FINANCE and COMMERCE

Dominion, Volume 24, Issue 66, 11 December 1930, Page 14

FINANCE and COMMERCE

STOCKS AND SHARES Wellington Exchange A DULL MARKET There was again a very restricted demand for shares on the Wellington Stock Exchange yesterday, buying quotations at the Anal call numbering only 10, Including live blds for Government and local body stocks. The seven sales recorded during the day Included three parcels of British Tobacco. ■ w. M" “w&sa Gas debentures were steady at £99, with a sale at £99/2/6. and Wellington Racing Club debentures were firm at £lO6. Bank shares were slow. Commercial Bank of Australia were wanted at la/4, or 3d. below the previous bld. National Bank of Australasia, £5 paid, were 6d. ,' higher at £5/3/6. Bank of New South Wales receded 5/- to £2B/10/-. Bank of New Zealand were firm at 50/3, with, a sale at 50/9. Other bank shares were neglected. There was very little demand for other shares. Christchurch Gas were steady at 24/10. ' Huddart, Parker (preference) were wanted at 19/7; Burns, Philp and Co. were steady at '3O/-. British Tobacco were quoted at 30/3 by sellers, but there were sales at 29/9, cum. dividend.. Dominion Investments were firm at 21/6, and National Electric were steady at 9/-, cum. dividend. Taranaki Oil were 2d. up at 2/5. Mount Lyell in demand at 19/6, with a sale at 19/9. Yesterday’s Quotations Buying and selling quotations at yesterday’s final call on the Wellington Stock Exchange were as follow: — , Buyers. Sellers.

LONDON STOCK EXCHANGE Banks and Debentures ■i London, December 9. ■” On the Stock Exchange to-day quotations of Australian and New Zealand banks and other corporation debentures compare with previous quotations as follow:— . . ‘ ? Nov. 25. Dec., 9.

GEAR-MEAT COMPANY ' Loss on Year's Operations The report and balance-sheet of the Gear Meat. Preserving anti. Freezing. Company, of New. Zealand, ’ Limited, for . the year ended 'November , 30,- >1930, ■. shows a ’loss of £33,496. „ A of,; '£16,000 • was brought forward ,from last .year, making ta ® dsblt- b alance '.. ?t profit and Joss, £17,487. An interim dividend' of od. : a share absorbed £17,250, bringing the debit at profit and loss to £34,737. The directors now recommend the transfer to profit and loss account of £15,000 from the reserve .fund and £50,764 from marine, fire and accident insurance reserve account. This, dess the debit of £34,737, makes £31,027 .*available fhr distribution. In view of the losses sustained, the directors have decided to recommend payment of a reduced final dividend of 1/3 a share, making a total for the year of 2/- a share. This will absorb £28,750, leaving £2277 to be carried forward. The year’s dividend is 10 per cent., compared with 11J in 1929 and 1928, and 10 per cent, in 1927 and previous -years. ■ >■■■ * . . ■■■,. . Following is a comparison of the com- ’ Winy’s results and appropriations over the ■, past three years:—

Carried forward £30,451 £16,009 £2,277 ■ “Loss. ' . . tin 1928 and 1029 the sum of £11,500 /was transferred from insurance reserve to provide for a bonus to shareholders. The company’s capital is £460,000. The reserve fund is £15,000, compared with £30,000 last year. Insurance reserve Is £lO.OOO, compared with £72,248 last year. On the assets side Investments, including money at short call and in the bank, amount to £347,404, compared with £472,166 last year. Sundry debtors are shown at £144,000, compared with £102,545 last year. Stocks are £59.035, compared with £41,599 last year. Properties and plant are unchanged at £57.100. AUCTION SALES TO-DAY. 12 & 14 Manners St., 1.30 p.m.—Salo furs (Dalgety & Co.) 8 Willeston St., 1.30 p.m.—Sale antique furniture (13 . Johnston & Co.) Rooms, Allen St., 10.30 a.m.—Sale poultry (Townsend & Paul). Otaki Sale—l p.m. to-morrow Rooms, Strathallan St.,' Tlmaru, 2 p.m.— Mortgagee’s Sale Hotel, Stafford St., known as Carlton Hotel (A. N. Oakey & Co.) 41 Panama St., 2.30 p.m.—Sale residence late Jacob Joseph, 21 Hobson St. (Harcourt & Co.) 8 Willeston St., 2 p.m.—Sale fur coats (E. Johnston & Co.) 8 Willeston St., 10.30 a.m.—Sale kimouos, etc. (E. Johnston & Coj

