FINANCE AND COMMERCE

Dominion, Volume 27, Issue 306, 22 September 1934, Page 10

FINANCE AND COMMERCE

STOCKS AND SHARES Wellington Market Active i STRONG AND' CHEERFUL* TONE Minor changes were shown in prices on the, Wellington Stock Exchange yesterday, the market being brisk with a cheerful tone. No check was seen in Government loans, which were in strong demand, with few sellers allowing. In the debenture section Wellington City 44 >er cents. had a late on Thursday at were steady, with further sales of New Zealand** at 48/-. In the financial section New Zealand Guarantee Corporations sold at 5/4 to 5/5. Buyers raised their bids for Equitable Buildings another 5/- to 75/-. There was a strong demand for insurance shares at the. recently advanced rates, but sellers made no response. Meat freezing shares showed a firm tone. Wellington Woollen ortlinarie.- were traded at £5/9/6 and New Zealand Breweries at 47/-; Miscellaneous 1 shares continued to attract keen interest and quotations for several issues showed a firming tendency. There was n fairly good inquiry for gold mining shares. ... The Wellington Stock Exchange will be. closed on Monday. Dominion Day. . WELHNGTON Yesterday’s Quotations The latest huylng and selling flumations recorded yesterday- on the Wellington Stock Exchange were as follow:--

Low Rate of Interest By Telegraph.—Press Association. Dunedin, September 21. What is believed to be a record low interest rate of 3 per cent, for a loan of £lO,OOO has been Secured by the Otago Harbour Board. The chairman of that body said it was the cheapest loan yet raised in New Zealand. City Loan Oversubscribed (British OlBclal Wireless.) London, September 20. The list of applications in connection with the issue bv the City of Plymouth of £1,000,000 corporation 3 per cent, redeemable stock, 1054. at 97}. for the repayment of short term mortgage loans, opened this morning, and closed five minutes later, the iamie having been over-

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 tho 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 of 4 per cent. Government loans includes redemption. In tho case of 3J per cent, loans the return is for the interest alono, and covers only the period for which the loans are

SYDNEY STOCK EXCHANGE Upward Trend in Prices By Telegraph.—-Frees, Assn.—Cop;yncht (Received September 21.-8.10 p.m.)

Sydney, September 21.

On the Sydney Stock Exchange to-day investment business, was conducted in a healthy market, and values with few. exceptions moved upward; There were extensive dealings in gold shares, especially in’the newer issues. , . Sales: Bank of New South Wales, £32 17/6: Commercial Bank of Sydney, £18? Colonial Sugar, £67/5/-; Associated News, 24/6; ditto, pref., 24/-; Australian Gas. A, £7/17/6: Rrrlei, 32/-, Australian Glass, 54/3.; Dunlop Ferclriau, 19/10i; "Goldsbrough Mort, 30/-! Anthony Hordern. 14/10; ditto, pref,, 24/6; Winchcombe Carson, 28/6; Wilcok Mofflin, 11/5: Millaquin Sugar. 33/9: Electrolytic Zinc. 28/3;

Mount Morgan. 33/6; Mount Lyell, 20/-: Broken Hill Proprietary. 52/-: Bulolo Deposits, 1/-: Bawatig Tin. 8/11 ; Pincer rights. £l3/10/-. Morning sales included: Commonwealth Bonds. 4 per cent., 1938, £lO5 17/0; 1953. £lO9/1(5/-; W57, £lO9/15.Aj 1959. £llO/5/-; 1961- £lOB/17/3; Tooheys. 2(1/6; Anthony Hordern. 14/11; British Tobacco. 38/9; Broken Hill Proprietary, 52/-; Colonial Sugar, £67/2/0; Dunlop-Perdriau. 20/-; Goldsbrough Mort, 30/-; Henry Jones, 35/By Telegraph.—Press Assn.—Copyright Melbourne,. September 21. ’ Sales on the Melbourne Stock Ex' change to-day included; National Bank of Australasia, £5 paid, £6/10/-; Broken Hill Proprietary, 51/0; Dunlop Perdriau, 19/6; Electrolytic Zinc, pref., 36/,; Howard Smith, 10/0; Nestles, pref.. 37/-; North' Broken Hill. 101/-. Wellington Poultry Market Prices of live poultry in (be Wellington market this week are quoted by Townsend and Paul. Limited, ns follow:— . Fowls: White Leghorns, bens, 2/6 to 3/- each; cockerels, 2/- to 2/6: pullets. 3/- to 4/-. Black Orpingtons. hens (heavy), 4/- to 5/- eai'h; hens (medium), 3/- to 3/6: cockerels (heavy). 4/- to 4/6: cockerels (medium). 2/6 to 3/-. Ducks: Indian Runner (young), 3/6 to 4/- each; Indian Runner (old), 2/6 to 3/-; White (heavy), 4/- to 4/3. Cheese: 4/- to 4/6 each. Turkeys: 9d. to lOd. per lb. Masterton Building Society Dominion Special Service. Masterton, September 21. The directors of the Mnsterton Permanent Investment and Building Society in their annual report express regret that the business of the society for the past year shows no Improvement. Comparative figures are as follow: — Net profit: 1933-34 £1376: 1932-33. £1454. Percentage of profit on average share capital: 1933-34. 4.62 per cent.; 1032-33, 4.8 per cent. Total loans: 1933-34. £52,729: 1932-33. £54.412.

