COMMERCE AND FINANCE

Otago Daily Times, Issue 22063, 20 September 1933, Page 12

COMMERCE AND FINANCE

RISE IN GOLD HIGHEST PRICE ON RECORD (United Press: Association.) (By Electric Telegraph—Copyright.) LONDON, September 18. Gold is quoted at £6 Us 9d per ounce—' » record. . SYDNEY WOOL SALES (United Press’Association.) (By Electric Telegraph—Copyright.) SYDNEY, September 19The following were the best prices for all descriptions at yesterday’s wool sale:— Merino, 23d; broken, 19d; lambs, 18d; pieces, I7fd; bellies, 12id; locks, 8d; comeback fleece, 18d; crossbred fleece, 16 The top price of 23d for greasy merino wool was paid by Yorkshire for 23 bales of wether fleece from Moree. YESTERDAY’S OFFERINGS. VALUES MAINTAINED. (United Press,Association.) (By Electric Telegraph—Copyright.) . SYDNEY, September 19. (Received Sept. 19, at 10.30 p.m.) At the wool sales 13,079 bales were offered, and 11,929 were sold, while 1591 were disposed of privately. ‘ There.was keen general-competition, and values were maintained at recent high levels, the feature of to-day’s • auctions being the strong demand for the best descriptions. Greasy merino sold to 22id for five bales from Boomi. PRICES UP AT MELBOURNE (United Press Association.) (By Electric Telegraph—Copyright.) MELBOURNE, September 19. Keen demand existed at the opening of the wool sales, at which 10,000 bales w-ere offered. Merino comebacks .were 55 per cent, higher than at the opening sales last year. Fine crossbreds were 50 per cent, up, halfbreds 40 to 45, and a small lot of coarser grades 25. The Continent and Japan secured the bulk of the offering, which waa light-condjtioned, soft-handling ‘ wool from the Rivenna. Leading prices were 21§d for fleece, and 18d for comebacks. Practically all were sold. THE PERTH SALES (United Press Association.) (By Electric Telegraph—Copyright.) PERTH, September 19. Twenty-four thousand bales were offered, and almost all were sold. Values were equal to the Adelaide prices of September 7 and 8, 25 per cent, above the Perth June rates, and 50 per cent, above last season’s opening sales. The top price of 2Ud was secured for a small lot of A.A.A., Laverton district, Bradford was the strongest operator, followed by France and Japan. The State’s clip this season ia estimated at about ,205,000 bales. OVERSEAS TRADE IMPORT AND EXPORT RETURNS, (Per United Press Association.) WELLINGTON,. September 19. Figures for the overseas trade of New Zealand show that the export and import returns for August compared aa follows with the figures for August, 1932: Aug. 1932.' Aug. 1933. Exports .. .. 2,589,359 2,630,639 Imports .. .. 1,912,009 1,765.945 For the period of eight months ended August, 1933, the figures compare as follows with those for the eight, months of last year:- g ig32< g Exports * • 27,173,850 29,665,739 Imports V,.. -14 910,169 13,662,045 Bafance :*£i. *9,895,000. *12,903,000 * Shown in terms of New Zealand currency, excluding specie. The . values recorded for exports arc the declared f.o.b. values in terms of New Zealand currency, while the values recorded for imports are the current domestic values in the countries of export, plus 10 per cent. SHEEPSKIN MARKET The Dunedin Woolbrokers’ Association (New Zealand Loan and Mercantile Agency Company, Ltd., Dalgety and Co., Ltd., National Mortgage and Agency Company, Ltd.. Stronach, Morns and Co, Ltd., Donald Reid and Co., Ltd., Otago Farmers’ Co-operative Association, Ltd., and Wright, Stephenson and Co., Ltd.) reports as follows: — - The fortnightly sheepskin sale was held yesterday, when medium sized catalogues were offered to a good attendance of buyers. There was keen competition, and prices all round were firmer from to Id per lb on last sales’ rates. The following are the prices realised:— Merino: Full wools, to 9d; half wools, to Bd. Halfbred:-Full wools, to lid; half wools, to quarter wools, to 5Jd. Fine crossbred: Full wools, 9j)d; half wools, to 6jd; quarter wools, to 4d. Crossbreds: Full wools, to 7jd: half wools, to 4fd; quarter wools, to 3|d. Halfbred hoggets, to 9|d; fine crossbred hoggets, to 7W; crossbred hoggets, to 6Jd; halfbred dead, to 9id; fine crossbred dead, to BJd; crossbred dead, to 4jd; dead hoggets, B,}d; best lambs, to.Bd; medium lambs, 6|d; best pelts, to 2|d; inferior pelts, to lid.

