COMMERCE AND FINANCE

Otago Daily Times, Issue 21985, 21 June 1933, Page 12

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE A sale of Commercial Banks was reported on the .Dunedin Stock Exchange yesterday at 16s Cd. The closing offer of 16s 2d found sellers firm at 16s 7d. Contributing New Zealand Refrigeratings were wanted at 6s, sellers remaining firm at 6s 3d. There was an unsupplied buyer of New Zealand Breweries at £1 13s. Offers of 2s 2d for Kildares found sellers asking 2» sd. Okaritos eased further and were available at 10s 2d. The best offer, however, was 10s. Nokomais.were turned over at 4s 6d, at which price they are now on offer, buyers offering 2d less. SALE ON .'CHANGE.

DIVIDENDS PAYABLE. The following is' , of which dividends will shortly be pajable. Australian Glass Is 2 2-sd, final, JuUe -2 Broken Hill South Is .. ... .. £ Bank of N.Z.. [> n «‘ June 29 G°U.bSb Moll fid, final ... » British Tobacco, 3 3-6(1, mtei nit 30 Blackwater, Is 6d, final ..... • • Colsol. Goldfields 9d. interim .. Juik 30 N.Z. Breweries, 8 2-sd, final. .. Ju’y National Mortgage. (£2 paid), ■ Is, interim; .... •••. dU,y National Mortgage (£1 paid), 6<l, interim ... .. .. .•••• ,n y N.Z. and J 1-od, _ ■ l interim . • • • : • •

NORTHERN EXCHANGES (Peb United Press Association.) The following business, was done on (1955), V per cent., £IOO 10s; Auckland Harbour Boat d /1Q17) 5 1 ner cent., £lOl ss. do (133. ), iiScent. £lOl ss; Newmarket Borough U 946). 51 per cent., tlOl 15ei Co^mrren.l. knit of We 3d “£k KSToSth Wolee, £32 , s 3d (t.v. parnf New Zealand, 4/s (nl S)ei.u Union Book. <8 llei National Insurance 17s; New Zealand Insurance, Srtt Si) |-b«. 37s - Farmers Fertiliser, los “(I, • Zealand Paper Mills. 27s‘(two parcels),

LOCAL AND OVERSEAS MARKETS.

