FINANCE and COMMERCE

Dominion, Volume 27, Issue 188, 8 May 1934, Page 12

FINANCE and COMMERCE

STOCKS AND SHARES Market Firm and Active gilt-edgeds strong Firm and active conditions ruled yesterday in the Wellington stock and share market. There was a . good volume oi business at prices which showed a hardening tendency in most cases. Marked strength was shown by Government loans, buyers making substantially increased bids for the 4 per cents.. 1940 and IMG. The 4 per cent, stock. 1046, advanced to sell at £lO5, and the 1949 maturity was done at £lO4/10/-. Allowing for accrued interest these prices represent a premium of over 4 per cent, the yield to the investor being £3/11/5 per cent, for the 1946 stock and £3/12/b per cent, for the 1949. The only feature in the bank section was the firmness of New Zealands, which advanced to sales at 51/-, buyers staying ,in at 50/10. The D long-term mortgage shares advanced to 34/11, without response from sellers. Union of Australia eased to £9/17/-, sellers £lO/1/-. No change was seen in'financials and pastorals, which were quiet., Gas and insurance shares held very firm at late rates. Meat shares were steady. Coal shares were very firm. Pukemiro advanced to a sale at 24/3, more being wanted at 24/-. Westports sold at 15/2. late buyers quoting 15/-. Breweries and miscellaneous ' shares were quiet and little changed Wilsons Cement sold at 27/6 and New Zealand Breweries at 41/10. Gold mines were dull. Waihis, done late on Saturday at 34/6. were wanted at 6d. higher yesterday. WELLINGTON EXCHANGE Yesterday’s Quotations The latest buying and selling quotations recorded yesterday on the Wellington Stock Exchange were as follow:—

AUCTION DIARY TO-DAY. Masterton, 2.30 p.m.—Sale freehold Business Premises (Kerslake and Co.). (PalHser and Co.), (Ross and Co.). Levin Sale—(Abraham and Williams Ltd.). Masonic Hall, Wellington Terrace, 1.30 p.m.—New furniture exhibition (11. Johnston and Co.). , ’ Pl Dixon St., 1.30 p.m.—Sale household furniture (C. W. Price). TO-MORROW. Bank N.Z. Bldgs., Lambton Quay. 2.30 p.m.—Llndum Terrace property (G. G. Tolhurst and Son). Druids’ Hall, Main St., Otakl, 1.30 p.m.— Sale property Otakl (J. L. Bennett & Co. and Mr. Harold Taylor). Kaikarangl, Huntervllle, 10.30 a.tn. —Sale Jersey cattle (W. Steph & Co., Ltd.). Bank N.Z. Bldgs., Lambton Quay, 2.30 p.m.—Hlghlaud Park property (G. G. Tolhurst and Son). Johnsonville fat stock sale. 1 p.in. 35 Willis St.. 11 a.m.. and 2 p.m.—Sale Drapery stock (Sam Green). Gunnton Motors’ Garage, 263 Wakefield St., 12110 p.m.—Essex Sedan Car <E. Johnston).

.. 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 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 3} per cent, loans the return is for the interest alone, and covers only the period for which the loans are tax-free.

FOREIGN EXCHANGES Position of Sterling \ By Telegraph.—Press Assn.—Copyright, London, May 5. The following rates on foreign exchanges were current to-day compared with those ruling on May 4:—

Dollar Conversion Bates The Associated Banks have agreed that the conversion rates from Mav 7 will be! — . ' U.S.A. Canada Conversion of dollar bills received for collection " and sale of ■ dollar drafts 5.01 5,00 Purchase of dollar bills 5.21 5.20 These conversion rales are. of course, quoted on a sterling basis (London funds) and current rate of exchange New Zealand on London will be charged or allowed as the ease may require.

