Commerce, Mining, & Finance

Evening Star, Issue 21570, 16 November 1933, Page 9

Commerce, Mining, & Finance

THE SHIRE MARKET DUNEDIN STOCK EXCHANGE Apart! from several sales of Bell-Kilgours at. Is 4d, no business was transacted this morning. The market generally was quiet. Fewer buyers appeared for banking shares, though selling quotations were recorded for several issues that have been in good demand. Kaitangata Coals were for sale at 235, but buyers were not prepared to give more than 22s 3d. A keen interest was maintained in meat preserving shares, and the contributing issued of Refrigeratmgs was wanted at 9s 7d, without a seller’s quote. There were very few changes in the miscellaneous section, though the buyer of Smith and Smiths advanced another .fid, without response, and there was a margin of la between buyers and sellers of Wilson’s Cements. Waihi Grand Junctions were for sale this morning at 4s 3d, without attracting _ a buyer, and Okaritos appeared firmer, with buyers at 10s and no seller. King Solomons haa an easier market, and 2d separated buyers and sellers of Waitahus. A buyer of Bulolo Dredging shares came on the market at £5 10s, but no seller quoted. All the 3 per cent, issues of Government Loans were in strong demand, while several sellers of the 4 per cent, issues appeared, but no business resulted. SALES.

N.Z, GOVERNMENT LOANS--34 p.c. Stock, 19381943 100 10 0 - 34 p.c. Stock, 19391943 100 10 0 - 34 p.c. Stock, 19411943 100 10 0 , - 34 P-c. Stock, 1938 1952 100 0 0 34 p.c. Stock, 19391952 100 0 0 34 p.c. Stock, 19411952 100 0 0 4 p.c. Bonds, Jan. 15, ' 1940 _lO2 0 0 102 7 G 4 p.c. Stock. Jan. 15, 1940 102 0 0 4 n r. Bonds, Feb. 15, 1946 4 p.c Stock, Feb. 15, 1946 101 17 6 4 p.c. Bonds, April 15, 1949 4 p.c. Bonds, June 15, 1955 101 10 0 ♦ p.c. Stock, June 15, 1955 ... ~. 101 10 0 AUCTION SALE Messrs 11. S. M'Kenzie Ltd. submitted to auction on Monday two properties—allotment 1 block 11, Township of St. Kilda, and lot 0, section 51, block 7, town district. The St. Kilda property was sold, but the latter did not reach tho reserve, and a sale by private treaty is now. being negotiated.

INFLATION CONDEMNED WHAT IS ITS PURPOSE? In an article in the New York ‘ Her-ald-Tribuno ’ of July 30, 1933, Neil Carothers, professor of economics and director of the College of Business Administration of Lehigh University, stated:— Almost the entire economic profession will subscribe to these fundamental truths: “ First. —The depression is coining to an end, without inflation. “ Second.—There is ample currency and credit, now available without inflation, to bring prices to a ‘ prosperity ’ level. “ Third. —No depression in history has been ended by inflation. “ Fourth.—There are no grounds for believing that inflation can end a depression. ‘ Fifth. —Extensive inflation, in any country, has brought national misery. “It is time for plain speaking. Inflation is not a desperate remedy for a desperate situation. On the contrary, it is an arbitrary and unnecessary interference with a recovery well begun. Its purpose is not to end depression, but to relieve certain groups of people of their obligations and to permit the Government to spend money -recklessly without balancing its Budget. . . COLOMBO TEA SALES Mr L. M. Wright has received the following cabled report on the Colombo tea auction on November 14: — Market active generally, common teas remained steady, while medium and fine grades advanced one to three cents. The quantity auctioned was 1,390,0001 b. At next week’s sale 1,800,0001 b will bo catalogued. NEW ZEALAND LOAN RECEPTION IN LONDON The New Zealand Government has taken advantage of the current demand for gilt-edged issues of medium date at a discount by offering some £5,000,000 of 3i per cent, stock, 194954, at 97, said the ‘ Economist ’ of October 7. The loan is being raised for the repayment at par on January 15 next of £5,000,000 5 per cent, bonds, 1933-34. The prospectus gives full details of the financial position of the dominion. The