FINANCE and COMMERCE

Dominion, Volume 27, Issue 19, 17 October 1933, Page 12

FINANCE and COMMERCE

STOCKS AND SHARES Dull Market Yesterday EASIER TONE There was a quiet tone in the Wellinglon market yesterday, but quoted prices stocks and shares showed little change. Recorded business was small. Government loans attracted less internst, the 4 per cent, stocks and bonds being'the only ones inquired for. Ihe 4 i>er cent, stock, 1949, sold at £lOO/7/6, tx interest. Local body debentures were very quiet. Wellington Gas debentures were 10/- up at £lOl/10/-, and Ama - gamated Brick advanced 20/« to £93, sell ers asking £95/10/-. .. Banks were very dull, sellers predominating. New Zealands were reported sold late on Saturday at 47/10, and buyers yesterday eased to 47/-. National of New Zealand were bid for at 83/6, sellers bolding for 86/-. Pastorals were firm. Dalgetys were wanted at £lO 17/6. Goldsbrough Morts at 28/9. National Mortgage A’s were 6d. up at uO/u, and B’s were 3d. better at. 27/6. . I Little change was seen in gas, insurance, and meat shares. New Zealand Insurance were slightly easier at a4/-. and Natiqnals were lower at 18/1. . There was a strong demand for miscellaneous shares, which were mostly firm at late rates. Colonial Sugars were sought at £59, sellers asking 10/- higher. Wilson’s Cement advanced to 2b/-, no sellers. Mining shares showed a strong selling movement. WELLINGTON EXCHANGE Latest Quotations The latest buying and selling quotations on the Wellington Stock Exchange yesterday were as follow:—

Australian Price of Gold The price fixed by the Commonwealth Bank for gold, including jewellery, lodg--ed at the Melbourne Mint for the week ended October 6, was at the rate of approximately £7/10/7 per standard ounce 122 carats) equal to a premium of 93.36 per cent. Payment is made according to the assay value of the gold. The price per ounce fine was £B/4/3, a rise of lOd. on the week. Dollar Conversion Rates The Associated Banks have agreed that the conversion rates from October 14 will be:— U.S.A. Canada. Conversion of dollar bills received for collection and sale of dollar drafts 4.30 4.C3 Purchase of dollar bills . 4.70 4.83 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.

DEALINGS ON ’CHANGE Sales Recorded Yesterday RETURN ON INVESTMENTS Sales recorded on Dominion Stock Exchanges yesterday are shown in the following list. In the second column is „iy<-i> the return based on the last annual dividend from investment at the quoted price. In calculating the return on shares in companics 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 3} per cent, loans the return is for interest alone, and covers only the period for which the loans a?e tlx-free. No return is given on local body securities and debentures in the

SYDNEY STOCK EXCHANGE Steady Tone in Market By Telegraph.—Press Assn.—Copyrlght(Received October 16, 8.40 p.m.) Sydney, October 16. Although volume of business on the Sydney Stock Exchange slackened slightly to-day, the market retained a verysteady tone, despite the disturbed European situation; banks, however, were entirely neglected. Sales. Mercantile Mutual Insurance, 21/6; Colonial Sugar, £6O; Dalgetys, New Zealand delivery, £ll/8/-; Associated News, 21/-; ditto, pref.. 20/10); Adelaide Steam. 24/10); Australian Glasd, 52/9; Australian Gas, A, £7/7/-; Berlei, ordinary. 30/-; ditto, contributing, 14/6.; British Tobacco, 3S/-; Dunlop, Perdriau, 19/-; ditto, pref., 34/6; Goldsbrough. Mort, New Zealand delivery, 29/6; Goodyear, pref., 29/-; Tooths, 43/-; Tooheys. 25/-; David Jones, 34/6; Farmers, 17/3: Lustre Hosiery, 17/1); Standard Cement, 17/-; Anthony Hordern. 13/6; Electrolytic Zinc, 26/10); Millaquin Sugar, 29/9; Burns, Philp, 53/6; Howard Smith. 13/6. Mt. Lyell, (New Zealand delivery, 23/10); Broken Hill Proprietary, 41/3; South Broken Hill. 66/-; Bulolo Deposits, 1/6: Bulolo Gold. 98/6; Kuala Kampar, 10/8. Morning sales included; Commonwealth Bondsi. 4 per cent., 1944 (ex interest), £lO3/3/9; 1959, (ex interest), £lO4 7/6; Tooheys, 25/-: Tooths. 42/9; Associated News, 20/10}; (pref.), 21/-; British Tobacco. 38/-; Broken Hill Proprietary, 41/-; Electrolytic Zinc, 27/-; Meggitt’s, 22/1) ; Morris Hedstrom, 20/3; Wilcox Mofflin, 10/-. Melbourne, October 16. Sales on the Melbourne Stock Exchange to-day included :—Commercial Bank of Australia, 17/-; Goldsbrough, Mort, 29/6: Dunlop Perdriau. 19/-; Metropolitan Gas, £l2/15/-: Herald and Weekly Times, 41/6. FOREIGN EXCHANGES Position of Sterling (British Official Wireless.) Rugby, October 14. The following rates on foreign exchanges were current to-day. compared with those ruling, on October 13:—

