FINANCE and COMMERCE

Dominion, Volume 26, Issue 184, 2 May 1933, Page 12

FINANCE and COMMERCE

STOCKS AND SHARES Gilt-edgeds Firm MARKET GENERALLY STEADY There was n firming in the quoted prices of Government loans yesterday, holders advancing to par and above for tho 4 per cent, stocks and bonds. Nn sales in this section, however, were recorded during the day. In the banks' section New Zealands were easier following the announcement of the reduced dividend. A sale was made late on Saturday at 45/6, but yesterday the price was back to 45/-. Late buyers -were offering 44/3, sellers asking -15/6. E.g. and A. Brink eased to 83/6 following payment of dividend. New South "Wales were lower at. £2B/5/-, cum dividend, but sellers held for £29. Australasias were firmer at £lO/4/- and Union of Australia were 6d up at £7/8/6. Little change was shown in the other sections of the market. Tnsuran.ce, gas. and brewery shares were very firm. Nev; Zealand Breweries had a sale at 29/7}. Sellers of Colonial Sugar were asking £56. Waihi hnd a sale at 22/9. WELLINGTON EXCHANGE Yesterday’s Quotations Buying and selling quotations at yesterday’s final call on the Wellington Stock Exchange were as follow:— N.Z. GOVT. LOANS.

Unofficial List Note.—All transactions in stocks quoted in this section arc subject to 2J per cent, brokerage and are not quoted on the otlielal list:— Buyers. Sellers. £ s cl £ s d Aotearoa Gold 0 1. S — Bell-Hooper. Cromwell 0 '0 10 Murray Creek. £1 pci. — 0 17 0 DEALINGS ON ’CHANGE Yesterday’s Sales The following sales wore recorded yesterday on the Stoel; Exchanges mentioned: WELLINGTON.

SOUND POSITION

N.Z. Investment Company DIVIDEND REDUCED At the annual meeting yesterday day of the N.Z. Investment. .Mortgage ami Deposit Company. Ltd., the directors’ report and the balance-sheet, which were printed in this column on April 15, were unanimously adopted, the distribution for the year ended March 31. 1933. being 5 per cent. In his review of the year's operations, the chairman. Mr. Gerald Fitzgerald, said the company’s paid-up capital was unaltered nt £3a,500. The directors proposed to make the usual addition of £lOOO to the reserve fund, bringing it to £ll.OOO. Deposits and interest at £74.45S showed a decrease of £19,194. The resources of the company hnd borne the greater part, of this reduction. “The reduced amount,’’ he said, “reflects the general uncertainty which influences all business at the present time.” Investors at £llO3 were £4OO less. .Sundry credit balances were down by £1255. This account mainly contained provision for income tax. which was some £640 less on the reduced profit. Profit and loss appropriation was £732 down. On the assets side mortgages hnd decreased by £5653. Inscribed stock, which remained at £2500. was in process of conversion.

In the profit and loss account interest, fees, etc., received were £2139. These were affected by th statutory reduction in the rate of interest. The decease was roughly 20 per cent. The chairman said •it was pleasing to be able to record the happy relations which had always subsisted between the company and its customers. Some of the borrowers did not desire to take advantage of the statutory violation of their contracts, while practically all the others who were approached were willing that the company should have a reasonable margin to cover overhead expenses. The board realised that the modest return to shareholders and the necessary strengthening of reserve could not have been possible under any other circumstances.

On the debit side interest paid and accrued was. of course, less on the reduced deposit capital, working expenses and charges were slightly in excess of last year. . The net effect was a profit balance of £2753/12/6. An interim dividend at the rate of 3 per cent, had already been paid, and the directors proposed a final dividend attherate of 2 per cent., making 5 per cent for the year, the placing of £lOOO to reserve, which would stand oat £ll,OOO, and the carrying forward of £2912/15/3, as against £2934/2/9 brought in at the commencement of the period. The wisdom and necessity of building up a strong reserve was never more apparent, said the chairman, and the ready acceptance by shareholders in times past of a reasonable return had enabled the directors to pursue a policy of which they hoped the fruits would now be appreciated.

