Commerce, Mining, & Finance

Evening Star, Issue 22773, 7 October 1937, Page 8

Commerce, Mining, & Finance

LONDON STOCK EXCHANGE Press Association—By Telegraph—Copyright LONDON, October 5. Bank of Australasia, £8 15s; E.S. and A. Bank, 89s 6d; Union Bank of Australia, £7 5s 7Ad; Bank of New South .Wales, £36; National Bank of Now Zealand, 445; Bank of New Zealand, 34s 6d ; British Tobacco, 37s 6d ; Goldsbrough Mort, 26s 6d; Dalgoty, •KiOs; J'. and U. Deferred, 27s 3d; New Zealand Loan and .Mercantile, 4 per cent. £93, ordinary. £25.

HEW AFFORESTATION COMPANY REGiSTRATiON IH SYDNEY Press Association—By Telegraph—Copyright SYDNEY, October C. A new company registered in Sydney is Kaingaroa Forests Ltd.._ with a nominal capital of £91,000. Ibo bead office is in Auckland, and the object of the company is to carry on tree planting and afforestation.

ADDINGTON MARKET STRONGER STOCK PRICES [Per United Peess Association.] CHRISTCHURCH, October G. Entries were smaller at to-day’s weekly Addington market, and as a result there was a tendency towards stronger values in most sections of fat stock. Store Sheep.—There was a larger entry than last week, but a slow sale, except for ewes, with a good proportion of lambs. These sold up to 21s, all counted, and others to 16s 6d. Ewe hoggets sold for a truck lot at 31s 6d, wether hoggets at 23s sd, and grown wethers at tho same price. These prices were for the best. Spring Lambs. There were 140 penned, the best price being 34s 4d (average price per lb, lid to l2d). The fat sheep entry was about 4.000 Heavy sheep held recent high values, whilst lighter sorts were a shade dearer, and there was a good sale throughout. Extra prime heavy wethers made to 47s lOd, prime heavy 41s to 44s 6d, prime medium-weight 37s 6d to 40s 6d, ordinary 33s 6d to 375, extra prime heavy ewes to 49s lOd, prime heavy 36s to 40s, prime medium-weight 31s 6d to 355, ordinary to 31s. Fat Cattle.—ln a small entry of 340 head heavy steers were better by 20s to 25s a head, and light-weight cattle by up to 15s. There was a keen sale until near the concluding stages, when the best beef made from 38s to 40s per 1001 b, extra to 42s 6d, medium to good 35s to 37a Gd, ordinary 31s to 345, and inferior down to 28s. Extra prime heavy steers made to £2O 7s 6d, prime heavy £l6 5s to £l7 10s, prime medium-weight £l4 to £l6 ss, ordinary £lO 15s to £l3 10s, extra prime heifers to £ls 2s 6d, prime £lO 15s to £l2 los, medium £7 15s to £lO ss, extra prime cows to £l6 7s Cd, prime £9 5s to £ll, medium £7 5s to £9. Ycalers.—There was a largo entry and good sorts sold well, others being back. , Runners, £3 18s to £lO Is. Vealers brought from £2 15s to £5 18s 6d, and calves 14s to £3 4s.

Fab Pigs.—Porkers were easier by about 3s a head, but baconers maintained the previous high rates. Porkers made from 39s 6d to £3 8s 6d (average price per lb, 7RI to 8d). and baconers £3 5s Cd to £5 16s 6d (average per lb, 7d to 8d). Store Pigs,—-A smaller entry of good weaners sold well, inferior sorts being easier; but good stores sold exceedingly well. Weaners made from 12s fid to 225, slips 21s to 245, and stores 28s to 395.

SYDNEY WODL SALES Press Association —By Telegraph—Copyright SYDNEY, October 6. ’ At the wool sales 12,028 bales were offered, and 9,190 sold, while 1,630 were privately disposed of. There was good competition from the. Continent and Yorkshire, with limited support from ■ Japan. Values for better class ilcoce wools and average to good broken were on a par with those earlier in the week. : American operators purchased best lleece descriptions. Greasy merino , made to 221 d.

ANTWERP FUTURES Press Association —By Telegraph—Copyright LONDON. October 5. Antwerp futures:, December, 29d; .March and May, 28Jd.

