TRADE AND FINANCE FIFTY YEARS A DIRECTOR COLONIAL SUGAR SHARES PRICE AND RETURN STERLING AND DOLLAR DIVIDENDS DUE. MOUNT MORGAN PROFITS SALE OF CITY PROPERTY QUILL, MORRIS, LTD. TRICE OF SILVER. AUSTRALIA'S TRADE WOOL FUTURES

Evening Post, Volume CXX, Issue 116, 12 November 1935, Page 14

TRADE AND FINANCE

FIFTY YEARS A DIRECTOR

COLONIAL SUGAR SHARES

PRICE AND RETURN

STERLING AND DOLLAR

DIVIDENDS DUE.

MOUNT MORGAN PROFITS

SALE OF CITY PROPERTY

QUILL, MORRIS, LTD.

TRICE OF SILVER.

AUSTRALIA'S TRADE

WOOL FUTURES

PRODUCE & MARKET REPORTS FROM DAY TO DAY

Sir Thomas Buckland, who presided at the annual meeting of the United Insurance Co., Ltd., held in Sydney J?st \veek, praised the work of Mr G. J.Cohen, who is retiring from the board this year. Sir Thomas Buckland said that Mr. Cohen had been a director of the company since 1885. -He had been chairman since 1904 Dur-mg-that time the company had made continuous progress, dividends had been paid regularly, and assets had increased from £118,065 in 1885 to £1.003 306 in 1935. The United Instance Co., Ltd.. was now one of the largest and soundest engaged in the business, and, in spite of all temptations, was still a purely Australian institution. -The shareholders unanimously passed a resolution that the meeting should recommend to the board of directors that, in view of the great services rendered to. the company by Mr. Cohen, and in honour of his wonderful record as director for 50 years, an amount of £000 should be allocated from the funds of the company to be distributed among such hospitals in Sydney as the board might decide. Victoria Nyanza Sugar Co., Ltd., Mcl- i bourne, reports for the season to October 12:—42,700 tons cane crushed, 3586 I tons sugar bagged, and 129 tons in process of manufacture.

(By Telegraph.—Press Assn.—Copyright.) SYDNEY, November 11. On the Sydney Stock Exchange today, there was a heavy turnover of general investments. The price levels of last week were well maintained. Sales: Bank of New South Wales, £33 7s 6d; Colonial Sugar, £41! Associated News, 24s 9d; ditto, pref., 24s 4£d; Adelaide Steam, 31s (id; Australian Gas, £7 15s 6d; Australian Drug, 14s 3d; Australian Gypsum, 17s 3d; Australian Glass, 85s; Amalgamated Textiles, 11s 9d; G. J. Coles, 665; Burns, Philp, 665; Claude Neon, 51s 9d; Dun-lop-Perdriau, 16s 7Jd; Electrolytic Zinc, 35s 3d; Anthony Hordern, 19s 3d; D. Mitchell, 4s; Clifford Love, 535; Tooths, 59s 3d; Tooheys, 30s 6d; Hume Pipe, 14s 6d; Broomfields, 9s 3d; Stedman, Is 6d; "Truth," first pref., 31s; W. H. Paling, 17s -3d; Woolworths, second pref., 26s 6d;. Sargents, 23s 6d; Meggitts, 22s 9d; Morris Hedstrom, 24s 6d; Winchcombe Carson, 29s 9d; Henry Jones Co-0p.,. 37s lOJd; General Industries, 20s 9d; Broken Hill Proprietary, 58s 9d; North Broken Hill, £8 9s;. Zinc Corporation* 69s 6d; • Bulolo Gold, £8; Rawang Tin, 9s; Mount Kasi, 16s 9d; Tavua, 4s; Emperor, 26s 7£d; Koroere, 16s 9d. MELBOURNE,' November 11. Sales on the Melbourne Stock Exchange today included:—Commercial Bank of Australia, 16s 9d; "Herald and Times," 635; Australian Glass, 85s 6d; Australian Iron and Steel, pref., 25s 3d; Mount Lyell, 21s 3d; Emperor, 21s; Loloma, 38s 3d.

