FINANCE and COMMERCE

Dominion, Volume 26, Issue 301, 15 September 1933, Page 14

FINANCE and COMMERCE

STOCKS AND SHARES Market Continues Active PRICES VERY FIRM Firm and active conditions again ruled in the Wellington market yesterday. There was a good volume o£ business, 23 sales being recorded during the day. Banks continued to show a hardening tendency. Australasias were very firm at £l2/15/-, but sellers held for £l3/2/b. Union of Australias advanced strongly to sell at £lO, with late buyers at £9 17/-, and sellers at £lO/5/-. further rains were recorded in buyers bids for Commercial of Sydney at £l7/17/-, k.b. and A. Bank at £5/12/6, National ot New Zealand at 82/-, and National of Australasia at £6/8/-. Financial and pastoral shares were a slightly firmer market. , . . South British Insurance advanced to 73/-, sellers at 75/-, and National Insurance moved up to 17/9, sellers at 18/6. Christchurch and Wellington Gas also advanced, the latter selling at 33/7. Gear Meats and New Zealand Refrigeratmgs were very firm. . , There was a good tone in the miscellaneous section, further gains being shown in several cases. More activity was seen in the mining section, eight sales being made at firm rates. WELLINGTON EXCHANGE Yesterday’s Quotations •Following are the latest buying and selling quotations as recorded on the Wellington Stock Exchange yesterday:-

SYDNEY STOCK EXCHANGE Firm Tone Retained rfy Telegraph.—Press Assn.—Copyright. (Received September 14, 8.5 p.m.) Sydney, September 14. On the Stock .Exchange to-day price movements varied only slightly and the market retains its firm tone. Sales: Bank of New South Wales, £32 7/6; Commercial Bank of Sydney, £18; Colonial Sugar, £59/17/6; Mercantile Mutual Insurance, 19/9; Associated News, pref., 19/7}; Burns, Philp, 52/9; British Tobacco, 37/4}; Australian Glass, 49/3; Goldsbrough, Mort, 29/9; DunlopPerdriau, 18/4}; Carlton Brewery, 39/-; Tooth’s, 39/9; Toohey’s, 24/-; Anthony Hordern, pref., 19/104; Henry Jones, 37/9 ; Electrolytic Zinc, 23/10}; Howard Smith, 11/8; Wilcox, Mofflin, 9/8; Winchcombe, Carson, 28/-; David Jones, 29/6; John McGrath, 27/-; Bulolo Deposits, 1/7; Bulolo Gold. 91/6; Mount Morgan, 47/9; Broken Hill Proprietary, 39/3. Morning sales included: Commonwealth Bonds, 4 per cents., 1938, £lO3 5/-; 1*44, £lO4/5/-; 1955. £lO4/5/-; 1957, £lO4/17/6; Commercial Bank of Sydney. £18; Bank of New South Wales, £32/7/6: Associated News, pref., 19/1} ; British Tobacco, 37/6; Broken Hill Proprietary, 39/3; Goldsbrough, Mort. 29/9; Winchcombe, Carson, 27/9. Melbourne, September 14.

Sales: Commercial Bank of Australia, 16/9; Dunlop-Perdrian, 18/3; Goldsbrought Mort, 29/-.

DEAUNGS ON ’CHANGE Sales Recorded Yesterday RETURN ON INVESTMENTS ins list. In the second column is given the return, based on the last annual dividend, from investment at the quoted price. in calculating the return on shares in companies which pay their dividends outside New Zealand, the exchange rates have not been taken into consideration. The return on 4 per cent. Government loans includes redemption. In the case of 3J per cent, loans the return is for Interest alone, and covers only, the period for which the loans are tax-free. No return is given on local body securities and debentures in the meantime. WELLINGTON.

•Late sale Wednesday. FOREIGN EXCHANGES Position of Sterling (British Official Wireless.) Rugby, September 13. The following rates on foreign exchanges ■were current to-day, compared with those ruling on September 12:—

•Nominal. tOfficlal, Gold and Silver. London, September 13. Gold.—£o/9/2 per ounce, tine. Sliver. —Cash, 18 l-8d per ounce; forward. 18id. ! Dollar Conversion Rates The Associated Banks have agreed that the conversion rates from Setpember 14 will be: — U.S.A. Canada. Conversion of dollar bills received for collection and sale of dollar drafts 4.48 4.71 Purchase of dollar bills . 4.68 4.91 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. London Tallow Market The Bank of New Zealand, produce department, has received the following advice from its London office under date September 13:—-Tallow: In fair demand at current prices. Quotations: Good mutton, 23/- to 23/6 per cwt.; good beef and mixed, 21/- to 21/6; gut, 17/- to 19/-, The N.Z. Loan nnd Mercantile Agency Co., Ltd., have received the following advice from their London house, dated September 13:—-Tallow (quotations at August 23 in parentheses):—Fine mutton. 23/- per cwt. (24/6) ; good beef, 22/3 per cwt. (22/9) ; mixed, 20/6 per cwt. (22/9). Market quiet.

