Commerce, Mining, & Finance

Evening Star, Issue 22595, 12 March 1937, Page 6

Commerce, Mining, & Finance

BEECHWORTH ALLUVIALS. OPTION Directors of Beechworth Alluvials Ltd. state that they hove agreed to the request of Clutha Development Ltd. to extend the option over the Harnetville area until May 25. The extension has been granted on the original terms of the option, with the additional provision that Beechworth Alluvials Ltd. shall be entitled to take up at par contributing shares in the operating company to the nomi-nal-value of £30,000 in Hou of shares to the nominal value of £20,000, as originally provided. The position now is that, if exercised, the purchase consideration will- bo the sum of £20,000 cash, together with 10 per cent, in tuiiypaid shares of the original capital of the operating company, which is to have a minimum capital of £200,000. Beechworth Alluvials Ltd., in . addition to have the-right to take .'up at 1 par contributing shares to the nominal value of £30,000, as previously, set out. Clutha Development Ltd., they add, also advises that it does hot Wish to retain the option ' over the; Freeburgh area, taken up by that company in Sep;tembbf last; UNITED STARR-MWKETT A" meeting of members of’the United Starr-Bowfeett Building Society was held :in the secretary’s office last evening to dispose of £2,000 by ballot and ?a 1’ ballot was held- for the' seyenty : sixth - appropriation in No, 8 group, cluster No. 36 being drawn, held by two members, . The seventy-seventh appropriation in No. 8 group was a sale, and £SOO-was sold at: £lo<per hundred. A further ballot was taken for ,tbe seventy-first appropriation in No. 9 group; cluster No. 46 being drawn, held by one member, and -a salc for the seventy-second appropriation .in the same group 1 resulted in £3OO being sold at £ll per hundred and £2OO at £lO per hundred. SECOND THRARU WOOL SALE CATALOGUE OF 24,000 BALES [Pin United Pmsss Associitioh.] TIMARU, March 11. . The second Timaru wool sale this season, which was to have been held on Tuesday next, has been advanced tft Monday evening to suit the convem«noe of buyers. The catalogue |wiU probably comprise 24,000 bales. MOUNT MORGAN MINE Satisfied that the Mount Morgan mine will bring about further big development in the Queensland industry, Mr E. Campbell, chairman of Mount Morgan Ltd., is reported to have stated in Brisbane that, after inspection of the new plant, it would raise production of ,the mine to a value of £1,000,000 sterling a. year. Mr- Campbell said the new plant was operating efficiently and economically. It would enable the company to treat a large body, of lowgrade oxidised ore for gold which previously it, had not been possible to recover as a payable proposition. When the new .plant was in full operation bullion would be sent to the smelters twice a month. DEARER DIAMONDS The Diamond Corporation is keenly anxious to increase ■ oiamond prices this year, and is likely to accomplish this before long (states the 1 Financial News’). The present position.)is that it does not pay to work the Kimberley mines with ; prices at to-day’s levels, .while other mines, like the Premier mine, which the Government would like to see ; reopened, are still unpayable. The Diamond Corporation hopes to market- £8,000,000 worth, of stones this year,-' of which South Africa’s share Would be £5,600,000. - However, there itre many who, firmly believing that diamond sales are likely to be considerably higher than the above estimates, place South Africa’s quota at around £7,ooo,ooo.worth of stones, with correeponding benefits all Ground. When visible stocks of stones become depleted, it is obvious that to enable, the bigger mines to/ re-enter production an enhanced selling price is necessary.

