Commerce, Mining, & Finance

Evening Star, Issue 22723, 10 August 1937, Page 6

Commerce, Mining, & Finance

BIS GOLD MINING VENTURE T» OPERATE REAR 00EER8T0WH PRINTS ESTIMATED AT £M.«O ANNUALLY The option acquired by iwa n tralian companies over a i ar ee alluvial area near Queenstown is to b-eexex cised. The two concerns, Morobe A - luvia’ls and New Morobe Alluvials, will float a company witha nominal capital of £126,000 in 250,000 shares of 10s, and a prospectus wiil be issued shortly. On acquiring the option two mining engineers, Messrs E. T. Anderson and F A J. Carter, were ■despatched to the property. Following the presentation of their report the directors decided to exercise the option. Ine en gineers reported that a very conservative estimate of the yardage available indicates that the companies have ft least 45,000,000 cubic yards of pound which could be treated profitably. The area is confined to a valley through which the Moonlight River flows. The water supply fw sluicing is said to he abundant. ® v^ r ‘ burden varies from lOOft to ISOft in height, and consists of loose free gravel of a light nature, free of clay. Owing to the deposit being a terrace and rituatod high above the river channel, it is claimed that it will be possible to sluice away the whole of the overburden by gravitation, which should result in low costs. To complete the water plan not less than £45,000 should be necessary. The new company proposes to install three hydraulic sluicing units, and will treat at least 1,000,000 cubic yards of ground a year. The Moonlight River flows through the leases, and the water supply is reported to be abundant, it is expected that treatment costs will low On a capital of £125,000 net profit is estimated at £34,430 a year. These figures are basedl on th© treatment ox 108,860 cubic yards of material a month, averaging 2Jgr gold a ton, at a working cost of 2d a cubic yard, and loss New Zealand gold tax of .J per cent. The life of the property on this basis would be approximately 42 years, with'a total net profit of about £1.500,000. . , Should the option be exercised a new company with a nominal capital of £126,000 will be formed, and will acquire the assets of the Morobe Alluvials and New Morobe companies, which together include about £13,500 cash. Morobe Alluvials has a three-fourths interest, and New Morobe a quarter interest in the venture. Shareholders in Morobe Alluvials will be allotted one 10s contributing share in the new company. paid to ss, for each share held: and-holders of New Morobe shares will receive 20 contributing shares, paid to 5s each, for each share held. COMPANY NEWS DONADNY'S ROPE AND TWINE ' INCREASE OF CAPITAL AUTHORISED. At an extraordinary general meeting of the shareholders of Donaghy’s Rope and Twine Company Ltd. yesterday resolutions were passed increasing the capital from £47;000 to_ £75,000, authorising the issue of 11,750 shares, each of £l, fully paid, in the proportion of one share for each four held by shareholders on the register at July SI, and writing up the land and buildings of the company by the sum of £ll 750. Fractions, equalling 60 ' full shares, are being sold on the open market, and the net proceeds will be distributed to shareholders entitled to fractional parts. ANSETT AIRWAYS EXPANSION OF ENTERPRISE. Ansett Airways Ltd. has been formed to acquire as a going concern Ansett Airways Pty. Ltd., of Hamilton (Australia), and to expand the business by the inauguration of additional fast daily passenger, mail, and express freight services, using Lockheed Electras. These services will link up the capital cities and important country centres of New South Wales, Victoria, and South Australia in a comprehensive and interlocking network of air routes. _ It •would require 16 machines operating direct to cover the distances of the intended routes, but on the ingenious plan arranged by the founder, Mr R. M. Ansett, three machines will suffice. The new service is scheduled to begin by the middle of September. The headquarter* will be at Essendon, and the company will have its own wireless control lervioe; THE SEARCH FW GOLD WAWAPA REACH Messrs W. A. Mitson and Co., secretaries of the Waipapa 'Beach Gold Dredging Company Ltd., report a wash-up of 240 z sdwt for 174 hours’ woris;. ... OKAMTO ■ The secretaries of the Okarito Five Mile Beach Gold Dredging Company Ltd. report that the wash-up for the ■week ended on Saturday was lOoz 2dwt for 123 hours’ dredging. All this time, but the last three hours was spent dredging through tailings. GILLESPIE'S BEACH The secretaries of Gillespie’s Beach Gold Dredging Company Ltd. report that last week’s wash-up, which was delayed through the illness of the dredgemaster, amounted to 450 z 17dwt for 112 hours’ dredging. The dredge was operating on the beach end of tnc cut. WORKSOP The Worksop Extended Gold Dredging Company Ltd. reports a return ot 31qz for 131 hours’ work, and 10,000yds treated, for the week ended on Thursday last.

