’FINANCE and COMMERCE

Dominion, Volume 24, Issue 288, 1 September 1931, Page 12

’FINANCE and COMMERCE

i STOCKS AND SHARES Wellington Exchange ! MARKET VERY DULL ’ Extrema. dnUnosa characterised the Wellington market yesterday, the demand joins very limited. The list at the final call covered only. 10 buying Quotations, of (which bank aharaa accounted tor six. ' There was a poor demand for ® OTe J"" iinent securities, and none (local body debentures. The best bid for the 44 per cent. Stocks and .Bonds, 103 S, ibentures were steady at ««»: *nd New Zealand Breweries bonds at 21/0. , i Bank shares were easier. Commercial 'hunk’of Sydney at £l2/2/0. and English, 'Scottish and Australian Bank at. 70/ were idown 1/-. National Bank of New Zealand .Were steady at 05/-. , Bank of New South Wales were, unchanged at £23/10/-. Bank l o f New Zealand at 43/3 were Od lower. (Union Bank of Australia were steady at £O/7/0. There was no demand for Bank of Australasia, but sellers quoted £B/s'Mort and Co. were down a penny at 18/10. Wellington Gas were wanteFat’2o/-; but there were no sellers. Westport Coal were firm at 23/-. New Zealand Breweries at 23/- w6 J e „,‘l oW m h ®lp Brltlsh-Tobacco were steady at 23/-. There was a’little demand for mining shares Mount-Lyell were a shade higher at 16/10. King- Solomon were weaker at 2/3, and Golden Point were also weaker at 1/-. Yesterday’s Quotations ■’ Buying and selling quotations at yesterday's final call on the Wellington Stock

Golden. Point ........ 0 10 London. j DEALINGS ON ’CHANGE ! Sales in the Dominion The following sales were recorded on the stock exchanges of the Dominion yesterday : — WELLINGTON. £ s d N.Z. Govt. Stock, p.c., 1932 90 5 0 South British Insurance 2 10 3* •Late sale Saturday. AUCKLAND.

CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington yesterday totalled £51)45. X ' ' . ' . AUCTION SALES TO-DAY. Walpukurau saleyards.—Sale stbek (De Pelichet, McLeod, and Co., Ltd.). Allen St., 10.30 a.m.—Sale poultry, etc. (Townsend and Paul). Lavin Sale. 8 Wllleston St., 10.30 a.m.—Sale wallpapers (IE. Johnston and Co.). 8 Wllleston St., 1.30 p.m.—Sale flreproot sale (E. Johnston and Co.). • 57-50 Lower Cuba St., 1.30 p.m—Sale furniture, etc. (Davis Brest) 91 Dixon St., 1.30 p.m.—Sale furniture, etc. (C. W. Price). Woolworth’s Bides. (1.30 p.m.)—Sale furniture, etc. (Silverstone & Co.) 8 Wllleston St.—Sale carpets (E. Johnston & Co.) TO-MORROW. 27 Panama St., 2.30 p.m.—Sale land, account Supreme Court, 40 Todman St, Brooklyn (Gordon Harcourt). 2(7 Panama St, 2.30 p.m.—Sale account Supreme Court, property 4 Tonks Grove (Gordon Harcourt). 159 Featherston St., 2.30 p.m.—Sale land, Account Supreme Court, 7 Essex St. (Finch, Webster, & O.vwln). 27 Panama St., 2.30 p.m.—Sale land and property 9 Harper St. (Gordon Harcourt). 27 Panama St., 2.30 p.m.—Sale land and property 45 Bridge St., Kllblmle (Gordon Harcourt). Johnsonville fat stock sale (W.S. & Co., Ltd., A. and W. Ltd.) Columbia Rd. Yards.—Unreserved Clearing Sale of Dairy Herd, a/c H. H Gorrlnge (N.Z. Farmers' Co-op. Distributing Co., Ltd.) ® Conetable St., Newtown, 10.30 a.m. — Sale furniture, etc. (C. W. Price). THURSDAY. 105 Customhouse Quay. 2.30 p.m,—Sale property 38 Friend St.. Karorl (S. G Nathan & Cod Main Hutt Rd., Lower Hutt. 1.30 p.m — Sale motor cars, etc. (B. Johnston & Co.) Widkanao Sala.

