FINANCE AND COMMERCE

Dominion, Volume 24, Issue 250, 18 July 1931, Page 10

FINANCE AND COMMERCE

STOCKS AND SHARES Wellington Exchange GILT-EDGED IN GOOD DEMAND On the Wellington Stock Exchange yesterday there was a good inquiry tor Government securities, but a rather restricted demand for bank and other shares. There were nine sales reported and six or these were of Union Bank shares. Government stocks and bonds were fi™The 44 per cents., 1039, were steady at £9B, and the 4J per cents., 1938. were a/- higherat £9B/52-. The 4i per cent, bonds, 1938, were also wanted at £9B/5/-. The nJ Per cent, stocks and bonds, 1933, were firm at £99/5/-. The 5i per cent, stocks. 1933. were in good demand at £9B/5/-. and the M per cent, stocks. 1932, were wanted at £ There "was a small demand for bank shares. Bank of Australasia recovered the 3/- drop noted yesterday and were again in demand at £9. Australian Bank of Commerce at 13/11. and Commercial Bank of Australia at 13/10 were each one penny higher. English. Scottish and Australian Bank were wanted at £3/18/-. New Zealand were steady at 47/8. Bank of New South Wales changed hands at £2l/10/-. There was a good turnover of Union Bank shares, five parcels being sold during the day, all at £6/15/-. The previous sale was at £6/13/-. Goldsbrough, Mort and Co. were steady at 20/-, and Dalgety and Co. changed hands at £6/9/-. National Insurance at 12/11 and South British Insurance at 50/were unchanged. Christchurch Gas .were wonted at 25/9 cum dividend. Huddart Parker were steady at 20/-. and Wellington Woollen, preference, were again wanted at ForTvestport Coal 22/6. was old. but sellers asked 24/-. Leyland-O'Brien Timber we're steady at 21/-: New Zealand. Breweries were up 3d at 32/3. Colonial Sugar were in demand at £34, with a seller at £34 12/6. Dominion Investments were firm at 21/6; Electrolytic Zinc, preference, at 15/6 were up 3d. and Wilson's Cement wore 3d higher at 35/6. Yesterday’s Quotations t Buying and selling quotations at yesterday’s final call on the Wellington Stock Exchange were as follow: —

DEALINGS ON ’CHANGE Sales in the Dominion The following sales were recorded on the stock exchanges of the Dominion yes-

BASE METALS MARKET Copper and Tin Easier (Rec. July 17, 7 p.m.) London, July 16. Metal Exchange quotations are as follow. those previously cabled being given

AUCTION SALES TO-DAY. <y, n»ll ltd., Lower Hutt, 1.45 p.m., a/c JI. A. Priestlev. furniture, etc. (IL E. Leighton, Ltd.) 5 Jack St.. Karori. 1.30 p.m.—Sale furniture, etc. (1. Silverstone & Co.) MONDAY. Farm "Oakleigh.” E. Taratahi. 11.3(1 a.m. Clearing sale a/c W. A. Downes (Associated Livestock Auctioneer?). Shannon Sale. TT Constable St., 1.30 p.m.—Entire stock of confectionery fO. Johnston A Co.'h TUESDAY.--

