FINANCE and COMMERCE

Dominion, Volume 27, Issue 266, 7 August 1934, Page 12

FINANCE and COMMERCE

STOCKS AND.SHARES Wellington Market Quiet ’ INSURANCES FIRMING Very little change was seen yesterday in the Wellington stock and share market and business was on the dull side. Minor movements were recorded in the bids for Government loans, which were in steady demand, with no response from holders. Wellington Gas, 6J per cent, debentures. 1041, advanced to £lO4/7/6. In the banks section, the principal change was a weakening in New Zealand, which sold at 46/C compared with last week’s top price of 47/6. Buyers stayed in at 46/6, sellers asking 47/-. Commercial of. Australia sold at 15/6 and more were wanted at that figure. National of New Zealand were wanted at 74/3, sellers holding for 77/-. Insurance shares continued to firm, btivers quoting 62/6 for New Zealands and 82/3 for South British. Westport Coals were wanted at 18/11. There was practically no change in other sections. WELLINGTON EXCHANGE Yesterday’s Quotations The latest buying and selling quotations recorded yesterday on the Wellington Stock Exchange were as follow:—

Unofficial List

DAIRY PRODUCE ; London Markets Firm ' Joseph Nathan and Company, Ltd., ■ have received from their principals, Tren- ■; grouse and Nathan, Ltd., London, the fol- " lowing cabled advice, dated August 4:— New Zealand butter, 80/- per cwt.; market firm. New Zealand cheese, white 49/-, coloured; 46/-; but Gd. more being . asked. , Moturoa Oil Fields •1 Moturoa Oil Fields, Limited, has is*7 sued the following report for the four weeks ended August 4:— Moturoa No. 4 well produced 5145 Imperial gallons of crude oil. Total production to date, 2*1,305 Imperial gallons. Moturoa No. 2 well produced 10,535 Imperial gallons of crude oil. Total production to date, 547,96-1 Imperial gallons. Arrangements arc being made to carry •J out production tests at the No. 1 well, < which has been closed down for the past three year®.

■ 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 nt 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 of 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. WELLINGTON. Yield

PROFIT SLIGHTLY LOWER Commercial Bank of Sydney Profit of the Commercial Banking Company of Sydney for the year ended June 30 was £256,731, compared with £259,077 the previous year. Dividend, as announced in this column last Wednesday, remains at 5 per cent. (2J interim and 24 final), absorbing £236,951, a sum of £20.000 is carried to bank premises account, and £119.353 is. carried forward against £119,572 brought forward. Year ended June 30, 1932. 1933. 1934. £ £ £ Profits ... 253,865 239,077 236,731 Div., p.c. ... 5i 5 ”> Amt. of div. 200,640 230,931 230.931 To premises , account .. — 20,000 20,000 Forward . 117,445 119,572 119,353 LiabilitiesCapital paid up 4,739.012 4.739.012 4,739.012 lieserve fund 4,300,000 4,300,000 4,300,009 Notes 13,814 13.792 13,759 Bills 1,158,933 1,043,987 1,240,483 Deposits, etc. 44,466,420 43,071,545 48,029,115 Assets— Coin, bullion, Aust, notes and cash at bankers . 0,899,452 6,684,104 7,697,536 Money at short call 1,035,000 1,140,000 960,000 Short - dated British Treasury bills .... 160,000 — 315,000 Short - dated C o in hi on. wealth Treasury bills . 4,700.000 3,040.000 4,325,000 Govt, stocks,. 4,988,833 5,837,799 3,654,059 Bills receivable, etc. . 1,869,123 1,791,241 2,070,010 Notes and bills of other banks .. 300.570 231,051 979,744 A.dvances ... 34.643.038 34.768,798 35,888,540 Bank premises 1,318,090 , 1,293,390 1,269,690 The accounts were analysed by the chairman of directors, Mr. James Ashton, at the annual meeting of shareholders at Sydney last Tuesday. On the liabilities side Mr. Ashton said no alteration had taken place in paid-up capital and reserve fund, whit'h totalled £9.039,000. Bills in circulation were greater by £196,000, and deposits and other liabilities had increased from £45,071,000 to £48,629,000. On the assets side, coin, bullion. Australian notes and cash at bankers, at £7,697,000, shoived an expansion of £1,013,009. Money nt short call was down by £lBO,OOO, but short dated British Treasury bills, which did not appear last year, stood at £315.000. Short-dated Treasury bills of the Commonwealth of Australia had increased from £3,640,000 to £4,325,000. British and Australian Government stocks and other securities, at £5,054,000, were lower by £183,000. Bills receivable in London ‘and remittances in transit at £2,070,000. and notes and bills of other banks at £079.000, both showed expansion. Liquid assets of the bank. Mr. Ashton continued, aggregated £22,001,000, and exceeded 8/9 in the £ of its liabilities to the public'. The item bills discounted and other debts due to the bank at £35,888,000, compared with £34,768.000 last year, and bank premises, furniture, etc., appearing nt £1,269.000. reflected the appropriation of £20,000 of the years profits to this account. The balance-sheet total had increased from £55,406.000 to £59,160,000. Mount Lyell Production The Mount Lyell Mining and Railway Company, Ltd., has issued the following production report for the fortnight ended July 15:—Reduction works: Furnace not in blast during period; 49G5 tons refinery anodes made during current year. Concentrator: Mill operated 303 hours and treated 15,733 tons ore, producing 1526 tons concentrates. Copper refinery: Tank house in operation for 10 days during period, producing 356 tons cathode copper for the fortnight. Total for current yean, 5168 tons.

