FINANCE AND COMMERCE

Dominion, Volume 24, Issue 286, 29 August 1931, Page 10

FINANCE AND COMMERCE

STOCKS AND SHARES Exchange A WEAK MARKET A ■ "''-i fiThe Wellington share market was again weak yesterday. ' Government securities and the debentures of local bodies were neglected, jalthoiighs'seUers;were , still very shares were..in fair demand, but showed an easier tendency. ■ 1 °r oJier shares the demand was .restricted. WeUlngtrfn Gas debentures were flrm at .£9O/10/-. Bank of Adelaide were fn demand at £3 10/- forH £8) i>'ald-up> shares'. >: This is the first tims fqr. sqme, months' that there has beeii a Hd- to*, these shares, and the price offered isi 30/- below their face value. The last dividend was 7 per cent, for the year. • Commercial Bank of Australia, ordinary, were steady at 13/2. Commercial Bank of Sydney were wanted at £l2/a/-, or 5/- below their face value.- English Scottish, and Australian Bank were up 1/- to £3/U/-. National Bankof Australasia's- £5 paid, were 3/- lower at £4/2/-. Bank of New South Wales at £23/17/6 were 2/6 lower. Bank of New Zealand were easier at 44/2, with sales reported at 44/6 and The long term shares were firm at zC/9. Union Bank of Australia were up 1/6 at £6/7/6. Queensland -National Bank were in. demand r at £4 for £5 shares, fully paid. N.Z. Guarantee Corporation were steady, the ordinary at 4/8 and the preference at 20/3. Wellington Trust and Loan were again wanted at £6/2/6. National Insur- , ance were flrm at 12/6. Westport Coal were In good'demand at 23/-, and Kauri Timber were wanted at 8/-. New Zealand Breweries at 28/- were up 3d, but Tooth’s Brewery were slightly lower at 16/11. British Tobacco'«were steady at 23/s For the first time for many months'Dunlop Rubber were in demand, 6/9 being offered for shares £1 each, fully paid. Mount Lyell were steady‘at‘lG/9. Yes.terda/s Quotations Buying and selling quotations at yesterday’s final call on the Wellington Stock Exchange"#rfere .as'.follow:— . ' • Buyers. Sellers.

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

King Solomon Mine By Telegraph—Fiess Association Invercargill, August 27. A message received from Gore to-night states that the mine manager of King Solomon Deep Lead, Ltd., reports that to-day the wash was struck in the main drive south to Redford’s garden. AUCTION SALES . TO-DAY. 39 Jackson St., Petone, 1.45 p.m.—Sale furniture (H. E. Leighton). MONDAY. 43 Victoria St., 12.30 p.m.—Sale cars (E. Johnston and Co.). Hay St., 1.30 p.m.—Sale furniture, etc. (Davis Bros.). TUESDAY. Walpukurau saleyards.—Sale stock (Do l J llchet, McLeod, and Co., Ltd.). Allen St., 10.30 p.m.—Sale poultry, etc. (Townsend and Paul). Devin Sala.

THE MONEY MARKET Bank of England Return MARKET RATE HIGHER London, August 27. The Bank of England return for the week ended August 26 is as follows:— Issue Department. £ £ Notes issued; Govt, debt 11,015,100 In clrcu- Other Govt. lation '350,310,627 securities 207,786,334 In bank- Other secu- „ ■ Ing dept. 58,030,506 rities 2,114,008 Silver coin 4,084,560 *£275,000,000 Gold coin and bullion 133,341,133 £408,341,133 £ 408,341,133 •Amount of fiduciary issue. * Tinnking Department. £ £ Capital 14,553,000 Govt, secuRest 3,679,105 rities 50,175,906 Deposits: Discounts Public 26,323,458. , and ad- . Bankers 53,593,207 vances 9,296,450 Other ac- Other secucounts 48,707,955 rities 28,052,020 Seven day, Notes 58,030,506 etc., bills 1,746 Gold & allver coin 1,303.674 £146,858,561 £146,858,561 Proportion of reserve to liabilities, 46.10 per cent., as compared with 45.80 per cent, on August 19, and 48.00 per cent, on August 27, 1930. The principal items of the above return compare as follow with those of the following week: — August 19. August 26. Deposits: £ £ Public 19,725.523 26,323,458 Bankers 61,755,078 53.593,207 Other accounts . 40,099,213 48,707,955 £121,579,814 £128,024,620 Government " .. .48.880,906 50,1,5,906 Dlscts. and ad- " vances *6,863,320 9,296,455 ' Other securities 28,280,189 28,052,020 •Reserve, 55,741,541 09,334,180 Note circulation . 354,128,534 350,310,627 tCoin and bullion 134,870,075 134,644,807 •Reserve on August 27, 1930, was & tAugust s ' iff. 1930, £155,887,696. 1931, maximum, July 8, £165,810,946; minimum, August 12, £132,854,228. Short Loans and Bills. The Bank of England rate of discount stands at 4} per cent., to which it was Increased from 3} per cent, on July 30. Short loans are quoted at 3} per cent., unchanged on last week. The market rate of discount for best three months’ bills is tq-day 4 9-16 per cent., as compared with 4 3-16 per cent, last week, and 4} per cent, a fortnight ago. 4 , GOVERNMENT SECURITIES . New Zealands Easier London, August 27. Quotations of Government stocks on the London Stock Exchange compare with

