COMMERCE AND FINANCE

Otago Daily Times, Issue 22052, 7 September 1933, Page 14

COMMERCE AND FINANCE

MINING ALEXANDER MINES /RETURN. The Dunedin Stock Exchange has been advised that during August the Alexander Mines crushed 393 tons of ore for 2750 z 9dwt, of melted gold. The cyanide plant treated 256 tons of sand for 1450 z 17dwt of bullion. The total estimated value is £2326. Concentrates valued at £492 have also been saved. In estimating the above value gold hag been taken at 120 s per fine ounce. ALEXANDER MINES. Alexander Mines report for August states that 393 tons of ore were crushed for a return of 2750 z 9dwt of melted gold. Cyanide treated 258 tons of sands for 141 oz 7,dwt of bullion. Estimated value £23?6. Concentrates have been saved and valued at £492. In estimating the above, value gold has been taken at £6 per fine ounce. BELL-HOOPER CROMWELL GOLD. The Bell-Hooper report for week ended September 1 is as follows: The main face drive was advanced 21 feet for the week and fair prospects of gold continue to show from the wash bottom. No. 2 cross-drive west was advanced 11 feet and showed a much better gold prospect on the bottom. No. 2 crossdrive, east was advanced 15 feet. This also shows some improvement in values. No. 1 cross-drive east was advanced 20 feet and showed fair prospects with some rougher gold from the bottom. _ Several midway crossdrives are also in hand in these advanced workings and show slightly improved prospects. Only development, work is yet in hand at present and the total gold washed up for the week was lOoz lldwt. CENTRAL OTAGO OPTION 3 It is reported that Mining House u. cessions, Ltd., has obtained valuable options over claims in the Matakanui Valley and the adjoining Ida Valley districts in Central Otago, and that a representative of the Mining House is at present in Wellington interviewing the Department of Mines in respect to the development of both these fields, more par-, ticularly the Ida Valley. ADDINGTON MARKET (Per United Press Association.) CHRISTCHURCH, September 6. . Auctions in all the principal sections at the Addington market to-day were the i best for a long period. Excellent clearances were made of ewe mutton, and values appreciated.' Fat cattle improved by £1 a head and sales for both store sheep and fat pigs were keen. Store , Sheep.—There was a moderate entry with a keen demand. Prices were very firm at late rates.' Hoggets were especially sought at the best prices of the season. Values were: Gnod soundmouthed ewes, to 17s Id; ordinary, 13s Gd to 14s lOd; sound and failing-mouth, 10s to 13s; aged and inferior, 4s to 7s; good six and eight-tooth crossbred, to 19s 6d; medium two-tooth halfbred, 17s 3d to 18s 6d; ewes and lambs (all counted), 7s 3d to 9s 7d; ordinary two-tooth halfbred wethers, 13s 3d to 14s sd; extra good Corriedale ewe hoggets, to 235; good ewe Leicester, to 19s: medium Romney, to 17s 4d; good wether, 14s 5d to 15s 9d; ordinary, 10s to 12s lOd; inferior, to ‘9s Bd. Spring Lambs.—There was an entry of 59 head, with the top price 31s lOd, in a very keen sale-. The price per'lb realised was lid to 12d. Fat. Sheep.—The entry numbered 3900 head, and there was a very spirited demand. Ewe mutton was a little dearer, but all other classes were sold at late rates. Values: Extra prime heavy wethers, to 35s 4d; prime, 28s 6d to 31s;. medium-weight,, 25s 6d to 28s; ordinary, 22s to 255; light, 18s to 21s 6d; prime heavy ewes, 25s 6d to 28s; medium-weight, 22s 6d to 255; ordinary, 19s , to 225; light, 14s 6d to 18s 6d. Fat Cattle.—The entry was 341 head, and included cattle from the North Island, Otago, and- Southland. There "was a keen market, and a general advance of £1 per head’wag shown. Best beef made from 25s to 28s, good 21s to 245, heavyweight 18a to 225, good heifer to 225, medium quality from 14s to 17s, rough to 13s per 1001 b. Values were; Extra prime heavy steers, to £l4 12s 6d; prime heavy, £9 5s to £ll 6s; medium-weight, £8 5g to £10; ordinary quality, £5 15s to £8; light, to £5 10s; extra prime heifers, to £lO 12s Cd; prime. £6 10s to £8 10s; medium,'£4 10s to £6 ss; light, to £4 10s; extra prime cows, to £9 12s 6d; prime, £5 5s to £7 ss; medium, £3 15s to £5; light, to £3 10s. . ’ - Fat Pigs.—A small yarding was forward, and the demand was very keen. Porkers advanced 5s a head for a few bought for export. Prices generally were above export paVity. Values were: Choppers, 30s to £3 11s; baconers. £2 to £2 6s 6d; heavy, £2 8s 6d to £2 14a 6d; extra heavy, to £3 (average price per ib, 4d to 4Jd); porkers, 25s to 28s 6d; heavy, 30s 6d~to 34s 6d (average price per lb, , 4|d to sd). ' LONDON FRUIT MARKET The Otago Provincial Fruitgrowers’ Council, Ltd., advises that the High Commissioner’s cabled report for the week ended September 2 on the London fruit market is as follows; — Business slow. Prices for New Zea- ' land apples are: —Granny Smith, 14s; Dougherty and Rome Beauty, 6s 6d to 7s 6d; Delicious. Stunner, and Statesman, 5s 6d to 6s 6d; Pioneer, 4s 6d to ss. Otago apples; Newtown Pippin, 9s; Rome Beauty, 8s; Statesman, 6s to 7s; Delicious, 5s to 6s; Dunn’s. jss to 5s 6d; Cleopatra and Jonathan. 3s 6d to 4s 6d: Lord )Wolseley, ,3s to 4s.