DEALINGS ON ’CHANGE Yesterday’s Business DOMINION SALES The following sales were recorded on the Stock Exchanges of the Dominion yes-

THE ORIENT LINE t Dividend Reduced London, December 9. The report of the Orient Steam Navigation Co.. Ltd., for the year ended June 30, 1930, shows that the net prdfit amounted to £336,666, as against £391,832 last year. The sum of £50,000 is added to general reserve, and £25,000 to pensions reserve, and £101,340 is carried forward. ■ A dividend has been declared on the ordinary shares of 7j per cent., tax free, as against 12} per cent. ,for the two previous years. The following table gives a comparison of results for the last three years:—

GORDON & GOTCH, LTD. Reduction in Profits The directors of Gordon & Gotch Ltd., in presenting the balance-sheet and profit and loss account for the half-year ended September 30, 1930, state that trading during the period has been difficult, owing to the continued depression, adverse exchange conditions, and Increased taxation. The net profit for the half-year amounts .to £41,078/13/5, less provision for taxation, Federal and State, £8316/12/5, leaving £32,762/1/-; to which should be added the balance carried forward from last half-year £4544/9/-, making available the sum of £37,306/10/-. The directors recommend that this be apportioned as follows Payment of a dividend at the .rate of 8 per cent, per annum on 100,000 preference shares, £4000; 8 per cent, per annum on 500,000 ordinary shares, £20,000, total £24,000, carrying forward £13,306/10/-. BRITISH TOBACCO CO. Dividend Maintained The directors of the British Tobacco Co. (Australia), Ltd., in their report for the year ended October 31, 1930, state that during the year four interim diveidends, aggregating 12 per , cent., have been paid on , the ordinary shares, and there is now an available balance of ■ £26,907/19/6, tnade up as follows:—Net profits for the year, £1,074,672/6/10; less preference dividend for the year, 6} per cent.,, £96,507/5/-, less four interlum ’ dividends on ordinary shares, aggregating 12 per cent., amounting to £976,135/1/8; adding amount brought forward 1 from the last balancesheet,. £27,667/19/4, leaving a balance of £29,697/19/6 to carry forward, The above figures do not include the company’s Interest in the undivided prbflts of the subsidiary companies. “While the rate of dividend has been maintained-for the • year under review,” the directors explain, “the subsidiary com- ■ panics are naturally .feeling the effect of. the depression, through’ which Australia Is' passing.- ’The • country has required further revenue and, tjie tobacco industry has been Called upon to. shoulder a very heavy additional burden; The Increased cost of the subsidiary companies’ products, brought about by the added duties, is having its inevitable effect on sales, and consequently on earnlngs.'’i ■The ,balance-sheet shows'issued capital < £1,484,727, .in- -preference . shares, . and £8,134,459 in ordinary shares; creditors and credit balances.’ £3029/10/6; profit and loss, £29,697/19/6. Assets Include shares in subsidiary companies at cost, £7,722,192; stocks in Commonwealth of Australia at cost, £315,050: debtors and debtors’ balances, £1.571,202/17/-; casli at bankers, £13,468/5/11. Chicago Wheat Market Chicago, December 9. Wheat: March, 79 3-8 cents; May, 81} cents; July, 73 3-8 cents. CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington yesterday totalled £7399. HIGH DIVIDENDS. EROM BANK SHARES. Latest balance-sheet figures show bank shares in a most favourable light, the dividend being in every case of a highly remunerative nature. To quote only three instances: Bank of New Zealand, 14 1-3 p.c. , Commercial Bank of Australasia, 15 p.c. Bank of Australasia, 14 p.c. It may be pointed out that these are the usual dividends paid by the abovementioned banks, and are in no way exceptional. High dividends—with safety—explain the overwhelming popularity of bank shares ■ with investors, and account for the high market price asked for shares in the operating banks. But there Is no necessity to pay a heavy premium for bank shares. Shares in the Australian and New Zealand Banking Corporation Ltd. are still available at par. For the first time in forty years, investors have the opportunity of acquiring bank shares without paying a premium, and on particularly easy terms of payment. The new bank has gone to allotment, the minimum of 400,000 £1 shares being reached some months ago, and negotiations*are at present proceeding for the acquisition of an advantageous site for New Zealand headquarters In Wellington. Shares cannot always remain at par, and investors are advised to apply at once for a copy of the prospectus. This can be had. without any obligation, from the Organising Brokers, Dominion Brokers Ltd., Box 779, Wellington.— I Advt.

