FINANCE and COMMERCE

Dominion, Volume 24, Issue 285, 28 August 1931, Page 12

FINANCE and COMMERCE

STOCKS AND SHARES Wellington Exchange demand very limited The 'WeULngton share market was again very weak. Gilt-edged Securities were not ' In demand, neither were the debentures of local bodies, although there were numerous sellers, who have as,yet shown no disposition to lower their quotations. The only demand for debentures was for ■Wellington Gas debentures, for which £99 10/- was again offered, with no sellers. There was a better demand for bank shares. Australian Bank of Commerce at 12/3, and Commercial Bank of Australia, ordinary, at 13/3, were steady. Commercial Bank of Sydney were again In demand at £l2/10/-. English, Scottish and Australian Bank were firm at 70/-. For Bank of New South Wales there was an offer of £24 ex dividend, with no sellers. Bank of New Zealand changed hands on Wednesday at 44/9, and yesterday at 44/8, which repre- ■ sents a drop of 2/4 on the closing sale of last week. Sellers now ask 40/-, with no buyers. Union Bank of Australia were in demand at £6/6/-, while last week they were sold at.£6/9/-. Bank of Australasia changed hands at £B/7/0, against sales last week at £B/8/-. - l/t i Goldsbrough Mort, and Co., at 18/D, show weakness, ‘it N.Z. Guarantee Corporation were in good demand, the ordinary at,4/9 were up 3d, and the preference were unchanged at 20/-. Wellington Trust and Loan at £B/2/0 were down 2/6. Insurance shares were firm,- Now Zealand Insurance at 37/3 and South British Insurance at 1 50/3. , For other shares the demand was poor. Union Steam at 19/2 show an easier tone. Now Zealand Breweries were in demand at 27/9, but sellers held for . 29/-. Tooth's Brewery were firm at 17/-. British Tobacco were wanted at 23/-, with no sellers. Electrolytic Zinc ordinary were easier at 6/-. Wellington Queen’s Theatre at 19/-, and Woolwortihs preference at 23/0. were firm.' Mount Lyell were np 3d at 16/9, and King Solomon were a shade better at 2.10. Yesterday’s Quotations Bnying 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 yesterday :— WELLINGTON.

AUCTION SALES • ' TO-DAY. M Dixon St., 10.30 a.m.—Sale pawnbroker’s pledges (C. W. Price). Buckle St., 10.30 a.in. —Sale timber, etc. (E. Johnston & Co.). 2-10 Lambton Quay. 2 p.m.—Sale crystal, etc. (McKenna’s). 38 Murphy St., .1.30 p.m.—Sale furniture, etc. (Ramsey Wilson & Co.), 91 Dixon St.. 10.30 a.m.—Sale unredeemed pledges (C. W. Price). * Wllleston St., 1 p.m.—Sale household furniture (E. Johnston & Co.) TO-MORROW. 39 Jackson St., Petone, 1.45 p.m.—Sale furniture (H. & Leighton).