GOLD MINING Latest Returns The Okarito Five Mile Beach Gold Dredging Co., Ltd., reported to the Stock Exchange Association a return of 240 z. lldwt. for 115 hours’ work last week. For the four weeks ended April 21 the total gold won was llloz. lldwt. for 473 hours’ work. Greyinouth. May 7. The Brian Born weekly return was 630 z. sdwt. for 107 hours. The Mataki Gold Dredge return for the week ended May 5 was 470 z. for 131 hours’ work. TALLOW AND HEMP London Markets Quiet The Department of Agriculture has received the following cablegram, dated May 5, from the High Commissioner for New Zealand, London :— Tallow: Market continues quiet, with values nominally unchanged. Hemp: Manila—Market quiet, with poor demand. Closing values, “K” grade, for May-July shipment, £l3/5/-. Sisal — Market quiet and closed easier. JuneAugust shipment sold at £lO/15/-: and July-September shipment at £l5/17/0, New Zealand—Market nominally unchanged. No first-hand sales reported.

HESITANT TONE Sydney Stock Exchange INDUSTRIALS STEADY By Telegraph.—Press Assn. —Copyright. (Received May 7, 8.30 p.m.) Sydney, Muy 7. Reaction from last week's abnormal activity and the rising prices of gold shares occurred on the Stock Exchange to-day. The tone of the market was distinctly hesitant, although falls in prices were only moderate. Buyers exhibited a tendency to' transfer attention to Eastern tin dredging concerns, which were firmer. 1 Most active industrial trading issues were steady. Sales : Bank of New South Wales. £34 : Mercantile Mutual Insurance. 22/9; Associated News, 24/3; ditto, pref.. 24/3: Burns Philp. South Sea, 26/-; Australian Gae, A, £B/3/6; Tooths. 45/-; Tooheys, 29/6; Dunlop Pcrdriau. 18/9 Goldsbrough Mort, 34/-; Henry Jones. 31/9; Millaquin Sugar. 31/-: Farmers, 19/-; Anthony Hordern, 16/3; Newcastle Gas. A and B shares. 13/3: Meggitts, 22/3; John McGrath, 29/-; Australian Iron' and Steel, pref., 22/10|. Mount Morgan, 22/-: Broken Hill Proprietary, 48/-; South Broken Hill, 72/9; Kuala Kampar, 16/9; Larut, 15/3; Tongkah Harbour. 21/7}: Malim Nawar, 16/9. Morning sales included: Commonwealth Bonds, 4 per cent., 1938, £lO6 2/6; 1944, £lO7/7/6; 1959 £lO7/5/-; Australian Gas. A, £B/3/6; Anthony Hordern, 16/-; Associated News, 24/6; ditto, pref., 24/6;. British Tobacco. 37/74; Burns Philp. South Sea 26/-: Wilcox Mofflin. 13/11. Melbourne. May 7. .Sales on the Melbourne Stock Exchange to-day included: Carlton Brew ery, 45/9; Herald Weekly Times 51/3; Electrolytic Zinc. 26/9; Mount Lyell. 23/6. INCREASED PROFIT Dental and Medical Supply Co. The directors of the Dental and Medical Supply Company Ltd., in submitting toe report and balance-sheet for the year ended March 31, 1934, are pleased to announce a slightly better result than that shown. the previous year, the net. profit being £926, as compared with £Bl5. The turnover during the first six months suffered a decline, but business improved very considerably during the second half of the year, and at March 31. 1934, th J turnover exceeded that of the previous year by a small sum. Working expenses were reduced by £149. Ample provision has, as usual, been made for bad and doubtful accounts, and stocks have been taken at cost or market prices (whichever is the lower). Furniture. fixtures, fittings and motor-cars have depreciated by £413; premises have been written down £471. The net profit for the year, £926/8/7. together with the balance brought forward. £555/15/6, makes a total of £1482 4/1. which sum the directors recommend be applied in payment of a dividend of 24 per cent., absorbing £1444/19/-. And leaving a balance of £37/5/1 to be carried forward to next year. The transfer books will be closed from May 3 to 18 inclusive. The retiring director. Mr. Andrew Gray, offers himself for re-election. The company's results and appropriations for the last three years compare as