THE MONEY MARKET I Bank of England Return RESERVE HIGHER By Telegraph.—Press Assn.—Copyright London, September 20. The Bank of England return tor the week ended September 10 Is as follows: — Issue Department. £ e Notes Issued: Govt, flobi 11.015.100 In clrcula- Other Oort. tlon 376.379,7-16 securities 244.953.J85 In banking Other dept. 75.141,762 securities . 841,209 Silver coin 3.159,796 » £200.000.900 Gold coin & bullion 191,821.508 £451.821,508 £451,821,508 •Amount of fiduciary Issue. Hanking Department, £ Capital 14,553,000 Govt. Rest 3.703.041 securities 81.07(1,104 Deposits: Dlscts,, Public 20.490,0511 advances 0.137,838 Hankers 99,837.219 Other Other a/cs 37.500.958 securities 12.22(,9115 7-day. etc.. Notes 75.441.702 bills 5.000 Gold & Silver coin 012,208 £170.098.937 £170008.937 Proportion of reserve to liabilities, 48,10 per cent., compared with 40.80 per cent, last week. , The principal items of the above return compare as follow with those of last week :— Sept. 12. Sept. 19. Deposits: £ £ Public 10,523.524 20,499,059 Bankers 103.170,079 99.837.219 Other accounts .. 30,810,498 37,500,9,>8 £13004,101 £157.837.230 Securities: Government .... 84.834,UH 81,079.104 Dlscts., advances 0,203.099 0,137,838 Other securities 10.224.135 12.227.905 Reserve 73.392.434 70.053,1179 Note circulation .. 379.045.901 376.379.746 Gold coin & bullion 101.821.508 191.821,508 Short Loans and Bills. The Bank of England rate of discount 1 was reduced to 2 per cent, as from June 30. 1932. Short loans are quoted at ? per cent., compared with 7-8 per cent, last week. The market rale of discount for best three months' bills Is' 21-32 per cent., compared with J per cent, last week. WAIRARAPA FARMERS’ CO-OP. A Small Net Profit Dominion Special Service Masterton, September 21. The Walrarapa Farmers’ Co-operative Association, Ltd., showed a net profit for the year ended July 31. 103-1, of £2117 18/4. according to. the annual report of the company. "Bettor results have been obtained this year, the accounts showing a gross profit of £22.064/141/3.” states the report. “Expenses of operation have again been reduced.” ’ “The company’s premises at Pahiatua were severely damaged by earthquake in March, and other branches suffered in less degree Complete restoration has been made, and (he cost included In the expense accounts for the year. ' Structural improvements have also been marie at several branches, and the company's premises are in good repair. “A sum of £lOOO has been charged against the year's accounts, and added to the reserve provision for exehnngi adjustment. whiqh now stands at £2ooo.'' states the report. "After providing for th? 1 above and all expenses of management, and making full provision for doubtful debts, there is a net profit of £2117/18/4. The appropriation account no’. • shows a debit of £70.324/5/7. . . .

Your directors recommend that the debit in the appropriation account be carried forward. The company la unable to make any payment this year to preference shareholders nu account of dividend or arrears. • “Tho policy adopted, in past years of making ample, provisiflh for doubtful debts enables your board to state with confidence that the honk debts as shown in the balance-sheet are conservatively valued. Sales for the year showed n substantial ineretise over tho figures of th" previous year, and it is hoped that, improving conditions will enable still better profits to bo shown in succeeding years. FOREIGN EXCHANGE On New Zealand Currency Basis The Bank of New .South Wales, Wellington, quoted the following rates, for their purchases and sales of foreign exchange yesterday:—

T.T. represents telegraphic transfers. O.D. represents on demand transactions. The above rates are subject to alteration without notice. New Zealand Pound Abroad Based on the rates quoted yesterday by the Bank of New South Wales. £1 New Zealand was worth approximately: 16/1 in London. £l/0/1 in Australia 16/2} in U.S.A. 15/8} in Canada 9/64 in France. 'l/101 in Italy. 9/6 >n Germany. LIVE STOCK MARKETS. (Live Stock Market reports will be found on Paae 14.) .