gross, public debt appears high at £2B2,62o,ooo—equivalent to about £lB5 per head—but the tangible assets are valued at £305,000,000, of which £265,000,000 is directly interest-bearing and productive, representing the investment in railways, telephones, and telegraphs, electricity, advances to settlers, Crown lands, and sinking funds. Tho sinking fund arrangements appear adequate, being cumulative, and it is estimated that the present debt will bo liquidated over a period of about sixty years. Approximately 42 per cent, of the present debt is now domiciled in the dominion, as against only 17 per cent, in 1914. As regards the transfer problem, tho prospectus states that the exports during the financial year ended March 31, 1932, amounted to £37,510,000, and imports to £25,059,000, leaving a favourable visible balance of £12,451,000. Current returns indicate that this > favourable balance is being maintained. It appears that the visible trade balance is amply sufficient to meet tho external debt requirements, provided that tlio Government claims priority over the exchange requirements of public authorities and commercial interests. Investors will doubtless bo satisfied with tho security offered, said the ‘ Economist,’ as the New Zealand Government has lately shown a praiseworthy jealousy of its financial reputation, and, in this respect, has taken a broader view than certain local boards in tho dominion. Nevertheless, if New Zealand can now borrow at a rate of £3 12s 3d per cent., the price of some British Government securities appears i disproportionately Jow. Possibly the success of tho recent 2| per cent, conversion loan, dealings in which began at par, and the optimism of tho Chancellor of the Exchequer regarding tho Budgetary position, may bring about the long-delayed rise in long-dated British Government funds. KUALA KAMPAR TIN Cabled information has been received that tho salvage of Kuala Kampar Tin Fields Ltd., No. 3 dredge is almost completed, and tho rebuilding will commence forthwith. Tho Government of tho Federated Malay States has granted a quota of 25 per cent, of assessed production from November 1 to cover the period of reconstruction of the dredge. BRIGHTER TRADE OUTLOOK Clifford Love and Co. Ltd., Eastern produce merchants and manufacturers of meal foods, Sydney, report a net profit of £32,820 for the year ended September 30, compared with £33,624 the previous'year. Dividend is maintained at 10 per cent., and requires £21,138. Directors state that the outlook for tbo coining year is much brighter. They expect' the lightening of taxation to stimulate trade. DIVIDENDS DUE

AUSTRALIAN STOCK EXCHANGES

Press Association-By Telegraph—Copyright SYDNEY, November 16. On the Stock Exchange there was_ a. larger turnover, with greater activity in hanking and insurance shares, but prices showed little change. The following sales were made: —Bank of N.S.W., £33 ss; Commercial Bank of Sydney, £l7 11s; National Bank (£5 paid), £6 11s;..Bank of Australasia. £l2 12s; Colonial Sugar, £6l; United Insurance, £9 10s 5 Mercantile Mutual Insurance, 20s 9d: New Zealand Insurance, 555; Australian Provincial Assurance, 12s 6d; Associated News, 21s; Associated News (prof., ex div.), 20s 4*d; Howard Smith,' 12s lid; Australian Gas (A), £7 7s; British Tobacco, 37s Cd; Australian Glass, 495: Dunlop Perdriau, 19s 6d; Goldsbrough, Mort,. 30s 4id; Tooth’s, 42s 6d; Australian Iron and Steel (pref.), 19s; Anthony Hordern, 13s 6d (pref., 22s 6d); Henry Jones, 35s 3d; Millaquin Sugar, 30s; Eairymead Sugar, 32s 6d; Wilcox, MofHin 10s 3d; Broken Hill Proprietary (ex div.), 40s 3d; Bulolo Gold, £5 12s Gd; Bulolo Deposits, Is lOd; Kuala Kampar, 12s 9d; Tanah Bijii, 14s sd; South Broken Hill, C4s. MELBOURNE, November 15. Goldsbrough. Mort, 30s 6d;, Electrolytic Zinc, 27s 4Jd: Australian Glass, 48s 9d; Dunlop Perdriau, 19s 6d; Comraercial Bank of Australia (pref.), £9; Mount Lyell, 22s IOJd. METAL MARKET Prtu Association—By Telegraph—Copyright. LONDON, November 14. The following aro the official metal quotations:— Copper.