BONUS ISSUE TAXATION The New South Wales Commissioner has advised that the proportions taxable in the hands of shareholders of the bonus shares issued by the Colonial Sugar Company in 1934 are as follows:—New South Wales State income tax, 10.278 per cent, taxable only to the extent that shareholder's rate exceeds company's rate. New South Wales special income tax: Persons domiciled in New South Wales, 29.733 per cent., or 4s lid per share (approx.); persons not domiciled in New South Wales, 6.578 per cent, or Is Id per share (approx.). The issue is not subject to Federal taxation.

.•.latest sales reported and mado on the Stock Exchanges of the Dominion. with the highest prices and the approximate yields per cent per annum to investors (all subject to appropriate taxes and exchange where operative), based cr; the last annual dividends, dlus bonuses, if any, and considering redemption and brokerage in the case of redeemable securities where dated, were as follows:—. Highest i'ield. 1 . price. p.c, p.a. £ 8. d. £ s. d. ; . Wellington. N.Z. Guarantee Corp. 0 5 3 415 2 X.Z. Kef rig 12 3 4IS 10 Taupo Totara 0 8 0 50 0 Staples Brewery .. 113 0 219 3 Anthony Hordern .. 019 3 — Broken Hill Pty. .. 218 0 3 811 Electro. Zinc (pref.) 118 6 4 3 1 Wilson's Cement .... 2 4 0 3 2 G Auckland. Ins. Stk.. 3X,4 p.c. (March, 1939/43) a. 102 15 0 3 5 0 Amalg. Brick (Auck.), 7% p.c. (1/3/34) .. 101 10 0 7 2 3 Comm. Bank of Aust. 016 7 310 i Bank of N.-S.W. .... 33 5 0 301 Union Bank 9 10 0 2 12 7 N.Z. Insurance ... 3 3 0 3 3 0 N. Auck, Farmers .022 — Traders' Finance (7s 6d) 0 4 3 — Auckland Gas 156 4G3 National Timber .... 015 6 6 9 0 Rotoiti Timber .... 060 — Dominion Breweries . 0 1G 6 — British Tobacco .. 2 0 0 3 0 0 Broken Hill Pty. .. 218 0 3 S 11' Burns, Philp 3 5 9 3 0 10 Claude Neon (Sydney) 210 6 518 0 Colonial Sugar ... .1. 40 5 0 3 2 1 Consolidated Brick . 0 10 0 — Electro. Zinc (preE.) 118 0 4 4 2 Farmers' Trading 0 7 3 5 10 4 Milne & Choyce (deb.) 017 3 4 12 N.Z. Newspapers ..i. 2 10 2 8 9 N.Z. Refrig. (10s pd.) 010 11 5 0 9 United Provisions .. 013 0 3 1 (5 Mataki 0 2 i 3 11 5 Unofficial — Woolworths, Ltd. .. '5 15 0 2 3 6 Christchurch. Reserve Bank 650 400 National Insurance . 0 19 i . 3 17 7 N.Z. Breweries .... 213 0 212 10 Dunlop-Perdriau .. 016 7 United Provisions .. 013 0 3 16 Kauri Timber 1.3 0 5 53 Mount LyeU 110 277 Unofficial — Tiproff Seal ....... 2 5 0 n. Dunedin. Okarito 0 5 0 n. a.—Market price includes accrued interest. i.—lnterim div. increased. I.—lnterim div. rate reduced, n.—Rate not available.

(By Telegraph.—Press Assn.—Copyright.) (Received November 12, 9.30 a.m.) LONDON, November 11. Sterling exchange, London on New York, 4.92 i dollars. Dollar?. November 9 4.92 5-8 November 8 4.92£ November 7 4.91J November 6 4.92} I November 5 4.92 J November 4 4.92 3-8 November 2 4.913 . November 1 4.91J October 1 .......... '4.9015-16 September 2 4.9515-16 August 1 4.95 11-16 July 1 4.94 7-16 June 1 4.92 1-8 May 1 4.83 3-8 April 30 4.83| March 1 4.8313-16 January 1 4.94 3-16 DOLLAR RATES. The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates today on a New Zealand currency basis. They are subject to alteration without notice. U.S.A. Canada. (per£l (per£l N.Z.) N.Z.) Selling— dols. dois. T.T 3.941 3.98J On demand 3.95J 3.99 Buying— On demand 3.99| 4.03 a THE FRENCH FRANC. (By Telegraph.—Press Assn.—Copyright.) (Received November 12, 9.30 a.m.) LONDON, November 11. Sterling exchange on Paris, 74J francs to £1. The rate on November 9 was 74 13-16. NATIONAL TIMBER DIVIDEND. (By Telegraph—Press Association.) AUCKLAND, November 11. I The National Timber Company, Ltd., 1 I has declared jm unchanged interim | j dividend of 2\ per cent, for the six months ended September 30. I

