FARMING AND COMMERCIAL

Manawatu Standard, Volume L, Issue 245, 11 September 1930, Page 5

FARMING AND COMMERCIAL

THE HAIRY INDUSTRY. RANGIOTU COMPANY. ANNUAL MEETING HELD. The tenth annual meeting of shareholders and suppliers of the Rangiotu Co-operative Dairy Coy., Ltd., was held yesterday afternoon, tho chairman of directors (Mr E. G. Beard) presiding ovor a good attendance. The directors’ annual report stated; “It is indeed very gratifying to state that the output shows an increase of approximately 10 per cent., and that costs to f.o.b. a reduction in consequence, ovor tho previous season. Our manager and stall are deserving of special thanks for the manner in which they have carried out their respective dutiesactual labour showing nearly 9s per ton less than in the previous year. In conclusion, I trust tho true co-operativo spirit will continue to mako itself felt, and that tho new soason will be a prosperous one to all.” , Statistics for tho season wero reported as follow: —Milk used for checse-makmg, 3,321,032 lbs; butter-fat used for cheesemaking, 140,198 lbs; milk separated, 91.241 lbs; butterfat therefrom, 3230 lbs; butterfat, stand, 4420 lbs; whey cream nutterfat, 6065 lbs; total cheese manufactured, 341,514 lbs. (152 tons 9cwt. 26 lbs); average test, 4.22 per cent; yield, 2.51 lbs; cost of manufacture, .95d; cost of management, • 42d; total cost, 1.37 d. . It was reported that there was a nominal capital of £3OOO, the uncalled portion being £874 5s Id. Assets- were valued at £3630 14s lOd. To July 31, 1930, cheese sales had realised £10,731 Is 3d: whole cream, £9O 17s 4d; whey cream, £337 Is od and standardised cream £304 13s 4d. The yield had been 2.51 lbs of cheese per lb. ot butter-fat used. In moving the adoption of the annual report and balance-sheet, the chairman stated that there had been a substantial increase in production, while expenses had been reduced, especially the labour costs per ton. Despite the increased output, however, the company had received £624 less for its produce compared with tho preceding sea-

