COMMERCE AND FINANCE

Otago Daily Times, Issue 21053, 16 June 1930, Page 2

COMMERCE AND FINANCE

THE SHARE MARKET. DUNEDIN STOCK EXCHANGE. The only business reported on the Dunedin Stock Exchange yesterday was a reported sale of Union Banks at £l2 Is Gd. Buyers later offered £l2 Is for these shares, but sellers were unwilling to do further business at less than £l2 2s 6d. Southland Frozen Meats ordinary and preference shares were still in demand at 375, no seller coming into the market. Molyneux Electrics were wanted at 2s 6d, sellers asking 7s. There was a buyer of Okarito paid-ups at Bs, but sellers would not take less than 8s 2d. Sales reported: Union Bank, £l2 Is 6d, The following are Saturday’s buying and selling quotations, which are subject to the usual brokerage;— BANKING. Bank of Australasia—Buy £l2 6s 6d, sel £l2 12s 6d. Bank of New South Wales—Buy £4O. Bank of New Zealand—Buy 49s 6d, sel 60s 3d. Commercial Bank—Buy 22s 4d, sel 22s 6d. ■ National Bank of New Zealand—Buv £6 8s ; Union Bank—Buy £l2 Is. sel £l2 2s 6d. INSURANCE. National Insurance Co.—Buy 14s, sel 14s 7d. New Zealand Insurance Co.—Buy 45a 3d. Standard Insurance Co. —Buy 57a. SHIPPING. Hnddart, Parker (ord.) —Buy 38s. Union S.S. Co. (pref.)—Buy 20s 3d, sel 21s 3d. COAL. Westport Coal Co.—Buy 30s 6d. LOAN AND AGENCY. Goldsbrongh, Mort—Sel 325. National Mortgage—Buy 02s Od. Wright, Stephenson (ord.) —Buy 20s 6d. Wright, Stephenson (pref.)—Sel 16s od. MEAT PRESERVING. N.Z. Refrigerating (cont.)—Sel 5s 7d. South Froz. Meat (ord.)—Buy 375. South Froz. Meat (pref.)—Buy 375. MISCELLANEOUS. British Tobacco—Sel 41s 6d. Bruce Woollen Co. (ord.) —Buy 375. Colonial Sugar*—Buy £42. D.I.C. (ord.) —Buy 21s. D.I.C. (pref.)—Buy 20s 9d. Dominion Rubber—Sel 20e. Kaiapoi Woollen (ord.)—Buy 12s lOd, sel 13s 6d. Kaiapoi Woollen (cont.)—Buy 4s 4d. Kaiapoi Woollen (pref.)—Buy 14s. Milbum Lime and Cement—Buy 32s 9d sel 345, M‘Leod Bros. —Sel £2B. National Electric—Buy 9a 9d, sel 10s 9d. N.Z, Drug Co. —Buy 635. N.Z. Express (pref.)—Sel 17s. N.Z. Farmers’ Fertiliser—Buy 20s. N.Z. Paper Mills (ord.) —Buy 19s, sel 19s 9d. Christchurch Gas—Buy 26s 7d. BREWERIES. N.Z. Breweries, Ltd. —Sel 52s 3d. . MINING. Waihi—Buy 13s Bd, sel 14s. Electrolytic Zinc (ord.) —Buy 24s Od. Mount Lyell—Sel 295. Molyneux Electric—Buy 2s 6d, sel 7s. ' Paddy’s Point—Buy 3s lOd. Kildare—Sel Is. Okarito—Buy Bs, sel 8s 2d. Winding Creek—Sel par. Stoney Greek —Sel par. Cornish Point—Sel lid. WAR BONDS. 4i per cent. Bonds, 1938—Buy £OB 15s. 4i per cent. Bonds, 1939—8uy £9B 15s. 4i per cent. Bonds, 1941—Buy £9B 15s. 4J per cent. Inscribed, 1938—Buy £9B 12s 6J. 5i per cent. Bonds, 1936—8uy £99 ss. NORTHERN EXCHANGES. (Per United Press Association.) The following business was done on ’Changes on .Saturday:— Auckland.—Sales: National Bank of New Zealand, £6 10s; Union Bank of Australia) £l2 Is (both late sales Friday): Bank of New South Wales, £4O 2s 6d; South British Insurance, 60s; New Zealand Loan and Mercantile, £95; Colonial Sugar, £42 10s. Wellington.