FINANCE and COMMERCE

Dominion, Volume 27, Issue 34, 3 November 1933, Page 14

FINANCE and COMMERCE

STOCKS AND SHARES Quiet Market Yesterday MARKET FAIRLY FIRM There was a better tone in the Wellingou market yesterday. Prices were gen.■rally steady on a good demand. The tea ture of the day’s trading was the activity in New Zealand refrigerating shares. The fully-paid went above par for the first time in a very long period, sales being recorded at 20/6, 20/7. and 20/74. Late buyers stayed in at 20/5, sellers holding for 20/9. The 10/- paid were firm at 9/11, sellers 10/6. • Government loans and local body desponse. Glaxo debentures were wanted at No 9 ’business was reported in banks, which were inelined to firm. New South Wales were 5/- up. at £34. National of New Zealand were 3d better at 82/9. New Zealands were steady at 47/4. Pastorals were quiet, Dalgetys easm„ to £lO. Wellington Gas sold firmly at 34/-. There was an improved demand for insurance shares;' South British were done at 72/6, more .being wanted at 6d lower. Standards were easier at o»/-. Breweries were rather firmer, New Zealands recovering to 37/6 and Too‘hs to 42/3. Miscellaneous shares continued to attract interest and prices were generally firm. Colonial Sugars advanced to £6l/5/-, sellers bolding for £62. New Zealand Newspapers were 3dl J*«er on a sale at 27/9. .Mining shares had a slight ly better inquiry, but prices were easy. WELLINGTON EXCHANGE , Latest Quotations rrha buying and selling: quotations on the Wellington Stock Exchange yesterday were as follow:—

DEALINGS ON ’CHANGE Sales Recorded Yesterday RETURN ON INVESTMENTS Sales recorded on D °9 d “ l ° n I „ ‘h* f o p the return based on the last annual div dend, from investment at the quoted Price. In calculating the return on shares in comnanies 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 oi 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

Invest. Exec. Trust, B debentures 98 0 0 913 10 CHRISTCHURCH.

FOREIGN EXCHANGES Position of Sterling \ — (British Official Wireless.) Rugby, November 1. The following rates on foreign exchanges were current to-day. compared with those ruling on October 31:—

Gold and Sliver. London, November 1. Gold.—£6/11/8 per fine ounce. Silver.—Cash, 18 5-16 d per ounce; forward, 18 7-16<l. 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 declares rates being marked*:— Monterey, America, dollars .. 4.58} Golden Cloud, Canada, dollars .. *4.85 Golden Cloud, America, -dollars‘*4.79 Brisbane Mani, Japan, yen .. 14 3-16 d Canadian Constructor, Canada, dollars .. .. .. 4.8-1} Winton, America, dollars .. 4.74 Aorangi, America, dollars .. *4.79 Aorangi, Canada, dollars .. *4.77 City of Bedford, America, dol. 4.66} Wairuna, America, dollars .. 4.65} SYDNEY STOCK EXCHANGE Market Remains Strong By Telegraph.—Press Assn.—Copyright (Received November 2, 8.30 p.m.) Sydney,.November 2. The Sydney Stock Exchange market is strong with only slight price variations. Sales: Bank of New South Wales, £33 17/6; Commercial Bank of Sydney, £l7 13/-; Colonial Sugar, £62/2/6; Australian Provincial Assurance, 12/3; Adelaide Steam, 25/6; Howard Smith, 12/6; Australian. Glass, 52/-; British Tobacco, 37/9; Dunlop I’erdriau, 18/101; ditto, pref., 34/6; Goldsbrough Mort, 30/11; Anthony Hordern, 12/9; Australian Iron and Steel, pref., 18/-; Hume Pipe, 13/6; Tooheys, 24/6; Carlton Brewery, 45/3; Henry Jones, 35/9;. Electrolytic Zinc, 26/6; Morris Hedstrom, 19/3; Broken Hill Proprietary, 41/-; Mt. Morgan, 52/6; Kuala Kampar, 12/8. Morning sales: Commonwealth bonds, 4 per cent., 1938, £lO4/17/6; 1941, £lO5 5/-; 1941, £lO4/12/6; 1947, £lO5/10/-; 1957, £lO6/12/6; 1961, £lO5/17/6; Associated News, 21/-; preference do., 20/7}; Broken Hill Proprietary, 41/-; Colonial Sugar, £62; Henry Jones, 35/-. , Melbourne, November 2. Sales: Goldsbrough Mort, 30/-; “Her-ald-Times,” 48/6; North Broken Hill, 87/6.