South Otago Freezing Co. South British Record

Net profit of £10,885, an increase of £967 on last year, is shown in the accounts of the South Otago Freezing Company Limited. Dividend at 5 per cent, is 3 per cent, below last year’s distribution. A record net premium is reported by the South British Insurance Company, the increase over the previous period being £141,539, bringing the total to £1,181,609. Very heavy losses were experienced by the company, and though expenses were lower, the underwriting surplus was lower. The dividend is increased by Id to 2s 9d. The feature of this morning’s call was a considerable break in values of Australian Industrial and Mining companies.

SOUTH OTAGO FREEZING SOUTH BRITISH INSURANCE

NET PROFIT OF £10.885 DIVIDEND DF 5 PER GENT. A net profit of £T0,885 3s lid, compared with last year’s £9,918* is shown by the South Otago Freezing Company Ltd. in its annual statement of accounts. The report states that, after making provision for depreciation and transferring £II,OOO to reserve for income tax, and £4,000 to general reserve, the profit remaining, including last year’s balance, is £27,542 17s. The directors recommend the payment of a dividend at the rate of 5 per cent. (8 per cent, last year) on the fully paid-up capital of £132,£10, which will absorb £6,630 10s, and that the balance of £20,912 7s be carried forward. During the year the capital of the company was increased to £145,000 by the creation of additional capital to the amount of £70,000, divided into 14,000 ordinary shares of £5 each, ranking pari passu with existing ordinary shares. The stock dealt with for the past three seasons was as follows:

SURPLUS OF WOOL STRONG STATISTICAL POSITION It is generally recognised that tho opening of the 1937-38 wool sales in Australia found the raw material in. one of the strongest statistical "positions of recent years, for final returns relating to the 1936-37 season are among the most impressive in the history of the trade. Evidence of the strong statistical position'of Australasian wools at thp opening of a new season is provided by the following table—compiled from the annual returns of Dalgety and Co.—showing the progressive diminution in carryover supplies in recent years:—

RECORD INCOME REVEALED SUBDIVISION OF SHARES The South British Insurance Company Ltd. earned record net premium income of £1,181,609. in the year ended August 31, 1937. Expenses were reduced, but losses increased sharply, the underwriting surplus showing a drop to £105,903. interest and rent brought the company £141,755 virtually enough to pay the dividend of 2s 9d a share. A proposal that the existing £1 shares of the company should be subdivided into 10s shares .will be submitted to shareholders at a special meeting to follow the annual meeting; An addition to the articles of association is also proposed in the form of a machinery clause dealing with the payment of any dividend or bonus.

The net premium . income at £1,181,609, is £141,539 higher than last year’s amount, and £129,767 greater than the previous peak attained in 1929. The expansion in premium income has been accompanied by a pronounced increase in losses, which accounts for a reduction in the underwriting surplus. In spite of the larger revenue, expenses have been reduced. Losses totalled £704,128, an increase of £142,128, but a reduction was effected in expenses amounting to £1,883, the total charges under this heading being £293,578. The ratio of losses to premium income has shown a sharp increase to 59.59 per cent., but the figure is still materially lower than the high level of 66.88 per cent, reached in 1931. The underwriting surplus, at £105,903, is £4,706 lower than that of the previous year. On the other hand, a substantial improvement is recorded in the income from interest and rents, which has risen by £12,625 to £141,755. The net interest and rental returns added to the premium income provide a total of £1,323,364. The underwriting surplus is obtained after the making or full provision for losses outstanding and taxation.

After adding the income from interest and rents, the total available is £247,658. The directors have transferred £IOO.OOO to the contingencies reserve and £68,776 was absorbed in the payment of an interim dividend of Is 4d a share. They now propose _ a final dividend of Is 6d a share, making the total distribution for the year 2s 9d, compared with 2s 8d which was maintained from 1930 to 1936. The final dividend will absorb £73,074 10s, and £227,725 will be carried forward against £221,917 brought in.

THE SEARCH FDR GOLD REXM AN MINES CRUSHING COMMENCED. The manager of the Rexman Mines Ltd. reports as follows for the week ended October 1; The pipe line was completed and the water supply fumed on. Crushing commenced on September 30, and adjustments to the amalgamating tables and curduroy strakos were made. The design of tho taymer enables ore to he ground cheaply and quickly. Tho fineness and density of the pulp is under perfect control. This assures a high rate of gold recovery. The prospecting tunnel being projected to cut the new reef is opening up country showing encouraging geological features.