•Nominal. ,Offlcial. Gold nnd Silver. London, October 14. Gold.—£6/11/3 per fine ounce. Silver.—Cash, IS 3-16 d per ounce; forward. ISld. TALLOW AND HEMP London Markets The following cablegram, dated October 14, has been received by the Department of Agriculture from the High Commissioner for New Zealand. London:— Tallow: Fair demand at auction and 80(> casks offered, of which 397 sold at unchanged prices. Hemp: Manila—Fair business done. “K” grade for October-December shipment sold at £l4/10/-. Sisal —Market quiet. Small business has been done in No. 1 grade for October-December shipment £l7. New Zealand—Market quiet. Small business has been done for Octo-ber-December shipment in fair grade £l4 and common grade £l3. Eggs: Market steady. New-laid, firm; boxed, slow. English, national pack, 15/to 18/6; English, ordinary pack, 15/6 to 16/3; Australian, 141 b to 171 b per long hundred. 10/6 to 12/-; Danish, 11/to 13/6. Apples: Salps tnuoh slower; prices weakee.

BETTER RESULTS J. C. Williamson, Ltd. PROFIT IN PLACE OF LOSSES J. C. Williamson; Ltd., a company owning theatres and conducting theatrical enterprises, after three years of continuous losses, showed a net profit for the year ended June 30 last. Gross profits were £42,534, being £8503 in advance of the gross profits for the previous year. Net profit was £3580, an improvement of £5339 on the loss of 1931-32. The debit at profit and loss is now £52.012.

