FINANCE and COMMERCE

Dominion, Volume 26, Issue 262, 1 August 1933, Page 12

FINANCE and COMMERCE

STOCKS AND SHARES Good General Demand MARKET VERY FIRM Firm conditions ruled_in the Wellington market yesterday, la sales bein„ ie corded. There was an active demand, which was well spread, but there were comparatively few selling 9 uotat^ ns ’ h There was an improved tone in the gilt-edged sections, prices showing firmness on a keen demand, with very little response from holders. ’ The 4 per cent, bonds, 1940 and 1949, hardened 2/6 to 5/- to £lOO/15/-, and the 4 pot ™ . stocks, 1955, were a/- up at £lOO/10/. There was also a farmer tone in local body gains were made by a au . of bank shares. Adelaides were □/- UP at £5/10/-, E.S. and A.s firmed 6d to £5/4/6, and New South Wales were 2/6 better at £3l/15/-. New Zealands again sold firmly at 49/3, and .Commercial of Shares held their s^® ngtb ’ Nationals sold on change at It/-, at which price two other sales ' vere .J e ed and late buyers were in at the same figure. South Brtiish were again done "t 70/-, and New Zealands were very firm at 51/9. Gear Meats were firm, two sales being reported at 32/6, and anothe at 32/8. Union Steam were 3d up at ““There was a steady demand for breweries and miscellaneous shares. Tui Breweries were 9d better at 34/9. W1 son’s Cement were done at 33/6. Afore activity was seen m mining shares, which had a firm tone. Alexandras were done late on Saturday at 19/6, and more were wanted yesterday at tha price. Blackwaters were 3d better at °7/. and there was an inquiry for Con solid'ateds at. 11/3. Gold Sands sold firmly at 2/11, as Nokomais at 4/11. and Bell Kilgours at 1/3 and 1/31. M aims firmed 3d to 23/5, sellers asking 24/-. WELLINGTON. EXCHANGE Yesterday’s Quotations Exchange were as follow . —

Unofficial List Buyers. Sellers. £bd £ s d National Tobacco .... 3 0 0 3, 5 0 AUCTION DIARY TO-DAY. Upper Hutt Saleyards.—Special heifer sale, Maher and Whiteman (Dalgety and Co., Ltd.). On Mr. Bert. Hodder's property, Underhill St., Featherston, 12 noon—Sale dairy stock, a/c various clients. (W., S., and Co.). Levin sale. Mortensen's Buildings. Oxford St., Levin — Radio (Victor Kirkbeck). Lambton Quay, 1 p.m.—Sale a/c Hordens (N.Z.) (K. Johnston). JI Dixon St., 1.30 p.m—Furniture (C. W. Price). TO-MORROW. Talhape saleyards, 11 a.m.—Unreserved clearing sale, a/c A. Morris Esq. (N.Z. Farmers* Co-op.). ■ Johnsonville fat stock sale, 12.30 p.m. (W., S. & Co.). Boat Harbour, Clyde Quay, 12 noon— Launch, etc. (E. Johnston). 8 Willeston St., 2 p.m.—Unclaimed cargo (E. Johnston). 8 Willeston St., 1.30 p.m.—B.P. Ware (E. Johnston). THURSDAY. At the farm, Mnnakau, 12 noon.—Clearing Sale, a/c A. Bryant (N.Z. Loan & Merc.) Morrison's Bush. 12 noon. —Sale, a/c Mr. Gordon Inglis (N.Z. Farmers’ Co-op. Dlst, Co.).

' MARKET STEADY

Sydney Stock Exchange

GILT-EDGEDS FIRMER

By Telegraph. —Press Assn. Copyright. (Received July 31, 8 p.m.).