DAIRY PRODUCE August Butter Shipments Less POSITION OF STOCKS Shipments of butter from the Dominion by ships sailing finally in August totalled 7362 tons, compared with 8171 tons during August, 1932, a decrease of 809 tons. Last month’s shipments included 7097 tons for London, 24 tons for Manchester, 10 tons for Honolulu, 134 tons for Pan; ama, and 97 tons for other countries. Of the butter shipped to England last month, 59 per cent, was consigned and 41 per cent, sold f.o.b. Shipments of butter from Australia for Britain last month were 2461 tons—less than one-half of the 4977 tons shipped during 1932. Shipments from the Argentine for Britain last month were only 8 tons, compared with 778 tons during August, 1932. Shipments of cheese from Aew Zealand last month totalled 6280 tons, practically all for Britain, compared with 5257 tons during August, 1932, an increase of 1023 tons. Last month's shipments comprised 68 per cent, white and 32 per cent, coloured; and 61 per cent, was consigned and 39 per cent, sold f.o.b. Deliveries and Stocks. Deliveries of New Zealand produce ex London cold stores last month compare as follow with those for August, 1932: —

London Markets Steady The New Zealand Loan and Mercantile Agency Company, Limited, have received the following advice from their London house, dated September 13:— Dairy produce (last week’s quotations in parentheses) : Butter, New Zealand choicest salted, 99/- to 100/- per cwt. (97/-). Cheese, white, 52/6 to 53/- per cwt. (49/- to 50/-) ; coloured, 53/6 to 54/- per cwt. (51/- to 52/-). Markets quiet. A. H. Turnbull and Co., Ltd., have received the following cable from their principals, W. Weddel and, Co., Ltd., London, dated September 13: —Danish, 120/-; New Zealand finest, 97/- to 99/-; Kangaroo, 98/- to 100/-; New Zealand white cheese, 52/- to 53/-; .coloured, 53/to 54/-. Markets steadier. BRITAIN’S IMPORTS Large Increase in Butter Britain’s imports of butter during the eight months ended August 31 totalled 306,744 tons, an increase of 23,288 tons, compared with those for the corresponding period of last year. According to the latest returns issued by \the Dairy Board, Britain’s imports for the eight months of the last three years were as follow: —

It will be seen that Denmark and New Zealand are easily first as suppliers, followed by Australia, Irish Free State, and Russia, in that order. Britain’s imports of cheese during the eight months ended August totalled 102,910 tons, an increase of 2985 tons over the corresponding period of last year.

During the last eight months New Zealand supplied 80,845 tons, or over 78 per cent, of Britain's total imports of cheese. Bell Hooper Cromwell Bell Hooper Cromwell Gold, Ltd., in its report for the week ended September 9, states that the main face drive was advanced 23 feet, and some good shows of gold were taken from the wash bottom. The No. 2 cross drive east was advanced 21ft., and fair prospects of gold continue to show on the bottom. The No. 1 cross drive east was advanced 21ft. The bottom at present appears well scoured and comparatively hard, but shows a little gold. The midway drive going north off the No. 2 cross drive west was advanced 47 feet, and showed good gold on the bottom for that distance. This drive is running parallel with the main face drive, s()ft. apart west. Only development work is in hand, and due to the improved values in the advanced workings 20oz. 14dwt. of gold was washed up for the week.

Plans have been completed for the reconstruction of the Hamburg-American Line's "Balllu” class vessels. These units, of which there are now four, will have a remodelled bow and an additional 40ft. la length, the general lines being verj’ similar to the Malerfonn. The alterations are expected to provide very great economies in fuel consumption, although it will also be possible to obtain another 1} to 2 knots speed with the same consumption. The cost of the whole job will be about 2.500.009 marks, the .German Government having agreed to find a large proportion of this sum. The work will probably go to Meesra. Blohm and Voss, of Hamburg.

