FINANCE AND COMMERCE

Dominion, Volume 24, Issue 231, 26 June 1931, Page 12

FINANCE AND COMMERCE

.'stocks and shares Wellington Exchange market still dull The Wellington share market allowed no noteworthy features yesterday. Bonds.and (feibenturea were In fair demand, and ■banK Aharefl aIBO but otherwise the market was The only sale reported was khat of Canterbury Frozen Me“t cumutative preference shares at , £3/2/ . shares are £5 each fully paid. Government securities were In“ oderat ® demand. The 4} per. cent, stocks and bonds, 1038, were wanted at £97/W , 5* per cent, stocks, 1041, were a , tcad ? ! JJ, t £95/10/-, the 5} per cent, stocks, 1933, w«e flrm at £O9, and the bonds at £99/5/-. Wellington City, 5} P« cents, 1040 were again wanted at £v«/o/, ana ' Auckland City, Si per cents, IM4, also at £()7/5/ J . New Zealand Breweries bonds at 21/-, and New Zealand Milk Products at were in fair demand, Bank of Australasia at £9/4/-, and Australian Bank of Commerce at 14/-, were changed. Commercial Bank of Australia, at 14/2, were 2d better. English, Scottish, and Australian Bank were lid higher, at ■ £3/17/0. Bank of New South Wales ad. vanned 5/- to £24/15/-. Bank of New Zealand at J«5/3, and long-term shares At 25/- were Unchanged. Union Bank were 6d higher at £7/11/-. Dnltretv & Co. were up 1/- nt kw*/ » with sellers at £O/11/-; Goldrtireugli.Mor &. Co. were firm at 19/9. cum dividend, New Zealand Guarantee Corporation, preference, at 20/- and New Zealand InvesN >. ment Mortgage at 9/10 were steady and unchanged. Christchurch Gas were want-, ed at 24/10. Huddart-Parker, ordinary, at 20/-, and Union Steam at 19/8 were unchanged. Leyland O’Brien were again In demand at 20/0. o . New Zealand Breweries were up 9d at 33/-- British Tobacco were a shade easier at 23/8. Dental and Medical were steady at 4/0. New Zealand Drug were In demand at 40/-, and Wellington Queen’s Theatre nt 20/-. Yesterday’s Quotations

DEALINGS ON ’CHANGE Sales in the Dominion The following sales weie recorded on the stock exchanges of tha Dominion yesterday:- WEIXINOTO n. /£ s d

HIS MAJESTY’S, AUCKLAND .Interim Dividend The secretary of the Stock Exchange Association of New Zcxland has been advised that His' Majesty’s Arcade and Theatre Co.. Ltd., Auckland, will, on July 1, pay an interim dividend -ot 3i per cent, on preference shares and 5 per cent. on. ordinary shares. AUCTION SALES >; TO-DAY. 91 Dixon St., 1.30 .m.—Sale furniture (C. W. Price). „ „ , 'Masterton Show Grounds, 11 a.m.~-Saie Romney sheep, a/c A. P. Southey (Dalgety and Co., Ltd., N.Z. L. & M. A., Ltd., ‘W. S. & Co., Ltd.). 98 Manners St.. 2 p.m.—Sale furniture (Ramsay Wilson). - Woolworths Buildings.—Sale carpets (I. Silverstone and Co.). SATURDAY. 06 Falkirk Avenue, 1.30 p.m.).—Sale furniture, etc. (I. Silverstone and Co.). MONDAY. Farm, Harnua, 11 a.m.—Clearing sale of dairy herd, a/c A. E. Dohnt (W.F.C.A.. Ltd..) Johnsonville. —Store stock sale. Farm, Tararua, Levin. 12 noon.—Unreserved clearing sale, a/c Mrs. Clyde Rolston (N.Z.L. & M.A., Ltd.).

