COMMERCE AND FINANCE

Otago Daily Times, Issue 19981, 24 December 1926, Page 11

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS.

springs from other causes . than tho expectation of a rise in the dividend rate. The one amount given as a deduction before arriving at the balance of tho year’s profits is taxes (£234,867), but reserves have first been provided in various ways. The expenditure on bank premises during the year has all been charged up to revenue, while allowances for bad and doubtful debts as well as for fluctuations m investments have gone to swell the “other liabilities.” Taxes have risen some £IO,OOO, a natural outcome of the larger profit, but their ratio continues to dimmish as will be seen below—viz.: — Nefe Taxes. Profit. Ratio. Total. & & p.c. £ 1913-19 194,130 579,483 33.50 773,512 1919-°0 ... 209,980 652,853 32.16 862,833 19°0-21 ...' ... 247,017 753,341 32.91 1,001,258 19‘"il-22 292,130 698,124. 41.85 990,254 iqoo.ov 248,292 825,082 30.09 1,073,374 1923-24 !.. ... 236,423 846,834 27.91 1,083,257 19 0 4-°5 224,790 979,383 22.95 1,204,173 1925-25 ..V... 234,867 1,009,559 21.36 1.334,426 Since taxation reached its highest four years ago, tho burden has <been lightened bv practically one half. The net profit during the same period has increased over fixed assets remain at £BBO,OOO, which is approximately one-ninth of the total assets. As the valuation is said to have been reduced, the reduction consists of the expenditure upon tho bank premises diming the year. Concurrently the number of* branches and agencies has increased from 416 to 431. An addition of 15 offices has thus made no alteration book value. It may be assumed that some at any rate of the buildings in which tho now offices are housed are the property of the bank. One of them-the branch opened at Canberra—is likely to be of a pretenti ° U A d notworthy feature. is the ? xte " 8 rise in the chief asset—viz., bills discounted and loans and advances to customers, which have riven over £5.000,000 since September Although this does not the foial "assets gives the following relatione viz.:— Discounts and Total Advances. Assets. Batio. £ & P' C * - iQia 29 943,455 64,698,521 46.28 31 Mar., 191* —•“ 103 64,446,037 45. *1 30 Sept., 1919 ... Zfrftnty'iAi 70 789 042 42.71 31 Mar., 1920 ® « 60.634,277 54.76 80 Sept., 1920 •ig’Wgeo 73,337,250 52.26 31 Mar., 1921 « maci-i 69 936 887 61.45 30 Sept-, 1921 is’ost’tS? 69’,640,386 50.33 31 Mar.. 1922 70 211 385 53.49 30 Sept., 1923 ,54 ‘ 48.71 31 Mar., 1923 ®?,156,40i ‘ > > 56 „ 30 5ept.,1923 41,84-,.-. 7 ’ Bso M 8 54,10 31 Mar., 1924 WOW 7 30 5ept.,1921 13,102,389 55.05 SgfcSSSsfflS GO - 72 The rise in tho advances has now considerably outstepped tho rise assets. The on some pf a The |[°^s )2 C 7 O 0 fg thus provfding an additional million PC The S investments which may be regarded „ ‘ „ ]ess of a permanent nature have increased. British .and CofonUJ Governgeneral securities. It says much foi: the ability of the bank to meet domands mado unon it that a rise of £5,341,037 ‘ n money advanced to customers is accompanied by an increase of £655.400 in the more permanent investments Employment ol the money in municipal enterprise does not seem to find much favour as, mcluding the general investments, they do not comunse much more than 5 per cent. o£ th ® To meet the fluctuation on th o ° £ over nine million, pounds, there is a fluctuation reserve but, owing partly to the nature of the securities, and partly to their magnitude, whereby the law ot average should get free play, there may not be much lecourse to this protection. The largest liability is the group that holds the deposits. Although they must contribute the greater part o£ the , BU “ £58,587,508, the inclusion with them 01 deposits and accrued interest renders their exact figure uncertain. The same group has grown, however, by £1,517,413 during the space of a year, and provides another source from which to draw funds to meet the larger advances. Notes in circulation, at £5921036, are some £60,000 higher than at the beginning of the year. The amount issued seems to move up and down within certain limits, but at the date of the bans s balance was considerably smaller than live and a-half years earlier. In this connection, it is interesting to note that, except in its parent State, the Bank of New South Wales possesses more branches in New Zealand than in any of the Australian Tfie miscellaneous heading on this side amounts to £8,719,051, a fall of approximately £300,000. From its composition, it is impossible to tell whether liabilities or reserves are responsible for this difference. Bills payable and amounts due to other banks are placed with bad and doubtiul debts reserve, and investment fluctuation account. There are doubtless other items also which are not enumerated, and the position of which cannot be located. General reserves aggregate £4,880,315, of which £4,750,000 is found in reserve fund. The recent transfer of £350,000 to this fund is probably the largest made out of profits ■n any one year, and, with the bank’s lending powers being tested, it does not seem too much. The figures generally are increasing at such a rate that a further Issue of capital seems only a question of time. There is still a reserve liability of proprietors of £6,000,000, but the probability is that that source will be left untapped and the next issue, while swelling the paid-up capital, will increase the liability of tho proprietors to an equal extent and form a reserve to draw upon, if required.

