FINANCE AND COMMERCE

Dominion, Volume 25, Issue 261, 30 July 1932, Page 14

FINANCE AND COMMERCE

STOCKS AND SHARES Market More Active WELLINGTON EXCHANGE With an improved demand, the Wellington Stock Exchange, was more active yesterday. Sixteen sales, of which four were made late on Thursday, were recorded. including ten lots of Government 4} and 5J per cent, stocks and bonds. Prices generally were firm, several sales of shares showing slight advances. Transactions in Government securities included six sales of 4} per cent, stocks and bonds. 1938 and 1939 maturities at £96,. and'more were offering at 5/-higher. The 5} per cent, stock, maturing September, 1937. had three sales'at £lOl/5/-, and the 5J per cents.. 1933. were done at £99/12/6. Bank of New Zealand firmed another 6d. to two sales at 47/-. There were closing bids of 46/9, but sellers asked 47/3. New South Wales were sold at ±26 12/6 and £26/15/-. More were wanted at the former price, sellers standing for £27. Union of Australia were offered at £7, and National of New Zealand at 70/-. Commercial of Australia ordinaries were wanted at 13/8, with no response. Auckland Gas, contributing, firmed to a sale at 15/-, cum. dividend, and there was an unsatisfied demand at 14/9. Union Steam preference, quoted lately at 19/6, were done yesterday at 20/-. Huudart, Parker ordinary were in steady request Insurance shares were firm, with little change in bids. Gear Meat were still wanted at 31/-. New Zealand Breweries were easier at 24/-, sellers not quoting. Colonial Sugar were on offer at £42/5/-. Wilson’s Cement had bids at 28/6. but sellers asked 30/-. Yesterday’s Quotations Buying and selling quotations at yesterday’s final call on the Wellington Stock Exchange were as follow:— ' ■ < . Buyers. Sellers.

DEALINGS ON ’CHANGE Sales in the Dominion ■The“following sales were recorded on Hie stock exchanges of the Dominion yesterday :— WEDDINGTON.

FROZEN MEAT TRADE Lamb Prices Still Lower M. A. Eliott, Ltd., Palmerston North, have received the following cabled advice from Gordon Woodroffe and Co., Ltd., London, dated Thursday Prime lamb, !!-Bd. lower; second quality, l-Bd. lower. Wethers, no change. Ewes, par to l-Bd. lower. There appears to be no bottom to the lamb market. Stocks are large, with large arrivals coming to hand. Do not look for any improvement for some time. Consumption is fair. Prices for mutton and ewes have given way slightly. Smithfield “delivered” prices are as follow : —Best North Island prime lambs, under 361 b.. 5 l-Bd.; 36/421b., 5 l-Bd.; lambs, under 421b.,' 5d.; second quality, under 421 b., 4 7-Bd.; best North Island wethers and/or maiden ewes, 48/561b. and 56/G4lb., 3Jd.; 64/721b. and over 721 b., 2 7-Bd.; ordinary North Island wethers and/or maiden ewes, 48/sGlb. and 56/G4lb„ 3 3-Bd.; G4/721b. and over 721 b., 23d.; North Island ewes, under 64 K sad 322*. 2

