Commerce, Mining, & Finance

Evening Star, Issue 22684, 25 June 1937, Page 6

Commerce, Mining, & Finance

AUSTRALIAN STOCK EXCHANGES Tress Association —By Telegraph—Copyright SYDNEY, June 24. With depressed stock markets, the overseas investment dealings on the Stock Exchange to-day, were again along quiet lines.

MELBOURNE EXCHANGE. MELBOURNE, June 24. The market generally was a shade

THE RESERVE lANS assets and liaiilities [Pm United Pmss Association.] ' WELLINGTON, June 24. The Gazette issued to-mght contains the following si f ate S e e nt R " f se ive' bilities and assets of tne Jieservo Bank' of New Zealand as atthocosc of, business on June 21.. The “guies a l : - -the close of the previous week aao Sven for purposes, of comparison, shillings and pence being omitted . > LIABILITIES. /; Last week. This week.

ASSETS. 7 ‘ k.Tr.oll 3,801.701 2,801,791' (b) Sterling exchange 21,124,3(2 21,117,218 (c) Gold exchange ... /^ in7 109 455 8. Subsidiary com ... ... 112,107 1). Discounts—(a) Commercial and agricultuial bills ... (b) Treasury and local __ body bills ... 10.. Advances—(a) To State or State undertakings- ■ 4,932,351 4.903.340 (2, ° th " >. PU :. 200.000 200.000 (b) To other public authontics ... ... ' , 11. l ( nve°Sents .Z ZZ . 2.906.450 2.900,450 12. Lank buildings ... ... . 13. Other assets 77,1.1) Total ... £33,154,251 £32,195,148 1 Proportion of reserve (No. T less No. 5) to notes im* >•*» SYOWY MAMETS Press Association—By Telegraph—Copyright . SYDNEY, June 24. The wheat market is steady. Bagged grain is quoted at 5s 3d a bushel in the country, and silo wheat at about 4s 4d, equal to 4s lid on a Sydney basis. Flonr, £l2 ss. Bran, £6 15s. Pollard, £7 per ton. Potatoes.—Tasmanian, £5 per ton; others, £4. Onions.—Brown, £l3 per ton. 1 Maize.—Yellow and white/ 5s 9d per bushel. } _ 1 A NEW WOOL SUBSTITUTE What may turn out to be a serious rival of Australian wool was discovered by; the chief investigation officer of the Commonwealth Customs Department (Mr Townsend), when, during a visit to Czechoslovakia, scientists explained to; him the development of artificial wodl and rubber. They claimed that artificial wool is more costly than natural wool, blit it’ has proved equal to wool in the necessary qualities,,and definitely more durable 1 It was claimed that this artificial wool has all the characteristics of sheep’s wool, especially in the matters of warmth and absorption of moisture, when made into garments. It was suitable for spinning and weaving. Mr Townsend said: “ The samples I saw seemed equal to rather low-grade Australian wool. They were rather rough to feel, but remarkably like natural wool in appearance and texture. Officials of the company are emphatic in expressing regret that they are compelled to seek a wool substitute.” TIN QUOTA INCREASED lie PER Of NT. OF STANDARD TOMNA6EB The International Tin Committee has fixed the quota for the third quarter of this year at 110 per cent, of standard tonnages. The quota 'was 100 per cent, for each of the first two quarters. On that basis, the standard tonnages of signatories to the international agreement would have been 199,850 tons for a full year. Recent statistics have shown that consumption has been overtaking production, partly because of restocking by consumers.