The gradual shrinkage in end-of-sea-son aggregate supplies carried over has been in progress since the close of 1933-34, and it will not pass unnoticed that in recent seasons surpluses have been carried forward in both Australia and New Zealand of greater volume than the combined carry-over at the end of 1936-37. It is officially intimated that tho modest surplus at the end of 1936-37 has been cleared since the close of June. In other words, New Zealand cross-bred wool—of which surpluses reaching neai-ly a quarter of a million bales have existed in some recent years—has experienced such a demand in tbo past year or two that the needs of consumers can now be met only out of - current production.

Other statistical indications are that, far from these heavy shipments from primary markets having resulted in accumulations of supply in importing countries, immediately available stocks of both Australian and Now Zealand wool in this and most other consuming countries are unusually modest, and spot wools are in a very strong position pending the arrival of the first of tho new season’s supply from overseas. With tho Australian sales now in progress, the merino wool position is likely to be eased before new colonial cross-breds arrive, as the New Zealand marketing season does not open until November.

DOLLAR AND FRANC Press Association—By Telegraph—Copyright LONDON, October 5. The dollar is quoted at 4.95 3-IG. The. franc is quoted at 150. THE BUTTER MARKET Press Association— By Telegraph—Copyright LONDON, October 5. Butter is firm. Danish, 140 s. Choicest salted and nnsalted New’ Zealand and Australian, 131 s and 1325. BULGLO SHARES Press Association—By Telegraph—Copyright LONDON, October 5. Buiojo shares are quoted at 97s Cd.

MINING HOUSE CONCESSIONS 13oz 13dwt FOR 95 HOURS. The secretary of Mining House Concessions reports as follows for September : The water supply was irregular during the month, and a total of 95 hours sluicing was done. A wash-np produced 13oz ISdwt of gold, of an approximate value of £96. Tho mine expenditure for tho period, including the manager’s salary and the cost of supplies for repairs and maintenance, amounted to £sl 10s lid. COLOMBO TEA SALE Air L. M. Wright has received the following cabled report on the Colombo tea auction of October s:—At yesterday’s sale of two million pounds medium and fine teas advanced Jd to id, while commons were firm to dearer. The quality of tho offerings was attractive. Two million pounds have been catalogued for the sale next week. FRIGE OF GOLD Press Association-By Telegraphy-Copyright LONDON, October 5. Fine gold is quoted at £7 Us 8d per ounce.

STOCK AND SHAREBROKERS. INVESTMENT SERVICE. Economic changes are now so rapid and far-reaching that the holder of even the best securites must keep informed on current financial happenings. We are constantly providing investors with financial information necessary for a proper selection and supervision of securities. We invite you to consult our Investment Advisers. The Securities Corporation (N.Z.) Ltd., 20 CRAWFORD STREET, Phone 11-777 (4 lines).

SUPPLIES OF NEWSPRINT MANUFACTURE IN DOMINION ADVANTAGES DISCUSSED [Pbk United Press Association.] WHAKATANE, October G. Interviewed, to-day regarding the uncertainty of future supplies of newsprint and Australian developments for the manufacture of newsprint in Australia, Mr Horrocks, a director of Whakatane Paper Mills Ltd., said that his company had at one time considered the utilisation of Australian timbers, but was satisfied that newsprint could be made more economically in New Zealand, which had in its softwoods plantations an unrivalled source of suitable raw material. Newspaper proprietors in New Zealand, Mr Horrocks said, were not blind to the advantages of having newsprint made locally if this could be done without a tariff. They would be sure, he felt, to support the proposals of the Whakatane company in preference to linking up with the Australian project, which did not guarantee a permanent supply in the event of hostilities or shipping difficulties.

AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY, October 6. Heavy selling of base metal shares on the Stock Exchange to-day forced Mount Lyell and Barriers down to the lowest levels of the year, while among industrials there was an irregular trend and less activity than yesterday.