BANKING AFFAIRS " Commercial of Australia DIVIDEND 5 PER CENT. - (Rec. July 29, 7.45 p.m.) Sydney, July 29. The Commercial Bank of Australia, Limited, for 1930-31 paid a dividend on their ordinary capital at the rate of 11} per cent. For the period ending June 30 last, it is intended to. pay only 5 per cent., which will account for £lOO,OOO of the £265,000 available for appropriation. The net profit at. £199,670 for 1931-32 is contrasted with £308,450 in the previous year. The - preference dividend, which is on .the basis of 4 per cent., will absorb £84,694. Deposits are shown at £21,707,607, which is an increase of £847,822. * .' '• ' COMMERCIAL BANK OF SYDNEY Final Dividend Reduced (Rec. July 29, 7.45 p.m.) «. Sydney, July 29. The Commercial Banking Company of Sydney, Limited, earned a net profit of £253,866 for the year ended - June 30, compared with £441,816 in, the previous year, and £637,619 in 1929-30. An.interim dividend at the rate of 6 per dent, per annum was paid last January, and the final disbursement approved to-day is on the basis of 5 per cent.-per annum, making the return for the year 51 per cent. The chairman, Mr. G. J. Cohen, remarked that the profit for 1931-32 represented only 2.S per cent, on the combined capital and reserves, which was an effective answer to those continually charging the banks with making unconscionably large profits at the expense of the trading and producing public. DOMINION BREWERIES, LTD. Annual Meeting ■ 1 , \ ■.,' ■ ■• L The annual general meeting of Dornin-, ion Breweries, Limited, was held at Auckland on Thursday. In moving the adoption of the annual report and balance-sheet, the chairman of directors, Mr. H. Reimers, said that for the 'first time, in the history of the New Zealand brewing industry the consumption of beer for the Dominion showed a decrease of nearly 3,000,000 gallons when compared with the previous year. In view of this fact the progress made by Domiiuon Breweries, Limited, was particularly gratifying. The production of the brewery for the year actually showed an increase of 40 per cent, over that of the previous year. Although the company’s turnover was so highly satisfactory, the heavy increase in taxation deprived it to a great extent of the benefits which otherwise could have been expected from the increased business. “An increase of 50 per cent, in beer duties, etc., could only be considered an unjust and inequitable piece of class taxation and would hardly be tolerated by any. other industry or commercial enterprise.” . During the year the company was called upon to find over £38,000 for duties alone, the bulk of which could not ■be passed on, but had to be met put of the earnings of the company. ■ “It is almost entirely owing to this fact,” said Mr. Reimers, “that the net earnings of the company for the past year are not as satisfactory as they' otherwise would have been, and that the directors cannot recommend the payment of a dividend to shareholders. After making full provision'for land, income and other taxation, depreciation, . bad debts, etc., it is recommended that of the amount available for. distribution, -viz., £2436/2/2, the sum of £lOOO be transferred to reserve, -increasing that amount to £4OOO, and that the balance of £1436 2/2 be carried forward.” .'•/ . • Considering all things, the directors felt that the company had every reason to be proud of its achievements and the strong position it held I to-day. Moreover, the directors had every confidence in the future and felt that the most difficult period of the company had been passed and that normal conditions would bring the shareholders the full benefits of a sound foundation. < • The report and ... balSnce-sheet were adopted. The retiring directors, Messrs. W. B. Brittain and W. J. P. Hodgkins were re-elected.. The principal items in the company’s balance-sheet at March 31 are: Paid-up capital, £77,746; secured creditors, £8000; sundry creditors, £26,098; reserve, £3OOO. Assets include brewery and plant, shares in other companies nnd goodwill, £45,-4 235; hotel leases, etc., £3045; stock on hand, £19,858; sundry debtors, etc., £48,541. . { Elder, - Smith Dividend Elder Smith and Company, Ltd., yesterday cabled the Stock Exchange Association : Final dividend at the rate of 4 per cent, per annum for the half-year ended June 30, making total dividend of 4 per cent, for the yeat declared on Wednesday, payable September 1 next. Victoria Nyanza Sugar The Victoria Nyanza Sugar Company advises the Stock Exchange Association that a cable message received from tlie plantation states that the recent visit from locusts resulted in extensive defoliation of approximately 1800 acres of next season canes. The weather is in favour of recovery. , J. C. Williamson Films The transfer of debentures in J. C. Williamson Films (N.Z.), Limited, to the new company, J. C. Williamson Picture Corporation (N.Z.), Limited, has been unanimously approved by ii meeting of debenture holders. ■ The first meeting to discuss the position was held last week, 1 and the matter reached finality at a further meeting this week. DEBENTURE ISSUE Grey Electric Power Board An announcement in this issue states that, acting under powers conferred on it by Parliament, the Grey Electric Power Board is inviting applications for 110 £lOO debentures, bearing interest at 5} per cent They are, exempt from the special stamp duty recently imposed by the Government. , ' The debentures, which are an authorised investment for trust funds, are. secured by a rate sufficient to' cover the annual interest and sinking fund charges three times over. The interest and sinking fund of the loan of £ll,OOO is secured by a special rate of one-sixth of a penny in the pound on the capital value of all the rateable property in the Grey Electric Power Board district The capital value of the property in the district'is £2,309,971. Copies of prospectus and forms of application may be obtained,from the secretary of'the. board, or at any branch of the Bank of New Zealand, or from any sharebroker. Further information will be supplied on application to the secretary, Grey Electric Power Board. Grey- , juosith.

