per case; cherry plums, 5/2 per case; local lemons, 10/- per case; hothouse tomatoes, 9d. to 1/8 per lb.; gooseberries, 4/6 to 5/6 per case( bushel cases); gooseberries. 11/-; Winter Nells pears, 8/- to 9/- per case; Canadian apples, 19/- to 22/6 per case; Californian grapes, 27/6 per case; Sydney oranges, 15/- per case; Sydney cherries, 8/- per case. Vegetables.—South potatoes, £4 to £5 per ton; Melbourne onions, 12/6 per cental bag; cabbage, 9d. to 2/9 per case; spinach, 1/6 to 3/6 per case; lettuce, 9d. to 4/10 per case; potatoes, 4/- to 5/- per case; cauliflowers, 2/- to 4/6 per case; peas, 6/- per case: broad beans, 8/- per case; pumpkins, 5/3 per case; swedes, 8/6 per sack; potatoes, 7/- to 7/6 per sack; cabbage, 1/6 per sack; carrots, 3/- per sack; cauliflowers, 6/- to 7/3 per sack: parnsnips, 5/- to 6/6 per sack; rhubarb, 4/- to 11/- per dozen bunches; cucumbers, 2/- to 6/3 per dozen; french beans, 1/4 to 2/6 per lb.; green peas, l}d. to 3d. per lb.; prime fowls, 5/- to 10/6 per pair. W. Burbidge and Company report that all apples with the exception of fancy grade lines are very dull and prices art, low. New potatoes and green peas are coming in freely, and prices are much lower. Eggs are firm and likely to rise. Separator butter is in poor demand and hard to quite at low prices. Prices realised at yesterday’s sales are quoted as follow:— Fruit: Apples, Sturmers 4/- to 11/-, Delicious 8/- to 13/-, Dohertys 5/- to 9/-, Canadian Winesaps 20/- per case; pears, Winter Coles 12/- to 16/-, Nells 11/-, 12/-, P. Barrys 6/6 to 9/6; local lemons 11/- to 19/- per bushel case; gooseberries 4/6 to 5/6 per half-case; cherry plums 7/- to 8/- per half-case; cherries, 7/- to 9/6 per 101 b. box; Californian lemons, 24/- per case; hothouse tomatoes, Nelson lOd. to 1/4 per lb., Hastings 1/- to 1/3 per lb. Vegetables: South potatoes, Dakotas £7, whites £6 per ton; Melbourne onions, 12/per 1001 b. bag, Californian 19/- per bag; green peas, Hastings 2}d. to 3d. per lb., Nelson 10/- to 14/- per bag; swedes, 5/to 6/- per cwt. Various: New laid eggs, 1/6 per doz.; storekeepers' and other lines, 1/4 to 1/5 per doz.; separator and milled butter, pats 9d„ bulk B}d. per lb.; block honey, 6d. to 7d. per lb.; walnuts, Bd. per lb.; chaff, Gbos., £9 per ton. New Auckland Companies The following companies, the- first public and the second private, have been registered lu Auckland:— South Pacific Pineapple Company, Limited, pineapple growers, planters, farmers, orehardlsts, gardeners, fruit and produce merchants, canners, etc. Capital, £O5OO in £1 shares. Subscribers: R. J. O’Connor, C. Adams, W. B. Suttle, W. C. Motion, A. J. Parker, F. D. Graham, and F. F. Wrcghltt, 1 share each. Kaipara Steamship Company, Limited, merchants, carriers by land, sea, and alr,( shipowners, etc. Capital, £5OOO In £1 shares. (Subscribers: G. T. Nlccol, 4099 shares; N. H. Hanna, 1 riiaxa.

Exchange"were as follow:— ' '' Buyers. Sellers. £ s. d. N.Z. GOVT. LOANS— £ 8. d. 4J p.c. Insc. Stk., 1939 — 1)8 17 0 ■11 p.c. ditto, 1938 ... — 98 15 0 3$ p.c. ditto, 1933 ... 99 0, 0 ■ 90 10 0 Bi p.c. ditto, 1941 i.. : 95 0 0 —— 51 p.c. Bonds, 1033 ... 99 10 0 —. BANKS— Australasia 9 8 0 9 17 0 Aust, of Commerce .. 0 19 4 Commercial of Aust. ‘(ord.) ' 0 15 11 ' —_ ■ English, Scot. & Aust. — ■, 5 4 • 0 National of N.Z — •5 10 0 Nat. A/sia. (£5) 5 3 8 15 7 6 New South Wales ... — 129 10 0 New Zealand 2 12 0 ♦2 12 0 Union of Australia .. 9 12 6 FINANCIAL— Equitable Bldg. Co. .. — 8 15 0 Goldsbrough Mort ... 1-1 6 N.Z. Guarantee Corp. (ord.) 0 6 11 0 7 0 N.Z. Invest., Mtg. and Deposit 0 10 0 —«• GAS— *1 0 11 R Wellington (ord.) —' • 1 9 fl Ditto (pref.) 0 10 9 — INSURANCE— New Zealand 1 — 2 2 6 MEAT PRESERVING— Gear ;..... —— 1 15 8 N.Z. Refrlgerat. (£1) 0 9 6 Ditto (10/-) — 0 3 0 TRANSPORT— Huddart, Parker (pref.) 0 10 9 — Union Steam (pref.) . 10 0 — Kelburn Tram (ord.) 1 9 10 T * COAL— 1 Tauplrl (ord.) 1 3 S TIMBER— Kauri ♦0 13 0 breweries— . New Zealand ..«••••• - — f2 2 O Staples and Co 2 0 6 Tooth’s n 2 o — MISCELLANEOUS— British Tobacco (ord.) —— 1 10 9 Burns, Philp and Cd. 1 10 0 1 12 6 Electro. Zinc (pref.) . 0 17 3 —• Howard Smith (ord.).. 0 7 6 Newton King'. (pref,) — 0 12 6 Taranaki Oil 0 2 2 0 3 0 Wilson’s Cement 1 18 0 12 0 0 Consol. Brick & ‘Pipe 0 12 6 0 15 0

