FARMING AND COMMERCIAL

Manawatu Standard, Volume L, Issue 220, 13 August 1930, Page 5

FARMING AND COMMERCIAL

THE DAIRY INDUSTRY. MAKOWHAI COMPANY. The annual general meeting of shareholders and suppliers of the Makowhai Cooperative Dairy Company, Ltd., was held yesterday afternoon, Mr P. W. Dixon (chairman of directors) presiding over a good attendance. The report and balance-sheet, as already published, were adopted. “Wo have come to the end of a season which has been a peculiar one in many ways,” stated the chairman in reviewing the operations. “The beginning of the season was bad, but at the end, strange to say, the quantity of butterfat supplied greatly exceeded the previous figures, although, taking the season as a whole, we mado less cheese. Wo lost Mr Howell, one of our largest suppliers, through his departure for another district and we made 218 tons of cheese compared with 234 tons in the preceding season. The average cash advanco from the factory was Is 4jd. Those suppliers who had a largo quantity of butter-fat during tho best months will have a slightly, higher return. Depreciation has been wiped off in tho past at the rate of .£2OO per year, but seeing that the factory is practically paid for tho directors have decided to decrease tho depreciation by £IOO, making that sum available, together with the surplus in the balancesheet, for distribution to suppliers. “There is a shipment of 500 crates at present unsold and on the water. These have been taken in at tho low figure of 7d per piound and will bring more than that. Tho directors recommend a further payment of Id for the months of March, April, May and June, bringing the advances for those months up to Is 3d and Is 4d. There is still the dividend to pay and it is anticipated that thero will be a final clean-up when tho last of the cheese is sold. This, consisting of 171 crates, has been shipped in the Argyllshire, leaving hero on August 27 and due Home on October 3. It will be Christmas before the final realisation is made. That position is created by the spreading of shipments by the Dairy Board. There has been much argument as to whether this is an advantage or not, but on tho face of things it seems better not to ‘dump’ all the cheese on the market at once.

“Compared with last year’s total of 14,0001b5, homo separated cream for tho period just ended has amounted to 39,085 lbs. This used to be an advantage when wo were paying off the factory, but it has now become a hindrance, and I would call the attention of suppliers to that fact. “The average test for milk used for cheese making was 4.1 and the average test for the whole of the milk taken in at tho factory was 4.5. It has been getting harder every year to keep the cost of management down. Thero are so many associations and other weird institutions which apply to the factory for grants, and thero are rises in this and that every day. Our only grant this year was to the Pig Breeders’ Association; we appreciate their work. Everything has shown a distinct riso in price. All expenses, except for cold storage on the last shipment of cheese, have been included in tho balance-sheet. There are slight increases for wages and fuel. Profits from tho sale of benzine liavo represented a concession of 1-32 of a penny to suppliers. Exchange on drafts coming from Home has been worth £3 10s per £IOO and this has made a difference of £IOO to the balance-sheet figures, improving tho position. The market has shown an appreciable rise and should tho bottom not fall out of tho price for the last 500 crates, more money will be available for disbursement.” The chairman then moved tho adoption of tho balance-sheet and this was seconded by Mr H. E. Fieldhouso. Mr Fieldhouse stressed the good work being done by the Manawatu-Oroua Pig Breeders’ Association. Ho indicated that a pig club for children was to be inaugurated oh similar lines to tho calf club competition. , , ~ Speaking regarding the pay-out, the chairman stated that advances had always been mado at tho maximum rate. Suppliers had suggested an even pay-out oyer tho whole season and a bonus absorbing the surplus at the end of tho year. Ho asked for some direction from the meeting. The matter was left in the hands of the directors. , _ T ~ Messrs A. Kilpatrick and E. J. Rose, the retiring directors, were re-elected. Mr W. E. Bcndall was reappointed auditor. Tho remuneration for tho chairman and directors was fixed on the same basis as for last year. Votes of thanks were accorded the secretary, staff and Press. . , Tho chairman expressed appreciation of the assistance given by suppliers at all subsequent meeting of tho directors Mr Dixon was re-elected chairman.