THE MONEY MARKET Bank of England Return NOTE CIRCULATION HIGHER " Dondon, July 28. The Bank of England return for the week ended July. 27 is as follows:— Issue Department. •' £ ’ £ Notes issued: -Govt, debt 11,015,100 In clrcu- Other Govt. latlon 360,285,637 securities 241,378,727 In banking dept. 43,440,279 Othe securities 18,799,079 Silver coin . 3,807,094 •£275,000,000 Gold coin & bullion 137,725,916 £412,725,916 £412,725,916 •Amount of fiduciary issue. Banking Department. £ £ Capital 14,553,000 Govt, seKent 3,503,131 curities 68,770,765 Deposits: Discts., ad- ... Public 11,242,945 vances 15,280,114 Bankers 88,186,076 Other seOther a/c. 34,561,207 curities 23,767,508 Seven-ilay, Notes 43,440,279 etc., bills 2,849 Gold and allver coin £152,109,208 £152,109,208 Proportion of reserve to liabilities, 33.00 per cent., as compared with 34.50, per cent. The principal items of the above return compare as follow with those of last week: July 20. July D p P .... 13.379,064 11,242,945 Bankers 88,023:928 88,186,076 Other accounts .. 33,727,343 34,561,207 £135,130,335 £133,990,228 .... 66,230,765 68,770,765 Discts., advances 14,307,079. Other securities . 26,008,216 Reserve 46,6636453 44,21K),8-l Note circulation .. 365,758,804 z36!),285,037 Gold coin & bullion 136,583,653 137,720,916 Short Loons and Bills. The Bank of England rate of discount was redifhed to 2 per cent, as from June 30. It was lowered to 5 per cent, on February 18, to 4 per cent, on March 10, to 31 per cent, on March 17, to 3 per cent. On April 21, and to 2J per cent, on May 12. The rate previously*in force was 6 per cent., to which it was increased from 4$ per centon September 21, 1931. The previous Increase was from 3J per cent, to 44 per cent, on July 30. 1931. Short loans are quoted at f per cent., as against i per cent, last week. The market rate of discount for best three months’ bills is 25-32 per cent., as compared with 27-32 per cent, last week. I ■ .... GOVERNMENT STOCKS . British Very Firm Dondon, - July -28. Quotations of Government stocks on the London Stock Exchange compare with those of a week ago as follow:— . Price. Variation.

' BRADFORD TOPS Market Steady London, July 28. ’ Business in the Bradford tops market is steady but quiet. To-day’s quotations compare as follow with those previously cabled:—

