Commerce, Mining, & Finance

Evening Star, Issue 22276, 29 February 1936, Page 13

Commerce, Mining, & Finance

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

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* t CANADA. (PerfilN.Z.) (PerSIN.Z.) • SELLING— T.T. (dol) ... 4.004 3.99} O.D. (dol) 4.00|- 4.00-4 BUYING— O.D, ... ... 4.05 4.04} THE SEARCH FOR GOLD GOLDEN DAWN RETURN The Golden_ Dawn Mining Company advises that in the 23} working days ended February 17, 794 tons were treated for a return of £4,153, at £7 2s per gold ounce. XING SOLOMON RETURN The return at the King Solomon mine this week was 460 z 16dwt. The secretary of Gillespie’s Beach Gold Dredging Company Ltd. reports that the wash-up for the week ended Friday was 31oz sdwt for 127 hours, HOTEL SALE : Messrs Alex. Harris Ltd. report having sold the balance of the lease of the Hanfurly Hotel, together with the furniture and stock, on behalf of Mr F. R. Loughran, to Mr C. Donald.

AUSTRALIAN STOCK EXCHANGES Piess Association —By Telegraph—Copyright SYDNEY, February 28. On the Stock Exchange the gilt-edged market was quiet at late rates. Industrial and trading issues tended to slacken, with some exceptions. MORNING SALES. £ s. d.

CANTERBURY MARKETS [Pax Utaxao Pkms Ai«ocu.tiom.] CHRISTCHURCH, February 28. Apart from inquiry for fowl wheat for prompt shipment, there is very little more activity in the grain and produce markets than there was immediately after the rains of last week. Odd orders are coming in for a number of lines, but trade in all sections is unnaturally slack. The demand for fowl wheat has increased, as supplies of prompt aje hard to get. The quotation is from 4s 6d to 4s 7d, f.0.b., for prompt. ( The maket for spread is inactive at present. Northern offers are being made at, 4s 4d, f.0.b., but there are no sellers liere. A fair amount of threshing has gone on in the past few days, the fine weather having allowed farmers to get into their stocked crops, 'and supplies will probably become more plentiful. There has been' an increase in the price offered by merchants to farmers for rye-grass,'the quotation now being Is 9d. An offer of Is 6d did not attract any business at all, and merchants have been forced to put up the price. There .is not a great deal of business. The white clover crop now appears to have been rather badly damaged by ,the rains and floods, as a big proportion of the crop is grown where the floods were worst. The potato market is quiet again after the rise immediately, following the rains. The. quotation to-day is nominally 85s, f.0.b., but southern ports are accepting 82s 6d, and this is hound to weaken the market fur-, ther. Here, business is very restricted, as there is practically no demand from the north. Onions remain quiet at £2 10s to farmers. LONDON MARKETS Pres* Asioeiation —py Telegraph—Copyright LONDON, February 27. The following are the official metal quotations:— Copper: Spot, £35 11s 3d per ton; forward, £35 18s 9d. Electrolytic: Spot, £4O; forward, £4O ss. Wire bars, £4O 10s. Lead: Spot, £l6 8s 9d; forward, £l6 10s. Spelter: Spot, £ls 17s 6d; forward, £l6 Is 3d. Tin; Spot, £213 10s; forward, £203 10s. 1 Pig iron; Home trade, £3 10s; foreign, £3 10s. Antimony: British, £72 10s; foreign, £4O 10s. Molybdenite, £1 14s 6d per unit. • Wolfram, £1 15s. Silver: Standard, 19|d per oz; fine, 21 5-16 d.