, DAIRY PRODUCE Nothing Doing in Butter CHEESE VERY QUIET Joseph Nathan and Co., Ltd., have .received the following market report from Trengrouse and Nathan, Ltd.. London, dated August 20:—New Zealand butter, 112/wr cwt. Nothing doing. New Zealand cheese, white 60/- to 01/- per cwt; coloured, 02/- to 63/- per cwt. Market very quiet. Writlnsr from London on July 22, the Anglo-Continental Produce Co., Ltd., state that "during the past fortnight the butter markets of Europe have been somewhat unsettled, although prices on the whole have remained remarkably steady. Holland is exporting very little, having very, big home consumption owing to the low prices ruling. Holland is also taking small quantities of Australian from this market and fair quantities of Siberian from the German market. ’ . ® “Siberian butter, owing to the boycott, is beginning to accumulate, and with this week’s arrival the stocks will be 160,000 casks. Providing there is sufficient butter from other countries, it is difficult to say what will happen to all this Siberian butter. It may eventually have to be shipped back. The Germans are buying very little Siberian butter, and, owing to the’jflnanclal difficulties in Germany, the Russians are taking some butter from Hamburg and dumping it in London, where they can get the money. "The consumption of butter is exceedingly good, and has never been bigger at this time of the year, the reason being low prices and good quality butter from all countries. Had it not been for the European trouble the market to-day would have been about 10/- above present prices.” Milk Grading At the meeting of the Dairy Board last week Dr. Reakes and Mr. Singleton attended to consult with the board upon the prospect of instituting milk grading in the coming season. Tlje chairman said he desired to Impress upon the officials the urgent need for this innovation, with a view to the Minister being impressed and acting forthwith. Dr. Reakea said that the result of the circular issued to cheese factories seeking their views on this matter was that under the terms of the ballot it could be claimed that 165 companies, representing 8340 suppliers, with an output of 50.353 tons of cheese, were in favour of the proposal. Eighty-five companies, representing 4890 suppliers making 40,523 tons, were against the Innovation. At the National Dairy Conference in New Plymouth, a resolution in favour of milk grading was carried by only four votes. For these reasons action had been deferred. ~ The chairman said the board’s view was that this matter was urgent in the interests of the industry. More than half the industry was in favour of it, and the board was convinced that It was desirable. The chairman moved that the board ask Dr. Reakes and Mr. Singleton to have milk grading instituted this year if at all possible. Mr. Fulton seconded the resolution and spoke strongly in favour of it. After discussion the resolution was carried unanimously. WILTON COLLIERIES, LTDIssue of Debentures The issue of £23,825 of 10 per cent, debentures, the balance of an issue of £30,000, is announced by Wilton Collieries, Limited. The proceeds are to be used to complete the purchase of the Waipa Company’s railway and to pay oft other liabilities on capital account. The company has an authorised capital of £lOO,OOO and an issued capital of £95,000. It is claimed that the tangible assets are not less than £113,000. The debenture conditions provide that a sum of not less than £lOOO a year is to be paid to the trustees, the Guardian Trust and Executors Company of New Zealand, Limited, on and after July 1? 1033, In reduction of the principal secured by the debentures. Subscribers are to have the option of paying on application and allotment or of spreading the payments after allotment. Wilton Collieries, Limited, was incorporated in April, 1929, and the mine was producing and coal was being sold in November, 1930. The company has a market for its coal in Auckland and expects to open further markets in Taranaki, Wellington, Marlborough, and Nelson, using the Waipa and Waikato rivers to carry barges to coal ships at Port Waikato. GENERAL MOTORS—HOLDEN’S 1 Preference Dividend Passed At the monthly meeting of directors of General Motors-Holden’s Ltd., held a few days ago, the company’s trading results to June 30 last were examined, and the question of the preference dividends due on September 7 was discussed. In view of the company having fiied an application for registration on the Melbourne- Stock Exchange, the directors will recommend to shareholders at the meeting to be held on November 2 that the preference dividend be not pai;]. LIVE STOCK MARKET I Addington Prices Compared The following tables afford a com-parison between prices realised at last ■week’s sale at Adding-ton and those of a year ago:—Store Sheep.