«i.Z. Govt. Loans— 3% p.c. Ins. Stk., 15/ 3/1939-43 102 10 0 — 3V4 p.c-. Ins. Stk., 15/ 9/1030-43 102 10 0 - 3fe p.c. Ins. Stk., 15/ 5/1930-52 : — 105 5 0 4 p.c. Ins. Stk., 15/ 1/193740 101 15 0 — 4 p.c. Ins. Stk., 15/2/ 1943-46 ". 104 12 6 103 0 0 4 p.c. Ins. Stk., 15/4/ 1946-49 104 17 6 — 4 p.c. Ins. Stk., 15/6/ 1952-55 107 17 6 — i p.c. Bonds, 15/ 1/1937-40 101 15 0 — 5 p.c. Rural Bonds, 15/9/1947 — 105 10 0 Local Body Debentures— Tolaga Bay, 4H p.c, 15/9/1953 — 09 0 0 Waimakariri R.T., 4tt p.c, 1/10/1950 .. — 107 2 6 New Plymouth Harb. Bd., 4% p.c, 1/9/1971 — 107 0 0 Other Debentures— Amal. Brick and Pipe, Wgton — 102 0 0 Wgtn. Gas — 104 10 0 Gisborne Sheepfarmers 100 0 0 — BanksAustralasia 11 5 0 — Comm. of Aust. (ord.) 016 3 016 8 Comm. Bankg. Co., Sydney 17 10 0 — New South Wales ... 33 0 0 — New Zealand * 210 7 210 10 Reserve Bank of N.Z. 6 4 0 610 0 Union of Aust 9 7 6 . — FinancialEquitable Bdg. Co. .. 610 0 — Farmers' Co-op. Auct. A pref 123 — Goklsbrough, Mort, and Co 1 11 0 1 12 6 Mortgage Corporation 0 5 7 0 5 8 N.Z. Guarantee Corp. 0 5 1 0 5 3 N.Z. Invest Mort. & Dep 0 83 0 96 Wgtn. Invest. T. &A. 0 8 3 0 9 6 Wgtn. Trust Loan ... 510 0 — Wairarapa Farmers (pref.) 02 9 — GasAuckland 1 5 3 1 6 0 Gisborne — 0 12 6 Wellington (ord.) .... IIS 9 — InsuranceSouth British ..... 4116 — Meat Preserving— Gear Meat — 130 N.Z. Refrig. (£1) .. 12 0 12 6 N ; Z. Refrig. (10s) ... 010 10 011 2 Wgtn. Meat Export (pref.) 106 126 TransportUnion Steam (pref.) .17 4 18 3 Kelburne Tramway .. 16 9 — WoollenWellington (ord.) ... 517 0 — Wellington (pref.) ... 017 6 — Coal— Westport • 12 0 133 TimberBartholomew — 0 18 3 Kauri * 1 3 0. 1 4 0 National * 014 6 — Rotoiti (pref.) 10 0 — Taupo Totara (ord.).. 0 710 0 8 2 Breweries— N.Z. Breweries 212 11 2 13 6 Tooth and Co — 2 19 0 MiscellaneousAnthony Hordern ... 019 0 019 3 Brit. Tobacco (Aust.) — 2 0 3 Broken Hill Pty. ...* 217 6 218 0 Claude Neon (Sydney) 2 9 6 — Colonial Sugar 40 2 6 41 5 0 Cousol. Brick & Pipe 010 0 010 8 Dominion Fertiliser .12 6 — Dunlop-Perdriau ... — 0 16 8 Electro. Zinc lord.) .. — 1 15 0 Electro. Zinc (8 p.c. part pref.) 1 17 0 1 18 9 Howard Smith (ord.) . 0 18 3 0 19 3 N.Z. Drug 3 17 6 — N.Z. Farm. Fertiliser . 0 11) 0 0 19 9 N.Z. Newspapers .. 2 0 9 — Procera Bread (ord.) 116 9 — Procera Bread (vender) . ..-. 1 16 9 — Taranaki Oil 0 0 3 — Wellington Cordage ... — 0 10 3 Wilson's (N.Z.) Cement * 24 0 250 United '. Provisions ... — 0131 Associated News ... — 15 0 Broken Hill (5s pd.) .17 0 18 9 Denhard (pref.) 10 0 — Mark Foy (ord.) ... 116 — "Truth" (N.Z.) (pref.) — 150 Mining - Blackwater — 1 13 6 . Brian Boru — 0 0 214 Consol. Goldfields .. — 0 17 0 Gillespie's Beach .. — 0 13 Kildare — 0 3 3 King Solomon ... 0 3 3 — Mataki 0 24 — Mossy Creek — 0 16 Okarito 0 4 11 — Skippers 0 0 2 — Australian— Mount Lyell * 1 011 111 Mount Morgan — 1 18 0 Upper Watut — 080 First Call, This Day.—Sales reported: Broken Hill Proprietary,* 58s: Mount Lyell,* 21s. Late Reported Sales, Yesterday.—New Zealand Refrigerating (£1), 22s 3d, and UOs), 10s ll%d. *Cum div. UNOFFICIAL LIST. Buyers. Sellers. £ s. d. £ s. d. Woolworths Ltd. ... 512 6 515 0 Woolworths (W.A.) Ltd '. — S 15 0 Associated Motorists Petrol (pref.) — 13 0 Emperor Mines 10 0 — N.Z. Woolpack and Textiles — 0 13 3 Argo Gold — o 1 2 Wellington Publishing 417 6 — Dominion Farmers' Institute — 530 Kembeli Theatre (pref.) — 0 7 6 Tiproff Seal Cap — 2 6 6 ! ; I I