Late sales Wednesday— £ s. d. Bank of Australasia 10 0 0 Bng., Scot., & Australian Bank 4 19 0 N.Z. Insurance 2 1 9 Thursday’s sales— Inscr. Stock, 5J p.c., 1936 99 7 6 Mt. Eden Borough, 54 p.c., 1964 97 10 0 Bank of New Zealand 2 12 4 N.Z. Insurance 2 1 9 Walpa Coal * 0 7 0 1 3 British Tobacco 1 10 0 11 9 0 2 3 Walhl G.M. ...... 0 14 0 CHBISTCHUROH. £ s. d. Inscr. Stock, 4i P.c., 1938 ...... 98 10 0 Commercial Bank of Austr. ... 0 16 2 Do*. (2) 0 16 1 Bank of New Zealand, cum div. Df> • .. 2 12 6 2 12 4 Do 2 12 3 Goldsbrough, Mort 1 0 0 Do. (3) 0 19 9 N.Z. Guarantee Corporation (3) 0.7 0 N.Z. Breweries, ex div. (2) .... 2 2 0 . Do 2 1 10 Do . .1 2 1 9 Tooth's Brewery 1 3 10 British Tobacco, cum div 1 10 2 Mt. Lyell,'cum div. (2) 1 0 3 j\' Do. (2) 1 0 4 Mahakipawa 0 0 8 Do. (2) 0 0 7i Winding Creek, 9d. paid ...... 0 0 14 Christchurch Gas, 10/- paid .... 0 12 0 Sales Reported— 0 16 3 Commercial Bank of Austr. .. Govt. Bonds, 54 p.c., 1933 ...... 99 17 6 Bank of N.Z., cu’m div. (2) .... 2 12 3 Mount Lyell .................. 1 0 7 DUNEDIN. Sales Reported— £ 8. d. Mount Lyell • • 1 0 4 Okarito 0 5 2

lowing• ’■ ..... 1929. 1930. £ £ Gross profit 1,482,345 1,593;797 Expenses 848,291 907,405 Net profits 634,054 686,391 Amount of dividend . 539,860 032,317 To reserve fund ,i.i. Forward . 100,000 35,011 50,000 39,080 Liabilities— Capital paid up 5,620,598 5,620,598 Reserve fund 050,000 750,000 Depreciation reserve . . 50,000 50,000 Creditors 613,369 553,605 Employees’ fund .... Workmen’s compensa55,359 54,448 tjlon ,. ; 25,000 25,000 Assets— Breweries 4,590,425 4,727,370 Govt, stock & deposits 409,007 ’ ’ 560,686 Bank balances 135,498 72.299 Stock on hand , 577,290 456,142 Sundry debtors ..... 1,734,165 1,607,262

The official range of prices at the Napier wool sale on Wednesday is as follows: — (1. d. Corriedale ——. —— Southdown — .■ — ■■ Average . 5} to 7J Inferior . 4 to 5 Medium Halfbreds 50/56's— , , .1 ■ ■ , Average . 64 to 71 Inferior . to 54 Coarse Halfbred, 48/50’s — Average . 5 to 6 Inferior . 4 to 5 Fine Crossbred, 40/48’s — . 6 to 7 Average . 44 to 5? Inferior . 3'J to-44 Medium Crossbred, 44/46’s — . 5 to' 6f Average . 4 to 4i Inferior . ■ ■ —. —— Coarse Crossbred, 40/44’s — . 44 to 5 Super ... Average . 4 to 44 Inferior . 3 to 3J Low Crossbred, 36 —40’s— , -I ■ Average .. 4 to 44 Inferior . 2 to 4 Hoggets— ... 50/56’s .' 6 to 74 48/50’s . 54 to 74 46/48’s . 5 to 7 44/46’s . 4 to 5J 40/44’s — — Pieces— Good to super . 4 to 6 Low to medium . 14 to 3} Bellies— Good to super . 2J to 34 Low to medium . 1J to 24 Crutch ings— . 3 to 4 Good to super Low to medium . 14 to 2 Locks, crossbred . 14 to 2 Necks ...'. . 45 to 64