COMMERCE AND FINANCE

Otago Daily Times, Issue 20087, 2 May 1927, Page 13

COMMERCE AND FINANCE

OtHP D«Hr Time* Office Saturday morning. tb which has just arrived, baa brought supplies of new season’s Mil4nn suit ants and sultanas. ** Komlas,” which have been short on the market, are again available. A new line of cigarettes. Chess hrana," has made its appearance on this market. Egyptian lentels are short in wholesale hands, but full supplies of Indians are available. Butter beans are also unprocurable, and supplies are not expected for some little time. It is announced by Californian shippers Chat prunes are snowing an increased price. The Waipiata landed sugar during the Week. The next boat bringing sugar here b the Kurow, which is due next week. WAJKAKA SALE. A DOLL MARKET.

(Fxoac Oub Own Cobbxbpondxkt.) GORE, April 30. The monthly tale held at Waikaka on Friday drew only a small attendance of farmer*. There was a yarding of about 000 sheep, which were practically all stores. As requirements seem to be filled now, the market was dull, and many lines were passed in at auction, but a few sales were made privately. A pen of fat four-tooth wethers sold by the Southland Farmesr’ Co-op. Association (Ltd.) on account of Mr R. H. Gardyne (Waikaka) realised 275, at which figure they were purchased by Mr L. Kay, of Waikaka. A line of fat and forward fourtooth wethers changed hands at 23s 9d. Store lambs realised up to 14s. A few lines of two-tooth ewes were on offer, but values were easier, and soles were made at up to 30s for good sorts, while poorer quality made 24s 3d. Full and failing ewes were quitted at from 10s to 15s, and culls down to 6s 3d. Several Romney rams were offered, and mads keen competition. Sales of one to three-shear were made at from Signs to 7gns. SOUTHLAND MARKET REPORT. • (Fedit Oun Own Cobbmpondxnt.) STOCK. INVERCARGILL, April 30. In the stock market there is very little change to report. . There was a good yarding of fat cattle at Wallacetown on Tuesday, but prices showed little difference from those at the previous sale. The offering of fat wethers was harrdly as large as at the previous sale, and prices showed a slight advance. Store sheep are still coming forward freely, but the yarding* will soon, slacken off. The following is a range of prices:— Fat Cattle. —Prime heavy bullocks, £l2 to £l4; medium weight prime do, £lO to £ll 15s; prime heavy heifers, £7 10s to £9; medium do, £5 10s to £7; prime heavy cows, £7 to £8 15s; medium do, £5 to £6; vealers, to 355; runners, to £3. Prime pi beef, 27s 6d to 30s per 1001 b; heifer beef, 22s fid to 255; cow beef, IBs to 20s. Fat Sheep.—Prime heavy wethers, 27a fid to 30s: medium weight do, 24s fid to 26s fid; lighter do, to 225; prime heavy ewes, 18s to 20s; medium do, 14s fid to 16s; prime heavy lambs, 26s to 28s fid; medium weights, 22s fid Co 245. Store Sheep.—Wether lambs, 15s to 17s fid; ewe do, 20s to 245; two-tooth wethers 18a to 20s; two-tooth ewes, 30s to 34s fid; four, six, and eight-tooth ewes, 27s fid to 30s; failing-mouthed owes, 17s fid to 20s; broken-mouthed do, 12s to 14s 6d; oi awes, 8s to 10s. Store Cattle. —Three-year steers, £7 10s to £9 10s; two-year do, £5 10s to £6 10s; yearling steers, £3 to £4 10s; calves, 25s to 355. GRAIN REPORT. Oats.