COMPANY AFFAIRS ReHance Loan Corporation QUESTION OF LIQUIDATION The Reliance Loan, Mortgage, and Discount Corporation, Ltd., Auckland, which has a subscribed capital of approximately £109,000, paid to about £70,000, is threatened with liquidation. V > A circular has just been issued to shareholders calling an extraordinary .meeting for next Monday, to consider the balancesheet and accounts," together with the',auditors’ report thereon, to consider and determine whether any and what steps should be taken to reorganise the company, with a view to meeting liabilities and adjusting capital to existing assets, or, alternatively, to pass a resolution, “That the company be wound up voluntarily and that a liquidator be appointed for the purpose of such winding up.” Another accompanying circular, signed by Mr. W. C. Whitney, chairman of directors, refers to a circular sent out on June 30, In which Shareholders were Informed of the danger of heavy loss from the company's connection with certain Australian companies. He added: "Your directors now have to add that their worst fears have been realised, and in spite of every effort to save the situation the financial rot in Australia has inflicted disastrous losses on your company. ■■ Either some drastic scheme of reorganisation,' or, alternatively, liquidation, is imperative.” ./•; ‘ ” ;; “To finance the Australian commitments .Without interfering unduly with the valuable New Zealand connection, the company borrowed on overdraft,' supported by the chairman's personal guarantee, and by securities lodged by the chairman, who," In addition, placed a large sum. on deposit with your company without 'security.” .. NEW COMPANIES Recent Registrations Registration of the following companies is reported in.the "Mercantile Gazette”: — Property Owners’ Association,’ Ltd.; private company., Wellington; Capital, £2OOO into 2000 shares of £1 each. Subscribers: Wellington—P. F.'Hodgson 500, G. O. Sutton 250, W. Perry 250 r Will Apple-, ton 250, G. Gore 250. Objects: To enrol subscribers from among property owners and others to protect and conserve the rights and Interests of such subscribers, etc. ■ ■ Melbourne Cash, Ltd.; private company, Gisborne. Capital, £6OOO Into. 6000 shares of, £1 each. Subscribers: Gisborne—C.,J. 'Mortis-4850, C. L. Morris 750, B/G. "Morris. 200, L., C. Morris. 200.' Objects: Drapers,, etc. ■ ! . .. '■'■ Motor Agency Co., Ltd.; private company, Gisborne. Capital, £4OOO Into 4000 shares of £1 each. Subscribers: Gisborne—T. J. Adair 800, P. W. Bushnell 800, R. M. Gunn 800, J. Peach 800, A. H. Wall 800. Objects: Mortgage, loan and finance business. Bon Marche, Ltd.; private company, Hastings. Capital, £4750 into 4750 shares of £1 each. Subscribers:, Hastings— Matilda A. Johnson 4500, Hlnemanu . Jones 50, J. F. Jones 200. Objects: To carry on business of drapers and general warehousemen, etc. ' Atlas Fibrous Plaster Co., Ltd.; private company, Hastings. Capital, £350 into 350 shares of £1 each. Subscribers:. Hastings—E. Boyle 185,. L. R. Carey 165.. Objects:' To carry on business of manufacturing, selling, supplying, and dealing In fibrous plaster goods, etc. Flax Industries, Ltd;; private company. Capital, £l5OO in 1500' shares of £1 each. Subscribers: Kalngaroa—M. Long 300, E. T. Frost 100, A. H. Long 100, G. R. Walton 50, F. R. Tracey 50. Te Kohanga—H. M. Frost 100., .Auckland—P. B. Morris 200, W. Griffiths 500, G. Shand 100, Objects: Deal in flax and products, etc. New Zealand Fibre Corporation, Ltd.; private company, Dunedin. Capital, £2500 int 0.2500 shares of flleach. Subscribers: Dunedin—T. W. Debbie 1000, R. E. Massey 750, E. J. Anderson 250, A. Yorston 500. Objects: To grow, cultivate and mill New Zealand flax, make and sell rope, matting, twine, etc., and deal generally In fibrous materials. H. J, Cartright, Ltd.; private company. Capital, £250 Into 250 shares of £1 each. Subscribers: Oaiiiaru—H. J. Cartwright 249, M, K. Cartwright,l. Objects: Dealers in motor-cars, cycles,’ tractors, wireless, agricultural Implements, machinery, carriages, launches, etc., garage keepers, etc. The following private companies have been registered in 'Auckland:— i. f '...,■/ The Ritz (Auckland), Ltd., restaurant and tearoom proprietors, caterers, etc. Capital, fl 1500 in £1 shares; Subscribers: A. Cash, 000 shares; F. W. Carr and E. A. Cash, 400 shares each; C. H. Boyton,» 100 shares. Leslie Properties, Ltd., property dealers, building contractors, agents, etc. Capital, £750 in £1 shares. Subscribers: Ivy A. Wallath, 350 shares; A. -W( Scarfe, 250 shares; S. L. Wallath, 150 shares. Increases of Capital Registration of the following increases of capital is reported In the “Mercantile Gazette” :— Allbell Investments, Ltd. Capital increased to £22,500 by creation of 2500 ordinary shares of £1 each. Regd. Aug. 13 (Dunedin). A. L. S, Qassie, Ltd. Capital-increased by the addition of £1250 into 1250 shares of £l. each beyond the present registered capital of £3000; regd. Aug! 14 (Dunedin). Dominion Mercantile Agency, Ltd. Capital increased to £5OOO by the creation of 3800,addltional ordinary shares of £1 each. Regd. Aug. 18-(Wellington)! ’ : Bank of N.S.W. dividend , t

