Commerce, Mining, & Finance THE SHARE MARKET

Evening Star, Issue 22252, 1 February 1936, Page 12

Commerce, Mining, & Finance

THE SHARE MARKET

AUSTRALIAN STUCK EXCHANGES Praia Association—By Telegraph—Copyright . SYDNEY, January 31. On the Stock Exchange there was a firming tendency, particularly for firstclass stocks in the investment market, to-day. Bank shares were steady, and silver lead shares neglected. MORNING SALES.

DOLLAR AND FRANC Press Association —By Telegraph—Copyright XiONDON, January 31. (Received February 1, at 1 p.xn.) The dollar is quoted at 5.00 i and the franc at 74 15-16. RAM FAIR INCREASED VALUES RECORDED [Pu Ukitid Press AssociitioN.J HASTINGS, January 31. Values for flock Southd9wns at the Hawke’s Bay ram fair, which was concluded to-day at Tomoana, showed an approximate average advance on last year’s rates from one and a-half to two guineas. The day’s offering of flock entries consisted of Southdowns, with the exception of, three pen 6 of Ryelands. Attractive Jots were in keen demand, passings _ being very infrequent. The top price was 13gs, secured by Mr W. J. Gimblett, of Ngatarawa, for a fine pen of six shearlings, which were purchased by Mr T. Gilray, of Waimarama. The next highest price was 12gs, also secured by Mr Gimblett for a similar pen, which was purchased by Mr Dalby, of Porangabau. Last year’s highest value was 7|gs. The market remained keen throughout, with values for earlier lots fully maintained. . THE METAL MARKET Pros* Association—By Telegraph—Copyright ' LONDON, January 30. I The following are the official metal quotations:— Copper: Spot, £34 17s 6d per ton; forward, £35 5s 71d. Electrolytic: Spot, £39; forward, £39 10s. Wire bars, £39 10s. Lead: Spot, £l6 ss; forward, £l6 ss. Spelter; Spot, £ls 2s 6d; forward, 1 £ls ss. Tin; Spot, £206 ss; forward, £l9B 2s • Cd. Pig iron: Home trade, £3 10s; ex--1 port, £3 Is 6d. i Antimony: British, £72 10s; foreign, • £46 15s. i Molybdenite, £1 14s 6d per unit. Wolfram, £1 15s 6d. • Silver: Standard, 19 9-16 d per oz: 1 fine, 21Jd.