FRUIT AND VEGETABLES.

The fruit marts have had a busy time during the week, both ns regards local trade and supplying country orders. A large quantity of locally grown new potatoes has been sold during the week, prices ranging from 2id to 3d per lb. North Island-grown have not met with a great deal of favour in comparison with locally grown. The marts placed practically all their consignments of localy grown .yesterday morning, but further supplies were arriving in the afternoon, and it is expected that there will be heavy consignments again this morning. There should indeed be no lack of supplies to meet the Christmas demand. '

During the last two days heavy supplies of new peas have come to hand from Waimate and Christchurch, and it is anticipated that there will be plenty more on offer to-day. Early in the week peas were sold under the hammer at up to 7jd per lb, but the rush of supplies has knocked the prices back, and yesterday bids _ mostly ranged round about 4?d per lb, with s£d being obtained for best quality, A new variety of strawberry has been cultivated by Mr H. Bennett, of Broadacres, North-East Valley, and the small quantity of fruit gathered from the plants this season is highly spoken of as regards its flavour and size. The strawberries met a ready sale at remunerative prices. The first of the new season’s plums and apricots have come to hand. The plums were grown in Christchurch and the apricots in the Clyde district. A small shipment of Fiji bananas armed ex the Waipiata. The Kaihiku brought a small line of Rarotongan bananas and some Californian navels. The orange season has practically finished in Victoria, and the Maheno brought a light consignment only. Apples meet a fair sale. The Canadian apples to hand are not up to tho standard of that of previous years. Current wholesale prices are as follows; Apples.—Sturmers, Ttf'-to 9s 6d; extra choice, 12s; small, 3s 6d to 4s 6d; Canadian, 20s. . Oranges.—South Australian, 255; Sydney, 18s to 225; Californian navels, 42s per double case. Lemons.—Californian, 35s per double case. Bananas. —Ripe, 35s to 40s per case. Asparagus.—About finished. Cherries. —Extra choice blacks Is 8d; choice, Is 3d; others, 8d to Is. Gooseberries, Ijd to 2d per lb. Cherry Plums, 11s per case. Cucurilbers, 8s to 12s per dozen. Blacks plums and apricots both 6d per lb. Strawberries, lid to Is 2d per pottle; extra choice, to Is 6d. Cauliflowers, 7s to 10s per sack (choice only); others, 4s to ss. dreen peas, 4£d to Sid. White turnips, Is per dozen bunches. Potatoes.—New Peninsula, 2|d North Island 2d. Christchurch tomatoes. Is 4d to Is 6d; seconds, Is to Is 4d; local hothouse, Is 6d to Is Bd/ Rhubarb, 2d to 3d per lb. Cabbages: Choice, 5s to 7s 6d per sack of two dozen; others, 2s pet sack. Spring onions, to 4d per bundle. Lettuce: Choice 3s 6d per dozen. Parsnips and carrots, new seasons, Is to Is 6d per dozen bunches. FLOUR PRICES. Miller’s prices for flour are as follow: 2001 b, £l7 15s; 100’s. £lB 10s; 50’s, £lB 15s; 25’s £l9 ss. Bran, £7 10s per ton. Pollard, £lO 10s. Oatmeal—2s’s, £25; ■ 200’s, £24. Current wholesale prices for produce lines ore as follows: — Chaff, £5 5s to £5 10s per ton. Dairy Butter: Best milled bulk to Is l£d per lb, according to quality; separator pats, lid to Hid. Eggs: Stamped, Is lOd; case, la 9d. Bacon: Rpll, Is 3d per lb. Hams, Is 4d per lb; boneless. Is sd. Onions: Melbourne, 18s per cwt. A DROP IN COATS’S PROFITS. According to a preliminary statement,' the net profit of J. and P. Coats, the great thread concern, for the year to June 30 last was £2,024,590. This represents the heavy drop of £1,631,110 over the year 1924-25,. when the figure was £3,655,699. The rate of dividend is unchanged, the ordinary shares receiving for the seventh consecutive year 17J per cent., including a bonus of 2J per cent. Dividends on the preference and ordinary shares, including the bonus prpposed, absorb £2,911,250, or £886,661 more than the net profit, the carry forward showing a corresponding reduction at £256,369, as against £1,143,030 brought in.

