FINANCE and COMMERCE

Dominion, Volume 26, Issue 182, 29 April 1933, Page 14

FINANCE and COMMERCE

STOCKS AND SHARES Active Market Yesterday A FIRMER TENDENCY Active conditions ruled in the Wellington market yesterday with an lm * proved demand for stocks and shares at firm rates. Government 4 per cent. Ronds advanced to £99/12/(1, and there was a sale o£ the 1940 4 per cent, stock at the same price. Banks were in strong demand and showed a firming tendency. Australasias were wanted at £lO/1/-, sellers staying at £lO/7/6. New Zcalands firmed to a sale at 45/6 and Union ot Australia advanced to £7/8/-. Gas shares were firmer. Wellington Gas sold at 32/6 and Christchurch were bid for at 26/9. N.Z. Insurance advanced to a sale at 49/6, and Gear Meat were done at 27/9. Union Steam preference hardened to 21/9. sellers 22/3. N.Z. Shipping Co.. 6 per cent, preference. £lO paid, were offered at £l2/10/-. Breweries were more active with a firming tendency. N.Z. Drugs hardened to 64/-, sellers 64/9. WELLINGTON EXCHANGE Yesterday’s Quotations Buying and selling quotations at yesterday’s final call on the Wellington Stock Exchange were as follow:—

Unofficial List X'He.—All transactions In stocks quoted in this section are subject to 2j per cent, brokerage and are not quoted on the offi-

DEALINGS ON ’CHANGE Yesterday’s Sales The following sales were recorded yesterday on the Stock Exchanges mentioued:

THE MONEI MARKET Bank of England Return RESERVE PROPORTION RISES London, April 27. The Bank of England return for the week ended April 20, is. as follows:— Issue Department.

Short Loans anti Bills. The Bank of England rate of discount was reduced to 2 per cent, as from June 30.1932. Short loans are quoted at S per cent., the same as last week. The market rate of discount for best three months’ bill is 17-32 per cent., the same as last week. Further Increase in Gold. A further addition of £1,974,631 was made by the bank last week to its holding of gold, bringing the total increase since the begining of the year to £65,150.242. For some time prior to the payment of the December instalment of the ivar debt to the United States, the bank’s gold coin and bullion holding was £132,-122,097 The debt payment operations reduced this bv £19,633,813 to £1.19 788,284. Acquisitions since January have now raised the total to £185.938,526 FOREIGN EXCHANGES Position of Sterling London. April 27. The following rates on foreign exchanges were current to-day. compared with those ruling'on April 26:—

£lOO/17/6. Gold and Silver. I-ondon, April 27. Gold—£o/1/4 per fine ounce. Silver —Cash. 20 3-lGd per ox:: forward, 30Jd. Dollar Conversion Rates The Associated Banks have agreed that the conversion rates from April 28 will he: — U.S.A. Canada, Conversion of dollar bills received for collection and sale of dollar drafts .... 3.63 4.23 Purchase of dollar bills .. 3.8-3 4.43 These conversion rates are, of course, ascertained on a sterling basis (London funds) and therefore current rates,. of exchange New Zealand on London will also be charged or allowed as the case may require. SYDNEY STOCK EXCHANGE Market Very Active (Received April 28, .8 p.m.) Sydney, April 28. On the Slock Exchange bond values retained the improvement registered earlier in the week, but the industrial nnd miscellaneous sections were not so uniformly strong as the previous day. All departments of the investment market, however. were very active. Sales: Bank of New South Wales, £29/12/6; Commercial Bank of Sydney. £l5/12/6; National Bank, £5 paid. £6; Colonial Sugar. New Zealand delivery, £56; Burns, Philp, 50/6; Associated News. .7/11; pref., ex dividend, 17/6; Australian Gas, A. £6 19/6 ; Australian Glass, 48/-: British Tobacco. 34/9; pref.. 27/3; Dunlop Perdriau, 16/104; pref., 32/-; Goldsbrough, 22/9; Tooth's, 36/44; Electrolytic Zine, pref., 30/1: Broken Hill Proprietary, 31/9: North Broken Hill. 70/9; Zine Corporation, 27/-: Commonwealth bonds, 4 per cent.. 1938. £lO4/2/6; ditto. NewZealand delivery. £5OOO worth, £lO4 1/3; 1941, £lO4/8/9; 1941, £lO3/2/6; 1947, £lO3/12/6; 1950, £lO3/12/6; 1953. £lO4/2/6; 1955. £lO4/11/3; 1957, £lO4 18/9; 1961. £lO3/7/6. 4 per cent., 1938, £104; 1941. £lO4/7/6: 1944. £103; 1947. £lO3/11/3: 1950, £lO3 12/6: 1953. £104; 1P,55. £lO4/6/3; 1957. £lO4/16/3; 1959. £lO3/5/-; 1961. £lO3 7/6. Union Bank of Australia, £7/5/-; Australian Gas. £6/1/6; Wineheombe Carson, 24/-. Melbourne. April 28. Sales: Metropolitan Gas. £l2/9/-; Dunlop Perdriau. 16/11 ; Goldsbrough Mort. 22/6: Mount Lyell. 20/3; North Broken Hill. 71/-. Golden Dawn Mines Golden Dawn Mines, Ltd., reports that for the nine working days to April 22. Easter intervening, 306 tons were treated for £705 gold valued at‘£4 per ounce.

