Commerce, Mining, & Finance

Evening Star, Issue 21825, 14 September 1934, Page 7

Commerce, Mining, & Finance

AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—C<ight. SYDNEY, September 13. With the Federal elections only two days off investors on the Stock Exchange displayed marked confidence and bid up strongly for all classes of sound stocks. Share values moved almost uniformly on the up grade, and the turnover was large in volume. Later sales were as follow:—Bank of New South Wales, £32 15s; Commercial Bank of Sydney, £18; Commercial Bank of Australia, 18s (pref., £9 17s); National Bank (£5 paid), £6 11s; Colonial Sugar, £67 12s 6d; Australian Provincial Assurance, 10s 4d; Associated News, 24s 6d (pref., 245); United Insurance, £11; Australian Gas (A), £7 18s 6d; British Tobacco, 395; Tooths, 46s 9d; Tooheys, 29s 9d; Australian Glass, 545; Dunlop Perdriau, 20s 3d; Goldsbrough, Mort, 30s 6d; Morris Hedstrom, 16s 3d; Millaquiu Sugar, 345: Electrolytic Zinc, 27s IJd; David Jones, 355; Anthony Hordern, 15s 3d; Standard Cement, 19s 6d; Australian Iron and Steel (pref.), 23s 6d; General Industries (pref.), 245; Mount Morgan, 34s 9d; Mount Lyell, 20s lid; Broken Hill Proprietary, 60s; Gordon and Gotch, 45s 3d; Placer Development, £26 10s; Euratha Gold, 10s 6d. MELBOURNE, Commercial Bank, 18s 3d; Nestles (pref.), 375; Electrolytic Zinc (pref.), 35s 6d; Australian Glass, 545; Mount Lyell, 20s 3d; North Broken Hill, £5. SYDNEY WOOL SALES MARKET FIRM. Press Association—By Telegraph—Copyright SYDNEY, September 13. At the wool sales 8,387 bales were offered and 6,576 sold, while 1,013 were disposed of privately. There was good general competition, and the market closed firm at the previous day’s level of prices. The ' position regarding shabby fleece and burry fleece lines has not . improved, and these are still selling ■ somewhat irregularly. Greasy merino sold to 153 d for eight bales from Scone. The average price of - wool for the first three days of the week was £l2 Us 4d, or 9.4 d per lb. ARGENTINA'S LOANS CONVERSION PROPOSALS (British Official Wireless.) Pres* Association —By Telegraph—Copyright. RUGBY, September 12. A scheme for converting a large part of Argentine’s debt from 5 per cent, to H per cent, on all loans has been announced, and underwriting took place yesterday. Five Argentine loans are affected, and the holders will be invited to exchange into 4i’s on terms entitling the holders of maturing stock to; receive the. new stock at a price equivalent, to £93 10s. No cash subscriptions will be invited. Nearly £10,000,000 of Argentine Government bonds are involved. ELECTRICAL SUPPLY / EXPANSION IN INDUSTRY Statistics relating- to tho electricity generation and supply industry in the dominion for the year ended March 31, 1934, show that supply authorities have continued to extend their services within supply areas and tho connected load rose from 2,073,320 kw. in 1932-33 to 2,175,609 kw. in 1933-34. Consumption of electric power, has increased, units retailed to consumers having risen from 635,000,000 to 667,000,000. The last two years in the industry have been marked by a falling-off in the amount of new construction work, reflected in capital expenditure, which shows a drop from £740,716 in 1932-33 to £328,455 in 1933-34. A decrease of over 1 per cent, in revenue is due to a fall in miscellaneous receipts, the revenue from the sale of current being £4,319,230, against £4,309,758 in 1932-33-ITALY AND AUSTRALIA Commenting on the restriction of raw wool imports by Italy, the Consul-Gene-ral of Italy in Australia, Marquis A. Ferrante, said that Australian wool imports into Italy had been restricted by 50 per cent, ps from August 1. “1 am sure,” he added, “ that the Italian Government will be ready at any time to reconsider the question if the Australian Government will but grant our request, which we feel is not too much to ask. The trade balance between our two countries favours Australia to the extent of six to one. Even if the request we made to the Federal Government had been accepted, the trade balance would still have been in favour of Australia. None of our requests is of a character that would harm Australia’s secondary industries. We merely wish for what we think is a fair and modest adjustment of some tariff items.”