LOCAL AND OVERSEAS MARKETS.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE A parcel of Okaritos changed hands at 11s 6d, ex dividend, on the Dunedin Stock Exchange yesterday, the market closing with sellers asking a similar figure and no buyers offering. Two sales of Gillespie’s Beach share# at 2a 3d were recorded, and a further sale at the same price was reported, the closing buying and selling quotations being 2s 2Jd and 2s 3d respectively. Nokomais were dealt in at 3s, a buyer at the same price receiving no response from sellers when the market closed. Bell-Kilgours were disposed of at Is Bd, buyers’ closing offer of Is 7d being one penny below sellers’ requirements. There was a sharp rise in the demand for Bank of New South shares, buyers offering up., to £32 15a. Sellers, however, did not come forward. SALES ON ’CHANGE.

NORTHERN EXCHANGES (Per United Press Association.) The following business was done on ’Changes yesterday:— Auckland. —Sales: Bonds, 1935, 4 per cent., £IOO 17s 6d (two parcels); Commercial Bank of Australia. 16s lid (two Sarcels), 17s (two parcels); Commercial ank of Sydney, £lB, £lB 3s; E.S. and A. Bank, £5 17s 6d; National Bank of New Zealand, £4 4s 6d (two parcels); National Bank of Australasia, £l3 4s; Bank of New South Wales, £33 sa; Bank of New Zealand, 48s 6d, 48s; New Zea-

land Insurance, 545; South British, 745: Dalgety, £lO 12s; Farmers’ Trading, 3s 4d; Gear Meat, 33s 3d; Milne and Choyco (deb.), 16s 74d; New Zealand Refrigerating (con.), 9s Sd; Wilsons Cement, 35s (sd; Alexander, 17s; Gillespie’s Beach, 2s 34d; Okarito, 11s 4d; Waihi, 26s 3d, Waihi Junction, 4s 4d; Mount Lyell, 22s 7d: Bell-Hooper (9d paid), la. Wellington.—Sales: Inscribed Stock. 31 per cent., 1938-43, £IOO ss; Inscribed Stock, 1938-52, £lOl 7s 6d; National Bank of New Zealand, 85s 6d; New Zealand Guarantee Corporation, 7s 9d (two par cels); Christchurch Gas, 27s 0d; Wellington Gas, 33s 7d, 33s 6d; Standard Insurance (late Monday), 6 S 3d; Gear Meat, 33s 3d; New Zealand Refrigerating (paid), I9s 3d; New Zealand Refrigerating (10s paid), 9s 6d (late Monday), 9s 9d, 9s lOd; Burns, Philp, 525; Milburn Lime (late Monday), 30s 7|d: Mount Lyell, 22s 3d (three parcels); W 7 aihi, 26s (late Monday), 265; Blackwater, 34s 9d (late Monday). Christchurch. —Sales: New Zealand Government 34 per cent. Inscribed, 193852, £101; New Zealand Government 4 per cent. Inscribed, 1940, £lOl 2g 6d, £lOl ss; New Zealand Government 4 per cent. Inscribed, 1949, £lOl 7s 6d; New Zealand Government 4 per cent. Inscribed, 1955, £IOO ss: Commercial Bank of Australia, 17s; Commercial Bank of Sydney, £l2 4s (two parcels); National Bank of Australasia (£lO paid), £l3 4s 6d, £l3 4s; Goldsbrough, Mort, 29g 7d, 29s 8d; Gear Meat, 33s 3d; New Zealand Refrigerating (£1 paid). 19s 3d (two parcels); New Zealand Refrigerating (10s paid). 9s Bd. 9s lOd; Southland Frozen Meat, 525; New Zealand Breweries, 37s 6d (two parcels); Beath and Co (Is paid, cum div.). 5s 2d (two parcels); Burns. Philp. 52a (three parcels); Electrolytic Zine (ord.), 23s 4d, 23s 7d; Electrolytic Zinc (pref., cum div.), 33s 6d; Mount Lyell, 22s 6d, 22 s 7d (eight parcels); Wilsons Cement, 35s 6d; Alexander Mines (13s 6d paid, cum div.), 16s 6d. 15s 3d; BellHooper (9d paid), 114 d; Big River, Iff 9d (three parcels); Central Shotover (9d paid), lid (two parcels); Freshford, 8d (two parcels); Golden Point, 2d; Golden .Sands, 3 S sd; Lawson’s Flat (la' paid), Cd; Mahakipawa, 14d (four parcels); Nokomai, 3s (two parcels). 3s OJd (two parcels); Waibi (cum div.). 265; Grand Junction, 4s 4d (two parcels). Sales reported: Commercial Bank of Australia, 16s, 16s Id; Commercial Bank of Sydney, £lB 4s, £lB ss; E.S. and A. Bank. £5 6a 6d; Bank of New South Wales, £33 5s- Bank of New Zealand, 49s 6d; New Zealand Guarantee Corporation (cum div.), 7s 6d, 7s 9d; New Zealand Refrigerating (£1 paid), 19s 4d: New Zealand Refrigerating (10is paid), 9s Od (three parcels; Kaiapoi Woollen (17s paid), 8s 6d; Beath and Co. (cum div.), 23s 6d; Electrolytic Zinc (pref., cum div.), 33s 9d; Mount Lyell, 22s 6d.