THE MONEY MARKET Bank of England Return GOLD . SLIGHTLY LOWER liondon. July 16. The Bank of England return for the week ended July 15 is as follows: Issue Department. £ £ Notes issued: Govt, debt 11,015,100 In clrcn* Other Govt. latlon 358,913.277 securities 232,239,169 In bank- Other secuIngdept. 65.077.749 rifles 12.656.2,3 Silver coin 4,089,408 *£260.000.000 Gold coin & bullion 163.991.026 , £423.991.026 £ 423,991.026 ‘"Amount of fiduciary Issue. Banking Department. £ £ Govt, seen- ' Capital 14.553.000 Titles 30.020,908 Rest 3.514.470 Dlscts. and Deposits: advances 7.406,783 Public 15,676.264 Other secuBankers 66.429,340 Titles Other a/cs 33,704.790 Notes 65.077.749 Seven day. Gold & siletc, 'bills 1.257 ver coin 1,208,868 £133,879,121 £133.879,121 Proportion of reserve to liabilities, 57.20 per cent., as compared with 57.70 per cent, on July 8, and 44.20 per cent, on July 16. 1930. The principal items of the above return compare as follow with those of the previous week:- jaiyB D pSblic tS: 15,734.020 15.676.284 Bankers 64.543.324 66,429.340 Other accounts . 34,986,381 33,704,790 £115,263,725 £115,810.394 Government 31,825,906 < 30.020,906 a "' l ’ ,L 7 102.368 7.406,783 •Reserve oSSow’cS 178 913 ”77 fcMn C and Ul bulHon t Jufv r i6. 0 193 T o'’ £l56^Tl 0 428 aS 493L 2 maxiShort Loans and Bills. fr Bhort loanT rate unchanged on last wee . Tha nthg , bll]g Jg percent?. 1 as compared with 1 7-8 per cent, last week. New York Call Money. New York. July 16. The rate for call money stood at 1J per cent, all day* GOVERNMENT SECURITIES. Market Weak London, July 16. nimtations of Government stocks on the Exchange compare With those of a week ago as follow.

Sterling Exchanges (Rec. July 17, 5.5 p.m.) London, July 16. The following rates on foreign exchanges are current to-day, as compared with the cabled quotations of July 9 and par:—

Price, of Silver. London, July 16. Silver.—Cash, 13id per ounce: forward. 13 3-l Gd. QUICK FLOTATION London Woolworth Issue Money is In abundant supply in London, as It is in New York and Paris, and investors are keen after any good investment. Last month F. W. Woolworth & Co. issued in London 4,860,000 G per eent. cumulative preference shares of £1 each at par, and 2,250,000 ordinary shares of 5/- each at 40/- per share. The shares were acquired by N. M. Rothschild and Sons at the price of £8,946,000, nnd resold by them less 941,700 preference shares and 032,680 ordinary shares, which were placed privately. In ■ this issue the investor was offered participation in a business which had been unaffected by recent trade conditions. The company’s turnover and prollts have never failed each year since its Incorporation in 1909 to exceed those of the previous. For the lirst five months of the current year the excess in respect of turnover on the corresponding period of 1930 was shown at 10.28 per cent. The issue was thought to provide a tost of the extent to which the investor is now prepared to subscribe to first-class industrial undertakings. Applications were for fixed proportions. 255 preference and 10 ordinary, or multiples thereof. , , ■ The lists were opened In London on the morning of June 11, and were closed at 9.55 a.m. Apparently less than a quarter of an hour was long enough for applications to be received, along with at least £BOO.OOO of application moneys <2/- per preference shtlre and 5/- per ordinary share) for the shares. Actually, no doubt many times this suing must have been drawn payable to Messrs. Rothschild, because country applications were not included in the above. Superficially, the success of the 'Woolworth offer points to a large latent demand tor sound industrial issues. Chicago Wheat New York, July 16. Chicago Wheat.—July, 53 3-8 cents; Beptanbsr, Mi cents; December, 59 cents.

