Commerce, Mining, & Finance

Evening Star, Issue 22721, 7 August 1937, Page 14

Commerce, Mining, & Finance

REVIEW Of THE WEEK BRIGHTER TONE CONTINUES ARSTRAUAR WRING STOCK IMPROVES DISAPPEARANCE OF THE GILD 11 BOGEY ” ' The improvement that lias been receded in the past month was continued during the week with slightly better values coming forward in most sections. Buyers continue to adopt a cautious attitude, however, bun the volume of business increased on the local Exchange. New Zealand industrials had a good reception, and prices were well maintained, while Commonwealth issues, generally, were 'better. The AustraQan mining section firmed appreciably and the improvement continued at the close. Banks remained quiet with little business, while pastorals had a quiet but steady week. Local gold mining was neglected, but Government loans continued very firm with strong bilkers and few declared sellers. Another new bonus issue was added tq the list of recent announcements during the week. South Otago Freezing Company declared a one for one bonus issue, an announcement not anticipated by the Within the last two months a bonus issue has been declared by D.1.C., while capital increases have been made by Donaghy s Hope and Twine Cotnpany Ltd., Wilson’* (N.Z.) Cement (both of which were . purely book entries) , and fresh issues by New Zealand Breweries, Dominion Breweries, Woolworths (N.Z.), aShd Southland Frdzen Meat Company Ltd. . Proof that investors, not only in New Zealand, but more particularly overseas, are - beginning to. recover their confidence after the recent gold scare,- is now ■ available." , The gold “ bdgey ” arose early ill April in consequence of. wild rumours that' the "Darted States .Ms conteihplating lowering'its buying price of. gold from 35 dollars an ounce. , Although these rumours were subsequently denied, markets failed for Sortie .time to show any. inclination to‘ lift themselves. from the " stagnation. into which they had fallen. They were beginning to show some appreciable rSrival in June when heavy offerings of gold _in London, particularly from the Soviet, caused a second gold scare, and agairt the markets reflected a; falling away in cqnfidertce. Now, two months later, prices ate again approaching somewhat their former levels, despite the fact that the ,price of gold'itself is tending to esse rather than, rise.; This, surely seems to show.that investors are not so timid of a , slight easing in the price of the metal as they are of uncertainty. The market for gold and' its. future price, are at present, chiefly the responsibility of thrt United States* and. as such, are necessarily subject in the last resort to interftal politics of that country. Many authorities in Great Britain are. of the opinion that it is only through effective stabilisation of the price of gold, as a result of cooperation ■ between > the British and United States authorities, that full confidence will be restored arid the way laid open for a greater freedom of international trade, , upon the development of which the prosperity of every nation in- the last resort depends. Nothing is more disturbing to business than uncertainty and unstability, and nothing will do more to engender confidence and stabilisation of the price of gold. / An innovation; in the ■ form of an overseas list forthe quotation of companies’ stocks hits been adopted by the New Zealand Stock Exchanges. This list is appended to the official list, and provides for the ■ quotation of certain

overseas companies for which there is no provision in the rules. During the week gold dropped from £6 19s Bjcl to £6 19s 6i<3, but recovered to £G 19s 8d; copper gained 16s, lead lost 14s, and electrolytic moved up 15s.