—Sales reported: June Bank of Australasia, £l2 15s; National Bank of New Zealand, £6 10s (two sales). THE AUSTRALIAN LOAN. (United Press Association.) (By Electric Telegrapn—Copyright.) , . CANBERRA, June 14. (Received June 15, at 6.5 p.m.) It is understood that the new Federal 6 per cent, loan of £10,000,006 is being issued on Monday. DAIRY PRODUCE. The South Island Dairy Association has received the following market report from the New Produce Association (London) : Butter is improving steadily, owing to low retail price, 130 s to 1345; Danisli, 136 s Cheese: New Zealand white, 77s to 78s: coloured, 83s to 84s. FRUIT AND PRODUCE WORLD. Reilly’s report selling:—Violets, 3s, 4sNarcissi 12s, 18s dozen bunches. Hedge plants: Oleana Posterri, Barberry VuUam, Escallonia, Cypress Lawsoniana. 1 1 ivel, etc., 15s to 30s per 100, Roses; Novelties, 2s 6d to 5s each; bedding roses best varieties, 15s to 24s dozen. Flowermg shrubs: Rare varieties, 5s to 7s 6d each; others, la to 3s each. Fruit trees: Apples apricots, peaches, plums, etc., 2s to 3s od each; gooseberries, currants, etc., 7s od to 12s dozen; rhubarb roots. 5s to 10s per dozen. Section honey: Choice, 9s 6d, 10s; pottles, lib 7s, 21b 13s; bulk, 4|d, 5Jd; 101 b tins, 5s 6d, 6s Od. Cabbage, 4s sack. Cauliflowers, 14s sack Swedes, 4s. Marrows. 12s. Pumpkins, 10s od. Piemelons, 15s cwt. Lettuce, Celery, 6d, 0d bunch. Eggs: R.C.P.M., 2s 6d, 2s 7d; pullets’, 2s 2d, 2s 4d; preserved. Is 7d. Is 8d; cool store eggs. Is 9d. Mutton birds: New seneon’a, 9s Gd per dozen; choice small, 8s Gd. Quinces, 3d. Grapes: Australian, 20s. Rutter: Pats l s Id, Is 4d; milled bulk, la 2d. Lard; Superfine' 8d; ordinary, 5-Jd. Bacon: Choice, Is 3d. Peanuts, 5d Walnuts: Choice, lid. Cheese; Medium Old; loaf, IOJd. Tea: Orange Pekoe, 2s 6d. Potatoes, £5 10s, £0 ton. Onions: Pickling, 8s cwt; table Canterbmy, 7s; Australian, 9s. Tomatoes: Local, la 3d. Is 8d; seconds, Bd, lOd; tree tomatoes, 5s Gs ease. Apples: Delicious, 10s, 12s; Jonathans, Gs, 7s 6d; other desserts, ss, Gs; Stumers, 8s 9s; cooking. 4s 6d. 6s Gd. Pears: Winter Coles. Os. 8s; Nelis, Gs, 9s; half-cases, 2s, 4s; other desserts, 4s, ss. Beeswax, la Gd, Is 7d. Horsehair, Is 3d, Is 9d. Bacon pigs: Prime, 8tl; porkers, 8d; odd weights, 4d, 71d. American Valencias. 52$ 6d'; N.S.W.. 10s, 15s. Navels: N.S.W. choice, 20s. Mission lemons, 555; Australian. 27s Gd. Island oranges: Choice repacks, 18s. Grapefruit, 47s 6d. Passions, 17s 6d. Bananas: Choice ripe, 27s Od. Mandarins: Choice, 20s. Special pippa grit, Ss; oyster grit, Bs. Tallow, 18s cwt. Woodwool. 28s bale. Fruit wraps, 3e 3d ream. Champion egg crates, 17s 6d. Pure lueca oil, 4s quart bottles. Vallo Giraffe lime sulphur; Cases 4 gallons. 2s Od; barrels. 2s gallon. Bla k leaf “40”: 101 b tins. 545; 21b, 15s; lib, 5s 3d. Semesan: 51b, 555; lib, 7s; 2 oz. 2s 3d. C.M.W. knapsack sprayer; Vertnorel type £3 3fi. Wheat, 6s 3d, 7s. Partridge peas. 6s. Oats: A Gartons, 4s; B, 3s 9d. 'Peameal, 16s 6d. Crushed barley, 16s sack of 1501 b. Crushed oats. 12s 6d sack of 1101 b. Oatmesl. £24 10s ton. Meatmeal, 17s 6d Karswood spice: 11 o, ’ls; lib. Is lOd; 71b, 12s 6d. Bran. £8 10s. Pollard, £9 ton. Oatsheaf chaff: Choice. £5 10s to £6 ton. Clover hay, £6. Lucerne. £6 10s. Straw; Wheaten. 60s. Poultry; 143 hens at 3s 2d to 6s! 127 cockerels, 3s Bd, 12s; 37 pullets, 4s 2d, 12s; 58 ducks, 5s 2d, 9s' Bd. all at per pair. 22 turkeys from Is to Is 5d per lb. REILLY’S CENTRAL PRODUCE MART. LTD.,