PREVENTING SLUMPS CYCLE NOT INEVITABLE “There is -no argument whatever 'against the fact that a depression is_an entirely man-made state of affairs, which to » -large extent is brought about by lack of national confidence, and by individual firms and Governments playing safe against a supposedly inevitable slump. It is a situation created by our inability to handle efficiently, the-economics of modern life and to reconcile productive potentialities and demand with the desire and confidence to purchase. “ Let economists and financial experts put on their thinking caps and try to catch up with the engineer, and then, I am sure, slump periods, like plagues, will be things of the past. In any scheme of reorganisation, whether wo like it or, not, the question of emigration must be considered.” Suggesting that a commission of experts, consisting of industrialists, bank’ers, and economists, should be set up to explore the question of economic disorganisation before it created another depression, Lord Austin said at a luncheon in Manchester recently that he wished the word “ depression ” could be taken from the dictionary. “It is inconceivable,” said Lord Austin, “ that in 1938 or 1940 we are going to allow economic disorganisation to take the matter in hand, instead of tackling it now before it creates another depression. A commission should be able to suggest steps to prevent a situation so often experienced in the past from ever becoming possible again. “ The whole fact is that we are still trying to reconcile the highly productive era’ of the twentieth century with the '-economic tsruoture of the nineteenth. There is no proper reason why a period of depression should follow a boom. I know it is a fact that in the past we have experienced dull periods after booms, and consequently we have come to accept the rotation as an inevitable trade cycle. It is not an inevitable cycle.

THE SEARCH FOR GOLD WAiTAKU REPORT The secretaries of the Waitahu Gold Mining Company Ltd. report that the stripping of No. 12 paddock was completed on Saturday last, the return from the ground, sluicing being 16oz 4dwt. Elevating operations were commenced qu Wednesday, morning,. PRICE RECOVERY TARANAKI OIL SHARES Shares in Taranaki' (N-Z.) .pilfields, which were selling in Melbourne at Is 5d to Is 7d in February,- have been in keen .demand, during, the,,past few days in Australia and New Zealand, but the prices at which sales have-been reported show wide variations. Last week sales> were made-at 3s Bd, rising to 6s Id but slipping back to 3s- Recently business was reported in Australia at 65,-while yesterday afternoon’s quotations were 2s 9d and 4s 9d, BROKEN HILL PROPRIETARY NEGOTIATIONS FOR OPTION ’ The -Broken Hill, Proprietary : Company Ltd. is. likely to complete shortly negotiations for aii.ohtion of purchase bver the property of New Pyrenees Alluvials, N.L.y it Avoca, Victoria, states the Sydney. Morning Herald.’ When the option agreement is signed Broken Hill Proprietary Company will bore the property at its own expense to check the values obtained by drilling'by New Pyrenees and the other'companies which have held, options over tile area. . Should the option agreement be exercised, a company with a nominal capital of £150,000. divided into 1,500,000 shares of 2s each, is likely to he formed to equip the property with a -large capacity bucket dredge; The consideration to be received by the New Pyrenees Company is £15,000, cash to be applied in taking up 150,000 contributing shares in the operating company. In addition shareholders will have the right to apply for 10 per cent, of the total nominal capital of the company.

COMMONWEALTH BANK ■ ■ f ' ' HALF-YEARLY PROFIT Press Association—By. Telegraph—Copyright SYDNEY, March 11. A total profit of £841,454 was shown by the Commonwealth Bank of .Australia for the half-year ended December 31, 1936, compared with £853,716 for the previous half-year.' AUSTRALIAN GOLD OUTPUT FIGURES FOR LAST YEAR ■ Reflecting the effects of both the improved price of gold and the assistance provided by the Commonwealth Government’s grant of _ £500,000, gold production in Australia is mounting steadily. The yield for 1936 of 1,167,126 ounces, valued at is the best since 1918. Production of gold in December was 122,9010 z, an increase of 22,529pz on the production for the corresponding month of 1935,, and by far the greatest output in any single month. for more than 10 years. In 1935, production was 914,7370 z, and its value was £8,008,333. Following is tho amount of gold mined in each of the main producing states in 1935 and 1936:

1935. 1936. 02. or. Western Australia * 644,875 864,208 Queensland ... ••• 105,461 115,550 Victoria • 87,517 113,940 New South Wales ... 47,706 60,739 North Australia, 1 :; etc. - ... 29,178 30,689 914,737 1,167,126 ■Western Australia continues to be by far the largest producer of gold among the states. Production in the Northern Territory, in spite of development on the fields there, is small compared with that of most of the states. AMALGAMATED WIRELESS The Dunedin Stock Exchange was advised this morning that Amalgamated Wireless (Australia) has declared an interim dividend of 5 per cent. AUSTRALIAN MARKETS SYDNEY, March 11. THe wheat market is firm, and shippers' price in the country for solo lots is 4s 9d, which is equal to about 5s 4d, ex trucks, Sydney. Bagged wheat is about 5s sd. Flour, £l2 15s. Bran, £5 10s. Pollard, £6 ss. Potatoes: Tasmanian, to £6 10s, Onions: Victorian Globes, £9; white, £B. Maize, to 5s 3d.

DOMINION RUBBER COMPANY LTD. ANNUAL REPORT The twenty-ninth annual report and balance sheet of the Dominion Rubber Company Ltd. for the ye?r ended November 30, 1936, will be presented at the company’s annual meeting on March 24. The profit for_ the year (after providing for depreciation and income tax) amounted to £3,543 3s lid, to which was added the balance

from last year of £467 12s 7d, making a total' of £4,010 16s 6d. An interim dividend of 2$ iper cent, paid on October 27 accounted for £1,250, and the final dividend qf 3) per cent, (making 6 per cent, for the year), absorbed £1.750, while £SOO has been placed to replanting reserves, making a total of £3,500, leaving to be carried forward the sum of £5lO 16s 6d. The restriction, scheme continued to operate during the whole year, ’the average release being 62) per cent, of standard production. For the current year the releases had been fixed at 75 per cent., 80 per cent., and 85 per cent, respectively for the three quarters ending March, June, and September. The output for the year amounted to 337,0001 b, this being the permissible export allowance under the restriction scheme. The selling price, however, averaged 6.72 d per lb against 4.90 d for the previous year, while cost of production (including Dunedin charges) amounted to 5.49 d per lb. During -the year the estate manager (Mr'L, E.'White) visited New Zealand, and-the directors had the opportunity of discussing with him many matters relating to' the .estate. • As a result of these discussions, the directors decided to-replant an area of 100 acres of old rubber, which' had reached the end of its economic life. Mr F. W. Parker will retire from the board at the annual meeting, and, being eligible, offers himself for re-election, PRICE OF GOLD Press Association—By Telegraph—Copyright LONDON, March 11. (Received March 12, at 1.15 p.m.) Fine gold is quoted at £7 2s 4Jd per ounce. DOLLAR AND FRANC Press Association— By Telegraph—Copyright LONDON. March 11. (Received March 12, at 1.15 p.m.)/ The dollar is quoted at,. 4.88 f. The franc is quoted at 106 J. AUSTRALIAN STOCK EXCHANGES Press • Association— By Telegraph—Copyright SYDNEY, March 11. There was keen buying of Barriers and Mount Lyells on the Stock Ex-change--to-day, while tin shares were much firmer as the result of the outstanding rise in tin. The investment market, too, was very bright.

Main interest centred in metal stocks, with active trading, and prices closed a little easier. Tin shares wefo busy and bonds firm, while there was a good tone in industrials.

FOREIGN EXCHANGES ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates 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. Canada. (Per £1 N;Z.) (PerfilN.Z.) SELLING— T.T. (dol) ... ... 3.9 U 3.914 0. (dol) 3.92 3.92 BUYING— T.T. (dol) ... ... 3.95 3.94 J O.D. (dol) 3.96| 3.96 i THE RESERVE BANK ASSETS AND LIABILITIES [Pee United Press Association.] WELLINGTON, March 11. The Gazette issued to-night contains the following statement of the liabilities and assets of the Reserve Bank of New Zealand as at the close of business on March 8. The figures at the close of the previous week are given for purposes of comparison, shillings and pence being omitted;— LIABILITIES.