FROZEN MEAT TRADE London Markets Steady LATEST QUOTATIONS Lambs: Market steady, demand slow. Wethers: Demand slow. Ewes: Market steady. Beef: Market steady. Porkers. Market firm on short supplies. Bacouers: Market steady. Tallow: Market firm. The above report was received yesterday by Cathie, Dempster and Co.. Ltd., Wellington from Sheet!. Thomson and Co, Ltd. London, who quote prices as t<>.l ow Lambs. 2‘s.-7(1. to lid.; Bs, ufl. to 0 ”-Bd.; 4’s. lid to 6 l-Bd.; seconds, (>d. to Tjd. Wethers. I's. 7’s, s{d. to o 5-Sd.; 3’s, 'J’s. s’s, 4jd. to a l-Bd. Ew;s. l’s. 7’s. 3 7-B<i. to 41d.; 3’s. Ils, 5 e. 3 filo 3jd Ox beef, hinds. 3 l-Bd. to did ; fores. 2 1-Sd. to 2}d. Cow hinds. 2}d. to 2jd.; fores, lid. to Ijd. Porkers, bid. to Tid Bacouers, (id. Tallow: Fine mutton. 22/6 ;■ sweet beef. 21/-; good mixed. 20/-., Henry S. Fitter and Sons, Ltd., have received the following report from their London office Lambs: The market is weaker for second quality; first grades remain firm, Wethers: Larger supplies have caused prices to weaken. Ewes: The demand is moderate., with prices a little lower. Beef: The market is quiet and unchanged. Pork: The market is not quite so firm. Trade generally is quiet. Prices are ((noted as follow: —New Zealand lambs. 2’s, 7<l. to 7-Jd.; B’s. 6Jd. to 6 7-Bd.: 4’s, 6d. to Gid. Secondary lambs. G 1-8 d to 6 5-Bd. New Zealand mutton, small. sd, to ojd.: large, 4id. to 45<1. New Zealand ewes. l small, 3Jd. to 4 1-Sd.; large, 3 l-Bd. to 3 u-Bd. New Zealand beef, ox hinds. 3d. to 3 3-Bd.; fores, 2 l-Bd. to 2 3-Sd, Argentine chilled ox hinds, s}d. to Gd. Argentine chilled ox fores, 3}d. to 3Jd. New Zealand pork. 55(1. to 7d. Australian lambs, sjd. to 6Jd. Argentine lambs, s}d. to Gid Quotations for lamb do not include prices for selected Down lambs. M A. Eliott. Ltd.. Palmerston North, have received the following report from Gordon, Woodroffe and Co., Ltd.. London :—Lamb, par to ,1-83. lower. Wethers. par to 1-Bd. lower. Ewes. 1-8:1. lower. Beef, no change. Lamb, small demand continues. Second quality lamb market weak and overstocked. Mutton and ewes market very quiet. ■Smithfield “delivered" prices are quoted as follow: —Best North Island prime lambs, under 301 b., 7‘l-Bd.; 361 b. to 421 b, 0 7-Bd.: 421 b. to 501 b., 6 1-Bd. Ordinary North Island lambs, under 421 b„ 6 7-Bd.; second quality, under 421 b., 6 3-Sd. Best North Island wethers and/or maiden ewes. 481 b to 561 b. and 561 b, to 641 b.. aid.; 641 b. to 721 b. and over 721 b„ ad. Ordinary North Island wethers and/or mn'den ewes. 481 b to 561 b. and 561 b. to 641 b.. 5 1-Sd : 641 b. to 721 b. and over 721 b.. 4 7-8(1. North Island ewes, under (541 b 3?d.: 641 b. to 721 b., and over 7111 b.. 3 3-Sd. New Zealand prime ox beef (equal fores and hinds). 1601 b. to 2201 b.. 2 5-8(1.

LONDON WOOL SALE More Withdrawals By Telegraph.—Press Assn— Copyright. London. September 20. At the wool sales to-day 10.094 bales were offered, including 2883 New Zealand. About 6580 bales were sold. Sustained home and Continental competition was experienced, and nites were steady. There jyere some withdrawals, but only noticeable in inferior sorts. New Zealand seoureds. Algldtts, sold at 23d.; balfbrcd lamb slipe, Eclipse, made 12(1. highest, average 11 7-8(1.

