FINANCE and COMMERCE

Dominion, Volume 24, Issue 187, 6 May 1931, Page 12

FINANCE and COMMERCE

j STOCKS AND SHARES

Wellington Exchange

I . • . . ; . • •■ ■ ■ ■ • GILT-EDGED DEMAND

■ Iha Wallington Stock Exchange shares ■ wS SMS?,”Si J demarid was particularly strong. {> S ?' • ale : e .TXy eP a7 t f e uU°market rates. “ '» 43r per cent, stocks 1939 and 1 £OB/10/- was offered,• and a sale of 1 19do, £Vo/av/ pj. £OB/10/- was rei the 44 per cents., 1038, ac i Sl ' u ° / J ported.” The sj) per cent, stock 1941 a £9O, advanced 17/6 — 1936, were up 2/8 at £99/2/0. ,41 or i p cents 1931, par was offered, me m ’bonds, 1938, were unchanged at £9B - The 51 per cents., 1933, were o/ higher at £99/5/-, and the « per cents., g at the $ previous blds, but as there “ re ™ X buyers must raise their offers if they are ’■s to attract sellers. Wanganui Boro u gh i ■S per cents., 1944, were steady at £97, Auck !? larid Harbour Board, 5i per cents. 1939 Li af* pox* Tiffinm Harbour Board, oj per & Harbour Board 4i per cents., 1940, at -83 of Bank of Australasia reduced < their blds 5/- to £B/15/-. Commercial Bank of Australia were in demand ;/J but sellers asked 14/10; Bank of New South •d Woles advanced 5/- to £25/10/-, following $ upt>n the announcement of the quarterly H dividend of 9/- per share in Australian M currency., payable at Head Office on May $ 28- Bniik of New Zealanl long term were firm'at 20/-; Union Bank of Australia fell another 7/3 to £7. X N.Z. Guarantee Corporation, ordinary, were wanted at 8/2, with a sale reported ?! at 5/4. National Insurance were steady at ’■? 13/r. N.Z. Refrigerating, 10/- paid, were ® wanted at 2/9, and Waipa Colliery at 6/6. Leyland O’Brien Timber were steady at ,20/-. New Zealand Breweries were wanted ?S at 25/10, with sales reported at 30/10 and 80A. Colonial Sugar were In demand at / £B2; N.Z. Drug were steady at 53/3, and > '* N.Z. Paper Mills at 18/9. Mount Lyell were slightly firmer at 17/9. Yesterday’s Quotations ■y ’ I

1/ Buying and selling quotations at yesM terday’s final call on the Wellington Stock "Exchange were as follow:—

DEALINGS ON ’CHANGE Yesterday’s Business ‘The following sales were recorded on the stock exchanges of the Dominion yes-

AUCTION SALES TO-DAY. 27 Panama St., 2.30 P-m.-Sale Wallacevllle, a-ocount S.C. (Gordon HarJohnsonvllle sale, 12.30 p.m. ( Stephenson & Co. and Abraham & Wll--8 Winesto-n St., 11 a.m.—Sale Petter’s stationery and marine engines (E. JonnCoVumba Rd? yards, Masterton cattle fair (N.Z. Farmers' Co-op. Distributing Co.) 91 Dixon Street, 1.30 p.m.—Sale ladles’ dresses, etc. (C. W. Price). Allen St., 10 a.m.—Sale meat (Townsend

and Paul). „ , - Woolworths’ Bußdlngf, 1.30 p.m.—Sale furniture, carpets, etc. (Silverstone and ' Co.). TO-MORROW. Ward St., Dannevlrke, 10 a.m.—Mortgagee sale land Graham Rd. (Williams and Kettle). "Dana," 80 Wadeatown Rd., Wellington, 12.80 p.m.—Superior furniture (J. F. McKenna). Upper Hutt Sale. Boulcott St., 1.30 p.m.—Sale stock-in-trade account Open Upholstery Co. (H. John•ton and CoA.