Dalgety and Company As already announced in this column, Dalgety and Co., Ltd., woolbrokers, etc., has received a cable message from its London oilice stating that the directors have declared an interim dividend for the half-year ended December 31 of 2/6 a share on Ordinary shares, or at the rate of 5 per cent, per annum. At an extraordinary general meeting of the company to be field in London on Muy 10 motions will be submitted to confirm all payments made by the company to the chairman, Mr. E. W. Parker, in respect of his tax-free salary as chairman from June 30. 1913, to June 30. 1933; to confirm all such payments, to the deputy-chairman. Mr. E. V. Reid, as well as his tax-free pensions from June 30, 1930. to June 30. 1933: and to authorise the directors to continue such payments at the same rates us heretofore. LONDON FRUIT MARKET Current Prices The Department of Agriculture has received the following cablegram, dated May 5. from the High Commissioner for New Zealand. London: — Fruit: Market quiet. Hororata and Port Chalmers discharging fruit in good condition. ' Current prices for:— Apples: Cox’s Orange. 8/6 to 12/6; Alfriston, 9/-to 10/-; Ballarat and Cleopatra. 9/6 to 11/-: Delicious. 8/- to 10/6: Dunn’s Favourite, according to size, 7/6 to 11/-; Jonathan. 7/6 to 10/6; Worcester Pearmain, 9/6: Lord Wolseley and London Pippin. S/- to 9/6. Pears: Comice, 12/- to 14/6: Beurre Bose, 10/- to 15/-; Conference. 7/6 to 11/9: Winter Cole. 10/- to 13/-; Packham’s Triumph. 10/6 to 12/-: P Barry. 9/- to 11/9: Beurre Clairgeau. 9/- to 11/3; Beurre Cnpiamont 9/- to 9/6: Duchess. 8/6: Vicar of Winkfield. 8/-. Peas: Maples—Market quiet but slightly better demand recently No. 1 New Zealand for'May shipment sold st from 39/- to 39/6: shippers now asking 41/-. Small business lias been done : n “A” grade Tasmanian for May shipment. 42/-. Bine? —Market quiet. Small retail spot demand for Sellers asking r nr May shipment £ll/5/-: but value £lO/15/-. BURNS, PHILP AND CO., LTD. Net Profit Lower The gross profits of Burns, Philp, and Co., Ltd.. Sydney, increased by £23,086 to £735,587 during the year to March 31. 1934. but net profit was £15.274 lower, at £203,257. The shrinkage in disclosed profits was due to larger provision for depreciation, bad debts, and losses. Dividend at the usual rate of 10 per cent, takes £150,000. while £25,000 will be placed to the reserve, raising it to •£975.000. and £25.000 earin'arked as special depreciation on the company’s copra plantations. A credit balance of £28,083 will be carried forward against £24.826 brought into the accounts. Before striking the year's profit nn addition of £19.731 was made to the insurance fund, raising it to £516.419. Further improvement was gained in the Australian section of the company's merchandise business, sales again showing an appreciable increase in volume. Earnings from shipping services also were maintained. in spit? of the "ver-:',’.creasing foreign competition. Trading in Papua and the Mandated Territory were seriously affected throughout the year by a steadily falling market for copra.