MOTUROA OIL FIELDS Last Week’s Production The following repoyt has been received by the secretary (Mr. F. H. Bass) from Moturoa Oil Fields for the week ended August 29:—No. 2 well: During the week three days were occupied in tubing the well, and fixing control of flow arrangements, after which the well flowed 180 barrels of oil into the storage tanks. The indications are that production will Increase. Since the above information was received a further message states that after being closed down for the week-end, the well flowed an additional 100 barrels through the 2-lueh tubing thia morning (Monday).

WOOL PRICES DOWN Sydney Sales Opened JAPAN COMPETES STRONGLY (Rec. August 31, 9 p.m.) ' Sydney, August 31. The wool sales opened to-day with strong competition from Yorkshire, Japan, and Italy, but with limited .support from Germany, France, and Belgium. The market for best fleece lines, suitable for spinners, was 5 to 71 per cent, below June rates; while average to good wools and best skirtings were 7}.to 10 per cent. d °lnferlor wool was difficult to sell. The offerings totalled 10,690 bales, of which 8389 were sold at auction; also 1871 bales privately. Greasy merino made up to Hid.

Dealing with the prospects of the next wool season, Mr. P. A. K. Ewart, writing in the "Official Record” of the Melbourne Stock Exchange, states that the expected returns are no more promising than were those of last season. The average price of wool in the 1930-31 season fell from the tow figure of 10.29 d a lb in the 1929-30 season to 8.30 d, and the value of the clip declined by £4,600,000. In addition, the wool market last season had the advantage of high exchange rates, which eventually rose to 30 per cent. This made the comparison with 1929-30 even more unfavourable. “Ingenious theoretical calculations of the effect of the exchange rate on last season’s prices have been made,” says Mr. Ewart, “but what appears to have actually happened is that wool values rose by approximately the full amount of the exchange rate. The exchange rate of 30 per cent., an increase of 24 per cent, on the previous 6 per cent., operated from January this year. Values per lb greasy for/the following months were: —January, 7.73 d; February, 0.04 d; March, 10.64 d; April, 10.19 d; May, 0.50 d; June, 7.42 d. Excluding June sales, which always include poor wool and odd lots, the average price for the four months' February to May was, roughly, 9.7 d. This represents a rise for the four months of about 26 per cent, on the average for January, or, say, 2 per cent, more than the rise in the exchange rate, and as during this period there was no strong reason to believe that the market was affected seriously by any outside influences, it would appear as practical proof that wool values rose t 6 the full extent of the exchange.” > After adjusting the effect of the high exchange' rate, Mr. Ewart states that the actual fall In the 1930-31 season was from 10.29 d to 6.36 d. For the coming season, he adds, forecasts have been made which are "variously optimistic and pessimistic.” As a fact, the data are not sufficiently definite to give a forecast with any degree of accuracy. While wool values of the future are uncertain, however, two bright spots, so far as Australia is concerned, are that the carry-over from last season is small, and that the indications are that Australia is going to have an increased quantity of wool for sale. It is hoped, therefore, that any fall in values will be compensated for by larger sales. From Mr. Ewart’s review It will be seen that the whole position could bo materially affected by an alteration in the exchange rate. OUTLOOK AT HOME Yorkshire Marking Time . London, August 30. Mr. W. P. Devereux, representative of the Australian Wool Growers’ Association in London, reports a noticeable feeling of satisfaction in all wool consuming centres that the financial crisis of Great Britain has terminated, and there is a general hope for the return of confidence; but in Yorkshire (here is a tendency