COMMERCE AND FINANCE

Otago Daily Times, Issue 21828, 15 December 1932, Page 16

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE A parcel of Nokomais was turned over on the Dunedin Stock Exchange yesterday at 6s, further offers of the same figure finding sellers firm at 6s 2d. There was a buyer of National Bank of New Zealands at £3 4s, but sellers were demanding £3 10s. There was an ttnsupplied buyer of South British Insurtnces at £2 13s 6d. Business was reported in Okaritos at 8s 2d, at which figure two parcels had changed hands. Gillespies Beaches were dealt in at 3d premium, sellers asking that figure when later offers of 2-Jd premium were forward. The demand for Government loans continued to be steady. SALES ON ’CHANGE.

The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage: —

NORTHERN EXCHANGES (Per United Press Association.) The following business was done on 'Changes yesterday:— Auckland. —Sales: 4J per cent. Bonds, 1938, £93 2s 6d; Commercial Bank, 13s 5d (2); National Bank of New Zealand, £3 6s 6d; Bank of New Zealand, 41s, 40s 9d; New Zealand Insurance, 41s; Auckland Gas, 21s (2); Colonial Sugar, £46; King Solomon, 2s sd; M aihi, 18s 9d. Wellington.—Sales reported: _ National Bank of New Zealand, 655; Union Steam (pref.), 20s 9d; Waihi, 18s Bd. Christchurch. —Sales: Commercial Bank of Australia, 13s 7d; New Zealand Refrigerating (10s paid), 3s 2d (4), 3s Id (3); Mount Lyell (cum div.), 18s 5d (2), 18s 4d (4), 18s 4d; Gillespie’s Beach, 3_d prem.; Golden Dawn, 4s lid; Nokornai, 6s (6), 6s, 5s lid; Okarito, 8s (2), 7s 11*4 Sales reported: Tooths Brewery, 295. LONDON STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 13. Dalgety and Co.’s shares, 4 per cent, debenture stock, £BB 10s; Goldsbrough, Mort, £76 10s.

A HOPEFUL NOTE A hopeful note is struck in the report of John Lysaght (the important firm of ironmasters, galvanised sheet makers, and engineers, which is controlled by Guest, Keen, and Nettlefolds, concerning Australia, where the company has large inter•sts. Conditions in the Commonwealth, the directors state, have improved, while the board also speak encouragingly of the results of the Ottawa Conference, which they believe are likely to be distinctly helpful to the iron and steel industry of this country. But though, generally, they discern indications of improvement, it would come too late to have much effect on the results for 1932. The accounts now presented cover the year 1931, and profits for that period were again unsatisfactory. A profit of £180,721 is shown, but of tin's sum £BO,OOO is transferred to depreciation account, and after paying the preference dividends, which require £36,000, the balance is added to the sum brought forward, raising it to £412,125. No dividend is paid on the ordinary shares, on which a payment of 5 per cent., free of tax, was made for 1930. From the reserves £96,835 has been deducted against possible loss on exchange, reducing their total to £404,667. A change has been made in the presentation of the liabilities provisions for income tax, depreciation, insurance, and contingencies being now shown separately. Iheir total is £378 512. the sum due to creditors being . onlv £149.405. A feature among the assets i is the further reduction to £487,870 in i the stock-in-trade; floating assets at ! £964,000 show a large surplus over current liabilities.

MINING

LOCAL AND OVERSEAS MARKETS.