■ BANK OF AUSTRALASIA ; f Dividend Reduced The Stock Exchange Association of New, Zealand has been advised by the Bank of Australasia that an interim dividend' of' 5/-, per share, at the rate of 10' per cent? per annum, less income-tax ot. 4/6 In the’ £, for the half-year to April 13, has-been declared by the directors payable on October ’2 to proprietors registered on September 7.. Dividend is again payable in New Zealand at the current rate of exchange for demand drafts on London. The New Zealand list of shareholders will be closed'on September 7 for the purpose of the dividend. For several years the dividend was at the rate of 14 per cent, per annum, free of income-tax. A year ago the interim dividend was 7/- per share, the same rate, but the final dividend was 6/- per share, making the distribution for the year 13 per cent,' free of income-tax.’ The interim dividend now declared is at the rate of 10. per cent. per annum, but is less income-tax of 1/1} per share, which reduces the amount payable to 3/10}' per share in English currency. To this there will be an addition for New Zealand shareholders of 8} per cent, for exchange.' , .

DAIRY BOARD FINANCE . Decrease in Reserve , ■ The income of the New Zealand Dairy Produce Control Board for the year ended July 31 totalled £40,015/1/8, maije up of levy on dairy produce, £39,366/16/3; and interest on investments, £6lB/8/5. The ordinary expenditure, including expenses of branch offices, London office, shipping inspection, etc, was £22,740/10/6. In addition, the sum of £3058/6/9 was paid to the New Zealand Dairy Produce Exporter Newspaper Co., Ltd, for the supplj- of a free paper to all dairy producers; £4206 was spent on sclentilc research, and £14,978/13/1 on advertising. The. increased. cost of the “Exporter” is due to the increased postage rate, which took effect from the March issue. In view of the difficult economic position Of the industry, the board during the year reduced members’ honoraria by 20 per cent, and staff salaries in New Zealand and London by 12} per cent. At the National Dairy Conference held in New Plymouth on June 24-26, 1931, a resolution was carried requesting the board to grant for the coming year a subsidy of £6OOO to assist the herd-testing movement. The board agreed to this request. nnd the amount will be paid at the end of the 1031-32-season. The amounts expended during the past twelve months on activities other tlinn ordinary expenditure are therefore as fol-

For the incoming year the £OOOO to assist herd-testing must be taken into account, which will Involve an increase in the amount of levy for 1032-33 if advertising, research, etc., are to be carried out on the same scale. It Is anticipated that at July 31, 1032, the board’s reserves will be almost completely exhausted. In 1927 the board's lew was reduced to l-32nd of a penny per pound of butter and l-04th of a penny per pound of cheese, but in spite of the correspondingly reduced revenue the board’s advertising policy has been continued. As a result, the accumulated funds have been steadily depleted. In 1925 these funds stood at £46,681/3/-, whereas at July 31, 1931, the amount was £18,349/14/-, The decrease for the twelve months is £6868/5/8.