to await developments, both as regards the measures that the new Government may take and tne turn of events in the raw wool markets. On the whole, however, a distinctly optimistic market tone is reported, and there is more inquiry for Merino tops, otherwise there is no change in the top market, and hqrdly sufficient business is passing to effectively test prices. A little is doing in crossbred tops, but here again values are unchanged. There is a steadier market for Merino yarns, but with little business passing, and crossbred yarns are neglected. In France the recent financial troubles in the wool trade have resulted in topmakers working extra shifts in order to overtake time lost during the strike of operatives at Turlolng and Roubaix, but transactions in tops are limited. TALLOW AND HEMP London Markets Quiet The Department of Agriculture has received the following cablegram, dated August 29, from the High Commissioner for New Zealand, London:— Tallow.—Market continues quiet on spot, with; mo material change in values. Not much interest shown for shipment. Hemp.—Manila market quiet ibut steady, and market has advanced 10/- to 15/- per ton. “K” grade for August : Octo'ber shipment value £l5/10/-. Sisal: Market quiet and prices have declined. No. 1 good marks for August-October shipment quoted £l2/10/-. Fair average quality £l2/5/value. Mexican unchanged. New Zealand: Market still neglected, and quotations nominally unchanged. No first-hand sales reported. N.Z. FRUIT IN LONDON i ' Cool Stores Cleared The Department of Agriculture has received the following cablegram, dated August 29, from the High Commissioner tor New Zealand, London: — Fruit.—Cool stores now clear of New Zealand fruit. Market dull but steady, and prices have slightly declined. The season for New Zealand fruit has been remarkable more for steadiness of prices than for high values. Had the consignment ex tbe last two steamers not been placed in store, prices would probably have slumped and difficulty would have been experienced in quitting. BALANCE OF PAYMENTS Australia’s Position The actlng-Commonwealth statistician (Professor Giblin) has issued a circular dealing with the balance of payments of the last financial year. He has made allowance for depreciation in Australian currency by expressing all figures in British sterling. The net surplus of exports of goods and gold in 1930-31 amounted to £28,300,000, but against this credit balance wore set payments of interest abroad, £29,100,000, and a debit balance of other Government payments, £1,500,000 or £30,600,000, which converted the balance to a debit of £2,300,000, compared with a debit of £38,400,000 last year. Professor Giblin reports, in connection with the “capital movement, ’’ fl debit of £2,600,000 on the balance of long-term loans that is, the amount by which the repayment of money borrowed abroad exceeded the new money borrowed on long terms in the year. Short-term loans, however, exceeded repayment of such loans by £28,100,000. and such borrowing was taken into the accounts as a credit. The net result of the trade and debt operations for the vear was on paper a balance of £23 200,000, for which the statistician has not ’ accounted. This balance, Professor Giblin points out, approximately agreed with tbe amount by which overdrafts on account of Australia in London were reduced in the year. Overdrafts in London amounted to £29,100,000 on June 30, 1900, and £5.000,000 on June 30, 1931, a decrease of £24,100,000. (On a similar basis the previous year, 1929-30, produced an unaccountable balance of payments amounting to £38,400,000, and In 1928-29 the balance wan £3-1,900,000. New Auckland Company The following private company was registered in Auckland on Thursday:— South Auckland Machinery Company. Ltd., machinery dealers nt Hamilton. Capital, £2500 in £1 shares. Subscribers: J. McLean, 650 shares: L. A. Mallitti and D. McK. Bldlake, 500 shares each: A. J. Lowden, I. D. .Stewart, and G. Easton, 250 shares each; G. T. Wallis, 100 share*.