DAIRY PRODUCE QUIET Effect of German Crisis CHECK/ TO BUSINESS London, July 16. The butter market was active up to Tuesday when Germany’s financial troubles definitely checked business. Danish. 121/to 122/- per cwt; choicest salted New Zealand, 114/- to 116/-; Australian. 110/- to 112/-. Unsalted butters are 2/- to 3/- per Zealand, white, 60/- to 61/per cwt; coloured, 62/- to 63/-; Australian, white. 50/-: coloured. 61/- to 62/-. A. S. Paterson and Co.. Ltd.. Wellington, report having received cabled advice from J. and J. Lonsdale and Lo. (London). Ltd., as under:—Butter: Market easier. Danish, 120/-: New Zealand. 114/-. 115/-. Australian, 100/-. 110/-. Cheese: Market easier. White. 61/-: coloured, 63/-. 64/jCabled advice received by Mr. G. A. MUIS from A. J. Mils and Co., Ltd.. London, gives the following market prices as ruling at the close otjjuslness on Thursday. Butter: The market is quiet. New Zealand finest salted. 115/-, U6/-; finest un*Natban and Co.. Ltd., have received P the following raarket report from Trengrouse and Nathan. 4/’ dated July 16:—New Zealand butter. 114/per cwt. New Zealand ch S es 7 hi . o ’ qf/. to 60/- per cwt: coloured. 81/- to lU/ . BO S M r P«ge Ve Sd <,U B e on; London report to Dalgety and Co., Ltd., under date July &. ( U3Z- to US/- (!«/- to 115/-); A--tralian finest unsalted, 110/- to 114/ ( / to 112/-.; Australian finest sal ed, 10./- to 111/- (108/- to 110/-); Australian g.a.q., 104/- to 108/- (102/- to 106/-). Cheese.— Australian, white, 58/- to 6o/- (57/- to Australian, coloured, 59/- to 61/- (59/ to 61/-); New Zealand, white, 60/- to 61/ (58/- to 60/-): New Zealand, coloured, 62/to 64/- (60/- to 62/-); spot price for Canadian white, 66/- to 74/- (70/- to 74/-); spot price for Canadian coloured, 66/- to <4/(70/- to 76/-); c.l.f. price tor Canadian, 6./to 63/- (59/- to 62/-).. Market unsettled by German troubles. Last week s quotations shown in parentheses.

FROZEN MEAT TRADE

Smithfield Market Quiet '

The market for New Zealand lamb is unchanged and the demand moderate, says a report dated London, July 16, received by Dalgety and Co., Ltd., from their head office. The market for New Zealand mutton is weak, although the demand is fair. Smithfield “delivered'' prices are quoted as follow:—

Lamb.—N.Z. prime Canterbury. 28/361b. 74d; prime North Island, 28/361b, 7d; prime Canterbury, 36/421b, 7d: prime North Island, 36/421b. 6 7-8 d; prime Canterbury. second quality, Aid; prime North Island, second quality, 6Jd; prime Canterbury. 42/501b, 6 5-8 d; prime North Island, 42/dolb, 6Jd. , Mutton—N.Z.. prime Canterbury, 48/o6 lb. 4 3-Sd; prime North Island, 48/561b, 4 3-8 d; prime Canterbury, 56/641b, 4 1-Sd: prime North Island. 56/641b, 4d; prime Canterbury, 64/721b, 3Jd; prime North Island, 64/721b, 3 5-Sd; prime Canterbury ewes,. 4S/641b. 3}d; prime North Island ewes. 48/641b, 3)d. Australian Lamb. —G.A.Q.. Australian, 28/361b, 5Jd; G.A.Q.. Australian, 36/421b. 5Jd; F.A.Q., Australian, 2S/361b, 5p.1. Market for-Australian lamb unchanged: demand moderate. Australian Mutton.—G.A.Q.. Australian, 46/601b, 3Jd; F.A.Q. Australian, 36/551b, 3 5-83. Market for Australian mutton weak: demand poor. Beef.—N.Z. prime ox beef, hinds 2Jd, fores 2d; Argentine chilled,' hinds sd. fores 21d. Market for New Zealand beef nominal; demand nil. Pork. —English porkers, 80/1001b, 6Jd: N.Z. porkers. SO/lOOlb, 51-1: N.Z. porkers. 100/1201b, 4Jd. Market for New Zealand pork unchanged; demand poor. M. A. Eliott, Ltd., Palmerston North, have received the following report from Gordon Woodruffe and Co., Ltd., London: Lamb no change; wethers and ewes l-8d higher. Smithfield “delivered” prices on Thursday were as follow: —Best North Island prime lambs, under 381 b 7 3-Bd, 36/ 421 b 7|d, 42/50111 7d: ordinary North Island lambs, under 421 b 7 l-Bd. second quality, under 421 b 6jd: best North Island wethers and/or maiden ewes, 48/561b, 56/ 641 b 4 7-Bd. 61/721b, over 721 b 4 3-8 d; ordinary North Island wethers and/or maiden ewes. -18/5611 >. 56/84Ib. 4|d, 64/721b. over 721 b 4fd : North Island ewes, under 641 b 3 7-Bd. 64/721b. over 721 b 3jd: New Zealand prime ox beef (equal fores and hinds), 160/22011). —. CHRISTCHURCH GAS CO. Interim Dividend 4 p.c. The Stock Exchange Association of New Zealand has been advised that the Christ’ church Gas Company has declared an interim dividend of 4 'per cent, for the halfyear ended June 30, payable on August 4. The dividend is at the usual rate. WELLINGTON INVESTMENT Dividend Reduced The Wellington Investment. Trustee and Agency Company is paying a final dividend of 3 per cent, for the half-year ended June 30. making 6 per cent, for the year, against 61 per cent. In the preceding year. The balance-sheet shows that after providing £450 for income-tax the net profit was £6477, while in the previous year the net profit was £5856 after allowing £950 or £5OO more than this year for income-tax.