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

DOLLAR RATES. The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates to-day on a New Zealand currency basis. They are subject to alteration without notice. U.S.A. Canada. (Per £1 N.Z.) (Per £1 N.Z.) SELLING— T.T. (dol) ... 3.99 7-8 . 3.99 7-8 ‘O.D. (dol) ... 4.00 1-4 4.00 5-16 BUYING— O.D. (dol) ... 4.04 1-2 4-04 5-8 IN DEPRESSED AREAS A HEW ZEALAND MEAT CAMPAIGN A campaign of publicity for New Zealand meat has met with great success in the “ depressed area ” of the industrial North-east of England, now happily recovering some of its old prosperity. . Four months were spent m the organisation, as the widearea included Tyneside, Wearside, Teeside, and other districts approximately 4,000 square miles, with a population of about two and a-half millions. _ As in other efforts in which the New Zealand Meat Board’s English officers are now so experienced, the retail trade was brought into active participation by meafis of several window-dressing competitions utilising New Zealand lamb and the board’s display material; while the school children of many towns competed for prizes given for the best colouring of a New Zealand meat advertisement, all the competitors receiving an invitation to cinema theatres at Newcastle, North Shields, and Middlesbrough, where New Zealand films were specially shown, the juvenile guests numbering 3,500. Butchers who entered the windowdressing competition numbered no fewer than 200, and when the prizes were distributed, the High Commissioner for New Zealand (Mr W. J. Jordan), although he had only returned the previous day from Geneva, went to Newcastle to meet the representatives of the butchery trade and present prizes. He expressed himself as being delighted with the evidences of the publicity effort and pleased with the practical form of the campaign arranged by the New Zealand Meat Board. Special pages devoted to the attractions of the Dominion were published in a number of newspapers circulating in this densely populated district, a feature of the campaign being a competition among retail butchers for a cash prize for the best advertisement of New Zealand lamb.