OPERATIONS AT WAIHI. The following information has been cabled to the London office of the Waihi Gold Mining Company, Ltd., as additional to the cablegram of December 8; —No. 3 level, Martha lode, crosscut to north at 140 ft west: At 90ft in the crosscut we have intersected a mixture of quartz and country sfft wide, assaying 49s 3d a ton. PRICE OF SILVER (United Press Association.) (By Electric Telegraph—Copyright.) RUGBY, December 13. Silver: Spot, 17 5-16 d per ounce; forward, 17|d. FOREIGN EXCHANGES (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) RUGBY, December 13. Par. Dec. 12. Deo. 13

CHICAGO WHEAT MARKET (United Press Association.) (By Electric Telegraph—Copyright.) CHICAGO, December 13. (Received Dec. 14, at 11.55 p.m.) Wheat: December, 44§ cents per bushel; May, 473; July, 47|; New York cash, 54J. LONDON WHEAT MARKET (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 13. ■ Sellers of cargoes, following lower overseas advices and free offers of Australians and Plates, reduced their prices 3d to 6d. Parcels were in poor demand. Australians were pressed at a decline of 6d. Futures: London —December, 22s 3d; February, 21s 9d; April, 21s Bd. Liverpool— March, 4s l()|d; May, 4s ll|d. DOLLAR CONVERSION RATES The Associated Banks have agreed that the conversion rates from December 12 will be: — ~ • U.S.A. Canada.. Conversion' of , dollar bills received for collection and sale of dollar drafts 3.13 3.67 Purchase of dollar bills 3.33 3.87 These conversion rates are, of course, ascertained on a sterling basis (London funds), and therefore current rate of exchange New Zealand oh London will also be charged or allowed as the case may require

LONDON WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 13. At the wool sales 6575 bales were offered, including 2272 from New Zealand. About 4707 bales were sold. New Zealand. Greasy crossbred, “ SJC/N,” 9id; halfbred lamb slipe, T. 8.5., Canterbury’'—top 12 Ad, average 103 d. The series closed with brisk home and Continental competition. Prices, compared with the October closing rates, were;— Merinos—Greasy, tine combing, barely 5 per cent, lower; robuster styles, par: scoured combings, 5 per cent. lower; crossbreds, 5 per cent. and halfbreds fully 5 per cent, dearer; medium and coarse, 5 per cent, lower; top-making styles, 10 to 1.5 per cent, lower; slipcs, fine, par; medium and coarse, 5 to 10 per cent, lower. The total'catalogued was 135,213 bales. Sold for home consumption, 52,200 bales; Continent, 65,200; held over, 42,500, of which 11,500 were Australian and 31,000 New Zealand. Totals sold: 09,500 Australian, 39,000 New Zealand. The National Mortgage and Agency Company of New Zealand, Ltd., is in receipt of the undernoted cablegram from its London office, dated December 13: The auctions closed here to-day with a good tone—good general competition. Compared with opening rates we quote: Greasy merino (best), unchanged; greasy merino (average), unchanged; halfbred, 50/56, unchanged; crossbred, 48/50, Jd lower; crossbred, 46/48, 3d lower; crossbred, 44/46, 3d lower; crossbred, 40/44, |d lower; crossbred, 36/40, 3d lower; slipe halfbred lambs, price firm; medium and" coarse slipes, Jd to 3d lower. Messrs Murray, Roberts, and Co., Ltd;, have received the following wool market cablegram from their London agents, dated December 13:— Sales have closed firm, competition keen and general—all sections operating freely, Continental buyers principal buyers. Compared with closing rates of last London sales, greasy merino, best descriptions, market shows no change; greasy merino, medium to good, declined 5 per cent.; greasy merino inferior, declined 10 per cent.; scoured merino, medium to good, declined 5 per cent.; scoured merino, other descriptions, market shows no material change; crossbred greasy, comeback, market shows no material change; crossbred greasy, fine, best descriptions, market firm; other descriptions, declined 5 per cent, to 10 per cent,; crossbred greasy, medium, declined 10 per cent.; crossbred greasy, coarse, declined 10 per cent, to 15 per cent.; slipe, fine crossbred, declined 5. per cent.; slipe, coarse to medium crossbred, declined 10 per cent, to 15 per cent.; crossbred, scoured fine, market shows no material change: crossbred scoured, other descriptions, declined 5 per cent.

