FINANCE and COMMERCE

Dominion, Volume 26, Issue 185, 3 May 1933, Page 12

FINANCE and COMMERCE

STOCKS AND SHARES Active Demand Yesterday A FIRM MARKET There was an active market, .yesterday wich a well-spread demand which covered most sections. ..-itli Government loans were firm, witn holders of the 4 per cent, stocks inclined to advance their prices. . , Banks were in strong request, with little change in prices. Australasians sold at £lO/7/6. New Zea lands were unchanged at 44/3, cum. dividend. , Gas, insurance and were fully firm at late rates, .there was a renewed demand for miscellaneous industrials. Colonial Sugars firmed to £oo 10/-, sellers holding for £oC. AYilson-s Cement had a sale at 32/4. and Sharland ordinaries sold at IS/v.

WELLINGTON EXCHANGE

Yesterday’s Quotations Buying and Belling quotations at yesterday’s final call on the Wellington brock Pxrhnntre were as follow:—

Unofficial List \|| traiisaetious in stocks quoted in'tills section are subject to 2) per cent, 10-oki-raue and are not quoted on the

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

ADVERSE REPORT

Wellington Deposit & Mortgage DIVIDEND PASSED The directors of the Wellington Deposit. Mortgage and Building Association, Ltd., in their report to be presented at the annual meatnig on May 11, expressed regret “that the figures presented show a heavy reduction compared with those of the previous year. lhe net niolit on the year’s business is flo(/iv/o, which, added to £914/IS/- brought forward from last year’s account, makes total of £llO2/17/S. No lutcnm dividend was paid for the September halt-yeai. and the directors are sorry they cannot now recommend the declaration of a dividend in the face of the result shown bv the profit and loss account. I'icy accordingly recommend that the whole sum of £llO2/17/8 be carried forward to tho current year’s account. It may be mentioned that the associa ion has paid a dividend regularly for the past -• rt '“The reduction of 20 per cent, off interest payable by mortgagors made compulsory from April 1. 1.)..-, under the provisions of the National Expenditure Adjustment Act. while interest payable to depositors was not similarly reduced, resulted tn a much lower earning power than hitherto. In common with those of similar companies, the shareholders of this company have been subjected to serious loss by the act of the Government in reducing the rate of interest payable to our depositors, while higher rates were payable bv the Post Office Savings Bank. “The outcome of this adverse rule has been that this company’s shares, paid up to 10/-, have fallen in the market from .10/- to 3/6. Shareholders will note that neither the directors nor management could in any way be responsible for the loss inflicted upon them. In addition to this, the rents from Panama Chambers have fallen heavily owing to reduced rentals and on account of several offices remaining un-let. In order to economise, the association's office has recently been removed to the first floor of the building, and it is hoped to let the former offices as a shop.” The retiring directors. Messrs, n. 11. P. Barber anil J. J. Williamson, and the auditors, Messrs. S. M. Hobbs and R. A. Glen, offer themselves for re-clectioii.

BROKEN HILL SOUTH

Dividend Declared Broken Hill South. Limited, yesterday cabled to the Stock Exchange Association that a dividend of one shilling per share had been declared, payable at. Melbourne on June 23. Transfer books will close on May 10.

COLONIAL MUTUAL LIFE

Last Year’s Results New business obtained by the Colonial Mutual Life Assurance Society for the year ended December 31 shows an increase of nearly £BOO,OOO in the ordinary branch, the figures for 1932 being £6,350,433, as compared with £5,558,073. New business obtained in the industrial department is of approximately the same amount as for the preceding year. Total premium income in the ordinary department is £1,493,084, compared, with £l,393,735 for 1931. Claims by death for the year amount to £376,774, compared with £410,769, and by maturity of endowment policies £487,435, compared with £426,302. The addition to the life assurance fund in the year is £311,340, making the fund £11,269,267. The interest yield on the funds is £4/10/9 per cent., compared with £5/1/2 per cent, for 1931. In Hie industrial department premium income for the year is £505,389, compared with £501,567, and claims paid arc £124.313. The sum of £213,138 is handed over to the ordinary department for investment with its funds, malting a total of £2,315,066 of the industrial fund so invested. The report, of the actuary, Mr. James Pullar, shows a net surplus of £431.696. which compares with £482.872 in 1931. FOREIGN EXCHANGES Position of Sterling London. May 1. The following rates on foreign ex-