The withdrawals of deposits during the latter part of the year had been considerable, but the directors had not contemplated any course other than that pursued at any time in the company’s career. It would be remembered that during the general moratorium of 1921 the company (after a careful survey of ,the position) found that it had no need to remain under the shelter of the Act. Shareholders and depositors alike would appreciate the assurance that the company still enjoyed the confidence of its bankers, and the substantial backing thus available was a source of strength that was expected to be both satisfactory and adequate. So far'the company had no properties on its hands. Forbearance had been exercised in keeping with the needs of the times. The company’s securities were standing well, and, although some realisations might later on become inevitable, the conservative valuations upon which the original advances were based rendered unlikely the prospect of loss. The sturdy endeavour of so many of the company’s borrowers to meet their obligations was a gratifying feature, indicative of a general feeling that values and equities wonld, with a return of prosperity. make for re-establishment. In this the company had been at all times willing to extend consideration and assistance. "When a shareholder, Mr. J. L. Barnt coat, moved that the usual bonus be voted to the directors, the chairman said the directors preferred to be in the same boat as the shareholders, who were receiving a lesser dividend, and he asked that the motion be allowed to lapse, which was agreed to. BANK OF AUSTRALASIA Balance-sheet Comparison Following is a, comparison of the principal items in the balance-sheets of the Bank of Australasia for the last three years:— Year ended, Oct. 13, Oct. 12, Oet. 10, ieao. iMi. is>32. £ £ £ Net profits .. 815,08-1 217,536 251,960 Div., p.c. ... 13 tn t" Div., amount -555.000 343.500 236,250 From exchange adjustment — 85,000 — Forward ... 192.027 1 51,063 169.783 Liabilities— Capital .... 4,500.000 4,500.000 1,500.000 Reserve fund 4.475.000 2.475.000 2.475,000 Currency res. — 2.000.000 2,000,000 Circulation . 401.137 333.070 334,031 Deposits ... 34,232,584 37.678.57.3 .38.120,630 Bills payable, etc. 3,795.375 3,310.327 3.015,980 Assets— Cash Items .. 6,111.127 8,180,220 7,931,814 Loans at call * short notice 495,000 50,000 60.001) British Govt. securities 2,100.392 2.034,176 2.015.239 Australasian Govt, securities hnd other investments .. 2.726.990 4.707.417 8,038,270 Bills receivable 2.576.109 2,336.053 2.124,952 Advances .. 33,387,347 32.534.378 31,011,981 Bank premises 400.356 474.020 468.166 tLess income tax. FOREIGN EXCHANGES Position of Sterling London, April 29. The following rates on foreign exchanges were current to-day. compared with those ruling on April 28: —

The Killing’ rate for telegraphic transfers, London on Cape Town, is £99/17/6 for £lOO sterling, and the buying rate is £lOO/17/6. Gold find Silver. T/ondon. April 29. Gold.—£o/2/9 per fine ounce. Silver.—Cash and forward. 19 7-Sd. per ounce. Okarito Gohl Dredge The Okarito Five Mii’e Beach Gold Dredging Co.. Ltd.> yesterday reported to the Stock 'Exchange Association a return of 123 ounces 10 dwt. for 125 hours’ work last week.

THE WOOL MARKET

Improvement in Outlook VALUES FIRMER I.oiidon, April 30. Mr. W. I’. Devereaux (representative in London and for the Cintiucnt of the Australian Woolgrowere’ Association) reports that with the fixation of tile date of the World Economic Conference, in combination with the steadying of international exchange rates, confidence seems to be returning to the wool market, and there is a slight improvement in the values of wool. According t.o Bradford reports, there is a definite hardening in the market, for merino tops, and a fair business is passing .in combing wools. Prices of crossbred tops are well maintained. Substantial business is reported in tine sorts, with some little improvement in the demand for merino yarns. Crossbred yarns are firm. Trade in France and Belgium is described as quiet.