SYDNEY STOCK EXCHANGE Increased Activity ' (Rec. July 29, 9.20 p.m.) Sydney, July 29. The Sydney Stock Exchange showed an increased activity to-day. Bonds maintained their position, but bank scrip was easier. v Sales: Bank of New South Wales, £29 ; Commercial Bank of Sydney, £l5/17/6; Colonial Sugar, £46/18/-; United Insurance, £B/15/-; Adelaide Steam, 19/3; Burns, X’hilp, 44/6 Millaquin Sugar. 26/G; Victoria Nyanza, 17/-; Austral Gas B. £6/9/6: Tooheys. 15/9; Tooths, 29/3; British Tobacco, 31/9; ditto pref., 25/-; Dunlop Perdriau, 12/8; Broken Hill Pty., 17/-; South Brokens, 43/6; Taranaki Oil, 1/2. Commonwealth bonds, 4 per cent.. 1938, £9B/3/9; 1941, £9B/2/6; 1944, £9B/2/6; 1947, £9B/2/6; 1950, £9B/5/-; 1953, £97; 1955, £96/12/6; 1957, £96/10/-; 1959, £96/15/-; 1961, £96/17/6. Morning sales: Commonwealth bonds, 4 per cent., 1938, £9B; 1941, £97/17/6; 1944, £9B; 1950. £9B; 1953. £96/12/6; Bank of Now South Wales, £29/5/-; British Tobacco, pref., 25/-. Melbourne. July 29. _ Commercial Bank of Australia, 15/6; Goldsbroughs, ex 24/9; Australian Glass, 40/-; Dunlop Perdriau, 12/9; “HeraldTimes.” 50/9; Zinc Corporation, 24/10J ; Mount Lyell, 19/-. Dunedin Glass Works A company has been formed in Dunedin to undertake glass manufacture. A small company, with a capital of £750. commenced operations, last August, and the new concern will take over this company’s interests. The plant, which is now in course of assembly and erection, will be capable of placing 15 tons, of manufactured glassware on the market per week, and the orders now awaiting fulfilment, together with the prospects which are recorded on the company’s books, give promise of a continuous output of bottles, jars, etc. The new company has a nominal capital of £15,000, £4250 of which has been devoted to the purchase of the undertaking of the original Dunedin Glass Manufacturing Company, including plant, machinery, and stock-in-trade. P. & O. Deferred Shares London, July 28. P. and O. deferred shares sold to-day at 16/IJ.