MOUNT MORGAN PRODUGTIOH REPORT [Psr United Press Association.] WELLINGTON, June 25. The New Zealand Stock Exchange has received the following cabled production report for the four weeks ended June 23, from Mount Morgan: Ore mined, 46,164 tons ; ore treated; sulphide, 27,500 tons; oxidised, 19,378 tons; estimated production of gold, 4,422 ounces; copper, 126 tons. RAOBITSKIN SALE The Dunedin Stock Agents and Wool Brokers’ Association reports as follows : During, the last week overseas markets have shown a weaker tendency, and this was reflected to some extent in the rabbitskin sale yesterday. There was a large offering, and bucks may be quoted on an average 3d to 6d lower, the biggest decline being for the best grades. Does were lower by 2d to 6d, with a bigger drop on early winters. Dawny autumns were about 9d lower, and autumns and incomings par to bd lower. Low grades showed little change. The following is the range of prices:— Summer broken, 26d to 28? d; autumn broken, 39Jd to 42d; second winter broken, 45d to 53]d; first winter broken. 58d to 69d; runners, 30d to 34d: summers, bucks 31;]d to 34id, does 28to 30Jd; small, 20d to 21id; light racks, 40d:to 45d; prime racks, 40d to 45d; dawny autumn, 47d to 49id; early autumns, 70d to 76d ; late autumn, 88 2 d to 107 d; second incoming, 96d to 107 a ; incoming winter, • HOd to 126 d; first early winter bucks, 143 d to 14id; docs, 85d to 95d; second early winter does, 80d to 85d; bucks, 128 d to 133 d; first spotted winters, bucks 128 d to 13Jd, does 76d to Slid; second winter bucks 148 d to 155 d; second winter does, to 93Jd; first winter bucks, 169“ *° 174 d; first winter does, IOOd to lObd; prime bucks, 172 d to 174 d; prime does, 106 d to 108 d; outgoing bucks, 95d to Hid: does, 54]d to 70d; springs, bucks 60d to 78Jd, does 42id to 481 d; milky, 26? d to 43U1; fawn, 40d to 80d] winter fawn, 96d to lOOd; summer black, 30d to 331 d; autumn black, 64cl to (3d: first winter black, IOOd to 103 d; second winter black, 85d to 90d; hareskms, 26d to 44Jd; horsehair, 16d to 19d. ARCADE THEATRE COMPANY [Per United Press Association.] WELLINGTON, June 24. His Majesty’s Arcade and Theatre Company Ltd., Auckland, has advised the Stock Exchange Association that it will pay an interim dividend on July 1 of 2 3-5 per cent, on preference and 3 per cent, on ordinary shares. THE SEARCH FOR GOLD MOLYHEUX DREDGE 9410 Z FOR FORTNIGHT. The Molyueux Gold Dredging Company Ltd. reports that during the two weeks ended June 19 the dredge operated for 252 hours and recovered 94£oz of gold. WEST COAST DREDGES The Mossy Creek obtained a return of 19oz from 7,996yds for 129 hours’ work. The master of the Worksop Extended dredge reports a return of 320 z; BULOLO GOLD DREDGING The attorney for Clutha Development Ltd. has received the following Buloflo production report for the month of May:— . The total gross production amounted to 11,261 ounces of bullion containing 7,746 ounces of fine gold from 901,000 cubic yards. The estimated working profit was 6,156 ounces of fine gold. The above production is equivalent to f£67,777 10s and working profit to £53,865, on the basis of £8 15s (Australian) per fine ounce of gold. PLACER DEVELOPMENT LIMITED The following report concerning Pato Consolidated- and Asnazu Gold Dredging has been received from the attorney for Clutha, Development Limited:— For the three months to June 1 Pato Consolidated Gold Dredging Ltd. dredged 684,000 cubic' yards, recoyering 4,223 ounces of fine gold, equivalent to 147,805d01. As power permitted, 29,500 cubic yards of gravel were treated experimentally for a recovery of 422 fine ounces, equivalent to 14*770d01. Due to delay in crossing the river, the recently completed No. 3 dredge will not reach the dredging area now until August. _ The field erection of dredges 4 and 5 and the completion of the large hydro-electric plant is proceeding according to programme. For the same quarterly period, Asnazu Gold Dredging Ltd. handled 474,000 cubic yards, recovering 7,703 ounces, equivalent to 269,605d01. ROTH6AY GOLD RECONSTRUCTION Directors of Rothsay Gold Mines, N.L., are asking shareholders to consider a resolution to reconstruct, and that accordingly the company be wound up voluntarily. A circular to shareholders states that negotiations with the debenture-holders have been satisfactorily concluded, and that all debentures will he surrendered and new debentures in the reconstructed company accepted in lieu thereof. The board recommends reconstruction of the company on the following basis: — A new company of the same name be formed with nominal capital of £IOO,000, divided into 1,000,000 shares of two shillings each, of which 500,000 shares bo issued to shareholders paid up to Is 3d a share, on payment of threepence a share, on the basis of one new share fur every share hold in this company. Five hundred thousand shares will be held in reserve, out of which debenture-holders will lie allotted shares in the event of their desiring to convert their debentures into shares. The issue of 500,(XX) shares has been underwritten.

