FINANCE AND COMMERCE

Dominion, Volume 24, Issue 291, 4 September 1931, Page 12

FINANCE AND COMMERCE

STOCKS AND SHARES Wellington Exchange SPURT IN GOVERNMENTS The feature of the market on the Wellington Stock Exchange yesterday was a strong &’u4°. r oT™ •>’&• neglected, though there were eager sellers, ■whose nrlces, however, were rather high. Buyers have suddenly come into the _ maker for Government -stocks and bonds, but th 4,sur d e 8 to r een FraTan account ’ There are plenty of sellers fn the Dominion, but buyere appear to he hn<dni* their offers on the possibility oi a lower rate of Interest. There Is not any ’apparent justification for this, but the uncertainty as to the economy proposals is depressing values. The 4} per cent, stock and bonds. 1939 and 1938, and bonds, 1939, were In request at £94/15/-, but' ed £9O. The 44 per cent, bonds, 1938, were In demand at £95 with no sellers. The>s} per cent stocks 1933. were wanted at £Bo 17/0 and the bonds at £9O, but In each case sellers held for £2 more. The o} per cent, stocks and bonds, 1937, were in demand at £94/15/-, and a late sale on Wednesday of fhe bond’s was at £96. The 5 1-1 per. cents bonds. 1937, were In demand at £9l, but sellers asked £95. Wellington Gas debentnres were firm at £99. _ _ Bank shares were in moderate demand. Australian Bank of Commerce improved and at 13/4 showed a rise of lOd on the ■ quotation of the previous day. Commercial Bank of Australia were steady at 13/3. National Bank of New Zealand were wanted at 68/6. an advance of 3/0 on the previous bid. Bank of New South Wales advanced 7/6 to £24/7/6 —a rise of 17/0 in two days. Bank of New Zealand were in demand at 43/9, but Bellers held for 44/0. Union Bank of Australia were in very strong demand at £6/9/0, but Bellers asked £6/14/0. There was not much doing in other shares. Goldsbrough, Mort, and Co. were easier at 18/-. N.Z. Guarantee Corporation were steady, the ordinary at 4/10 and the preference at 20/-. Wellington Trust and Loan were again in demand at £O/2/6, but sellers wanted £6/12/6. South British In- - surance were firm at 50/3, Union Steam were firmer at 10/6, and Westport Coal were up Id at 23/4. New Zealand Breweries were J 6d lower at 28/-. British Tobacco were wanted at 23/2, cum dividend, with no -I sellers. Electrolytic Zinc, ordinary, at 7/t were unchanged. Howard Smith, ordinary, ’ were wanted at 4/-, with sellers at 6/0. Wilson’s Cement were 3d lower at 34/6. . Mount Lyell were steady at 16/0. Yesterday’s Quotations .1 Buying and selling quotations at yes- ' . terday’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-

CUSTOMS REVENUE. The Customs revenue collected at the port ej jyainpytnn yoaUirday totalled fchlS*.