Mospiel Woollen—final 4 per cent., bonus 2 per cent. Xov. 12 Abraham and Williams—final pref., 5 per cent, per annum Nov. 12 Bycroft. Ltd.. Auckland—interim 5 per cent, at rate of 10 per cent, per annum Nov. 13 Perpetual Executors and Trustees Association of Australia—half-year-ly, at 6 per cent, per annum .. Nov. 13 Worksop Extended Dredse—fourth of 10 per cent, on capital Nov. 14 Mdrtha (Waihii Mine—initrim Bd ocr share Nov. 15 Burns. Philp—lnterim half-year at 10 per cent, per annum \n? in Maori Gully—lo per cent Nov 10 Tattersfleld. Ltd.. Auckland—6V» per cent Nor. is National Insurance—final, rid per share, making Od for the ye;ir Nov. IS Bruce Woollen—ordinary. 3 per cent.; preference. 5 3-5 per cent Nov. 20 .Mack;. I-osan Cnlchvrll -inierim al 5 per cenl per annum ... Nov. *o Bulolo Drertse—interim 1.40 dol. (Canadian) ..: Nov. 21 Placer Development—lnterim 40 cents (Canadian) Nov. 21 Claude Neon (N.Z.)—final 4 per cent. Nov. 21 rerpetunl Trustees, Dunedin—interim Is per share Nov. 23 Westport Coal—final lid per share, 10 per cent, per annum Nov. 25 Broken Hill Propty.—half-yearly, Is 3d per : share, or 12V2 per cent per . annum Nov. 27 National Bank of Australasia—interim nr s per cent per annum Nov. 27 Dalgety and Co.—final at rate of 5 per cent, per annum Xov. 28 North '.Valrarapa Permanent BuUdinp and Investment Society—interim at 5 Pit cent, per annum Nov. 28 Wilson's Cement—interim 9d per share Nov. 2S E.S. aril A. Bank—final, 2,2 per cenl., making 5 per cent, per annutr Nov. 2S Farmer:!l Trading Co., Auckland—interl.n A and B pref., at 7 per cent, per annum and C pref. at 5 per ceni. per annum, all less 20 per cenl Xov. 30 Henry . ones Co-operative—ls 3d per shaie Dec. 1 Bank ol N.Z.—interim, Is per share Lon.:-term shares Dec T North Broken Hill—2s Gd per share, I and bonus nf 1= per share Her 12 Mount I Tell—2U tier cent Dec. IS Broken Hill South—ls fid per share 1 and bonus Is per share Dec. 19 Morris, Hedstrom, Fiji—interim 2Vi per cent Bee, 31