RAW MATERIALS WILL THE BOOM LAST ? PROBLEMS FOR PRIMARY PRODUCERS Professor J. B. Condliffc, author of the' world economic survey published every year by the League of Nations, believes that primary producing countries should not over-estimate the time during which they can count on high prices. _ , . , Such countries are entitled to expect returning prosperity, he thinks, but they would be well advised to use the first profits of the present boom to restore their equipment and rebuild their reserves abroad. Professor Condliffe was formerly professor of Economics at Canterbury University College, New Zealand, and will take iip an appointment as professor of commerce at the University of London next October. His views oh the maintenance of prosperity among primary producers are contained in an article he has written for a special number of ‘ World Trade,’ the organ of the International Chamber of Commerce. “ At the present time practically all the raw material producing areas are prosperous,” Professor Condliffe writes. Some of them, indeed, are rapidly approaching a state of boom. Even though the prices of some important foodstuffs have not yet I'esponded to rising demand, the export markets for minerals and textiles have carried most primary producers into prosperity. It is necessary only to mention nickel in Canada, tin in Malaya, copper in Rhodesia, rubber in the Netherlands Indies, and wool in South Africa, Australia, New Zealand, and the Argentine to realise how large a part the boom m raw materials plays in the economic life .of these areas. rials are among the first signs of recovery from a depression, and, therefore, purchasing power increases in the primary producing areas at an earlier stage in the cycle than in the manufacturing countries. But the reverse also is true. Normally the demand for raw materials falls off before the boom in finished goods is at its peak; therefore the raw material producing countries are likely to be faced by declining export receipts when their outgoing payments are still increasing. “ It follows that in a period of increasing prosperity it is wise for primary producing countries to practise a degree of insulation. Part of the proceeds of higher export prices- can be earmarked to build up exchange reserves against possible future drains on the external balance of payments. “ At the same time, the abuses of the pre-depression gold exchange standard ought to be avoided. If liquid shortterm balances owing to primary producing countries are sucked into an expanding spiral of credit in the great financial centres, they feed the industrial boom. There seems no reason why assets built up in the financial centres should not be prudently managed so as to provide reserves of exchange for the primary countries without, facilitating unsound credit expansion in the industrial countries.” REDUCTION OF DEBTS. “ The practice of debt repayment.” Professor Condliffe continues, “ is now being followed by many of the primary producing countries. This is an effective way of insuring against the possibilitv of future strains on the balance of payments. Countries whose finances were kept sound in the depression have been enabled to convert their foreign debt, and some of them—for example, South Africa—have used ■ rpluses to repay external debt- “ If the primary producing countries decide in the good years to conserve their inflated receipts from exports, obstacles to their full transference would serve a double object, damping down boom conditions at home and building reserves against possible external drains in the future. The use of accumulated export receipts to clear away arrears and resume debt service may he a very useful investment against future emergencies. DANGER IN BOOM CONDITIONS. “ The danger of boom conditions in primary producing countries,” Professor Condliffe concludes, “is precisely the same in principle as in industrial areas—unbalanced investment, speculation, and general misdirection of available resources. “ How far is it wise to allow what may be a temporary and exaggerated demand for raw materials to direct investment and labour into copper or rubber ventures in the tropical colonies? How wise is it for the agricultural countries of Europe to barter their increased receipts for armament and capital imports ? “ Obviously the primary producing countries can reap the fruits of their good fortune only by moans of such transfers from abroad. They can avoid future disappointment, however, only if they keep the transfer? within limits and do not project permanent commitments on the basis of what may prove to be passing good fortune.” PRICE OF GOLD Press Association—By Telegraph—Copyright LONDON, August 9. (Received August 10, at 1.15 p.m.) Fine gold is quoted at £6 19s Id per ounce.

FRUIT AND PRODUCE BROKERS OTAGO ASSOCIATION The annual mooting of the Otago Fruit and Produce Brokers’ Association was hold in the office of the secretary, Mr H. F. Payton, all the members being present. The president (Mr W. J. Lovell), submitting the annual report of the association, said he desired to congratulate the members on the harmony and co-operation that had existed during his term as president. Members had all worked in the most cordial spirit, thus making his task as chairman a most pleasant one. A reorganisation of the association had been made after the death of the late president (Mr 15. O. Reilly), and amended rules and constitution had been adopted. During the period under review members had worked under an amended schedule of charges, commissions, etc., and these had been strictly adhered to. Members had been met in conference by rcepresentatives of the various fruitgrowers’ associations, and matters in dispute had been amicably settled. The introduction of a “ cash ” and “ weekly credit ” system was inaugurated during the term, and had proved of great benefit to all brokers. Tho President said that members had consistently advocated the lifting of the embargo on Australian citrus fruits. It was pleasing to report that the position had now greatly improved and that adequate supplies were coming to hand to meet the requirements of tho consuming public. The Government had also taken control of the Cook Island oranges and Samoan bananas, the wholesale price of these being fixed by the Government prior to the arrival of the vessel at its first port of call in New Zealand. On March 7 last a conference fully representative of all South Island brokers was held in Dunedin, when it was unanimously decided to reform tho South Island Brokers’ Association, and all their members .had decided to link up with that association. The meeting was of the opinion that such an organisation would be of great benefit to all brokers in the South Island, as they could then, approach the Government on vital matters as a united body. All members were called to give evidence before the Fruit Marketing Commission, the report of which had now been published. The decision of the Government in regard to the many recommendations submitted was now awaited. Mr Lovell emphasised that an excellent spirit exised between all branches of the trade, tho feeling generally being most cordial. He sincereley hoped that this would long continue to the mutual benefit of those engaged in the industry. The president was thanked for his report, all tho members present paying a tribute to tho efficient and capable manner in which he had carried out the duties of president. The balance sheet was then presented by the secretary and approved. A vote of thanks was carried to the secretary (Mr H. F. Payton) and the auditor (Mr D. M'Callum) for their services. Tho election of office-bearers resulted: —President, Mr W. J. Lovell (re-elec-ted) ; vice-president, Mr W. Reilly (reelected) : Executive Committee—Messrs J. H. Waigth, H. C. Williamson, J. H. Hinton, jun.. and E. H. Ewing; secretary, Mr H. F. Payton; honorary auditor, Mr D. M'Callum. AUSTRALIAN STUCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY, August 9. Although tho turnover on the Stock Exchange was restricted to-day owing to the death of a member, the market was strong for general investments and Barrier shares.