FOREIGN EXCHANGES OH 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. London —

DOLLAR RATES, The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates to-day on a New Zealand currency basis. They are subject to alteration without notice:— U.S.A. CANADA. (Per £1 N.Z.) Per £1 N.Z.) SELLING— T.T. (dol) ' ... 3.96 1-16 3.96 3-8 O.D. (dol) ... 3.96 7-16 3.96 13-16 BUYING— O.D. (dol) ... 4.00 5-8 4.01 1-16 GUARANTEED FRIGE FIXATION DEFENCE OF COMMITTEE S PERSONNEL [Per United Press Association.] HAMILTON, June 24. Guaranteed price fixation formed a subject of discussion by the National Dairy Federation Conference to-day, when a remit was brought forward by the Kaitaia Company—“ That unless provision has already been made the Government, when in future determining the guaranteed price should include on the committee appointed to report to the Government nominees appointed by the National Conference.” As an amendment Mr C. J. Parlane, manager of the New Zealand Co-opera-tive Dairy Association, moved—" That an independent tribunal be set up.” Ho considered it was not right that the Government, as purchasers of butterfat, should of itself have any say in fixing the price. On being put to the meeting both the remit and the amendment were lost. A spirited defence of the personnel of the present committee and the attitude of the Government in the matter was made by Mr A. J- Sinclair, the Te Awamutu member of the committee. There was onlv one member of the committee who shared the Government’s political views, and the committee was fully representative of the industry.

HIGH-GRADE IRON PRODUCED NEW ZEALAND IRONSAHDS SUCCESSFULLY TREATED founding of industry [Per United Press Association.] AUCKLAND, June 24. Claims that it has succeeded in producing economically by its own processes, after some years of investigation, a high-grade iron from New Zealand titaniferous ironsands, practically free from the impurities which in the past have prejudiced the development of an industry, are made by the Duffield Iron Corporation Ltd., or London. It proposed through a subsidiary company, Duffield Iron and Steel (N.Z.) ‘Ltd., to move toward starting an industry at Patea, having already secured the necessary lease and authority to take sand from the Patea Harbour Board, which would produce 25,000 tons of quality ingots a year for export. . . Plans for eventual extension involve the establishment of similar works near New Plymouth and also at a site not yet disclosed, as the relative merits of the sand from several localities are still in the process of testing at the corporation’s works and laboratories in England. The nominal capital proposed in the Patea scheme is £200,000, of which Duffield Iron and bteel (N.Z.) would take half._ Under a comprehensive scheme, it is claimed that export could be developed valued at £1,500,000 per annum, the total labour involved, including consequential auxiliary industries, being estimated at 3,500, with a pay roll of £750,000 per annum. It is stated that laboratory tests were started in 1928. and as an outcome of the work a New Zealand subsicliarv company was formed for the purpose of acquiring the New Zealand rights of the Duffield process and investigating the possibilities of its development in New Zealand, particularly in respect of ironsand deposits. Several shipments of ironsand were forwarded to England from New Plymouth and Patea for experimental purposes. The proprietors of the process Were confident at the outset, it is further stated, of being able to produce from the sand, very efficiently and economically, a good average grade of iron at a prico competitive with that produced by the blast furnace methods, the capital cost of the plant necessary for the Duffield process being only a fraction of the cost : necessary in the ease of other processes to produce a given quantity of iron. The results have now given a very much higher standard of iron than was anticipated. The Duffield Iron Corporation Ltd.,' reporting on the tests, has made the following comments:— _ •' 1. The extraordinary rapidity (20 minutes) with which the magnetic oxides in the sand were reduced to a semi-molten state. 2. The gratifying features that almost all the titanium oxide, joined the bath of basic slag, only 0.02 per cent, (a quantity considered negligible) being in the iron. 3. The high state of purity of the iron. 4. The economic aspect ' generally of the procedure. The corporation regards its procedure so far as_ it has gone—the first test of extracting iron,’so conspicuously free from all impurities—as extraordinarily successful. ' >

VOTING BASIS DAIRY COMPANIES AGAINST INTERFERENCE [Pbr United Press Association.] HAMILTON, June 25. '' There is a movement on the part, particularly of tho Waikato and Hawke’s Bay fanners, asking the Government to amend the voting basis of dairy companies,” commented a delegate in urging that conference strongly oppose any suggestion of Government interference with the existing rights of any individual companies to determine under their articles of association their own regulations, and in particular, their own basis of voting. _ ■ The delegate said there were farmers desirous ,of the one supplier, one vote system. It was pointed out that this would not bo fair, as it would enable a man with one or two cows to have the same voting power as a man with a large herd. It was decided to oppose any Government interference with existing rights. DOMINION SHEEP FLOCKS COMPARATIVE FIGURES A SUBSTANTIAL INCREASE [Per United Press Association.] WELLINGTON. June 24. An interim return of sheep in the Dominion on April 30, 1937, is contained in a ‘ Gazette ’ issued to-night. The figures aro as follow: 1937 193 G Increase XI total 17,015,013 10,371,841 043,109 S.l. total 14,195,721 13,741,860 453,861 Total for Dominion ... 31,210,734 30,113,701. 10,970,030 The total of 1,692,610 mutton carcasses was exported in 1937 for the year ended April 30, and 8,770,630 carcasses of lamb. ASSOCIATED SAVINGS BANKS MR DOVE ELECTED PRESIDENT [Per United Press Association.] AUCKLAND, June 24, The conference of Associated Savings Banks of New Zealand was concluded at Auckland to-day. In framing a common policy for administration and control, the conference discussed many problems of a domestic nature, and also considered the operations of the Mortgagors and Lessees Rehabilitation Act. Mr J. W. Dove (Dunedin! was elected president of the Associated Savings Banks in place of the retiring president, Mr A. Harris (Dunedin).