WILSONS CEMENT Usual Interim Dividend RETURN OF CAPITAL Wilsons (N.Z.) Portland Cement, Liraited, has advised the Stock Exchange Association that an interim dividend of sixpence per share for the half-year ended September 30, 1933, will be paid on November 28 to members on the register on November 15. The register will be closed from Wednesday, November 15, to Thursday, November 23, both days inclusive. Dividend warrants will be posted on November 28. The dividend is at the usual rate. . Regarding interest on the Government inscribed stock to which members are entitled by way of return of capital, the secretary of the company states that as transfers of this' stock could not be completed in time for transferees to receive the six months’ interest which is payable thereon-on November 15 next, such interest will be received by the company and paid to the transferees entitled thereto, at the same time as the interim dividend is paid on November 28. The directors have also decided to pay interest’ at 3J per cent, for 44 days from April 1. 1933, to May 14, 1933, inclusive. This will be paid to members who were registered holders of shares on October 2. Members "whose stock has been sold, by the company on their behalf will be paid interest from April 1 to May 14 only. Mosgiel Woollen Factory The annual report of the Mosgiel Woollen Factory Co., Ltd., was printed in this column on Wednesday. Following, is a comparison of the company’s results and appropriations for the last three years: —■ 1931. 11132. 1933. f £ £ £ , Brt. forward ... 9,883 9,759 10,046 *Nct profit 11,414 11,820 12,30 a '£21,297 £21,584 £22,351 To reserve 2,000 2,000 2,000 Dividend, 10 p.c. 9,538 9,538 9,538 Carried forward £9,759 £10,046 £10,813 * After the provision of £5OOO each year ■ for depreciation. The dividend distribution is 10 per cent, for the tenth year in succession. In addition, in 1927 a cash bonus of 10/- a share, equal to 124 per cent., was paid from reserves. The diamond jubilee bonus recommended by the directors for the past year of 7/6 a share is equal to •9 2-3 per cent. The paid capital of the company is £95,380 in 23,845 shares of £5 each, paid to £4. At the end of the 1932 financial year the reserve account stood at £45,530, ■ BASE METALS MARKET Little Change in Prices By Telegraph.—Press Assn.—Copyright. (Received November 2, 8.'30 p.m.) ■London, November 1. \ The official London (middle) quotations for, Wednesday, as reported by the Aus-