BUTTER AGAIN WEAK

Some Depressing Factors CHEESE VERY QUIET London, August. 27. The butter market Is quiet. Danish, 1W-.“-Sr ~m>.’ coloured, 61/- to 62/-. ee»U^fXlnr^k^e ?d reD A S ugus 5 t 2 a 7 n :-New a butter,'ll2/per cwt; weak. Australian forward Set 1 ” nX'z aiaAd 5 6O- /- 61/- P®r cwt; coloured,-. 62/- to 63/-. Co.,' Ltd., Wellington' report having received cabled advice from J P and J. Lonsdale and Co. (London , Ltd dated August 27, as follows. —Bolltl cal "affairs adversely affected this week 8 trading all goods, market depressed, lacking confidence, anticipate improvement no Amvard Danish. 120/-; New Zealand, 11-/-> 113/-; Australian, 106/107/-. Cheese, white 61/62/-, coloured’63/65/-. Cabled advice received by Mr.G. A. Ml from A. J. Mills and Co., Ltd., Lonuon, gives the following market prices as rulmg at the close of business on Thursday. But ter: The market is very slow New Zealand finest, 112/114/-; unsalted 112/nt/ ♦ firsts 110/111/-; Danish, 121/I*o/-, Australian 100/108/-. Continental market heavily. Cheese: The market is slow. New Zealand, white 62/63/-, colour Page and Son, London, report to Dalgety and Co., Ltd., under date of August 27: —Butter: Market weak, ish: 122/ to 124/- (W- to 136/-); New Zealand finest salted, 112/- to 114/- (114/- to 116/-); Australian finest unsalted, 108 /’ t 0 no/- (110/- to 112/-); finest salted, 107/to 109/- (HO/- to 112/-); g.a.q.,_ 104/- to ina/- (106/- to 108/-). Cheese. Market Slow. Australian white, 60/- to 61/- (61/to 62/-); coloured, 62/- to 63/- <«-/- /O 63/-); New Zealand white, 6-/- to e -J/" < c -'’ to 63/-); coloured, 64/- to 65/- (64/- t° 65/-) • spot price for Canadian white, 6-/-tn 63/- (62/- to 64/-); spot price for Canad&coloured, W- to c.i.f, price for Canadian, 60/- to 01/- (6-/- o 63/-’). Top prices quoted are exceptional. Last week’s quotations shown in parenfrom London oh July 20, Samuel Page and Son remark that as an indication of the relative export of Danish to Germany, it may be noted that for the week ending July 3 the quantity shipped to that country was more than one-fifth of the export to Great Britain, and hitherto it has been the outlet for the great bulk of Baltic butter. If, however, its financial troubles are materially relieved and business returns to a more normal basis, then the importation by Germany would soon revert/to its usual proportions, and the position here would right itself quickly as far as that particular factor is concerned. Meantime it is impossible to forecast tire near future as some of the important conditions are so uncertain. . , The recent publicity campaign against Russian butter decreased the selling value and a considerable number of buyers ostracised this description, but the net cifecv on the market is not very great as the quantity is comparatively small. It only represents about one-seventh of the tonnage, as compared with Danish, the chief competitor of New Zealand and Australian. It is possible to give further remarkable figures regarding the tremendous capacity the United Kingdom possesses for absorbing supplies. Tims, for the period July. 1930, to June 1931, the total importation was 7,200,000 cwt, representing £44,487,385, an increase of 700,000 cwt (but a decrease of £5,900,000) over the preceding twelve months. Figures relating to New Zealand, Australia, and Danish are very intercstiug:~ ' ' 1930-1931 1929-1930. , Cwt. Cwt. Now-Zealand .... 1.749.810 1.309.920 ' £10,416,544 -£10,070.153 ”, ' ' Cwt., Cwt. Australia 1.247.147 ' " 823,160 £6,837572. ..£5,027,723 ■? : t ... cwt.. : c.wt. ■Danish 2.362.084. - 2,233,4.94 "£16,147,016 £18,609.412 'Lower values 1 are'a natural corollary of ■ increased supplies,'■bW it-.is certafn-that had’ it not been for such a long period of wcrld- ■ wide., trade. ■ depression the,>l93o-41 value would have been much'higher.