—Standard, £3l 6s 3d; forward, £3l 8s 9d per ton. Electrolytic.—Spot, £34 10s; tfbrward. £35 per ton. Wire bars, £35 per ton. Lead.—Spot, £ll 10s; forward, £ll 15s per ton. Spelter.—Spot, £ls; forward, £ls 7s per ton. Tin.—Spot, £229 16s 3d; forward, £228 16s 3d per ton. Pig Iron. —Home trade, £3 2s 6d; export, £2 15s per ton. Antimony.—British, £39 10s; foreign, £23 5s per ton. Molybdenite, £2 Is per unit. Wolfram, £1 7s per unit. Silver.—Standard, 13 9-16 d; fine, 20d per oz. P. AND 0. COMPANY Press Association—By Telegraph—Copyright LONDON, November 15. (Received November 16, at 10 a.m.) The P. and O. Company is not paying a, dividend on its deferred stocky PRICE OF GOLD Press Association—By Telegraph—Copyright LONDON, November 15. (Received November 16, at 10 a.m.) Gold is quoted at £6 9s OJd per oz. THE DOLLAR Press Association—By Telegraph—Copyright. LONDON, November 15. (Received November 16, at 10 a.m.) The dollar is quoted at 5.35. DUNEDIN STARR-BOWKETT SOCIETY A meeting of shareholders in the Dunedin Starr-Bowkett Building Society was held last evening. Mr P. W. Stabb occupied the chair. The 153rd appropriation of £SOO in No. 4 group was offered by sale. There being no buyers the amount was balloted for, cluster No. DO being drawn, held by two shareholders. The 151 th appropriation in the same group was balloted for, cluster No. 292 being drawn, held by one shareholder. The ninety-first appropriation of £SOO in the No. 5 group was balloted for, cluster No. 13 being drawn, held by two shareholders,-

OTAGO BUILDING SOCIETY A SATISFACTORY YEAR DIVIDEND OF 4 PER CENT. PAID ’ln submitting the twelfth' annual balance-sheet at the annual meeting of Jho Otago Building and Investment Sociey and Bank of Deposit, held last evening, the directors considered that it should be satisfactory to members. The President (Mr H. F. Sincock), in moving the adoption of the report and balance-sheet, said: “When the National Expenditure Adjustment Act reduced the mortgage advance rate from £6 10s per cent, to £5 4s per cent, all mortgagors benefited, and as under our system mortgagors must be shareholders to the extent of their mortgages by far the greater proportion ol our shareholders benefited by the reduction in interest rates. The legislation reducing interest rates, while benefiting mortgagor shareholders, cut very deeply into the society’s profits, as large sums had been previously accepted on debenture deposits for fixed terms at £5 10s per cent., and upon which as a result of the legislation there was and still is a loss of 6s per cent. A fair proportion of this 5i per cent, debenture money is still current, but I am pleased to inform you that up to the present, as most of this 5£ per cent, money matured, the debenture holders have shown their confidence in our society by renewing at the lower fixed rate. Under the legislation the board might have reduced the rate payable on these 5* per cent, debentures to 5 per cent., but it preferred to honour the society’s bond, and will continue to do so as long as it remains in office. “ The balance-sheet shows total assets at £87,558, against last year (£86,473). Of these assets mortgage advances total £81,870 9s Id. Last year they were £82,061 14s, so that wo have practically remained stationary. Our finances were sufficient to have increased advances, but it was thought wiser to more or less hold off in view of the possibility of much of the debenture money being withdrawn as it matured. This did not happen, and 1 am pleased to say that we have now fairly largo commitments for mortgage advances which will quickly cat up our present credits and leave your board unperturbed as to the resources to meet them. Fixed deposits with our bankers (£2,000) and credit current (£2,761 12s lid), may strike you as rather large sums not earning maximum interest. The fixed deposit with the bank is a measure of precaution against any unforeseen contingency—the rather heavy bank credit has accumulated to