SHARE MARKET DUNEDIN STOCK EXCHANGE SOUTHLAND FROZEN MEATS MOVE UP A firmer tone brightened the local share market this morning. Business was slack, liowever, only one transaction being recorded in the room. Banks remained weak, but the Australian mining section improved noticeably. The feature of the market was the sudden rise in Southland Frozen Meats, both the paid and preference issues jumping 5s on buyers’ quotations of £3 17s. Sellers remained off, while the reason for the demand is not yet apparent. Banks were weak, with few quotations. Australasias lost ground to sellers £l2 10s, while New Zealands were fractionally easier at sellers £2 4s 3d. The long “D ” issue had reported business at £1 6s 3d, the market closing with buyers on at £1 6s. National Insurances continued their firming movement, buyers rising to 17s 2d without attracting a selling offer. South British shares were inquired for at £4 15s, but there was no response. Broken Hill Px-oprietary (ords. and contribs.) were fractionally firmer, the ordinary issue having a wide market at £3 17s 6d and £4 Is. G. J. Coles were wanted at £5 2s, sellers remaining quiet 2s away. Wilson’s Cement, quoted ex bonus issue, were wanted at 18s 6d, but sellers were quiet. Woolworths (N.Z.), quoted ex rights, had a pound separating buyers and sellers, the market closing at _£6 and £7. New Zealand Breweries (rights) again attracted a fair amount of attention, and with sales late yesterday ranging ; between £1 Is 2d and £1 Is 4d changed hands to-day at buyers’ price of £1 la 6d, sellers remaining on 6d away. Barrier companies were firm. Electrolytic Zincs having buyers at improved prices, with no declared sellers.’ Mount Lyells recovered -to £2 Is and £2 Is sd, with no business. Mount Morgans moved forward to sellers at 12s 6d, buyers coming on at 12s. Local , gold mining was very quiet, Gillespie’s being offered ex div. at Is Sd. Government Stock had a firm market, although all issues were not quoted. SALES RF,PORTED. —Lato Yesterday.— New Zealand Breweries (rights), £1 Is 2d, £1 Is 3d, £1 Is 4d. ■ —This Morning.— Bank of New Zealand, long “ D,” £1 6s 3d. SALES AFTER CALL. —This Morning.— New Zealand Breweries (rights), £1 Is 6d. Quotations as under:— Buyers. Sellers. £ s. d. £ s. d.

Manawatu Knitting—interim halfyear, 4 per cent. ... June 28 -Morris Hedstrom final, 3f per ■ cent., making 5 i per cent, per annum June 30 British Tobacco interim, quarterly, 2 per cent., at 8 per cent, per annum ... June 30 J. G. Williamson —half-yearly pref. at 6 per cent per annum ... June 30 Blaokwater—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 Agencyinterim, at 5 per cent, per annum .. ••• July 1 James Stedrnan, Henderson’s Sweets first pref., halfyearly, 10 per cent. JmT , 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 A.. ... .. ... ... 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—4id (Australian) July 10 Hume Pipe (Far East) Ltd—lo per cent per annum July is Woolworths (N.Z.)—interim, ord., . 5 per cent - Jul * 15 Woolworths Ltd.—interim, ord., 2 per cent. ... - FRUIT AND PRODUCE ORANGES IK GOOD SUPPLY SHORTAGE OF FRESH VEGETABLES Reilly’s report that fair supplies of all lines of fruit and produce, with the exception of fresh vegetables, are available, and increased supplies of apples have been received during the week. For good quality dessert apples, “here is a satisfactory demand, but small and inferior grades are hard to dispose of. Good quality pears have an excellent inquiry, some of the lines received, however, being rather wasty. Hothouse tomaties have firmed in price. Cut flowers are meeting with a' good demand. . , ~ Although the market is bare or supplies of South Australian oranges, booknigs for the next arrival or the aitaki on Tuesday are not exceptionally heavy, owing to a carry over from the previous shipment and the good supplies of Co oik Island oranges which are available. The price of Island oranges has been reduced ,and they are now meeting with a better demand. . The Karetu brought a small shipment of Queensland pineapples, which realised satisfactory values. Californian lemons have firmed in price, supplies being particularly short. Supplies of passion fruit are rather in excess of requirements. During the week small consignments of New Zealand lemons and marmalade oranges came to hand, and met with an excellent demand. Ripe bananas are still realising low Fresh vegetables have an excellent inquiry, supplies being short, with values Supplies of eggs are wanted. The market has advanced to Is lOd per dozen, and is very firm at this figure. Values were firmer for all lines of poultry, despite the maintenance of good consignments. ■ Q.A.N.T.A.S. LTD, PREPARATIONS FOR NEW ISSUE Resolutions passed at an extraordinary general meeting in Brisbane of shareholders in Q.A.N.T.A.S. Limited provide that present shareholders will have the opportunity of subscribing for at least one new share for every one held, the balance being offered to the public, clear up all preliminaries to the new capital issue, and permit the early listing of the company’s shares on the Stock Exchanges. The company at present has a paid capital of about £70,000. Its nominal capital was increased recently from £IOO,OOO to £500,000. It is believed that the new issue will be more than £400,000, The exact amount of capital required will depend on the final decision between the Australian and United Kingdom Governments on details of the flying boat service.