LOCAL AND OVERSEAS MARKETS.

DIVIDENDS PAYABLE. The following is a list of shares on which dividends will shortly be payable:— Huddart, Parker (ord.), 6d, interim Sept. 14 Huddart, Parker (pref.), 71d. interim Sept. 14 Okarito, Is. fifth .. .. Sept. 10 Broken Hill South, Is .... Sept. 22 Kaiapoi Woollen, llfd, final .. Sept. 16 N.Z. Farmers’. Fertiliser, Ist, final Sept. 20 Dunlop. Perdriau Rubber (pref,), Is, final .. .. .. Sept. 30 King Solomon, 3d Sept. 30 Bank of Australasia, 3s 6d, interim .-. Oct. 6 Electi-olytic Zinc (pref.), Is. 7 l-sd, final Nov. 2 NORTHERN EXCHANGES (Per United Press Association.) The following business was done on ’Changes yesterday: Auckland. —Sales: Bonds, 1955, 4 per cent.. £IOO Iss; Stock, 1940, 4 per cent., £IOO 7s 6d, £IOO 15s; Stock, 1946, 4 per cent.-, £IOO ss;, Stock, 1949, 4 per cent.. £lOl ss; Stock, 1955, 4 per cent., £IOO ss; Commercial Bank of Australia, 16s Id, 16s (two parcels); E.S. and A. Bank, £5 6a 9d; National Bank of New Zealand, £4 2s, £4 2s 6d; Bank of New Zealand, 48s 9d (two parcels); A.P. Assurance, 11s 3d; South British. 7ls Gd; New Zealand Guarantee Corporation. 6e

THE SHARE MARKET DUNEDIN STOCK EXCHANGE A parcel, of paid-up Southland Frozen Meats was sold at £2 11s, ex dividend, on the Dunedin Stock Exchange yesterday, the market closing with buyers offering £2 10s, and sellers remaining finti at the sale figure! Two transactions of E.S. and A. Banks at £5 7s were recorded, the closing offer by a buyer of £5 5s 6d eliciting no response from sellers. Freshfords changed hands at Bd, the closing buying and selling quotations being 7|d.and 9d respectively. Four sales of Bell-Kilgour’s at Is 9d were reported, sellers remaining firm at the same price on ’Change, while buyers would not offer more than Is Bd. A number of parcels of Bell-Hoopers were disposed of at prices ranging from Is Id to Is, buyers’ final offer being Is, to which sellers replied with Is OJd. A transaction in Gillespie’s Beach shares at 2s was reported, the market remaining steady at 2s 21 d and 2s 3d for buyers and sellers respectively. SALES ON ’CHANGE. ‘ £ s. d.