company’s books. The small profit shown in the year recently closed gives the directors hopes for better results. A dearth of suitable attractions has added to the company s difficulties. Taxation still hangs heavily over the company. The leasing of Her Majesty’s Theatre, Sydney, which forms part of the company’s freehold, to Woolworths, Ltd., and the disposal of the company’s interest in the Theatre Royal, Melbourne, are reported to shareholders. The transactions, the directors state, should prove beneficial to the The accounts show a decline of £157,811 in “debtors and balances,” nnd an increase of £184,618 in “real estate, scenery properties, wardrobe, goodwill, etc.” These movements are largely explained by. a statement in the report that during the year certain adjustments were effected which necessitated the transfer of several amounts from sundry debtors’ accounts to freehold property accounts, and also that a small freehold block in Market Street, Sydney, abutting on the company’s freehold, was purchased, thus consolidating the whole of the property. Australasian Paper Increased profits are shown by the Australasian Paper and Pulp Company. Limited, for the year ended September 30, net income being £100,510, compared with £92,931 for the previous year. With £721 brought forward there is available £101,232. Ordinary shareholders again receive 8 per cent for the year, and preference shareholders 8 per cent. The dividends require leaving £9022 to be carried forward. The directors consider that the outlook is promising for a continuance of successful trading in the current year. Electrolytic Zinc Accounts The accounts of Electrolytic Zinc Company of Australasia Ltd. for the year ended June 30 show a net profit of £223,093. after providing £145.000 for amortisation and depreciation, and £49,706 for taxation. Net profit for the preceding year was £85,090. Out of the profits of £223,093 there has been appropriated for the debenture sinking fund reserve £21.000, and for new plant and development £20,000. GOLD MINING Latest Weekly Returns By Telegraph.—Press Association. Greymoutb, October 16, The Brian Boru dredge weekly return was 14oz. lOdwt. for 122 hours. Dunedin, October 16. The Okarito Five Mile Bench Gold Dredging Co., Ltd., reports a return of 38oz. 14dwt. for 114 hours’ work last week. More New Companies The following new gold-mining companies have been, registered recently:— Sims Prospecting Co., Ltd., Wellington, a private company. Capital: £750, in 750 shares of £1 each. Subscribers: Wellington—N. S. Perry 30, H. E. Admorc 25, C. G. Turner 30, W. H. Kent 25, J. W. Gascoigne 25, G. H. Loney 15, C. G. H. Robinson 25. Mabel C. Saunders 10, W. B. McKenzie 25, W. D. Ferguson 25, E. L. Marchant 25. R. W. De Montalk 25, D. W. McClurg 25. P. J. S. Hnthance 12, G. O. Sutton 12. G. Gore 14, C. V. GSims 390. Christchurch —S. H. Thomas 12. Coastal Mining Co., Ltd., Dunedin. Capital: £3OOO, in 3000 shares of £1 each. Subscribers: —Dunedin —C. W. Thomson 50, C. S. D. Aitchison 25. R. S. C. Brown 50, R. Duncan 50. J. J. Purdie 50, A. Paterson 50, G. Buckley 50. Te Aroha Gold Mines. Ltd., Auckland. Capital: £250,000, in 250,000 shares of £1 each. Subscribers:—Auckland—F. B. Venn, A. C. N. Green, E. D. Davis, A. C. Whiting. C. L. Sanderson, D. D. N. McGregor, R. M. Scelly, 1 share each. Golden Plateau, Ltd., Auckland. Capital : £5500, in 111,000 shares of 1/- each. Subscribers: —Auckland—Mining Trust and F.. Ltd., 10,000. James Edgar, Ltd., 2000. G. L. Cole 1000. A. Graven 1000, 11. T. Castaing 1000, W. J. Tait 1000, C. T. I’ooley 4000. Golden Electric Dredging Co., Ltd., Auckland, a private company. Capital : £3OO, in 300 shares of £1 each. Subscribers: —-Auckland —A. C. Griffiths 150, R. D. Wright. 150. GOLD HOARDING European Imports The August Bulletin issued by the Federal Reserve Board at Washington points out that changes in the aggregate reserves of central banks, when compared with the amount of gold that has become available from mining operations and from India, show that private hoarding of monetary gold, chiefly in Europe, increased by as much ns 200,000.000 dollars (£40,000,000) in the first quarter of tliis year, and by as much as 300,000.000 dollars (£60.000.000) in the second quarter. The Bulletin calls attention to the fact that, cent ml bank gold reserves in Europe declined further in July largely as a result of fresh losses by the Netherlands nnd Switzerland. The Bulletin also states that since last April, Europe has been importing gold at the rate of 50.000,000 dollars a month from South Africa and other producing areas and from India, where gold continues to be released from hoards in considerable volume. This gold has not been added to the holdings of the central banks. On the contrary these holdings both in Europe and in the world as a whole were less in June thnn at the beginning of the year, notwithstanding the substantial movement of United States gold coin from circulation into the Federal Reserve banks. The explanation of this movement, of course, is the lack of confidence in paper currencies, which has caused people to prefer gold to paper. Though the purchase of gold, like that of any commodity, carries with it a certain risk, this is regarded as less than the risk of holding paper currencies.

