FINANCE and COMMERCE

Dominion, Volume 26, Issue 183, 1 May 1933, Page 12

FINANCE and COMMERCE

STOCKS AND SHARES Active Trading Last Week A FIRMER MARKET Firmness was apparent in tin' stock anil share market when business reopened last week after the Easter recess. In spite of the short trading period, which was broken by Anzae Day. business wits brisk and the volume was well up to the averagw. Active trading was done in the new Government loans, which firmed appreciably during the week, predicil ions that the 4 per cents, would reach par being amply fulfilled. Trading opened on all the 4 per cent, inscribed stocks at £99 10/. and £99/15/-. but week-end sales were recorded nt £lO9/10/-, a gain of 20/oti the week. Banks were fir...iy active mid a fair volume of business was recorded.. New Zealands were done at 45/- to 45/6, prior to the announcement on Saturday of the reduced dividend, when a sale was made at. 45/2. New South Wales fluctuated between £2B/10/- and £29. E.S. and A. Bank, cum dividend, wore fairly steady, sellers at 86/- to 87/- and 86/6. Union Banks cased from £7/15/- to £7/9/6. recovering to £7/10/6. Commercial of Australia were steady at 14/6 to 14/7. National of Australasia. £5 paid, were done at £6 and £5/19/-. Gas and insurance shares were very firm. Wellington Gas advanced to sales at 32/6 and 33/-. Aucklanders were done at 22/- and 22/1. and Christchurch 10/paid at 13/-. New Zealand Insurance sold at 49/6 nil 49/9. r.:l South British at 63/8 and 64/-. Westport Coals sold at 12/6 and 13/-. Brewery shares made good advances, New Zealands selling at 29/- to 29/6, Staples at 24/-, and Carltons at. 35/-. Miscellaneous shares firmed during the week. Colonial Sugars selling at £55/10/lo £55/12/6. Wilson's Cement advanced from 32/- to 32/6. receding slightly at the close to 32/3. N.Z. Drugs also showed gains, selling at 63/- to 64/5. The advance in the base metals market caused firmness in Elect*—lytic Zincs, and Mount Lyells, and there were sales of Broken Hill Proprietary and Mount Morgans. Wnihis led the market, in gold-mining shares, being active sellers at 22/- to 22/9, cum dividend. Waihi Grand Junctions firmed from 3/8 to 3/11. WELLINGTON EXCHANGE Saturday’s Quotations Buying and selling quotations at Saturday morning’s call ou the Wellington Stock Exchange were as follow:—

Unofficial List Note.—Alt transactions in stocks quoted tn this section arc subject to 2j per cent, brokerage and arc not quoted on the official list:—

DEALINGS ON ’CHANGE Saturday’s Sales llm following sales were recorded on oininion Stock on Saturday; WELLINGTON.

BANK OF NEW ZEALAND

Ordinary Dividend Reduced

TOTAL OF 11J PER CENT.

The directors of the Bank of New Zealand announce that, subject to audit, it will be proposed at the annual meeting of shareholders to be held in June that a dividend of 5 per cent, for the hall-year ended March 31 be paid on the ordinary shares, making, with the interim dividei'd paid in December last, a distribution of 111 per cent, for the year, as compared with 14 1-3 per cent, tor the previous year. The dividend on the other shareholdings in the bank will be in terms of statutory provision.

For several years past the distribution on the £3,750,000 of ordinary shares has been 14 1-3 per cent, per anuuui. absorbing £537.500. This year the distribution of Hi per cent..will take £421,873. a reduction of £115.625.