The reduction of the dividend by ID/- per cent, is no doubt largely dim to the fact that the directors have thought it prudent to allocate £2500 as a reserve for depreciation of mortgages as compared with £lOOO last year. Tlie balance-sheet items compare as under

The deposits held by the company have contracted by £17.726, or over 111 per cent. The amount out on mortgage is less by £5603. or about 2j per cent. The liquid, assets eomnrislng Government stocks and bonds, accrued Interest and cash in bank total £27,275. as compared with, £37.426 a year ago, a decrease of £10.151, Or not quite 30 perment. Drilling for Oil Coal Oil (N.Z.I. Limited, have received the following drilling report for the week ended July 11:—Omata No. 1 bore: Engaged tn testing oil horizon below 3150 feet. Good oil show appeared When bailing, and increased as balling proceeded, but. operations were temporarily suspended owing to flow of water, apparently from sandstone seams below casing. Cement has now been pumped Into this formation to stop flow of witter and drilling out of this cement commenced on July 13, preparatory to resinning bailing operations. The New Plymouth (N.Z.) Oil Wells. Ltd., has forwarded to the Stock Exchange Association of New Zealand the following report on operations for the week ended July 13:—“Depth drilled 2325 feet; calcareous mudstone with hard sandstone bands. Slow progress Is being made owing to exceptionally hard formation. Good oil and gas showings."

THE WOOL MARKET London Sales Steady PRICES FULLY HELD London, July 16. Offerings at the wool sales to-day were 7740 bales, Including 2980 New Zealand. About 7100 were sold. There was a moderate selection of greasy merinos and crossbreds, but a poor offering of other sorts. The market maintains its steady tone,, and prices were fully upheld. Realisations, New Zealand greasy crossbreds: “Waiotal,” 7£d to 7Jd; “ATM over P.,” 6d; halfbred, “Springdale,” 9d to 8?d; merino, "Connemara,” 10id to 106. BRADFORD TOPS No New Business Passing London, July 16. The Bradford tops market is slack. Buyers are indifferent, and no new business 1b passing. To-day’s quotations compare with those previously cabled as follow:—