LIVE STOCK MARKET Addington Prices Weak A GENERAL DECLINE i By Telegraph—Press Association. Christchurch, December 10. The weekly sale at Addington to-day was remarkable for a general decline in the values of practically all the major sections of the market. That for store sbeep was the principal exception. Store Sheep.—The entry was ' smaller than it has been for some weeks, and the sale was fairly satisfactory. The entry consisted in the main of wethers, which sold at rates which were a little above those ruling at the last auction. Ewes and lambs sold at late rates, but there was no spirited competition. Values were: Good four and six-tooth Romney wethers. 14/6: ordinary two. four, six and eighttooth halfbred wethers, 8/- to 10/10: small and backward sorts, 4/6 to 7/10; small four-tooth Corriedale wethers, to 7/10’ good ewes and lambs (all counted), vJ 14/3; medium sorts, to 11/3; backward and ordinary sorts. 3/6 to 6/-; medium four and six-tooth Romney ewes, to 14/1; backward four, six and eight-tooth halfbred ewes, to 5/9. Fat Lambs.—The entry was almost double that at the last sale, and totalled 1600 head. The sale was a dragging one, and prices recorded a substantial drdp. AU classes recorded a decline of 2/6 a | head, and the average price per lb. over the whole sale was 6}d. to 6}d. Values were: —Extra prime lambs, to 25/10; prime lambs, 20/6 to 23/-; medium lambs. 18/6 to 20/-; light lambs, 15/- to 18/-. Fat Sheep.—The entry was 4800. as compared with 3300 at last market. The sale was not as spirited as last week, and there was an easing In values for both classes. For lighter sorts this was not so pronounced, being about 1/- a head, but for heavy types the decrease in value was up to 2/- a head. Values were.:—Extra prime heavy wethers, to 27/10; prime .heavy wethers, 23/6 to 28/-; mediumweight prime wethers, 19/1 to 22/6: second qualitv wethers, 14/6 to 18/-; inferior 'wethers, 11/- to 14/-; extra prime ewes, to 20/4; prime ewes, 18/- to 20/-; medium ewes, 15/6 to 17/6; light ewes, 12/- to 15/-: aged and inferior ewes. 9/6 to 11/6. Fat Cattle Decline Sharply. Fat Cattle.—The entry was 493 head. There was a sharp decline In values throughout. The entry was of a poor general standard, there being a preponderance of secondary and unfinished sorts, and cOws comprised the major portion of the offering. The decline was £l/10/- a head for all classes, and as much as £2 a head for secondary and cow beef. The sale i closed very weak. Best mediumweight beef made from 38/- to 41/- per 100 lb.; heavy beef made from 33/- to 37/-; cow beef, from 30/- to 35/-; secondary beef, from 27/6'to 29/6; and rough down to 21/-. Values were: Extra prime heavy steers. £l9/17/6; prime heavy steers. £l6 to £18; prime medium weight steers, £l2 10/-’ to . £l5/10/-; medium quality steers, £9/10/- to £l2; light steers, £6/10/- to £9; extra prime heifers, £l7/17/6; prime heifers. £lO to £l2: medium heifers, £7 10/-’ to £9/10/-; light heifers, £5 to £7; extra prime cows. £l4/17/6; prime cows, £9/10/- to £ll/10/-; medium cows. £6 10/- to £9; light and aged cows, £4/10/to £6 < . ’ Vealers.—There was a large entry of mixed quality, many of the entries being more suitable for the store section. The demand was lifeless, and < values again dropped in sympathy with other lines. Values were; Best runners, to £4/15/-; medium runners, £2/15/- to £3/10/-; best calves. 35/- to 50/-; medium calves. 21/- to 30/-; small calves, 8/- to 20/-. Store Cattle.—There was a fair yarding of store cattle, and it met with a dragging demand. There , were several pens of attractive yearlings and cows forward. A pen of 18-months mixed sexes of good colours made £3/10/-, and another pen of 18months steers of mixed colours sold at £3. Fresh cows made up to £5/10/-, and bulls sold at. late rates. Dairy Cattle.—There were 55 head of dairy cattle penned. The quality was only average. The market opened at last week’s rates, and improved as the sale progressed. There was a good demand for best class cattle. The top price was £l2. Values were: Good second and third culvers. £8 to £lO/15/-; medium sorts, £6 to £7/18/-; aged and inferior, £2/10?- to £5; good heifers. £9 to £l2 medium, £7 to £B/10/-; otherb, £4 to £O. Fat Pigs.—There was a big entry, porkers particularly being in over-supply, aud the market was easier than last week’s. Values were: Choppers. 50/- to £5/16/-; baconers, 55/- to £3/10/-; heavy baconers. £3/15/- to £4 (average price a,lb., s»d. to 6}d.); porkers, 35/- to 45/-; heavy porkers. 48/- to 53/6 (average price a lb., 6d. to 7d. Store Pigs.—The yarding was again heavy, and the sale was dull. Values were: Large stores, to 35/-; small, 25/to 29/6; slips, 20/- to 27/-; weaners, 12/to 18/-. AT JOHNSONVILLE