COMPANY AFFAIRS Finance, Limited A SMALL PROFIT For the twelve months ended , I S £“* < flf last Finance, Ltd., made a small profit of £ll4B/9/4. The gross earning was £29- J 12/1. Salaries, rent, expenses, etc absorbed £1217/4/0, interest £4B-/18/ , anu directors’ fees £75. The flc n c °“ nt t s o l ln g were made up for nine months, the closing ot the financial year having been altered from June 30 to March ul. paro/q/y been allocated as followsTo rese rvc a te n n s toff Out°or W the h bai!i P nce of' fiTTS/IS/B® a “halfyear’s dividend on preference shares to September 30, ahsorbing Sl-9/10A has been paid, leaving a balance of £044/ / The ordinary shares which last sear re ?s not stated 'the final Vivi SSn/at th"°rate oA per cent is to be pa d nn thp nreference shares. The airecLors state quite frankly that the Year has been most unsatisfactory, a ” d will heavy losses in prospect, the directors wm take the opportunity at the annua! meetIng of placing proposals for the future of. the company- before the shareholders. The principal Items in the balance-sheet compare with those for last year as

During the year bank overdraft was reduced by £3518. or about-75 per cent., and debtors owe £3391 less.. The figures reflect the present difficult conditions.

TAUPIRI COAL CO. •

Dividend, 10 Per Cent.

Advice has been received by the secretary of the Stock Exchange Association of N.Z. that the directors of the Tauplri Coal 'Company recommend the payment of the usual dividend of 10 f per cent, for the year ended March 31 last, . The annual meeting of shareholders Is to be held, on May 18, and the transfer books will be closed from May 9 to 18, Inclusive.

Dominion Speciai Service. Auckland, May 5. Although the net profits earned by the Tauplri Coal Mines, Ltd., for the year ended March 31 are over £2OO less than was the case for the previous term, the directors have recommended that the dividend rate shall ba maintained for the last halfyear at !/• per share, or 10 per cent, per annum. ' The profit and loss account shows-.the gross profits to have been £24,996, andthe net return, after making allowance for depreciation, totals £13,536. To Ehls Is added £11.296 brought’forward • from last year. Preference share dividends have been paid amounting to £l6OO, and an interim dividend of 1/- per share on the ordinary shares absorbed £6500, leaving a balance to be dealt with or £10,733. When the final dividend now recommended has been paid there will be a balance to carry forward of §10,233. A dividend at the fate of 10 per cent, has been paid each year since 1927. BANK OF ADELAIDE Decline in Profits The Bank of Adelaide In its latest balance-sheet covering the year ended March 31 last shows a big decline in net profit as compared with the previous year. The net profit for the year just ended amounted to £91,813, as compared with £138,107 for the 1929-30 period, a shrinkage of £46,294, equal to about 331-3 per cCnt. There was brought forward £40,482, making available £141,295. The dividend for the year is 7 per cent., and requires £87,500, while In the previous year the dividend was 9 per cent, and absorbed £112,500. The sum of £15.000 has been transferred to the reserve fund, which -now stands at £1,000,000.’

The balance-sheet items compare as under: —

The assets total £8,453,705/ against £8,990.596 last year. Last year this bank reduced the dividend from 10 to 9 per cent. YELLOW CABS OF AUSTRALIA Return of Capital The Yellow Cabs of Australia; Limited, and Reduced, has advised the secretary of the Stock Exchange Association of N.Z. that the transfer journal will be closed from Mjiy 11 to 20, both days inclusive, for the purpose of repayment of capital, and payment.will be made to shareholders on May 30. BUTTERWORTH BROS. LTD. To Go Into Liquidation Dominion Special Service.

Dunedin, May 5. Last month the directors of Butterworth Bros'., Ltd., submitted to the shareholders a recommendation that the company go Into voluntary liquidation—a recommendation that was adopted, and, at a meeting held yesterday afternoon, the resolution was confirmed. Mr. H. R. Butterworth was appointed liquidator. There are 51 shareholders, most of them belonging to. or connected with, the Butterworth family. The head office Is in Dunedin, and there are branches in Christchurch and Invercargill. ■ The business was started at Castlemalne, Victoria, bv Mr. T? Butterworth, and was opened in Dunedin In 1862 In a building that stood on the site now occupied by the Carlton Hotel. In 1897, on the death of Mr. Robert Butterworth, a brother of the founder, the business was formed Into a company styled Butterworth Bros, of New Zealand. Ltd., and registered in England. In 1917 the present company of Butterworth Bros., Ltd., was registered in New Zealand. It is going out of business, not as a result of forcing, fpr there Is no flnanclal embarrassment, but largely because the retail trade by Increasingly importing Its goods direct has restricted the field of operation for .wholesale drapery houses. Bycroft Ltd. Dominion Special Service. Auckland, May 5. A net profit of £10,830 is shown In the annual report of Bycroft, Limited, for the year ended March 31. The directors recommend a final dividend of Hd a share, which is a reduction of Id on the Interim dividend, and makes 1/11 a share for the year compared with 2/- for the year ended 1930. The directors state that the outlook for the milling industry Is obscure, but they hopefully look forward to paying the same rate of dividend six month* hence.