Sydney, July 31. On the Sydney Stock Exchange today Commonwealth loans were firmer, although the turnover was not so heavy. The market was otherwise without appreciable change. Sales: Bank of New South Males, £o~ 5/-: Commercial Bank of Sydney, £l7 4/-: E.S. and A. Bank, £5/6/;; National Bank of Australasia, £5 paid. £6/1/-: Colonial Sugar. £5B/15/-■; Associated News, 8/8; ditto, pref., 19/1 j; Adelaide Steam, 23/9; Anthony Hordern, 10/9; Howard Smith, 10/-; Australian Gas, A £7/7/-; Australian Glass, 49/6; Dunlop I’erdriau, 18/3; Goldsbrough, Mort, 27/3 ; Morris Hedstrom, 18/9; Henry Jones, 39/-; David Jones, 27/-; Automatic Totalisators, 12/-; Drug Houses of Australia, 20/101; Wilcox Mofflin, 8/6; Greater J. D. Williams. 7/3; British Tobacco, 35/-; Tooths, 39/44; Tooheys, 23/lOi; Broken Hill Proprietary, 37/41; South Broken Hill, 58/-. Morning sales: Commonwealth Bonds, 4 per cent., 1944, £lO3/5/-; 19a3, £lO3 17/6; 1957, £lO4/15/-; Bank of New South "Wales. £32/5/-; Associated News, preference, 19/-; British Tobacco, 30/-; Howard Smith. 10/-; Wilcox, Moffhn, 8/3; Tooths, 39/44. Melbourne, July 31. Sales on the Melbourne Stock Exchange to-day included: Dunlop Berdriau, IS/-.; Nestles, pref., 33/-; North Broken Hill, 87/6. FOREIGN EXCHANGES Position of Sterling Official Wireless. Rugby, July 29. The following rates on foreign exchanges were current to-day, compared with those ruling on Jijly 28:—

Gold and Sliver. Rondon, July 20. t . Gold.—£6/3/8 per ounce, fine. Silver.—Cash, 18d. per ounce; forward, 18 l-16d. Customs Exchange Rates Rates of exchange ruling at the announced dates 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 New Zealand, finally declared fates being marked* : — Canadian Constructor, America, dol *3.91 Canadian Constructor, Canada, dol *4.51 Golden Coast, America, dollars .. *4.32 Golden Coast, Canada, dollars .. *4.68 Brisbane Marti. Japan, yen .. 15 1-32(1 Waikawa, America, dollars .... 4.79{ Piako, America, dollars 4.26 Canadian Highlander, Canada, dol 4.66 Dollar Conversion Rates The Associated Banks have agreed that the conversion rates from July 31, 1933, will be: — U.S.A, Canada. Conversion of dollar bills received for collection and sale of dollar drafts 4.43 4.77 Purchase of dollar bills .. . 4.63 4.97 These conversion rates are, of course, ascertained on a sterling basis (London funds), and therefore current rate.of exchange New Zealand on London will also be charged or allowed as the ease may require. DEALINGS ON ’CHANGE Yesterday’s Sales The following sales were recorded yesterday on the stock stock exchanges mentioned:— WELLINGTON.

MEAT BOARD FINANCE

Increase in Expenditure

LEVY ON MEAT, £36,221

The financial statement of the New Zealand Meat Producers’ Board shows that income for the year ended June rfu was £38,523, of which the levy on meat exported produced £35,559 (net) and interest on investments £2664. The expenditure totalled £46,309; of which expenses of management accounted for £15,800 (including head ofhee aud London office salaries £<l93 and exchange and stamp duty £5138) ; members’ honoraria and travelling expenses, £2706; Ottawa Conference (balance) and chairman’s visit to England (on account), £SG6; supervision of grading and of loading and unloading of ships (salaries and travelling expenses), £2689; board election expenses, £39S; annual report. £472; advertising, £21,357 (as against £17,397 for the previous year) ; research grants and experiments, £1199/13/5; and prize money, £lB6. ' The expenses of management, which are higher by £2650, reflect the increase in the exchange rate, the item “exchange and stamp duty” accounting for £5138 0/6, compared witli £4/12/4 last year. The excess of expenditure over income for the twelve months was £7786, reducing the board’s accumulated fuiffl from £96.389 to £88,603. During the year, states the report, the board found it necessary to draw on its reserves by redemption of £2OOO inscribed stock and £2500 Rural Intermediate Credit Board debentures. This was necessary owing to the reduced income and the necessity for maintaining the board’s advertising programme at Horae. The whole of the New Zealand Government inscribed stock held by the board was converted to stock carrying the lower rate of interest in terms of the Government’s appeal. During the year members’ honoraria and staff salaries were further reduced. _ ■ The board’s assets include £u4,000 invested in New Zealand Government 4 per cent, inscribed stock (£38.500) and Rural Intermediate Credit Bonds, 5} per cent. (£15.500) ; cold store, site in London, £29,191; cash at bankers, £545.; and sundry debtors, £3883.

DIVIDEND, 4 PER CENT.

Elder Smith & Company, Ltd.