As reported in this column yesterday, the Bank of New Zealand, produce department, has been advised by its London office 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., and the market for greasy crossbreds is expected to be firmer with prices in sellers’ favour. Reviewing the second series of wool sales which closed in London on March 29, 11. Dawson, .Sons and Co., Ltd., state that the low prices ruling for crossbreds and slipes did not encourage owners, and (>6,000 bales were not offered: in addition, about 8000 bales were withdrawn at auction.

“The series Jias declared that merinos are sound, and that crossbreds are cheap enough to encourage purchases.” says the review. “Several significant factors have emerged. . . . Competition widened, and values hardened, as the sales progressed, by the urge of necessitous requirements. . . . Continental buyers have joined issue strongly in the cheap medium and lowergrade crossbreds, which are at ruinously low prices, and on gold values' are the lowest ever known.... In crossbreds the main factor is that, the bulk sorts are so'cheap that nobody believes they can stiffer further shrinkage.” Meanwhile, at the consuming end. yards and tops are selling at values which show no margin, but. often at actual losses, even on the present values of wool. This is due, primarily, to the strong effort to keep spindles and looms running, and workpeople employed, and to avoid the greater loss of closing down. The position in the Home markets is difficult to interpret. Woollen manufacturers arc enjoying another spell of prosperity. but conditions in the worsted section are still patchy. The Scotch manufacturers and the finest makers in Huddersfield are suffering a bad period of stagnation owing to lack of export trade. Combing mills are producing at an unprecedented rate in merinos, while crossbred combers are running at less than onehalf capacity. The Empire Marketing Board in its report of the stock of wool lying at British ports at the end of February, states that the figures are probably the lowest for February recorded for some years. SYDNEY WOOL SALES Advance in Values (Received Blay 1, 8.45 p.m.). Sydney. Blay 1. At the wool sales to-day 10,491 bales were offered, of which 9383 bales were sold at auction and 2275 privately. Values, compared with those of last week, showed an advance of 5 to 7} per cent, for all better classes of fleece and skirtings. There was good competition, with Bradford and Germany dominating. Greasy Merino made 14RI. The average price of the wool sold last week was £9/18/9 a bale, or 7.97 d a lb. BUTTER AND CHEESE London Markets Steady Joseph Nathan and Company, Ltd., have received from their principals, Trengrouse and Nathan, Ltd., London, the following cabled advice, dated April 29: — New Zealand butter, 70/- to 71/- per cwt. New Zealand cheese: White, 39/6 per cwt.; coloured, 44/-. Both quiet but steady. JOSEPH NATHAN AND CO. Last Year’s Results At the annual meeting in London last month of-. Joseph Nathan and Co., Ltd., the chairman, Mr. Alec. Nathan, said there were few changes in the balancesheet, and the financial state was satisfactory. Liquid assets were £352,787, and current liabilities £231,320. From an available balance at credit of appropriation account of £60,302, £6005 had been transferred to reserve for subsidiary and associated companies, and the year’s dividend on the 7 per cent, preference capital paid. There was, therefore, a balance in hand of £19,296/17/7. The world was still passing through unprecedentedly bud times, and the company’s profits had suffered accordingly. He thought they were, in the exceptional times, remarkably good. The company’s business was an international one, covering the British Empire and many foreign countries. The company dealt in many commodities, and was interested in a wide variety of businesses. The company had passed through oue of the worst years of the crisis with credit. Mr. Nathan said that a few days after the last meeting lie had left London on a visit to New Zealand and Australia. While in New Zealand he had examined every branch of the company's business and, where necessary, reorganisation was effected. Since the beginning of the financial year the merchandising side of that business had been reorganised. The loss until recently incurred promised to be turned into a profit during the current year. In the produce section prices had been the lowest since the butter and cheese industry had become a commercial proposition in 1886. Their company had been among the pioneers of that industry, and the pioneers had never expected to see butter .being sold in London as low as 72/- per cwt, and cheese at 42/-. He found farm land in New Zealand hopelessly over-valued in proportion to its earning power, and, until the disparity of values was adjusted, there would be no real prosperity in the Dominion. Every commercial activity was overcrowded, ami there was excessive and nnn-profitable competition. Conditions such as that, coupled with heavy taxation and exceedingly low prices for primary products, made New Zealand a difficult and unprofitable country in which to trade. The company's business in Now Zealand wns one of the oldest, and the company had large vested interests. It bad always loyally supported the Dominion, but. unfortunately, in recent years at considerable cost to itself. In regard to Australia. Hie chairman said the present sound Government, coupled with a few favourable seasons, should enable Australia to make a satisfactory recovery. Already there was a brighter tone, and prospects were more promising than a year ago. Bank of New Zealand Dividend In a footnote tn the official announcement of the Bank of New Zealand dividend printed in this column yesterday, a detailed statement of the total distribution for the year ended March 31, 1932. was given. By a typographical error this was made Io appear as “for the year ended March 31. 1933.” instead of for the previous twelve months as was. obvious from the context.