New Zealand Refrigerating (cont.), Os Id; Northern, Roller Mills, 28s; Blackwater, 23s Od; Waihi Junction, 3s 3d; Waitahu, 7s Id.. Wellington.—Sales: Inscribed Stock. 4 per cent; (1946), £IOO 15s: Commercial Bank of Australia, 16s 4d; Bank of New Zealand, 47s 4d; New Zealand Breweries, 33s all late Monday); Inscribed Stock, 4 per cent.' (1049), £IOO -7s 6d: (1955), £11)0 10s: Bank of New South Wales, £32; Bank of New Zealand, :47s sd; do (long term), 31s (three parcels): South British Insurance, 08s 9d; Kauri Timber,' 13s 3d; Wilsons Cement, 32s 3d; Big River. Is 5Jd. . Christchurch.—Sales: 4 per cent. Inscribed (1940), £101; Commercial Bau<c of Australia (pref.), £8 17s 3d: Cominerfial Bank of Sydney, £l6 19s (three parcels); Bank of New South Wales. £32; Bank of New Zealand (cum div.). 47s 6«; Union Bank of Australia, £8 11s; New Zealand Refrigerating (10s paid), 6s Id; New Zealand Breweries (cum div.), 33s 4d; Beath and Co. (Is paid), ss; Mount Lvell, 22 s 4d (four parcels);yAlexander (13s Cd paid), 10s lid; Kildare. 2s od; King Solomon, 2s; " Lawson's Flat (Is paid), Ts Bd, Is 7Jd (two jjarcels); Nokomai, 4s 4d, 4s 3d. Sales reported: E. S. and A. Bank, £5, £5 os.6d; Bank of New South Wales, £32 Is 3d; Union Bank oi Australia, £8 Us; New Zealand Drug Company, 635; Commercial Bank, 16s 3d; National Bank of Australasia (£lO paid), £l2 17s 6d. Unlisted: Maerewhenua (Cd paid), 6d; Snowy River, 3s lid;. Sun Newspapers, 3s 6d; Investment Executive (B debentures), £BS 10s. MINING AT WETHERSTONES NEW CLAIM OPENED. The mining industry in Wetherstones district took another forward move on Monday when the sluicing claim recently acquired by Mr R. S. Thompson was officially opened. . Mr W. R. Smyth congratulated Mr Thompson on his venture and said he hoped.it would prove satisfactory in every way. Over 50 years ago, Mr Smyth went on, he stood on the site of the claim at the opening of the school on which ground the mine was situated. The order, however, had now changed. Mr Smyth concluded By declaring .the mine open for operations,' Mr Thompson briefly thanked Mr Smyth for, his good wishes. He said he had obtained excellent water rights, and had an excellent team of men, .and was hopeful that good results would be forthcoming. The mine is situated on the old Wetherstones School ground, of about three acres, and will be worked by hydraulic sluicing methods. . The plant is the one which was used by the Rise Company some years ago. .«&.r . ?. OTAGO MUTUAL STARRBOWKETT SOCIETY A special meeting of the Otago Mutual Starr-Bowkett Society was held last evening, Mr H. Harris presiding over a fair attendance. A resolution extending the period when shares could be taken up in No. 4 group from five years to seven years was carried. This, it was explained, meant that shares could be taken up until June 30, 1935. A ballpt 'fpr a premium loan of £IOOO .was hSId, niarble No. 28. being drawn, held by one member. • .BRADFORD MARKET ) (United Press Association.) (By Electric Telegraph—Copyright.) ' ' LONDON, June 19. The Bradford market is very firm, with a fair amount of new; business-passing, mainly in crossbreds. • ■ PRICE OF FINE GOLD (United Press Association.) (By BlectrtpiTOj^rajfc%Copyrt*!j^J!‘ , ; : 1 ,ff LONDON, June 19) ' Fine gohL is; quoted at £6 2s 2d per •ounce. LONDON STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 19. The Stock Exchange will be closed on Saturdays between July 7 and September 16. f _ THE WHEAT MARKET (United Press;'Association.) (By Electric Telegraph—Copyright.) ' LONDON, June 19. i, Cargoes are steadier. Parcels are firm and unchanged. Futures —London: June, 22s 2d; September, 22s 7d; December, 23s 3d. Liverpool: July, 5s l|d; October, 5s 3|d; December, 5s 5Jd. THE APPLE MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 19. The apple 'market is weak owing to increased supplies of cherries and strawberries. The importers are placing in cold store the New Zealand arrivals, awaiting /tin improvement in the position. LEATHER PRICES shard-Advance in Australia. In consequence^of the sharp and consistent®'advances iu all hide and skin values during tire)' weeks, tanners and leather uierclian'fs,' the -Master Tanners and Leather'Manufacturers’ Association of New South ■.Wales': advises, have been obliged to .increase! the selling price of all leathers. The honorary- secretary of the association, Mr R. G. Anderson, informed the Sydney Morning Herald that the prices realised for hides at the Sydney auction sales on Friday of last week represent an approximate advance of 40 per cent, on those ruling a mouth ago, and even at this figure the market closed verv strong and in sellers’ favour, Mr Anderson pointed out that it is unusual for such increases in values to take place at this time of 'the year, when hides arc in better supply owing to the operations of various meat works com-panfes-T-pirtticulavly in Queensland, The advance, however, is due to a general demand by shippers who are operating on overseas buyers’ account. All the Australian markets are similarly affected. All footwear and leather goods prices will have to he increased in sympathy. GOLDSBROUGH, MORT The profit of Goldsbrough, Mort for the year ended March 31, was £78,984, compared with £65,294 the previous year. With £108,372 brought forward, there is £187,356 available. The dividend recommended is 2i per cent., the same as that of the previous year, requiring £60,000. A sum of £2OOO is. transferred to the (Provident Fund, leaving £125,356 to be carried forward. • The directors report that for the third year in succession the average price tor "reasv wool in Australia lifts been than '9d a lb. •To carry out the policy of the company to aid approved clients in need of assistance, the company has set aside £420,000 from general reserves to a contingency account to be drawn upon as necessary. The company handled 327,147 bales of wool in the season, compared with 280.283 bales in 1931-32. Of the total, 324,012 bales have been sold, and 2535 have been shipped. At the end of the season 30,747 bales were held in store, against 40,190 at March 31, 1932.