The total distribution for the year ended March 31. 1933, was as follows; — £ s. d. preference A shares .... 50,000 0 0 C long-term mortgage shares, 6 p.e. per annum 14,002 10 0 D long-term mortgage shares, 7j p.c. per annum J.j.lab o 0 Preference B shares. 13 2-11 p.e. per enuum 151,2-jO 0 0 Ordinary shares, 14 1-3 p.e, t*31,250 0 0 Total £817,908 15 0 The Government's share of the, distribution was. as in former years, £245,312. The distribution last year of a return to Government and ordinary shareholders at the same rate as for the past few years, notwithstanding reduced profits, was made possible by a section in the bank's deed of settlement, which was taken to be mandatory, providing that the balance of net profit shall be available for the payment of a dividend "at such rate as the company shall declare at the ordinary general meeting, and such dividend shall become payable to the proprietors accordingly at a time to be then fixed by the board, and the balance of net profit remaining, if any, after providing for the payment, of such dividend, shall be carried forward to the profit and loss account for the ensuing year for the purpose of equalising future dividends.” The deed, however, provides that no part of the reserve fund shall be used for the purpose of paying dividends without the consent of the Minister of Finance. For the year ended March 31, 1932, the net profit of the Bank of New Zealand was £587,023. a decrease on the previous year of £258,790. The balance brought forward was £626,002, making a total of £1,213,025. After payment of the dividends already mentioned, totalling £817,960, there was a balance carried forward of £395,056. The Bank of New Zealand is the last of the eleven banks trading in New Zealand and Australia to reduce its dividend. All the other banks have made substantial “cuts” in their dividends during the last two years. Their rates of distribution have been as follows:—Bank of Adelaide: 1931. 7 per cent.; 1932, 4 per cent.; 1933, 4 per cent. Bank of Australasia: 1931, 13 per cent.; 1932, 9 per cent.; 1933, 7 per cent. Bank of New South Wales: 1931, 8 per cent..; 1932, 54 per cent.; 1933, quarterly interim dividends 5 per cent, per annum. Commercial Bank of Australia: 1931, llj per cent.; 1932. 5 per cent.; 1933, interim, 24 per cent. Commercial Banking Company of Sydney: 1931. Si per cent.; 1932, 54 per cent.; 1933, interim, 5 per cent, per annum. English, Scottish and Australian Bank: 1931, 8 per cent.; 1932, 5 per cent.; 1933, interim, 5 per chnt. per annum. National Bank of Australasia: 1931, 10 per cent.; 1932, 6 per cent.; 1933/5 per cent. National Bank of New Zealand: 1931, 10 per cent.; 1932, 7 per cent.; 1933, interim, 4 per cent, per annum. Queensland National Bank: 1931. 6 per cent.; .1932. 4 per cent. Union Bank of Australia: 1931, 7 per cent.; 1932, 4 per cent.; 1933, interim dividend 4 per cent, per annum. BANK OF NEW SOUTH WALES Quarterly Dividend Unchanged The interim quarterly dividend for the quarter ended March 31, 1933. at the rate of 5/- per share in Australian currency at date of payment has been declared by the board of directors of the Bank of New South Wales, as provided by clause CV of the Deed of Settlement. The dividend will be payable at head office, Sydney, on May 30, and at branches on receipt of advice. The dividend is at the same rate as for the previous quarter. For the financial year ended September 30, 1932, the Bank of New South Wales paid one quarterly dividend of 6/- per share, and three of 5/- per share, making an average of 5} per cent, for the year, as against 8 per cent, for the previous year, USUAL DIVIDEND . Donaghy’s Rope and Twine Co. By Telegraph—Press Association. Dunedin. Apri] 29. Donaghy’s Rope and Twine Company's profit for the year was £5650 19/10. This, with last year’s carry-for-ward, £2570/14/6, and less interim dividend, paid in October, and amounting to £1762/10/-. leaves available for distribution £6459/4/4. After paying a dividend of 10 per cent, for the year, the amount to be carried forward to next year will be £3521/14/4. Profits and appropriations over the past three years have been as follow: — 1931. 1932. 1933 £ £ £ Bt. forward 3620 3431 2571 Net profit 6011 3840 5651 £9631 £7271 £8222 Building a/c .... 1500 -— — Dividend. .10 p.e. . 4700 4700 4700 Carry forward .. £3431 £2571 £3522 RAW MATERIALS Cotton, Rubber & Jute Firmer (Received April 30. 6.30 p.m.) London. April 29. Friday's closing prices for the following raw materials were as follow, those for April 21 being in parentheses:— Cotton: Liverpool quotation, American middling, spot, 5.53 d. a lb. (5.30 d. ; Muy delivery, 5.22<1. a lb. (5.07 d. Rubber: Para. 4Jd. a lb. (4-Rl.) ; plantation smoked ribbed sheet, 2 5-Sd. a lb. (24<1.). Jute: Miiv-June shipment. £l6/6/3 a tun (£l5/17/6). Copra: Muy-June shipment, nominal, South Sea. £lO/10/- n ton (same) ; plantation. Rtibonl, £lO/12/6 (same). Linseed oil: £lB a ton (£l6). Turpentine: 61/- a cwt. (61/6). Moturoa Oil Fields Moturoa Oil Fields. Limited, report for the week ended April 29 is as follows: — No. 2 well: Production for week, 110 barrels. No. 3 well : Has been cleaned out to 2'60 feet. Now swabbing in ti-iin h casing. Keeping water level down to bottom. Strong gas making from 2105 ft. to 2160 ft. Well is making 50 barrels of water per day, with showing of oil.