MELBOURNE, August 9. The feature of the market to-day was good buying of Cox Bros, and Dunlops at higher levels. Other sections of the market were quiet. There was good inquiry for Barriers, especially Souths, and Zinc Corporations were in demand on the rumour of share splitting. Commercial Bank of Aus-

N.Z.L. AND M.A. COMPANY ; In the London cable message published on August 6 in connection with the New Zealand Loan and Mercantile Agency Company’s scheme of dealing with arrears of dividend on preference stock, it was stated in our issue that second preference holders would receive £IO,OOO in cash and £250,000 in ordinary shares. This should have read £70,000 in cash and £250,000 in ordinary shares.

THE SHARE MARKET DUHEDIH STOCK EXCHANGE FURTHER ADVANCES IN AUSTRALIAN MIKING Australian mining was tho only section to make any noticeable headway this morning. stocks m other sections generally remaining quiet. Banks revealed a slight casing tendency, while industrials were uncertain. Electrolytic Zincs, Mount Lydia, Mount Morgans, Broken Hill South, and North Broken Hill were marked up, m some cases buyers quoting at yesterday s sellers’ price. ■ ..... Banks remained quiet, with little variation. Commercials closed fractionally better, hut New Zealands remained steady. The D mortgage issue had unanswered sellers at the slightly easier price of £1 10s 3d. Buyers of Nationals dropped back to £2 19s 6d, but holders did not respond. National Insurances attracted attention, and after reported business at 18s had buyers offering 17s lOd, with no declared sellers. South British stock was on offer at £5 2s 6d, while Standards were weaker at vendors £2 19s. Meat preserving stock continued firm. New Zealand Befrigeratings were steady, while South Otago Freezings were wanted at £9. . , . ~ Broken Hill Proprietary dropped 3d on both buyers’ and sellers’ quotations to a market between £4- 3s 9d and £4 4s 6d. Associated News preference issue had improved buyers at £1 4s 9d, la below holders’ limits. Brown, Ewings (pref.) were on offer at £1 ss, but buyers were not for r ward. Dunlop Rubbers continued their recent firming movement, and closed with unanswered buyers at £1 4s. .. .. Further advances were recorded in the Australian mining section. North Broken Hill had buyers over the £4 mark, but even at that high price sellers did not respond. Broken Hill Souths had buyers at yesterday’s selling price of £2 11s 9d, while to-day’s sellers quoted £2 12s 6d. Electrolytic Zincs had a very firm market, as also did Mount Lyells, which closed between £2 5s 6d and £2 8s 3d, Mount Morgans were fractionally better. . Local gold mining was quiet, with a buyer for Clutha Rivers at 2s 6d. Government loans were firm, with strong buying support for those issues quoted. SALES REPORTED. —Late Yesterday.— National Insurance, 18s, 18s Id, D.I.C. (pref.), £1 4s 6d. G. J. Coles, £4 19s. Dunedin Breweries, £1 10s. 4 per cent. Stock. 1952-55, £lO4 17s 6d. —This Morning.— National Insurance, 18s. Cos Bros., £1 3s 6d. Milburn Lime and Cement, £2 3s. SALE ON ’CHANGE. —This Morning.— Woolworths (South Africa), 17s 3d. SALE AFTER GALL. —Late Yesterday.— Broken Hill South, £2 11s 4d. Quotations as under:— Buyers. Sellers.