COMPANY AFFAIRS Recent Registrations VARIOUS VENTURES Uot-lstration of the following new companies is reported in the “Mercantile Gazette" :— ’ Wnimraoa Shingle Co., Ltd., private comnanv Masterton Capital, £lOOO Into 1009 Shares of £1 each Subscribers f Masterton ~P ft Gray. T. M, Aplin, W» A. R» fold, J. Walker, A. G. Talbot, A. T. Hubbard. K. J. Aplin, W. J; O; ®- Fairbrother, G. H. Grantham, C. E Wllmhurst all 60 shares each; O. 3. Shute, vv. Kilmister G L. Thomas, 35 shares each; H U C Robinson, 40; R. P. Masted, 75. Grey-town-A M. Gray? 30; A. H. Bull, 60;.MJ Gray. 30. Objects: Business of shingle, gravel, sand, stone, and quarry merchants, Ut W Cross Co., Ltd , private company, Wellington. Capital: £3OO into 300 shares of £1 each. Subscribers: Wellington—Valerie Meiklejohn, 298; R. E. Glllon, 2 Objects: Business of manufacturers of medical, dental. surgical Instruments, etc. , w S. Wallace, Ltd., private company, Wellington. Capital: £s§o Into 500 shares of £1 each. Subscribers: Wellington—W. S Wallace 499; Florence M. Wallace, 1. Objects: Business of chemists, druggists, photographers, etc. Pedro Bros. Circus, Ltd., private company Wellington. Capital: £6oo into 600 shares of £1 each. Subscribers: Wellington—C. Layton, 300; C. Cabot, 300. Objects: To purchase and take over from C. Cabot and C. Layton all their plant, stock-in-trade, and devices used as a travelling circus, to promote and carry on business as entertainers and amusement entrepreneurs, etc. Bedrock Motors, Ltd., private company, Wellington. Capital: £l9B into 198 shares of £1 each. ‘Subscribers: Wellington—G. G. Sandeman, 66; Olive M. Hunter, 66; M. Carthy, 66. Objects: Business of Importers, dealers in and distributors of motor and other vehicles, garage .and service station proprietors, etc. Masterton Amusements, Ltd., private company, Masterton. Capital: £lOO into 60 preference shares and 40 ordinary shares of £1 each. ' Subscribers: Masterton—G. A. Berry, 15; P. R. Cook, 15; Masterton Picture and Entertainment, Ltd., 20; Regent Theatre (Masterton), Ltd., 20. Wellington —-S. G. Dailey, 30. Objects;, Business of motion picture,, theatrical, and music nail .proprietors, etc. Dominion Dental Institute, Ltd., private company, Palmerston North. Capital, £9OO into 900 shares of £1 each. Subscribers: Wellington—C. E. Wyett 50. Palmerston North—D. P. Ronberg 850. Objects: Business of dentists, dental surgeons, etc. Arthur and Sons, Ltd., private company. Capital, £5OO into 500 shares of £l-each. Subscribers: Hawera —A. H. Arthur 10. New Plymouth—N, A. Arthur 490. Objects: To carry on the business of furnishers, cabinetmakers, manufacturers, fancy goods dealers, drapers, etc. N.Z. Co-op. Scouring and Carbonising Co., Ltd. Capital, £200,000 in 200,000 shares of £1 each. Subscribers: Auckland—H. T. Clements, J. Boddie, S. Smith. Waimai—H. W. Wilson. Kamo—Jas. MacKay. Whangarei—S. G. Worsp. Miranda —R. E. Findlay 200 each. Objects: Deal in wool, dairying, etc., etc. ' National Leaseholds, Ltd., private company, Christchurch. Capital, £25, in 25 shares of £1 each. Subscribers: F. Whiley 24, H. F. Whiley 1. Objects: To Deal in lajid, buildings, etc. Wreckers, Ltd., private company, Christchurch. Capital, £l5OO, into 1500 shares of £1 each. Subscribers: C. L. Dickens 1499, R. B. Swann 1. Objects: Dealers in new and used parts and accessories for motor-cars, etc. Tagatl Power Units. South Island, Ltd. Capital, £5OOO into 5000 shares of £1 each. Subscribers: Lauder—A. E. Thurlow 250, R. G. Wingham 50, J. Beattie 250. Clyde— W. Annan 250. Oturehua—J. P. Mclndoe 100. Gienarv—D. McNaughton ,300. Dunedin—F. B. Jhurow 50. Objects: To carry on in the South Island business of manufacturing and. selling and installing of the apparatus or device for the automatic opening and shutting and control of the time for closing gates, barriers, doors, etc. F. Meredith and Co., Ltd., private company. Capital, £3500 into 3500 shares of £1 each. Subscribers: Dunedin —Frederick Meredith 3000, F. C. Keene 500. Objects: Indent agents of goods and merchandise of all kinds. Kennedy Bros., Ltd, private company, ' Greymouth. Capital, £10,750, in 10,750 shares