Commerce, Mining, & Finance

Evening Star, Issue 22526, 19 December 1936, Page 15

Commerce, Mining, & Finance

SALE OF GOODWILL IHEITMH tf RI6HTS Interesting remarks about rights on r «ale of goodwill are made in an editorial article of the ‘lncorporated Accountants’ Journal’ (London). The • purchaser of the goodwill of a “business, it is stated, often protects 'himself against unfair competition by 'obtaining-from the seller a covenant not to be concerned in a similar busi•hess within * certain area. Where no such covenant is entered into, the question arises ar to tvbat are the rights of the purchaser. , , In Trogo v. Hunt (1896), tho leading case bn this subject, it was held that ’where the goodwill of a business is sold (without further provision) the vendor may set up a rival business, but he is 'not entitled to canvass the customers of the old firm, and may be restrained by injunction from soliciting any person \ ,-who was a customer of the old nriu prior to the sale to continue to deal with the vendor, or not to deal with the purchaser. The same principle is applicable to,the case where a person has been taken into partnership on the terms that on tho expiration of the partnership the goodwill of the busiXiess shall belong solely to the other -partner. . ' ■■' < A person who sells tho goodwill of Iris business is upder no obligation to retire from the field. Trade he undoubtedly may, and the very same line of business. If he has_ not bound himself by special stipulation, and if there il no evidence of the understanding of tho parties beyond that which is to be found in all cases, he is free to carry on business wherever ho chooses. He may do everything that a stranger to the business, in ordinary course, would be in a position to do. He may set up where he will. He may push his wares as much as he pleases. He may thus interfere with the custom of his neighbour as a stranger and as an outsider might do; but he must not avail •himself of his special, knowledge of the old customers to regain, without consideration, that which he has parted with for value. He' may not sell the custom and steal away the customers in that fashion. That is opposed to the common understanding of mankind and the rudiments of commercial morality; and is not to be excused by any maxim of public policy. A vendor is not at liberty to destroy or depreciate the thing which he has sold; there is an implied covenant, on the sale of goodwill, that the vendor does not solicit the custom which he has parted with; it would be a fraud on the contract to do so. It is not right' to profess and ,to purport to' sell that which you do not ‘mean the purchaser to have; it is not an honest thing to pocket the price and then 7 to recapture the subject of pale. AUSTRALIAN STOCK EXCHANGES frtm Association—By Telegraph-Copyright SYDNEY, December 18. On the Stock Exchange the industrial share market was _ bright and atrong. Bonds were active, and Barriers firm. MORNING SALES.

■ MELBOUIINE, December 18. The market was generally about ■teady with a quiet tone in Barriers, which eased a trifle in sympathy with the lower metal prices.

EGG MARKET Prets Aisociatioa—By Telegraph—Copyright LONDON’, December 17. Eggs are dull: 16’s. 12s to 13s 3d; 16’s, 9s to 9s 6d; 14’s, 8s 9d, 9s. BEET SUGAR press Association—By Telegraph—Copyright LONDON, October 17, Begt...sugary 4s OJd.- - ,

ARGENTINE EXCHANGE RELAXATION OF CONTROL MINISTER DENIES REPORTS, Stock market rumours circulating in London at the beginning of last month that the Argentine Government was contemplating the abolition of the exchange control were later ’denied' by the Argentine Finance Minister. _ It was suggested that the Republic intended to substitute for the differential exchange rates at present in force a single rate of 16 pesos to the pound sterling, but the Minister stated that no such measure was under consideration.