DAIRY PRODUCE London Butter Market OFFERS WITHDRAWN Joseph Nathan and Co., Ltd., have received from their principals, Trengrouse and Nathan, Ltd., Loudon, the following cabled advice, dated May b: —Market closed Friday, New Zealand butter: 74/75/- per cwt; New Zealand cheese, white 43/6 to 44/- per cwt, coloured 43/to 43/6. But butter offers withdrawn this morning owing Press reports Australian quota. The Bank of New South Wales has received the following cable message, dated May 4, from its London office: — Butter. 74/-: cheese, white 44/-. coloured 43/-. . , . _ ... A cable message received in elliugton yesterday, dealing with the marketing position in London, said that practically every foreign exporting country was subsidising exports of butter. It was mentioned that the local price of butter in Holland was 190/- a cwt, whereas tl;e export price was 50/- a cwt. Forward Butter Buying Forward business in butter tor MayJune shipment was confirmed yesterday at 9 3-Bd. t'.o.b. Sales have already been reported at 9 l-Bd. to 9jd. Australian Buttei’ Scheme It was generally conceded by some of the leaders of the dairying industry in Melbourne that the objections raised against the period of three and a. halt years of operation of the butter price equalisation plan, as embodied iu the deed of agreement issued by the administrative organisation, the Commonwealth Dairy Produce Equalisation Committee, Ltd., would carry weight with the Federal Government, says the Melbourne ‘■Argus.” To bind signatories to the agreement for such a period was considered inequitable, although butter factory owners who accepted the contract should have been fully aware of the conditions laid down in the agreement. The plan will now operate for 12 months, when, if necessary, six months’ notice may be given in request for its termination. In that period any defects in the scheme should become apparent, and there would be ample time for remedying the faults. < • . . It is not clear whether South Australia and Tasmania will become parties to the agreement, but, with the revision in the period in which the plan will be in force, and the decision to allow these two States to determine local prices for butter during the period when imports are required, objections to the proclamationof ithe Federal Act have been waived. Hence it is expected that the way will be open to bring the equalisation plan into operation af the commencement of May. Although New South Wales has disclosed its readiness to pay large sums of money to Queensland as the principal beneficiary under the plan. South Australia has intimated that it has no desire to give Queensland an “open cheque” at South Australia’s cost. REDUCTION OF CAPITAL Northern Steamship Company Dominion Special Service. Auckland, May 7. The accounts of the Northern Steamship Company, Ltd., for the year ended March 31 show a net profit, after providing for ordinary repairs, -but not for depreciation, of £11.354, which compares with £11,223 on the same basis, in the previous year. The sum of £21,354, with £40.000 from reserve, has 'been transferred to depreciation account. A balance of £lBl6 brought' forward from the previous year has been carried forward. The following resolution dealing with reduction in capital will be submitted to shareholders at an extraordinary general meeting to be held after the annual meeting on May 31: —“That the capital of the company be reduced from £217,500 in 300,000 shares of 14/6 each to £165,000 in 300,000 shares of 11/- each, and that the reduction be effected by cancelling capital which has been lost or is unrepresented by available assets to the extent of 3/6' per share upon each of the 276,580 issued shares and by reducing the nominal amount of all shares from 14/6 to 11/-.” The report states that it was hoped that a return to better times would justify the retention ■ of assets at the previous figure, but the directors now felt that the continuation of the depression in the shipping trade necessitated a further adjustment of the figures to bring them into line with present-day values. The directors considered that a reduction of the enriitnl was a desirable step. The balance-sheet shows paid capital unchanged at £161.412 in 104,289 shares, 7/- paid, and 172.291 shares. 14/6 paid. Wairarapa Building- Society The directors of the Wairarapa Terminating Building Society, in presenting the 29th annual, report and bain nee-sheet of the No. 1 Group, and the Bth annual report and balance-sheet of the No. 2 Group, state that the No. 1 Group is now arriving at a very interesting position. preparatory to commencing its winding up, and the No. 2 Group continues to progress despite the unfavourable time being experienced. The sum of £lBOO was disposed of by ballot in the No. 1 Group. In the No. 2 Group, £3750 was appropriated. £ISOO by ballot and £1950 by sale. Two appropriations, the property of shareholders in previous years, were also resold. The customary visit to Martinborough was made to dispose of an appropriation bv ballot, and during this year a visit will be made to Featherston in accordance with the usual, practice. In the No. 1 Group, all shareholders have nowdrawn their ballots but at the conclusion of the year there were four shareholders left to take up their loans and these will be reduced to two during the, month of Mny. The loyal support, of shareholders has' greatly assisted the management and with the prospect, of. better times the future success of the society can be fully anticipated. The balance-sheets show that £60.06u 5/- has been lent in No. 1 Group and repayments amount to £50.728/8/-. This group is almost concluded and the profits per share are approximately £32. In the. No. 2 Group, which has been , established for eight years, £20.014/S/- is pniil up in subscriptions, but £28.350 has been lent to shareholders, and repayments of £7628/5/- have been made. London Stock Exchange I British Official Wireless.) London. May 5. On the Stock Exchange to-day the markets were quiet hut cheerful. British Government stocks were steady; War Loan 34 per cent, was unchanged at £lO3. London Wool Market The Bank of New South Wales has received the following cable message from its London office dated May 4:— Wool: Crossbreds slightly in sellers' favour; others unchanged Mutton: Ewes, 2Jd. to -I l-tnl.; wethers. 3 7-Bd. to 54d. Lamb, 6 l-Bd. to 7 3-Bd. Beef, 2 l-Bd. to 3 3-Bd. Pork, sd. to s|d.

