Commerce, Mining, & Finance

Evening Star, Issue 22682, 23 June 1937, Page 6

Commerce, Mining, & Finance

AUSTRALIAN STOCK EXCHANGES Press Association —By Telegraph—Copjiight SYDNEY, June 22. Good class industrials were generally steady on the Stock Exchange to-day, l>ut- the turnover was limited. Metal shares were weaker.

. . MELBOURNE EXCHANGE. MELBOURNE, June. 22. 'Bonds wore steady. Leading industrials, Barriers, and gold shares were easier. Coles’ shares were down to £5 4s, with some discussion as to the probable next dividend.

MONEY FOR FIRST MORTGAGE ■'The Government Life Insurance, Department announces that it has money to-lend on first mortgage on approved ciVy- and country freeholds at 4J per cent, per annum. Applications for loans may be made to any agency of the Government Life Department. STUD SHEEP SALES JAPANESE BUYERS CONSPICUOUS Press Association— By Telegraph—Copyright SYDNEY, June 22. ■'At the stud sheep sales to-day Comedales of quality sold well, three rams from Mr. Macfarlane’s station, \Verriwa, fetching 330, 340, and 350 guineas respectively. Japanese buyers were conspicuous. The best price for merinos was 750 guineas for a Haddon lligg special ram. Yesterday’s sales, chiefly of merino stud rams, totalled-420 sheep aggregating £19,113, an . average .price of £45 9s a head. Mr Donald Grant (New Zealand) to-day bought a stud merino rim for 30 guinea's. - WILSONS CEMENT REVALUATION OF ASSETS The meeting of shareholders' of Wilson’s (N.Z.) Portland Cement Ltd. to consider the proposals of the directors to increase the capital to £600,000 by the creation of 600,000 10s shares will be held on Wednesday, June 23. The special resolutions to be submitted involve the proposal to write up the value of the company’s fixed assets from £152,059,t0 £452,059 and to place the sum of £300,000 to the credit of a fixed assets revaluation account. It is further proposed that this sum shall be distributed among members of the company in payment in full for 600,000 Shares of 10s each allotted to members on the basis of one for every on© share held On June 23: The shares distributed are to tje treated for all purposes as an increase in the nominal amount of capital,held by each shareholder and not as income. AUSTRALIAN WHEAT WJAHTITY SHIPPED TO AU6KLANO [Pan United Press Association.] AUCKLAND, June 22. On account of the continued shortage of wheat in the South Island a shipment Of about 500 tons' of fowl wheat arranged by the Government Wheat Committee arrived at Auckland to-day by the Union Company’s steamer _Kckeyangu from Melbourne. A consignment of Australian milling wheat will be sold for poultry food by Auckland merchants. The. wheat is expected to meet with a ready sale, as there has been a fairly acute shortage on the local market for some weeks. LONDON FRUIT MARKET The Otago Provincial Fruitgrowers’ Council report cable advise under date Juno 19-from the High Commissioner, per tho Department of Agriculture, as follows-—Port Brisbane discharged in sound condition. Apples: Steady demand, but no improvement in prices. Current prices are—Granny Smith, 9s to 13s; Dougherty, 9s to IDs; Jonathans, Delicious, Cleopatra, Statesman, Stunner, Romo Beauty, Scarlet Nonpareil, Spitzenberg, and Yates, 6s to Bs, Dunn’s Favourite, 6s to 7s 6d. Pears: Winter Nolis, 10s to 325; WinCole, 10s to 11s; Beurro Bose, 8s to 9s; K eider, BeuiTO Die!, and I’lnponnue, 6s to Bs.. ~./

FOREIGN EXCHANGES OH NEW ZEALAND CURRENCY BASIS The Bank of Now 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 tho Bank of New South Wales) quoted the following dollar rates to-day on a New Zealand currency basis. They are subject to alteration without notice ; —, U.S.A. CANADA. (Per £1 N.Z.) Per £1 N.Z.) SELLING— T.T. • (dol) ... 3.96 3-8 - 3.96 9-16 O.D. (dol) ... 3.96 13-16 3.97 BUYING— O.D. • (dol) ... 4.01 ' 4.01 1-4