THE SEARCH FOR GOLD THE MAEREWHEHUA FIELDS DEBENTURE ISSUE OF £4,500.' Th Maerewhcnua Goldfields Development Company Ltd. is issuing bearer debentures of £lO each, to a total amount of £4,500, redeemable in fifteen months, and bearing interest of 6 per cent, per annum, payable quarterly, plus a bonus of 5 per cent, of all tho gold won during that period, less export duty and banker’s realisation charges. A circular issued to shareholders states that- for some time past the financial position of the company had been giving the directors much cause for concern. The directors had the opportunity of securing a very much large) volume of water, which was considered a valuable extension to the original programme, but which necessitated a considerably increased- capital expenditure. In the early stages of the development of tho mine the question of the sufficiency of water was one which many shareholders and the public generally thought to bo the weak point in the Maerewhcnua field. The directors could now assure shareholders that there was an adequate supply of water. The progress at the mine and the results to date had been most disappointing, and the directors recently decided to obtain another engineer’s report on the property, and a change of engineers was decided upon. The engineers entrusted with the task of reporting upon the property were Messrs L. E. Sinclair, A.R.S.M., M.A.1.M.E., and Mr A. Firth Smith, B.Se., A.RiS.M., A.1.M.M., and the directors wished to acquaint the shareholders of the present position and the measures they proposed to adopt to bringthe claim into early production, which, briefly, were: — 7

(1) An entirely different system of carrying away tailings, which had already been put into operation and was functioning well. (2) The problem of tailings disposal would not becomerirgent for at least some seven to eight years’ time. (3) In the meantime profitable sluicing could be carried on in jDuffer’s and Blacksmith’s gullies. (4) The estimated cost of further development and essential maintenance work to bring these two gullies into full production was £5,750. (5) This development work could be carried out contemporaneously with sluicing. The comprehensive development scheme originally embarked upon by the company unfortunately exhausted its funds before the whole plan could be completed. Sensitive to their responsibilities to the shareholders, the directors felt that no effort should be spared to bring the claim into profitable production, and, reassured by their engineers’ report, they had decided to raise £4,500 debenture capital in order to carry out the necessary further development. Such confidence had the directors in the gold-producing possibilities of the company’s claim that they themselves had underwritten the major part of the issue. In fairness to shareholders, however, it had been decided to .inform them of the position, and allow them to subscribe for the debentures if they so desired. As the money was needed' immediately in order that the work might be proceeded with, the offer to shareholders could remain open only for seven days. Within approximately five to six weeks of the. debenture money becoming available, the company was expected to be producing gold at the rate of 2,_0000z per annum. On the present price of gold this would represent a payment to debenture holders of £750 per annum (being 5 per cent, of gold won), plus interest at 6 per cent, per annum, or a total return at the rate of 22 2-3 per cent, per annum. As most of the debenture issue is already underwritten, the company would not bear any expense in regard to commission. BELL-KILGOUR COMPANY The first annual report of the BellKilgour Mining Company Ltd., to bo presented to members at the annual meeting of the company on September 24, states:— “ Shareholders will remember that the prospectus stated that in addition to the area of nine acres to be taken over from Messrs J. P. Bell and William Kilgour (the Bell-Kilgour claim) the_ company had: (a) an option for £3,500 over 6§ acres of ground belonging to William Murray, and (b) an option for £7,000 over a further nine acres belonging to William Kilgour. In order to gain an idea of the possible value of these two additional properties the directors had a geophysical survey made, and in view of the results obtained they decided to take over Murray’s but not W. Kilgour’s property. Up to date all work has been concentrated on the Bell-Kilgonr claim. “ For the first few months—up to September, 1933—the claim was being opened up for future work. A roadway from the flat down to the entrance of the main drive was constructed; pumps and sluice boxes were installed, and the main drive timbered. The first wash-up took place on October 6, 1933, and since then there has been a regular weekly return. The total gold won up to the first week of this month amounted to 801.ooz yards of wash. Expenses of working incidental to alluvial mining are heavy; for an average week, with a full team (twenty-three) of men employed, the working costs and overhead amount to approximately 220 z of gold at £7 per oz. The directors have endeavoured to keep expenses down to the lowest figure compatible with sound business, and have aimed at keeping the reserve capital intact. The result of this is shown by the fact that apart from the balances in current accounts, the deposits in the Post Office Savings Bank amount to £2,280 12s 6d. It is pleasing to note that a small profit has been made. It has been suggested that better results would be obtained if more men wore employed. This, however, is not possible, as the maximum number is already engaged, and to employ more men it would be necessary to open a second entrance drive, complete with tram rails, etc. Conditions at present do not warrant this expenditure. “ The rich returns originally anticipated have not as yet been realised. The work so far completed indicates that the wash is patchy, and the values very irregular, varying every few feet. This irregularity makes it impossible to predict future returns or values with any certainty whatever. Up to date the greater part of the gold has been found in the vicinity of the workings of the original owners, Messrs Bell and Kilgour. The ground towards the back of the claim has proved to be low grade. Ueccnt work on the north-west branch drive (No. 3) indicates that a channel may extend from Murray’s claim across the main area. While it is too early yet to gauge the possibili-