STOCK AND SHAREBROKERS. BULLETIN. WE OFFER, SUBJECT TO SALE OK

WE HAVE BUYERS FOR:— 100 Procera Bread. 200 Dominion Fertilisers. 100 Kaitangata Coals. 100 National Tobacco. 100 Brian Boru. 4- Afforestation Ltd. shares. 6 N.Z. Perpetual Forest Bonds (any issue). THE SECURITIES CORPORATION (N.Z.) LTD., i ALLIANCE ASSURANCE BUILDING, 20 Crawford street, Dunedin. Telephone 11-777 (3 lines). Telegrams, “ Toscol.” TRADE WITH AUSTRALIA “ BAULKING AT SHADOWS ” [PBK UwiTBD PEES 3 Associatioh.] WELLINGTON, February 28. Questioned to-day regarding the transtasman air service, the Prime Minister, Mr Savage, said the matter had not reached a stage at which any definite announcement could be made. He said it was desirable that Australia and New Zealand should work together in this and other matters, and there was a possibility of personal discussions taking place. Replying to a question, Mr Savage said, that in the event of discussions taking place, it was not unlikely that attention would be paid to the question of subsidised shipping. Referring to the question of trade with Australia, particularly the exchange of potatoes and* citrus fruits, Mr Savage said he took it that this matter would also be discussed with any delegation that came over from Australia. “It is _ not a very big problem, but it is important, and it should be possible to come to some reasonable understanding,” he remarked. “After all, Australia is not so very far away from us. Of course, we want to look after the interests of ,our own people first, but it seems to me that the position could be adjusted without a great deal of difficulty. The last Government discussed the question in Australia recently, but did not come to any decision., I tnink they were baulking at shadows.”COMPANIES registered The 1 Mercantile Gazette ’ notifies the registration of the following companies Classic Ltd. Registered as a private company February 15. Office; 24 Prince Albert road, St, Kilda, Dunedin. Capital; £4OO into 400 shares of £1 each. Subscribers: Dunedin—C. L. Keane 399, J. Meade 1, Objects: To carry oh all or any of the businesses of manufacturers, importers, and wholesale and retail dealers of and in soft goods, fancy goods, stationery, ornaments, leather goods, household furniture, ironmongery, provisions and produce, and incidental. Amalgamated Chemical Industries Ltd. Registered. February 7, Office: Riverton, Southland. Capital, £IOO,OOO in. 100,000 shares of £1 each. Subscribers: Dunedin—J. F. Knewstubb, W. P. C. Clifford, A. Reilly, R. Crooks, J. B. Thomson L. G. Coghill; Invercargill, 11. D. Coghill, 1 share each. Objects; Chemical manufacturers and to establish chemical and refinery works in New Zealand. Pacific Theatres Ltd. Registered as a private company February 14. Office: Invercargill. Capital, £I,OOO in 1,000 shares of £1 each. Subscribers: Invercargill—G. Agnew, J. G. Anderson, N. G. Ferguson, W. Matthews, S. M‘Lennan 200 shares each. Objects: Theatre proprietors and cinema producers. Moffett and Co. Ltd. Registered as a private company February 17. Office: Esk street, Invercargill. Capital, £lO,000 in 10,000 shares of £1 each. Subscribers : Invercargill—J. ,W. Smith 8.000, I. Smith 1,000, W, R. Smith 1.000. Objects: Wine and spirit merchants and cordial manufacturers. DAIRY PRODUCE Messrs A. S. Paterson, and Company Ltd. have received the following cable from London:—Butter; Market quiet; buyers inactive. New Zealand, 88s; Australian, 87s; Danish, 114 s; landed cost, 1355. Cheese: Market slow. White cheese, 50s; coloured, 545, The Dairy Board has liked the prices of butter at 10Jd and of cheese at 5Jd, equivalent to 85s 4d and 49s 7d cwt. — Wellington Press Association. The South Island Dairy Association has received the following market report from the New Zealand Produce Association, London:—Butter: Steady; 88s; Danish, 134 s 'to 1355. Cheese : quiet; white, 60s; coloured, 545.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Ever since the election of a Labour Government in New Zealand investors have manifested an increasing: interest in Australian stocks, and this trend has been stimulated since the Government’s wheat scheme turned the minds of investors towards the possibilities of further State activity in industry. Failing the announcement of the Government’s plans for the future, speculation has been rife, and the feeling of investors generally is one of uneasiness. . Margins for Now Zealand stocks have generally widened, and the prices offered for Australian issues are, for tho most part, not justified by the returns of the immediate past, nor by the most hopeful view of future prospects. Quiet conditions prevailed on the local market at tho beginning of the week, but livened up towards the end, and altogether a fair volume of business was recorded. Most activity was apparent in banking issues. Reserves experienced a rise of 3s 6d from £5 15s to buyers this morning at £5 18s 6d, while there was a sale in the north early in the week at £6. New Zealands also improved slightly, sales talcing place at 47s lid and 47s lOd, with buyers offering 47s 9d this morning, and no seller. Commercials eased from 19s 9d to 19s sd, but improved again yesterday to sales at 19s lOd, with buyers offering 19s 8d to-day following reported business at 19s 9d. National of New Zealands eased to sales at 77s 6d, and Unions had business during the week from £lO Is to £9 19s.