CANTERBURY MARKETS [Per United Press Association.] CHRISTCHURCH, January 31. Interest in the produce markets at present centres on the increasing deliveries of new wheat from the country. Many lines have been offered, and, from what has been seen, the crop will be outstandingly heavy for yield, and will be above the average for quality. Some crops were caught by the hot weather at Christmas in a critical stage, and a number of parched samples have come forward, but in the main the quality of the wheat this year is excellent. The trade is a little chary about even guessing the ultimate yield, because the threshings have shown extraordinary high tallies. So many good ones have been reported that anything below 30 bushels is regarded as a disappointment. It is expected that the prices will be fixed next week, but in the meantime the mills are buying freely. A number of sales of fowl wheat has been made, the price having been 4s 6d, f.0.b., at which price the inquiry remains good. There has been a weaker tendency in the oat market following reports of exceptionally high yields. A crop of 130 bushels is reported from Prebbletori, a figure which must be somewhere near a record. A Gartons are worth about 2s to 2s Id to the farmer, and B’s Is 9d. Duns are fetching from 2s 3d to 2s 6d on trucks, and Algerians Is 6d to Is 7d. The small seeds trade continues very dull. Indeed, not a great deal has been offered this week, because farmers are too busy with their wheat harvest, but, in any case, merchants are not keen to buy in the face of a huge crop this year and almost an entire absence of outside demand. Plains cocksfoot is being offered at 6d, but even at this figure there is not a great deal of interest in the market. The Akaroa crop is not ready yet, but it is expected that it will be worth about the same money, possibly less. There appears to be no demand at all for potatoes, and the immediate prospects are poor. With the price so low in Auckland the trade is not hopeful of any great volume of business for some months, THE SEARCH FOR GOLD KING SOLOMON RETURN The King Solomon wash-up was 90oz Idwt for the week. PADDY'S POINT SLUICING The secretaries of the Paddy’s Point Gold Mining Company Ltd. report receipt of advice from the claim manager of a wash-up of 420 z as a result of 33 days’ sluicing. The time _ taken since the completion of the previous paddock was 36 days. * WAITAHU WASK-UP Messrs W. A. Mitson and Co., secretaries of tho Waitahu Gold Mining Company Ltd. advise that a further partial wash-up from the No. 5 paddock, which took place yesterday, yielded 31oz lldwt. The previous wash-up was on January 13. Since then the elevator has been in operation for 22 shifts of eight hours each. This makes a total of 118 oz since November 29 last. TRADE WITH BRITAIN RECIPROCITY URGED VISITING MILL OWNER’S VIEWS. The need for reciprocal trade between Great Britain and' New Zealand, with a corresponding benefit to each, was discussed by Mr David Hield, of Crossbills, Yorkshire, in an interview in Christchurch. “ Buy more from us and, although the manufacturer you benefit may not buv New Zealand produce himself, his employees will certainly have more money with which to do so, and you will find that your trade in Great Britain will increase considerably,” he said. Mr Hield mentioned that he was amazed at the number of new American motor cars he had seen on the road, and he suggested that the buying of English cars was one avenue by which better relations with employers and employees at Home could be brought about. There were also many other ways in which an improvement in New Zealand trade could be secured as there were plenty of British articles which _ could be bought economically even with the tariff as it stood at present. Mr Hield is the owner of perhaps the largest chain of worsted mills in Yorkshire. PRICE OF GOLD Press Association —By Telegraph—Copyright LONDON, January 31. (Received February 1, at 1 p.m.) Fine gold in quoted at £7 Os 9d an ounce.

FDREI6N EXCHANGE ON NEW ZEALAND CURRENCY lASIS The Bank of New South Wales, Dunedin, quoted the following rates (to-day) for purchase and sales of foreign exchanges (all rates subject to alteration without notice) Buying. Selling. London—

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: —

CUSTOMS REVENUE DUNEDIN FEW CHANGES EXPERIENCED The Customs returns for the port of Dunedin for tire month ended yesterday reveal that the amount of revenue derived is about the average for this month. Customs showed something of an casing, but beer duty increased. There was a decrease in the amount of sales tax collected and also in petrol tax and gold duty. During the month Customs revenue totalled £54,931 2s, compared with £57,480 11s 8d for the same period last year, a decrease of £2,549 9s Bd. The figures for the nine months of the financial year also reveal a decreased return, those for the current year being £543,360 15s 3d and for the previous year £558,160 10s 4d. Beer duty during January totalled £23,360 6s lOd, compared with £20,439 14s lOd a year ago, an increase of £2,920 12s. The figures for the year, however, show a decrease of £1,146 9s sd, those for the current financial veai being £202,730 6s lid. The sales tax, which has tended in recent months to increase, shows a falling off to the extent of £383 5s 3d last month, when £24,992 0s 2d was collected, against £25,375 5s 5d in January, 1935. The returns for the longer period, however, result in an increase of over £6,000, the figures being £212,918 12s 3d for the present year and £206,688 19s 5d for the corresponding period. Both in the monthly figures and those for the 10 months, the petrol tax collections show an easing. In the former case the decrease is £1,142 12s and in the latter £21,323 3s 9d. Tyre tax continues to show an increase, the amount taken in January being £839 7s 6d, compared with £579 19s last year. The increase for the 10 months was £sll 10s 6d. . A small decrease of £39 16s 4d is shown in the figures relating to gold export duty during the month, but there is an increase of £3,656 3s 2d over the longer period. FIGURES FOR JANUARY. The following are the figures for January, shillings and pence omitted, together with the comparative figures for the same month of 1935:

TEN MONTHS’ PERIOD. The following are the figures for the 10 months of the current financial year ended January 31, shillings and pence omitted, together with the comparative figures for the same period of the previous year:— _ _ . . _