son. Regarding the transport, of choose to cool store, there was every prospect of reducing the freight by 5s per ton. The road facilities were 8s or 9s cheaper per ton than for the railways. While the payout might not seem large, tho chairman stated that tho yield and test were big factors. He trusted that suppliers would have a successful season. Mr A. Seaton seconded the motion which was carried unanimously. The remuneration of the chairman and directors was fixed on the same basis as for tho past year. Mr E. B. Jennings was re-appointed auditor. Messrs L. S. Purdom, C. Simmons and M. C. Toogood wero elected to tho three vacancies on the directorate. THE TUI COMPANY. MEETING AT GLEN OROUA. The annual meeting of shareholders and suppliers of tho Tui Co-operative Dairy Company was hold at Glen Oroua last evening. Mr J. Boyce, chairman of the directors, presided. The chairman, in moving the adoption of tho report and balance sheet, stated that the paid up capital stood at the same amount as last year. After making all allowances for suppliers’ final payment and sundry creditors, and when all final adjustments for stocks, etc., were made, the bank overdraft should bo reduced to £2OBB 0s 6d. Last year the balance was £2280 14s 4d. Tho cheese unsold at the time of the annual balance was 818 crates and for balancing purposes these had been taken in at 74s and 81s per cwt. London. This year the cost to f.o.b. was 3.61 and last year it was 3.71, which was very satisfactory and reflected great credit on the manager, Mr Lawler. Tho quantity manufactured this year was slightly less than tho previous year. Tho average payment over the whole season worked out at Is sid proceeded the chairman, and taking into consideration the prices being realised for produce in London was most satisfactory. Mr Lawler had worked well for the company and the satisfactory payments for the_ year’s operations were largely duo to his efforts. Although their supply was somewhat less than in tho previous year, ho confidently looked forward to an increase this year. The outlook for tho coming season was not very bright and it behoved all suppliers to cooperate in lending every assistance to the directors and manager in sending nothing but first quality milk. The manager would then be able to turn out nothing but the finest product, and thereby secure the top price. The directors had given mature consideration to the proposal for the manufacture of standardised cheese, and came to the conclusion that it _ would not bo a payable proposition. This was more or less being borne out by recent reports from Homo. Mr Boyce thanked the directors for their hearty support and co-oporation during tho year. He also dealt with the manufacture of unpasteurised cheese as it was the intention of the directors to make a certain quantity as an experiment as it had been reported that this class of cheese would find a better market than tho pasteurised article. Mr J. Robinson seconded tho motion. Mr E. Tamplin questioned tho benefits obtained from waxing as he had been given to understand that unwaxed cheese was securing a premium of from 9s to 10s per cwt. over tho waxed product. _ The chairman assureef Mr Tamplin that this was not a fact. Mr L. Poupard congratulated the directors and manager (Mr T. Lawler) on _ tho very excellent payout for the season which compared more than favourably with other factories of tho district. Mr \V. C. Scott was re-elected unopposed to the directorate and Mr Davis was reappointed auditor. , , On tho motion of Mr Poupard, seconded by Mr Webb the directors’ honorarium was fixed at £4O. . . , , f The mooting terminated with votes ol thanks to tho chairman, directors manager and secretary (Mr A. E. Mansford). At a subsequent meeting of directors, Mr J. Boyce was re-elected chairman unopposed. MANGAWHATA COMPANY. REVERSION TO FULL CREAM CHEESE. * There was a good attendance at the fifteenth annual meeting of tho shareholders and suppliers of the Mangawhata Cooperative Dairy Company, held last evening. Mr R. White (chairman of directors) presided. . , Dealing with the standardisation ot cheese, the chairman stated that there was every prospect of its being eliminated by the company. Agents had reported a prejudice against it, and it was regarded as a secondary article compared with Canadian full cream. The trade in England would welcome a return to full cream on the part of New Zealand. Mr W. H. Gimblett: I notice they say the trade. They have nothing to say about the consumer. The chairman thought tho company should feel a certain amount of pride in the fact that its cheese had graded very well at Wanganui and had taken sixth place among the companies that shipped through that port. ■ Mr White also thought waxing would go out of favour a great deal in a year or two. Mr H. Simmons moved the adoption of the report and balance-sheet. Mr R. Davis seconded the motion. Mr Gimblett expressed the opinion that the company should not regard too severely the reports by the agents on the conditions concerning the standardised product. He considered that the figures of the factory manager were the deciding factor. The manager (Mr J. A. Adams) said that he had taken out figures for May of 1928 and May of 1930, and they wero £l2 in favour of full cream. He had been told by a gentleman recently arrived from Home that standardised was doomed. It carried well, but opened up badly. The chairman stated that there was no factory that had standardised that had paid out more than full-cream factories. The position was that the total weight with the fat extracted was not the same. Mr R. Davis said that there was no question that standardisation should be abandoned. Reports opposed it, and it was time something was done to improve the quality. Prices for cheese last year had been disappointing and it seemed that they would continue so. It was up to Mangawhata, the leading factory of the district, to set the example. There was no money in it for the suppliers and quality was being lost. It was pointed out that full cream cheese now commanded a premium. The chairman added that the trade was showing a preference for full cream. Tho standardised article was regarded as a skimmed cheese with 50 per cent, of fat out of it. The marking on the crates was one of the most unfortunate things that had happened. Mr Gimblett, after hearing Mr Adams, said he was assured that it would be folly for the company to continue with the standardised article. Tho manager had given it a fair trial and found it did not pay. Mr Davis thought that, apart from the question of quality, standardisation had not paid because of the low price of butterfat. It would have paid to have put the fat into the cheese instead of butter. Mr Gimblett inquired what was the attitude of the directors. The chairman intimated that they had decided to make full cream for a start, as prices warranted it. Mr Davis thought the matter could be left with the directors, who seemed to be in favour of full cream. Mr Adams pointed out that the company would know more in a month’s time. F The meeting passed a resolution recommending the directors to make full cream for the coming season. In answer to Mr Gimblett, the chairman said £l6O had been spent on the standardising and waxing plant, £5lO on additions to the buildings and £467 on a new boiler. Replying to an inquiry from Mr H. Simmons as to what the saving in shrinkage had been following waxing, thg chairman stated that it had averaged from 1 to IJ, per cent, which worked out at about £260. Mr Gimblett: The trade is raising no objection ? The chairman: Not so far. A shareholder: Does it affect the grade of tho cheese ? The chairman: No, but it does not pay to wax a second grade cheese.

