Commerce, Mining, & Finance

Evening Star, Issue 22204, 5 December 1935, Page 9

Commerce, Mining, & Finance

LONDON HIDES MARKET EFFECT W LEATHER FRIGES Weddel and Co., London, October 31, write: —Some trading has taken place in the hide market during the week, but the market on the whole has been most disappointing. The demand is very slow, and except for a few North American shippers little or no interest is displayed European buyers are particularly disinterested, the excuse being that most tanners have bought sufficient hides to # cover themselves for some time. This is to some extent true, but, on the other hand, before the recent buying move, all tanners were fairly short of raw material. In our opinion the present cessation of buying has been caused by a lull in the international political situation. The tension has relaxed, and buyers now feel that they can take, their time. The American trade is now buying on,account of the real improvement in the economical situation in the United States, and this is likely to continue. Trade is idle in colonial and miscellaneous descriptions; consequently shippers have become rather more anxious to sell, and prices are being reduced. New Zealand freezer cow hides could probably be bought at 5Jd. Leather is finding a fairly good market in all countries, especially heavy sole leather. The slight uneasiness displayed in the rafr hide market-might influence the gale of leather if it continues, so it is to be hoped that tanners will prevent this. The latter have the remedy by taking more hides, thus preventing- a setback in the hide market. . ILLEGAL PAYMENTS AUWTM'S CRITICISMS The Commonwealth Auditor-General (Mr Cerutty) has expressed resentment at criticisms of his report. He said that he did not wish to enter into a public controversy. The observations in his report had been based on the facts as he found them. “ There is nothing in the Audit Act which places any restriction on what the Auditor-General shall gay or not say in his report,” Mr Cerutty continued. “He is, or should be, no more subject to criticism than a High Court judge. His position is that of any auditor of any public company. He is there to protect the interests of the shareholders —in this case the taxpayers—and if he fails to do that he fails in his duty. During my term as Auditor-General I have said at all times what I have considered it my duty to say. I have .had no axe to grind, and I have not been influenced by political considerations.” Mr Cerutty said that he ,had_ been outspoken about pensions because it was clear that the Commonwealth was being robbed of thousands of pounds yearly by illegal payments. , “ The whole system of pension payments urgently needs tightening up,” Mr Cerutty said. ‘‘lf something is not done the system, as I stated in my report, must inevitably collapse under its own weight. ”• A SATISFACTORY YEAR MANAWATU KNITTING MILLS DIVIDEND MAINTAINED AT 10 PER CENT. ■ A satisfactory trading year is reported by the directors of the Manawatu Knitting Mills Ltd., who will meet shareholders at Palmerston North on December 9. Dividend of 10 pexcent, is recommended, the rate being the same as last year. The report atates:— “During the year your directors, after very careful consideration, decided to offer to our own shareholders at a premium of 10s a share, the balance of the unissued capital (6,500 shares) on the basis of one share for every three shares held. Many shareholders applied for more than they were entitled to, with the result that the issue was _ considerably over subscribed, indicating that our own shareholders had every confidence in the issue. The object of the issue was to enable the company to secure a valuable interest in the Oamaru Worsted and Woollen Mills Ltd. _ Since the balance-sheet period this interest has been acquired, and is showing in the balance sheet for the period under review as being on deposit. “ Since the last accounting period the sum of £SOO has been transferred from the bad debts reserve to general reserve. Your directors now propose that a further sum of £2,000 be transferred from the prrffit and loss appropriation account to general reserve account, thus bringing the total general reserve account to £16,535 7s 2d. “ The stocks of the company have been most carefully taken and stand at £16,237 Is Bd, a reduction of £1,374 12s lid on last year’s figures. Sundry debtors and bills receivable are £639 2b id less. The year has proved a reasonably satisfactory trading period. “ After making provision for commissions, income tax, directors’ fees, and auditors' fees, providing necessary and adequate depreciation for plant and stocks, the profit and loss account shows a credit balance of £4,929 14s lid, which, plus the carry forward from last year of £843 3s 7d, brings the profit and loss account to £5,772 18s fid. The premiums on the new share issue have been carried to the credit of the profit and loss account, and after deducting commissions and charges in connection with the making of this capital profit, and taking into account the fact that the company will not receive the benefit of its reinvestment of this addition capital until next season, the position from a purely trading profit point of view must be considered very satisfactory. “ Mr E. F. Hansel retires m accordance with the company’s articles, and, being eligible, offers Jhimself for reelection.”