fcrs, London on Capo Town, is £9O/17/11 for £lOO sterling, and the buying rate is £lOO/17/0. Gold mid Silver. London, May 1. Gold—£o/3/0 per fine ounce. Silver—Cash, 20’4 per oz.: forward, 20 !)-IGd. 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 .... 3.71 4.27 Purchase of dollar bills .. 3.94 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 require. Customs Exchange Rates Rates of exchange ruling nr the announced date of departure of the vessels nahied 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 New Zealand, finally declared rates being marked*: — Wirral. America, dollars p.-l-l* Guillen Eagle, America. dollars .. _ 3.121 Brisbane Morn, Japan, yen 15 1-324 IVaikawa, Canada, dollars *4.12 I Walkawn, Vancouver. Hour, dollars *1.12 i Waikawa. America, dollars *3.13 i Canadian Cruiser. Canada, dollars 4.1-1 < City of Tokio. America, dollars 3.11.1 J Haiiraki, America, dollars 3.53 - llanrakl. Canada, dollars 1.10 ! The Okarito Five Mile Beach Gold i Dredging Company, which had a washi up last week of 1230 z. lOdwt.. won 4G7oz. i Idwt. of gold for the previous four weeks. The total lime worked was 485 hours. • The average value of the ground worked I on the basis of gold worth fl an ounce | was 1/2 per cubic yard.

DAIRY PRODUCE FIRM

Butter and Cheese Advance LONDON MARKET ACTIVE With an active market and an improved demand. London butter prices hate advanced 3/- to 4/- a cwt. since last. Jliur-s--day. The cheese market is also tinner at an advance of 2/- to 3/- a cwt. Mr. Thomas Gray has received the following cable from his principal. Mr A. C. Rowson. dated London, May 1 :—Markets active, prices higher Butter, i-/-, 73/-- Cheese, white. 42/-. Joseph Nathan and Co.. Ltd., hare received from their principals, Trengrouse and Nathan, Ltd.. London, the tollowing cabled advice, dated May I:—New Zealand butter. 72/- per ewt. New Zealand cheese: White. 40/- per cwt.; coloured, 46/-. Both markets firm and active. Samuel Page and Son. London, report to Dalgetv and Co.. Ltd., under date May 1: —Butter, 71/- to 72/- (67/- to <>;’/*>• Cheese, white, 40/- (37/- to ob/-) 1 cheese. coloured, 46/- (4.;,/- to 44/-). Market firm. Quotations on April 2i are in parentheses.

SYDNEY WOOL SALES

Prices Very Firm A (Received Mar 2, 9.5 p.m.) Sydney. May 2. At the wool sales to-day, 6930 bales were offered; 6-iOS sold at auction, and 396 disposed of privately. Competition was brisk, and prices very firm nt the recently-improved levels. Greasy merino sold to 13 Id.

SYDNEY STOCK EXCHANGE

Market Very Active (Received May 2. 7.45 p.m.). Sydney. May 2. The Sydney Stock Exchange was again very active, to-day, the turnover covering' a wide variety of stocks. The market generally was firmer. Sales: —Bank of New South Wales, £29/15/-; Commercial Bank of Sydney, £l5/12/6; National Bank of Australasia, £5 paid. £5/19/-; Associated News 8/-; pref., .18/41-: Australian Gas. A, £7/0/6; ditto, B, £7/0/6; British Tobacco, 34/9; Dunlop Perdrian. 16/101; Goldshrough Mort, 23/-; Tooths. 36/6; Henry Jones, 37/6; Fairymead Sugar, 26/6; Electrolytic Zinc. prof.. S9/9; .Broken HiU Proprietary, 32/6: Zinc Corporation, 27/101. Morning Sales: Common wealth Bonds. 4 per cent., 1938. £lO4/5/-; 19,>3, £lO4 6/9; 1959, £lO3/12/6: Goldshrough Mort, 23/-; Tooths, 36/6. Melbourne, May 2. Sales to-day included: Goldshrough Mort. 23/-: Dunlop Perdrian, 16/11; Mt. Lyell, 20/41.