The manager: It lengthens the period of curing. The chairman stated that tho company had received about £260 extra for tho finest cheese it had sent Home.

The meeting thought it very satisfactory that tho company was getting something extra for making the best of cheese. Mr Gimblett: And yet when Mr lorns came back from England he told us the people at Homo would not pay for finest cheese.

Speaking of transport charges, the chairman stated that the saving in freight by sending to Wanganui was only 5d por ton, but storage charges were considerably less, with shipments just as regular. It was costing tho company about £6O more, however, to patronise tho railways instead of tho lorries, but this had been done to help the railways along. Mr Gimblett: And that is as it should be. . Other shareholders, however, were not in agreement. Tho chairman pointed out that, with tho railway out of existence, the company would probably bo in difficulties with its coal supply. If it was found other companies were not acting similarly, then Mangawhata could go back to tho lorries. Mr Alve asked if tho company was going to grade milk for the coming season. Mr Gimblett informed the meeting that the grade of the company’s cheese wont up as soon as tho suppliers ceased carting homo whey in their cans. It was far bettor to get the extra money available from a better cheese arid make an extra trip to the factory with tanks for tho whey they needed for pigs. Suppliers could not clean their cans at homo like they could be cleaned at the factory. , The manager said ho appreciated the efforts of some suppliers to keep the whey out of their cans. _ This year there had been less trouble witli tho milk supplied and ho believed, that was duo to I ailing the whey away in tanks. Thero had been more finest cheese this year than before. One could hardly believo how easily the whey flavour got into the cheese. He was quito prepared to grado and also to allow the whey going h<?me in tho cans if tho majority preferred it. Mr W. I. Hazlett thought it was imposing a hardship on suppliers asking them to mako an extra trip to tho factory for whey. He considered ho could cart ms whey away in his milk cans and clean them thoroughly enough to be able to supply tho purest of milk for cheese. . The chairman said that the. timo was coming when tho Dairy Division would regulate against the carting home of whoy in cans. . , Mr Davis moved that whey in cans be not allowed, and Mr Simmons seconded. This was carried. . Messrs R. White and J. H. Simmons wero re-clcctcd to tho directorate. Mr E. B Jennings was re-appointed aumtor. A vote of thanks was passed to the directors for their sorvicos during tho past year and a similar compliment was paid the manager and staff.