Further Fall in Values At Johnsonville stock sale yesterday prices of all cattle registered another decline. Sheep values were irregular, prime heavy wethers and ewes showing a decline, while others and lambs were equal to late rates. Wright, Stephenson and Co., Ltd., and Abraham and Williams, Ltd., report a large attendance of the public, to whom was submitted an average yarding of good quality cattle and a full# yarding of all classes of. sheep and .lambs. Cattle.—Competition for cattle was good at reduced limits. Prices for heavyweight bullocks were down 30/- to 35/- per head, medium weights 25/- to 30/-. Cows also suffered a decline up to 20/- per head. Vealers met with’ a fair sale at a decline of 10/- to 15/- per head. Sheep;—The quality of the yarding was good. Prime heavyweight wethers were on a par with last week's rates, lighter sorts showing 6d. to 1/- decline. Hoggets were in good demand at last week’s rates. Ewes showed a decline of 1/- per head, while lambs met with a keen sale at late rates. - Prices’ranged as follow:— Extra heavy bullocks, £ls/5/-, £ls, £l4 17/0, £l4/10/-; heavy bullocks, £l4/5/-, £l4, £l3/17/6, £l3/12/6, £l3/5/-; medium bullocks, £l3, £l2/17/6, £l2/15/-, £l2 10/-, £l2/5/-; light bullocks. £ll/15/-, £ll/12/6, £ll/7/6; P.A. cows, £B/5/-, £B, £7/17/6, £7/12/6; cows, dairy sorts. £6, £5/12/6. £5/10/-; vealers, £3/2/-, £2 18/-. £2/10/-. £2. £l/15/-, £l/10/-. Heavy wethers. 19/6, 19/4, 19/-. 18/9; wethers. 18/3. 18/-. 17/6, 17/4; b.f. twotooths. 16/7, lf>/2, 15/9; heavy ewes, 13/-, 12/6, 12/-, 11/8, 11/-; ewes, 20/9, 10/7, 10/3, 10/-. Lambs, heavy. 19/-, 18/6. 18/-. 17/7, 17/4; lambs. 17/-. 10/8, 16/6, 16/3, 15/9; lambs, light, 14/10, 14/6 14/-, 13/6. HAWKE’S BAY VALUES Stortford Lodge Sale Dominion Special Service. Hastings, December 10. A full yarding was offered to a large attendance at the Stortford Lodge sale this afternoon, fat and store cattle being plentiful. Prime heifer beef was a little more in demand than at recent sales, beef otherwise selling at late rates. Cow beef eased as the sale progressed, but good lines were’ in encouraging demand. Fat shecj were in short supply, and were not in strong demand, and store sheep were weak, both in quality and value. Prices were as follow:— Fat Cattle.—Unfinished, £B/17/6 to £9 2/6; prime light, £9/18/6 to £lO/10/-: prime heavy, £ll to £ll/16/-; cows, unfinished, £4/15/- to £4/17/-; prime light. £5 to £5/17/-; prime heavy, £6 to £7/8/6; heifers, unfinished, £3 to £7/10/-; prime light, £6/6/- to £7; prime heavy, £7/10/to £B/6/-; extra, £lO/1/-; dairy sorts, unfinished. £2 to £3/5/-; prime light, £3 10/- to £4/10/-; prime heavy, to £O/15/-, Vealers, light, 12/-; medium, 30/-. Store cattle brought from £2/11/- for 42 15nionths Shorthorn-Hereford cross yarding heifers, to £6/2/- for a line of aged bullocks. Many store cattle lines averaged from £4/10/- to £5. Fat and store sheep were not in brisk demand, and prices were on a par with recent rates. Fat ewes averaged 10/6; hoggets, 15/11; fat lambs. 16/ to 17/-. BURNSIDE SALE Prices Again Decline By Telegraph—Press Association. Dunedin, December 10. There was another noticeable decline in values at the Burnside stock sale to-day, when every class of fat stock was sold at several shillings below last week’s low rates. Fat Cattle.—The entry totalled 294 head of fair to prime quality, with a few extra prime bullocks, a large number of medium weights, and several pens of cows.’ Tile market was quiet and values showed a reduction of about 1.5/- a head. Heavy bullocks sold Io £23/19/-, medium £lB/6/-, light £l6/10/- heavy heifers, £l2/5/-,