Messrs Murray, Roberts, and Co., Ltd., have received the following wool market quotations from their London agents, dated December 13: —

60/64’s (New Zealand merino), yielding 48 per cent., 9d, at opening of present series 9d; 56’s, yielding 60 per cent., 10|d, at opening of present series lid; 50’s, yielding 65 per cent., 7*2d, at opening of present series 84d; 44/40’a preparing, yielding 74 per cent., 54d, at opening of present series 5Jd; 44/4G’s carding.yielding 72 per cent., sd, at opening of present series s|d; 40/44's, yielding 73 per cent., 43d, at opening of present series s|d; 36/40’s, yielding 75 per cent., 4:1 d, at opening of present series 4Jd; 46/48’s mixed preparing and carding, yielding 72 per cent., sjd, at opening of present series Gd; 48/50’s mixed preparing and carding, yielding 70 per cent. 7id, at opening of present series 7'Jd. Messrs Dalgety and Co., Ltd., advise having received the following cablegram from their head office, London, dated December 13: —

Wosl sales closed active, competition good from Home trade and Continent. As compared with closing rates of last series: Greasy merino, par to id lower; scoured merino, 3d to fd lower; greasy halfbred, par to 3d higher; scoured halfbred, unchanged; greasy crossbred, fine, id to 2d lower, except superior; greasy crossbred, fine, par to Jd lower; greasy crossbred, medium and coarse, 2d lower; scoured crossbred, par to |d lower; slipe halfbred, unchanged; other sorts slipe, 2d lower; lambs, greasy, par to |d lower. Halfbred 56/58, good to super, 113d —13d; halfbred 56/58, low to medium, Bd—lid; halfbred 50/58, good to super, 9|d.,TJJd; halfbred 50/56, low to medium. 6|d—9jd; fine crossbred 48/50, good to super, 63d —9d; fine crossbred, 48/50, low to medium, 43d —53d; crossbred 44/46, good to super, sjd—6|d; crossbred 44/46, low to medium, 4^d —sd: crossbred 40/44, good to super, s|d—6d: crossbred 40/44. low to medium, 4d —4yd; coarse crossbred 36/40, good to super, 5d —5Jd; coarse crossbred 36/40, low to medium. 4d —4Jd. The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cablegram from its London house, under date December 13:— As compared with last sale’s closing rates, prices are lower par to 3d per lb for merino and crossbred lambs, medium and coarse scoured crossbred, greasy merino; prices are lower 3d to Id per lb for merino scoured, coarse and medium crossbred slipe; and 3d to £d for medium greasy crossbred and coarse greasy crossbred. Market unchanged for fine scoured crossbred and fine crossbred slipe; par to 3d higher for fine greasy crossbred. The sales closed firmly to-day.

DAIRY PRODUCE Messrs Dalgety and Co., Ltd., advise having received the following cablegram from their head office, London, dated December 13:—Butter, 2s per cwt lower. Cheese, 5s per cwt lower. Messrs H. L. Tapley and Co., Ltd., have received the following cabled market report from London:— Butter, 82s to 83s per cwt; market flat. Cheese: White, 55s per cwt; coloured, 57 s per cwt. Market dull. AUSTRALIAN. STOCK EXCHANGES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, December 14. (Received Dec. 14, at 11.55 pan.) The Stock Exchange' is still inactive, with prices edging downwards and rather more sellers than buyers, which is characteristic year-end dullness. Commonweatlh Bonds were two to six pointsweaker to-day, and bank shares were not traded in. The following sales were made:— Colonial Sugar, £sl ss; British Tobacco, 32g 4jd; Tooths, 34s 4Jd; Millaqnin Sugar, 27s 6d; Dunlop Perdriau (pref.), 32s 1 Ad; Mount Lyell, 21s 6d; North Broken Hill (ex. div.), 69s 3d. South Broken Hill, 45s Od. MELBOURNE, December 14. Commercial Bank of Australia, 15s 6d; Dunlop Perdriau (pref.), 32s 6d; Electrolytic Zinc (pref.), 32s 6d; Goldsbrough, Mort, 245; Herald and Times, 56s 3d; Mount Lyell, 21s 6d; North Broken Hill, 70s; Souths, 465.