TREND OF THE MARKET Banks Remain Dull. With the exception of New Zealands, which were marked up, little interest was displayed in the banking section. No business was recorded in New Zealands last week, but 11 transactions, at £2 4s 6d look place during the period under review, with the market closing on a firm note. National of New Zea-> lands had fractionally better inquiries at £3, but Australian issues continued easy. Commercial Bank of Australia s increased dividend of 6 2-3 per cent, was anticipated by the market, and values did not change. < Insurances Inactive. Little attention was paid to insurance stock. Nationals • had buyers 3d better at 17s 9d, but holders did not respond. South British stock had a transaction yesterday at £5, the first recorded sale for some time on the local exchange. Investors are looking forward with interest to the company s report, as its vear closes at tho end of this month, and, shareholders are anticipating some special distribution. Moat and Pastorals Firm. The feature of the meat preserving section was the sharp jump taken by South Otago Freezings following the announcement of a one for one bonus issue. Buvers rose 15s to £8 los, but even at that high price sellers were not attracted. The company has an authorised capital of £75,000 in 15,000 shares of £5 each, while the issued capital at, the last balance date was £66,305 in fully-paid shares. In tho year ended August 31 the company earned a net profit of, £9,918, competed with £13,450 in the previous year and £13,364 in 1934. Dividends of 8 per cent, have been paid since 1933. New Zealand Refrigeratings were fractionally easier, the contnbs changing hands at'9s 6d. , Loan and agency stock continued firm I ;with little variation on last week’s closing rates. New Zealand Loan and Mercantile’s ordinary issue improve_d to a market between £43 and £45, while Goldsbrough, Morts held recent advances. Woollen Companies in Demand. * A firm buying inquiry in the woollen section attracted few holders. Bruce (ord.) advanced to 11s 6d, vendors quoting 2s away. Mosgiels were wanted at £lO 3s, and Oamarus at 18s 6d, holders standing off in each case. Firm Undertone in Miscellaneous Section. The miscellaneous section, as usual, attracted considerable attention. New Zealand Industrials maintained recent strength and closed fairly firm, while Australian issues revealed a , distinct firming tendency. Dominion issues to improve included Brown, Ewing (ord.), Dominion Fertiliser, Milburn Lime and Cement, and M‘Leod Bros. Speaking at the annual meeting of New Zealand Farmers’ Fertiliser, Mr A. A. Ross said: “I think idle rumours have a bearing on the market values of the company’s shares, which to-day are selling around £1 Is. The balance sheet presented this year shows that, after allowing for all other liabilities, we have a balance of sound assets worth £1 4s 6d for each £1 of paid up capital.” Although an increased dividend of 10 per cent. (6 per cent, last year) was announced by Dominion Rubbers, the shares eased 9d on sellers’ quotation. Milburn Limes had firm buyers at £2 2s, but sellers did not respond. This company was registered in 1888, and will therefore celebrate its golden jubilee next’ year. Broken Hill Proprietary stock led the improvement in Commonwealth industrials. \ From sales at £4 2s 9d at the beginning of the week, they improved to £4 4s late yesterday, but investors are still watching the coal miners with considerable interest. Australian Glasses, British Tobaccos, and General Industries were also marked up. G. J. Coles had a slightly easier market, while Woolworths (Sydney) dropped 4s on sellers’ quotation, with no declared, buyers. At the present time sellers of Coles are offering at £5 0s 6d, and Woolworths at £6 11s. Apparently investors are realising that a dividend of 18f per cent. (G. J Coles) is to bo preferred to one of 12j per cent. (Woolworths), and the shares are beginning to rectify themselves. Breweries Slightly Better. New Zealand Breweries improved after a weakening tendency at the beginning, and closed firm, with three recorded transactions at £2 10s 3d. Dunedius changed hands at £1 10s,. while Carltons were offered at £3 7s, with no response. Australian Mining Moves Up. Australian mining stock showed the ’ best improvement for some considerable time, practically all shares moving up. London is reported to have been buying heavily in Australia. North Broken Hills and South Broken Hills both followed the London market, and rose sharply under buying pressure. Souths rose approximately 3s 6d and Norths 3s. Electrolytic Zincs also improved, as did Mount Lyells. Mount Morgans closed easy after firming earlier in the week. - Gold Mining Neglected. Local gold mining was neglected, with no business reported. Clutha Rivers are wanted at 2s 6d, while Molyneux Rivers dropped back to buyers 2s, with no vendors in either case. Okarito’s annual report revealed a slight increase in profit, while Alexander Mines presented a not credit balance of £2,964. Government Loans Very Firm. Government loans continued firm, with strong buyers and. few sellers. Two parcels changed hands, the 4 per cent, stock. 1943-46, at £lO4 17s 6d, and the 1946-49 at £lO5. LATEST SALES Sales since the last review have been as follows: Banking.—New Zealand, £2 4$ 6d (11). Insurance.—South British, £5. Meat Preserving.—New Zealand Refrigerating (cout.), 9s 6d (2). Miscellaneous.—British Tobacco, £2 9s 8d; Broken Hill Proprietary, £4 2s 9d, £4 3s (2), £4 3s 3d, £4 3s 6d, £4 4s; Brown, Ewing (ord.), £1 Is; Colonial Sugar Company, £47 12s 6d; Dunlop Perdriau Rubber, £1 3s 8d; Hume Pipe, £1; New Zealand Farmers’ Fertiliser, £1 Is 9d; New Zea-

