FINANCE and COMMERCE

Dominion, Volume 24, Issue 182, 1 May 1931, Page 12

FINANCE and COMMERCE

STOCKS AND SHARES Wellington Exchange GILT-EDGED IN DEMAND Five galea were recorded on the Wellington Stock Exchange yesterday, anil tl ‘ iee of these were of bank shares. However, the demand for shares show some Blackening; but for Government securities the demand was very strong. The 4} per cent Government stocks and bonds were flrm and unchanged at £9B/5/- ; the 54 per cent, stocks and bonds, 1933 and 1930 were also steady at £99. For the 5} per cents:, 1041, £95 was again bld. Tnere was a good demand for debentures, but prices remain unaltered. Auckland Gas, 51 per cents., 1939, were steady at £94; Timaru Harbour Board 51 per cent., 1950, were wanted at £9l/10/-: Lyttelton Harbour B'oard 51 per cent., 1953, at £95; and Wanganui Borough, 5} per cents, at £97. , Bank shares were slow, with more sellers than buyers. Commercial Bank of Australia changed hands at 14/10, and Bank of New South Wales at £2O, buyers continuing to offer £25/15/-. National Bank of New Zealand were steady and unchanged at £4/10/-. National Bank of Australasia, £lO paid, were up 2/8 at £lO/17/6, cum dividend. Bank of New Zealand at 52/3 and Bank of New Zealand long term shares nt 26/- were unchanged. Union Bank at £7/9/- were down 4/-. Wellington Deposit at 10/-, cum dividend, Were unchanged. N.Z. Guarantee Corporation, ordinary, were In demand at 5/2, but sellers asked 5/0. National Insurance were sternly at 13/-, cum dividend. New Zealand Insurance were again wanted at 41/9. and there was a bld of 52/9 for South British Insurance. There were no insurance shares on the market. Christchurch Gas were steady at 24/6. Gear Meat were very flrm at 30/-, but sellers held for 31/6. Leyland O’Brien Timber were wanted at 20/-, ex dividend. New Zealand Breweries at 34/- and Staples and Co.' at 34/- were unchanged. British Tobacco were in demand at 29/-, and Burns, Philp; and Co. were steady at 30/-. N.Z. Drug were firm at 53/-, and N.Z. Paper Mills were again wanted at 16/9, cum dividend. Wilson’s Cement changed hands at 88/9. For Blenheim Oil 30/- was bld, but sellers held for 55/-.

Yesterday’s Quotations Buying and selling quotations at yesterday’s final call on the Wellington Stock Exchange were as follow:—

* ' DEALINGS ON ’CHANGE Yesterday’s Business The following sales were recorded on jthe. stock exchanges of the Dominion yesterday : —

WALL STREET SLUMP Heavy Decline in Stocks New York, April 29. , The entire stock list on the New York ■Stock Exchange is unsettled, and the majority of the principal Issues -have experienced a considerable liquidation, following a drive against United States Steel common stock, which closed at 115} dollars. The day’s sales totalled 3,200,000 shares. Millions of dollars were cut from the narket. Valuations in United States Steel common alone dropped over 70 million dollars in quoted value. To-day’s decline is the climax to a •lengthy period of gradually sinking prices, which to-night, in numerous instances, closed near to the low levels of values of .1927. Queensland Insurance Co. Th « Queensland Insurance Company ■agency In Now York has announced that • It'h'as turned over its American and Canadian business to the Union Marine and General Company of Liverpool.