BASE METALS MARKET

Sharp Advance in Tin (Received May 1, 7.45 p.m. I ' London, May 1. There has been a spectacular rise in the. price of tin. which is np 11(1/13/9 a ton compared with last, week's closing levels. Copper showed an improvement to-day. Other industrial metals were irregular. (Received May 2, 7.15 p.m.) .Sydney, May 2. The ..tibial London iiniddle) quotations for .Monday, as received by the Australian Mines and Metals Association compare as under with tiiose previously cabled:-- . April 23. Muy 1.

CUNARD STEAM SHIP CO. Net Loss Nearly One Million Conditions prevailing in shipping, ineluding'the cineumstances particularly affecting the North Atlantic passenger services, had fully prepared the shareholders of the Cuuard Steam Ship Company for another unfavourable, report, says “The Tinies.” The company sets out in its accounts comparative figures for the last two years, which show reductions of the total revenue by £670.243 and of working expenses by £337.940. The gross profit, has fallen by £332.303 to £64,205 and the net loss is higher by £374,057 at £927,261. The loss is met by a transfer from the contingencies reserve. and the total of ••Creditors’ Open A’oyuge Accounts, Deposits and Reserves” stands at £2.157,212, a reduction of £1,277.351

Last year the not working loss was met partly by a transfer of £350.000 from the contingencies reserve which, the report stated, had been fully offset: by credits of a non-recurring nature. At the annual meeting the chairman explained that certain taxation reserves became free and a final settlement was reached on excess profits duty. No proportion of any excess profits duty returned had ever been credited io the profit and loss accounts of the company or ils subsidiaries, and, consequently, the draft made on the reserve accounts in 1931 was offset by the receipts. The cumulative dividends on the preference stocks have been paid to June 30. 1931. Depreciation of ships and other properties and plants now accounts for £74G,SGG, an increase of £41.787, and steamships are entered in the balance-sheet at £8.052.244. a decrease of £G91.354. The sum includes a half-share of the Berengaria acquired during the year. less amounts written off. and payments on account of the new ship. The report states that, during the year the partnership agreement covering the operation and ownership of the Bereugari'i and the Majestic has been dissolved, and that, as a result, the company now owns the whole of the”former vessel ami has no longer any financial interest in the Majestic.