SHARE MARKET DUNEDIN STOCK EXCHANGE Australian mining shares still dominated the market this morning, there being a good inquiry, although values in some shares dropped. Mount Lyells had a transaction at £2 13s 6d, while there was a reported sale at £2 13s Bd, the market closing at £2 13s 4d and £2 13s 9d- Electrolytic Zinc .(ord.), although three sales were reported at £3 7s 6d, changed hands this morning at £3 5s 6d, buyers later quoting £3 5s 6d with sellers 3d away. Rawang Tin had two sales late yesterday at 14s 3d and one at 14s 2d, quotations this morning being 13s 9d and 13s lid, with one parcel sold at the former price. Commercial Banks changed -hands at 19s 6d, while National Banks had two reported sales at £3 3s. The local gold mining section was quiet, while there was a good inquiry for Government Stock,

Paddy’s Point (ss) ... 0 2 3 Sandhills (Is) 0 0 3' Skippers (Is) ... ... 0 0 4 Waihi Investments (ss) 0 15 6 Waipapa Beach (Is) 00 6 00 9 Waitahu (ss) 0 1 6 0 2 6 Worksop (Is) 0 17 N.Z. GOVERNMENT LOANS—--31 p.c. Stock, Nov., 1938- 101 10 0 34 p.c. Stock, March, 193934 p.c. Slock, May, 1959-52 34 p.c. Stock, March, 1941-43 ... 101 10 0 34 p.c. Stock, Sept., 1941-43 101 10 0 34 p.c. Stock, May, 1941-52 101 10 0 34 p.c. Stock, Nov., 1941-52 101 10 0 4 p.c. Stock. 1943-46 - 101 15 0 4 p.c. Stock, 1946-49 - 103 0 0 4 p.c. Stock, 1952-55 3 p.c. Bonds, ■ 1939-41 96- 0 0

DIVIDENDS DUE Melbourne Co-op. Brewery—interim quarterly, 8d per share Mar. 15 W. R, Carpenter and Co. —interim at 8 per cent, per annum Mar. 15 Adelaide Steamship—interim halfyearly at 6 per cent, per annum ... Mar. 18 Electrolytic Zinc —half-yearly, 6 per cent, on ord. and pref. Mar. 18 Castlemaine, Perkins Ltd,, Brewers—interim half-yearly, 8 per cent. •... ... Mar. 18 fluddart, Parker Pty.—final ptef. 3 per cent, or 6 per cent, per annum; ord. 4 per cent, or- 74 per cent, per annum ..; ... '... Mar. 80 Broken Mill South—ls per share- Mar. 24 North Broken Hill—ls 6d per share Mar. 24 Myer Emporium Ltd.—interim half-yearly, ord., 3 per cent. Mar. 24 George Parmer Ltd., Sydneyinterim . half-yearly, 8 ' per cent, per annum ... .i. ... Mar. 25 Tooheys Ltd., Sydney—interim half-yearly, at 9 per cent. per annum Mar. 25 British Tobacco—Quarterly, ord., 2 per cent Mar. 31 Dunlop-Perdriau Rubber—interim half-yearly, pref., 5 per cent.; ord., 3 per cent. ... ... ... Mar. 31 Lincoln Mills —interim half-year, pref. 4 per cent Apr. 1 Howard Smith—final half-year, ord. 2i per cent., making 3| per cent, per annum; quarterly pref. at 6 per cent, per annum Apr. 6