CHRISTCHURCH For many months the returns of Customs revenue have given repeated indications of a favourable trend of trade in the Dominion. The Christchurch figures for January are no exception. Compared with January, 1935, the total Customs receipts are greater, and there are increases in net Customs and sales tax. . . Among the individual items the increase m sales tax revenue is more than £2,000. The detailed figures for January, 1935, and January, 1936, are oB -frtllnW -

WELLINGTON Customs revenue collected at Wellington continues very buoyant. Towards tbe end of 1933 tlie Customs returns commenced to show an increase over the corresponding month in the preceding year, and since then there has not been one month that has failed to show its increase. Net Customs revenue collected at Wellington in January totalled £231,145, compared with £221,424 in January, 1935. For the 10 expired months of the financial -year ending March 31 next, net revenue totals £2,301, 647, compared with £2,049,867 for the corresponding period of the 1934-35 year. The duty collected on motor spirit in January showed an increase of £3,037 over the amount for the corresponding month of last year. Sales tax in January totalled £81,272, compared with £71,797 in January, 1935, an increase of £9,485. AUCKLAND An increase of £16,973 is shown in Customs duties collected at Auckland in January, compared with the corresponding month in 1935. The receipts were £240,660, as against £223,687 in January of last year. Compared with December, January’s figure shows a decrease of £24,327. An increase of £79,307 is shown when the Customs receipts for the first 10 months of the financial year are compared. In the current financial year to date £2,252,777 has been collected, the amount in the corresponding period of the year 1934-35 being £2,173,470. In the combined receipts of petrol duty and tyre tax there was an increase of £6,276 in January, when fihe yield was £59,934, whereas in January, 1935, it amounted to £53,658. The revenue from sales tax in January amounted to £70,658, an increase of £9,444 over that for January, 1935. DAIRY PRODUCE The National Mortgage and Agency Company Ltd. has received the following cable from London :—“ Butter : market quiet; New Zealand finest, 94s to 955; New Zealand first, 93s to 945; Danish, 115 s; Danish, f.0.b., 965; Australian, 93s to 945. Cheese: Market steady; New Zealand white, 53s to 53s fid; New Zealand coloured, 57s to 57s fid; Canadian white and coloured, 60s to 625.”

| GAS COMPANIES RESULTS IN RECENT YEARS SMALL PROFIT RECOVERY FINANCES STRENGHTENED Comparison of the aggregate results of the three largest gas companies in New Zealand—Auckland, Wellington, and Christchurch—reveals a slight improvement in net profits in 1935, and a small increase in the rate of dividend. The profit addition is accounted for largely by an increase in the Auckland company’s figure, while Christchurch was the only company which raised its dividend. With the exception of Christchurch,the companies individually were able to increase sales of gas, fittings, etc., last year, and the aggregate trading profits rose from £802,386 to £809,724. With the restoration in wage cuts and the increased spending _ power of consumers, a further rise in gross profits may be expected. The industry is well entrenched, at least in the main centres in the Dominion, and considerable resistance has been shown to the spread of electricity. A comparison of total profits and dividends and the percentage of dividends to capital in the past seven years is as follows:

The low point in profits was in 1932, which coincided with the nadir of the aggregate dividend payment. Since that year there has been an npward movement in both profits and dividends. However, over the whole sevenyear period, the variation has been far less marked than in some other industries. Aggregate paid capital, debenture capital, and reserves, compare as follow:

* Excluding taxation reserves. The comparison indicates a more restricted use for capital, the companies presumably having satisfied present requirements in the way of capital expenditure on main extensions, etc. Shareholders’ capital has increased by about £25,000, but £329,050 of debentures has been paid off. To some extent this repayment has resulted in reliance on deposit moneys, which cannot be viewed as wholly satisfactory. Redemption reserves have been established against all outstanding debentures. A strengthening in the financial position of the companies is revealed in the growth of reserves since 1929. The total includes taxation reserve, which in the case of the Auckland company is_ £60,000, having been established within recent years. Market values for the companies’ shares have lacked spectacular movements, but there has been a fairly steady appreciation over the period reviewed. The average yields at oresent are:—Christchurch. £3 16s; Wellington, £3 18s; Auckland, £4 3s, SYNTHETIC WOOL CONSIDERED A FAILURE PRODUCT OF WOOD-PULP EXPERIMENT IN GERMANY. The opinion that synthetic wool, manufactured from wood-pulp, and extensively advertised by Germany, is not a success has been expressed by Mr E. Rhodius, of A. and F. Rhodius, a Dutch wool firm. He states that this wool is extremely unlikely to offer any serious competition to natural _ wool, except in the greatest emergencies. “ Only at such times as the present in Italy, when normal supplies of natural wool are cut off, will synthetic wool fill the requirements,” said Mr Rhodius. “It will not actually come into opposition with the natural article, but will rather fill the gap when the latter is not obtainable.” The article produced from the woodpulp, synthetic wool is, in its finished state, at least equal_ in appearance to the best natural article. Mr Rhodius considers that the line appearance of the article does not last, and that a suit of clothes in a very short time looks old. It crushes and creases easily, and generally immediately loses its appearance. In short, it is new for an extremely short period. It was true that Italy claimed to be using a highly satisfactory synthetic wool, but Germany, too, had claimed, and still claimed, considerable success for its product. . The difficulties of buying for German manufacturers, who were operating under restricted import quotas, were also mentioned by Mr Rhodius. It was utterly impossible to get the mark out of Germany and barter agreements, such as were operating between Germany and South Africa and Germany and South America, were the only channels remaining open for the flow of trade. Nevertheless, these agreements, particularly with South America, were proving highly satisfactory, and it would be a little surf rising if they were not extended. The agreements with South Africa were not operating quite so satisfactorily as the others, solely because of the tariff preference given British machinery. Germany paid for most of her wool imports under these agreements with iteel, and, when South Africa’s preference was against her, her imports were naturally seriously restricted. . , Because of the restiictious on German imports, the future of the manufacturer showed no sign of improvement. It was the age-old battle to build up a favourable trade balance, and until success was net in that effort Germany’s consumption of the world’s wool could not be expefted to increase. Consequently, manufacturers were as busy only as their Imited supplies of raw material would allow.

DUNEDIN STOCK EXCHANGE Though a quiet tone was again evident at this morning’s call of the Stock Exchange, the market was still invested with a steady confidence. As was the case yesterday, only a reported sale was recorded, National Insurance shares being bought at 18s Bd, representing a decidedly brighter improvement, as buyers offered 18s 5d without any seller being attracted. There was little activity in other banking issues. There was a sound inquiry for meat preserving shares, but sellers were scarce, and no change in the market was manifested. In the industrial section buyers predominated in all classes with the exception of New Zealand Brewery shares, which weakened somewhat, sellers quoting 53s 6d, but finding purchasers 6d away. The Australian Njning market was dull. Mount Lyells continued to be firm, though 7d separated buyers anl sellers. Local gold mining shares were neglected, little interest being noticeable. Government stocks had a spasmodic inquiry. Sale Reported.—National Insurance, 18s Bd. Quotations as under: —

DIVIDENDS DUE

FIJIAN GOLD SHARES Pre», Association—By Telegraph—Copyright SYDNEY, January 31. The slump in Fijian gold shares, which continued to-day, aggregates £3,000,000 since the peak levels of last year.

TRAINING FOR BUSINESS A SUCCESSFUL EXPERIMENT An editorial-note in the ‘ Accountant ’ (London) mentions that tlu> Department of Business Administration of t!- -> Loudon School of Economics, which was started in 1930 for an experimental period of live years, has proved so successful that the governors have decided to make it an integral and more permanent part of the work of the school. From the beginning a number of business firms have been closely associated with the department, giving both their financial support and their active assistance in organising the work, and they have recorded their unanimous opinion that the department has proved itself a success in that it has demontrated the existence of a demand on the part of students for specialised training for higher business posts, and on the part of business for such students when trained. It has also proved that training, based to a large extent on problems and practices of business and on material gathered from countless business operations can successfully bo carried out at a university institution at a post-graduate level. Some firms are now using the departments’ scheme as a means of recruiting graduates, and are in a position to offer appointments each year, while others do so from time to time as vacancies occur. Now that tho department is to be established on a permanent basis the active co-operation of business will be continued and strengthened by_ the establishment of a Business Administration Council formed of business men of widely diverse interests with whose assistance an endeavour will be made to maintain the closest contact between the department and tho business world. The post-graduate course of training, which is the principal work of the department, extends over one year of full-time study and includes finance, statistics, industrial production, marketing, management, accounting,

and questions of personnel and business relations. The department is planning a. sene* of investigations of current problems to be conducted by members of its staff and by research students.