THE "NEW FINANCE" Political Control of Banking THEODORE PLAN CRITICISED Under the heading “Political Control of Banking,” strong criticism is made In the latest monthly circular issued by the Bank of New South Wales of the plan of the Commonwealth Treasurer, Mr. E. G. Theodore “to take control of the monetary system of Australia." It is pointed'out that the plan is stated in five Bills, with a sixth in the background—the Central Reserve Bank Bill, the new Commonwealth Bank Bill, abandonment of the gold standard, the Fiduciary Notes Bill, and the Bank Interest Bill. After briefly outlining the proposals contained In the five Bills, and the present banking system, with special reference to private investment and distribution of capital, and the banks’ responsibilities to depositors, the circular says: “Private independent bankers and trustees of all kinds have to stake their jobs and their shareholders’ money on being sound judges of the investment and use of money. Their shareholders and depositors voluntarily entrust capital to them because they have confidence in receiving reward for its use and also in receiving repayment. Could they expect as much of the series of Government institutions the Treasurer would erect? These would profess to do business in competition with existing banks and investment houses. But from what source would such institutions derive capital? The provision of a greatly-enlarged issue of currency is Intended to provide the new political bankers with surplus assets available for loan. Bqt this new money is desperately wanted by Government Treasuries whose revenues in the current year will fall short of their spending b” £2O million or more. They have spent ail they can raise from private investors. The new political banks are deliberately so constituted as not to be able to deny these Treasurers credit. But continued issues would mean continually rising prices. . . . The money of the new banking machinery would quickly waste, and with it the purchasing power of such individual savings as remained.” Recently the chairman of the Commonwealth Bank drew attention after infinite forebearance and many a warning to the necessity of the Governments of Australia living within their means. t

Central Reserve Banks.

: “The chairman of the Commonwealth Bank Board was right,” says the circular. “He spoke as custodian of the ultimate Welfare of the public. In its relations with the State and from a regard for the general Interest In sound money private banking has evolved an organ regulating both the issue of currency and the grant of credit. The Bank of England, on which almost every other central reserve bank has been modelled, developed during last century a method of working towards stability by curbing the booms and easing the depressions to which private Investment is subject. This typically AngloSaxon compromise has operated mainly through a semi-public regulation of the rate of Interest, 1.e., the price at which private savings are lent and borrowed. It has been copied, though as yet imperfectly, In our own Commonwealth Bank. But the present series of banking Bills would tear down the half-erected structure. Instead of supporting the Commonwealth Bank Board In its task of directing the transition from reliance on overseas borrowings to. a self-sufficient and stable system of finance these measures would destroy the whole' structure of /Australian private finance by a lopsided reliance on the continuance by Governments of their spendthrift careers.

The Spectre of Inflation.

"Already persistent spending bv Governments has eaten seriously Into the capital that should be at the service of Australian industry, and has thereby kept up the rate of Interest at a time when Its reduction Is badly needed as a means to the revival of enterprise at lowered costs. Forcing the Commonwealth Bank to create new notes and credits Vis no substitute for a liberal supply of private savings. By raising the spectre of inflation such action destroys the faith of Investors in Australia, a faith long shaken by subjection to all manner of burdens and restrictions that have raised the Australian cost of- making and selling goods. As a general result enterprise In Australia has shrunk and Is still shrinking at a disconcerting rate? "In Its deetrmination to persist to the end in the habit of political regulation, the Commonwealth Government may print new money, thinking that this will replace the borrowings from- abroad by which Australian Governments have hitherto supported their policies. But the objects on which It proposes to spend such new money are neither temporary nor reproductive ones. Unemployment would grow greater still if Australia were to accept the Treasurer’s plan and turn its back on private investment.' So far from supplying a fund of liquid capital the new money would have a most destructive effect on capital. Venturers and investors would see in It the means, and the Intended means to a financial ‘willy-nilly’—an inflationary debacle that would swallow up all capital and investment. Like other attempts at economic control, the ‘new finance’ would tighten the squeeze of extravagance, unemployment and adverse exchanges upon all the Australian' Budgets. The more paper money the Treasury spent on unemployment the higher would be the numbers turning to It for employment or relief because of the exodus of private capital.