BUTTER MARKET London Prices Steadier CHEESE FIRMER Joseph Nathan and Co., Ltd., have received from their principals, Trengrouse and Nathan, Ltd., London, the following cabled advice, dated November I:—New Zealand butter: After a further decline of 2/- a cwt., the market recovered to: Finest, 88/- per cwt.; first, 84/-. The market is again quiet at this level. New Zealand cheese: White and coloured, 48/per cwt, on short spot stocks. A. H. Turnbull and Co. have received the following cable from their principals. W. Weddel and Co., Ltd., dated London, November I:—Butter: Danish, 116/-; New Zealand, finest, 88/-: first, 84/-; Kangaroo, 87/-; first, 83/-; market steadier. Cheese: New Zealand, white. 47/- to 48/-; New Zealand coloured, 46/to 47/-; market steadier. The New Zealand Loan and Mercantile Agency Co., Ltd., have received the following advice from their London house, dated November I: —Dairy produce (quotations at October 30 in parentheses): Butter: New Zealand choicest salted, finest. 88/- to 90/- per cwt. (92/-) ; first grade. 83/- to 84/- (88/-) ; market steadier. Cheese: White, 47/- per cwt. (46/- to 47/-) ; coloured. 46/- (45/- to 47/-). Market firm. * EGG EXPORT TRADE Otago Shipments By Telegraph.—Press Association. Dunedin, November 2. The season for the export of eggs from Otago has now concluded, the total amounting to 3777 crates of 30 dozen each. The final consignment, which was dispatched by rail to Lyttelton for shipment by the Rangitiki, amounted to 1601 crates, which is believed to bo the largest shipment to date from any one centre in the Dominion. The price in London, this year is about 1/9 per long hundred (as 10 dozen is known in the trade) lower, but this will be offset by the increased exchange rate making f.o.b. about lOd. per dozen. GOLD MINING Mataki Dredge Return Mataki Gold Dredging, Murchison, reports a return of 260 z. The wash continues to be very changeable, with good patches in parts. Bell Kilgour Operations The mine manager of the Bell-Kilgour Gold Mining Company, Ltd., reports for week ended October 28, that the main drive has been extended 20ft., chiefly in hard clay, and is now in a distance of 432 feet. The east cross-cut has now been driven to the boundary, a distance of 26 feet. He is now working back west, and has driven 15 feet in a westerly direction, , All this work is through a full face of wash giving fair dish prospects of fine gold. The north-west cross-cut was advanced 22 feet for the week on an uneven floor. which seems to be dipping again. Values were irregular; some dish prospects gave a good sample of coarse gold. GRAIN AND PRODUCE Australian Markets By Telegraph.—Press Assn. —Copyright (Received November 2, 8.30 .p.m.) Sydney, November 2. Wheat, bagged, is quoted nominally at 2/9 a bushel, but there are no sales. Silo wheat in the'country, on sidings, is offered at 1/10, and bagged at 1/11, equal to 2/6 ex trucks at Sydney. Flour, £9 a ton. ’Bran, £4/10/- a ton. Pollard, £4/15/-. . ■ Potatoes: Tasmanian, £5/10/- a ton, Victorian, to £4/10/-. Onions: Victorian, brown. £4 a ton; white, £9. Oaten hay, £7/10/- a ton. Maize: Yellow and white, 3/10 a bushel. Adelaide, November 2. Wheat, growers’ lots, 2/5 a bushel. Flour, bakers’ lots, £7/5/- a ton. Bran, and pollard. £5/2/6 a ton. Oats, Algerian, 2/1 a bushel. . PRODUCTION AND PRICES League of Nations Review The Economic Intelligence Service of the League of Nations has just published a study of “World Production and Prices," which also includes a short review of the changes in the quantum of international trade, and an analysis of the movement of prices on the world markets and in various countries. The recent effects of world economic depression on the different branches of production arid trade (average 1925;29 equals 100) are shown in the following

The lowest point of the depression in the world’s productive activity to have been passed about the middle of 1932. Industrial' production in general showed an upward tendency during the latter part of 1932. Toward the end of 1932 and in the course of the first quarter of 1933, however, a setback was noticeable in a number of countries. It may be stated roughly that.l932 was the first year since 1925 when current production did’ not exceed current consumption. In the chapter on price movements attention is particularly directed to the course of prices since the widespread abandonment of the gold standard toward the end of 1931. Agriculturists have been affected with special severity by <he fall in prices as the goods they sell have fallen more in price that the goods they buy. The terms of trade have turned sharply against States exporting crude foodstuffs and raw materials and importing finished products. The discrepancies between wholesale and retail prices have persisted, and contrary to most experiences! investment goods have fallen less in price than consumption goods. United States Debt Policy Wltpn speaking before the Grain Dealers’ Association in Chicago on September 20, the Secretary of Agriculture, Mr. Wallace, declared that inflation was not in itself a cure for farmers’ ills, and, moreover, that attempts to fix agricultural prices without control of production were not only dangerous but doomed to failure. Mr. Wallace claimed that never in "history has there been eo great an improvement in any nation's affairs as there has been in those of the United States during the past six months. He warned his audience none the less that this improvement would come to. a sad end of the country did not adjust its outlook to the fact that it was now a creditor nation to the exent of 1,000,000,000 dollars annually. As a nation, he said, they still had a debtor psychology, adding that “a creditor nation which insists on selling abroad more than its imports and demands payment of foreign debts to the last dollar, while at the same time it shrieks for high tariffs, is due for , a ■ terrific disillusionment.”-