LIVE STOCK MARKET

Feilding Sale Prices FAT SHEEP FIRMER Fat sheep sold well at Feilding last: Friday, lambs advancing 1/- to 1/6 a head. Dalget.y and Co., Ltd., report that a line of 20 prime fat lambs on. account of the (lonian Estate realised 15/7, an outstanding price for the season. Other sales were:—Fat lambs, 11/9, 12/3, 13/3 to 13/5; fat ewes, 7/2, 7/8, 8/-, 8/4, 8/6, 9/1, 9/5; fat wethers, 11/9, 12/4; fat black-face 2-tooths, 14/1 to 14/6; 2-tooth to 5-year-old ewes, r.w. S.D. rams, 10/8; 5- ewes, r.w. S.D. rams, 10/8: 4, 6- 4 and 5-year ewes, r.w. S.D. rams, 10/6; wether lambs, 5/6, 6/1, 7/8; store ewes, 5/-. Fat P.A. cows and heifers. £3/3/6, £3/16/-; fat Hereford cows. £3; fat P.A. cows. £3/2/6; fat bullocks. £5/17/6; fat Jersey heifers. £2 2/-, £2/5/-; fat dairy sorts, 22/-, 26/-. 30/-, 33/-, 33/6, 37/-; weaner Jersey heifers. 20/- to 25/-; store cows, 10/-, 15/-, 21/-. 22/-, 23/-. Abraham and Williams, Ltd., report sales as follow:—Fat sheep: Fat lambs, 10/3, 10/6, 10/7, 10/9. 11/-, 11/4, 11/9, 12/6,12/7,12/9. 13/-, 13/3,13/8 to 13/9; fat ewes, 6/3, 7/1. 7/2, 7/4, 7/6, 7/10, 8/-, 8/2. 9/- to 9/4; fat wethers, 12/8; fat 2-tooths, 13/- to 14/-. Store sheep: 5-year ewes, r.w. S.D.R., 11/-, 11/2,11/3; 4 and 5-year ewes. r.w. S.D.R.. 10/8: 2tooth ewes, r.w. S.D.R., 12/7, 13/2, 13/9 to 14/4; store ewes, 6/-; wether lambs, 7/7, 8/- to 8/3; store lambs. 5/6 to 7/9; h.f. lambs, 8/5. Fat cattle : Fat bullocks, £4, £4/10/- to £5/15/-; fat steers, £2 2/-, £2/13/- to £3/18/-: fat heifers, £2 3/-, £2/15/-, £3/9/- to £4; fat P.A. cows, £2/6/-, £2/17/6, £2/18/-; vealers, 17/6 to 25/-; fat cows, dairy bred, 30/- to 32/-. Store cattle: 18-mos. P.A. steers. £l/8/to £2/14/-; 2}-year P.A. steers, £3/10/-; 3J-year P.A. steers, £3/17/-; weaner Jersey- heifers,. 26/-, 26/6, 27/-, 27/6 to 37/6; potter cows, £l, £l/2/- ,£l/3/-, £l/5/-. £l/14/-; potter bulls, £l/15/- to £3/10/-. Dairy cattle: Heifers in milk, £l/15/-: cows in milk, £l/8/-; spg. cows, £5/15/-; dairy cows, due August, £2/2/6 to £3. Tile New Zealand Farmers’ Co-opera-tive Distributing Company, Ltd., report the following sales:—Fat lambs, best, 13/- to 13/9 ; good, 11/6 to .12/9; lighter sorts, 9/6 to 11/-; fat ewes, best, 8/1 to 9/6; others, 7/- to 7/10; store ewes, 4/6 to 6/1; fat. wethers, good, 12/S to 13/6; plain, 11/6 to 12/-; f.m. ewes, r.w. S.D. ranis, 10/- to 10/5; mixed age ewes, r.w. S.D. rams, 10/8; store lambs, best, 8/7 to 9/6; others, 6/3 to 7/10; small lambs, 4/3 to 5/4. Cattle: Sp. cows, £4 to £4/15/-; fat cows, £2/12/6 to £3/6/-; forward cows, 38/- to £2/7/-; store cows. 20/- to 25/-; light fat bullocks, £4/15/- to £5/15/-; forward bullocks, £4 to £4/12/-; 3-ycar steers. £3 7/- to £3/13/6; 21-yefir steers, £2/15/to £3/2/6. Hunterville Cattle Fair At the Hunterville cattle fair on Thursday there was a total yarding of 1500 head, of which the New Zealand Farmers’ Co-op. Distributing Co., Ltd., offered 812 head. Buyers were cautious and generally speaking the sale had