Effect on Exchange Rates.

"In taking Its departure this private capital would bid up the rate of exchange, the price at which sterlinjx or. dollars may be bought or sold. The Treasurer is known to be ready with an expedient to prevent such rising exchanges though reluctant, as yet. to avow it. When the time Is ripe it will be sixth item In his programme. He keeps it back for the present because a high price for sterling suits the book of Australian exporters. Including the wheatgrowers whom the Treasurer hopes to rally in support of his note-issue. Any threat -to control the rate of exchange would arouse the suspicion of the farmer about the new plan. * ‘ “The Treasurer whispers to his friends, it Is said, of exchange control ‘only to a degree that will keep the exchange rate as a faithful'index of the disparity between Australian price-levels and those ruling overseas.’ Even so, he Is in a dilemma of his own making. If he pegs the exchange he pins the farmers to their nresent rate of costs that exceed returns. If he does not do -so the attempt to buy sterling to mebt the Interest bill will smash his Budget. He has in mind a continuance of the exchange mobilisation scheme, commandeering ‘for Interest and limited services’ the money paid for exports up to £3,000.000 sterling a month. To that end he is prepared to assume a more stringent control by prohibiting all exports except under license from the Customs Departmentf-whlch license would be granted only if the proceeds of the sale were remitted through an approved channel and thereby brought within reach of the exchange pool. The mere fact that the Treasurer wants a stringent control of the exchange rate Is clear proof that he means to keep it below the natural rate set by demand and supply. The answer that his\ alm would be simply to exclude panic demands on the part of Investors seeking to transfer abroad their command or capital concedes the destructive effect of his whole policy on enterprise and confidence. The danger would not be exorcised —it would be intensified—by Customs prohibitions and a monopoly In exchange dealings. Flight From the Currency. "Denied the opportunity to shift his Tittle all’ out of a country that seemed bent on a financial revolution, the owner of money would still be able to spend it and he would be in haste to do so before Its value declined. Thus a flight of capital from' the country might be prevented, but only at the cost of aggravating the Hight from the currency which occurs wherever inflation is In progress. Folk would buy commodities as soon as they obtained their pay or Income. “Australians must decide in the near future whether they will follow the financial way which, after many post-war experiments, all countries save Russia have taken—viz., that of reliance on the private provision and Investment of savings, under the supervision of a public bank which Is a true central reserve bank. The alternative indicated In unmistakable terms In the measures under review, is one with an unbroken record of collapses. It would place the issue of credit and currency with* In the grasp of elected rulers, who could have no choice but to transmit the. pressure of constituents for easy money. Costs would rise, private employment and the exchange value of the Australian pound would dwindle. Budgets would break down under the intolerable burden of interest payments both In Australia and abroad. Repudiation would follow and with the solemn contracts of governments would go contracts between private citizens and Institutions Only the most drastic reconstruction of a society Impoverished by this attempt to evade the changed real Income of the nation would then put an end to the miseries of barter and a discredited currency. That reconstruction whether undertaken sooner or later, win begin with the task from which the Governments of New South Wales and the Commonwealth have long deliberately turned aside—the balancing of the. public budgets. Its central feature must be respect for the autonomy of the central reserve bant"

THE WOOL MARKET London Sales Firm GOOD COMPETITION London, May 4. Offerings at the London wool sales today totalled 8728 bales, including 4727 bales of New Zealand wools. About 8330 bales were disposed of. There was a moderate supply of greasy crossbreds and a good quantity of scoured.

All New Zealand sorts experienced a marks with a strong tone, and met with good competition. Prices are generally well maintained. •

Realisations of New Zealand greasy crossbreds were as‘follow: —Kanuka. 7jd. to 7d.; Panikau, 7}d. to 7id.; Merino. Upcot. Old. to 9d.