ties of such a channel,'it is quite likely, ■in view of the nature of the country, ■ that it will contain good gold. The directors feel that further work is necessary before any’ definite conclusion can bo arrived at concerning the value of the claim. By careful management both of the claim and of tho company’s finances it should be possible to investigate the property thoroughly with a view to locating rich wash.” ALEXANDER MINES ANNUAL MEETING. The annual general meeting of shareholders of the Alexander Mines Company Ltd. was held at the County Chambers, Reefton, on Saturday last. Thirteen shareholders were present and fifty-eight shareholders were represented by proxy, making a total representation of 33,189 shares. The chairman of directors (Mr D. A. M'Vicar) presided. The directors’ report, balance-sheet, and statement of profit and loss account for the year ended May 31, were received and adopted. Messrs S. A. A. Fry and F. W. Mnnton, tho retiring directors, were re-elected. Mr \V. B. Aukl and Mr H. Cooper were re-elected auditors. A proposal from a shareholder made at the previous annual general meeting suggesting that the company’s shares should be subdivided into smaller denominational values of either 5s or Is shares was again brought forward at this meeting, but it was decided that ho action be taken in the matter. Mr S. A. A. Fry brought forward a suggestion that during the incoming year the directors should consider the question of installing a diamond drilling plant to enlarge the scope of prospecting operations in the mine, which would he more expeditious and cheaper than by driving cross-cuts. A discussion then arose as to the question of defraying the capital expenditure recently incurred in the erection of the hydro-power plant and likewise the installation of rock drilling machines. After considerable discussion it was proposed that it be a recommendation to the directors that three calls of 6d each per share would be levied on the contributing shares to help to pay for the capital expenditure referred to. This resolution was finally carried on the casting vote of the chairman. A further recommendation' to the directors was to the effect that Mr D. A. - M‘Vicar’s services to the company as chairman of directors for the past year should bo specially recognised. A vote of thanks was accorded to the directors, the mine manager, and staff officials for their services during the past year, and the meeting terminated. At the conclusion of the annual meeting the usual monthly meeting of directors was held, and the ninth call of 6d per share was made on all the contributing shares of the company, and becomes payable on Thursday, September 27, 1934. MAORI GULLY DREDGE The pontoons for Maori Gully dredge are now in course of construction and the first part of the machinery—buckets, gearing, pumps, _ motors, plates, bolts, etc.—has arrived from England. The balance is due this month and will be on the ground well up to time. The ladder is being manufactured locally. BEN LED! SLUICING Active sluicing at the Ben Ledi claim should commence in about a week’s time. The whole race of 4J miles, together with the fluming, is completed, and the laying of the pipe line to the point of operating is practically finished. The manager, Mr D. J. Deegan, estimates that the race will easily carry fifteen heads of water. BRADFORD MARKET Press Association— By Telegraph — Copyright LONDON, September 13. (Received September 14. at 10 a.ra.) At Bradford business is restricted, awaiting the London opening. Quotations : Seventies, 28a; sixty-fours, 26d; sixties, 24d; fifty-sixes, 20d; fifties, lod; forty-sixes, lid; forties, lOd. P. AND 0. SHARES Press Association—By Telegraph—Copyright. LONDON, September 13. (Received September 14, at 11 a.m.) P. and 0. shares are quoted at 15s CJd. * UNFAIR COMPETITION GOVERNMENT AS PRINTER Lord lliffe, chairman of the Greyfriars Press Ltd., London, addressing shareholders recently, complained of unfair Government competition in tlvo trade.

“ There is one circumstance,” he said, “ which, in my view, is somewhat disturbing. T refer to the growing number of official productions, sponsored in some cases by Government or semiGoverninent departments. Competition of this nature cannot be too strongly deprecated. It is as unsound in its conception as it is unfair in its application. Independence, an important ingredient of good journalism, is lack ing in such publications, and the sup port of advertisers, often at uneco nomic rates, is frequently secured on a basis which is distinctly uncommercial. There can be no justification on grounds of national or industrial policy for interference in a province which is so essentially one for private enterprise. The trade and technical papers have served, industry well in the past, and thev deserve the siqiport of industry in preserving their legitimate business.”