MORNING SALES. £ s. d

COMPANY NEWS STATE FIRE OFFICE INCREASED PREMIUM INCOME, An increase in premium income from £199,898 to £202,987 is shown in the report of the general manager of the State Fire Insurance Office for 1936. Claims dropped from £53,181 to £43,517, and working expenses at £53,347 showed a decline of £432. Investment income rose from £39,303 to £42,432, Total funds are £1,083,391 against £1,049,420 for the previous year. In his report, the general manager* Mr J. H. J err am, states:— “ Both premium and investment income for 1936 show an improvement over the figures for 1935. The actual increase in premium income is greater than the figures indicate, for the reason that the premiums for 1936 are shown less rebate for the month of December, whereas the figures for 1935 are inclusive of the rebate. The alteration is consequent on the operation of a new; system of bonuses, which was instituted as from December 1. The comparisons also require to be viewed in the light of the steady decline in the average rate for fire insurance which has taken place. The Government Statistician reports that the average rate over all classes of business, hazardous or nonhazardous, in 1931 was 9s 3d per cent., : whereas, it had fallen by stages to 8s 2d iper cent, in 1935. “ As from December 1 the rebate in operation at that date was made a permanent rating reduction from premiums, and, in addition, a further bonus to policyholders ranging np to 25 per cent, was declared. Under the new system adopted, bonuses are restricted to those who have been insured! with the State Office for a period of 12 months or over, policyholders of two and three years’ standing receiving proportionately larger bonuses. The principle of bonuses out of earned profits in an increasing ratio up to three years expresses in a practical form the mutual ideal of the original State Fire Act of 1903. Competitors have met the State Fire system of differential bonuses partially by a flat bonus, also restricted to their policyholders, who thus benefit by the competition of this office, although not to the same extent as do supporters of the State Fire Office. There is gratifying evidence that the bonus has met with warm approval* particularly of our older policyholders, whose-insurances are now being carried by the State Fire Office at a lesser cost to them than ever before. The cost of the bonus will be provided out of the profits for the year under review. GUARDIAN TOIBT LARGE INCREASE IN BUSINESS* The increase ol business for last year was one of the largest recorded in the history of the company, while realisations also reached a record figure, says the statement of the trust, executor, and agency business of the Guardian Trust. The total value of assets now under the administration and control of the company amounts to £13,372,486 12s sd, while new business for the year affects assets of a total value of £1,258,725. The following figures illustrate the steady growth of the Guardian Trust: — Assets Under Administration.—l9ls £10,650, 1920 £2,852,831, 1926 £5,828,117, 1930 £9,378,044, 1937 £13,372,486* The close investment of funds continues to bo a very difficult - prpblem, but in this connection corporate trusteeship has very considerable _ advantages over private trustees in being able to find suitable securities more readily. As has been the case in the last few; years, there is a steady increase in the number of intances in which we have been advised that we have been appointed under the wills of living testators, many of whom are South British shareholders and beneficiaries who have had some experience of our methods in estate administration. COX BROS. (AUSTi) NEW CAPITAL ISSUE. The chairman of Cox ' Bros. (Australia) Limited (Mr T. A. M‘Kay) told shareholders at the annual meeting in Melbourne that the time was fast approaching when the company would have to make a further issue of capital. The annual turnover was at present approximately 75 per cent, ahead of the turnover in 1933, and this increase in sales was being comfortably handled out of current resources. Thera were, however, certain commitments in connection with property, and it would be necessary for these commitments to be met by an issue_ of capital. The company was negotiating for the expansion of its selling organisation in another State in which the present; turnover was not large.

WERE'S TRUST CHANGE OF NAME APPROVED. The chairman of Were’s Investment Trust Ltd. (Mr Staniforth. Ricketson) said at the annual meeting in Melbourne that the increased volume of loan funds that had been employed in the business of the company during the year indicated the faith of the directors in the fundamental soundness of economic conditions both here and abroad. At an extraordinary s general meeting which followed, shareholders agreed to the changing of the name of the company to Australian Foundation Trust Ltd. and to an amendment of the articles of association to conform with! Stock Exchange requirements, preparatory to having the shares of the company listed. HUME PIPE (AUST.) BRIGHT PROSPECTS FORECAST. “ The year has been an exceptionally good one, and prospects for the present year indicate that it will be equally satisfactory,” said the chairman of Hume Pipe Company (Aust.)| Ltd. (Senator M'Lachlan) at the annual meeting. “ The. board looks forward to a continuing prosperity with the affairs of the company,” Senator M‘Lachlan continued, “ and I would stress the point that our pipes are being supplied to the Australian people at prices considerably below those ruling in other parts -of the world.” This the company could accomplish because of the improved methods and the excellent organisation of the company’* affairs. The improvement in profits was general. Senator M‘Lachlan said, extending to every branch, both inside and outside Australia. The advance to Hume Steel Limited was ensuring a profitable and safe outlet for the company’s surplus money, and was an indication of the extent of that company’s activities.* The return to better times in Australia was reflected in every activity of the company.