BRADFORD TOPS MARKET Quotations Easier London, May 4. Business In the Bradford tops market is restricted, and quotations generally are easier. _____ Previously cabled quotations compare as

SYDNEY WOOL SALES Values Maintained (Rec. May 5, 9.20 p.m.) Sydney, May 5. At the wool sales to-day 8187 bales were offered and 7303 sold at auction, In addition 263 disposed of privately.. The market closed for the month with values firm at the rates ruling on the previous day. Greasy merino made up to 155 d. BASE METALS MARKET Prices Still Declining London, May 4. Metal Exchange quotations are as follow, those previously cabled being given for the purposes of comparison:— April 30. May 4.

LIVE STOCK MARKET Pahiatua Cattle Fair Dominion Special Service. Masterton, May 5. A full yarding of all classes of cattle came forward at the Pahiatua cattle fair yesterday. There was a .representative attendance of buyers from southern Hawke's Bay, Manawatu, Wanganui, and Taranaki districts, purchases being well distributed. Very, few grown bullocks were offered, the bulk of the yarding comprising young cattle of both sexes,, most of which were Polled Angus and Herefords of good quality and breeding. x The New Zealand Loan and Mercantile Agency’s entry totalled approximately 800 head. About 700 were disposed of at prices comparing more than favourably with recent sales. Eighteen-month steers, sold on account of Mr. W. S. Lett and Mr. T. H. Groves, topped the market at £3/10/and £3/7/-, respectively. The same applied to 37 head of P.A. weaner steers on accoun R. D? Robertson and 49 do. on account Bunny and Tredray, each line realising 20/- a head. Other prices were:—Sixty 31-year bullocks, ac. C. Hodgins, £3/2/6; 2}-year Hereford steers. £3/7/- to £4/1/-; 18month steers, best lines, £3 to £3/10/-; medium sorts, £2/10/- to £2/12/-; tall ends, 30/-,; medium P.A. weaner steers, 23/0 to 34/-; medium fat cows, £3/15/- to £4/7/-; fat 4-year heifers, £5: empty cows, fair condition, £2/1/- to £2/13/-; P.A. cows, r.w.b., £2/13/- to £3/3/-, the latter being on account T. H. Groves; 18-month P.A. heifers, best lines, £2 to £2/11/-; medium sorts, 30/- to 37/0; weaner heifers, 18/- to 26/-, according to quality; potted bulls, 37/- to £3/10/-. Wright, Stephenson and Co. state that prices were,well up to expectations, and were higher than those ruling at the previous fair. They effected a clearance as follows:—2i-year steers, £3 to £3/2/6; 18-month steers, £2/14/- to £3/5/-,; yearling steers, £2 to £2/6/-; 2)-year heifers, £2 to £2/3/-; 18-month heifers, 39/- to 40/-; forward cows, £3/2/-; store cows, 29/- to 38/6.

GRAIN’AND PRODUCE Auckland Markets Dominion Special Service Auckland, May 5. There has been an over-supply of potatoes from the South Island, and the spot market is very weak. The potatoes sent up last week on a consignment basis are still at the wharf awaiting buyers. Values locally have dropped £2 a ton since last week, and now stand at about £5/15/- to £6. The onion market is well supplied with both Australian and Canterbury, and here again values are lower. The. quantities of Pukekohe-grown onions now available are too small to affect the market. The oats market' has firmed and B Gartons are now quoted at 3/11 per bushel, ex store, with A’s 2d higher. There is a slightly Improved demand for chaff, the price of which Is unchanged at £8 per ton. Maize is unchanged. Australian cargoes this week Included substantial quantities of barley, for which there Is an excellent sale at 4/- per bushel. Pollard Is selling freely at low prices. Bran is unaltered. DAIRY PRODUCE Outlook for Butter Dealing with the dairy produce market, the Anglo-Continental Produce Co., Ltd., writing from London on April 4, state: "The stock of butter in London is Just about half what it was at this time last year, and the position should be one of a firm market, but there is a great depression In nearly every trade, and the butter trade has also been infected. The prospects are for a very good supply of butter from nearly every producing country. Australia the last few weeks has graded 2000 tons per week. These big quantities of butter will come In during the last half of April, May, aud .Tune, and, of course, if they continue to produce these big quantities, then they may ship throughout the year. Now that the Continent has stopped taking Argentine, prices have fallen heavily and vlll continue to fall. “Denmark. Finland, Sweden. Estonia, Latvia Lithuania, Poland all expect to increase their output, so that it looks as though we will be forced to lower retail prices In order to clear the arrivals; out It has already been shown that when the retail prices come to from 1/- to 1/2 there is not enough butter in the world to meet the demand. Therefore, If we get a month or two at such prices the market will soon right itself.”