STOCK MARKET. ADDINGTON SALE. EASING IN CATTLE PRICES. Per Press Association^ CHRISTCHURCH, Sept. 10. At to-day’s Addington market entries were larger in the major sections an prices tended to ease after several sales at improving values. , . ... Store sheep. —A heavier entry of inc Jff~ ferent ewes and a weaker market, the bulk being passed. Values: Good twotooth half-bred ewes to 25s 3d; extra good s.rn. Corriedale ewes to 24s 3d; ordinary six and eight-tooth half bred ewes to 15s 6d; medium s.rn. halfberd owes to 17s; ordinary e.m. crossbred ewes to 10s od; wether hoggets, 10s to 12s; ewe hoggets to 13s. „ , , Spring lambs— Thirty-five spring lambs were penned. The top pens brought to 37s 9d; tho bulk from 25s to 325; and a few small down to 20s. Eat sheep comprised 4700 head, mostly wethers and including North Island sheep, Good ewes and wethers showed little change and lighter wethers wero easier, Extra prime wethers sold to 40s lOd; prime 31s to 355; medium, 25s to 295; light, 20s to 245; extra prime ewes to 35s 4d; prime, 24s to 28s; medium, 19s to 235; light, 15s 9d to 18s; best hoggets to 30s 7d. Fat Cattle: —1445 were penned, 95 more than last week. The North Island, West Coast, South Canterbury, South Otago and the Chathams were represented. A drop of up to 20s per head was recorded. Best beef made 46s to 49s per 1001 b., and special prices a little over; heavy to 445; medium to 40s; and rough down to 30s per 1001 b. Extra prime heavy steers £24 to £29 12s 6d; prime heavy steers, £lB 15s to £2l 10s; prime medium weight steers £ls 5s to £lB ss; medium quality stoers, £l2 to £l4 10s; light steers, £9 12s 6d to £l2; extra prime heifers, to £l9 12s 6d • prime heifers, £l3 5s to £ls 15s; medium heifers, £ll to £l3; light heifers, £7 10s to £10; extra prime cows, to £l7 2s 6d; prime cows, £l2 5s to £l4 15s; medium cows, £lO to £l2; light and aged cows, £7 to £9 10s. Vealers. —There was a small entry and the general quality was very mediocre. Anything for butchers’ purposes sold at tho improved rates ruling last week. The top price was £8 16s. Store cattle.—The entry of store cattle was of medium size, and there was little notable about the quality. The sale was a satisfactory one, though many buyers were a little cautious, and prices showed little alteration. A pen of 18-month to two-year-old steers made up to £8 3s 6d; another pen of yearling Shorthorn steers, to £6; a lino of two-year-old Jersey heifers, £5; and a line of good fresh cows, £6 ss. There was a fair yarding of bulls the best of which made £5 10s. Dairy cattle.—The offering of dairy cattle consisted of 45 head of very average quality. Brices for tho bulk of it showed an easing on last week’s rates, though those for the better-olass cows were quite firm. The top price was £ls 15s, which was paid for a Jersey cow. There were few heifers forward. Values were: Extra good second and third calvers, £l4 to £ls ss; good cows, £ll to £l3 10s; medium, £8 to £9 15s; aged and inferior, £3 15s to £7 ss; good heifers, £8 to £10; medium, £6 to £7 10s; others, £5 to £5 15s. Fat Pigs.—There was a medium-sized entry of porkers forward, and a small offering of baconers. All sorts sold keenly and rates for porkers showed a hardening. Choppers also improved a little in price. Values were : Porkers, 55s 6d to 63s 6d; heavy to 76s 6d; average price per lb., 9jd to 10£d; baconers, 84s 6d to 96s 6d; heavy, to £5 13s 6d; average price per lb., 7£d to Bjd; choppers, £3 10s to £8 13s 6d. Store pigs.—'The yarding was a small one, and they met with a good demand at firm rates. Values were: Large stores, 40s to 53s 6d; medium, 32s to 38s 6d; small, 28s to 31s 6d; slips, 28s to 325; weaners, 20s to 29s 6d, JOHNSONVILE SALE. .At the Johnsonville sale yesterday, Wright, Stephenson and Coy., Ltd., and Abraham and Williams, Ltd., submitted to a fair attendance of buyers an average yarding of bullocks and a largo yarding of sheep. The yarding for beef comprised a few pens of extra, heavy bullocks, which met with keen competition and sold at values abovo last week’s rates. The bulk of tho yarding comprised good medium to heavyweight bullocks, which sold at late ratos. No cows or heifers came forward. Sheep.—Tho yarding comprised a few pens of extra heavyweight wethers, which sold at values fully equal to late rates. Medium and lightweight wethers met with keen competition and sold at values fully ls to ls 6d above prices ruling last week. Ewes: The yarding comprised good quality ewes, which met with a ready sale at values equal to last week’s rates. Hoggets met with a good sale at a' par with lato rates. The first yarding of spring lambs came forward for to-day’s market and compared with last year prices must bo considered satisfactory. Prices ranged as follow:—Extra heavy bullocks, £l9, £lB 15s, £lB 12s 6d, £lB 10s, £18; medium to heavy bullocks, £l6 15s, £l6 10s, £l6 7s 6d, £l6 2s 6d, £l6; bullocks, £ls 15s, £ls 10s, £ls ss, £ls. Extra heavy wethers, 32s 6d; heavy wethers, 31s 6d, 31s, 30s; medium wethers, 29s 3d, 295, 28s 6d; Light to medium, 27s 6d, 275; 25s 9d, 25s 6d, 255; extra heavy ewes, 24s 6d; medium weight ewes, 235, 22s 6d, 225, 21s 3d; hoggets, 24s 6d, 23s 3d, 23s 21s 3d, 20s 3d, 19s 9d, 19s 3d; spring lambs, 27s 6d, 27s 3d. 26s 3d. 265. 24s 6d.