Commenting upon the statement, ‘The Times’ said that tho striking improvement in the Argentine trade balance and the promising outlook for many products in. which the Republic was interested, certainly suggested that action on those lines could be taken at no distant date without in any way endangering i the exchange position.* Against that, however, tko' considerations might be urged.' ‘First, the Arfentine authorities would probably' esitate before foreging an arrangement which had proved itself a useful source of auxiliary revenue. Secondly, they might deem it inadvisable' to stabilise the national currency in terms of sterling while Sterling itself had no stable value in terms of gold,' CHRISTCHURCH THEATRE LOSS INCREASE IN LAND TAX An increase of £4BO in land tax,; with a reduction in rents coming in, and no reduction of interest outgoings were responsible for Regent Theatre Buildings (Christchurch) Limited showing a loss of £660 on the year to .October 31. Profit last year was £1,699. No dividend is recommended. Five per cent, was paid in the previous year. FIXED GCAL PRICES POSSIBILITY IN AUSTRALIA It is considered certain that the selling price of coal in Australia will be stabilised early in the New Year bn a basis of a Newcastle rate of approximately 20s a ton for best quality, states the ‘ Sydney Morning Herald.’Negotiations have advanced rapidly since the recent announcement that important interests in the industry were moving for stabilisation, and it is understood tbat when the principle of a declared selling price is reintroduced, after six years of price-cutting, it will bo observed by all major coal owning interests, “ The industry - caniiot carry On by a policy of bolding its markets by . booking orders at prices lower than work-, ing costs.” stated one Sydney coal merchant. “ The increase will not be a burden on coal consumers, who will still have the benefit of a reduction of more than 20 per cent, on pre-depres-sion rates. But it represents the difference between life and economic death at a not too distant date to many interests engaged in the industry:” USE OF DIAMONDS WIDE POSSIBILITIES The growing industrial use of diamonds was commented upon by Mr Chester Beatty, chairman of directors of the Consolidated African Selection Trust, at the annual meeting in London last month. He said that in the last few years research work had indicated wide ppssibilties for the use of diamonds in industry. The development of hard steel alloys and,other hard materials had created a need for suitable cutting and abrasive materials and implements, and in this direction it was being found that the exceptional characteristics of the diamond could be utilised to special advantage. The industry looked forward, therefore, to_ considerable development along this line, particularly' in the ! utilisation of the inferior class of diamonds. '•■■■' RAYOH STAPLE FIBRE GROWTH OF BRITISH OUTPUT LAST YEAR’S FIGURES TREBLED. Tim production of rayon staple fibre in England has increased enormously this year, the output for the first nine months having amounted to 21,806,0001 b, compared with 7,250,0001 b in the corresponding period of last year, an increase of 200 per cent. In the Board of Trade returns, states ‘ The Times,’ the production of staple fibre comes under the heading of waste, although it is, in fact, not waste at all, but a form of rayon in which the continuous thread, or “ filament,” is cut into short staple lengths which can be used for spinning over cotton, woollen, or worsted machinery into spun rayon. Thus in the September figures of rayon production the total is given as 113,240,0001 b, compared with 9,740,0001 bin September, 1935. But actually these figures included 2,771,0001 b of staple fibre this year, compared with only 552,0001 b in September last year. A true basis of comparison would give the actual rayon production in September as 10.469,0001 b, compared with 9,188,0001 b for the same month last year. For the nine months the rayon production figure, ■ excluding staple fibre and waste, comes to 87,303,0001 b, against 82,240,0001 b last year. Staple fibre and waste brings the total up to 109.110,0001 b, against 89,490,0001 b in 1935.