BRADFORD TOPS MARKET ’ Steadier at Lower Prices 1 London, August 27, The Bradford tops market reports moi-e inquiry, but not much business is passing. The market is steadier. To-day’s quotations compare as follow with those previously cabled:—-, >. . , ■

. SHEEPSKINS, HIDES, ETC. Wellington Sale Prices ’ The fortnightly sale of sheepskins, hides, etc., was held yesterday by the combined Wellington brokers. The market was disappointing and an all round decline was recorded. Sound-pelted skins were id to Id easier, and faulty and damaged up "to Id lower than last sale. Cow hides -were in good demand at l-8d decline, as were light ox. Medium ami heavy ox showed a drop of 3d. Yearling and kip were also easier, heavyweights only making.equal to last sale’s level, with medium and lightweights up to 3d lower, Calfskins .were also, somewhat easier in price. '. i The foildiving is the- official range of prices:— . ■ ' ■ • ‘ , ■Dry •sheepskins:- Halfbred, 31d t0.4,d; fine crossbred. 2Jd to 4d; medium crossbred, 2}d to 2}d: coarse crossbred, 3}d to SJd; half-wools, IJd to 3Jd; .quarter-wools, ■ld to l*d; pelts, 4d to 2d. Salted" skins: Pelts. fid: quarter-wools. 1/4; half-wools, 1/3 to 1/6: three-quarter wools. 1/6 to 1/10: full wools. 1/10 to 2/4; extra large. 2/6: lambs. 1/- to,l/6. Hides: Ox, 331 b to 411 b, 3d to 3»d; ox,. 451 b to 521 b, 3d to 3Jd: ox, 531 b to 591 b,, 3 5-8 d to 4 7-8; ox, 601 b to 691 b, 3td to 5 3-8 d: ox. 701 b and over, 3 5-Sd to 4 7-8 d: cow,'33lb to 391 b. 2,' ( d to 3Jd: now, 401 b to 48Jb. 2 5-Bd. to -3Jd: cow, 491 b and over, 25-8 d to 3Jd; kip, 251 b to 3211>. 2Jd to 3-Jd; kip, 171 b to 241 b, 2d to 3 l-8d; yearling. 111 b to 161 b, 2d to 3d; calf. 91b to 101 b, 3d: calf. 61b to Sib, 4d; calf, lib to 51b, 4d. Tallow: In casks, 13/6; in tins, etc., 7/- to 12/-. Sundries: Cow tails, 12}d. Overseas Wheat Markets (Rec. August 2S, 5.5 p.m.) London, August 27. to-day were firmer and threepence dearer. .Parcels were mostly threepence-advance. Futures: London. Sobtember, 17/- per quarter; December. 17/10; February,.. 18/7 •; Liverpool, October. 3/10 1-8 per cental; December. 4/0}; March, 4/3 1-8; May, 4/s}. The spot trade Is slow Australian, ex ship, 20/- to 22/6. Flour,—The market is quiet: Australian, ex store, 16/3 to 16/9 per sack. Oats are tending firmer, and peas and beans are slow and unchanged. \ Kempthorne, Prosser & Co. By Telegraph—Press Association Dunedin, August 28. At a meeting of the board of directors of Kempthorne Prosser New Zealand Drug. Co. this afternoon an interim dividend of 3J per cent, was declared for the halfyear ended July 31. Timaru Brewery Call The directors of Timaru Brewery Company have decided to make a call of 2/6 per share upon holders of contributing issue, which will make them paid up to 7/6. Par value is 10/-. The call is due on October 5.