FARMERS’ TROUBLES iState and Local Body Borrowing LOWERING INTEREST RATES With production costs higher than the receipts from' the farm, the lot of most farmers during the past year has been unenviable, state Pyne, Gould, Guinness, Ltd., in their annual review. Many have been unable to pay land tax, rent, and mortgage Interest owing to the State and private individuals. With the necessarily depreciated values of land and stock, and the Impossibility of estimating reliably the coming season’s returns, the usual credit facilities of the past were not available. Everyone recognises that, when the loan advanced on the security of farm mortgages is higher than is warranted by present-day returns, the amount of interest payable under his agreement should be reduced at least temporarily irrespective of the rate or debt. This is not easy, because the price of money, like that of any other commodity, is ruled by supply and demand. Before the war, Parliament realised heavy borrowing in New Zealand by the Government must not be encouraged, as It resulted In a shortage of available funds to supply loans to farmers and carry on Che general business of the Dominion. Since 1914 conditions have been different and with accumulations of capital in New Zealand, there was frequently more money available for investment than general conditions could absorb. While this continued, Internal borrowing by the State and by local bodies was sound finance, provided the sums borrowed were spent on reproductive works. After the 1920 depression New Zealand investors diverted much money, previously in farm loans, to local body debentures, as there were attractive Investments of this sort offering throughout the Dominion. The Finance Minister also found that the Government, by selling bonds through the Post Office or the Treasury, could borrow huge sums locally if attractive rates of interest were offered. These were steadily Increased until they reached 5$ per cent, per annum, at which' rate during the past two years the enormous sum of £8.076.000 has been borrowed by the State in addition to the loans raised in London. But this Is not all the drain on the country’s investment funds. _ . j Local Body Borrowings. In 1928-29 and 1929-30 the local body debt domiciled in New Zealand increased by over £4,000,000, and when last year s figures are available, tt will probably be found that the total has been increased by at least another 14 millions. Applications by local bodies to the board responsible for authorisation of loans totalled nearly four millions last year, of which 1} millions was approved; during the four years the board has been in existence applications were lodged for over 18 mUllons, and nearly 124 millions were sanctioned. These figures inoiiide both New Zealand and overseas Iffflfcwing by local bodies. All this moneyTnas been borrowed at or above the rate of interest paid by the Government. While investors could obtain 54 per cent, for the safest security this country can offer,’ could they be expected to lend freely on farm mortgage securities at 6 per cent, or even 64 per cent. 7 The action of the Government in reducing since August 1 interest on moneys borrowed by the State to 5 per cent., and generally trying to get all interest rates reduced/ will help to improve this serious position, but recovery inevitably must be slow. Reduced Overdraft Rato. The banks necessarily depend largely on their fixed deposits from the public to provide the greater part of the advances required by their customers to carry on the trade and general business of the country. With new Issues available of Government and local body loans which usually are sold readily on the ex- 1 changes, investors will not deposit their idle moneys with the banks unless the rates offered compare favourably with the returns obtained through other sources. The result is that the banks fixed deposit rates have been as high as 5 pot cent, for two-year deposits, with the sequence that bank customers hav hfld to nay • not less than 7 P€■* cent. Interest on their overdrafts. It is not generally realised that the many services rendered by a bank to its customers necessitate heavy expenditure. There must necessarily be a margin between borrowing and lending rates sufficient to cover all expenses and to leave a small margin of profit; It is only the huge volume of business handled by the banks that enables profits to be earned. Cheaper Interest both on overdraft and fixed mortgages would do much to assist