The Interim dividend of the Bank of New South Wales for the quarter ended June 30, of 8/- per share ,in Australian currency, was payable yesterday. Exchange on the basis of £llB/12/6 for £lOO New Zealand, Is being charged, so that the' payment to New Zealand shareholders is, approximately, 6/8 per share.

NEW CAPITAL ISSUES ’ Britain’s Share New capital issues and foreign lending by all countries appear to have contracted rather seriously during the past twelve months. New capital issues in Britain, both domestic and foreign, have shrunk according to the figures compiled by the Midland Bank and published in that institution’s monthly review. The aggregate new capital Issues during the first half of each of five years and the amounts Issued to account of overseas are shown below:—

Compared with the first half of last'year the total new issues show a decline of 50 per cent., but the issues for overseas have not contracted so much. It Is thus appar- | ent that there has been a very marked curtailment of capital expenditure throughout the world,, which has been a potent cause of increased unemployment and trade slackness. The United States also has been doing very little in foreign lending. The National City Bank of New York in its latest monthly circular states that during June 150,937,000 dollars (£30,187,400) was added to the country’s gold holdings, the largest gain fdr any single month in history, and making the total accession of gold since the first of January. 340,256,000 dollars (£68,051,200). The Federal Reserve Bank has been doing Its utmost and with considerable success to keep down- the rate of Interest on short-terin highly-secured loans to render use of funds In such loans unattractive, in order that employment of capital in Industry and trade may be stimulated; it has also encouraged the establishment of such Interest rate differences between the New York and foreign money markets as may tend to encourage a flow of to tho higher Tates obtainable abroad.

LONDON TALLOW MARKET A Downward Tendency The New Zealand Loan and .Mercantile .Agency Co., Ltd., have received the following advice from their London house:--Tal low (last, week’s figures in parentheses;. Pine mutton, 10/- cwt (20/-); good beef, 18/- cwt (19/6); mixed, 17/- cwt (18/-). Market dull with downward tendency,

LOWER PRICES

Wellington Rabbitskin Sale A WEAK MARKET The fourth sale of rabbitskins this seaeon was held yesterday by the combined Wellington brokers, Wright, Stephenson and Co., Ltd.. N2Z. Loan and Mercantile Agency Co., Ltd., and Dalgety and Co., Ltd. Fair-sized catalogues of all grades and descriptions were submitted to the usual representation of buyers. Included in the offering were a fair percentage of winters, and competition for these sorts was fairly keen. Owing to the absence of a demand from the Continent, and very few inquiries from America, all grades showed a decline on the last sale quotations. As compared with last rates, prices generally were 9d to 1/6 per lb down. Inferior, blood-stained, badly-stretched, and weevily skins were sold at late rates. Tho last London reports are not very reassuring, and it is expected that when the sales open there’,on September 23, prices will show a decline. The following Is yesterday’s range of