DAIRY PRODUCE FIRM

Butter Advances to 68/71/-

CHEESE MARKET STEADY An improved demand last week caused a firming in the butter and cheese markets in London. The price of New Zealand salted butter on Friday was quoted at 68/71/-, an advance of 2/- to 3/- on the week. The quantity of New Zealand butter in store in London ou Friday was 8121 tons, or 1793 tons more than the quantity held a year ago- 1 lie retail price of New Zealand butter in London was unchanged at Oil a lb. but Danish advanced to 1/-. , ~ ■ ~ The London office of the Dairy bonid reports Friday's closing quotations as follow, those for the previous week being shown in parentheses: -- Butter. New Zealand, salted. 6S/-. 70/-. up to 71/- (66/- to 68/-; 'April 29. 1932. 9i/to 100/-); unsalted. 68/-, 70/-. up to il/(66/- to 70/-; April 29, 1932, 1.02/- to 106/-) ; 68/- to 70/- equals approximately 7ild. a lb. f.o.b. First whey, (>4/(62/-) ; second whey. 62/- (60/-). Deliveries. New Zealand. 2069 tons. In store. 8121 tons, includes .112 tons ex Highland Warrior. Australian, salted. 60/-. oa/-, to <>.>/• (64/- to 67/-) ; uusaltcd, 66/- to <O/(66/- to 68/-). Deliveries. Australian, 1712 tons. In store. 5250 tons. Argentine, unsalted, 64/- to 66/-; ex., 68/- (64/- to 66/-). Danish. 75/-, f.0.b.: 90/- Io 96/- spot (76/-; 98/-). , Dutch, unsalted. 92/Latvian, unsalted. 70/- (71/- 1 Lithuanian, unsalted, 67/-, <>•»/-, to 70/- (67/- to 68/-). Siberian. 62/- (62/- to 63/-). The board has also received the following advice from its agents in Canaan . —Butter: New York. 221 cents; Montreal. 21{ cents a lb. Cheese. New Zealand, white. 38/- to 39/-; ex., 40/- (3.9 d. f.0.b.). (37/- to 38/-; April 29, 1932, 58/- to 59/-) ; coloured, 43/- to 44/-, ex. 45/- (4}d. f.0.b.), 43/- to 4-*/-; April 29, 1932, 58/- to 60/-). Deliveries, New Zealand, 23.57(1 crates. In store, 121.06 S crates, includes 9000 crates ex Rotorua. Australian, white. 37/-; coloured, 40/to 42/- (43/-to 43/6). South Africa, white 3i»/- (06/-) ; coloured, 40/- to 42/- (42/-). Canadian, white. 62/- to 68/- (62/to 68/-) ; coloured. 64/- to 66/- (66/- to 68/-). Deliveries. Canadian, 3900 boxes. In store, 77.363 boxes. English finest farmers', 84/- to 102/(84/- to 102/-). Agents’ Reports. The New Zealand Producers’ Co-opera-tive Marketing Association’s weekly cabled market report from London dated April 28 is as follows: —Butter: Market firm. New Zealand, 70/- to 71/-. Danish, 95/- to 96/-. Cheese; Market firm. New Zealand white, 39/- to 40/-; coloured. 45/-. Mr. Thomas Gray has received the following cablegram from his principal. Mr. A. C. Rowson. dated London. April 28:—Cheese: White 40/-. coloured, 45/-. Butter: 69/- to 71/-. There is an improved demand for hoth. with n firm market. We expect a steady improvement. Big Shipments for Britain. Four ships left New Zealand last week for London carrying 131.019 boxes of butter and 33.346 crates of cheese. Control of Second-Grade Butter. Control of the marketing of secondgrade anil whey hotter will be assumed by the New Zealand Dairy Produce Board from to-day. The step,is being taken to ensure that this butter shall not be retailed as finest and that it shall in future be used for manufacturing purposes only. The control applies to all butter other than that classified and graded under the regulation as finest or first-grade creamery butter. FOREIGN EXCHANGES Position of Sterling Eondon, A'pril 28. The following rates on foreign exchanges were current to-day, compared with those ruling on April 27:—