LIVE STOCK MARKET

; Feilding Sale Prices v 1' FAT SHEEP- EASIER Dominion Special Service. Feilding, August 28. : With a heavy yarding of fat sheep of good duality," prices again showed a slight drop at the stock sale to-day. In the last few sales prices have been falling and are now down probably 3/- to 4/- a head below those of a month ago. The best prices for fat wethers to-day were 18/7 to 19/3 for very prime heavyweights; good quality made 17/- to 17/7; medium from 15/5. to 16/8; fair from 13/-. Fat twotooths sold at 15/2 and 16/- for good qualitv. Fat ewes: Prlmest heavies, 16/7 to 17/4; good, 15/2 to 16/-; very fair, 14/1 to 14/6; poorer lines, 13/6 to 13/10. Fat hoggets: Best'offered 12/- to 12/9; good, 11/4 to 11/6; lighter, from 9/4; one pen classified as lambs sold at 17/1. Store sheep: Four six-tooths to fouryear ewes, r.w. Southdown rams. 11/11: two-tooth wethers, 10/6 to 11/10; ewes and lambs, 10/9; wether hoggets, 6/9 to 9/1; ewe hoggets, good, 10/5 to 12/-; others from 6/1: fat forwaj.fi ewes, p/-; ditto hoggets. 8/10; black face lambs, 8/5. Fat P.A. bollocks, £5/4/-: fat Hereford cows,’ good condition, £6/10/- to £7/8/-; heavy Jersey fat cows. £5/16/-; lighter, from £3/5/-; poor, £2/8/6; fat heifers, good. £5 to £5/10/-; lighter, from £2 17/6. „ , Store cattle: P.A. cows and ealves, £3 12/-; P.A. heifers, £3; store cows, from 5/- to 30/-; yearling heifers, 22/- to £2 10/-: empty heifers, 24/- to £2/5/-; bulls to £2/o/-7 . A large yarding of dairy stock comprised mostly heifers running with bull. Best quality made £7 to £7/7/6; good, £6 to £6/10/-; fair, £5 to £5/5/-; others, from £3 upward; heifers, calved, sold at £3/12/6 to £5. Mai’tinboi'ough Sale ■V' ; _____. > ' Associated Live Stock Auctioneers. Ltd., at Martinborough, on Wednesday offered a fair yarding of sheep, and a big yarding of dairy cattle. The sheep entry comprised fat wethers and these made 18/-. Dairy eattle met with a dull sale, but there was nothing particularly choice offered. Springing heifers close to profit met with a fair demand, but lute calvers were hard to quit. Dairy cows were at moderate prices. • Practically a total clearance was made as under:—l and 6-tooth fat wethers, 18/-; 2tooth fat wethers, 18/-; springing heifers, £4/10/- to £5/10/-; backward heifers, £3 to £4; empty heifers, 38/6; dairy cows on drop, £4 to £5/2/6; late calvers, £3 to £4; cull cows, 15/-.

BASE METALS MARKET Sharp Rise in Tin (Rec. August 28, 7JIO p.m.) London, August 27. Metal Exchange quotations are as follow. those previously cabled being given for the purpose of comparison:—

' ■. - h-. ■> '.-?•• : DAIRYING PRODUCTION Value, of Fertilisers From the beginning of March to the end of July the production of butter increased considerably ‘by,Treason of. the ifact that nearly all'cheese factories changed over to’ the manufacture of. butter, says the t anuual 'report of. the ’’Dairy Board. .Using, the North Taranaki district as an’illustration, it is found that the season opened with thirty-two dairy companies making cheese (20 standardised and 12 full cream) and 15 making butter. Before the end of May 32 were making butter and 10 cheese, the balance having closed down. Increases in production, on the basis ot .total butter-fat exported, have been:— ■ .«■" Per.cent, 1924-25 Increase over 1923-24 by . • 6.8 ,; 1925,26’ dec. below 1924-25 ‘ '5.6 1926- increased over 1925-26 ~ .... ,10.47 . 1927- ■ . ~ ’ „ 1926-27 „ . 2.59 1928- ~ „ .'1927-28-., 10188 1929- ’ • ~ „ 1928-29 „ 10.4 ' 1930- „ ~ 1929-30 a 2.502 ’ Taking; butter and cheese’separately, thefiguresjare as follow:—' j -Butter. ■■■ : : • Cheese. Percent. ■■-'.' . Percent? 1924- increase, 13.6 ' Decrease ■.. 5.2 . 1925- decrease 10.9 Increase .., '5.9 1926- increase 14.6 Increase .. 2.9 1927.28 increase 4.2 Decrease ‘ .73 ' 1928- increase 9.27 Increase .. 14.32 1929- increase 16.76 Increase ;.. .74 1930- Increase 1.769 Increase '.. 2.265 The relative positions of butter and, cheese were affected during the last two seasons by the manufacture of standardised cheese, the production of butter being thus materially Increased and cheese quantities somewhat reduced. The trend of production in New Zealand, as in practically all dairy manufacturing countries, is toward increasing the manufacture of butter rather than cheese. While during the 1930-31 season weather conditions were not such as to greatly increase production, it is safe to say that the decreased use of fertilisers, due to decreased purchasing power on the part of thq producer, has further retarded production. The quantities ot topTdreshing manures supplied during the last five years from January I.to April 30, which is the period of the year, when practically all the manures are delivered to dairy farmers, are as follow (in round figures) :—-I.'T-■ : .' . Tons. January 1 to April 30, 1927 87,000 ■’ „ 1928 116,000 •’;•■' '■ ... '■ ’.. 1929 146.000 ' .'. 1930 128,000 , .. .. 1931 89,000 A great deal of thought has been applied by the Government and. various farmers’ organisations toward the encouragement of top-dressing—in other words, toward the making available of loans or credit to enable producers to purchase manures in these times of economic stress. Through the Rural Credit Associations certain concessions have been made and the principal merchants who are responsible for the supply of fertilisers have, it is believed, given all the assistance possible. - ■