OPOSSUM SKIN SALE Few Lines Quitted The first opossum skin sale for the'Wellington season wae held yesterday, but owing to very few buyers being in attendance, practically nil the Offering was held over. As the Wellington season does not close until September •!,- only a small offering came forward. Trappers' preferred to hold, over until the sale of September 24, when it 18 expected that a number of outside buyers'.■will be in attendance.' A few lines of blacks, greys, and browns were sold at prices on a par with the last southern sale. Super blacks sold up to 5/- each, super browns to 4/2 each, and super grey •to 4/- each. , ,• ■ ’ At the present’time there aro still very large stocks of skins unsold In London, and untU these are disposed of, we cannot look for any material rise in prices. On an average, prices will be generally..so per • cent/ lower than last year’s ■ -rates,. and trappers ’who are holding consignments would be well advised to forward them to sanction as soon as possible, as fresh pelted skins sell more readily than skins that are stale. Small kittens, rumpers, and inferior and damaged skins, are most difficult to quit, and in quite a number of cases do not .pay the royalty, charge of 6d per skin. . •

\ GRAIN AND PRODUCE Canterbury Markets ! V Dominion' Special Service, Christchurch, August 27. Over the week-end there was a shadow of revival in the potato market, but it was short-lived. There were a few sales at 37/6, f.ojb., s.i., for August, but to-day potatoes are available at the previous rate of 35/-. The price on trucks is still at 17/6 a ton, and farmers are providing aU at this price that are required to meet the demand.'• .' - - ' ' ■ ’ The Waimarlno, sailing to-day, is expected to take a substantial cargo for the north, this being the last ship for the month. Between Timaru and Lyttelton, she will probably take round about 9000 sacks. The vessel will arrive In Auckland about September 3, and should satisfy Auckland requirements until toward the middle of the month. A remarkable feature of "’-the potato .market this season ,1s the reduced orders, notwithstanding the uniprecedently low price ruling. The Timaru shipments from August 15 to the end of the month will require to be 30,000 sacks to bring'them to the same level as at the end of August, 1930. The Lyttelton figures up to August 22 In the two years also show a considerable disparity. They are as follow to the

There appears to be little "free” milling wheat about, and the supplies apparently are nearly all in the hands of the Pool. There Is quite a division of opinion as to the quantity of the stocks. On paper it would appear that there will be no more wheat than is necessary to carry through to the next crop, but the quantity of cheap fowl, feed that has come in from Australia IS a factor that enters into the question of the availability of supplies. • The final threshing returns should be available in the next month's statistics; which should enable an accurate estimate to be made. Fowl wheat Is quoted at 5/2J a bushel, f.0.b., s.e. No other class of produce is attracting notice. . ■ Current Quotations. ■ ■ ‘ The following are- quotations for produce to, be paid to 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, to 5/2} prompt, f.0.b., s.e. ; Oats—Algerians, 2/3; A Gartons, 2/6; B’s, 2/4. ~i Barley—Cape, 2/9 to' 3/-; malting, 4/-. r Potatoes—To 20/- a ton. Chaff—£2/15/-. Partridge Peas—4/3. Red Clover—6d to 6}d. White Clover—Bd to 9d. Italian Ryegrass—2/-. Ryegrass—Canterbury, 8/- to Cocksfoot—Akaroa, 3d to 3}d; Plains, to 3d. ■ Bran—Local, £5 a ton, f.o.b. y shipping, £4 a ton f.0.b.; 10/- extra for smaller packings. Pollard—Local, £6 a ton, f.0.b,; shipping. £4/10/- a ton, f.0.b.; 10/- extra for smaller packings. Flour—Wholesale price £l6/12/6 a ton for 2001 h sacks, with the usual Increments for smaller packings. SYDNEY MARKETS I : .Low Price of Wheat I'; (Rec. August 27, 7.15 p.m.) , ' ■ .Sydney, August 27. Wheat—Ex trucks at Sydney, 2/1J; at country stations, 1/0} per bushel. Flour, £lO per ton. Bran, £3/10/- per ton. Pollard, £3/15/- per ton. Potatoes, £B/10/-; Victorian, £7 per ton. Onions, Victorian, to £6 per ton. Maize, 3/3 per bushel. Oats, 2/6 per bushel. Chicago Wheat Futures New York, August 26. ’ Chicago wheat futures: September, 48 cents; December, 02 1-8 cents; March, 55} cents; December,. 52 1-8 cents; March, 55}