Murray, Roberts and Co.. Ltd., have received a cable message from their London agents giving the following comparison between the opening rates of the present series of sales and the closing

Bradford Tops Market By Telegraph.—Press Assii.—-Copyright. Ixtndun. September 20. The Bradford tops market is quiet, users being well covered. To-day’s quotations compare with those

t SHEEPSKINS AND HIDES Yesterday’s Wellington Sale A slight improvement in the prices of hides and little change in sheepskins was seen at the fortnightly sale held yesterday by the Wellington brokers. There was a good demand for all grades and desc options of sheepskins. Sound, pelted skins sold well, and. as compared with late quotations, long wools sold at par, while quarter to half wools declined Id. to }d. per lb. Salteds Svere without much change. Large supplies of hide*» were submitted, competition generally being keen. Exporters mid tanners operated freely on all lots brought forward. Heavies were unchanged and medium and lightweights l-Bd. to }d. better. Yearlings were in request, prices showing a slight improvement on previous quotations. Kips, values were easier. There was a large offering of calf, sales being made at prices d lower. Weights of G/Bili. sold from s}d to 81-8(1.. mid 1/51b. sd. to 7d. The range of prices is quoted below:— Drv sheepskins: Hnb’brcd. s}d, to 6d.; fine crossbred. 4}d. to 63d.: medium crossbred. 3}d. to s}d.: coarse crossbred. 3d. to s|d.: half wools, 2d. to 4}d.; quarter wools. 2d. to 33d.: pelts. Id. to 3}d. Salted skins: Three-quarter wools, 2/6: full wools. 3/- to 3/6 lambs. 2/6. Hides;. Ox. 331 b. to 441 b., 3ld. to 4 1-S.: 451 b. to 521 b.. 3}d. to 4Jd.‘; 531 b. to 59*11.. 3}d. to 5 5-Sd.: 601 b. to 691 b., 4Jd. to 6d.; 701 b. and over, 4}d. to 6 3-Bd. Cow. 331 b. to 391 b„ 3 3-8(1. to 4}d.; 401 b. to 4Slb- 3 3-Sd. to 4}<l. : 4Olb. and over, 3d. to 4 3-Sd. Kip. 25117 to 321b..' 2d. to 41-Bd.; 171 b. to 241 b.. 3Jd. to 4sd Yearling. 111 b. to 161 b.. 2Jd to 6}d. Calf. 91b. to 101 b.. 4d. to 41d.; 61b, to Rib.. 55d. to Rl-Rd.: 11b. to 51b. sd. to 7d. Tallow: In casks, etc., 13/- to 14/-: in tins, etc., 9/- to 10/-. Sundric': ('ey 'nils. 5d.: horse hair. 133 d. -o 14d 1 Gold Mining Returns By Telegraph -Press .Association. Dunedin, September 21. The Goldfields Dredging Company. Limited, reports that the return for the fortnight ended to-day'was 23 ozs. 15 <]wts. for 15(1 hours' dredging. Invercargill, September 21. Tne King Solomon return this week totalled 65 oz. 17 dwts. ■

■ BUTTER AND CHEESE

London Markets Quiet , Joseph Nathan and- Company, Ltd., have received from (heir principals. Trengrouse and Natbnu. Ltd.. London., the following cabled advice, dated September 20:—New Zealand butter, 73/-. New Zealand cheese, white, 47/-; coloured, 45/-. Markets quiet, l but som<? Indications of improvement. A. S. Paterson and Co.. Ltd., received cnblc advice from J. and J. Lonsdale and (?<>, (Loudon). Ltd., as follows: —-Butter: Market slow. Now Zealand. 72/- to 73/-; stored. 70/- to 7V-. Australian. 70/- to 72/-. Cheese: Market slow. White, 46/6 to 47/-: coloured, 44/6 to 45/-, Snmuel Page mid Son. Ltd.. London, report to Dalgoty anil Co., Ltd., under date September 20:—Butter market slow. Danish. 104/- (104/-). New Zealdnd, finest salted, 72/- to 73/- (76/-): stored, 1/- to 2/- loss (1/- to 2/- less). Australian. finest tiusnlfed. 74/- to 76/- (74/- to 78/-) : finest salted. 71/- to 72/- (71/- to 73/-). Australian. (T.A.Q.. 69/-(70/-). Cliceso market slow. Now Zealand while. 17/- to 47/6 (47/6): coloured, 45/- (44 T), Snot price for Canadian white. 49/- (o 51/- (4SZ- to 52/-); coloured, 49/- to 52/- (48/- to 52Z-): C.i.f, price for Canadian. 49/- tn 50/Lnst week’s prices shown in parentheses, , /■ : • Position of Sterling By Telegraph.—Press Assn.—Copyright. London, September 20. The following rates on foreign exchanges were current to-day, compared with those