of £1 each. Subscribers: Greymouth—J. J. Kennedy 10,745, T. J. Kennedy 1, W. J. Kennedy 1, J. J. Kennedy (June.) 1, J. A. Kennedy 1, M. J. Kennedy 1. Objects: Mot.or omnibus and garage proprietors, etc. Dixon Bros., Ltd., private company. Bluff, Southland. Capital, £5OOO in 5000 shares of £l each. Subscribers: Bluff— W. B. Dixon 4000, J. L. Dixon 100. Objects: Fish and oyster merchants. Increases of Capital The following increases .of capital are reported in the “Mercantile Gazette": — Peters Ice Cream Co. (N.Z.), Ltd. Capital increased to £lO,OOO in 10,000 shares of £1 each; Regd. Aug. 18 (Auckland). Ruawai Co-op. Dairy Co., Ltd. Capital Increased to £30,000 by creation of 10,000 additional shares of £1 each. Regd. Aug. 20 (Auckland). ... , Universal Fences, Ltd. Capital increased from 1500 £1 fully , paid up shares to 6000 £1 fully paid up shares. Regd. Aug. 24, 1931 (Christchurch). Beadle and Spinks, Ltd. Capital increased to £lOOO by issue of 600 ordinary shares of £l. Regd. Aug. 25. 1931 (Christchurch). F. Meredith and Co., Ltd. Capital increased to £12,000 by the creation of additional capital of £B5OO, divided into Buoo shares of £1 each. Regd. Aug. 25 (DunCd Jubilee Coal Company. Ltd. Capital increased to £6OOO by creation of 4000 new pound shares. Regd. Aug. 27 (Dunedin).; Kakaramea Co-operative Dairy Co., Ltd. Capital increased to £lO,OOO by the addi-. tlon of 1000 ordinary shares of £1 each. Regd. Aug. 13 (New. Plymouth). . . Savouries, Ltd. Capital increased from £3OO to £530 by the issue of a further 200 ordinary shares of £1 each. Regd. Aug. 25 ( Wellington). BRITISH BANKS Lower Profits and Dividends Apart from German complications, the halfyear ended June was the leanest the British banks have known for many years, says The Times ” It was the leaner because the expenses of the banks have almost doubled since the war. Scarcely one favourable factor was in operation in the period. Turnover was much reduced, a fact which is borne out by the figures of the London Bankers’ Clearing House, the clear.ngs of which in the first half of the year decreased by £2,655,380,000 to £20,280,821,000. New capital issues, from which, in normal years, the banks derive a considerable revenue, were on a much smaller scale, the total being £70,914.980. against £141,800,000 last year and £195,543,000 tn the first half of 1929. Rates for money were lower than in the corresponding period of last year, Bank Rate having been reduced from 3 per cent, to 2} per cent, on May 14. The banks, however. did not reduce their deposit rate because it was already down to 1 per cent. On the other hand, neither did they lower their charge for regular short loans below 2 per cent. With bill and short money rates low and advances—the most itinuner atlve medium for the employment of bank-

ers’ funds—in small demand, .tin. :i:u Its sought to reduce their bill portfolio and to curtail short loans, but to increase,.their investments in gilt-edged stocks whlcn_ offered a good return. Indeed, the Big 2'lve banks, during the last half-year, increased their Investments by no less than 19 per cent, and had the satisfaction of securing a considerable appreciation in their capital value. In a period of difficulty the banks usually find it advisable to make more provision for bad and doubtful debts. It is the custom of the banks generally to overprovide for this item, and this accounts tor the great financial strength of the British banks.

In view of the many adverse factors which prevailed during the half-year and the apparently unpromising nature of the outlook, all hut one of the chief banks decided that the occasion was appropriate to reduce their dividends. No doubt the banks which reduced their dividends con'd have maintained them if they had so wished, says "The Times.” But in erring on the side of caution they pursued the traditional policy of British banking. On the total capital employed, which includes reserves and amounts carried forward, the return in the case of each of the “Big Five” is about G per cent., while the proportion of money paid in dividends represents only about 2-5 of 1 per cont. of their total resource*.