MARKET MORE ACTIVE Butter Firm at 68/70/CHEESE STEADY AT 39/44/London, April 27. The butter market is firmer. New Zealand finest salted is 69/- to 70/- per cwt.; unsalted, 69/- to 70/-. Australian, best salted, 67/- to 68/-; unsalted, 68/- to 70/-. Danish, 98/-. The cheese market is also firmci - , New Zealand white selling 39/- per cwt.; coloured, 44/-; Australian 37/- to 41/-. Joseph Nathan and Co., Ltd. have received from their principals, Trengrove and Nathan, Ltd., London, the_ following cabled advice, dated April 27: — New Zealand butter, 69/- per cwt. New Zealand cheese: White, 39/- per cwt.; coloured, 44/-. Both markets more active. __ . 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 elose of business on Thursday:— Butter: The market is improving. New Zealand finest. 70/-; firsts, 68/-; unsalted, 70/- to 72/-. Danish, 94/-. Australian, 66/- to 68/-. Argentine. 60/- to 64/-. Cheese: The market is steady. New Zealand white, 39/-; coloured, Canadian, white, 64/-.; coloured, 64/to 66/-. Samuel Page and Son, London, report to Dalgety and Co., Ltd. under date April 27: — Butter: Market firm. Danish, 96/- to 98/- (90/- to 91/-). N.Z. finest salted, 67/- to. 69/- (67/Australian, finest unsalted, 67/- to 68/(65/- to 68/-) ; finest salted, 66/- to 68/(64/- to 67/-). Australian G.A.Q.. 62/- to 64/- (61/to 63/-). Cheese: Market firm. Australian white, 36/- to 37/-; coloured. 39/- to 41/-. N.Z. white, 37/- to 38/- (38/-) ; coloured. 43/- to 44/- (44/- to 45/-). Spot price for Canadian white. 62/- to 68/- (60/- to 62/-) ; coloured, 64/- to 68/- (60/- to 62/-). Last week’s quotations shown in parentheses. A. S. Paterson and Co., Ltd., advise having received cable advice from J. and J. Lonsdale and Co. (London), Ltd., as follows: —Butter: Market firm owing to demand improving. New Zealand, 70/-. Australian. 69/-. Cheese: Nominal. White, 39/- to 40/-; coloured, 43/- to 44/-. Bradford Tops Market lumdon. April 27. In the Bradford tops market the consumption of merinos and fine crossbreds is maintained at late rates. To-day’s quotations compare with those previously cabled as follow:—