STOCK AND SHAREBROKERS

TO INVESTORS IN STOCKS AND SHARES

Investors are invited to transact their business through members of the Dunedin Stock Exchange. All Contracts are completed in accordance with the Rules and Regulations of tho Stock Exchange .Association of New Zealand. These have been approved and advertised in the ‘ Government Gazette,’ No member of a Stock Exchange in any part of the world is permitted to advertise shares for sale or purchase. Persons, firms, or companies who advertise shares for sale or purchase or employ canvassers are not members of the Stock Exchange. The following are the members of the Stock Exchange;— C. H. Breeze, 21 Crawford street. D. J. Calder, N.Z. Express Buildings. Hamilton and Davidson, Stock Exchange Buildings. Logan and Vivian, N.Z. Express Buildings. W. L. Goldsmith, Stock Exchange Buildings. J. S. Hislop, 105 High street. J. B. Laidlaw, 125 High street. Ralph Malcolm and Co., Stock Exchange Buildings. J, S. MTnnes and Sons, N.Z. Express Buildings. W. H. M’Leod, Stock Exchange Buildings. N. and E. S. Paterson Ltd., 163 Rattray street. John Reid and Sons, 5 Liverpool street. \V. B. C. Reid- and Co., Edinburgh House. Sligo Bros., Stock Exchange Buildings. Fenwick and Reeves, Standard Insurance Buildings. Arthur M. Sidey and Co., A.M.P. Buildings. J. W. Smeaton and Co., 152 High street. \V. B. H. Statham, 320 Princes street. W. F. Titchener, Queen’s Buildings. J. H. Walker, T. and G. Buildings. W. J. Watson, Stock Exchange Buildings. Quick, Smith, and Black, Stock Exchange Buildings.

land Paper Mills, £1 6s 10d: Wilson’s (N.Z.) Cement, £1; Taranaki Oil, 4s lOd (2). Breweries.—New Zealand, £2 10s 3d (3); Dunedin, £1 10s. Overseas List.—Woolworths (South Africa), 17s 9d. Overseas Mining.—Broken Hill South, £2 8s 9d (2), £2 9s 6d, £2 9s 9d, £2 11s 6d, £2 12s; Electrolytic Zinc (ord.), £2 18s; Mount Lyell, £2 3s 4d; Mount Morgan, 11s 7d (2), 11s Bd, lls lid, 12s (4) ; Rawang Tin, 12s sd. New Zealand Government Loans.—4 per cent, stock, 1943-46, £lO4 17s 6d; 4 per cent, stock, 1946-49, £lO5. SYDNEY STOCK EXCHANGE Press Association—By Telegraph—Copyright SYDNEY, August 6. Nearly all sections of the share market to-day participated in the strong rising trend in values. Barriers added substantial gains to yesterday’s improved rates. Bank of New South Wales £34 10 0 Comm. Bank of Sydney ... 21 12 0 E.S. and A. Bank ... ... 5 8 0 National Bank (£lO paid) 15 3 0 Bank of New Zealand ... 2 4 6 Bank of Australasia 12 4 0 Colonial Sugar ... 48 0 0 Associated News 1 3 9 British Tobacco ... 212 3 Tooths ... 215 6 Tooheys (N.Z. delivery) ... 113 4J G. J. Coles 5 10 Dunlop Perdriau 1 4 1J Goldsbrough, Mort 1 1C 3 Wilcox, MofHin ... 014 4 Henry Jones ... 210 9 Amalgamated Zinc ... ... •0 11 10 Permanent Trustee ... ... 019 0 Mauri Bros. ... ... 310 6 Hackshalls ... ... -...• ... 015 0 Felt and Textiles ... ... 2 0 6 General Industries ... ... 1. 0 0 Mount Morgan ; ... 012 2 Mount Lyell ... 2 5 0 Zinc Corporation 8 1 0 Kuala Kampar ... 1 3 6 Taranaki Oil ... : ... ... 0 4 6 CANTERBURY MARKETS MORE BUSINESS IN SEEDS [Pee United Press Association.] CHRISTCHURCH, August 6. After soma months of exceptionally quiet business, the small seeds market has begun this week to be a little more active. The business is yet far from large, but there are signs that the spring trade will develop normally. The stocks of small seeds here are light enough to ensure that any determined demand will make an upward revision of price inevitable, but in the meantime there is no alteration, as holders are glad to lake what business is offering after the very dull period that has been passed. Certified ryegrass is particularly short, and high prices are asked for the available supplies, up to 12s 6d being mentioned. Cocksfoot is also liable to be short because of the jioor yield after dressing. The market for potatoes is firmer, mainly because of the better inquiry from the North Island. The nrice has risen, hut there is no great amount of business being done. The increment of Jd has gone on to the price of milling wheat, and the final increment of another will be added next mouth.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE VERY STRONG TENDENCY AT CLOSE Values continued their finning movement on the local share market this morning, and at the close a very buoyant tendency was apparent. Industrials were generally marked up, pastorals were fractionally better, while banks maintained recent prices. The Australian raining section improved further, and Monday snould see a mrther rise. Humours concerning M'Leod Bros, have attracted strong buying support during the week, with final buyers offering £32. Banks closed fairly steady. New Zealand had an improved and closer market between £2 4s 6d and £2 4s 9d, with business at buyers’ price. Commercials remained quiet at 18s and 18s 6d, while sellers of New South Wales stock offered at £35 South British Insurances had another reported transaction at £5, with misapplied buyers offering at £4 19s. New Zealand Refrigeratmgs closed firm, with the contributes wanted at 9a 6d. Buyers of South Otago Freezings continued to offer £8 15s, but holders did not respond. New Zealand Loan and Mercantile ordinary issue dropped back 30s on vendors’ quotation to £43 10s, with no deCl A General 'marking up occurred in the miscellaneous section. Stooks to , improve included Associated News dominion Fertilisers, Otago Daily Times, and-Broken Hill Proprietary stock, which jumped up to a market between £4 4s mining stock improved further. Barrier companies were marked Up, Electrolytic Zincs improving to sellers above the £3 mark. Mount Lyells had buyers and business at £2 4s 9d, a Is' rise on yesterday, while vendors offered at £2 ss. Mount Morgans remained quiet, with a close market between 12s and 12s 2d. Local gold mining closed quiet. Gil.espie’s improved fractionally to Is 44<1 and Is 7d, while Cluthas were wanted at 2s 6d. Government loans liad firm buyers, the only seller offering the 34 per cent. 1938-o2 stock at £lO3 10s, £1 above buyers’ quotailon‘ SALES REPORTED. ' —Late Yesterday.— South British Insurance, £5. New Zealand Refrigerating (cont.), 9s 6d. Broken Hill Proprietary, £4 4s. Brown, Ewing (ord,), £1 Is. Wilson’s (N.Z.) Cement, £l. New Zealand Breweries, £2 10s 3d. Broken Hill South, £2 12s. 4 per cent. Stock, 1943-46, £lO4 17s 6d. —This Morning.— Bank of New Zealand, £2 4s 6d. South British Insurance, £5. SALES ON ’CHANGE. —This Morning.— x Bank of New Zealand, £2 4s 6d, Mount Lyell, £2 4s 9d, SALES AFTER CALL. —This Morning.— Broken Hill Proprietary, £4 4s. Mount Lyell, £2 ss.