Elder, Smith and Company, Ltd., yesterday advised the Stock Exchange Association that a final dividend at the rate of 4 per cent, per annum for the halfyear ended June 30 had been declared. The dividend is payable on September 1. Transfer books will be closed from August 21 to September 1 inclusive.

The interim dividend was at the same rate, so that the total distribution for the year is 4 per cent., the same as for the two previous years. In 1930, 5 per cent, was paid, and the distribution for the six years before tha was 10 per cent.

PITT, SON, AND BADGERY

Dividend Maintained

Pitt, Son, and Badgery, Ltd., the wellknown Sydney pastoral firm, reports a net profit of £34,551 for the year ended June 30, a slight decrease on the previous year’s results. Dividend is maintained at 7i per cent., requiring £21,750. A sum of £12,000 is allocated to taxation reserve, and £10,956 is carried forward, against £10,154 brought into the accounts. The directors state that values of primary products have lately shown a muchneeded improvement, and that a more favourable basis of prices than has obtained for some time should be. experienced during the coming wool-selling season. Sundry creditors show an increase of £40,232, and sundry debtors a fall of £18,173. Cash items are higher by £10.240, and Commonwealth loans amounting to £55,462 appear as a new asset. The valuation of freehold property has been reduced by £6496.

MILLARS TIMBER CO., LTD.

Heavy Trading Loss

A further heavy trading loss was incurred last year by Millars Timber and Trading Co., Ltd., a London company which. Jias timber interests in Western Australia. The accounts for 1932, our London correspondent cables, disclose a trading loss of £151,615, making, with a debit balance of £113,122 brought forward, a total debit balance of £264,737. Trading losses of £173.763 were shown in 1931 and of £53,545 in 1930. The directors’ report states that the Australian turnover in 1932 was 41 per cent, above that of 1931, but was still 60 per cent, below the average of the period 1922-1929. The company had been forced to sell timber at below book value. Though the Western' Australian Government had made some taxation concessions, they, were insufficient to enable Western Australian producers to compete with the hardwoods of the other States and countries. The readjustment of capital will be postponed until world conditions become more normal.

W. R. Carpenter & Co., Ltd.

W. IL\ Carpenter and Co., Ltd., an island .produce merchant company, reports a net profit of £34,105 for the year ended June 30, an increase of £474 on the previous year’s results. Dividend of 8 per cent, (an unchanged' rate) requires £24,133, and £4OOO is transferred to replacement and renewal reserve, leaving £7814 to be carried forward, against £1842 brought into the accounts. The directors .state that at one stage during the year under review the price of copra fell to the record low level of ±lO a ton in London. The strictest, economy had to he practised, and the policy of substituting smaller Diesel-driven vessels for steam vessels proved highly successful. General merchandise trading activities improved, and there is reason to believe that the improvement will continue. As the air transport companies raised their freight on goods from Salamoa to B an, the company established its own aeroplane service to the goldfields. From late in January to the end of Junethe two aeroplanes carried about ouO,ooolb. ot "oods from Salamoa to the company s store at Wau, considerably reducing freight rates. As bank interest rates on deposits tell during the year to about. 2 per cent., the directors decided to invest spare funds in acquiring plantations and other properties at bedrock values. In the bnlancesheet the item “cash at bank, on deposit, and at short call,” is lower by £17.510. There has been an increase of £(287 in sundry creditors, and a fall of £1(90 in sundry debtors. Branch balances have risen by £25.433. and there have been additions of £5407 to the valuation of shipping property and £7050 to investments.

Australian Price of Gold

The price fixed by the Commonwealth Bank for gold, including jewellery, lodged at the Melbourne Mint, for the week ended July 21, is at the rate of approximately £6/19/2 per standard ounce (22 carats), equal to a preifiium of 78.71 per cent, Payment is made according to the assay value of the gold. The price is 5d lower on the week. The price per ounce fine is £7/11/10, a fall of 5d on the week. The Commonwealth Bank’s price for sovereigns at head office, Sydney, last week, was 35/-. This is subject to alteration without notice.