A new issue of Tauranga Power Board debentures is on the market Details on this page.—Advt

Mahakipawa Goldfields The Mahakipawa Gold Dredging Company washed up for the month of April 141 ounces 17dwt of alluvial gold.

iMw-Z. GOVT. LOANS— Buyers. £ s d Sellers. £ s d ... 44 n.c. Insc. Stk., 1933 98 10 0 99 0 V 44 p.c. ditto, 1938 ... 98 10 0 — Oj p.c. ditto, 1033 ... —— 99 10 0 54 p.c. ditto, 1930 ... 99 2 6 99 10 0 : 51 p.c. ditto, 1941 ... 96 0 0 — ' 6 pc. ditto, 1931 ... />' « p.c. Bonds, 1938 .. .00 0 0 100 10 0 98 10 0 — u M p.c. ditto, 1983 ... 1)8 b 0 2 54 p.c. ditto, 1930 ... ' .DEBENTURES— 99 0 0 Well. Amalg. Brick ... Wanganui Boro., 51 97 0 0 p.c., 1944 ........... Auckland Harb. Bd., \ 51 p.c., 1939 ........ zr o 0 94.0 0 Tlmarn Harb. Bd., 91 10 # p.c., 1950 • ■■S’ Wellington Harb. Bd., ! ■ 41 p.c., 1946 83 15 0 — HBANKS— Australasia 8 15 0 9 5 0 >■; Aust, of Commerce .. — 0 16 0 Commercial of Aust, (ord.) 0 14 0 0 14 10 , Commercial Bank. Co. ■'I Engflsh. J Scot. & Aust, — / 15 5 4 19 0 0 :National N.Z —— 5 5 0 Nat. of A/asla. (£5) 4 0 New South Wales ... *25 10 0 New Zealand Ditto, long term .... ■ ■ 2 12 3 1 6 0 —— Ditto, long term Syd■J ney register — 15 0 ‘Ji Union of Australia ... 7 0 0 : FINANCIAL— Dalgety and Co —- ♦7 5 0 Goldsbrough Mort ... 1 0 0 'N.Z. Guarantee Corp. (ord.) 0 • t 0 5 6 N.Z. Loan and Merc. (ord.) 66 0 0 GAS— Christchurch ... •— 1 5 3 Gisborne Wellington (ord.) .... 0 10 1 6 0 9 INSURANCE— •0 13 National r... 0 New Zealand 2 2 3 ' South British — 2 13 9 MEAT PRESERVING— 1 10 Gear N.Z. Befrigerat. (£1) . —— 0 10 3 Ditto. 10/0 2 9 0 3 3 Well. Meat Exp. (pref.) — 0 17 6 TRANSPORT— Huddart, Parker (ord.) — J 1 P. and O. stock ■— 1 15 0 COAD— Walpa 0 6 6 — TIMBER— 0 8 National — 0 Rotolti —— .0 8 0 Leyland-O’Brien •«. • 1 0 0 -•1 3 0 BREWERIES— 1 17 New Zealand .... 1 15 10 0 MISCELLANEOUS— British Tobacco (ord.) —— 1 9 4 C. M. Banks (ord.) .. Burns, Philp and Co. '. — 0 16 1 15 6 0 Colonial Sugar 32 0 0 85 15 0 Dental and Medical . — 0 9 0 Electro. Zinc (ord.) . • — 0 13 3 Ditto (nref.) —M 0 16 0 'Farmers' Auction, (pref.) — 0 16 6 Howard Smith (ord.) —• 0 8 3 National Electric .... — 0 11 0 f Newton King (pref.) . — 0 9 0 N.Z. Drug 2 13 3 2 15 0 N.Z. Farmers’ Fertiliser 0 14 0 , N.Z. Paper Mills ♦0 16 9 —- i Scoullar Co — 1 1 6 ' Sharland & Co. (ord.) 0 19 0 ; Wilson's Cement .... 1 19 3 ... Ollr— 0 Blenheim —— 2 7 Moturoa ........ —“ 0 8 9 ' Taranaki —— 0 2 3 mining— 0 17 0 18 Mount Lyell 9 1 ♦Cum. dividend.