Wright, Stephenson, and Co., Ltd., and Abraham and Williams, Ltd., report, having received cable advice from their Bradford agent regarding “the tops market, reading as follows:—“Merino, fiue crossbred and medium crossbred wools are 4d. up, coarse crossbreds |d. up. A fair amount of business is passing, and consumption of tops is well maintained.” LOWER INTEREST RATES Advances to Farmers Sir Alexander Roberts, chairman of the Associated Stock and Station Companies of the Dominion, questioned regarding revision of interest charges, following the reduction in the bank overdraft rate on May 1, replied;—“When the Government was negotiating with the banks for a reduction in overdraft: rates, similar approaches were made to the 35 stock and station companies operating in the Dominion. They readily and unanimously gave the Minister of Finance their undertaking that the companies’ interest charges to farming clients would lie reduced simultaneously with the bank overdraft rate, and to the same extent. Therefore, the reduction operates from May 1.” Inquiries as to the probable effect of this concession suggest that, it is large. The companies generally have observed the policy of keeping farmers on the land fill better times arrive, and their aggregate advances to these clients are placed conservatively at well over £20,000,009. N.Z. Paper Mills Dividend New Zealand Paper Mills. Ltd., yesterday advised the Stock Exchange Association that the directors had decided tn recommend payment of a final dividend ?f 4 per cent., which, with the interim dividend, would make a total distribution of 7 per cent, for the year. The dividend is payable on Mav 22. The register will be closed from May I) to 22 inclusive. The dividend is at the same rate as for the previous year. Auckland Savings Bank Dominion Special Service. Auckland. April 28. Details of the business of the Auckland Savings Bank for the year ended March 31 were given by rhe president, Mr. 11. E. Vaile, at the annual meeting of trustees. Deposits received during the year, lie said, amounted to £3.634,875. compared with £4,015.750 for the previous year. Withdrawals totalled £3,721.151, as against £3.957.207. Interest credited to depositors’ accounts amounted to £251.130. comuared with £281.207. and averaged £2/4/10 for each operative account, as against £2/11/- in the previous year. The amount standing to the credit of depositors was £6.022.892, as against £6.758.038 in the previous year, an increase of £164.851. New accounts opened during the year numbered 15.215. as against 19 587 for the previous year, the Schools’ Bank Deportment accounting for 2063. A total of 14.511 accounts were closed, excluding 8100 transferred to the Government under the I'nclaimed Moneys Act. The .accounts remaining open were nccord’ngly (loe ,, e'>«e(l by 4696 to 153,903. ns against 158:199 last year. It was satisfaeforv tn note, said the president, that, notwithstanding the most trying year in (he history of flits country, the bank lind never been in a stronger position. Dunedin Savings Bank Dominion Special Service Dunedin, April 28. At a meeting of trustees of the Dunedin Savings Bank to-day the balancesheet for the year ended March 31. 1933. was presented, showing the following figures: Number of depositors, 30.708; total amount standing to credit on March Ml. 1933. £2.154,044; total amount standing to credit on March 31. 1932. £2,057,497; actual .amount deposited (luring the year, £879,5(9; actual amount withdrawn during the year, £861,740; amount added in interest to depositors’ accounts. £78.718. The bank’s investments produced during the year £100,161. showing a slight decrease on the previous year. caused by the general reduction in interest and 16 per cent, duty on all debenture interest. Notwithstanding the reduction in interest and somewhat unsettled state of the commercial world, the bank has continued to hold its own, and has not only reserves against possible losses, but is able to show a balance in its profit and loss account of £125,305 at the end of the year.