CHILLED BEEF Dominion’s Second Shipment A COMPLETE SUCCESS The promising experiment of shipping New Zealand chilled beef to England resulted on the second occasion in, complete success, detailed proof of which is provided in the report just received from the New Zealand Meat Producers’ Board’s London manager. This shipment was made by Tiios. Borthwick and Sons, Ltd., on the Commonwealth and Dominion liner Port Fairy, which arrived at Southampton on Sunday, July 16. The cool chambers were opened on the following Tuesday. “The meat,’’ reports the board’s official, “turned out in excellent condition, and there was not a sign of either white mould or black spot. The colour and condition of the meat was really excellent, and all agreed that this was the bestconditioned chilled beef that has ever arrived from either Australia or New Zealand.” A very wide distribution was arranged for this consignment, Messrs. Borthwick and Sons sending 120 hindquarters to Smithfield for the following day’s market, and 150 hindquarters for the next day’s Smithfield trade. The balance of the consignment of the 520 hinds was sent by road to Bristol, Cardiff, Birmingham, Manchester, Liverpool, Brighton, Croydon and Kingston. Thus it was distributed in South Wales, the West of England, part of the Midlands, and on the South Coast, and special care whs taken to place it among as many retailers as possible. “The meat attracted an enormous amount of attention on Smithfield market,”, continues the report, "and the lit. Hon. G. W. Forbes and the Hon. Robert Masters paid a visit to the market in company with the chairman of the board, Mr. David Jones, and myself, and inspected the meat.” The Price Average. Discussing the prices realised, the report states that it was unfortunate that tile weather was so warm at the time of arrival of the shipment, as this affected prejudicially the prices of all beef. On the day before the New Zealand consignment was opened up, Argentine chilled beef was selling at 5Jd per lb, but toward the end of the week, owing to the warm weather, prices gave way, until Argentine chilled hindquarters were selling at s|d to 5Jd per lb, the average for the week being 5 3-8 d per lb. "We cannot, of course, in these experimental shipments get the full Argentine prices, especially seeing that during the same week there, was a shipment of South African arriving, which comes over in wonderfully soft condition owing to its short journey of only 18 days. South African beef, however, is not of the same quality, although its condition from the point of view of chilled beef is better than ours.”

“Altogether,” concludes the report, “the experiment can be recorded as being a pronounced success, and I am very proud that New Zealand was the first country in the world to bring over a commercial shipment of meat with refrigeration assisted by carbon-dioxide gas.” That widespread interest was taken in the New Zealand chilled beef shipment is shown by the fact that the “Financial Times,” which is concerned primarily with investment topics, devoted its leading article of a column length to the discussion of chilled and frozen meat imports. It pointed to the significance of the new development which made it possible to bring chilled beef to England from the Antipodes in a condition comparable to that received from the Argentine. This authority added: “That it would be to our advantage to encourage this development is undeniable from every point of view.”

New South Wales Shipment By Telegraph.—Press Assn.—Copyright. London, September 13. The Mooltan's shipment of chilled beef reveals that prices realised were brought nearer those of Argentina than ever before. New South Wales hinds sold to within -Jd. to 2d. per lb. and crops within id. The result is so satisfactory that it ensures future regular New South Wales shipments. The market is awaiting with interest the first Queensland shipment of chilled beef. A FIRMER TENDENCY N.Z. Lamb and Mutton Prices Foilding, September 14. The New Zealand Farmers' Co-op. Distributing Co., Ltd., Feilding, has received the following cable from its London office: — Home supplies of meat are meeting with higher prices. Frozen lamb, wethers, and ewes have a firmer tendency, especially lightweights. BRISBANE WOOL SALES Japanese Buyers Dominant By Telegraph.—Press Assn.—Copyright. Brisbane, September 14. The wool market continues firm. The highest price realised was 32jd per lb for a lot of wether fleece. Japanese buyers dominated the sale. Heavy losses of sheep in the western districts owing to drought are expected to considerably reduce the Queensland clip. London Wool Sales The New Zealand Loan and Mercantile Agency Company, Limited, have received- the following advice from their London house, dated September 13: — Wool sales: List closed September 11. New Zealand shipments ex Orari, Hororata, Tasmania, Port Alma, Northumberland, Port Victory, Rotorua, Turakiua, Rangitiki and Surrey are available for the series. Australian Conversion Loan

(British Ollicial Wireloss.) Rugby,’ September 13. The Conimouwealih of Australia to-day announced the new conversion loan. The amount is £20,951,226, and it takes the form of 15 to 20 year stock, being 31 per cent, interest.