terday:— ' WELLINGTON. N.Z. Govt. Stock, 4t p.c., 1838 ... lt.Z. Guarantee Corporation, ord. . 98 10 0 .054 . 1 10 10 nif-fA »(2) . 1 10 0 Blec.troly'tlc Zinc, preference .... . 0 16 0 > J AUCKLAND. -J-’ 1 . £ S. d. I riser, Stock, 5i p.c., 1933 ...... 96 0 0 Bank of Australasia 9 0 0 National Bank of N.Z. 5 0 0 Bank of New South Wales 25 7 6 Auckland Gas Do . 1 2 fl 1 2 10 Devonport Steam Ferry Farmers' Trading 10 0 0 7 0 Waihl Grand Junction 0 2.3 King Solomon ..0 2 3 Moanatalari CHRISTCHURCH. Commercial Bank of Australia £ s d 0 14 2 Bank of N.Z,, cum div 2 11 11 Kaiapoi Woollen, pref. ........ 0 10 0 N.Z. Breweries «... T)n 1 10 0 1 10 1 Mount Lyeli (3) 0 IB 0 King Solomon 0 2 2 Sales reported:— Union Bank of Australia . 7 0 0 N.Z. Breweries (late sale Mon.) 1 15 10 1 10 0 Crown Brewery, In liquidation 0 7 0 Beath and Co 13 0 Electrolytic Zinc, pref, (late 0 15 11 Monday) Christchurch Gas

under: — 1930 1931 Liabilities— Capital paid £ . 11,400 . 6,802 £ ' 11,400 6,802 . 1,255 1,213 . 1,240 1,830 50 50 Bank overdraft , 7,635 . 1,267 4,119 -■ 644 Assets — - 60 57 Sundry debtors Debentures and shares > . Preliminary exp . 20,853 . 8,600 200 ■: 17,462 8,600 20p

11)30 1931 Liabilities— £ £ Capital paid 1,250,000 1,250,000 Reserve fund 985,000 1,000,000 Profit and loss ...... Notes in circulation .. 114,482 6,070 91,295 0,661' Bills In circulation .. 125,075 42,771 Bals„ due other banks 345,098 235,713 Deposits 0,105,440 5,762,326 . Interest accrued, etc . 64,231 64,938 Assets— Specie, bullion and 45,874 cash 79,712 Aust, notes and cash 804,180 1,038,513 Govt, securities 647,234 602,234 Treasury bills — 174,137 Municipal deb 2,700 2,150 Money In London ... 125,000 170,000 Bals, from other bits. 126,021 192,710 Notes of other -banks Bills receivable Lon676 1,602 don 632,061 426,574 Bank premises 348,025 345,067 Advances, etc 6,230,987 5,454,843

follow: — Apl. 0. Apl. 16. Apl. 23 Apl. 30 Per lb. Per lb. Per lb. Per lb. <1. d. d. d. Seventies .. 27} 27 27 W Sixty-fours . 20 25} 25 Sixties .... .. 24 24 23| 23| Fifty-sixes .. 17 17 IB 15} Fifties .. 14 14 13} Forty-sixes .. 12} m 11 10} Forties .... .. 12} Hi 11 10}

' i ■ Per ton. Per ton. Bad £ 6 d Standard, spot! 41 4 4} 39 18 9 Standard, forward 41 16 10} 40 10 n Electrolytic 44 0 0 43 10 0 to 45 0 0 44 10 0 Wire bars 45 0 0 44 10 0 Lead— Spot 11 12 6 11 10 0 Forward Spelter— 11 15 0 11 15 0 Spot 10 10 0 10 8 9 Forward 10 17 6 10 18 9 Tin— Spot 104 11 8 102 18 9 Forward Silver— 105 18 0 104 6 3 Standard, per oz. Fine, per oz 13 3-10d 14}d 13 l-8d. 14 l-8d