LIVESTOCK MARKET Fat Sheep and Cattle Firmer FEILDING SALE PRICES Dominion Special Service. Feilding, April 2S. With an almost record entry of fat sheep, prices showed a further firming tendency at. the stock sale. The majority of the yarding was purchased by Borthwicks for export, the entry being generally of good quality. Primest fat lambs made 15/7 (rise of 6d. a head) ; prime, 13/5 to 13/9; good, 12/7; medium, 11/to 11/9; poor quality, from 9/10. Primest fat. ewes. 9/4 to 9/5 .(slight rise) ; prime, 8/4 to 9/1; good, </2 to </10; fair, from 6/3. Primest wethers, 14/-; prime, 12/4 to 12/8 ; good, 11/9; blackface 2-tooths, primest, 14/6; prime, 13/to 14/-; good, 12/3; white-faces, 13/-. The store pens held a very heavy yarding of breeding ewes and store lambs. The inquiry for young ewes was keen, and lambs also sold readily. Two-tooth ewes with S.D. rams made 12/7 to 14/4, with poor lines at 8/5; ditto, with Romney rams. 13/2; two-tooth to five-year ewes, S.D. rams, 10/8; four to five-year ditto, 10/8; five-year. 10/8 to 11/3; wether lambs, 7/1 to 8/9; ewe lambs, 8/-; m.s. lambs. 7/9 to 8/-; black-face lambs, 7/7 to 8/5; forward ewes, 6/-: cull ewes, 4/S to 5/-. A small yarding of dairy cattle came forward. Cows, winter culvers, made £5/15/-; spring calvers, good, £4 to £4 15/-; backward, from £l/6/- to £3; heifers in milk, £l/15/-; cows in milk, 28/-. A heavy yarding of fat cattle was offered, and prices firmed slightly. Fat P.A. bullocks made £5/15/-; very prime bullocks, £5/17/6; good lines, £4/10/- to £4/15/-; Jersey bullocks, £3/11/-; Holstein bullocks, ’ £4/10/-; Shorthorn bullocks. £4/4/-; fat cows. Hereford, heavy, £3 to £3/18/-; P.A., £2 to £3/2/6; light sorts. £l/6/-; fat heifers, Hereford. £3 9/-; Jersey, £2/12/6; lighter, from £1 tin; prime steers, £5/13/-; light steers, £2/2/- to £2/13/-; vealers, 2a/-; potter bulls, 35/- to £3/10/-. A heavy yarding of store cattle met a good sale generally. Store cows made to 34/-; weaner Jersey, heifers, good, to 37/6; others, from 14/- to 26/-; forward heifers, £2/15/-; forward steers, £3 IS/-; forward bullocks, £4/4/-; yearling steers, 16/-; Hereford steers. £2/15/-; P.A, steers, £3/7/- to £3/13/6; ditto, 2J-year, £3/10/-; ditto. 31-year, £3/17/-; 20 months, £2/14/-. Gisborne Cattle Fair Dominion Special Service. Gisborne, April 28. At the Gisborne autumn cattle fair there was a good yarding of beef cattle. Values were easy. Cows sold to 52/6; bullocks, £5/12/6; heifers, 35/-. Store cattle; An entry of 5300 head, males only, of good quality and condition. There was good competition generally. especially up to 24 years. Many outside buyers were operating. Bullocks, fat and forward, £4 to £4/1/-; good. £3/6/- upwards; 31-year steers, £2/16/6 to £3/9/-; 24-year steers, choice. £2/19/- to £3/2/-: very good, to £2/16/-; good, 42/6 to 52/6; 18 to 20-month steers. 30/- to 45/-. Weaner steers: A large yarding. Good Hereford and Polled Angus, choice, 27/- to 31/-; good, 22/6 upwards. BANK OF ADELAIDE Profit Again Lower A further shrinkage in profits is disclosed in the annual accounts of the Bank of Adelaide for the year ended .March 31. The amount at £53,727 is £13,048 lower than in the previous year, the reduction being ascribed to reduced interest rates resulting from concessions made to primary am! secondary industries before corresponding relief has been available in respect of fixed deposits current at high rates. The dividend on a capital of £1,250,000 is unchanged at 4 per cent. A sum of £44.297 is carried forward, against £40.570 brought in. The balance-sliecl shows liquid assets equivalent. to Ils. Id. in the pound, or 55 per cent, of the bank’s liability to the public, and the bank is holding £2 Gs. 9d. of liquid assets for every pound of current account money. Deposits show an increase of £636,707 to £6.667,037. while advances are only £7371 higher at £5,115,3.81. Following are derails of the results and appropriations 'for the Inst three years:—

REDUCED PROFIT Australian Iron and Steel > The report of Australian Iron and Steel. Limited, for the year ended November 30. discloses a net profit of £2203. a reduction of £15.868. The profit is added to £224.451 brought forward to make a credit balance of £226.654 carried forward. Sales; for the first eight months nf the year wore the lowest in the history of the company, the directors report, but they have since improved. They add that the improvement has not been sufficient to permit of the payment of the accrued dividends or that which will be due for payment on the preference shares nn May 1. Including the latter, payment of two and a half years’' preference dividend has been deferred. The amount of the ordinary dividend if £91.675 declared for .1929. being 5 per cent:., remains in the ordinary dividend appropriation account. Following are the results for the past three years:— i»:;i 1932 Brought forward 201',949 20(17380 2217151 Net profit. 7G.431 18.1)71 2,203 2,81.380 224.431 22(1,054 Prof, div.. 74 p.e. 75.(1(10 — — Carried forward 2i;3.380 224.151 226,654 The capital of the company is £1,000.000 in cumulative preference shares and £2.292.382 in ordinary shares. The report slates that during the period additions were made to the Margam mill to provide for the manufacture of steel plates. Orders for plates have been obtained from all the Australian States and New Zealand. Owing to shortage of orders, the plant worked intermittently, but efficiently. Dominion Pictures, Ltd. An interim dividend at. the rate of 6 per cent, per annum has been declared bv tiie directors of Dominion Pictures, limited, Auckland, on preference shares for the half-year ended March 31. ft. is payable on May .1. No interim dividend has boon declared on ordinary shares. The preference shares, usually carry a dividend of 74 per cent., but the compulsory reduction of 20 per cent., lias been applied. There was no interim dividend on ordinary shares last year a final dividend of 24 per cent, being paid. The company has a capital of £45.000 in 3685 ' preference and 41,315 ordinary shares of £l. United Insurance Co. The United Insurance Company. Limited, Sydney, has declared an interim dividend of 24 per cent., an unchanged rate. Payment is now being made.