SYDNEY WOOL FIRM Distinct Hardening Tendency VERY STRONG COMPETITION By Telegraph.—Press Assn.— Copyright. (Received November 2, 10.10 p.m.) Sydney, November 2. At the wool sales to-day 12,757 bales were offered, of which 12,119 were sold at auction; also 2u33 bales were sold pnstrong competition saw the market close firm on late rates for all descriptions with a distinct hardening tendency for all well-grown wools. Greasy merino made (.6Jd. for five bales from The average price of the greasy wool sold at Sydney during the first three days of this week was £IS/o/5 a bale or 14d. a lb. Keen Melbourne Sales Melbourne, November 2. ■ Competition was again very keen at the Melbourne wool sales, with all the best features of the preceding two days sales much in evidence. During the sales prices in most cases favoured sellers. DOMINION WOOL SALES Opening at Auckland Dominion Special Service. Auddand, November 2. With the first wool sales little over three weeks away, merchants report that, so far, comparatively little wool is on hand.’ The rains of the last week have had the effect of delaying shearing and the cartage of wool, and consequently a number of broken clips have been recoived. A spell of fine weather during the next few days will have the effect of piling up in the stores large stocks of wool, and the storemen will have to work overtime in order to get the catalogues out well before the sale. The mild weather of the winter has resulted in the growth of wool of even, soft quality, and the opinion has been voiced that the average standard is higher than it has been for some years past. Some large lots of earlier shearings are in the stores, and these show no deterioration of quality. . nAt this juncture it would be difficult to estimate the quantity to be offered at the first sale. Much of it will be local wool, and it is expected that large stocks will accumulate at the last minute. The general opinion is that the catalogue will be a full one. The high prices being realised, by fine wools may have the effect of increasing the price of the fabrics made from them, and this may have a tendency to increase the demand for wool more of the type being offered at Dominion sales. The New Zealand selling season will be opened with the first sale at Auckland on November 27, followed by sales at Napier and Wellington. The quantity offered at the opening sale at Auckland last year was 28,687 bales. TRADE AND FINANCE Fewer Bankruptcies This Year A slight stimulation of internal trade is suggested by the figures of bank debits for September, the volume of which shows an increase of 2.3 per cent, over the previous month, reports the Government Statistician. The figures also compare very favourably with those of a year ago, as an increase of 11.3 per cent, is observed. Advances during the month also moved up very slightly, but record a recession of 12.4 per cent, when compared with September, 1932. Deposits, on the other hand, while showing a similar movement' from the previous month, register an increase of 13.1 per cent, over September, 1932. A halt in the upward trend of business in real estate transactions in evidence during the last two months has been called during September,, when the volume of business declined by 11.0 per cent. The total number of transfers effected, however, was still 2.2 per cent, above that for September, 1932. Town and suburban properties show a decline of 12.3 per cent, from August, but an increase of 7.3 per cent, over September, 1932. The cumulative figures for the first half of the fiscal year record a decrease of 6.2 per cent, for the total transactions, and of 4.7 per cent, for town and suburban properties when compared with the corresponding six months of 1932. Mortgages show an all-round. decrease in all comparable indexes. Registrations are down by 9.4 per cent, from August and by 18.7 per cent, from September, 1932, while the six months figures snow a recession of 16.5 per cent. The corresponding decreases for discharges are 18.0 per cent., 10.0 per cent., and 12.0 per. cent. respectively. ■ Bankruptcies this .year have been considerably fewer than has been the case in any other year since 1929. The latest returns available cover the nine months period ending in September, and show a decline in the number of bankruptcies of 157 or 30.7 per cent, in comparison with the first nine months of 1932. Private assignments for the same periods iridicata decrease of 43, or 23.1 per cent., .making a total reduction in financial failures of 200, or 28.7 per cent. » Finance- of Monster Ships The statements made at the meeting of the Gompagnie Generale Transatlantique in September hardly portray in a favourable light the finance of the liner Normandie, of about 75,000 tons gross, now under construction. Hope was then expressed that the vessel would “run at a profit of between 30,000,000 francs and 40,000,000 francs a year.” Against this, it was explained, there would have to be set the cost of depreciation, “which would probably be slightly greater," and the company was to conclude a new agreement with the State which would guarantee the loans issued to cover this cost. The prospect cannot, therefore, be regarded as encouraging for the earning capacity of the owning company, which is now to proceed to a capital reduction scheme before making a new share issue in order to qualify for a permanent subsidy from the State. The outlook is also not favourable for the French Government, which is faced with serious Budgetary difficulties. ■Speaking in the Senate in July, M. Frot, the Minister of Merchant Marine, stated that the working expenses of the liner would be 50,000,000 francs a year, and that although she would attract passengers it might well be at the expense of other ships of the line. Some of the new cabin vessels are understood to have done well, even in the times of severe depression, and a strange situation will, be created if, as is anticipated authoritatively in France, the new monster ship not only fails to pay her way and has to be supported by the State, but also causes existing vessels, which are now. satisfactory assets, to become liabilities. To build and operate liners in the deliberate expectation that they will not pay their way introduces new and dangerous ideas to shipping management, says “The Times.” Bank of New South Wales % The transfer books of the Bank of New South Wales will elose for dividend purposes Navsmber 13,