DAIRY PRODUCE QUIET Butter Market Weak The New Zealand Loan and Mercantile Agency Company. Limited, have received the following advice from their London house, dated August 26:—Dairy produce (last week’s figures in parentheses): Butter. New Zealand choicest salted, 113/-, 114/per cwt (115/-, 1116/-). Nominal quotation. Cheese, white, 61/- to 02/- per cwt (62/- to 63/-). Coloured, 03/- to 64/- per cwt (64/- to 65/-). Market dull. Joseph Nathan and Co., Ltd., have received the following market report from Trengrouse nnd Nathan, Ltd.. London, dated August 26:—New Zealand butter, finest, 114/- per cwt; first, 112/-. Market weak; no business doing. New Zealand cheese, white, 61/- to 02/- per cwt; coloured, 63/- to 61/-, Market quiet,

LAMB EXPORT TRADE

Question of Third Grade MEAT BOARD DISCUSSION ■Whether or not lamb of an inferior quality, known generally as “third grade,” should ibe exported from New Zealand, was an important question discussed yesterday at the annual meeting of delegates to the New Zealand Meat Producers’ Board. Two delegates from Hawke’s Bay, Mr. J. 11. Joll and Mr. A. V. S. Reed, expressed themselves as (being in favour of shipping this class of lamb during certain months of the year, but the chairman, Mr. D. Jones, M.P., said It was-' the policy of the board to throw out all third grado carcases and refuse to allow them -to be exported. In commenting on the annual report and balance-stheet, which were carried unanimously, Mr. J. H. Joll, Havelock North, said -that it was extremely gratifying to know that meat exports were once more up again. For the first time the 'South Island ‘ fhad (beaten the North in the export .of lamb. This was especially gratifying, as the prices of lamb were on the increase. It was a fine thing that New Zealand could lead tthe world in the quality of lamb produced. Mr. Joll mentioned that he had met a man recently who had received a cablegram from Liverpool asking for 7000 third-' grade lambs. The' question was whether they should supply those people with what they wanted, he said. The prices at Home would not allow all people fo buy first -grades. He -thought that they should give them what they wanted at Home, but not Identify lower grades too closely with New Zealand goods. “Are these people going to get wtaat they can buy, or have nothing? Will you say, ‘We will supply what we have, not what you require.’ These are the points that have to be settled," he said. Home Demand for Lean Meat. Mr. A. V. S. Reed, Napier, said ho wanted to einpasise the points mention (by Mr. Joll. .There seemed to be a great misunderstanding on the pant of the board in regard to, third grade lamb. It was found Ln 1901, he said, that there was a -definite market for lean meat at Home—the leaner it was the more it would be appreciated. That there was a -demand for it was borne out this year b- the fact that per pound it brought an exactly equivalent price to that got for first grades. He appreciated the board’s efforts to maintain the standard of first and second grades, but as far as the East Coast was concerned there was a season when it was essential to sell meat that would'not' be graded first or second class. They could not fatten such lambs, and they had to be got away. There was a -demand for that class of meat, and it was shipped C.1.F.-—and it did. not get to Smithfield, either. He thought that the board’s attitude had been wrong. He did not think that they had gone furiy enough into the question. Tho fact that they were selling third grade lamb would not affect their higher, grades. He was not suggesting that the (higher grades should be interfered with;”fbut -the (board should consider first of - all-that ’lt must give more elasticity in dealing, with third class lamb. The board must help those who were producing that grade of meat. He knew also that third grade lambs had been shipped from Canterbury this and other years. Mr. Jones: It is not correct. Tho Board’s Policy. Tho chairman said the board's standard was the same, but there was a desire in Canterbury to ship third grade lamb. The board absolutely refused to allow them to be shipped. Both of the speakers were desirous that third grade should not go as New Zealand meat. AH the carcases would have the New Zealand grading stamp on them, and when they got to England would be sold as prime New Zealand iambi Sir. Jones referred to -the experience of. Australia in 1928, when the export of third grade lamb destroyed her trade. The board had not made the decision hurriedly, but had looked at it from every possible angle. Immediately -they got below the board’s' standard they got an emaciated lamb. The board was handling a tremendous amount of lamb, and the matter could not be treated lightly. They bad to remember that no man present, if (he was a member of the board, would do otherwise. Experts at home had declared against shipping third grade iamb. Mr. Reed