Commonwealth Bonds— 4 p.c., 1938 £ s. 101 11 d. 3 4 p.c., 1941 102 11 3 4 p.c.. 1944 104 0 0 4 p.c., 1961 106 7 6 Tooheys 1 10 6 Tooths (rights) ... ... 1 11 6 Associated JNews tpref.) 1 3 0 Australian Glass 4 8 3 British Tobacco 2 2 3 Colonial Sugar 43 12 6 G. J. Coles ... ... ... 3 13 6 Henry Jones 1 19 9 AFTERNOON SALES. Bank of New South Wales 34 12 6 Commercial Bank of Sydney 20 7 0 Queensland National Bank 5 12 6 Bank of Australasia ... 12 0 0 Bank of Adelaide 6 17 6 Associated News ... ... 1 2 9 Howard Smith ... ... 0 19 3 Australian Gas (B) ... 8 2 0 British Tobacco 2 2 3 Tooths 2 13 9 Carlton Brewery % lb 3 , O. J. Coles 3 12 6 Woolworths (second pret.) 1 6 5 Mark Foy ... 1 1 6 3 Sargents ... ... ••• Mercantile Mutual 1 6 1 11 6 0 United Provisions 0 15 14 Berlei . 1 16 0 Australian Glass . 4 8 0 Dunlop Perdriau 0 16 li Goldsbrough, Mort ... 1 13 3 Morris Hedstrom 1 4 74 Greater J. D. Williams 0 8 4 Millaquin Sugar 1 15 74 Anthony Hordern 1 1 4J Lustre ... 1 6 0 Mount Morgan 0 18 0 Broken Hill Proprietary 3 0 6 South Broken Hill ... 5 15 0 Rawang ... 0 8 6 Placer Development ... 5 9 0 Mount Kasi 0 13 9 Tongkah Harbour 0 19 0 Korere .... 0 3 8 ■ Tavua ... .?. 0 1 8 MELBOURNE, January 31 Commercial Bank of Australia 0 19 4 Australian Glass 4 7 9 Zinc Corporation 3 13 0 Mount Lyell 1 3 44 Emperor 0 ii6 Loloma ... .... ... ... 1 2 9

£100 stg. N.Z .. T.T. £124 £124 10/ O.D. £123 10/ £124 8/9 Australia—• £A to £100. N.Z . T.T. £101 £100 10/ Fiji— £F to £100 N.Z T.T. £90 7/6 £89 New York— Dollar to £1 N.Z. ... ... T.T. 4.041 4.014 O.D. 4.061 4.01J Montreal— Dollar to £1 N.Z. ... ... T.T. 4.04 4.00i O.D. 4.051 4.01 France— Francs to £1 N.Z ... T.T. 60.67 59.84 O.D. 61.12 59.88 Noumea— Francs to £1 N.Z ... T.T. 62.47 58.47 O.D. 62.92 58.53 Papeete— Francs to £1 N.Z ... T.T. 62.47 58.62 O.D. 62.92 58.68 Belgium— Belgas to £1 N.Z. .- ... ... T.T. . 23.430 O.D. — 23.441 Germany— Reichmarks to £1 N.Z T.T. 9.805 O.D. — 9.810 Switzerland — Francs to £1 N.Z ... T.T. 12.373 12.103 O.D. 12.478 12.108 Holland — Florins to £1 N.Z ... T.T, 5.955 5.805 O.D. 6.015 5.809 Java — Florins to £1 N.Z ... T.T. 5.929 5.769 O.D. 5.989 5.773 Japan— N.Z. pence to yen 1 ... T.T. 17 19-32 O.D. — 17 37-64 Shanghai— N.Z. pence to dollar ... . 1 ... T.T. 17 5-16 18 11-16 O.D. 174 18 43-64 India and Ceylon— N.Z. pence to 1 runee T.T. 22 5-32 22 29-32 ' O.D. 22 1-16 22 57-64 Hongkong— N.Z. pence to dollar 1 ... T.T. 18 25-32 20 17-32 O.D. 18 11-16 204 Singapore— N.Z. pence to dollar ... X ... T.T. 34| 35 7-16 O.D. 34 3-16 35 27-64 Sweden— Kroner to £1 N.Z ... T.T. 15.785 15.490 O.D. 15.845 15.500 Norway— Kroner to £1 N.Z ... T.T. 16.185 15.895 O.D. 16.245 15.905 Denmark — Kroner to £1 N.Z ... T.T. 18.203 17.893 O.D. 18.263 17.903 Austria— Schillings to £1 20.77 N.Z ... T.T. — O.D. — 20.79 Czechoslovakia —■ Crowns to £1 N.Z ... T.T. 94.90 O.D. — 94.35