8d; Auckland Gas, 23s 3d; Kaiapoi Woollen, 7s lid; Staples Brewery, 27s 3d; Colonial Sugar, £57 12 s 6d (two parcels); Milne and Choyce (debenture stock), 10s 6d; Bell-Kilgour, Is Solomon, 3s IM, 3s 2d 3s 3d; Mataki, 2s Gd; New Zealand Crown Mines, Is lOd; Okarito, 12s; Waihi 27s Od, 28s; Waihi Junction. 4s 6d (two parcels); Mount Lyell, 21s lOd. Unofficial list; Claude Neon Lights, 355. Wellington.-—Sales: Inscribed Stock, 4 per cent., 1940. £101; Inscribed Stock, 4 per cent., 1949 (late yesterday), £lOl 2s Gd; National Bank of New Zealand, 83g 6d; National Bank of Australasia, £l3 Is 6d (two parcels); Bank of New Zealand (late yesterday), 48e 9d (two parcels); New. Zealand Guarantee corporation (pref.), 225; Southland Meat, 51s; i Henry Jones, 37s 3d; Alexander (coni!.), 19s 6d, 19s (two parcels); Nokomai (late yesterday), 3s 4d (two parcels) ; Waihi, 27s 3d. Christchurch.—Sales: Bank of Australasia (cum div.), £l2 12s Gd; Commercial Bank of Australia, 15g lOd (three parcels), 16s lid (two parcels); National Bank of Australasia {£ 10 paid), £l3 4s (two parcels), £l3 3s 6d (two parcels); National Bank of New Zealand, £4 3s; Bank of New South Wales, £32 is 6d, £32 sa; Bank of New Zealand, ,49s 9d (two parcels) \ Dalgety and Co., £lO 5s (five parcels); New Zealand Guarantee Corporation, 7s; Canterbury Frozen Meat (pref.), £5 10s; New Zealand Refrigerating (10s paid). 9s 7d (five _ parcels) ; Staples Brewery, 27s 6d; Colonial Sugar, £SB 10s (two parcels); Dominion Fertiliser, 12s lOd, 12s lid, 13s; Alexander Mineg (13 9 6d paid). 19s 9d 19s Bd, 19s Gd; Aotearoa, Is 3d; Bell-Hooper Is (five parcels); Bell-Kilgour, Is 9d; Golden Sands, 3s 4d; King Solomon (cum div.), 3s Id. 3s 2d (two parcels); Nokomai, 3s 2Jd; Waitahu (5s paid), 7s 3d. Sales reported: New Zealand Government, 4 per cent. Inscribed. 1955. £IOO 10s, £IOO 8g 9d, £IOO 10s; Wright, Stephenson 5 per cent, perpetual (ex interest, late sale sth), £BS; Commercial Bank of Australia, 15s lOd (two sales); Bank of New Zealand. 48s 10d; National Mortgage “A,” 45s Od; Henry Jones Co-op, 37s Gd; Mount Lyell. 21s lOd (two parcels). . MINING INVESTMENTS It is claimed for the Nevis Gorge Gold Mining Company and the Maori Gully (Kokin) Gold Dredging Company that their properties have been thoroughly tested and proved to be of a valuable gold bearing nature, and the share lists of these x companies are reported to be rapidly filling. _____ DAIRY PRODUCE The Otago Fanners’ Co-op. Association of New Zealand, Ltd., is in receipt of the following cablegram from London, dated September s: ... Butter. 95s to 965. The market is firm. , . m , Cheese.—Coloured, 51s; white, 495. The market is firmer. . . The South Island Dairy Association, Ltd., has received the following market report from London: — Butter,—Firm; 94s to 965; Danish, 108 s. Cheese. —Firm. "White, 495; coloured, 51s to 525. Messrs H, L. Tapley and Co., Ltd., have received the following cable market report from London:— Butter, 95s to 96s per cwt. The market is firm. Cheese: White, 49s per cwt; coloured, 52s per cwt. The market is steady.

FOREIGN EXCHANGES (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) RUGBY, September 5.