JAPANESE INROADS GRIP ON N.Z. MARKET A MANCHESTER COMPLAINT Speaking at the meeting of shareholders of I. F. and H. Roberts Ltd., Manchester, on January 22, the chairman, Mr P. C. Fish, made the following reference to Japan’s inroads upon New Zealand trade:—The imports of cotton piece goods into New Zealand from the United Kingdom have been very stationary for the last few years, although an increased quantity of rayOn piece goods has been imported during the last year. Japan had made considerable inroads into the New Zealand market, and when Australia increased the tariff in May last 2,000 pieces of Japanese artificial silk which wore lying in bond at an Australian port were promptly shipped to New Zealand and sold there for 2Jd per yard instead of 3§d, which was, the Australian . price. Our New .Zealand manager and the trade associations are working very hard to stifle this what they consider unhealthy Japanese business. They are in a much stronger position to do so than Australia, because New Zealand exports to Japan are less than half of what Japan supply to them. They point out that the Now Zealand pound in Great Britain is worth 16s Id, whereas in Japan it is worth 28s Id. A New Zealand trader buying a cloth at equal price from both Great Britain and Japan receives 2flin to the yard from the former and SOJin from the latter, and the cloth when sold is on the basis of 36in to the yard in both cases, otherwise it would be an infringement of the Weights and Measures Act. It is felt very strongly that the United Kingdom is put 20yds behind scratch and Japan given a 40yds start in every commercial race of 100yds between the two countries. It is certainly difficult to understand why New Zealand’s best customer and protector should have to shoulder this impossible handicap. It would not be tolerated in commerce, but the whole question is a political one, and if politicians could just visualise that simply a canal instead of a huge sea divided them from Japan they would be the first to recognise that they could not continue to pay satisfactory wages in New Zealand on one side and.unduly support people on the other side of the water who only received a mere pittance. The purchasing power of the pound would have to be levelled up and conditions put on a more equitable basis, or there would soon be a migration from on© side of the canal to the other.

CARTAGE RATES

MINIMUM CHARGE SOUGHT QUESTION FOR THE GOVERNMENT The General Committee of the City Council reports that consideration has been given to a request from the Master Carriers’ and Owner Drivers’ Association that the council take steps to fix a minimum charge for the cartage of goods in the city area. The applicants also submitted a schedule of rates which they recommend to be adopted by the council. The existing schedule which is provided in the city by-laws has been in operation for many years, and, under existing conditions, calls for revision. It provides for maximum cartage rates only, and at present there is no statutory authority enabling a municipal council to fix minimum rates for the cartage of goods, although such authority is available in the case of charges for the carriage of passengers. It is not possible (states the committee) at the present juncture to meet the wishes of the applicants in the matter of the fixing of minimum Charges, and, as it appears desirable that the legislative authority should be obtained, instructions have been given to represent the position to the Government with a view to the necessary statutory authority being provided.

£ s. d. Bank of New South Wales 38 0 0 Com. Bank of Sydney (N.Z. delivery) 22 19 22 18 0 0 Union Bank 11 5 0 Colonial ■ Sugar • ... ... Mercantile Mutual ... 43 7 1 11 6 3 Associated News ... ... 1 .4 0 Huddart, • Parker 2 0 0 Burns, Philp ... ... 4 0 6 British Tobacco ... ... 2 13 2 16 6 6 Coles 5 6 6 Australian. Iron and Steel (pref.) 1 9 0 Goldsbrongh, Mort ... 1 18 7J Morris, Hedstrom (Fiji de11 livery) .... 1 0 Henry Jones ... ... 2 5 6 Electrolytic Zino .... ... Farmer’s 3 7 0 1 16 0 David Jones 2 4 6 W. R. Carpenter ... 2 6 0 Sargent’s ... 1 13 6 Mauri Bros. 3 15 0 Permanent Trustee ... 1 0 0 Taubman’s ... 3 13 0 Victoria Nyanza 0 16 0 Yaa-ra Falls 2 8 9 United Provisions 0 11 8 Wool worths 8 2 0 Selfridge’s ... ... ... 1 17 9 Sulphide 0 17 9 New Guinea Goldfields 0 3 3 Mandated Alluvial ... 0 3 0 Ladv Shenton 0 0 10 New Occidental ... ... 0 10 0 Mount Morgan 0 18 9 Mount Lyell 2 14 0 North Broken Hill ... 4 12 9 South Broken Hill 3 0 0 Broken Hill Proprietary 4 11 0 Zino Corporation 8 15 6 Kuala Kampar ... ... 1 4 6 Rawang Tin 0 13 11 Larut 1 1 3 Loloma 1 5 6 Takapuna Tin 1 10 0 Kampong 1 13 6 Rungah 1 15 6 Puchong . 1 19 0 Southern Kinta 1 10 0 Tongkah Harbour 1 5 0 MELBOURNE, March 11.

