FINANCE AND COMMERCE

Dominion, Volume 26, Issue 68, 13 December 1932, Page 12

FINANCE AND COMMERCE

STOCKS AND SHARES '■ Further Easing in Prices ■ VERY DULL MARKET ' A further weakening in prices was the; chief feature of the stock and snare market yesterday. Apart, from a mild .lint-: ter in Government securities at very low. rates there was very little buying demand. Selling pressure was .evident from the lengthy list of offers made in many cases ut cut rates. In Government securities the 4} per cent., 1039 and 1935, were bid for at the low price of £92/10/-, following a sale late 'on Saturday of the 193 S stocks, at £92 ‘l7/6. Tlid 5- 1-8 per'cent.'bonds, 1937, .-were wanted nt £95/5/-. and the stocks at ■ i£9s. There -was a bid of*.£l)7/10/- for '-the 5} per. cent, stocks, September, 1937. '■Wellington City, 5-J per cent., 1940, were •Wanted at' £97. '> .. .. 1, Banks, were again extremely dull, .witii, 1 .'fbowewir,! lit.tle or no quotable, change in ; values. There, were three sales of New Zealand at 42/-, ex dividend. iLatc buyiers were in at 41/9, holders asking 42/6. The .only' inquiry in the'financial and •-pastoral'section was for N.Z. Guarantee .'Corpo'falibiis,'which were weak; at 4/3. J Sellers ' ofxN-Z-'-’W I .and .Mercantile reduced thcir"price another’£l to’£sl. Wel■■]ingtoir.'G:fS Shares',.were steady at late . rales. ’' ' ' . ■ • 1 ; Following the announcement ot the ■passing of a final dividend sellers of Gear Meats weakened 2/6 to 27/-. Last week 'there was a sale at 29/-, and a few weeks, .ago there were sales at 31/9 and. 31/-. N.Z. liefrigorating. £Tpaid, were bid for at 9/-. and the til/- paid at 2/10. There •were buvei’s of Westport Coals at 10/-. ’• The-passing of the dividend sent Kauri ‘Timbers down to 9/-. as against sales a .month ago at 12/6. There were buyers on Saturday at 11/-. N.Z. Breweries had a sale late on Saturday at 25/5. Buyers yesterday offered 25/3. sellers asking 26/6. , Colonial Sugars were 5/- down at £4b. Sharlands preference were firm at 17/6, no sellers. Woolworths (N.Z.) preference were steady at 27/G, and there was an inquiry for the ordinaries at 60/-. . . . , Mining shares were quiet, and inclined to ease. Waihis weakened to IS/5, sellers 19/-. as against sales late last week at 19/2. King Solomons were slow at 2/3. and Paddy's Point and Nokomai easi.er at 4/9 and 5/10 respectively. WELLINGTON EXCHANGE Yesterday’s Quotations Buying and soiling quotations at yesterday’s final call on the Wellington Stock Exchange were as follow:—• N.Z. GOVT. LOANS.

DEALINGS ON ’CHANGE Sales in the Dominion Tho following sales were recorded on the stock exchanges ot the Dominion yesterday :— WELLINGTON.