AUSTRALIAN STOCK EXCHANGES Press Association —By Telegraph—Copyright SYDNEY, December 4. On the Stock Exchange the trend of values was generally downwards, and buyers were inclined to be hesitant. MORNING SALES.

EAST COAST AIRWAYS FIRST YEAR LOSS OF £786 A loss of £786 for the first year is shown in the first balance sheet of the East Coast Airways Ltd. The report points out, however, that the company’s service was not inaugurated until April 16, with the result that the summer traffic was lost. Included in expenses is £662 for improvements to the Gisborne aerodrome,. the condition of which, it is stated, is largely responsible for the loss bn Operations. In addition, liberal provision has been made for depreciation on aircraft, £1,146 being set aside-for this purpose. The capital of the company, £15,000, has been fully subscribed. Preliminary expenses to only £1,471, and other outstanding items are £8,837 for aircraft (now written down to £7,692), £775 for spare engine, £562 for aerodrome and £689 for insurance premiums paid in advance. A sum of £6OO is on fixed deposit, and there is £1,129 in the current account at the bank, giving the company a reasonable funa for future operations. . The revenue, amounting to £4,421, was almost entirely accounted for by fares, freights, and joy rides. Against this, expenditure amounted to £5,027, of which £1,282 was for salaries and wages, £662 for benzine and oil, £642 for insurances, £242 for booking charges, £lB6 for advertising, £167 for taxi charges, and £l6O for travelling expenses. NATIONAL BANK DF NEW ZEALAND INTERIM DIVIDEND DECLARED [Per United Press Association.] \ ~ WELLINGTON. December 4. The general manager of the National Bank of New Zealand has received the following cablegram from the London office:—The Board of Directors order the payment of an interim dividend for the half-year ended September 30 last at the rate of 4, per cent, per annum free of tax. COMPANY LAW NEW BILL IN AUSTRALIA A new Companies Bill, providing a complete code for the formation, management, control, and winding-up of companies, and protecting the public against fraud is before the New South Wales Legislature. The Bill is designed to encourage the formation of companies for carrying on business, and to surround all stages of a company’s work with safeguards' for the investing public. It imposes strict limita-' tions on the hawking of shares and bonds. Two official liquidators are to he appointed,_ and their services may be engaged in the winding-up of companies. Companies will also have the option of appointing private liquidators. Provision is made for the registration of proprietary companies, a type of company organisation new to the State. Companies will have wider latitude in the appointment of their auditors.

The Bill contains detailed provisions about the contents and the issue of a prospectus, the allotment of shares, the payment of commissions and discounts, and to share capital. A new departure is provision for workers’ shares. Facilities are provided for the removal of directors who do such things as if, done by private persons, would be dishonest, and the court may review any unjust payments by directors to themselves before a winding-up. One of . the provisons is that all money received before allotment of shares must be placed in trust, and its misuse is prohibited.

Following the_ South Australian legislation, companies will bo empowered to set up superannuation funds for the good of their employees*

COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo tea auction of December 3:-—The market for common and medium kinds remained steady at last week’a rates, and fine teas were slightly firmer with improved quality. The quantity to be auctioned next week is 2,000,0001 b, 500,0001 b less than last sale. LOCAL BODY LOAN? [Psn United Press Association.] GREYMOUTH, Dcember 4. The raising of loans totalling £24,000 was sanctioned by the ratepayers today. The Grey Power Board’s proposal to borrow £16,000 for the purpose of raising the level of the Kaimata dam and further reticulation was carried by 677 votes to 79. The proposal of the Greymouth Borough Council to borrow £B,OOO for the purpose of providing a water supply in Cobden was carried by the Cobden ratepayers by 150 votes to 51. THE SEARCH FOR GOLD DIVIDENDS ANNOUNCED The Stock Exchange Association has been advised that the Blackwater Mines will pay an interim dividend for 1935 of Is, and that the Consolidated Goldfields will pay a final dividend for 1935 of 6d. Both are tax free and payable on December 17 in British currency. The registers will bo closed from December 9 to 17, both days inclusive. ARGO DREDGING The Argo Gold Dredging Company Ltd. reports that the yield for the past week was 68oz for 143 hours’ dredging, during which 14,400 yards were treated. NOKOMAI RETURN The secretary of the Nokomai Gold Mining Company Ltd. reports that an additional wash-up to complete the last paddock resulted in 770 z Idwt being recovered. This makes the total return for a paddock approximately just under a quarter of an acre 4070 z Bdwt. HARBOUR BOARD LEASES Messrs Park, Reynolds and Company held a sale of two Harbour Board leases yesterday, with the following result:— Block LXIV., section 23 (St. Andrew street and Bow lane; trustees Clara Ann Murdoch) —the present lessee was successful at the upset rental. Block LXXIL, allotment 1 (Forth street: George Crocker Chipp, Janet Dyer, and Catherine Wilson) —the present lessees wore successful at the upset rental. ADDINGTON MARKET [Per United Press Association.] CHRISTCHURCH, December 4. Excess entries in the fat cattle and fat sheep sections at to-day’s Addington market caused a drop in values. Store Sheep.—Ewes and lambs_ met with a better sale by about a shilling a head. Dry sheep were a shilling cheaper. Best ewes and lambs sold at 18s to 20s (all counted), and adult wethers 20s to 225.