■N.Z. GOVT. LOANS. , Buyers. £ s. d. Sellers. £ s. d. 4 p.c. Bonds, 1940 .... 104 7 6 —— 4 p.C. ditto, 1910 .... 104 5 0 4 p.c. ditto, 1949 .... 103 15 0 4 p.C. ditto. 1955 .... 104 12 6 —a 34 p.c. Ins. Stir., 1939-43 103 10 0 34 p.c. ditto, 1939-52 .. 104 10 0 34 p.c.’ditto, 1938-43 .. 103 10 0 •— 34 p.c. ditto, 1938-52 .. 104 10 0 4 p.c. ditto, 1940 .... 101 10 0 —— 4 p.c. ditto, 1940 .... 104 12 6 — 4 p.c. ditto, 1949 .... 104 0 0 105 0 0 4 p.c. ditto, 1955 .... 104 12 6 — ' DEBENTURES. ' Dunedin City, 5} p.c., 1941 101 10 0 Wgtn, City, 54 p.c., 1940 101 0 0 •—- - Makerua Dge. Bd., 6 102 p.C„ 1946 — 5 0 Wgtn. Gas Co 101 0 0 — Wgtn. Racing Club .. 99 10 0 — Amid. Brick and Pipe, Wellington — 90 10 0 : Gisborne Gas 80 0 9 —• ? BANKS. Australasia 12 2 6 12 12 6 Comrcl. of Aust., ord. — 0 17 0 • Control. Bankg. Co., Sydney 17 19 0 18 5 0 National of Australasia, £10 paid — •13 8 c Ditto, £5 paid .... — 10 0 New South Wales .. — *33 10 0 New Zealand *2 10 10 Ditto. “D” long term *1 14 11 2 11 2 —— . Union of Aust 9 17 0 0 10 1 0 FINANCIAL. Abraham and Williams, i'i’ ord 2 8 0 3 0 0 Ditto, pref 3 19 0 —— Equitable Building . 1 15 0 —• Goldsbrough Mort and 0 Co — 1 14 N.Z. Guarantee Corp. 0 4 1 0 4 4 N.Z. Loan and Merc., ord. stock 50 0 0 — N.Z. and River Plate . — 1 3 3 Wgtn. Trust, Loan .. — . 5 10 0 Wright, Stephenson, pref 0 18 0 — -General Finance — 0 19 0 ' GAS. Auckland ...... — ' 1 5 7 Wellington, ord 1 17 3 1 17 10 Ditto, pref. 1 4 9 —* INSURANCE. National of N.Z *0 19 0 1 0 0 New Zealand 2 19 tt Queensland 3 8 fl —- South British 3 17 u .Standard 3 1 0 — MEAT. Gear Meat 1 7 8 1 9 0 N.Z. Refrig., £1 pd. 0 17 9 — Ditto, 10/- paid .. 0 8 0 — Southland 3 3 0 Wgtn. Meat Exp., pref. 0 19 9 — TRANSPORT. Huddart, Parker, pref. 1 5 10 Union Steam, pref. .. 15 9 WOOLLEN. Kaiapol, fully paid ... — Ditto,. contrlb — 0 10 0 3 3 3 Wellington, ord — 5 11 0 ' COAL. 6 Pukemiro 1 4 0 1 6 Westport • 0 15 0 — TIMBER. Kauri R. 0 16 3 0 17 Q Leyland-O’Brien .... 1 1 3 1 2 6 BREWERIES. N.Z. Breweries ..... 2 2 0 2 2 8 Staples and Co — 1 9 0 Tooth and Co.! 2 4 3 — Tooheys 1 8 9 . — MIS CELEANEOUS British Tobacco, Aust. — 1 18 0 Colonial Sugar — 65 ft 0 Dominion Fertiliser . — 0 18 0 D.I.C., pref 11 9 — Farmers’ Co-op. Auct. 3 0 0 —— N.Z. Drug 3 14 3 —— N.Z. Farmers* Fertiliser 0 17 6 —— Prestige, N.Z., Pref . 0 IS 3 0 19 6 Sharland and Co., ord. *1 3 0 —— Ditto, pref *1 4 0 —— Wgtn. Queen’s Theatre — • I 0 9 Wilsons N.Z. Cement . 1 7 4 — Woolworths N.Z., ord. 512 6 1—. Dominion Rubber ... 14 3 — S MINING. Alexander, fully paid — 0 : 17 fl Ditto, contrlb. .... — Big River 0 0 O 15 3 7 0 0 10 Blackwater - 1 12 0 1 1 15 6 Consol. Goldfields ... — 1 0 0 Gillespie’s Beach .... — 0 2 24 King Solomon 0 4 3 MahaklpatSU 0 0 8J Mount Lyell — 1 4 0 Nokomai 0 1 9 0 i> 3 Walhl 1 15 0 Waihi Grand Junction — 0 5 0 Skippers, 1/- paid .. — 0 1 (Il Ditto, 9d. paid .. — 0 0 9i Mining House Concesslons 0 0 5i 0 0 6 Brian Boru — 0 o 1 Moonlight Nelson ... 0 0 8 •Cum dividend. ——■ Unofficial List ... Buyers. Sellerti. £ s. < d. s. d. Invest.. Exec. Trust, A deb, . — 99 0 0 Ditto, 1st B deb. .. 97 0 0 — Ditto. 2nd B deb. .. — 97 0 0 Tru Colour Films, vendor shares — 2 10 0 Ditto, 12/- paid .. — 1 0 Southern Cross Assce. 0 1 9 —. Procera Bread, 10/- pd. 0 9 6 0 10 6