3i- p.c. Stock, Nov., 1938- 102 10 0 103 10 0 3.V p.c. Stock, March, ‘1939-43 102 10 0 31 p.c. Stock, Sept., 1939- 102 10 0 34 p.c. Stock, May, 1939-52 102 10 0 . 34 p.c. Stock, March, 1941-43 ... 102 10 0 34 p.c. Stock, Sept., 1941-43 102 10 0 34 p.c. Stock, May, 1941-52 102 10 0 34 p.c. Stock, Nov., 1941-52 102 10 0 4 p.c. Bonds, 1943-46 104 10 0 4 p.c. Stock, 1943-46 104 10 0 4 p.c. Bonds, 1946-49 104 15 0 4 p.c. Stock, 1946-49 104 15 0 4 p.c. Bonds, 1952-55 104 15 0 4 p.c. Stock, 1952-55 104 15 0 * Ex div. f Cum div. DIVIDENDS DUE. N.Z. Insurance Final Is per cent., making 8 per cent, share, making 10 per cent. for the year Aug. 10 North Kalgurli (1912) Ltd.—9d (sterling) less English income tax Aug. 10 Farmers’ Fertiliser —6 per cent, Aug. 16 Commercial Bank of Australia — Six months, at 4 per cent, per annum on pref., and at 6 2-3 per cent, per annum on ordinary Aug. 19 Christchurch Gas—lnterim 3 per Mort’s Dock and Engineering—4 per cent Aug. 11 M.K. Millinery Ltd., Auckland— Interim, 10 per cent. ... ... Aug. 12 Queensland National Bank—Final, . at 4j per cent, per annum ... Aug. 13 Trustees, -Executors, and Agency Co., Melbourne—B per cent. per annum Aug. 19 Meggitt Ltd.—Final, half-year, Ist and 2nd pref., at 10 per cent. per annum Aug. 19 Bank New South Wales—Quarterly, 6s per share (Aust. currency) ... Aug. 26 Associated Newspapers—lnterim pref. 2 per cent.,' ord. 2 per cent Aug. 28 Electrolytic Zinc—Half-year 9 per cent, and bonus of 6d on ord. and pref. ... Sept. 10 FOREIGN EXCHANGES ON NEW ZEALAND CURRENCY BASH 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): —