THE RONGOTEA COMPANY. THIRTY-SIXTH ANNUAL REPORT. Tho thirty-sixth annual report to be presented by Mr G. H. Davison, chairman of directors of tho Rongotca Co-operative Dairy Coy., Ltd., is as follows“ Tho output for tho season represented 715 tons 7 cwt 2 qrs 8 lbs. Tho season commenced wot and cold and although tho autumn turned out well a bad spring curtailed production. Prices this year have _ been, most irregular, in fact, the season in this respect has been exceedingly hard to forecast. Tho grading of cream has shown a further marked improvement on tho previous year. Regulations aro being asked for by tho dairy division to again apply the grading of cream throughout tho wnolo year. This is following a remit passed at tho annual conference of tho National Dairy Association. Our butter grading has fully maintained its position at the grading stores, Rongotca being again third on tho list at tho Port of Wanganui, with an average grade of 94.69. The percentage for, the season was 97.09 per cent, finest and 2.91 per cent, first. There was no second grade butter. Tho manure business handled by the company has enabled those suppliers to rcceivo tho requirements at the cheapest possible cost, tho re-payment spread over tho season working very satisfactorily. The National. Dairy Association's calf pool scheme is again in operation this season. Tho average advance made ihroughout the season amounts to 14.685 d por lb and following tho custom of past years and so as to co-operatively oqunise tho pay-out over tho whole season your directors now propose a bonus of .75d per lb on all butterfat supplied as from tho Ist October, 1929, to 30th Juno, 1930, in elusive, thus making the average over all grades 15.415d' per lb free of all costs or Is 3.95 d per lb on finest. Your directors also recommend a dividend of 6 por cent, on tho paid-up capital as at tho 30th June, 1930. In accordance with the articles of association, . Messrs Duke and Foster retire by rotation from the board. Both aro eligible for re-election and have been nominated. As no other nomintaions have been received they have been duly elected for tho ensuing term.” Summarised statistics are as follow: Butterfat received 1,321,312 lbs; butter manufactured, 1,598,871; over-run, 21.27 per cent.; average tost, 38.41 per cent. Cost por lb butterfat; Manufacturing, transport, storage overhead expenses and depreciation, 1’.87d; costs f.o.b. to London (butter) 1 61d; cream collection, including depreciation, .47d; finest cream grading per centage, 89.46 per cent.; finest cream grading per ccntage, 10.18 per cent.; second cream grading per centage, .36 per cent. DUMPING OF RUSSIAN BUTTER. A report that the quantities of Soviet butter and eggs hitherto dumped into Groat Britain aro to bo largely increased, thus alfecting theexport trado of the Dominions, was quoted by Mr A. M. Samuel in the House of Representatives yesterday. The matter was raised as an urgent question to tho Prime Minister, Hon. G. W. Forbes. . . Mr Samuel asked tho Prime Minister whether he would give the matter his attention whilo in England, and see what could be dono to protect Now Zealand primary producers. The Prime Minister said ho would be pleased to go into the fected preference to the Dominions and thoir products. That was a subject which would no doubt arise at tho conference. The report certainly suggested that dumping on a largo scale was being proposed. Mr H. E. Holland suggested that it was merely propaganda.