LONDON MARKETS

Tallow and Hemp Steady FRUIT AND EGGS FIRM f The Department of Agriculture has received the following cablegram, dated July 29, from the High Commissioner for New Zealand, London: — Tallow: Market quiet but steady at about last quotations. Auction will be held on August 2. Hemp: Manila—Market steady. K’ grade for August-October shipment sold at £l6/5/-. Sisal—Market steady. Fair business done in No. 1 for August-Octo-ber shipment, which sold at £l7/15/-, and for October-December shipment, £lB. New Zealand —Market unchanged.. Fruit: Better demand for New Zealand fruit and larger business has been done. Prices are: Granny Smith, 10/- to 15/-; Doughertv, Delicious and Statesman, 10/6 to 11/6; Stunner, Rokewood, Frimley, and Rome Beauty, 10/6 to 11/-; Ballarat. Dunn’s Yates, Stone Pippin, and Brighton, 9/9 to 10/3; Jonathan, Newton Pippin and Cleopatra, 9/3 to 9/9. Pears: Winter Nells. cases 14/6, -J’s 11/6, is 5/9, trays 4/-; P. Barry, cases, 12/-. Eggs: Market firm, with upward tendency. English—National pack, 11/6 to 15/-. English—Ordinary pack, 11/- to 12/-. Danish —7/- to 10/-. Peas: Market is inactive. “A’ grade Tasmania for July-August shipment, sellers ask 46/- to 46/6. No. 1 New Zealand afloat sold 45/-. Fair average quality for July-August shipment. 42/-. Blues —Market very dull. Sellers of “A’ grade Tasmania afloat ask 14/6. LIVE STOCK MARKET Feilding Sale Prices At the Feilding sale on Friday, report Abraham aud Williams, Ltd., fat sheep had a ready sale. Store cattle showed a slight improvement. Dairy cattle were steady. Prices ranged as follow: — Fat sheep: Fat lambs, 10/-, 11/-. 12/7, 15/5, 15/6, 16/1, 16/3, 18/6, 22/6; fat ewes, 14/3, 16/8, 17/3, 17/6, 18/-, 19/-, 19/3, 20/6. 21/3, 21/6; fat wethers, 21/4 to 24/-; fat two-tooths, 16/3. 18/6, 24/3. Store sheep: Ewe lambs, 13/5 to 14/7; wether lambs. 10/-: two-tooth ewes. r.w. S.D. rams, 16/2 ; two and four-tooth ewes, r.w. .S.D. rams, 17/3; four and six-tooth ewes, r.w. S.D. rams, 17/1; four-year ewes, r.w. S.D. rams. 15/1; five-year ewes, r.w. S.D. rams, 16/- to 16/6; store lambs, 6/5 to 9/10. Fat Cattle: Fat cows, £3/8/-. £4/12/-, £4/13/-, £5; fat heifers, £2/14/6, £3/1/-, £3/14/-, to '£4/12/-; fat steers, £4/10/to £5/7/-; vealers. 36/-. 38/-. to £2/5/-; fat cows, dairy bred, £2. £2/1/-. £2/T./-, £2/10/-. Store cattie: Four-year steers, £3/18/-. £4/10/-, £4/14/-; empty S.R. cows, £2 10/-; empty two-year Jersey heifers, £2 4/-; wenner Jersev heifers, £2/2/-; potter cows, 21/-, 28/-, 30/-. Dairy cattle: Springing heifers, £2 5/-, £3/15/-. £3/17/6, £3/19/-, £4/2/-, to £4/7/6; springing cows, £2/15/-. £3 5/-, £3/12/6, to £4; cows in milk, £l/5/-. GOLD MINING Nokomai Dredge Return The .Stock Exchange Association received a telegram yesterday stating that the Nokomai dredge reported a return of 89 ounces 10 dwt. Golden Sands Yield By Telegraph.-—Press Association. Christchurch, July 31. The mine manager, Golden Sands, Ltd., Barrytown, states that the return for the fortnight of thirty-six shifts was 340 z. 7 dwt. gold. North Kalgurli, Ltd. The Kalgoorlie correspondent of the “Sydney Morning Herald” reports that the local office of the North Kalgurlie (1912), Ltd., at Fimiston has received advice from the London office that an interim dividend of 6d per share, less British income tax, has been declared, and will be payable on August 31 to all shareholders registered on July 31. Full particulars of the proposed increase of capital and the new share issue will be available after the annual meeting on July 31, but the present information received states that the ■ proposed increase is’£2s.ooo, which will increase the capital of the company to £lOO,OOO. The £25,000, which will be issued in shares of 5/- sterling each, will be available to all shareholders registered on July 31. ■ . S' Zinc Corporation, Ltd. The London correspondent of the “Sydney Morning Herald” cables that Sir Robert Horne, presiding at the annual meeting of the Zine Corporation, Ltd., said that the year’s net profit of £94,838, and the ordinary dividend of 6d. per share, disclosed a distinctly improved position. Development would absorb £60,000, and new plant £90,000. during the coming two years. It was hoped to increase ore productions to 50,000 tons monthly. DAIRY PRODUCE . London Butter Market Joseph Nathan and Co., Ltd., have received from their principals, Messrs. Trengrouse and Nathan, Ltd., London, the following cabled advice, dated July 29, 1933: —New Zealand butter: 83/- per cwt. Quiet, but firm. New Zealand .cheese: White, 49/- per cwt.; coloured, 51/-. Quiet. Rise in Rubber Referring to the rise in the price of rubber during the opening week of June on a substantial speculative demand and buying on higher American advices, a London trade report stated:—“The spot price has advanced to over 3 5-Sd, comparing with 223-32 d a month ago, and 1 23-32 d at this time last year. The market for forward positions has followed the spot quotation, and an active demand for deliveries over next year has caused a rise to over 4d for April-June, 1933. Dealers have been selling short on the advance, and with estates holding off on the general reserve of sellers, on the belief that restriction is near, conditions have been firm for the near view. I-b is evident that rubber is following the general trend of commodity prices, and values are being maintained despite (he adverse visible statistical position. Shipments from Malaya and Ceylon for May show a substantial expansion, and larger exports are expected for coming months, following the forward contracts now being entered into by estates at current quotations.” ■ Australian Canned Fruit The Minister of Commerce (Mr. F. 11. Stewart) reports that exports of canned apricots, peaches, and pears, from January 1 last to June 30, amounted to the equivalent of 953.377 dozen 30oz tins, as against 712,276 dozen tins for the same period last year. The shipments were made up as follows: —Apricots, 180,264 dozen: peaches, 445,645 dozen; pears, 327,468 dozen; and the destinations were: Great Britain, 907,824 dozen; the East, 21.455 dozen; New Zealand, 18,419 dozen; and Canada, 8000 dozen tins.