SMALL PROFIT Wellington Meat Export Co. NO -PREFERENCE ’ DIVIDEND The directors of the Wellington Meat .Export Company. Ltd., reporting for the year ended September 30, .1932, stale 'that, after providing £BOOO for depreciation, there is a profit of £12.299/4/9 for the year. This amount has been carried to the'credit of the appropriation account, bringing’the debit'of that account down to £41,669/11/4. “It has not been considered advisable,” they' state, “to recommend the payment of a dividend on preference shares.” ’ The retiring directors, Sir William D. Hunt and Dr. C. Prendergast Knight, offer themselves for re-election. The. retiring auditor, Mr. W. S. Wheeler, also offers himself for re-election. For the year ended September 30, 1930, the company showed a loss of £43,539, making the accumulated deficit £58,947. At that time the company had certain stocks of . meat, wool, pelts, etc., at its risk still unsold, and although these stocks were taken in at what was considered a conservative value, the subsequent decline in the overseas markets left a, considerable loss upon realisation. This loss absorbed the major portion of the revenue for the year ended September 30, 1931, leaving a balance of £4978/14/6, which was carried fo the credit of appropriation account. Since the' commencement of the 1931 season’s operations the company ceased to. take any market risks, and the future revenue was assured from the operations of the freezing works. Owing to the losses mentioned above, the appropriation account at September 30, 1931, was in debit to the extent of £53,968/16/1, and the payment of a preference dividend had necessarily to be further deferred. GEAR MEAT 7 COMPANY Loss for Year, £12,948 As indicated in “The Dominion” yesterday, the Gear Meat Preserving and Freezing Company of New Zealand, Ltd., is not paying any final dividend for the year ended November 30. The directors, in presenting the balancesheet and profit and loss account for the year, regret that the operations for the period do not show a satisfactory result. The loss for the year is £12,948/11/8, less amount carried forward at November 30, 1931, £5333/10/7, leaving a debit of £7615/1/1; add interim dividend paid in June, £11,500, and the total debit .Profit and loss account amounts to £19,115/1/1. The ” directors recommend that this amount be carried forward to next year. The directors have decided that, having regard to the ■ losses sustained by the company for the past six months, the board regrets exceedingly lhat it cannot recommend any dividend beyond the interim dividend paid in June last. The retiring directors, Sir Francis Bell and Mr. A. de B. Brandon, offer themselves for re-election. . For the year ended November 09..1J»9, the company made a loss of £33,495. To pnt the balance in profit and loss on the right side, and to pay the customary dividend of 10 per cent., it was'-necessary to transfer from certain • reserves ’• £65,764 1/8. ‘ After that was done, they started the year with a balance of £2277/4/-. The profit as shown in the balance-sheet for the'vear ended November 30, 1931, was £51,078/4/1, which, added to the carry forward of £2277/4/-,. left a balance for distribution of £53,355/8/1. The dividends for 1928 and 1929 were at the rate of 111 per cent., and for 1930 and 1931, 10 per cent. The balance-sheet items for the last three years'compare as follow: —

Following the announcement of the passing of tXie final dividend, the Gear Company’s shares were offering on the Wellington Stock Exchange yesterday at 27/-, compared with 29/6 on Saturday. Last month sales were recorded at 31/9 and 31/-. Following the annual meeting a year ago. tho shares were quoted by buyers at 26/6, cum. dividend. BRITISH TOBACCO CO. ■ Reduction in Net Profit Net profits of the British Tobacco Co. (Australia), Ltd., for the year ended October 31, amount to £585,299, a fall of £162,628 in comparison with the previous year. Preference dividends at the rate of 6J iper cent, require £96,507, and ordinary dividends at the reduced rate of 6 per cent, take £458,067, together using up all but £724 of the profits. Undivided profits carried forward are £31,085. The only comment made by the directors is that the profits of subsidiary companies have been affected adversely by economic depression and high taxation. The final quarterly dividend of 1 i per cent, on ordinary shares will be payable on December 31. Following is a comparison of items from the last three balance-sheets: — Dividends — 1930. 1931. 1932.