THE WOOL MARKET London Passings Fairly Heavy OPENING PRICES HELD London, April 29. Offerings at the wool sales to-day were 900-1 boles, including 3121 bales Ncw _,?“’ land. About 7920 bales were sold. There was a good offering of all descriptions, which met with steady general competition. Opening prices wore fully maintained. The Departmen of Agriculture has received the following cablegram, dated April 29 from the High Commissioner for New Zealand, London:—Wool sates opened yesterday with large attendance, and competition falrlv general. Selection offered mainly crossbred, with only small proportion of merino. Values reflect easier tendency prevailing since preceding sates. Compared with closing rates last series merino par to 5 per cent., fine crossbred 7} per cent, to 10 per cent., medium and coarse crossbred 10 per cent, to 15 per cent, lower; 104.000 bates available for series, of which New Zealand 60,000, Australian 73,000, and ■ South American 29,000. SYDNEY WOOL SALES Fine Sorts Close Firm (Rm. April 30, 9.80 p.m.) Sydney, April 30. At the wool sales to-day the offerings totalled 9868 bales, of which 8895 were sold at auction; also 1140 privately. The market closed strongly with good competition, but faulty crossbreds and lambs’ ,wool were difficult to sell. Greasy merino made up to 16}d. BANK OF AUSTRALASIA Reduced Profits Accounts of the Bank of Australasia for the year ended October 13, 1930, show a net profit of £615,084, as compared with £677,183, the profit for the preceding year. Practically the whole of the reduction in the profits Is accounted for by an increase from £320,383 to £372,394 in the rates and taxes paid in Australia, New Zealand, and Great Britain. The gross profit was £1,661,676, or only £7OOO less than In 1928-29, and expenses of management showed an increase of £674,198. The annual dividend was reduced from 14 per cent, to 13 per cent., but this was offset in the case of Australian and New Zealand shareholders by the benefit accruing from the payment of the final dividend of 6 per cent, in sterling in London. The following explanation Is given in the balance-sheet:— “At the exchange rates current at October 13, 1930, the capital employed in Australia and New Zealand shows a depreciation which is provided for by an exchange suspense account included in the provision for contingencies.” This no doubt has some bearing on the profit account, because provision was made for contingencies before profit was struck, though the amount provided is not shown. But to make provision for depreciation of the capital employed in the Commonwealth and the Dominion a considerable sum must have been provided. Net income and appropriations for the last three years are as follow:—

Bank of Australasia shares, £5 each, sold on the -Wellington Stock Exchange on Wednesday at £9/15/-.

AUSTRALIAN STOCKS Decline in Wall Street . , n . , Now York, April 29. there Is a general decline in gilt-edged securities, reaching the greatest proportions in the Katin American issues, which featured in the late trading bond market. On Wednesday new bottom price levels were established by the Australian Commonwealth Government 4J per cent, loan of 1956 maturity, and New South Wales State o per cent, loan, redeemable 1958. Australian bonds, and particularly those of the State of Queensland, have continued weak. .At the close of the market the following prices were reported per cent, Australian Commonwealth (1955), dollars , points; and 4J per cent. (1937), dollars 52}, off J-polnt; 5 per cent. Brisbane City (1957) dollars, 54, were up 2 .points, and (1958) dollars 52}, were off 5? Q ueen sland State 6 per cent, loans (1947) dollars 50J, were off 14} points. There (1942) “° S “ IeS the 7 PCr CeDt - loau Melbourne, April 30. Commonwealth Government securities have all declined by from 2/6 to 27/6 due to the announcement that the Government .Vales will further default, and to the lack of confidence in the Federal Government’s financial policy. h , ol . t ] ers ,/ > . f Australian stocks in Britain and tlie United States have received the interest promptly on due date, notwithstanding the Lang default, but this has not prevented the stocks from falling The latest prices on the New York Exchange are interesting:—

New South Wales stocks show the greatest decline and the 6 per cents, at the price of 48 dollars, at which they were actually sold, give a return of about 12} per cent, on a flat Interest rate, which shows what Investors in New York think of the credit of New South Wales. The first loan raised by an Australian State in the United States was raised by Mr. E. G. Theodore when he was Premier of Queensland. He had previously treated the Pastoral Companies rather harshly, and British investors were warned not to support Queensland loans, unless justice was meted out to the Pastoral Companies. Mr. Theodore was forced into the New York market and had to pay dearly. The 7 per cents, at the price of 89 dollars give a return of 8 2-3 per cent, on flat interest.

AUCTION SALES TO-DAY. 151 Jackson St.. Petone, 1 p.m.—Sale furniture. (E. Johnston and Co.) 91 Dixon St., 1.30 p.m.—Sale furniture, etc. C. W. Price.) Woolworths Buildings, 1.30 p.m.—Sale furniture. (Silverstone & Co.) MONDAY. Pahlatua Sale, 11.30 a.m. (Dalgoty & Co., N.Z. Loan and Mercantile, and Wright, Stephenson & Co. Ltd.).