TEN PER CENT. National Bank of N.Z. DIVIDEND FOR YEAR London, June 24. The National Bank of New Zealand will pay a final dividend of 8 per cent, tree of income tax. The general manager of the National Bank of New Zealand, Ltd., has received the following cable from his London office' "The Directors of the National Bank of New Zealand, Ltd., recommend a final dividend at the rate of 8 per cent, per annum, free of tax, for the half-year ended March 31." . The above dividend will be payable in New Zealand at any branch of the National Bank of New Zealand, Ltd., at current rate of exchange for demand drafts on London on date of negotiation. As an interim dividend at the rate of 12 per cent, per annum, free of tax, was paid in January last, the total dividend for the. year is 10 per cent. The payment of the final dividend at current rate of exchange for demand drafts on London will give the shareholder in New Zealand, say, £lO/0/9 per cent, for the year. ■ Last year, in view of the general economic condition and the world-wide fall in the value of commodities, the directors deemed ft prudent to withhold the usual bonus of 2 per cent, and pay only the 12 per cent, dividend. This year It has been again considered prudent. In view of the world-wide difficult conditions, to pursue a -conservative policy, and to reduce the dividend for the year to 10 per cent. STOCK EXCHANGES BUOYANT London and Wall Street London, June 24. The London Stock Exchange opened quietly to-day and closed strong on France’s approval of the moratorium. Australian Government stocks were firm all round and several States’ stocks were marked up by 4 to 5 points. (Rec. June 25, 7.45 p.m.) New York, June 24. The continued buoyant feeling drove prices on the stock market up from fraction's to 10 points, all the leading Issues showing gains. Five million shares were traded in. The bond market reflected the bullish movement, Australian stocks particularly showing gains. NEW COMPANIES Recent Registrations Registration of the following new companies is reported in the “Mercantile Gazette” F. C. Kiernan and Co., Ltd., private company, Wellington. Capital, £5OO, in 500 shares of £1 each. Subscribers: Wellington—F. C. Kiernan 499, Gladys C. Kiernan 1. Objects: To carry on business of manufacturers, upholsterers, • and dealers in household, office aiid other furniture, etc. Hardware, Ltd., private company. Gisborne. Capital, £2590, in 2500 shares of £1 each. Subscribers: Auckland—J. R. Fraser 750, C. A. Deuxberry 750, J. J. Mein 500, A. M. Howden 500. Objects: Ironmongers, etc. Walone Model Piggeries, Ltd.; private company, Auckland. Capital, £3500, in 3500 shares of £1 each. Subscribers: Auckland—E. R. Davis 3490. W. A. Phillips 10. Objects: Deal in pigs, sheep, cattle, etc. Bay of Plenty Motors, Ltd., private company. Capital, £2500, in 2500 shares of £1 each. . Subscribers: . Paeroa —R. P. Ganley 2400, R. S. Carden 100. Objects: Deal in motor vehicles, etc. N.Z. Rental Cars, Ltd., private company. Auckland. Capital, £7BO, in 780 shares of £1 each. 'Subscribers: Auckland—A. F. Cantwell 390, L. T. Tallemacbe 390. Objects: Deal in motor vehicles, etc. . Pacific Development Co., Ltd., private company, Auckland. Capital, £5O. in 50 shares of £1 each. Subscribers: Auckland—W. B. Souter 25, R. B. Wilson 2a. Objects: Goldmining and incidental Carba Dry Ice, N.Z., Ltd., Dunedin. Capital. £7OOO. Into 7000 shares of £1 each. Subscribers: Dunedin—W. Anderson, E. E. Nicholson, L. D. BRchle. J. Black. R. Malcolm. G. T. B. M llson. H. Branch 1 each. Objects: Refrigerating and freezing agents to manufacture dry ice. Driver’s Bookshop, Ltd., private comnanv Dunedin Capital, £l5OO Into IuOO shares of £1 each. Subscribers: Dunedin —H. H. Driver 1499, W. M. >9,n' iects* To take over Driver s Bookshop, dealers in