—The recent improvement in the «at market is still maintained, and sales for shipping have been made of A grade Cartons at 3s 3d, B’o up to 2s 11 4 d in one' instance. Opinions differ as to tho future of the market, some maintaining that theorise is warranted and will bo maintained, while others are of the opinion that it is chiefly due to forward sellers being forced to purchase oats to enable them to execute orders requiring delivery in April and May, which under existing conditions cannot bo obtained from growers. Even at the advance farmers here and elsewhere are somewhat reluctant to dispose of their crop, many preferring to feed in some shape or form to their own stock rather than sell at prices which are undoubtedly below the cost of production. Chaff.—Prime quality old chaff is merely being, bought by merchants for tho local trade, which is of small dimensions. Prices to growers for prime old quality are on the basis of £3 10b per ton, on trucks, country sidings. It is at present too early for now chaff, and it accordingly is of little interest to merchants. Ryegrass. —Business between merchants is taking place chiefly in lines direct from the grower, only a small amount of business being done in machine dressed seed, prices being on the basia, of 3s 9d per bushel for 281 b machine dressed seed. Crested Dogstail.—The somewhat keen demand of two or three weeks back has weakened a little. Bright-coloured seed with a germination of 90 per cent, and over between merchants is worth up to 10id per lb. sacks extra. Quantities coming to hand from tho country are gradually diminishing. It is fairly evident that the bulk of tho seed is now iether in the hands of the merchants or cleaners. MEAT PRODUCERS’ BOARD. FAT STOCK PRICES. (Fzb United Paxes Association.) WELLINGTON, April 30. The New Zealand Meat Producers’ Board advises that the following prices were being offered for fat stock for export on April 29: — Poverty Bay.—Prime woolly lambs, 361 b and under 7d; 37/421b, 6Jd; second quality lambs, 6d; prime wethers, 561 b and under, 4|d; 57/641b, 4|d; ewes, 561 b and under, 3d; 57/641b, 2id. Hawke’s Bay.—Prime woolly lambs. 361 b and under, 8d; 37/421b, 7d; prime •wethers, 561 b and under, sJd* 57/641b, 44d; ewes, 561 b and under, 3id; 57/641b, 2fd. Wellington.—Prime woolly lambs, 361 b and under, 8d; 37/421b, 7d; second quality lambs, 7d; prime wethers, 561 b and under, 5Jd; 57/641b, 4Jd; ewes, 581 b and under, 3Jd; 57/641b, 2|cl. Canterbury and North Otago.—Prime woolly lambs, 361 b and under, BJd. 37/421b, 7jd; 431 b and over, 6Jd; second quality lambs, 7id; prime wethers, 561 b and under, s|d; 57/641b, 4|d; ewes, under 481 b, 3Jd; 48/641b, 3d. South Otago.—Prime woolly lambs, 361 b and under, 8d; 37/421b, 7d; 43/501b, 6d; 501 b and over, 5Jd; second quality lambs, S6lb and under, 7d; 37/421b, 6d. LONDON WHEAT MARKET. (Pren Association—Bv Telegraph—Copyright.) LONDON. April 30. (Received May 1, at 5.5 p.m.) Wheat cargoes continued firm in sustained Continental demand, and quotations advanced a further 3d to fid a quarter. Prices: Jolund 55, Nerbudda 54, Trans vaal 54s fid. Parcels were firm but inactive. Futures: May 10s 9Jd, July 10s 6?d. October 10 3Jd per cental. —A. and N.Z. Cable. LONDON MEAT MARKET. fPresK Association B» r» •-.< < <n.vr;t-- • LONDON, April 30, (Received May 1. at 5.5 p.m.) Sheen; Cantor’--, r l : " , ;t -' .’ ......i » heavy sd; North Island light fijd, medium 54d, heavy 4i«i; New Zealann - . -d; Australian firsts. 4d; Argentine light fid. medium 4d, heavy 3jd. Lamb: Canterbury seconds, Bjd; other sclectods, light. 3jd: North Island firsts, light 83d. medium BJd, seconds Ptd; Aus tralian firsts, light Bd, medium 7id; other States not offering; seconds, Victorian, 7Jd; ethers not offering; thirds, lid; Argentine firsts, Bd. Chilled beef: Argentine fores 24d. hinds si<L—A. wad N-Z. Cables

- ■ *♦*»> —■ LOCAL AND OVERSEAS MARKETS,

NORTHERN EXCHANGES. (Pxa United Pebss Absociat'ob.)