AUSTRALIAN STOCK EXCHANGES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY. September 6. (Received Sept. 6, at 0 p.m.) On the Stock Exchange there was a general tendency towards reaction, . although not pronounced, due to some profit taking, which was not unexpected. However, good inquiry prevails for all shares with an assured income, while a feature of the market 'is the activity in tin shares, particularly those of the best producing concerns, many of which have returned to the dividend-paying list. The following sales were made:—Bank of New x South Wales, £32 ss; Commercial Bank of Sydney, £l7 18s; Queensland' National Bank, £5 10s; _ Dalgety's, £lO 13s; Australian Provincial Assurance, 12s; Colonial Sugar, £59 7s Gd; Associated News, 8s 9d; Anthony Hordern, 11s Id; Australian Glass, 48g 7id; Australian Gas A, £7 7s; Berlei, 25s 9d; Dunlop Perdriau, 18s 4Jd (pref. 335); Goldsbrough. Mort, 30s: Commonwealth Wool, 19s 6d; Henry Jones, 37s 101 d; Millaquin Sugar, 27s 6d; Electrolytic Zinc, 245; Morris Hedstrom, 19s 4id; Tooths, 395; Gordon and Gotch, 36s 6d; British Tobacco, 35s 6d; General Industries, 9s lid; Lustre Hosiery, 455; Winchcombe Carson, 28s 7Ad; Mount Morgan, 44s 6d; Bulolo Deposits. Is 2d; Bulolo Gold, 945; Broken Hill Proprietary, 38s; South Broken Hill, 625; Kuala Kampar (New Zealand delivery). 7s Bd. MELBOURNE, September 6. Commercial Bank of .Australia, 16s 3d; Hoyts B pref., 6s 7d; Electrolytic Zinc, 23s lid. LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 8. (Reeelred Sept. 6. at 8 p.m.) The following are the official quotations:— Tom

PRICE OF FINE GOLD (United Press Association.) (By Electric Telegraph—Copyright.) LONDON. September 5. _ The latest quotation for fine gold is £6 10s 4d., THE DOLLAR (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 5. Exchange on New York is 4.60 dollars to £l. LONDON STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 5. Mount Lyell, 18s 6d; P. and 0., 19s 2ld; New Guinea Gold, 7s o|d; Dalgety and Co. shares, £8 17s 6d, 4 per cent, debenture stock £9O 10s; Goldsbrough, Mort, and Co., 5s per cent. “B ” debenture stock, £B3 10s. BRITISH FUNDS IMPROVE (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) RUGBY, September 5. The stock markets closed better in places. British funds improved with war loan 3J per cent, at £IOO 7s 6d, while Home rails finished strong and Kaffirs left off above the first quotation. •v SYDNEY WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, September 0. (Received Sept. 6, at 10 p.rn.) At the wool sales 11,556 bales were offered and 11,278 sold,-while 788 were disposed of privately. A very active demand prevailed,., Japanese competition being the main feature. Prices were very firm, and occasionally in sellers’ favour. Splendid clearances were made, and greasy merino made to 22d.

Messrs Fraser and Co., selling agents for Otago and Oamarn Egg Circles, report as under: —Eggs: Poultry farm eggs, market rates; others, Bd. Butter: Separator pats, 6d to 8d per lb; bulk, 71d per lb. Tallow, 8s to 9s per cwt. Pigs: Good bacon weight, 4Jd per lb; overweights, 2d to 3d; porkers, to per lb. Potatoes, £4 to £4 5s per ton, ex store. Chaff, £3 15s to £4 10s per ton. sacks extra, whole fowl wheat. 4s to 4s 3d per bushel. Bulk honey, 3kl to 4d per lb; 101 b tins, 3s 3d to 3s 6d. Beeswax, Is. Poultry : White Leghorn hens, 4s 6d to 5g fid; heavy breed, 6g to 7s; cockerels, 5s to 10s; roosters, 2g to 3s; ducks, 3s to 4s; ducklings, 6s to Bs, all per pair. Turkey gobblers, 8d to 9d per lb. live weight; hens. 7d to 8d per lb. We stock “ Palmers ” Chick Food, “ National ” Meat Meal, Log 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.