MOISTURE IN CHEESE. DRASTIC REMEDY URGED. LIMIT TO CONTENT. “Much has been made of standardised cheese. Tho thing has been overdone. Tho romer’ ' is in tho hands of the director of th< Dairy Division, Mr Singleton — if ho dares to tako it—though I do not think that the politicians would let him. That is to make a regulation limiting the moisture content of cheese.” This was the statement mado by Mr P. W. Dixon, chairman of directors of the Makowhai Dairy Company, at tho annual meeting hold yesterday afternoon, when ho advanced his views on tho question of standardisation and quality. “Not only is tho regulation wanted, but it should be seen that it is carried out, even if a penal clause has to be provided,” declared Mr Dixon. “It is no uso fining them. A ton of moist cheeso will soon pay that. They ought to receive ‘six months’ and tho quality of New Zealand cheese would be 50 per cent, better within a week.” A voice: It is not compulsory to make standardised cheese. Tho chairman: No, but competition is so keen. As regards our standardised cheeso tho butterfat left is 52 per cent, and has been as high as 54 per cent. _ “During the year tho company went in for standardisation and the cost of installing the plant, with other expenses incurred, was £125,” added the chairman. “Wo extracted 11,5131bs of butterfta from tho cheeso milk. It has been argued that had that butterfat boon put into the choose wo would have had a greaer output but the manager assures mo that it would hayo been less, as tho cheese would not have absorbed tho butterfat and o.ur yield would liavo boon smaller.” METHODS ADOPTED. “Tho manager assures me that tho best cheese turned out of this factory has been made where wo have separated the starter,” added tho chairman. “That is semi-standardising and has been carried on in many factories for the last twenty years. Tho Government has winked at it, but since it has been legalised companies have grown ‘too hungry,’ not through the fault of the managers, but of the directors and suppliers. If one factory docs not show as pretty a balance-sheet as its neighbour, tho supplier transfers his affections. Somo do not caro twopcnco for quality. Managers aro ordered to go for yield. Ono company is reported to have had a yield of 3 lbs of cheeso per lb of butterfat. So long as it gets past the grader they don’t care. That i; the reason for the deterioration in quality. “There have been moisure contents as high as 40 per cent, and skimming of butterfat has been carried down to the bare limit. You can see why cheeso of such quality is manufactured.” i STANDARDISATION REPORT. Tho chairman stated that ho had made investigations concerning tho effect oi i standardisation and had received from the ropresentative of the export firm handling tho company’s produce tho following roport:—“We aro in receipt of yours of July 20 in which you ask questions in connection with the out-turn, etc., of your cheeso in London. Tho writer examined quite a lot of your cheese in London, and considered tho quality quite good. Ho could not sec how standardisation had affected it in this connection. Wo think that you can tako London reports as being quite reliable. To the best of tho writer’s recollection, thero have boon no complaints from buyers as to tho quality of your choose this season; and ho is quite sure that, under tiro conditions prevailing thero, if there had been any complaints you would have heard of them. He heard no complaints regarding waxnig. Speaking generally as to standardising and waxing, perhaps tho writer’s experience may bq helpful. Naturally, when ho arrived in _ England he took particular caro to investigate buyers’ views on these two subjects. Perhaps it could best be illustrated _in tho following way. When ho arrived, in late December, if ten buyers came into our warehouso for cheese soven or oight of them would not mind whether they took standardised or full cream. Tho remainder would sometimes specify full cream in preference to standardised, but in no case can tho writer remember standardised being, turned down. As regards waxing, wo think the I general feeling at Homo now is that there is nothing to bo feared as regards waxing affecting tho quality of the cheeso in any way. provided, of course, tho cheeso is well made, and from good milk. Tho writer must say that when he. left England in Juno buyers were getting rather moro particular as regards standardised, and ho would say that as far as ho could judge a slight prejudico wa3 growing up in favour of lull cream We have asked our London house to keep us closely in touch with thc-e questions, and whenever we have any further information we shall bo pleased to lot you liavo it.”

CRAZE FOR YIELD. “The main fault with regard to the quality of New Zealand cheese is tho moisture content given in the craze for yield, and until it is stopped there can be no improvement at all,” said Mr Dixon, not even by refraining from carting whey homo in the milk can and observing other weird regulations. There must bo a limit to the moisture content.” Mr H. Scrieber stated that chccso at times was graded in New Zealand as being of indifferent quality, but when it reached London it was a “horso of a different colour.” Graders in New Zealand apparently were not acquainted with tho cliango in tastes at Home and a good proposal would bo an exchange of graders between the two countries. Mr Scrieber attributed the improved quality of cheese on arrival in England to tho value of maturity which was not in evidence when grading was undertaken in New Zealand. . . . The chairman advanced tho opinion that, bv the retention of more butterfat in their cheese, they had maintained tho quality and secured a premium on London market prices. He intimated that probably sennstandardisation would be undertaken this season to produce an article nearer a full cream cliceso than tho standardised product. More butterfat would be left in ancl this should operate to the advantage of tho company because in London most cheese was sold by sample. . . Mr Scrieber stated that no additional benefit would accruo from making a bettor article than other factories it it was still to bo classified as standardised Under the circumstances they should put in all the water they could. “Wo tried it,” said tho chairman, but the cheese had not been on the shelf for two days before it developed soft crowns, one of tho pet aversions of the London dealer Wo stopped it or wo would havo been making third grade cheese. METALS MARKET. LONDON, Aug. 11. Metal exchange quotations are as follow, those previously cabled being given for purposes of comparison.1 Aug. 7. Aug. 11.