NJ5. GOVT. IOANS. Buyers. ' ■ , ’ £■ s d Sellers. £ s d « n.c. Bonds, 1040 .... 102 0 0 - W— 1 p.c, ditto, 1946 .... 4 p.c. ditto, 1955 .... Rural Advance Bond 102 0 101 15 0 0 —— 98 0 3} p.c. Ins. Stk., 1939-43 31 p.c. ditto, 1939-52 .. 31 p.c. ditto. 1938-53 .. i p.c. ditto, 1940 .... 4 p.c. ditto, 1946 .... 4 p.c. ditto, 1949 .... 4 p.c. ditto,, 1955 .... 102 0 101 15 104 10 0 0 _0 101 5 102 5. 102 5 102 ~5 100 17 101 15 0 0 0 6 0 debentures. Anck. city, 5i P.c.,-1044 101 0 0 —— Chch. City. 51 p.c., 1944 101- 0 0 ■ iDunedln City, 5} p.c., 1941 101 10 0 WM Wgtn. City, 51 p.c., 1940 101 io 0 -ww Wgtn. Harb. Bd., aj p.c . 1940 101 10 0 — Wgtn. City, 41 p.c., 102 0 , 30/6/1943 Wairere E.P. Bd., 6 p.c., 1 1961 0 WM 102 10 0 Waitomo County Council 1961 — 102 10 0 Wanganui H.B., 5J p.c., , 1940 I... 101 10 0 Palmerston N., 5} p.c., [ 1948 96 0 0 ~M Waikato R. Bd., 5 p.c., 92 0 . 1937 •— Wgtn. Gas Co. ........ 101 10 0 —w ; Wgtn. Racing Club ./. 95 10 0 ■ — Amid. Brick and Pipe (Wellington) Glaxo 89 ~O 0 95 0 . a 0 ’ BANKS. : Comrcl. of Aust., ord. . Comrcl. Bankg. Co., Syd 0 16 11 '17 13 0 0 17 17 17 2 6 Eng..’Scot, and Aust. 5 12 0 5 14 6 National of N.Z. 4 2 9 New South Wales ..... 34 0 0 o± 5 0 New Zealand ........ •2 7 4 —w> ■ Ditto, “D” long term (Union of Aust. . *1 12 0 10 8 0 ■, FINANCIAL. Dalgcty and Co •10 0 0 Equitable Building Co 2 15 0 National Mortgage, "A” Ditto, “B” , 2 13 0 WM 1 10 0 WM N.Z. Guarantee Corpn., ord., cum. rights .. 0 8 3 0 8 6 Ditto, pref., cum. rights 1 0 0 — N.Z. Loan and Mere.,* ord. stock W—• 63 0 0 N.Z.-and River Plate . 1 4 0 ■ —— Wgtn. Trust, Loan ... 4 0 0 — "» Wgtn. Dep. & Mortgage 0 3 3 — ■ - GAS Auckland . —— 1 3 7 Ditto, contrib, .... ■ * 0 17 6 .Christchurch MW 1 8 3 ’Wellington, ord 1 13 9 1 14 3 Ditto, pref. —, 1 3 6 , INSURANCE. 0 12 Aust. Prov. Assce. .... ——• 2 National of N.Z. .. •0 18 3 —w New Zealand ......... 2 14 6 ■ —• South British 3 12 0 3 13 6 Standard 2 18 0 3 0 9 MEAT. 1 Gear Meat, cum. rights (N.Z. Refrig., £1 paid . 1 11 9 1 12 9 1 0 5 1 0 9 Ditto, 10/- paid .... Wgtn. Meat Export, pref 0 9 11 0 10 6 . 0 18 0 ... —. TRANSPORT, Union Steam, pref 1 4 6 . — WOOLLEN. ' 5 12 Wellington, ord. — ■ 6 Ditto, pref. ........ —— 5 12 6 Kaltangata 0 18 6 1 3 0 Tauplri 0 14 0 WM Westport 0 13 a 0 14 0 Westport-Stockton. pref. 0 1 10 -M. TIMBER. Kauri > WM 0 16 0 Leyland-O’Brien 0 19 0 —• National ........ . WM o, 7 6 Tarin gamutu Totara .. 0 2 3 WM MX BREWERIES. Carlton .............. 2 3 0 ■"■w N.Z. Breweries 1 17 6 1 17 9 Tooth and Co. ......... 2 2 3 — MISCELLANEOUS Colonial Sugar 61 5 0 62 0 0 Dominion Investments 1 3 0 — D.I.C..- ord. fO 12 9 WM. Ditto, pref. tl 0 3 0 WW. Electrolytic Zinc, ord. . Farmers’ Co-op. Auct’ng 1 6 —— 2 10 0 —M . ) ■ National Electric w—• 0 6 9 N.Z. Drug ............ 3 9 6 . I — N.Z. Newspapers 1 7 0 1 8 0 Prestige (N.Z.), Ltd., tl 1 pref. — 9 Sharland and Co., pref. ♦1 2 6 WM Wilson’s < Cement ..... 1 6 9 —W Woolworths (N.Z.), pref. — . 1 16 0 Ditto, Sydney,? p.c.. pref —w 1 6 6 Australian Glass ...... 2 11 0 . 2 13 0 OIL. Moturoa, ord 0 2 2 — MINING. Alexander 0 17 2 0 18 0 Bell Hooper 0 0 9 0 1 9 Bell Kllgour 0 1 1 WM Big River -• 0 1 5 Central Shotover .... 0 1 0 . 0 1 4 Gillespie’s Beach, ex. rights 0 2 1 — King Solomon 0 3 1 0 3 4 Mount Lyell 1 2 1 —. Nokomai . 0 2 6 — Waihi ■fl*'5 0 1 6 0 •Cum dividend.- fEx dividend. Unofficial List Buyers. Sellers. £ 8 d £ s d Wellington Publishing Co 4 0 0 5 0 0 Mayfair Flats, 12/6 pd Woolworths (N.Z.), ord.. wm 0 9 0 ex. rights .......... —• ' 4 10 0 Ditto, .Sydney, ord. ' T 5 12 6 AUCTION DIARY TO-DAY. Paintings and etchings- (J. H Bethune and Co.) Parkvale Rd.. Karorl, 1.30 p.m.— Furniture (Silverstone.) >8 Manners St., 1.30 p.m.—Men’s wear and furniture (Ramsey Wilson.) 91 Dixon Street, 1.30 p.m.—Furniture (C. W. Price). TO-MORROW. A Dee St., Island Bay, 1 p.m.— -Furniture Lnmbton Auction Rooms.) MONDAY. Spring Cattle Fair, Masterton, 12 noon. Johnsonville store stock and dairy sale, 1 P.m. (W., 8., and ?o.) .Shannon Salo (A. & W. Ltd J.