LIVESTOCK MARKET

Waipukurau Sale LITTLE CHANGE IN PRICES Dominion Special Service. Waipukurau, May 2. A large entry of cattle and an exceptionally large yarding of sheep was offered at Waipukurau to-day. The demand for fat cattle was not brisk, mid several offerings were passed. Weauer P.A. steers and heifers sold well. Fat cattle: Prime heavy Shorthorn heifer, £4/10/-; prime Shorthorn cow, £3 I/-; six P.A. cows, prime. £2/18/6; prime Shorthorn cow, £3/9/6; three medium Hereford bullocks, £3/18/6; small Jersey cow. £2; one forward Hereford cross bullock. £4/17/-; one medium Here, ford cow, £l/18/-; one medium Hereford steer, £3/13/6; good line eight prime Hereford heifers, account JI. Judd, £3 14/6; eight ditto. £3/16/6; six ditto, slightly lighter, £3/12/-; four prime Hereford cows. £3/19/-: two well-condi-tioned two-year Hereford heifers, £2 6/6; six medium prime I’. A. heifers, account 11. Judd. £3/11/-: six medium P.A. steers. £3/2/-: seven prime young Hereford bullocks. £4/2/-; medium P.A. Shorthorn cow. £2/10/-; medium Shorthorn heifer, £3. Store cattle: 21-year P.A. steer. £2 10/-; five light P.A. cows, £l/1/-; 60 good weauer P.A. steers, account Stratford Bros.. £l/12/6: 52 good weauer P.A. heifers, same vendors, £l/16/-; 17 P.A. wearers, smaller. £l/1/-; 14 P.A. weauer heifers. £l/4/-: 13 I’.A. wanner steers. £l/7/-: 33 18-montb P.A. heifers, 34/-; eight. I’.A. cows with eight calves, £2/8/6; 10 three-year P.A. and Hereford steers, £2/4/-. Sheep: 63 ewe lambsfi 9/6; 15 lamb o , 12/-; 53 lambs. 12/10; 155 ewes run with Southdown ram. 'Wallingford. 5/9; 77 ewes, 5/9; 69 Down cross lambs. 11/-; 89 lambs from Argyll. 12/6; 69 owes. 6/-; !‘5 lambs. 9/6; 82 lambs. 9/2: 69 lambs, account Macdonald Bros., 13/6: 55 owes, 4/9: 76 ewes. 7/-: 91 lambs, account R. Haldane. 13/-; 197 ewes, 6/3; 328 lambs. 12/4; 44 ewes. 7/1. Pahiatua Cattle Fair Dominion Special Service. I’altiafua. May 2. Nine hundred head of station-bred cattle were offered by Dalgcty and Co., Ltd., at the second autumn cattle fair at Pahiatua yesterday. There was a fair attendance of buyers from Hawke’s Bay, Mauawatu, and Wairarnpa districts. The cattle were in good condition, but, the prices showed a general decline on recent sales. Account Turner Bros.; P.A. bullocks, £3/4/-: P.A. steers, £2/1/-. Account Gardiner and Yeoman: P.A. bullocks, £2/2/-. £3/16/-; P.A. steers, £3, £l/15/-. Account M. Alpass: Bullocks, £5/1/-. Account F. R. Moore: Coloured bullocks, £2/16/-. Account Britland Bros.: Coloured bullocks, £2/16/-. Account E. Whitcombe: P.A. steers, £l/16/-. Account Dr. C. P. Knight.: I’.A. steers, £2 I’,/-, £2/18/-, £2/5/-; forward cows, £3; fat cows, £3. Account D. Morrison ; 21year I’.A. steers. £3. Account J. McKay : I’.A. cows and calves, £2/4/-; steers. £2 5/-. Account D. Olson: Bullocks, £4/4/-. Account L. Ballantyne: P.A. steers, £2 8/-: empty I’.A. heifers, £l/13/-. Account J. Anderson: Steers, £3/15/-. Account H. Seymour: I’.A. heifers, £1 14/-; empty do., £2/5/-; P.A. steers, £2/4/-. Account W. Hull: Three-year steers, £2/10/-. Account L. O. Mitchell: empty cows. £l/11/-. Account J. Stewart: Bullocks, £5/15/-. Account AV. Cruickshank. Sen.: li-ycar heifers, £l/10/-; li-y<jear steers. £2/4/-. Account AV. Cruiekshank, sen.: 1.1-ycar heifers, £1 4/-. Account 11. Cotter: I’.A. cows and heifers, £2. Account S. C, Humphries: P.A. heifers, £l/6/-; I’.A. cows, £1 13/-. Account J. George: Bullocks, £3; steers. £2/5/-; fat. cows, £2. Account H. H. Miller: P.A. bullocks, £3/12/-; 21year P.A. steers. £2/12/-. Feilding Sale The Now Zealand Loan and Meranntile Agency Co., Ltd.. Palmerston North, secured Hie following prices al the Feilding sale on Friday :—-Fat lambs, to 12/7; owes, 7/4 to S/6; ewes ill lamb. 9/3; wether lambs. 7/1, 8/3. 8/9, to 9/2; fat cows, £2/10/- to £3/15/-; store cows, 18/- to 26/1 i.