SHIPPING INDUSTRY REVIEW OF THE YEAR CONFIDENT FEELING EVIDENT The large number of orders for new vessels which was placed during the year ended June 30 reflects a more confident feeling in the shipping industry, states the annual report of the committee of Lloyd’s Register. A considerable increase has occurred in the number and tonnage of new vessels built and in preparation. The output of shipbuilding during the period was greater than it had been for the last four years, and there is evidence that it will be maintained for some time to come. “ Although a considerable increase in international trade is still necessary for a complete revival of the shipping and shipbuilding industries, the general outlook at the present time is more encouraging,” continues the report. “The majority of those engaged in these vital trades are able to look forward with greater confidence to a . return of more prosperous and stable conditions.” The report points out that evidence of the .greatly increased activity in shipbuilding is provided by the figures relating to vessels intended for classification with the register, for which plans have been approved. During the period plans of 519 vessels of 1,692,515 tons gross were dealt with. This contemplated total was more than .twice as great as that for the previous year and was fhe highest since 1929-30. Of this tonnage more than 50 per cent., 294 vessels of 851,085 tons, was intended for construction in Great Britain and Ireland, and the remainder, 225 vessels of 841,430 tons, is to be built abroad. During the year there were broken up 525 vessels, of 1,255,830 tons. Since June 30 the work of demolition has begun on an additional 68 vessels, of 128,766 tons, arid 71 vessels of 194,425 tons are reported as having been sold for breaking up, although the actual work thereon has not yet been started. Since June, 1935, therefore, more than 1,579,000 tons of shipping have been broken up or sold for that purpose. Adding 337,000 tons lost in consequence of casualty or stress of weather, the total reduction of the tonnage of the world through these causes during the period is shown to be more than 1,900,000 tons. BUTTER AND CHEESE Press Association—By Telegraph—Copyright LONDON, December 17. Butter is lifeless. Danish, 114 s. Choicest salted: New Zealand, 100 s; Australian, 98s. Unsalted; New Zealand, 108 s; Australian, 104 s. Quotations are mainly nominal, with few sales. Cheese is quiet. White and coloured: New Zealand, both 63s and 63s 6d; Australian, 61s and C2s. THE METAL MARKET Press Association—By Telegraph—Copyright LONDON, December 17. Following are the official! metal quotations;—• Cdfiper.—Standard, £45 16s 101 d per ton; forward, £46 3s lid. Electrolytic.—Spot, £SO 5s per ton; forward, £sl. Wire bars, £sl. Lead.—Spot, £25 11s 3d; forward, £25 10s. Spelter.—Spot, £lB 10s per ton; forward, £lB 11s 3d. Tin.—Spot, £236 ss; forward, £236 15s. Silver.—Pine, 21 5-16 d per oz; standard, 23d. SUGAR COMPANY'S PROFITS Press Association—By Telegraph—Copyright SYDNEY, December 18. The Victoria Nyanza Sugar Company, which operates in Kenya Colony, showed l a net profit for the year of £17,336, compared with £3,974 in 1934-35. The first dividend since 1930 was declared of 3 per cetiti '

THE SEARCH FOR 6010 STEADY EMPEROR RETURNS Although Emperor Mines Limited, operating at 'favua, Fiji, had a slightly increased . output for the four weeks ended November 28, the grade of the ore treated was a shade lower. Yields, however, have been remarkably consistent, the, recovery in recent months having averaged between 9dwt and lOdwt a ton. Returns for the past throe periods are compared in the following table: — Oct. 3. Oct. 31. Not. 28. Ore (dry weight), tons 3,200 ,2,136 2,215 Fine gold oz 1,065.6 1,057.1 1,036.9 Head values, dwt 10.7 10.7 10.25 Recovery, dwt 9.67 9189 6.27 BULOLO DREDGING RETURN Mr Fred G, Dunn, attorney' for Clutha Development Limited, has re-, ceived the following (production ‘report ! for November :-f- • ■ ■ For month‘of November the total 1 gross-production, amounted to ’17,724 ounce? of. bullion* containing 12,318: ounces .of- fine fy-ora 956,200 cubic yards! The estimated, working profit was , 8,672 ounces of fine gold.' The above’’ production is : equivalent to, £102,782 10s and’workirig profit to £75,880 on the basis! of £8 16s (Anst.) , a ,fine ouncp ojt gold, • MATAKI JUNCTION Shareholders at the annual meeting of Mataki Junction Gold Dredging in Syndey were told by Sir Harry Moxham (chairman) that it was probable that the company would pay a dividend next year. He said that the net profit to July 2 of £4,969 was at the rate of 23.8 per cent, on capital. Subsequent -to July 2, results had not beeii so satisfactory. This was mainly i due to the dredge ■ being closed down, from August 7 to September 2, for-altera-tions to tables, with a view! to obtaining faster dredging. Costs in future 1 ought not to exceed 3d a yard. Shortly! after the dredge 1 recommenced work one of the main motors had to he. fepaired, resulting in a- delay of approximately two weeks. During this period and up to -the beginning of November the dredge course was' directed 'back towards the initial starting point, and for some time during October - it was working through old ground. . At the beginning of November better ground was' entered, 1 and the, fofir weeks to No-> ivember' 20 showed a working surplus .of £467, -and.it was anticipated that .the, four weeks:to December 18’would , show a material .improvement- on the previous period.. For the week ended November 27, 79. dunces of gold , was recovered, and for that ended .December :4, ; 76;ounces was obtained; ' MAORI CULLY DREDGE The Maori Gully dredge returned -78 o- lldwt for 1.26 hours’ work. This is the highest return so far. recovered by the company. NEMONA DREDGE RETURN The Nemona dredge return is 31oz 6dwt from 12,600 yards fo.r 135 hoursdredging. WESTERN AUSTRALIAN YIELfi The gold yield for Western Australia in November was 72,0660 z, valued at £639,499 in Australia# currency, a decline of 4,7930 z on the yield for October, but 4,0430 z greater than that for November last year. Output for the 11 months this year is 757,1440 z, which is 105,8060 z in excess of the whole of 1934 production and 108,0970 z more than in 1935. The yield for 1936 will probably exceed 800,000 oz, which would be the highest for 18 years. EGGS AND COLD STORAGE CENSUS OF STOCKS [Per United Press Association.] WELLINGTON, December 18. A census of stocks of eggs and egg pulp in cold storage was taken by the Government Statistician as at November 30, and the following figures have been issued by the Minister in Charge of Census and Statistics (Mr D. G. Sullivan): — EGGS IN SHELL (Doz.). North Island 41,480 South Island ... ... 14,088 Dominion ... 65,568 EGG PULP. North Island ... ... 392,445 South Island 412,345 Dominion ... 814,790 FROZEN WHITES (lbs). North Island 2,120 South Island 2,520 Dominion 4,640 EGG YOLK (lbs). North Island ... ... South Island 320 Dominion 320 CANTERBURY MARKETS [Per United Press Association.! CHRISTCHURCH, December 18. A seasonal pre-holiday quietness prevails in the grain and produce markets and very little business is passing. Transactions are mostly confined to fowl wheat, the market for which remains firm, with supplies getting short. Quotations remain at 5s f.o.b. The cutting of oats was commenced last week with early Algerians, and a few of the crops are now in stock. Farmers are now keener, to offer oats which they have held over, some fairly large lines being offered. There have been no price movements to speak of. More chaff is now being offered at prices £3 to £3 ss, on trucks, according to stations. Outside of the demand for certified ryegrass, there is little doing in the seeds market. The potato crops for ibis time of the year are reported to be looking exceptionally well. , I