London, April Gold.— C6/-2/6 per fine ounce. Silver.—Cash and forward, 20d. per ounce.

London, April 20. Gold.—£6/2/‘) per fine ounce. Dollar Conversion Rates The Associated Banks have agreed that the conversion rates from May 1 will be:— U.S.A. Canada. Conversion of dollar bills received for collection and sale of dollar drafts .... 3.67 1.2” Purchase of dollar bills .. 3.87 4.43 These conversion rates arc. 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. Customs Exchange Rates Rates of exchange ruling at the announced date of departure of the vessels named are shown in lhe following table. They are subject to confirmation by the Customs Department when the exact time of departure is learned on arrival of the vessels in New Zealand, finally declared rates being marked’'’: — JVirral, America, dollars 3.44) Golden Eagle, America, dollars .. 3.42 J Brisbane Marti, Japan, yon 151-3211 Wuikawa, Canada, dollars •4.12 JVaikawa, Vancouver. Hour, dollars *1.12 JVaikawa. America, dollars *.'1.43 Canadian (!_rni_ser, Canada, dollars -1.11 City of Tokio. America, dollars Ilaiiraki. America, dollars 3.53 Huuraki. Canada, dollars 410 FRUIT EXPORT TRADE N.Z. Apples & Pears in London London, April 28. The Rotorua's shipment of New Zealand apples is selling as follows:—Cox's Orange, 9/- to 1-1/- u ease; 'Worcesters, 8/- to 10/3; Delicious. 10/- to 13/3: Dunn's, 11/-; 'Wolseley's, 8/(1 to 9/3: Jonathans. !J/- to 12/9. The R.'iugitiki's shipment 'if pears is selling as follows:—Hoses. 10/(> to 12/6 a box; Vicars. 6/6 to 7/3; Packhams, 10/- to 10/3; Winter Coles. S/3 to 10, z 'J: Clai'rgeaux, 7/6 to 8/6.