MOUNT LYELL SHARES Press Association—By Telegraph— Copyright LONDON, October 5. Mount Lyeli shares are quoted at 31s lOJcl. METAL MARKET Press Association —By Telegraph—Copyright LONDON, October 5. Copper.—Standard, £4B 13s IJd per ton; forward, £4B 11s 3d. Electrolytic.—Spot, £54; forward £56. Wire bars, £56. 'Tin. —Spot, £242 15s; forward, £241 7s 6d. Lead.—Forward, £l9 ss; spot, £l9 8s lid. Snelter.—Spot, £l9 Os 7ld; forward, £l9 6s 71 d. Silver. —Fine, 19 15-16 d per ounce; standard, 2101.

SHIRE MARKET DWKMN STOCK EXCHANGE WEAKENING TINE NOTICEABLE AUSTRALIAN INDUSTRIALS AND MINING LOSE GROUND The sudden drop in values of Australian industrial and mining companies at J the i call this morning was particularly noticeable m Broken Hill stocks, which lost c °nsidcrable ground, especially North Broken Hill and Broken Hill South. After sales yesterday at £1 19s 6d, the Souths were sold this morning at £1 16s 6d, and from a closing at £3 2s buyers and £3 5s sellers y«*terday, Norths dropped to £2 17s 6d and *MoOTt'Lyells V weakened slightly to a sale at £1 19s 3d, while Electrolytic Zinas, both preference and ordinary, showed little change. Broken Hill Proprietary dropped from 5 sales yesterday at £3 17s % to f y thw morning at £3 15a 9d. A seller of . J. Coles at £4 14s 6d was 6d under yestcrdET*# sale pries. * The banking section showed little change, * buyer of Nationals of New Zealand reducing the limit by 6d to £2 17s. National Insurances were fractionally better at ns 10d buyers and 18a sellers. After sales yesterday at £2 9s 9d New Zealand Breweries dropped to buyers at fc* 8s sd, with sellers at £2 9s Bd. Both local gold mining and Government stocks quotations were practically identical with yesterday’s. SALES REPORTED. —Late Yesterday.— Bank of New Zealand, £2 3d. Commercial Bank (pref.), £9 feBroken Hill Proprietary, £3 17s 3d {£)• G. J. Coles, £4 15e. Taranaki Oil, 7s 5d (5). New Zealand Breweries, £2 9s 9d. Broken Hill South, £2 Os 4d. Electrolytic Zinc (pref.), £2 15s 3d, Taranaki Oil, 7s sd, 7a 4d. SALES ON ’CHANGE. —This Morning.— Broken Hill Proprietary, £3 15s 9d. Taranaki Oil, 7s 4d. Broken Hill South, £1 16* 6d (3)» Electrolytic Zinc, £1 12s 6d. SALES AFTER CALL, —Late Yesterday.— Taranaki Oil, 7s sd, 7s 4d.. Clutha River (London delivery), 3s 4d. —This Morning.— Mount Lyell, £ll9s 3d. Quotations as under:—

FOREIGN EXCHANGES ON HEW ZEALAND CWWEHDY BASIS The Bank of New South Walt*, Dunedin, quoted the following rates for purchase and sales of foreign exchanges (all rates subject to alteration without notice) : Buying, Selling,

FELT AND TEXTILE SHARES Press Association—By Telegraph—Copyright SYDNEY, October G. The directors of Felt and Textiles ot Australia Ltd, are offering to ordinary shareholders 178,927 ordinary £1 shares at par in the proportion of one for two held oh October 21,

1935. 1936. 1937. Sheep and Lambs ... 314,237 281,858 251,774 CJattlo 2,855 4,010 4,009 Pigs ... 1,834 1,036 784

Australia N.Z. Total. Bales. Bales. Bales. 1931-32 ... 150.169 246,337 396,506 1932-33 ... 42,232 160,863 203,095 1933-34 ... 213,352 61,500 274,852 1934-35 ... 85,865 164,411 250,276 1935-36 ... 75,833 29,530 105,363 1936-37 ... 47,069 15,198 62,267