SHARE MARKET DUHEDIN STOCK EXCHANGE SEASONAL SLACKNESS APPARENT A seasonal slackness, due largely to the approach of the summer vacation, was in evidence on the local share market throughout the greater part of the past week. Values on the whole were i airly steady, with the bulk of the trading con-, lined to industrials. A feature of the week was the firmness of stocks associated with metal production, due to the rise in the price of base metals. The exchanges throughout New Zealand will close for the Christmas holidays at 5 p.m. next Tuesday and reopen on January 7. Business was 'recorded in four hanking issues. New Zealands were quoted ex div., and there was a consequent easing, sales taking place at 39s 6d. The market recovered almost immediately, however, and sales have since taken place at up to 40s 6d. Commercials were sold in the north ■at- 18s lid, hut this morning business was recorded at 19s Id. Unions were turned over a week ago at £lO 10s, but this week sold at 5s less. • Insurance issues attracted more attention, • Nationals remaining weak at 18s Id and four parcels of New Zealands-chang-ing hands at 60s. .Howard Smiths were turned over at the improved price of 225, and the market closed with unsupplied buyers at 21s 6d.. / . . In-the meat section Refrigerating paids’ were practically unchanged, While the contributmgs were inclined to harden. Loan and agency shares were in strong demand throughout the period, although no business was recorded. -Dalgetys were wanted at £lO 7s 6d without response, sales taking place in the ’north at up to £lO 15s. Goldsbrough, Morts were unaltered, while Loan and Mercantile_ Ordinaries had persistent inquiry at £34 without response. The hardening of the market in this case is due to the improved balance sheet for the year ended June 30, in which it is announced that the preference dividend up till 1933 will be paid. Kaitangata Coals had the first business for some time at 22s 6d, and Westports were steady at 225. Improved offers were made for Mosgiel Woollens without response. In the miscellaneous group Australian Glass • displayed Weakness, but British Tobaccos were stronger on the declaration of a higher dividend. Broken Hill _ Proprietarys also recovered some of their recent loss. Dunlop, Rubbers were unchanged, but Dominions showed further improvement after a sale at 30s. The latter shares have risen!’in sympathy with the price of .plantation rubber on, the London, market. Dominion industrials were also sought for during the week with greater confidence. New Zealand Breweries were firmer at ex dividend than they were at cum divi-. dehd, and finished with buyer? at 53s 9d on a strong market. Other brewery issues also attracted'' more attention. Amongst unlisted ;■ stocks Woolworths (Sydney)- continued ,to have an erratic market. A sale was-reported in the north at £7 10s and iti Dunedin at £7 14s, with a seller this morning at £7 16s_ and -no buyer), though a sale was made in Christ? church’ yesterday at £7 17s on aq active market, with- the shares in good demand.! In the Australian mining, section Electrolytic Zincs, ordinary and preferred,. were stronger on better metal prices overseas. There Was - little activity outside Mount Eyells and' Mount Morgans,, the former gaining Is Bd, and then easing a few pence. Mount Morgans began to 'appreciate towards the end of the Week as a result of forward delivery buying offers. , . New Zealand gold mining , shares continued'to be more or less neglected, the only change being a rise of about 2s in Marthas. Government stock’ was reasonably active considering the smallness of the turnover, and there was a slight advance in the rates of a week ago. SALES REPORTED. Commercial Bank, 19s Id (two). Dominion Brewery, £1 19s ex div. Electrolytic Zinc (ord.), £2 9s (late yesterday). Quotations as under:—