THE SHARE MARKET. DUNEDIN STOCK EXCHANGE New issue Commercial Banka were offered at 9s 3d premium, with buyers quoting 8s lid. There was & buyer on the market for the preference issue of this stock at £6 16s. - National Banks are to be had at £7 6a 3d, the best buying quotation being 2s 6d less. Buyers of E. S. apd A. Banks have advanced to £8 12s, without result and P, and O. Deferred Stock cum dividend was to be had at £266, but buyers were £3 below this. Westport-Stooktons are sought "after at Is 7d. There was only Id between buyers and sellers of contributing Refrigerating shares, which were wanted at 6s Bd. Quotations in Malay Rubbers were very wide. Ordinary Electrolytic Zinc were offered at Ms 6d, with buyers at 3d less. There was inquiry for 54 per cent. Inscribed Stock (1936) at £lOl 2s 6d, and for 54 per cent. Bonds of the same year at 2s 6d less. The following are Saturday s buying and selling quotations, which are subject to the usual brokerage:— BANKING. Bank of N.S. Wales—Buy £S<X Bank of New Zealand—Bel 60s 3d. Commercial Bank (new) —Buy 8s lid prem., ael 9s 3d prem. Commercial Bank —Buy 30s 3d, sel 31a. Commercial Bank (pref.)—Buy £6 16s, National Bank-Buy £7 3s. sel £7 6s 6d. E. 8. and A. Bank—Buy £8 12s. BREWERIES. N.Z. Breweries (Ltd.) —Buy 60s, sel 62s M jf.Z. Breweries (Ltd.) Deb*.—Sel 24s 3d. Staples—Buy 38s. INSURANCE. National Insurance Co—Buy 73s 9d. N.Z. Insurance Co.—Buy 36s 6d. sel 37s SHIPPING. Huddart, Parker lord.)— Buy 47a fid. Huddart, Parker (pref.)—Buy 21s. P. and O. Deferred Stock (cum div.)— Buy £263, sel £266. _ U.S.S. Co. (pref.)—Buy 8(b 2d. COAL. Westport Coal Co.— Buy Ms, «el 36jW Westport-Stockton (ord.f—Buy „ I *„7 d - Westport-Stockton (pref.)—Sel 2s Bd. LOAN AND AGENCY. Dalgety and Co.—Buy £l6. £l6 15s. Perpetual Trusfcees-Buv 6(K Wright, Stephenson (ord.)—Sol W. MEAT PRESERVING. Canterbury Meat—Buy £8 Is. N.Z. Refrigerating (pd-)~Buy 14«. N.Z. Refrigerating (cont.)— Buy 6* od, Frozen M. (ord.)— Buyais, Auckland Amusement Auckland Amusement Park (pref.)—bel 19a * MISCELLANEOUS.

Brown. Ewing (ord.)— Buy 20s 3d. Bruce Woollen Co.-—Sol 15s. D.I.C. (ord.) —Sel 11s prem. D.I.C. (pref.)—Buy 21*. sel 225. Dominion Investment*—Buy 20* 6d. Donaghy’* Rope and Twine—Buy _34i. Milburn Lime and Cement—Buy 26s 3d, oo] 27b , . Milburn Lime and Cement (new issue)— Buy 3s 4d prem., Sel 3* 7d prem. Mosgiel Woollen Co—Buy £6 4a. National Electric— Buy 14s. eel IS*. N.Z. Drug Co.—Bel 64 b fid. N.Z. Express (ord.) —Buy 20s. N.Z. Express (pref.)—Buy 17*. N Z Guarantee Corp-—Sel ly*- „ ~ n‘z‘. Malay Rubber (ord.)— Buy 28s fid, S6 fj.Z. * Malay Rubber (pref.)—Buy 28s 6d, 36 MdlT Product Debenturea-Buy 21*. N.Z, Paper Mill* (ord.)— Buy 17». N.Z. Sugar of Milk —Sel 255. Taranaki Oil—Buy 9s. Whitcomb® and Tombs—Buy 70s. British Tobacco— Buy 525. MINING. Kawarau G. M. Co.-Buy 3«, sel 3* Hydraulic—Sel 35*. Waihi—Sel 18s 6d* ~ - * * Electrolytic Zinc (pref.)—Buy 34s 3d, sol Zinc (ord.)— Buy 34s 3d, sel 34 Mount Lyell—Buy 27s Id, sel 28s 3d. Kawarau High Levels—Sel Is disc. Big Beach —Sel 2a disc, Molyneux Electric—Sel 19s 6d. Upper Nevis—Buy 9d pram., sel Zs Prem ‘ WAR BONDS. 4i per cent. Bonds, 1938—Buy £96 12s 6d, S6 44*i>Br cent. Bonds, 1939—80 y £96 12s 6d. Si per cent. Soldiers’ Boncfs, 1933—8uy 4i p« cent. Inscribed, 1958—Buy £96 12s 6( 5i per cent. Soldiers’ Inscribed, 1953—8uy £l s ol pi?‘ cent. Postal Bonds. 1927-Buy £9B IS S por cont. Postal Inscribed, 1927—8uy £ si p« ftd 5i per cent. Bonds, 1936 Buy £lOl.