FOREIGN EXCHANGES

(British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) RUGBY, September 18.

P. AND 0. SHARES ' (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 18. P. and 0. shares are quoted at 18s. BULOLO SHARES < (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 18. Bulolo Gold, 79s 10ld. THE TREND OF BUSINESS In .a circular issued by the Canterbury Chamber of Commerce the “General Survey” reads:—The tables presented in this bulletin show the position to June 30. In the bulletin issued in June the better tone of the London market for metals and our New Zealand produce was mentioned. The metal market has since maintained its firmness, ami meat prices have advanced slightly. Wool prices have advanced by at least 20 per cent., and butter prices by more than 10 per cent. This increased strength has continued, despite the indefinite results of the World Economic Conference, which might have tended to weaken commodity prices. The short view in all the markets in which New Zealand is interested is less unsatisfactory than it has been for some time. .Any long view, however, must still take into account the continuance of those obstacles to a revival of prosperity which it was hoped the Economic Conference would surmount.

MINING KING SOLOMON DEEP LEAD. The mine manager of King Solomon Deep Lead, Ltd. (Waikaia), reports ae follows: — In my last report (under date August 15) I referred to the development of the ground in the north section of the mine. This work is still progressing satisfactorily, and it is pleasing to be able to report that the wash is still maintaining its values, as recent washups have shown. Wash ranging in height from two feet to nine feet has been exposed, the gold being fairly evenly dis» tributed through the whole mass. Further development work is essential for sound mining _ practice before the wash can be economically mined. Rumours of sensational returns should be discredited by shareholders, as they only have a reactionary influence when the true return is made public, but shareholders may look forward with confidence to future returns being of a very satisfactory nature. GOLDEN SANDS. The Golden Sands Company (West Coast) officially started sluicing operations on February 1, 1933, and gold to the gross value of £3980 has been won from the claim to date. GOLDEN PROGRESS COMPANY. The secretary of the Golden Progress Quartz Mining Company (Oturehua) reports as follows: Since last report all preliminary work has been completed for sinking to the 225-foot level, except the installation of the boiler, which has been delayed in transit owing to wet weather and the bad state of the road. Pending the arrival of the boiler at Oturehua, stoping in the upper levels has been carried put, with the result that a small, crushing (49 tons of ore) was cleaned up on September 14 for 660 z 15dwts of gold. ■ The battery again started crushing stone of fairly good value on Monday, and it is expected that another cake of gold will be produced in the course of a week or two. All further driving and prospecting on the 150-foot level has been suspended, but a winze is being sunk on the reef, at the end of the crosscut from the shaft. The sinking should provide some high grade ore for the time occupied in sinking, and this will serve as a cistern to catch the drain water from the workings, and from which the whole of. the mine water will be pumped when sinking. MAEREWHENUA DEVELOPMENTS. A comprehensive review of the position of the Maerewhenua Development Company and the development work carried out on its claims was made by the chairman of directors (Mr W. S. Mac Gibbon) at the statutory meeting of shareholders held in Christchurch on Monday. Mr Mac Gibbon said that Cook’s race was an additional water race 20 miles long, which the company was very fortunate in acquiring at a cost of £IBO. The intention was to widen this race at a cost of about £750 and incorporate it in the main hydraulic scheme, with a resultant addition of 15 to 20 heads of water to the main supply. In view of the increase in the water supply, more substantial piping and of greater carrying capacity would be used. The placing of the pipe line in position was commenced on August 27. The work on the tail race tunnel was progressing satisfactorily, having been driven 270 feet by August 27. It was hoped to pierce the tunnel, which would be of a total length of COS' feet, by about the middle of December. The lower Bushy dam had reached a height of over eight feet, but this particular work was not to be rushed, as preference was to be given to the race work, which would enable such spring water as was available to be utilised as soon as the races were completed. The work of widening the Mosquito race had been completed, and that of widening Cook’s race was being proceeded with. The manufacture of three 15-incb giant monitors had been competed, Mr MacGibbon went on, and they were by a long way the biggest ever made in New Zealand. They were now being equipped with the most up-to-date hydraulic control, by means of which it would be possible for one operator to handle more than one at a time. The pulsator jigging plant, which had been specially designed to suit the circumstances prevailing on the Maerewhenua claims, had, after very exhaustive tests, proved itself an unqualified success, and had demonstrated its capability of saving the very finest particles of gold. Specifications were now being prepared for the necessary goldsaving plant, which had. been delayed pending the thorough testing out of the pilot machine. “On the strength of the mine records in our possession, our mining engineer’s report, and the directors’ own experience during our visit to the mine, we can state that the works to date are well ahead of the original estimate, which catered for operations with 10 to 15 heads of water eight months from the commencement of the development work,” said Mr Mac Gibbon. “Work was commenced orr the field towards the end of March, and we may look with confidence to having a larger amount of water available by the first week in October, sj that partial operations may be commenced about this date, and that four months later the plant will be in full swing. It must be realised that in the early stages a great deal of cleaning-up work will have to be done in the way of sluicing away tailings before operating on the virgin faces.” In connection with the financial statement, the chairman stated that an expenditure of approximately £9OO, which was an increase of about 2,2 per cent, over the estimate, had resulted in an increase in the supply of water of between 50 and 00 per cent. The meeting agreed to the name of Dr Moody, of Dunedin, being added to the directorate, which now comprises Messrs Mac Gibbon, T. W. Perry, W. G. M’Donald, Dr Ulrich, find Dr Moody. MAH AKI PAW A GOLDFIELDS. (Per United Press Association.) CHRISTCHURCH, September 19. The Mahakipnwa return for the past week was 28oz. LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON. September 19. (Deceived Sept, 19, at 9 p.m.l The. following are the official quotations:— Ton.