BRADFORD MARKET. BRADFORD, Aug. 11. The fops market has a holiday tone, but is firm.

FINANCIAL REVIEW. RECOVERY MUST BE SLOW AND GRADUAL. (By “Noon Call.”) Further clouds, some of a bright and some of a menacing nature, have scurried across tho financial horizon over tho past week. Tho outlook continues clouded with considerable uncertainty. Overseas press messages and the more lengthy reviews received through tho post are practically all couchd in different terms from those of six, or even three months ago. There is now no talk of a quick recovery and an early return to prosperity; considered opinion all tends tho ono way, believing that recovery must bo slow and gradual. America will not emerge from the present crisis in too favourable a light. When tho slump hit the United States late last year artificial means were applied with a view to levering up prices, and moro or less stimulating industry. The visitor to Now York saw huge signs with such slogans as “America is sound : sho leads tho world.” Tactics such as these had a temporary effect, especially as they had the backing of White House, but statistics continued tho rather nasty practice of bobbing up cvcrf now and then to show that America was not as sound as her optimists would have people believe; among other things unemployment was on tho increase and has been right through tho present year; further, manufacturers in the States have found that there is a limit to mass .production, and exports show a decided tendency to decline. The position _is not helped any by that country’s tariff policy which certainly does not tond to develop friendly feelings in overseas markets. Thus it is that, in spito of the big headline stories which have appeared in tho cables over the past week relative to drought and possible famine in the States, the market does not tako tho serious view which it might havo had the stories emanatod from Canada or Great Britain. If tho drought is as serious as the cabled reports make out, it will bo a case of “an ill wind that blows no good” and the reaction will bo to the advantage of other parts of the world. Wheat growing countries will bo allowed the opportunity to see at least one big producer suffering from poor harvests, whilo there is every possibility that the tariff wall recently raised against whole-milk imports into the States from Canada will bo lowered. In the one instance, Australia, with every prospect of a bounteous harvest, will benefit, and in tho other the reaction may be in favour of Now Zealand and her butter exports. It was largely as a result of tho tariff against her whole-milk exports to United States that Canada considered an increase in tho duty on New Zealand butter. OVERSEAS POSITION GENERALLY. Tho overseas position, generally, shows littlo change. As fur as the New Zealand producer is concerned the position with regard to wool is unaltered; wo are continuing to hear brighter reports f.\ ni Bradford with respect to the future, and there is every reason to believe that accumulated stocks in the manufacturing countries have been worked off to a considerable degree, while tho demand on the lower lovels also shows an improvement. The outlook for butter is a littlo obscure. There has beon a slight easing in the price over tho past week or so, but the change has hardly beon quotable. Exporters at this end will have their last chance of getting in a shipment to Canada prior to the application of the proposed increased tariff during the next week or so, but it is questionable whether they will avail themselves of the opportunity, as that market is not very attractive at the moment, the f.o.b. parity being down fully 25 per cent, on that at this time last year. A littlo might go forward, but even that will be on optionable bill of lading, Halifax or London. As usual, it soems that London will be the best market this year. Hide and skin markets remain depressed, but nothing lias occurred to indicate any nothworthy change in tho market for frozen meat. ON N.Z. INVESTMENT MARKET. Business on the Now Zealand investment market has contracled to within an oven smaller compass during the past week, and it is questionable whether so littlo business has been transacted for several years. People with money to invest seem to have lost confidence in anything but strictly gilt-edgo securities meantime, or they aro holding off in tho liopo that prices may fall even lower and allow a bigger margin for profit when the turn lor the better assumes definite proportions. A little business has been done in bank shares over the week, and ono or two of the sounder industrials havo also recoived attention, but, in the main, it must bo admitted that business, as far as investments are concerned, is at a very low ebb. Below is a summary of business transacted in some of the" better class securities on New Zealand Stock Exchanges over the week, giving tho approximate return on investment based on the latest dividend. In every case tho latest price up to August 12 is given: Approx Latest. Return