N.Z. GOVERNMENT LOANS— «' 3A p.c. Stock, Nov., ; ; 1938- 101 0 0 1 34 p.c. Stock,.March 1939- .... 34 p.o. Stock, Sept., i *1939-43 ..; ... ... 1 34 p.c. Stock, March, ' 194143 ... ... ... 101 10 0 ■ 34 p.c. Stock, Sept., 194143 101 10 0 34 p.c. Stock, May, 1941-52 ... 101 10 0 34 p.c Stock, November, 1941-52 ... 101 10 0 4 p.c. Bonds, 193740 101 0 0 4 p.c. Stock, 193740 100 15 0 . 4 p.c. Bonds, 1943-46 102 5 0 —' . ■ 4 p.c. Stock, 1943-46 102 5 0 4 p.c. Bonds, 1946-49 101 15 0 4 p.c. Stock, 194649 101 15 0 4 p.c. Bonds, 1952-55 101 5 0 4 p.c. Stock, 1952-55 101 5 0 DIVIDENDS DUE

FOREIGN EXCHANGES ON NEW ZEALAND CURRENCY BASIS The Bank of Kew South Wales, Dunedin, qtioted the following rates for purchase and sales of foreign exchanges (all rates subject to alteration without notice)Buying. Selling.

DOLLAR BATES. 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: — TJ.S.A. Canada. (Per £1 N.Z.) (Per £1 N.Z.) SELLING-

LONDON STOCK EXCHANGE f rew Association—By-Telegraph—Copyright ; ; . LONDON, December 17. (Received December 19, at 9 a.m.) The following are the latest* quotations of' Government secufities; —

BRADFORD MARKET Press Association—By Telegraph—Copyright LONDON, December 17. Bradford Tops.—Merinos: 70’s, 37id; 64’s, 36d; 60’s, 35d. ■ Crossbreds: 58’s, 32*d; 56’s, 30d; 50’s, 22Jd; 46’s, not quoted; 44’s, not quoted. The market is.‘slightly firmer on an upward tendency. Business is small, but consumption is good. •