LORNEVILLE STOCK SALE (Special to Daily Times.) INVERCARGILL, September 19. The fat sheep market at the Lorneville stock sale to-day maintained the buoyant tone of last week’s good sale, prices if anything showing a slight improvement. There was also improved tone about the fat cattle market, which showed an increase of 20s per head on last weeks sale. Fat Sheep.—Extra prime heavy wethers made from 30s to 32s Cd; prime quality, 28s to 29s 6d; medium, 25s to 275; light and inferior, down to 20s; extra prime heavy ewes, up to 24e Gd; medium quality sorts, 17s 6d to 19s; inferior, down to I4s. Fat Cattle. —Prime quality heavyweight bullocks realised £lO to £lO 17s 6d; prime quality, £8 10s to £9 10s; mediumweights, £7 to £7 15s; lighter weights, down to £6; extra prime quality cows, to £7 10s; prime medium quality, £5 10s to £fi 10s; aged, £4 10s to £5 6s; extra prime heavy heifers, to £7 15s; prime quality medium-weight, £5 15s to £0 10s; lighter, down to £5.

MOUNT LYELL (United Press Association.) (By Electric Telegraph—Copyright.) LONDON. September 18. Mount Lyell shares, 17s 113 d. ZINC SHARES (United Press Association.) (By Electric Telegraph—Copyright.) . LONDON, September 18. Zinc: Ordinary, 28s 4£d; preferred, 87s 6d. BRADFORD TOPS MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 18. There is no business at Bradford, operators awaiting the London sales. THE DOLLAR (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 18. Exchange on New York is 4.77 J dollars to the £l. A SHARP SLUMP. (United Press Association.) (By Electric Telegraph—Copyright.) NEW YORK, September 18. (Received Sept. 19, at 10.30 p.m.) The sharpest slump in the gold price of the dollar on current movement sent it tumbling below 65 cents to-day for the first time since 1865. It reached 64.9, but then rallied above 65. AUSTRALIAN STOCK EXCHANGES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, September 19. (Received Sept. 19, at 8.30 p.m.) On the Stock Exchange there was a strong market, with a heavy turnover. Broken Hill shares were in demand, while banks and Commonwealth Bonds were active and higher. The following sales were made:—Bank of New South Wales, £33; Commercial Bank of Sydney, £lB ss; Union Bank, £lO ss; National Bank (£lO paid), £l3 ss; Colonial Sugar, £59 17s 6d; Howard Smith. 11s 8d; Australian Provincial Assurance, lls 10d; Australian Gas (A), £7 6s; Berlei (cont.), 12s lid; Berlei (ord.), 26s 6d; British Tobacco, 37s 6d: Dunlop Perdriau, 18a 4|d; Goldsbrough, Mort, 30s lid; Tooths, 39s 6d; Tooheys, 245; Australian Iron and Steel (pref.), 16s 6d; Commonwealth Wool, 19s; Millaquin Sugar, 28s 3d; Henry Jones, 37s 10Jd; Newcastle Gag (C), 12a Id; Standard Cement, 15s 3d; Wilcox Mofflin, 9s 6d; Broken Hill Proprietary, 395; North Broken Hill, 86s 3d; South Broken Hill, 65s 3d; Mount Lyell, 22s 6d; Bulolo Gold, 96s 9d. Commonwealth Bonds (4 per cents.), 1938, £lO3 13s 9d; 1941, £lO4 2s 6d; 1944, £105; 1947, £lO3 17s 6d; 1950, £lO4 17s 6d; 1953, £lO4 15s; 1957, £lO5 2s 6d; 1959, £lO5 12s Gd; 1961, £lO4 2s 6d. MELBOURNE, September 19. National Bank (£5 paid), £6 11s 6d; Gordon and Gotch, 36s 6d; Herald and Times, 43s 6d; Nestles (pref.), 33s 9d; Dunlop Perdriau, 18s sd; British Tobacco, 37s 9d; Mount Morgan, 38s 7Jd; Mount Lyell, 22s Gd. RUBBER COMPANY DIVIDENDS The directors of the Dunlop Perdriau Rubber Company, Ltd., have, subject to final audit, decided to recommend to the shareholders payment of a dividend of 5 per cent, for the half-year on cumulative preference shares (making 10 per cent, for the year), and of 4 per cent on ordinary shares for the year ended June 30. The dividend will be posted to shareholders on September 29. Ordinary dividend’ paid in the previous year was 3 per cent. Subject to audit, the directors of the Barnet Glass Rubber Company, Ltd., recommend payment of final dividends for the year ended June 30 at the rate of 4 per cent, on the preference shares, making 8 per cent, for the year, and at the rate of 4 per cent, on fully paid ordinary shares, making 4 per cent. For the 12, months. Dividends will be posted to shareholders on October 6. Ordinary dividend for the previous year was 3 per cent.