DAIRY PRODUCE Little Speculative Demand LONDON MARKETS QUIET By Telegraph.—Press Assn.—Copyright. London, October 15. Lack of inquiry is responsible for a weakening in the Australian and New Zealand butter markets. This is somewhat surprising in a market which was attempting to hold the price of the finest grades. There is but little speculative demand expected for forward shipments of butter. The cheese market is also difficult on account of the withdrawal of speculative support, and this fact has caused some further weakness. Joseph Nathan and Co., Ltd., have received from their principals. Trengrouse and Nathan, Ltd., London, the following cabled advice, dated October 14:—New Zealand butter: Finest. 100/- per cwt; first, 96/-. New Zealand cheese: White, 49/- per cwt; coloured. 47/-. Both markets quiet. The wholesale price of butter was expected to fall by one penny per lb in Sydney last week, thus counteracting the two rises of a halfpenny each which occurred during one week last month, Mr. Fraser, general manager of Norco Co-op. Ltd., who previously stated that any spirit of buoyancy must be tempered with caution, said that although it was foolish to attempt to prophesy prices, it had to be conceded that the industrial population in the United Kingdom could not afford to pay high prices for butter. If an attempt were made to force up unduly prices, the great mass of consumers would immediately restrict its use. Then supplies would exceed the demand on the London market, and the ultimate result would be distinctly adverse. Mr. Fraser, on that account, is of opinion that any sharp rise on the London market, such as happened during September, should be viewed more with trepidation than jubilation. A steady rise could be taken as more likely to be permanent than sudden increases. "I do not desire to sound a pessimistic note, but rather one of caution,” Mr. Fraser said. “I do not think that the price will reach as low a level as it did in the past season. Existing economic conditions in the United Kingdom indicate the retail rate not exceeding 1/- per lb while imports maintain their present high level. It is only by lowering of the imports that prices can be improved to any great extent.” Australian Butter Exports The eighth annual report or the Australian Dairy Produce Control Board for the year ended June 30, 1933, shows a further development in the volume of overseas trade in Australian butter. During the year, 100,546 tons of butter were exported from Australia, which exceeded all previous records and represented an increase of 9460 tons over the exports of 1931-32. The exports of cheese were 5411 tons, which was 2033 tons in excess of shipments for the previous year. ' Of the butter exported, 93,382 tons were shipped to the United Kingdom and 7164 tons to other destinations. Great Britain also provided a market for 93 per cent, of Australia's surplus cheese. During the week ended October 7, the Commonwealth graders examined for export at Sydney 10,757 boxes of butter, comprising 9521 salted and 1236 unsalted. Thev also examined 4062 boxes at Newcastle, of which 3930 were salted and 132 unsalted, ranking a total of 14,819 boxes. Exports from Sydney for the week were 6083 boxes. For the week ended September 30 there were 62,695 boxes of butter graded in all States, as compared with 81.357 boxes for the corresponding week Inst year. LIVE stock-market Feilding Cattle Fair There was a heavy yarding of cattle in all sections, with the exception of beef, at the Fcilding cattle fair on Friday, and some particularly attractive lines came forward. Fat cattle were n little easier; store bullocks also barely maintained recent rates. Younger cattle sold particularly well. The market for dairy cattle was very heavy. Yearling Jersey heifers, of which there was a particularly good entry, eased