LONDON WOOL SALES Prospects Very Uncertain LOWER PRICES FORECASTED Concerning the opening of the London wool oalc-s on September 15, Dalgety & Company, Limited, have received a cablegram from their head office as follows: — Anticipate fair demand. As compared with closing rates July series merino probably will bo 5 per cent, to 10 per cent lower, and crossbreds 10 per cent, lower. Future prospects very uncertain. At the London series which closed on July 22, a total of 96,953 bates was offered, 80,500 bales being sold. The Home trade bought 43,000 bates, the Continent 3-1,500 bales, and America 3000 bales. The carry forward totalled 146,000 bales, of which 134,000 bales were not -offered. The July closing range of prices compared as follows with that for the May

SYDNEY SALES FIRM Japan and Yorkshire Lead (Rec. September 3, 9.15 p.m.) , * Sydney, September 3. At the wool sates to-day, 11,482 bales/were offered and 9473 sold at auction, also 525 privately. , The market was very firm at late rates. Competition- was wider, the principal purchasers being Japan and Yorkshire. Good support was received from Belgium and Italy on skirtings. Greasy merino sold at up to 13d. HEMP AND TOW Heavy Decline in Gradings The quantities of hemp and tow graded at Dominion ports during August compare as follow with those for August, 1930:— Aug., 1930. Aug., 1931. Dec. ‘ Bales. Bales. Bales. Hemp 707 1374 667. Tow 181 429 248 No stripper tow or stripper slips were graded last month. CABLES AND WIRELESS Great Fall in Profit The newly-published report of Marconi’s Wireless Telegraph Company discloses the profit made last year by Imperial and International Communications, Limited—the operating company of the Cables and Wireless merger. That profit amounted to £326,218. It compares with £2,023,155 for the previous 21 months, equal to £1,156,088 per annum. In their report issued a year ago the board of the Communications Company stated that they did not expect the profit for 1930 to exceed £600,000 unless there was a subsequent revival in trade, and It is hardly necessary to add that trade in the later months of the year became worse instead of better. Bv transferring from general reserve the £200,000 that was allocated from profits last year the Communications Company Is able to distribute £525,000 in dividend. This is equal to 1.75 per cent, on Its capital of £30,000,000, and compares with 5} per cent, for the previous 21 months, or at the rate of £3/5/8 per cent, per annum. The proportion of the dividend receivable by the Marconi Company is £77,206 and its total net profit is shown at £21—336, which compares with £796.235 for the previous accounting Period that covered the two years ended Decemiber 31, 1920. As mentioned yesterday, the dividend is 10 per cent., against 15 per cent. The balancesheet n train reveals a substantial holding of floating assets, their total of £2,047,000 conrparlnig' with current liabilities (including provision for the dividend now payable) of £&10,000. CROSSE AND BLACKWELL, LTD. Heavy Fall in Profit The report of the well-kpown British firm of Crosse and Blackwell, Limited, for 1930 states that the total income, after charging depreciation and providing for the preference dividends on the shares of subsidiary and associated companies not held by Crosse and Blackwell, amounted to £200.757, a decline of £86,753, compared with the previous year. Net profits, after providing for debenture interest, etc., fell from £211,204 to £82,135. With the balance of £52,525 brought forward there is available £134,659. After meeting the year’s preference dividend, requiring £137,782, and providing for debenture redemption fund there remains a balance of £3420 to be carried forward. (No dividend has been paid on the ordinary shares since 1920-21, when 5 per cent, was distributed.) The report states that the severe drop In profits resulted from the unprecedented decline in oversea trade, and from the necessity of reducing prices both at home and abroad. The low level of prime commodities and the unsettled rates of exchange, which have restricted the purchasing power of the company’s customers, are making foreign trade extremely difficult, and the board are of the opinion that this will continue until general conditions Improve. A change made in sales policy to meet the altered conditions has been effective, an increase in home trade during the latter part of the year being reported. A sum of £175,000 lias been transferred from reserve to a specific reserve account to meet losses in France and Canada, and on special advances to oversea suppliers, and the cost of disposing of surplus factories. In addition, £82,389 is transferred from reserve to meet special advertising expenditure. Allowing for these transfers the reserve fund Is reduced from £285,496 to £28,108. Shareholders have already been informed that the preference dividend due July 1 last is not being paid. General Motors Profits General Motors Corporation show a net income for the first six months of 1931 equivalent to 1.83d01. per share of common stock, compared with 2.15d01. for the same period of 1930, says a message in “The Tinies” of July 23. The second quarter’s earnings were 1.22d01. per share, compared with (ilc. for the first quarter. The net operating earnings for the second quarter of the current year were 45,122,000d01., compared with 53,380,000d0i. for the same period of 1930. The net earnings for the first half of the current year were 84,122,000d0i. During the second quarter of 1931 General Motors Corporation delivered 361,683 cars to American consumers, compared with 371,139 cars in the second quarter of 1930. It is stated that the total sales of the motor-car Industry during the whole period under reyiew was 27 per cent, less than in 1930.—Reuter. AUCTION SALES TO-DAY. High St., Lower Hutt, 2 p.m.—Sale ladles’ hats (11. E. Leighton). 10 Torrens Terrace, 10.30 a.m.—Sale household furniture, etc. (Ramsay Wilson). Bond St., 2 p.m. Sale furniture, etc. (Ramsay Wilson & Co.) Woolworth's Bldgs., 1.30 p.in.—Sale furniture, etc. (Silverstone & Co.) TO-MORROW. 138 Wakefield St., 10.30 a.m.—Sale used cars (McLaren and Nisbet). Yards, Wanganui, 11.30 a.in.—Wanganui Spring Horse Fair (ffrgemau B. Jack- , I eoa).