FINANCIAL REVIEW.

OPERATIONS DURING PAST WEEK,

(By “Noon Call.”) The past week has been one of the blackest of a period of black weeks in financial circles. The wild talk of the extremesti section of the Australian Labour Party had the effect of driving buyers off the investment market, and the reaction was felt over here where buyers, sensitive by now to every move of a bearing nature, showed increased timidity in placing orders. Some of the soundest of New Zealand stocks suffered with Australian bank and industrial shares, which have touched the lowest levels for many years during the past few days. Investors who have bought during the past six months have shown a general uneasiness during the past day or so with prices sagging as they have, and there would have been a considerably greater volume of business than has actually been recorded if buyers could have been found. Much of the talk of repudiation of overseas debts and the interference with interest rates must be discounted. Australia may put up with a certain amount of irresponsible talk from her more Communistic elements, but when it came to voting on points which would hit at the general prosperity of the people, and their saving's in particular, this tolerance for Communistic claptrap would vanish. Expressions of considered opinion which have been recorded since the repudiation idea was first mooted show very definitely that Australia as a whole will not stand for it; further, there is every indication that every influence which counts in Australia will be put behind the movement to balance the Commonwealth’s budgets and put that country on a sound business footing once again. With conditions everywhere as they are, a forocast of near future market trends is more than a careful student of the market would care to give, but there is one point which does need stressing and that is: The sacrificing of sound stocks at the present juncture just because a section of the market is panicky is not good business. Those investors who are in a position to hold should do so as long as they are satisfied that the concerns in which they hold shares are well managed and will win out from the present depression. To fear the future of such concerns as Commercial Banks, British Tobaccos, Englisn, Scottish and Australian Banks, Dalgcty s. New Zealand Farmers’ Fertilisers and many others of similar standing just because the money market is weak is ridiculous in face of these concerns’ trading records. _ . Wc have had periods similar to the present in the past when everything looked black, but experience has shown that it is when things look their worst that the turn toward better times is nearest. There has been too much talk of depression in business circles during recent weeks. In many lines of business it would bo better for all concerned if less time was spent in grouching and more time given to a wholehearted endeavour to check waste and increase sales.

POSITION OF PRIMARY PRODUCER. The outlook for the primary producer has shown little change during the week, The dairy produce market overseas is not very active for a number of reasons, and prices are on low levels for this time of the year. If the trend of recent seasons can be relied on a slight forward movement over tho next eight weeks or so can be looked for; the position i 3 hard to assess, however, and even the best informed do not care to make a hard and fast forecast. The greatest consolation this Dominion can get out of the position is the general indication that the season 193031 will be another one of record porduction for dairymen. Reports from all parts of the North Island as well as from many parts of the South also indicate that the figures for lambing show comparatively high percentages and that, although prices may not pick up as well as most graziers would like during tho next three months, the aggregate results will not make a poor showing. The outlook for wool is unchanged. Growers await with interest reports of the next London series which open next week. N.Z. INVESTMENT MARKET. Sales on the New Zealand Stock Exchange have fallen to within a very short compass over the past week. The week has been, in fact, about the worst experienced since the downward trend of prices started and brokers, generally, are not feeling very happy in face of the little amount of business transacted. The close proximity of the half-yearly balance date may have something to do with the weakness of the market, but it is only a minor reason; bearing influences from Australia are still affecting business in New Zealand.