Commonwealth Bonds— 4 per cent., 1938 .... ... 101 18 9 4 per cent., 1941 ... ... 102 8 9 4 per cent., 1944 103 11 3 ,4 per cent., 1947 101 15 0 4 per cent. 1950 102 7 6 4 per cent., 1953 ... ... 102 7 6 4 per cent., 1957 103 12 6 4 per cent., 1961 ... ... 102 5 0 Tooth’s ... 2 16 0 Huddart, Parker 2 3 0 Broken Hill Proprietary ... 3 17 6 South 2 3 0 Dunlop Perdriau 1 2 3 General Industries 0 19 3 Howard Smith 1 0 7* AFTERNOON SALES. £ s. d. Bank of New South Wales 33 7 6 Comm. Bank of Sydney ... 20 6 0 Bank of Adelaide ... ... 6 9 0 Associated News ■ 1 3 0 Huddart, Parker 2 2 9 Burns, Philp (South Sea) 1 10 0 Berlei 2 0 O British Tobacco ... ... 2 8 6 Tooth’s ..._ ... ... ... 2 15 9 Dunldp, Perdriau 1 2 4i Dunlop Perdriau (pref.) 1 18 7i Kandos .1 5 10i Mort’s Dock 0 11 6 Felt and Textiles 2 3 9 Mauri Bros 3 8 6 C. Neon 2 10 0 Standard Cement 0 17 3 Standard Cement (New Zealand delivery) 0 17 3 Henry Jones ... 2 10 6 Wilcox, Mofflin ... 0 11 11 Dalgetys 10 0 0 Mount Lyell ... 2 0 0 South Broken Hill 2 0 0 North Broken Hill 3 3 3 Placer Development 3 12 0 Emperor 0 11 9 Taranaki Oil 0 7 1 MELBOURNE, October 6. Leading industrials and base metals were marked down sharply following the fall in metal prices and the New x ork market. £ s. d. Comm. Bank of Australia 0 17 4 National Bank (£5 paid) 7 2 6 National Bank (£10 paid) 14 5 0 Howard Smith '... 1 0 9 G. J. Coles ... 4 14 3 Drug Houses 1 6 3 Dunlop Perdriau ... 1 2 4 Goldsbrough, Mort ... ... 1 14 0 Hume Pipe ... , 1 0 1 Cox Bros. ... 0 18 0 Felt and Textiles 2 2 9 Kauri Timber 1 2 9 Yarra Falls 2 0 0 Jason Investment Trust ... 0 10 3 Electrolytic Zinc 2 13 3 Electrolytic Zinc (pref.) 0 5 6 Mount Morgan 0 10 5 Mount Lyell 2 0 0 Broken Hill Proprietary ... 3 17 3 North Broken Hill 3 3 0 South Broken Hill 2 0 0 Emperor ... 0 11 11 Loloma 0 19 5 Taranaki Oil 0 3