SHEEPSKINS AND HIDES ' Wellington Prices Lower There was a general easing in prices at the fortnightly sale of sheepskins, hides, tallow, etc., held yesterday by the combined Wellington brokers. The market for practically all weights of hides was easier by l-8d to 2d and competition was only moderately keen. Light cow were easier by l-8d and medium and heavies by id per lb. Light and medium ox were easier by 3-Bd, heavies by l-Bd, and extra heavyweights were fully 7-8 d lower than last sale's level. Medium kip were firm, while light and heavy kip were 5-8 d below late rates. Yearlings and calf were easier by id to 4d per-lb. The market for dry sheepskins was fully id below rates ruling at the last sale. Salted skins were 2d to 3d lower. The official range of prices is as follows: — Dry Sheepskins.—Half bred, 3Jd: fine crossbred, 2Jd to 3{d: medium crossbred. 2sd to 3d; coarse crossbred. 2id; halfwools, 2id to 3id: quarter-wools. 2d. to 2?d: pelts, lid. . Salted Skins.—Pelts. 96: quarter-woo s. 1/3; half-wools. 1/5: three-quarter-wools. 1/16 to 2/1; full wools. 2/6: extra large. 4411). 3 3-8 d to 4d: » idto «d: Ad - lib to 51b, 2d to 5Sd. tO T Gllow d -In M. 10/- to 14/-: In tins, et s\in / drlls.-cow tails. Bd: horse hair. 13Jd. " FEILDING STOCK SALE Prices Advance Dominion Special Service. Feilding, July 17. Fat lambs, fat ewes and fat wMhers an a T n to e dav n P Fat lambsimproved by Vsale need and ewes anti wethers by 2/- per E!LI There w!7a medium yarding of good Sitv as prices Indicate, buyers, both gu?che y r’s and freezing companies' representa^r’L°a P mSt.-Prges y t- Heavy to, 17/10; nmdlum 0 , 0 16/4°to 16 14/7 pothers from 10/6 to and lighter, 11/** to 11/6» prfme, 15/9 “o 16/7;’gooffi 14/- to 15/3; 12/4; wether lambs, 6/-; ewe lambs, 5/10, f and f. wethers, 11/9; ditto, ewes, 8/6, empty ewes, 6/11; b. f. hoggets 5/9 to 7/4, wethers, 8/7; 2-tooth wethers 12/6. Store Cattle. —Cows, to 40/-, bulls, *O/ to 40/-; empty heifers, 27/-. to 42/-; yearling heifers, 15/-; Hereford bullocks, forward, £3/10/- to £3/15/-; fat cows, light, to £3 12/6; fat heifers, to £4/15/-. . A medium yarding of dairy cattle found the market bn the up grade, and a pedigree heifer in calf fetched lligns; springing cows, due this month, very good, £ll, good, to £6/15/-; fair quality, to 85/W--others, from £4/11/-; springing heifers good, £6/10/- to £7; good, to £5/15/-, fair, from £l/7/6. Waitapu Jersey Sale The dispersal sale of Mr. E. Sinclair's Waitapu Jersey Stud was conducted on Thursday at Cheltenham by Wrlgbt, Stephenson, and Co., Ltd., in conjunction with the Associated Live Stock Auctioneers, Ltd. Despite the weather conditions there was a good attendance and a successful sale resulted. The stock were in splendid order and well supported with good butter-fat records. The top price of 60 guineas was paid by Mr. J. Bartosh, Taihape, for tlie four-year-old cow Waitapu Dulcie, which produced 501.271 b fat as a two-year-old and won fifth prize in the Mauawatu Stakes. The five-year-old cow Waitapu Nocline, which was under semi-official test, realised 44gns. to the bld of .Mr. A. Burroughs. Gisborne. Top price for bulls was 46gnts. for Santa Rosa Lily's Wonder, the four-year-old herd sire, purchased by Mr. C. McDonald, Te Awamutu. Other prices were as follow: —Waitapu Predecessor, bull, 2yrs., Mr. E. M. Hare, Fellding, 36gns.; Waitapu Sultan, bull, lyr., Mr. J. G. Uouore, Foxton, 22gns.; Waitapu Sergeant, bull, lyr., Messrs. Quinlan Bros., Rewa, 17Jgns.; Waitapu Skipper, bull, lyr., Mr. D. Henderson, Wanganui; Waitapu Lassie, cow, 12yrs., Mr. C. McDonald, 26gns.; Waitapu Daphne, cow, Byrs., Mr. S. J. Sanson, Otorohanga; Waitapu Mayflower, cow, 6yrs., Mr. Sanson, aid; Waitapu Bessie, cow, 7yrs., Mr. A. Burroughs. 30gns.: Waitapu Butterfly, cow, 7yrs., Mr. S. J. Sanson. 34gns.; Waitapu Berry, cow. 7yrs., Mr. J. E. Amundsen, Dannevlrke, 19gns.; Waitapu Maytime, cow, 8 yrs., Mr. M. Sinclair, Cheltenham, 19gns.; Waitapu Mayflower, cow, 6rs., Mr. Sanson, 26gns.; Waitapu Rosalie, heifer, 3yrs., Mr. E. M. Hyde. Kairanga, 25gns.; Waitapu Rita, heifer, 3yrs., Mr. Amiuidsen, 21JguS.; Waitapu Rosedew, heifer, 3yrs., Messrs. Chisholm Bros., Iltnitervllle, 23gns. ■ Fordell Sale There was a fair yarding of sheep and cattle at the Fordell sale held by Associated Live Stock Auctioneers, Ltd., on Thursday. The following is the range of prices:— Sheep: Good ewe hoggets, to 14/3; small ewe hoggets, to 10/3; good wether hoggets, to 9/6; small wether hoggets, to 7/3:4 and 5-year ewes, r.w. S.D. rams, 8/1, 8/0, to 8/8; 5-year Lincoln skinned ewes, r.w. Romney rams, 6/-; small 2-tooth ewes, r.w. rams, 6/10; fat and forward ewes, 8/5; cull Romney rams, 4/-. Cattle: Young P.A. cows. r.w. P.A. bulls, 32/- to 57/-; empty P.A. cows, £2/5/-; small P.A. weaners, 25/-; fat cows, £2/5/-, £3/2/-. £3/10/-, to £4; dairy cows, £3/18/- to £lO/15/-: store tows. 20/-, 25/-, 26/-, 27/-, 32/6, to 35/-: potter bulls, 36/Upper Hutt Sale Associated Live Stock Auctioneers. Ltd., report having held their fortnlghlly sale at Upper Hutt on Thursday. A good yarding of sheep and cattle came forward a'ud met with good competition. Prices were as follow: —Fat wethers, 16/6; fat maiden ewes, 16/6; fat and forward 4 and 6-tooth wethers, 13/-, 14/-; 4-toot.h wethers, 11/-; springing cows. £5, £6,'£7, £7/3/-, £8 10/-, £lO/5/-; Jersey cross springing belt- ] sa/u/«,