THE COURSE OF THE YEN (Contributed.) In view of the various statements recently made in the press, as well as amongst a certain trade circle here, to the effect that Japan has deliberately depreciated her currency in order to gain unfair advantage in international trade, we feel it necessary, as bankers closely concerned with the Japanese exchange position, to take it upon ourselves to refute such allegations. For this purpose it would be convenient if we go briefly through the sequence of circumstances existing during the past 18 months. Following in the wake of England going off the gold standard, Japan was forced to take similar action on December 13, 1931. The immediate effect on yen currency was very small, and the rate was maintained around 2s OJd against England (2s 0 9-16 d being the mint par) and 36 cents to 37 cents against America (49.85 cents being the mint par). Since the beginning of February, 1932. however, when the Sino-Japancse conflict occurred in the area of Shanghai, in anticipation that the inflation of currency would be inevitable to meet the expenditure_ an enormous volume of speculation against the yen followed from all parts of the world, particularly from Shanghai speculators. Frequent reassuring statements issued by the Japanese Government and bankers failed to stem the declining tendency of the currency, and at the middle of June, 1932, the yen rate was as low as Is 6§d on London and 27J cents on America. Alarmed by this unprecedented decline of the value of the yen, the Japanese Government proclaimed on June 30, 1932, a Capital Flight Prevention Act, which, in effect, prohibited the flight of capital from Japan, as well as the exchange speculation, the object being obviously to check the further decline of the yen exchange. This Act had a certain sobering effect on the market, and the yen was maintained steadily until the middle of August, when the intervention of the League of Nations on the Manchurian question gave the yen another setback. Subsequently the rumour that the League of Nations was likely to declare an economic blockade of Japan, coupled with the substantial amount of the budget deficit of the Japanese Government, aggravated the situation further, and again the yen began to fell rapidly under selling pressure from abroad, and at the end of November the rate dropped below Is 3d against London, and 20 cents against America. The position was certainly very critical. The Yokohama Specie Bank, Ltd., came into the market, and in order to check the decline began to sell dollars as well as sterling freely, and succeeded in maintaining the rate on America between 204 cents to 21 cents for certain periods. In spite of the efforts of both the Government and the bankers the rate on London in Japan fell to the level of Is 2d at the beginning of January, 1933. During the three months following the yen fluctuated between Is 23-16 d to around Is 3d against .England. _ On April 26, 1933, the Japanese Governmen enacted an Exchange Controlling Act to replace the Capital Flight Prevention Act. This Act empowered tbo Government to check the decline of yen currency by more rigidly controlling _ exchange speculation and also prohibiting the export of goods without negotiating bills through banks. At the present time, we are yet unable to tell the full effect of this Act. as it has not been enforced long enough, but so far as the exchange rate is concerned it is gradually recovering, maintaining an average rate of Is 3d and 26 J cents of late. From the foregoing it is evident that both the Japanese Government and the barkers there used every measure in their power to check the depreciation of the yen currency, and the allegation that they deliberately lowered the yen currency has not a vestige of truth in it. Force of circumstances, both internal and external, was too strong, and brought down the yea value to the low level of today. It must be remembered, that Japan is in a position to purchase enormous quantities of raw materials from abroad for her industries, and the decline of the yen has a very serious adverse effect upon such purchases. DAIRY PRODUCE The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cabled advice from its London house dated September 18: Butter. —Finest, 105 s; firsts, 102 s. Cheese. —Unchanged.