A heavier entry than butchers required caused a slight easing in the fat lamb section, values being from 7Jd to 7Jd per lb. The freezing works will open on Tuesday. Fat Sheep.—There was a heavy penning of fat sheep. Good wethers and ewes were down by- Is 6d a head, and lighter owes by 2s to 2s 6d. Exporters did not operate at the prices ruling. Best wethers sold from 24s to 28s, and freezing ewes 14s 6d to 18s. Fat Cattle.—There were 445 head penned, _ which created an over-supply in the Hot weather which has now set in. There was an easing of 20s a head for all classes except medium and light prime steers. Best beef made from 28s to 30s a 1001 b for prime light-weights; a shade more heavy beef made from 25s to 275; medium quality, to 25s 6d; good heifer, to 27s 6d; good cow, to 25s 6d; and inferior, down to 18s a 1001 b. Extra prime heavy steers made to £l6 2s 6d; prime heavy, £lO 5a to £l3; prime medium-weight, £9 10a to £lO 16s; ordinary, £7 15s to £9 6s: extra prime heafers, £9 15s; prime, £6 10s to £8 ss; ordinary, £5 6s to £6 ss; extra prime cows, to £9 10s; prime, £6 5s to £7 15s; ordinary, £6 to £6. Fat Pigs.—Baconers were firm and there was a slight improvement for porkers. Export buyers were in the market and paid full values for anything that fell to them. Choppers made from 30s to £4 18s Gel; baconers, 45s 6d to 52s 6d; heavy, 55s 6d to 58s 6d; extra heavy, £3 8s 6d (average value per lb, 4id to sd). Porkers made from 30s to 34s 6d; heavy, 36s 6d to 39s 6d; extra heavy, to £2 3s 6d (average price per lb* Bid to Gd)*

FOREIGN EXCHANGE ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates for purchase and sales of foreign exchange (all rates subject to alteration without notice): —