MARKET DEPRESSED Butter Slow at 108/CHEESE TOUCHES 46/Joseph Nathan & Co. Ltd. have received the following market report from Trengrouse & Nathan Ltd., London, dated April 29;—New Zealand butter, 108/- per cwt.; New Zealand cheese, white 46/47/- per cwt., coloured 50/51/-. The New Zealand Loan and Mercantile Agency Company, Limited, have received the following advice from their London house, dated April 29:—Dairy produce (last week’s figures in parentheses): Butter, N.Z. choicest salted, 108/- to 100/- per cwt. (110/- to 111/-); market slow. Cheese, white 48/- per cwt. (51/-), coloured 51/- per cwt. (53/- to St/-); market depressed. Samuel Page & Son, London report to Dalgety & Co., Ltd., under date April 29:— Buyer: Market depressed. Danish, 120/- to 122/- (122/- to 124/-); New Zealand, finest salted, 106/- to 108/- (110/- to 111/-); Australian, finest unsalted 106/- to 108/- (109/to 112/-), salted 104/- to 106/- (100/- to 108/-), G.A.Q. 100/- to 102/- (102/- to 101/-). Cheese: Market depressed. Australian, white 46/- to 47/- (49/- to 50/-), coloured 49/- to 51/- (51/- to 53/-); New Zealand, white 46/- to 48/- (50/- to 51/-), coloured 50/- to 51/- (53/- to 5-1/-); Canadian, white 66/- to 72/- (66/- to 74/-), coloured 68/- to 76/- (66/- to 76/-). (Last week's quotations shown in parentheses.)

Considerable activity in the butter market in Taranaki for the last few weeks is reported, and numerous offers of 12 l-8d have been made, and in the south a number have been accepted. Three firms are operating in a large way, and there Is a good deal more activity than for some time. The price offered is in excess of market rates at present. The influence of European production on the future price is considerable. If the Continent has a good spring and there is large production the market may weaken, in which case the buyers may lose fairly heavily on their transactions. On the other hand, the northern spring may not be good, which would probably give the firms operating a satisfactory margin. The prices, mostly in excess of 1/-, have been tempting, especially as fairly large’ quantities of butter are being taken by the buyers. Other firms apart from the three mentioned are buying but only cautiously. There is no inquiry for cheese. FRUIT AND VEGETABLES Wellington Market Prices In the Wellington market this week all varieties of apples and pears are plentiful, and prices generally are low, report W. Bunbidge and Company. Cape gooseberries, peaches, plums, new laid eggs, green peas, and pumpkins are fairly scarce, and all are bringing good prices. Prices realised at yesterday morning's sates were as follow:— Fruit.—Apples, Coxes Orange 5/- to 9/-, Delicious 3/6 to 5/6, Jonothans 3/- to 5/6, Bailarats 5/- to 6/6, Munroes 4/6 to 6/6, Sturmers 4/- to 6/-; pears, Winter Coles 4/- to 6/-, Nells 3/- to 4/6, Vicars 5/- to 5/6, P. Barrys 3/- to 4/-; local lemons, 16/- to 21/-; quinces, 8/- to 10/-; all bushel eases. Otago peaces 5/- to 6/-, Hastings Solways 6/6 to 7/-; Otago plums, 5/6; Cape gooseberries, 5/6'A> 6/-; passion fruit, 4/6 to 5/-; tomatoes, plain 2/- to 3/-, round 4/- to 5/-; all half-cases. Californian oranges (arriving next Monday) 34/-, lemons 40/- per case. Vegetables.—Potatoes, North Island whites £4/10/- to £5/10/-, South Island Dakotas £5 to £5/10/-, South Island Sutton’s Supreme £7 per ton; New Zealand onions, 7/- per cental bag; green peas, 8/to 14/- per bag; grey pumpkins, 9/- to 11/per sack; swedes, 2/6 to 3/- per bag; mushrooms,'3/3 to 9/10 per kerosene tin. Various.—New-laid eggs 2/8, mediums 2/2, pullets 1/8 to 1/9, preserved 1/8 to 1/9 der dozen; separator butter, B}d to 9ddb; block honey, bulk 6}d, 21b tins 9tl per lb; ducks, 6/6 to 7/- per pair; New Zealand walnuts, Motueka 7}d, Golden Bay 7d to 7}d per lb.; Chaff, G. 8.0.5, £7 per ton. PRODUCTION OF LEAD Proposed Restriction Recent cables announced that agreement had been reached between the principal lead-producing countries of the world for a drastic restriction of output, owing to the low price of the metal, which was quoted at £l2/5/- per ton last week. At the beginning of 1930 the price of lead stood at £2l/10/- per ton, to which it had fallen from higher levels, and was then regarded as a reasonable price for this metal. The price was very well maintained for quite a long time, owing to a considerable extent to market control being carried out in an efficient and reasonable manner. The slump in commodities, however, lasted too long and was too severe to allow of the programme of stabilisation being carried through successfully, and the position in lead has been somewhat analogous to that in copper, with an excess of supplies becoming available as time went on. In order to effect its purpose, the lead group was frequently compelled to keep London lead arrivals off the market by putting the metal Into warehouse, thus lessening the supplies available on the market and delivering from warehouse as occasion arose.