Queen's Warehouse, Moray place, Dunedin,

LOCAL AND OVERSEAS MARKETS.

SOUTHLAND MARKET REPORT. (From Our Own Correspondent.) INVERCARGILL, June 14. Oats. —Inquiries continue to come in from outside centres and the market has a distinctly firm tone, values to-day being; As 4s per bushel, f.0.b., g.i., B’s 3s lOd, and at these figures a fair amount of business lias been booked up during the week. The major portion of the oats grown in the district is undoubtedly now j | in merchants’ hands, only occasional lots being offered by growers. The quality is still well maintained though in the coastal regions the tendency is towards i.a.q. oats. Chaff.—lnquiries are coming to hand tor shipment to northern centres, but at the price being paid for local require* ments to growers, £4 7s 6d, on trucks, country sidings, there is virtually no mars'll. of profit for the merchants, added to which is the ever-present trouble, of having chaff pressed sufficiently heavily by the chaff-cutters to conform with the grades 26 sacks to the ton. g.b.o.s. and 28 t.a.q. Ir the majority of cases chaff is merely pressed to an average of something like 29 sacks. It is regrettable that local chaff-cutters and, to a great extent farmers themselves, seem little interested m pressing sufficiently to meet conditions. Ryegrass.— Owing to autumn sowing being well over there is virtually no movement m this market. Values are nominally from 5s 9d per bushel for 261 b to 271 b seed, up to 6s 3d for 281 b to 301 b seed. Crested Dogstnil.—This market has distinctly improved for anything of really good quality, bright attractive seed of high germination being valued to-day at ■ PRf lb, f.o.b. No interest, however, •2 . < j?S fhe darker seeds. With such !t is difficult to realise anything over 7d. Chewings Fescue.—The bulk of the season s crop has now changed hands and has been sold to overseas buyers. The value W-day between merchants for prime quality seed .is lid, and in odd instances for specially fine lots HJd per lb, f.o.b. The stock market for the past week has been comparatively quiet, very little business being done. Fat cattle are coming forward in fairly regular supplies, ana the market for these is firm. The fat sheep market is well supplied with both wethers and ewes, and prices remain at the same. .The store sheep market is quiot, so also is the store cattle market with the exception of forward-conditioned cattle suitable for turniping. Fat Cattle.