VALUE OF THE POUND (United Press Association.) (By Electric Telegraph—Copyright.) NEW YORK, December 13. Advancing after an early decline, the pound closed 1$ cents higher at 3.27} for cables. The Canadian dollar closed 3-16ths stronger at 86 3-16ths. Messrs Fraser and Co., selling agents for Otago and Oamaru Egg Circles, report as under:—Eggs: Poultry farm eggs, lid; others, 9d to lOd. Butter; Separator pats, 7d per lb; bulk, 7d per lb. Tallow, 6s 6d to 8g per cwt. Pigs: Good bacon weight, 4d to 4Jd per lb; overweights, 2d to 3d; porkers, 4ld to 5d per lb. Potatoes: Kakanuis, Id to i}d per lb. Chaff, £5 to £5 10s per ton, sucks extra. Whole fowl wheat, 5s 3d to 5s 6d per bushel. Rice meal, £5 10s per ton. Bulk honey, tjd to ad per lb; i()lb tins, 4s Od to ss. Beeswax, Is. Poultry: White Leghorn hens, 2s Cd to 3s; heavy breeds, 3s 6d to 4s; cockerels, 4s to Ss; roosters, 2s to 2s 6d; ducks, 4s to ss; ducklings, 5s to 7e 6d (all per pair); turkey gobblers, 8d to 9d per lb live weight; hens, Bri per lb. We stock “ Palmer's " chick food, “ National ” meat meal, leg rings Is per dozen (special quotes for quantities). We are agents for “Champion ” egg crates, “ Isco ” cod liver oil for poultry, prices on application. Consignors please note that all pigs and poultry must arrive not later than Wednesday morning of each week. We have a stock of poultry crates on hand for the use of our clients.

CHRISTCHURCH WOOL SALE 1 KEEN COMPETITION FOR SUPER. | (Per United Press Association.) i CHRISTCHURCH, December 14. j The first wool sale of the season was ! held in Christchurch this afternoon and i evenin';. There was a full bench of ; buyers, including a strong representation i from local mills which had a consider- | able effect in increasing competition and j raising prices for super wools. Twenty- I five thousand bales were offered and the ! passings totalled about 10 per cent, being particularly heavy in the first two eat a- I logues. The following is the range of I prices:— Merino— I Super-medium, 71d to 9d. Medium, fid to 7d. Corricdale— Super, to 103 d. Medium, B|d to Old. Inferior, GJd to Bd. Fine Halfbrod— Ex super, lljd to 12id. Super, 9Jd to lid. Medium, Sid to Old. Halfbred, 62d to LidMedium Halfbred—Suiior, 83d to 103 d. Medium, 71d to 81d. Inferior, sid to 7JdCoarse Halfbred— Super. 7RI to Sid. Medium, 5,d to fijd. Inferior, 4d to 51d. Three-quarterbred— Super, fid to 7id. Medium, 43d to 53d. Inferior, 21d to 4fd. Medium Crossbred— Super, 4d to 51d. Medium, 3d to 3Jd. Inferior, I2d to 21d. Pipppo Good, 7d to 83d. Inferior to average, 3d to fid. Bellies— Good, 5d to 7d. Inferior to average, 2d to 41d. Crutchings— Medium to good, 3d to 43d. Inferior, lid to 23d. Locks— Best, 2d to 23d. Inferior to medium. Id to l|d.