THE SEARCH FOR GOLD ARGO COMPANY DIVIDEND [Per United- Press Association.] WELLINGTON, June 22. A dividend of Id per share (free of income tax) has been declared on all shares in the Argo Company, and will be payable on' July 5. This dividend represents a. distribution of £2,000 to shareholders, making » total of £17,200 paid in dividends since operations were commenced. The sum of £2OO has been placed to the general reserve, which now stands at £1,600. - REXMAN MINES The manager of the Rexman Mines reports as follows' for the week- ended Juno 19: —During the week the framework of the battery building was completed. The company’s prospector has been engaged in trenching the Carvel reef both east and west with a view to enable close sampling. PROPERTY SALE Messrs Tamblyn, Rhodes, and Jamieson, auctioneers, report having sold the three properties situated in Castle street, on account of the District Public Trustee, at a satisfactory figure. PRICE OF GOLD Press Telegraph-Copyright LONDON, June 22. (Received June 23, at 1.15 p.m.) Fine gold is quoted at £7 0s 4d per ounce. DOLLAR AMD FRANC Press Association —By Telegraph—Copyright ■ LONDON, June 22. (Received Juno 23, at 1.15 p.m.) The dollar is quoted at 94 9-16. The franc is' quoted at 110 J.

ORDERS FOR STEEL CONTRACTS CONSIDERED END-OF-YEAR DELIVERIES Quiet conditions have ruled in the iron and steel markets, but In a number of cases negotiations have been opened regarding contracts for delivery in the latter part of the year, says the official report of tho London Iron and Steel Exchange, issued last month. The recent advance in steel prices does not seem to have had any effect upon the volume of business offering, but most of the makers are so well provided with work. in all departments that they are unable to accept new orders except for execution at distant dates. In the pig iron department the situation is dominated by the difficulty of obtaining supplies. In some districts more basic iron appears to be available, but the demand for hematite (iron ore) is well in excess of the supplies. Uncertainty still exists with regard to the prices of English foundry iron, which was not included in the recent movement, although quotations in Scotland were increased by 25s a ton. An' announcement of an advance in English districts, however, is expected shortly. _ ' ' ■ Consumers of semi-finished steel are experiencing stringent market conditions. The British output of this material is being pressed to the utmost, and there has been some improvement in supplies from the Continent. There are heavy arrears in deliveries, however, to be made up. In the finished steel department pressure to obtain material is unrelaxed. OPEN-DOOR POLICY FREEZING INDUSTRY Reorganisation of the share capital of the North Canterbury Sheep Farmers’ Co-operative Freezing Export and Agency Company Ltd., id which authorised capital will he reduced, 10s a share repaid iu cash to shareholders and 40s paid in shares in the reorganised company is planned. The proposals are the result of negotiations with Mr Arthur Sims, and will make possible the reorganisation of the company on the following basis;Policy and management of the company to remain unaltered. Authorised capital to be reduced from £200,000 to-£IOO,OOO. Proposals are based on a valuation of 50s for present shares, of which 10s will be repaid 'in cash to shareholders and 40s paid in shares in the reorganised company. . Subscribed capital at present stands at £141,425, of which uncalled liability of £56,570 will be cancelled; the writing down of capital equivalent to 10s per share to provide a renewals and repairs reserve for works and plant will account for £14,142 10s, and cash refund to shareholders of 10s per share will take £14,142 10s. Thus will be left paid-up capital of £56,570 in 28,285 fully-paid shares of £2 -each. These will he converted (on the basis of two for each one now held) into 66,570 fully-paid £1 redeemable cumulative' preference shares. Of present unissued shares (11,715), 3,029‘ will be cancelled, and the remaining 8686 will be divided into 43,430 ordinary shares of £1 each. Mr Arthur Sims undertakes to subscribe or to find subscribers for the 43,430 ordinary £1 shares, half of them to be paid up in full immediately and the capital of the balance of such shares may be called up by the directors as required. The preference shares will be redeemable on or after October 1, 1941; they carry a fixed dividend of £5 10s per cent, per annum. Subject to the above scheme being confirmed, the Ocean Beach Freezing Company Limited and Sir Arthur Sims have entered into a contract satisfactory to the directors by which that company will take over the stock purchased by the company for a period of seven years from October 1. 1933. The directors explain that the effect of tho reorganisation will ensure the continuance of the open-door policy and utmost facilities for producers shipping on their own account; shareholders will be relieved of their liability for calls on their holdings, and will he assured of reasonable regular dividends.