—Prime heavy bullocks, £ls t° medium-weight bullocks, £l2 iV? Vi £l4; P rime heavy heifers, £lO to £ll 10s; medium bullocks, £8 to £9 10s: prime heavy cows, £9 15 s to £11; medium cows, £7 10s to £9; vealers, 30s to £2; runners, £4 to £5 10s; prime os beef, to 40s per 1001 b; prime heifer beef, 37s 6d to 40s per 1001 b; cow beef, 25s to 30s per 1001 b. Fat Sheep.—Prime heavy wethers, 28s to 30s; prime medium wethers, 24s 6d to 265; lighter wethers, down to 225; prime heavy ewes, 18s to 20s; medium ewes, 14s 6d to 16s; lighter ewes, 10a to 12s 6d; prime heavy lambs, 22s to 245; prime medium lambs, 18s 6d to 20s, Store Sheep.—Wether lambs, 10s 6d to 13s; ewe lambs, 16a to 18s; two-tocth wethers, 18s to 20s; two-tooth ewes, 26a to 28s; sound-mouthed ewes, 17s Od to 20s; failing-mouthed ewes, 12s 6d to 15s; aged ewes, 8s to 10s. Store Cattle.—Three and four-vear bullocks, £lOl 10s to £l2; two-year‘bullocks, £7 to £8 10s; yearling bullocks, £4 to £6: calves, £2 to £3 10s. LONDON MARKETS. (United Press Association.) (By Electric Telegraph—Copyright.) m . -'LONDON, June 14. (Received June 15, at 5.5 p.m.) Frozen Meat.—New Zealand sheep: Canterbury and North Island selected crossbred wethers and maiden ewes—s7lb to 641 b 4gd, 651 b to 721 b 4Jd; North Island —s7lb to 641 h 4|d, 651 b to 721 b 43d. Australian ewes: 301 bto 551 b, 3*d. Patagonian sheep: Wethers and/or maiden 601 h 3gd; ditto ewes, 401 bto 501 b, 3Jd. Australian lambs: Victorian— quality 361 b and under 7Jd, ditto 371 b to 421 b 7Jd; other States—first lt Ji.? B Tr- and . under 7d - dßto 271 bto 42ib Ujd; Victorian second quality 301 b a un der, 7|d; other States second quality 361 b and under, 7|d. Argentine lambs; First quality, 431 b to 501 b, 6id. Patagonian lambs: First quality, 361 b and under. 7d; ditto, 371 b to 421 b, 6Jd; ditto, second quality, average 301 b, 6gd. , Zealand Frozen Beef.—Ox: Fores. to 2201 b, 3d; ditto, ox hinds, 160 lb to 2201 b, s ld. Argentine chilled beef: Ox hinds, 1601 b to 2201 b, 6|d; others are unchanged. Hides are dull, and all quotations are 1 ™ s . a , mo , as they were a month ago. Fridays closing prices were as follow: Cotton: July, 7.46 d per lb. a -P ai ' a > 7 4d; plantation smoked, v 10-iod. Jute: June-July, £22 12s 6d, £22 !S s . Hemp: None offering. Copra: Jnne-July South Sea, £lB 10s: plantation Rabaul. £lB 15s. Linseed oil, £44. Turpentine, 40s 3d. Osrairidium is unchanged.