As the issue price will be 98 per cent , the average yield is about £3/18/- per cent. Its purpose is to repay £15.000,000 of Commonwealth 6 per ecut. stock and £4,901,233 of New South Wales, and £1,019.993 of Western Australian 5-J per cent, stocks. Holders of these stocks who elect to convert into the new i«iue will receive preferential allotment. The loan was underwritten to-day, and the prospectus will be published to-mor-row, nnd the subscription list opened on Friday. This is the fifth and largest of the conversion operations carried out by Australia since last autumn to lighten the burden of the external debt. The last conversion loan was a 10 to 15 year stock, bearing 4 per cent., and the interest price of that issue was 90. This loan was issued in July, and was the most successful of the scries, for demand for conversion wns so great that only about 15 per cent, of their applications could be nllotted to the largest class subscribers.

“The Times’’ says the series of operations has been rendered possible by the improved credit and economic position of Australia, thanks to reforms being carried out by the Governments and the remarkable ruse in the price ol wool.

GRAIN AND PRODUCE Christchurch Prices POTATOES QUIET Dominion Special Service. Christchurch, September 13. The potato market is unaltered since the week-end. Some inquiry developed from Auckland yesterday, but did not lead to much if any business. Prices are Quoted at £2/15/- a ton, f.0.b., s.i. The Waipiata’s compliment for the north this week is uncertain. . The following are quotations for produce to be paid to farmers, on trucks, free of commission, sacks extra, except where otherwise stated: — ... Wheat (interim payment for August): Tuscan, 3/9; Hunters, 3/11; Pearl, 4/1, all f.o.b. Fowl feed to 3/5, better than grade 3/6 to 3/6J a bushel, f.0.b., s.e., for prompt. Oats: A Gartons, 1/9; B Gartons, 1/u. Potatoes (nominal) : To £2 a ton for prompt whites. Italian ryegrass: 1/9 to 2/- a bushel. Perennial ryegrass: 1/9 a bushel. Cocksfoot : 5d per lb for Akaroa, 4d to 4id for Plains. White Clover: 1/- per lb. Cowgrass, 8d per lb. Onions: £2/10/- a ton. Chaff: 37/6J to £2. Flour : £l3/12/- a ton, local; £l2/17/-, shipping. Bran: Local, £4 a ton large, £4/10/small; shipping, £4. Pollard: Local. £5/10/- large, £6 small; shipping, £4/19/-. Australian Markets By Telegraph.—Press Assn.—Copyright. (Received September 14, 9.10 p.m.). Sydney, September 14. The wheat market is dull. Bagged, on sidings, is quoted at 2/5 a bushel. Silo, 2/4, equal to about 3/- ex trucks Sydney. Flour, £lO/5/- a ton. Bran and pollard, £5/10/-. Potatoes: Tasmanian, to £6 a ton; Victorian, £5. Onions: Victorian Brown Spanish, to £4/10/- a ton. Oaten hay, £7 a ton. Maize, yellow, 4/1 a bushel; white, 4/-. Adelaide, September 14. Wheat: Growers’ lots, 2/10J a bushel. Flour: Bakers’ lots, £B/10/- a ton. Bran and pollard, £5/2/6 a ton. Oats: Algerian, 2/1 a bushel. FRUIT AND VEGETABLES

Wellington Markets Prices of fruit, vegetables and other produce in the Wellington markets are quoted by Laery and Co., Ltd., George Thomas and Co., Ltd., Thompson Bros. Ltd., Townsend and raul Ltd., Bowie and Uo., and W. Burbidge and Co. as follows :— Apples: Fancy grade Delicious, 7/- to 8/6 per bushel; fancy grade Stunners, 7/- to 8/6; fancy grade Doughertys, 6/to 7/-; fancy grade Granny Smith, 8/to 9/-; Washington cookers, 7/- to 8/3. Pears: Choice 'Winter Coles, 11/6 to 13/- per bushel; choice Winter Nelis, 9/to 10/-; choice fancy P. Barrys, 8/- to 8/6; choice Beurre Bose, 6/- td 8/-. Lemons: New Zealand choice cured, 6/to 8/- per bushel; tree ripened, 5/- to 4/-. Celery: Choice, 9/- to 12/- per case. Passions, choice, 22/- to 25/- per box. Tomatoes, choice, hothouse, local, 1/6 to 2/- per lb. Potatoes: South Island grown Dakotas, £5 to £5/10/- a ton; South Island grown Sutton Supreme, 5/- per cwt. Onions, Brown Spanish, prime, 10/- to 11/- per cwt; Canterbury, prime, 4/- to 5/- per cwt. Cauliflowers, best, 5/- to 6/- per sack. Cabbage, choice, Savoy, 7/- to 8/- per sack; Drumhead, 3/- to 5/per sack; spring cabbage, 1/6 to 2/9 per ewt. Carrots, choice, 2/6 to 3/6 per sack. Parsnips, choice, 3/- to 4/- per sack. Swedes, choice, 2/- to 2/6 per sack. French beans, choice, hothouse, 1/6 per lb. Green peas, choice, Nelson, 9d to lid per lb; Hawke’s Bay, lid to 1/1 per lb. New potatoes, choice, 2£d to 2Jd per lb. Poorman oranges, choice, 5/6 to 6/6 bushel. Cucumbers, choice, hot house, 7/6 to 10/- dozen. Kumaras, choice, 8/- to 9/- banana case. Pumpkins, choice, grey, 5/- to 6/6 per sack. Lettuce, choice, good heart, 7/- to 10/banana case. Rhubarb, choice, 6/- to 8/- dozen bunches; forced, 10/- to 12/dozen bunches.