FOREIGN EXCHANGE On New Zealand Currency Basis 1 YESTERDAY’S RATES ; The Bank of New South Wales, Wellington, quoted the following rates for their purchases mid sales of foreign exchange yesterday:— Buying. Selling.

Singapore— N. pence to 1 dol. T.T. 34 7/16 35 3/8 O.D. 34 5/16 35 5/16 T.T. represents telegraphic -transfers. O. represents on demand transactions. £1 N.Z. represents £1 in New Zealand currency. LONDON EXCHANGE Associated Banks’ Rates The associated banks trading in New Zealand have adopted the following rates of exchange on London as from August 1:— NEW ZEALAND ON LONDON.

hi London exchange rates, the following rates between New Zealand and Australia were adopted as from August 1:— NEW ZEALAND ON AUSTRALIA. Buying Rate. Selling Rate. £lOl £lOO 10 0 Basis £lOO New Zealand. Dollar Conversion Rates The Associated Banks have agreed that the conversion rates from August 6 will be; — U.S.A. Canada. Conversion of dollar bills received for collection and sale of dollar drafts 4.94 4.85 Purchase of dollar bills 5.14 5.05 These conversion rates are, of course, quoted ou a sterling basis (London funds) and current rate of exchange New Zealand on London will be charged or allowed, as the ease may require. LONDON STOCK EXCHANGE The Gold Market By Telegraph.—Press Assn.—Copyright London, August 4. The London Stock Exchange during tne past week-end underwent a rapid transformation, Early in the week there was a tone of extreme nervousness, owing to disturbing developments on the Continent, but the end brought a subdued cheerfulness. It was the Wall Street market, the furthest removed from the zone of trouble, which displayed the greatest perturbation over European affairs; and even had some days of panicky selling due, perhaps, as much to internal difficulties as the European' factor. “The Financial Times’’ says the technical position here must be sound indeed for the influence of the Dollfuss tragedy to be thrown off in such a short time. An article in the Midland Bank “Review” on. gold says. “Gold in these times is simply a commodity produced mainly within the Empire from mines owned largely in this country. It is sol 1 to foreigners at very favourable prices, so we make a handsome profit by our activities. “The foreigner, indeed, acting through his Government and central banks, guarantees a highly favourable price for every ounce we care to produce. “What other producers are in this happy position of possessing .almost unlimited capacity to produce and a guaranteed market for their product? “Owing to the manner in which Great Britain went off the gold standard in 1931 the absolute freedom in movement of gold into and out of the country is maintained. consequently preserving London's own nosition as the world’s principal gold market.” The writer estimates the private holdings of gold now in London nt between £100,060,000 and £150,000.000 sterling. i GOLD MINING Latest Returns Gillespie’s Beach Gold Dredging Company. Ltd., yesterday reported to the Stock Exchange Association a return of 47 ounces for 128 hours, work last week. The Oknrito Five Mile Beach Gold Dredging Company. Ltd., reports to the Stock Exchange Association a wash-up of 29 ounces Bdwt, for 119 hours’ work last week. The Matnki Gold Dredging return for the week ended August 5 was 29 ounces for 132 hours' work, says an Auckland Press Association message. The Waitnhu Gold Mining Company. Ltd., reports a return of 60 ounces for 11 days’ elevating operations, snys a Press Association message from Dunedin.