Insurance shares were generally weak, with few dealings. Nationals were sold down to 19s 3d, and New Zealands were Is 3d lower at 63s 3d.

In the meat preserving section there have been sales of .Refrigerating contributings down to 9s 10d, and this morning there were buyers at this figure with no seller under 10s. Waitakis have had strong buying inquiry at 755, with no seller quoting under 85s. More interest was shown in financial and pastoral shares. Dalgetys moved up about 7s during the week, with a slight easing towards the end of the period, dales were recorded yesterday at £9 15s and £9 14s, with a seller to-day at £lO and no buyer". Buyers came on the market for New Zealand Loan and Mercantile Company’s £IOO stock at £3O, with a seller at £4O. Westport Coals lost considerable ground during the week after being a medium for a great deal of business for some time. There was a sale in this stock at 235, but buyers have been standing off, and this morning sellers asked 23s 3d without response. The persistent demand for good Australian stocks has been most apparent in tho miscellaneous section. Broken Hill Proprietarys £l, fully-paid shares having business as high as 62s 3d, and tho contributing issue (5s paid) being sold at 325. The contributing issue was quoted 10s paid up this morning, and produced a seller at 37s 6d. Colonial Sugars had several transactions, as much as £43 7s 6d being paid for the £2O shares, and buyers offered £43 this morning without enticing sellers. Shares in G. J. Coles, a. Melbourne trading concern, are popular with investors at the .present time, A week ago there were sales of this stock as low as 72s 9d, but this morning a sale was reported at 74s 6d, with further buyers at 74s and sellers at 755. There was almost a complete absence of buyers for New Zealand industrials, though Dominion Fertilisers gained further ground with sales as Zealand Breweries eased slightly from sales a week ago at‘ 52s down to sales this week at 51s 4a. There was steady business in Woolworths (Sydney), which were fractionally weaker at the end of tho week, but still well above the price at the beginning of tho month. Although quotations were fairly numerous for Australian mining shares, little business was recorded, and prices generally showed little change. Interest in local gold mining companies remained' dull. The most striking 'feature of the market for Government loans was the improved demand for short-dated issues and tho neglect for-"the long-dated issues. ■ This attitude to the market upon the part of investors would indicate the", possibility, of a hardening of interest rates in the future. SALES REPORTED. Commercial Bank, 19s 9d. G. J. Coles, £3 14s 6d. . New Zealand Breweries, £2 11s 9d. Skippers, 3d.

DIVIDENDS DUE

Burlei Ltd., Sydney—Half-yearly, ord. and prof., 8 p.c. p.a. Mar 2 Southland Meat—lnterim, 16 p.c. per annum ... Mar. 2 Elder Smith— Interim, 6 p.c. p.a. for half-year ended December 31 Mar. 2 Standard Insurance—Half-yearly, Is 3d per share _ Mar. 2 Queensland Insurance —Interim, ord. 7- p.c. per annum Mar. 3 Silknit—Annual, 8 p.c. ... ... ... Mar. 3 Broken Hill South Jubilee bonus, 2s 6d a "share Mar. 14 General • Motors-Holdens —Halfyear at 6 p.c. per annum on pref. shares • Mar. 9 Milburn Cement—lnterim, 3J p.e. for half-year ended Dec. 31 ... Mar. 10 W. R. Carpenter—lnterim, 8 p.c. per annum ... ... Mar. 16 Gillespie’s Beach—s per cent. ... Mar. 13 Electro. Zinc—int., ord. : and pref. 4 p.c. ... ... ... ...; ... . ... Mar. 19 Apex Investment Trust of New Zealand—Pinal at 4 p.c. per annum ...■ ... ... ... Mar. 19 Huddart, Parker—Final ord. at 7 p.c. and pref. at 6 p.c. per annum ... " ... Mar. 21 Maori Gully—6 2-3 p.c., making 2d a share for year ... ... Mar. 24 North Broken Hill—Dividend 2s 6d and bonus Is per share, payable Melbourne Mar. 27 Bank Australasia—Final, p.c. p.a., 4s 3d share, less British income tax, 4s 6d ip £ ... ... Mar. 27 Hume Pipe (Australia) —Interim at 5 per cent, per annum ... Mar. 30 British Tobacco —Quarterly, 1J p.c. ... Mar. 31 Mver Emporium—lnterim, ord., 3 p.c. ... Apr. 6 6. J. Coles and Co. Ltd.—lnterim, quarterly, ord., 6d per share ... Apr. 15