WELLINGTON. Return on investSale price ment £ s d £ s u Inscr. .Stock, 3J p.c., 102 2 6 1039-52 3 8 6 Wellington Gas 1 14 0 4 14 1 S. British Insurance . 3 12 6 3 13 6 N.Z. Refrig., £1 pd. 10 6 —• Dlttn (4) 10 7 ■ - Ditto ............ 1 0 7J — Westport Coal 0 13 9 3 12 8 N.Z. Newspapers 17 9 3 12 1 *0 0 9J — — Unofficial list: Invest., Exec. Trust, “B” debentures .. ♦98 0 0 9 13 10 ♦Late sale Wednesday. AUCKLAND. £ s d £ s d Govt. Bonds. 4 p.c. 15 1940 102 5- 0 3 10 Bank of N.Z South British Insur 2 7 4 4 15 1 3 12 3 '3 13 9 Goldsbrough Mort .. 1 10 0 1 13 4 Auckland Gas 13 6 4 13 7 Bycroft 2,0 3 61 10 0 4 11 1 Colonial Sugar 4 1 3 Dominion Fertiliser . 0 14 3 “ Ditto 0 14 Electro. Zinc, ord. .. 16 6 — Farmers’ Fertiliser . 0 16 3 6 3 0 N.Z. Refrig., 10/- pd. (2) 0 10 0 (Io! con da .......... 0 0 6 Ditto bos HTrnritO .... 0 10 21 Waihl Grand Junction: (2) 0'4 0 8 6 8 , Unoificial list:—