The first annual general meeting of shareholders of Argo Gold Dredging Co., Ltd., was held at Reefton on Wednesday; with a total share representation of 152,330. The report and balance-sheet and statement of profit and loss for the year ended May 31, 1935, were received and adopted. Mr. G. Lambert (Christchurch) and Mr. J. G. Quinn (Blackball) were re-elected directors. Mr. W. B. Auld was re-elected auditor. Mr. A. Fischer, dredgemaster, was present and reported that the dredge was working steadily, and since the change-over to the "headline. system, no difficulty had been experienced in dealing with the ground. He anticipated that the weekly through-put would be approximately 15,000 yards, and that steady returns should be maintained in the future. Thanks were passed to the secretary, the dredgemaster, and crew for services rendered during the past year. , WHITE'S ELECTRIC DREDGE. The contractors for the building of the dredge for White's Electric Gold Dredging Co. (Barrytown), Ltd., report that internal construction of the pontoon is well advanced. Welding is proceeding satisfactorily. Materials for the superstructure are expected about November 30. BLACKWATER. Blackwater (Reefton) October Developnjfnt.—No. 12 level: The winze at 2350 ft north was sunk 58ft, of which 30ft was on main reef, which averaged 24in wide and 12Jdwt in value. N°- 13 level: The crosscut was extended 35ft, making a total of 48ft, including the chamber. Since the end of 2s°bl T ef. has been struck at 69ft, the width being 26in, value at present unknown. North shaft: The sump has been completed; total depth, 2375 ft. STAFFORD. The Stafford, Hokitika, dredge returned to October 30, for 116 hour*1 work. 48oz of smelted gold, the quantity of material handled being 7218 yards. The previous return was iUoz from 8356 yards. MOUNT KASI NEW ISSUE. Directors of Mount Kasi Mines Ltd Fiji, have decided to increase the £snun,& c<*Pital °f the company from 330,007 shares of 3s each to 396,008 shares of 3s each by the issue of a further 66,001 shares. The new shares will be offered to shareholders in the proportion of one new share for every five shares held, at a premium of 7s per share. * MATAKI. (By Telegraph—Press Association.) AUCKLAND, November 11. The Mataki dredge return for the week ended November 10 was 85oz for 128 hours' work.

DIVIDEND INCREASED Mount Morgan, Ltd., Queensland reports a net profit of £110,432 for the >oe-,ar™ended June 25- inclusive of £H'2£° representing the par value of 100,000 shares allotted to the company by Mount Morgan Developments, Ltd.,. in respect of the option ovet certain areas at Jonesville, Western Australia, transferred to the latter company. The previous year's net profit was £80 569. Four dividends, each of 6d, were paid for the year, the year's dividend thus being 40 per cent., against 30 per cent the previous year. The dividends together required £83,200, and £10,000 has been transferred to a share reserve account, so that, in effect, the 100,000 fully-paid shares in Mount Morgan Developments, Ltd., are not included at any value in the balance-sheet. Against £33,269. brought forward. £50,502 is carried forward. The paidup capital increased from £200,000 to £232,000 during the year, the last'quarter's dividend being paid on the higher capital.

Negotiations are in progress for the purchase of premises owned and occupied by the Wellington Deposit, Mortgage, and Building Association, Ltd., in Panama Street. The purchasers will be a Wellington company, but the price is not disclosed. The building occupies a site of 32ft frontage to Panama Street and a depth of 80 feet, and is in brick and of three floors. It is the intention of the purchasers to completely remodel the building upon modern lines.

Shareholders and creditors of Quill, Morris, Ltd., Christchurch, have discussed with the liquidators the wind-ing-up of the company and the formation of a new company. The decisions reached will be reported upon at meetings to be held shortly, and it is anticipated that the present company will be wound up early in the New Year and a new company formed to take over the assets.