PASTORAL INDUSTRY

Situation in New Zealand MEAT BOARD’S REVIEW Beferenee to the decrease, in the Dominion’s sheep flocks during the last two years is made in the annual report of the New Zealand Meat Producers’ Board. The flocks as at April 30, 1932, showed a decrease of 1,100,728 sheep as compared with those of the previous year, while the interim figures as at April 30,1933, showed a further decrease of 914,460. Thus the total number of sheep had declined from 30,841,287 in 1930 to 27,777,322 in 1933 a total decrease of 3,063,965. 'L'lie value of the Dominion's sheep and eattle industry, as measured by the export statistics (f.o.b. values) for the 12 mouths ended March 31, 1933, is as follows :— nr cat 9.250.001 Wool 6,414,283 Hides and skins 955,402 Other by-products (tallow, etc.) 843,498 Total value ...... £17,463,184 ’The official results of the wool sales held in New Zealand show that from November to April the total proceeds for the 1932-33 season were £4.204,430, compared with £3.516,361 in 1931-32. £3,403.528 in 1930-31, £4,900.453 in 1929-30, and £11.877,305 in 1925-29. 1 The average prices of the wool sold in the Dominion for the last nine seasons are as follow:—

The Meat Board’s report also refers appreciatively to the increased quantity, of beef killed this season. The killings for the nine months to June 30 totalled 422,063 quarters, compared with 150,357 quarters for the corresponding period of last season. There was also a marked increase in the quantity of pork killed for export this season, the figures to June 30 comparing as follow with those for the corresponding period of last season : —

1932-33 1931-32 Porkers (carcases) .. 256,681 125,101 Baconers (carcases) . 53,608 20.974 The following is a comparison of New Zealand mutton and lamb “pitched” on Smithfield Market, with total landings of New Zealand mutton and lamb in the United Kingdom :—