The following business was dobo on ’Changes on Saturday:— . ~ Auckland.—Bank of Australasia, £l4 14*. Farmers’ Co-operative Auctiomeering B pref.), 16s 3d; Auckland Gas, 23s 3d; Kauri timber, 25s 6d; Lucky Shot («mt.), 2s 4d ; Kawarau, 3s Id: Waihi, 18s; Hikurangi Coal (i On-[steLrch.—Sale reported : Union Bank of Australia. £ls 14s. Sale: Now Zealand Government 5i per cent. Inscribed f 1933), £lOl ss. FRUIT AND PRODUCE WORLD. Reilly’s report:—Tho market is in favour of buyers. Butter, bacon, pigs, eggs, prime table poultry, stud birds, and laying pullets are in keen demand. We received and sold 253 hens at 4s to 7s 4d, 82 ducks at 6s 6d to 7s 6d. 123 cockerels at 3s 2d to 12s 4 coeso at 7s to 7s 6d, and 16 chickens at 2s to 2s 4d (all at per pair), also 20 turkeys at 8d to 2s per lb. Section honey: Choice, 8s to 10s. Cabbage: Choice. 2s 6d to 6s. Cucumbers, 4s fid to 7s 6d for glass house. Cauliflowers, 2s fid to 12s Eggs; Stamped, 2s lOd to 3s; case, 2s lOd; preserved, 2s 3d, all at per dozen. Butter: Bulk and dairy pats, Is 2d; separator. Is 3d to Is 4d. Honey: Choice bulk to sid, 101 b tins 5s fid to 6s fid. Comb foundation: Medium brood. 3s. Mushrooms. 4d to 7d. Green peas to fid. French beans 8d to Is Oid. Brussel sprouts to Bd. Lwal grapes to Is 9d; Gros Colmars. 2s 6d; Damans to Is 7id; choice Victorian Ohanez, 10d to Is. Pears: Choice desserts and bottling, 2id to 5Jd; cooking, lid to 2d. Walnuts, 10s to Is. Peanuts: Cnoice, 6d. Christchurch tomatoes: Choice to 4d mediums 2d, Otago Centrals (choice) to 4d, locals fid to 9d. Cheese : Meehums, 8d to 9id. Tea: 51b boxes broken Orange Pekoe, 2s fid. Beeswax, Is 4d to Is fid. Horseliair. Is lOd. Bacon: Medium rolls. Is lid; choice, Is 2d; inferior, 4d to 7d. Bacon pigs, 7|d, porkers 7Jd, heavyweights P ?id, choppers 4d. Queen pines 30s. Now Zealand passions: Halves to 12s. Apples: Cox’s 10s, 14s; Delicious, 7s to Us fid; Dunn’s. 6s to 8s; Alfnstons, fis to 7s- Lord VVolseleys, 7s; Mobb s Royal, 5s fid; inferior apples, 2s fid to 4s per case Quinces, 6a fid to 9s Lemons ; Cali fornians, 300-360’s Mission brand 42s fid; choice Italian, 40s. Oranges: American choice Valencias, 40s; Italian, 225. Lrapcfruit 38s. Onions: Canterbury:ss fid to 7s fid Potatoes: Locals. 7s fid; Stirling and Omrama, choice. 5s fid to 7s fid; Oamnrus. 4s fid; inferior unsaleable. Car mK fis to Bs. Swedes, 3s lo 's fid. Par sn.,; 6st, R.. Meatmeal. -8 s, Oystei grit.‘Bs fid. Pic melons: Best Australian. 1,4 - Ne« Zealand. 8s to 10s. Fat. 12s to ys’cwt. Special quality wondwoe 37s od all at per cwt. Molasses: In tins. 9s fid case Economic egg rrates: 20 dozen. 15s; Champion, 18s fid; Agra interlocking crates 1 17s fid Oats: A grade to 2s 9d, B grade, 2s fid per bushel Fowlwheat. 6= 4d to 7s 9d for special quality. Oat sheaf chaff: Choice to £5 10s; cow chaff 70s Giraffe brand lime sulphur: Barrels. Is lid. Black Leaf “40”; 2b tins, bs; 101 b tins, 50s; 41b tins. Ss 3d. Special apple* wrapping paper; Finest sulphate