GRAIN AND PRODUCE Canterbury Markets BUSINESS VERY' DULL Dominion Special Service. Christchurch, September 3. The only products mentioned in the grain and produce trade are potatoes and fowl feed, and little business Is being done In these. The Walmarlno’e cargo of 6800 sacks of potatoes last week will supply the Auckland mafket for a full week. The Walplata Is due to sail from Lyttelton today or to-morrow, but it Is not expected that she will take more than a small cargo, as It is too early in the month. Prices continue at 35/-, f.o.b, and 17/6 on trucks. Offers of milling wheat are very scarce. Fowl wheat is quoted at up to 5/2), f.0.b., s.e. There is no Inquiry for oats or any of the small seeds. The month just over was the quietest August in the trade for a long time. 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.o.b, s.e. Oats.— Algerians, 2/3; A Gartons 2/6, B’s 2/4. Barley.—Capo 2/9 to 3/-, malting 4/-. Potatoes.—To 17/6 a ton. Chaff.—£2/15/-. Partridge Peas. —4/3. Red Clover. —6d to Old. White Clover.—Sd to 9d. Italian Ryegrass.—2/-. Perennial Ryegrass.—Canterbury, 3/- to —Akaroa, 3d to 3}d; plains, to 3d. Bran.—Local, £5 a ton, f.0.b.; 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 20OIb sacks, with the usual Increments for smaller packings. SYDNEY MARKETS Low-priced Wheat (Rec. September 3, 7.10 p.m.) Sydney, September 8. Wheat—Ex trucks Svdney, 2/2}: at country stations, 1/6} per bushel. Flour, £lO per ton. Bran and pollard, £3/15/per ton. Potatoes; Tasmanian, £9/9/-; Victorian, £7 per ton. Onions, Victorian, £5 per ton. Oats, White and Algerian, 2/6 per bushel. Maize/ 3/2 per bushel. CHEAP WHEAT Chicago Futures New York, September 2. Chicago wheat futures: September, 45 5-8 cents; December, 48} cents; March, 51} cents; May, B 3 5-8 cents. FRUIT AND VEGETABLES Wellington Market Prices There was a keen demand at yesterday morning’s sales for new potatoes and green peas, fancy Stunner and cooking apples, cooking pears, cabbage, pumpkins, and kumeras. New laid eggs very plentiful, but selling well on account of the low prices. Lemons are in short supply, and prices are high. Prices obtained at yesterday morning's sales are reported by W. Burbldge & Company as follow:— Fruit.—Apples, Stunners, fancy 7/6 to 9/-, others 5/- to 7/-; Dohertys, 4/- to 5/6; Delicious, 5/- to 7/-; Washingtons, 6/- to 6/6; Ballarats, 6/6 to 7/-. Pears, Winter Coles, 7/6 to 10/-; Nells, 6/6 to 7/-: P. Berrys, 7/- to 8/-. Local lemons, 16/- to 18/-. Tauranga poorman oranges, 4/6 to 5/-. All these prices for bushel cases. Vegetables.