meet maturing shares, of which a largo number are left with us until the close of the financial year, and much of which has since been paid out. . Last year fixed deposits and bank credit totalled £2,577 12s Id. This year they total £4,761 12s lid. “ In the liabilities the total at credit of members’ shares (£49,184 2s 2d) is slightly loss than last year, when it stood at £49,689 10s 2d. Debentures current (£34,749 15s 3d) against last year (£32,220 Cs) show an increasp of £2,529 9s 3d. This is a cheering sign of confidence in our stability. Mortgage reserve (£3,000), against £2,700 last year, represents the accretions to the reserve for the year, made up of £loo 16s 8d appropriated from profits and £194 3s 4d of profits surrendered on withdrawn shares during the year. It has been ytmr board’s policy of late years to add surrendered profits to the mortgage reserve. This mortgage reserve of £3,000 is on our present adv- ces considered ample to cope with any contingency, but I fully expect some' financial reviewers to remark adversely upon its proportions, oblivious of the fact that not only is our society cooperative, but mortgagors are redeeming their properties b}’ repayments of jfnncipal, as a result of which our advances of £81,870 9s Id have been considerably reduced by these repayments, which form portion of the £49,184 2s 2d in the liabilities under the heading members’ shales. “It was intended to submit at a special meeting to follow this one drafts of new and improved rules embodying a new nineteen-year mortgage table and a new C table for mortgagors requiring lighter principal repayments on reducible mortgages at a fixed interest rate, and not participating in profits. This C table will mean that principal repayments are applied each half-year to reduce the mortgage, and the mortgagor will pay a fixed rate of interest on the reducing mortgage, but will not bo credited any profits. The smaller repayments will be helpful to certain borrowers, and I believe this C table will become very popular and helpful alike to the mortgagor and our society. “ Other alterations include a reduction in the scale of fines. Unfortunately it was found impossible to complete and circulate the new rules in time, and a special meeting will bo convened later on at which I shareholders will give the board their help by attending in sufficient numbers to bring about these changes.” Mr C. Baker seconded the motion, which was carried. The election of office-bearers resulted: President, Mr H. F. Sincock; dilectors —Messrs S. Bowman, W. R- Hayward, R, W. M'Creath, K. S. Ramsay, 1. Somerville, and J. H. Stewart. A vote of thanks was accorded the directors, the president, and the staff for their energies, the opinion being expressed that the society was being administered in a highly efficient manner. « BOUNTY WANTED ON BUTTER New South Wales dairy farmers are wanting a Federal bounty on butter. At a meeting of directors and managers of the co-operative butter factories, held at Bellingen, it was unanimously decided “ that it be a recommendation from this meeting to the Raleigh district council of the Primary Producers Union to make immediate application to the Federal Government for a bounty on butter exported for the current year, and that the bounty bo paid on any amount under one shilling per pound net to the dairymen.” The Sydney price of, butter at the time of the meeting was 114 s 6d per cwt. UNPAID RATES PROBLEM Sir Arthur Rickard has been elected president of the newly-formed Suburban Ratepayers’ Association, Sydney, one of whoso objects is to find a solution of tbo problem of unpaid rates. Representations made by tbo association arc now being considered by the Minister for Local Government. “ There is an accumulation of mure than £2,000,000 of unpaid rates in the municipalities and shires of this State,” Sir Arthur said. “Jf some action is not taken there is a real danger that the position will drift out of control to the prejudice of both councils and property owners.”.