DAIRY PRODUCE Butter Market Quiet ■ CHEESE FAIRLY STEADY London, July 28. Butter is quiet on a holiday market, banish, 112/- to 114/- per cwt. New Zealand, 106/-; Australian, 102/- to 103/-; unsalted Australian, 106/-. Cheese is quiet, New Zealand, white, 56/- per cwt., and coloured 55/-. Cabled advice received by Mr. G. A. Mills from A. J. Mills and Co., Ltd., London, gives the following market prices as ruling at the close of business on Thursday:—Butter: The market is slow. New Zealand, finest, 105/- to 106/-; New Zealand, firsts, 104/- to 10a/- ; New Zealand, unsalted, 108/- to 110/-. Danish, 118/- to' 120/-. Australian, 102/- to 103/-. Cheese: The market is steady. New Zealand, white, 56/- to 57/-; New Zealand, coloured, 55/- to 56/-. Canad-. ian cheese, c.i.f., 56/-. A. S. Paterson and Co., Ltd., report having to-day received cabled advice from J and J. Lonsdale and Co. (London), Ltd as follows: —Butter: Market quiet. New Zealand, 105/- to 106/-; Australian, 101/- to 102/-. Cheese: Market weak. White, 56/- to 57/-; coloured, 55/-. Samuel Page and Son, London, report to Dalgety and Co., Ltd., under date Jnlv 28:—Butter: Market slow. Danish 116/- to 120/- (116/- to 118/-). New Zealand finest salted, 105/- to 106/1105/- to 107/-). Australian, finest united, 105/- to 107/- (106/- to 108/-) ; finest salted; 100/- to 102/-(102/- to 104/-) ; Australian G.A.Q., 96/- to 98/(98/- to 100/-). Cheese: Market slow. New Zealand white, sa/- to 56/(58/- to 59/-); coloured, 54/- to 55/(57/- to 58/-). Spot price for Canadian white, 56/- to 57/- (57/- to 09/-) ; coloured, 55/- to 56/- (57/- to aS/-) I c.i.f. price for Canadian, ao/- to 56/- (56/- to 57/-). Last week’s quotations shown m parentheses. LIVE STOCK MARKET Feilding Sale Prices Dominion Specxat. Service. Feilding, July 29/ With a smaller yarding prices for fat sheep advanced appreciably at to-days stock sale. The yarding was of generally better quality, and butchers were encouraged to offer better competition. Fat hoggets; primest quality, 12/6; prime, 10/1; good, 9/-; fair, from 7/4; fat twotooths, 10/6. Fat ewes: Good demand. Primest heavy. 10/3 and 10/6; prime, 10/- and 10/2; good, 8/- to 8/6; fair, from 7/9. Fat wethers: Primest. 14/3; prime, 13/6 and 13/9; good, 12/3 to 12/8; fair, from 11/4. There was a very' keen demand tor breeding' ewes, and prices were up probably 3/- to 4/- a head on rates offered a month ago. Two-tooth ewes, r.w. Southdown rams, 14/6; two-tooth to four-year ditto, 17/2; four and six-tooth ditto, 16/-; two-tooth wethers, 8/-; • wether hoggets, 7/9; ewe hoggets, good, 10/4; others, from 8/4. . A heavy yarding of dairy stock met a firm demand, especially for heifers close to .profit. Good heifers, r.w.b., to £7; fairly good lines at £5/5/- to £6: others, from £3/7/6 to £5; heifers, calved, £3 5/- to £3/10/-; cows, guaranteed sound, close to profit, £7/10/- to £o/10/-; backward, from £2/2/6. , . r Store Cattle. —Yearling Jersey heifers, 26/- to £2/4/-; Shorthorn heifers, 37/6. Fat cattle met with a good demand. Fat heavy cows, £4/15/- to £4/17/6; lighter; £2/2/6 to £3/3/-; fat steers, £5/7/6; fat heifers, £2/2/6 to £2/19/-; fat bullocks, £5/10/-. Carterton Sale Mastertoll, July 29. At the weekly Carterton stock sale, Associated Dive Stock Auctioneers offered a fair yarding to the usual attendance. Sheep sold well and at advanced prices: Springing cows and heifers met with