Okarito Gold Dredge The Okarito Five Mile Beach Gold Dredging Company, Ltd., reports to the Stock. Exchange Association a wash-up for the week ended December 10 of 56 ounces IS dwts for 124 hours’ dredging. AUCTION DIARY TO-DAY. Levin Saleyards. 11.30 a.m.—Property and horses a/c Mr, 11. Brown (Abraham and Williams). Levin Sale. Cuba Street. 1.30 p.m.—Furniture (Silver-' stone). Lower Cuba St., 2 p.m.—Furniture (Davis Bros.) DI Dixon St.. 1.30 p.m.—Furniture (C. W. Price.) 91 Dixon St., 10.30 n.ni.—Contents ot cake kitchen, and liftings ot small goods stock (C. W. Price.) TO-MORROW. S Willeston St., 1 p.m.—-Men's wear (E. Johnston). Masterton sale. 11.30 a.m.—(Dalgety and Co..' N.Z. Loan and Merc., W., S. and Co.). Tc- Kuiti. 11 a.m.—Motor garage machinery and stock (King Country Auct. Co.). 43 Panama St.. 2.30 p.m.—Sale residence 62 I’ipitea St. (Harcourt & Co.). ■ Johnsonville Fat Stock Sale, 12.30 p.m. Masterton Sale. 10.30 a.m. (N.Z. Farmers’ Co-op). Sefton Lodge. Bath St.. Levin 1.30 p.m - Furniture a/c Mrs. J. Wilson (C. K. IVt-tfi-roofe). IS Roxburgh St,. 1 p.m.—Furniture (Ramsey . Wilson). 43 Panama St.. 2’30 p.m.— Property, Cur. I’ipitea St. (Harcourt & Co.)

DIFFICULT YEAR Farmers’ Co-op. Distributing Co. CHAIRMAN’S REVIEW At the annual meeting of the N.Z. Farmers’ Co-operative Distributing Company, Ltd held at Feilding on Friday, the chairman, Mr. Tbos. Currie, moving the adoption of the report and balance-sheet, which were summarised on this page on November 18, expressed regret that the company’s operations for tile year had resulted in a loss, but they were perhaps fortunate in that the result might have been much worse after a year that had been so full of difficulties for all connected with the primary industries. “At the annual meeting in 1929, we congratulated ourselves on having completed the most successful year in the company’s history with a net profit ot £15,527. Since then, owing to the continued fall in prices for all primary products with the resultant lower earnings in the commission departments and reduced profit from the trading departments, our revenue steadily declined until despite economical management, it was impossible to ’balance our budget.’ ” , , . . , The balance-sheet shows that the total subscribed capital at September 30 was £157,095/18/-, of which £133,680/19/8, including amounts paid in advance, was paid up. leaving a balance uncalled of £26.679/17/6, of which £4lll/7/6 has been paid in advance. Calls in arrears amounted to £849/8/4, compared with £943 outstanding at last year’s balance. Reserves stand at £15.339, compared with £15,237, • and the reserve for bad and doubtful accounts has again been preserved intact. It was proposed this year to write £1230 off properties, which would make the total amount written off £11,01.0, or if the, reserve in the property realisation account was included, £13,710. Stocks of merchandise at £20,112 showed a pleasing reduction of £1957, and were at a very satisfactory level. The stocks are in good order, and, wherever necessary, values have been discounted. lu spite of the economic depression, the company had maintained its sound position, its liabilities amounting to £70,953 and its assets to £222,181, giving a surplus of £151,228, against a paid-up capital of £133,680. The net result, as disclosed by the annual report and statement of accounts, was a loss for the year of £3289. There was, however, a credit of £2910, brought forward from the previous year, and with this taken into account and after providing £1230 now proposed for depreciation of properties, they would carry forward a .debit, of £l6OB in profit aud loss appropriation account. What with the continued disastrous fall in prices for primary products, the general financial stringency, and the unfavourable outlook for the forthcoming season, trading conditions have been and are likely to be most difficult. In view of Illis, it was considered prudent to adopt a conservative.policy, in not only making full provision for all ascertained bad debts, but also in providing a substantial amount for possible future losses, at the same time leaving the reserves, which total £15,339, intact. In addition, it was thought wise to hold in suspense a large amount of interest accrued on farmers accounts, but it was difficult to estimate what portion of this would be eventually recovered. The . report, and balanee-shect were unanimously adopted. A ballot resulted in . the re-election of the. retiring Messrs. E. Eagle, G. L. Marshall, aud A. Stuart, Nl.l’. ‘GORDON AND GOTCH, LTD. Dividends Maintained Gordon and Gotch (Australasia), Ltd., reports a net profit of £23,458 for the half-year ended September 30. after providing £6488 for taxation. The profit is £293 less than for the corresponding half of 1931. The company is Bible to main tain, dividends on preference and ordinary shares at tire usual rate of S per cent, per annum, and carries forward £14,750, compared with £15,292 brought in. The accounts show an increase of £10,590 in amounts owed to creditors by comparison with the September half of 1931, but bank overdraft has been reduced by £10.052 in the year. Stocks are about £12.000 less than they were a year ago. A comparison' of the last three balance-sheets is as follows :— 1031. 1932. 1932. Sept. Mar. Sept. Percent. Percent. Percent. p.a. p.a. p.a.