UPPER WATUT WINDING-UP UNDER “ UNABLE TO PAY DEBTS A petition for the winding up of Upper -Watut Gold Alluvials (No Liability); which has carried on mining operations in New Guinea, was granted by Judge Magennis. The petition was made by the company, and was not opposed. The petition stated that the company was incorporated on February 14, 1935, and its registered office was at Normanby Chambers, Little Collins street, Melbourne. At the date of its incorporation the nominal capital of the company was £200,000 divided into 800,000 shares, but by resolution of the company on May 15, 1936, the nominal capital was increased to £300,000 by the creation of 400,000 new shares. The present directors were Colin Mackay, sharebroker j Frank Thomas Leahy, mining engineer; and James Biers M'Coll, accountant, all of Collins street, Melbourne. The company was formed for the purpose, inter alia,' of acquiring from tho Mount Lawson Prospecting and Option Syndicate _ (No Liability) the options on certain leases in New Guinea, which were estimated to comprise, about 16,000,000 cubic yards of water, together with all plant, equipment, water rights, piping, timber, and all other assets of the vendor company. The total amount spent or due by the coinpany was £225,738, which left an excess of expenditure over a total of the amounts received of £66,043. The company had been endeavouring to carry on the operations for which it was formed, but up to the present time its efforts had been unsuccessful; It was indebted to its creditors in the sum of £66,043. Its assets, ■ apart from its goldmining leases, were estimated at £20,000, consisting of plant, machinery, and buildings. The company had no money in hrnd, and it was impossible to issue 380,000 shares held in reserve. A creditor,; Guinea Airways Ltd., had issued a Avrit against the company claiming an amount thought to be £10,236 18s Bd, and another Creditor, Burns, Philp, and Co. Ltd., had issued a writ claiming an amount thought to be £2,929 13s 2d. The writs had been issued in New Guinea. The list of creditors included E. J. Morgan and Co. in the sum of £47,523 17s sd. The petition added that the company was unable to pay its debts. Because of the writs that had been issued, and because of the company’s lack of funds, the directors had resolved that immediate steps be taken to place the company in liquidation. If an order for winding up were made, the true value of the assets would-be obtained and all creditors would be placed on an equality. LOWBURN DREDGE AUSTRAL N.Z. MINING COMPANY’S VENTURE Preliminary operations in connection with the erection of the Austral New Zealand Mining Company’s dredge at Lowburn have now begun. The workshop is almost completed, and the necessary plant is being fitted. Part of the material is on the site. Actual building operations are expected to begin shortly, while the dredge will be ready to turn over to the company 12 to 15 months later. The approximate weight of the dredge will be 700 tons, while its dimensions will be: Length, 176 ft; width, 75ft; depth, 13ft 6in. The plant, as originally proposed by the company, will be capable of digging at least 3J million cubic yards per annum. The Secretary for Austral New Zealand Mining Ltd. advises that a call of 2s per share has been struck on all contributing shares, and is payable on Wednesday, July 21, 1937. _ This call will make the shares 11s paid. It is expected that further calls will be made at intervals of two months, AUSTRALIAN GLASS £231,290 EARNED FOR YEAR Results of the Australian Glass Manufacturers Co. Ltd. continued to show improvement in the year ended March 31. Tho company’s record profit of £231,200 was earned in the period, as against £205,490 in 1935-35, and £175,520 in 1934-35. Although profits arc larger by £25,710, ordinary shareholders are receiving an unchanged dividend of 15 per cent. After meeting the 9 per cent, preference charge of £15,750 tho sum of £215,450 is available, this amount being equivalent to 23 per cent, on ordinary capital. The sum of £SO,CW has been transferred to reserve, and £.5,880 is carried forward as against £70,180 brought forward. The company s nearest approach to the latest profit was in 1928-29, when £207,890 was earned. In that year tho ordinary dividend was 12J per cent. ■ , . The company at present controls four subsidiary companies in Australia. _ Recently the directors announced their intention of registering another subsidiary the Western Australian Feldspar Company, in Perth, to work feldspar deposits near Coolgaidie (W.A.)« In addition to manufacturing a wide range of glass products the company has a virtual monopoly for the manufacture of bottles for breweries, and one subsidiary manufactures glass bricks.