a dragging sale, although the majority were backward and not much quality. Fat and store cows sold at par values. Pigs were in very strong demand, and prices showed a sharp rise, on previous sales. The following prices were recorded :—Four-year ewes, r.w. S.D. rams; 13/1; cull ewes. 4/-; forward hoggets, 9/8 to 9/9; fat hoggets, 10/1; springing heifers, £4 to £5/10/-; backward heifers, £2/10/- to £3/5/-; cows on drop,. £4/10/to £6; fat cows, £3 to £4/6/-; forward cows. £2/10/-: store cows, 20/- to 25/-; cull cows, 10/-; baconers, 36/-; porkers, 25/6; slips, 14/- to 16/6. Eketahuna Sale i Eketahuna, July 29. A good yarding of dairy cattle, a few pens of she.ep. and a special entry of fat cows and heifers were offered by Associated Live Stock Auctioneers, Ltd., at the Eketahuna sale yesterday, on account of Kebbell Brothers, “Te Hoe.” There was a good sale for dairy cattle at improved prices, while fat cattle and sheep sold at recent market rates. Quotations are: Good springing heifers, 2 at £6/10/-, 2,at £6/5/-, 2at £5/2/6; late calving heifers, 7 at £3/17/6; springing cows, T at £6/7/6, £4/10/-, £3/15/-, 2 at £3/10/-; 10 fat cows, £3; 9 fat heifers, £2/14/-; 1 fat cow. £2/5/-; aged ewes. r.w. S.D., 6/4 to 5/8; good oaten hay. £5/11/- to £5/13/- per ton. SHEEPSKINS AND HIDES Wellington Sale Prices The usual fortnightly sale of sheepskins, hides, and tallow was held yesterday by the combined Wellington brokers. Dry sheepskins sold well up to the level of previous quotations, best pelted skins coming in for particular attention. Salted •skins sold at late rates. The offerings of hides were up to the average. Some big lines of abattoir and country parcels were submitted, prices for heavies, medium, and lightweights being par to l-Bd. per lb. lower; kip, yearling, and best calf were keenly competed for at prices 1-Sd. to id. higher; second calf sold about par; first calf weighing 6-81 b. fetched 5d.; l-51b'„ 4Jd. The better grades of tallow sold at a slight advance, other descriptions at par. The following is the official range of prices:— Dry Sheepskins.—Fine crossbred, 2Jd. to 3id.; medium crossbred. 2d. to 2Jd.; half-wools, lid. to 2d. ; coarse crossbred, 2d.; quarter-wools, lid.; pelts, id. to Id. linked Skins. —Half-wools, 7d, to 1/-; three-quarter-wools, 1/2; full-wools. 1/2 to 1/4. Hides.—Ox, 331 b. to 441 b., lid. to 3id.; ox, 451 b. to 521 b., 2Jd. to 3 7-Sd.; ox, 531 b. to 591b.,’3d. to 4 3-Bd.; ox, 601 b. to 691 b., 3‘Jd. to sid.; ox. 701 b. and over, 4 l-Bd.; to sid.; cow, 331 b. to 391 b., 1 3-Bd. to 34d.; qow, 401 b. to 481 b., Id. to 3|d.; cow, 491 b. nnd over. lid. to 3}d.; kip, 251 b. to 321 b., 2 5-Bd. to 3Jd.; kip, 171 b. to 241 b., lid. to 3 7-Bd.; yearling, 111 b. to 161 b., 2 7-Bd. to 3 7-Bd.; calf. 91b. to 101 b.. Id. to 3 7-Bd.; calf. 61b. to 81b.. 2d, Xp 5d.; calf, lib. to 51b., lid. to 4Jd. Tallow. —In tins, etc., 7/6 to 14/-. Sundries. —Cow tails, 4d.; horse-hair, Hid. AUCTION DIARY TO-DAY. ’ Feilding Saleyard, 12 noon.—Annual horso ' sale (Associated Live Stock Auctioneers). ■ TUESDAY. 157 Featherston St., 2.30 p.m.—Sale shares New Taitapu Gold Prospecting Co., Ltd. (Gordon Harcourt). 8 Wllleston St., 1 p.m.—Sale show cases and fittings, etc., (E. Johnston and Co.). Allen St., 10.30 a.m.—Sale Prime meat, poultry, etc. (Towsend nnd Paul). Levin Snle. 133 Featherston St., 10.30 a.m.— Sale Willys Knight c»A *to. (E. A