LONDON MEAT MARKET The Bank of New Zealand has received the following advice from its London office under date February 28:— Frozen meat: The market is weaker for heavy-weight wethers, while lightweights remain steady. There is a moderate demand for ewes, and prices are firm. . For lambs weaker values are ruling owing to lack of demand- Trade generally is slow. . Wethers—Light, 4|d to 5Jd lb; hekvy,. 3id To 4-id. Ewes, 2Jd to 4£d. Lambs—-Twos, 7id to 7id; eights, 7id to: 7jd; fours, 6|d to 6fd; seconds, 7d to 7id. AUSTRALIAN DAIRYING SEASON'S OUTPUT LOWER HEAVY DOMINION EXPORT Reviewing Australian dairying conditions, the February summary of the National Bank of Australasia Limited states that butter, production during January did not show the expected increase following the excellent rains received in Queensland and New South Wales at the beginning*of the month. Practically no further useful rain has been experienced in the chief dairying areas of these States, and consistently hot and drying weather has prevented any substantial benefit being derived from the earlier rains. With the smaller production this season and the more rigorous regulation of weekly shipments by tho Dairy Produce Export Board, quantities of butter shipped to Great Britain have, so far, shown a marked decrease compared with shipments over the corresponding period last season. During the five weeks’ period ended January 25, a total of 10,729 tons of butter was despatched to the United Kingdom, compared with 16,230 tons for the five weeks ended January 26 last year. Total shipments to Great Britain from July 1, 1935, to January 26, 1936, aggregated 52,183 tons, which is 10,726 tons less than the total shipped over the corresponding portion of the 1934-35 season. The export' board has decided to increase weekly shipments to the United Kingdom from 2,000 _ tons to 2,500 tons, but as weekly shipments last February averaged over 4,000 tons, there still will be a pronounced shortage in exports this February when compared with those of that month last year. Notwithstanding the lower shipments from Australia this season, the combined shipments from New Zealand and Australia during the past few months have averaged an aggregate of over 6,000 tons weekly. As producing conditions in New Zealand are exceptionally good, weekly butter shipments from the Dominion will continue heavy for spine time to come. Weekly arrivals from Continental sources have been light, and during the five weeks ended January 22 averaged under 3,000 tons weekly. Cold storage stocks are also well below the average of recent years. CHAIN STORE FUSION Woolworths and Edmcnts. the chain store organisations, are exploring the possibilities of a fusion of their trading interests. Purchase, of the Edments trading organisation would provide Woolworths with ■ a ready-made avenue for expansion. It is understood that the Edments estate wishes to dispose of its trading concern and to retain its real estate. The estate is valued at about £1,000,000, and a quarter of the annual income is paid to charity. Woolworths, which is not associated with the British and American companies of that name, has 40 chain stores throughout the Commonwealth and New Zealand, with a separate company, Woolworths (Victoria) Ltd., conducting one store in Victoria. Edments is a very old-established Australian retail concern dealing in fancy goods and “ notions.”