REVIEW OF DAIRY SEASON THE NATIONAL CONFERENCE ADDRESS BY MINISTER In opening the National Dairy Association Conference at Hamilton today, tin; Hon. W. Lee Martin. Minister of Agriculture, announced that although the season does not conclude till July HI, ho could indicate its outstanding features, “The season has been one of the wettest on record,” he said, “ and, although the volume of production has been more than maintained, the moist nature of the pastures has made the maintenance of quality a difficult problem for the manufacturers. • At the beginuing of the autumn there was a turn for the .better, and the comparatively mild weather gave an impetus to production. The result. has been that, while the statistics relating to the dairy industry at the end of March last were not, perhaps, as favourable as anticipated, it is expected that autumn figures will be unusually high. During the year elided March'3l last, 151,430 tons qf creamery, butter, and 89,960 tons of butter had come forward for grading, compared with 145,990 tons of butter and 86,250 tons of cheese for the previous year—an increase of 5,446 tons of butter (or 3.73 per cent.) and 3,710 tons of cheese (or 4.31 per cent.). On a butter-fat basis the increase was 5,968 tons, or 3.85 per cent. I think you will agree with me that in the circumstances the figures are most satisfactory. *’ ‘‘ Owing to the phenomenally heavy rainfall, districts such as North Auckland, Hawke’s Bay, Nelson, Marlborough, and Canterbury, which usually suffer from a lack of rain in the summer months, have been ideal for dairying, but in Westland and Otago and Southland conditions have been unfavourable and..extremely trying for the farmer. It is, perhaps, worthy of note that the Auckland province has, in the year ended March 31 last, on. a butter-fat basis, contributed 58 percent. of the total'exports. Ten years ago Auckland’s percentage of the total exports was 47.5 per cent. May I congratulate the fanners of the Auckland province on their achievement? ■

“ The reports of the department’s officers in the United Kingdom indicate that our butter and cheese'have been well received on that market, and have maintained their high reputation for quality. Our butter ' has made_ inroads on to some, of the markets in tho North of England, where the Danish product has its strongest appeal. There • have been -no- major faults in the. quality of our' butter, but openness and mould have marred some of our cheese. The question of openness is still an unsolved problem, but I am glad to say that in this respect there has-been an-improvement, and there is no indication that the mould position.is more, serious-. FUTURE OF GOLD KEEPING LOW INTEREST RATES AK ECONOMIST'S OPINION In view of the serious disturbance to investment markets recently because of fear that a reduction might he made in the price of gold, comment. made last month by Sir Henry Strakosch, in a letter to ‘ The Times,’ is of great interest. Sir - Henry;' it is, announced, has resigned from theFinancial and Raw Materials Committee of the League of Nations, as South Africa does not desire to continue her membership. In the last six years, Sir Henry said, revaluation upward of gold in terms of currency—or in other words, the devaluation of currencies, in the terms of gold—had’proved tho only means of redressing, the. ills which, had arisen, from the tremendous increase in the Surchasing power of money, as re-ect-ed in the catastrophic-fall-of commodity prices. The effects of this upward .revaluatipn of gold wore -immediate and striking. As each country increased the pric<j of gold iq terms of its currency, and so, first prevented a further fall in commodity prices, and later induced a rise, confidence -within that country was restored, and tho comer was turned. The most-impres-sive example was the ‘steady economic progress of the sterling area since the United Kingdom abandoned the old gold parity and allowed the sterling price of gold to rise sharply. , The United States probably saved itself from what might have been economic chaos for a long- period by a similar process. Sir Henry’ said that ‘ revaluation of gold downward would at once upset the equilibrium so laboriously built up in recent years; for it would involve a drastic deflation with all that that implied—a sudden fall in the level of prices, a corresponding increase in the burden of debt, a consequent impairment of credit, a severe reduction in the profit margin on production, and consequent general loss of confidence—in fact, all the elements which had precipitated the 1929 crisis. To maintain' the desired level of commodity prices and ‘interest rates reasonably low, he said, credit must be kept easy, and that was possible only if there wore the necessary quantity of gold available upon which to build up the credit structure. The increase in the world’s stock of ■ monetary gold ’ as- valued in terms of domestic currencies, and tho accelerated rate of production of gold, were facts that should he welcomed. Together they ■were probably no more than was necessary to support a, suitable price level, and an adequate rate of economic progress in the years to come. It was difficult to imagine a more foolish proposition than 'to reverse the process which had saved a- great part of the world from economic, social, and political chaos.