said that Mr. Jones’s statement that no third class limbs were being shipped was quite incorrect. They could call them light seconds, or what they liked, but they were nevertheless third grades. If they turned down this market they were leaving open a very lucrative .trade to other' countries. They had to recognise third grade lamb, and the board should help the farmers with the question. Mr. T. A. Duncan said when it came to the question of buying poor lambs at the end Of .the season and sending them Home, would Mr. Reed favour that? Mr. Reed said it was essential at certain seasons to ship this third class lamb. They could call it what they liked. Mr. G. A. M. Macdonald (Canterbury) said it was very serious for his province that Inferior lambs should be sent from otfher parts of the country damaging the high reputation of Canterbury lamb. By sending out lower grades, the board would deliberately take away the profits from those who were engaged in fattening. Mr. L. R. C. Macfarlane (Canterbury) said the tendency in the future would be for more third grade lambs to be exported. If this happened (’here would be no more Incentive for breeders .to have first grade ewes. He congratulated the board on reducing its levy and expenses, which was a fine example te everyone. “Emadlatcd Carcases.” Mr. 17. Perry (Masterton) asked If anyone present had seen the carcases that had been thrown out. They were emaciated carcases, and he .thought that perhaps the second grade now was even too low. The people at Home knew the grades, and ■bought accordingly. He was sure that if they saw the rejects they would not raise a voice against wOiat was being done. ■Mr. R. M. Morton (Canterbury) said New Zealand liad built up her reputation by prime Canterbury lamb, and they could not afford to let the .Dominion suffer because a few farmers who had no fattening land wanted to sell inferior lamb. They could not afford to slacken up at all. Mr. T. Currie (Brunswick) said it might be possible to let farmers see the reject lambs at the freezing works, and then they would never wish to see third grades exported. If they did export them, it would be “the end of tl;e section.” Mr. Reed said the export of third grades was a matter which the board could learn a good deal more about. There was a demand at Home during certain months for third grades, anti they had had to get rid of this type of . lamb. He had reason to know that lambs that had been rejected by the grader had been sent Home, not only from the East Coast, but from Canterbury. The chairman said Mr. Reed did not know what a third grade reject was. He wanted to get below the grade that was being shipped away, and as far as the board knew no third grade lambs had been shipped. He suggested that Mr. Reed should have a look at the rejects. Mr. J. S. Jessop said he wished to clear up a misconception over.the use ofiterms. First of all their graders had nothing to do with what had been termed an “emaciated” lamb, as it was automatically rejected by. the veterinary surgeon. Second, lambs sold to the London market were not quoted as ’’firsts" or “seconds”— those were their own terms. They bought by. brands which were distinguished by weight. Shape, and selection. Mr. J. D. Revie, Crookston, had a feeling to-day that they were perhaps exporting lamb that they should not be. It appeared also that lamb which was not exported was not fit for human consumption. The chairman: There has been no alteration In the grading. Mr. Reed said he was In favour of maintaining the standard of first, grades, but when the occasion arose he wanted facilities for exporting lamb that would pass the veterinary surgeon. FRUIT AND VEGETABLES Wellington Market Prices At the Wellington markets yesterday morning there was a keen demand for new potatoes and green peas, fancy grade Sturmer and Washington apples, cooking pears and grey pumpkins, report W. Burbldge And Company. Second grade apples were hard to quit, even at low prices. Eggs are coming in freely and price dropping. Prices realised yesterday were ns follow:— Fruit.—Apples: Delicious, 5/- to 7/-; Stunners, fancy 8/- to 10/-, others 5/- to 6/6: Dohertys, 4/- to 5/-: Washingtons, 6/to 6/6: Ballnrats, 4/- to 6/-; Jonathans, 4/6 to 5/-. Pears: Winter Coles, 5/- to 8/6; Nells, 6/- to 7/-; P. Barrys, 7/- to 8/-. Local lemons, 7/- to 10/-: Tauranga poor man oranges, 4/6 to 5/-. Hothouse toinntoes, !)d to 1/- per lb. Vegetables.—Potatoes were n little firmer. Suttons, £4/5/-; Dakotas, £3/15/- per ton. Onions: Melbourne. 7/-; Californian, 16/0 per bag. Artichokes, 4/- per bag; swedes, 2/- to 3/- per bag and 1/6 to 2/a ease. Carrots, 4/- to 5/- a bag; parsnips, 3/- to 4/- a bag: new potatoes, 2Jd to 3}d per lb: grey nnmpklns. 18/- to 20/ ner sack. • Various.—New laid eggs. 1/3; storekeeppers, 1/2 per dozen; N.Z. walnuts (small but good), s}d per lb; bulk honey, 5d per lb; g.b.o.s. chaff, £6/5/- par ton,