SOVIET ECONOMIC POLICY NEW TENDENCIES NOTED The Birmingham Bureau of Research on Russian Economic Conditions has issued a memorandum which deals, inter alia, with new. tendencies in Soviet economic policy. Broadly speaking, Soviet policy has passed through four main periods: (a) the period of military Communism from 1917-1921: (b) the new economic policy period from 1921-1928; (o) the first Five-Year Plan period from 1928-1932; and (cl) the current, or second, Five-Year Plan period. During the first period the Government tried to control the entire economic life of the country. The second period inaugurated a two-fold system, whereby the Government retained control pf almost all heavy industry, of practically the entire credit system, foreign trade, and transport, but allowed the peasants to work their own farms and trade freely. The third period was again characteristic of the Government’s desire to monopolise all production and trade, and to tighten its hold on. agriculture. ’ The individualistic basis of peasant farming was supplanted by collectivisation; sales of produce iu the open" market were forbidden and prices were strictly fixed. The fourth period is marked hy concessions to the peasant. Once the quotas laid down by the plan, were delivered to the State, the peasants were permitted to sell their surplus stocks at high prices on the free market, and in this way to compensate themselves, to some extent for their losses on fixed prices. Various considerations led the Government to relax the system in various ways. It was admitted that some forms of private trading would have to bo permitted within the collectivised system; and the private interests of. the dollectivised farms have been encouraged as'the trump card in the-drive for an all-round increase in agricultural production. Another characteristic feature of the current period is the departure of the Government .from its first Five-Year Plan policy of decreeing the maximum expansion of production. Year by year, the planned estimates were increasing in spite of greqt discrepancies in the fulfilment of tne different parts of the plan. The attempts to force production unduly had often had disastrous effects on standards .of production, owing jjo low qualification of the workers and . technicians, etc. This mistake has been officially recognised. Primary importance is now attached to raising the qualitative level of production, while quantitative demands are becoming far more moderate. So far is this true, that the 1935. plan actually calls for a lower percentage of increase in industrial production than the percentage reached in 1934, and in the case of agriculture, the 1935 plan for the entire sown area even departs from an estimate substantially reduced, as compared to the original figures of performance. The 1935 plan aims at adjusting itself to the industrial capacity of the country rather than at speeding up production to the maximum. Accordingly, the discrepancies in the fulfilment of various sections of the plan are diminishing, and the planned measures are now being carried out without the intervention of “ shock-brigades.” There has been a gradual improvement in the quality of production, both in industry and agriculture. The official attitude towards manual labour and the technical-engineering staff engaged in production has also changed, and a new statute has ‘been enforced setting up sharply differentiated Wage-norms for skilled and unskilled labour. These new tendencies apparent in the domestic economic policy of the U.S.S.R. and in various other fields of State activity—the school and university reform, the proposed constitutional amendments aiming at the deraocratisation of the electoral system, the weakening of class principle in the remuneration of manual and intellectual" work, the latest reform in the army, introducing ranks, etc. —all indicate that the Soviet Government is now attempting to give a new evaluation of the human element engaged in production and to combine Statedirected economic activity with private initiative and enterprise.