Total 1,042,471 1,014,813 1,035,448

A HOPEFUL NOTE John Lysaght’s Accounts A hopeful note is struck in the report of John Lysaght (the important firm of ironmasters, galvanised sheet makers, and engineers, which is controlled by Guest, Keen and Nettlefolds) concerning Australia, where the company has large interests. Conditions in the Commonwealth, the directors state, have improved, while the board also speak encouragingly of the results of the Ottawa Conference, which they believe are likely 'to be distinctly helpful to the iron aud steel industry of this country. But though, generally, they discern indications of improvement, it would come too late to have much effect on the results for 1932. The .accounts now presented cover the year 1931, aud profits for that period were again unsatisfactory. A profit of £180,721 is shown, but of this sum £BO,OOO -is transferred to depreciation account, and after paying the preference dividends, which require £36,000, the balance is added to the sum brought- forward, raising it to £412,125. No dividend is paid bn the ordinary shares, on which a payment of 5 per cent., free ,of tax, was made for 1930. From the reserves £9G,535 has been deducted against possiliJe loss on exchange, reducing their total to £404,667. A change has been made in the presentation .of the liabilities, provisions for incometax, depreciation, insurance, and contingencies being now shown separately. Their total is £378.512, tho sum due to creditors being ouly £149,405. A feature among the assets is the further reduction to £487,870 in tho. stock-in-trade: Boating assets at £964.000 show a large surplus over current liabilities. BUTTER AND CHEESE London Market Prices Joseph Nathan and Co., Limited, have received ■ the following cable from their London principals, Trcngrouse and Nathan. Limited, London, dated December 19: —New Zealand butter: Finest, 84/- per cwt.; first. 83/-. Quieter. Now Zealand cheese : White,,s7/-; coloured, 59/-. Weak.

THE WOOL MARKET London Sales Active WITHDRAWALS NEGLIGIBLE London, Dec. 11. Mr. IV. I’. Devereux, representative in England and the Continent of the Australian Woolgrowers' Association, reports tiiat the London sales nre very active with general competition. Merino wool is largely taken by Continental operators, and there is a hardening tendency in the market for fine crossbreds. These sold well, and medium and coarse crossbreds were sold in sympathy. Quotations received from Auckland and Napier, as well as from South America, show at 5 per cent, fall below the opening rates. Withdrawals are negligible. The quantity carried over is not likely to be excessive. Very little business is passing in crossbred tops and yarns, except for the fine qualities, and quotations for these show a slight tendency in buyers’ favour. FOREIGN EXCHANGES . Position of Sterling London, Dec. V. The following rates on. foreign exchanges were current to-day. compared with those ruling on December 9 and