CALLENDER’S CABLES Increase in General Business RESEARCH DEVELOPMENTS The thirty-eighth ordinary general meeting of Callender's Cable and Construction Co., Ltd., was held on June 21 at the Waldorf Hotel, Aldwych, London. W.C., Sir J. Fortescue Flannery, Bart., D.L., M.lnst.C.E. (the chairman of the company), presiding. The secretary (Mr. Howard Foulds, J.P., F.C.1.5.) having read the notice convening the meeting and the report of the auditors, the chairman said: Last year I was hopeful that trade generally would improve, and to a moderate extent that hope has been fulfilled. International trading, and. indeed, also trading between the Motherland and the daughter nations beyond the seas, has been rendered more difficult by fluctuations in the rates of exchange and by the uncertainty of finance in every civilised country. At Home the bold and skilful move of Mr. Chamberlain, the Chancellor of the Exchequer, in reducing the standard rate of interest froin 5 per cent, to 3} per cent., coupled with a modest reduction in the rate of income tax, has already been helpful to trade.

I am convinced that a further reduction, in the rate of income tax in the future would so encourage trade as to produce a larger national revenue, in addition to a reduction in unemployment. During the year that has passed we have obtained a gradual improvement in the volume of output, month by month, not due to any exceptionally large contracts, but due to a steady-development in the demand for the company’s products, and I am pleased to say that we still continue to get renewals of orders from practically all our old customers, which is a flattering testimony to the quality of our products and the character of the service which this country provides. Nevertheless, our satisfaction is tempered by the consciousness that there has been, during the last year, an increasing development in competition. The developments, such as have occurred, have been very largely in the home market, where we have more than held our own. Owing to the international situation and to the conditions of exchange, the overseas business has been difficult and restricted. The Research Department. In order that the company’s manufacturing processes may be developed on the soundest possible lines, and also to secure by daily research persistent investigation into possible developments, your directors have separated and developed the research department at Wood Lane. These research laboratories are to-morrow to be opened formally by Lord Rutherford, the former president of the Royal Society. Wo have been singularly happy in successfully inviting Major-General the Rt. Hon. Sir Frederick Hugh Sykes, P.C.. G.C.5.1., etc., etc., to accept a seat on the hoard of your company. The ultimate result of the year, with the balance from 1932, £292,932. gives i gross figure of £462.817. We propose a dividend on all the issued ordinary shares at the rate of 15 per cent., which, with income tax, will absorb £168,587, and to carry forward £294,230. A As to the future, from reports that have reached me in respect of all branches of industry, manufacturing, transport, and finance, and considering the position in the light of my own fairly wide experience in these matters. I have come to the conclusion that there has been for some time past a distinctly upward trend in the volume of general business; such a general increase must have its effect ou the production of a company like ours, whose manufactures are employed by every branch of industry to-day. The chairman concluded by moving the adoption of the reports and accounts. Sir Tom Callender, J.P., deputychairman and managing director, in seconding the resolution, said: I am glad to say that the number of orders which we received for general mains and subsidiary cables was well in excess of that in the previous year, and showed a satisfactory increase from our old customers and from new localities, the current in which became available by reason of the bringing into use of the grid. The amount of the insulated cables for underground use has been in excess of that in the previous year, but the results have not been- so satisfactory financially, owing to the competition which has arisen. Business Improves. A satisfactory increase in our general and old-established business in India still continues, and is well maintained during 1934. The same remark applies in other directions, and South Africa especially has proved, and is proving, a much better Held for operations than in the past, mainly on account of the gold-mining industry, ami it appears likely that for some time to come this satisfactory position will continue and increase. In China and the Far East we have been fortunate in obtaining a number of orders from old friends as extensions of work originally carried out some years ago. In regard to the future, I think we can look forward with reasonable anticipation to our balance-sheet for 1934, I feel confident that the demand for cables at home will be greater than ever, owing to the constantly increasing use of electricity in every branch of industry, due to the lower prices at which current can now be sold, chiefly by the. action of the grid, 'and its application to even rural districts hitherto beyond the scope of electric supply. Before concluding I would like to put on record my appreciation of the loyal work which has been given to this company in all parts of its widespread service at home and abroad. The report and accounts were unanimously adopted. Sir Malcolm Fraser. Bart., G.8.E., in proposing the re-election of the retiring directors, said: — I have much pleasure in proposing the re-election of Major-General the Right Hon. Sir Frederick Sykes and of Mr. T. O. Callender, the directors who retire under tlie articles of association. It has been my good fortune to have known Sir Frederick Sykes for several years, mid, therefore, to have first-hand knowledge of the sterling services which he has rendered to his country, in the many high offices which lie has held with distinction and ability. Sir Frederick's career Ims been one of intensive organisation. He is familiar witii commercial matters, as yon will realise wlicfi I recall that bcfore'going to Indin ho was n director of the Underground Electric Co., tlie London General Omnibus Co., Marconi's Wireless and Telegraph Co., and several other important companies. It is a matter for congratulation that Sir Frederick has consented to serve as a director of this company. mid thus to enable the board to enjoy the benefit of his world-wide experience and specialised knowledge of India, and other countries, where Callenders hold such widesnread interests. Air. T. O. Callender is. ns you are aware, the son of our managing director, and served his apprenticeship in the companies’ works mid business. The retiring directors were unanimously re- elected.—P.B.A.