CENSUS OF SEAMEN British Mercantile Marine The .1932 census of seamen, issued by the Board of Trade, while it does not inelude data relating to the present state of the shipping industry, makes some interesting comparisons between employment of ships and men in the three years 1930-32. It should be borne in mind, however, that the last census wns taken on June 15, whereas the two preceding enumerations were made on March 31 in 1930 and April 26 in 1931. The June figures, therefore, owing to the fluctuations of seasonal occupation, probably show a lesser tonnage employed in the Indian and Australian trades, but more in the coastal passenger services than the earlier returns. The outstanding feature of the three records is the downward tendency in the tonnage and personnel engaged in sea trading. On June 15 last there were, excluding fishing craft, yachts, etc., 1400 sea-trading vessels of 100 gross tons and upward without crews, their total net tonnage being 3,600,000. On April 26 of the previous year the number of ships was 1300 and the net tonnage 3,020,000. The number of men actually employed in sea-going ships in the foreign, coastal and home trades at the three censal dates were 150.730 (1932), 169,211 (1931), and 194,633 (1930). Taking the 1932 figures, it appears that the number engaged in the foreign trade was 131,926, of whom 80,728 were British, 7705 foreigners and 43.403 lascars. In the coasting trade, 8020 seamen were employed, against 6736 at the previous census, and 10,784 in the home trade, as compared with 11,926 in 1931.

The deck department absorbed the greatest proportion of labour, the number for all seagoing vessels being 39,070 British. 2634 foreigners, and 15,073 lascars, while the totals for engine-room hands and stewards were, respectively, 31,804, 3833, 17,346, and 28,268’, 1718 and 10,084. The number of British seamen engaged in the deck department decreased by 9.7 as compared with 1931 and those employed in the engine-room by 8.5, the corresponding decreases in the foreign element being 34.5 and 23.5 per eeiit., while in the case of stewards, the British decline was 8.4 per cent.,’foreigners 20.8 and .lascars 17.4 per cent. It is interesting to note that only six alien seamen were employed in passenger vessels in the coasting and home trade. ’ New Companies Registered Registration of new companies is reported by the “Mercantile Gazette” as follows: — New Zealand Wool and Investment Co., Ltd., Wellington. Capital: £20,000, in 10,000 deferred shares of £1 each and 10,000 ordinary shares of £1 each. Subscribers: Wellington—C. Todd 200, A. de B. Brandon 1, E. A. Batt 200, 11. J. N. Boyton 1, D. N. Redgrave 1, Muriel A. Denham 1. L. G. McMillan 1, all deferred shares. Objects: Buy, sell, import, export, and deal in merchandise of all kinds, especially in the buying, handling, grading, storing, and selling of wool. Simms Motor Units (N.Z.) Ltd., regd. private, Wellington. Capital: £lOO, in 100 shares of £1 each. Subscribers: Wellington—R. N. Hankinson 90, Eva M. Hankinson 10. Objects: Manufacturers of, dealers in, importers, and proprietors of magnetos, magneto parts, and accessories, etc. Fuel Systems Ltd., private, Wellington. Capital: £2OO, in 200 shares of £1 escli. Subscribers: Wellington—R. Byfield 50, L. P. Herd GO, W. H. Harvey 25, C. S. Clarke 50, W. M. Barraud 15. Objects: Deal in machines and component parts, accessories, and fittings of all kinds for fuel inductors. F. Read nnd Co.. Ltd., private, Taihape. Capital: £2OOO. in 2000 shares of £1 each. Subscribers: Taihnpc—F. Rend 1998, Georgina Rend 2, Objects: Business of merchant, grocer, general storekeeper. Legion Press Ltd., private, Wellington. Capital: £l5, in 15 shares of £1 each. Subscribers: Wellington—Tt. C. Begg. L. Nelson, J. Mclntosh, D. N. Robertson, J. Stewnrt. 3 shares each. Objects: Business of printers, publishers, stationers, advertising agents. Melbourne Steamship Co., Ltd. Directors of the Melbourne Steamship Company, Ltd., have declared final dividends of 3 per cent, on both preference and ordinary shares, making 6 per cent, on both classes for the year ended June 30. The previous year’s dividends were 6 per cent, preference and 5 per cent ordinary.