an easier tone than previous fairs, although 2} and 3}-year cattle appeared to sell better than the grown bullocks. Prices were as follow:— On account B. Weston, 8 P.A. bullocks. £4/8/-; on account S. R. BlcAlley, 28 P.A. bullocks, £4; on account W. S. Marshall, 9 P.A. bullocks, £4; on account Laird Bros.. 9 fwd. bullocks, £4/2/6; 13 bullocks, £3/10/-; on account. R. Hogg, 20 Hereford and S.H. bullocks, £4; on account A. McDonald, 6 S.H. bullocks, £4; on account L. D. Lambert, 24 Hereford bullocks, £3/15/6: on account F. Shackleton, 9 S.H. bullocks, £3/12/6: on account V. Anson, 20 Hereford S.H. bullocks, £3/10/-; 8 bullocks, £3/5/-: on account R. Walker, 17 mixed coloured bullocks, £2/14/-: on account L. D. Lambert, 14 bullocks. £3/9/-: on account. Laird Bros., 15 bullocks, £3: on account vendor, 50 24-year P.A. steers. £3/5/-; on account A. BlcDonald. 32 2}-year Hereford steers, £3/5/-; on account Logan McLean. 82 2}-year Hereford heifers, £3; fat dairy cows. £2/10/-; empty cows, 20/to 27/6; empty S.l-I. heifers, 28/- to 31/-. Hawera Sale At the Hawera sale on Thursday, Newton King, Ltd., offered a heavy yarding of store cows and pigs with a small yarding of sheep. Fat lambs, 12/- to 12/9; fat ewes. 8/-; works cows, 25/- to 38/-; boners, 15/- to 22/-; fat cows, dairy sorts, £2/5/- to £2/17/6; springing cows, £2 10/- to £4/17/6; springing heifers, ££4 to £4/10/-. Pigs : "Wenners, 5/- to 7/6; slips to 9/-; stores, 10/- to 13/6; porkers, 22/- to 25/-. FRUIT EXPORT TRADE N.Z-. Apples and Pears in London The Department of Agriculture has received the following cablegram, dated April 29, from the High Commissioner for New Zealand, London : — Apples: Akaroa consignment practically cleared. Cox’s Orange and Lord Wolseley ex Rotorua badly pitted. Rangitiki and Coptic discharging and in_ the market. Cox's Orange and Lord Wolseley show bad pit waste; others generally sound. Pears in mixed condition, some forward and wasty. Market overstocked and trade losing all interest in Cox’s Orange owing to continued poor condition. Market falling as a result of heavy arrivals of Australian. Current prices:— Cox's Orange, bulk, 10/- to 13/-. Delicious, ')/- to 14/3; bulk, 12/-. Jonathan, 8/6 to 14/-; bulk, 12/-. Cleopatra, bulk. 11/6 to 12/-. Dunn’s,'9/- to 12/-; bulk. 9/6 to 11/-. Lord Wolseley (pitted), bulk, 8/-. Pears:— Betirre Bose, 12/- to 15/-; J's, 9/-; ■S’s. 5/-; trays. 3/-. Josephine. 12/- to 14/6: ?s. 9/-. Packham’s Triumph. 10/6 to 11/6. Cornice, 10/6 to 13/-; J's, 11/6; }'s, 4/-; trays, 3/-. Winter Cole, 9/3 to 12/(1; J's, 9/-; i’s. 3/6. Betirre Clairgcau (forward condition), 8/6 to 9/-. Conference. 10/6 to 12/-. P. Barry, 9/6: }’s, 4/-. Dollar Conversion Rates The Associated Banks have agreed the/, the conversion rates from Blay 1 will be :— U.S.A. Canada. Conversion of dollar bills received for collection and sale of dollar drafts .... 3.74 4.27 Purchase of dollar bills .. 3.91 4.47 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 re-