London — £100 stg. N.Z. ... . . T.T. £124£124 10/ O.D. £123 10/ £125 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. 4.03| 4.004 O.D. 4.05 4.00| Montreal — Dollar to £1 N.Z. ... T.T. ' 4.03i 3.99J 4.00i O.D. 4.04A France — Francs to £1 N.Z ... T.T. 60.54 59.71 O.D. 60.99 59.75 Noumea— Francs to £1 N.Z ... T.T. 62.34 59.34 O.D. 62.79 58.40 Papeete— Francs to £1 N.Z. ... T.T. 62.34 58.49 O.D. 62.79 58.55 {Belgium— Bellas to £1 _ N.Z ... T.T. —— 25.381 O.D. ' 23.392 Germany— Kcichmarks to £1 , N.Z. ... ... ... T.T. — 9.789 Switzerland — O.D. —* 9.794 ■ Francs to £1 . N.Z. ... ... ... T.T. 12.305 12.035 {Holland — . , o;d. 12.410 12.040 Florins to £1 • ■ N.Z ... T.T. 5.935 5.785 O.D. .5.995 5.789 (Java — Florins to £1 N.Z ... T.T. 5.905 5.745 O.D. ■ 5.965 5.749 fapan— N.Z. pence to T 17 15-32 yen ... ... ... T.T. * — O.D. — 17 29-64 Shanghai— N.Z. pence to 1 18 51-64 dollar ... T.T. 17 27-64 O.D. India and Ceylon— 17 15-64 18 25-32 N.Z. pence to 1 rupee ... “ ... T.T. 22 9-64 22 57-64 Hongkong — N.zii pence to O.D. 22 3-64 22 7-8 1 dollar ... T.T. 18 31-32 20 23-32 O.D. 18* 20 11-16 Singapore— N.Z. pence to 1 dollar ... T.T. 34 25-64 35 29-64 Sweden— , O.D. 34 13-64 35 7-16 Kroner to £1 ■N.Z ... T.T . 15.783 15.488 O.D. 15.843 15.498 Norway— ' Kroner to £1 N.Z. ... ... ... T.T. 16.183 15.893 O.D. ■ 16.243 15.903 Penmark — Kroner to £1 N.Z. ... T.T. 18.203 17.893 O.D. 18.263 17.903 Austria— Schillings to £1 N.Z. ... T.T. — 20.73 .Czechoslovakia — O.D. — 20.75 Crowns to £1 j 94.74 N.Z. ... T.T. : . O.D. 94.79

Commonwealth Bonds— 31 p.c., 1949 100 15 0 4 p.c., 193B 101 18 9 4 p.c., 1941 102 12 6 4 p.c., 1951) 102 10 0 Commercial Bank of Australia 1 0 3 Toohey’s 1 13 7* Associated News (pref.) 1 .4 6 British Tobacco 2 3 3 Dunlops 0 15 3 ■ Howard Smith ... 0 18 3 Wilcox, Mofflin 0 11 9 AFTERNOON SALES. Bank of New South Wales 3.5 5 0 Commercial Bank of Sydney 1 4 0 Howard Smith 0 18 2 British Tobacco .■ 2 3 3 Tooth’s . ... ... 2 15 3 Tooth’s (rights) i 13 6 Toohey’s a 13 74 Carlton Brewery (ex div.) 2 14 6 Wilcox, Mofflin 0 11 9 Greater J. D. Williams ... 0 8 3 Henry Jones 2 1 9 Electrolytic Zinc 1 19 0 Anthonv Hordern ... ... 1 1 0 Standard Cement 1 3 14' General Industries 1 1 3 Mount Moiigan 0 16 44 Broken Hill Proprietary 3 2 3 Ditto (second instalment paid) 1 17 6 ■Zhic Corporation (pref.) 7 4 6 Kuala Kampar ... 0 14 3 Rawang 0 9 3 Larut 0 11 3 Placer Development 5 0 0 Loloma 1 1 9 Emperor ... 0 11 8 Mount Kasi 0 11 6 Mineral Development 0 1 6 Tavua Development ' 0 3 3 MELBOURNE, February 28. Commercial Bank of Australia ... .1 0 2 National Bank (£5 paid) 7 16 0 Ditto'(£10 paid) ... ... 15 11 0 G. J. Coles 3. 14 9 North Broken Hill ... ... 8 2 0 Mount Lyell 1 5 0 Emperor ... 0 12 0 Loloma 1 1 3

WITHDRAWAL £ d. £450 4 p.c. Govt. Stock, 1957-40 102 6* 0 £470 4 p.c. Govt. Stock, 1943-46 102 10 0 100 Yarra Falls 2 2 0 50 National Bank cf N.Z. 3 18 0 300 Commercial Banks 0 19 8 100 Bank cf N.Z 2 7 11 50 True Colour Film Vendors 1 17 6 90 Mortgage Corporation 0 4 9 250 Brncc Woollen, Ord. 0 14 0 100 Wilson’s Cement (del. 6 weeks) 2 3 6 100 Quill Morris. 1936 1 0 0 500 King Solomons 0 5 5 300 Lawson’s Flat 0 0 4 200 Kildare 0 3 0