LONDON WHEAT MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 38. Wheat cargoes are steadier on Norths American advices and the improvement in the dollar. Sellers advanced their limits 3d to 6d, but owing to the recovery o£ sterling buyers were unwilling to fol-: low. Parcels are held for an advance of 3d to 6d. Trading in poor. Futures— London: September, 21s 3d; December, 22s 3d; February, 22s 6d. Liverpool: October, 4s 10id; December, 5s l|d; March, 5s 3|d; May, Ss s|d. BERLEI, LTD. Moving the adoption of the report and balance sheet at the annual meeting of Berlei, Ltd., in Sydney last week, the chairman and governing director (Mr F. H. Burley) said that the company had done extremely satisfactory business in all the States. The British company, Mr Burley said, had increased its sales by 25 per cent., and in July this year had doubled its sales. He expressed the opinion that there were excellent opportunities for Berlei products on the English market. Mr Burley mentioned that a surprise visit was recently made by H.R.H. Prince George to the works at Slough. Prince George had expressed his satisfaction that an Empire company was challenging foreign interests for the home trade. CHEMISTS’ TRADE LOSSES Gross profits of Francis Longmore and Co., Ltd., chemists and manufacturers of foods, of Sydney, show a decrease of £3135 on the year ended June 30. The total is £6BBB, compared with £10,023 for the preceding 12 months. Expenses, including depreciation and provision for bad debts, amount to £11,729, leaving a loss of £4841. For the 1931-32 period there was a loss of £2785, after providing £12,808 for general expenses. Trading during the past financial year, the directors state, was very unsatisfactory. There was intense competition in the industry, making it impossible to obtain profitable prices for many of the company’s products. Stocks were considerably increased by the addition of many new lines, and a wide distribution of these was made. Reports were encouraging, and turnover increased, but owing to the conditions mentioned the extra trade did not produce the results anticipated. In view of the heavy reductions in selling prices to meet abnormal competition, it was considered advisable to write down stock values considerably. This made the year’s loss heavier than it would otherwise have been. UNITED STATES CEREAL CROPS According to the Financial Chronicle, the total yield of wheat in the United States this year, both winter and spring, is estimated at 495,681,000 bushels, against last year’s harvest of 726,000,000. Official estimates of crops as of July 1 indicate a decrease of about a billion bushels in the total of three feed grains compared with a year ago. Maize was estimated at 2.384.000. bushels, against 2,876,000,000 last year; oats, 699,000,000 bushels, contrasted with 1,238.000,000 last year; and barley, 170,000,000, against 300,000,000 bushels. Farm carry-over and visible supplies bring the total to 4,162,000,000 bushels, compared with 5,102,000,000 last year. Of this latter total, corn makes up 3.050.000. bushels, as compared with 3.416.000. last year. Exports of these grains are insignificant, as the domestic market has always been large enough to consume the entire production. In addition to the grains, the forage crops show material shrinkage in comparison with last year. EASTERN GOODS Markets for Straits Settlements goods for shipment by direct steamer to New Zealand during November or December appear to be' difficult to understand. A month ago they were cabled as firm with an upward tendency, but since then prices have continued to decline. Instances mentioned were sago and tapiocas fallen 3d per cwt, pepper id per lb, pineapples in tins 2d per dozen. Calcutta prices for corneacks, it is reported, were quoted very firm on August 3. but since then the price has fallen by 7Jd per dozen.

SHIPPING INDUSTRY Always the most sensitive of trad* barometers, the shipping industry of th* world has reflected the rapid acceleration of the economic crisis. The annual report for 1932-33 of the Chamber of Shipping of the United Kingdom states that tramp freights fell on the average 7 per cent, it the year, compared with 1931, and in spite of slight local and seasonal recoveries they were on the average 20 per cent, below pre-war rates. There was a further decline also in passenger traffic, although the development of short cruises helped to keep ships in commission and staffs employed. Since the slump in freights in 1920, it is stated, ship owners’ running costs have remained at a level well above those of pre-war times. Port dues, although reduced at some ports, remained at 60 per cent, above pre-war levels at other ports, notably at railway ports. Stringent economies and great sacrifices have failed to bridge the gulf between receipts and payments.