RABBIT SKIN SALE REPORT

The Dunedin Stock Agents and Wool Brokers’ Association (Messrs Dalgety and Co., Ltd.; Donald Reid and Co., Ltd.; Stronach, Morris, and Co., Ltd.; land Loan and Mercantile Agency Company, Ltd.; Wright, Stephenson, and Co., Ltd.; Otago Farmers’ Co-operative Association. Ltd, and National Mortgage and Agency Company, Ltd.) reports as follows: „ , Very large catalogues were forward tor yesterday’s sale, the total offering probably amounting to between 90 and 100 tons. The last two sales; have shown a sensational rise in prices and under the strain of heavy offerings it could not be expected that the extremely high level of last sale would be maintained; Recent cabled reports have anticipated a severe decline, and this was realised to some extent at yesterday’s sale, when all winter grades, especially bucks, showed a drop on an average of 35 per cent. Low grades were 20 per cent, lower. Prices, of course, are still much higher than anyone expected at the beginning of the season, and with good bucks selling at between 70d and 90d per lb, trapping must still be a remunerative occupation. The sale was not finished at a late hour in the afternoon, and will be continued this morning. The following is the range of prices realised yesterday: Summer broken 5d to sjd, autumn broken 15d to. 19id. winter broken 24d to 32d, runners 5Jd to 6|d, summers 7d to 72d, light racks lid to Hid, prime racks lid to ll|d t dawny autumns 14d to lojcl, early autumns 22d to 24d, autumns 32d to 36d, second incomings 26d, to 34*6, first incomings 47d to 48d, early winter bucks 66d to 78d, early winter does 34d to 38d, first spotted winters 36d to 42d, second winter bucks 62d to 66d, second winter does 36d to 37d, first winter bucks 78d to 80d, first winter does 45d to 47d, prime’bucks 88d to 90d, prime does 53d to 54d, outgoing 18d to 26d, springs 12cl to 16d, milky 8d to 15d, fawn lOd to 20cl. winter fawn 30d to 43d, summer black 5d to 6d. autumn black 16d to 18d, first winter black 50d to 54d, second winter, black 24d to 36d, hareskuis 6d to 12(1, horsehair 12d. INDIAN GOLD EXPORTS From September, 1931, to May 11 this year India has exported £97,927,000 worth of gold., British imports in one week, May 1 to May 8, amounted to x5,8u9,d0», of which £2,090,109 was from British South Africa. The exports of gold from England for the week in review amounted to £645,589. . ... A Loudon financial paper reports unit if the control of the finances of India is handed over to an Indian Finance Minister, as outlined in the recently issued White Paper, there would be an erabargo placed on the export of gold from Jndia. , ~ 1 Net private exports of gold m the year ended > March 31 last amounted to £49,140,000. following £43,477,500 m 193132. In the past India has usually been an importer of gold for hoarding P'ir J poses, but the sudden reversal of the position has enabled the Indian Government to replenish and add to its sterling reserves, despite the narrowing . .margin of the excess of exports over' imports. If the gold export ceased, the rupee exchange would be seriously strained, and a critical financial position might quickly materialise. 6 WOOLWORTH AND CO., LONDON The interim dividend of Messrs F. W. Wool worth, and Co., Ltd., London, the proprietors of the well-known_3d and 6c, stores, was, in accordance with, market expectations, at Is 6d per 5s share, waich is equivalent to 30 per cent. The 1932 interim was subsequently followed by a final distribution of 40 per cent., making a total of 70 per cent, for the year, the same as the previous 12 months. AUSTRALIAN PRICE OF GOLD The price fixed by the .Commonwealth Bank for gold, including jewellery, lodged at, the Melbourne Mint, for the week ended June 9, is at the rate of approximately £6 18s 4d per standard ounce (22 carats), equal to a premium of 77.03 per cent,. Payment is made according to the assay value of the gold. The price is unchanged on the week. The ' price per ounce fine is £7 10s lid, unchanged on the week.

LONDON METAL MARKET

(United Press - Association.) (By Electric Telegraph—Copyright.) * LONDON, June 19. (Jteceired June 20. at 8.45 p.m.) The following are the official quotations:—