Eggs: Fresh, first grade, lOd to lid dozen. Walnuts, prime, 6d per lb. Honey, bulk, 4d to 4-Jd per lb.

LIVE STOCK MARKET Wanganui Sale Fat sheep sold at advanced rates at Freeman R. Jackson and Co., Ltd.’s, Wanganui sale on Wednesday. Fat cattle barely maintained last week’s rates, but dairy cattle showing quality sold well. Pigs sold freely at late rates. Prices were:—Sheep: Prime wethers, 20/3 to 22/-; fat wethers, 19/- to 19/10; extra prime ewes, 22/- to 24/3; prime ewes, 19/- to 20/1; fat ewes, 17/0 to 18/11; forward ewes, 12/10 to 13/5: fattening ewes, 9/6; fat hoggets. 16/4 to 18/6; wether hoggets, 13/8 to 15/-; cull b.f. hoggets, 10/11. Cattle: Fat bullocks, £6/7/6; prime P.A. cows, £4/10/- to £4 17/6; fat Hereford .cows, £4/10/- to £5; prime ex dairy cows, £3/5/- to £4/10/-; fat ex dairy heifers and cows, £2/12/6 to £3; store cows, 15/- to 22/-; yearling Jersey heifers, 33/6 to 37/6. Dairy sorts: Good calved Jersey heifers, to £6/15/-; springing Jersey heifers, good, £4/15/- to £5; springing heifers, £3/5/to £4/5/-; aged inferior cows, £2 to £3/107-. Pigs: Choppers, 30/-; baeoners, 34/6 to 40/6: good porkers, 28/- to 32/-; porkers, 24/- to 27/-; forward stores, 21/- to 24/-; stores, 18/- to 20/-; good weaners, 157- to 17/-; weaners, 13/6 to 14/6; small weaners, 11/6 to 13/-; vealers, runners, 33/- to 50/-. BASE METALS MARKET Prices Slightly Easier By Telegraph.—Press Assn.—Copyright (Received September 14, 8.5 p.m.) London, September 13. The official London (middle) quotations for Wednesday as reported by the Australian Hines and Metals Association, compare as under with those previously cabled Sc , pt 12 Sept. 13 . Per ton. Per ton Copper — & 8 <1 £ 'l, Standard, spot ... 35 16 3 3o 10 7| Standard, forward 36 1 3 35 14 4‘ ♦Electrolytic . 39 0 0 38 10 0 to 39 10 0 39 10 0 Wire bars 39 10 0 39 10 0 Forward It 17 0 11 15 0 Spot 12 o 0 1-3 9 Sl SniJt r— 10 15 0 Id in 8 Forward ••••••• 17 1 3 17 1 3 4Siwt 2’7 8 9 21« 2 6 'Forward 217 8 9 210 3 9 per oz. . IS3-10d ISI-lOd Fine 19 5-Sd 19 9-16 d tAmcrlcan, not quoted. •American, not quoted. Indian Jute Crop By Telegraph.—Press Assn.—Copyright. Calcutta, September 13. The final forecast for this year’s Indian jute crop estimates a yield of 7,933,200 bales, exceeding last year’s total by 836,100 bale#. i

Commonwealth Bank Profits (Received September 14, 9.10 p.m.) Sydney, September 14. The profits of the Commonwealth Bank for the last half year were £561,053. compared with £1,426,734 for the first half of last year. Savings Bank depomtors’ balances show an increase of £1,6bi,<29, and now stand at £117.943,481. auction diary TO’PAY. Maumraraki Road, Koro Koro.—-Clearing sale dairystock, account D. S. Packwood, Esq. (11. E. Leighton). 30 Knight’s Road, Lower Hutt, 1 p.m.— Furniture (E. Johnston). Allen St., 10.30 a.m.—Prime meat (Townsend and Paui)« M Manners St., 1.30 p.m.—Furniture (Ramsey 11 llson). TO .j IOJI , ROW Wanganui Supplementary Spring Horse Fair (F. B. Jackson).