il’nr. 8.23 31-32 since dollar depreciation or, February 1. 1931 '• Gold and Silver. London, September 20. G01d—.67/0/9 per fine ounce. Silver—Cash, 21 7-Sd. per ounce; forward. 21 15-lfld. Pukekohe Potatoes H. 11. Pattie, Ltd., of Pukekohe. report that the first early crops of potatoes appear to be lighter than was expected. Several lots have been dug and marketed and although one or two growers 'have done well they are the exception. This is due to recent cold weather conditions combined with the fact that blight affected a proportion of the very early plantings. Certain ureas of the October crop were hit by frost twice last week and although this will be detrimental mid throw those areas back a fortnight, it. is anticipated that October quality generally should be nil right. It is probable, however, that the quantity will not be as heavy ns anticipated. .Ibices to-day range round 2d. to 2}d. Milk Supply Company’s Year Dominion Special Service. 1 Dunedin. September 21. Despite the lean period through which the dairying industry has been passing, the existence of a brighter side to the picture in respect to city delivery was revealed to-day at the fiftieth annual meeting of the Taieri mid Peninsula Milk Supply Company. The chairman, in hi» address, made reference to the liquidation of Oswald Smith and Company, as a result of which the company has been a heavy loser. The amount involved, which runs into some thousands of pounds, be described “as only a business risk when the annual turnover is taken into account.” The whole amount, he added, had been written off as a bad debt. \ Despite this loss the company’s bal-anee-sheet showed a very sound financial position and the directors were able to recoinmend .a dividend of 4 pet cent., and nlfo make a substantia) further payment to suppliers. • ,