A.M.P. SOCIETY Impregnably Sound BONUS RATE MAINTAINED Sydney, April 18. At the annual meeting of the Australian Mutual Provident Society held in Sydney to-day, the chairman referred in his speech to the very satisfactory results achieved and the progress made by the society during 1932, notwithstanding the unfavourable economic conditions prevailing. New business was materially increased and void business decreased. A net increase of business was shown for the year, and notwithstanding a decreased income from interest, the valuation of policy liabilities shows a surplus for distribution of bonuses slightly larger than that of the previous year, and the new individual bonuses will be maintained practically at the rates for 1931, where existing bonuses have not been surrendered. in supporting the motion for the adoption of the report, the New Zealand delegate, Mr. J. G. Duncan, said: “It: is my privilege to represent the New Zealand Board. “On the last occasion when I had this honour, some three years ago, it was my good fortune to report new business of over £5,000,000 from the two departments. This time I have a different tale to toll. When 1 say that New Zealand to-day stands in much the same position as that in which this great Commonwealth stood a year or so ago, each and all of you will sympathise with us and appreciate our difficulties. Australia appears to have turned the corner. New Zealand may be said to hardly see round the corner as yet. We have corrected our trade balance, which is now in a satisfactory position, but the necessity for balancing our Budget has demanded the exploration of additional avenues of taxation, the burden of which is being felt acutely by our community. Life assurance premiums are savings. In times of prosperity these are .substantial and general. To-day the bulk of our people are hard put to it to make ends meet. Hence our total of almost £2,500,000 of new business for the year under review is, I submit, fully as high as could have been expected under the circumstances, and reflects much credit on our staff both indoor and outdoor, “Notwithstanding the adverse circumstances of the present times, and, may I say, the keenest possible competition, I am pleased to tell you that the A.M.P. is holding its own in a very marked degree in our Dominion. The total business in force on our books represents over 40 per cent, of the whole amount in force in New Zealand, although there are at least ten other offices actively operating there. You will see. therefore, that our great society easily holds the foremost, place in the confidence of New Zealanders. That confidence rests upon the exceedingly high reputation which rhe A.M.P. has just gained everywhere, and which will now be further enhanced by reason of the excellent, report which has been submitted to-day. “To be able to record an amount of new business over £2,000,000 in excess of the previous year can only be described as extremely remarkable, and that announcement: is only eclipsed by the statement which you have been able to make regarding the virtual maintenance of the previous year’s bonus rates. It will, I am sure, come as a most gratifying surprise to our policyholders to learn that, after having set. aside the heavy reserves which the directors have thought it prudent to hold in order to provide for possible investment losses, and in spite of the inevitable reduction in interest earnings due to present circumstances, their bonus additions may be expected to show little, if any. diminution as compared with those allotted for the previous year. “I have very great pleasure, Mr. Chairman, in supporting the motion for the adoption of the report, and, in doing so, wish to congratulate you and your colleagues on the Principal Board upon its eminently satisfactory character.” — Published by arrangement.

BASE METALS MARKET Further Rise in Tin (Received April 28. S p.m.) Sydney, April 28. Tin? official London (middle) quotations for Thursday, as received by Ibe Australian Mines and Metals Association compare as under with those previously cabled

GRAIN AND PRODUCE Canterbury Alarkets By Telegraph—Press Association. Cliristclr.ireii. April 28. There is little business passing in the grain and produce markets. The market for potatoes is fairly firm for prompt, at about £2/15/- a ton on trucks, though not much business is being (lone owing to lack of inqiiirv. There is: a quotation of £3/17/6 to £4 a lon. f.0.b.. s.i.. for spread delivery. May-June, while there is no quotation available for the Julv-Augusl-Septi’mber section. Onions are quoted at £2/5/- a ton. on trucks, with the market inactive. No other sections show any activity. Mahakipawa Return By Telegraph—Press Association. Christchurch. April 28. The Mahakipawa return for the wook was 32<‘zs. MINING INVESTMENTS Before investing in new notations it will be in your interests to consult recognised mining specialists. Several flotations are now available which have been thoroughly tested by established prospecting companies. Our advisory staff will be pleased to provide information. Provident Investments, Ltd.. Registered Sim rebrokers and Mining Specialists, Room 203. Nathan’s Buildings, Wellington. District Managers: R. E- and C. E. Baxter, P.O. Box 931, Wellington.— P.B.A.