DOLLAR RATES. The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates to-day on a New Zealand currency basis. They are subject to alteration without notice: — U.S.A. CANADA. (Per £1 N.Z.) (Per £1 N.Z.) SELLING— T.T. (del) ... ... 3.95 i 4.00 O.D. (dol) ... ... 3.958 ‘ . 4.00* B OJL*(dc4) ... ~. 4.00* 4.04 J METAL MARKET LONDON. December 3. The following are the official metal quotations:— Copper.—Standard, £35 9s 4Jd pep tonforward, £36 18? I4d. Electrolytic.—Spot, £39 10s j forward, £4O. Wire bars, £4O. Lead.—Spot, £l7 6s j forward, £l7 ss. Spelter.—Spot, £ls 12s 6d; forward, £ls 18s 9d. Tin.—Spot, £224 15s; forward, £213 7s 6d. Pig Iron.—-Home trade, £3 10s; export, £3 Is 6d. Antimony. British, £76 10s; foreign. £52 10s. Molybdenite. £1 14s 6d per unit. Wolfram, £1 14s 6d. Silver. —Standard, 29Jd per o»; fine, 31 9-16 d. DIVIDENDS DUE Kauri Timber—s per cent. Dee. Austral Malay Tin—lnterim 6d ' per share and bonus 6d per share in sterling ... ... ... Dec. 6 Otago Farmers’ Co-op.—ld a share Dec. 6 Bank of N.Z.—lnterim, ord., Is a- share; D mortgage, 3| per share ... Deo. 7 Henry Jones Co-operative—Final, Is 3d a share Raub Australian Gold—lnterim 4d, in sterling ... Dec. 10 National Tobacco, Napier—pref., 8 per cent., ord. 15 per cent. per annum Dee. 11 N.Z. Loan and Mercantile Agency Co.—Cura pref. (for year ended June 30, 1932), 5 per cent., less English income tax Deo. 12 North Broken Hill—2s 6d a share and bonus Is a share ... ■ Dec. 18 Waitaki Farmers’ Freezing—s per cent Deo. 13 N.Z. Breweries—lnterim, 3* per cent. ... ... ••• Poo* *4 Mount Lyell—Final, 2* per cent. p.a., 6d a share Dec. 16 Okarito Gold Dredging—lo per cent., 6d a share Dee. 17 Laropson Paragon Ltd., Sydney—B per cent Dec. 17 Goldsbrough, . Mort—lnterim, 4 per cent, p.a Deo. 18 Tooth’s Brewery—lo per cent. p.a, and bonus 2*p.c Broken Hill South —Is ed a share and bonus Is a share _ Dec. 19 Placer Development—lnterim, 50 . cents (Can.) a share Dec. 20 Bulolo Gold—lnterim, idol 40 cents (Can.) a share Deo. 80 Hume Steel—lnterim cum pref., at 7* per cent, per annum Deo. 23 Mossy Creek—ld per share Deo. 28 British Tobacco—lnterim 1* p.c. Deo. 31 Morris, Hedstrom—lnterim, otd. f 2* per cent Dec. 31 Claude Neon Ltd., Sydney—ls per cent., payable as to 7* per ' cent, (and payable as to 7* per cent., January I) Jan. 1 Sulphide Corporation Ltd., London —2s per share pref., 4* ord. sterling, less income tax Jan. 15

THE SHARE MARKET DUNEDIN STOCK EXCNMCE In consequence of reported sales yesterday on Australian exchanges of Commercial Banks at 18s, the local market showed: a much firmer tone, buyers moving up 7d to 17s 7d, with no selling quotation. A noticeable feature of the market this morning was the good demand for .all Australian bank shares. No doubt the increased demand for money in trade and commerce in Australia should result in the banks increasing their* profits, and investors 1 are apparently looking for bigger dividends. E.S. and A. Bank shares were also in good demand, the buying offer of £5 10s 6d ex div, being an improvement on recent quotations. . . There was also a better tone in the market for insurance shares, all the local shares being in keener demand. ' Frozen meat shares appeared to be a little bit easier, and in the miscellaneous section New Zealand Drugs were in good demand with sales at £4. „ The keen interest of investors was fully maintained in Australian mining, and Mount Morgans changed hands at 365. The reports from this mine continue to be highly satisfactory, while the proposal of the directors to split the scrip from 5s shares to 2s shares should result in the creation of a much wider market. The recent return from Nokomai has put some activity into these shares, the 'best seller this morning being at 2s 6d. Government Stocks have experienced a dull market for some time, but this morning there appeared to be a better demand.

UNLISTED STOCK— Woolworth’a (Sydney) 517 0 Quartz Mountain (ss) Fuller-Hay ward Debs. John Fuller and Sons’ Debs 82 0 0 RUSH FOR AMERICAN LOAN Press Association —By Telegraph—Copyright WASHINGTON, December 3. In announcing to-day that the 900,000,000-dollar loan was over-sub-scribed four times and a-half, Mr Morgenthau (Secretary of the Treasury) said that because of “ the unsettled world conditions ” the Treasury wished to accumulate a large cash reserve. Asked if the Government anticipated war, he replied: “No, but I will say that as long as things continue as they are in. the world the Treasury, pnjst (operate on the 24-hour b&skuQ