Com. Bank of Australia ... £ 0 s. 19 d. 10 National Bank (£5 paid) ... 8 0 0 National Bank (£10 paid) 16 2 0 British Tobacco 2 13 0 Carlton Brewery 3 3 3 G. J. Coles 5 6 0 Drug Houses _ 1 9 7i Dunlop Perdriau 1 0 9 Electrolytic Zinc 3 6 6 Electrolytic Zinc (pref.) ... 3 9 0 Silverton Trams ... 1 16 7 Yarra Falls 2 3 3 Mount Morgan Mount Lyell ... 0 18 7 2 13 7* Broken Hill Proprietary ... 4 11 0 North Broken Hill 4 12 0 South Broken Hill 3 0 0 Loloma ... 1 5 3

London— 100 atg. N.Z , T.T. £124 £124 10/ O.D. £123 10/ £124 8/9 Australia — £A to £100 N.Z . T.T. £101 £100 io 1 Fiji— £F to £100 N.Z . O.D. £90 7/6 £80 New York— Dollars to £1 N.Z. ... T.T. 3.95 3.91 3-8 O.D, 3.9S 1-4 3.91 7-8 Montreal — Dollars to £1 N.Z, T.T. 3.94 15-16 3.91 7-16 O.D. 3.9S 3-16 3.91 15-16 Austria —. Schillings to £1 20.47 N.Z ... T.T. — O.D. — 20.49 Belgium— Belgas to £1 23444 N.Z ... T.T. O.D. ' 23.155 Czechoslovakia— Crowns to £1 N.Z ... T.T. - 111.56 O.D, - 111.61 Denmark— Kronen to £1 N.Z. ... T.T. 18,203 17.893 O.D. 18.263 17.903 France — Francs to £1 N.Z ... T.T. — 85,66 O.D. — 85.70 Germany— Eeichmarks to £1 N.Z ... T.T. — - 9.685 O.D. — 9.690 Holland — Florins to £1 N.Z ... T.T. 7.284 7.134 O.D. 7,344 7.138 Italy— Lire to £1 74.30 N.Z ... T.T. — O.D. - 74.35 JavaFlorins to £1 N.Z ... T.T. 7.241 7.081 O.D. 7.301 7.901 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. 17.389 17.119 O.D. 17.494 17.124 Noumea — Francs to £1 • 84.29 N.Z. ... f TT w o!d. - 84.35 Papeete— Francs to £1 N.Z. ... ... ... T.T. — ' 84.44: O.D. - 84.50 Hongkong— N.Z. pence to 1 18 51-64 dollar ... T.T. 18 19-64 O.D. 18 17-64 18 25-32 India and - Ceylon— N.Z. pence to 1 22 11-16 rupee ... ... T.T. 22 13-32 O.D. 22 3-8 22 43-64 Japan— N.Z. pence to 1 17 31-64 yen ... ..... ... T.T. — O.D, — 17 15-32 Shanghai— N.Z. pence to dollar 1 ' ... T.T. 17 29-32 18 13-32 O.D, 17J 18 25-64 Singapore— N.Z. pence to 1 35 13-64 dollar ... T.T. 34 23-32 O.D. 34 5-8 35 3-16 Cheefoo — N.Z. pence to 1 18 17-32 dollar ... . .. T.T. 17 29-32 O.D. 17 55-64 18 33-64