THE SEARCH FOR GOLD BORING AT POOLBURH Mining House Ltd., Christchurch, is removing its boring plant from Gore into Poolburn early next week. It will then commence to bore for the old Blacks No. 3 deep lead. The result of this boring will be of immense importance to the district. ALEXANDRA DEEP LEAD The Alexandra Deep Lead, formerly known as the Linger and Die, is likely to bo aliened in the near future by Mining House Ltd. Only a lew rights now remain to bo obtained along what is believed to be the lead of gold through the borough. MOUNT MORGAN LTD. DIRECTORS’ REPORT. The report of the directors of Mount Morgan Ltd., to be presented at the annual meeting of the company in Sydney on November 23, states that the total revenue for the year from sources amounted to £122,138 12s 7d, that the expenditure charged to work and profit and loss accounts, including depreciation, etc., had been £91,684 3s 4d, and that the surplus for the year was £30,454 9s 3d. Against this sum there was a debit balance at Juno 28, 1932, of £17,233 11s 6d, and £6,102 10s 6d for preliminary expenses written off. The balance to be carried forward to the next account was £7,118 7s 3d. During tbo period, tho report states, 2,319.56 tons concentrates, containing 14,5500 z gold and 235.43 tons copper, were produced, 1,560 tons of which was sold and shipped to the Electrolytic Refining and Smelting Company of Australia Ltd., Port Kembla, the balance—viz., 759.56 tons—was on hand at June 27 last. GLEHROY COMPANY The secretary reports that the shares in Glenroy Gold Ltd., the prospectus of which was issued on October 19, have been substantially over-sub-scribed. The directors met on Monday and allotted tho whole of the 240,000 contributing shares of Is each, for which applications were invited. At a subsequent meeting of tho directors, when Mr 11. T. Stewart was in attendance, preliminary arrangements were made for proceeding expeditiously with the works referred to in the prospectus as necessary to the commencement of sluicing operations. AUSTRALIAN PRICE OF GOLD The price fixed by the Commonwealth Bank for gold, including jewellery, lodged at tho Melbourne Mint for the week ended November 3 is at a rate of approximately £7 9s 7d per standard ounce (22 carats), equal to a premium of 92.09 per cent. Payment is made according to the assay value of tho gold. The price was 3s id higher on the week. The price per ounce tine was £8 3s 2d, a rise of 3s 4d on the week. MOONLIGHT-NELSON CREEK STATUTORY MEETING OF COMPANY. Tho secretary of the Moonlight-Nel-son Creek Sluicing Company Ltd. reports that the statutory meeting of tho company was held on Octobcr_3l. Mr A. P. Alloo occupied tho chair. Outlining tire work that has already been done by the company, Mr Alloo stated that contracts had been let to Messrs Stevenson and Cook for the supply of mining plant. Contracts had also been let for ditching, fluming, tunnelling, and transport under tho supervision cf Mr T. Learmont, Greymouth. Huts, dams, and intake boxes on the Nelson Creek race had been completed; both high and low-level tail races were completed and gold boxes installed. The plant had now arrived on the claim and was being assembled. Work on tho Moonlight face, with water available from Nelson Creek, will bo commenced immediately on tho completion of tho installation of the plant. Good progress has been made with the Moonlight race, and when completed about the end of December thirty heads cf water would be available from this source, and tho mine will then bo working at full capacity. The number of directors was fixed at four, and at the election of directors Mr J. A. Neilson (Dunedin) and Mr A. P. Alloo (Dunedin) were re-elected. Mr J. Baxter (Christchurch) and Captain C. J. Kerr (Geraldine) became members of the board in accordance with the articles of association. Messrs J. W. Smeaton and