N.Z. GOVT. IOANS. Buyers. £ s d Sellers. £ s d 4 p.c. Bonds, 1940 .... WO L> 4 p.c. ditto, 1949 . ■ • • WO 15 4 p.c. ditto, 1955 .... — 0 0 100 17 6 Rural Advances Bonds — 98 10 3} p.c. Inscr. Stock, 1939-43 09 lu 0 — p.c. ditto, 1939-52 .. 99 10 0 — 3i p.c. ditto, 1938-43 .. 99 15 0 ■ — 3* P.C. ditto, 1938-52 .. 10 0 4' p.c. ditto, 1940 .... 100 15 0 4 n.c. ditto, 1946 .... 100 lo 0 4 p.c. ditto, 194!) .... 100 15 4 p.c. ditto, 1955 .... 100 10 0 0 101 0 0 debentures. Auek. City, 5} p.c., 1944 100 0 0 — Chch. City, 5J p.c., 1944 loo >> 0 — Dunedin City. 5} p.c., 1944 JOO 10 0 —• Wgtn. City, 5i p.e., 1940 100 0 — Wellington Gaa Co. ..101.Io 0 Wellington Racing Club 92 10 0 BANKS. Adelaide 5 10 0 12 Australasia 11 w 0 10 Comrcl. of Aust. ord. * *0 16 Comrcl. Bankg, Co., Syd5 0 16 8 +17 7 fl ' K Eng., Scot, and Aust, .. 5 4 6 5 7 New South Wales ... *31 15 0 New Zealand 2 9 3 2 9 Ditto, “D” long term 1 11 0 1 12 Union of Aust *9 4 6 9 9 0 FINANCIAL. Equitable Building Co. 0 15 0 — Goldsbrough, Mort. and Co 1 6 N.Z. Guarantee Corpn., ord 0 6 5 —~ N.Z. Loan and Merc., ord. stock o 0 48 0 0 N.Z. and River Plate .10 6 •—• Wgtn. Invest., T. & A. 0 3 3 —— Wellington Trust. Loan 3 9 0 — GAS. Gisborne .0 3 4 —- Wellington, ord.. *113 <? — INSURANCE. National of N.Z 0 17 0 0 17 2 New Zealand *3 11 9 — South British. ........ — 3 10 6 MEAT. Gear Meat 1 12 8 1 12 9 N.Z. Refrig., 10/- paid . 0 6 10 0 7 1 Wgtn. Meat Exp., pref. 0 14 8 — TRANSPORT, Iluddart, Parker — 1 10 6 Union Steam, pref 1 2 9 — WOOLLEN. Kaiapoi 0 6 6 —— Wellington, pref *5 2 6 — COAL. Westport 0 12 9 0 13 6 Kaitangata 1 1 8 — BREWERIES. 13 N.Z. Breweries 1 13 0 1 9 Tooth and Co. ....... 1 18 Tul 1 14 0 —— 9 — MISCELLANEOUS. British Tobacco, Auat., ord 1 14 0 — Burns, Philp and Co. ..2 8 0 — Colonial Sugar <57 0 0 — Consol. Brick and Pipe O 4 3 0 4 9 Dominion Investments 1,3 3 D.I.C., pref 1 0 0 Dunlop Perdriau 0 18 0 —— Electro. Zinc, 8 p.c., part pref 1 12 0 1 12 9 N.Z. Drug 3 5 9 —— Sbarland & Co., ord. . 0 19 6 Ditto, pref.' 0 19 6 —— Wgtn. Queen’s Theatre — Wilson’s Cement, cum. 1 1 0 •» rights 1 13 3 1 13 9 Woolworths (N.Z.), pref. — 1 16 0 OIL. Taranaki 0 20 0 2 6 MINING. Alexander 0 19 8 1 0 3 Big River — 0 1 7 Blackwater 1 7 0 —- Consol. Goldfields 0 11 3 —— Gillespie’s Beach 0 1 10 — Golden Sands 0 2 9 — King Solomon 0 1 11 0 2 3 Mount Lyell 1 2 0 1 o 3 Nokomal 0 4 8 0 y 0 Okarlto 0 10 10 — Waihl 1 3 1 4 0 Walhl Grand Junction . — 0 4 11 Waltahii — 0 7 7 Bell Kilgour 0 1 2i 0 1 4 Central Shotover — 0 1 3 ‘Cum, dividend. fEx. dividend.