£ s. d. Commonwealth Bonds — 3J p.c., 1949 95 lo 0 •4 p.c., 1944 102 2 6 4 p.c., 1950 103 2 6 *4 p.c., 1959 102 8 9 4 p.c., 1961 '. .... 102 18 9 Tooths 2 15 0 Associated News 1 5 6 British Tobacco 1 19 10* Broken Hill Proprietary ... 2 17 0 James Stedman 0 17 -7* Millaquin Sugar 1 16 0 AFTERNOON SALES. Commercial Bank of Sydney 18 3 0 National Bank (£5 paid) 6 18 0 Associated News 1 4 10* Howard Smith 0 18 6 Australian Gas A 7 18 6 British Tobacco 1 19 9 Tooths 2 14 9 Tooheys 1 10 3 Australian Glass 4 4 6 Henry Jones 1 17 6 Electrolytic Zinc (pref.) ...■ 1 19 9 Anthony:. Hordern 0 19 9 Anthony Hordern (pref.) 1 3 3 Generali Industries (pref.) 1 3 6 General Industries (rights) 0 6 3 Mount Morgan 1 15 9 Mount Morgan Development Broken Hill Proprietary ... 0 3 11 2 17 6 Broken ' Hill Proprietary 1 0 (first instalment paid) ... 9 Broken Hill South 5 19 0 Zinc Corporation ... ... 3 17 6 Rawang Placer Development ... ... U ' 5 8 6 9 0 Emperor ••• 0 18 9 Loloma J. 10 0 Koroere 0 10 3 MELBOURNE, December 4. Commercial Bank of Australia ... ... ... .... 0 18 2 National Bank (£10 paid) 13 19 0 E.S. and A. Bank 5 12 0 Electrolytic Zinc 1 15 0 Electrolytic Zinc (pref.) 1 19 3 Zinc Corporation Broken Hill Proprietary 3 17 6 9 0 (first instalment paid) ... North Broken Hill 1 8 8 19 Broken Hill South ... 5 19 0 Mount Morgan ... Mount Lyell ‘ ... 1 1 16 1 0 0 Loloma ... ... ... 1 17 -’-9 Emperor 0 18 10

Buying. Selling. London — £100 stg. N.Z T.T. £124 O.D. £123 10/ £124 10/ £124 8/9 Australia — £A to £100 £100 10/ N.Z T.T. £101 Fiji— £F to £100 £89 N.Z T.T. £90 7/6 New York— Dollars to £1 3.994 3.954 N.Z .. T.T. O.D. 4.00J 3.95J Montreal— Dollars to £1 4.034 4.00 N.Z .. T.T. O.D. 4.044 4.004 France— Francs to £1 60.84. 59.54 N.Z .. T.T. O.D, 61.14 59.59 Noumea— Francs to £1 58.79 N.Z .. T.T. 61.79 O.D. 62.19 58.84 Papeete— Francs to £1 58.79 N.Z. .. T.T. 61.79 O.D. 62.19 58.84 Belgium— Belgas, to £1 N.Z .. T.T. — 23.151 O.D. — 23.166 Germany— Reichmarks to £1 9.654 N.Z . T.T. — O.D. — 9.659 Switzerland — Francs to £1 12.066 N.Z . .. T.T. 12.466 O.D. 12.541 12.076 Holland— Florins to £1 N.Z. ... ... . .. T.T. 5.984 . 5.734 O.D. 6.034 . 5.738 Java— • Florins to £1 / 5.710 N.Z. ... ... . .. T.T. 5.955 O.D. 5.935 5.714 Japan— N.Z. pence to 1 ... TT, 17? „ ,, yen ... ... — O.D , — 17 39-64 Shanghai— N.Z. pence to 1 18 7-16 dollar ... .< ,. T.T. 174 O.D. 17 18 27-64 India and CeylonN.Z. pence to 1 22 23-32 rupee ... ... . T.T. 224 O.D. 224 22 21-32 Hongkong— N.Z. pence to 1 21 27-32 dollar . T.T. 20 19-32 O.D. 20 15-32 21 15-16 Singapore— N.Z. pence to I 344 A 35 5-16 dollar ... .. . T.T. O.D. 344 354 Sweden — Kroner to £1 15.460 N.Z ... T.T. 15.790 O.D, 15.830 15.470 Norway— Kroner to £1 \ 15.870 N.Z ... T.T. 16.200 O.D, 16.240 15.880 Denmark — Kroner to £1 17.878 N.Z ... T.T. 18.208 O.D. 18.248 17.888 Austria— Schillings to £1 20.68 N.Z ,. T.T. — O.D. — 20.70 Czechoslovakia— ■ Crowns to £1 95.26 N.Z T.T. — O.D. —• 95.31