KEEN INTEREST IN SALE LOCAL MILLS PROMINENT. (Special to Daily Times.) CHRISTCHURCH. December 14. The first Christchurch wool sale of this season’s series was held to-day, the auction being continued till 11 o’clock. The spectators’ gallery was packed with farmers and others interested, the sale, under the conditions prevailing, being invested with much more than usual interest. There was a full bench of buyers, including a strong representation from local mills, which had a dominating influence on the competition for super wools. The catalogue, which consisted of 25,000 bales, was fully up to the standard of the offering at the first of the season’s sales, and contained some stylish wools. The prices over the first part of the sale were disappointing. Little was expected in regard to the demand for crossbred, and expectations were completely realised, as the demand was poor in the extreme. Fortunately, the catalogue contained only a small proportion of the coarser grades. Based on the Wellington prices for the small amount of ordinary halfbred forward at that centre, a better standard of values was expected to-day for 50/59 wools. A big proportion of these wools ranged about 9d, when it wag confidently expected that the price would be near lOd. Only super lots, however, made prices in excess of lOd until after the sale had been about a couple of hours in progress. The local mills’ representatives, who generally set the pace for highquality wools, were more restrained in the early part of the auction, and showed vrey little disposition to pay fancy prices. After the tea adjournment, however, some outstanding clips were offered, and the matter of a fraction or so did not stop the local mills’ representatives in their competition. The good prices they set seemed to have a stimulating effect on competition generally for higher quality wools, and there was an advance of fi’om Jd to 2d for this class. As an illustration of this, the top-priced lot of one particular clip early in the sale made lOid, and later in the day a similar classing of the same clip sold at 12d. For wools that did not come within the top category the improvement was smaller, but for third class the benefit of local competition was not present. Coarse wool met with a dragging sale, and on occasions a bid was elicited with difficulty. The best of the crossbred sold at 4d to sd, but the bulk of it ranged from 2|d to 3Jd. The purchasers of it were well distributed. The Continental representatives secured the major weight of wool, France in particular being prominent, with German and Belgian operators also coming freely into competition. Bradford secured a good proportion, and, as stated, the local mills set the pace for good and super wools. The passings were heavy in the first two catalogues, comprising somewhat over 1100 bales in a total of 8000. In these catalogues the selling proportion improved later, and passings as' a whole ranged about 10 per cent.

SYDNEY WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, December 14. (Received Dec. 14, at 11.30 p.m.) At the wool sales 10,285 bales were offered, of which 9564 were sold, while 7G5 were disposed of privately. The best lines of merino fleece and bulky skirtings ruled in sellers’ favour, while all other descriptions were firm at late rates under good general competition. Greasy merino made ISd. COMPANY BALANCE SHEETS THE NATIONAL TOBACCO COMPANY. LTD.

The past season has been free from interruptions of an extraordinary nature, such as happened during 1930-31, so that the net profit figure is restored to its previous level. The net return of £43,411, which is equivalent to 34.91 per cent., allows the dividend rates to be maintained, while in the proposed allocation the amount placed to reserves is some 40 per cent, greater than the sum distributed to shareholders. The disbursements, which had risen considerably during 1930-31, partly on account of earthquake losses, have further increased. There may have been additional earthquake losses to meet, but an allowance larger by £OOOO has been regarded as necessary for income tax, and the provision for depreciation on buildings and plant has been more than doubled. Details of the other individual charges are not given. The gross profit from tobacco sold at £131,235 easily eclipses all previous figures. When interest (£2043) and transfer fees (£l2) are included the amount comes out at £133,290. The relations of charges to gross profit have been; —

The fixed assets, comprising premises, machinery, plant, and office furniture, show some further capital expenditure, which, however, is much more than neutralised by the depreciation allowance of £6815. As this provision averages out approximately at 11 per cent., and as much of the property is.now and consequently deterioration has not begun to operate to its full extent, (he net book value of £54,337 would appear to be well within the mark. There is nothing to indicate how the valuation is distributed among the different sections or the respective depreciation allowances applied to each.