new and second-hand books, stationers, newsagents, etc. SYDNEY CITY PROPERTY Dunedin Company’s Purchase A sum of £77,000 was Involveil ta two recent Sydney city property transactions. The biggest of tiie two sales was that of Clyne House, 72 Pitt Street, between Hunter Street and Martin Place, which was purchased at about £47,000 by the Provident Life Assurance Company, whose head office Is In Dunedin. The second property was purchased by the Singer Machine Company, which paid £30,000 for a four-story building with a basement at 388 George Street. The property was occupied up to February last by Home Recreations, Limited. In that month It was sold for £25,000. MOANATAIARI MINES New Company Proposal The half-yearly report of the directors of the Caledonia Kuranui Moauataiarl Consolidated Gold Mining Company, Ltd., to be presented at the annual meeting of shareholders this month, states that since the last report the prospects of the mine Cave shown considerable Improvement as the work progressed, several small parcels of picked stone having been secured from time to time." Some of the stone showed gold very freely, and might almost have been classed as specimen. . ■ i A proposal to form a new company for the purpose of raising funds to pay on the liabilities of the present company and provide working capital to enable the development of the mine to be carried on in a more vigorous manner and on a bigger scale had been submitted to shareholders and adopted. Mr. P. F. Watson, the retiring director, offers himself for re-election. The authorised capital of the company is £38,750, which is paid up. to £34.046. Sundry creditors amount to £2296, bills payable £689, and bank overdraft £487. Assets Include: Mine property and machinery, £4817; battery plant and site, £5512; bullion on hand, £138,: mine development, £27,610. In the mine development account working charges for the Inllvear are shown at £926, Increasing the de t balance to £27,805. Against this E7B/IWwas received in Government subsidy. £l3B by bullion on hand, and £37/10/- by crushing, leaving a debit balance of £27,010. Hill and Plummer, Ltd. At the annual meeting of Hill and Plummer, Ltd., at Auckland, file chairman stated that Hie past year proved to be a very difficult one under the abnormal conditions prevailing, and it was considered wise policy to consolidate the position by very fully depreciating the assets. This had been done, and the balance-sheet then showed no profit. An interim dividend of 3 per cent, was paid in November and it was decided to pay a further 2 per cent., making 5 per cent, for the year. This was being paid out of the reserve account. Mr. G. FI. Plummer, the retiring director, was re-elected. Increases of Capital The following increases of capital are reported in the “Mercantile Gazette’’:— Wultomo Lime Co.. Ltd.. Auckland. Capital increase to £759 by creation of 59 additional shares of £1 each. ’ Kohatahi Stock Saleyards Co., Ltd. Capital Increase from £227 to £3OO.

DOMINION’S FLOCKS i Amended Return DECREASE OVER 1,250,000 An amendment in the interim return of sheep In the Dominion on April 30r 1931, gazetted last night, gives the total as 20 585,358, not 28,004,875, as gazetted last week. The total for Otago In last week’s gazetted return was given as 5,900,267, whereas it should have been 6,589,750, making the decrease for that district only 137,060. The decrease for the Dominion for the year is therefore, 1,255,929, and not 1,930,412 as' shown last week. The amended figures are as follow: —