somewhat, and a considerable number were passed at auction. . As usual at the spring cattle fair only a moderate entry of sheep came forward, and prices hardened by 1/- to 2/- a head. Dalgety and Co., Ltd., report the following sales:—Fat woolly hoggets, 19/3; fat two-tooths, 15/9, 16/9, 17/3; fat shorn ewes, 13/- to 17/-; fat woolly ewes, 1(1/6 to 18/6; fat shorn wethers, 17/6; ewe hoggets, 14/- to 22/1; wether hoggets, 14/1 to 17/9; b.f. two-tooths, 11/-; 2-tooth wether, 13/6. Springing heifers, £4 to £6; heifers, £3 to £4/1/-; cows, £6; yearling heifers,, £l/14/- to £2/16/-: two-year steers, £3/9/- to £3 IS/-; yearling steers, £2/10/-: two-year heifers. £2/6/ to £2/12/-; three-year heifers, £3/1/-; three-year bullocks, £4/3/6 to £4/5/-; four-year bullocks. £4/16/t 0 Abraham and Williams, Ltd., made sales ns follow: —Store cattle: Four-year P.A. bullocks, £3/17/- to £5/13/-; threeyear P.A. bullocks, £4 to £4/16/-; twovear steers, £2/11/-; yearling P.A. steers. £2/17/- to £3/11/-; yearling Hereford steers. £3/1/-; two-year P.A. heifers, £2 7/6 to £2/14/-; P.A. heifers, r.w. P.A. bull, £3; empty cows, 33/-: yearling Jersey heifers. £l/18/- to £3/10/-. Fat cattle: Fat bullocks. £6/5/- to £7/6/-; fat cows. £2/7/6 to £4/17/-; fat heifers, £4 2/- to £5/2/-. Dairy cattle: Springing heifers, £3/17/6 to £5; springing cows, £3/5?- to £4/5/-. Fat sheep: Fat ewes, 14/5 to 21/6: fat wethers, 20/6 to 27/9; fat hoggets, 16/10 to 19/6. Store sheep: Wether hoggets, 15/4 ; m.s. hoggets, 13/7 ; ewes and lambs. 26/9. The N.Z. Farmers’ Co-op. Distributing Co., Ltd., made the following sales:—2l P.A. bullocks. £4/14/-; 73 three-year P.A. bullocks, £4/5/-; Hereford bullocks, £4 5/-; 19 P.A. bullocks, £4/2/6; 21 P.A. bullocks. £3/15/-: 18 P.A. steers, £3 14/-; 18 P.A. steers, £3; 78 yearling P.A. steers. £3/7/6; 45 yearling P.A. steers, £3; 55 yearling P.A. steers. £2 17/6; 44 yearling Hereford_ steers, £2 15/-; 27 yearling steers, £2/5/-; 70 Hereford heifers. £3/15/-; 22 P.A. heifers. £3/5/-; 16 Hereford heifers. £3/1/-; 50 P.A. heifers, £2/10/-: 16 Hereford heifers. £2/0/6: P.A. cows. r.w. P.A. bull. £3/16/-; 30 yearling P.A. heifers, £2; IS yearling P.A. heifers, 30/-; fat cows. £4 7/6 to £2/12/6; 31 yearling Jersey heifers, £4; 12 yearling Jersey heifers, £2 6/-; others. £3 to £l/17/6: dairy heifers, £4; 12 yearling Jersey heifers. £4; 14 yearling Jersey heifers, £3 ; 22 yearling" Jersey heifers. £2/6/-: others, £3 to £l/17/6; dairy heifers, r.w.b., £6/5/- to £3/2/6; dairy cows, £5/5/- to £3/5/-. Sheep: Fat woolly hoggets. 24/-; fat shorn hoggets, 19/to 18/3; fat woolly ewes, IS/6 to 18/-; fat shorn ewes, 13/6 to 11/10; fat shorn wethers. 21/6 to 21/-. The N.Z. Loan and Mercantile Agency Co., Ltd., report sales as follow:—Forward bullocks. £5 to £5/13/-; store do., £4/8/- to £4/15/-; three-year steers. £3 18/- to £4/5/-; two-year steers. £2/18/to £3/10/-; yearling steers. £2/5/- to £3 11/-; two-year station heifers. £2/8/- to £2/16/6; yearling station heifers. £2 to £2/7/6; yearling Jersey heifers. £2/10/to £3/10/-. Drug Houses of Australia In its operations for the year ended June 30. Drug Houses of Australia, Ltd., shows a profit of £50.449. Against this are allocations of £ll,OOO, provision for income tax. nnd £1316 provision for New South Wales unemployment relief tax. Dividend of 2) per cent, for the year requires £30,499. A sum of £7089 is written off preliminary expenses, and £2624 is carried forward, against £2079 brought into the accounts. In the combined statements of accounts of the subsidiary companies a trading profit of £81,587 is shown, which compares with £77,254 for 1931-32. Provision for taxes takes £19.I 974. Dividend pnid to Drug Houses of Australia. Ltd., requires £37,521, and a final dividend to be pnid to the same I company amounts to £16,450, leaving *£9826 to bo carried forward.