• Closing sight rates as quoted by the BauK of New South Wales, Wellington, today, for buying and selling foreign currencies, based on New Zealand currency, are as follows:— On On demand, demana .. ' , Buying. Selling. New/.ealann nn • £•i. 4 £ ». a London—£X".Z. to £ stS- 100 123 10 0 124 8 9 Australia—£A to £.N.Z. 100 111 l 0 0 urn in n Fiji—£F to £ X.Z. 100 .90 7 6 t) 0 0 V« York —Dollar* to £X.Z. 1 3.99T5, 3.95 Montreal—Dollars to £ X-Z- 1 * 4.03% 3.99 Austria—Sclullings to £ -V-Z- 1 — 20.90 Belgium—Belgas to £ *-Z. 1 - 23.106 Czechoslovakia —Crowns •n £*Z- 1 - 93.51 Denmark—Kroner to £ XZ- 1 15.21S 17.938 France—Francs to £ N.Z. 1 61.01 59.46 Germnny—Reichmarks to £X-Z- 1 - 9.631 Holland—Florins to £ X.Z. 1 6.00S 5.712 Italy—Lire to £X.Z. 1. — 45.15 lava-Florins to £ X.Z. 1 5.957 5.G56 Norway—Krouer to £ X.Z. 1 1G.211 15.U31 Sweden—Kronor to £ X.Z 1 15.500 15 520 Swii7prlann —Franr? tc £X.Z. 1 12.4G0 11.035 Noumea—Francs to £ X.Z. 1 62.06 5S 71 Papeete—Francs to £ X.Z. 1 62.nc 5S 71 lncii:i unrl ( e.vlim—X.Z liencc to 1 rupee 22 U 22 21-3' 1 latuiii—N.Z pence to 1 • s'e" — 17 43-64 Shanchni —N.Z pence to .1 dollar _.. 17 7-32 IS 19-32 Silicapnre—X.Z. ponce to 1 dollar 34U 33U The above rates are tor on demand transactions. The £ 1 is £1 in New Zealand currency. The rates are subject to alteration without notice. Based on the figures quoted by the Bank of New South Wales the New Zealand pound, compared with its original par value, is equivalent to approximately:— £ s. d. 0 16 1 In London. 10 1 in Australia. 0 lfi 2»i in U.S.A. 0 IS 4U in Canada 0 9 6=4 in France. 0 10 5 in Italy. 0 9 s»i in Germany. 0 9 4=4 in .lava. ' 1 9% In Japan.

(British Official Wireless.) RUGBY, November 9. Prices of Silver.—Spot, 29 5-16 d per oz; forward, 29 l-8d per oz.

DEKKY AND DIGGIiS SMITH Stock ■*• and Sharebrokers, National Bank Buildings (opp G:IH)., Wellington) Members Wellington Stock Exchange ('allies anil TpleL'rams' "Rnnpgpprrv " TTLTAN F Mi-CAHE. Member ut" Weiiintrton Stock Kxrh.inee Stock and Slwelu-oker. Bank of Australasia Chambers. 101 Customhouse Quay, Wellington Tel. 13-220. Telegrams; ULTAIA; Wgtn.

Since the last meeting of the Loar Council m Canberra in May, the Aus trahan States Governments have r^ duced their estimated deficits for thy financial year. At the meeting of thi council, which opened last week at Can berra, it was announced that the ac tual improvement in all Ststes sine; May had been £1,120,000 on the Estv mates presented in May. The improve ment for all States except Tasmania i£1,047,000. Tasmania's estimated da licit in May was £350,000, whereas to day it was stated to be actually onb Opposition was expressed by thf Premiers and Treasurers of four State' at the sitting of the council to th< Federal Government's insistence upor a reduction in loan works allocations It was emphasised that 1935-36 was : crucial year in re-employment, anc that, if a vigorous works policy wa: pursued, a state of normality woulc probably be reached next year The amount originally agreed upoi as necessary to finance new works an' pay off deficits was £30,500,000, ..: which £26,050,000 was for new works The first instalment of £12,500,000 wa: raised in June, and it is proposed U raise an additional £18,000,000 in tw( distinct issues—one loan before Christ mas and the other before the end o: the financial. year. Details of the proposed allocation; for works were originally set down a: follows:—Commonwealth, £5,750,000 various States, £20,300,000. Doubt has been raised whether th; full sum can be secured at reasonabli interest rates. The last loan o £12,500,000 was under-subscribed, and as it has been authoritatively state< that it would be unwise to approacl the Australian market for a larger sun than £8,000,000 at present, works pro grammes may have to be readjusted.