GRAIN AND PRODUCE Christchurch Markets Dominion Special Service. Christchurch, June 24. The potato position shows little change. "Prompt” quotations are £2/7/6 to £2 10/- f.ojb., . s.i., and July £2/10/- to £2 12/6. Prices on trucks are 30/- for prompts and 32/6 for July’s. There Is practically no inquiry from the north. The Walmarino is due to sail with a fair-sized cargo for Auckland, estimated at up to 8000 sacks. The onion . market has relapsed Into a lifeless condition. There is no inquiry from the north. Milling wheat Is being offered In very limited quantities, and some merchants are wondering where the wheat Is being held. The statistical position—i.e., the progress threshings—point to a plenitude of supplies, and under the financial conditions prevailing it is. unlikely that “free” growers are holding their Wheat. Quotations are 5/5 a bushel on trucks for Tuscan and 5/7 for Hunters. Fowl feed is being offered a little more freely. Some purchases have been made at 5/1} f.0.b., Lyttelton.. Offers of southern low-grade wheat —at 4/10 Bluff and 4/11 Dunedin—are continuing to depress the local market. The disposal of the latter wheat is slow, due to- the northern fowl feed market being supplied with cheap Australian barley. This product, however, has lately Improved in price. There is a fair Inquiry for peas, both for internal and export needs. The crop this season is a very short one. The quotation is 4/3 a bushel on trucks. Malting Interests have notified merchants who are concerned with contract barley growing that owing to surpluses received from contracts for the past season, -and the reduction of trade due to the economic depression, they will be unable to place contracts for areas of barley growing for the forthcoming season. The breweries will be In the market for barley when the season arrives, but it will be so limited as to make contracting for areas with their old growers not practicable. The following are quotations for produce to be paid for farmers, on trucks, free of commission, sacks extra, except where otherwise stated:— Wheat —Tuscan, 5/5 on trucks; Hunters, 5/6 to 5/7. Fowl wheat, 5/1} to 5/2 prompt, f.0.b.. s.e. Oats, Algerians 2/3, A Gartons 2/0, B's 2/4; barley, Cape 2/9 to 3/-, malting 4/-; potatoes, whites 30/- to 32/0, Dakotas 27/0 to 30/-; onions, £4/10/-; ehaff, £2/15/-; partridge peas, 4/3; red clover, 6d to B}d; white clover, 8d to 9d; Italian ryegrass, 2/-; perennial ryegrass, Canterbury, 3/- to 3/3; cocksfoot, Akaroa 3d to 3}d, plains to 3d; bran, local £5 a ton f.ob., shipping £4 a ton f.0.b., 10/extra for smaller packings; pollard, local £5/10/- a ton f.0.b., shipping £4 a ton f.0.b., 10/- extra for smaller packings; flour, wholesale price £lO/15/- a ton for 2001 b sacks, with the usual Increments for smaller packings. Australian Markets (Rec. June 25, 7.45 p.m.) Sydney, June 25. Wheat, ex trucks Sydney, 2/3} per bushel; country stations, 1/B}. Flour, £lO 10/- per ton. Pollard, £3/15/- per ton. Bran, £3/5/- per ton. Potatoes, Tasmanian to £0 per ton, Victorian £5 per ton. Onions, Victorian, £5 to £5/10/- per ton. Oats, white 2/0 per bushel, Algerian 2/3. Maize, 3/9 per bushel. Chicago Wheat New York, June 24. Chicago Wheat. —June, GO} cents; July, 58 3-8 cents; September, 59} cents; December, 63 7-8 cents. FRUIT AND VEGETABLES - Wellington Market Prices In the Wellington fruit and vegetable markets, report W. Burbldge and Company, a large quantity of apples has come forward during the past week, and the demand is dull and prices low. Pears, both cook and eating, are, however, In good demand. Potatoes also plentiful and sales slow. Eggs are coming in more freely, and we expect a drop in price next week. Prices obtained at yesterday morning’s' sales are as follow:— Fruit.—Apples, Stur.mers 3/- to 6/-, Delicious 2/6 to 6/6 ,Jonathons -5/- to 6/6, Dohertys 3/6 to 6/-, Ballarats and Washingtons 5/- to 6/-; pears, Winter Cole 9/ro 11/-, Nells 7/- to 8/-, P. Barrys 6/- to 7/-, Glou Morceau 2/- to 4/-; local lemons, 10/- to 11/-; Auckland Poorman oranges, I)/- to 10/-. All these prices for bushel eases. Auckland passions, 5/- to 6/- per half-case; Californian oranges, 33/-; lemons, 45/- per case. Vegetables.