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) ... 3.99 9-16 3.99 5-8 O.D. (dol) ... 3.99 15-16 4.00 1-16 BUYING— O.D. (dol) ... 4.04 3-16 4.04 3-8 COMPANY NEWS MORI'S DOCK PROFIT EARNINGS £7,325 HIGHER. The net profit of Mort’s Dock and Engineering Company Ltd., Sydney, for the year ended June 30 was £27,007, an increase of £7,325 on the previous year’s earnings. The dividend, which has been raised from 3 to 4 per cent., requires £26,000, and £18,298 is carried, forward, against £17,291 brought into the accounts. SILVERTON TRAM DIVIDEND The Silverton Tramway Company Ltd., Melbourne, has advised the Stock Exchange Association of New Zealand that a dividend , (the 143rd) of Is 3d per share has been declared, and is due and payable on Wednesday, August 25. s An interim dividend of 9d per 10s share was paid on February 26, so that the distribution for the year ended June 30 is 2s per share, equivalent to 20 per cent, WELLINGTON WOOLLEN COMPANY The directors of the Wellington Woollen Manufacturing Company Ltd., in their fifty-fourth annual report to Juno 30, remind shareholders that a year ago legislation was _ established fixing 40 hours as a working week in New Zealand, together ' with the restoration of salaries and. wages to the level of the year 1931, _ and other amendments of the Factories Act. The shorter week began on September 1, 1936. and the wages restoration took effect on July 1, 1936. The wool season opened with prices at a comparatively high figure—which increased _ at successive sales—thus assisting the immediate prosperity of the Dominion and preventing what could have been a severe industrial handicap. “ This dual increase in costs of production and raw materials,” states the report, “ brought numerous business problems, some of ■which have yet to he solved. The result of the year’s operations enables the directors to recommend the maintenance of the rate of dividend at 6 per cent, for the year, 3.per cent, of which was paid for the half-year to December 31, 1936, and that the amount remaining (£9,896 4s 2d) be carried forward. The plant and buildings are efficiently maintained from revenue, and the sum of £6,000 has been written off for annual depreciation. Additions during the year total £12,579 10s.” The balance to profit and loss account is £18,584. G. J. COLES LTD. G. J. Coles and Co. in future will pay dividends on ordinary. share capital at half-yearly intervals, instead of quarterly. The next interim payment will be made at the end of January, 1938. JOHN BROWN AND CO. AND QUEEN MARY “ Cunard White Star express liner Queen Mary has, since the end of the financial year, satisfactorily completed her guarantee period of 22 voyages.” Thus the report of John Brown and Co. summarised the record of the greatest of British mercantile shipbuilding achievements. An increase of £154,459 in profits w r as shown on top of an advance of £331,834 in the previous year. Over 20 per cent, was earned on the ordinary capital, which received 15 per cent, net for ihe year.