Increases of Capital

Tlie following increases of capital are reported tn the "Mercantile Gazette”:— New Guinea Gold Exploitation Co.. Ltd. Capital increased to £5OOO by creation of 350 shares of £lO each. . N. W. Stevens, Ltd. Capital increased to £7OOO by creation of 2000 additional shares of £1 each. C. W. Vennell and Co.. Ltd.. Auckland. Capital increased to £6OOO by issue of 5000 preference shares of £l' each. Judd Electric Stove Co.. Ltd.. Wellington. Capital increased to £3OOO by lite creation of an additional 1000 shares of £1 each. Wellington Masonic Hall, Ltd. Capital increased from £lO.OOO to £15.000 by the creation of 5000 additional shares of £1 each.

N.Z. GOVT. LOANSBuyers. £ s d Sellers. £ s d 41 p.e. Insc. Stk.. 1939 98 0 0 —• 44 p.c, ditto, 1938 .... 98 5 0 — 5| p.e. ditto, 1933 .... 99 5 0 — 5A p.c. ditto. 1936 .... 99 0 0 — 51 p.c. ditto. 1933 .... 98 5 0 — 5} p.c. ditto. 1932 .... 4| p.c. Bonds. 1938 .. 99 10 0 — 98 5 0 — DEBENTURKS— Golden Bay Cement, 7 p.c. B pref — 0 N.Z. Breweries’ Bonds 110 — BANKS— 9 0 0 9 8 0 Aust, of Commerce . 0 13 11 0 14 6 Comm, of Aust., ord. English, Scot, & Aust. National N.Z Nat. A/aSia. (£5) .... 0 13 10 ♦0 11 3 o 18 0 4 io 18 0 0 New South Wales .... — 24 17 6 New Zealand 2 7 6 Union of Australia .. FINANCIAL— 16 6 Goldsbrough Mort ... 1 O 0 N.Z. Guar. Corp., ord. __ 5 N.Z. Loan & Merc., ord. — 50 0 0 GAS— •14 9 insurance— 0 12 11 0 13 ,2.10 0 o 11 3 transport— . . Huddart, Parker, ord. . 1 0 0 — WOOLLEN— . . — 18 0 4 10 0 Wellington, pref COAL—_ t .. 1-2 6 1 4 0 timber— fl■ Levlan'd-O’Brien .... 110 Tarlngamutu Totara . o brewebies— 1 12 3 n 14 0 MI SCBLLANEOUS— C. M. n Banks, ord. and 0 13 0 British Tobacco, ord. . 34 0 O 1 34 12 3 6 CoittoL 1 Brick ........ Dental and Medical .. 0-4 6 .—■ Dominion Investments i. 1.6. Electro Zinc. pref. ... 0 15 6 Q 0 Howard Smith, ora. . National Electric .... — 0 10. 6 Well. Queen’s Theatre 0 19 0 — Wilson’s Cement 1 15 6 MINING— ti f> 0 2 9 —- 0 0 8 — ’Cum. dividend. tEx dividend.