—Potatoes, Suttons £5, Dakotas £4/10/- per ton, North Island whites 6/6 per sack; onions, Melbourne (arriving Friday) 8/0, local 10/- per cental bag; plftnpklns, red 11/- to 12/-, grey 8/-, 9/per sack; swedes, 3/-, 4/- a cwt.; frenci beans, B}d; butter beans, 9d per lb; kutneras., 6/- sugar bag; artichokes, 8/- to 9/per banana case. Various. —New-laid eggs, 2/4 to 2/<>; mediums, 2/2 per dozen; separator butter, 8d and. B}d per lb; Golden Bay walnuts, old season’s od, new season’s 7d per lb; hone. - , comb in cartons a}d. lOd, without cartons 9d per lb; bulk honey, 6d per lb. LIVE STOCK MARKET • Wanganui Sale At the Wanganui stock sale on Wednesday, report Freeman R. Jackson & Co., Ltd., all store sheep showed a slight finning In price, while fats were on a par to slightly better than last week’s rates. Export buyers operated very freely, and butchers, to secure requirements, had to exceed export rates. The sheep sale generally was a good free sale, with few passings. Cattle were dull of sale. Sheep: Fat bf. 2 and 4-tootli wethers, 15/4; fat wethers 13/9 to 14/0: fat ewes. 9/2, 10/5, 10/0. 11/6, to 12/3; 2-tooth ewes, b.r.w. Romney rams, 13/6: 4 and 5-year ewes, hrw' SD, rams, 10/-; empty fattening ewes, 4/4: fair ewe hoggets, 12/2; small ewe hoggets, 7/-. 8/-. to 8/6: wether hoggets. 6/10 to 9/3. Cattle: Fat Hereford cows £5; fat S.H. heifers, £4/1/-; fat cows’ ex dairy, £2/12/6. £3/2/6, to £3 12/0; store cows ex dairy, 31/-, 35/-, to 37/0; low-conditioned cows, 12/0, 15/-, to 25/-; Hereford weaner heifers, 31/-; small Jersey cross weaner heifers, 10/-, 21/-, to 25/-. Pigs: Baconers, £2/7/- to £2/10/-; porkers. 25/-, 25/0. to 27/-; forward stores, 23/- 21/-. to 27/0: good stores, 18/-, 19/-, to 21/-; stores, 15/-. 16/-, to 17/6; slips. 13/- to 15/-; boar, £l/10/-.

CUSTOMS REVENUE. The Customs revenue collected at the port of' WelUugton yesterday totalled £10,608.

P. & 0. STRATHNAVER Power Station Afloat ELECTRIC PROPULSION Shrink the power station of a big city to a size which will fit a 22,000-ton ocean steamer; transmit the huge output resulting Into motors so great that a man Is tiny by contrast; couple the driving force of these motors to solid steel shafts connected with immense propellers and one will have a crude Illustration of tih'e electric propulsion fo the new P. & O. steamship Strathnaver. ’ The engineer on the control platform o-r the Strathnaver has the same command of his vessel that the driver In the cab of an electric locomotive has of his train. He can pull up quickly from full speed ahead, choose his speed, reverse, vary one propeller independent of the other, etc. In a smooth sea he can cut down his power, or, when storm or rescue work or other emergency calls, he can utilise the full energy which will force the Strathnaver ahead at 22 and more knots to the hour. In essence the Strathnaver is controlled as simply as the electric light In the home —or the electric Iron or electric torch, and it has the advantage of being fool proof. It is no more possible to make a mistake through negligence than It is possible for the automatic apparatus in a railway signal box to open one set of lines before the other Is clear. One striking sequel to electric propulsion is the absence of vibration in public rooms and cabins. . . .. The man on the bridge has a highly flexible command, which can turn sharply, stop, manoeuvre, and be Immediately responsive to every need. The Strathnaver and Strathaird have followed the triumph achieved by the new Viceroy of India, the P. & O. steamer ■which was the first electrically-propelled passenger vessel built in England. The Turbo-Generators. The four mammoth oil-fired boilers work at