N.Z. GOVT. LOANS ' Buyers > - 1 £ s. d Sellers. £ s. d. ’4 p.c. Bonds. 19-10 . . 108 0 0 4 p.c. ditto. 1114(1 .. . 108 5 0 4 p.c. 1 ditto, 1(149 .... 110 10 4 p.c. ditto. 10.-5 112 0 0 0 — 5 p.c, Rural Bonds. 1941 102 0 0 ■ 34 p.c. Inh. Stk- 1939-43 108 15 0 — Ilf p.c. ditto. 1939-52 .. 109 15 0 ,1| p.e. ditto. 1938-43 .. 108 7 ’){ p.o., ditto. 11)38-52 .. 109 15 0 0 4 pe. ditto. 11140 .... 108 0 0 108 10 0 , 4 p.c. ditto 1940 .... 108 5 0 4 p.c. ditto, 1949 .... 110 10 I) — 4 p.c. ditto, 1955 .... 112 0 0 TV DEBENTURESWgtn. City, H P.e- - 1052 100 10 0 Ditto. 1944 10-» lo 0 llanrakl. 5} p c.. 1044 . — 102 0 0 Wgtn. Gas Co ..10.) 5 0 —* Wright, Stephenson. 5 . '--Jp.c., prior lien .... 97 10 0 BANKS. ■ Australasia *11 lo 0 Com rd. of Aust., ord. 0 17 9 0 17 4 Comrcl. Banking Co.. Sydney — 17 18 9 Eng.. Scot and Aust. -r 5 10 0 National of N-Z • - 3 17 0 National of Australaaiat .£5 paid - U u New Routh Wales «... 32 10 0 33 0 0 New Zealand .....<•. 2 7 11 2 8 t 4 Ditto. D long term 1 14 1 1 14 9 Reserve Bank of N-Z. 0 8 9 6 9 3 Union of Aust. 9 it 0 9 15 0 FINANCIAL. J Equitable Bldg, Co. .. 3 la Goldsbfougli. Mort and Co/ -< 0 1 10 3 N.Z. Guarantee Corpn. *0 5 4 0 5 G Wgtn, Pep. and Mlge. V 4 0 GAS. Christchurch ■ 1 13 .0 Ditto, contrlb 0 15 0 - 8 Gisborne f — 0 12 Wellington, ord 1 19 8 2 0 6 INSURANCE. I National of N.Z. 1 0 1 New Zealand ........ 3 (I 9 Queensland 3 it (1 ■ — South British 4 9 G —— Standard a.s-j.qj;.,...,.7 8 l> - ‘ ■J MEAT. ■ Gear Meal 1 0 7 . 8 1 8 0 K.Z. Refrlg.. .£1 paid 0 19 6 —-- Ditto. 10/- paid ..i 0 11 4 0 9 6 Southland .......... 3 11 0_ 3 15 0 TRANSPORT. Huddart, Parker, ord. 1 14 0 — WOOLLEN. Kalapoi, pref. ........ 1 0 3 Ditto, contrlb 9 4 8 Ditto, paid 9 13 (1 —-• Wclllngt<di f ord — ' COAL. 5 10 0 Westport . 0 19 0 — TIMBER. Kauri 9 19 9 Leyland-O'Brfen .... -— 1 3 3 Taupo Totaru t ord. .. — 0 0 9 BREWERIES. Carlton 2 5 6 N.Z. Breweries 2 7 1 2 7 3 Staples and Co. ,...!■ 1 9 0 1 11 0 Tooth and Co 2 U 0 . —- MISCELLANEOUS. British Tobacco ..... *1 18 3 1 18 9 Colonial Sugar GG 10 0 07 10 0 Consol. Brick A Pipe Oil) 4 0 11 0 Dental & -Medical Sup. 0 7 0 — Dominion Fertiliser .. to 0 1 0 9 Dominion Investments 1 14 D.I.C.. pref. 1 4 0 £— 0 —— Dunlop 1’erdrlau .... — *1 0 0 Electrolytic Zinc. ord. 1 7 9 —— Ditto. 8 p.e. pt. pref.. — 1 15 9 l-'iiruiers' Co-op/ Auct. *4 0 0 • AM N.Z. Drug, *3 18 0 N.Z. Farmers’Fertiliser 1 0 9 N.Z. Paper Mills 1 12 Prestige N.Z.. pref. ... — 0 •— 1 3 0 Sharland aud Co., ord. 1 5 (J —— Ditto, prof 1 5 I! — W Hauns N.Z, Cement 1 1(1 4 • — Woolworths N.Z., ord. — Manawntu Knitting Mills 1 5 Quill Morris 0 2 7 17 6 11 8 0 3 2 United Provisions .... 9 9 10 o 10 2 Broken Hill Pty. .... — 2 13 0 Nth. Roller Mills ..... — 1 13 0 QIL. Taranaki — 0 1 0 MINING. Pell Hooper — 0 0 6 Bell Kllgour 0 0 ’ 2 0. 0 3} Big River ........... 0 I f>» 0 1 7} Brian Boru 0 1 Central Sbotover .... 0 0 31 .0 1 4} 8 .MM, Consol. Goldfields .... 1 0 0 • Gillespie’s Beach .... 0 1 • 0} King Solomon 0 3 8 . 0 4 0 Mahaklpawa — 0 0 11} Matakl 0 2 9 0 2 : 1} Mount Lyell 1 0 0 t 0 2 N'okomal 0 3 : 0 0 4 2 (Ikarlto — I) 9 0 Talisman Dubbo ..... 0 12 0 0 13 0 3 AVnlbl 1 12 II 1 13 Waltahll 0 4 0 — Mount Morgan 1 12 « 1 14 0 Mossy Creek 0 1 0 1 7 •Cum dividend. Unofficial List . Buyern. Seller?, £ s. d. £ 8. d. Woolworth* Ltd., ord. — .3 18 0 Metiers N.Z., Ltd 0 4 10 — Keinball’s debentures . — 98 0 0 National Tobacco „. 3 4 9 *—-f Kllbirnie Theatre .... — 0 15 0 Fluenzol Ltd., ord. .. 10 0 — Ditto, pref 1 O 0 — Wgtn. Perm. Bld. Soc. — 10 0 0