Quotations as under: — Buyers. Sellers. £ s. d. £ 8. d. BANKING— Australasia — 12 15 0 New South Wales ... — 34 15 0 New_ Zealand 2 7 9 — Commercial ... ... 0 19 8 — National of New. Zealand — 4 0 6 Reserve ... 5 18 6 — INSURANCE— .Standard ... — 3 4 9 SHIPPING— Huddart, Parker (ord.) ... ... ... -r. 2 0 6 P. and 0. Deferred Stock 1 3 0 — U.S.S. Co. (prof.) ... 1 6 0 1 6 9 MEAT PRESERVING— N.Z. Refrigerating cont.) 0 9 9 0 10 0 Waitaki Farmers’ Freezing 3 15 0 4 5 0 LOAN AND AGENCY— Dalgcty *. — 10 0 0 Goldsbrough, Mort ... 1 12 6 — Mortgage . Corporation 0 4 7 0 4 9 National Mortgage (“ B ” Issue) 1 12 0 — N.Z. Loan and Mercantile (ord.) 30 0 0 40 0 0 Wright, Stephenson (ord.) 0 17 6 — COALKaitangata 1 2 0 — Westport — 1 3 3 Weatport-Stockton (ord.) — 0 1 7. Westport-Stockton (pref.) — 0 2 4 WOOLLEN COMPANIES — Bruce (ord.) 0 12 6 0 14 3 Bruce (prof.) 1 2 0 — Kaiapoi (ord.) 0 14 3 0 15 0 Kaiapoi (pref.) 0 17 0 0 18 0 MISCELLANEOUS— Broken Hill Proprietary 3 i 5 3 2 3 Broken Hill Proprietary (10s) — 1 17 6 ■ Brown,. Ewing (ord.) — 0 16 0 Brown, Ewing (pref.) Colonial Sugar Co. ... — 1 2 3 43 0 0 — Crystal Ice Co. 1 16 6 — D.I.C. (pref.) 1 3 6 — Dominion Fertiliser , — 1 6 0 Dunodin-Kaikorai Trams 2 0 0 — Dunedin Stock Exchange Proprietary — 2 0 0 Dunlop Pcrdriau Rubber 0 15 0 — Milburn Lime and Cement — 2 5 0 National Electric — 0 12 6 G. J. Coles (Melbourne) — , 3 15 0 Regent Theatre ■ — 1 i 0 BREWERIES— — 0 9 6 GAS— Auckland 1 5 9 - AUSTRALIAN MININGEleetrolytio Zinc • (pref., £1) ... ... 1 19 9 — Electrolytic Zinc (ord., £1) 1 18 0 — Mount Lyell (£1) ... 1 4 9 1 5 9 Mount Morgan (2s 6d) 0 16 2 _ Mount Morgan (rights) 0 5 9 — North Broken Hill (£1) 8 4 0 Upper Walut (5s) ... — 0 3 0

GOLD MINING— Big River ((Is) 0 1 9 0 2 0 Brian Boru (Is) — 0 0 4Gillespie’s (Is) ...’ .. 0 0 10i V 1 0 Goldfields Dredging (IS) : , 0 0 3* 0 0 5 King Solomon (Is) ... — 0 3 7 Mount David (5«) ... — 0 1 6 Nokomai (5s) — 0 2 6 Skippers (Is) ... .1. 0 0 2A 0 0 3 ■ Waitahu (5s) — 0 2 3 N.Z. GOVERNMENT LOANS(Bonds quoted .are £100 Bonds.) 34- p.c. Stock. Nov., 1938-52 102 10 0 — 34 p.c. Stock, Mar., 193943 102 10 0 — 34 p.c. Stock, Sep., .193943 102 10 0 — 3.1 p.c. Stock, May, 1939-52 ... 102 10 0 — 4 p.c. Bonds, 193740 101 10 0 — 4 p.c Stock. 193740 101 10 0 — 4 p.c. Bonds, 1943-46 102 10 0 — 4 p.c. Stock, 1945-46 102 10 0 — 4 p.c. Stock, 1946-49 — 104 5 0 UNLISTED STOCKS— M‘Intosh, Calcj, Phoenix ... ... 0 10 0 —• National Tobacco ... 3 6 0 —