AUSTRALIAN WOOL CLIP 3,141.000 BALES SALES OPEN ON AUGUST 10 The Australian' wool clip for the 1937-38 season is expected to be 3,146,000 bales, or 943,800,0001 b. The estimate was announced after a joint conference of the National Council of AVdol Selling Brokers and the Australian Woolgrowers’ Council. The 1936-37 clip, it has been estimated, was 3,140,000 bales, and its value was not less than £62,000,000.Of this, about 10 per cent, represents sales in London, the value of which is difficult to estimate accurately. Of the 1937-38 clip, it is estimated that 82 per cent, will be merino wool, and 18 per cent cross-bred. It is expected that 2,860,000 hales will be received through the brokers’' stores for offering in the Commonwealth. These offerings would be about 3 per cent, higher than in the 1936-37, season. Tho joint conference agreed that the selling season should open in_ Sydney on August 30, followed by sales in Adelaide opening on September 2, Perth on September 13, and Melbourne on September 27. It was agreed that the quantity of wool to be offered before Christmas would not exceed 1,500,000 bales. HIGHER PRICES. The 1936-37 prices were 15 per cent* higher than those of the previous year, and 60 per cent, above those of 1934-35. The revenue for the season was the greatest recorded for seven years, and was practically equal to the amount received in the last pre-depression period, 1928-29. - ■ For two successive seasons Australian woolgrowers have received a profitable range of prices for their clips. The wool cheque for 1935-36 was £54,000,000, and for 1934-35 £41.000,000 Australian currency. The average price per bale, in 1936-37 was £2O. compared with £l7 11s 9d in 1935-36 and £l2 13s 6d-in 1934-35. ■ :i : BETTER QUEENSLAND RETURNS. The chief increase in the Australian clip will b© experienced in Queensland. That State has enjoyed the most generally favourable pastoral conditions for 10 years. ■ As a whole, the remaining wool-pro-ducing Slates have been in good pastoral order. Western Australia will probably show some recovery in the coming season from the marked decrease this season. In New South Wales the position is regarded as uncertain, because of devastations of the grasshopper plague. Largo areas of the State have_ been affected, and a substantial section of the plain country has been almost denuded of feed. _ . ■ Conditions in Victoria and South .Australia have been generally favourable.

£ s. d. Commercial Bank of Sydney 22 0 0 Queensland National Bank 5 10 0 Colonial Sugar 4/ 1/ 6 Tooth’s ... 2 16 0 Toohey’s 1 13 n Queensland Brewery ... ... 1 6 3 Dunlop Perdria'u ... ... 1 - 6 t Winchcombe Carson 1 18 6 Morris Hedstrom ... ... 1 10 3 9 Henry Jones ... 2 7 Newhold Brick 1 10 6 R. Fowler 0 13 5 Waldas ... 0 6 9 Peters ••• 4 t Woolworths (rights) ... 7 6 Woolworths (New Zealand) 7 0 0 0 David Jones i & 1.3 Farmers ... 1 ■ Anthony Hordern U XV 3 6 9 7 ' 3 Mount Morgan V 14 T Mount Lyeli Rawang ••• Larut 0 11 0 19

better. Sales d. £ s. Commercial Bank of AusNatfonal'Bank (£10 paid) 0 18 14 9 6 0 9 ,6 0 5 9 Howard Smith ••• X 3 X Carlton Brewery 3 A Coles Dunlop Perdnau ref ) 0 1 1 <fc 2 16 Goldsbrough, Mort 1 16 14 14 9 6 9 9 0 7i 0 Electrolytic Zinc Felt and Textiles ... ••• 1 Melbourne Electric Stock ... 0 17 14 1 Sulphide Corporation Mount Lyell • 0 2 South Broken Hill ... • •• z o 0 15 n Emperor . ... •••••• ••• 9 Loloma ... •••. ••• •••