paper, 10 x 10, 3* 9d per ream. Spray pump. 12s 6d to £5. Lightning fruit grader: Finest on the market, ranging in price from £33 to £IOO. Ellis fruit grader, £2l. Bran, £7 10s. Pollard, £lO, REILLY’S CENTRAL PRODUCE MART (LTD.). NEW ZEALAND LOAN. (Tram Asaoolatlon—By Talegrapk—Copyright) LONDON, April 29. The New Zealand loan bears interest at the rate of 5 per cent. The final instalment is payable cm August 3, and the first half-year’s interest on Jae"ary 1, 1928. Mr W. J. M'Kell (New South Wales) Treasure!) says the Now Zealand loan was long anticipated, and it is therefore unlikely to prejudice the New South Wales conversions, in which direction negotiations are progressing.—Argus and Sydney Sim Cable. ANNOUNCEMENT BY MINISTER. ALLOCATION OF AMOUNT. (Pan United Pbess Assn oiatton.) WELLINGTON. May 1. The Minister of Finance (the Hon. W. Downie Stewart) announced yesterday that the New Zealand loan on the London market is for £6,000,000. It is a 6 per cent, issue at £99 10s, compared witba similar issue last year at £9B 10s. The return to investors, with redemption, will be £5 Oa lOd per cent., compared with £5 2s 6d per cent, on last year’s loan. The proceeds will be allocated as follows: . Railway construction, additions, and improvements, £3,000,000. Hydro-electrical development, £900,000. Telegraph extension, £750,000. Other public works. £1,350,000. Other colonial loans recently issued on the London market were: —South Australia, £2,500,000, 5 per cent, at £9B; Western Australia, £1,500,000, 5 per cent, at £97 10s; Commonwealth of Australia (conversion loan), £11,000,000 odd, 5 per cent, at £9B. FOREIGN EXCHANGES. , (Press Association —By Telegraph—Copyright.) LONDON, April !9. The exchange rates on London are ae follow*: Far. Apl. 25. Ap1.29. Pails, b. to £1 81.22 J 124.01 124.00 Brussels, belgae to £1... 6 54-93 34,93 Oslo, kr to £1 _ ... 18.158 18.79 18.81 Stockholm kr to £1 Copenhagen, kr to £1 Berlin, relohmkn to £l 20.43 30.48 20.49 Uontreal. dol to £1 4.86 J 4.85 X-16 4.84 15-16 New York, dol. to £1 4.BGi 4.8511-16 4.85 J Yokohama, 'st to yen Borne, lire to £1 ... - 22.224 86.45 91.12 Calcutta, st to rpe, 16 to gold £ 1 ? 4 17 1 Hongkong. »t to dot * S4 i u 1-18 Amsterdam, gnlld to £1 13.107 13.14 13.13 J Batavia, guild, to £1 • Governed by price ol Oliver —A. Rud ‘ N.Z. Cable. NEW ZEALAND PAPER MILLS. The directors of Now Zealand Paper Mill* (Ltd.) have decided to recommend to shareholders payment of a further dividend of 3 per cent, (making 6 per cent, for the year) at the forthcoming annual meeting. CHICAGO WHEAT MARKET. (Press Association—By Telegraph—Copyright.) NEW YORK, April 30. (Received May 1, at 5.5 p.m.) Chicago wheat: May 1558 cents per bushel. July 1308 September 1294.—A. and N.Z. Cable. LONDON MARKETS. (Received May 1, at 6.5 p-m.) Cotton: May, 7.99 d per lb. Rubber; Para, 17d per lb; plantation smoked, 193 d. . . nrw , ~ Jute: May-June shipment, £27 17e 6a per to Hemp: April-May shipment, £35 per ton. Copra; April-May shipment. £26 per ton. Linseed oil. £32 10* per ton. Turpentine, £45 per ton. —A. and N.Z. Cable. \ FURRED SKIN SALES. Messrs Dalgety and Co. (Ltd.) have received the following cablegram from their head office, London, dated April 29; —At the furred skin sales, which commenced on April 29, there was ft fair selection of opossum skins. Prices compared with the last sales _ were:—-Blue, 10 per cent, lower; Tasmanian black and grey 5 per cent, to 10 per cent, higher, red slightly higher. Other descriptions were slightly easier, except New Zealand grey, which is 5 per cent; higher, dark being much dearer. LONDON STOCK EXCHANGE. GOVERNMENT SECURITIES. (Pres* Association—By Telegraph—Copyright.) LONDON, April 28. The following are the latest quotations for Gov •rnment gocmltles compared with the prices rnl-

COMPANY BALANCE SHEET.