THE GROWTH OF PUBLIC INDEBTEDNESS.

Mr Thomas Buckland, president of the Bank of New South Wales, issued a serious warning at the annual meeting of that institution concerning the borrowing policies of the Government. “We in Australia/’ he said, “are building up overwhelming debts, and I would ask which of our Governments is exhibiting any serious disposition to reduce its liability? Which of our Governments is not increasing its liabilities? Common knowledge and statistics will answer these questions, and I have to say, gentlemen, that so long as the Governments and other public bodies continue to dissipate the ratepayers’ money and go on purchasing popularity by borrowing and spending that money upon unproductive works, so long are we in the greatest jeopardy, so long are we on the brink of chaotic trouble. And yet these conditions are allowed; in fact, encouraged, to go on, because they create a fictitious prosperity which, however pleasant it may be for the moment, cannot carry on indefinitely for many reasons, two of which are: First, the value will soon be taxed out of all commodities, and therefore that source of revenue will cease; and, secondly, it must be obvious to everybody, in fact there have been some very unpleasant indications quite recently, that the well of our borrowing source is not bottomless, and I should like to know what will happen when that gives out? I wish with all my heart I-could make the populace wake up to the seriousness of our position if we continue heading as wc are, but alas, all I feel able to do is to reiterate the unpleasant, the inexorable facts.”

' COMPANY BALANCE SHEETS.

BANK OF NEW SOUTH WALES. Six months Paid-up General Net Divionded. Capita!. Reserves. Profit, done]. £ £ £ p.c. 31 Mar., 1010 ... 3.912.440 3,237,313 277,057 10 30 Sept.,-1919 ... 4,000,000 3,340,370 302,425 10 31 Mar., 1920 ... 4,705,700 3,425,447 304,219 IO 30 Sept., 1920 ... 4,921,100 3,519,383 348,634 ■iO 31 Mar., 1921 ... 4,965,200 3,551,098 403,032 tlO 30 Sept., 1921 ... 5,000,000 3,650,923 349,409 10 31 Mar., 1922 ... 5,000,000 3,760,133 359,210 10 30 Sept., 1922 ... 5,864,360 3,827,438 338,914 10 31 Mar., 1923 ... 5,076,880 3.961,645 432,183 10 30 Sept., 1923 ... 6,000,000 4,054,639 392,894 10 31 Mar., 1924 ... 6,000,000 4,213,150 458,821 10 30 Sept., 1924 ... 6,000,000 4,301,373 388,213 10 •30 SVpt., 1925 ... 6,000,000 4,530,755 979,383 tlO *3O Sept., 1926 ... 6,000,000 4,880,315 1,099,559 tlO • Twelve months’ period, t Plus bonus of 10s per share, or 2J per cent. The annual profit continues to mount up, and for the latest financial year is well into seven figures. It exceeds the previous best, that of 1924-25 by £120,176, and has almost doubled' the net surplus of seven years ago. The return on the capita] employed is 18.35 per cent., of which shareholders receive 124 per cent, in dividend and bonus, payable in four instalments—the same as 12 months ago—and the balance goes to reserves. By retaining nearly of the profit in the business, the management is pursuing its usual policy rather more rigidly than before. Possibly '■ it is considered that after the vigorous growth in the net surpluses of the past few years, a re-action ‘may set in and that it would be injudicious to increase the standard rate of 10 per cent, in the dividend except under the name of bonus. For those proprietors who bought in early the return yielded may be deemed satisfactory, but for recent purchasers the dividend paid, unless augmented in the way of bonus, represents something like 4i per cent. The demand that ba» raised the buying price evidently

BUTTER MARKET.