WITHIN WIRELESS RANGE. The following vessels were expected to he within range o-f the undermentioned wireless stations last night:— A UCK L AND. — C u mberland. Canadian Conqueror, Haurnkl. Maul Poniare, Monowal Port Hunter, Wanganella. CHATHAM ISLANDS.—South Sea. WELLINGTON.— Aorangt. Maori, Matat. Diomede. Pulpit Point. Rangitata. Rangitlki. Rnahlne. Tamahine, Wahine. AWARUA. —Klwltca, Mukura, WatkoualtL

X.Z. GOVT. LOANS. Buyers. £ s d Sellers. £ s d 4 p.c. Bonds, 1940 .... 101 10 0 — 4 p.c. ditto, 1946 .... 101 0 0 Rural Advance Bond . — 98 0 0 3} p.c. Ins. Stk.. 1939-52 — 102 5 0 4 p.c. ditto, 1940 .... 101 10 0 — ,4 v.c. ditto, 1946 .... 101 0 0 —— 4 P.c. ditto, 1949 .... flOO 2 6 100 10 0 t p.c. ditto, 1955 .... 101 0 0 — DEBENTURES. Dunedin City, 5$ p.c., _ _ 1944 101 0 0 — WKtn. City, Hi p.c., 1940 101 0 0 — Walrere E.P. Board 6 p.c., 1901 „ - „ 102 10 0 WKtn. Gas Co 101 10 0 — JWgtn. Racing Club .. 9o 0 0 — Amid. Brick and Pipe (Wgtn.) 93 0 0 95 10 0 BANKS. 13 5 0 !Comrcl. of Aust., cfird. . 0 16 10 0 17 1 National of N.Z 4 3 6 4 6 0 New South Wales .... 34 0 0 34 12 6 2 7 11 Ditto, “D” long term — 1 13 8 10 8 0 I FINANCIAL. Abraham and Williams — 3 0 0 Dalgetv and Co 10 17 6 —— ,‘Goldsbrough, Mort and 1 Co 1 8 9 1 9 2 iNatlonal Mortgage, “A” 2 10 6 i Ditto “B” 1 7 6 — - N.Z. Guarantee Corpn., | ord., cum. rights .. *0 8 2 0 8 4 foitto, pref., cum. rights ‘0 19 9 —— IN.Z. Invest., Mort, and 1 Deposit 0 3 3 iNJ5. Loan and Merc., 67 0 0 /Wgtn. Invest., T. & A. 0 5 9 Wellington Trust, Loan 4 0 0 •— Wright, Stephenson, pref. 0 13 6 •••■ — GAS. 1 3 9 Ditto, contrib — 0 IT 9 Wellington, ord 1 13 6 1 14 6 Ditto, pref 1 16 INSURANCE. Aust. Prov. Assce _ — _ 0 12 9 National of N.Z 0 18 1 — > ■ •South British — •3 14 9 MEAT. Gear Meat, cum, rights 1 12 0 1 12 6 N.Z. Refrig., £1 paid . — _ 0 19 9 Ditto, 10/- paid .... 0 9 0 0 9 9 Wgtn. Meat Exp., pref. 0 15 3 — TRANSPORT. P. and O. defd. stock'. 1 .3 3 — WOOLLEN. Wellington, ord ■ — 5 15 0 Ditto, pref — 5 15 0 COAL. Westport-Stockton, pref 0 1 9 — TIMBER. 0 15 0 0 7 0 Tarlngamutu Totara .. 0 2 0 BREWERIES. — N.Z. Breweries 1 17 4 1 18 0 Staples and Co 1 8 0 1 8 9 MISCELLANEOUS. British Tobacco, Aust. — 1 17 6 Colonial Sugar 59 0 0 59 15 0 | Dominion Investments 13 0 iDunlop Perdriau 0 18 8 0 19 2 Electrolytic Zinc, ord. .15 0 —— i Ditto, 8 p.c„ pt. pref. *1 14 9 Partners’ Co-op. Auct'ng., — N.Z. Drug .. 3 9 0 N.Z. Farmers’ Fertiliser 0 15 6 — N.Z. Newspapers 1 7 6 — N.Z. Taper Mills 1 7 6 -- — Prestige (N.Z.), Ltd., pref — 1 2 0 Sharland and Co., ord. *12 0 Ditto, pref *1 2 3 - Wilson’s Cement 16 0 __ Dominion Fertiliser ... 0 13 9 — OIL. Moturoa, ord 0 2 0 0 5 o Taranaki 0 2 0 0 2 6 MINING. 0 1R p, Bell Hooper — 0 1 2 Ditto, fully paid .. — 9 1 3j Bell Kilgour 0 1 5 0 1 8 iBig Biver — 0 1 7 1 Ifi o Gillespie’s Beach 0 2 0 King Solomon — 0 3 c Mataki — 0 2 3 Mount Lyell 1 3 6 1 4 0 Nokomai 0 3 4 Okarito 0 10 0 0 11 o Wai hi *1 7 Waihi Grand Junction — 0 4 Waitahu 0 7 0 Bendigo Goldlight ... 0 0 6 •Cum. dividend. JEx. dividend. Unofficial List — Buyers. Sellers. , £ s d £ s d Wellington Publishing Co 4 0 0 r» 2 6 Brian Boru 1 4 6 Skippers 0 0 4 Moonlight Nelson Creek — 0 1 3