FOREIGN EXCHANGE ON HEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates for their purchases and sales of foreign exchange to-day.—

METAL MARKET Press Association—By Telegraph—Copyright LONDON, September 12. The following are the official metal quotations:— Copper.—Standard, £27 9s 4}d per ton; forward, £27 15s 74d. Electrolytic.—Spot, .£3O 10s; forward, £3l. Wire bars, £3l. Lead.—Spot, £lO Is 3d; forward, £lO 8s 9d. , Spelter .—Spot, £l2 7s 6d; forward, £l2 11s 3d. , „, nr , Tin.—Spot, £229; forward, £22 ( 3s 9d. Pig Iron. —Home trade, £3 7s- 6d; export, £3 2s 6d. Antimony.—British, £44 10s; foreign, £3l. Molybdenite, £1 14s 6d per unit. Wolfram, £2 Is 6d. Silver.—Standard, 21 11-16 d per oz; fine, 23Jd. PRICE OF GOLO Press Association—By Telegraph—Copyright LONDON, September 13. (Received September 14, at 10 a.m.) Fine gold is quoted at £7 0s Bid per oz. DOLLAR AND FRANC Press Association—By Telegraph—Copyright LONDON, September 13. (Received September 14, at 11 a.m.) The dollar is quoted at 5.00 13-16 and the franc at 75. WHEAT. FLOUR. ETC. Press Association —By Telegraph—Copyright LONDON, September 13. (Received September 14, at 1.30 p.rn.) Wheat cargoes are easier. Parcels are lower. Futures : London—September, 22s 8d; December, 24s 4Jd; February, 25s 6d; April, 25s lid. Liverpool— October, 5s Bed; December, 5s lid; March, 6s lid; May, 6s 23d. The spot trade is slow, and prices occasionally irregular. Australian, ox ship, 30s to 315." Flour is steady. Australian, ex store, 21s to 225. Oats are firm. Peas and beans are steady. AUSTRALIAN MARKETS Press Association—By Telegraph—Copyright. SYDNEY, September 13. Wheat: At country sidings, 2s 6d, equivalent to 3s Id bagged and 3s 2d bulk lots, ex trucks, Sydney, but no business was offering. Flour, £8 Iss. Bran, £5. Pollard, £5 ss. Potatoes; Tasmanian, £9 10s; Victorian, £S 10s. Onions: Victorian Brown Spanish, £9 to £9 10s. Maize; Yellow. 3s 2d; white, 3s 3d. ADELAIDE, September 13. Wheat; Growers’ lots, 3s Ijd. Flour, Bakers’ lots, £9. Bran and pollard, £5 ss. Oats: Algerian, 2s 3d. Barley, 2s lOd. MELBOURNE, September 14(Received September 11, at 11 a.m.) Wheat; Small business at 3s 4d. Flour, £S 15s. Bran, £5. Pollard, £5 ss. Oats; 2s 5d to 2s 6d. Barley : 2s lOd to 3s Id. .Maize: 3s 6d to 3s 7d. _ Onions; Easier in tone at £7 to £/ 2s 6d. BUTTER AND CHEESE Press Association—By Telegraph— Copyright. LONDON, September 13. (Received September 14, at 10 a.m.) Butter is slow. Danish, 104 s. Choicest salted New Zealand. _7ss to 775; Australian. 72s to 735. Lnsaltecl New Zealand, 85s to 80s; Australian, Cheese is dull. New Zealand coloured, 45s Cd; white 47s 6d.

FHE STOCK EXCHANGE

SALES THIS WEEK Banking.—Commercial, 17s Bd. Breweries.—New Zealand, £2 7s 6d. Gold Mining.—Mahakipawa, lid; Gillespies Beach, la lOd, Is 9d; Goldfields Dredging, Is; Nokomai, 4s Id; Okarito, 8s 4d. SALES REPORTED. Banking.—New Zealand, £2 7s 6d, £2 7s 7d. £2 Bs. insurance.—Standard, £3 7s. • Loan and Agencv.—Goldsbrough, Mort, £1 10s Bd. . Meat Preserving"— Southland Frozen (pret.), £3 12s 6d; Refrigerating (paid), 19s sc!; Refrigerating (cent.), 9s 9s. Coal. —Westport, 19s (two). Miscellaneous.—Woolworfch’s (Sydney), £3 10s (three), £3 10s 6d (two), £3 12s 6d; Dominion Fertiliser, £1 Os 3d; Dominion Rubber, £1 10s; D.I.C. (pref.), £1 sa; Bruce Woollen (ord.), 13s 3d. . Breweries.—New Zealand, £2 7s 6d (three), £2 7s 7d, £2 7s 6d (two); Timaru (is 6d paid), 7s Id. . Gold Mining—Gillespie’s Beach, Is 10 id; Nokomai, 4s; Skippers. 7£d; King Solomon, 4s 3d; Sandhills, 6d; Goldfields Dredging, Is O^d. THIS MORNING’S BUSINESS. Sales on ’Change.—Bcll-Kilgour, 2td (two). COMPARATIVE FIGURES