a pressure of 4001 b to the square inch— It seems only yesterday that the maximum of pressure was considered 2151 b to the square Inch. . . Another forward step is the super-heat-ing of the steam to 725 degrees Fahrenheit. This super-heating takes place after the steam leaves the boilers, and is secured by its passage through tubes surrounded by intensely hot gases which would ordinarily escape by the funnels. Thus treated, it becomes so dry that it is really an Invisible gas. The drier and more gaseous the steam, the more it conforms to the laws governing gases, hence the more effective it becomes for propulsion. The steam passes through and drives a turbine which works an electric generator —the two are combined in one unit as a turbo-generator. The very high voltage of 3000 odd is transferred as alternating current to the motors. The fact that within recent times the limit of voltage allowed tn a steamer by the British Board of Trade was only 100, and that the power-house current which lights a home Is only about 250 volts, gives a truer conception of the enormous possibilities behind a driving force of 3000 volts. And that is only the energy supplied by one of the turbogenerators of the Stratlmaver. In addition, there are auxiliary turbo-genorators which supply 240 volts for lighting .power, ventilation, and cooking. Electric Propelling Motors. The driving motor is at one end of the propeller shaft and the propeller at the other. In miniature the operation resembles that which drives an electric fan in an office. To the average man the fact that there is a driving force of 28,000 horse-power applied to the propeller shafts means little. The transmission of this driving force to the propellers seems on the face of It the simplest part of the problem. But as a matter of fact the propeller is a slowmoving thing and high revolutions would bo fatal' to speed. Although the Strathnaver's propellers turn at 125 revolutions a minute, which is probably faster than anything above the destroyer class, it is a snail pace compared with the 3000 revolutions of the turbine in the turbo-gen-erator. The whole objective, therefore, of electric propulsion is to transmit—without loss of power—the energy o-f a very fastrunning turbine to the slow-running propeller. Until the advent of the Viceroy of India, this was accomplished by means of mechanical reduction gear, that is by a set of helical gear wheeln Interposed between the turbine shaft and the propeller shaft. These wheels were heavy and cumbersome, and had other, sometimes costly, disadvantages. In the Viceroy of India and the Strathnaver the electrical transmission couples the turbine directly to an alternating current generator and transmits the current therefrom through electric wires (conductors) to a slow-running motor directly coupled to the propeller shaft. The former difficulty of reversing turbine machinery, when using electric transmission, Is also overcome. All that is now necessary in reversing is to manipulate the electric current to the propulsion motor —the turbo-alternator running all the time in one direction. In the case of the old mechanical reduction gearing it was necessary to have separate “astern” turbines Incorporated in the "ahead” turbine casing. Here are the interesting reactions: the size and shape of ship and the speed required dictate the size of the propellers, the size of the propellers regulates the size of the propulsion motors attached to the propeller shaft; the size and power of these motors In turn fix the size and output of the turbo-alternators. The Strathnaver will leave England on her maiden voyage to Australia on October 2. BUTTER AND CHEESE 1 Markets Slow The New Zealand Loan and Mercantile Agcuev Company, Limited, have received the following advice from their Loudon house, dated June 24:—Dairy produce (last week’s quotations In parentheses) :—Butter, N.Z. choicest salted. 