Co. (Dunedin) were appointed auditors of the company. GOLDEN PROGRESS REPORT The secretary of the Golden Progress Quartz Mining Company advises that since last report operations have been confined to underhand stopjng on the 150 ft level. In the east end tho first section has been taken out to an average depth of Bft and filled in again. The reef commences at 2ft in width and gradually decreasing to Gin coming west; it will remain small for another 10ft westerly, when tho size should then increase as wo approach tho winze. Fair prospects of gold were present in tho finished section, but, of course, it did not turn out much ore. The party working in the cross-cut at tho east aul lias been transferred to stopo out ore on one side of Autridge’s winze, and the party working on tho prospecting level is being transferred to stopo out on the other side of the winze, and this work will be continued. About forty tons of ore are now in the hopper, and it is intended to commence crushing again very shortly. The setting and fitting in of the new boiler is being done by the mine blacksmith, assisted by tbo bracemon and engine drivers in their spare time, and this job is now nearing completion. BULOLO DREDGING Mr F. G. Dunn, attorney for Clutha Development Ltd., has received the following Bulolo production report for October: Total gross production amounted to 12.2180 z of bullion, containing B,loloz fine gold from 448,100 cubic yards. Estimated working profit, (],3Csoz fine gold. Tim above production is from two dredges, and is ccpiivalont to £00,757 10s, and the working profit to £47.737 10s on the basis of £7 10s (Just.) per lino ounce of gold. Dredge No. 3 is now digging out of construction pit, and bedrock should bo reached on tho eastern margin of pay in tho second half of November, The bottom plates and frames of No. 4 dredge have been laid.;

BELL HOOPER ACTIVITIES The Bell-Hooper mine report for the week ended November 10 is as follows: The No. 3 cross-drive west was advanced 28fb on a quickly rising bottom, and showed a little gold in tho wash. The north-ci'oss-drive from No. 3 crossdrive east was advanced Bft through loose drift ground and with fair prospects of gold showing. The several sto pcs drives on hand continue to produce wash of varying values. Blocking-out operations from the west boundary continue to produce good wash dirt. A total of 260 z 7dwt of gold was washed up for the week. The directors have denied a report, which appeared in a Dunedin paper, stating that blocking-out operations would not bo undertaken for from eight to nine months. This is incorrect. Blocking out has now been commenced on a small scale, which will be increased as opportunity permits. The total amount of gold won by tbo company since tho commencement of operations is 4230 z 3dwt 17gr. ADDINGTON MARKETS [Per United Press Association.] CHRISTCHURCH,November 15. For the first time this season exporters operated in the fat lamb pens at Addington market to-day, but owing to butchers’ competition were able to take only a small proportion of the offering. The export price was 7Jd for up to 361 b. Store Sheep.—The biggest yarding this season of mostly dry sneep. There was considerable buoyancy about the sale, with values tending to be firmer, with a specially good demand for hoggets. Values were: Good shorn crossbred wethers, 15s to 16s 4d ; medium, to 14s 9d; medium shorn half-bred, 12s to 14s 9d; good shorn ewe hoggets, 16s 3d to 16s 9d; half-bred wethers, 9s 9d to 12s 6d; cross-bred wethers, 7s 6d to 11s 6d; good ewes and lambs_ (all counted) brought to 16s 3d; ordinary, 11s 4d to 13s; inferior, to 9s. Fat Lambs.—An entry of 850—more than butchers wanted. The sale started firm, but eased, the average price being from 7id to 73d. Values: Extra prime heavy lambs, to 26s Id; prime heavy, 20s 6d to 245; medium, 17s to 20s; light, 14s to 16s 6d. ' ' Fat Sheep.