WOOL MARKET FIRM

Prospects for London Sales ADVANCE EXPECTED London. April 28. The "Yorkshire Post" observes that the sustained firmness of the market for fine wools is one of the refreshing signs of the stability of the wool industry at n time when confidence was never more needed in the wool trade. The market should steadily advance on the existing well-established raw material basis. It is long since fine wools showed greater firmness at. a time so late in the season. Everything indicates absorption of the current season’s clip with but little carry-over. The Bank of New Zealand, produce department, has been advised by its London office, under date April 28, that prospects for the third series of sales, commencing on May 9. are generally favourable. Prices for merinos are expected to advance 5 per cent., ami the market for greasy crossbreds is expected to be firmer with prices in sellers’ favour. FROZEN MEAT TRADE DULL General Easing in Prices The lamb market is slightly easier owing to pressure to sell ex ship. Consumption continues good. Mutton market. : Wethers, prices lower with trade slow. Ewes, lightweight easier, but demand fair. Beef market: Depressed, owing Io low prices Argentine chilled beef. New Zealand porker pigs: Market dull, with lower prices. New Zealand baconer pigs: Market steady, and unchanged. The above report was received on Saturday by the Meat Board from its London office, which advises that the following are the approximate average prices realised for the week based on actual transactions of wholesale quantities of the descriptions of meat mentioned and are for representative parcels of the goods offering during the week, being for business done on the basis of delivered to Smithfield Market and/or ex London stores. Prices for the two previous weeks are also shown :— New Zealand sheep: Canterbury and North Island selected crossbred wethers and maiden ewes. 481 b to 561 b. 3.sd (3 7-Sd, 3 7-8(1) ; 571 b to 6411*. 31d (3 5-Sd, 3?d); Gslb to 721 b, 3}d (33-Bd, 34d); North Island crossbred wethers and m. ewes, 481 b to 561 b. 3 5-Sd (3Jd.. 3Jd); 571 b to 641 b, 3 3-8(1 (3 3-8(1, 3Sd) ; 651 b to 721 b, 3:]d (3,}d. 3 3-Stl) ; eSves, 481 b and under, SJd (3 5-Bd. 3Jd) ; 481 b to 641 b. 3d (same) ; 651 b to 721 b. 2i|d (same). New Zealand lambs: Canterbury. 361 b and under. SJ(I (5 7-Sd, 5 7-Sd): 371 b to 421 b, 4?d (4 7-Bd. sd) ; 431 b to 501 b. 4Jd (44d, 45-Sd); 2nd quality, average 321 b. 54d (54d. 5 5-8(1); other South Island brands, 361 b and under. sfd (same) ; 371 b to 421 b. 4|d (4Jd, 4 7-8 d) : 431 b to 501 b, 4|d (44(1. 45-Sd) : selected North Island brands. 361 b and tinder. 5 7-8(1 (6d, 6d); 371 b to 42!b, 4?d (4 7-8(1, sd) ; 431 b to 501 b, 41d (4 id. 4 5-8(1) ; 2nd quality, average 321 b. 54d (5Jd. 5 5-8 d); other North Island brands. Ist quality, 341 b and under, 5Jd (5 5-Sd. 5 5-Sd); 371 b to 421 b. 4 5-8 d (4 5-Bd. 414); 2nd quality, average 321 b, 5 3-8 d (•> 3-8(1. 54d). Australian lambs: Victorian. Ist quality. 361 b and under, 51d (s:}d. 51-8(1); 371 b to 421 b. 4 3-8 d (4Jd. 4id). Argentine lamb: Ist quality, 361 b and under. s.]d (same) ; 371 b to 421 b, 44(1 (4id. 4 5-8 d). New Zealand beef: Ox fores, girt (2 3-Bd, 21d); ox hinds, 2 7-8(1 (3d, 31-8(1) ; cow fores and hinds, not quoted. Argentine chilled beef: Ox fores. 