Last Week. This Week. £ £ 1,500,000 1,500,000 2. Bank notes 12,719,810 13,025,226 3. Demand liabilities— 6,791,503 9,206,398 10,135,250 7,328,794 (c) Other ... 207,825 159,951 4. Time deposits — — 5. Liabilities in currencies other than New Zealand currency G. Other liabilities ... 142,063 143,310 Total £31.496,458 £31,353,681 ASSETS. 7. Reserve— (a) Gold 2,801,790 2,801,701 (b) Sterling exchange 17,458,177 17,674,1X9 (c) Gold exchange ... — — 8. Subsidiaiy coin ... ... 156,563 157,371 U. Discounts— (a) Comnu'ccial and agricultural bills (b) Treasury and local body bills 10. Advancts— (a) To S-ate oi Stale undertakings— (1) Daity industry account 0,714,411 6,285,301 (3 For other purposes 1,800,000 1,800,000 (b> To other public authorities — — (c) Other ... ... 11. Investments 3,453,050 2,453,050 13. Bank buildings — 13. Other assets 112,465 91,968 Total £31,496,458 ,£31,363.081 Proportion of reserve (No. 7 less No. 5) to notes and other demand liabilities ... ... 67.862% 68,895%

SALES ON ’CHANCE. —Lnto Yesterday.--Broken Hill Proprietary (cent.) £4 3s 3d. Broken Hill South, £2 19s 3d. Mount. Lyell, £2 13s 9t , £2 13s 8d. , Mount Morgan, 18s 8c (2). Kawang Tin, 14s 3d (2), 14s 2d. —This Morning.— Commercial Bank, 19s 6d. Hume Pipe, £1 Os 8d. Electrolytic Zinc (ord,), £3 5s 6d (2). • Mount Lyell, £2,l3s 6c Rawang Tin, 13s 9d (3).. SALES REPORTED —Late Yesterday.— National Bank, £3 3s. Dominion Rubber, £1 15s (cum). . Dominion Brewery. £1 19s 6d. Mount Lyell, £2 '13s 7d. Rawang Tin, 14s 2d. 4 per cent. Bonds, 1943-46, £101 12s 6d. 4 per cent. Stock, 1946-49, £102 15s. —This Morning.— Commercial Bank, 19s 6d (2 Electrolytic Zinc (ord.), £3-7s 6d (3). Mount Lyell, £2 13s 8d. National Bank, £3 3s. Australian Glass, £4 12 Gillespie’s, Is 61d. 9d. S AFTER CALL. —This Morning.— Commercial Bank, 19s 6d. Quotations as under: — Buyers. Sellers. £ s.. d. £ 8. d. BANKING— New South Wales ... 36 10 0 — New Zealand 2 3 3 — Commercial 0 19 5 0 19 7 E.S. and A. 6 8 6 6 9 6 National of New Zealand ... 3 2 0 — National of Australasia (cont.) 7 14 0 8 2 6 Union of Australia Ltd — 11 3 0 INSURANCE— National 0 17 7 0 18 0 SHIPPING— Howard Smith — 1 4 6 •. Huddart, Parker 2 0 (ord.) 0 Huddart, Parker (pref.) .. ; 1 10 0 P. and 0. Deferred , 1 19' 0 Stock ... •— U.S.S. Co. (pref.) ... 1 6 0 1 7 0 MEAT PRESERVING— N.Z. Refrigerating (paid) ... . — 0 13 3 N.Z. Refrigerating 0 8 8 9 (cent.) 5 0 Southland Frozen ■ ■ (paid).