LONDON COUNTY COUNCIL NEW STOCK ISSUE Press Association —By Telegraph—Copyright LONDON, June 22. (Received Juno 13, at 10.30 a.in.) Tlio London County Council is issuing shortly a £10,000,000 3f per cent, stock. £IOO 10s, redeemable in 1952-62. ANTWERP FUTURES Press Association —By Telegraph—Copyright LONDON, Juno 22. (Received Juno 23, at 11 a.m.) Antwerp futures are quiet. July, 32Jd; October and December, 32<d.

SHARE MARKET DUNEDIN STOCK EXCHANGE GENERAL EASING TENDENCY With few exceptions iho market this morning revealed a general weakening tendency. The banking and Australian milling sections were the most affected, prices in both cases being noticeably marked down. Bank of New South Wales shares were on offer at the easier price of £36 10s, while Commercials had sellers at 18s sd, buyers not responding in cither case. New Zealands, with business late yesterday at £2 4s, had sellers at that price this morning, with buyers steady at £2 3s 9d. Jlnions slipped back to buyers’ offer of £lO 12s, with no declared sellers. National Insurance - firmed slightly at buyers 17s Id, with - no sellers forward. Southland Frozen Meat (paid) had buyers at £3 15s,' a seller coming forward at £4. Mosgiel Woollens were quiet at buyers £lO 2s. Broken Hill ' Proprietary's wore fractionally weaker with sellers only quoting. G. J. Coles were weaker at buyers £5 Is, sellers remaining quiet 3s fid away. After being on offer at £2 7s for some weeks, “Otago Daily; Times ’ attracted a buyer today at £2 ss, with no business. '. New-Zealand Breweries (rights) had two transactions at £1 2s 6d. - the market closing with the close quotations of £1 2s 4d and £1 2s sd. Staples had sellers at £2 10s 9d, but no-buyers. The greater part of the business transacted in the callroom this morning was in metal shares, but dealings were at reduced rates. Broken Hill South changed hands at £2 7s 3d, the market closing at £2 7s and £2 Bs, while North Broken Hill had dealings at £3 11s 3d, quotations closing 3d on either side of that price. Mount Lyclls were sharply marked down to £2 0s 6d and £2 0s 9d, as were Mount Morgans at 12s and 12s sd. Clutha Rivers continued in demand, although at reduced rates, buyers at 2s 4d attracting no selling offers. SALES REPORTED. i —Late Yesterday.— Bank’of New Zealand, £2 4s. New Zealand Drug, £3 14s 3d. Mount Morgan,. 12s 7d. Woolworths (Sydney), £7. —This Morning.— New Zealand Drug, £3 14s 3d. New Zealand Breweries (rights), £1 2a fid. SALES ON ’CHANGE. —Late -Yesterday.— Broken Hill Proprietary (cont.), £3 15s. —This Horning.— ’ New Zealand Breweries (rights), £1 2s fid. Broken Hill South, £2 7s 3d. North Broken Hill, £3 11s 3d. SALES AFTER CALL. —-Late Yesterday.— ■ Broken Hill South, £2 Bs.

DIVIDENDS DUE Wilson’s Cement final. 9d per shave ' ... June 23 Australian Glass—half-yearly, per cent, pref., 4 per cent., plus 5 per cent., ord June 23 Farmers’ Trading Co.—ord, 7 per cent ... Ju no 24 Gear, Meat—interim, 3d per share June 25 North Broken Hill quarterly, No. 106, of Is 6d per share ... June 25 Goldsbrough, Mort, Sydney—final, 6 per cent.,- making 8 per cent, per annum June 25 Gillespie’s Beach—ld per share ... June 25 Kauri Timber—interim, 2£ per cent ... ... ... June 25 Manawatu Knitting—interim halfyear, 4 per cent. ... June 28 Morris Hedstrora final, 3£ per cent., making 5J per cent, per annum June 30 British Tobacco interim, quarterly, 2 per cent., at 8 per cent, per annum June 30 J. C. Williamson—half-yearly pref. at 6 per cent, per annum ... June 30 Blackwater—interim. Is, and Consolidated Goldfields, 6d (sterling and tax free) June 30 Zinc Corporation, participating 3s 6d, pref. and ord. (less English income tax), making ' 6s per annum; also half fixed cum. div., 2s on pref., for year ended December, 1937 (less English income tax) ... July' 1 National Mortgage and Agency-r ' : interim, at 5 per cent, per annum July 1 James Stedman, Henderson’s Sweets first pref., halfyearly, 10 per cent .... July 1 Goodyear Tyre (Aust’asia) Ltd.— half-yearly pref. at 8 per cent. per annum July 1 National Bank of New, Zealand—at 4 per cent, (sterling) ■ per annum ... July, 3 Dominion Breweries (old)—final 5 per cent., making 9 per cent, per annum; new at 9 per cent. per annum July 3 Mount Morgan—4]d (Australian)- July 10 Hume Pipe (Far East) Ltd.—lo per cent, per annum July 12 Woolworths (N.Z.) —interim, ord., 5 per cent. - July 15 Woolworths Ltd.—interim, ord., 2 per cent. ... - ... July 15 G. J. COLES DIVIDEND [Per United Press Association.] WELLINGTON, June 22. G. J. Coles will pay a half-yearly dividend at the rate of 8 per cent. -on cumulative preference shares on July 15. BRADFORD MARKET Press Association —By Telegraph—Copyright LONDON, June 21. The Bradford wool market is quietly steady. .