quire. Customs Exchange Rates Kates of exchange ruling at the announced date of departure of the vessels named are shown in the 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 Now Zealand, finally declared rates being marked* : — Wirrnl. America, dollars ......... 3.44 J Golden Eagle. America, dollars .. _ 3-d-l Brisbane Murn, Japan, yen 15 l-"2d Wnlkawa. Canada, dollars *1.12 Walkawa. Vancouver. Hour, dollars 4.12 Wnlkawa. America, dollars *3.13 Canadian Cj'niser, Canada, dollars 4.14 City of Tokio. America, dollars 3.11 J Haurakl. America, dollars 3.53 Hauraki, Canada, dollars *lO

SYDNEY STOCK EXCHANGE

Distinctly Firm Tone (Received May 1. 8.15 p.m.) Sydney. May 1. On the Sydney Stock Exchange to-day the investment market opened ouietly, and the turnover was below recent averages. Apparently operators were waiting l"or fresh overseas developments. The market for gilt-edged stocks, as well as leading company shares, retained a distinctly firm tone. Sales: Bank of New South W’alcs. £29 12/6; Associated News, ord.. 8/-: Associated News. pref.. 17/10$; Howard Smith. 8/-; Australian Gas. A, £7: Tooth’s, 36/4}: Gordon and Gotch of Australasia, 32/3; Dunlop I’erdrian, 16/10$: Goldsbrough Mort. 22/9: Fairymead Sugar. 26/4 J ; Broken Hill Proprietary. 31/10}; North Broken Hill. 72/-. Commonwealth bonds. 4 per cent., 1938, £lO4/5/-: 1941. £lO4/12/6: 1944, £lO3/11/3; 1947. £lO3/13/9; 1950. £lO3 5/-; 1953. £lO-1/5/-: 1955. £lO4/18/9; 1957. £105; 1959. £lO3/12/6; 1961, £lO3 12/6. Melbourne, May 1. Sales to-day included: Bletropolit.m Gas, £l2/10/-: North Broken Hill, 72/-. TALLOW AND HEMP Loudon Markets The Departnwiil. of Agricull lire has recoiled the following cablegram, dated April 29. from the High Commissioner for New Zealand, London:— Tallow: Better demand at auction: 537 casks offered, of which 574 sold. Present spot quotations, arc — Mut ton — Fine 24 <> Fair to good 19/-to “B/G Dark to dull 17/-to 1.8/Becl" — Swe«'t and,'or mixed .. 21)/-to‘21 ,'6 I’n'r to good is - to 19/G Dark to dull 1 (>/G to 17,'t> MixedFair to good IS,'-to 19/6 Dark lo dull 16/6 to 17/ti Gut, etc 15/6 to 17/6 Hemp: Manila, market, remains quiet blit firm. Value of “K" grade for AprilJone or May-July shipment. £ll/10/-. Sisal: Market firmer and more active. No. 1 lor .Iniic-Angusl shipment sold at £l5/10/-. and for October-December shipment £l6. New Zealand: Market quiet Common offered on the basis of £ll/5/for May-June, shipment. No lirsl-hnnd sales reported.