' BALLIKS BREWERIES Share transfer books of Ballins Breweries (N.Z.) Ltd. will be closed from August 9 to August 14, both days inclusive. CMPAKIEB REGISTERED The Mercantile Gazette notifies the registration of the following companies : British Specialties Ltd. Registered as a private company, July 22. Office: Care R. S. M. Sinclair, A.M.P. Buildings, Princes street, Dunedin. Capital: £I,OOO into 1,000 shares of £1 each. Subscribers: Dunedin—G. H. Claridge 975, W. L. Colvin 25. Objects : To take over the business of G. H. Claridge under the name of British Distributors (N.Z.), to carry on the, business of merchants, traders, dealers, and incidental. _ , Herbert’s Service Station Ltd. Registered as a private company oh July 27. Office: 58 King Edward street, Dunedin. Capital: £2,000 into 2,000 shares of £1 each. Subscribers: Dunedin—G. A. Herbert 1,999, W. O. Herbert 1. Objects: To carry on the business of service station proprietors, garage proprietors, and engineers, and suppliers and dealers in petrtd, petroleum, and incidental. THE SEARCH FOR GOLD BLAGKWATER MIKE ITS PROBABLE LIFE. “A shareholder has asked me for some expression of opinion as to the probable life of the Blackwater mine, said Mr L. Ehrlich, chairman of the Blackwater Mines Ltd., at the annual meeting in London. _ . “My reply must.be that it is impossible to give definite figures. With a blanket formation such as on the Rand, the life of a mine can be reasonably estimated, whereas in a quartz mine like the Blackwater. we can only be guided by past results and the views expressed by geological and mining experts who have examined the proPe t*All of them, including the New Zealand Government ' Department of Geological Survey, are unanimous in the opinion that the Blackwater ore deposit is of deep-seated origin,, and should persist, both in values and width, to a reasonably great depth. What that reasonably great depth may be- no one can say. It may be, say, 6,000 ft or more, but I am not prepared to • make deductions based on any such depth. „,, . , “ The present depth of the mine ts about 2,000fb (from which we have milled well over 1,000.000 tons of ore and produced some 500,000 ounces of gold), and I consider it a reasonable assumption to anticipate the ore shoots going down at least as far again. “ We know that the lode is a very strong one, with the average length of levels—i.e.. drives on reef in the mine—about 3,000 ft. the average payability approximating 76 per_ cent. These averages are fully maintained in the lowest levels—in fact, on the twelfth, the lowest fully-developed level, the payability is better, approximating 80 per cent, oyer a level of 3,000 ft, with values up to the average. On the thirteenth level, which » being developed, approximatelv 1,658tt have been driven, of whichl.Soyft have been on reef averaging 14-65dwt over 26 inches, which is substantially above average, whilst payability is also foregoing picture of thy; position as we see it does not take mt account the possibilities from te ter ® development, particularly to the north of the Prohibition Fault m the North Blackwater property Here we have . large area of unexplored ground which will be prospected and explored as soon as circumstances permit. , , A profit of £27,288 was realised by the company last year and a total distribution of 2s per share, free of tax, was made to shareholders. TALiSMAH DUBBfi The Talisman Dnbbo Gold Mines Ltd. advises that 44 tons of ore were ' treated at the Golden Dawn battery, yielding approximately £302.

MOLYNEUX DREDGE The annual report of the Molyneux Gold Dredging Co. for the year ended March 31 states that the dredge, exclusive of' superstructure, and machinery, was successfully launched on October 11, 1936. Trial runs were started on April 26 last and full dredging operations on May 3,; since when the dredge has been working satisfactorily; and producing gold, total recovery being 4060 z. The balance sheet shows New Zealand expenditure for the year £1,311. London expenditure £1,632, which, with the debit of £7,428 brought in, makes a total debit of £10.371 to 9arry forward. KOMATA REEFS FINAL DIVIDEND 3d PER SHARE* Cabled information has been received from London by Mr R. G. Mulligan, registrar for Komata Reefs Gold Mining Company, that a final dividend has been declared of 3d per share, free of tax, on account of the year, ended March 31, 1937,. to be payable on August 17, 1937. An interim dividend at the same rat© was paid, making sixpence for the year. The share are 2/- par value," so that the dividend is equivalent to 25 per cent, per annum. SPRING HORSE SALE , . . GOOD RANGE OF. PRICES . Messrs Wright, Stephenson and Co. Ltd. report having held their anmtal spring horse sale in the Dunedin yards on Thursday last, when a catalogue of approximately 100 horses was submitted to auction. There was ai large attendance of buyers from the sur~ rounding districts, and North Island interests were also represented. About half the offering comprised draughts, the balance of the catalogue being made UP ’of spring-carters and hacks. The selection ib the draught section was quite good,•'hut some of the springcarters and hacks forward were of only average description, and did not_ attract a great deal of attention; _ There was a good inquiry for serviceable working draughts, mares in particular meeting a ready sale. ' A feature or the. sale was an entry of ll_mare« and geldings from Bushey Park Estate Palmerston,, two mares, six an<3. eight years respectively, from this stud, topping the sale, both meeting keen competition and selling- at the; satisfactory price of £49 each. The top price for geldings was_ £45, for a rising four-year-old, offered ort account of Mr John Johnston, Hayton Stud. Pukeuri. The market was fairly steady throughout, there being not a. great deal of variation on opening and closing values, and practically a complete- clearance of all the Jots forward was effected. ' , Some of. the principal sales were>— For Bushey Park Estate (Palmerston): Six-year-old mare, £49; eight-year-old mare, £49; eight-year-old mare, £43; seven-year-old gelding, £4a 10s; eight-year-old gelding, £3B; seven* year-old gelding, £35. ■-«- '. " , For J. Johnston ([Hayton Stud,Pukeuri) ; Gelding, rising four years, £45; gelding, rising six years, £4O. For John Miller (Maungatua)i Eight-year-old mare, £43. -■**■ . For J. Allenby (Milbhrn): vear-old mare, £39; nine-year-old mare, £3l For R. Jury (Otokia) : ’Gelding, riw ing four years, £37 10s. ~, . For R. J. Aitchison (Woodside)i Seven-year-old mare, £36. For Reid Bros. (Berwick): Foun» year-old gelding, £35. For John Reid (Alma) : Ten-year, old mare, £35 10s; 10-yeer-old mare, £33 10s; seven-year-old gelding, £33 10s; six-year-old gelding, £33. For James White (Middlemarch) i Gelding, rising three years, £34. Other classes sold as below, according to age and quality;—Aged draught mares and geldings sold from £ls to £3O, heavy spring-carters from £ls to £32. spring-carters from £lO to £25. hacks from £4. to £2O. ponies from £b to £13..