FROZEN MEAT TRADE Lamb Quiet but Steady M. A. Eliott, Lid.. Palmerston North, have received the following cabled advice from Gordon, Woodroffe and Co., Ltd., London, dated Thursday:—Light lamb and second quality, 1-Sd. lower. Other grades, no change. Light, wethers, l-Bd. lower. Others, no change. Ewes, no change. Beef, 1.-Bd. lower. Lamb ami ewes market quiet but steady. "Wethers, no improvement in demand. Beef market inactive owing to cheap chilled beef. Smithfield “delivered” prices are quoted as follow:—Best North Island prime lambs, under .’’(jib.. 5Jd.; 36/4211)., 4jd.: 42/5011).. 4Jd. : ordinary’ North Island lambs, under 421 b.. s]d.; second quality, under 421 b.. 5 5-Sd.; host North Island wethers and/or maiden ewes, 48/561b.. and 56/6-llb., 3?i1.; 64/7211). and over 72 lb.. 3 3-Sd.; ordinary North Island wethers and/or maiden ewes. 48/5611). and 56/641b.. 3 5-Bd.: 64/721E and over 721 b., 3-ld.; North Island ewes, under (>4lb.. 31(1.: 64/7211). and over 721 b., 2 5-8(1. New Zealand prime ox beef (equal fores and hinds), 160/22011)., 2 5-Sd. Australian Alining Deal Nouotiations. over four months, have been completed by Mr. R. V. Keane, formerly Federal member for Bend iso, with Dr. 11. Basedow, of Adelaide, representing Lindley. Duflield and Company, a London, financial group, for the flotation in London of a group of Victorian cold mines and the Central Australia Silver, Lead and Conner Mining Company. Barrow Creek. The now concern, to be known as Minerals <..*onsolidafeL Limited, will have a nomina capital of £1.000.00!). and the proposed working capital is £275.000. Dr. Basedow will be chairman of the Australian board of directors, and Mr. Keane general manager. King Solomon Wash-up By Telegraph—Press Association. Invercargill, April 2S. The wash-up at. the King Solomon mine this week totalled <!Goz. K’dwt. for five days’ work.

AUCTION DIARY TO-DAY. Horse Bazaar. Unworn 11.30 a.m.—Vatmate Plains Dairying Land a./c, Lst* Simon Forsyth (deed.) (Farmers’ Coon. Assn.. Newton King). 50 Calabar Rd.. Rongotai, 1.30 p.m.— Furniture (Silverstone). MONDAY. rahiafua Second Cattle Fair, 11.30 a.m. (Dalgety & Co.. N.Z. Loan & Merc.) Johnsonville store stock and dairy sale, 1 p.m. (W.S, and Co.).

N.Z. GOVT. LOANS. ■1 p.c. Bonds, .... 4 p.c. ditto, 1918 Buyers. £ s d Sellers. £ s d 99 12 99 12 6 6 4 p.c. ditto, 194ft 99 12 6 — 99 12 6 . 1 w 3} p.c. Stock, 1939-52 .. 100 0 0 4 p.c., ditto, 1940 99 10 0 4 p.c. ditto. 1948 99 10 0 — DEBENTURES. Eastbourne Boro., 41 p.c., 1934 96 0 0 Wgtn. Racing Club .... 90 0 0 — BANKS. Australasia 10 1 o 10 7 0 Commer. of Aust., ord. 0 14 6 0 14 8 E., S., and A •4 5 0 — Nat. of A’sia, £10 pd. •12 0 0 — Nat. of Aust., £5 pd... •5 15 0 — New South Wales .... 28 10 0 29 0 0 2 5 4 2 5 6 New Zealand, long term 1 9 ?, 7 S <) FINANCIAL. Goldsborough. Mort ... i a J 1 2 9 N.Z. Guar. Corp., ord... ft 4 —• N.Z. Invest. Mort. & Dep. 0 4 9 —- N.Z. and River Plate .. 1 1 0 Trustee and Exec. Co. 2 10 0 — GAS. < 'll ristchurch 1 6 J) _— WnlHnc’tnn a rd 1 11 ft INSURANCE. National •0 18 0 New Zealand 2 3 9 2 9 9 O 3 3 MEAT. 1 7 3 18 0 N.Z. Refrig., £1 pd 0 10 .1 N.Z. Refrig.. 10/- pd. .. 0 3 8 — Cantby. Meat, ord 1 17 — TRANSPORT. Union Steam, pref 1 1 9 12 3 N.Z. Ship. Co., 6 p.c.. £10 paid — 12 10 9 WOOLLEN. Kaiapoi. F. pd 0 4 3 —. Wt>11 i tic* rnn. nrtl 5 4 0 TIMBER. 0 12 0 BREWERIES. Carlton 1 14 ft N.Z. Breweries 1 9 1 1 9 S Staples and Co. ••••»•• 1 3 6 1 4 9 Tooth and Co 1 15 ft Toolicys 1 0 (I —- MIS CELL A NE OUS. [trit. Tobacco, ord 1. 13 fl —- Colonial Sugar 51 5 ft - 35 17 B D.I.C. (pref.) 0 19 0 — Dunlop Perdriau .... 0 18 8 —— Electro. Zinc, pref. ... *1 9 o 1 10’3 N.Z. Drug 3 4 9 3 4 9 N.Z. Fanners’ Fertiliser 0 18 0 — MINING. Big River 1 1 0 Consol. Goldfields 0 10 8 < lillespie’s Beach 0 18 Golden Dawn ........ 0 1 ft 0 2 6 Golden San ds ........ 0 3 2 King Solomon 0 1 10 Mt. Lvell . 1 0 0 10 0 Nokomai 0 5 0 0 5 5 Wa i h i •1 2 5 •Cum. dividend.