AUSTRALIAN MUTUAL PROVIDENT SOCIETY, Available Total tot lends. Revenue. Distribution. Doc. 31. £ £ £ I 1019 ... 41,202,199 5,785,245 1,229,878 i 1920 ... 44,000,006 6,340,623 1,364,027 . 1921 ... 46,913,757 6,713,464 1,538,369 1922 ... 49,826,155 7,193,468 1,810,514 1923 ... 52,881,528 7,697,301 2,083,387 I 1924 ... 56,416,631 8,311,078 2,347,231 1925 ... 60,229,856 8.876,760 2,563,694 1926 ... 64,245,890 9,468,398 2,862,098 On this occasion there is a distribution of nearly three millions among the participating policy-holders in the ordinary and industrial departments, or more than twice the amount of sis years ago. During the I same period, the revenue has increased approximately 50 per cent, from which it may bo assumed that after the income passes a certain point, there is proportionally more surplus available for distribution. ' In the ordinary department the cash bonuses represent 57.7 of the premiums received during 1926 on participating poli cics as against 54.5 per cent, for 1925. As on previous occasions, the valuation has been made on the stringent basis of 3 per cent., and as the ruco of interest earned by the society during the past year averages £5 13s Id, a comfortable margin has been provided. Policy-holders may well be satisfied wit v what they benefit both directly in bonus, and ind.rectly in the strength of the reserves. In the revenue account of the ordinary department it will be remarked that there is a slight falling off under he heading | covering receipts from premiums on new I policies as compared with the preceding year, but, both in number and in the annual revenue yielded, the new policies

for 1826 an in «omi of thoso for 1925. The deficiency evidently occur* elsewhere. While renewal premium* bring in the large total of ££436,436, interest snddm. dends are responsible for over £3,500,000. The magnitude of the figures makes it a little difficult to grasp the labour involved in their collection, and it may be instructive to note that the average amount of premiums collected per day during the past year was in the neighbourhood of £20,000. Add to this sum, a similar average revenue from d lvl * dends of approximately £12,000, and some idea may do gathered of the capital involved. .... . Against these totals, the claims have to be placed. Tiliey come to £3,282,638, and are more than covered by the unearned income. Surrenders, however, form a further charge of £645,566, some £BO.OOO higher than those of the prior 12 months, but this item will naturally grow larger as the business expands Putting claims opposite premium income for the past eight years works out as follows—-viz., Claims. Premium income. Batlo. £ £ p.c. 1919 - 2,584,631 5,721,663 69.45 ISM _ 3,234,907 4,069.885 54.91 1921 ... 2,301,614 4,271,449 63.88 1922 ... 2,674,807 4.544,892 68.80 1923 ... 2,863,571 4,844,931 69.10 1924 _. 5.948,163 5,227,507 66.40 1925 _ 3,068,922 6,537,227 54.93 1926 -. 3,282,638 6,910,508 65.54 If the year 1919, when the proportion was exceptionally high, is cut out, last year works out as slightly under the average. It almost strikes the mean between its two predecessors. Although the claims, as might be expected, are larger than those of 1925, tne liability shown by thoso outstanding at the close of the period is less by £59,T00. This liability will vary according to the special circumstances connected with ea.cn claim, apart from the number that actually arise towards the close of the financial year. No contingent liability appears for any claims resisted by the society. Further indebtedness is included among outstanding accounts, which are entered at £141,643. The liabilities per the balance at tho closing of the books amounted to £810,06/. At the same time, the assets totalled £65,055,957, or 80 times as much, The ba t consists of investments which are tuny detailed, and are liquid in a varying degree. 'The largest sum under any one heading appears under loans on of municipal and other rates (£15,954,820) toi lowed by mortgages, which, with interest in orrear, and accrued, aggregate £14,951,409. Among Government securities, the largest holding is with the Commonwealth of Australia (£12,822,491), and the next in size is placed in New Zealand. From their nature, the fluctuation in the market value of these securities will bo small, and from their magnitude it may well be that dopreciatiQn and apprcCiation are fairly equally distributed. “ an investment reserve fund of £6T0,000 on the opposite side, but possibly tho chiet reserve is the wide area coveredl bv the funds. There was a surplus of £BISO on the securities realised during the yea . Loans on the company’s policies within their surrender value stand at £9,04 , , demonstrating the large business done in accommodating policy-holders m this way. The arrangement is of mutua benefit and as a side-line in insurance work must affect institutions that function more bp«*ally in this direction. The increase is o £600,000, and the tendency will bo for this margin to grow larger annually. The fixed assets are just oyer the one million pounds. On this occasion the nse is chiefly* due to the New Zealand propcrty which represents one-quarter ofthat sun . Depreciation has been allowed for, atthouffh it is not clear how much of the £132,250, which has been written off, refer 3 to office premises. The provisions, h - ever boars a higher ratio to the total house property than that of 12 months ago. Whatever deterioration may occur buildings is likely to be more than made up by the enhanced value of the land on wfcch they stand. The fixed property valaablo as it is, forms one sixty-fifth part oi its seventy-eighth year end con show wme £64,000,000 m accumulated funds. A# more than one-third of this total ba» bee amassed during the latest seven yea s by an annual progression that baa been increasing at a comparatively even pace, it looks as if the future has even better resuits in store,