N.Z. GOVT. LOANS— 4J p.c. Inge. Stk.. 1988 84 p.c. ditto, 1933 5} p.c. ditto, 1836 and 1937 Buyers, a'd • Sellers. <«' £ ., s d 97 0 0 99-0 0 98 15 0 Bi p.c. ditto, 1933 ... 98 15 0 Si p.c. ditto, 1932 ... 99 15 0 5J p.c. ditto, 1951 ... 98 5 0 4} p.c. Bonds, 1939 and 1938 97 10 0 5} p.c. ditto, 1933, U.. 99 10 0 5} p.c. ditto, 1937 kl . •08 5 0 5} p.c. ditto, 1933 • 93 15 0 DEBENTURES— *. ' i Wellington Gas Co. . 99 10 O', Well. Racing Club . 101 5 0 Mt. Albert Boro., 51 p.c. I960 —- . 100 15 0 Nelson City, 6J p.c.. 1932 101 0 0 Lower Hutt Boro., 6 p.c., 1944 101 10 0 Rangitlkel County, 6 p.c, 1943 101 10 0 Wellington City, Oi-p.c., 1951 99 0 0 Otago Harbour Bd., 51 p.c., 1938 — 1102 5 0 Opunake Harb. Bd., 6 p.c., 1933 — 98 10 0 BANKS— .■ v ■ 3 JI 0 Aust, of Commerce . 0 12 3 0 13 1 Cojnm. Aust., ord. .. 0 13 3, 0 13 8 Comm. Bank. Co. (Sydney) 12 10 0 English, Scot. & Aust. 3 10 0 — • National N.Z — 3 12 8 New South Wales .. +24 0 0 —— New Zealand —— 2 5 0 Union of Australia .. 6 6 0 FINANCIAL— Goldsbrough, Mort . . 0 18 9 019 4 N.Z. Guar. Corpn. ord. 0 4 8 ' 0 5 0 Ditto, pref 10 0 — N.Z. Invest., Mtg. and Deposit —. 0 10 3 N.Z. Loan & Merc., ord. 4G 0 0 Well. Trust and Loan 6 2 0 6 15 0 INSURANCE— — 0 12 11 New Zealand 1 17 3 South British 2 10 8 MEAT PRESERVING— Well. Meat Exp., pref. 0 17 6 N.Z. Refrig. (£1) ... — 0 11 0 Ditto (10/-) 0 3 10 TRANSPORT— Huddart, Parker, ord. — . *i i o Union Steam, pref. .. 0 19 2 —— P. & 0. Stock — 18 0 WOOIXEN— Wellington, pref. ,.. —— V 4 10 0 COAL— ■ 14 0 TIMBER— i — 0 9 0 Leyland-O’Brien .... — 116 Tarlngamutu Totara . 0 5 0 BREWERIES— New Zealand 17 9 19 0 Staples and Co. ■ 16 3 Tooth’s 0 17 0 0 17 2 MISCELLANEOUS— ■ • ' ! British Tobacco, ord. 13 0 ' 1 — ' Burns, Philp ........ Consol. Brick — 1 10 0 0 9 0 ■ Dental and Medical . • —— - 0 5 9 Electro. Zinc, ord. .. 0 6 0 ■ • • ■ 0 16 3 Partners’ Auction., pref. — O 10 9 Howard Smith, ord. . —— 0 7 0 National Electric ... —- 0 10 6 N.Z. Drug 2 11 8 Well. Queen’s Theatre 0 19 0 1 , Woolworth’s, pref. .. 13 0 . — ■ MINING— Mount Lyell ........ 0 16 9 • —— King Solomon 0 2 10 0 3 6 •Cum. dividend. |Ex dividend. < tlhterest and principal payable in London.