CHICAGO WHEAT MARKET

(United Press Ass latlon.) (By Electric Telegraph—Copyright.) NEW YORK, September 6. (Received Sept. 6, at 8 p.m.) Chicago wheat; September, 84J cents per bushel; December, 88} cents; May, 92.} cents; New York cash, 95 cents. - GEAR MEAT COMPANY At an extraordinary general meeting of members of the Gear Meat Preserving and Freezing Company of New Zealand, Ltd., held on August 16, resolutions were passed that the capital of the company be reduced from £460,000, divided into 460,000 fully paid up shares of £l. each, to £230,000, divided into 460,000 fully* paid shares of 10s each, and that the reduction be effected by returning to the holders of the shares the equivalent of 10s per share (capital which is in excess of the wants of the company), such return of capital to be effected by the transfer of New Zealand Government inscribed stock as set out in the resolutions. A meeting of the company was held in Wellington on Tuesday to confirm the resolution. Mr Allan Strang (chairman) moved, and Sir Francis Bell seconded, the confirmation of the resolutions. The motion was carried unanimously. MILBURN LIME AND CEMENT DIRECTORS’ ANNUAL REPORT. The annual report of the directors of the Milburn Lime and Cement Company, Ltd., for the year ended July 31, states that the profit and loss account, after writing off depreciation, and making provision for income tax for the current year, shows a credit balance of £14,851 7s 10d, including the sum of £2469 2s Id carried forward from last year. An interim dividend of 3 per cent, was paid on March 10, 1933, amounting to £6OOO, leaving a balance of £BBSI 7s lOd to be dealt with. The directors recommend that this balance should be appropriated as follows:—Payment of dividend for the six months ended July 31, 1933, at the rate of 3 per cent., £6000; balance to be carried forward to next year, £2851 7s lOd. RATE OF EXCHANGE REDUCTION ADVOCATED. At the meeting of the Finance Committee of the Wellington City Council on Monday afternoon the Mayor (Mr T. C. A. Hislop) stated that he had received a letter from the town clerk of Auckland enclosing a motion which the Wellington City Council was asked to support. The motion urged that the last increase of 15 per cent, in the rate of exchange be repealed, in view of the hardship it was causing to local bodies and ratepayers. The Mayor moved that the resolution be supported. • Seconding the motion, Cr L. M'Kenzie asked how the banks were paid in connection with the guarantee against losses involved in the alteration of the exchange rate. “By Treasury bills,” said Cr R. Semple, M.P., “and it becomes part of the National Debt.” “If that is so it is surely a matter of very grave concern to everyone in the country,” said Cr M'Kenzie. The resolution was unanimously supported.

BRITISH SHIPPING AND WORLD CONDITIONS . THE CONTRACTION OF TRADE. Lord Essendon, chairman of Furness, Withy, and Co., Ltd., speaking at the annual meeting of the company on July 26, said:— “ Comparing 1913 with 1933, the world’s steam and motor tonnage has increased from 43,000,000 tons gross to 66,500,000 tons, slightly more than 50 per cent. Effectively tho percentage ,of carrying power is higher, because snips are speedier and facilities for handling them in port have also been speeded up, and it has been estimated that the effective carrying capacity is nearer 70 per cent, than 60 per cent, in excess of the comparative figure in 1913. Against this tonnage increase it is estimated that the world’s seaborne trade is about half what it was in 1913. There you have the world picture —world trade less than half what it was and world tonnage or carrying capacity 50 per cent, to 70 per cent, in excess of what it was. i “ But the British picture is not quite the same. Our tonnage, - which has increased from 18,270,000 gross tons in 1913 to 18,600,000 in 1933, is approximately, 28 per cent, of the whole, or if we take ocean-going vessels of over 2000 tons gross, it is about 30 per cent, of the whole, against which it is estimated, from the somewhat difficult calculations that have been made, that we are carrying about 40 per cent, of the world’s trade. At any rate, we have a lower percentage of laid-np tonnage—namely, 16 per cent. —than any other country, with the exception of Japan, Sweden, and" Denmark. I think it is quite obvious from these figures that there is nothing fundamentally wrong with the British shipping industry. The root of the trouble lies in the serious contraction of international trade, and I am afraid we can only look to the leaders of Governments, and to those who have control of political, economic, and financial affairs to establish the foundations upon which international trade may be resuscitated. “ The future of the shipping industry depends on whether the economic development of the world is to proceed by the gradual increase of international trade or by national isolation, which would mean the practical stoppage of trade between nations. Of course, there are minor problems—and by referring to them as minor problems I do not by any means wish to belittle their as subsidies and other descriptions of uneconomic competition, but I look upon these things as being more in the nature ot weapons which are being used, like poison gas and air raids during the war, in the fight for what trade there is, whereas the real question is how to restore world trade, which is being strangled by political and financial difficulties. y DEPRECIATION OF THE DOLLAR Dr E R. Walker, a Sydney economist, stated last week that the United States recovery plan was a movement in the right direction from its own point of view, but, from the point of view of world recovery, President Roosevelt had gone too far in depreciating the dollar. Dr Walker, who is lecturer in economics at Sydney University, and has just returned after two and a-half years’ study abroad, said that the World Economic Conference failed because of tho refusal of ’the countries on the gold standard to co-operate. The conference showed that if the world had to wait for international unanimity, it would have to wait a long time. The United States had not entered wholeheartedly into the plans for world rehabilitation, because it wanted to establish its own national prosperity by raising domestic price levels. He -would like to see a joint effort by the British Empire and the United States to raise world prices by monetary control on somewhat similar lines to the domestic policy now being pursued in the United States. Because Australia bad no chronic overcapacity in industry, such as he had seen in other countries, Dr Walker said he was convinced that as soon as general world conditions improved Australia would rapidly return to normal. Tho rate ot technical progress in Australia was not so dangerously fast as in the United States, and the unemployment problem was not nearly as acute as in England and on the Continent. THE BANK DEBITS The bank debits recorded for the month suggest a slight awakening or business interest (says the Abstract oi Statistics for August). The movement is small but in the right direction, and possesses two features differing from the position extant a year ago—viz., an increase over the previous mouth (3.0 per cent) and an increase over the corresponding month of the previous year (5 4 per cent.) Advances have declined by 3.0 per cent, since June and by as ranch ns 12.0 per cent, from July, 1932, while deposits have displayed almost as great a tendency to increase, the movement record being equivalent to a rise of 0.5 per cent, over June, and of 11.3 per cent, over July, 1932. Free deposits record a shrinkage for the month of over £200,000, while fixed deposits increased by nearly £700,000.