JjXlfti TO irvic tivuiWM £ s. d. Bank of New South 36 0 0 Commercial Banking of „ Sydney ... ... ... .... . 211« U National Bank (£5 paid) Bank of New Zealand . 7 5 0 . 2 3 9 Colonial Sugar ... ... . 47 15 0 Associated -News (pref.) . 1 3 7 \ Australian' Gas (“ A ”) . 7 10 0 Tooths . ... ... 2 15 3 Coles 5 3 0 Dunlop Perdriau .;. ... . 1 2 6 Dunlop Perdriau (prcf.) 1 16 0 Morris Hcdstrom ... 1 10 n Pitt, Son, and Badgcry . 2 8 9 Kandos ...... . 15 0 Felt and Textiles . 1 15 3 Mark Foy ... 15 9 Woolworths . • 7 0 -0 Woolworths (rights) ... . 4,6 6 General Industries .... . 1 0 O David Jones ... ... .... 2 19 Anthony Hordern ... 0 19 3

£ s. cl. Commercial Bank of Australia ....... ■ ... • ••> • i) ia 7 r> National Bank (£5 paid) ... 7 4 National Bank . (£10 paid) 14 9 0 Howard Smith ... 1 U IJ Carlton Brewery ... 3 4 3 Gales * 5 A 0 Drug Houses ; ... '... Dunlop Perdriau ... ... ... 1 1 6 ~2 G 8 DUnlop Perdriau (pref.) ... 1 It) G Grneral Motors 1 4 0 Kauri Timber 1 3 9 F«lt and Textiles ... ... 1 15 0 Mblbourne Electric Stock 0 17 5. Cvc- Bros. ... ... ... •'... 3 15 0 Yarra Falls (rights) 0 7 3 Mount Morgan 0 IX 5 Mount Lyell X 1 •14 Broken Hill Proprietary ... 3 18 9 North Broken Hjll ... • Sputh Broken Hill ... ••• • •3 11 - 2 J 6 9 Loloma ‘ ...• ... '■ ••• ••• 0 19 0 Elfaperor ... 0 15 9