—An entry of 5,200. There was a very firm sale, with the advance recorded at tho double market fully maintained. The export schedule of 4£d for wethers forced butchers’ price up, and for lighter sorts competition was keen throughout. Values: Extra prime heavy wethers, to 29s 4d; prinie heavy, 21s 6d to 245; medium-weight, 19s to 21s; ordinary, 16s to 18s 6d; light, 14s to 15s 6d; extra prime heavy owes brought to 26s lOd; prime heavy, 20s 6d to 22s 6d; medium-weight, 17s 6d to 20s; ordinary, 15s to 17s; light, 12s 6d to 14s 6d. Fat Cattle.—An entry of 495 head of mixed quality. A number of good lines came from the North Island, but the entry contained the usual over-supply of poor quality cows. It was an erratic sale throughout, with values from 10s to 15s per head easier. Best beef made from 22s 6d to 25s per 100; good from 18s to 21s; heavy-weight, 16s to 18s; medium-weight, 12s 6d to 15s; rough, to 10s 6d. Values; Extra prune heavy steers, £l2 17s 6d; prime heavy, £9 to £lO 10s; prime medium-weight, £7 los to £9 10s; ordinary, £5 10s to £7 10s; light, to £5; extra prime _ heifers brought up to £9 12s 6d; prime, £o 10s to £7 10s; medium, £3 10s to £5; light, to £3; extra prime cows brought up to £8 12s 6d: prime, £4 10s to £6; medium. £2 15s (o £4; light, to £2 10s. Fat Pigs—A big yarding, with a good demand throughout. Porkers were particularly plentiful, especially heavy-weights, but handy-Aveights were in rather short supply, aud tho puce rose as high as 53d- Exporters took 143. Values: Choppers, 30s to £3 13s 6d; baconers, 43s 6d to 48s 6d; heavy, 52s 6d to 58s 6d; extra heavy, to £3 3s 6d (average price, 4d to 4Id); porkers, 28s Cd to 32s 6d; heavy, 35s 6d to 38s 6d (average price, 4|d to 53n). E.S. AND A. BANK For the year ended June 30 last the directors of tho English, Scottish, and Australian Bank Ltd. have declared a final dividend of 2} per cent., free of English tax. As an equal payment was made in respect of tho earlier hair or tho year, tho basis for the twelve months is 5 per cent., which was the scale for the previous year. Down to 1929-30 tho bank paid dividends regularly on the basis of 12J per cent.; but the ratio was reduced for 1930-31 to 8 per cent., and for tbo following period by a further 3, per .cent, per annum. Accounts for .1931-32 showed net profit as £142,719, as compared with £261,658 cleared in 1930-31 and in 1929-30. __ MARCUS CLARK AND GO. A net loss of £37,721, which is rcvealed hi accounts of Marcus Clarlc and Co. Ltd., drapers, Melbourne, for tho twelve months ended August;s last, was the smallest adverse balance in three extremely difficult trading periods. I) or the immediately preceding year the Joss was shown at £44,130, and for. 1930-31, when the effects of the general depression were most severely felt m tho retail softgoods aud allied businesses, the reverse for the company represented £56,381. The improvement in financial results on those figures has been m the three years £18,660. Mount lyell profits Net profit of Mount Lyell Mining and Railway Cg. Ltd for the your to September 30 amounted to £49,-14, after providing £47,400 for prospecting development, and depreciation, m id £1,389 for taxation. The result contrasts with £43,980 in the previous twelve months, when £43,913 was set aside for development and depreciation, and £3,778 for taxation. . A dividend of 6d per share-being at tho same rate ns in tho previous year —absorbs £38,750, and will bo paid on December 18. The directors say that tho disbursement is from profits earned other than mining. BARTER WITHIN THE EMPIRE According to a statement in ‘ The Times ’ British cream separators are to be exchanged for Canadian ploughs, an arrangement to this effect having been made between two respective manufacturers. It was announced that (he first consignment of cream separators had been sent to Canada, and tho first consignment of Canadian ploughs, specially designed for the market, had been landed in the United Kingdom. 'The two firms concerned will act as distributors in their nomo markets for tho exchanges. arrangement, it is claimed, is a direct result of the Ottawa Conference.;