LORNEVILLE STOCK SALE

RISE IN VALUES. (Special to Daily Times.) INVERCARGILL, June 20. *■ There was a general rise in values in all departments at the Lorneville stock sale to-day. The sale was a record one in point of view of numbers of fat lambs yarded. About 14,000 fat sheep and lambs were yarded all told, over 12,000 being fat lambs —6000 more than last week. The accommodation was overtaxed to such an extent that an hour’s respite was required To clear the pens to make room for fresh stock to be auctioned. Fat Sheep and Lambs.—The prices obtained at Unction were as follows;—Best fat lambs, up to 225; prime freezing lambs. 18s 6d to 20s 9d; medium-weights, 15s 6d to 17s; lighter sorts, 13s 6d to 15s; inferior sorts, down to 11s Od; prime heavy wethers, up to 235; good quality medium sorts, 17s Od to 19s; lighter sorts, 15s to 10s 6d; prime quality ewes, 12a; heavyweights, 9s 6d- to 11s; light-weights, 7s Od to 8s 6d; inferior, down to 6s. *■' Fat Cattle. —There was a much smaller yarding than usual. For good quality cattle the sale was brighter, best sorts showing au improvement of about 15s, whilst poorer quality sorts were much the same as previously. Good quality mediumweights realised up to £6 17s Od; lighter and unfinished sorts, £4 10a to £5 10s; good quality medium light cows, up to £4 15s; average quality, £2 10s to £3 ss; inferior, down to 30s.

FOREIGN EXCHANGES

(British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.)

AUSTRALIAN STOCK EXCHANGES

(United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, June 20. (Received June 20, at 8.45 p.rn.) On the Stock Exchange a slight weakness again characterised the turnover, which was larger than yesterday. There was a considerable volume of business in mining' shares. Sales.—Batik of New South Wales, £3l 17s Cd: Commercial Bank of Sydney, £l7 2s Cd; Commercial Bank of Australia, 16s 9d; Queensland National Bank, £3 6s 6d; Colonial Sugar, £57; 4 per cent.'New Zealand Stock (194C)i £lOl 10s; 4 per cent. New Zealand Stock (1949), £lOl 10s; Burns, Philp, 51s 6d; Howard, Smith, 10s; Associated News, 9s; Associated News (pref.), 19s; Australian Glass, 49s 6d: Toohey’s, 23s ,6d; Dunlop Perdriau, 19s; Goldshrough. Mort, 275; Standard Cement, 13s lOd; .Wilcox, MofFlin, 8s; Berlei (pref.), 265; South Broken Hill, 575; Mount Lycll, 22s lOJd; 4 per cent. Commonwealth Bonds, 1938, £lO2 2s 6d; 1941, £lO2 12s 6d; 1944, £lO3 ss; 1947, £lO3 7s (id; 1950. £lO3 17 s 6d; 1953, £104: 1955, £lO2 12s 6d; 1957. £lO3 2s 6d; 1959, £lO3 10s; 1961, £lO3 15s. SYDNEY, June 20. Morning Sales. —4 per cent. Bonds, 1938, £lO2 3s 9d; 1941, £lO2 13s 9d; 1944, £lO3 15s: 1947, £lO3 7s Cd; 1950, £lO3 15s; 1955, £lO2 12s Cd; 1959, £lO3 11s 3d; 1961, £lO3 16s 3d; Bank of Now South Wales, £3l 17s 6d: Australian Gas (A). £7 4s; Associated News, 8s lid; Associated News (pref.), 18s lOAd; Colonial Sugar, £57; Dunlop Perdriau, 19s; Howard, Smith, 10s. MELBOURNE, June 20. (Received June 20. at 8.45 p.m.) Sales. —Commercial Bank of Australia, 17s; Commercial Bank of Australia (pref.). £9 2s; Goldshrough, Mort. 275; Electrolytic Zinc (pref.), 325; Herald and Weekly Times, 565; South Broken Hill, 57s 3d.

LAMPORT AND HOLT LINE

A proposal has been made for the reconstruction of Lamport and Holt, Ltd., the well-known shipping firm, of which Sir William MTJntock has been appointed receiver and manager. The preparation of the scheme has, of course, been held up pending the settlement of the many claims arising out of the loss of the Vestria in 1928. The basis of settlement agreed upon, however, has now been accepted by a large number of the many claimants, and, provided no unforeseen delay occurs, it is possible that the_ remaining acceptances may be obtained within the next few weeks. Briefly, the scheme is to deal with the shipping assets of Lamport and Holt, Ltd., and the Liverpool Brazil Company, leaving the others to be separately realised as opportunity offers. »

BANK OF NEW ZEALAND,

COMPANY BALANCE SHEETS

♦ After deducting interest on guaranteed stock at •1 per cent. t Approximately. Although the gross profit continues to fall, the difference of £24,347 shown on this occasion is no more than an average fluctuation. It is interesting to note that the mode of arriving at the gross profit involves more explanatory detail than usual. Profits of a non-recurring nature are touched upon, and the fact of bad and doubtful debts having been partly provided for from contingencies account is duly mentioned. This extraneous assistance has apparently not been found necessary in recent years until now, but whether it is sought owing to an excessive allowance being required or owing to the surplus being, reduced below a normal level does not appear. The smaller gross profit is, however, more than counteracted by the smaller expenditure. Salaries and allowances are up by some £IO,OOO, but the general expenses group, at £116,445, is materially less, while rates and taxes are down by over £16,000. The net profit thus comes out at £594,270. or £7247 higher than that of 1931-32.