Loudon — £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/ FiiiiH-’ to £100 N.Z T.T. £90 7/6 £89 New. York — Dollars to £1 N.Z. T.T. 4.0001 3,9632 O.D. 4.0101 3.9672 Montreal— Dollars to £1 N.Z. T T 4.0007 3.9658 O.D. 4.0132 3.9698 Austria — Schillings to El N.Z. . T.T. — 20.83 O.D — 20.84 Belgium— Belgas to £1 N.Z. . T.T — 23.391 O.D — 23.402 Czechoslovakia— Crowns to. £1 1 ■ N.Z. 4 . T.T 112.96 O.D , — 113.01 Denmark— Kroner to £1 N.Z. T.T. ‘ 18.203 17.893 O.D. 18.263 17.899 France— Francs to £1 N.Z. . T.T — 88.87 O.D — 88.91 Germany— Keiehmarks to £1 N.Z: .- T.T — 9.836 O.D. — 9;841 Holland — Florins to £1 N.Z. T.T. 7.332 7.182 O.D. 7.372 7.196 Italy— Lire to £1 N.Z. , ... . T.T — 75.35 ■O.D. — 75.40 Java— Florins to £1 N.Z. T.T.' 7.301 7.151 O.D. 7.341 7.155 Norway— ■ Kroner to £1 N.Z. T.T. 16.183 15.893 O.D. 16.243 15.899 Sweden — Kroner to £1 N.Z. T.T. 15.785 15.490 O.D. 15.845 , 15.496 Switzerland— Francs to £1 N.Z. T.T. 17.518 17.248 •O.D. 17.623 17.253 Noumea — Francs to £1 N.Z. . T.T — 87.50 O.D. — 87.56 Papeete— Francs to £1 N.Z. . T.T — 87.45 O.D. ' — 87.51 Hongkong— N.Z. pence to 1 dollar T.T. 18 3-16 18 5-8 O.D, 18 5-32 18 5-8 India and CeylonN.Z. pence to 1 dollar T.T. 22 3-8 22 21-32 O.D. 22 11-32 22 21-32 Japan— ‘i N.Z. pence to 1 yen T.T. . -— 17 15-32 O.D. — • 17 15-32 Shanghai— N.Z. pence to 1 n.z: t.t! 17 47-64 18 11-64 O.D. '17 45-EK-18 11-64 Singapore— N.Z. pence to 1 dollar T.T. 34 23-32 35 13-64 O.D. 34 5-8 35 13-64 Chefoo— N.Z. pence to 1 N.Z. T.T. 17 43-64 18 19-64 O.D. 17 5-8 18 9-32 Manila— N.Z. pence to 1 peso T.T. 29 59-64 30 27-64 O.D. 29 53-64 30 27-64

■Quotations as under:— Buyers. Sellers. £ s. d. £ s. d. BANKING- ■ Australasia (£5) — 12 12 0 New South Wales (£20) — 36 10 0 New Zealand (£1) ... 2 3 9 2 4 0 • New Zealand, Long “ D ” (£1) ... 1 6 3 — Commercial (10s) — 0 18 5 E.S._ and A. (£3) ... — 6 7 6 National of New Zealand (£2 10s) 3 2 0 — National of Australasia, coni. (£5) ... — 7 8 0 Union of Australia Ltd. (£5) 10 12 0 INSURANCE— National (7s) 0 17 1 — Standard (£1) — 3 0 0 SHIPPING— Howard Smith (£1) ... — 1 0 6 Huddart, Parker, 0 ord. (£1) —• 2 0 Huddart, Parker, 9 ■ -pref. (£1) 1 6 — P. and 0. Deferred Stock (£1) 1 17 6 — U.S.S. Co., pref. (£1) 1 6 3 MEAT PRESERVING— Gear (10s) 0 16 1 . — -N.Z.- Refrigerating, 9 paid- (£1) ... 0 18 0 19 1 N.Z. Refrigerating, 9 cont. (10s) — 0 0 Southland Frozen, 0 0 paid (£1) 3 15 4 0 Southland Frozen, pref. '(SI)" ... ... •3 15 oT LOAN AND AGENCYDalgety (£5) — 11 0 0 National .Mortgage (£2) ... - — 2 3 0 National Mortgage, ■ -“B’’ issue (£1) ..; 1 9 0 ■ — N.Z. Loan and Mercan 47 ' tile, ord. (£100) ... *45 0 0 0 0 N.Z. Guarantee Corporation (3s) 0 4 10 0 5 0 • Otago Farmers’ Co-op. (3s 4d) 0 3 9 — Perpetual Trustees (18s) Z IS 0 Wright, Stephenson, ord. (£1) 1 0 9 — Wright, Stephenson, pref. (£1) 1 1 0 —’ COAL— Kaitangata (16s) ... — 1 3 0 Westport (£1) .1 3 0 — Westport-Stockton, 0 • ord. (10s) “ 2 3 WOOLLEN COMPANIES— Bruce, ord. (£1) — 0 11 6 JCaiapoi, cont. (17s) — 9 0 5 0 Kaiapoi, pref. (17s) 0 16 — Mosgiel (£4) 10 z 0 — Timaru (£1) ‘ u iy 6 MISCELLANEOUS— Anthony Hordern (£1) 0 18 6 0 19 3 Associated News, pref. (£1) 1 3 3 — Broken Hill Proprietary. (£!)• ... — > 5 IS 9 Broken Hill Proprie0 tary, cont. (16s 8d) — 3 14 Brown, Ewing, pref. (£1) ... ... .... 1 2 6 — Consolidated Brick (£1) 0 7 3 — D.I.G., ord (10s) ... — 0 17 3 .D.I.C., pref.. (£1) ... 1 3 9 — Dominion Fertiliser 0 (£1) ... 1 3 •— Dominion Fertiliser 104 0 Debs 0 — Dominion Rubber (£1) — 1 15 0 Donaghy’s Rope and Twine (£1) 2 13 0 — Dunedin Stock Exchange 0 Proprietary (£1) ... 2 0 — Dunlop Perdriau 0 6 Rubber (£1) 1 2 1 2 General Industries 0 (12s 6d) — 0 1 2 G. J. Coles (£1) ... 5 1 5 4 6 Hume Pipe (£1) ... — 0 19 9 Milburn Lime and 0 Cement (£1) 2 0 — Mort’s Dock 0 14 10 0 14. 4 Moturoa Oil, pref. (5s) .. r ... .... 0 2 6 — National Electric (£1) — 0 14 0 N.Z. Drug Co. (£2) — 3 14 9 N.Z. Farmers’ Fertiliser (£1) — 1 0 6 N.Z. Paper Mills (£1) • Otago Daily Times ’ 1 6 9 (£1) 2 5 0 2 7 0 Regent Theatre (£1) Shillings Ltd. (£1) ... 1 0 0 1 1, 6 0 18 0 — Smith and Smith, pref. (£1) Wilson’s (N;Z.) 1 1 6 — Cement (10s) —. 2 0 0 Wool'worths, ord. 0 (£1) — 8 2 BREWERIES— New Zealand (£1) ... 2 7 0 2 8 6 New Zealand (rightsl Staples’ (£1) 1 2 4 1 2 5 — 2 10 9 Dunedin (£1) Tooth’s (£1) 1 8 6 — 2 15 0