MAIL NOTICE Via America Out To-day. AUSTRALIAN THURSDAY Mails wil. he closed at Chief Post Office, Wellington (C.I), (except Parcel Mails), nnd between 9.30 a.in. mid 5 p.m. at Io Aro (C 2), and Wellington Enst (C. 3 Post Offices as under, except late fee, packet and newspaper malls, which close half an hour before tlie time of closing ordinary lettermails:— TUESDAY, AUGUST 7. Great Britain, Ireland and Europe, for correspondence specially addressed -per Tairoa." also all States of South America via Montevideo, per Tairoa from Auckland 130 n 111 : C.P.O. late fee 0 p.m. At Thorndon Station. 7 p.m. Mails reach London approximately September 20. Parcel mails for America, Rarotonga and Tahiti, per Mauuganui, 11 a.m.* Great Britain, Ireland and Europe, United States of America, Canada, Mexico, West ladles, via San Francisco; Cook Islands, including Rarotonga, Aitutaki, Mauke, Atiu, Manlhiki, Penrliyu, Man--ala- also Tahiti, per Jlaungauui, 2 p.m.: C.P.O. late fee 2.30 p.m. At steamer <-.4-> p m Mail duo London September 4. Money-orders must be obtained by noon. NOTE. —Newspaper rate of postage to United States of America is id. for each two ounces. Correspondence will also be accented for dispatch by air-mail services in Canada and United State of America. I’iii and Tonga, per Inverbank from Auckland. 5 p.m.; CJ’.O. Into fee 6 p.m. Parcel mail noon. Latc-fec outside Thorndon Station 7 p.m. THURSDAY, AUGUST 9. Great Britain, Ireland and Europe (due London Sept. 15); also air-mail correspondence (extra fee 7d. per 40z.) va Karachi-London air-mail (due London Sept 10) (correspondence to be marked •’via Australia”) per Monterey from Auckland. 1.30 p.m.; C.P.O. late fee. 6 p.m. Australian States, Ceylon, India, China, Japan, Straits Settlements. Egypt, South Africa and Norfolk Island per Monterey from Auckland, 1.30 p.m.; C.P.O. late fee, 6 p.m. Parcel mail for Australian States and East, Wednesday, 4 p.m. TUESDAY, AUGUST 14. Apia. Pago Pago and Niue Island per Maui Pomare, 2 p.m.; C.P.O. late fee u p.m. Parcel mail 1 p.m. , INCOMING OVERSEAS MAILS (Arrival times approximate only) August 7.—R.M.S. Aorangl, from Vancouver, via Auckland: English and American mail for Wellington. 300 bags. 9- parcel receptacles. Due in office 8 a.m. August 7.-S.S. Marania from via Auckland: Australian mall for Wellington, 3 bags. Due in office 8 a.m. August 11.—S.S. Monterey from San Pedro via Auckland; English and American mail for New Zealand, 741 bags. August 15.—S.S. Akaroa, from London. E August r lS.—Jl.V. Wanganella from Sydney, via Auckland. Australian mail. INLAND MAILS. By Steamer. (Unless otherwise indicated, mails are closed daily.) Picton Havelock and Blenheim, via Picton. Monday. Wednesday, Friday, Tamahine, 1.30 P.m.; C.P.O. late fee 1.4 u p.m. %’clson “and P ila'velock, letter-mails for Blenheim, Reefton and Westport: lettermalls for Picton (Mon., Wed., Fn.), also all mails for offices In Pelorous Sound (Wed., Sat.); Mon., Wed., 1' ri., per Arahura, 5 n tn.; C.P.O. late fee 0 p.m. (steamer 7.10 nm ) Tues., Thurs., Sat., per Matangi, 5 p.im; C.P.O. late fee 6 p.m. (steamer 7.1 u P Southern Offices of New Zealand (except Marlborough mid Nelson districts), also Reefton and Westport (Mon., Wed.. Frl. onlv). Mon.. Wed., Frl., per Rangatlra. 6 p.m.: C.P.O. late fee 6.45 p.m. lues., Thurs., Sat., per Maori, 6 p.m.; C.P.O. late fee, 6.45 p.m. Late fee box at gates to Ferry Wharf, 7.30 p.m. J. M. McLEAN, Chief Postmaster. Tuesday, August 7.