DIVIDENDS DUE. N.Z. Insurance Final, Is per share, making 10 per cent. for the year ... ... ... ... Aug. 10 North Kalgurli (1812) Ltd. 9d (sterling), loss English u»come tlx ... ... ... Aug. 10 Peters American Delicacy (W.A.) —8 per cent, per annum ... Aug. lu Mort’s Dock and Engineering—4 per cent Aug. 11 H.K. Millinery Ltd., Auckland— Interim, 10 per cent. ... ... Aug. 12 Queensland National Bank—Final, at 44 per cent, per annum ... Aug. 13 Farmers’ Fertiliser —6 per cent. Aug. 16 Wellington Woollen—Final at 6 per cent, per annum Aug. 18 Melbourne Steamship Co. —3 per cent. pref. and 34 per cent, ord., makihg 6 per cent, and 64 per cent, per annum re- , speotively Aug. 18 Cash ' p Orders AmalgamatedQuarterly ord. at 15 per cent. per annum Aug. 19 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 Trustees, Executors, and Agency Co., Melbourne—B pen cent. per annum Aug. 19 Meggitt Ltd.—Final, half-year, Ist and 2nd pref., at 10 per cent, per annum Aug. 19 Clifford, Love, Sydney—lnterim , , . at 10 per cent, per annum Aug. 20 Silverton Tramway Co.—ls 3d per share, equal to 124 per cent., making 20 per cent, for tho '> ■ year ... Aug. 25 Bank New South Wales—Quar- , . terly, 6s per share (Aust. . currency) ••• ••• .... ' Aug. 26 Associated Newspapers pref. 2 per cent., -ord. 2 per ■ , ■ cent Winchcombe, Carson —Interim final half-year 4 per , cent., : making 8 per cent, per annum. Aug. 30 Wellington Invest. T. and A.— Final per cent., making 5 per cent.. per annum ... ... Aug. 30, Carlton Brewery—lnterim half- , yearly at 15 ■ per cent, per _ ' • annum . Aug. 31 Dominion Rubber,, Dunedin—lnterim at 10 per cent, per , annum ... ••• 1 Elder Smith, Adelaide—Final 4 per cent., making .7 per, cent. ‘ per annum ... ... ... . Sept. 1 Electrolytic Zinc—Half-year, 9 per cent.’ and bqriiis of 6d on ord. . and pref.' i ••• Sept. 10. Broken Hill South—ls ,3d- per - . , share ... Sept. 15 Apex Investment Trust of NJ3,— Interim at- 4 per cent, per J . annum .... Sept. 16

London— £100 stg. N.Z T.T. £124 £124 10/ O.D. : £123 10/ £124 8/9 Australia— £A to £100 £100 10/ N.Z O.D. £101 Fiji — £F to £100 £89 N.Z. .., ... O.D. £90 7/6 New York — Dollars to £1 3,9978 N.Z. T.T. 4.03*8 O.D. 4.0448 4.0018 Montreal — Dollars to £1 3.9989 N.Z T.T. 4.0338 O.D. 4.0463 ' 4.0029 Austria— Schillings to £1. N.Z T.T. — 20.88 O.D. — 20.89 Belgium— Belgas to £1 23.667 N.Z T.T. O.D. — 23.678 Czechoslovakia — Crowns to £1 113.87 N.Z. T.T. — O.D. — 113.92 Danmark — Kroner to £1 18.203 17.883 N.Z. T.T. O.D. 18.263 17.899 France — Francs to £1 105.90 N.Z T.T. — O.D, — 105.94 Germany— Beichmarks to £1 9.886 N.Z T.T. — O.D. — 9.891 Holland — Florins to £1 7.222 N.Z. ... , T.T. — » O.D; — 7.226 Italy— Lire to' £1 76.00 N.Z T.T. — O.D. — 76.05 Java — Florins to £1 7.212 N.Z T.T. — O.D. — 7.216 Norway— Kroner to £1' 15.891 N.Z M* T.T. 16.181 O.D. 16.241 15.897 Sweden — Kroner to £1 15.491 N.Z T.T. 15.786 O.D. 15.846 15.497 Switzerland — Francs to £1 N.Z. .... . T.T. — 17.363 O.D. — 17.368 Noumea — Francs to £1 N.Z. .., . T.T. — 105.15 O.D. , — 105.19 Papeete— Francs to £1 105.10 N.Z., ... . T.T. — O.D. — 105.14 Hongkong— N.Z. pence to 1 18 43-64 dollar ... . T.T. 18 15-64 O.D. 18 13-64 18 43-64 Indian and Ceylon— N.Z. pence to 1 22 3-8 22 21-32 rupee ... . T.T. O.D. 22 11-32 22 21-32 Japan— N.Z. pence to 1 17 31-64 yen T.T. — O.D. — 17 31-64 Shanghai— N.Z. pence to 1 17 7-8 dollar ... . T.T. 17 7-16 O.D. 17 13-32 17 7-8 Singapore— N.Z. pence to 1 '■34 23-32 35 13-64 dollar - ... . T.T. O.D. - 3f 5-8 35 1£64 Chefoo — 1 N.Z. pence to 17.13-32 18 1-32 dollar ... . T.T. O.D. 17 23-64 18 1-64 Manila — y N.Z. pence to 1 29 47-64 30 15-64 peso ... . T.T. O.D. 29 41-64 30 15-64