N.Z. GOVT. LOANS. Buyers. Sellers. £ s d £ s d 101 0 0 — 4 p.c. ditto, 1946 .... 100 5 0 — i p.c. ditto, 1949 .... 101 7 G — 4 p.c. ditto, 195;> .... 100 10 0 ( — Rural Advances Bond 34 p.c. Ins. Stk. 1938-43 101 10 0 102 2 6 3} p.c. ditto, 1938-52 .. — 101 2 6 101 0 0 101 10 0 4 p.c. ditto, 1940 100 5 0 — 4 p.c. ditto. 1949 .... 101 0 0 — 4 p.c. ditto, 1955 .... 100 10 o — debentures. Makerua Dge. Bd., 0 p.c 1946 • _ 95 0 0 Wgtn. Gas Co 102 10 0 — Wgtn. Racing Club .. 94 0 0 — Amid. Brick and Pipe 91 0 0 — BANKS. . . Australasia *12 15 0 13 2 6 Com. of Aust., ord. .. 0 16 4 — Com. Bankg of Sydney 17 17 0 18 1 0 Eng. Scot, and Aust. 5 12 6 5 16 0 National of N.Z 4 2 0 4 5 6 National of Aust'sia., ,18 0 6 10 0 New South Wales .... — 32 15 0 New Zealand 2 8 11 290 N.Z., “D” long term .. 1 13 6 — 9 17 0 10 5 0 FINANCIAL. Abraham and Williams — 3 10 0 Goldsbrough, Mort and Co 19 4 19 7 National Mortgage ... 2 6 9 — National Mortgage “B’ 16 9 — N.Z., Guarantee Corpn., ord 0 7 10 . 080 N.Z. Guarantee Corpn., — 12 6 N.Z. Invest Mort. & Dep 0 3 3 — N.Z. Loan and Merc., ord. stock 53 10 0 55 0 0 N.Z. & River Plate .. 119 — Wellington Trust Loan 3 18 0 — GAS — 13 0 17 3 — Wellington, ord. .... 1 13 3 1 18 0 INSURANCE. National of N.Z 0 17 9 0 18 6 Smith British ...... 3 13 0 3 15 0 MEAT. Gear Meat, cum. rights 1 12 9 1 13 6 N.Z. Refrig., £1 pd. .. 0 19 0 — N.Z. Refrig., 10/- pd. . 0 9 2 0 0 3 TRANSPORT. Union Steam, pref 13 6 TIMBER. Kauri 0 12 0 0 14 0 Leyland-O'Brien .... 0 16 0 0 18 0 BREWERIES. Carlton ............ 1 19 0 N.Z. Breweries — 1 18 3 Staples and Co 18 6 19 3 Tooth and Cn. 1 IS fi MISCELLANEOUS. Brit. Tobacco, Aust., ord. •1 16 9 1 17 9 Burns, Philp and Co. — 2 12 0 Colonial Sugar 58 15 0 59 10 0 Consol. Brick & Pipe — 0 6 2 Dominion Investments 13 0 — D.I.C., pref 10 9 — Electro. Zinc, ord .. — 13 6 Electro. Zinc, 8 p.c. part pref .*1 13 0 — Henry Jones Co-op. . 1 16 3 — N.Z. Drug •3 8 6 3 9 9 N.Z. Farm. Fertiliser — *0 16 0 Sharland and Co., ord .10 0 — Sharland and Co., pref. 10 0 — Wilson’s Cement, cum rights" — 1 16 0 Woolworths N.Z., Ltd., pref 1 14 6 — New Colosseum .... — 2 0 0 Prestige (N.Z.), Ltd., pref N.Z. Newspapers — 12 0 17 0 — OIL Motnroa, ord. 0 18 Moturoa. nref MINING. Alexander *0 19 0 O 19 f> Big River 0 17 0 1 Blackwater ........ 1 13 O 1 16 fi Golden Dawn 0 2 6 fl 2 0 Golden Sands 0 3 7 0 3 9 King .Solomon •0 3 9 0 3 11 Mount Lyell 1 1 10 12 0 Nokomai .......... 0 3 0 0 3 3 Okarlto ♦0 12 4 Waibi ♦1 5 10 16 4 Bell Hooper 0 10 0 1 pl Bell Kllgour 0 17 0 J q Central Shotover 0 0 10 " — •Cum dividend. Unofficial List Buyers. Sellers. £ a d £ s d Perpetual Forests, ord 2 lo 0 Doni. Farmers’ Inst. — 4 9. R N.Z, Employers. Fedrtn.. 7 p.c. Bonds, 1937 . — 85 0 0