WELLINGTON. ITeld p.c. Return Sale on inprice. vestment J • ft 8. < il. £ : s. u. Ins. Stk., 4 p.c., 1940 105 0 o 3 11 b ’ Ditto, 1949 104 : 10 0 3 12 6 Comm. Bk. of Sydney IS 0 0 3 9 u Bank of N.Z. (2) .. LI 0 3 18 t) Ditto o 1 11 0 3 18 5 Wellington Gas .... i i 17 5 4 u 6 Ditto 1 : L7 0 4 5 4 N.Z. Insurance *3 0 0 3 (J 8 Pukemiro Coal .... *1 4 0 4 3 4 Ditto 1 4 3 4 2 (1 Westport Coal 0 15 — 4 18 10 N.Z. Breweries z 1 J 10 3 « 11 Wilsons Cement .... 1 7 6 7 5 y Waihi •1 J 14 G u Jo 11 Mining House Concess. 0 0 51 — Lawsons Flat *0 0 SI — Nevis Diesel 0 0 54 — •Late sale I Saturday. AUCKLAND. ' i-j u d, £ 8. d. Govt. Bonds, 4 p.c., 1950 105 5 0 3 14 10 Auckland City, 5J p.c.. 1957 105 10 0 — Comm. Bank of Aust. 0 Iff 11 11) 1 Bapk of N.S. Wales .. 33 0 0 3 0 Bank of New Zealand A 11 0 3 7 N.Z, Insurance 3 0 0 3 G 8 South British Insur. . 3 18 0 3 8 4 Pukemiro Coal 1 4 0 4 3 4 Tauplrl Coal (2) 0 16 0 6 5 0 Auckland Gas 1 o G 4 G 3 Northern Steam .... 0 6 0 — Staples and Co 1 8 0 3 11 a Electrolytic Zinc 1 6 6 — N.Z. Reifrig., eont. ... 0 8 4 6 0 0 Union Oil 1 7 3 o 14 8 Wilson’s Cement .... 1 7 6 i j 5 Bell Kilgour 0 0 — Blackwater ... 1 12 King Solomon 0 4 0 —— Skippers, 1/- paid .... 0 1 04 — Unofficial List— Invest. Exec. Trust, 2nd B deb. 96 0 0 7 u 10 N.Z. Woolpack, 10/paid 0 8 9 — Woolworths, Sydney . 15 0 — CJURISTCMUiKCH. •( ■ 8. d. £ s. d. Nat. Bank Aust’asia. £10 paid 13 4 0. 3 15 9 Bank of N.S.W. (3) .. 33 0 G 3 0 4 Union Bank (2) 10 0 0 100 Goldsbrouigh Mort ... 1 13 D 1 9 8 N.Z. Refrig.; .cent 0 8 4 6 0 0 British Tobacco (2) .. 1 17 3 ■S 8 Dunlop Rubber 0 18 10 4 ■ 4 11 Bell Kilgour (2) .... 0 0 6i — Brian Born (2) .... 0 1 104 —— Deep Lead, 1/- paid .. 0 2 0 — Golden Point 0 0 21 — Kildare 0 1 11 —■ Mahakipawa (5) 0 0 84 — Nevis Diesel (2) 0 0 bl —— Rawang Tin (3) ..... 0 9 44 — Waihi 1 15 . •/ ■ 13 9 Waihi G. Junction ... 0 4 lii G 17 11 Mount Lyell (2) 1 3 o w 8 Ditto 1 3 6 4 6 Sales reported— Union Bank (3) 10 1 0 2 9 9 Standard Insurance .. 3 1 6 4 1 3 Blackwater 1 13 0 Mahakipawa 0 0 9 —— Maerewhenua ......... 0 0 10J — DUNEDIN. £ 3. <1. £ s. d. Standard Insurance .. 1 3 4 1 .8 Mount Lyell 1 3 6 2 2 6 Dominion Rubber ... •1 •4 .3 — Ditto 1 o 0 —- Dunlop Rubber 0 18 9 4 5 4 Milburn Lime (2) .. 1 12 0 3 15 10 Bruce Woollen, pref. . 1 1 0 6 13 4 Bell Kilgour (2) 0 0 —