LONDON STOCK EXCHANGE Press Association —By Telegraph —Copyright LONDON, September 13. (Received September 14, at 11 a.m.) The following are the latest quotations of Government securities:—

SALE OF PUREBRED JERSEYS KICK PRICES REALISED (Per United Press Association.] HAMILTON, September 13. Despite the low quotations for butterfat and the uncertain position of the dairy industry, an undoubted improvement was shown in the additions at the twelfth annual national Jersey show sale at Claudelands, when the best sale for several years was recorded. There was a large and representative bench of buyers on both days of the sale, and over 120 pedigree bulls were sold, realising an average of 32gns each. The top price was 155gns for a six-year-old bull, Idaha’s Sunrise, on account of Mr R. A. Lewis, of Pukekohe, and bought by Mr T, W. Narby, of Helensvflle. This bull was grand champion of the show held before the sale. The champion yearling of the sale, Greencroft Achievement, was sold on account of Mr J. Bones, of Kaipaki, and purchased for 137gns by Mr H. Rusk, of -North Auckland, and a on account of Mr P. J. Petersen, of Waitara, was bought by Mr W. T. Dale, of Waihou, for lOlgns. BUSINESS WITH RUSSIA The Moscow Narodny Bank * review, London, reports orders placed in Great Britain in June last as amounting to £767,261, compared with £159,602 in June last year, the increase being nearly five-fold. The total orders placed in the first half of the current year amounted to £4,761,647, as compared with £1,894,399 in the first half of 1933, the increase being more than 150 per cent. The following table shows orders placed and purchases made in June Machinery and equipment, £290,235; ferrous alloys and steel, £33,095; non-ferrous metals, £17,912; rubber, £325,284; textile raw materials. £51,399; tea, £12,506; textiles and other goods, £26,830. Total, £757,261. The orders for machinery and equipment have shown a more than fivefold increase as compared with 1933, and for ferrous alloys a more than sevenfold increase. In June of this year the Anglo-Soviet Shipping Company Limited chartered a total of 41 vessels, of which 25, or 61 per cent., were British, the remainder being distributed amongst a number of other countries. The total tonnage chartered in June of this year was 231,464, of which 132,758 was British, and of the total amount of estimated freights of £143,733 a sum of £83.354 was for British tonnage. BEET SUGAR Press Association —By Telegraph—Copyright LONDON, September 13. (Received September 14, at 10 a.m.) Beet Sugar.—-October, 4s 5Jd.

NEW GUINEA GDLD SHARES LONDON, September 13. (Received September 14, at 11 a.m.) New Guinea Gold shares are quoted at 5s B£d.

ranee— Francs to £1 Buying. Selling. N.Z. T.T. 60.94 59.64 O.D. 61.24 59.69 Noumea — . Francs to £1 58.89 58.94 N.Z. T.T. O.D. 61.89 62.29 ’’apoeto— £1 Francs to N.Z. T.T. 61.89 58.89 O.D. 62.29 58.94 Belgium— Deigns to N.Z. £1 T.T. 17,296 16.596 O.D. 17.396 16.611 Germany— Kciclnnarks to 9.771 £1 N.Z. .. T.T. ■— O.D. — 9.776 Italy— Lire to £1 45.65 - N.Z. T.T. — O.D. — 45.69 Switzerland — Francs to £1 11.993 N.Z. T.T. 12.393 O.D. 12.468 12.003 Holland— Florins to £1 5.750 N.Z. T.T. 6.000 O.D. 6.050 5.754 Java— Florins to £1 5.734 N.Z. T.T. 5.959 O.D. 6.009 5.738 Japan— N.Z. pence yen to 1 T.T. - 18 3-32 Shanghai— N.Z. pence dollar / . to 1 T.T. 20 7-16 21J O.D. 20 5-16 21 11-16 India and CeylonN.Z. pence rupee to 1 T.T. O.D. 22 5-18 ■ 22 3-16 22 21-32 22 19-32 Hongkong— to 1 N.Z. pence dollar T.T. 22 29-32 23 31-32 O.D. 22 25-32 23 29-32 Singapore— to 1 N.Z. pence dollar T.T. 34 13-32 35 11-32 O.D. 34 9-32 35 9-32 T.T. represi cuts telegraphic transfers. O.D. represents on demand transactions. The above : rates are subject to alteration without notice.