Gold and. Silver. London, Dec. 10. Gohl.—£6/G/6S per fine ounce. Silver.—Cash, 17 9-160 per ounce; forward, 17 5-Sd. Dollar Conversion Plates The Associated Banks have agreed that the conversion rates from December 12 will be: — U.S.A. Canada. Conversion of dollar bills received for collection and sale of dollar drafts 3.13 3.67 Purchase of dollar bills 3.33 3.87 These conversion rates are, of course, ascertained on a sterling basis (London funds), and therefore current rate of exchange Now Zealand on London will also be charged or allowed as the case may refill ire. HEMP AND TOW Increased Gradings Increases in the quantities of hemp and tow graded in the Dominion during November are shown in the latest official-re-turns. Hemp gradings increased by 1528 bales to 2770 bales, tow increased by 518 hales, and stripper slips by 5 bales. Nov.. 1931. Nov.. 1932. Inc. Bales. Bates. Bales. Hemp 1241 2775 152 S Tow 335 853 51S Stripper slips '. 18 23 5 Of the hemp graded last month. 6.92 per cent, was classed good fair, 27.17 per cent, high fair, 31.64 per cent, low fair, 26.52 per cent, common, and 7.75 per cent, rejected. The tow was 8.09 per cent, first grade, 53.57 per cent., second grade, 35.52 per cent, third grade, and 2.82 per cent, condemned. Stripper slips were 91.3 per cent, second grade, and 8.69 per cent, condemned. TALLOW AND HEMP London Markets Steady The Department of Agriculture has received the following cablegram, dated December 10, from the High Commissioner for New Zealand, London :— Tallow.—Auction will bo held on December 14. Market quiet, but steady at about last quotations. Hemp.—Manila : Market quiet but steady. Small business has been done at last rates quoted. Sisal: Market steady, and fair business has been done at last rates quoted. New Zealand : Small business has been done early this week at last rates quoted. Buyers’ requirements satisfied, and market closed quiet. LONDON EGG MARKET A Firmer Tendency The Department of Agriculture has received the following cablegram, dated December 10, from the High Commissioner for New Zealand, London :— Eggs.—Market steady, with firmer tendency. English, national pack, 16/- to 22/-; English, ordinary pack, 16/- to 17/-; Danish, 13/6 to IS/6: Australian, 141 b. to 171 b., per long hundred, 11/3 to 13/-; New Zealand sold 151 b. to 171 b. per long hundred, 12/3 to 13/6. LIVE STOCK MARKET Carterton Prices Carterton, Dec. 10. A small yarding of sheep and cattle and a large number of pigs were offered by Wright, Stephenson and Co., Ltd., at the Carterton sale yesterday. Sheep sold particularly well, and made very good prices. Cattle were on a par with late sales, and pigs showed a slight increase. Practically a total clearance was effected at the following prices:-—Fat wethers, 11/-; forward wethers, S/6 to 9/-; store wethers, 7/- to 8/-; fat cows, 37/6 to £2 4/-; store cows, 18/6 to 23/-; cull cows, 15/-; cows with calves, 32/6; weaner pigs, S.Z- to 11/-: slips. 13/- to 15/6; porkers (light), IS/- to 20/-; porkers (heavy). 23/- to 29/-. Feilding Sale At the Feilding sale on Friday, Abraham and Williams, Ltd., offered an average yarding, competition not being quite so keen as at last week’s sale. Fat ewes were slightly easier; wethers, of which there were ouly odd lots penned, sold at late rates. Sipring lambs and 2tooth fat black faces sold well. Store sheep sold well, up to last week’s rates. There was again a heavy yarding of fat cattle, prices remaining firm on late rates. Store cattle sold well up to late rates. There was a medium entry of dairy cattle, the quality not being up to recent sales. Prices were a little easier. Fat sheep: Fat lambs. 10/10, 11/5, to ,12/8: fat hoggets, b.f. ? 12/-; fat woolly