WELLINGTON STOCK EXCHANGE. YESTERDAY’S BUSINESS AND PRICES. A scarcity of buyers was again a feature of the Wellington Stock Exchange yesterday, and there were only two sales registered. Government securities were firm. The tax free stocks and bonds wpro in stnong demand, the 1938, 1939, 1930 and 1941 maturities being all wanted at £99 12s 6d; the 5i per cents. (1933) were in demand at £97 12s 6d; the per cent, stocks (1933 and 1936) and bonds (1933) were steady at £99 ss, and the 5g per cent, bonds (1936) were 2s 6d higher at £99 7s 6d. Bank shares were slow, with a restricted demand. Australian Bank of Commerce at 21s lOd were 2d down on the previous bid; and Commercial Bank of Australia were also 2d lower at 20s; Commercial Bank of Sydney were unchanged at £2O 2s 6d; National Bank of New Zealand were 6d lower at £5 12s 6d, and Bank of New South Wales were 5s down at £36 cum. dividend. National Bank of Australasia £lO paid were unchanged at £l4; Bank of Now Zealand at 55s 6d wero 3d lower, and the long-term shares were unchanged at 275. At 27s 4cl Goldsbrough Mort and Co. were up 2d. New Zealand Guarantee Corporation ordinary were unchanged at 7s 9d, but Wellington Trust and Loan wero Is higher at £6 19s. Wellington Gas preference wero wanted at 16s 9d, and Gisborne Gas at 10s 6d. Huddart, Parker preference at 20s, and Union Steam preference wore unchanged at 20s 3d. Kaiapoi Woollen ordinary sold at 9s 7d as compared with sales last woek at Us 6d. Staples and Co. wore up 6d at 43s 6d, but British Tobacco were unchanged at 37s 3d. Colonial Sugar at £37 5s were down 12s 6d. Holden’s Motor Body Builders were wanted at 8s 6d cum. dividend of 2£ per cent. There was a bid of 14s for Howard Smith ordinary, but sellers asked 17s 3d. A buyer has come forward for Midland Bank (England) shares, with an offer of £9 3s 9d for the shares which are 50s paid up,, and Mount Lyell were wanted at 22s with a sale of 22s 7d. YESTERDAY’S QUOTATIONS. Buying and selling quotations at th®

final call yesterday on the Wellington Stock Exchange wero as follow: — Buyers. Sellers.

YESTERDAY’S SALES. The following sales were recorded on the Stock Exchanges of the Dominion yesterday : Wellington.—Kaiapoi Woollen (ord.), 9s 75; Mount Lycll, £1 2s 7d. Auckland. —Bank of N.Z., £2 16s; N.Z. Insurance, £2 Is 9d; Auckland Gas. £1 4s; N.Z. Breweries, £2 10s 10d; Bvcnoft, Ltd., £1 14s. Dunedin. —Okarito, 6s lid.

AUSTRALIAN LOANS. NEW YORK, Aug. 11. Sales of Australian loans on Wall Street to-day comparo with those of a week ago as follow: Aug. 5. Aug. 11.

CHEESE INDUSTRY. FACTORY CHAIRMAN’S STATEMENT MILK’S MINERAL CONTENT. “The cheese industry in New Zealand at present is overburdened with scientists and officials. At every meeting we are told that this is the ago of science but, getting down to actual facts, since the day when science took a hand the cheese industry of this Dominion has gone back from having the best reputation in London.” Making this declaration at the annual meeting of suppliers of the Makowhai Dairy Company yesterday, tho chairman of directors (Mr P. W. Dixon 1 commented that too much capital was being made out of tho scientific aspect of cheese manufacture, and ho advanced tho opinion that research in regard to milk for cheese was proceeding along tho wrong lines. Complaints of openness in cheese, now frequent, had once only been spasmodic, added the chairman, who said that in the past tho trouble had usually manifested itself in areas where tho ground was heavily manured. Now that top-dressing had becomo the rulo rather than tho exception, ho considered that tho mineral content of milk had changed, and he would like to see scientific investigation proceed along those lines. “I am going to say something which will probably get me into trouble,” said the chairman. “As you know, wo supplied tho Massey College on three separate occasions with milk off heavy land, sandy land and composite soil respectively. It was reported to show five million microbes to tho cubic centimetre. Tho Massey Collego standard is 750,000. Much capital has been made of this in favour of the subject of milk grading. We found a sudden friend, however, in no loss a person than Lord Bledisloe, who stated that seven million microbes was a common analysis in England.” Tho chairman said that tho milk had always been graded through the factory and the manager had authority to reject any which was unsuitable. If_ he did, it was no use suppliers complaining. lie had not yet returned any, but tho chairman exhorted suppliers to exercise every reasonable care. Continuing, tho chairman stated that cheese had been made from the balance of tho milk from which samples wore forwarded to Massey College. Ono lot went by tho Port Hobart and tho average grader's note was 90s, and 92. .When sold at Home it was described as being a nice, strong flavoured cheese, closo cutting and of satisfactory colour. Tho report concluded with tho significant words: “A good shipment.” Similar reports had been received regarding the shipments made by tho Port Sydney and Rangitiki, all from tho milk which was described to have such a largo microbic content. Perhaps scientists from Home should give more consideration to tho class of land from which milk camo in New Zealand. FATAL GAS FROM HOT GRASS. CARBON DIOXIDE FUMES. Death overtook three men who recently entered a haymaking silo at Manor House Farm, Strctton-undcr-Fosso, near Rugby. They were gassed by carbon dioxide fumes set up by tho fermentation of cut grass in | tile silo, a large tank standing on girders and reaching to a height of 50ft. or 60ft. The \ ictims were: W. P. Crofts;, a prominent farmer; George Jackson and Ern cst Brain, two of his employees. Brain lost