Below is a summary of business in bet-ter-class stocks put through on tho New Zealand market over the past week, giving the approximate return on investment based on the latest dividend.

Approx Latest. Return price, per £IOO £sd £ s d

WELLINGTON STOCK EXCHANGE. YESTERDAY’S BUSINESS AND PRICES. Thore was a better turnover on the Wellington Stock Exchange yesterday, soyen sales being recorded, in most cases at prices a shade bettor than previous sales. The buying list is still short, inquiries being mainly for gilt-edged securities and the “best” shares. Government securities continue firm without any change in the prices. The 4£ per cent, stocks and bonds (1939 and 1938) were very firm at £IOO, and the 5i per cent .stocks (1933) wero steady at £99 7s 6d. Wellington Racing Club debentures were again wanted at £lO5 2s 6d and New Zealand Breweries bonds at 21s. Bank shares were slow. Australian Bank of Commerce at 20s were up 6d; Commercial Bank of Australia were wanted at 18s 9d with a sole at 19s. Bank of New Zealand were up 3d at 56s 3d with sales at 56s 6d and 56s Bd. The long-term shares were up Id at 28s Id. There were plenty of sellers of bank shares, but they are holding for their prices. Goldsbrough Mort and Co. were in demand at 225, but sellers wanted 6d more. New Zealand Guarantee Corporation, preference, at 20s 9d, New Zealand Investment Mortgage at 10s 3d, and Wellington Trust and Loan at £6 10s were all. unchanged. Christchurch Gas were firm at 245, National Insurance were wanted at 13s 8d with a sale at 13s lOd, Wellington Meat Export wero steady at 5s 6d. P. and O. deferred stock were 6d up at 435, but Union Steam wore unchanged at 20s. There was a bid of 26s for LeylandO’Brien Timber. New Zealand Breweries wero again in demand at 48s with a sale at 48s lOd. British Tobacco were firm at 31s, and Dominion Investments at 22s 6d; Wellington Cordage were in demand at 9s 6d, and Wilson’s Cement at 40s 6d with a sale at 41s. Mount Lyell were up 3d at 20s Id. YESTERDAY’S QUOTATIONS. Buying and selling quotations on the Wellington Stock Exchange yesterday were

YESTERDAY’S SALES.

The following sales were recorded on the

stock exchanges of the Dominion yesterday : Wellington.—Bank of New Zealand, £2 16s 6d, £2 16s 8d; Commercial Bank, 19s; National Insurance, 13s lOd; South British Insurance, £2 18e; New Zealand Breweries, £2 8s lOd; Wilson’s Cement, £2 Is.

Auckland. —Commercial Bank of Australia, 18s 6d; ditto, contr., 13s; National Insurance, 13e 10d;. South British Insurance, £2 13s; Auckland Gas, £1 4s; ditto, contr., 18s; National Timber, 9s; Colonial Sugar, £3l 17s 6d; Electrolytio Zinc, pref, £1; Wilson’s Cement, £2 Os 6d. Christchurch. —Commercial Bank of Sydney (2), £lB 17s 6d; National Bank of N.Z. (2), £5 13s 6d; Bank of N.Z., £2 16s 6d, £2 16s 3d; Dalgety and Co. (2), £9; Goldabrough Mort, £1 2 3d; N.Z. Breweries, £2 8s 6d; Tooth’s Brewery, £1 3s 3d; British Tobacco, cum. div., £1 11s 6d; British Tobacco, £1 11s 7d, £1 11s Bd. Sales reported: Australian Bank of Commerce (2), £1 Os 3d; National Bank of N.Z. (2), £5 14s; N.Z. Refrigerating, £1 paid, 9b 9d; N.Z. Breweries, £2 8s 9d; Wilson’s Cement (2), £2 Os 9d. Dunedin. —Sales reported: National Insurance, 13s lOd; Mount Lyell, £1 Os l^d. CHICAGO WHEAT PRICES. CHICAGO, Sept. 9. Forward wheat prices:—September, 32J cents per bushel; December, 88 cents; March, 91 7-8 cents; May, 943 cents.