AUSTRALIAN POSITION

IMPORTS FROM NEW ZEALAND. PRICES AND PARITY. (From Due Own Coebespondent-) SYDNEY, December 16. _ The Australian Dairy Council and Stabilisation Committee had been in operation for 12 months It has stabilised the price of Australian butter in oversea markets at an added cost of 3d per lb on butter consumed locally. That has acted very well for the butter producer, if not for tne butter consumer, but now the council is up against its first crisis. At its last meeting the nows that Sydney merchants had already arranged for iho importation of 32,000 boxes of butter from New Zealand, some of which is now due to arrive, and the balance to be spread over the next two months, caused a stir. The price paid is equal to Is s£d per lb landed in Sydney, or 3d per lb" less than the local rate for choice.

In view of the shortage of production in Queensland and New South Wales, and the fact that these two States in the ordinary course would draw upon the Victorian surplus while drought conditions continue, it was agreed by the Australian Dairy Control and the Stabilisation Committee that an Australian price should be fixed to meet local conditions, irrespective of London values. A jequest was cabled to the New Zealand Dairy Produce Control Board asking that export to Australia should be prohibited. The New Zealand board replied that it did not intend to exercise any control over export to Australia nor the East. In view of this, it was recognised by the members of the Australian Dairy Council that the Australian market would be governed by New Zealand parity, and thi,s would, to a great extent, render the stabili sation scheme inoperative. An increase of duty on New Zealand dairy produce was considered the only way to safeguard the . - jifinn for Australian producers. ihe Australian Dairy Council accordingly adopted a resolution to the effect that in the interests of the dairy farmers of the Commonwealth a deputation should wait on he Minister of Trade and .Customs urging him to arrange for the Tariff Board to hear an application for increased duties on dairy produce from Now Zealand. A deputation

interviewed the Minister (Mr Pratten) on Monday and urged the necessity of some immediate action in regard to the large imports of butter into the Commonwealth from Now' Zealand. It strongly advocated that the duties on butter and cheese from that country should be increased to meet the position. The chairman of the Dairy Council pointed out that, in spite of the drought in New South Wales and Queensland, there was a surplus in Victoria of more than 40,000 boxes weekly, which was more than enough to supply the shortage ol the other States. The Minister explained that before any additional tariff could bo considered by the Government, the matter would have, to go before the Tariff Board for inquiry and report, and, even if Parliament agreed to an alteration in the New Zealand treaty, six months’ notice would have to be given to the New Zealand Government of the suggested alterations. Ho promised to got in touch with the Dairy Produce Control Board, and see if anything possible could bo done to alleviate the position.

STOCKS OF GRAIN.

LATEST RETURNS. (Special to Dailv Times.) WELLINGTON, December 23. The result was made available to-day of the census taken by the Government Statistician as at the end of last month of the stocks of flour, wheat, and oats in the Dominion. Returns were received covering all stocks owned or stored by the millers, merchants, and farmers, with a few unimportant exceptions, which would not appreciably affect the totals. The amount of flour is given as 17,Q6u tons, as compared with 7819 tons on ’ the corresponding date last year. Milling wheat is represented by 492,601 bushels, .as compared with 1,174,181 bushels last year wheat,-other than milling, by 92,010 bushels (211,750 bushels last year), while the estimated quantity in stock was 7554 bushels, corresponding with 8651 bushels last year Oats in gtain totalled 1,424,777 bushels (1,581,710 bushels last year). In stack, for threshing, there were estimated to bo 2a.u/i bushels (59,228 bushels last year) and for chaffing 34,649 bushels (59,158 bushels last, year). AUSTRALIAN MARKETS. (Press Association—Bv Telegraph Copyright.) SYDNEY, December 23. (Received Dec. 23, at 11 p.m.) Wheat—The market is suffering from holiday stagnation. Wheat is quoted at 4s 9d, at country stations, which is equa. to 5s 44d, ex trucks, Sydney. Flour.—Local, £l3 10s; export, £l2 ss. Oats. —Tasmanian Algerian, 3s lOd, 4s; White Giants, 4s 3d to 4s sd. Maize. —South African, Bs. Potatoes. —Tasmanian, £25 to £26; local, £24 to, £25. Onions, £lO. ADELAIDE, December 23. Wheat.—Growers’ lots, DecemberJanuary, 6s 3d to 5s 3Jd; parcels (January), sellers, 5s 4kl, Flour. —Bakers’ lots, £l4 to £ls. Oats, 2s 4d, 2s 6d. LONDON METAL MARKET. (Prc£B Association—Bv Telegraph—Copyright.) LONDON, December 22. (Received Dec. 23, at 11 p.m.) Copper.—Standard, spot £56 13s 9d; forward £57 11s 3d. Lead.—Spot £29 2s 6d, forward £29 10s. Spelter.—Spot £33 2s 6d, forward £32 17s 6d. Tin.—Spot £303 17s 6d, forward £296 7b 6d. Silver. —Standard, 24|d; fine, 26 11-16 d. —A. and N.Z. Cable. LONDON TALLOW MARKET. Messrs Dalgety and Co. (Ltd.) have received a cablegram from their head office, dated December 22, stating that tho tallow market is unchanged. DAIRY PRODUCE. Messrs Dalgety_ and Co. (Ltd.) have received the following cablegram from their head office, dated December 22: Butter.—The course of the market is very uncertain, and holders are taking advantage of it. Resellers are offering 2s less than tho market price. We quote; Finest butter, 1725; first butter, 170 s. PROPERTY SALE. Park, Reynolds (Ltd.) report further sales of the Fruitlands Estate in two blocks of 1273 acres to Mr H. F. Tibbitts, including the portion on which the manager’s bungalow stands. The bulk of tho land is in clover, grass, and lucerne, and about 20 acres in orchard. COMMONWEALTH LOCAL LOAN. (Press Association —Bv Telegraph—Copyright.) SYDNEY. December 23. Dr Earle Page (Federal Treasurer) announced that the Commonwealth loan of £6,000,000 had been oversubscribed, although all the country subscriptions had not yet been .received. CHICAGO WHEAT MARKET. (Press Association—Bv Telegraph-Copyright.) NEW YORK, December 22. Chicago wheat: December, 141 cents per bushel; May, 140; July, 132 L A. and N.Z. Cable. ’ __ CHRISTCHURCH WOOL SALE. (Special to Dailj Times.) CHRISTCHURCH, December 23. Of 31,949 bales of wool in store, 26,000 have been allotted for the second Christchurch wool sale, which will bo held on January 6. ® BRAY BROTHERS (LIMITED), AUCTIONEERS, DUNEDIN, Want Fruit, Farm and and Fairy Produce. Write them for market reports. Prompt attention given to correspondence, —Advt.