SHIPPING FREIGHTS Dairy Board’s Savings 1 Referring in Its annual -report to shipping freights, the Dairy Board says the present contract has another' two years to run. This contract provides that freight is to be paid in the Dominion unless mutually agreed at-destination. Under the exchange rates ruling at the present time this is of Inestimable benefit to the dairy Industry. As illustrating this point, take the position In Australia, where the rate of freight on butter is 4/- 'a' box, 1 and Cheese 7-8 d per pound. But 'in addition to this, they have to pay the full rate of exchange. which, at nresent is 30 per cent., with the exception” of 71 per cent which the shipping companies pay. Against this there"is a deduction of 2} per cent, if over 40.000 tons of dairy produce are shipped. Allowing for this deduction, it leaves the net rate of freight on dairy produce from Australia to Great Britain at 4/9.33 per box on butter and 1.045 d per pound on cheese, against New Zealand’s rate of 3/4.8 per box of butter and ,7437 d (slightly less than 3d) per pound of cheese. Taking the 1929-30 exports to ports to which the board’s shipping contract is applicable, namely. 3.-147.228 boxes of butter and 1.198.151 crates of cheese, the board paid in freight at.contract rates £1,187,537. If the Australian rates had been applicable the board would have had to pay £1,668,664 —an increase of £481,127. To arrange shipping so that an exact

quantity shall reach the British market each month is practically Impossible. In spite of all that the board and shipping companies can do, a steamer expected to arrive, say, in June, will drift into July owing to delays due very largely to the multiplicity of loading ports in New Zealand and the possibility of weather conditions further delaying loading. Nevertheless, the board’s work has certainly materially improved the position, and greater quantities are arriving during the lean' months. In addition to the delays mentioned above, there is the variation in the season. For instance, at the end of February. the production .of cheese had increased over the previous season by more than 6000 tons, but by the end of July the increase for the whole season was little more'than 2000 tons. Then there are the West of England shipments. The practice has been to take njj the produce which was offering for these ports so as to ericourage a wider distribution. When the quantities for the West of England increase, as they did for the season under review by 178,932 boxes of butter and 48.550 crates of cheese, it interferes somewhat with the regularised arrivals of fixed monthly quantities. Contracts Tor the landing and storage of dairj- produce in London have recently been under review and a reduction of 2/a ton has been secured on butter, representing an annual saving to New Zealand of approximately £9OOO. and- a rearrangement of the cheese storage represents a reduction of approximately £2OOO to the Industry per annum.

Sale of Stud Red Polls A consignment sale of stud Red Polls Is to be held at Feildlng on September .16, when male and female stock from the leading studs will be offered. This breed is well suited to the requirements of various types of farming, and has now many adherents throughout th# Dominion.