* After deducting Interest on guaranteed stock, 4 p.c. each year. It is somewhat instructive to learn that the result for a year, during approximutely one-half of which business throughI - Doi ? ln ™ n baa admittedly been rois , w t , he . recor d net profit of funnel- i As J he “?P r °vement is over £35,000 higher than the previous best it nn£/f'n n ? U /!. ced °“. e * although it may' be noted that the paid-up capital in circulation for 1929-30 is larger than that for any prior financial year. The net rewi1 r i l n IS fif qU i^ lent i to , l 4 P e r cent., and when the different classes of preference and mortgage shares have been allotted !fffi(iA maty rates of dividend, a 6 «m of £668,065 remains. Out of that sum, a distribution of 13 1-3 per cent, in divil dend and I per cent, in bonus is made fs37 h sfm or ? ma - ry 6ha r absorbing leaving a balance of £565 to carry forward after allocating £125.000 diJTT i- nd - o*“* to the larger direct allocation made to reserve fund the increase to the floating balance is com siderably under that of March, 1829. Jjoiv the first time for five years no alteration has taken place in the paid-up capital during the financial period. If any increase had taken place, it might have been expected in the long-term mortgage department. From the supplementary balance sheet issued for that department, it is seen that loans well outweighthe capital, and that even the expedient ?i,.j lavia S issued debenture stock fails to Ra ? wltb the result that the nuns? d f par , tm f at has had to supply W *fiL due i to the ra P ld extension that wLtu-“* P - ace ' during the 12 months. nTf- v- er i? intended to contract the activities of this department, or whether a certain amount of the loans are only ar^ r *f7* an l fall be re P aid shortly while f f r con J ecture - but meanwhile the long-term mortgage department is not self-supporting. Although on this occasion there has been no secret treasure brought to light from provisions made in the post and not reser , ve fund benefits by £!25,0°0 from the trading profit. This is the largest direct transfer for four years as is seen below:

4^ fu H d receives a smaller augmentation than for any ■of the preceding six years, except. 1927-28, when it rw f?F actlcalI y Jhe same, it may be said tnat the present position looks a healthy f. ne ' secret reserves have been unearthed, it does not necessarily follow that they do not exist. The increase brings reserve fund up to £3,650,000, or within measurable distance of the-ordin-ary -share capital, while, when the floating balance is added, general reserves aggregate £4,173,157, They have risen higher relatively to capital by 1.90 per cent*) the positions from 1918 having been as follows;

Owing to fresh issues of capital from time ree ,® rv ® s have not gained greatly proportionally an recent years, but their trend has been upward, and always supported by gilt-edged investments. Further, reserves are taxation reserve remaining at £426,000, and the contingencies’ provision of unstated quantity. The group, that contains the contingencies’ provision, holds also bills payable. It has risen nearly £600,000 to £4.856 367, but it is not apparent to which section the increase as due. The amount is the highest for a number of years, and it appears not unreasonable to assume that this is partly to larger provision for contingencies, ine fall in recent months for stock exchange securities may have meant a greater allowance for depreciation in the banks, investments, to name one possible cause* A newcomer to the balance sheet is long-term mortgage debenture stock (£102,550). This would appear to be of the nature of capital, but is not included under that heading. Balances due to other banks, which are a fluctuating quantity, have risen to £80,683. but are cancelled largely by balances due by other banks coming to £76,391. Notes in circulation represent a smaller total than at several past balancing dates. In their relation _to coin, cash balances and deposits with bankers, they have stood thus:

. The fluctuating nature of the note issue is apparent, and a rise or fall may be earned by extraneous circumstances. The assistance given by notes in the bank’s finances is no small one, the extent of their issue being proportional to the amount of gold held, but while it is not possible to find from the details given how the comparison goes, it may be assumed that the gold held well exceeds thestatutory one-third. The fall in the coin group indicates that it has bad to take' a share in meeting the general demand for money. ■ The position of deposits as the chief liability is important. Their fall has been slight and their alteration during the 12 months lees than usual. Distinction is not drawn between the interest-beariug and non-interest-bearing section, so the change in the respective sections may be greater than that in the whole. When, however, deposits are considered in connection with the _ trend of banking at the present time is more clearly seen. Borrowing lias been on a larger scale than during any year since 1920-21. Advances, excluding bills discounted, which have themselves risen , over £350,000 to £1,693.950, have been increased by £5,910,259. The relative positions of advances and deposits since 1917 have been as underneath;—

* After deducting provision for bad and doubtful debts. Aa on the previous occasion when advances rose rapidly, a rise in deposits preceded, but so far there has not been a corresponding _ reduction in deposits to follow. Even with the extensive demand for advances, there is still a wide margin between them and deposits. The necessity of finding nearly £6,000.000 to meet the altered position of advances and deposits has fallen upon the London investments. A realisation of nearly £5,000,000 accomplished by a drop of oyer £BOO,OOO in bills receivable has provided the bulk of the money. As these securities are not likely to be subject to much variation, it may be taken that their reduced value is almost entirely due to realisation, although a small share might be due to depreciation. The funds thus transferred will earn a larger revenue as loans to customer® than in Government employment or at call and the cause of the increased profits may be partly found here. New Zealand Government securities remain identical at