£ s d £ s d Govt. Bonds, 4 p.c., 1940 (2) 102 12 (i 3 14 8 • Ditto, 4 p.c., 1946 .. 102 0 0 3 1G 0 ♦ Ditto. 4 p.c.. 1949 . 101 0 0 3 18 3 E.S. and A. Bank .... 5 12 6 13 .4 Ditto 5 12 0 •> 13 7 Bank of N.S.W. (2) .. 34 0 0 J 18 9 N.Z. Refrig., £1 paid 1 0 6 — Ditto, 10/- paid (10) 0 9 11 - Christchurch Gas ... 1 .7 3 4 8 0 N.Z. Breweries (2) .. 1 17 9 3 14 Dunlop Rubber (2) ./ 0 IS 9 4 t) 4 Electro. Zinc, ord. ... 1 6 3 —— 0 13 0 ■ ——- . Alexander Mines, contr. (2) 0 17 6 —• Ditto 0 17 .11 » Ditto * 0 17 .1 . - Big River (2) 0 1 3i — Gillespie’s Beach, ex 0 2 2} 1. Sales reported:— Bank of N.Z ,2 7 3 4 15 3 Goldsbrough Mort ... 1 10 li 1 13 N.Z. Refrig., 10/- pd. *0 10 0 Ditto 0 9 104 — — 0 13 8" 3 13 2 Ditto 0 13 9 3 12 8 1 17 7 3 14 6 Electro. Zinc, pref., ex div. . 1 14 C 4 12 9 1 6 6 —— Wilsons Cement ..... t 7 4 3 13 2 "Late sale Wednesday. / DUNEDIN. £ s d £ s d Kaitangata Coal 1 2 6 8 17 9 N.Z. Refrig., 10/- pd. 0 10 1 —. Waitahu 0 6 6 ——

Nov. 1. Oct. 31. Par. N. York, del. to £ 4.795 4.77 4.866 Montreal, del. to £ 4.85} 4.84 4.866 Paris, fr. to £ 79 27-32 8025-32 12-4.21 Brussels, Ibel. to £ 22.405 22.675 35.00 Geneva, fr. to £ 16.12 16.325 25.225 Amst’dam, fl. to £ 7.75 7.845 . 12.107 Milan, lire to £ 59.375 60 1-32 92.46 Berlin, inks, to £ 13.125 13.265 20.43 ‘St’holm, knr. to £ 19.395 19.395 18.159 C’hagen, knr. to £ ,22.40 22.40 18.159 Oslo, knr. to £ 19.90 19.90 18.159 Vienna, schgs. to £ 29 29 34.585 Prague,, knr. to £ 105.25 106.50 164.25 Heritors, inks, to £ 228.75 226.50 193.23 Madrid, pes. to £ 37.375 ■ 37 25-32 I 25.225 Lisbon, esc. ito £ 104.50 104.75 . 110 Athens, drach. to £ 570 570 375 ' Belgrade, din. to £ '232 233.-50 276.31 Bucharest, lei to £ 532.50 ’540 813.60 Warsaw, zloty to £ — . l—. 43.38 Bio de 3., p. to mil. 14 3-8 1-4 3-8 5.899 B. Aires,-p. to peso 444} 144 47.62 M. Video, p. to peso *36 ♦36J '51 Calcutta, p. to rup. 18 18 18 Shanghai, p. to dol. 159-16 157-16 ■—. H.-Kong, p. to dol. 171-8 171-8 -— Y'hama, p. to yen '144 .144 24.582 Batavia, fl. to £ 12.107 ' *Nominal. fOfflcial.