N.Z. GO VT. LOANS— £ s d £ a d •1} p.c. Insc. Stk., 1938 — 90 7 6 5J p.c. ditto, 1933 ... 98 15 0 5} p.c. =, ditto,-1932 '-. .; . ... —— 9915 0 51 p.c. Insc. Stt. and Bonds, 1933 98 0 0 6i p.c. ditto. 1937 ... — 98 0 0 44 p.c. Bonds. 1938 ... — 97 0 0 DEBENTURES— L Wellington Gas Co. . 99 10 0 Wgton. Amalg. Brick —— 75 0 0 Nelson City, 64 p.c., 1932 — 101 0 0 Lower Hutt Boro., 6 p.c., 1944 101 10 0 Rangltikel County, 6 p.c. 1943 - - 101 10 0 Wellington City, 5} p.c., 1951 99 0 0 Otago Harbour Bd., p.c., 1938 —- 7102 5 0 Opunake Harb. Bd., 0 p.c.. 1933 ■ ■ . 98 10 0 BANKS— 3 10 0 —■ •8 5 0 Aust, of Commerce .. — 0 13 0 Comm. Aust., ord. .. 0 13 o Comm. Bank. Co. (Sydney) 12 5* 0 —- English. Scot. & Aust. 3 11 0 —— 1 National N.Z. ... 3 12 6 National T/asla. (£10) —— ,9 17 6 Ditto (£5) :: 4 2 *0 ‘.'412 0 New South Wales .. i 23 17 6 New Zealand 2 4 2 2 5 0 Ditto, long term .... , 1 6 9 — Union of Australia, .. 6 7 6 — Queensland National •• 4 0 0 — FINANCIAL— Goldsbrough. Mort . 0 IS 9 0 19 ‘4 Abraham and Williams, ord 3 15 0 Ditto, pref. ......... • 3 17 0 N.Z. Guar. Corpn. ord. 0 4 8 0 5 0 Ditto. pref. -- 1 0 3 N.Z.- Invest., Mtg. and • ■ - - 0 10 3 N.Z. Loan & Merc., ord. ,— 40 0. 0 1 Weil. Trust and Loan 0 2 6 6 15 0 GAS— Auckland, contr. ..... —— 0 17 6 INSURANCE— ;-, v.. • ■ • 0 12 6 0 12 9 "MBAT PRESERVING — N.Z. Refrig. (10/-),.. 0 4 0 TRANSPORT— Huddart. Parker, ord. — ♦110 Ditto, pref •0 17 .9 P. and O. stock ..... — 1 7 0 COAL— ■ Westport ........... 1 3 0 —— TIMBER— .0 8 0 0'9 0 Leyland-O'Brien ..... 12 0 National .. —— 0 7 0 Tarlngamutu Totara . — 0 5.0 BREWERIES— New Zealand 1 8 0 19 3 0 1G 11 0 17 4 116 MIS C ELLANEOUS— r , C. M. Banks, ord. and ■ _— 0 10 0 British Tobacco, ord. 1 3 0 1 3 10 Burns, Philp and Co. — 1 10 0 Colonial Sugar ...... •—. 35 0 0 Consol*. Brick & Pipa, — 0 9 0 Dental and Medical 0 .5 9 Dunlop Rubber 0 6. 9 m?0t *:7 6 Electroi Zinc. pref. . — ’ ; 0 15 9 Howard Smith, ord; . — 0 7 0 National* Electric ... —— < . 0:10 ' 6 N Z Drug ...... > ., ,2 JL11 Wilson's “Cement .... — - 1 17 o Oil—■ t — 0 10 MINING— Mount Lyell 0 10 9 0 17 4 0 3 6 »Cum. dividend.. tEx dividend. and principal payable in

terday:— ' WELLINGTON. N.Z. Govt. Stock, 4$. p.c., 1930 . Bank of New Zealand / S s d 90 0 0 2 4 « 2 4 3 AUCKLAND. s d Auckland Harb. Bd.. 5J p.c.. 1011 98 0 0 City Auckland. 5| p.c.. 1957 98 0 0 Bank of New Zealand (2) ... — 3‘ 9 Ditto South British Insurance ... 2 4. 10 0 6 Dominion Investment Bank 0 18 0 N.Z. Refrigerating, eon. ... 0 3 8 King Solomon 0 Hi Ditto 0 0 Walhi (2) 0 15 6 Waihi Grand Junction 0 ' o f) Golden Point, 1/- paid .... • K*. • 0 1 3 Cornish Point 0 0 ciruisTcnriicii. ‘ B 8 d Commercial Bank of Aust. (2) .0 13 u Bank of New Zealand 4 Union Bunk of Australia (2 .. (2) <5 it g N.Z. Refrigerat.’. .10/- paid 0 3 8 New Zealand Breweries ... 1 8 6 Mount Lyell 0 17 0 King Solpmon (3) 0 3 0 Mnbakipawa 0 0 8 Golden I J oint, 1/- paid (8) . 0 1 3 Rawang Tin 0 4 G , . DUNEDIN. d Govt, bonds, 51 p.c., 1937 ... fis 0 0 N.Z. Breweries '1 8 G Okarito (2) 0 9 6