terday: WK ixiNGTON. £ 6 d Hamilton Borough, 4} p.c., 1947 84 10 0 Palmerston North, 6 p.c., lh*a 101 0 0 Bank of New South W ales .... 24 10 0 Union Bank of Australia (5) . 6 15 0 auckiand. £ B d Mt. Eden Borough, 54 per cent., ’100 0 0 Commercial Bank of Australia. < . 0 14 . 0 14 1 0 South Insurance (late sale Thursday) , 11 0 Milne and Choyce 4.... 0 19 0 Do Do 0 o . 0 3 0 , 0 15 6 . 0 8 7 , 0 0 11 CHRISTCHURCH. 3 £ 8 d Commercial Bank of Aust. (4) 0 14 0 Commercial Bank of Australia 0 14 1 Commercial Bank of Australia 0 14 0 Commercial Bank of Australia 0 14 1 Bank of New Zealand 2 8 0 N.Z. Refrig., 10/- paid (2) ..... 0 3 Golden Point, 1/- paid (2) 0 17 0 1 9 Golden Point, 1/- paid (3) 0 2 DUNEDIN. , 0 10 0 Sales reported.— Golden Point (2) ..0 1 11 , 0 10 7 Union Bank of Aust 6 15 0

for llie nnrtio.se of comparison: •fuly 13. Parton. Coppi'f . s o l l. Standard, spot . • <« -18 It Standard, ’ forward 31 11 101 Electrolytic ' 37 0 0 to 39 0 0 Wire bars 30 0 0 Lead— „ ,, Siiint 12 11 •> J uly 16 Per ton. .!!■ B d 33 6 3 40 0 74 36 0 0 38 0 0 38 0 0 12 6 3 12 17 G 12 10 0 SpelterfO 7 8 12 3 0 13 0 0 12 10 0 Tin10S 12 6 108 2 6 F’n rward 110 7 6 109 6 3 SilverStandard, per or,.. Fine, per oz 13d lid 13ld 14 15-16d

I ‘rice a d Variation £ R d Console, U •••••• f Fund. Loan, 4, War Loan, 5, 1929-47 103 2 0 6 6 0 1 4 0 10 7 10 0* 6* 0* Convers. Loan, 3j p.c. hi Victory Bonds. 4 p.c. HO C’wealth, 5, 1945-75 .. 76 C’wealth, 6, 1931-41 .. 38 Victoria, 3. 1929-49 •• £ Victoria, 3*., 1929-49 .. 54 Victoria, 5$, 1930-40 .. 78 10 15 10 0 0 10 0 0 0 0 0 0 0 0 12 2 2 1 0 0 0 0 10 10 0 15 2 15 0* 0* 0* 0* ‘.0* 6t 0* Victoria,’ 4. 1940-C0 .. TO N.S.W.. 4, 1933 74 N.S.W., 3, 1935 60 10 10 0 0 0 0 1 9 lame 15 0* 0 0* N.S.W., 3$. 1930-50 .. J<> 6 7 O’ N.S.W., 55, 1922-32 .... 77 u 0 10 N.S.W., CJ. 1930-40 .. 82 0 0 1 0 0* N.S.W., C, 1930-40 .... «6 0 0 4 0 0* Q’land, 5, 1910-60 .... 72 17 6 1 17 6* Q'land: 3, 1922-47 .... 48 0 0 4 u 0* Q’land, 6, 1030-40 .... 80 17 6 1 6* N.Z., 41, 1948-58 94 10 0 1 6* 12 6 0 7 6* N.z7, 3,*1945 76 10 0 0 12 6‘ NZ. 6, 1936-51 102 10 0 0 5 of S. Aust., 3J. 1939 .... 62 S. Aust., 1916, or after 45 0 0 0 0 1 2 0 0 0* 0* S. Aust.. 61, 1930-40 .. 85 15 0 1 J O’* Tasm., 34, 1920-40 .... 59 0 0 4 0 0* Tasm. 3, 1920-40 .... GO 0 0 1 0 Of Tasm., 64, 1930-40 ... 88 10 0 1 10 0* W. Austr., 34, 1920-35 72 0 0 0 1U 0* W. Austr.. 3, 1915-35. 08 0 0 1 u Of W. Austr.. 6, 1930-40 . 82 0 0 1 0 0* f Higher. ♦Lower.