3 1-Sd (3 3-Bd. 3(d) ; ox hinds, 4:?d (s}d, 5 3-8 d). Australian chilled beef: Ox crops, over 1001 b, 24d (2(d. 25-Sd); ox binds, over 1601 b, 3d (31-Bd, 3|d). New Zealand prime porker pigs: 601 b to 801 b. 4 7-8 d (sd, s(d) ; Sllb to 1001 b. 4 3-8 d Mid, lollb to 1201 b, 4)d (4|d, 4id). New Zealand baconer pigs: 1201 b to 1'6011), — (4Jd, 4 7-Sd). Future Rather Uncertain, There is a weakening tendency in the market nil round. Future outlook is rather uncertain, says n cable received by Levin and Co., Ltd., from tlioir London agents. Compared with last week’s quotations, Down lambs, 28lb to 361 b. l-8d per lb lower; 2nd quality Imnbs, 1-8(1 per lb lower; wethers, under 561 b, 1-8(1 per lb lower: 561 b to 721 b. }d per lb lower; ewes, 481 b to 561 b. l-8d per lb lower; 561 b to 641 b. 1-Sd per lb higher: others unchanged. Smithfield “delivered” prices are quoted as follow: —North Island Down lambs. 281 b to 361 b. 6d per lb ; 3Glb to 421 b, 4 7-8 d ; hest North Island crossbred lambs. 281 b to 3611). s?d; 361 b to 421 b, 4?d; North Island 2nd quality lambs, average 301 b to 311 b, 5 5-8(1; best North Island wether sheep, under 481 b, 3 7-8(1; 4811) to 561 b, 3?d; 561 b to 641 b. 34d; 641 b to 721 b. 3(d: North Island ewes, under 4SIb, 34d: 4SIb to 5(llb, 3d; 561 b to 6411). 2 7-Bd‘; 641 b to 7211). 2}d: New Zealand prime ox beef, 1601 b to 220 lb. 2Jd. The Bank of New Zealand, Produce Department, has received the following advice from its London office as at close of business last week :—The market for wethers is (lull and there is little business doing. There is a poor demand for ewes. Tiie demand for lambs is moderate and prices are a shade lower. The market for beef is depressed owing to absence of demand. IVethers, light. 3 3-Sd to 4d per lb; heavy. 25-8 d to 3]d : ewes. 3d to 3 Ad: lambs. 2’s. 5 5-8 d to 5 7-8 d; S’s. 4 5-8 d Io 4 7-Sd : 4's, 4 3-8(1 to 4 5-Sd ; seconds. 5 3-Sd to 5 7-Bd. Beef: Ox hinds, 3d to 3-!d : fores. 2pl to 24(1; cow hinds. 21d to 2]d ; fores. 2d to 2’d. LIVE STOCK MARKET Gisborne Cattle Fair Dominion Special Service. Gisborne. April 29. On the second day of the Gisborne cattle fair, there was an offering of 4770 head of female cattle, malting the total entry for the fair 19.700 head. Competition was good, visitors staling that values were above outside rates. Breeding cows, choice, 42/- to 52/-; good, 30/- to 37/-; fairly good, 27/-; light. 21/-. Empty cows. good. 25/- to 32/-; fairly good, 22/to 24/-; poor. 12/- to 15/-. Cows with calves, good. 29/- to 31/-; medium. 20/-. EigJitecii-months' heifers, extra. 34/6 to 36/-; good, 25/- upward. Two and a half year heifers. 30/- to 39/-. IVeaners, choice, 27/- Io 29/-; good. 20/- to 27/-; fairly good. 16/- Io 18/-. Carterton Sale Dominion Special Service. Carterton. April 29. A fair entry of stock was offered at tiie Carterton sale yesterday by Wright, Stephenson and Co., Ltd. Sheep made good values, and the majority of the yarding was sold. A small entry of cattle sold quite well. Pigs sold at increased prices. Sheep: W.F. lambs, (i/- to 7/1: h.f. lambs, 7/8; ewe lambs. 7/-; s.m. ewes. 5/- to 6/10. Cattle: Heifers, just calved, £4 to £4/5/-; snringing heifers. £4 5/-; empty cows, to 20/-. Pigs: Wenners. 6,/G to 10/-: slips. 11/- to 11/6: porkers, 22/- to 27/-. U.S. Wheat Markets Firm New York. April 29. (.'bicago wheat: May. <O. o-S eoins a bushel; July, 71 5-8 centsj Septeiubcr. 72 7-8 cents; December, 71 5-8 cents. New York, cnsh, 81J cents.