Julj- 29. July 28. Par. N. York, dol. to £ 4.505 4.545 4.800 ■Montreal, dol. to & 4.855 4.88 4.860 Paris, fr. to £ 85 5-32 8511-32 124.21 Brussels, bel. to £ 23 29-32 23.95 35.00 Geneva, fr. to £ 17.245 17.205 25.225 Amst'dam, fl. to £ 8.205 8.27 .. 12.107 Milan, lire to £ 03 3-10 03.25 \ 92.40 Berlin, mks. to £ 13 31-32 13.95 ’ 20.43 St'holin, knr. to £ 10.375 19.375 18.159 C’hagen, knr. to £ 22.40 22.40 18.159 Oslo, knr. to £ 19.875 19.875 18.159 Vienna, schgs. to £ •30 •30 34.585 Prague, knr. to £ 112.50 112.75 101.25 Hei’fors, mks. to £ 220.50 220.50 193.23 Madrid, pes. to £ 39.15-10 40 Lisbon, esc. to £ 110 110 110 Athens, drach. to £ 587.50 587.50 375 Belgrade, din. to £ 245 245 270.31 Bucharest, lei to £ 565 365 813.00 Warsaw, zloty to £ — —■ 43.38 Bio de J., p. to mil. t4 3-8 5.809 B. Aires, p. to peso |42 742 47.02 M. Video, p. to peso *34 •34 51 Calcutta, p. to rup. 18 5-64 18 5-0-4 18 Shanghai, p. to dol. 151-8 15 3-10 — H.-Kong,. p. to dol. 17 171-8 Y’hama, p. to yen 14 7-8 147-8 24.582 Batavia, fl. to.. £ 8.28 1 8.23 12.107 ♦Nominal. tOfflcial.

s d Commercial Bank of Aust 0 16 6 Bank of New Zealand -L 9 3 National Insurance (2) 0 17 0 Ditto 0 17 0 Smith British Insurance ...... 3 10 0 Gear Meat (2) 1 12 0 Ditto 1 12 8 Wilson’s Cement 1 13 (’> Alexander Mines ♦0 19 G Golden Sands 0 2 11 0 4 11 Bell Kilgour . 0 1 3 Ditto ■ 0 1 Unofficial list:— Bell Hooper *0 0 9 •Late sale Saturday. AUCKLAND. X. s <1 Inscr. Stock, 34 p.c.. 1939-52 ... wo 0 0 Ditto, 4 p.c.. 1940 (2) 100 15 0 Ditto, 4 p.c., 1949 101 0 0 Ditto, 4 p.c., 1955 100 10 0 Hauraki Plains, 6 p.c.. 1903 .... 95 0 0 Bank of New Zealand 0 *! N.Z. Insurance 2 12 0 South British.Insurance (3) ... 3 10 0 N.Z. Breweries 1 13 4 Colonial Suffer 57 10 0 0 1G 6 N.Z. Refrigerating, 10/- paid .. 0 6 11 Ditto 0 6 in 0 4 8 •Wai hl 1 3 4 Waihi Grand .Junction ......... 0 3 8 Golconda. 7d paid 0 1 0 Unofficial list: — 0 0 9 (1 7 0 CIIKISTCIIUKCII. Sales on ’Change— c d Commercial Bank of Sydney (2) 17 0 0 Bank of N.S.W., cum div 32 0 0 United Building Society 0 17 9 N.Z. Refrigerating. 10/- pd. (3) 0 6 10 Westport Coni (ID 0 1.3 0 Alexander .Mines, 13/0 paid .. 1 0 G 1 1 0 0 1 3 0 1 5 J Giflesple’s Beach, 1/- paid .... 0 1 11 Lawson’s Flat, 1/- paid 0 1 3 Ditto 0 1 2J 0 4 8 Sales reported— Inscr. Stock, 3} p.c., 1933-43 .... 100 0 0 Bank of New Soutli Wales <32 — 6 N.Z. Refrigerating, 10/- paid .. *0 7 0 Ditto 0 G 11 ♦Late sale Saturday. DUNEDIN. *' £ 8 d Bank of New Zealand (3) 2 9 3 Union Bank of Austr., cum div. 9 S 0 National Insurance 0 17 0 Gillespie's Beach 0 1 11 *0 4 8 •0 1 7 •0 1 3J •Late sale Saturday.

Average Average Season. per lb. <1. per bale. £ s. <1. 1924-25 .... 20.20 29 15 6 1925-26 .... 11.93 17 1 8 1926-27 .... 12.66 18 3 1 1927-2.8 .... 16.89 24 5 0 1928-29 .... 14.99 21 8 9 1929-30 .... 8.59 12 2 2 1930-31 .... 5.66 7 19 8 1931-32 .... 2T 7 10 9 1932-33 .... 5.18 7 10 6

Tot al Pitchings P.c. of 1925 landed in U.K. , 125,125 at pitchings to Smithfield landings - 63.392 50.6 1926 . 134.050 66,836 49.8 1927 , 135,648 65,660 48.4 1928 .. , 139.259 66,430 47.7 .1929 .. . 137,304 63,115 46.0 1930 .. , 164,672 70.663 42.9 1931 . 173,473 70.902 40.9 1932 .. , 195,793 78,115 39.9