Last Week. Approx. Price Buyers. Sellers. Buyers. Sellers 12 Months Ago. £ s', d. £ 3. d. £ s d. £ B. 1 a. £ S. , d. BANKING— Bank of Australasia 11 13 0 11 17 0 — — 12 0 0 Bank of N.S.W. ... 31 15 0 — — — • 32 7 Bank of N.Z 2 8 0 — 2 7 3 — 2 8 3 Bank of New Zealand 1 14 0 1 13 (Long D) 1 14 3 1 14 7 — 1 Commercial Bank ... — 0 17 9 0 15 11 0 16 1 0 16 Oe Commercial Bank 8 14 6e (pref.) — — — Commercial Bank of 17 9 5 6 0 0 Sydney E.S. and A. Bank ... 5 5 0 5 9 0 „ 5 5 0 National Bank of New 3 16 o’ Zealand - 3 15 0 3 16 0 ' 0 4 I National Bank of 12 19 Australasia — — — 0 National Bank of Australasia (cont.) — — — — 6 4 6 Union Bank of Australia Ltd 9 8 0 — 9 7 0 — 9 5 V6e Reserve Bank 6 8 9 6 9 3 6 8 9 6 9 3 — INSURANCE— National Insur. Co. ... 1 0 1 1 0 4 0 19 11 1 0 3 0 17 5 N.Z. Insurance Co. ... •3 5 0 — 3 3 0 — 2 12 6e South British Insur3 10 ance Co. ’ — 4 3 0 — 6 Standard Insur. Co. 5 7 0 — 3 6 0 — 2 19 0c SHIPPING— Howard Smith 0 16 3 0 15 9 — 0 12 0 1 14 0 1 10 3c (ord.) — — tiuddart, Barker 0b (prcf.) ... ... 1 8 0c — 1 8 6 — 1 4 P. and 0. Deferred 0 Stock — — — 1 4 U.S.S. Co. (pref.) ... 1 6 9 ” 1 7 0 — 1 4 0 10AL — Kaita.ngata Coal ... 1 1 0 — X 0 6 — 1 2 0 Westport Coal Co. ... — — 0 18 10 0 19 2 U 13 0 W eslport-Stbckton . 8 (ord.) ... 0 19 0 0 19 3 — — Westport-Stockton (pref.) - - - . - 0 1 Us LOAN AND AGENCY— Dalgety and Co. Goldsbrough, Mort ... 9 2 1 10 0 3 ~ 0 9 0 1 10 0 6 1 11 0 9 7 1 9 6 0 0 National Mortgage ... — 3 1 — 3 1 0 National Mortgage (“B” Issue) 1 12 0 — 1 12 0 1 6 6b N.Z. Loan and Mercantile (ord.) ... — — 57 0 0 47 10 0 N.Z. Guarantee Cor0 4 8 0b poration Perpetual Trustees ... 0 4 3 0 7 0 — — 2 10 Trustees. Executors, 2 13 and Agency — — Wright, Stephenson ‘ord.) Wright, Stephenson 0 18 6 — 0 18 9 0 13 Os 0 13 9 (pret.) MEAT PRESERVING— Canterbury Meat Co. (ord.) — — — 9 15 0 Canterbury Meat Co. 5 11 o 5 10 0 (pref-) . 1 12 0 Gear Meat Co. ... ... N.Z. Refrigerating 0 19 3 — 0 19 0 0 19 6 0 18 3 N.Z. Refrigerating 0 9 3 0 9 4 0' 9 0 0 9 2 0 8 4 Southland Frozen Meat 3 11 0 — 3 10 0 — 2 11 0 Southland Frozen Meat (cont.) — 1 15 0 — 1 15 0 - 1 5 9 Southland Frozen Meat (pref.) . South Otago Freezing Waitaki Freezing 3 11 6 3 0 0 3 10 0 3 10 6 2 2 10 0 0 0 3 io 0 2 H 5 0 0 0 MISCELLANEOUS— Associated Newspapers British I'■>banco 1 3 9 1 5 0 1 3 0 1 14 6 Broken iliil Proprie- — 1 17 0 tarv •• Brown, Ewing (ord.) — 0 1 0 2 - — 0 11 0b Brown, Ewing (pref.) 1 1 — Bruce Woollen Co, (ord.) ... - 0 13 0 — 0 12 9 - - Bruce Woollen Co, (pref.) ... 1 1 0 — 1 1 0 - 1 0 0s 0 Colonial Sugar Co. Crystal Ice Co 1 17 0 2 2 0 1 16 0 2 2 0 1 6 0 11 0b D.l.C, (ord.) D.I.C. (pref.) Dominion Fertiliser ... 1 5 1 0 0 0 1 0 4 1 5 1 0 0 0 i o 3 1 1 0 13 0b 0 Dominion Fertiliser 102 10 0 Debentures 102 10 0 0 16 6s Dominion Rubber i y — Uonaghy’s Rope and 9 R 0 2 1 0 Twine Dnnedin-Kaikorai Trams 1 17 0 — 1 16 0 - - Dunedin Slock Exchange Proprietary 2 0 0 — 2 0 0 - 2 5 0b Dunlop Perdriau 0 17 9 Rubber Electrolytic Zinc 1;14 g 1 13 6c (pref.) Electrolytic Zinc 6c 1 6 9 1 3 0 (def. ord.) 1 6 Kaiapoi Woollen 0 13 9 0 8 0 (ord.) —** — Kaiapoi Woollen (cont.) ... — — — - 0 2 6s Kaiapoi Woollen (pref.) Kauri Timber — — , _ 1 1 3 0 12 0 12 0b q —“ — Milburn Lime and Cement Mosgicl Woollen Co. M'Leod Bros 1 17 10 15 32 0 Oe 0 0 - 1 14 10 15 32 0 6 0 0 -- 1 12 8 10 28 0 0 0b 0 Mount Lycll National Electric N.Z. Drug Co - 1 0 0 7 3 18 9 0 0 8 9 0 6 3 8 Os 6c N.Z Farmers' Fertiliser ... N.Z. Newspapers 1 12 0 - 1 11 6 — 0 16 1 6 1 8 0c 6 0 0 9b N.Z. Paper Mills ... 1 11 6 — i 11 ‘ Otago Daily Times ’ Regent Theatre 2 10 0 17 0 6 0 19 6 2 9 0 19 6 0 18 Smith and Smith (pref.) Whitcombo and . - 0 19 0 — 0 13 0b 3 15 0 Tombs — —* Wilson’s (N.Z.) Cement 1 10 0 — 1 10 0 - 1 14 1 IS 6 o Woolworths (pref.) ... Woohvorlh’s (ord.) ... Wool worth's. (Sydney) 7 0 3 12 0 3 3 15 0 7 0 3 9 0 6 3 10 3 ‘ Sun ’ Newspapers ... u 1REWEPJES— 1 18 1 6 N.Z. Breweries 2 7 4 2 7 10 2 7 3 2 7 9 6 8e Staples's Brewery ... — 0 1 2 0b Dunedin Brewery ... Timaru Irewery (10s 0 9 n 0 9 0 paid) •Tooth’s Brewery 2 5 6 - 2 5 0 2 5 10 1 18 3 OIL- ' 0 2 0 1 Taranaki Oil Moturoa (ord.) 0 4 0 - 0 4 0 4 7b GOLD MINING— Addison's Flat - - 0 2 3 n n Q 0 1 44 Aotraroa Bell-Hooper Br-ll-Kilgmir Bendigo Goldlight ... Big River 0 0 0 0 0 0 0 0 4 2', Hi 1U o' 0 0 0 1 1 35 °i 3 0 0 3 0 0 10 0 0 5i 0 0 3. 1 . o ;i o' 0 0 Hi 0 1 0 1 0 1 0i n 74