his life in trying to save Jackson. Crcfl* went to tho rescue of Brain and Jackson, and death was the price of his gallantry. Jackson entered the silo to trample tho green crops. As nothing was heard from him, Brain went to investigate, and was heard crying for help by another farm hand, George Smith. Smith found both men unconscious inside tho tank and, with tho fumes beginning to act upon him he crawled outside to summon Mr Crofts. Tolling Smith to go for a rope, Mr Crofts dashed into the silo, only to fall almost at once beside tho men ho had meant to rescue. When Smith returned he was again nearly overcome by fumes, but ho recovered and called for help. Bravo efforts to savo tho three men were made by Messrs W. and F. Crofts, sons of the farmer, and a shepherd named Conopo, but all they could do was to recover the bodies. All efforts to revive tho men failed. Dr. Allott, who was called to the scene of the tragedy, and took a prominent part in tho recovery of the bodies, stated in an intervew that when ho went up the silo ladder he was immediately overcome by tho fumes. It was not possible for life to have existed in the tank for more than 30 seconds. Death was due to carbon dioxide poisoning of a remarkably acuto charaefeer. It was added by Dr. Allott that on _ a second visit to the tank he was i m " mediately taken ill again. “This is the first time in the history of agriculture that anything of the sort has happened.” ho declared. “The experience of farmers accustomed to silo tanks is that gases liavo never been generated in sufficient quantities to cause discomfort to the men working in them.” A verdict of accidental death was returned at tho inquest, and a doctor stated that the death of the men must have taken place within half a minute. “Two hours after tho tragedy I placed a fowl in the silo, and it was dead within 15 seconds, he added. , , . Mr F. Crofts was complimented by the coroner on his rescue attempts. “You were evidently courting certain death,” the coroner stated. Tho coroner said that he intended to report the facts to the Ministry of Agriculture.

Per ton. Per ton. Copper — Standard, spot ... £ s. 48 4 d. $J S. 48 1 d. 3 Standard. forward 48 4 $2 47 18 Electrolytic to 51 0 52 0 u 0 bl 0 62 0 0 Wire bars 52 0 0 52 0 0 Lead — 18 7 6 18 5 0 Forward 18 18 9 18 5 0 SpelterSpot Forward 16 2 16 12 6 6 16 2 16 12 6 6 Tin126 11 3 135 6 3 Forward 138 8 9 138 1 3 Silver — Standard, per oz . 15 15-16d 16 3-16d Fine, per OZ 17 3-16d 1Y£C1

BANKSprice. £ s a per £100 invested. £ s d Aust. of Commerce ... 1 2 0 6 7 3 Com of Australia ... 1 0 3 7 8 2 Com. of Sydney 20 7 6 6. 2 8 Nat. of Australasia . 14 2 0 7 1 10 Eng., Scot, and Aust. 5 16 6 6 8 9 N.S.W. 36 12 6 5 9 2 Union of Australia 10 14 0 5 16 10 MISCELLANEOUS— Goldsbrough Mort ... 1 7 5 7 5 1 Auckland Gas 1 4 0 6 13 4 Christchurch Gas 1 4 9 6 9 3 N.Z. Breweries 2 10 9 5 18 3 British Tobacco 1 17 3 6 8 10 Colonial Sugar 38 2 6 6 11 1 Electroytic Zino pref. 1 3 6 8 10 3 Kempthorne, Prosser 3 2 6 6 8 0 Milne and Choyce (deb. stk.) 1 5 6 6 6 6 Sharland 0 18 3 7 13 5