medium £lO/15/-, light £9/10/-;; heavy cows, £l2/15/-, medium £ll, light £9 -The entry comprised 1080 head. About half the entry consisted of sheep in the wool. There was a large proportion of ewes, a few pennlngs of prime wethers, and a number of medium sheep. The sale opened at prices about equal to those realised at the previous sale for prime shorn wethers, but the market soon weakened, and closing sales showed a reduction in values of about 2/- a head. Ewes in particular met with a.dull sale. Extra heavy shorn wethers sold to *>/■• prime 30/-, prime shorn ewes 18/-, medium 15/-, prime woolly wethers 29/9, and prime woolly ewes 23/3. Prices for shorn sheep were equal to about 4d.,’ and fat sheep in the wool about 4Jd , Only about 350 lambs ’ were offered. These were of fair prime quality. There was a fair demand at a reduction of 2/r a head. Extra prime lambs sold to 23/9, prime 22/9, medium 10/0, unfinished sorts 16/6. Prices were equivalent to about 7d. a Store Cattle.—The entry consisted of 270 head, including four pens of good three-year-old bullocks and 30 medium two-year-olds. The balance of the entry comprised fair to good cows and mixed yearlings. The sale was not a brisk one, and most classes were sold at a reduction of about 7/6 a head. Three-year-old steers sold to £lO/15/-; medium steers, £B/2/6. The pig entry consisted of 90 fats and 116 stores. The demand was not'keen, and baeoners were sold at a reduction of about 7/6 and porkers 5/- a head. Store pigs also sold at cheaper rates. Prices realised for baeoners were equal to 6id. and for porkers 7id. a lb. WESTFIELD SALE Cattle and Sheep Easier - By Telegraph—Press Association. Auckland, December 10. At Westfield sale to-day beef was penned in scarcely average numbers. The demand for ox beef was dull and values again receded. Choice and prime cow and heifer beef sold at fully late quotations. Extra choice ox sold to £l/11/- per 100 lb.; choice and prime ox, £l/8/- to £l/10/-; ordinary and plain ox, £l/5/- to £l/7/6; prime young cow and heifer beef, £l/8/- to £1 10/-; ordinary cow beef, £l/4/- to Heavy prime steers made £ll/10/- to -*>l2 10/*-; lighter prime steers, £lO to £ll/7/6; light prime steers, £9 to £9/15/-; unfinished and small, £7/10/- to £B/15/-; heavy prime young cows and heifers, £8 to £8 17/6; lighter, £6/7/0 to £7/17/6; light cows, £5 to £O/5/-; other cows, £2/10/to £4/17/6. Sheep were yarded in large numbers, and although there was a steady demand throughout, values were inclined to be easier. Prime wethers sold at from 15/6 to 19/3; small and unfinished wethers, 10/6 to 15/3; prime ewes, 9/- to 14/-; poor quality ewes, 5/- to 8/9; prime hoggets, 13/- to 17/6; unfinished hoggets, 9/- to 12/6. , . Lambs were penned in average numbers and competition was keen for prime quality, which improved in values by 1/to 2/- per head. Prime quality sold at from 15/- to £l/1/9; small and unfinished, 7/6 to 14/6. Pigs were penned in average numbers. Competition was steady and values were fully up to last week’s quotations. Choppers sold from £2 to £3/6/-; heavy and medium baeoners, £2/12/- to £2/16/-; light baeoners and heavy porkers, £2/8/to £2/11/-; medium porkers and light porkers, £2 to £2/6/-; small and unfinished porkers. £l/10/- to £l/18/-. Store pigs sold at late rates. Large stores, £1 10/- to £l/15/- ; slips, £1 to £l/8/-; weaners, 12/- to £l/2/-. Calves were penned in large numbers. The market was the dullest seen for some years, and values suffered accordingly. Runners made £3 to £5/15/-; heavy vealers, £2/10/- to £3; medium. £l/18/- to £2/8/-; light, £l/3/- to £l/16/-; smaller, 15/- to £1; small and fresh dropped, 7/to 14/-; rough calves, 7/- to 18/-. Masterton Sale Dominion Special Service Masterton, December 10. At the Masterton sale to-day the New Zealand Farmers’ Co-operative Distributing Company had only a small yarding of sheep, cattle and pigs, which met with fair competition from a vgry. moderate attendance. Following were the prices;— Prime fat ewes, 11/4; shorn ewes and b.f. lambs, 7/11; weaner pigs, 19/- to 22/-; good porkers. £2: 18-months Jersey bull, £3/8/-; yearling Jersey heifer, £3/7/-. Wanganui Prices Dominion Speciai Service Wanganui, December 10. At Wanganui stock sale to-day, Freeman R. Jackson & Co. offered a light entry of sheep and pigs and a good yarding of cattle, comprising a fair proportion of fat cow’s, which met with fair competition, but at iow’er values than at recent sales. Vendors were prepared to meet the drop in price, and a good clearance was made at the following, prices:—Fat twotooth ewes and wethers, 16/-; fat wethers, 10/9; fat ewes. 11/6; fat Hereford and P.A.; cows, £6/5/-, £6/6/-, £6/7/-, £7 15/-, to £B/5/-; forward Hereford cows, £5; store cows, £3, £3/10/-, to £4; threeyear P.A. steers, £O/7/6; works bulls, £4/2/6, £6, to £7/15/-; yearling Holstein heifers, £2/5/-; small two-year empty heifers to £2/5/-; works cows, £l/10/- to £2/15/-; porkers, 32/- to 36/-; weflners (good), 22/-, 23/-; weaners, 16/- to 20/-. Gisborne Freezing Works Gisborne, December 10. The amalgamated freezing companies commenced operations to-day under the name of flic Gisborne Refrigerating Com puny. Heavy killings till Christmas are i expected. Mr. H. B. Williams is chairman ; Of the now eomoauv.