£ s. d. Cdmmonwoalth Bonds^ 3i p.c., 1948 98 15 0 4 p.c.,' 1938 101 12 6 4 p.c., 1953 102 12 6 4 p.c., 1955 102 12 C Toohey’s Tootlrs 1 13 2 15 e 3 Austral Gas A 4 7 0 Associated News 1 3 10J British Tobacco 2 12 3 Broken Hill Pty 4 5 3 The Exchange adjourned for half an hour this morning owing to the of a member, Mr Robert Hill. death Bank of New South Wales 34 15 0 Colonial Sugar 48 2 6 Mercantile Mutual Insurance 1 12 6 Coles 5 1 0 Australian Glass 4 16 0 Amalgamated Zinc 0 12 2 Commonwealth Wool 1 0 6 Sargents 1 13 61 Edwards Dunlop 2 7 0 United Provisions 0 10 7 Wunderlich 1 2 G Felt and Textiles 2 1 6 Taubmans s 3 10 0 Electrolytic Zinc 3 1 9 (pref.) 3 2 9 Mount Morgan (New Zealand delivery) 0 12 5 Mount Lycll (New Zealand delivery) 2 5 9 South Broken Hill 2 12 6 North Broken Hill 4 1 6 Zinc Corporation! 8 1 C Larut ... 0 18 10J

tralia ... 0 IS 4 National Bank (£5 paid) ... 7 G 13 0 British Tobacco 2 0 Coles 5 1 0 Drug Houses Australian Iron and Steel I G 0 (pref.) 1 7 6 Australian Glass 4 1G G Dunlop Perdriau 1 4 7 General Motors 1 5 3 Hunio Pipe 1 0 11 Cox Bros 1 3 G Kauri Timber 1 9 9 Felt and 'textiles 2 D 0 Sulphide Corporation 0 17 1 Electrolytic Zinc a 1 G (pref.) a 2 9 Mount Lyoll 2 G 0 3 Broken Hill Pty 4 5 North Broken Hill 4 1 G South Broken Hill 2 12 9 Zinc Corporation 8 1 G Tonkah Harbour 1 3 C Loloma 1 2 6