BASE METALS MARKET

Further Rise in Prices ■1 . • (Rec. July 29, 8 p.m.) Sydney, July 29. The official London (middle) quotations for Thursday as received by the Austra-

OVERSEA MARKETS 'Wheat Prices Firmer London, July 28. Wheat cargoes to-day were firmer and advanced 6d. to Oil. Parcels advanced 6d. to 1/-. Futures, London, September, 25/3 per quarter, December 25/3; Liverpool, July 5/3 3-Bd. per cental, October 5/4 5-8, December 5/s}, March 5/7 1-S. Spot wheat is held for 9d. to 1/- advance. Trading is inactive. Australian, ex ship, 27/6. Flour is firm and dearer. Australian, ex store, 19/- per sack. Barley is steady. Australian Chevalier, ex store, 28/- to 32/6. Oats are dearer. Beans and peas are firm. Tasmanian maples, 72/6 to 75/-; New Zealand, ex ship to arrive, 67/6 to 68/-. Melbourne, July 29. Wheat, 3/5; flour, £B/12/6; bran, £5 10/-; pollard, £5/10/-; oats, 1/11 to 2/-; barley, unchanged; maize, 4/11; onions, steady nnd scarce, £2l to £22.

X.Z. GOVT. LOANS— £ s d £ s d 44 p.c. Bonds. *1939 ... —- - 06 5 0 54 p.c. ditto, Sep., 1937 «— 101 7 6 97 10 0 99 10 0 4* p.c. Insc. Stfc., 1938 ' and 1939, — i 96 5 0 ' 54 p.c. ditto, 1933 ... 99 7 6 — . 51 n.c. ditto. 1936 .... —— 101 10 0 54 p.c. ditto, Sep., 1937 101 0 0 — .54 p.c. ditto, 1941 x... 97 10 0 5t p.c. ditto, 1933 ... —— 98 15 0 DEBENTURES — Wgton. Harb. Bd., 51 t p.c., 1940 ........... 99 10 ■ O' —— Waitomo Elec. P.B., 0 p.c., 1945 — ■99 0 0 Haurakl Plains, 5} p.c., 1959 97 0 0 Eastbourne Boro.,. 64 p.c., 1952 97 0 0, Patea Boro., 6 p.c., .1946 —— ( ’ - 100,0 0 BANKS— Commercial Aust., ord. ♦0 18 8 —-■ National N.Z. — 3 10 0 New South Wales..... 26 12 6 27 0 0 New Zealand 2 6 9 2 7 3 Union of Australia ... —— , , 77 0 0 FINANCIAL— Equitable Bldg. Co. .. —— 5 0 0 FINANCIAL—’ I ■ .. ■ Goldsbrough, Mort ... 11 8 . — National Mortgage ... —— , . 1 10 0 N.Z. Guar. Corpn., ord. 0 4 8 ——■» N.Z. Invest., Mortgage and Deposit ■ . —. 0 T e Wgton. Invest., T. & A. to 6 10 —— GAS— Auckland, contr 0*0 14 9 -w Wellington, ord. ...... •1 8 6 INSURANCE— 0 12 5 New Zealand ......... *2 0 0 1 19 6 South British 2 13 8 w HEAT PRESERVING— 1 11 0 ■ r ' N.Z. Refrlg. (10/-) .... 0 4/S Well. Meat Exp., pref. 0 12 6 — TRANSPORT— Huddart, Parker, ord. 1 > • — COAD— Westport ............. .. o is 0 TIMBER— National e ...... Leyland-O'Brlon . •’T’ 0 6 1 0 8 0 Taringamutu ...»».. — 0 6 ,0 BREWERIES— Carlton 19 0 1 12 0 New Zealand 14 0 MISCELLANEOUS— British Tobacco, ord. 18 0 —— Burns, Philp and Co. 1 19 9 —— Ditto. South Seas .. 16 6 ; —t—* 42 5 0 Dental and Medical ... 0 4 6 Dunlop Rubber 0 10 9 w* Electro. Zinc, ord. ... 011 3 Ditto, pref 10 3 1 1 3 Howard Smith, ord. . 0 8 0 National Electric —— 0 10 0 Shetland and Co., ord. 0 13 0 —— Ditto, pref. 0 15 0 - ■■ Wilson’s Cement .••••• 1 8 ■ « 1 10 0 OIL— Mcturoa 0 18 MINING— • ’• j • ■ Mount Lyell . 0 16 6 - Waibi 015 1 ♦ Mahakipnwa ..m.w. 0 0 2 • 0 « CornisH Point 0 0 1 Blackwater to 12 0 —— •Cum. dividend. fEx. dividend.

Govt. Bandb, 4} p.c., 1939 . £ 8 fl •96 0 0 •96 0 0 Ditto, p.c., iosp Ditto, 4} p.c,, 1933 96 0 0 96 0 0 loser. Stock, 4J p.c.. 1933 ...... ,•96 0 0 Ditto, 4i p.c., 193S 96 0 0 Ditto, 5} p.c., Sept., 1937 .. •101 5 0 Ditto, 5i p.c., Sept., 1937 (2) 101 5 0 Ditto, 5i p.c., 1033 99 12 6 Bank qf New Zealand (2) ....... . 2 7 0 Bank of New South Wales ... . 26 12 6 Ditto . 28 15 o Auckland Gas, contrlb., cum. dir. •0 15 0 Union Steam, pref *1 0 0 •Late sale Thursday. AUCKLAND. , £ 8 d Govt. Bonds, 5} p.c., Feb., 1937 101 5 0 Comm. Bank of Aust . 0 13 10 ' Bank of New Zealand . 2 7 0 National Insurance . 0 12 6N.Z. Insurance ,20 6 Auckland Gag ,11 0 Ditto, con . 0 15 0 Northern Steam, con. 0 2 1 CHRISTCHURCH. £ s d Bank of N.S.W 26 15 0 Union Bank of Australia 6 17 1 1 0 Goldsbrough, Mort 9 N.Z. liefrig., 10/- paid 0 4 5 "Westport-Stockton, ord 0 0 5 Ditto, pref. (2) 0 "0 8 Taranaki Oil 0 1 0 Golden Dawn 0 4 3 „ Ditto ...". 0 4 4 Golden Sands, 1/- paid 0 1 8i Walid Sales reported:— Bank of N.S.W 26 15 0 Bank of N.S.W 26 12 6 Union Bank of- Australia 6 17 6 Bnnk of New Zealand 2 7 0 Union Steam, pref 1 0 0 N.Z. Farmers’ Co-op., 44 p.c. stock, 1940 46 0 0 Ditto. 4} p.c. stock, 1040 45 0 0 Inscr. Stock. 5J p.c., 1930 .... 101 5 0 DUNEDIN. Salos reported:— £ 8 d N.Z Refrig., £1 paid 0 12 0 Kina Solomon 0 1 11