GRAIN AND PRODUCE

Auckland Markets Dominion Special Service. Auckl.pid. May 2. Alter a lengthy spoil of comparative inactivity, Auckland grain merchants are again Inking a hand in the potato business. Local stocks, which have held the field for an unusually long period, arc getting into smaller compass, and the market from now on will be more or less dependent upon southern supplies. The first substantial shipment arrived by the Wingatui, and merchants were busy this morning getting their consignments away. Quotations were generally on a basis of £6/10/- per ton. ex wharf, and £7 through store. The quality is said to be salisfnctory. Smaller quantities of PukeItohe potatoes are still available, and sell at about £1 per ton less. Onions are still dull of sale at about. G/- per cwt., through store. i There is no change in the local market , for fowl wheat, which sells freely at 4/6 ' per bushel. There is a slightly better demand for maize at the current rale of 5/2 per bushel. It is believed that there are fair stocks in growers’ hands, but they are firmly hold. The demand for horse feed is dull, with prices unchanged. B Garton oats sell at 2/8 per bushel, ami chaff at £6/10/- per lon. Bradford Tops Firm London. May 1. The Bradford tops market, is firm and a fair business is being done, especially in the finer sorts. Wheat Markets Firmer London. AJay .1. ’Wheat cargoes have advanced 9d to 1/-, at which there is an active demand. Parcels are firm and 9d to 1/3 dearer. Buyers are not. disposed to follow these advances. Futures. London. June. 21/5 per quarter; September. 22./-: December. 22/7. Liverpool. May. 4/ltl 1-8 per cental; July, 5/0] ; October, 5/31-8; December, 5/4>j. New York, May 1. Chicago forward wheat prices:—May. 70.} cents per bushel; July, 71 3-8 cents; September. 72} cents; December. 741-8 cents. New York. cash. Slj cents. London Apple Prices London. May 1. Heavier supplies of apples are causing prices to decline. The Rangitiki’s Now Zealand Cox’s sold 8/6 to 1.1 /G per case; Dunns. 10/3 to 11/G; Delicious, 10/0 to 11/3; Jonathans. 8/G to 11/G. Australian Price of Gold The price fixed by the t ommonwealth Bank for gold, including jewellery, lodged at the Melbourne Mini, for the week ended April 13. was at the rale of approximately £(1/15/11. a standard ounce (22 carats), equal to a premium of 74.54 per cent. Payment is made according ; to the assay value of the gold The price was 7d lower on the week. The price an ounce line was £7/8/3, a fall of Sd. on the week. The Commonwealth Bank's price for sovereigns at head olfiee, Sydney. remains at 34'-

GOODS FROM AMERICA

Effect of Exchange Ju spite of the depreciation of the dollar and the more favourable terms of conversion now operating, it is stated that no general advantage will be gained on the bulk of the cargo carried by the Alariposa. which arrived at Auckland on Alouday. In respect of the vessel’s cargo of raisins and prunes, most shippers negotiated their documents at San Francisco. However, some were sent forward for collection at this end, and (he importers in such eases will benefit to the extent of Ihe appreciation of sterling during the past two weeks, about 45 cents to the pound sterling. Thus some firms will make n considerable saving in the aggregate. Had the dollar cheapened immediately after the United Slates “bank holiday.” nl] importers would have received the benefit. On a shipment which cleared Sau Francisco during that period nil documents were sent forward for collection at Auckhuid.

AUCTION DIARY

TO-DAV. Johnsonville Fat Slock Sale (W.S. A- Co.l. Old Otaki shipyards, 1.3(1 p.m.—Sale timber, etc. (C. K. Woodroofe). Patterson St., 1.30 p.m.—Furniture (15. Johnston). 24 Boulcott St.. 10 am.—Furniture (C. W. Price). till) oriental Parade. 1.30 p.m.—Furniture (.1. Virgo). 1)8 Manners St... 1.30 p.m.—Furniture (Ramsey Wilson). Cuba St.. 1.3 D p.m.—l-’iiruitnre (Silverstone).