- ..y ... ... 3 13 6 3-15 9 South . Otago 7 12 6" Freezing ... ...’ ... * LOAN AND AGENCYGoldsbrougK, Mort ... 117 7 ,1 18 0 Mortgage Corporation 3J per cent. Stock ■— 9810 0 National Mortgage ... • *— 2 18 0 N.Z. Loan and Mercantile ford.) 2 1 0 2 5 0 N.Z. Guarantee Cor6 poration 0 5 — Otago Farmers’ Co-op. 0 3 9 — Otago Farmers’ Co-op. 0 19 (A pref.) 0 1 2 0 Perpetual Trustees ... — 3 4 0 Trustees, Executors, and Agency 3 12 0 — Wright, Stephenson 0 19 3 COALEaitangata 1 3 0 Westport — 1 .3 9 GAS— Christchurch ... ... 1 8 0 — WOOLLEN COMPANIESBruce (ord.) — 0 13 0 Bruce (pref.) 1 0 0 1 2 6 Kaiapoi (cent.) — 0 6 0 Mosgiel ... ... 9 18 6 “ MISCELLANEOUS— Anthony Hordern < ... — 1 1 0 Australian Glass — 4 14 0 Broken Hill Proprietary 4 9 6 — Broken Hill Proprietary (cont.) ... 4 3 3 4 4 0 Brown, Ewing (ord.) 1 0 0 — Brown Ewing (pref.) 1 2 6 — Colonial Sugar Co. ... 43 0 0 — Consolidated Brick ... — 0 10 6 D.I.C. (ord.) 0 16 0 — D.I.C. (pref.) 1 3 6 — Dominion Fertiliser ... 1 3 6 1 4 3 Donaghy’s Rope and Twine ... 2 12 0 Dunlop Perdriau Rubber ... : 1 0 6 General Industries ... — 1 1 6 G. J. Coles 5 4 6 5 6 6 Hume Pipe — 1 1 0 Milburn Lime and Cement 2 -0 0 2 2 0 M’Leod Bros 31 10 0 — Mort’s Dock — 0 15 3 National Electric — 0 IS 0 N.Z. Drug Co 3 16 0 — N.Z. Farmers’ 0 19 Fertiliser ... 3 1 0 6 N.Z. Paper Mills ... 1 7 6 — • Otago Daily Times ’ 2 6 0 — Shillings Ltd — 0 18 6 Wilson’s (N.Z.) 1 12 0 16 Cement 1 0 Woolworths (ord.) ... 0 3 7 10 0 Taranaki Oil 9 0 4 3 BREWERIES— New Zealand 2 19 3 2 19 9 Staples’ 1 14 0 — Dominion — 2 1 0 Dunedin — 1 9 0 UNLISTED STOCKS— National Tobacco 2 17 (ord.) 0 2 19 9 Woolworths (Sydney, 8 ord.) — 4 0 OVERSEAS MINING— Broken Hill South 2 19 (£1) „ ... 0 3 0 6 Electro. Zinc (pref., £1) ... ... ... — 3 8 0 Electro Zinc (ord., £1) 3 5 6 3 5 9 Mount Lyell (£1) ... 2 13 4 2 13 9 Mount Morgan (2s 6d) 0 18 6 0 18 7 North Broken Hill 4 10 (£1) ... 0 •— Placer Development Rawang Tin (10s) ... 5 3 0 — 0 13 9 0 13 11 Austral-Malay Tin ... 3 13 0 — Austral-N.Z. Mining 0 10 3 — GOLD MINING— Argo Dredging (Is) — 8 0 2 1 Big River (Is) ... ... 0 1 0 2 0 Clutha River (2s) ... 0 2 6 — Gillespie’s (Is) 0 1 6 — Kildare (2s) ... ... — 0 2 3 King Solomon (Is) ... 0 0 5 — Molyneux River (2s) 0 2 4 — Maori Gully (Is) ... Nokomai (5s) ■— 0 0 7 0 2 1 0 2 6 Okarito (5s) 0 3 4 0 4 0