The proposed distribution will make the total dividend for the year £50,261 in excess of the net profit. After the usual rates are maintained on the “ A ” preference and the long-term mortgage shares, the returns on the “B ” preference shares and the ordinary shares are reduced to approximately 9 per cent, and 11J per cent, respectively. Apparently it has not been considered imperative to restrict the distribution to within the bounds of the. net surplus, and thus for the second consecutive year, the floating balance is called upon to supplement the net profit. As the result of the call made upon it, the floating balance will fall to £344,795, or to nearly one-half of its figure two years ago. It will still be available for further demands, if the net profits remain insufficient to meet the present rates of dividend, but the alternative of a reduction in the rates may be followed. Reserve fund remains at £3,676,000, for the second consecutive year. This is of less consequence, as the years previous to ■ 1930-31, when the latest transfer from profits was made, saw some large accessions to reserve fund, partly from inner reserves. In their relation to the paid-up capital, genei'al reserves have stood as follows:-

Notwithstanding ■ the recent demands the ration continues to be well maintained, showing the strength of reserves. Taxation reserve at £426,000 has withstood the test of the high taxation charges of late years, and remains at its old figure, which is less than the recent annual charges for rates and taxes. All fixed assets are comprised under the heading of landed property, premises, etc. At £632,771 the group continues to move upwards slowly but steadily. No mention is made of any provision for writingdown their book values. As such a provision w'ouUl add further to the hidden reseryes, there seems no pressing need for it meantime. Landed property and building have suffered like other forms of property in the prevailing slump, but all (iepreciation must have been amply covered, and still leave a comfortable margin between the book and market value.

The liquid asset group has risen to £25,712,572. Funds in London comprising money at call and short notice. Government and other securities totalling £6,266,397, and bills receivable (£1,631,598) are larger by some £2,000,000. The flow of money in that direction has been accompanied by a reduction of approximately £1,200,000 in New Zealand Government securities, bringing them down to £3,454,146. Australian Government investments have advanced over £300,000 to £3,974,744, partly, it may be/ by a general appreciation in their market value, while municipal and other local bodies’ securities, which showed a pronounced drop at March, 1932, have, by reaching £520,482, fallen still lower. The coin, cash balance, and deposits group has risen to £8,304,677, or over £600,000, but there is nothing to indicate how the aggregate is divided under the respective headings. It is essential to keep a large amount of funds in this most liquid form in comparison with’ which Government notes, other banks’ notes and balances, and bullion occupy a comparatively unimportant place. When remittance in transit between branches at £1.356,646 are included, the liquid assets show a total over £1,500,000 higher than a year ago. In their relation to liabilities to the public they stand at 63.53 per cent, as against 61.50 per cent, at March, 1932.

Notes in circulation have increased to £4.338, highest at a closing date for some years—without any special contributory cause, such as holidays intervening. Although a fluctuating quantity, their movement gives some indication of the general turnover in the community. A comparison of the notes in circulation with the coin group comes out thus: —

The miscellaneous liabilities group, at £3,529,578, has fallen further. Provision for contingencies ..is included, and probably other reserves as well as bills payable* and other indebtedness. Provision for contingencies has been partly utilised for bad and doubtful debts, but other causes have doubtless contributed to bring about the reduction. It does not appear, however, how far the reduction is due to reduced liability or to smaller reserves, or to both. It may be inferred from the prominence given to bills payable that they form the chief section of the group. Deposits, at £32,573.239, have risen approximately £1,000,000. If the increase is due chiefly to the interest-bearing section, the reduced deposit rates will operate on the additional amount, while the gradual maturing of the longer-time deposits will be generally reducing the cost. For the previous three years deposits had been tailing, and it is not surprising to find them rising now, but the endeavour to find suitable employment for (he additional £1,000,000 may not be unattended with difficulty. As the advance group is concurrently reduced by nearly £400,000, that reduction represents money returned to the hank’s hands for which employment has also to be found. The increase in the liquid assets > as a whole is thus accounted for, and it is the money at call and the coin groups which are chiefly affected. Advances have stood to deposits ns follows:

• After deducting provision for bad and doubtful debts. The relative position is similar to that of six years ago, the only difference being that the totals concerned are now greater. As 1926-27 may be regarded, in contrast to the present, as a period of prosperity, the conclusion reached is that, as a criterion of prevailing financial conditions, the position of bank advances and deposits not always reliable. ,

The subsidiary department for long-term mortgages is not greatly altered, the bulk of the money being still employed. The capital and debenture stock remain t at £703,125 and £607,050 respectively. The amount on loan is further reduced to £1,154,622, bringing the balance of transfers to bank to £155,553. The cost of the mortgage debenture stock does not appear to be mentioned, but the capital, one-third of which is incurring 6 per cent, and two-thirds 7i per cent., is expensive under ruling conditions. In this connection the law relating to preference shares seem to affect the “A” and “ B ” preference share holdings, so that the former class still claims 10 per cent., while the latter, although reduced, still stands at about 9 per cent. The high price that has to be paid for these and other moneys has an important bearing on the profits at the present time. The manner in which the Bank of New Zealand is maintaining its high position in spite of the lean years that are being encountered is a direct tribute to the policy which it has followed. The reduction of some 3 per cent, in the annual dividend rate on the ordinary shares is the first cut that has occurred during the present slump, and still leaves the rate at 111 per cent. How long this can be maintained is dependent on how. far off the eagerly-awaited period of recovery may be, but the interests of the numerous proprietors have been carefully considered in the past, and are likely to continue to be kept in the forefront in the bank’s policy to meet the changing, circumstances of the present day. OLD BANK NOTES RECALLED LAST OF THE “ BRADBURY’S.’' The Bank of England gave notice in the London Gazette on April 28 that £1 and 10s currency notes of the third series will be called on July 31. These notes were originally called Treasury notes, but the description was altered to currency notes when the liability for the issue was transferred from the Treasury to the Bank of England in November, 1928. Notes of the first and second series were called in by the Treasury in June, 1920. The £1 notes of this third series' were originally issued in February, 1917,_and were printed in brown, while the 10s issue which followed nearly two years later, in November, 1918, was printed, in green —the reverse order of the distinguishing colours at present employed in the succeeding bank note series. The old notes bore the facsimile signatures of the Secretaries to the Treasury in office at the time of issue—at first Sir John Bradbury and later Sir N. F. Warren Fisher. Until July 31 third series notes will continue to be legal tender, but the public is advised to pay any such notes into a banking account or to exchange them at a head post office for bank notes, in order,to avoid any inconvenience arising from their retention after that date. After August 1 currency notes will cease to be legal tender, but they will continue to be exchangeable at the Bank of England for bank notes of equivalent value. NEW ZEALAND INVESTMENT TRUST The New Zealand Investment Trust, Ltd., has gone to allotment This company is the first attempt in the Southern Hemisphere to start a British type of investment trust, which has been recommended in the following terms:—" The best form of investment for the small investor is a soundly managed investment trust, which enables him to distribute the risks on his small savings over a wide variety of concerns, so as to get a better return than in trustee securities or savings banks. He may also hope for some capital ‘ appreciation, owing to the wise buying add selling of securities by the directors. In short, through an investment trust the small investor is to some extent put on a level with the big investor.”