On ’Change.—Bcll-Kilgour, Is 4d (three). Reportcd.—Bcll-Kilgour, Is 4d. Buyers. Seilers, £ s. L £ s. d. BANKING— Bank of N.Z 2 7 9 — Bank of New Zealand (Long "D”) 1 11 9 — 3 Commercial Bank ... — 0 17 E.S. and A. Bank ... — 5 15 0 National Bank of New Zealand — 4 5 0 Union Bank of 0 Australia Ltd. “ 10 2 INSURANCE— National Insur. Co. ... 0 18 9 _ N.Z. Insurance Co. ... 2 14 6 — South British Ins. Co. 3 12 0 — Standard Insurance Co. — 3 1 0 SHIPPING— Huddart, Parker (pref.) U.S.S. Co. (pref.) ... 1 1 4 4 0 6 1 5 6 COALKaitangata Coal 1 2 3 1 3 0 Westport Coal Col. ... 0 13 3 — LOAN AND AGENCYNational Mortgage ... 1 5 6 — National Mortgage (“B” Issue) 1 9 0 — .Wright, Stephenson (pref.) Q 15 0 — MEAT PRESERVING— N.Z, Refrigerating (paid) N.Z. Refrigerating 1 0 0 ' (cont.l ... 0 9 7 —; Southland Frozen Meat ' (paid) ... 2 18 0 3 1 0 Southland Frozen Meat (cont.) ... 1 10 0 1 13 0 South Otago Freezing 4 17 6 5 5 0 MISCELLANEOUS— Brown, Ewing (ord.) 0 15 0 — Brown, Ewing (pref.) — 1 0 6 Bruce Woollen Co. (ord.) — 0 11 0 Bruce Woollen Co. (pref.) — 0 1 0 0 Crystal Ice Co I 10 — D.'LC. (pref.) I 2 0 — Dominion-Fertiliser ... 0 14 10 ' —■■ Dominion Fertiliser - Debentures 100 0 0 — Dnnaghy’s Rope and Twine ... — 2 7 6 Electrolytic Zinc (pref.) . ••• — 1 Jo 0 Electrolytic Zinc 6 6 (def. ord.) 1 9 1 7 Kaiapoi Woollen (ord.) ... ... ... — 0 8 6 Milburn Lime and 0 Cement 1 10 — Mount Try ell ... 1 2 7 1 3 1 N.Z. Drug Co 3 10 0 — N.Z. Paper Mills ... 1 7 6 — North Broken Hill ... — 4 10 0 * Otago Daily Times ’ 2 5 3 — Regent Theatre 0 19 0 — Smith and Smith (pref.) Wilton's (N.Z.) 0 17 6 — Cement — 1 6 9 1 7 9 BREWERIES— N.Z. Breweries — 1 17 9 Dunedin Brewery 1 4 0 0 — • Timaru Brewery — 6 3 Tooth’s Brewery 2 0 6 OILMoturoa (ord.) — 0 3 3 MINING— Waihi 1 5 6 0 — Waihi Grand June. ... — 4 3 Mahakipawa — 0 0 2 Kildare — 0 0 2 4 Okarito 0 10 5 Paddy’s Point — 0 0 New Cornish Point ... 0 0 10 0 1 2 New Cornish Point 0 (cont.) 0 64 0 — 6 Golden Progress ,0 0 •— 1 King Solomon Golden Point 3 0 4 1 0 3 6 Blackwater 0 —* 1 6 Gillespie’s Beach i ii u 2 0 Gillespie’s Beach (rights) 0 0 11 0 1 0i Waitahu 0 6 2 0 b 4 Big River 0 0 9 0 — 0 Mount David — 2 Nokomai 0 3 1 0 3 3 Freshford 0 0 3 0 0 5 Upper Shotover (ex rights) ... Lawson’s Flat 0 1 8 0 0 4 — Central Shotover 0 0 11 0 — Bell-Kilgour 0 1 4 1 4* Bell-Hooper ... 0 0 11 0 1 0 Oxenbridge ... ... — 0 0 u at Aotearoa 0 1 — Bulolo Dredging 5 10 0 — Bendigo Golcllight — 0 0 Nevis Diesel ... ... 0 0 9 0 0 101,

Bruce Woollen—prof., 7 p.c. p.a.; ord., 2i p.c. p.a Nov. National Ins.—final, 5d a share ... Nov. 20 Dalgety and Co. —final, p.c. ... Nov. 27 Westport Coal—final, 6d share, making 9d for year, equal to 7i P-c- - Nov. 28 Wilson’s Cement—interim, 6d a share Nov. 23 Nat. Bk. A'sin—interim (£10 pd. and £3 pd.), 5 p.c. p.a. Nov. 29 F..S. and A. Bank —final. 2£ p.c. Nov. 29 King Solomon—25 p.c., 3d a share Nov. 30 Fanners’ Trading, Auckland—A and B pref. interim, at rate of 7 p.c. ..par annum Nov. 30 Australian Glass—interim, pref., p.c., ord., 4 p.c Dec. 1 Imperial Chemical Industries Ltd. (London), interim, 2£ p.c. ... .Dec. 1 Henry Jones Co-op.—9d share ... Dec. 1 Bank N.Z. —interim, 10 p.c., Is share Dec, 9 Bank N.Z., Long “ D ” —interim", 7£ p.c., 9d share Dec. 9 North Broken Hill —dividend Is, bonus 6d Dec. 12 Bulolo—interim, 60 ccnls Canadian (about 3s Id New Zealand currency) a share, subject to Canadian lax of 5 Doc. 15 Broken Hill South—Is per share Dec. 15 Mount Lycll—2i p.c., 6d a share, 1 year Dec. 18 Mount Morgan— interim, first, 2s per share Dec. 27 Kauri Timber—2 p.c. on 25s shares, 6d a share ... ... ... Dec.