UNLISTED STOCKS— Mackintosh, Calcy, Phoenix (£1) 0 7 5 Woolworths, Sydney, ord. (£1) ... ' 7 2 0 A. and T. Burts, prof. (£1) M'Kenzic’s Departmental Stores (£T 0 9 6 0 12 6 3 19 0 4 0 0 OVERSEAS MINING— Broken Hill Soutli (5s) ... ■ 2 7 0 2 8 0 Electrolytic Zinc (ord., £1) Mount Lycll (£1) .. 2 12 6 2 13 6 2 0 6 2 0 9 Mount Morgan (2s 6d) 0 12 0 0 12 5 North Broken Hill (5s) 3 11 0 3 11 6 llawang Tin (10s) .. 0 11 3 0 11 8 Austral N.Z. Mining (9s) ... .. 0 12 0 GOLD MINING— Big River (Is) 6 1 3 0 1 8 Clutha River (2s) ... 0 2 4 Consolidated Goldfields (4s) 0 15 0 Gillespie’s (Is) 0 1 4 0 1 6 Goldfields Dredging (Is) ...... 0 0 4 Lawson’s Elat (Is) ... 0 0 4 Molyneux River (2s) 0 2 0 Maori Gully (Is) - 0 0 6 Nokomai (5s) 0 2 0 0 2 8 Okarito (5s) 0 2 0 0 2 9 Sandhills (la) 0 0 1 ■ Skippers (Is) 0 0 4 Waihi Grand Junction (2s) 0 3 0 Waimumu Sluicing (Is) ... ... 0 0 7 Waipapa Beach (Is) — 0 0 9 N.Z. GOVERNMENT LOANSp.c. Stock, May, 1939-52 102 0 0 3* p.c. Stock, March, 1941-43 101 5 0 3i p.c. Stock, Sept;, 1941-43 : ... 101 5 0 3i p.c. Stock, Mar, 1941-52 ... 101 5 0 3jr p.c. Stock, Nov,, 1941-52 101 5 0 4 p.c. Bonds, 1943-46 103 10 0 4 p.c. Stock, 1943-46 103 10 0 104 10 0 4 p.c. Bonds, 1946-49 103 10 0 4 p.c. Stock, 1946-49 103 10 0 4 p.c. Bonds, 1952-55 102 15 0 4 p.c. Stock, 1952-55 102 15 0 . 3 p.c. Bonds, 1939-41 96 0 0 3.; p.c. Bonds, 1953-57 98 10 0 3) p.c. Stock, 1953-57 •98 10 0 —