the farmer at the present time and the announcement by the associated banks that interest rates on their advances will be reduced i>y one-half of one per cent, as 'from November 1 is a forward step in this direction. Many will be disappointed that the reduction is not larger, but once the majority of the fixed deposits now held by the banks come under the lower rates of Interest operating from August 1, a further reduction of a similar percentage should be possible. Farm Mortgage Interest. Cheap interest'rates in the past, particularly on State loans carrying 44 per cent., undoubtedly helped to force up land prices, the high values of which have proved so disastrous since produce prices fell. It generally is admitted that the only landholder who has usually actually benefited by these low rates of interest is the original borrower, because in subsequent sales the favourable rate of interest on these Government long-term mortgages was generally a determining factor in the price paid. We remain keen supporters of longterm amortised loans, says the "Review,” and would like to see some inducement, preferably in the shape of reduced taxation, offered to those farmers who are prepared to try to pay off annually not less than 1 per cent, of their mortgage loan. To prevent loans, which might carry for any length of time rates of interest below the ruling rate,! being used as a lever to Inflate the price of farm lands and to enable borrowers to ensure that a rate of interest considered reasonable when the loan is taken up, will not prove an unfair loading In later years, we contend that rates of interest on long-term amortised loans should be reassessed every five years. Whether money was dear’or cheap, all mortgagors would bo paying approximately the same rate. Instead of being faced with the anxiety of continual renewals of their mortgages, which would gradually be wiped out by annual repayments, borrowers would know that they were in a secure position so long as their half-yearly payments were maintained. Forethought cannot overcome the difficulties experienced in making interest payments at a time like the present, but the credit of a mortgagor, temporarily unable to meet his obligations, and whose loan has been steadily reduced for several years, is not comparable with tbit of the borrower still .owing all his original mortgage debt. The amortised loan is in ordinary seasons the best possible Incentive to thrift, the benefit of which we have all been inclined to forget since the beginning of this century. The returns of the State Advances Office show that since tbe Government system was commenced in 1895 nearly £75,000.000 has been advanced, of which approximately £30,000,000 has been repaid, and some of the original loans with repayments spread over 364 years must be now wiped out. A somewhat similar system to that followed by the State should 1 not be Impossible of application to investments of private capital on the security of farm lands. Real estate mortgages, so long as reasonable valuations are insisted on, soon will be recognised as the soundest investment in this country, for unless profits are earned from the land no New Zealand investments can be considered safe. GOLD MINING SHARES A Quiet Week There were no outstanding features on tlie mining market last week, and although trading was slow, still a better business was done than in the preceding week. Prices show practically no changes. A larger business was done In King Solomon mining compared with the previous week, because of the official report that the wash was struck in the main drive. The week operfed with'tlhe price at 2/B}. and gradually advanced to 3/3, but towards the weekend it receded to 2/9. Okarlto showed an easier tendency, with sales nt 10/-, 9/9, and 9/6. Golden Point, 1/- paid, were very steady, and of the 16 sales recorded Inst week all but five were at 1/3. Maliaklpawa changed hands at Bd, but there wak not much demand for them. Cornish Point were also in very poor demand, with sales nt 7d and 7}<l. Mount Lyell were inclined to harden, and sold during the week at 16/9, 16/11, and 17/-; Waihi were very firm at 15/6. and Waihi Grand Junction were steady at 3/9, rising a penny toward the close of the week. Victoria Nyanza Sugar The Victoria Nyanza Sugar Company has advised the Stock Exchange Association of New Zealand that a cable message received fbam tlie plantation reads: “We propose to commence crushing on September 2. Suarose content still below normal."