Evidences of the larger turnover are seen in stocks and sundry debtors. Stocks, which had been rising steadily, have increased to £83.747 in their different stages of manufacture. It would be interesting to know for how long a period of supply such a quantity would suffice._ but, to judge by tlie gross profit realised, the stocks on hand would not last long. Sundry debtors have risen to £51.899, following their course of recent years after allowing a reserve for discount. Another prominent liquid asset is cash in bank and on hand amounting to £70,315. £l which £40.900 is on fixed deposit earning interest. As the bank balance is approximately 50 per cent, higher than at October. 1031. and concurrently stocks and sundry debtors have increased, making a total rise of over £40.000 without any fresh capital being acquired by (lie business. the strength of the concern as a money-making institution is .apparent. The somewhat intangible asset of goodwill. patent rights, and trade marks continues to lie entered at £45,701. No matter how far this item may be capable of realisation, its presence in (bo balance sheet seems unnecessary, and has to be borne in mind when estimating reserves. Advances on purchases have fallen to £3lll. hut. possibly some division may have been made on this occasion by which foreign balances of £11,300 are separately entered. Advances on mortgage (£23001 and on loan (£722) have both decreased, (he latter considerably. All general indebtedness is included under snndrv creditors, which have risen to £7431. This sum seems small in relation to the other balance sheet items, but possibly growers’ accounts had been settled before (he balancing date. Income tax provision for the year has been increased to £22,000 in sympathy with the larger profit, making a total provision of £38,000 for the I wo years. As < £17,000 appears to have been absorbed in meeting the 1930 charge, the allowance looks a liberal one. Reserve fund, to which it is proposed to add £20.000, will be raised to £130,000. or more than £SOOO in excess of the paid-up capital. After allowing

: for the goodwill group on the other side, a substantial reserve is still shown, which, built up in eight years, is a direct tcstii mony to the vitality of the business. RUSSIAN PETROL ARRIVAL IN JANUARY. By the end of next month a large shipment of Russian petrol will be landed in the Dominion, sufficient for the immediate requirements of the Associated Motorists Petrol Company. Lubricants are due to arrive shortly afterwards. The company has all arrangements in hand to distribute the spirit to between 200 and 300 resellers in various parts of the Dominion. Ocean installations for the hulk reception ol petrol arc situated at Lyttelton, ■Wellington, Auckland, and Dunedin, and subsidiary installations have been erected at Invercargill and other centres. GORDON AND GOTCH, LTD. Gordon and O'otch (Australasia), Ltd., report a net profit of £23,458 tor the halfyear ended September 30, after providing £6488 for taxation. The profit is £293 less than that for the corresponding ha.l of 1931. The company is able to maintain dividends on preference and ordinary shares at the usual rate of 8 per cent, per annum, and carries forward £14,750, compared with £15.202 brought in. The accounts show an increase ot £10,590 m amounts owed to creditors by comparison ( with the September half of 1931. but bank overdraft has been reduced by £10.052 in the year. Stocks arc about £12.000 less than" they were a year ago. P. AND O. SHARES (United Press Association.) (By Ulcctrio Telegraph—Copyright.) NON’DON, December 13. P. and O. shares, 14s 3d.

ADDINGTON MARKETS (Pun United Press Association.) CHRISTCHURCH, December 14, The sharp rise in fat lamb values was the principal feature at the Addington market to-day, and exporters were precluded from taking all but a few pens. The fat lamb entry was 2400, the quality being mixed, but there was a rise of Is (o Is lid per head, the average price being about 44d a pound. The lop price »»t 17s 1(1 was paid for live lambs Fat Sheep showed a much larger entry, and prices were on a par with last week s rates. Extra prime heavy wethers made up to 15s 7d; prime heavy, 13s to 14s; prime medium-weight. Us to _ 12s 9d; ordinary and light, !)s to 10s 0(1; extra prime heavy ewes, to 13s; prime heavy, 10s 6d to 12s Cd; medium-weight prime, “6d to 10s 3d; light and ordinary, 5s to Ss. Fat Cattle. —An entry of 350, ot average quality. Best beef made up to -Is per 1001 b, and in odd cases up to 235. Good prime, 17s ,to 10s; heavy, 15s to 17s: ordinary quality, to 12s; rough, down to 0s; extra prime heavy steers, lo £lO 12s (id; prime heavy. (0 10s to £9; prime medium-weight, £5 10s lo £7; ordinary quality. £3 15s to £5 ss; lignt, £2 to £3 10s; extra prime heifers. i 7 12s fid; prime. £4 5s to £0; medium, £3 to £4; light, to £2 15s; extra prime cows, to £S 7s Gd; prime. £3 Ids to £5: medium,.£2 10s to £3 .ss; light and aged, £1 5s Lo £2 os. A big entry of fat pigs, tor which the demand was weak and prices low, ( hoppers. 27s 6,1 to 53s fid; baconers, 20s 63 to 34s (id; heavy. 37s fid to 44s fid: ave ''" age price jut lb. 2;{(I to 3>UI; porkers, -JJo (1,1 to 22s fid;, heavy, 24s fid to 27s fid; average price per lb, 3}d to 3ld.