AUCTION DIARY TO-DAY. Waipiikuraii saleyards. 11 n.m.. n/c O-ik-Imriio Sl.alion Ewes (11. B. Farmers) Levin Sale. TO-MOliltOW. Johnsonville Fat Stock Sato (M.S. & <.°A01,l iilaki sa leva ids. 1.3 C p.m.—Sale timber, elc. (<’. K. VYnodroof,’). Patterson St.. 1.30 p.m.--Furniture (K. Johnston).

Buyers. Sellers. £ s d A. s d 4 p.c. Bonds. 1940 99 17 f! 100 15 0 4 p.c. ditto, 1946 99 15 0 100 15 0 ■4 p.c, ditto, 1949 99 15 0 100 15 0 4 p.c. ditto. 1955 ...... 99 17 6 100 15 0 3* p.c. Stock. 10X9/43 09 0 0 31 p.c. ditto, 1939/52 .. — 99 10 0 34 p.c. ditto. 1938/43 .. 99 0 0 — 34 p.c. ditto. 1938/52 .. — 100 0 0 4 p.c. ditto, 1940 — 100 0 0 4 p.c. ditto, 1940 —— 100 2 6 4 p.c. ditto, 1949 — 100 2 8 4 p.c. ditto, 1955 — 100 0 0 DEBENTURES. West Tanmki, 5 p.c., 1949 ioi o o Wgln. Racing Club .... 90 0 0 — BANKS. Australasia 10 4 0 io 7 e Cominer, of Aust., ord. 0 14 4 0 14 8 i'ommer, of Sydney ... 15 0 0 — E.S. and A 14 3 6 4 7 6 Nat. of Australasia, £10 paid •12 « 0 Ditto, £5 paid .... •5 15 0 — Now South Wales .... •28 5 0 29 0 0 Now Zealand to 4 3 2 5 6 Now Zealand, long term *1 9 0 1 nion of Aust 7 8 6 —. FINANCIAL. Goldsbrough. Mort. ... 1 2 1 12 9 N.Z. Guarantee Corpn,, ord. 0 4 3 0 B 3 N.Z. Invest. Mort, and Dep. 0 4 9 GAS. Auckland 1 1 3 Christchurch ........ . 1 6 9 Wellington. ord 1 12 o 114 0 INSURANCE. Aust. Prov. Assce 0 0 0 National •0 16 0 —— New Zealand 2 0 o Soul li British 3 6 — -■ MEAT. N.Z. Refrig.. 10/- pd. .. 0 3 8 oG i Cantby. Meat Co., ordi 4 12 6 TRANSVORT. Union Steam, prof. ..... 1 1 0 ■— WOOJJLEN, 4 3 TIMBER. fl O 11 6 BREWERIES. Carlton 115 0 N.Z. Breweries ...... 1 9 0 1 10 0 Stanlcs and Co 1 fi n MISCELLANEOUS. Brit. Tobacco, ord 1 13 9 . Colonial Sugar 56 0 0 D.I.C., pref to 19 0 Electro. Zinc, pref fl. 8 0 N.Z. Drug 4 o Wilson's Cement .... 1 13 3 MININ G. Big River 0 1 1 ■ Blackwater 12 6 Consol. Goldfields 0 10 7 Frosh lord 0 1 s Gillespie’s Bea eh ..... 0 16 Golden Dawn. 0 1 9 Golden Sands 0 » 1 King Solomon ........ 0 1 10 — Mt. Lyell 1 0 0 Nokomai 0 1 Wai hi o 5 Waihi Grand Junct. .. 0 3 6 N.Z. Crown Mines .... 0 0 10 ■W". ‘Cum. dividend. ?Ex. dividend.