ALL-ROUND ECONOMY The Need of To-day Last year, while we predicted a hard time for our farmers during tho 1930-31 season, the extent to which . the world slump would affect the prices of New Zealand products and the delay that would occur before the Government realised the necessity for reduced expenditure which has since resulted in the ”10 per cent, cut” and other economies, was not anticipated, says the annual review of Pyne, Gould, Guinness, Ltd.—and now what of tho future? It la generally admitted by economists that the stage is set for an upward swing of world prices and that improved trade conditions are to be expected. Larger countries will feel the improvement In all probability before this Dominion, but the time of recovery here must largely depend on the policy of State expenditure adopted by the next Parliament and the effort made by our people to overcome existing difficulties. Just as New Zealand has recovered from previous “slumps,” so will she come out of the depression of to-day. It is imperative. however, that all sections of the community co-operate to achieve this much desired objective as quickly as possible. The people in the towns must realise the necessity of helping the people In the country to increase production, and to do this it has already been shown that lower costs must be made possible. It is necessary for farmers and all those who realise the Importance of the primary industries to the Dominion as a whole, “to impress upon our legislators that much reduced public and private expenditure is imperative. The Prime Minister Is to be congratulated on the start which has been made, but more Is necessary before the Dominion can restore its trade to a sound basis pnless a miracle occurs by a return of ‘boom’ prices for exports. Party politics are outside our snhere, but we do urge our readers to bring persistent pressure on all Parliamentary candidates, who will shortly be seeking their votes, to give a pledge that they will support no policy of expenditure by Government which Is not well within qur means. “There is the same necessity for compulsory economy in the expenditure of local bodies and private Individuals so far as Parliament and public opinion can control this. We urge them to insist that, while our unemployed must be provided for, productive work must be found for the majority instead of frittering away the public’s money in ehipping grass off footpaths and othey unproductive jobs. We urge them to refuse to support any candidate who does not agree that there must be equality of sacrifice among all sections of the community and that wages should be paid, as far as legislation can provide, only for work done and at a rate which does not permit of extravagant spending, at least so long as the farmer is unable to purchase even necessaries out of the results of his labour. We urge them to insist on support from their candidates for the abolition of land tax and a gradual lowering of taxation to induce further enterprise.” Piano Company’s Loss A loss of £-13,215 for tlie year ended June 27 Is Indicated in the statement of liabilities and assets accompanying the annual report of the directors of Beale and Co. Ltd., Sydney, piano manufacturers. The loss, added to a deficit of £5207 brought forward, Increases the debit balance to £47,422, which Is to be extinguished by a transfer from reserve. A report by the directors states that as a result of the loss the dividend on the preferred shares cannot be paid, but the dividends are a first charge on future profits. The Inst payment of the dividend was for the halfyear ended February 28, 1930.