Sale Return on Brice, inves’m’nt. £ s d £ s d Govt. Bonds, 4 p.c., 1940 Wellington City, 4} p.e *101 5 0 3 15 10 ♦101 0 0 1/1/1953 Bank of N.Z. (2) , 2 9 0 4 11 10 Union Bank of Aust. .. , 10 0 0 2 10 0 Goldsbrough, Mort. (21 1 19 6 1 13 10 N.Z. Guar. Corpn. (2 J i 0 7 11 t Wellington Gas 1 13 7 4 15 3 N.Z. Refrig., 10/- pd (2) 1 0 9 1 — Ditto 0 9 2 — Levland-O’Brien 0 17 6 N.Z. Breweries - 1 18 0 3 13 8 Big Biver 0 1 71 —— Gillespie's Beach 0 2 3 —— Golden Sauds 0 3 71 — King Solomon 0 3 9 —— Ditto , 0 3 10 —— Mount Lyell , 12 0 Okarito 0 12 6 ——■ Bell Hooper 0 11 — tlnterlm dividend passed. *Late sale Wednesday, AUCKLAND. Inscr. Stock, 3} p.c., £ s d £ s d 1939-43 102 0 0 3 8 7 Ditto. 4 p.c.. 1940 .. Nat. Bank Aust/asia, 100 15 0 3 17 6 £5 paid 6 9 0 3 17 6 Ditto 6 10 0 3 16 11 Bank of N.S.W 32 10 0 3 16 Goldsbrough, Mort ... 19 4 1 14 1 Auckland Gas, contr. . Tooth and Co 0 17 6 4 14 3 1 19 0 4 2 0 Colonial Sugar 59 0 0 4 4 8 N.Z. Paper Mills 18 0 5 0 9 Wilson’s Cement 1 15 6 5 12 8 Alexander Mines ,.... 0 19 6 — Bell Hooper (2) 0 10} V— Central Shotover ,.. 0 0 11 o— King Solomon 0 3 7 —— Ditto (2) 0 3 9 — Mataki (2) 0 2 5 —-- Nokomai 0 3 1 —— Waihi G. Junction ... 0 4 3 7 16 10 United Building (Auck.) Unofficial list:— 0 17 6 6 17 1 Weres, 5/- paid 0 4 6 — CHRISTCHURCH. Sales on 'Change:— Ashburton Electric, 5} £ s d £ ■ d p.c., 1/5/34 Nat. Bank Aust/asia, 101 10 0 — £5 paid 6 8 6 3 17 9 Bank of N.Z 2 9 0 4 11 10 Ditto N.Z. Refrig., 10/- pd. 2 8 11 4 11 11 (4) 0 9 2 —— Westport Coal 0 13 0 3 16 11 Christchurch Gas .... 18 0 4 12 3 Staples and Co. (2) .. 18 8 3 9 9 Mount Lyell 12 0 t Ditto (2) 12 1 t Ditto Alexander Mines, contr., 12 2 t cum div. (2) 0 19 0 —— Bell Hooper (3) 0 10} —« Bell Kilgour 0 17} oo Ditto 0 18 ■w Big River (5) 0 18 Central Shotover 0 0 11 Vo. Golden . Sands (7) .... 0 3 6 Lawson’s B'lat (2) .... King Solomon, cum 0 0 6 — div. (5) 0 3 9 — Nokomai 0 3 0} ov. Okarito, cum div. (8) 0 12 6 — Waihi, cum div 16 0 7 13 10 Ditto Sales reported:— Inscr. Stock, 4 p.c., 15 6 7 16 10 1940 101 5 0 3 15 10 Ditto, 4 p.c., 1946 .. Govt. Bonds, 4 p.c., 100 12 6 3 18 9 1949 Dunedin City, 5} p.c., 101 12 6 3 17 2 ■5/3/45 102 0 0 — National Bank of N.Z. 4 2 6 2 8 5 Bank of N.Z. (2) .... 2 9 0 4 11 10 Dalgetv and Co 10 10 0 2 7 7 Gear Meat 1 13 3 t Colonial Sugar 59 O O 4 4 8 N.Z. Refrig., 10/- pd. 0 9 3 ooo Ditto 0 9 2} wMount Lyell 12 0 t Ditto 12 1 t tlnterlm dividend passed. DUNEDIN. £ s d £ s d Bank of N.Z 2 9 0 4 11 10 Dalgety and Co 10 12 0 4 14 4 Timaru Brewery 0 7 0 — Westport Coal *0 12 10 3 17 11 Mount Lyell ......... 12 0 t King Solomon 0 3 9 Waitahu . 0 7 7 VM Bell Hooper (4) Oil .OV Bell Kilgour 0 18 VO. Ditto 0 18 —— tlnterlm dividend passed.