PRICE OF FINE GOLD (United Press Asiiociatlon.) (By Electric Telegraph—Copyright.) LONDON, December 13, Fine gold is quoted at £6 6s 5d per ounce. SULPHIDE CORPORATION . Advice has been received from Melbourne that the annual meeting ’of the' Sulphide Corporation, London, will beheld on December 19. No dividend will be recommended, in the year ended June 30, 1031, the corporation made a loss of £67,669 and no dividends were paid. From a profit of £47,503 in 1030 a preference dividend of 5 per cent was paid, the ordinary dividend being passed. A dividend of 15 per cent, was paid on bot’.'classes of shares in 1920.

£ B. d. Nokomai 0 6 0 SALES REPORTED. Okarito (two) 0 8 2 Gillespie’ s Beach 0 3 Hoturoa Oil (after call) .. 0 4 2

BANKING. Buyer. Seller. £ B. d. £ B. d. N.Z 2 0 6 2 i 0 Commercial ,. 0 13 4 0 13 8 Natl, of N.Z. .. 8 4 0 3 10 0 Natl, of A’asia .. 10 0 0 — 0 Union — 7 3 INSURANCE. National — 6 0 14 3 South British 2 13 — Standard .. .. 2 2 0 2 9 0 SHIPPING. Huddart, Parker (pref.) .. .. 0 18 0 — P. & 0. Def. Stock — 1 0 0 U.S.S. Co. (pref.) 1 0 6 — COAL. Kaitangata .. .. par — Westport .. .. — 0 j.2 1 Westport-Stockton (pref.) .. .. — 0 1 6 LOAN AND AGENCY. Goldabrough Mort. National Mortgage 1 0 0 1 18 0 National Mortgage (B issue) .. .. 0 14 0 0 18 6 Trustees, Executors 2 17 0 — , MEAT PRESERVING. Gear. Meat .. .. — 1 7 6 N.Z. Refrig, (pd.) 0 9 0 0 10 0 N.Z, Refrig, (cont.) 0 3 1 0 3 3 South. Froz. Meat (pd.) .. .. 1 18 0 2 0 6 MISCELLANEOUS. British Tobacco . i 1 7 0 1 8 6 Bruce Woollen (ord.) .. .. — 0 10 0 D.I.C. (ord.) 0 9 3 — D.I.C. (pref.) .. 0 17 6 0 18 9 Donaghy’s Rope .. 1 10 0 —- Milburn Lime — 1 7 0 National Electric — 0 7 6 N.Z. Drug Co. .. — 2 17 0 Farmers’ Fertiliser — 0 15 0 N.Z. Paper Mills .. 1 0 0 — Wilson’s Cement .. — 1 9 0 BREWERIES. N.Z. Breweries .. # *1 4 0 1 5 3 N.Z. Brew, (debs.) 1 0 0 — Dunedin .. .. — 1 3 6 OIL. Moturoa .. 0 3 10 0 4 3 MINING. Kawarau — 0 0 9 Waihi Grand Jctn. — 0 3 9 Mount Lyell — 0 19 6 Mblyneux Electric — 0 5 0 Kildare .. .. 0 1 9 0 i m Okarito .. .. 0 8 0 0 8 2 Paddy’s Point 0 4 11 0 5 2 Cornish Point 0 0 — King Solomon .. Golden Point 0 2 3 0 2 5 .00 n 0 0 34 Golden Dawn — 0 5 3 Blackwater .. .. 1 0 6 — Alexander .. .. ■■ — 1 1 6 Gillespie’s Beach .. to 0 2i t0 0 3 Waitahu .. .. — to 0 9 Golden Sands — 0 2 3 Big River Xokomai .. 0 6 0 0 0 1 6 2 2 GOVERNMENT LOANS. 4J p.c. Bonds, 1938 93 0 0 — 4| p.c. Bonds, 1939 93 0 0 — 44 p.c. Ins., 1938 93 0 0 94 0 0 44 p.c. Ins., 1939 , 93 0 0 — £i p.c. S.S. Bonds, 1933 100 0 0 — H n.c. S.S. Ins., 1933 100 0 0 — 64 p.c. Bonds, 193G 98 10 0 — 54 p.c. Ins., 1936 98 10 0 5| p.c. Bonds, 1933 98 10 0 — p.c. Ins., 1933 98 10 0 — £i p.c. Bonds, Feb., 1937 98 10 0 — p.c. Bonds, Sept., 1937 ;. 98 10 0 — 64 p.c. Ins, Feb., 1937 98 10 0 — 6J p.c. Ins., Sept., 1937 98 10 0 99 0 0 ** Ex dividend, f Premium.