LONDON MARKETS Tallow, Hemp, Fruit and Peas The Department of Agriculture has received the following cablegram, dated August 4, from the High Commissioner for New Zealand, London : — Tallow: Moderate business has been done, with values about unchanged. Hemp: Manila —Market dull. ’K -rade for August-October shipment sold at £l2/10/-. Sisal: Market quiet and slightly easier. July-September shipment sold at £l4. New Zealand: Market quiet with small business reported. Fair grade for August-September shipment sold at £l3 and common grade at £l2. Fruit: Trojan Star at Glasgow discharging fruit in good condition. Market is easier. Current prices are: —Apples: Delicious, 8/6 to 12/6; Dougherty, 10/to 14/6; Dunn's Favourite, 9/- to 10/6: Rokewood, 10/3 to 12/9; Sturmer, 7/6 to 11/6; Rome Beauty, 9/- to 11/-; Statesman, S/- to 11/6: Brighton, 9/- to 11/9; Pioneer, 8/- to 10/-; Winesap. 9/to 10/3; Tasma, 12/- to 13/-; Washington, 7/6 to 8/9; Yates. 11/- to. 12/3. Peas : Maples, prices have advanced during the month on Continental demand. Tasmanian sold at from 4</— to 51/6, and No. 1 New Zealand at. from 4*l/- to 50/- for July-September shipment. Market remains firm but quieter at the close. Blues: Little mor<x inquiry for middle of July. Tasmanian for July-September shipment sold at from £l2 to £l2/5/-. Demand easier later. 'Closing nominal values, £l2. IMPROVED SHOWING Australian Pastoral Firms Pitt, Son and Badgery Ltd., Sydney stock and station agents, made a profit during the year ended June 30 of £46.261, including interest on fixed deposit and Australian consolidated bonds. The increase is £11,711. Dividend is il per cent., the same as the previous year, and absorbs £21,750. A sum of £12,000 is added io taxation reserve and the carry-forward is £23.467. ’The report, after mentioning the assistance which Ihe recovery in wool prieesgave to business condition of the Commonwealth, states that sheep values were maintained over a considerable period on levels which have been very remunerative, but Cattle prices were, and continue to be, disappointing. The directors of Winchcombe Carson, Ltd., have decided to pay a dividend for the full vear ended June 30, 1934. at the rate of 7 per cent, per annum, of which an interim dividend has already been maid for the first six months ended December 31. nt the rale of 6 per cent, per annum. The last full years dividend was 6 per cent. , Australian Dividends Subject to audit, the directors of the Melbourne Steamship Co., Ltd., have resolved to pay shareholders at the annua, -eneral meeting on August 15 dividends for the half-year ended June 30 of 3 per cent, on both preference and ordinary shares, making a total of 6 tier cent, for tlm vear in each case. Those rates are the same as in 1932-33. _ A dividend at the rate of < per cent, per annum on preference shares for the half-year ending July 31 has been declared bv the directors of Henry Berry and Cm (Australasia) Ltd. Transfer books will be closed on July 30 and 31. and the dividend will bo paid on August 1. By authority granted under section 88a of the Income Tux Assessment Act. the tax of 6 per cent, tinder section 5 will be deducted from this dividend.