ewes, 6/-, 7/6, 8/-; fat shorn ewes, 5/9, 5/11, 6/-, 6/3, 6/6, 6/7, to 7/4; fat S.D. ewes, to 8/2; fat woolly wethers, 11/8. Store sheep: 2-th shorn ewes, 12/- to 12/2; aged ewes, with 100 per cent. b.f. lambs at foot, to 11/1. Fat cattle: Bullocks. £3/12/6 to £5 5/-; cows, £2/10/-, £2/15/-, £3/3/6, £3 5/-, £3/10/-, £3/12/-, to £4; dairy-bred fat cows, £l/17/6, £2, £2/7/-, £2/10/-, £2/14/* 1 vealers, light, IS/- to 22/6. ■Store cattle: P.A. cows and calves, to £2/7/-; Jersey heifers, £l/7/-, £l/11/-, to £2/2/6; store cows, 7/6, 8/-, 12/-, 14/to 15/-. Dairy cattle: Cows, r.w.b., £2/10/-, £3 5/-, £3/15/-, £4/2/6, £4/7/6; cows in milk, £2 to £3/7/6; heifers, r.w.b., £2 2/6, £2/10/-, £3/7/6, to £5/12/6, SYDNEY STOCK EXCHANGE A Dull Market (Received Dec. 12, 9.50 p.m.) Sydney, Dec. 12. On the Stock Exchange to-day the absence of new developments in connection with war debts and the near approach of the year-end, caused dullness in the investment market, with only minor variation in the prices of industrial shares. Colonial Sugars suffered a relapse. „ , Sales: —Bank of New South Wales, £3l ; National Bank of Australasia. £lO paid, £ll/15/-; Colonial Sugar, £52; Huddart Parker, pref., 23/-; Fairymead Sugar, 26/6: Dunlop Pcrdriau, 16/4J; Tooth’s. 34/9; Goldsbrough, Mort. 24/;; Australian Glass. 42/6; Taranaki Oil, 2/3. Commonwealth Bonds, 4 per cent., 1938, £lO2/7/6; 1941, £lOl/3/9: 1944, £lOl/15/-; 1947, £100; 1950. £lO2/2/6; 1957, £lOl/12/6; 1959, £lO2/12/6 ; 1961, £lO2/2/6. WAIROA MEAT WORKS Sale Proposal Rejected By Telegraph.—Press Association. Wairoa, Dec. 12. At a general meeting of shareholders in the Wairoa Farmers’ Co-operative Meat. Company on Saturday afternoon a motion to sell the works to a new company which is about to be formed under the name of the Wairoa Farmers’ .Meat Co., Ltd., and having as its shareholders the Hawke’s Bay Farmers’ Meat Co., Ltd., Nelsons (N.Z.), Limited, and the Gisborne Refrigerating Co., Ltd., was defeated, securing 314 votes less than the 75 per cent, majority required. At. a large meeting of farmers and shareholders held before the general meeting on Saturday a resolution was unanimously carried that, a scheme on lines similar to the methods employed by the co-operative dairy factories, involving a deduction annually against the farmers' outputs, he established for the purpose of restarting thy local meat works.