£ B d £ 8 d Consols. 2i p.c 73 5 O 1 0 of Fund. Loan, 4, 1960-90 108 10 0 1 0 ot War Loan, 5. 11129-47 102 2 6 O 12 6f Convers. Loan, 3i p.c. 100 7 6 1 8 9f Victory Bonds, 4 p.c. 106 15 0 0 12 «t 5, 1945-75.. 100 7 6 0 7 6f C’wealth, 6, 1931-41.. 101 15 O 0 15 Ot Victoria, 3, 1929-49 .. 76 0 0 1 0 O’ Victoria, 3J, 1929 : 49.. 81 0 15 O’ Victoria, 5J, 1930-40.. 98 15 0 same Victoria, 5 1932-42 .. 98 10 0 0 5 O’ Victoria, 4J, 1940-60.. N.S.W., 4, 1933 97 15 0 0 15 0* 97 10 0 0 10 Ot. 6t N.S.W., 3. 1935 91 7 6 0 12 N.S.W., 31, 1930-50 .. 80 0 0 1 10 O’. N.S.W., 51. 1922-32 .. 100 0 0 0 5 Ot. N.S.W., 61. 1930-40 .. 99 5 0 0 5 ot N.S.W., 6, 1930-40 .. 99 0 0 1 5 Of Q'iand, 5, 1940-60.... 98 0 0 1 10 0* Q'land, 3, 1942-47 .... 77 0 0 1 10 0* Q’iand, 6, 1930-40 .... .N.Z., ,4J. 1948-5S .... 99 12 6 0 17 Of 102 O 0 2 5 0* N.Z. 3j, 1940 ;. 95 0 0 0 5 ot N.Z.; 3, 1945 15 0 0 ,) ot N.Z.. 6, 1936-51 104 0 0 same S. Aust.. 3i. 1939 .... 91 0 0 0 15 O’ S. Aust.-, 3,1916 or alter 66 12 6 0 *> 6+ S. Aust.. 6J, 1930-40.. 99 15 0 0 5 Ot Tflsm., 3|, 1920-40 .... 89 15 0 0 *> 6* .Tastn., .3. 1920-40 .... 87 15 0 0 10 O’ Tasm.. 6*, 1930-40 .. 100 0 0 0 10 ot W. Aust., 31, 1020-33 94 7 6 0 17 6f W. Aust., 3, 1915:35 .. 92 65 0 0 2 6t W. Aust-., 6; 1930-40 .. tHIgher. 100 0 0 ’Lower. 1 0 Of

July 7 Per lb. <1. July 14 Per lb. <1. July 21 Per lb. <1. July 28 Per lb. <1. 70’s .... 23 23 23 • 23 64’s .... 22i 224 22 22 ,60’s .... 2or 21 21 21 56’s .... 16 164 17 17 50's .... 104 11} 12' - 12 46's .... 9 9i 9i 94 4O's .... 8} 9 9 9

lian Mines and Metals ; Association compare as follow with those previously cabled: — July 2S. July 27. Per ton. Per ton. CopperStandard, spot .... £ s d 25 3 li £ s d 26 3 1J Standard, forward 24 15 7i 25 15 7i •Electrolytic 27 10 0 28 15 0 to 28 0 0 29 5 0 Wire bars 28 0 0 ’ 29 5 0 Ix*a d— Spot 0 J3 '0 10 0 0 Forward 9 16 3 10 3 9 Spelter— Spot 11 17 6 12 2 0 Forward 11 18 9 12 8 0 Tin— Spot 127 2 6 120 3 0 Forward 128 12 6 , 130 15 0 Silver — Standard, per ox. . 17 1-1Gd. 17 l-8d Fine, per ox IS 7-16d lS}d ‘American, not quoted.