N.Z. GOVT. LOANS. Buyers. Sellers. C s d X* s d 1 pc. Bonds. 1940 .... 99 17 <i 4 p.c. ditto, 1946 99 15 0 —* 4 P.c. ditto, 1919 99 17 6 —— 4 p.c. ditto. 19ixi 99 17 6 99 34 p.c. Stock, .1939/52 .. — 10 0 3J p.c. ditto, 1938/43 .. 99 0 0 —— 3$ p.c. ditto, 1938/52 .. 99 0 0 4 p.c, ditto, 1940 — 100 0 4. p.c. ditto, 1946 100 5 0 4 p.c. ditto, 1949 — 100 0 4 p.c. ditto, 1955 — 100 6 debentures. Eastbourne Boro,, 5t '9.8 p.c.. 1953 — 0 0 Wellington Gas Co 99 0 0 103 0 0 Wgtn. Racing Club .... 90 0 0 — BANKS. Cummer, of Aust., ord. 0 14 4 0 14 .8 U.S. and A —— fl 0 National of N.Z 3 10 0 ——- Nat. of Australasia. £19 paid *12 6 0 — New South Wales ....*2.8 .10 0 — New Zealand *2 4 2 5 (1 New Zealand. long term *1 9 3 —— Union of Aust 7 s 6 — FINANCIAL. Goldsbrougli. Mort. ... 1 o 3 — N.Z. Guarantee Corpn., ord 9 4 3 0 5 5 N.Z. Guarantee Corpn., pref 1 N.Z. Invest. Mort, and 0 0 •— Dep 0 r. 0 N.Z. River 1’late 1 1 3 — 3 Wgtn. Invest T. and A. —— 0 4 Wgtn. Pep. and .Mort. 0 3 0 — GAS. Auckland 1 1 0 Christchurch .1 7 0 1 .8 14 0 Wellington, ord. ...... .1. 11 6 1 0 Wellington, prof 0 19 6 — INSURANCE. Aust. 1’ro-v. Assce 0 9 3 —■ National *0 111 —— Now Zealand 2 9 ■J —— South British 3 3 9 — MEAT. Gen r — 1 .8 3 N.Z. Kef rig., £1 pd. .. 9 JO — N.Z. Refrig., 10/- pd. .. 0 •J 8 0 4 1 TRANSPORT. Union Steam, prof 1 1 9 ■— TIMBER. — 0 11 9 BREWERIES. Carlton 1 15 0 — N.Z. Breweries 1 9 9 j. 10 o Staples and Co 1 4 0 — MISCELLANEOUS Brit. Tobacco, ord 1 13 6 50 —. Colonial Sugar 55 10 0 0 0 Dorn. Investments .... 1 1 0 —- Dunlop Perdriau IB C> 0 17 1 Electro Zine, pref tl 9 0 —• N.Z. Farmers Fertiliser 0 16 0 17 0 Sharland and Co., ord. 0 18 0 — frharland and Co., pref. 0 Wgtn. Queen’s Theatre IS 0 —• 1 1 0 Whlfccombft and Tombs 2 1<5 0 — Wilson’s Cement 1 12 0 1 13 0 OIL. Moturoa, ord 0 3 6 Taranaki — 0 2 4 MINING. Big River 0 1 2 0 1 0 Consol. Goldfields .... —— 0 10 6 Fresh ford 0 1 3 Gillespie’s Beach .... 0 1 6 Golden Dawn 0 1 (5 Golden Sands —— 0 3 1 King Solomon " Mi. i.,voll 1 Nekomai 1 0 10 0 0 1 0 7 Wailii • ■/“'•I' 1 ' ’Cum. dividend. fEx. 2 8 , divid end.

ollieinl list: — Buyers. £ s d Sellers. Bad I',rit & For. Confess.. OSO ■ 1-170 p<1. —■ Wellington Show. debs. — 0 14 0

WELLINGTON. £ s d Bank of Australasia . 10 7 fl Shariand ami Co., nrd. ......... . 0 18 0 Wilson's Cement . 1 12 4 Big River Mines . 0 1 31 AUCKLAND. £ 8 d Auckland Harbour Bd.. 4 on o o J 936 X.Z Insurance (-) 2 9 9 South British Insurance 3 5 0 Auckland Gas J. 2 b Colonial Sugar 55 15 0 X.Z. Drug Co X'.Z. Paper Mills 1 5 0 X.Z. Refrigerating, paid Wilson’s Cement 0 10 7 t 12 3 Do 1 12 (5 Alexander Mines 0 10 0 0 0 10 Malaki Dredging 0 1 "I 0 9 f>?r Wiiihi (*»> 1. 3 0 Mounl Lyell 1. 0 3 CHK1STCIH IlCH. Sales on ’Cluinue:--r s d Commercial Bank of Australia 0 14 5 i:.s. mill A. Bank 4 5 0 .Nat. Bank of Australasia. £5 pd., ciini div 5 18 0 In. 5 18 fl Bieik of X.Z.. cunt div. (St ... 2 4 9 (hthlshroiitf 1j Mort L 2 b I'nited Building Society (.2) ... 0 .17 0 0 13 8 X.Z. Bic worms 1 9 11 • n i ........ 1. 9 10 In., rji 19 11 roivl in Zine, pref 1. 9 4 Alexa nd-r Minos, rontr (l 9 0 O 1. 3 0 1 34 Lawson's Plat ch 0 1 ‘2$ .Xwkonini Ch 0 5 .1 ho n 5 11 Wniinhii 0 5 3 I'risliforil o i | m . . , , - 0 1 4 Sales report“d: - i:.S. and A. Bank 1 5 K Bank of X.Z., cnni div 2 5 0 Bratli and Cm. *1 • paid o 1 n .X.Z. f>riiti* Co • > '•! 0 Cnlisted slocks:— Aolearoa Cold (4i • (i 1 9 o n ill Boll Hooper Ch Central Shotowr ■ o o si DCXEBIN. Sales report'd:— £ s d Gillespie’s Bench 0 1 41 Freahford •0 1 2* Okarifo 1) 9 0 ‘Late sale Monday