THE SHARE MARKET.

DUNEDIN STOCK EXCHANGE As a result of the proximity of the holidays business has been quiet on the Dunedin Stock Exchange during the past week, and no line has attracted especial interest. „ .... Banking shares are firm, and inquiry is made for New South Wales at £45 10s, an advance of 10s on last week’s closing offer. The demand for New Zealands has firmed by threepence, buyers quoting at 58s 9d with sellers sixpence away. Buyers’ offer for National Bank of Now Zealands has improved to £7 Is 6d, sellers failing to reply. , , Unions were wanted a couple of days ago at £ls 3s 6d. • Buyers are quoting at 52s for New Zealand Breweries, but sellers will not take jess than 535. Business was reported in National insurance early in the week at 73s 9d, and there is still inquiry at that price, hellers quotation is 9d in advance of the buying qU New Zealands have increased in value, and buyers will now give 37s 3d. Standards are offered at 59s without inClU p. y ’ a nd O. Deferred stock (ex dividend) is wanted at £243. . , , Union Steams, also ex dividend, can be obtained at 20s 6d, but the best offer is 20s New Zealand Coal and Oils were turned over at Is recently ,and the present quotations are a penny on cither side of that figure. Inquirv for Westport Coals still stands at 355. The offer for New Zealand Loan and Mercantile ords has firmed by 10s, and an improvement of 9d has taken place in Perpetual Trustees. The demand for the paid up issue of New Zealand Refrigeratings has weakened to 14s 3d. and sellers ask 14s lid for their tellers of D.I.C. ords ask Us premium, hut an offer of 9s premium made early in the week has not been repeated. The quotations for Dominion Rubber remain unaltered. Auckland Amusements Park ordinary sharas have changed hands at Ss premium. The preesnt best offer is 4s 9d premium. Kawaraus have firmed to sales at 3s 2d. The same' price is now offered, sellers asking only a penny more.