£4,008,886, from which it may be assumed that their book value has been stringently ! written down previously. Both Australian ' Government and public body securities have fallen, the former by approximately £IOO,OOO. the latter by £60,000, but that is perhaps no more than might be expected in allowances for depreciation. Remittances in transit come to nearly £1,500,000, while the comparatively small place occupied by notes of other banka and bullion is indicated by their totals of £27,009 and £9202 respectively. Government notes, which concern a email part of the administrative ground of the bank are down to £86,733. The fixed assets, which have steadily risen since 1922, stand at £579,871, tbpjr book value having nearly doubled during, that period. On that occasion £50,000 were applied out of the net surplus in reduction of premises and furniture, but no writing off appears to have taken place since then. Some provision towards depreciation may have been made under contingencies, but as market value of the sites and buildings must be far above the book figure, there appears no necessity for writing down unless to dispose of surplus profits. The secret reserve ■contained is doubtless being steadily augmented, as the book value rises. While the gross profit overtops the £2,000,009 line, overtops the £1,000,000 line. General expenses enow a rise of over £22,000; for. which possibly repairs to premises are partly responsible, but the greatest rise is in the rates and taxes. Distinction is not made between those payable within and without the Dominion, but as the hhlk is payable to the New Zealand Government, it is seen now deeply interested the people of the Dominion are in the welfare or the bank a Part from the dividend of £245,312 paid on the Government holding of shares. An that earns a net profit of * £848,534 has a large part to play in developing the resources of a comparatively small and recently settled country. The chairman at the last annual meeting drew attention to the capital and reserves of foe bank being too great for the business offering. Evidently the somewhat anomalous situation has been created of the bank outgrowing the natural development of the country, where it has been reared. No doubt it can and has found an enlarged scope by transferring part of its activities elsewhere, but it is difficult to see how an increasing return can continue indefinitely to be produced annually, unless production is stimulated in the country of its domicile. MERCHANDISE MARKET, Merchants are getting short of suppliesof K. peas. Further supplies will not be available until the arrival of the new season’s peas in January, lie Golden Cloud, however, is landing supplies of Canadian. The exchange on the Canadian brings the cost fid a dozen above, that of the previous shipment. The Golden Cloud will also land Californian seeded raisins and prunes. ' Merchants are finding it difficult to fill orders for canned tomatoes. Northern packers are short. of supplies following on the smaller crop this season. A parcel of stoned dates, is due on'the Port Pirie, which is expected here on the 19th. She is also bringing supplies of Morton’s oilmen’s stores, packet dates, turban figs. King Oscar sardines (quarters) , butter beans, etc. Tbe Karetu is bringing further supplies of Australian, dried fruits. These Were getting short on the local market. Table and commercial salt shown a slight advance in price. Camp coffee, ex the Kent, due here on June 18, shows a further increase in the landed cost. A reduction was recorded during the week in C.M.C. sheep tongues. The price now named is 12b 3d per dozen. Aromatic Capstan tobacco will ta future be packed in flat 2oz hinged lid tins. The rate of exchange is -still causing' merchants considerable concern. Every line landing from overseas has now to bear an increased cost, and the commodities, obviously, are dearer than formerly. In many cases it. is impossible to pass on the extra cost to the retailers. LONDON STOCK EXCHANGE. (United Press Association.) (By Electric. Telegraph—Copyright.) ■ LONDON, Jone IS. The following are the latest quotations hr Government securities, compared with the price* ruling last week:—.