July 16. July 9. Par., N. York. dol. to £ 4.848 4.88 21-32 4.866 Montreal, dol to £ 4.868 4.87 23-32 4.866 Paris, fr. to £ 1238 124,125 121.21 Brussels, bel. to £ 34.80 34.845 35.00 Geneva, fr. to £ 24.975 Amst’dam, fl. to £ 12.025 25.08 25.225 12.08* 12.107 Milan, lire to £ 02.005 92.955 112.16 Berlin, inks. to.£ 21.00 20.505 20.43 St’holm, knr. to £ 18.145 18.145 18.159 C'hagen., knr. to £ 18.165 18.165 18.159 Oslo, knr. to £ 18.165 18.165 18.159 Vienna, schgB. to £ 34.70 34.635 34.585 Prague, knr. to £ 164.25 164.25 164,25 Hel’fors, inks. to £ 193.25 1933 193.23 Madrid, pes. to £ 52.05 Lisbon, esc. to £ 110 51.15 25.225 110,125 •1.50 Athens, drach. to £ 375 375 375 Bucharest, lei to £ 818 S17 813.6 ■ Rio de J., p. to mil. 3 19-32 3 21-32 16.70 B. Aires, p to peso 34J 35 9-16 17.62 M. Video, p to peso 27i 29 51 Calcutta, p to rup. 17 25-32 17? 18 Shanghai, p to tale 15 15i H.-Kong, p. to dol. 118 12 — Y’hama, p. to yen 24 3-8 24 3-8 24.57 Batavia, fl. to £ 12.06? — 12.107

The net profit and allocations compared with last year are as i under: — 1030 1931 Net profit 5.85(5 £ 6.477 Brought forward .... 348 424 Available 6,201 0.901 Dividend p.Cz (!J 6 Amount 4,030 3.720 Mortgage reserve .... Keserve fund 1.000 2.500 750 — Forward 424 681

1930 1931 Liabilities— £ £ Capital paid up 02.001) 112.000 General reserve 27.000 20.250 Reserve for mtcr. dep. . 2.(132 5.597 Reserve for securities dep. 400 -100 Income-tnx .reserve 950 Deposits 152.018 34.322 Investors ifii 517 Creditors 490 219 Trust a/c creditors 191 201 Profit and loss 3.31! 2.541 Assets— Mortjrajres 205,559 199.890 Freehold property 3.649 3.611 office furniture 191 107 Interest•a/e 1.803 2.080 Ins. Stock, ete 32,819 26.a3t Accrued interest on stock 245 Special deposits 2.000 —- Bank c/a 2.330 499 Bank Trust a/e 191 201

.Tune 25. July 2. July 0. July 16. Per lb. Per lb. Per lb. Per lb. d. d. d. d. Seventies .. ... 25 *.y»4 25 244 Sixty-fours .. 22 23 23 22 Sixties .... ... 20 21 21 204 14 Fifty-sixes ... 134 14 14 Fifties ... 12 124 IO 12| Forty-sixes .. 9J io' 10 Forties ...» ... 9J 10 10 10