108/- to 110/- per cwt (110/111/-)- Very slow owing to European supplies. Cheese, white, 53/- per cwt (54/55/-). Coloured, 56/- per cwt (57/58/-). Slow. NeZ. FRUIT IN LONDON I Somerset & Port Hobart Prices London, June 24. The Somerset’s and Port Hobart’s shipments of New Zealand fruit sold:—Jonathans, Delicious, and Cleopatras, 11/- t0.14/per case; Scarlets, 11/- to 12/-; Stumers, 10/- to 11/6. New Zealand pears sold: Bundles and Winter Nells, 13/- to 15/-; trays of Cornice, 7/- to 10/-; half-cases of Winter Coles, 6/-. RABBITSKIN MARKET Dunedin Sale A.t a sale of rabbitskis held at Dunedin on Tuesday by the local brokers, the catalogues showed a considerable increase. There has so far been very little inquiry from countries other than America, and as so far the London market has shown no sign of improvement, the bulk of the demand at yesterday’s sale had to come from American buyers. There was again a very keen demand from this source for winter bucks, which sold extremely well at prices slightly higher than last sale’s rates. Similarly, good autumns and incomings were firm, but winter does were about 3d lower. There was a poor demand for spotted grades of autumns and incomings, and these were anything from 3d to 12d per lb lower. Inferior sorts were Id to 3d lower. The following are the prices realised:— Summer broken, 3d to 3}d: autumn broken, 7d. to 9}d; first winter broken, ll}d to 14}d: runners and suckers, 2}d to ijd; summers, 4d to 6}d; light racks, 7d to B}d; prime racks, s}d to 7}d': dawny autumn, 6}d to B}d; early autumns, 15d to ll)}d; autumn, 30d to 38}d: second incomings, 20(1 to 22}d; incoming winter, 40}d to 49|d; earlv winter bucks, 79}d to 78}<1; does, 36L1 to 43}d; first spotted winter bucks, 40d. to 51d; does. 18(1 to 19}d; second winter bucks, 63}d to 7Hd; second winter does, 28(1 to 37}d: first winter bucks, 83}d to 87}d: first whiter does. 4fid to 54(1: prime bucks. 84}d to 89d; prime does, 52(1 to 57}d; outgoing, 15d to 29(1; springs, 6}d to lOd; milky, 4d to Sd: fawn, 20d to 41d; winter fawn, 50d to 70d: summer black. 2}d to 8d; autumn black, 8d to lid; first winter black, 16d to 20d; second winter black, lOd to 14d; hareskins, 2d to 4d; horsehair, 14d to 14},d. z

King Solomon Goldmine The following report on work done at Klug Solomon Deep Lead for the week ended June 19 has been received by the Dunedin Stock Exchange:— The drive east was extended 18 feet, making the total drive 31 feet. At this point driving north was started, driving in this direction being completed for 2o feet Both drives were In wash for the distance driven. Driving north from station 7 was continued for 31 feet; the total distance of this drive being 85 feet. Driving west from this drive was started .at two points, the total driving being respectively 12 and 26 feet. Cross-driving connecting two of the drives which are being produced north was done, the completed cross-driving being 46 feet. The wash in the above drives averaged from Ift 6in to 2ft. The total dirt treated was 260 yards. The gold return for the above period was 2050 z 17dwts. Considerable work has been done In dismantling the Stoney Creek buildings, with a view to having them transported and re-erected at the mine. Waikato Carbonisation, Ltd. Waikato Carbonisation, Ltd., notify an offering to the public of £26,450 worth of debentures in lots of £5O each. T he debentures are portion of an issue of £70,000 worth, of which £43.550 worth have already been subscribed. They carry 8 per cent, dividend, and are terminable in 10 years, but the company reserves the right to repay after five years. The company, which has just started operations at Rotowaro, hns a paid capital of £BO,OOO.