rial list. Buyers. Sellers. £ s d £ s d National Tobacco 3 10

WHLUNGTON. £ s d laser. Stock. 4 p.c., 1940 ....... . 99 12 6 Rank of New Zealand *> fl p Wellington Gas . 1 12 6 N.Z. Insurance . 2 9 6 (rear Meat . 1 9 Mount Lyell . 1 0 4| Big River . •() 1 o •Late sale Thursday. AUCKLAND. £ s d Inscr. Stock, 4 p.c.. 194G 99 15 0 do., 4 p.c.. 1949 91) 1.) 0 Do.. 4 p.c., 1955 09 15 0 Bug.. Scot, and Aust. Bank .. 4 t; 9 Bank of New Zealand 2 3 New Zealand Insurance 9 6 Do. — 9 9 South British Insurance (2) ... 4 0 Renown Collieries, pref ii 0 i i Do., pref., new 0 0 6 Auckland Gas (2) 1 o 1 Huddart. Parker Colonial Sugar 1 9 12 « Kempthorne Prosser *? 8 p N.Z. Newspapers 1 *> fl Wilson’s Cement 1 12 fl Do 1 12 1 Do. (2) 1 12 ‘; Wnolworths, pref. 1. 11 f) Golconda, (Id paid 0 0 8 Waihi 1. o 71 Do 1 2 ji Unlisted:— Bell Hooper 0 0 101 CHRISTCHURCH. L. d Inscr. Stock, 4 p.c.. 19 Hi (2) .. too 0 I) Eng.. Scot, and Aust. Bank. cum div 4 7 0 National Bank of Australasia. £5 paid, cun) div G 0 0 Bank of New South Wales .... 29 0 o Union Bank of Australia .... 7 10 0 Ditto 7 y G New Zealand Breweries 1 9 Ditto l 9 3 Ditto 1 '.1 4 W ellingtnii Gas 1 13 0 Electro Zinc, pref., cum div. 1 9 ' i Gillespie**; Bench II 1 41 f.olden Point (2) I) 1 j ‘.niconda I) 0 8 Dawsons Flat. 9<1 paid 'I 0 11 J ol.arlto II 9 4 1'aihi. cum div 1 2 7 Fresh ford 0 1 4! Sales reported:— Inscr. Stock, 4 p.c.. 1910 100 f. 0 Ditto, 4 p.c., 19IG 100 0 0 Unlisted Aotearoa Gold 0 I 10 Bell Hooper (21 0 0 10 Ditto 0 (I 101 Central Shotover 0 0 8 DUNEDIN. c s d Ureahford 0 1 41 Sales reported:— Formers’ Fertiliser fl If. Westport Coal 0 13 0