U.S.A. CANADA. (Per £1 N.Z.) (Per £1 N.Z.) SELLING— T.T. (dol.) 4.01* 4-005 O.D. (dol.) 4.01J 4.01 BUYING— O.D. (dol.) 4.06* 4.05J

January, January 1936. 1935. £ £ Customs duty ... 54,931 57,480 Boer duty ... ... 23,360 20,439 Sales tax ... 24,992 25,375 Petrol tax ... ... 15,630 16,775 Tyre tax 839 579 Gold duty ... ... 1,753 1,798

vxuua j C.H.J. • Apl.-Jan., Apl.-J an., 1935-1936, 1934-1935. £ £ Customs duty .. 543,360 558,160 Beer duty 202,730 203,876 206,688 Sales tax ... ■.. 212,918 Petrol duty .. Tyre tax Gold duty 120,787 7,275 20,621 142,110 6,764 16,965

as iouow : — 1935. 1936. £ £ Customs ... .. ... 73,753 76,599 . ... 6,891 5,930 ... 28,220 30,520 Petrol duty .. . ... 20,853 776 18,899 Tyre duty 1,100 Night dues Dairy levy ... 1,793 ... 194 668 232 Meat levy . ... 511 556 Miscellaneous . . ... 2,419 2,203 Totals ... 135,410 135,708

Profits. Dividends, % Cap 192!) £180,753 £143,210 7.9 1930 ... ... 179,573 143,450 7.9 1931 167,033 132,580 7.3 1932 ... ... 147,399 109,513 5.9 1933 II 109,658 0.0 1934 109,863 6.9 1935 161,264 113,5(93 6.1

Capital. DchcntuiVs Reserves* 1929 ... ... £1,822,989 £609,050 £289,527 1930 ... ... 1,824,831 609,050 304,903 1931 ... 1,839,098 609,050 318,535 1933 ... ... 1,841,160 580,000 296,007 1933 ... ... 1,843,705 578,000 321,178 1934 ... 1,846,680 480,000 341,063 1935 ... 1,848,310 280,000 305,674