trslian Mines and Metals Association, compare as under with those previously cabled, Oct. 31. Nov. 1. Per ton. Per ton. Copper— £ s d £. s d Standard, spot 1.. 32 16 10} 32 14 4} Standard, forward 32 IS 9 32 16 10} ♦Electrolytic .... 36 10 0 36 0 0 to 37 10 0 37 0 0 , Wire bars ....... Lead — 37 10 0 37 0 0 Forward 11 12 6 11 13 9 1117 6 12 1 3 Spelter— • < Spot ............. 15 17 6 15 11 3 Forward 16 0 0 15 18 9 Tin— 224 12 0 tSpot 224 10 0 Forward ........ ZU 7 6 224 5 0 Silver— . Standard, per ox. , . 181 d 185-16d Fino 19.11-lGd MJ d

' tAmerican, 48.30 cents a lb. •American, 8 cents a lb. N.Z. INTEREST PAYMENTS Southland Power Board Case —T— . / _ ’ The New Zealand Government may be congratulated on its determination' to maintain ,the Dominion’s credit unimpaired, despite the parochialism of a nfimber of public borrowers, says the “Economist” of September 16. This week the Southland Electric Power Company, which had reluctantly acquiesced in the Government’s policy of paying London debenture holders in sterling, decided by a large majority to return to its initial decision, and make payments in New Zealand currency. It is not clear how tar the board’s attitude was determined by counsel’s opinion that the bondholders’ contract provided for payments in the national currency, and how far to the fact that such payments involved a prospective saving of £20,000 per annum. The New Zealand Government hastened to declare that, as guarantor, it would make good the difference and would subsequently introduce legislation to obtain reimbursement from the board. The Government, according to its High Commissioner in London, is jealous that New Zealand’s reputation for fair and honourable dealings should not be lost by the hasty action of one local authority. The position, in some respects, resembles that which the Lyons Government in Atistralia had to face in its early days, after the tragi-comedy of Mr. Lang, with tire signifibant difference that whereas Mr. Lang openly set the law at defiance, the public bodies which are involuntarily endangering New Zealand’s overseas status believe themselves to be honouring the ,law as it stands It has been suggested that a test case might be staged, but that is probably the last thing the New Zealand Government would desire. At a time when the success of the Commonwealth authoritics in converting their callable 6 per cent, sterling stocks to a yield basis of under 4 per cent, is providing an object lesson in the budgetary value of a borrower’s reputation, Mr. Forbes has the best of reasons for desiring to avoid the unfavourable publicity of a cause eelebre, and the, possible embarrassment of an adverse decision. In such an event, sterling bondholders. would not be likely to forget that the question might never have arisen if the Government had not decided on a policy of deliberate devaluation of the New Zealand pound, against the advice of a former Finance Minister. The Government has lately chosen the better part, but so long as the position remains uncertain, recurrent individual “defaults,” and the absence of official quotations for certain New Zealand local stocks in the London Stock Exchange List, are likely to produce precisely the effect which the Government ■ is most anxious to avoid. There appears {o be a clear case for special legislation, at the earliest possible moment, to make the position' clear beyond peradventure. Dollar Conversion Bates The Associated Banks have agreed that the conversion rates from October 31 will be:— U.S.A. Canada. Conversion of dollar bills received for collection and sale of dollar drafts 4.68 4.75 Purchase of dollar bills . 4.88 4.05 , These conversion rates nre, 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 aa the case may require.

indices:— 1929 1930 1931 1932 Total 1 primary pro100 dnntion 102 98 94 Agricultural productlon 104 103 103 102 Non-agricultural pro101 duction ......... 114 86 73 Industry activity ... Quantum of inter111 100 102 90 . . 77 national trade ... 111 93 80