Quotations as under:— Buyers. Sellers,! £ 8. d. £ 8. d. BANKING— New South Wales (£20) ... — f35 10 0 New Zealand (£1) ... Commercial (10s) 2 4 10 18 6 0 2 4 0 18 9 6 National of New Zealand (£2 10s) 2 19 9 National of Australasia (cont., £5) .— 7 10 0 Union of Australia Ltd. (£5) *9 15 0 10 9 0 INSURANCE— National (7s) ... ... 0 17 10 — South British (£1) ... 4 19 0 — Shipping— Howard Smith (£1) — 1 1 9 . Huddart, Parker 0 (ord., £1) — 2 0 Huddart, Parker (pref., £1) ... ... 1 7 6 — P. and 0. Deferred Stock (£1) 2 0 0 — U.S.S. Co. (pref.. £1) 1 6 4 — MEAT PRESERVING— N.Z. Refrigerating (paid, £1) 0 19 6 N.Z. Refrigerating (cont., 10s)0 9 6 —■ Southland Frozen (paid, £1) 4 •0 0 — South Otago Freezing (£5) ... 8 15 0 — LOAN AND AGENCYNational Mortgage (£2) — 2 10 National Mortgage (“B” Issue, £1) 1 9 0 i— '• N.Z. Loan and Mercantile (ord., £100) — 43 10 0 N.Z. Guarantee Corporation (3s) ... 0 4 11 — Otago Farmers’ Co-op. (3s 4d) ... — 0 4 3 Perpetual Trustees (18s) 3 1 0 ■ Trustees Executors and Agency (£2) 5 14 0 — Wnght, Stephenson (prof., £1) — 1 .2 0 COAL— Kaitangata (16s)' ... 1 2 0 - Westport (10s) 1 4 0 — WOOLLEN COMPANIES— Bruce (ord., £1) ... 0 12 0 Bruce (pref., £1) ... Mosgiel (£4) 1 1 6 10 3 0 Oamaru (£1) 0 18 6 Timaru (£1) — 0 18 0 MISCELLANEOUS— Anthony Hordern (£1) 0 18 8 - . Associated News (pref,, £1) 1 4 0 Australian Glass (£1) 4 16 0 British Tobacco (£l) *2 10 G Broken Hill Proprietary (£1) 4 4 0 4 4 9 Brown, Ewing (pref., £1) 1 2 0 D.I.C. (pref., £1) ... 14 0 Dominion Fertiliser (£1) 1 4 9 1 5 2 Dominion Fertiliser Debs. ... ' 102 0 0 Dominion Rubber (£11 1 14 3 Dunedin Stock Exchange Prop. (£1) 2 0 6 Genera! Industries (12s Od) — 1 1 0 G. J. Coles (£1) ... ”4 19 0 Milburn Lime and Cement (£1) 2 2 0 - n M‘Lcod Bros. (£10) 32 0 0 Mnturoa Oil (pref.. 5s) — 0 5 0 N.Z. Drug Co. (£2) ... — 3 14 3 N.Z. Paper Mills (£l) ... 1 6 6 ‘ Otago Daily Times ’ (£1) 2 5 G 2 9 0 Regent Theatre (£1) 0 19 6 Shillings Ltd. (£1) ... 0 16 6 0 18 1 Smith and Smith (prof., £11 Wilson’s (N.Z.) — 1 2 6 Cement (10s) 0 19 9 1 0 6 Woolworths (ord.. £1) — 5 10 0 Woolworths (rights) 4 5 0 Taranaki Oil (£1 4s 7d) 0 4 6 0 4 8 BREWERIES— New Zealand (£1) ... 2 10 0 2 10 6 UNLISTED STOCKS— M'Intosli, Caley, Phcenix (£1) 0 7 0 0 8 6 Woolworths (Sydney, ord., £1) — 6 10 0 A. and T. Burt (prof.. £11 — 0 9 6 Sclfridges (£1) 1 14 0 ~