Buyers. Sellers. £ s. d. £ s. d. BANKING— N.8.W. (£20) ... ... 32 10 0 33 5 0 New Zeeland (£1) 2 4 0 2 4 6 Commercial (10*) 0 17 1 0 17 4 National of New 2 17 Zealand (£2 10s) ... 0 ■Union of Australia 0 9 13 0 Ltd. (£5) 9 10 INSURANCE — National (7s) 0 17 10 0 18 0 New Zealand (£1) ... 5 5 u — South Britiah (£1) ... 4 15 0 ~ Standard (£1) .... ..... 2 -18 6 ~ SHIPPING— Huddart, Parker 0 , (ord,, £1).., — 2 3 Huddart, Parker -j'. (ptef., £1) ... ... 1 7 6 — P. and O. Deferred 1 16 6 Stock (£1) — U.S.S. Co. (pref., £1) 1 6 6 meat preserving— N.Z. Refrigerating (paid, £1) •••. ... N.Z. Refrigerating 1 0 6 — 0 10 (cent., 10») o a io 1 South Otago Preeimg (£5) ... ... ... — 8 0 0 Waitaki Farmers < Freering (£5) 4- 3 0 LOAN AND AGENCY— Qoldshrougb, Mort (£1) ■ 1 13 3 1 14 0 N.Z. Loan and Mer36 10 cantile (ord., £100) — 0 N.Z. Guarantee Corporation (3s) ... 0 43 Otago Farmers’ 9 Co-op. (3s 4d) 0 3 3 0 3 Perpetual Trustees (18s) a “ Trustees. Executors, and „ 3 1 0 Agency (£2) ... ... Wnght, Stephenson (pref., £1) ..., 3 lo 1 0 0 3 1 1 3 COALKaitangata (16a) ... Westport (10b) 1 3 1 4 0 9 — Westport-Stockton (ord., 10s) 0 2 0 — Westport-Stockton 9 (pref., 10s) 0 4 WOOLLEN COMPANIES 0 Bruce (ord., £1) — 6 0 14 Bruce (pref., £1) ... 1 1 — Kaiapoi (ord., 17s) ... — 0 13 6 Kaiapoi (pref., l7s) Oamaru (£1) ... ... - 0 18 0 17 3 6 MISCELLANEOUS— Anthony Hordern (£1) _ 0 19 0 Associated News 9 (pref., £1) ... ... 1 3 — 9 Australian Glass (£1) — 4 11 British Tobacco (£l) — 2 9 0 Broken Hill Pro3 15 3 16 6 prietary (£1) Brown, Ewing 6 (pref., £1) T 2 0 1 3 6 Brown, Ewing (ord., £1) — 1 2 0 Consolidated Brick 0 8 (£1) — 3 D.I.C. (pref., £1) ... 1 4 0 — Dominion Fertiliser (£1) 1 3 4 — Dominion Fertiliser Debentures 102 0 0 — Dominion Rubber 1 12 (£1) — 0 Donaghy’s Rope and Twine (£1) ... ... 2 9 0 Dunedin Stock Exchange Proprietary (£1) ... 2 1 0 — General Industries 0 19 (12s 6d) 0 4 14 G. J. Coles (£1) ... — 6 Hume Pipe (£1) 0 19 10 1 0 0 Kauri Timber (£1 5s) — 1 2 9 Milburn Lime and Cement (£1) — 2 4 0 M'Leod Bros. (£10) — 27 10 0 Mort’s Dock (£1), — — 0 11 3 Moturoa Oil (pref.. 0 5 3 15 5e) N.Z. Drug Co. (£2) 3 13 6 0 0 N.Z. Farmers’ Fertiliser (£1) — 1 0 0 N.Z. Paper Mills (£1) 1 17 0 * Otago Daily Times ’ 9 (£1) ... 2 5 ■ Regent Theatre (£1) Shillings Ltd. _(£1) — 1 0 0 0 19 3 Smith and Smith 9 (pref., £1) Wilson’s (N.Z.) Cement — 1 1 (10s) 0 19 10 — Woolworths (ord., 15 5 0 £1) — Taranaki Oil (£1 4« 7d) .... 0 7 5 0 7 4 BREWERIES— New_ Zealand (£1) ... 2 9 5 2 9 8 Dominion (£1) 2 0 0 1 10 Dunedin (£1) — 0 UNLISTED STOCKS— Woolworths (Sydney, 1 10 ord., £!)• 1 7 6 6 Eelfridges (£1) 1 1 6 — A. and T. Burt’s ... (pr?L.._£.U 0 10 $

OVERSEAS MINING— Austral N.Z. Mining . (9s) ••• 0 9 0 — Broken Hill South >1 17 (5s) 1 16 6 0 Electro. Zinc (pref.. 2 14 6 2 14 8 £1) ... ... Electro. Zinc (ord., 2 12 6 £1) 2 12 11 Mount Lyell (£1) ... 1 19 0 1 19 4 Mount Morgan 0 10 4 0 10 (2s 6d) 6 Broken Hill North 2 17 (5s) 2 17 6 9 Placer Development 3 13 0 goes MINING— Big River (Is) 0 10 — Clutha Rifcer (2s) ... — 0 4 0 Consolidated Goldfields 0 13 6 (4s) — Gillespie’s (Is) 0 13 0 1 5 Goldfields Dredging o o 14 (Is) ' Kildare (2s) — 0 1 3 Molyneux Kiver (2s) 0 2 0 — Maori Gully (Is) ... 0 2 0 0 0 6 Nokomai (5s) 0 2 6 Okarito (5s) 0 2 9 0 3 9 Paddy’s Point (5s) ... — 0 2 0 Sandhills (Is) — 0 0 1 Waipapa Beach (Is) — 0 0 3 N.Z. GOVERNMENT LOANS31 p.c.,Stock, Nov., 1938-52 104 0 0 _ 3i p.c. Stock. March. 1939-43 101 0 0 — 54 p.c. Stock, Sept., ‘1939-43 101 0 0 31 p.c. Stock, May, 104 0 0 1939-52 — 34 p.c. Stock, March, 1941-43 101 0 0 — 34 p.c. Stock, Sept., 101 0 0 4 p.c. Stock. 1943-46 103 0 0 103 5 0 4 n.c. Bonds, 1946-49 1()4 lb U — 4 n.c. Stock. 194649 104 15 0 105 5 0 4 o.c. Bonds, 1952*55 104 15 0 — 4 o.c. Stock. 1952-55 104 15 0 — 31 p.c. Bonds, 1953-57 98 10 0 — 3| p.c. Stock, 1953-57 98 10 0 DIVIDENDS DUE. Fanner and Co., Sydney—Halfyear'ord., Is 9d per share, Oct. equal to 8Jd per annum ... 7 Amalg. Zinc (de Bavays) Ltd. — Half-yearly at 5 per cent. Oct. 8 per annum Milne and Choyce, Auckland— Final, pref. 3 per cent., B pref., 34 per cent.. ord. and Oct. 9 deb. 3 per cent. Mount Morgan—Interim 4id per i share (Aust. currency) Oct. 11 Wool-worths (N.Z.) Ltd. — Final half-yeariy, pref., H per cent., or 9 per cenl . per annum Oct. 15 Burns, Philp (South Sea) — Interim, half-yearly 7d per Oct. IS share Woolworths Ltd.—Interim, ord. 2 per cent Oct. 15 N.Z. Guarantee Corporation— Final, 2d per share Oct. 26 South British Insurance--Final of Is 5d per share — Oct. 28 United Provisions —Final, pref., at 8 per cent, per annum Oct. 28 Drug Houses of Australia—Final, Si per cent., making 64 per cent, per annum Oct. 50 Imperial Chemical Industries. — Interim, half-yearly, ord. 3 Nov. per cent 1 Martha Mine—Is per share, free Nov. of tax ... ... ... . 2