FOREIGN EXCHANGES. (British Official Wireless.) (United Press Association,) (By Electric Telegraph-Copyright.) BUGBT, Jana 13. For. June Ift. Jane IS. Paris, fr to £1 ... 121.31 i;3.S?J 133,73 Brussels, belgas to £1... 35 34,81$ 34.816 Oslo, kr to £l 18.169 18.16) 18.165 Stockholm kr to £1 18.160 18.10) 18.085 1 Copenhagen, kr to £l._ 18.169 18.16 18.16 Berlin, marks to £l ... 20.43 20.36 J 20.36 ' Montreal, dol to £1 4.86) 4.85| New York, dol to £1 _ 4.86) 4.85 57-33 4.8 S 27-IJ Yokohama, pence to yen 24.88 24.13-16 24 13-33 Hongkong, pence to dol 34.68 16 S-16 IS) Bombay, pence to rupee 18 , 17) 17J Batavia, Bonne to £1 ... 12.107 Milan, lire to £1 92.45 93.78 92.74 Amsterdam, guild to £l,. 13.107 12.CSJ 12.08) Prague, kr to £l _ 24.03 163). 163) Geneva, tr to. £1 _ ... 35.32) 25.08) 25.075 . Vienna, scMUlngs to £1 34.56) 34.44) 34.44 Helsingfors, marks to £1 193.334 . 182) 192) Madrid, pesetas to £1 ... 25.32) 40.22) 41.26 Athena, drachma to £1 35.32) STB 875 Lisbon, escudos to £1 4.60) 108.26 108JS Bucharest, lei to £} ... 973 818 818 Bio de Janeiro, pence to milreis ... ... ... 18 6 35-33 611-W Buenos Aires, pence to pesos - ... ... 47.62 42 7-18 42 6-16 Shanghai, pence to tael 23| ’ 18) 18) NEW ZEALAND APPLES. (United Press Association.) (By Electric Telegraph—Copyright.) _ LONDON, June IS. . The Zealandic’s New Zealand apples at Hull realised the following prices: Jonathans, 9s _9d to 13s 3d; D unnw 1(W - to lls 9d; Delicious, 10s to 12s 3d; &turmers, lls 6d to 12s 6d; Adams, Us 3d to lls 9d.

COMPANY BALANCE SHEETS. bank OF 1 NEW ZEALAND. Mar. Gross * Net Ptef. Ord. 31 Profit Proat A 1918 l.lOs‘,441 £ 336,606 p.c. 10 p.c. 15 p.c, 15 1919 1,217.153 388,021 10 15 15 1920 1,376.838 419,045 10 15 15 1921 1,844,017 777,255 10 10 13i 1922 1,809,255 632,0^° 10 10 13i 1923 1,546,041 553,639 10 10 13) 1924 1,709.288 735,831 10 10 13& 1,775,323 819,286 10 Hi 1926 1927 1.888,309 1.830,981 912,160 847,671 10 10 11.? 13S 1928 1,816,869 841,878 10 13.2 1929 1,916,660 912,934 10 13.2 14) 1930 2,013.626 948,534 10 13.2 14J

'Reserves Reserve fund Quota from warcnji Withdrawn Transfer 1924 332,578 496,547 Trading Profit £ 163,969 1926 100,000 .250,000 247,689 250,000 147,689 1921 143,420 200,000 56,580 1928 73,511 124,175 50,664 1929 212,005 275,000 62,995 1930 ~ ' ■ 125,000 125,000

March 31 General Hoservea Paid-up Capital Batlo 1918 £ 2.345,702 £ 2,279,988 P-e. 102.88 1910 2.496,224 2,279,988 109.48 1920 2.646,520 2,627,441 3,904,988 100.72 1921 1,886,275 48.30 , 1922 2,105,818 3,904,888 53.92 , 1923 2,246,957 3,904,988 57.94 1924 2,831,514 5,029,988 56.29 1925 . 1926 3,088.299 5,029,988 61.40 3,390,378 6,154,988 65.08 1927 3,609,656 6,529,186 55.28 1928 3,732,525 6,771,198 55.12 1929 4,042,591 6,858,111 58.95 1930 4.173,157 6,858,114 60.85