SALES. On ’Change: Mount Morgan, £1 16s. After call: N.Z. Drugs £4 (2) Quotations as under:— Buyers. Sellers. £ 8. d. £ 8. d. BANKING— New South Wales ... — 33 10 0 New Zealand — 2 10 3 Commercial ... ... 0 17 7 — E.S. and A 5 10 6 — National of New Zealand. — 3 13 0 National of Austral6 , asia (cent.) 6 16 «— Reserve 5 18 0 — Union of Australia Ltd. — 9 15 0 INSURANCE— National 0 19 3 0 19 9 New Zealand 3 3 0 3 4 6 Standard 3 5 0 3 10 0 SHIPPING— P. and 0. Deferred Stock 1 6 U.S.S. Co. (pref.) ... ” 1 7 4 — MEAT PRESERVING— N.Z. Refrigerating (paid) ... N.Z. Refrigerating 1 1 10 1 2 3 (cont.) ... ... ... 0 10 7 0 10 9 Southland Flozen (paid) ... •— 5 18 0 .Waitaki Farmers’ Freezing ... ... ... 3 15 0 —■ LOAN AND AGENCY— Dalgety ... Goldsbrougb, Mort ... 8 2 1 XI 0 0 — Mortgage Corporation 0 5 4 0 5 6 National Mortgage — 2 14 6 National Mortgage (“ B ” issue) 1 12 0 — N.Z. Guar. Corp. 0 5 0 — Trustees Executors and Agency 3 3 0 — Wright, Stephenson (pref.) 0 19 0 1 0 0 COAL— Kaitangata ... ... ... 1 1 6 — 6 Westport — 1 2 W estport-Stockton pref-) — 0 2 9 WOOLLEN COMPANIES— Kaiapoi (pref.) 10 — 0 18 3 Mosgiel 0 0 10 5 0 Oamaru — 1 2 6 MISCELLANEOUS— British Tobacco 1 19 0 2 0 6 Broken Hill Proprie. 9 tary 2 16 6 2 16 ■ Brown, Ewing (ord.) .. 0 14 0 Brown, Ewing (pref.) ... ... ... 1 1 0 9 Dominion Fertiliser ... 1 3 3 1 2 Dominion Fertiliser Debs Dominion Rubber ... 106 G 0 — 1 7 6 Dunedin Kaikorai Trams ... 1 18 0 — Dunedin Stock Exchange Proprietary — 2 0 0 Milburn Lime and Cement .:. ... ... 2 4 9 National. Electric — 0 13 6 N.Z. Drug Co. ... ... 3 19 6 4 0 6 N.Z. N&wspapers 2 1 0 — 8 ‘ Otago Daily Times ’ — Z 11 Wilson’s (N.Z) Cement ... ... ... 2 1 0 2 3 0 BREWERIES— New Zealand — 2 13 9 Staples’s ... — 1 15 0 Tooth’s ... — 2 15 0 AUSTRALIAN MINING Electro. Zinc (ord.) (£1) 1 14 0 1 14 9 , Mount Lyell (£1) — 1 1 3 Mount Morgan (5s) 1 15 6 1 16 6 Upper Watut (4s) ... 0 6 10 — Irowat (2s 6d) ... 0 2 11 0 3 3 GOLD MINING— Alexander (15s) — 0 12 6 Alexander (£1) 0 13 0 — Bendigo Goldlight (Is) — 0 0 4 Big River (Is) Gillespie’s (Is) ... ... 0 1 10 0 1 2 Goldfields Dredging (Is) 0 0 2 0 0 3i Kildare (2s) ... ... 0 2 0 0 2 8 Nokomai (5s) 0 1 6 0 2 6 Okarito (5s) — 0 6 0 Oxenbridge (1s) — 0 0 2 Paddy’s Point (5s) Sandhills (Is) ... ... Skippers (Is) — 0 2 9 — 0 0 5 0 0 24 0 0 3i Waipapa Beach (Is) Waitahu (So) ... ... 0 0 1 2 6 7 - N.Z. GOVERNMENT LOANS3i p.e. Stock, Nov., 1938-52 102 0 0 —■» 34 p.c. Stock March, 1939-43 ... 103 0 0 34 p.c. Stock, Sept., 103 1939-43 — 0 0 54 p.c. Stock, May, '.939-52 102 0 0 — 4 p.e. Bonds, 1937-40 101 10 0 — 4 p.c. Stock, 1937-40 101 10 0 — 4 p.c. Bonds, 1943-46 104 0 0 — 4 p.o. Stock, 1943-46 104 0 0 " — 4 p.o. Bonds, 1946-49 104 5 0 4 p.o. Stock, 1946-49 104 10 0 — 4 p.c. Bonds, 1952-55 JOS 10 0 — 4 p.e. Stock, 1952-55 105 10 0