Notes issued — In circulation 371,934 ,-w2 In banking dept. 74.003.974 Govt. debt. 11,015,100 Other Govt. securities 236,804,160 Other securities 8,539.106 Silver coin 3,641,634 '£260,000,000 Gold coin and bull’n 185,938.526 £445,938.526 £445.938,526 ‘Amount of fiduciary issue. BrinkbiK Department. £ e Capital 14.553.00(1 Govt. Bost 3.1.38.417 securities GS.531,127 Deposits— Discts.. Public 10.782.03U advances 11,631.385 Bankers t(>0,93G,137 Other a/cs. 37,104,911 Other securities 11.451.596 Notes 74,003.974 Seven day. Gold and etc., bills 3,412, silver coin 919,S2o £166,537.907 £166,537,907 Proportion of reserve to liabilities, «>0.30 per cent., compared last week. with 45.80 per cent, s of the above return The principal item compare as follow week .*•— with those of last ■Deposits— April!!) April 26 £• P Public 9.912,351 10.782.030 Bankers , ■ 103.975.61S 100,936.137 Other ,accounts .. 36.013,751 37,104.911 £ 1-19.901.720 £148.823.078 Securities— 75 201.127 68.531.127 Government .... Discts., advances . 11,829.557 ll.031.3S5 Other securities . 11.832.205 11.451.596 Reserve Note circulation Gold coin anil 68,711.952 74.923.799 376,122,995 371,934.552 1S3.963.805 1 S3.938.526 bullion..

April 27. April 20. Par. N. York, dol. to 3.731 3.795 4.86,6 Montreal, dol. to £ 4.33 4.395 4.S6G Paris, fr. to .£ S6.375 S7 7-16 1 24.21 Brussels, bek to ,L 24.325 24.65 35.00 Geneva, fr. to A, 17.00 17.85 25.225 Amst'dam. fl. to 1 • S.46 8.555 12.107 Milan, lire to t. 1)5 9-16 66 3-16 92.46 Berlin, inks, to X* 14.SO 15.025 20.43 St'holm, knr. to Ar, 19.35 1911-32 18.159 C'hagen, knr. to V 22.45 22 7-16 18.159 Oslo, knr. to -V, 19.60 19.025 .18.159 Vienna, sehgs. Io 4 * *32.50 *33 34.585 Prague, knr. to 114.375 115.50 164.25 Hel'fors, mks. to £ 227 228 193.23 Madrid, pes. to £ 39 15-16 40.2.5 25.225 Lisbon, esc. to £ 110 110 110 Athens, draeh.to £ 60S 607.50 375 j Belgrade, din. to £ 255 255 276.31 Bucharest, lei to 575 580 813.00 Warsaw, zloty to L‘ 30.75 — 43.38 Rio de ,T., p. to mil. •5 1-8 *51-8 5.899 B. Aires, p. to peso ill 1'41 47.62 M. Video, p. to peso *— 51 Calcutta, p. to nip. 18 1-16 181-32 18 Shanghai, p. to dol. 151-16 1.415-16 — H.-Kong, p. to dol. 164 16 7-16 — Y’hama, p. to yen 15 151-16 24.582 Batavia, fl. to £ 8.55 — 12.107 ’Nominal. fOtliclal. The selling rate for telegraphic transfurs, London on Cape Town, is £99/17/11 for £100 sterling, nd the buying rate is

Mnr. 30 Apl. 0 Apl 231 23 i 13 Apl. 20 Apl. 27 7lV s 23 23} ‘24 iH’s .. 22 J 221 221 221 —»> 60’s .. 21' 21 21' 21 23 56’s 17} 171 17} 171 211 •50’s .. Ill llj 111 .111 18 40’s ..SJ 81 8 V 81 Hi 46’s ..8 S 8 S S

.1931 1932 1933 Brought forward 41L4S2 53.795 10,579 Net profits 91,813 RB.775 53.727 141,295 129,570 91,297 To reserve ...... __ 30,01)0 4 — - Dividend p.c 7 4 Amount S7.5OO 50,000 50,009 Carried forward 53,795 40,570 44,297 The bank’s reserve fund stands at. £1,0(10.000.

April 20. Per ton. April 27. Per ton. Conner:V S <1 C s d Standard, spot .. Standard, forward 30 15 7} ::o 15 o 30 IS n 311 10 101 “Electrolytic .... 34 15 0 35 5 0 to 35 JI) 0 35 7 6 Wire bars :r> io o 35 17 G Lead— Spot 11 3 n 11 II 0 Forward n 7 »; J.1 3 9 Spelter — Spot 15 H 3 15 3 9 Forward 15 10 0 15 5 ij Tin— fSpot 161 1 3 164 11 3 Forward ..... . UM IS o b’»5 3 9 Silver— Fine, per oz IS’ >1 1S3-1IM Standard * American. • A morion n. i 19 15. bid nt Quoted. of. quoted. 21. 13-1 Cd