N.Z. GOVT. LOANS— 4i p.c. Ins. Stk., 1939 £ s. d. £ s. d. and 1938 5-z p.c. ditto, 1933 and 99 12 6 — 1936 99 5 0 — p.c. ditto, 1933 97 12 41 p.c. bonds, 1941, 1939, 6 — 1938 99 12 e — 4£ p.c. ditto, 1938 99 12 6 100 0 0 5s p.c. ditto, 1933 99 5 0 — p.c. ditto, 1936 DEBENTURES —■ Well. City, 5£ p.c., 99 7 6 1934 — 99 0 0 Gisborno Farmers .... Wright, Stephenson, 5 90 0 0 p.c., P.L BANKS81 0 0 Adelaide — 6 10 0 Aust. of Commerce ... 1 1 10 1 2 3 Australasia Commercial of Aust. — 11 19 0 (ord.) Commercial Bank of 1 0 0 1 0 5 Sydney English, Scottish and 20 2 6 Australian — 5 18 6 National of N.Z National of Australasia 5 12 6 5 16 0 (£10) 14 0 0 14 3 0 Ditto (£5) — 7 0 0 New South Wales .... 36 0 0 *36 12 6 New Zealand 2 15 6 2 16 3 Ditto, long term 1 7 0 — Union of Australia ... FINANCIAL— — 10 15 0 Goldsbrough Mort ... Abraham and Williams 1 7 4 1 7 10 (ord) N.Z. Guarantee Corp. 3 15 0 (ord.) 0 7 9 0 8 0 Well. Invest., T. 4 A. — 0 11 0 Well. Trust and Loan Well. Deposit and 6 19 0 Mortgages GAS— 0 10 3 Auckland — 1 4 3 Christchurch — 1 4 10 Wellington (ord.) — 1 9 9 Ditto (prof.) 0 16 9 — Gisborno INSURANCE— 0 10 0 National MEAT PRESERVING— 0 14 0 Gear — 1 17 6 N.Z. Rofrigerat. (10s) TRANSPORT— — 0 4 11 Huddart, Parker, ord. — 1 19 0 Ditto (pref.) 1 0 0 — Union Steam (pref.) . WOOLLEN— 1 0 3 Wellington (ord.) .... COAL— *5 14 0 Pukemiro TIMBER— — 3 1 6 National — 0 10 6 Leyland-O’Brien BREWERIES— — 1 6 0 New Zealand — 2 11 0 Staples and Co MISCELLANEOUS— 2 3 6 — Burns, Philp and Co. — 1 15 6 British Tobacco (ord.) 1 17 3 1 17 6 Colonial Sugar 37 5 0 — Dental and Medical ... — 0 12 0 Electro. Zinc (ord.) . — *1 0 6 Ditto (pref.) Holden’s Motor Bldrs. — *1 4 1 *0 8 6 — Howard Smith (ord.) 0 14 0 0 17 3 National Electric — 0 10 6 N.Z. Drug — 3 2 9 Sharland and Co., ord. Wairarapa Farmers’ — 0 18 6 (pref.) Wilson’s Cement — 0 14 6 — 2 2 0 Con. Brick and Pipe — 0 17 3 Midland Bank 9 3 9 — Hayward’s Pictures . MINING— — 0 12 6 1\ fount Lvcll 1 2 0 — Waihi 0 13 11 *Cum. dividend.

Dol. llol. Commonwealth— 1 5 p.c., Jan.-July, 1955 . . 88i 863 5 p.c., Mar.-Sept., 1957 . . 88 i 86* 41 p.c., May-Nov., 1925 . . 781 75£ New South Wales — 5 p.c., Feb.-Aug., 1957 . . 831, 84 5 p.c., Feb.-Aug., ly58 . . 84 831Queensland — 6 p.c., Fob.-Aug., 1947 . . 931 99R 7 p.c., Apr.-Oct., 1942 . . 104 104