Buyers. £ s d Sellers. £ s d 41 p.c. Bonds. 1939 .... 92 10 0 — 41 p.c. ditto, IMS .... 92 10 0 — 51- p.c. ditto. 1937 .... 95 : i 0 — 44 p.e. Stock, 1938 .— 92 10 0 93 2 c 44 p.c.'ditto; 1939 .... 92 10 0 — 5A- p.c. ditto. Sep.. 1937 97 10 0 T— £»i p.c. ditto, 1937 .... 95 0 0 — DEBENTURES. Wsrtn. Citv, 51 p.c.. 1940 97 0 0 Palmerston N., 0 p.e., 1945 — 99 10 0 Makerua Drainage, 6 p.c., •, . • ion; 91 10 0 Christchurch I>rainage, 54 p.c., 1965 97 10 0 Waitomo E. 1’. Bd., 6 p.c.’, 1901 ............... — 99 10 0 Wellington Gas Co. ..®99 .5 0 — BANKS. Australasia —. 9 O 0 Coinmer. of Aust., ord. -— 0 13 11 Nat. of Australasia, £10 paid ....; 10 0 •— New South Wales .... —■ 27 0 0 New Zealand >2 1 9 — 0 Union of Aust — 1 u 0 FINANCIAL Equitable Building .... 4 0 0 Goldsbrough. Mort ..... — 1 1 0 National Mortgage : —V 1 10 0 N.Z. Guar. Corpn., ord, 0 4 3 — N.Z.’ Loan & Mercantile — 51 0 0 Wgtn. Invest.; T. and A. Wfftn. Trust and Loan 0 7 0 4 17 G Wgtn. Dep. & Mort. . — 0.7 9 ■ GAS." ‘ Wellington; ord. 1 9 0 1 10 0 Ditto, pref. ........ 0 18 3 — INSURANCE. Aust. Prov. Assce 0 5 0 0 6 9 National —— O 14 6 South British — ! 2 15 0 MEAT. Goar 1 7 0 N.Z. Rcfrig.. £1 paid . 0 9 0 — Ditto, 10/- paid 0 - 10 — WOOLLEN Wellington, ord. •_•••• — 5 6 6 COAL. Westport .............. 010 0 — TIMBER. Kauri * O o O 11 6 Leyland-O’Brien ...... — 1.0 0 National — O 6 0 Taringamut'u — 0 5 0 BREWERIES. Carlton — 1 13 0 N.Z. Breweries *1 3 1 6 6 Staples and Co — 1. 3 0 Tooth and Co — 1 10 6 MISCELLANEOUS. British Tobacco, ord. .. — •1 10 3 Burns. Philp — .* 41 0 Colonial Sugar 40 0 0 Dominion Investments 1 1 0 Electro. Zinc, pref. ... —• 1 41 0 N.Z. Drug —— 3 O 0 Sharland. prof 0 17 8 — Wgtn. Queen's Theatre — 1 1 6 Wilson’s Cement —— ♦1 10 0 Woolworths, pref 1 2 6 —— Ditto, ord 3 0 0 —— Milburn Lime — 1 8 3 Neon Lights — 1 2 0 OIL. Moturoa, ord. — 0 4 3 , MINING. King Solomon 0 *> 3 Mount Lyell ~ »0 10 8 Paddy’s Point (1 4 9 — Waihi (1 18 0 10 0 Big River 0 0 9 0 1 1 Nokoniai 0 10 •Cum. dividend. fEx . dividend. 1 1 ■

£ s d Sales reported: Inner. Stock, 4Vp.c., 193S . *92 17 6 Bank of New Zealand, ex. div. (3 1 2 2 0 N.Z. Breweries . *1 5 ♦Late sale Saturday. AUCKLAND. £ s <1 Govt. Bonds. 4} -p.e., 1938 G Auckland City, 5} p.c., 1940 .. 98 10 0 N.Z. Farmers’ Co-op.., 4 A .p.c., ■ 1040 4G 0 0 National Bank of N.Z 3 7 c Ba-n-k of New Zealand, ex. div. 2 1 o N.Z. Insurance 2 1 b Auckland Gas 1 1 3 CHRISTCHURCH. Sales on ’Change d laser. Stock, 51 p.c., 1033 .... 100 10 (1 Bank of New Zealand, ex div. 0 Ditto 2 1 0 Blackwater Mines, cum dir 1 1 K Golden I'oint 0 0 •-■J Okarito 0 8 1 Ditto 0 s • • Sales reported: Bank of New Zealand, ex div. .. 2 1 : 10 Commercial Bank of Aust., pref. 7 1 □ N.Z. Farmers’ Fertiliser 0 11 0 DUNEDIN. Sales on ’Change: d AVaitahu, premium 0 0 8 Ditto, premium 0 0 SA Sales reported: National Bank of N.Z 3 7 i, Ditto .. . > (1 N.Z. Paper Mills 1 () 7A N.Z. Farmers* Fertiliser I) 14 (1 King *o •_? - Inser. Stock. 4J p.<*.. 1938 .... 93 (l fl Ditto','JJ-' p.c.. Feb., 1937 .. 9S 0 0