£ :b. d. Otago Daily Times .. .. 2 5 3 Okarito .. .. "0 u 6 Gillespie’s Beach (two) .. • • 0 2 3 Nokomai , 0 s 0 Bell-Kilgour .. '.. .. 0 1 8 SALES REPORTED. Gillespie’s Beach .. . •, .. 0 2 3 Waitahu 0 7 9 Bell-Kilgour 0 1 8 Bell-Hooper .... •. 0 1 0 N.Z. Refrigerating (cont.) •. 0 9 9 Paddy’s Point .. .. .. 0 5 4 N.Z. Breweries 1 17 8 Golden Sands 0 3 6 The following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:BANKING. Buyer. Seller. £ 8. d. £ S, d. N.S.W 32 15 0 — New Zealand .. 2 8 3 2 8 6 N.Z. (long D) .. — 1 14 0 Commercial .. . - 0 16 9 — E.S. and A. .. 5 12 6 5 17 0 National of N.Z. 4 4 0 4 5 0 National of A’asia. (cont.) .... — 6 12 0 Union 10 4 0 10 10 0 INSURANCE. National .. .. 0 18 0 0 IS 3 New Zealdbd • • 2 13 6 — South British .. 3 14 0 3 15 0 Standard .. .. SO 0 3 2 6 SHIPPING. P. and 0. Def. Stock 13 3 _ U.S.S. Co. (pref.) 1 3 9 — COAL. Kaitangata .. . • 1 1 3 1 1 6 Westport •••• — 0 13 3 LOAN AND AGENCY. Goldsbrough, Mort +fl 9 6 — National Mortgage — 2 10 0 National Mortgage (B issue) .. .. 1 7 0 Perpetual Trustees — 2 15 0 Wright, Stephenson (ord.) 0 13 0 0 15 0 Wright, Stephenson (pref.) .. .. 0 13 0 MEAT PRESERVING N.Z. Refrig, (paid) 0 19 0 — N.Z. Rcfrig, (cont.) 0 9 9 0 9 U South. Frozen Meat (paid) .. .. 2 12 0 2 13 0 South. Frozen Meat (pref.) .. 2 11 0 —- miscellaneous. British Tobacco ,. tfl 10 9 1 17 6 Broken Hill South — Its 1 0 Brown, Ewing (pref.) •• •• I® 0 1 2 0 Bruce Woollen (pref.) .. .. — 1 0 S Colonial Sugar .. 58 10 0 — Crystal Ice .. . • 17 0 D.I.C (ord.) .. 0 11 0 D.I.C. (pref.) .. 11 0 Dominion Fertiliser (debs.) .. .. 99 0 0 “ Donaghy's Rope .. 2 0 0 2 2 6 Stock Exchange Proprietary .. 2 8 0 3 5 0 Electrolytic Zinc (pref.) .. .. 1 13 3 Electrolytic Zinc (ord.) ...... 13 4 1 3 9 Kaiapoi Woollen (ord.) .. • 0 8 0 Kaiapoi Woollen (pref.) .. >• 9 14 0 — Milbum Lime .. 1 10 0 — Mosgiel Woollen .. 8 10 0 " M'Leod Bros. .. 26 0 0 — Mount Lyell .. .. 12 3 1 3 0 N.Z. Drug Co. .. S 9 0 — Malay Rubber (pref.) .. •• 0 5 0 P N.Z. Paper Mills .. — 1 8 0 Regent Theatre .. 0 19 0 1 0 0 Wilsons Cement .. 1 15 3 1 16 0 BREWERIES. N.Z, Breweries .. 1'17 5 1 17 9 Staples 1 § 0 — Tooths .... • • 118 0 OIL. Moturoa .... — 0 3 6 MINING. Kawarau .... — 0 0 7 Waihi — 1 7 0 Mahakipawa .. — 0 0 2§ Kildare .. . • 0 2 0 2 5 Okarito .... — **0 11 6 Paddy’s Point .. 0 5 3 0 5 6 King Solomon .. tfO 3 4 0 3 6 Golden Point .. 0 0 14 — Blackwater .... — 1 17 0 Gillespie's Beach .. 0 2 2} 0 2 3 Waitahu 0 7 8 0 7 9 Golden Sands •• — 0 3 8 Big River •. •. 0 1 7 0 1 9 Mount David .. — 0 2 C Nokomai .. •• 0 3 0 — Freshford • • • • 0 0 74 0 0 Lawson’s Flat .. 0 0 44 0 0 6 Central Shotover — o o m Bell-Kilgour .. .. 0 1 7 0 1 8 Bell-Hooper .. .. 0 0 11J 0 1 04 Oxenbridge .... — 0 0 10 Aotearoa .... — 0 1 9 GOVERNMENT LOANS. S'4 p.c. Ins., 19381943 100 0 0 — S'4 p.c. Ins., 19381952 100 0 0 — 3J p.c. Ins., 19391943 100 0 0 — 3'J p.c. Ins., 19391952 100 0 0 — 34 p.c. Ins., 19411943 100 0 0 — 34 p.c. Ins., 19411952 100 0 0 — 4 p.c. Bonds, Jan., 1940 101 0 0 — 4 p.c. Ins., Jan., 1940 100 10 0 — 4 p.c. Bonds, Feb., 1946 100 10 0 — 4 p.c. Ins., Feb., 1946 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. DIVIDENDS PAYABLE. The following is a list of shares on which dividends will shortly be payable:— N.Z. Farmers’ Fertiliser, Is, final Sept. 20 Broken Hill South, Is .. Sept. 22 Alexander Alines, Is, ninth Sept. 29 Dunlop Perdriau Rubber (pref.), Is, final .. .. Sept. 30 King Solomon, 3d Sept. 30 Pnkemiro Collieries, Is, final .. Oct. * Bank of Australasia, Ss 6d, interim .. ... Oct. 6 N.Z. Guarantee Corp., 3d, final Oct. 26 Waihi, Is, interim (approx.) .. Nov. 1 Electrolytic Zinc (pref.), Is 7 l-5d, final Nov. 2