Paris, fr to £1 ,.124.21 8314 83T4 Brussels, belgas to £] .. 25 23.4514 23.64% Oslo, kr to El .. .. 18.180 10.3714 19.40% Stockholm, kr to £1 .. 18.150 18.3014 18.30% Copenhagen, kr to £1 .. 18.150 19.2814 19.29% Berlin, marks to £1 .. 20.43 13 21-32 13.7414 Montreal, dol to £1 4.80 2-3 3.7814 3.79% New York, dol to £1 .. 4.80 2-3 3.26 3.27% Yokohama, pence to yen 24.582 16 15 3-16 tlongkong. pence to dol 24,58 10 15% Bombay, pence to rupee — 18 1-16 18 3-16 Batarla. florins to £1 .. 18 8.17 8.17 Milan, lire to £1 ,. .. 82.46 03 11-10 64 1-10 Amsterdam, guilder to £1 12.107 8.1014 8.15 Prague, fcr to £1 .. ..10414 11014 110% Genera, kr to £1 .. .. 25.2214 10.9514 17.02% Vienna, schillings to £1 84.0814 2714 27% Helsingfors, marks to £1193.23 228 228 Madrid, pesetas to £1 .. 25.2314 40 40 3-16 Belgrade .. .. 24214 ~ Athens, drachma to £1 ..376 • 695 592% Lisbon, escudos to £1 ..110 107% 108 Bucharest, lei to £1 ..931.0 50714 552% Rio do Janeiro, pence mllrels to 614 5% Buenos Aires, penes pesos to — Shanghai, pence to i tael — 21 20% . Montorldco. pence to peso 81 30 80 Warsaw, zlotys to £1 .. — —

Paid-up General Net Dividend. Oct. Capital. Reserves. Profit. Pref. Ord. 31: £ £ £ p.c. p.c. 1924 .. 14,737 1,174 2,081 8 12 1925 .. 28,733 4,373 5,164 8 12 1926 .. 35,793 9,857 8,252 8 124 1927 .. 33,793 25,167 19,160 8 124 1928 .. 124,341 44,850 38,058 8 15 1929 .. 124,341 69,542 42,283 8 15 1930 .. 124,341 96,227 44,571 8 15 1931 .. 124,341 111,806 33,459 8 15 1932 .. 124,341 137,313 43,411 8 15

Charges. Cross Profit. Ratio. £ £ p.c. 1923-24 .. 10,465 12,540 83.41 1924-25 .. 11,323 16,417 68.97 1925-26 .. 13,951 21,971 63.50 1926-2T .. 33.200 51,945 63.91 1927-28 .. 45.351 83,409 54.37 1928-29 .. 53.821 96,104 56.00 1929-30 .. 62,815 107.386 58.49 1930-3! .. 81,085 115,143 70.94 1931-32 .. 89.879 133.290 67.43