BASE METALS MARKET L London, December 8. ■ Metal Exchange quotations are as follow, those previously cabled being given for purposes of comparison

Canadian Wheat Poor Ottawa, December 8. Mr. John McFarland, the new general manager of the central selling agency of the Canadian Wheat Pool, announced that the pool had reversed its policy of direct selling overseas. It would withdraw its representatives and close its agencies in London, Paris, and other European centres. He said the ordinary established facilities for marketing wheat would be carried out bv the pool. The change in policy, he believed, would have immediate and favourable results in strengthening the demand for Canadian wheat overseas.

N.Z. GOVT. LOANS— £ s. d. £ s. d. H p.c. Irisc. Stk., 1039 — 98 12 6 4} p.c. ditto, 1938 ... —— 98 5 0 54 p.c. ditto, 1941 ... 95 5 0 54 p.c. Bonds. 1933 ... 99 15 0 — DEBENTURES— Wellington Gas Co. .. 99 '0 0 —. Well. Racing Club , 103 0 0 — Well. Harb. Board, 5} p.c., 1940 97 7 6 98 2 6 BANKS— 9 15 6 Aust, of Commerce .. 0 19 6 Commercial of Aust.’ (ord.) 0 15 4 — English, Scot.‘& Aust; National of, N.Z. .... ■ 5 2 .0 *5 7 6 Nat. of A/asia. (£5) . 5 3 6 5 7 6 New South Wales ... t28 10 0 — New Zealand 2 10 3 t2 11 0 Union of Australia ... — 9 7 6 FINANCIAL— Equitable. Bldg. Co. . 8 15 0 Goldsbrough Mort .. •— 0 19 7 N.Z. Guarantee Corp. , (ord.) .... —• 0 7 0 GAS— Christchurch 1 4 10 15 6 — ■ • 0 11 6 INSURANCE— - * 0 14 6 MEAT PRESERVING— ■ - *1 14 6 N.Z. Refrigerat. (10/-) . — 0 1 10 TRANSPORT— Huddart, Parker (pref.) 0 19 7 COAIr— — 1 , 0 9 0 TIMBER— Kauri •0 12 6 — 0 10 3 BREWERIES— New Zealand —— (2 0 4 Staples and Cd. ..... —-- 1 19 3 MISCELLANEOUS— British Tobacco (ord.) *1 10 3 Burns. Philp, and Co. 1 10 0 — Colonial Sugar — 34 0 0 Dental and Medical . . —— . 0 12 0 Dominion Investments 116 — Electro. Zinc (pref.) . —— 0 18 1 National Electric .... *0 9 0 Newton King pref.) —- 0 12 6 N.Z. Drug — 2 17 0 Taranaki Oil 0 2 5 0 3 0 Wairarapa Partners’ (pref.) ■ 0 13 3 MINING— 1 ■ Mount Lyell ......... Paddy’s Point „. 0 19 6 l,o 1 0’5 0 •Cum. dividend. tEx dividend.