£ a. £ s. d. BANKING— New Zealand. (£1) ... 2 4 32 4 9 ■ New Zealand, Long “\D ” (£1) ... 1 10 3 Commercial (10s) ■ 0 18 1 0 18 6 National of New Zealand (£2 10s)'... 2 19 6 National of Australasia (com., £5; — 7 10 0 INSURANCE— National (7s) ... 0 17 10 South British (£1) ... — 5 2 S Standard (£1; ... ... 2 19 0 SHIPPING— Howard Smith (£1) 1 1 6 Huddart, Parker (ord., £1) ....... 2 0 |o Huddart, Parker (pref., £1) ... ... i 7 6 — P. and 0. Deferred Stock (£1) 2 0 6 ■ U.S.S. Co. (pref., £1) 1 6 4 — MEAT PRESERVING— N.Z. Refrigerating (paid, £1) 0 19 6 1 0 3 N.Z. Refrigerating <coim., 10») _ 0 9 8 South Otago Freezing (£5)-. 9 0 0 Waitaki Farmers’ Freezing (£5) 4 1 6 — LOAN AND AGENCY— Goldsbrough, Mort . (£1) i 15 0 1 16 3 N.Z. Loan and Mercantile ' (ord., £100) • _ 44 0 0 N.Z. Guarantee Corp. (3s) 0 4 11 Otago Farmers’ Co-op. {.Is 4d) - 0 4 0 COAL— Kaitangata (16s) ... 1 2 6 Westport (10s) 1 4 0 — WOOLLEN COMPANIESBruce (ord., £1) 0 11 6 . — Bruce (pref., £1) ... X 1 6 — Kaiapoi (cont., 7s) ... — 0 0 5 3 Mosgiel (£4-) 10 3 — Oamaru (£1) 0 18 6 . — Timaru (£1) y 0 18 0 MISCELLANEOUS— Associated News (pref., £1) 1 4 9 1 5 9 Australian Glass (£1) 4 14 6 — British Tobacco (£1) 2 11 0 — Broken Hill Proprietary (£1) 4 3 9 4 4 6 Brown, Ewing (pref., £1) 1 5 0 D.I.C. (pref., £1) ... 1 4 0 — Dominion Fertiliser (£1) 1 4 9 Dominion Fertiliser Debs. 102 0 0 Dominion Rubber (£1) 1 14 3 Dunedin Stock Exchange Proprietary (£1) 2 1 0 Dunlop Pcrdriau Rubber (£1) 1 4 0 General Industries (12s 6d) ‘1 1 0 G. J. Coles (£1) ... 4 18 9 5 0 0 Hume Pipe (£1) 1 0 1 1 0 6 Milburn Lime and Cement (£1) 2 2 0 N.Z. Drug Co. (£2) ... 3 12 6 3 14 3 N.Z. Farmers’ Fertiliser (£1) . 1 2 0 N.Z, Paper Mills (£1) ‘ Otago Daily Times ’ (£1) 1 6 6 1 7 6 2 5 3 2 8 0 Regent Theatre (£1) 0 19 6 — Shillings Ltd. (£1) ... 0 17 3 0 17 9 Smith and Smith (prof., £1) 1 2 6 Woolworths (ord., £1) 5 8 0 Woolworths (rights) — 4 4 0 Taranaki Oil (£1 4s 7d) 0 4 6 0 4 10 BREWERIES— Now Zealand (£1) ... 2 10 0 2 10 6 Staples’ (£1) 2 11 0 — Dominion (£1) — 2 2 3 UNLISTED STOCKS— Mackintosh, Caley, Phcenix (£1) 0 7 0 0 9 0 Woolworths (Sydney, ord., £1) 6 7 0 Selfridgos (£1) 1 13 0 — M'Kenzie’s Dept. Stores (£1) 4 3 6 — OVERSEAS LIST— Woolworths (South Africa) 0 17 3 0 17 4 OVERSEAS MINING— Austral N.Z. Mining (Us) 0 12 0 Broken Hill South (5s) 2 11 9 2 12 6 Electro. Zinc (pref,, £1) ... 3 0 6 3 2 6 Electro. Zinc (ord., £1) 3 0 3 3 1 0

Mount Lyeh (£1) 2 5 8 2 6 3 Mount Morgan (2s 6d) North Broken Hill 0 12 2 0 12 4 (5s) 4 0 3 — 0 Placer Development Eawang Tin (10s) ... GOLD MINING— 0 12 4 15 4 0 12 8 Argo Dredging (Is) — 0 2 0 Big River (Is) 0 1 4 0 1 7 Clutha River (2s) ... 0 2 6 — Gillespie’s (Is) 0 1 4 0 1 5 Kildare (2s) — 0 1 4 Lawson’s Flat (Is) ... — 0 0 4 Maori Gully (Is) — 0 0 6 Nokomai (5s) 0 1 9 — Okarito (5s) ... ... 0 2 6 — Sandhills (Is) — 0 0 3 Skippers (Is) — 6 0 0 4 Waipapa Beach (Is) 0 0 0 0 10 N.Z. GOVERNMENT LOANS— 34 p.c. Stock, Nov., 193831 p.c. Stock, March, 193931 p.c. Stock, Sep., 102 10 0 102 10 0 1939-43 31 p.c. Stock, May, 102 10 0 “ 1939-52 . ... 31 p.c. Stock, March, 102 10 0 194143 34 p.c. Stock, Sep., 102 10 0 1941-45 34 p.c. Stock, May, 102 10 0 1941-52 31 p.c. Stock, Nov., 102 10 0 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