£ 8. d. 0 4 6 SALE REPORTED. Commercial Bank . 0 16 6 UNLISTED STOCK Bell, Hooper (three) .... • • 0 1 1 SALE REPORTED AFTER LAST CALL. Okarito • ... ... -• . 0 10 0 The following are yesterday afternoon’s buying and selling quotations, which are ■object to the usual brokerage:— banking; Buyer. Seller. £ s. d. £ s. d. N.S.W 31 15 0 — New Zealand .... 2 7 .3 , N.Z. (long D) .. 1 11 0 — Commercial .. .. 0 16 2 0 15 7 Natl, of N.Z 3 17 0 ' 7 6 Union 8 12 INSURANCE. National *£'■ :D IB : 6 0 17 0 New Zealand iv. 2 9 6 ./ , South British v -. 3 6 6 • Queensland ’ .v . '2 10 0 SHIPPING. U.S.S. Co. (pref.).., 12 3 — „ COAL. Westport • 0 IT TO — LOAN AND AGENCY. 3 Goldsbrough, Mort — - ■ 1 7 N.Z. Guar. Corp... 0 6 0 • /r— Perpetuhl Trustees 2 9 0 — MEAT PRESERVING. N.Z. Refrig, (pd.) — 0 15 2 N.Z. Refrig, (cont.) 0 6 0 0 6 South. Froz. Meat 2 4 0 2 6 0 South. Froz. Meat 110 (cont.) *” South Otago Freez. 4,5 0 , ” MISCELLANEOUS. 1 15 British Tobacco 3 6 Broken Hill’"South '• . Broken Hill .Propy. 1 13 0 Bruce Woollen 0 9 6 Dominion Fertiliser 0 12 3 , Stock ExchangeProprietary 1 19 0 Dunlop Perdrian .Rubber" ...... 0 18 3 0,19 0 Electrolytic Zinc (pref.) .. .. •• 111 0 1 11 6 Electrolytic Zinc 0 19 6 1 0 0 Mosgiel Woollen .. NiZ. Drug Co. N.Z. Paper Mills.. 8 0 0 3 3 3 1 6, 0 1 7. 0 . Smith and’ Smith O 30; 6 T: Wilsons Cement .. 1 11 9 BREWERIES. N.Z. Breweries •• 1 13 0 * Staples .. . . 1 6:3 MINING.-. . 0 0 5 0 0 7 ' 12 0 — Waihi Grand Jetn. 0 3 2 0 0 1 0 -2 -2 0 10 0 Mahakipawa a i. 5 Kildare ., " . 0 10 2 Paddy’s Point .. 0 5 0,110 0 0 1 T*. 3 0 0 10 0 l 0 1 6 0 • . ,7 ■ 0, 1 'Kino- Solomon .. »• Golden Point • . • • 0 0 2 Blackwatef ' .. ’ 0 11 ■T 0 1 ; 0 7 ”0 1 ■ 0 - 2. 0 4 9 Alexander. .W. - v*. Gillespie’s Beach .. 74' O Waitahu .. 5 Big River .. .. • * n Mount .David .v * ’*■ 6 — 0 1 6 1 Central Shotover ... 0 10 0 1 0 1 OJ 9 Lawson’s Flat 0 17 .GOVERNMENT LOANS. 31 p.c. Ins., 1938100. 0 0, 3J p.c. Ins., 1938100 0 0 3J p.c. Ins., 1939100 0 0 3J p.c. Ins., 1939- • . o o o o 3)1 p.c. Ins., 1941‘1943 •T0.o; ;.P ;0 — 31 p.c. Ins., 1941,- ; 1952 .. yav ' 0 — 4 p.c, Bondsi'Janir: 1940 .. 100 10 0 •- 4 p.c. Ins., Jan., 100 15 0 4 p.c. Ins., Feb., 190 15 0, 4 p.c. Ins., At>nl, 1949 .. •> •• — 100 10 0 4 p.c. Ins., June,-.. 1955 .. 100 10 0

Copper, spot Ton. . £35 10 0 Fall £0 5 7% Copper, forward .. . 35 IB 0 Fall 0 3 9 Electrolytic, spot . . 39 10 0 FaU 0 15 0 Electrolytic, forward . . 40 10 0 Fall 0 15 0 Wire bars 0 Fall 0 15 0 Lend, spot „ 12 16 3 Fall 0 3 a Lead, forward .. . 13 2 6 Fall 0 3 9 Spelter, spot .. .. , 0 Fall 0 5 0 Spelter, forward . ,.18 3 0 FaU 0 6 8 Tin. spot .. .. .. . B Fall 5 10 0 Tin, forward « Fall 6 10 0 Silver, standard •• , Silver, fine Oz. „ 19 3-lfid . 20 ll-10d Fall FaU •%d 7-lGd