tax-free WELLINGTON. Sale price, : * £ s. d. Yield i.c. on investment. £ s. d Hiser. Stock. 4 p.e.. JO4O ’108 5 0 — 9 9 Wet’ll. City, 4} P.O., 1052 *10i W 0 —- Bank of N.Z. (31 .... •2 8 0 4 3 4 Ditto (2) 2 8 0 4 3 4 N.Z. Guar. Corpn. ... ♦C 5 3 G 0 Ditto (2) 0 3 4 fl i) 0 Ditto (2) 0 5 IB G 3 J Wgtn. Woollen, ord. . N.Z. Breweries L? 2 0 1 11 4 1.0 7 0 a. 19 7 Ditto (2l Y 0 -3 19 7 N.Z. Newspapers *1 12 6 3 1 6 United Provisions .... 0 9 10 —— •0 2 11 Ditto ♦0 2 10} — AUCKLAND. <1. £ s. d. Jt> s. laser. Stock. 34 P.O, 3 1939-43 IOS 5 0 4 8 Ditto, 4 p.e'., 1916 • • 108 15 0 3 3 0 Ditto. 4 p.e.. 1D55 . 112 5 0 3 5 1 Comm. Bank of Aust 0 17 2 — 18 3 M.S, and A. Bank .5 6 0 w 10 4 1) 9 3 3 17 4 Farmer*’ Auction;. B B 1 1 0 11 7 N.Z. Guar. Corpn 0 5 4 6 5 0 Auckland Gas ' 1 0 0 4 2 3 Taupo Totiirn Timber 0 6 0 Kalapoi Woollen, contr. 0 4 .0 4 13 4 Burns Philp 2 1a 0 3 12 8 Consolid. P.riek (2) .; 0 10 9 Ditto 0 10 10 ■ N.Z. Newspapers 1 12 8 3 3 1 3 Ditto ............. 1 12 1) I 0 N.Z. Paper Mills ..... Wfllhij .....A.. 1 12 1 13 9 3 4 6 0 fl 3 1 0 1 2 9 9 0 0 2J — 0 1 6 —■ Mfltflki (2) . 0 2 W w Unofficial list:——. 3 10 Woolworths Ltd., ord. — CHRISTCHURCH e s. d. £ 8. d. laser. Sti>ek 4 p.e.. '' imp Ill 0 0 3 4 2 Comm. Bank of Aust. (D ...» 0 17 • B o 18 3 Nat. Bonk of A/asla. £10 paid 13 2 0 3 1G 4 Bank'of N.Z. (3) 2 8 0 4 3 4 0 9 0 3 17 0 N.Z. Guar. Corpn. (2) 0 5 4 8 a 0 Dalgety and Co. (4) .. 9 5 0 * 14 1 United Building 1 1 fl 4 13 0 N.Z. Breweries (5) ... 2 7 3 19 3 DittO .... 2 7 /j 19 1 Timaru Brewery, 7/6 pd., cum div. (2) . 0 7 4 N.Z. Qefrlg.. 10/- pd. 0 9 5 U 6 2 Anthony Hordern .... 0 14 9 British Tobacco I 18 0 8 4 Broken Hlll-Ppty. ... 2 11 10 3 17 Ditto (2) 2 11 9 3 17 .3 Dunlop Rubber 0 19 9 d 1 3 Ditto 0 19 8 5 1 8 Electro. Zine, ord. ... I 7 10 2 17 0 Quill Morris, in llqu 0 3 0 — United Provisions .... 0 10 1 —• 10 Wnthi G. Junction (41 0 4 4 7 13 Ditto * 0 4 3 7 10 10 Kauri Timber . 0.10 8 2 10 10 Mining shares: Big liver. 1/6. 1/6}. 1/7 (3). 1/6: Brian Born. 1/4 (31: -Glenroy. 1/2 (S'; Goldfields Dredge; I1d 12): King Solomon, 3/8: Nokomai. 4/1 (1). 4/1}, 4/3 (2) : Kawmjx- . t ’ Enofflclal list: 'Assoc. Motorists. pref., cum div,. 22/-: Woolwortbs Ltd.. ord., 77/3 (2), 77/-. 76/3. 70 - (21, 77/0 (2 ). ■ DUNEDIN. d. & 8. d. £ 8. 2 8 0 4 3 4 Union Steam, pref. .. 1 8 0 3 18 7 Kalapoi Woollen, contr' 0 4 .» 4 15 1 Broken Hill Ppty. ... 2 12 9 3 15 10 1 0 4 2 9 Ditto ’ 1 0 1 9 9 Wnihl .. • • 1 13 1} 6 0 9 Woolworth*- Ltd., ord. 3 16 9 — Ditto 3 16 0 Gillespies Ileach 0 1 9J rntto 0 1 0 1 — Rijf K(vPr • • • 0 1 7 Bell Kllgour (2) 0 0 2} 0 4 ■w 0 4 2.1 —