—Potatoes, Sutton's Supreme £4/5/- to £4/10/-, Red Dakotas £3/10/to £3/15/- per ton; onions, Californian 16/6, Melbourne, 6/6 per bag; swedes, 3/per bag; carrots, 4/6 to 5/- per bag; parsnips, 4/6 to 5/- per bag; now potatoes, 3}d per lb; green peas, 9d per lb. •Various—New laid eggs, 1/-; storekeepers and chaff lines, 10}d to lid per dozen; New Zealand Walnuts, s}d to 6d per lb; bulk honey, 5d per lb; Gfoos. chaff, £6/10/per ton. LIVE STOCK MARKET Masterton Sale Dominion Special Service. Masterton, September 3. At their Masterton sale yesterday Associated Live Stock Auctioneers Limited offered approximately 600 sheep. The majority of the yarding consisted of forward condition and store wethers, and although competition was not animated under the hammer, practically the whole yarding was disposed of afterwards by private sale. The prices were as follo-w: —Four and 6-tooth wethers, 12/6; forward condition wethers, 14/1; fat wethers, 17/1; fat down wethers, 15/1 to 16/-. Hastings Sale Dominion Special Service. Hastings, September 2. Although thefe was an increased yarding of beef cattle at the Stortford Lodge sale to-day there was spirited competition throughout, numerous pens selling from £lO to £ll/2/0. The offering of ox beef was composed of prime l heavy bullocks, one oj the best entries in this section for some weeks. An extra heavy Polled Angus and Shorthorn cross bullock realised the top price of £l2. Consignments of bullocks were offered on account of F. Ormond, A. V. S. Reed and Moteo, Gwavas and Penlee stations. Three pens of prime light Hereford bulls sold on account of ,G. Pharazyn were attractive sorts, being suitable weights for butchers. In the fat cow and heifer section there were no outstanding pens. Prime ox beef, medium weights, made up to 25/- per 1001 b, but heavier weights were from 21/- to 22/-; prime heifer cow realised from 18/- to 20/- per 1001 b. Fat cattle: Bullocks, extra prime heavy, £l2; prime heavy, £lO to £ll/2/6; prime light, £B/2/- to £9/17/6; unfinished, £6 17/6 to £8; heifers, prime light. £5/7/6 to £6: prime light. £4/7/6 to £5; unfinished. £3/1/- to £3/12/6; dairy sorts, prime.'£4/10/- to £5; light. £3/1/- to £4; unfinished, £l/5/- to £2/10/-; veaiers, heavy, £3/4/- to £3/6/-. Dairy cattle: A large number of cows apd heifers was offered In this section. Dairy cows close to calving realised from £5 to £9; late cnlvers, 30/- to £3/5/-: springing heifers, close to profit, from £2 10/- to £6/10/-: heifers, just calved, £3 10/- and £6/10/-heifers in calf, late cnlvers. from £2 to £3. Fat sheep: Wethers. 13/9 to 19/9; lambs, 12/6 to 15/9; ewes. 12/6 to 14/6. DAIRY PRODUCE QUIET Butter Slow at 111/Joseph Nathan and Co.. Ltd., have received the following market report from Trengrouse and Nathan. Ltd., dated September 2:--New Zealand butter. 111/- per cwt. New Zealand cheese, white, 60/- to 61/- per cwt: coloured. 61/- to 62/-. Both markets quiet. The New Zealand Loan and Mercantile Agenev Company. Limited, have received the following advice from their London house, dated September 2:—Dairy produce (last week’s figures in parentheses): Hutter. New Zealand choicest snltcd. 111/to 112/- per cwt. (113/- to 114/-). Cheese, white, 01/- to 02/- per cwt. (01/- to 02/-); coloured. 03/- to 64/- per cwt. (03/- to 64/-). Market slow.