WORLD’S 'SHIPPING TRADE Striking statements were made by Lord Essendon, the chairman, at the annual meeting of Furness, Withy, and Co., in Loudon, on July 26, on the world’s shipping position in relation to the world’s seaborne trade. Comparing 1933 with 1913, the world’s steam and motor tonnage, he said, had increased by slightly more than 50 per cent. —namely, from 43,000,000 tons to 66,600,000 tons gross. The effective increase in the percentage was higher because ships were speedier and port facilities were greater. He went on to say that in consequence of these factors it was estimated that the effective carrying capacity of the world’s shipping was nearer 70 per cent, than 50 per cent, above that, of 1913. At the same time, it was estimated that the world’s seaborne trade had been reduced by about one-half. Fortunately, the Britjsh position was not quite as bad as this, for the increase in British tonnage was really small, namely, from 18,270,000 tons to 18,600,000 tons. Taking ocean-going vessels of 2000 tons and over, British tonnage was 30 per cent, of the whole, which tonnage, it was estimated, was carrying about 40 per cent, of the world’s diminished trade. Thus Britain had a lower percentage of laid-up tonnage—namely, 16 per cent. — than any other country, with the exception of Japan, Sweden, and Denmark. The root of the shipping industry’s trouble, in Lord Essendon’g opinion, lies in the serious contraction of international trade. Its revival, which was being strangled at present by political and financial difficulties, was the major problem. While expressing confidence in the ultimate outcome of present events. Lord Essendon did not belittle the difficulties that confront the shipping industry. He was convinced that it was not beyond the wit of man to evolve an international scheme of rationalisation either by laying up or scrapping a sufficient percentage of tonnage to ensure that the remainder could operate at a profit, and to avoid the necessity for national Exchequers to pay subsidies to their shipping. In other words, if shipping were prosperous and international trade were brisk he thought that subsidies would not be necessary and that they would not be tolerated. LOSS OF £29.000,000 The directors of the Swedish Match Company, in their accounts for the year ended December 31, 1932, disclose a trading profit of £1,100,000, which is changed into a loss of £29,000,000 after writing down assets. Sales of matches manufactured by the company fell in the year from 628,777 cases to 327,035 cases. These figures relate only to matches manufactured in Sweden and do not include matches made abroad. In the bankruptcy of the estate of Ivar Kreuger the company claims large amounts in respect of the losses caused by him. As only a small dividend is to be expected from the bankruptcy, the claims in question have been valued at only a nominal sum. A. B. Kreuger and Toll and International Match Corporation make claims against the company involving huge amounts. The company has repudiated these claims and has put forward claims for considerable amounts against both. The claims made by all parties are in regard to both questions of fact and questions of law extremely complicated and without precedent, and cannot be judged until extensive and prolonged investigations have taken place. The board is therefore unable to commit itself to any statement as to the position either in respect ot us ie = al aspects or of the negotiations that may eventually ensue between the parties. Neither is the board able to express any opinion on how the circumstances referred to will in the future affect the company’s position. The claims have consequent y. on account of their indefiniteness, been omitted both from the assets and liability side of the balance sheet..