Evidence that the statistical position In America was deteriorating, and recognition that the artificial withholding of supplies and the creation of invisible stocks b.v .the pool were producing an unhealthy state of affairs, caused successive falls and heavy sates In the forward position, report Brandeis Goldschmidt & Co. On October 11, and in spite of half-hearted attempts to support the market, the price had fallen to £l4/18/9 per ton for both prompt and forward. This heavy fall brought buyers into the market, which recovered again to about £l5/15/- per ton, and remained around this level with minor fluctuations until about the middle of December, when the price fell to £l4/10/- per ton. zl slight recovery took place subsequently and the year closed at £l5 December shipment and £l4/15/- March shipment. To-day’s quotation is £l3 for spot and £l3/6/3 forward. Stocks of lead in the United States at. the beginning of 1930 were 47.756 tons, and at December. 31 they had risen to nearly 100.000 tons. The world’s production of tend last year was about 1,634,000 long tons.

Sydney Produce Markets (Rec. April 30, 7.40 p.m.) Sydney, April 30. Wheat.—The market, is firmer; ex trucks Sydney, 2/51 per bushel: at country stations, 1/100}. Flour, £lO per ton. Pollard and bran, £3/10/- per ton. Potatoes, £0; Victorian, £4/10/-per ton. Onions, Victorian, £4 per ton. Oats, white and Algerian, 2/6 per bushel. Maize, 3/9 per bushel. LIVE STOCK MARKET Wanganui Sale Dominion Special Service. Wanganui, April 30. Again most interest was centred in the cattle section at Freeman R. Jackson and Co.’s sale yesterday. A total of over COO head of run-bred cattle was yarded. Vendors met the market and practically a total clearance was made. The sheep section was a light one, and not of a very high standard. Good prime heavy ewes sold well. A moderate yarding of pigs sold at late rates. Sheep.—Prime ewes, 11/2, 11/3, to 12/-; prime lambs, 12/-;, fat b.f. 2-tooths, 0/- to 11/-; 2-toth ewes to S.D. rams, 12/1; wether lambs, 8/10; ewe lambs, 10/9. Cattle.—Good P.A. weaner steers, £2/2/6; good P.A. weaner heifers, £l/19/6; small Jersey weaner heifers, 27/-, 28/-, 30/-, to 33/-; springing dairy cows, £4/10/-, £6, to £7/10; fat heifers, £4/4/6 to £5; tat cows, £3/10/- to £5/5; forward cows, £2 12/6 to £3/5/-; fat and forward bullocks, £6/5/-; 3J-year steers, £4/18/6; P.A. cows, to P.A. bulls, £2/12/-; halfbred cows, to P.A. bulls, £2/12/-; Hereford cows, to P.A. bulls, £l/18/6 to £2/7/6; empty Hereford cows, low conditioned, £l/19/- to £2 5/-; empty P.A. cows, £2/1/- to £2/10/-; 20-month P.A. heifers, £2/10/-; 20-month P.A. steers, £3/3/6; 20-month Hereford steers, £3; 2}-year steers, £3/10/6. Pigs.—Heavy porkers, £2; porkers, 27/to 29/-; stores, 14/-. 17/6, 20/6. to 25/-; weaners (short supply), 10/- to 13/-; heavy vealers, to £2/13/-; light vealers, 21/- to 28/-; calves, 12/- to 1B?>