WORLD’S SHIPPING A Probable Decline in Tonnage Shipowners will no doubt find some consolation in the statistical tables of the new “Lloyd’s Register Book,” says “The Times,” inasmuch as the net increase of the world's merchant fleet is only 523,390 gross tons. For the previous year the increase was 1,533,332 tons. It was shown the other day how the tonnage under construction 'had fallen very materially, and there is every Indication that a year hence, allowing for casualties and other sources of wastage, the total tonnage owned throughout the world will show a decrease. The significance of the figures is even more remarkable when applied to the general cargo and passenger carrying capacity of the world, because the net increase this year is more than counter-balanced by the oil tanker tonnage added to the Register, and if one eliminates this highly specialised form of transportation the decline has already begun. The British proportion of world tonnage to-day is 29.4 per cent, compared with 41.6 per cent. In 1914. and nearly 55 per cent, in 1897. On the other hand, the British proportion of the larger ocean-going ships is 38.4 per cent, and 22.5 per cent, of the tonnage owned in Great Britain and Ireland Is less than five years old. Tile Growtli of the Motorship. During the past year steam tonnage has declined by 630,100 tons, and sailing-ship tonnage, which now accounts for only 2 per cent, of the mercantile marine, by 175,600 tons. On the other hand, motorship tonnage has increased by 1,335,000 tons. If figures for 1914 be used for comparison the differences are even more strikingly in favour of the employment of oil. Motorships then represented less than 0.5 per cent, of the world tonnage, and oil fuel for steam raising was employed on only 2.6 per cent. To-day the figures are 13.4 and 28.5 per cent, respectively. During the same Interval sailing-ship tonnage has declined from 8 per cent, to the 2 per cent, mentioned above, and purely coal-burning vessels'from 88.8 per cent, to 56 per cent. The figures show an increasing dependence on turbines and Diesel engines and a definite decline in the employment of purely steam reciprocating engines. The oil-tanker fleet has grown to 8,549.827 tons, and no less than 3.913,907 tons are fitted with oil engines. In 1920 the proportion was about 600,00 tons out of 5,598,000. The development of the tanker has contributed to the extension of motorship tonnage, which now represents 13.4 per cent, of the total tonnage owned throughout the world. The British proportion of motorship tonnage is 12.4 per eent. Norway is highest with 40.3 per cent., and France and America. among the principal martlme countries. uo lowast with A 3 per coat. each. .

7 Buyers. Sellers. N.Z. GOVT. LOANS— £ 8 d £ 8 d 4} p.c. Insc. Stk., 1939 and 1938 94 15 O 95 0 0 54 p.c. ditto, 1933 ... 95 17 6 97 17 6 54 p.c. ditto, 1937 ... 94 15 / 0 ■ 95. y 0 ">t p.c. ditto, 1933 ... — 97 15 0 Si p.c. ditto, 1932 ... 1 —— 99 15 0 4 p.c. Bonds, 1939 ... 94 15 0 — 4} p.c. ditto, 1938 ... 95 0 0 —— s* 5J p.c. ditto, 1933 ... 95 0 0 98 0 0 54 p.c. ditto, 1937 ... 94 15 O 95 10 0 v >' 5} p.c. ditto, 1033 ... —— 97 10 0 54 p.c. ditto, 1937 ... 91 0 0 95 0 0 4 DEBENTURES— * Wellington Gas Co. .. 99 0 0 101 — Wgton. Racing Club . 