Consols, 2s per cent .£80 5 0 Funding Loan, 4, 1959-90 115 15 0 War Loan. 3£ 104 18 9 Conversion Loan, 3£ 103 15 0 Victory Bond's, 4 112 7 6 Commonwealth, 5, 1945-75 108 10 0 Commonwealth, 5, 1935-45 102 8 9 Commonwealth, 4, 1943-48 ... 103 2 6 Commonwealth, 3|, 1948-53 101 0 0 Commonwealth, 3£, 1936-37 102 6 3 New South Wales, 3, 1935 .100 15 0 New South Wales, 3g, 1930-50 ... 97 17 6 New South Wales, 4£, 1955-45 ... 101 8 9 New South Wales, 5, 1935-55 .101 8 9 Victoria, 3, 1929-49 92 15 0 Victoria, 4J-. 1940-60 ... 104 10 0 Victoria, 5, 1945-75 107 18 9 Queensland, 3, 192247 93 17. 6 Queensland, 5, 1940-60 ... ... .105 3 9 South Australia, 3, 1916 (opt.) 82 12 6 South Australia, 5, 1945-75 107 15 0 West Australia, 3, 1915-35 101 13 9 West Australia, 4, 1942-62 101 .3 9 Tasmania. 3jf, 1920-40 101 5 0 Tasmania, 4, 1940-50 101 2 6 New Zealand, 4£. 1948-58 107 17 6 New Zealand, 3y, 1940 102 2 6 New Zealand, 3, 1945 .. 98 3 9 New Zealand, 6, 1936-51 106 6 3