March 31 Notes Coin and Cash Balances, etc. Ratio £ £ p.c. 1918 3,312,995 5,500,385 00.23 1919 3,728,429 5,913,453 02.99 1020 5,765,337 8,371,585 08.87 1021 4,741,492 5,925,791 80.01 1922 4,294,230 7i437,410 57.82 1923 4,564,695 7,974,011 57.24 1921 4.072,101 7,190,347 56.59 1025 4,168,844 7.056,319 59.08 1936 4,444,392 7,291,795 60.95 1027 3.765,593 7,532,199 49.99 . ’ 1928 3,797,080 7,527,426 50.44 1929 4,290,798 7,142,140 60.08 1830 3,734,948 6,763,602 55.52

March 31 * Advances, etc. Deposits Batio £ £ 1918 1919 16.468,493 17,389,787 30,437,036 ' 31,716.333 54.10 54.83 1920 17,929,615 37,661,610 47.61 1921 27,725,874 34,475,655 80.42 1922 23.312.130 28,676,603 81.29 1923 17,746,718 30,003,926 59.14 1924 18,787,101 30,501,719 61.59 v 19,329,186 30.079,282 64.26 1926 20,994,611 31,121,288 67.40 1927 22,462,952 29,664,024 73.72 21.433,565 30,339,033 70.71 21,505,380 33,939,651 63.36 1930 27,415,639 33,897,609 80.88

Last ireet -This week. £ •e (L £ «. 4. Imperial Centals, 34 p-c. ' U 0 0 64 15 • War loan, 6 p.g., 1839-47 M| 103 0 0 "103 8 0 Conversion loan, 3) p-o. Ml 77 15 0 77 1 0 Victors 1 p.o .. ... 94 7 0 94 19 0 C’wealth 8 p.o. 1331-41 99 1 5 99 0 0 O’wealth 64 p.o;. 1922-27 87 0 0 86 7 8 N.a. 6 pc., 1036-51 ... *104 7 6 106 10 0 N.Z. 4 p,c... 1939. « ... 94 1 3 94 5 0 N.Z. SJ p-o., 1940 .„ „ w 88 17 6 8817 8 N.Z. 3 p.o., 194S ... .. 79 10 « 79 10 0 N.S.W. 54 p.e.. 193040 N.S.W. 6 plo., 1030-40 99 IS 0 99 10 0 •** 97X1 3 97 7 '# S.S.W. 6) p.o.. 1922-32 — — 97 3 6 K 8.W. 4 p.o>, 1933 „. 91 5 0 81 7 8 S.6.W. 34 p.a, 1930-60 84 0 0 84 6 0 N.B.W. 3 p.o., 1935 _ — 66 10 0 65 7 6 Tic 84 p.o 1930 40 _ — 87 10 0 Vie . 6 p.c. 1933-43 » , 63 7 6 80 17 6 Via 4i p.o., 1940-60 ._ 95 IS 0 97 0 0 vie 34 p-o 1038-49 _ "68 s 6 68 0 O vie" 3 p,» 1938-40 >. 63 10 0 63 10 0 Q'UPd 1 p-o 1930-40 _ 98 10 0 13‘laod 34 p-o 1930' «. 63 0. 0 62 0 0 U'lBDd 1 pc. 1923-47 _ 99 10 0 100 0 0 6.1 64 p-o-. 1930-40 _ .100 3 6 89 17 6 S.A 34 p-o., 1933 ... ... , 81 D 0 31 0 0 8.1 S p.e., 1918 or after . '49 10 0 49 10 0 W'l 6 p-o.. 1930-49 — , 96 10 O 86 0 0 W.A. 34 p.0.. 1920-35 „ 85 0 0 83 JO 0 W.A. 34 p-o- 1915-35 _ Me 87 0 0 OS 0 0 Tas 64 p.0, 1930-40 ... H, 101 0 0 100 15 0 Tas. Si p.0.. 1920-40 _ •M 79 10 0 79 0 « Tafi.- 3 p.o., 1930-40 — 73 c 0 78 0 0