Paris— Par. Sept. 16. Sept. 18. Francs to £ 1 .. 124.21 80 21-32 80 3-32 Brussels — Bolgas to £ 1 .. 35 22.61} 22.42} Oslo — Kroner to £1 .. 18.189 19.90 19.90 Stockholm — Kroner to £ 1.. 18.150 19.37} 19.37} Copenhagen— Kroner to £1 .. 18.150 22.40 22.40 Berlin — Marks to £1 .. 20.43 13.21 13.11} Montreal — Dollars to £1 .. 4.86 23 4.87 4.89} New York— Dollars to £ 1 .. 4.86 2-3 4.69} 4.79} Yokohama — Pence to yen 24.582 14 3-32 14% Hongkong— Pence to dollars 24.58 17% 16 15-16 Bombay— Pence to rupee 18 18 Batavia — Florins to £ 1 12.10 T.85 7.85 MilanDire to £1 .. 82.46 60 1-18 59} Amsterdam — Guilder to £X 12.107 7.83 7.75} Prague— Kroner to £ 1 .. 104} 106% 105% GenevaFrancs to £ 1 .. 25.22} 16.31 16.16 Vienna— Schillings to £1 84.86} 29} 29 Helsingfors— Marks to £1 .. 193.23 226} 226} Madrid— Pesetas to £1 25.235 37 13-16 37 7-16 Belgrade— Dinars to £ 1 .. 25.22} 240 240 Athens— Drachma to £1 375 570 570 Lisbon— Escudos to £1 110 105 iosa Bucharest— Del to £1 .. 031.6 535 535 Klo de Janeiro — Pence to mllrels 5.890 4} 4% Buenos Aires — Pence to pesos 47.28 44 44} Shanghai— Fence to tael .. _ 15% Mi Montevideo— Pence to pesos 36} 39} Warsaw — Zlotys to £1 .. —

Copper, spot .. 0 Fall £0 0 10% Copper, forward . 35 11 3 Pall 0 5 7% Electrolytic, spot . 38 10 0 Fall 0 2 6 Electrolytic, forward . 38 15 0 Fall 0 15 0 Wire bars ., 0 Fall 0 15 0 I.ead spot 9 Itise 0 3 9 Lead, forward . 12 0 3 Illso 0 8 9 Spelter, epot .. . 10 18 0 Fall 0 1 3 Spelter, forward . 17 2 6 Fall 0 2 6 Tin. spot .. .. 0 Itlae 1 1. 3 Tin, forward .. 0 Itise 1 1 3 PI* Iron, homo trade . . 3 a 6 No change PI* Iron, export . 2 12 a No change Antimony. British . , 39 10 0 No change Antimony, foreign • . 23 0 Unit 0 Fall 0 6 0 Molybdenite .. 0 No change Wolfram . 0 17 Oa. 9 Rise 0 0 5 Silver, standard Silver, flno .. • • . IS 5-10d . 19%d Rise %d Rise %d