1. General Reserve Fund 3. Bank notes 3. Demand liabilities— (a) State ••• (b) Banks ••• (c) Olh*r , — 4« Time • deposits 5. Liabilities in currency : other than New Zealand currenvy 6. Other liabilities ... ... ■' 1,300,000 13,813.563 8,106 731 8,683,803 881,177 137,673 1,500,000 13,759,091 7,013,107 9,311,767 950,111 *133,065 Total: ... ...I ... j£33;195,H9

£100 stg. N.Z . T.T. £124 £124 10/ O.D. £123 10/ £124 8/9 Australia — £A to £100 £100 10/ N.Z, . T.T. £101 Fiji— £P to £100 £86 N.Z. ... ... , T.T. £90 7/6 Now York— Dollars to £1 3.9597 N.Z. ... T.T. 3.9965 O.D. 4.0065 3.9637 Montreal — Dollars to £1 3.9646 N.Z. ... T.T. 3.9995 O.D. 4.0120 3.9686 Austria — Schillings to £1 N.Z T.T. O.D. - 20.83 20.84 Belgium— Belgas to £1 25,368 N.Z. ... T.T. -— O.D. — 23.379 Czechoslovakia — Crowns to £1 113.06 N.Z. ... T.T. — O.D. ■— 113.11 Denmark — Kroner to £1 17.893 N.Z. ... T.T. 18.203 O.D. 18.263 17.899 France — Francs to £1 88.88 N.Z. ... T.T. — O.D. — 88.92 Germany— Reichmarks to £1 9.832 N.Z. ... T.T. — O.D. — 9.837 Holland — Florins to £1 7.173 N.Z. ... T.T. 7.323 O.D. 7.363 7.177 Italy— Lire to £1 75.31 N.Z. ... T.T. — O.D. — 75.36 Java— , Florins to £1 7.145 N.Z. ... T.T. 7.295 O.D. 7.335 7.149 Norway— Kroner to £1 15.893 N.Z. ... T.T. 16.183 O.D. 16.243 15.899 Sweden — Kroner to £1 15.490 . N.Z. ... T.T. 15.785 O.D. 15,845 15.496 Switzerland — Francs to £1 17.233 N.Z. ... T.T. 17.503 O.D. 17.608 17.238 Noumea— Francs to £1 87.51 N.Z. ... T.T. — O.D. — 87.57 Papeete— Francs to £1 87.46 N.Z. ... T.T. — O.D. — 87.52 Hongkong— N.Z. pence to 1 18 37-64 dollar ... T.T. 18 9-64 O.D. 18 7-64 18 37-64 India and Ceylon— N.Z. pence to 1 22 21-32 dollar ... ... T.T. 22 3-8 O.D. 22 11-32 22 21-32 Japan— N.Z. pence to 1 17 15-32 yen ... T.T. — O.D. — 17 15-32 Shanghai— N.Z. pence to 1 dollar '... ... T.T. 17 45-64 18 9-64 O.D. 17 43-64 18 ■ 9-64 Singapore— N.Z. pence to 1 dollar ... T.T. 54 23-32 35 13-64 O.D. 34 5-8 35 13-64 Chefoo— N.Z. pence to 1 foliar ... 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