May 5. May 4. Par. N." York, dol. to £ 5.11 J 5.11 7-8 4.866 Montreal, dol. to £ 5.101 5.103 4.866 Taris, fr. to £ 77 7-32 77 0-32 124.21 Brussels, bel. to £ 21.83’ 21.83 35.00 Geneva, fr. to £ 15.725 15.73 25.225 Anist’dam, fl. to £ 12.107 Milan, lire to £ 50.875 59 29-32 92.46 Berlin, inks, to £ 12.935 12.05 20.43 St'holm, knr. to £ 10.40 19.40 18.159 C'liagen, knr. to £ 22.305 22.395 18.159 ■ Oslo,', knr, to £ 10.905 19.905 18.159 Vienna, schgs. to £ 28 28 34.585 Prague, knr. to £■ 122.375 122.025 164.25 Hel’fors, mks. to £ 220.75 226.75 193.23 Madrid, pes, to £ 37 5-16 37 5-16 Lisbon, esc. to £ 110 ' ’ 110 tio"’ Athens, drach. to £ •530 ' •530 Belgrade, din. to £ 225 276.31 Bucharest, lei to £ 510 516 813.60 Warsaw, zloty to £ — '■ - . ■ . , ■ i 43.38 Klo de J., p. to mil. t4> < . •Ml 5.80!) ■B. Aires, p. to peso 436 j 47.62 M. Video, p. to peso t:is; t3S} 51 Calcutta, p. to rup. 18 3-32 . 18 3-32 18 Shanghai, p. to dol. .13 - 15 < H.-Kong. p. to dol. 1(5 i 16 5-8 __ ■Ji’hama. p. to yen 14:} 14£ 24.582 Batavia, fl. to £ 7.50 7.50 12.107 •(Sellers, offlci.ll. ♦Sellers. Gold and Silver. London. Mav 5. Gold—£6/10/2 pei r tine ounce. Silver—Cash. 18?d . per ounce; forward. IS 7-8d.

follow: — Year ended March 31. 1932 1933 1934 £ £ £ Brought forward 1013 1186 556 Net profit .... 173 815 926 1186 2001 1482 Dividend .... 24 p.c. 2i p.e. Amount ■ ■ 1445 Carried forward 1186 556 37