Business has been reported in Electrolytic Zinc preference shares at 38s. The closing offer for jprefs was 37s 9d arid for ords 26s 9d. Mount Lyolls are ex dividend with buyers at 27s 3d. issues of St. Bathans are offered at par. Upper Nevis are bettor with buyers at 4s 9d premium. Government Stock is practically unchanged. Sale. —Kawarau 3s 2d. Sale reported.—Electrolytic Zinc (ord.), 38s. Tlic following are yesterday afternoon s buying and selling quotations, which are subject to the usual brokerage:— BANKING. Bank of Australasia —Sel £l4 ss. Bank of New South Wales—Buy £45 10s. Bank of New Zealand —Buy 58s 9d, sel 59s 3d. Commercial Bank —Buy 31s 9d, sel 32s 6d. National Bank—Buy £7 Is 6d. National Bank of Australiasia—Buy £lB. National Bank of Australia (cont.) —Buy £9 Is E.S. and A. Bank—Buy £8 3s. Union Bank —Buy £ls 3s. ' BREWERIES. Manning and Co. —Sel 225. N.Z. Breweries (Ltd.) —Buy 525, sel 535. Staples—Buy 375. INSURANCE. National Insurance Co.—Buy 73s 9d, eel 74s 6d. N.Z. Insurance Co.—Buy 37s 3d, sel 37s 9d. Standard Insurance Co. —Sel 595. SHIPPING. Burns Philp—Buy 38s. Howard Smith—Buy 30s. Huddart, Parker (pref.)—Buy 20s 6d. P. and 0. Deferred Stock —Buy £243, se) £249. U.S.S. Co. (pref.)—Buy 20s, sel 20s 6d. COAL. N.Z. Coal and Oil—Buy lid. sel Is Id. Westport Coal Co. —Buy 355, sel 365. Wostport-Stockton (ord.) —Buy Is, sel Is 6d. LOAN AND AGENCY. Dalgety and Co. —Buy £ls. National Mortgage —Sel 69s 6d. N.Z. Loan and M. (ord.) —Buy £9l 10s. N.Z. and River Plate —Buy 225. Perpetual Trustees —Buy 60. j 9d. MEAT PRESERVING. N.Z. Refrigerating (pd.)—Buy 14s 3d, sel 14s lid. . ( „ „ £ N.Z. Refrigerating (cont.) —Buy 6s od, sel 6s 9d. MISCELLANEOUS. British Tobacco —Buy 49s 6d. Brown, Ewing (ord.) —Buy 30s 6d. Brown Ewing (pref.)—Buy 20s 9d. D.I.C. (ord.)—Sel 11s prem. D.I.C. (pref.)—Buy 21s. Dental and Medical Sup.—Buy 16s 6d, sel 18s. Dominion Rubber—Buy 465, sel 50s. Donaghy’e Rope and Twine—Buy 355. Eclipse Petrol—Sel 12s 6d. Kaiapoi, Woollen (ord.)—Sol 12s. Kaiapoi Woollen (cont.) —Buy 2s 6d. Kaiapoi Woollen (pref.)—Buy 12s. Milburn Lime and Cement—Buy 29s 6d, sel 50s 4d. Mosgiel Woollen Co.—Buy £6. National Electric —Sel 18s 6d. N.Z. Drug Co.—Buy 70s 6d, eel 71s 6d. N.Z. Hardware (ord.) —Buy 4s, sel 5s 6d. N.Z. Paper Mills (ord.) —Buy 17s 6d, sel 18s 9d. Taranaki Oil—Buy 9s. Wilsons (N.Z.) Cement —Buy 335. Auckland Amusements Park—Buy 4s 9d prem. MINING. Kawarau G.M. Co. —Buy 3s 2d, sel 3s 3d. Nokomai —Buy 4s 6d prem. Waihi Grand Junction—Buy Is 6d, sel 2s 3d. Electrolytic Zinc (pref.)—Buy 37s 9d. Electrolytic Zinc (ord.) —Buy 36s 9d. Mount Lyell—Buy 27s 3d. Kawarau High , Levels —Sel 6d prem. Mount Isa—Buy 21s, sel 22s 6d. St. Bathan (A issue) —Sel par. St. Bathans (B issue) —Sol par. Upper Nevis —Buy 4s 9d prem. Alburnia—Buy 3s 3d. , WAR BONDS. 4i per cent. Bonds, 1930 —Sel £9B. 4| per cent. Bonds, 1958—Buy £96 15s. 5j per cent. Soldiers’ Bonds, 1933 —Buy £lOl. sel £lOl 10s. 4j per cent. Inscribed, 1938—Buy £96 12s 6d. 4j per cent. Inscribed, 1939—8uy £96 12s 6d, sel £97. 5i per cent. Soldiers’ Inscribed, 1953 Buy £lOl. NOETHEEN - ixCH AN GES. (Per United Press Association.) The following business was done on ’Changes yesterday:— Auckland. —Moanataiari (cont.), ss. Christchurch. —Sales: Commercial Bank of Sydney, £27 10s; New Zealand Insurance, 37s 5d (three parcels).