£ s. d. Commonwealth Bonds — 0 3| p.c., 1949 ... 94 0 4 p.c., 1938 ... • •• ••• 100 17 6 4 p.c., 1941 ... ••• 100 8 9 4 p.c., 1944 a.* 4 ••• 100 12 6 4 p.c., 1947 ..; ... 100 16 3 4‘p.c., 1959 ... ••• • •• 100 7 6 4 p.c.. 1961 ... ... ... 100 12 6 Union Bank ... • •• 10 8 0 Australian Glass • •• • •• 4 10 3 British Tobacco ... ... 2 8 3 Broken Hill Proprietary ... 4 3 0 Broken Hill Proprietary (new) Electrolytic Zinc , ;■* "■ 3 11 2 10 0 0 General Industries — ... • 0 IS 9 , AFTERNOON SALES. Bank of New "South Wales 35 15 0 Com. Bank -of Australia 0 19 1* National Bank (£10 ‘ paid) 15 3 0 Union Bank ... 10 8 0 Colonial'- Sugar ... • M 43 10 0 Associated News ... 1 4 6 Associated News 1 (pref.) 1 3 7i Huddart, Parker ... 1 17 0 British Tobacco ...' • •• ... 2 8 3 Tooths . ..i . ... ■ 2 15 9 Aus. Iron and Steel (pref.) Australian Glass 1 6 4 10 0 6 Goldsbrough, Mort • •• ... 1 15 104 Fairymead Sugar 1 19 3 Electrolytic. Zinc ... ... 2 10 3 Sargents . : ... ... • •• 1 10 0 J. Fielding .._ . .. ... ... 4 2 0 United Provisions ... ... 0 10 6 Woolworths (N.Z.) ... ... 7 10 0 Mount Morgan ... ... 0 15 104 Bulolo Deposits ... ... ... 0 2 2 Kuala . Kampar ... ... ... 0 18 6 Placer Development ... 1 7 6 Emperor ... ... 0 18 .4* Mandated Alluvial ... ... 0 13 8

£ S. d. Com. Bank of Australia 0 19 3 Howard Smith 1 2 7 British Tobacco 2 8 3 Carlton Brewery 3 4 0 67 J. Coles ... 4 10 0 Australian Glass 4 10 3 Dunlop. Perdriau ... 0 17 11 Dunlop Perdriau (pref.) 1 13 71 Goldsbrough, Mort ... 1 16 0 Electrolytic Zinc 2 10 0 Electrolytic Zinc (pref.) 2 12 0 Victoria Nyanza 0 16 0 Mount Morpan 0 15 9 Mount Lvell ... -... 1 18 3 Broken Hill Pty. 4 3 0 North Broken Hill ... 3 n 0 South Broken Hill 2 2 9 Emperor 0 18 8 Iioloma 1 1 9 Melbourne Electric ... 0 18 S Yarra~ Fklls ... ‘.;. ... 2 0 9 Kauri Timber 1 3 8

•Buyers. Sellers. £ s. d. £ s. d. BANKING— New South Wales ... 34 0 0 New Zealand 2 0 3 2 T 0 Commercial 0 19 0 0 19 3 E.S. and A 5 17 0 — National of New Zealand ... ... ... 3 3 0 Uilion of Australia Ltd. .... ... ' — 10 7 6 INSURANCE— National 0 18 6 South British 4 11 0 — Standard — 2 19 0 SHIPPING— Howard Smith ... ... 1 1 6 U.S.S. Co. (pref.) — 1 6 6ez HEAT PRESERVING— N.Z. Refrigerating (paid) 10 9 N.Z. Refrigerating (cont.) ... 0 9 6 0 9 9 LOAN AND AGENCY— Dalgety 10 7 6 Goldsbrough, Mort ... 1 15 Oez 1 16 0 Mortgage Corporation 3J p.c. Stock 98 10 0 National Mortgage ... 2 10 0 — N.Z. Loan and Mercantile (ord.) 34 0 0 N.G. Guarantee Corp. 0 5 2 — Perpetual Trustees ... — 3 4 0 Trustees Executors and Agency 3 12 0 Wright, Stephenson (ord.) 0 18 9 - COAL— Kaitangata ... ... 1 2 0 Westport 1 1 > 9 — W estport-Stockton (ord.) 0 2 0 Westport-Stockton (pref.) O’ 3 0 - WOOLLEN COMPANIES— Bruce (ord.) — 0 13 3 Bruce (pref.) — 13 0 Kaiapoi (cont.) — 0 5 9 Mosgiel 9 12 6 — MISCELLANEOUS— Anthony Hordern ... 0 19 3 Associated News 1 3 9 14 3 Australian Glass 4 8 ■6 , 4 10 0 British' Tobacco " ... 2 7 0 — Broken Hill Propy. 4 1 6 — Broken Hill Propy. (cont.) 3 10 0 3 11 0 Brown, Ewing (ord.) 0 18 0 Brown, Ewing (pref.) 1 2 6 Colonial Sugar Co. 42 10 0 — Consolidated Brick ... 0 10 9 0 11 0 D.I.C. (pref.) ' 1 3 9 — Dominion Fertiliser ... 1 4 0 14 6 Dominion Fertiliser Debs. 105 0 0 Dominion Rubber ... 1 10 0 1 15 0 Donaghy’s Rope and Twine 2 10 0 Dunedin-Kaikorai Trams 1 17 0 Dunlop Perdriau Rubber 0 17 6 0 17 10 General Industries ... — 0 18 11 G. J. Coles 4 9 0 4 10 0 Hume Pipe 1 0 3 10 9 Kauri Timber 1 4 6ex Milburn Lime and Cement ... 2 1 6 _ Mort’s Dock — 0 13 9 National Electric ... — 0 15 Bex N.Z. Drug Co. ... 3 14 6 — N.Z. Newspapers 2 0 0 — N.Z. Paper Mills ... 1 5 6 16 6 ‘ Otago Daily Times ’ 2 5 6 — Regent Theatre — 113 Shillings Ltd Wilsoivs (N.Z.) 1 0 3 110 Cement .... 1 17 9 — Woolworths (ord.) ... 6 1 0 6 10 0 BREWERIES— New Zealand 2 13 0 2 14 6 Staples — 2 0 0 Dominion ... 1 18 9 — Tooth’s 2 15 0 2 15 6