Banks— £ s. d. £ s. d. Australasia 9 5 0 9 0 New South Wales .. 28 5 0 28' 0 0 Union of Australia 8 13 7 17 0 National of N.Z. ... 5 11 10} 5 3 6 N.Z., 4 p.c., guaranteed stock .... 91 0 0 0 New Zealand shares •2 14 3 2 10 10 N.Z. Loan& Mercantile < • first mortgage, 4 p.c. debentures .. 69 10 0 (8 0 0 N.Z. Loan & Mercantile 83 0 0 . ord. stock 80 0 0 *Ex dividend.

1028. 1929, 1930. teroug-ht forward £ £ £ 30,421 30,451 10,009 Net profits .... Transferred from .81,280 52,808 33,490* Reserve ll,500f ll,500t 05,764 £123,201 £94,759 £48,277 Reserve fund . 5,000 —■ —— Reserve for taxes 10,000 15,000 — Insurance fund 20,000 12,000 —— Dividend .... 51,750 51,750 40,000

terday:— WELLINGTON. £ s. d. Wellington Gan debentures .... 91) 2 6 Bank of New Zealand 2 10 9 Taupirl iCoal 1 2 3 British Tobacco (3) 1 0 9 Mount Lyell ■......... 9 ID 10 AUCKLAND. £ s. 2 10 d. Bank of New Zealand 9 Taupirl Coal ’• 1 2 0. Auckland Gas -1 3 3 Do., contr 0 17 t) Mount Lyell 0 19 6 CHRISTCHUKCH. £ s. (1. Commercial Bank of Aust. (3) 0 15 9 Goldsbrough Mort 0 19 1 N.Z. Guarantee Corporation .... 0 0 11 N.Z. Breweries (4) ...... 2 V 1 19 u 11 British Tobacco (2) 1 9 1 9 10 9 Mount Lyell, cum. div. (2) .... 0 19 9 Sales reported— Bank of New South Wales .... 2U U V Christchurch Gas. 10/- paid .... 0 12 0 British Tobacco • 1 9 1 9 10 11 DUNEDIN. d. £ s. Okarito 0 5 0

1927-28. £ 1928-29. 1929-30. £ £ Profit 420,748 391,832 336,666 To gen. reserve 150,000 125,000 50,000 Pensions reserve 50,000 25,000 25,000 Dividend (tax free) 12} p.c. 12} p.e. 7} p.c. Brought in 61,707 69,516 99.023 Carried : forward 69,561 99,023 101,340

Dec. 4. Per ton. Dec. 8. Per ton Copper— £ s. d. £ s. d. Standard, spot .. 48 18 9 40 6 10J Standard, forward 48 10 4J 40 0 105 Electrolytic .... 53 0 0 51 0 0 to 54 0 0 52 10 0 Wire bars 54 0 0 52 0 0 Lead — Spot 15 17 6 15 11 3 Forward •••••••• 10 0 0 15 12 0 Spelter— Spot 14 11 3 13 15 0 Forward ••••■•• 14 11 3 14 15 0 TinSpot 112 17 6 112 0 3 Forward 114 3 9 113 11 3 Silver— Standard, per oz. .. 10(1. 15 U-10d. Fine, per oz 17id. 1615-10d.