BANKING— Australasia (£5) ... 12 10 0 New Zealand (£1) ... 2 3 6 2 4 3 New Zealand, ■ Long “ D ” (£1) ... 1 6 0 E.S; and A, (£3) ... — 6 8 0 National of Australasia, cont. (£5) ... - 7 8 0 INSURANCE— National (7s) ... ... 0 17 2 . South British (£1) ... 4 15 0 — Standard (£1) ... ... — 3 0 0 SHIPPING— Howard Smith (£1) 1 1 0 Hiiddart, Parker, ord. (£1) ... 2 0 0 Huddart, Parker, pref. (£1) 1 6 9 P. and 0. Deferred Stock (£1) 1 17 6 U.S.S. Co., pref. (£1) 1 6 3 - MEAT PRESERVING— N.Z. Refrigerating, paid (£1) ... ... ... 0 18 9 N.Z.; Refrigerating, cont. (lOs) 0 8 9 0 9 0 Southland Frozen, paid (£1) ... 3 17 0 — , Southland Frozen, pref. (£1) 3 17 0 - LOAN AND AGENCYGdldsbrough, Mort (£1) 1 16 6 National Mortgage (£2) - _ 2 13 0 National Mortgage, “ B ” issue (£1) ... 1 9 0 1 11 0 Perpetual Trustees (18s)....; 3 3 0 Wright, Stephenson, ord. (£1) 1 1 0 _ ' Wright, Stephenson, prof. (£1) 1 1 0 1 2 6 GOAL— Kaitaugata (16s) 1 1 6 _ Westport (10s) 1 3 0 — Westport-Stockton, ord. (10s) - 0 2 9 WOOLLEN COMPANIES— Bruce, ord. (£1) ... — 0 11 6 Bruce, pref. (£1) ... — 0 1 3 3 Mosgiel (£4) 10 2 — 0 Oamaru (£1) — 1 0 MISCELLANEOUS— Broken Hill Proprietary (£1) 3 17 6 \ 4 1 0 Broken Hill Proprietary, cont. (£1) ... 3 12 0 3 D.I.C.. ord (10s) ... — 0 17 D.I.C., pref. (£1) ... 1 3 9 — Dominion Fertiliser (£1) , 1 3 0 _ Dominion Fertiliser Debs 104 0 0 Dominion Rubber (£1) - - ■ __ 1 15 0 Dunedin Stock Exchange Proprietary (£1) ... 2 0 0 — Dunlop Perdnau Rubber (£1) 1 2 0 1 2 5 General Industries (12s 6d) ; 1 0 0 G. J. Coles (£1) ... 5 2 0 5 4 0 Hume Pipe (£1) 0 18 11 0 19 3 Milburn Lime and Cement (£1) ... ... 2 0 0 _ Moturoa Oil, pref. (5s) 0 2 6 0 5 0 1 Otago Daily Times ’ (£1) 2 5 0 2 7 0 Regent Theatre (£1) 1 0 0 — Shillings Ltd. (£1) ... 0 17 9 — Smith and Smith, pref. (£1) 1 1 0 — Wilson’s (N.Z.) Cement (10s) tO 18 6 _ Woolworths, ord. (£1), ex rights ... 6 0 0 7 0 0 BREWERIES— . New Zealand 2 6 9 2 8 0 New Zealand (rights) 1 1 6 1 2 0 Staples’ (£1) ... ... — 2 11 6 Dominion (£1) ... ... ,1 8* 6 2 4 0 Dunedin (£1) ... . ... — 0 Tooth’s (£1) — 2 16 UNLISTED STOCKSMackintosh. Caley, Phcenix (£1) ... ... 0 7 0 Woolworths, Sydney, ord. (£1) ••• ••• . . _ 0 7 0 0 Quartz Mountain (5s) 0 1 — A. and T. Burts, pref. (£11 0 9 6 . 0 12 6 M’Kenzie’s Department Stores (£1) ... 2 18 6 4 0 0 OVERSEAS MINING— Broken Hill South (5s) .... 2 7 6 2 8 3 Electrolytic Zinc (pref., £1) . 2 15 9 — Electrolytic Zinc (ord, £1) ••• 2 14 6 Mount Lyell (£1) ... 2 1 0 2 1 5 Mount Morgan (2s 6d) 0 12 0 0 12 6 North Broken Hill (5s) - . *3 9 0 Bawang Tin (10s) ... 0 11 0 — Austral N.Z. Mining (Us) 0 13 0 - GOLD MINING— Big River (Is) 0 1 6i Consolidated Goldfields (4s) _ 0 14 0 Gillespie’s (Is) — *0 1 5 Mount David (5s) ... 0 0 7

Nokomai (5s) ... ... 0 2 8 Gkarito • (5s) , 0 2 0 0 3 0 Skippers (Is) ' 0 0 4 Waihi Grand Junetion (2s) — 0 3 0 N.Z. GOVERNMENT LOANS3i p.c. Stock, Nov., 1938-52 102 0 0 . — •3i p.c. Stock, March, 1959-43 101 10 0 — 3£ p.c. Stock, Sept., 1939-43 101 10 0 — 3y p c. Stock, May, 1939-52 102 0 0 — 31 p.c. Stock, March, 1941-43 101 10 0 34 p.c. Stock, Sept., 1941-43 101 10 0 — 3i p.c. Stock, May, 1941-52 101 10 0 — 31 p.c. Stock, Nov.; 1941-52 101 10 0 — 4 p.c. Bonds, 1943-46 105 10 0 —■ 4 p.c. Stock, 1943-46 103 10 0 ■— 4 p.c. Bonds, 1946-49 103 10 0 — 4 p.c. Stock, 1946-49 103 10 0 r— 4 p.c. Bonds, 1952-55 102 10 0 —- 4 p.c. Stock, 1952-55 102 10 0 — * Es div. f Ex bonus issue. DIVIDENDS DUE