Waihi Crushing Returns The following ini'orin.ition lias been cabled to the London office of the Waihi Gold Mining Company. Limited: — For the period ended April 15. comprising 204 crushing days, 16.893 tons of ore were crushed for a result of 5046 fine ounces of gold and 28,56(> fine ounces of silver. This includes 1908 tons mined from the Grand .Junction urea which yielded 543 ounces of gold and 4995 ounces of silver. No. 5 level: At 201 feet west of Taylor crosscut we have commenced n crosscut to lhe north which is out 137 fort. At 103 feet there is a vein of quarlz six inelies wide assaying 35/6 a lon. Tiie course of this is 6.8 degrees mid (hr dip 1 in 7 north. No. 1.1 level: Driving west on the centre section of the Empire lode (lie next 14 feet assays 51/9 a (on. The lode is about five feel wide. No. 11 level, 80 foot, sub-level : Driving west on the Royal lode the next 36 feet assays 10/6 a ton and driving i“ suspended. At 53 feet west the full width of the lode is 10 feet: and lhe assay value 49/- a ton. Freshford Gold Dredge Gore. April 29. Th" ITeshford Gold Dredging <’o. reports a return, for 4J days’ work last week of 43 ounces 12 dwts.

N.Z. GOVT. LOANS. Buyers. Sellet •s. ,C 8 d £ 9 d ■1 p.c. Bonds, 1940 .... 99 12 6 •— p.e. ditto, 1946 .... 99 12 6 —— 4 p.e. ditto, 1949 99 12 6 . —— 4 p.e. ditto, 1955 .... 99 15 0 —- ‘■’•i p.e. Stock, 1939-43 .. — 99 10 0 3i p.c. ditto. 1938-52 .. — 99 15 0 4 p.c. ditto, 1955 — 100 2 6 DEBENTURES. Eastbourne Boro., 4J p.c.. 1934 96 0 0 West Taniaki, 5 p.c., 1949 101 0 0 BANKS. Commer. o£ Aust., ord. 0 14 fi 0 14 8 E.S. and A ♦+ 5 r> 4 8 0 National of N.Z 3 9 Nat. of Australasia, £10 0 paid *12 7 0 — Kitto. £5 paid .... *5 15 (1 — New Zealand 2 5 4 2 5 .9 o .—— FINANCIAL. Goldsltrougli, Mort. .. 12 N.Z. Guarantee Corpn., 0 1 2 9 3 N.Z. Invest., .Mort. .and 9 Wgtn.' Invest.. T. & A. 0 4 3 IVgtn. Dep. and Mort. 0 3 0 — GAS. Christchurch 1 6 9 Wellington, ord. 1 .11 6 1 13 9 Ditto, pref 0 18 9 INSURANCE. Aust. Prov. Asscc 0 7 9 ■National *9 16 0 South British 8 3 6 — MFAT. N.Z. Refrig., £1 paid .. 0 10 1 __ Ditto, 10./; paid .... 0 3 8 0 4 2 TRANSPORT. Union Steam, pref 1 1 9 — TIMBER. Kauri — 0 11 9 BREWERIES. Carlton 1 15 0 N.Z. Breweries 1 9 0 Staples and Co 1 3 6 — MISCELLANEOUS Brit. Tobacco. ord 1 13 6 Colonial Sugar 55 7 6 55 17 fi D.I.C.. pref 0 19 Dunlop I’erdriau (1 10 0 0 17 1 Electro. Zinc, pref fl 8 3 Henry Jones Co-op. .. 1.10 9 1 IS 3 N.Z. Drug 3 4 3 3 5 3 N.Z. Farmers' Fertiliser 0 111 0 MINING. Big River 0 1 1 Consol. Goldfields .... — 0 10 8 Gillespie’s Beach — 0 1 fi King Solomon 0 1 10 0 2 1 Mount Lyell 0 19 11 1 0 Nokoinai 0 5 o 0 5 4 W.alhi »1 2 6 ‘Cum. dividend. ttlx. dividend.