COMPANY NEWS Heavy Decline in Profits AUSTRALIAN IRON & STEEL For the year ended November 80 last Australian Iron and Steel, Ltd., shows a heavy shrinkage in net profit, the amount at £76,431 being £138,609 less than in the previous year. Preference dividend of 7} per ceut. absorbs £75,000, or only £1431 less than the net profit. This latter amount with the £204,949 brought forward, making £206,380, is carried forward. There is, of course, no dividend on the ordinary capital. The paid-up capital of tlie company was increased by £276,575 during Hie year. Preference capital stands at £l,000.000. The items in the balance-sheets of the past two years compare as under: — Year Ended November 30.

Cabled advice was received last week that owing to the existing general stringent financial conditions, the directors of Australian Iron and Steel, Limited, consider it advisable that in the best Interests of shareholders to conserve the financial resources of the company and postpone payment of dividend on the cumulative preference shares due May 1.

NEW COMPANIES Recent Registrations Registration of the following new companies is reported in the “Mercantile Gazette”;— James Royce and Co.. Ltd., private company. Auckland. Capital: £3OOO in 3000 shares of £1 each. Subscribers: Auckland —H. Burton 1600, Lillian G. Burton 1400. Objects: Dealers in tea. coffee, chicory, cocoa. and chocolate, etc. M. Summers. Ltd., private company, Wellington. Capital: £6500 in 6500 shares of £1 each. Subscribers; Wellington—M. Summers 5375, Agnes Summers 1125. Objects: To carry on business of cartage contractors, garage proprietors, and dealers In sand, gravel, cement, etc. Te Horo Supply Stores, Ltd., registered as a private company April 20. 1931. Office: Te Horo. Capital: £3OOO in 3000 shares of £1 each. Subscribers: Te Horo—W. C. Fieblg 2990. Mira G. Fiebig 10. Objects: To carry on business as general storekeepers, etc. C. A. Perry Electrical Co.. Ltd., private company. Wellington. Capital: £5OO in 500 shares of £1 each. Subscribers: Wellington—C. A. Perry 495, Marie O. Perry 5. Objects: To carry on business of electrical suppliers, electrical engineers, etc. Nevada Furs, Ltd. (N.Z.), private company. Wellington. Capital: £3500 in 3500 shares of £1 each. Subscribers: Wellington—Edgar Spiers 2500, Roselin Spiers 1000. Objects: To carry on business as furriers, skin, hide, pelt and feather merchants. etc. S. Harris. Ltd., private company. Napier. Capital: £5OO in 500 shares of £1 each. Subscribers: Napier—-S. Harris 409. J. J. Harris 1. Objects: To carry on the business of hat and cap manufacturers, etc. Increases of Capital The following increases of capital are reported In the “Mercantile Gazette": — Bay of Plenty Development Co.. Ltd. — Capital increased from £lOOO to £lO,OOO by creation of 9000 ordinary shares of £1 each. Universal Automatic Gates, Ltd.. Auckland.—Capital increased from £2OOO to £2500. . Socro. Ltd., Auckland.—Capital increased by £1550 in 1550 shares of £1 each beyond registered capital. Williams Rotary Engines Co.. Ltd., Auckland.—Capital increased to £25.000 by creation of £15,000 in 300,000 shares of of 1/- each. Tauranga To-bacco and Citrus Co.. Ltd. —Capital increased to £30,000 by addition of 10,000 shares of £1 each. K. K. Footwear. Ltd.. Auckland.—Capital Increased to £11,500 by issue of 3000 shares of £1 each.