Southland Frozen Meat (pel.) **2 11 0 E.S. and A*Bank (two) .. 5 7 0 Freshford .. .. .. 0 0 8 SALES REPORTED. Bell-Kilgout (four) 0 1 9 Bell-Hooper (three] 0 1 1 Bell-Hooper .. .. . 0 1 Oh Bell-Hooper ... .. , 0 1 0 Gillespie’s Beach . 0 2 n Bank of New, Zealand .. .. 2 8 10 SALES REPORTED AFTER LAST CALL. Bell-Hooper (four) 0 1 0 i Bell-Hooper 0 1 0 King Solomon .. . • • tto 3 1 The following are yesterday afternoon’s buying and selling quotations, which are *'»t to the usual brokerage:BANKING. Buyer. Seller. £ s. d. f s. d. N.S.W 32 5 0 32 12 6 New Zealand .... 2 8 9 2 9 3 N.Z. (long D) .. 1 13 0 — Commercial .. .. 0 15 10 0 16 0 E.S. and A 5 5 6 — Natl, of N.Z. 4 2 6 — Union .. .. J. .. 9 11 0 — . INSURANCE. National 0 17 4 — New Zealand .... 2 12 6 — Standard **2 17 0 — SHIPPING. Huddart, Parker (pref.) 1 4 6 — P. and 0. Def. Stock ffl 3 3 _ U.S.S. Co. (pref.) 1 3 3 COAL. Westport — 0 13 1 Westport-Stocktoh (ord.) — 0 1 8 LOAN AND AGENCY National Mortgage (B issue) .. .. 1 6 0 — Wright. Stephenson (ord.) 0 11 6 — Wright, Stephenson (pref.) . 0 13 3 — MEAT PRESERVING Gear Meat .. .. 1 12 0 — N.Z. Refrig, (cont.) 0 . 8 5 0 8 10 South. Froz. Meat (paid) **2 10 0 2 11 0 South. Froz. Meat (cont.) *n <5 9 ■ South Otago Freez. — 5 5 0 MISCELLANEOUS. British Tobacco .. ffl 14 3 — Bruce Woollen .(pref.) .. .. .. — 1 1 0 Colonial Sugar 67 15 0 — Crystal Ice .. .. 0 6 0 — D.I.C. (ord.I .. .. 0 11 0 JD.I.C. (preD .. 1 1 0 • Dominion Fertiliser 0 12 8 0 13 4 Stock Exchange Proprietary 2 5 0 — Electrolytic Zinc (pref.) ffl 12 6 — Electrolytic Zinc (ord.) 1 3 0 1 3 5 Kaiapoi Woollen (ord.) .. .. .. 0 7 0 0 8 0 Kaiapoi Woollen (pref.) ffO 12 6 — Milburn Lime ffl 9 6 1 11 6 Alosgiel Woollen.. 8 8 0 — M'Leod Bros 26 0 0 — Mount Lyell .. .. 1 1 9 1 2 0 Rational Electric.. — 0 6 0 N.Z. Drug Co. .. 3 7 0 — N.Z. Paper Mills.. 1 7 6 1 8 6 Otago Daily Times 2 3 6 2 6 0 Regent Theatre .. 0 18 9 1 0 0 Smith and Smith.. 0 13 0 — Wilsons Cement .. 1 14 3 — N.Z. Newspapers.. 1 6 0 — Malay Rub. (pref.) 0 6 0 — BREWERIES. N.Z. Breweries .. 1 18 0 — Staples 1 7 3 — MINING. Kawarau 0 0 5i 0 0 7 Waihi 1 7 3 — Waihi Grand Jctn, 0 4 0 — Mahakipawa .. .. 0 0 2 0 0 3 Kildare .. .... 0 2 3 0 2 6 Okarito ffO 11 11 0 12 3 Paddy’s Point 0 4 7 0 5 3 Cornish Point — 0 0 7 King Solomon ffO 3 0 0 3 1 Golden Point 0 0 n — Golden Dawn 0 2 6 — Blackwater .. .. 1 16 0 1 18 0 Gillespie’s Beach.. 0 2 2* 0 2 3 Waitahu .. .. .. 0 7 3 0 7 4 Golden Sands 0 3 0 — Big River 0 1 6J 0 1 8 Mount David — 0 2 8 Nokomai 0 3 3 0 .4 0 Freshford 0 0 7A 0 '0 9 Lawgon’s Flat .. .. 0 0 7 — Central Shotover.. — 0 1 0 Bell-Kilgour .. .. 0 1 8 0 1 9 Bell-Hooper .. .. 0 1 0 0 1 0i Oxenbridge .. .. 0 0 81 — Aotearoa 0 1 0 0 1 6 GOVERNMENT LOANS-. 3A p.c. Ins., 19381943 100 15 0 s — 31 p.c. Ins., 1938- • 1952 100 15 0 — .31 p.c. Ins,, 19391943 100 15 0 — 31 p.c. Ins., 19391952 100 15 0 — 3 1 p.c. Ins., 19411943 100 15 0 • 31 p.c. Ins., 19411952 100 15 0 — 4 p.c. Ins., Jan., 1940 100 5 0 4 p.c. Ins., Feb., ■ 194$' 100 10 0 — 4 p.c. Bonds, April, 1949 101 5 0 — 4 p.c. Ins., April, 1949 101 5 0 — ** Ex dividend. ft Cum dividend.