This Morning. Buyers. Sellers. £ a. d £ s. d. Last Week. Approx. Price Buyers. Sellers 12 Months.Ago. £ s. d. £ 8. d. £ s. d. GOLD MINING (Continued)— 1 19 6 1 17 6a Blackwater “ 0 0 10 0 0 11 Central Shotover ... —• Charleston ~~ 0 0 10 0 13 - 0 1 3 0 0 10 Clutha River 0 2 1 — Freshford — Gillespie’s ... 0 19 Golconda Holdings ... — 0 1 10 0 0 1 10 1 6 0 1 11 0 18 0 2 2* Golden Dawn — — 0 0 n i Golden Point 0 0 0 0 4 0 14 6 0 1 6s Golden Progress ... 0 10 0 3 6 Golden Sands Goldfields Dredging 0 0 U a 0 1 0* 0 .0 11 0 1 0* Glenroy n i i n Kildare 0 1 10 King Solomon ... ••• 0 2 0 6 4 4c 0 0 1 10' 4 2 0 4 3* 0 2 4* 0 3 lOcs 0 0 8*» Lawson’s Plat Maerewhenua ... Mahakipawa 0 0 9g 0 0 li* 0 0 5 f . . i Mataki — 0 & t • s Mining House Con- - cessions 0 0 4* 0 0 Q 0 •S| Mbi Moonlight-Nelson 0 0 4* 0 0 i . Creek ♦- 1 0 2 8a Mount David ... .- ~~ . Mount Morgan Nevis Diesel 2 9 X s 0 0 5| 0 4 3 0 8 9 ' 0 0 7, 4* 9 0 4 0 0 3 1* Nokomai ... 2 © 9 Okarlto 0 8 4 0 8 5 0 12 5o 0 0 9* Oxenbridge 0 0 9 — 0 5 0 Paddy’s Point T _ Skippers ... 0 0/ 0 o 7 0 0 8 — o 9 r — Upper Shotover ... — 1 8 Oh Wailu ... ' Waihi Grand Juneo 4 4 0 5 0 0 4 3b tion . ~~ . Waitahu 9 4 4 Wctherstones 0 0 9 0 4 7 0 1 1 0 0 8 0 4 0 1 0 0 9 3 7 0 7 7* Sandhills 0 0 5 Stafford ... 0 14* 0 1 4* N Z GOVERNMENT LOANS— (Bonds quoted are £100 Bonds.) 31 p.c. Stock, 1938*1953 W8 0 0 108 0 0 — - 31 p.c. Stock, 1939*1943 108 0 0 — 108 0 0 - - 31 p.c. Stock, 1941*1945 108 0 0 — ' 108 0 0 - 31 p.c. Stock, 1938*1952 108 0 0 — 108 0 0 31 p.c. Stock, 1939*1952 ... 108 0 0 — 108 0 0 - - 31 p.c. , Stock, 1941*1952 108 0 0 _ 108 0 0 - - 4 u.c. Bonds, Jan. 15, 1940 ... ’ 107 15 0 — 107 10 0 - - 4 p.c. Stock. Jan. 15, 1940 107 15 0 — 107 10 0 - — a nc Bonds, Feb. 15. 1946 ... 107 15 0 108 10 0 107 10 0 — - 4 p.c. Stock, Feb. 15, . 1946 1°7 15 0 — 107 10 0 - • - 4 p.c. Bonds, April 15, 1949 109 5 0 _ 109 0 0 - “ 4 p.c. Stock, April 15, 1949 109 5 0 _ 109 0 0 - - 4 p.c. Bonds, Juno 15, 1955 ... HOW 0 _ no 0 0 - - 4 p.c. Stock, June 15, 1955 HOlO 0 - no 0 0 - b, buyer; s. , seller; c, cum div c, ex div.