SYDNEY FIRM’S LOSSES Transfer of Investments As reported by cable last week, Standard Waygood, Ltd, Sydney, an engineering company, discloses n loss of £589 for the year ended March 31, against a profit of £9720 for the previous year. This reduces the credit balance brought forward to £21,127, which Is carried forward. Last year the dividend paid was 5 per cent. This year nil. The directors’ report states that the principal changes In the balance-sheet are the result of efforts to conserve such of the company’s assets as are not necessarily affected by tlie depreciation of Australian currency. The directors further report during the year the liquidation of Medulla's, Ltd, with little prospect of more than a few shillings per share return to shareholders; Weymouth’s, Ltd. (In liquidation), returned 30/- per share, and its final dividend, If any, will be trifling. Lift Inspection and Insurance, Ltd., still figures among the investments. “It is shown for the first time at its net value, the amount loaned by it to Standard Waygood having been deducted from the investment, instead of appearing among creditors. It is worth the figure at which we value it. So is our investment in Stanway, Ltd. We had invested surplus cash principally in British Government bonds that it might be available at short notice to take advantage of opportunities here. But present conditions do not favour further investment in Australia. So a company lias been registered in Ipoh, Perak (-Federated Malay States), under the name of Stanway, Ltd, to which these overseas investments have been transferred. The diminished figures of work in progress and book debts indicate the failing off in business. These assets are good, but property, plant, etc, which one day can be used profitably again, may prove a sounder investment than moneys owing, either for uncompleted or for completed contracts.”

Buyers. Sellers. N.Z. GOVT. LOANS— £ s d £ s d 4} p.c. Insc. Stir., 1039 and 1038 . 08 5 0 Bi p.c. ditto, 1933 and 1936 90 0 0 -— p.c. ditto, 1041 .... . 95 0 0 4i p.c. Bonds, 1941, 1939, and 1038 98 5 0 Bi p.c. ditto, 1933 and 1938 99 0 0 DEBENTURES— Auck. Harb. Bd., Bl p.c 1939 .. 94 0 0 Timarn Harbour Bd., Bi p.c., 1950 91 10 0 Lyttelton Harbour Bd„ 5i p.c., 1053 95 0 0 95 10 0 Wanganui Boro., 51 p.c.. 1944 97 0 0 ■ ■ ■ Wairarapa Power Bd., Bi p.c., 1949 —. 100 0 0 Makerua Drn. Board, 6 p.c 101 0 0 Well. Amalg. Brick ., 97 0 . 0 Golden Bay Cement "A” 0 16 0 banks— Australasia 9 15 0 Aust, of Commerce .. 0 16 3 Commercial of Aust. (ord.) 0 14 11 Commercial Bank. Co. (Sydney) English, Scot. & Aust. ■ 15 0 0 •5 2 0 National N.Z. ........ 4 19 0 5 4 0 Nat. A/asia. (£10) .. ‘10 17 6 New South Wales ... 25 15 0 26 10 0 New Zealand 2 12 3 Ditto. long term 16 0 . Ditto, long term, Sydney register. — 1 5 0 Union of Australia ... TOO 7 15 0 FINANCIAL— Dalgety ond Co — •7 2 6 Goldsbrough Mort ... 10 6 N.Z. Guarantee Corp. (ord.) 0 B 2 0 5 6 Well. Deposit & Mortg. •0 10 0 GAS— Christchurch '14 6 15 6 Gisborne 0 10 0 Wellington (ord.) .... — 17 6 INSURANCE— National •0 13 0 —— New Zealand 2 19 South British 2 12 9 -- MEAT PRESERVING— Gear 1 10 0 1110 N.Z. Refrigerat. (£1) 0 10 9 Ditto (10/-) 0 3 3 Well. Meat Exp. (pref.) — 0 17 6 TRANSPORT— Adelaide Steam __ 0 16 0 ' Hiiddart, Parker (ord.) 12 6 TIMBER— (.Leyland-O’Brien .... n o o . Rotoitl 0 8 6 BREWERIES— New Zealand rii o 1 15 9 Staples and Co 1 14 0 •Tooth’s 1 0 10 MISCELLANEOUS— British Tobacco (ord.) .19 0 19 6 Burns, Philp and Co. 1 10 0 —— Colonial Sugar •Electro. Zinc (ord.) . 30 10 0 0 13 6 Howard Smith (ord.) . 0 8 3 National Electric .... —— 0 11 0 Newton King (pref.) . f — 0 9 0 N.Z. Drug- ....;'.....’. 2 13 0 — N.Z. Paper Mills' ..... •0 16 9 — Wilson’s Cement .... . • 16 9 OIE— Blenheim 1 10 0 2 15 0 Moturoa ............ 3 9 Taranaki 0 2 3 MINING— Alount Lyell 0 19 0 •Cum. dividend. fEx dividend.