those of a week ago as follow:« Price. Variation., £ s d £ s d Consols, 2J p.c 58 3 9 0 13 Of Fund, Loan, 4, 1060-00 0— XU G o 12 fit War 'Loan, 5, 1029-47 100 10 0 0 5 0* Conyers. Loan. 3J p.c. 70 oOx same Victory Bonds, 4 p.c. 92 17 Gx 1 7.0*. C’wealth, 5, 1915-75 ... 72 2 0 ’0 .7 -Gt C’wealth, 6, 1931-41 . 82 w. 0 0 5 .ot. Victoria, 3, 1929-49 . 50 0 0 4 o of Victoria, 3i. 1929-49 . 49 0 0 0 0* Victoria, Si. 11)30-10 . 77 0 0 same Victoria, 5, .11)32-42 . 06 10 0 10.0». Victoria, 4i, 1940-60 . 68 0 0 4 i same N.S.W., 4, 1933 66 0 0 3 0 O’. N.S.W., 3, 1935 01 10 .0 J, 5 Ot N.S.W.. 3J, 1930-50 . 51 0 0 4 o or N.S.W., 5i, 1922-32 . 79 ;» 0 0 5 Ot N.S.W., 6*. 1930-40 .. 78 10 0 1 5. Ot N.S.WL. 0, 1930-40 ... 75 0 0 3 0 O’ Q’land, 5, 1940-60 ... 66 10 0 0 15 O’ Q’land, 3, 1922-47 .... 48 0 0 0 10 O’ Q’land. 6, 1930-40 ... N.Z., 4J, 1948-58 89 15 0 0 10 , 0” N.Z., 34, 1940 ' 84 o 0 0 15 O’ N.Z., 3, 1945 75 10 0 0 2 6* N.Z., 6, 1936-51 101 10 0 0 12 6* S. Aust.. 3|, 1939 .. 56 15 0 1 15 Ot S. Aus., 3,1916 or after 39 0 0 8 0 O’ S. Aust., 6J, 1930-40 SO 0 0 4 0 Ot Tasm., 3}, 1920-40 .. 59 10 0 1 10 Of Tasm., 3, 1920-40 ... 55 0 0 same Tasm, 6*, 1930-40 ... 85 0 0 4 0 O’ W. Aust., 3J, ’ 1920-35 74 10 0 same W. Aust.,'3, 1915-35 . 60 0 0 1 10 O’ yr. Aust./6/ 1930-40 . 83 0 0 same t Higher. ’Lower, x Ex Interest.

low:— £ s. d 1 Advertising . 14,978 13 * 1 4.206 0 0 Earthquake relief .. .. 1.000 0 0 . .“Exporter” 3,958 6 0

July 23. July 30. Aug. 13. Aug. 27. Per lb. Per lb? Per lb. I’er lb. Seventies .... 24 24 i ’ 25 Sixty-fours 22* ■ 23 22J A-A. Sixties .... 201 i 204 •• 21 ‘ '20 Fifty-sixes ... 141 ' 141 151 lol Fifties .... 121 . 121 "■ 121 121 Fortyrsixes .. 10 io 101 10 Forties .... 10 10 10 01

Aug. 24. Per ton.. .Aug. 27. Per ton. Copper— £ H d £ s d Standard, apot ... 32 13 1+ ■ 32 14 4J Standard, forward 33 10 7+ 32 11 10i Electrolytic ' 35 10 0 35 10 0 to 36 10 0 36 10 0 Wire bars 36 10 .0 36 10 0 Lead— Spot 11 18 9 12 5 0 Forward ........ 11 18 9 12 0 0 Spelter— Spot 11 8 9 12 1 3 Forward Tin— 12 1 12 7 6 Spot 114 11 3 121 1 3 Forward 117 1 3 123 11 3 Silver-' 1 ■ ' Standard,<per o«. Fine,-..per os!. 12 15-16d 13d 13d 14d