Year ended, Nov. 30, 1930. 1931. 1932. Liabilities — 4*, X Capital paid ... 400,000 400,000 460,000 Creditors 92.508 28,974 10,310 15,000 15,000 15,000 lusur. reserve . 10,000 12,000 11,385 Assets—• Properties, etc . 57,100 57.100 57.793 Debtors 144,000 .14,560 30,514 Stocks , 59,035 116,689 70,290 Deb. and stock 242,032 267,169 265,920 Money at short call 90,000 95.000 51,000 Bank credit ... 10,649 4,418 342 Cash 823 871 1,712

Pei con • Per t. cent. Per cent. fl Jr CA fit Ordinary .. :....... 12 8 6 1930. 1931. 1932. L Net profit .... 1,074,672 747,927 585,299 Liabilities — Capital— Preference 1,484,727 1.484,727L4S4.727 Ordinary 8,134,459 8.134,459 8,134,459 Undivided profits ... 29.698 30.301 31.095 Creditors .. 3,029 104,258 80,349 Assets— Shares in subsidiarles 7.722.192 7.722 192 7 722 192 Debtors .. -. . 1,571.203 2,016,414 1.994,919 Govt, securities . 345,505 Cash ....... 13,468 15,199 13,509 9.651,913 9.753,805 9.730,620

Dividends — Preference ... 8 8 8 Ordinary .... 8 S s — - a: Gross profit .. 47,377 Net profit .... 23,751 Liabilities— 41,723 45,897 22,342 23,458 Capital— 100,000 Preference . 100,000 100,000 Ordinary .. 500,000 500,000 500,000 Reserves .... 262,937 261,830 Mortgage .... 4.286 • — — Sundry creditors 109,677 101.912 120,267 Overdraft ... 24.033 17,4 IS 14.581 ■Undivided profits 40,019 Assets—. 39,292 38,750 Property .... 2O7/31S Leasehold and 206,SSI 206,453 plant 64,798 5S.94G 50,433 Stocks 217,529 Sundry debtors 195,895 205,589 and bills ... 287.974 253.643 289,637 Goodwill .... 118’074 Payments in ad118,071 118,074 vance 39,128 14,889 7,896 Investments, etc. 107,650 100.4S5 151,360

par:— Dee. 9. Dec. 10. Tar. X. York, dol. to £ 3.25} 3.231 4.866 Montreal, do!, to £ 3.78} 4.866 Paris, fr. to £ .... 83 5-1G 82 13-16 124.21 Brussels, bel. to £ 23.475 23.345 35.00 Geneva, fr. to £ .. 10.92 16.805 25.225 Anist’dam, fl. to £ 8.095 S.05 12.107 Milan, lire to £.. 63.50 63 3-16 92.46 Berlin, inks, to £ .. 13.(175 13.60 20.43 St'holm, knr. to £ 18.325 18.295 18.159 C'hagen, knr. to £ 19 9-32 19.25 18.159 Oslo, knr. to £ .... 19.40 19.35 1S.459 Vienna, schgs. to £ *27.50 *27.50 34.585 Prague, knr. to £.. 109.75 Ilel’fors. inks, to £ 22S 109 164.25 228 193.23 Madrid, pcs. to £.. 39 15-16 39.625 25.225 Lisbon, esc. to £.. 107.50 107 110 ’ Athens, drach. to £ 595 5S7.50 377) Belgrade, din. to £ — 242.50 276.31 Bucharest, lei to £ 550 550 813.60 Warsaw, zloty to £ — — 43.3S Itlo de J., p. to mil. *54 *5 J 16.70 B. Aires, p. to peso *— * 47.62 M. Video, p. to peso *30 ♦30 51 Calcutta, p. to rup. 18 3-16 IS 3-1(5 18 Shanghai, p. to tael 2015-16 211-16 — H.-Kong, p. to dol. 161-16 16 —- Y’hama,, p. to yen— 15 5-16 155 24.582 Batavia, gl. to 8.12 8.12 12.107 • •Nominal.