. Buying Selling. Francs to £1 X z T.T. 00.78 59.48 O.D. 01.08 59.53 Noumea— Francs to .£1 ’ i <Zl 4 • • • T.T. 61,78 58.73 Papeete— . O.D. 62.13 58.78 Francs to £1 X Z' T.T. 61.73 5S.73 Belgian)— O.D. 62.13 58.78 Belga s to £1 N.Z T.T. 17.243 16.543 O.D. 17.343 16,558 Germany—’Reicbmarhs ■ to £1 N.Z. T.T. — 9.710 O.D. — 9.715 Italy— Lire to £1 » Z ■' • « • • T.T. t45.55 O.D. — 45.5!) Switzerland— Francs to £1 T.T. 12.357 ' x z ' v 11.957 O.D. 12.432 11.967 Holland— Florins to £1 N.Z T.T. 5.972 5.722 JavaFlorins to £1 O.D. 6.022 5.726 N.Z. .... T.T. 5.935 5.710 Japan— O.D. 5.985 5.714 N.Z i>ence 18 1-16 to 1 yen Shanghai— N.Z. pence to T.T. - 1 dollar T.T. 20 11-16 22 O.D. 20 9-16 21 15-16 India and Ceylon— N.Z. pence 228 Io 1 rupee T.T. 22 9-32 O.D 22 5-32 22 9-16 Hoiig-Kong N.Z. pence to 1 dol. T.T. 23 3-3:’ 24 5-32 Singapore— O.D. 22 31-32 24 3-32 N.Z. pence to 1 dol. T.T. 31 7-16 35? O.D. 34 5-16 35 5-16

rates of the .Inly series: — Sept. .Inly. Per lb. Per lb. N.Z. merino. 60/64’s. yielding 48 n.e None None Halfbred. oG’a. yielding 64 lOi p.e 81 Snp. tine crossbred, <d>s. 84 yielding 70 ]>.<• i! Fine ' crossbred. 4S/."()'s mixed nrep. and carding. ridding 72 n.e. .. H 8 Fine crossbred. 4G/48's mixed nrep. and carding, yielding 74 n.e. 61 ' Gil Med. crossbred. 44/46's pre61 .. paring, yielding 76 me. Med. crossbred. 44/40's 6 ■ 61' carding, .yielding 74 p.o. G Coarse crossbred, 40/44's . yielding 7» p.e •7} r.j Low crossbred. 36/40's None ’ yielding 76 n.c.

previously enbletl as follow: —'■ Aug. 30. Sept. 6. Sept. 13. Sept. 20. Per lb. Per lb. Per lb. Per lb. 70‘s . 29 J 284 28 274 64’s .. 28 £ 4 2(1 254 60's .. 26 0* | ' 24 23‘ 50’s .. 204 20 20 11)4 5O‘s .. 15 15 15 14 46's .. 114 11 11 1.1 40's 10 , 10 10 04

ruling 1 on September 19:— Sept. J0. Par. Sept. 20. X. York, dnl. to £ 4.1)0 7-16 5.00,5-1614.806 Montreal, dol. to £ 4.845 4.855 4.8G6 Paris. fr. to £ 74 25-32 7+ 31-32 124.21 Brussels, ,oe), to £ 20.005 21.0,5. 3.5.00 Geneva, fr. to £ 15.11 15.1-5 25,225 Anist'dani. fl. to £ 7.27' 7.28.5 12407 Milan, lire to £ 57.50 ‘57.025 02.40 Berlin, inks, to £ 12.345 12.38 20.43 St’liolin. knr. to £ 1.0,31)5 111.89.5 18.1511 C'liageii. knr. to £ 22.40 22.40. 18.159 Oslo, knr, to £ 10.003 10.003 18.159 Vienna, sehgs. to £ 20.5026.50 34.583 Prague, knr. to £ 118.50 118.875 164.25 Hel’fors. inks, to £ 226.75 220.75 103.23 Madrid, pee. to .£ 30.125 36 3-11! 25.225 Lisbon, esc. to £ 110.125 It 0.125 110 Athens, drach. to £ •510 •510 375 Belgrade, din. to £ 210 216 276.31 Bucharest, lei to £ 403 40.5 813.60 Warsaw, zloty to £ 26.1S —- 43.38 Rio de J„ p. to mil. 74} t4t 5.809 B Aires,, p. to peso 136} 47.62 ’ M, Video, |1. to peso 139 7-16 f39 3-8 51 Calcutta, p, to rup IS 1-10 181-16 18 Shanghai, p. to dol. 17 3-16 17 — H.-Kong, p. to dol. 18 7-8 18 13-16 Y'liama. p. to yen 14.5-10 14 5-10 24.5.82 Batavia, fl to £ i 7.27 12.107 ■{•Sellers, official. •.Sellers.