EXPORTS INCREASING Returns of overseas trade of Australia for the first quarter of the financial year 1935-36, according to the compilation of Mr. E. T. McPhee, Commonwealth Statistician, show a further improvement on the progress noted in the trade of two months. Excess imports over exports diminished to £2,262,000 sterling, as against £3.084,000 sterling. The better result is due. principally to the higher wool prices. While total imports increased by £1,687,000 sterling, total exports, including gold, increased by £2,509,000 sterling. OVERSEAS TRADE. Three months. 1934-35. 1035-36. Movement. £stg. Estg. Estg. Exports— Merchandise ... 13,614,000 10,594,000 *2,250,000 Bullion and specie . 2,104,000 • 2,363,000 '259,000 Total .. 15,748,000 18,257,000 •2,509,000 Merchandise 15,395,000 20,122,000 '1,724,000 Bullion and specie .. 434,000 397,000 f37,000 Total ... 15,832,000 20,519,000 *1,687,000 Excess of lmports ... 3,084,000 2,282,000 •Increase. tDecrease.

NEW MELBOURNE COMPANY A company has been registered hi Melbourne with a capital ol £iO,OUU for tne purpose ol conducting an agency for trading in wool tutures on the Antwerp lutures top marKei. Tne promoters nope to interest sheepowners in these transactions as a means oi avoiding tne nsK ol receding values during tne course of a wooi season, substantially decreasing the monetary results tney are able to secure tor thenclips. An unavoidable gap occurs with many growers between date oi shearing anu the time at which their clips can be sold. Tney have in some seasons had the regrettable experience of seeing prices tail during mat period, their product being worth considerably less when it was sold than wnen v was shorn. The use of a futures market would eliminate that risk. Take the case of. a grazier producing, say, 100 bales of wool, who in Septemoer is satisfied that ruling values will provide him with an acceptable return for his clip. He may not be shearing for some time, and his clip may not be due for offering until March. If he wishes to protect his sale at September prices he would instruct his agent to sell tops at September rates on the futures market for March delivery to cover the value of his wool. He is then in the position of owning 100 bales of wool and having a March contract for the sale of futures at September values. The market, meantime, may have fallen, but the buyer of the futures must in March pay him for them at September levels. His wool realises less than would have been secured in September, but the sale of the futures protects him with the difference between September and March wool prices. On the other hand, if the value of wool aovanced between the two dates mentioned the grower who has indulged in the futures transaction quoted would get no benefit from that rise, the additional money received for his wool being required to fulfil his contract in futures tops. In that instance the grower-operator in futures would possibly regret his action unless he at some period between the two dates hedged by indulging in further transactions in futures. Those operations, however, would introduce a definite gamble in his activities, which he has endeavoured to avoid, but without the latter, he has had the assurance of a definite figure for his product. H

Usy relesrraph-Press Awn.-Cnpyrieht.l (Received November 12, 9.30 a.m ) LONDON, November 11 -Price of fine gold per ounce, 141s 4d. Per oz. November 9 i|'i 31 November 8 ... 141 5 November 7 '..'. 141 5 j November 6 141 41 . November 5 ° 141 3! November 4 .' 141 5* November 2 \\ 141 51 November 1 141 7 October 1 " 141 71 September 3 140 3 August 1 140 94 -My. \. 141 44 June 1 142 0" May! i 145 0 April I 145 8} March 6 (record) .. 149 4 March 1 145 1 February 1 '..'/, 142 4 January 1 140 10J CLAUDE NEON LIGHTS (X.Z.). The accounts of Claude Neon Lights of New Zealand. Limited, for the year ended September 30, show a net 'profit of £5741, against £5989 earned in the previous year. With £1446 brought forward. £7187 is available The interim dividend of 4 per cent' absorbed £2242, and it is proposed to pay a final dividend of 4 per cent making 8 per cent, for the year This will require £2242, leaving £2703 to be carried forward. In the previous year 10 per cent, was distributed. Thanks to the liner Bendigo, of the P. and O. Branch Line, a British officer has recovered a medal which he dropped ■ into the sea thirteen years I ago. In 1922 Captain R. L. Yates, of the Royal Scots Fusiliers, was on a short visit to Malta. While he was standing on the deck of the ship in Valetta Harbour one of his war medals fell overboard. The Bendigo called at Malta on a recent voyage. When the anchor was weighed there was found embedded in the mud clinging to it Captain Yates's lost medal. He went to Port Said to meet the ship, and the medal has been returned to him.