' WELLINGTON. £ s d ,N.Z. Govt. Stock, 51 p.c., 1933 .... 99 5 0 /Commercial Bank of Australia .... 0 14 10 Bank of New South Wales (2) .... 26 0 0 Wilson’s Cement 1 18 9 ’ AUCKLAND. £ s d 'Mt. Rosklll Boro’, 5} pic,. 1950 .. 98 0 0 National Bank of N.Z. 5 2 0 Bank of New South Wales 26 0 0 .N.Z. Insurance 2 2 0 Colonial Sugar 35 0 0 Waihi Gold Mine N.Z. Breweries’ debentures ...... 1 1 6 ? CHRISTCHURCH. Commercial Bank of Aust. (2) .. £ s d 0 14 6 Dalgety and Co., cum. div. (2) .. 6 17 6 Cornish Point 0 0 Kinjj Solomon 0 2 4 Do. 0 2 3 Mabaklpawa 0 0 10 Golden Point, 10/- pd. (3) 0 10 6 Mount Lyell (2) 0 18 0 Sales reported— •Commercial Bank of Aust 0 14 5 ■ Do 0 14 6 6 3 0 National Bank of N.Z. (late sale . Wednesday) DUNEDIN. Sales reported— £ 3 d Okarito (2) 0 8 0

Net profit .. Bght. forwai October, October, October, 1930. £ 615,084 161,943 1923. £ . .. 675,192 rd 139,568 1929. £ 677,183 139,760 814,760 816,943 777,027 Dividend .. 595,000 630,000 585,000 Reserve ... 25,000 — Premises .. 80.000 —— Carried fw'd. 139,700 161,943 192,027 Liabilities and assets in the last three balance-sheets compare as under: — 1928. 1929. 1980. £ £ £ Capital 4,500,000 4,500,000 4,500,000 Reserve 4.450,000 4.475,000 4,475,000 Profit bai. . 454,760 476,943 462,027 Circulation 428,621 434,329 401,737 Deposits .. 33,876,329 34,414,797 84,232,531 Bills payable etc 3,909,217 5,022,527 3,965,038 47,618,927 49,323,596 48,030,386 Cash items and public securities 15,895,438 14,277,532 14,078,019 Advances 31,564,314 34,314,960 33,387,248 Premises .. 159,175 278,373 400,257 Acceptances — 452,732 . 170,262

„ , Mar. 30. Commonwealth— I)ol. Apl. 27..Fall Doi. Doi a p.c., Jan.-July. 1955 . 67 00$ 6| 5 p.c„ Mar.-Sept., 1957 664 605 ii p.c., May-Nov., 1056 New South Wales— 62} 53 i)| 6 p.c., April-Oct., 1057 58 48 10 5 p.c.. April-Oct.. 1958 Queensland— 59 50 0 B p.c., Feb.-Aug., 1947 . 79 • 7 p.c., April-Oct., 1942 . 89} 80 9} •No sale.

Net profit 1021). £ 21o,040 1030. 76,131 Pref, dividend 73,714 75,000 Ord. dividend 1)1,675 — Forward 201,049 206,380 Liabilities— Capital paid up 2,970,432 3,253,007 Reserves 15,711 15,711 Creditors and bank .. 611,115 678,708 Assets— Freeholds, plant, etc... 2,777,258 3,212,596 Shares (in other companies) 391,30!) 391.309 Stocks 429,296 490,907 Debtors 280,440 188,651 Deposits on contracts.. 5,500 2,745 Government securities .. 15,000 15.01)0 Cash 1,072 4,332