Buying and selling quotations at yesterday’a final call on the Wellington Stock Exchange were as follow.— Sellers. N.Z. GOVT. LOANS— £ 0 d £ 0 u 44 p.c. Inse. Stk., 1938 97 15 0 98 5 0 44 p.c. ditto, 1939 ... — 98 5 0 5} p.c. ditto, 1933 ... 99.0 05 10 0 99 5 0 54 p.c. ditto, 1941 ... 0 4? p.c. Bonds, 1941 ... — 98 10 0 44 p.c. ditto, 1938 ... 97 15 0 — 54 p.c. ditto, 1933 ... 99 5 0 • — debentures— ■ 100 15 0 Wgtn. Amalg. Brick . .— 95 0 0 N.Z. Breweries bonds 1 1 0 — N.Z. Milk Products . 1 0 0 — Wgtn. City, 5J p.c., 97 5 0 — Auckland City, 54 p.c, XP44 . „ 97 5 0 BANKS— , 9 4 0 10 0 0 Aust, of Commerce .. 0 14 0 — Cohim. Of Aust., ord. . 0 14 2 Comm. Bank. Co. (Syd 15 0 0 English, Scot. & Aust. 3 17 6 National N.Z. . New South Wales ... 24 15 0 0 6 2 0 3 2 6 Ditto, long term ..... 1. 5 6 — Union- of Australia .. 7 11 0 Ditto, Melbourne reg. 7 8 0 7 18 0 FINANCIAL— 8 11 Dalgety and Co - Goldsbrough, Mort and 6 1 0 19 0 9 7 N.Z. Guar. Corp., ord. — 0 5 4 1 o 0 N.Z. Invest, Mtg. and Well." Invest, T. & A. 0 11 0 GAS— , 1 4 10 — INSURANCE— 0 13 ■■ ** MEAT PRESERVING— N.Z. Refrigerat. (10/-) — 0 3 8 TRANSPORT— Huddart, Parker, ord. . P. and 0. stock ...... 1 0 0 1 1 1 6 0 0 WOOLLEN— Wellington, ord.,....;. — 4 19 0 o Ditto, pref. .......... timber— Leyland-O'Brien .... 1 0 breweries— 1 13 0 1 14 0 MISCELLANEOUS— C. M. Banks, ord. and 0 13 0 British Tobacco, ori Burns, Philp and Co. . 1 3 8 •1 5 1 10 34 10 •0. 9 3 9 Colonial Sugar' 3 Dental and Medical ... 0 4 6 0 5 6 National Electric .... 0 10 2 9 0 Wgtn. Queen’s Theatre Wilson's Cement 1 0 0 1 17 0 OIL— . 1 15 0 MINING— ' Mount •-;- d{v ' 1(18n r •0 18 8

Canterbury Frozen Meat, pref. .. 3 2 0 AUCKLAND. £ a d Bank of New South Wales ...... 24 17 6 2 0 2 10 6 0 3 4 pn 0 3 5 Do. (late Wednesday) .... 0 8 3 Waihl Grand Jun&fon 0 3 4 CHRISTCHURCH. £ 9 d Commercial Bank of Aust. (2) .. 0 14 3 National Bank of New Zealand (3) 4 io 0 Bank of New Zealand (3) 2 6 6 Mount Lyell, cum div 0 17 11 Do. (2) 0 17 10 0 0 7$ King Solomon (3) 0 3 6 Do 0 3 7 Do. (2) 0 3 6j Do. ' 0 3 7 Do 0 3 6J Mahaklpawd 0 0 8 0 9 2 Golden Point, 10}d paid 0 1 7 Sales reported— Eng., Scot., and Aust. Bank 3 10 0 Bank,of New South Wales 24 17 « Bank of New Zealand (3) 2 8 8 N.Z. Insurance 2 0 0 Canterbury Frozen Meat, pref. .. National Bank of N.Z. (3) ( 3 • 2 6 4 15 8 DUNEDIN. £ s d Okaxito (10) 0 9 2 King Solomon (2) 0 3 0% Do 0 Kng., Scot., & Aust. Bank 3 19 0

District. Auckland Gisborne-H.B. Wellington-W. Coast .... Number oi Sheep. Final return, 1930. 3,325,272 6,037,555 6,273,086 Interim return, 1931. 3,203,333 6,424.741 6,006,328 Dec. 31,939 512,814 176,758 North Island totals 1 ■ 16,535,913 15,814,402 721,511 NelsonWestland . 1,526,510 1,408,830 57,680 CanterburyKalkoura . 6,052,042 5,712,376 339,666 Otago 6,726,816 0,589,750 137,066 South Island totals 14,305,374 13,770,956 534,418 Dominion totals .. 30,Sil,287 20,585,358 1,255,029