changes were current to-day, compared with those ruling o n April 119 Ma v t. April 29. Par. N. York. dol. to £ 3.88 3.84 4.8»JG Montreal, dol. to .£ ■1.41 4.3S 4.866 Paris, fr. to £ S3 1.5-1G KG 1 -10 124.21 Brussels, bel; to £ 2.3.70 24.245 35.0(1 Geneva, fr. to £ 17.125 17.54 — —,1 Amst'dam. fl. to .£ $.225 8.13 12.197 Milan, lire to £ (11.25 (15.25 92. Ill Berlin, mks. io £ II 7 32 1 1.1125 20.43 St'holm, knr. to £ 19.40 111.375 18.159 C'hagen, knr. to £ 22.45 22.15 18.159 Oslo, knr. to £ 19.55 19 9-16 1.8.159 Vienna, sehgs. to £ *32 *3'» 31.58.5 Prague, knr. to £ 111.59 111 164.25 Hel'fors, inks, to £ 227 ■’2(» 193.23 Madrid, pcs. to £ 38.75 39.1125 2-).22j Lisbon, esc. to £ 110 110 110 Athens, drach. to £ 587.50 592.50 *•75 Belgrade, din. to £ 250 250 27(5.31 Bucharest, lei to £ f )(53 572.50 S13.60 Warsaw, zloty to £ — _— 43.38 Itlo de J., p. to tnil. •5 1 -8 •5 1 -8 5.S99 B. Aires, p. to peso +41V +41 17.62 M. Video, p. to peso *•■’.3.50 *33.50 51 Calcutta, p. to rup. 18 5-1,1 18 5-1'4 18 Shanghai, p. to dol. 153-8 15} fl..-Kong, p. tn dol. JG7-S 1'G Y’hamn, p. to yen 14 7-8 1 1 5-16 2I.5S2 Batavia, fl. Io £ 8.30 — 12.107 •Nominal. tOflielal. The selling rate for telegraphic trans-

Pl r ton. Per (on. Copper - •- Standard. hj»<H ... 30 s d 10 71 .30 IS Standard, forward 30 ♦Electrolytic 35 13 .11 31 0 I 0 0 .34 10 II to 3a .k 0 10 0 Wire bars 35 5 0 35 10 0 Lead — IS Spot 11 1 .3 10 9 Forward It 3 9 n 3 1J SpelterSptil 1’i I .1 14 111 n Forward !•> J b 15 »> u Till-” fSpot ..•••«•••••• Ibt Forward 105 8 9 1 3 71 71. 15 n SilverFine, per oz 1.‘?d 201 d Standard 21 ll-lfid — 1-S 1 "'American, <i.7a cents a lb •lA merles n, 30.50 puts a h

1932. 1931. 1930. Total revenue 4,914,008 5.014,311 7.945,381! Working exponses 4.879.803 5.217.803 6.918.7'11 Gross prolit . gi.2i;5 336.51H 996,595 Depreciation . Directors’ fees, ; it;,.Mid 701.779 732.601 etc 12.S50 12.883 13.28(1 Interest charges 222,050 222,1150 222,050 Written off deb. discount, etc. lo.Ooo l(MXK) 10.000 Nel; loss or profit ..... _ 927,2111 _ 553.201 + is.r.oi Brought forward 8,163 278.807 395.26(1 From contingencies re.serve ooo.iiih* 350.000 Available 10.902 75.663 113.867 Preference dividend .... —- G7.5(X)* 135.0011 Ordinary divident! — —- Carried forward 1 10,9(12 8.103 278.867 {Profit. •Six mvnlbs’ payment.