WELLINGTON. Return on Sale price. invcs id t. Ins. Stk.. 4 p.c., 1949 100 7 6 3 19 4 Bank of N.Z •2 7 1 0 4 14 1 N.Z. Guar. Corpn 0 8 «~ 3 1 Wellington Gas (2) .. 1 14 0 4 14 *1 12 3 t Dunlo’n Rubber 0 18 10 4 4 11 •Late sale Saturday. tlnterim dividend passed. AUCKLAND. £ 8 d £ s d Mt. Roskill,( 51 P.C., 1950 101 0 0 — Birkenhead Gas, 6} p.c., 1938 100 0 0 —— Bank of Australasia .. 12 15 0 2 14 10 South Brit. Insur. (2) 3 14 0 3 12 0 N.Z. Guarantee Corpn. 0 8 2 3 1 2 Auckland Gas 1 3 i i 4 13 1 Electro Zinc, ord 1 6 3 — Mntaki 0 2 1 •— Wnihi .............. 1 6 4 7 11 10 Ditto 1 6 3 7 12 5 Pitta 1 6 5 7 11 5 Unofficial List — Smith Wyllle (Aust.) 0 13 9 — CHRISTCHURCH. £ s d £ 6 d Goldsbrough, Mort . 1 0 2 1 14 3 0 13 6 3 14 1 N.Z. "Breweries 1 17 fl 3 14 8 Nevis Diesel-Electric . 0 0 Hi —— 0 1 4 ■ ■ Central Shotover .... 0 1 2 — Golden Point (3) .... 0 0 2 New Cornish Point (2) 0 0 6 —• Okarito (2) 0 10 7 — Sales reported— Comm. Bank of Aust. 0 IB 11 2 19 1 Goldsbrough, Mort .. 1 9 2 1 14 3 N.Z. Refrig., 10/- paid 0 9 4 — 1 4 0 y tlnterim dividend passed. DUNEDIN. £ s d £ s d Standard Insurance .. 3 1 0 4 1 11 N.Z. Breweries 1 17 9 3 14 2 Paddy’s Point (3) .... 0 5 3 — Central Shotover (2) . 0 1 2 —— Lawson's Flat 0 0 7 — Waltahu ....... 0 6 10 Neiro Diesel 0 1 0 —— Gillespie’s Beach .... 0 2 24 Bell Hooper 0 1 11 ——

Oct. 14. Oct. 13. Par. N. York, dol. to £ 4.57J 4.60{ 4.866 Montreal, dol. to £ 4.095 4.731 4.866 Paris, fr. to £ 8015-32 801-32 124.21 Brussels, bel. to £ 22.64 22.525 35.00 Geneva, fr. to £ 16.26 16.20 25.225 Amst'dam, fl. to £ 7.82 7.77 12.107 Milan, lire to £ 50.75 50.50 92.46 Berlin, niks. to £ 13.175 13.115 20.43 St’holm, knr. to £ 10.40 19.39 18.159 C’hagen, knr. to £ 22.40 22.40 18.159 Oslo, knr. to £ 19.00 19.90 18.159 Vienna, schgs. to £ •28 28.50 34.585 Prague, knr. to £ 106.125 105.50 164.25 Hel'Xors, inks, to £ 226.50 226.50 103.23 Madrid, pes. to £ 37 21-32 37 7-16 25 225 Lisbon, esc. to £ 103.75 103.50 iib" Athens, drach. to £ 560 560 Belgrade, din. to £ —— 005 276.31 Bucharest, lei to £ 535 527.50 813.60 Warsaw, zloty to £ — .— 43.38 Rio de J„ p. to mil. 44 3-8 443-8 5.899 B. Aires, p. to peso 44-1$ 445 47.62 M. Video, p. to peso •37 •37 51 Calcutta, p. to ru.p. 18 3-frl 18 3-64 18 Shanghai p. to dol. 15 3-8 15 7-16 — H.-Kong, p. to do!. 17 1-8 173-16 —— Y'hama, p. to yen 14 3-16 14 3-16 21.582 Batavia, fl. to £ 7.83 7.83 12.107

Year ended June 30. 1931. 1032. £ 1033. £ Gross profits .... Expenses 21.687 51,617 34.031 38,790 42.534 38.954 3.5S0 32,930 4.759 — LIABILITIES—' Capital: 375.000 375,000 Reserve •..» 206,601 266,601 266,601 Preference .... 150.000 150.000 150.000 Special reserve ... Creditors, sundry 20.000 20,000 16,822 and taxation provision ■134.371 42o,85o 415,217 Bank and cash bal178,878 ances :... 182,825 211,057 ASSETS— Sundry debtors .. 420.928 409,535 251,724 Investments 284,888 285,960 281.769 793 1,003 S29 Scenerv. properties, modes, business, 663.144 670,755 847,702 Profit and loss .. 51,434 56,193 52,612 Assets are at values appearing In the