N.Z. Govt. Bonds. 4i p.c., 1938 . Bank ot New Zealand ;.. Ditto £ s d *97 0 0 *2 4 9 2 4 fl Bank ot Australasia 8 7 0 •Late sale Wednesday. AUCKLAND. £ s. d. Govt Bonds, 5J p.c., 1937 . 98 0 0 Bank ot Australasia . . 8. 8 0 do .870 do ' • 8 7 0 Bank of New Zealand .240 N.Z. Insurance . 1 17 0 South British Insurance . 2 10 0 Auckland Gas, contr . 0 17 0 N.Z. Breweries .18 0 .18 4 do. (2) . i 8. r> King Solomon . *0 'J 1 Mount Lyell . 0 10 9 •Late sale Wednesday. CHRISTCHURCH. > £ s. d. Commercial Bank of Aust . 0 13 4 do. (4) . 0 13 5 . 0 13 5 Bank of New Zealand .240 Union Bank of Aust .080 Goldsbrough Mort . 0 18 11 Christchurch Gas .15 3 N.Z. Breweries (3) ’. . 18 3 .18 4 Tooth’s Brewery . 0 17 3 Mount Lyell . 0 10 11 King Solomon .032 do. (5) .0 3 2} do .032 Mnhnkipawa .008 Golden Point, 1/- pd. (3) . 0 1 2J Sales reported: - N.Z. Refrlgerating, ■ 10/- pd. ... do, do ' . . ........ .0 3 8} .037 . 0 3 7} Govt. Bonds, 4}, p.c., 1938 ....... . ,90 0 0 '■ ' ncNEDiN. Sales on 'Change:' • .£ s. d. N.Z. Refrigerating, 10/- pd. (2) . .038 King Solomon (2) .032 do. (3) .... .033 do. (2) . 0 3 .1} Golden Point .014 Sale, reported: N.Z. Refrigerating, 10/- pd. ..... .088

Total. Overseas. First half. £ £ 1927 159,69-1,000 56,798,000 1928 202,616,000 85,374,000 1929 195:543,000 71,475,000 1930 ... 141,860,000 68,201,000 1931 70,915,000 43,017,000

prices:— ■ . d. d. Summer and spring's .. .. 2j to 3} Li#lit racks to 3 Prime racks to 3} Dawny autumns ... B to 6i Early autumns ... 7' to 7} Late autumns .. to 11' Autumns to 7$ Incoming winters .... ... to 14i .Super winters .. 26J to 31 Early winters ... 12 to 18 Spotted winters ... 12} to 22J Second winters to 15 Super winter bucks .. to 38 First winter bucks to 35 First winter does to 22 Winter blacks ...12 to 16 Milky does ... .. 3 to 5} • Hareskins ... 1} to 24

different ports. .4 ‘ ..i ' , 1930. 103L Auckland .... .. 98,SMS 92,554 , Wellington .... ... 50,951 , 50,203 Napler-Glsborne . 16,901 oo 074 West Coast, N.I. . 50,300 39,551 West Coast, S.I. .. 11,410 1,809 V. - ■ ■ 240,507 206,391