BANKSAust. of Commerce ... 0 19 7 7 3 0 Com. of Aust . 19 0 7 17 10 New Zealand 2 16 9 5 10 Union of Aust 10 6 0 6 14 MISCELLANEOUS— National Insurance ... 0 13 9 5 9 1 N.Z. Insurance 2 2 6 4 10 2 S. British Insurance 2 17 10 4 9 4 Australian Glass 1 6 0 9 12 2 Colonial Sugar 31 10 0 7 18 8 Electrolytic Zinc, pref 1 0 0 10 0 0 British Tobacco . 1 11 0 1 14 10 Goldsbrough Mort ... Tooth’s Brewery 1 1 6 9 6 0 1 2 5 10 3 1 Westport Coal 1 9 9 6 14 5 Wilson’s Cement 2 0 0 6 5 0

as follow:— Buyers. Sellers. N.Z. GOVT. LOANS— £ B. d. £ s. d. 4£ p.c. Insc. Stk., 1939 and 1938 100 0 0 54 p.c. ditto, 1933 99 7 6 — 44 p.c. bond6, 1941 and 1938 100 0 0 41- p.c. ditto, 1939 100 0 0 100 15 0 DEBENTURES— Well. Racing Club ...105 2 6 N.Z. Breweries (bonds) 1 1 0 — Hauraki Plains, 5J p.c., 1959 100 0 0 BANKS— Australasia — *12 0 0

Aust. of Commerce ... 1 0 0 Commercial of Au6t. (ord.) 0 18 9 0 19 1 English, Scottish and Australian — 5 13 6 National of N.Z — 5 15 0 National of Australasia (£10) — 13 6 0 Ditto (£5) — 6 12 6 New South Wales ... — 33 10 0 New Zealand. 2 16 3 2 16 9 Ditto, long term 1 7 1 — Union of Australia ... — 10 6 6 FINANCIAL— Goldsbrough Mort ... 1 2 0 1 2 6 N.Z. Guarantee Corp. (ord.) — 0 7 11 Ditto (pref.) 1 0 9 — N.Z. Invest., Mtg. and Deposit 0 10 3 — Well. Invest., T. & A. — 0 11 0 Well. Trust and Loan 6 19 0 — Well. Deposit and Mortgage 0 10 3 GAS— Auckland — 1 4 3 Chrietchurch 1 4 0 — Ditto (contr.) 0 11 10 — Wellington (ord.) — 1 10 0 INSURANCE— National 0 13 8 0 13 11 Queensland — 2 9 0 Standard — 2 18 6 MEAT PRESERVING— Gear — 1 17 0 N.Z. Refrigerat. (£1) — 0 10 0 Ditto (10s paid) — 0 4 0 Well. Meat Ex. (ord.) 0 5 6 — TRANSPORT— Union Steam (pref.) . 1 0 0 — P. and 0. stock 2 3 0 — COAL— Waipa — 0 10 9 Grey Valley — 1 3 9 TIMBER— Leyland-O’Brien 1 6 0 — National — 0 10 6 BREWERIES— New Zealand 2 8 0 2 9 3 MISCELLANEOUS— Burns, Philp _ 1 10 0 British Tobacco (ord.) 1 11 0 *1 12 6 Dental and Medical ... — 0 12 0 Dominion Investments 1 2 6 — Howard Smith (ord.) — 0 13 9 Milburn Lime and Cement *1 14 0 National Electric — 0 10 6 N.Z. Drug — *3 1 0 Wellington Cordage . 0 9 6 — Wilson’s Cement 2 0 6 2 1 0 MINING— Mount Lyell 1 0 1 • Waihi 0 14 6 — Paddy’s Point — 0 3 6 *Cum. dividend.