UNLISTED STOCKS— National Tobacco (ord.) Woolworths (Sydney, 2 15 0 — ord.) AUSTRALIAN MINING7 16 0 Electrolytic Zinc (pref., £1) Electrolytic Zinc (ord.. 6 2 10 8 £1) 2 8 2 9 6 Mount. Lyell (£1) ... Mount Morgan 1 18 >6 (2s 6d) ... 0 15 6 0 15 10 Rawang Tin (10s) ... 0 10 8 0 li 2 Placer Development 5 o ,.o: (Idol) ' ... GOLD MINING— : Argo Dredging (Is) 0 1: 9es ■ ' -i,. : Big River (Is) 0 2 04 j Clutha River (2s) ... 0 2 5 ■ — Consolidated' Goldfields (4s) 0 14 6 r— ' Gillespie’s (Is) ... ... 0 1 44 0. 1 6? Goldfields Dredging 0 0 (Is) ... ... 2 , — Martha (Ss) ...■ ... Molyneux- River , 0 19 9 ! — (2s) ... ’ 0 2 o — • ' Maori Gully (Is) , ... — 0 0 7 Nokomai (5s) — 0 2 8' ' Okarito (5s) ... ... 0 3 6 0 4, 6' Paddy’s Point (5s) ... — 0 2 9 ' Sandhills (Is) ... '... — 0 P .2; Waimumu Sluicing ' i (Is) ... .., ... 0 0 6 0 O' 81 ■ Waipapa Beach (Is) — ■0 0 94 Waitahu (5s) ... ... ■ ■ ro a 3 i Worksop (Is) 0 1 ;6‘ ■ . j

Mount Ly ell—final, Is-fid a share Dec. 21 Kanmuntlng Tin—12 per cent: Dee. 22 (less British income tax) . ... Sulphide Corporation—pref., 2s Dec. 22 per share; ord., 9d per share Alexander Mines-r-ls -.ai snare: ■ ..; Dec. 23 North Kalgurlie—interim, ‘'3d a share (sterling), less .English Dec. 28 ■income tax ... ... ... Morris, Hedstrom —interim, 21 per Dee. 30 ■ cent: • ... .:. ... ...' British Tobacco—quarterly, ’ ,2 ,per Dec. 31 cent ... • Zinc' Corporation—2nd half fixed cum pref., 2s; interim, 2s fid Cash Orders , Amalg.—quarterly, Jan. 2 10 p.c. National Bank of New Zealand— half-yearly at the rate of 4 per cent, per annum (free of tax), equivalent to, £4 18s IQd per cent, per annum; in New Jan. 5 Zealand currency, ... J. G, Coles—ord. Is per share ... Jan. 15 Victoria . Nyanza Sugar—3 per ■ cent.- ... — Jan. 27