Sept. 13. Sept. 12. Par. N. York, dol. to & 4.58} 4.57J 4.800 Montreal, dol. to £ 4.807-8 4.792 4.860 Paris, fr. to £ 81 0-10 81 31-32 124.21 Brussels, ibel. to £ 22.00 22.975 35.09 Geneva, fr. to Amsterdam, fl. to £ 10.515 10.50 25.225 £ 7.02 7.05 12.107 Milan, lire to £ 00 11-10 00 13-10 02.40 Berlin, inks, to £ 13.385 13.435 20.43 St’liolm, knr. to £ 19.375 10.375 18.150 C’hagen. knr. to £ 22.40 22.40 18.159 Oslo, knr. to £ 10.00 10.00 *20.50 18.159 Vienna, schgs. to •20.50 34.58, Prague, knr. to £ 11>S 103.25 164.25 Hel'fors, inks, to £ 220.50 226.50 193.23 Madrid, pea. to £ 38 3-10 38 11-32 Lisbon, esc. to £ 100 100.25 110 Athens, drach. to £ 575 375 Belgrade, din. to £ 240 210 270.31 Bucharest, lei to £ 515 550 813.60 Warsaw, zloty to ■O — — 43.38 Rio de J., p. to mil. 14.1 ■fit 5.899 B. Aires, p. to peso 1431 ■;-43i 47.02 M. Video, p. to peso Calcutta, p. to rup. *351 •36 51 IS is i-io 18 Shanghai, p. to dol. 15} 15 5-10 H.-Kong, p. to dol. 10 7-8 1015-10 — Y’liama, p. to yen 14 1-32 14 1-32 21.582 Batavia, fl. to £ — 8.00 12.107

August, 1933. August, 1932. Butter. Cheese. Butter. Cheese. Tons. Tons. Tons. Tons. 1st week .. 2,183 1,412 1,150 1,310 1,485 2nd week .. 1,540 1.282 1.627 3rd week .. 2,100 1,743 1,-150 1,513 4th week .. 1,646 1,526 1,275 1,190 Total .. 7,469 5,963 5,215 5,815 The position of stocks of dairy produce at the beginning of this month is shown by the Dairy Board as follows: . — 1933. 1932. 1931. Tons. Tons. Tons. Estimated stocks of all butters In London, Including private and provincial stores and steamers not .discharged Stocks in N.Z., In31,300 20,500 22,000 eluding loaded Into steamers not sailed finally at Sept. 1 4,500 3,000 3,875 N.Z. stocks afloat.. 9,839 8,564 5,940 14,339 11,504 9,815 The estimated stocks of cheese at London, Liverpool and Bristol are as follow: — 1033. 1932. 1931. Tons. Tons. Tons. New Zealand and Australian 9,500 3,818 7,689 Canadian 4,715 7,715 7,663 14,215 11,533 15,352 Stocks In N.Z., ineluding steamers not sailed finally at Sept. 1 2,400 3,500 2,950 N.Z. stocks afloat .. 7,118 6,700 3,929 9,518 10,200 6,879 . Total in sight .. 23,733 21,733 22,231

8 months to Aug. 81, Russia ...... 1933. Tons. 17,359 1932. Tons. 9,280 1931. Tons. 11,021 Finland ..... 4,815 7,870 8,928 Estonia 2,880 3,340 4.088 Sweden 6.586 6,211 7,405 Denmark .... 86,083 87,555 82,409 Netherlands . 6,802 1.596 3,537 Argentine 7,654 15.294 13.076 Irish Free State 16,545 10,247 13,321 Australia .... 59,459 57,483 51.520 New Zealand .. 86,228 73,714 68,053 Other countries 11,733 10,866 0,270 Total tons . 306,744 283,456 272,628

Cheese. Netherlands ... Italy 8 months to Aug. 31, 1933. 1932. 1931. Tons. Tons. Tons. 3.830 5,948 5,242 2.S9S 3.831 4.387 Australia .... New Zealand .. Canada .3.721 80.845 9,955 2,213 69,714 16,311 2,515 69,729 10.21'9 Other countries 1,641 1,908 2,776 Total tons . 102,910 99,925 94,948