RUGBY. June 19. 1 (Received June 20. , 'at 5.5 p.m.) ■ Paris— Par. June 17. June 19. Francs to £ 1 .. 124.21 87% 87% Brussels— Belgas to £ 1 .. 35 24.26$ 24.24$ Oslo— Kroner to £1 .. 18.189 19 25-32 19.80 Stockholm— Kroner to £ 1 ,. 18.150 19.45 19.45 Copenhagen— Kroner to £1 .. 18.150 22.42$ 22.42$ Berlin— Marks to £ 1 .. 20.43 14.27$ 14.28 Montreal— Dollars to £1 .. 4.86 2■3 4.57$ 4.61$ Now York— Dollars to £1 .. 4.86 2■3 4.07$ 4.04$ Yokohama— Pence to yon 24.682 15 1-16 15 Hongkong— Pence to dollars 24.58 17 10%, Bombay— Pence to rupee — 18 5-04 18 5-64 Batavia— 1 Florins to £ 1 12.10 Milan— . . Lire to £X .. 82.46 64 13-16 64 13-16 Amsterdam— Guilder to £ 1 12.107 8.43 8.44 Prague— Kroner to £ J, .. 104$ 113J X13J Geneva— Francs to £ 1 ., 25.22$ 17.54$ 17.56$ Vienna— Schillings to £1 84.86$ 31 31 Helsingfors— Marks to £1 .. 193.23 226$ 226$ Madrid — Pesetas to £ I 25.23$ 39 25-32 39% , Belgrade— Dinars to £ 1 .. 25.22$ — 250 Athens— Drachma to £1 375 590 590 Lisbon — Escudos to £1 110 110 110 Bucharest— Lei to £ 1 .. 931.6. 570 570 Rio de Janeiro— Pence to milrcis 5.890 4 13-16 4$ Buenos Aires— Ponce to pesos 47.28 413 413 Shanghai— ■ Pence to tael .. — 15 5-16 15$ Montevideo— Pence to pesos — 34 34 Warsaw — Zlotys to £1 .. — — —

Gross ‘Net Pref. Ord. Mar. 31. Profit. Profit. A. B. £ £ p.c. p.c. p.c. ms .. 1,100,441 330,000 10 15 15 1920 .. 1.37G.838 419,045 10 15 15 1922 .. 1,809,255 032.012 10 10 131-3 1024 .. 1,709,288 735.831 10 10 IS 1-3 1928 .. 1.888.309 912.100 10 11.8 13 1-3 1927 .. 1.830,881 847,071 10 13.2 14 1-3 192S .. 1.816.809 841,878 ,10 13.2 14 1-3 1929 .. 1,910.000 912.954 10 13.2 14 1-3 1930 .. 2,013.520 948,534 10 13.2 11 1-3 1931 .. 2.009,412 845,814 10 13.2 14 1-3 1932 .. 1.770.080 587,023 to 13.2 14 1-3 1033 .. 1.740,339 594.270 10 49 1114

Mar. 31. General Reserves. Paid-up Capital. Ratio. £ £ p.c. 1018 .. 2,345,702 2,279.988 102.88 1920 .. 2,040,520 2,027.441 100.72 1922 .. 2.105,818 3,004.988 » 53.92 1924 .. 2.831,514 3.029,988 50.20 1920 .. 3.300,378 0,154.988 55.08 1927 .. 3.600,650 0,529,186 65.28 1928 .. „ 3,-732,525 6.771,198 55.12 1929 „ 4,042,591 6.858.114 58195 1930 .. • • 4.173,157 6,858,114 60,85 1931 .. 4,201,002 6,858,114 01.20 1932 3,970.050 6,858,114 67.89 1933 .. .. 3,919,795 6,858,114 67.10

Coin. Cash ' tv’ . ■ Balances. Deposits Mar. 31. Notes. with Bankers. Eatio. £ £ P.o. 131? .. .. 3,312.995 5.500.385 00.23 1320 .. 5.705,337 8,371,635 08.87 1922 .. .. 4.294,230 7.427.410 57.82 1924 .. .. 4.072.101 7.190,347 56.50 1320 .. 4,444,392 7.291.795 60.05 1027 .. .. 3,705,593 7.532.199 49.99 1928 .. .. 3,797,080 . 7.527.426 50.44 1323 .. .. 4.290.793 7,142.140 00.08 1930 .. .. 3.754,943 0.703.002 55.52 1331 .. 3,1179.957 7.100,498 51.78 1932 .. .. 4.002.702 7.097.240 52,78 1933 .. .. *4.338.747 8.304.077 62.24

Mar. 31. •Advances, etc. Deposits. Ratio. £ C p.c. 1018 .. .. 10.408.403 30.437.030 54.10 1020 .. .. 17,020.015 37.601,610 47.61 1032 .. 23.312,130 28,676,003 81.20 1924 .. .. I8.7S7.101 30,501,719 61.59 1028 .. 20.004.011 31,121.288 07,46 1027 .. .. 22,402,052 20.664,024 75.72 1023 .. 21,453.505 30.330,033 70.71 1021) .. .. 21.505,380 • 33,930.651 63.36 1030 .. 27,415.039 33.807.600 80.88 1031 .. .. 27,287,253 32,324,685 84.42 1033 .. .. 24,800,037 31.565,843 78.76 1033 .. .. 24,485,440 32.573,230 75.17