5 0 Mt. Albert Boro., 5} p.e 100 I960 15 0 < Nelson City, 04 p.c., 101 1932 0 0 Lower Hutt Boro., 6 A p.c., 1944 — 101 10 0 Rangitlkei County, 0 p.c. >•- 101 1043 ■ i ■■ i ■ 10 0 V Otago Harb. Bd., 5J p.c 4102 5 19)18 ; Napier Boro., 5$ p.c., • 5 0 1945 i * 97 5 0 •< BANKS— : ♦8 y 0 >• Aust, of Commerce .. 0 13 4 0 14 0 Comm, of Aust., ord. 0 13 3 — English, Scot. & Aust. — ■ 3 12 6 National N.Z 3 8 S —— National A/asia. (£10) —. 9 17 0 ' ■ New South Wales .. 24 7 6 — New Zealand Union of Australia .. 2 3 9 4 fl > U 9 0 6 14 fl •1 FINANCIAL— ■' ! Dalgety and Co.' — • '8 8 0 <rf. Goldsbrough, Mort . 0 18 0 0 19 0 N.Z. Guar. Corpn., ord. 0 4 10 0 5 0 Ditto, pref ... N.Z. Invest., Mtg. and 1 0 0 — si' —- 0 10 2 N.Z. Loan' & Merc., ord. . 48 0 0 Wgton. Trust & Loan 6 2 6 6 12 6 INSURANCE— 0 12 6 S»South British 2 10 3 MEAT PRESERVING— 1 6 2 TRANSPORT— Union Steam, pref. . 0 e — WOOLLEN— Wellington, ord. and .11. 7 0 COAL— 1 3 4 TIMBER— 0 7 0 Leyland-O’Brien BREWERIES— — 1 2 0 New Zealand 1 8 0 1 9 6 Staples and Co MISCELLANEOUS— — 1 6 3 C. M. Banks, ord. and i pret - - - ■1 — 0 7 0 British Tobacco, ord. •1 3 2 — Burns. Philp and Co. —— 1 10 0 Colonial Sugar — 35 0 0 D.I.C., ord. (10/-) ... 0 15 0 Electro. Zinc, ord. .. 0 7 0 DU.tn pref ■.— 0 15 3 Howard Smith, ord. . 0 4 0 0 6 9 National Electric .... —• 0 10 6 ■ ♦2 11 0 Wilson’s Cement .... 1 14 5 1 10 3 OIL— — 0 1 0 MINING— Mount' Lyell 0 lo 6 0 17 0 * King Solomon ....... o £ a > tintcrest and principal payable in London. ♦Cum.'dividend.

t ® rd,l Y : . .WELLINGTON. £ d w z Govt. Bonds, 5} p.c., 1937 ‘90 0 0 N.Z. Refrigerating, 10/- paid .. ♦Late sale Wednesday. u AUCKLAND. £ d Govt, bonds, 5} p.c., 1937 (2) .... laser. _stock 1 5J p.c.. 1937 95 95 95 10 lb 0 (l 0 •0 13 0 Commercial Rana <n 0 13 5 National Bank of N.Z. 3 8 0 Bank of New Zealand (2) ...... 2 1 17 9 1 3 0 Westport Coal (2) ........••••••♦ 1 3 1 0 17 0 0 □ 10 Farmers JLrading • Milne and Choyce, deb. stock ... 0 0 17 2 9 4 •Late sale Wednesday. CHKISTCIIUKCH. £ 8 d laser, stock, 5i p.c., 1937 Pq (2) ite 0 95 Coinmercfal Bank of Aust 0 13 5 Eng., Scot., and Aust. Bank .... o 11 0 4 2 ‘ Do (3) o 4 0 0 17 4 N.Z. Guarantee Corporation . r . 0 4 9 United Building Society D 0 0 14 9 0 14 S N.Z. Refrigerating, 10/- paid (4) 0 3 6 Tooth’s Brewery 0 17 British Tobacco, cum div. (3) .. King Solomon (2) 1 3 6 0 Cornish Point (3) 0 1 2j D o 0 1 Sales reported— laser, stock, 5} p.c., 1937 95 5 0 Do 1051 95 10 0 95 10 0 Do 95 7 fl Eng., Scot., and Aust. Bank .... 12 9 0 18 i'.dted Building .Society 0 14 9 N.Z. Guarantee Corporation .... 0 4 10 DUNEDIN. Bales reported— £ 3 d Govt, bonds, 5i P.c., 1937 95 10 0 King Solomon 0 2 4i Okarlto (2) 0 9 G

er^e3 ‘ May series- July series. HaMibred, 56 —58— d d d (1 Good to super 9} to 12 Low to medium .... 71 to 91 to HaMbred, 50/56 — Good to super .... 8} to $ 8} to Ji Low to medium .. 7 to 6} to 8i Fine crossbred, 48/50 — Good to super .... 8} to »i «i to 8 Low to medium .. 6i to 8 51 to GJ Fine crossbred, 40/48 — Good to super .... Low to medium .. S to GJ to 9 7J 6}.to 51 to 7 GJ Crossbred, 44/46 — Good to super .... 7 to 8 61 to G$ Low to medium .. 6 to 61 5 to 6 Crossbred, 40/44 — Good to super .... 6} to Ti 6 to GJ Low to medium.. 3} to Gt 4$ to 5i Coarse crosstored, 38/40 — Good to super .... 6} to 6} 5} to 61 Low to medium .. 5| to « 4} to 51 r ■ 11 ■ -