Ing last week :— Last week Tbit week £ a a £ e a Imperial Consols, 2$ p.o. ... 51 15 0 61 17 6 War loan, 5 p.o.. 1929-49 ... 102 5 0 100 6 0 War loan, 3$ p.c., 1925-23 ... 99 10 0 99 15 0 Conversion loan. 3J p.c. ... 76 5 0 76 S 0 C’wealtb fi p.c., 1931-41 ... 103 ' 0 0 102 12 6 C’wealth 6} p.o., 1922-27 ... 101 18 9 102 0 0 K.Z 6 p.c., 1936-51 ... 107 10 0 107 10 0 K.Z 4 p.o., 1929 „. 97 7 6 97 12 6 N.Z 3j 1 p.o., 1940 ... 86 10 0 86 15 0 K.Z $ p.o.. 1945 ... 76 5 0 76 3 6 H.S.W 6} p.o., 1930-40 101 18 9 103 17 6 M.B.W 6 p.o., 1930-40 100 5 0 100 13 6 H.S.W 5| p.o., 1922-32 ... 99 16 0 89 17 6 H.S.W 4 p.o.. 1933 ... ... 92 0 0 93 IS 0 H.S.W S p.o.. 1935 ... ... 81 17 6 83 12 6 N.S W 3} p.o., 1930-60 ... 73 16 0 73 15 0 Vio 5 p.a 1930-40 .- 100 IS 0 101 5 0 Vio 41 p.o.. 1932-43 ... 98 3 6 98 3 6 Via *J p.c., 1940-60 ... ... 95 12 6 95 16 0 Via S i ).o., 1929-49 ... 76 10 0 76 15 0 Vio 3J p.a, 1929-49 ... ... 72 0 0 72 0 0 Q’land 3 p.c.. 1922-47 ... 101 17 6 103 0 0 Q’land 31 p.o.. 1930 ... ... 94 O 0 93 12 6 Q'land 6 p.a, 1930-40 ... 68 17 6 68 16 0 6.A B 1 p.a. 1930-10 ... 102 17 6 103 3 e 6. A 31 p.a, 1939 ... 83 3 6 83 17 6 6. A 3 | p.o.. 1916 or alter 59 7 6 59 12 8 W.A 8 p.a 1930-40 ... 102 0 0 102 6 0 W.A 31 p.o., 1920-33 ... 87 7 6 87 10 0 W.A 3 p.o., 1915-36 ... ... 83 15 0 81 0 0 Taa 6J p.o.. 1930-40 ... 103 O 0 103 10 0 Xas 3} p.o., 1920-40 ... ... 83 7 6 83 12 6 Taa 3 p.c., 1920-40 ... ... 77 10 0 77 0 0 —A. and N, .Z. Cable.