SLAUGHTER OF WHALES 28,668 Killed in 1932-33 Season Although it has been seriously prophesied that at. the present rate of slaughter the whale will become extinct within a relatively short period, hunting still goes on apace. During the 1932-33 season, according to figures published this week by the committee for whaling statistics appointed by the Norwegian Government, 28,668 whales were caught—the highest recorded total in any year except 1929-30 and 1930-31. In 1930-31 the “catch” was 42.574. “The last three years’ whaling,” says the committee, “have 'been influenced by the world economic crisis. In the season 1931- there was not carried on any whale-hunting from Norway in the Antarctic. In the two following seasons, 1932- and 1933-34, the hunting has been restricted through a production agreement concluded between most of the companies which take part in the Antarctic whaling. Only two English expeditions Have not taken part in this agreement. “The aim of this agreement was to restrict the production of whale oil. The agreement has fixed quotas of barrels of oil and quotas of whales for each company.” (This at least gives the whale some small respite.) The total of 25.66 S whales captured in 1933 includes 24,327 caught in the Antarctic, 1257 in the Arctic, 1168 in African waters, 591 in the N’orth Pacific, and 1325 in Japauese waters (this last figure including a few found oft Kamchatka). The maximum of oil output was reached in 1931, when as many as 3.686,976 barrels were accounted for. In 1932, there were 915.542 barrels, and in 1933, 2,596,778 barrels, which was only 200.000 fewer than iu 1930. “A calculation of the oil output for the Antarctic in the season 1933-34.” adds the report, “shows a figure which is alwut. 100,000 barrels less than in 193233. The output of .oil in the last two years is, then, compared with the production of former years in the Antarctic, very large, only the two years 1930 aud 1931 showing a greater output. “Tlie output of oil in 1933 was 29.6 per cent, lower than in 1931, while the number of whales caught in 1933 was 33.1 per cent, lower than in 1931. The oil output has thus decreased less than the number of whales caught. The various composition of the whale stock in the two years and the rise in the average production of oil per blue whale unit have made it possible to increase the production of whale oil per whale.” British Treasury Bills (British Official Wireless.) London. August 3. The total amount applied for in today's tenders for £40.000.000 of Treasury bills was £47,695.000. The amount allotted in bills at three mouths was £37.000.000. The average rate per cent, was 14/4.76d. as compared with 13/9.92d. last week. The price fixed by the Commonwealth Bank for gold, iucluding jewellery, lodged at the Melbourne Mint, for the week ended July 27, was at the rate of approximately £7/16/2 per standard ounc_e_ (22 carats), equal to a premium of 100.57 tier cent. Payment is made according .to the assay value of the gold. The price was 2d. higher on tbo week. The price per ounce fine was £B/10/4}, a rise of 2}d. on the week.