Aolearoa Gold Bell Hooper Cromwell , National Tobacco .... Buyers. C s <1 0 1 !i Sellers. ,C 8 <1 n o io 2 18 0 3 1 o Wgtn. Mortgages. Ltd.. 11/6 pnid 0 s B Claude Neon Lights ... — 1 9

luser. Stock. 4 p.e.. Ifi.ir, .. £ s d Commercial Bank of Ansi. . . *0 14 7 Bank of New Zealand . A ,Z. Breweries . *1 9 Staples and Co o < olonfal Sugar 1° S.Z. Drug Co *•» 4 *Late sale Friday. A VC KLAM). N.Z. L’re wo Hrs . .. £ 1 9 d Staples 1 4 Walid, oi.urj. div 1 9 W aihl Grand .riinctioii . .. u 11 I armors Auctioneering, B prof o 11 Gotoonda Mines. Gd paid 0 0 1 Pl. < ilKISTCHt ItCH. •Sides ou ’(‘hanire: - -> <1 loser. Stock, I p.e.. inio 10U f) p B.S. and A. Bank. eum. div. i •'•nt. Bank of Australasia. *. paid. cum. div - w 0 bunk of Aew Zealand Ditto 1 I nion Bank of Aust 10 -J Golden Point .. 0 4 Is Ing Solomon (2) .. o 1 11 " alhi. eum. div .. 1 9 •Sales reported: loser. Stock, 4 p.e.. Ifilo . 1(H) 10 0 Ditto, 4 p.e.. Ill III . 100 10 o Ditto, 4 p.e., If) HI . 100 10 0 Ditto, 4 p.e.. 1955 . 100 10 0 1.uion Bank of Aust. 10 G Heath and Co .. ; N.Z. Newspapers .. 1 2 G JJVXEDJN. Inscr. Stock, 4 p.e.. P.lll) . wo 0 0 Ditto. 4 p.e., 19.55 . 100 i) 0 Mount Morgan Big Biver . 1 . . o 11 1 G Prsshford .. 0 1 i

April 28. .April 27. Par. N. York, dol. to £ 3.78 3.73} 4.$66 Montreal, dol. to £ 4.345 4.33 4.8611 Paris, fr. to £ 86 7-10 80.375 124.21 Brussels, bel. to £ 24.345 24.325 35.00 Geneva, fr. to £ 17.005 17.00 Amst’dam, II. to £ 8.45 8.40 12.107 Milan, lire to £ 6515-32 659-1G 92.46 Berlin, inks, to £ 14.705 14.80 20.43 St’holni, knr. to- £ 19.325 19.35 18.159 C’hagen, knr. to £ 22.45 22.45 18.159 Oslo, knr. to £ 19 9-10 19.60 18.159 Vienna, sciigs. to £ *32.50 *32.50 34.585 Prague, knr. to £ 114.375 114.375 164.25 Hel’fors, mks. to £ 226 227 193.23 Madrid, pcs. to .£ 39 13-16 3915-10 i 25.225 Lisbon, esc. to £ 110 110 110 Athens, Orach, to £ GOO 605 375 Belgrade, din. to £ 252.50 255 270.31 Bucharest, let to £ 570 575 813.60 Bio de J., p. to mil. — *51-8 5.S99 B. Aires, p. to peso Ml} til 47.62 M. Video, p. to peso *33} *— 51 Calcutta, p. to rup. 181-10 181-10 IS Shanghai, p. to dol. 15} 151-10 —— H.-Kong, p. to dol. 16} 16} —— Y’hainn, p. to yen 15 1-16 15 24.582 Batavia, fl. to £ 8.45 8.55 12.107 •Nominal. fOffieial. The selling rate for telegraphic 1 ransfees, London on Capo Town, is £99/17/0 for £100 sterling, and the buying £ 100/17/0. rate is Gold and Silver.