Paris— Par. Sept. 4. Sept. 5. Francs to £ 1 .. Brussels— 124.21 80 25-32 81 1-32 Belgas to £ 1 ,. Oslo— 35 22.085 22.76 Kroner to £1 ,. Stockholm — 18.188 19.90 19.90 Kronor to £ 1 .. Copenhagen— 18.150 19.385 10.375 Kroner to £1 .. Berlin— 18.150 22.40 22.40 Marks to £1 .. Montreal— 20.43 13.265 13.295 Dollars to £1 .. Now York — < 4.86 2-3 4.771 4.78 Dollars to £1 .. Y'okohama— 4.80 2-3 4.571 4.56 Ponce to yen Hongkong— 24.582 14% 14 1-16 Pence to dollars' Bombay— 24.58 — 16% Pence to rupee Batavia— — 18 1-16 18 1-16 Florins to £ X Milan— 12.10 8.18 8.18 Lire to £ 1 Amsterdam— 82.46 60 1-16 60 3-16 Guilder to £X Prague— 12.107 7.85J 7.87 Kroner to £ 1 .. Geneva— 104J 3 0G2 107 Vg Francs to £1 .. Vienna— 25.221 16.375 16.42 Schillings to £1 Helsingfors— 84.861 29J 29 Marks to £ 1 .. Madrid— 193.23 2265 2265 Pesetas to £1 Belgrade— 25.235 37 13-16 37 31-32 Dinars to £1 .. Athens— 25.225 235 230 Drachma to £1 Lisbon — 375 565 565 Escudos to £X 110 Bucharest — 1045 105 Lol to £ 1 Rio de 'Janeiro— 931.6 535 530 Pence to mllreis Buenos Aires— 5.890 41 4% Pence to pesos Shanghai— 47.28 441 44 Pence to tael .. Montevideo— 15 3-16 15 5-16 Ponce to pesos Warsaw— — 365 38 Zlotys to £ 1 ..

Copper, spot £38 B 3 Rise 20 7 6 Copper, forward •• 36 10 0 Rise 0 6 1014 Electrolytic, spot ,. S3 S 0 No change Electrolytic, forward 10 0 0 Fall 0 5 0 Wire bars .. •• 10 0 0 Fall 0 0 0 Lead, spot .. .. 12 2 a Rise 0 2 6 Lead, forward 12 10 0 Rise 0 8 9 Spelter, spot .. .. 17 5 0 Rise 0 8 3 Spelter, forward .. 17 3 9 Rise 0 B 0 Tin. spot 210 6 3 Rise 0 8 0 Tin, forward .. .. 219 3 0 Rise 0 2 6 Pig Iron, home trade S 2 6 No change Pig Iron, export .. .. 2 12 6 No change Antimony, British 39 10 0 No change Antimony, foreign 23 5 0 No change DnlL { Molybdenite .. .. 2 1 0 No change Wolfram 0 17 3 No change Oz. Sliver, standard .. 18 3-10d Rise 1-lCd Sliver, fine .. .. 10%U Fall 3-lCd