N.Z. GOVT. LOANS. Buyers. £ s. d. Sellers. £ s. d. 4 p.c. Bonds. 1940 .... 105 10 0 — 4 p.c. ditto, 1946 .... 107 0 0 —• 4 p.c. ditto, 1949 .... 107 o 0 •—• 4 p.c. ditto, 1955 .... 107 10 0 .— 3} p.c. ditto. 1941 .... 102 10 0 —- 5 p.c. Hural Bonds, 0 1947 104 0 — 34 p.c. Ins. Stk.. 1938-52 107 0 0 —— 4 p.c. ditto, 1940 .... 105 15 0 —— 4 p.c. ditto, 19-16 .... 107 0 0 ——- 4 p.c. ditto, 1949 .... 107 0 — 4 p.c. ditto. 1955 .... 107 10 0 —— 31 p.c. ditto, 1041 .... 102 10 0 — DEBENTURES. Wgtn. City. 1/2/1935 — 102 10 0 Ditto, 1/2/1944 105 5 0 — Hanrakl Plains, 5} p.c., 1944 —— 102 0 Wellington Gas Co.. .. 104 i 6 —— Wright, Stephenson, 5 p.c., prior lien .... 94 5 0 •— Amid. Brick and Pipe, Wellington 99 10 0 — BANKS. Australasia 11 0 11 10 6 Comrcl. of Aust., ord. *0 15 6 0 15 8 Ditto, pref *9 9 0 — Comrcl. Banking Co., Sydney - —— 17 0 0 National of N.Z 3 14 3 3 17 0 National of Australasia, £10 paid 12 0 0 —— New South .Wales ... —- •31 0 0 New Zealand 2 fj 6 2 7 0 Reserve Bank of N.Z. 6 b 6 6 6 6 FINANCIAL Abraham and Williams, pref 4 1 * 0 —. Dalgety and Co .— 9 12 0 Equitable Building .. 2 6 0 —- Goldsbrough, Mort and 9 Co — 1 0 N.Z. Guarantee Corpn. 0 4 3 0 4 0 Wgtn. Invest., T. & A. 0 S 9 — Wgtn. Trust, Loan .. 5 10 (J —— Wgtn. Dep. and Mtge. 0 3 0 0 6 General Finance — 0 19 0 GAS. 2’ 0 Wellington, ord 1 19 3 6 INSURANCE. National of N.Z 0 19 3 1 0 0 New Zealand ’3 6 —— Queensland 3 9 0 *1 11 0 South British 4 - 3 4 o V MEAT. Gear Meat —— 1 Ik 0 N.Z. Refrig., £1 paid —— O 18 9 Ditto, 10/- paid ... —. 0 8 f. Southland —. 3 12 0 Ditto, contrib — 1 1G 0 TRANSPORT. Union Steam, pref. .. 1 6 6 1 7 3 WOOLLEN Kaiapoi, ord 0 11 i 0 11 4 Wellington, pref 5 7 0 —■ COAL. Westport 0 IS ii ___ Westport-Stockton .. 0 0 — TIMBER. Kauri —. 0 17 9 Leyland-O'Brien ,... . 1 3 O' National 0 6 —— Taupo Totara, ord. ... 0 Ik 3 .—A Ditto, pref 0 11 6 — BREWERIES. N.Z. Breweries 2 , ■ fl *) 4 0 Staples and Co 1 8 0 Ulmaru, contrib. ..... 0 6 4 0 7 2 MISCELLANEOUS. British Tobacco, Aust. — 1 17 3 Dental & Medical Sup. 0 9 6 Dominion Fertiliser . —. 0 IS 9 Dunlop Perdriau —— 0 18 9 Farmers’ Co-op. Auct. 3 18 0 N.Z. Drug 3 16 6 N.Z. Fa'rmera’ Fertiliser —. 0 9 N.Z. Paper Mills ... 1 10 9 — Prestige N.Z., pref. .. 1 z 0 Q — Sharland and Co., ord. 1 4 61 6 — Ditto, pref 1 4 —■ Wilsons N.Z. Cement 1 9 IO 1 10 3 Woolworths N.Z., ord. 6 15 0 Farmers’ Trading, ord. 0 6 0 — Manawatu Knitting Mills 1 3 6 — OIjL. Moturoa, ord —— (1 3 6 Taranaki 0 1 7 — MINING. Alexander, fully paid 1 0 0 Ditto, contrib 0 15 3 •Bell Hooper ....... ’ 0 0 r; Bell Kilgour 0 0 h 0 0 o Big River 0 1 1 Blackwater 1 12 « Brian Boru 0 1 Central Shotover ... 0 0 I Consol. Goldfields ... 0 19 3 Gillespie’s Beach .... 9 1 104 0 Golden Dawn ...... 0 -L 0 —, King Solomon 0 3 0 0 4 1 Mahakipawa 0 0 114 Nokoinni 0 5 J Okarito 0 8 0 0 8 Skippers 0 0 0 0 0 11 Waihl 1 12 0 Mossy Creek 0 1 7 0 1 J) Bulolo 8 0 0 Bendigo Goldlight ... II 0 7 •Cum dividend. fEx dividend.

Tru Colour Films, vendor Buyers. £ s. d. . Sellers. H s. d. 9 a • n Woolworths Ltd., ord. 3 9 0 3 10 6 Kembnll’s Theatre, prof. 0 15 G Ditto. G p.c. debs. . —— 100 10 0 .Vacuum Products, 5/paid — 0 5 6 Claude Neon Lights . 2 9 0 Met tors N.Z., Ltd. ... Maori Gully, 6d. paid 0 4 G — 0 0 8) Perpetual Forests ... — 12 0 Hangatikf Lime 0 2 G — .Idaniapoto Lime ..... 0 10 —