London— £100 stg. £124 10/ N.Z, ... . .. T.T. £124 0;D. £123 10/ £124 8/9 Australia— £A to £100 £100 10/ n.z .. O.D. £101 Fiji— £F to £100 N.Z. ... O.D. £90 7/6 £89 New York— Dollars to £1 4.0060 3.9714 N.Z ... T.T. O.D, 4.0180 3.9754 Montreal— Dollars to £1 • N.Z. ... . ... T.T. 4.0049 3.9724 O.D. i 4.0169 3.9764 Austria— Schillings to £1 20.80 20.81 N.Z .. T.T. O.D. _ Belgium— Belgas to £1 N.Z ... T.T. 23.832 23.522 O.D. 23.907 23.533 Czechoslovakia— Crowns to £1 N.Z .. T.T. O.D. — 112.81 112.86 Denmark — Kroner to £1 N.Z ... T.T. 18.203 17.893 O.D. 18.263 17.899 France— Francs to £1 N.Z T.T. O.D. — 119.82 119.86 Germany— '£1 Reichraarks to N.Z .. T.T. * — 9.838 O.D. — 9.843 Holland — Florins to £1 N.Z. ... T.T. 7.301 7.151 O.D. 7.341 7.155 Italy— Lire to £1 N.Z. ... . .. T.T. — 75.47 O.D. — 75.52 JavaFlorins to £1 N.Z. ... T.T. 7.275 7.125 O.D. 7.315 7.129 Norway— Kroner to £1 N.Z ,.. T.T. 16.181 15.891 O.D. 15.241 15.897 Sweden— Kroner to £1 N.Z ... T.T. 15.785 15.490 O.D. 15.845 15.496 Switzerland — Francs to £1 N.Z. ... , ... T.T. 17.474 17.204 O.D. 17.579 17,209 Noumea— Francs to £1 N.Z .. T.T. — 118.57 O.D. — 118.61 Papeete— Francs to £1 N.Z .. T.T. — 118.62 O.D. — 118.66 Hongkong— N.Z. pence to 1 dollar ... . ... T.T. 18 7-16 18 13-16 O.D. 18 13-32 18 13-16 India and Ceylon— N.Z. pence to 1 22 21-32 rupee ... , T.T. 22 3-8 O.D. 22 11-32 22 21-32 Japan— N.Z. pence to 1 17 1-2 yen ... . .. T.T. ■— O.D. — 17 1-2 Shanghai— N.Z. pence to 1 dollar ... . .. T.T. — - 18 23-64 O.D. _ 18 23-64 Singapore— N.Z. pence to 1 35 13-64 dollar ... . ... T.T. 34 23-32 O.D. 34 5-8 35 13-64 Cheefoo—■ Pence to dollar ... . .. T.T. — 18 25-64 O.D. 18 3-8 Manila— Pence to peso _ . ... T.T. 29 11-16 30 3-16 O.D. 29 19-32 30 3-16