Exchange were as follow:— Buyers. Sellers. N.Z. GOVT. LOANS— £ s d & .8 a i 41 n.c. Insc. Stk, 1089 96 10 0 I it p.c. ditto, 1938 ... 0 0 96 7 6 al p.c. ditto, 1933 ... — 98 0 0 54 p.c. ditto, 1937 ... — 96 7 6 • 6i P.O. ditto, 1951 ... 98 97 0 0 6l p.C. ditto, 1032 ... St p.c. Insc. Stk. and 10 0 — I. 98 0 0 .44 p.cTl&onds, 1939 ... — 96 10 0 4} p.c. ditto, 1938 ... DEBENTURES— 94 0 0 . Wellington Gas Co. . 99 0 0 101 Wgton. Racing Club . — 5 0 N.Z. Breweries bonds Wfiton. Amalg. Brick 1 1 6 —— 75 0 0 Mt. Albert Boro., 0} p-c., < 1 nnn . 100 15 0 ■Nelson City, 6i p.c, 1932 • Lower Hutt Boro, 8 — 101 101 0 10 0 0 Rangitlkel County, 6 p.c. 1943 ....6.... — e 101 10 0 Napier Boro., 5i p.c., 1945 •;•••• — 97 5 0 Wellington City, 5} p.c. 99 0 0 Otago Harbour Bd-, 5} p.c.. 1038 — $102 5 0 BANKS— Aust, of Commerce .. 0 12 9 Comm. Bank. Co. (Syd 12 2 6 13 0 0 English, Scot. & Aust. 3 10 0 — National N.Z 3 5 0 3 10 0 National A/asla. (£10] 9 17 6 10 0 Now Zealand 2 3 8 2 4 3 Union of Australia .. FINANCIAL— 6 7 6 Goldsbrough, Mort . N.Z. Guar. Corpn., ord. 0 18 10 4 — u u N.Z. Loan & Merc., ord. — 48 0 0 GAS— 1 5 6 Wellington, ord. .... INSURANCE— 1 0 0 — 0 12 MEAT PRESERVING— g . Gear 1 TRANSPORT— Huddart, Parker, ord. ♦1 1 0 •0 17 WOOLLEN— 0 Wellington, ord — 4 7 COAL— 1 3 0 timber— 1 0 7 Leyland-O’Brien —- 1 2 0 Taringamutu Totara . — 0 5 0 BREWERIES — New Zealand ........ 1 8 0 1 9 u MISCELLANEOUS— . British Tobacco, ord. 1 3 0 Burns, Philp 1 10 0 Colonial Sugar Consol. Brick — 35 . 0 9 0 Dental and Medical . —- 0 5 Electro. Zinc, pref. .. 0 16 3 Howard Smith, ord. . —• 0 7 National Electric .... —— 6 Al 3 Wilson’s Cement — 1 16 8 OIL— —■■■ 0 0 MINING— 0 16 in 0 17 ■ 2 King Solomon 0 2 3 —

Bank of New Zealand £ 8 <1 2 4 3 South British Insurance (2) .. 2 10 6 Auckland Gas 1 3 1 N.Z. Breweries 1 «8 10 Cornish Point • ••• 0 0 7 Kins; Solomon ..... 0 2 9 Do ...... 0 2 . 9i Waihl ....... 0 15 6 CITRISTCnUKCTr. Commercial Bank of Aust. (4) . £ a d . 0 13 4 N.Z. Refrigerating, 10/- paid ... . 0 3 8 N.Z. Breweries . 1 8 11 Mount Lyell ■. . 0 IB 11 Cornish Point . . 0 0 7 King Solomon (3) ...... . 0 2 9 Mahakipawa . 0 0 8 . 0 0 7j Golden Point, 1/- paid .. . 0 1 2| do • • •. . 0 1 3 Sale reported— Tooth’s Brewery ’. . 0 17 3

Aug. 25. 1930. Aug. 28. 1931. Ewes— s. s. s. s. E. good 4-th Jbd .... — to 201 —- — Ord. 2, 4, and O-th }bd 19}to 20 — — Good s.m. Jbd .. — to 18} — to 16 Good 4-th }bd . — to 27 — —— Good 6 and 8-th }bd .. — - — *. *■ 13} to 11} Ord. 6 and 8-th }bd .. 13} to'17} —— Good B:m. }bd — to 18} 10 to 12} Ord. B.m. }bd — to 12 —— —— Good 2-th 3<bd — — 16 to 17 Ord. 2-th }hd — to 21 —— — Good 4, 6, and 8-th xhd — to 19} —— r }bd and larahs ...... — toll} . Wethers — 12 toH} Good }bd — . . —— Hoggets — — 8 to 9} Fat Sheep. J. • • • Wethero— S. 8. B. 8. Show — 'to r,i Ex. prime — to 38} - totl} Prime 30 to 34 16 to 17} Medium .25} to 29 13 to 15} Light 31 to 211 10 to 12} Ewes— - to 19} Ex. prime - to 31} Prime 22} to 28} 16 1017} Medium 19 to 22 14 to lot bight 15} to 18 10} to 13} Aged 13 to 15 8} to 10 Fat Cattle. ' Steers— £ £ £ £ Ex. prime heavy .... — to 23} — to 15} Prime heavy 18} to 2t 12 toll Prime medium weight 15 to 18 9} to 11} Medium quality 11} toll 7 to 9 Light 9 toll 1} to 6} Helfers— - to 13} Ex. prime — to 17} Prime 13 to 15} 9} to 11} Medium 10} to 12 7 to 9 Light 7 to 9} 4} to 6 Cows'— - to 12} Ex. prime - to 19} Prime 12 toll} 9 to 11 Medium 10 toll} 6} to 8} Light 6 to fl 3} to 6