Sale price. £ s. d. p.c. on investment. £ s. d. Comm. Bank, of Aust. 0 15 G 3 4 G Bank ot N.Z w G 6 4 G 0 Bell Kilgour 0 0 —— Mossy Creek 0 1 8 — Unofficial list: John Fuller. deb ♦Late sale •77 10 0 Saturday. AUCKLAND. £ s. (1. £ S. d. Auckland Harbour, 0 p.c., 1941 Comm. Bank of Aust. 105 0 10 15 0 3 4 2 Bank of N.S.W 30 0 o G 1 Bank of N.Z w 6 6 4 b 0 Beserve Bank (2) ... G 5 0 3 19 8 N.Z. Insurance 3 3 0 3 o 6 South British las. ... 4 3 0 4 «> N.Z. Guar. Corpn. (2) 0 4 11 if — 5 Kaiapoi Woollen 0 • 3 N.Z. Breweries 4 0 3 7 N.Z. Newspapers 1 10 6 o o 7 Wai rake 1 0 3 6 Bell Kilgour Erian Boru 0 0 0 0 1 —— Gillespies Beach 0 w 14 — Golden Dawn 0 0 —— Mahakipawa, 1930. H pref 0 i — Ditto, ord 0 0 11 — Skippers Wnlhi G. Junction ... 0 0 10J — 0 4 0 s G 8 Unofficial list:— Invest. Exec. Trust, 2nd B deb 94 10 0 8 1 John Fuller deb., GJ p.C., 1949 77 10 0 — CHRISTCHURCH X* s. d. X* s. d. Ccmm. Bank of Aust. 0 15 8 3 3 10 Bank of N.S.W 30 u 0 3 6 1 Reserve Bank (8) .... G 6 t) 3 19 — N.Z. Refrig., cont. (3) British Tobacco (2) 0 8 «j G 1 1 1G fl o l) ti Bel! Kilgour 0 0 45 — King Solomon (3) ... 0 4 0 — Maerewhenua 0 0 G —— Ditto 0 0 04 — Mahakipawa, pref. 1930 (2) 0 1 1 Nokotnal . 0 3 ■ > Rawang Tin (2) 0 9 (} t— Worksop Extended .. 0 0 — Skippers 0 0 10 Sales reported:— E.S. and A. Bank ... 1 0 19 4 Standard Insurance .. 3 G u 16 4 Bell Hooper 0 0 54 —— Worksop Extended .. 0 ■J 0 —- Unofficial list: — N.Z. Perpetual Forests o 10 0 3 4 0 ' Woolworths Ltd., ord. <2) 3 9 6 7 3 10 Ditto 3 10 (> 7 1 10 Ditto 3 0 6 7 «■» 10 DUNEDIN. £ c; d. c S. d. Bank ot N.Z. (2) .... J 7 0 4 1 National Insurance .. 0 19 6 3 16 It N.Z. Breweries (3) ... O 4 0 3 o 7 Bell Kilgour (2) 0 0 41 — Bendigo Goldlight ... 0 0 8 — Unofficial list:— Woolworths Ltd., ord. 3 fl 6 7 10 Ditto 3 9 9 3 4

France — Francs to £1 N.Z T.T. 62.14 60.14 O.D. 62.44 60.19 Noumea — Franc's to £1 N.Z T.T. 63.14 59.19 O.D. 63.54 59.24 Papeete— Francs to £1 N.Z T.T. 62.89 59.64 O.D. 63.29 59.69 Belgium— Belgas to £1 N.Z. .. . T.T. 17.705 16.655 . O.D. 17.805 16.670 Germany— lleichmarks to £1 N.Z. .. T.T. — 10.1 S9 O.D. — 10.194 Italy— Lire to £1 N.Z T.T. 45.95 O.D. 45.99 Switzerland — Francs to £1 N.Z. .. T.T. 12.706 12.106 O.D. 12.781 12.116 Holland— Florins to £1 N.Z. .. T.T. 6.135 5.835 O.D. 6.185 5.839 Java — Florins to £1 N.Z. ..... T.T. 6.097 5.822 O.D. 6.147 5.826 Japan— N.Z. pence to 1 yen T.T. 17 15/16 O.D. —— —— Shanghai— N.Z. pence to 1 dol. T.T. 19 7/16 20 15/16 O.D. 19 5/16 20 7/8 India and Ceylon— N.Z. pence to 1 rupee T.T. 22 7/32 22 9/16 O.D. 22 3/32 22 J Hong-Kong— N.Z. pence . to 1 dol. T.T. 22 23} O.D. 21 7/S 23 3/16

Buying. Selling. £ s. <1. £ 8. d. 124 0 0 T.T. 124 10 0. 123 10 0 Demand 124 7 6 123 9 (1 3 days — 123 0 30 days 124 5 0 123 0 0 60 days 124 2 (> 122 15 0 90 days 124 0 0 122 10 0 Basis 120 days £100 London. Consequent upon the above adjustment