Cox Bros 1 1 G — 0 Kandos Cement • — 1 6 Felt and Textiles ... 1 18 6 2 0 0 Wool worths (South Africa) 0 17 5 0 18 0 OVERSEAS MINING— Austral N.Z. Mining (Us) 0 12 0 0 15 0 Broken Hill South •' (5s) ... 2 11 0 2 12 3 Electro. Zinc (pref., £1) f2 19 9 3 0 9 Electro. Zinc (ord., £1) f2 19 0 3 1 0 Emperor Mines, Fiji (10») 0 14 9 0 Mount Lyell (£1) ... 2 4 9 ' 2 5 Mount Morgan (2s 6d) ... 0 12 0 0 12 2 North Broken Hill (5s) 3 18 0 • _ Placer Development 3 19 0 0 12 Hawang s Tin (10s) ... 0 12 6 8 GOLD MINING— Big River (Is) 0 1 0 1 7 Clutha River (2s) ... 0 2 6 — Consolidated Goldfields (4s) _ 0 13. 6 Gillespie's (Is) 0 1 4 Kildare (2s) — 0 1 4 ' Molyneux River (2s) 0 2 0 — Mossy Creek (Is) ... . ... 0 i 0 6 — Maori Gully (Is) — 9 0 0 5 Nokomai (5s) 0 1 0 2 3 Okarito (5s) 0 2 6 — Paddy’s Point (5s) ... — 0 2 6 Waimumu Sluicing (Is) 0 0 6 _ N.Z. GOVERNMENT LOANS —

London— £100 stg. N.Z. Buying. T.T. £124 Selling. £124 10/ O.D. £123 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 £89 New York— Dollars to £1 N.Z. T.T. 4.0318. 3.9948 O.D. 4.0418 3.9988 Montreal— Dollars to £1 N.Z , T.T. 4.0507 3.9958 O.D. 4.0432 3.9998 Austria— Schillings to £1 N.Z. . T.T. 20.80 O.D. — 20.89 Belgium— Belgas to £1 N.Z . T.T. — 23.641 O.D. — 23.652 Czechoslovakia—■ Crowns to £1 N.Z. ... .. . T.T. 113.87 O.D. — 113.82 Denmark— Kroner to £1 N.Z . T.T. 18.205 17.893 O.D. 18.263 17.899 France — Francs to £1 N.Z . T.T. 105.92 O.D. — 105.96 Germany— Reichmarks to £1 N.Z 'I'.T. 9.878 O.D. — 9.883 Holland— Florins to £1 N.Z . T.T. 7.213 O.D. — 7.217 Italy— Lire to £1 N.Z . T.T. 75.89 O.D. — 75.94 Java— Florins to £1 N.Z . T.T. 7.182 O.D. — 7.186 Norway— Kroner to £1 N.Z . T.T. 16.181 15.891 O.D. 16.241 15.897 Sweden— Kroner to £1 N.Z . T.T. 15.786 15.491 O.D. 15.846 15,497 Switzerland— Francs to £1 N.Z. ... . . T.T. 17.339 O.D. — 17.344 Noiynea— Francs to £1 N.Z. ... . . T.T. 105.17 O.D. — 105.21 Papeete— Francs to £1 N.Z . T.T. 105.12 O.D. — 105.16 Hongkong— N.Z. pence to 1 , dollar ... . . T.T. 18 19-64 18 47-64 O.D. 18 17-64 18 47-64 India and Ceylon— N.Z. ponce to 1 rupee ... . . T.T. 22 5-8 22 21-32 O.D. 22 11-32 22 21-32 Japan— N.Z. pence to 1 yen T.T. 17 31-64 O.D. 17 31-64 Shanghai— N.Z. pence to 1 dollar ... . . T.T. 17 7-16 17 7-8 O.D. 17 13-32 17 7-8 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 dollar ... . . T.T. 17 13-32 18 1-32 O.D. 17 23-64 18 1-64 Manila— N.Z. pence to 1 peso ... T.T. 29 47-64 30 15-64 O.D. 29 41-64 30 15-64