Buyers. Sellers. £ s. d. £ S. d. BANKING— Australasia ... ... 11 15 0 — New South Wales ... — 34 15 0 New Zealand — 2 7 8 New Zealand (Long “D”) ... — 1 11 6 Commercial 0 18 10 0 19 2 E.S. and A 6 0 0 6 3 6 National of New Zealand 3 11 6 Reserve ... — 5 16 0 Union of Australia Ltd 9 15 0 INSURANCE — National 0 18 5 — New Zealand 3 2 6 — Standard — 3 6 0 SHIPPING— Huddart,. Parker (ord.) — 2 1 6 P. and 0. Deferred Stock 1 6 0 — U.S.S. Co. (pref.) ... — 1 7 0 MEAT PRESERVING— N.Z. Refrigerating (paid) 1 2 0 — N.Z. Refrigerating 9 11 (cont.) ... ... ... 0 10 0 0 Southland Frozen (paid) 3 16 0 — Southland Frozen (pref.) 3 16 0 — South Otago Freezing 7 10 0 — LOAN AND AGENCYGoldsbrough, Mort ... 1 12 9 1 13 0 Mortgage Corporation 0 4 6 0 5 0 National Mortgage (“ B " Issue) 1 12 0 — Perpetual Trustees ... — 3 5 6 Wright, Stephenson (pref.) — 1 0 0 COAL— Kaitangata 1 1 6 — 8' Westport 1 3 3 1 3 Westport-Stockton (pref.) — 0 2 7 WOOLLEN COMPANIES— Bruce (pref.) 1 1 6 — 0 Kaiapoi (ord.) — 0 15 Kaiapoi (pref.) 10 — 6 0 18 0 Mosgiel 7 — Oamaru — 1 2 0 MISCELLANEOUS— Broken Hill Propnetery Brown, Ewing 3 0 0 (ord.) — 1 10 0 Colonial Sugar Co. ... 42 10 0 — Crystal Ice Co 1 14 0 — D.l.C. (pref.) 1 3 3 — Dominion Fertiliser ... 1 3 9 — Dominion Fertiliser Debs. 106 0 0 — Dunedin-Kaikorai Trams 2 0 0 — Dunedin Stock Exchange Proprietary 1 19 0 2 0 0 Milburn Limo and Cement ... 2 4 6 2 5 0 National Electric ... — 0 12 9 N.Z. Farmers’ Fertiliser 1 0 3 — N.Z. Malay Rubber (ord.) - 0 9 0 — N.Z. Paper Mills ... — 1 10 3 Regent Theatre 0 19 0 1 i 0 BREWERIES— New Zealand , 2 13 0 2 13 6 Dunedin 1 9 0 AUSTRALIAN MINING — Broken Hill South 5 10 0 — Electrolytic Zinc (ord.) 1 15 6 — Mount Lyell ... ... Mount Morgan 1 2 9 1 3 4 — 0 18 2 GOLD MINING— Big River 0 1 9 0 2 0 Brian Boru — 0 0 4 Gillespie’s ... 0 0 10 . 0 1 0 Kildare — 0 2 7 King Solomon — 0 4 0 Lawson’s Flat — 0 0 6 Martha 1 0 8 — Mount David — 0 1 6 Nokomai ... 0 2 0 0 2 3 Skippers 0 0 24 0 0 3i Waipapa Beach 0 1 6 0 1 9 Waitahu ... — 0 3 0 Worksop — 0 2 6 N.Z. GOVERNMENT LOANS(Bonds quoted are £100 Bonds.) 3J p.c. Stock., Nov., 1938-52 102 10 0 — 3i p.c. Stock, May, 1939-52 102 10 0 — 4 p.c. Bonds, 1937-40 102 10 0 — 4 p.c. Stock, 1937-40 102 10 0 — 4 p.c. Stock, 1943-46 104 5 0 UNLISTED STOCKS— MTntosh, Caley, Phoenix 0 11 0 0 13 0 Woolworth’s (Sydney, 0 0 ord.) ... 6 6 6 10 Associated Motorists 1 5 0 — 0 A. and T. Inglis ... — 0 10 Otago Farmers 0 3 0 — Otago Farmers (A pref.) Were’s Trust — 0 1 1 0 0 5 0 5 6 Taupo Timber 0 9 0 —

NaticSmJ Tobacco —Pref., 8 per cent., ord. 15 per cent. Jan. 31 Smith and Smith Ltd.—Interim 2J per cent, on preference Jan. 31 Auckland Gas—final 2J p.c. Feb. 4 Berlei (N.Z.)—final, Is 3d ... ... Feb. 4 Christchurch Gas Co. —Interim, 4 per cent — Feb. 5 Commercial Bank — Half-yearly, pref. at 4 per cent, per annum. and ord. at 5 per cent, per annum Feb. 7 Wgtn. Gas—pref., 5 p.c. p.a., ord., final, 4 p.c Feb. 11 K.Z. Insurance —int. Is a share Feb. 12 Queensland Nat. Bank —int., 2 KuaFa 0 Kainpar Tin—Is per share Feb. 13 Feb. 28 N.Z. Refrig.—5i p.c., final ... Feb. — Broken Hill South — Jubilee bonus. 2s 6d a share Mar. — Electro. Zinc—int., ord. and pref. 4 p.c Mar. 13