L • < d Bank of N.Z., cum. div ♦o » i 8 do .......... .. 2 C i 0 NJ5. Breweries- .. 1 f I 74 Walhi, cum. div ..12 ! 9 *Late sale Saturday. AVCKUNT). £ s d mscr. Stock, 4 p.c., 1946 100 0 0 Tarnaki West, 5} p.e.. 10511 1(10 0 0 Ditto, 5 p.c., 1940 . 99 10 0 Bank of New South Wales . 29 (1 0 Bank of New Zealand 0 National Insurance . 0 16 6 South British Insurance . 3 -I ’0 Ilikemiro Collieries . 0 19 0 Kauri Timber . n 1(1 6 N.Z. Breweries . 1 9 6 Colonial Sugar . 55 15 0 Wilson’s Cement (2) ........... . 1 12 3 Golconda, Gd paid . 0 0 SJ Ditto, 6d paid . 0 0 9 Ditto, (Id paid . (1 0 9} Wnihi .Tnnction . 0 3 10 Unlisted— Auckland Farmer*’ Freezing. £ paid (odd lot) 1 . 0 11 Q Bell Hooper, Gd paid . (J 0 11 CtncISTCHURClC. Sales on ’Change-- £ s (1 Commercial Bank of Aust 0 14 4 N.Z. Breweries t 9 9 Ditto 1 9 11 Dominion Fertiliser (2) o to 6 N.Z. Farmers’ Co-op.. 4} p.c. stock 11H0 (2) 41 10 0 Big Ki ver (3) O 1 3 Blackwater 1 2 0 Dawson’s Flat. 1/- paid 0 1 Nokomai 9 5 0 Waihl Grand .Tnnction 0 3 10 Sales reported— I nfted Building Society 0 17 0 Wilson’s Cement 1 12 4 Nat.in.nal Bank of N.Z 3 16 0 Ditto (2» 3 15 0 Unlisted—. Aotearoa Gold (3) 0 1 10 Hell Hooper Cromwell ID O 0 10} Central Sbotover 0 0 8» DUNEDIN. Sales on ’Change:—• £ R d N.Z. Refrigerating. paid .. 0 10 7 Waltahn o n 1 Freshford 0 1 3 Sales reported:— Rank of New Zealand. cum div. *2 5 0 Wilson's Cement (21 i 12 3 Oknrlto 0 9 c Do 0 » 5}

April 2D . April 28. T’ar. N. York, dot to £ 3.84 3.78 4.SB0 Montreal. dol. to £ 4.38 4.345 4. son Paris, fr. to £ 861-16 8R7-1G 124.21 Brussels, bel. to £ 24.245 24.345 35. on Geneva, fr. to .£ 17.54 17.305 ,,f ’5 Amst.dnm, fl. to £ 8.43 8.45 12*107 Milan, lire to £ tp i 25 G 5 15 - 92.46 Berlin, mks. to £ 14*625 14.705* ~ 20.43 St.holm, knr. to £ 19.375 19.325 19.159 C’hagon, knr. to £ 22.-15 ‘“*.45 18.1.59 Oslo, knr. to £ 19 9-16 In 9-10 18.159 Vienna, sebps. to £ *33 ♦32.50 34.585 Prague. knr. to £ 114 . 114.375 164.25 Ilcr'fors, inks, tn .£ •’2b 193 ‘*3 Madrid, pcs. to £ 39.625 39 13-16 0-r O‘>7J Lisbon, esc. to £ 110 no fin ' A thens, Orach, to £ 592.50 600 375 Belgrade, din. to £ 250 252.50 270,.31 Bucharest, lol to £ 572.50 570 si3.no Warsaw, zloty to £ —- 43.38 Rio de J., p. to mil. ♦ 51-8 $51-8 5.80!) B. Aires, p. to pes. 4.11 lit 43.02 M. Video, p. to peso *33 50 ♦331 51 Calcutta, p. to rup. 18 5-01 1<1-16 IS Shanghai, p. to dol. 15] 15’-H.-Knng. p. to dol. 161 161 —— Y’hamn, p. to yon 14 5-16 11 1-16 21.592 Batavia, fl. to £ 8.15 12 J 07 * Nom in al. fOfib Lflal.