London — £100 stg. N.Z T.T. £124 £124 10/ O.D. £125 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 £80 New York— Dollars to £1 N.Z. ... . . T.T. 3.97/ 3.93/ O.D. 3.9S| 3.94 Montreal — Dollars to £1 N.Z. . T.T. 3.96/ 3.93/ O.D, 3.98 3.93/ Austria — Schillings to £1 N.Z. ... . . T.T. 20.58 O.D, — ■ 20.60 Belgium — Belgas to £1 N.Z T.T. j23.186 O.D, 23.197 Czechoslovakia — Crowns to £1 N.Z. .. T.T. 110.99 O.D. — 111.04 Denmark — Kroner to £1 N.Z. ... . ., T.T. 18.203 17.893 O.D. 18.263 17.903 FrancoFrancs to £1 N.Z. .. T.T. 84.23 O.D. — 84.27 Germany— Reichmarks to £1 9.729 N.Z. .. T.T. — O.D. — 9.754 Holland — Florins to £1 N.Z. ... ... .. T.T. 7.161 O.D. :— 7.165 Italy— Lire to £1 N.Z. .. T.T. 74.74 O.D. — 74.79 J ava — Florins to £1 N.Z .. T.T. 7.153 O.D. —■ 7.157 Norway— Kroner to £1 N.Z. .. T.T, 16.181 15.891 O.D. 16.241 15.901 Sweden — Kroner to £1 N.Z . T.T. 15.785 15.490 O.D. 15.845 15.500 Switzerland — Francs to £1 N.Z. ... T.T. 17.065 O.D. ■ — 17.070 Noumea— Francs to £1 N.Z. ... T.T. 82.86 O.D. — 82.92 Papeete— Francs to £1 N.Z ... T.T. 83.01 O.D. — 83.07 Hongkong— N.Z. pence to dollar 1 ... T.T. 18 9-32 18 25-32 O.D. 18 1-4 18 49-64 India and Ceylon— N.Z. pence to rupee 1 .. T.T. 22 13-32 22 11-16 O.D. 22 3-8 22 43-64 Japan — N.Z. pence to yen 1 ... T.T. 17 29-64 O.D. — 17 7-16 Shanghai— N.Z. pence to dollar 1 ,. T.T. 17 5-8 18 1-8 O.D. 17 19-32 18 7-64 Singapore— N.Z. pence to dollar 1 ... T.T. 34 23-32 35 13-64 O.D. 34 5-8 35 3-16 Chefoo — N.Z. pence to dollar 1 .. T;T. 17 41-64 18 17-64 O.D. 17 19-32 18 1-4

T.T. (dol) ... ... 3.93| ... 3.94g 3.93i O.D. (dol) ... 3.935 BUYING— T.T. (dol) ... ... S.97f v '3.96J O.D. (dol) ... ... 3.98i 3.98

Consols, 2i per cent. ••• £84 10 0 Funding Loan, 4 p.c., 1968-90 ... 116 10 0 Assented War- Loan .i. '... ;••• 105 15 0 Conversion Loan, 3j ••• — 106 15 0 Victory Bonds, 4 (ex div.) ... 115 0 0 Commonwealth, 5, 1945-75 ... ... 109 15 0 Commonwealth, 3£, 1936-37 ... 110'17 6 Commonwealth, 4, 1943-48--.;.-104-15 0 Commonwealth, 3J, 1948-53 • ... 103 12 6 Commonwealth, 3i> 1956-61 ... 100 0 96 5 0 Commonwealth, 3, 1955-58 .;. 0 New South Wales, 44, 1935-45 ... 100 2 6 Victoria, 3, 1929-49 .» 98 15 0 Victoria, .4i- 1940-60 ; 104 3 9 Victoria; 5, 1945-75 ... ... 109 7 6 Queensland, ’ 3, -192247 i 98 12 6 Queensland; 5, 1940-60 ... ... ... South Australia,, 3, 1916 (opt.) 107 2 90 15 6 0 South Australia, 5, 1945-75 109 12 6 West Australia, 4, 1942-62 101 17 6. Tasmania, Si, 192040 101 5 0 Tasmania, 4, 1940-50 101 10 0 New Zealand, 4£, 1948-55 107 15 0 New Zealand, 3i, 1940 101 8 9 New Zealand, 3, 1945 100 1 3